Energy and Energy Saving Fund to raise capital

Energy and Energy Saving Fund to raise capital

Local special purpose vehicle Energy and Energy Saving Fund (EESF), controlled by power engineering company Enemona, said it will raise its capital by up to 50% through the issue of 325,000 new shares with a nominal value of 1 lev each.The capital of the company currently stands at 650,000 levs. The minimum subscription target is 260,000 shares. The maximum proceeds are estimated at 1.04 mln levs.The proceeds will be used to buy from Enemona receivables under contracts with efficiency service companies (ESCOs) signed in 2007.An energy service company, is a business that develops, installs, and finances projects designed to improve the energy efficiency and maintenance costs for facilities, assuming the risk that the project will save the amount of energy guaranteed.Enemona has a 7 mln lev portfolio of ESCO contracts.A 6 mln lev credit from the EBRD will also be used to finance the buyout of the contracts.