Race for Leadership: Energy Efficiency and Renewables Fund Seeks New Manager


The Bulgarian Energy Efficiency and Renewable Sources Fund (EERSF) is currently in search of a new manager for a 5-year term, in compliance with local laws. Only legal entities or associations thereof are eligible to participate.

EERSF administers the financial resources received by the Republic of Bulgaria in accordance with the current legislative framework and agreements with major donors.

EERSF is structured as a self-sustaining commercial entity that focuses on facilitating investments in energy efficiency and promoting the development of a functioning energy efficiency market in Bulgaria. The Fund's primary environmental goal is to support the identification, development, and financing of viable energy-efficient projects, leading to a significant reduction in greenhouse gas emissions.

The applicant or their affiliates must demonstrate experience in financial and investment management meeting the following criteria cumulatively:

  • Managed assets valued at a minimum of BGN 50 million for each of the past 5 years.
  • Participated in managing financial instruments totaling at least BGN 10 million over the past 5 years.
  • Generated a profit from asset management activities for at least two of the past five financial years.

Additionally, the applicant must also demonstrate experience in the field of energy efficiency and renewable energy sources, meeting the following quantitative criterion: experience in evaluating, preparing, implementing, and/or financing energy efficiency and renewable energy projects for self-consumption with a total value of at least BGN 10 million over the past 15 years.

The application for participation consists of three parts – general, technical, and financial – and includes requirements for both the applicant and their key personnel who will be involved in the management responsibilities. The proposals should also include a business plan for the Fund.

The tender documentation provides templates that need to be completed.

The deadline for submitting offers is October 23, 2023, 13:00 local time.

For more information on the EERSF contact your CMS client partner or these CMS experts: Kostadin Sirleshtov, Diyan Georgiev and Dian Boev.