Bulgaria Energy Efficiency Fund (BEEF) was established through the Energy Efficiency Act adopted by the Bulgarian Parliament in February 2004. BEEF is initially capitalized entirely through grant financing - the main donors being the IBRD (World Bank), the Government of Austria, the Bulgarian Government and private Bulgarian enterprises. The Fund performs its activity in accordance with the Energy Efficiency Act, the current legislation and the agreements with the major donors.
The main objective of establishing BEEF is to facilitate energy efficiency investments and promote the development of an energy efficiency market in Bulgaria. To this end, BEEF will support the identification, development, and financing of viable energy efficiency projects implemented by Bulgarian private enterprises, municipalities and households. These projects shall result in substantial reduction of greenhouse gases which is the main environmental objective of BEEF as a donor project.
The underlying principle of BEEF's operations is a public-private partnership. The Fund pursues an agenda fully supported by the Government of Bulgaria but is structured as an independent legal entity, separate from any governmental agency or institution. The Fund is profit-oriented and will pursue financial sustainability of its own operation.