What can be financed?

What can be financed

Eligible investment projects are classified into two major categories:

Energy efficiency (EE) investments:

Projects that reduce energy consumption while maintaining or improving production capacity:

  • Various types of efficient production machinery and equipment: CNC machines, conveyor production lines, presses, painting chambers, driers, furnaces, ovens, etc.
  • Heating, ventilation, cooling, and light systems: efficient boilers and heaters, air conditioning systems, refrigerators and freezers, centralised ventilation systems, LED lighting, biomass boilers, etc.
  • Improvements in the insulation and windows of buildings: new or additional external wall insulation, replacement of windows
  • Transportation vehicles or agricultural equipment: tractor units, tractors, combines, drip irrigation systems, sprayers, etc.

Renewable energy (RE) investments:

Project that generate and/or consume energy resources that are inexhaustible or that can be restored quickly:

  • Photovoltaic panels
  • Solar panels to heat water for business applications
  • Heat pumps and complete geothermal energy solutions for heating and cooling applications
  • Energy production systems that use biomass and biogas
  • Wind turbines

Assessment of eligibility of EE/RE investments:

Depending on the size and complexity of your project, a simplified Energy Audit is required. This assessment will be carried out by the technical specialists from the R2E2 Fund; they will analyse your project according to the programme’s technical and eligibility criteria. The results of the analysis will available within two days.

Investments which do not require a simplified energy audit are registered in the positive list of standard EE/RE investment measures.

Positive list of standard EE/RE investment measures:

Classification Eligible measure (≤ AMD 80 million) Eligibility criteria
Heating, ventilation and air conditioning  Gas boiler for heating or hot water thermal efficiency > 90%
Condensing boiler for heating or hot water always eligible
Installation of an air-to-air or water-to-air heat pump as a space heat resource always eligible
Air conditioning split units new, with inverter technology or new, with COP ≥ 3.0 (European Energy Efficiency class at least B)
Air conditioning VRF system with multi-split always eligible
Lighting  Efficient lighting systems LED or ≥ 80 Lumen/Watt
Process heating  Steam boiler for industrial purposes  thermal efficiency > 83%
Process cooling  Commercial cooling appliances (chest freezers, cooling vitrines) new with European Energy Efficiency class A (or higher)
Cooling chambers (≥ 0°C) new cooling compressor and thermal insulation of chamber ≥ 8 cm
Freezing chambers (< 0°C)   new cooling compressor and thermal insulation of chamber ≥ 10 cm
Building envelope  Building insulation of walls and roofs ≥ 5 cm thermal insulation internal or external surface (foam plastic / extruded polystyrene XPS) 
Windows and door installation double- or triple-glazed and thermal breaks
Food processing equipment  Industrial mixer new, with at least two speeds or new, with electronic controls
Ovens for bakeries new, convection oven with electronic controls or new, rotatory oven with electronic controls
Transport  Fuel-to-gas switch always eligible
Heavy-duty vehicles (≥ 7.5t) new, or ≤ 3 years
Construction vehicles (excavators, bulldozers, etc.) new vehicles
Other EE measures  Printing machines new machines
Solar energy  Photovoltaic systems always eligible
Solar water heating systems warranty ≥ 5 years, solar keymark certification