Glossary

Energy Audit (EA): Energy audit is an inspection, survey and analysis of energy flows in a building, process or system with the objective of understanding the energy dynamics of the system under study and to define the baseline energy consumption, identify weaknesses in energy consumption and energy saving measures and, finally, recommend cost effective energy saving measures with quantification of energy savings, investment costs and economic-financial performances.

European Bank for Reconstruction and Development (EBRD): The EBRD provides project financing for banks, industries and businesses in countries from central Europe to central Asia.

Energy Efficiency (EE): Energy Efficiency means using less energy to provide the same level of energy service.

International Financial Reporting Standards (IFRS): International Financial Reporting Standards are Standards, Interpretations and the Framework for the Preparation and Presentation of Financial Statements (in the absence of a Standard or an Interpretation) adopted by the International Accounting Standards Board (IASB).

Project Consultant (PC): The PC will market the WeBSEDFF, raise awareness of the Facility, establish technical eligibility criteria, support the Bank and its legal advisers in the due diligence of prospective borrowers, prepare/appraise energy projects, monitor implementation of energy projects, support the verification consultant (see below) for energy project verification, and provide overall administration and monitoring of the Facility.

Renewable Energy Sources (RES): Renewable energy sources are sources of energy that do not use up the earth's finite mineral resources. They can not be used up, because they naturally replenish faster than they can be used. Main RES are: solar energy, wind energy, energy of waterflows, geothermal energy, biomass...

Rational Energy Utilisation Plan (REUP): As part of the project approval procedure, the PC in collaboration with the EBRD prepares a comprehensive project assessment (due diligence) review, covering the technical, environmental, commercial, financial and legal aspects of the project. For energy efficiency projects, a further energy audit may be conducted. Based on the due diligence review, the PC prepares a Rational Energy Utilization Plan (REUP), summarising the findings of the project assessment.

Small and Medium Enterprises (SME): See separate definition under "Eligibility" page.

Verification Consultant (VC): The VC will verify the completion of energy projects against set criteria and advise their eligibility for incentive payments.

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