Clients interested in implementing green energy projects through NEEREA should abide by the following:
a. Based on the Circular No. 313, projects and loan requests not exceeding 20,000 USD do not require the direct approval of BDL; hence the report will be sent directly by the commercial banks to LCEC.
b. For loan amounts exceeding 20,000 USD, the commercial bank first submits the technical report to BDL for approval and the latter will send the official report to LCEC for technical verification.
This process takes around two months based on the quantity of applications and availability of information. Disciplinary action will be taken if the final execution diverges from the original plans.
New projects can benefit from a repayment period up to 10 years, beginning after the end of the grace period ranging from 6 months to 4 years. Re-modeling existing projects can benefit from a repayment period of 10 years, including the grace period ranging only from 6 months to 2 years.
In addition to the subsidized loan, the European Union is contributing to NEEREA by offering a grant to be added to the loan. The grant covers 15% of the loan amount for nonsubsidized sectors and 5% for subsidized sectors, with the total ceiling being 750,000 USD. Grants are disbursed once the project is completed and checked by the technical team of LCEC.