INSPIRenov

INSPIRenov: A Practical Basis for the Next Stage of Renovation Finance

The Final Publishable Report brings together the results, tools and professional expertise that can support continued work with public authorities and the financial sector

The Report Brings the Results Together. The Work Continues.

INSPIRenov was created not simply to produce a series of analyses, but to help institutions and the financial sector work through the practical questions that stand between policy ambition and a functioning financing mechanism.

Over three years, the project operated as a platform for technical assistance, capacity building and co-development. It brought public authorities, public financial institutions, commercial banks professional organisations and European partners into a shared process of analysis, structuring and testing possible solutions.

The Final Publishable Report turns this work into a professional resource for the next stages. It does not close the dialogue; it gives that dialogue a clearer structure, a common language and a stronger basis for continuation.

From Dialogue to Action: Key Outcomes of the INSPIRenov Final Event

Sharing the project's legacy and practical insights for the future of financing energy-efficient residential building renovation

More than technical solutions

Europe's transition towards energy-efficient residential buildings requires more than technical solutions. It requires financing models that are sustainable, scalable, trusted by homeowners and capable of being implemented in practice.

The INSPIRenov Final Event, held on 4 June 2026 during Green Transition Forum 6.0 in Sofia, brought together the results of three years of collaboration dedicated to developing innovative financing solutions for the energy-efficient renovation of residential buildings in Bulgaria.

The event convened representatives of local, national and European institutions, the financial sector, international experts, organisations working with homeowners and other market stakeholders. It provided an opportunity to present the project results and discuss the next steps in Bulgaria’s residential renovation journey.

The high-level roundtable “Smart Renovation: Public and Private Capital for Europe’s Homes” featured Yordan Zdravkov (Cleantech Bulgaria), Dr Eng Dochka Vasileva (Fund of Funds), Dragomir Tsanev (EnEffect), Åsa Agren Wikström (Region Västerbotten, Sweden, and the European Committee of the Regions) and Marta Aguirre (Sigtuna Municipal Council, Sweden, and the European Committee of the Regions). The discussion was moderated by Mariyana Hamanova, Executive Director of Cleantech Bulgaria.

The roundtable focused on one of the country's most important challenges: how to move from programmes based mainly on grant support towards sustainable models capable of combining public and private capital.

Financial Instruments as Enablers of Market-Based Renovation

How Bulgaria’s National Building Renovation Plan and the INSPIRenov co-developed blended financing mechanism are shaping the transition from grant-dependent support to sustainable   renovation finance

From grant dependency to blended finance

Bulgaria’s approach to building renovation is undergoing a structural shift. The National Building Renovation Plan sets out not only renovation targets, but also a financing trajectory: a gradual transition from predominantly grant-based renovation support towards a more diversified architecture combining public resources with private capital.

INSPIRenov has been working in parallel with this policy direction. Through a co-development process involving the Fund of Funds, the Ministry of Regional Development and Public Works and commercial banks, the project has developed a structured blended financing  mechanism for the energy renovation of multifamily residential buildings. This newsletter brings these two threads together: the national policy logic and INSPIRenov’s contribution to making that logic more operational.

How co-development and structured engagement with the banking sector are transforming a project concept into the basis for an implementable blended financing mechanism

From developing solutions to readiness for future use

Following a period of analysis, co-development and consultation, INSPIRenov is now focused on consolidating its results in a form that can support future decisions by public authorities, financial intermediaries and market actors

The project established a structured co-development process with key stakeholders. Periodic engagement with banks through the Technical PIWG helped translate the project concept into the language of real banking practice. On this basis, an indicative model was developed for combining loan and grant financing for the energy renovation of multifamily residential buildings.

The next step was a structured validation process involving leading Bulgarian banks. Its purpose is not to secure a commitment or formal endorsement, but to test whether the proposed model is realistic and under which legal, regulatory, commercial and operational conditions it could be implemented. Aggregated and anonymised feedback is being used to refine the final INSPIRenov blended financing model.

How the INSPIRenov working groups supported dialogue between institutions, the financial sector, experts and market actors.

Within the INSPIRenov project, Pathfinder for Innovation Working Groups (PIWGs) were established as a mechanism for cooperation between key stakeholders in the process of developing innovative financial solutions for the energy-efficient renovation of residential buildings.

The working groups were created to support the co-development, testing and future replication of financial mechanisms for renovating the residential building stock. They helped build a sustained dialogue between public institutions, financial organisations, professional and sectoral bodies, experts and other actors in the field.

The PIWG mechanism made it possible to develop a shared understanding of the challenges, opportunities and practical solutions needed for financing the energy-efficient renovation of residential buildings in Bulgaria.

A new platform for cooperation, knowledge exchange and replication

Energy renovation of residential buildings is no longer only a technical challenge. Across Europe, it is increasingly becoming a question of finance, coordination and practical implementation. Public budgets alone cannot deliver the scale of renovation needed in the coming years, while homeowners, housing associations, banks, public authorities and market actors all need clearer models for working together.

This is the challenge addressed by INSPIRenov. The project focuses on the development of innovative financial instruments and banking products for energy-efficient renovation of residential buildings in Bulgaria, with the aim of supporting a transition from grant-based renovation schemes towards more sustainable, market-oriented models combining public and private financing.

As the project moves towards its final phase, one of its most important long-term outputs is the establishment of the INSPIRenov Alliance – a cooperation platform designed to extend the project’s impact beyond Bulgaria and beyond the project lifetime.