The legal framework for the establishment and organization of the Romanian Energy Efficiency Fund is approved by Government Emergency Ordinance. On May 15th, 2002, the emergency ordinance is approved by the Romanian Parliament, taking the form of a law.
The first meeting of the Board of Directors takes place and proceeds the actions of establishing the organizational structure of the Fund, of the internal regulations, of selection and appointment of the executive management as well as of the members of the investment committee.
The funding from the Global Environmental Fund is opened, after going through the international tender procedures, being signed, on April 1st, 2003, the contract with the Fund's Administrator.
The activity of the Fund's Administrator starts, followed by the official launch of the Fund's operations on June 25th, 2003.
The first funding contract
The investment consists in the replacement of 3V45 Reșița compressor pumps with scroll compressors, mark Ingersoll – Rand.
The 2nd funding contract
The investment consists in connecting 5 thermal points to the geothermal water drilling no. 4767 Oradea.
The 3rd funding contract
The investment consists in the modernization of PT102 and 102A Tudor Vladimirescu, PT8 and PT10A Cantemir and the related thermal networks.
The 4th funding contract
The investment consists in mounting a boiler on sunflower husks and some ancillary equipment.
The legal framework within which the Romanian Energy Efficiency Fund operates, consists of:
- Government Emergency Ordinance no. 188/2002 on the ratification of the Grant Agreement between Romania and the International Bank for Reconstruction and Development, acting as implementing agency for the Global Environment Facility, to finance the Energy Efficiency Project, signed on Bucharest on October 18th, 2002
- Government Emergency Ordinance no. 124/2001 regarding the establishment, organization and functioning of the Romanian Energy Efficiency Fund
- Law no. 287/2002 approving the Government Emergency Ordinance no. 124/2001 on the establishment, organization and functioning of the Romanian Energy Efficiency Fund