Financing mechanism for an energy efficient projects with the use of credit resources

The energy conservation and energy efficiency belong to priority directions of development of economy of the Russian Federation. On this basis, the relevance of the problem of energy conservation is becoming more topical and important nowadays. There are many aspects of consideration of this problem. The current article deals with organization of the financing of energy-efficient projects. This aspect is especially important because the tasks will be executed only if some significant investments are provided for it. There is a wide range of instruments to attract financing to energy conservation and energy-efficient projects today, all of which have been used in the Russian Federation with varying degrees of success. The authors propose a brief analysis of the forms of financial support of energy-saving projects. Special attention is paid to the financing mechanism of energy conservation and energy-efficient projects with the use of credit resources provided by banks. The policy of increas-ing energy efficiency makes financial structure to plan the market of providing the financial services with taking into account the needs of the new large market connected to energy efficiency. Activity of leading Russian banks in this sphere is analyzed (Sberbank of Rus-sia, “Gazprombank”). The financing mechanism of energy service companies is considered in detail. The conclusion of energy service agreement as a way of attracting of money for energy conservation and energy-efficient programs is analyzed. Further the authors identify the main problems impairing to reduce the risks and the full development of financing of energy-efficient activity in Russia. Finally the authors draw a conclusion about attraction and feasibility of high interest rate for this process in Russian economy.