On 29 September 2025, the closing event of the “Financial Instrument for the Clean Energy Transition – FLAG-FICET” project, implemented with the support of the EU LIFE Programme, took place at the new cultural space Umberto & Co. in Sofia. The event brought together project partners, stakeholders, experts, and media representatives to present the achieved results and discuss future steps in Bulgaria’s clean energy transition.
The official opening included welcome speeches by Dora Yankova, Deputy Minister of Regional Development and Public Works; Nadya Dankinova, Executive Director of Fund FLAG; Borislav Tafradzhiyski, Manager of Club “Economika 2000”; and Irena Zareva from the Economic Research Institute at the Bulgarian Academy of Sciences.
“The FLAG-FICET project is a clear example of how European funding reaches Bulgarian municipalities and creates real opportunities for a cleaner and more sustainable environment,” emphasized Deputy Minister Yankova. “Through the new financial instrument, structured under the FLAG Fund, we not only support municipalities but also demonstrate a model for sustainable financing in energy efficiency, renewable energy, and green mobility,” added Dankinova.
In a special video message, Hans Rhein, Head of the LIFE Energy and LIFE Climate Unit at the European Commission, highly praised the project’s achievements, the team’s dedication, and professionalism, stressing that:
“The green transition needs tools like FLAG-FICET – they turn European added value into tangible results by combining expertise, resources, and a strong ambition for a sustainable future.”
Results and Impact
Launched in October 2022, FLAG-FICET is an innovative initiative co-financed by the LIFE Programme, under the Clean Energy Transition (CET) sub-programme. The project helps Bulgarian municipalities overcome key barriers to clean energy investments – limited access to financing, lack of technical assistance, and insufficient administrative and expert capacity.
Since June 2024, Fund FLAG has offered financing through the new instrument in combination with free technical support, enabling municipalities to prepare more mature, sustainable, and implementable energy projects.
By September 2025, FLAG had signed framework agreements and financing contracts with 14 municipalities, covering 45 clean energy transition projects that received technical support under FLAG-FICET. The total investment volume exceeds BGN 140 million (€70 million), of which BGN 47 million (€24 million) was provided by FLAG.
The highest interest was reported in supplementary financing for energy efficiency projects in public buildings, while the provided technical assistance covered nearly 65 clean energy projects, some of which will continue to be implemented during the next five-year sustainability period of the instrument.
Sustainability Plan
During the event, Yana Kirilova from Club “Economika 2000” presented a summary of project implementation and achieved results, while Vanina Chalakova from Fund FLAG outlined the AfterLIFE sustainability plan for the next five years.
During the sustainability period, Fund FLAG will continue the deployment of FLAG-FICET financial instrument, facilitating Bulgarian municipalities’ access to the resources and expertise necessary for a successful clean energy transition, while also attracting private sector investments in the sector.
FLAG-FICET demonstrates that sustainable change begins with access to knowledge, partnerships, and shared solutions – investments that build the future of a clean and competitive economy.
