Innovative financial instruments to support energy sector SMEs in Med area
Energy sector SMEs in MED area are considered a strategical development asset for the Area because of their strong link with natural resources available(from sun to wind through water) and the increasing demand of energy coming from the industrial sectors and human communities. The link between energy sectors SMEs and sustainable development is clear to all Actors working for the economic development of MED countries and the alignment of National Energy Plans to the EU 2020 Energy Plan is ongoing. Moreover, during past years, the sectors have been fully supported both by EU and National funds (mainly through the grant instrument) and many incentives (both related to the implementation of innovative technology processes and the production of RES) triggered the birth of energy saving and energy efficiency SMEs and clusters in many areas together with companies in charge to provide energy services(ESCO) both to entreprise and citizens. According to this context, Public(EU and National/Regional Authorities) and Private investors (mainly venture capital, business angels network and Banks) have approached the sectors, even if with generic risk evaluation instruments. Generally speaking, in fact, the market of capitals and subsidies for the sector is well developed in Europe (but less in South Europe). On the other side, it was clear to all investors that the energy sector development capacity is strictly related to their dependence on regulation and subsidies by EU, National and local institution, and this variable is consider a limit for the decisions to be taken. In fact, this scenario, particularly in France, Spain, Italy and Greek, is now changing due to the financial crisis and the following cut of public funds and availability of money for investments. Due to this situation, policy makers and investors are forced to stop or drastically reduce investments and incentives. According to this short state of the art analysis, FIREMED project intends to approach both Local Development Plans and Operators in charge to assist energy sector SMEs. For the former, the Project is intending to elaborate innovative model of funding instruments to be introduced in their Local Development Plans according to the Innovative Financial Instruments that are going to be set up at EU Level for the Programme Period 2014-2020. For the latter, FIREMED Project intends to stimulate both a high level of attention, thanks to dedicated services and instruments, and an increased attitude to invest in the sectors, thanks to a more detailed knolwedge of the energy sectors capacities and potentialities. The Financial schemes developed by the Project and trasferred through feasibilities studies into development plans and the services implemented dedicated both to financial operators and energy sectors SMEs will constitute an overall model elaborated by the FIREMED partnership to support the development of entrepreneurship in MED Area combining private and public efforts.