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Third Industrial Revolution Consulting Group 1.2 The Luxembourg Sustainable Energy Finance Program (LuxSEF) As indicated in in the overview discussion, a critical financial mechanism that would underpin the interaction between supply and demand for sustainable energy resources at infrastructurescale is called LuxSEF. LuxSEF operates in parallel to the LSDFP, in particular connecting with participants who have been informed and motivated by LSDFP, and who, in turn, can design and implement cost-effective energy efficiency and renewable energy investment projects. It enables infrastructure-scale change through structured and standardized arrangements between capital providers, ESCOs, and program participants (public and private). Such a model is necessary when one considers the significant self-funding potential that is available within Luxembourg. By way of example, we can illustrate the potential scale of a Phase I investment scenario to upgrade the Luxembourg building stock to a higher level of energy performance. Table 1 summarizes an assessment of the self-funding investment potential of buildings which might be upgraded in the Grand Duchy. The investment magnitudes, at full potential, cover both rooftop solar energy and energy efficiency upgrades, amounting to €5.8 billion over the next ten years or so. Of this €5.8 billion, the energy efficiency investment potential is €3.2 billion while rooftop solar photovoltaics (PV) represent €2.6 billion. Further details underpinning the magnitude of potential investmensts are provided in subsequent discussions that follow. 213 Table 1. Overview of key economic, environmental, and social contributions resulting from a combined deployment of rooftop solar PV and energy efficiency in the built environment. Euro amounts in millions. Dimension Energy Productivity Phase 1 Full Project Phase 1 Solar PV Full Project Phase 1 Total Full Project Investment Potential (millions) €665 €3.200 €532 €2.600 €1.200 €5.800 213 The working estimate of investment potential given here is not intended as a firm recommendation of what Luxembourg might choose to develop; rather, it only highlights the potential scale of the opportunity 264
Third Industrial Revolution Consulting Group Financed term (years) 12 20 NA Cost per kWh (cents/kWh) 8 15 NA Direct jobs per year (over the next decade) 800 – 1.000 4.000 – 5.000 500 – 1.000 2.600 – 5.000 1.300 – 2.000 6.600 – 10.000 The Luxembourg Sustainable Energy Finance Program (LuxSEF) is proposed as a main building block which uses low-cost finance that is paid for directly through large-scale energy bill savings. This can unlock transformative, infrastructure-scale level investment and change. In short, LuxSEF supports the work of LSDFP as it: Packages Luxembourg community’s need for a more productive and sustainable economy into actionable and financeable portfolios that can attract low-cost capital, and do so at a scale and rate of return that is attractive to investors; Relies on standardized transactions on a common, standardized documents platform that accelerates supply and demand of sustainable energy finance and keeps transaction costs low; Guarantees energy and Euro savings for investors and program participants alike that match or exceed all financing and capital costs; and Enables the market and stakeholders, including Energy Service Companies (ESCOs), civil society organizations, investors, relevant public law bodies, and intermediate financial advisors, to collaborate in scaling up a Third Industrial Revolution transition. To do so, the mechanism needs to be: Self-financing: SEF economics do not require regulated price increases to cover renovation costs nor rely on taxes to capitalize renovation. Market-tested: The SEF strategy draws from a $72.5 million market-tested application that was rated AA+ by Standard & Poor’s rating service. Other programs have since been implemented in California, Washington DC, and Pennsylvania. Capable of unlocking a suite of technologies: The mechanism can be applied to a wide range of different technologies. Flexible: Different jurisdictions present different legal, policy and other conditions that require the financial mechanism to be adaptable to local circumstances. Capable of offering a broad range of benefits. 265
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