Through the implementation of the FLAG-FICET project, Fund FLAG established the first specialized green financial instrument for municipalities and state- and municipally-owned companies in Bulgaria, combining technical assistance, blended financing, and capacity building. Four financial schemes were developed to support the clean energy transition in the areas of energy efficiency, renewables, thermal mineral water utilization, and eco-mobility. 

By the project end in September 2025, Fund FLAG concluded Framework Agreements and Financing Contracts with 14 Bulgarian municipalities, covering the implementation of 45 CET projects in the targeted sectors, which received technical support under FLAG-FICET. The total investment exceeds EUR 70 m., of which over EUR 53.55 m. attributable to CET investments and EUR 24 m. financed by Fund FLAG. Technical assistance was provided for structuring of nearly 65 clean energy transition projects by local authorities. Several projects plan to use FLAG financing during the instrument’s five-year sustainability period, which aims to mobilize additional investments of at least EUR 22.5 m.

The project successfully achieved its objectives by accelerating the preparation and deployment of CET investments across Bulgaria. Through targeted technical assistance, stakeholder engagement and capacity building, the project strengthened local authorities’ capacity to structure clean energy transition projects and to mobilize public and private financing.