The renewable energy business of ELANA Group is the focus of ELANA Holding operations. ELANA Energy Management is the company offering development, management and financing of renewable energy projects. ELANA Holding also is part of the consortium managing the Bulgarian Energy Efficiency Fund (BEEF).

In 2004, ELANA opened a new line of business – asset management in the field of energy efficiency. The company won a tender for management of the Bulgarian Energy Efficiency Fund (BEEF) and became the first private manager of a public financial institution in Bulgaria. BEEF was established pursuant to the Energy Efficiency Act, with intergovernmental agreements between the Global Environment Facility (administered by the World Bank), the Government of Austria and the Government of Bulgaria. The Bulgarian Energy Efficiency Fund is the only specialized institution for financing energy efficiency investments projects in Bulgaria.

In a consortium with the Canadian energy efficiency consultancy "Econoler International", the Foundation "Center for Energy Efficiency EnEffect", in just two years ELANA Holding established BEEF as the leading financier for public, healthcare and education sectors in Bulgaria. The fund was twice rated by the World Bank “Best practice in Europe”.

Building on its successful start in the area of energy efficiency, ELANA Holding took another step forward and structured a new division for development and financing of renewable energy projects in Bulgaria. The company develops renewable energy projects in-house since 2004. However, in the beginning of 2008, and in line with the developments in the legislation regulating this matter, strong emphasis was put on building capacity for project development in clean energy investments. As a result, the company developed a strong pipeline of wind and photovoltaic projects, and began exploring the investment opportunities related to energy generation from biomass. In this mature stage of the development of the business ELANA Energy Management was established to manage the development and investment in renewable energy.

At present, ELANA Energy Management has developed or is in a process of developing a total of 35 projects for electricity generation from wind and solar energy:

• 31 photovoltaic projects with total capacity of over 3 MW
• 4 wind energy projects with total capacity of 170.5 MW

ELANA Holding is a member of the Bulgarian Association of Renewable Energy Producers.