The ESSF (or the “Programme”) is provided as unfunded portfolio risk-sharing guarantees to EBRD Partner Financing Institutions (PFIs) in Ukraine to partially cover the risks of portfolio of eligible sub-loans (the “Covered Portfolio”) extended to eligible sub-borrowers: commercial private sector businesses (SMEs and Mid-caps), residential sector sub-borrowers (individual households and Housing Associations) and state-owned companies (including municipalities and municipal companies). Multiple structures for EBRD risk participation with PFIs can be applied within the Programme. Guarantees are issued on a transaction basis and help derisk the local PFIs’ lending for renewable energy and storage, energy efficiency measures, and small scale decentralized gas CHPs. The Programme is supported by international donor funds.