The initiative to create BELESCO dates back to 2008, when after the creation of the Belgian "federal" public ESCO and third party investor Fedesco (Federal Energy Services Company), several stakeholders including some large ESCOs, Fedesco itself and EnergyMag (the editor of the Energymanagers' Magazine of the same name) identified the need for accelerating the development of an ESCO and EPC market in Belgium. They were convinced of the need to increase awareness with end customers about the new opportunities that energy performance contracts and third party financing delivered. They also identified a lack of policy support for the development of EPC in Belgium, both at the national and at the regional level.

An informal working group was created to validate the idea for an ESCO association, finding inspiration with similar associations in other countries, involving a variety of marketplayers and stakeholders, both from the public and private sector.

Following historical contacts with the organizers of the annual ESCO Europe conference, this initial group managed to convince them to host the 2008 edition of ESCO Europe in Brussels. This created a the right dynamic environment and networking opportunity for an extended core group of founders to decide to create a Belgian ESCO association.

The association was set-up as an open "association" (asbl or vzw) of organizations that make up the "eco-system" of ESCO and EPC/ESC research, development, implementation and commercial activity, gathering players of different size and with different roles, rather than as a "federation" of private ESCOs as one might see in some other countries. It was believed that such an association model was more appropriate to stimulate what was (and still is to a large extent) an emerging market.

After having defined the mission, objectives and activities and drafted articles of association, the founding general assembly took place on March 5th 2010. The initial group had been grown by that time to 20 founding members.
The General Assembly elected a Board of Directors of representatives from 13 (tbc) members, which again elected its President, Secretary and Treasurer, as well as management committee of 5 members, including a President of that management committee, who also acts (in collaboration with the President) as spokes person of the association.