Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Partial Risk Sharing Facility in Energy Efficiency (P132620) SOUTH ASIA | India | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 6 | ARCHIVED on 24-Dec-2019 | ISR40140 | Implementing Agencies: Small Industries Development Bank of India, EESL Energy Efficiency Services Limited, Department of Economic Affairs, Ministry of Finance, Government of India Key Dates Key Project Dates Bank Approval Date: 25-Feb-2015 Effectiveness Date: 31-Aug-2015 Planned Mid Term Review Date: 10-Jan-2020 Actual Mid-Term Review Date: Original Closing Date: 01-Apr-2035 Revised Closing Date: 01-Apr-2035 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to assist India in achieving energy savings with mobilization of commercial finance and participation of Energy Service Companies (ESCOs). Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Partial risk sharing facility:(Cost $37.00 M) 2. Component 2: Technical assistance and capacity building:(Cost $6.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Partial Risk Sharing Facility for Energy Efficiency (PRSF) Project implementation is in its fourth year and limited progress has been made in both components: (i) Component 1: A risk sharing facility for energy efficiency managed by Small Industries Development Bank of India (SIDBI), of US$37 million, funded from a Global Environment Facility (GEF) contribution of US$12 million and backstopped by a Clean Technology Fund (CTF) Guarantee, in the form of contingent finance, of US$25 million; and (ii) Component 2: A technical assistance and capacity building component of 12/24/2019 Page 1 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) US$6 million, funded by GEF, of which US$4 million is managed by SIDBI and US$2 million is managed by Energy Efficiency Services Limited (EESL). The PRSF team at SIDBI, supported by EESL had been working towards an interim disbursement target of $13.75 million of PRSF guarantees to be issued to ESCO sub-projects by June 30, 2019, which was set up by the Department of Economic Affairs at Ministry of Finance and agreed by SIDBI. At present, the total number of PRSF Guarantees issued to ESCO-implemented sub-projects is twenty-three (23) with total Guarantee amount of $12.88 million, leveraging total investment of $47.45 million. SIDBI PRSF team has been successful in bringing additional financial institutions as PFIs in the PRSF Facility platform and the total number of Participating Financial Instutions (PFIs) stands at nine. PRSF Project Execution Agency (PEA) team in SIDBI continues to pursue several steps to keep the momentum towards the objective of developing a pipeline and issuing guarantees to more ESCO sub-projects. . 12/24/2019 Page 2 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) mpaTable Multiphase Programmatic Approach (MPA) Status mpaTableBody Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Low Low Macroeconomic -- Low Low Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Moderate Moderate Institutional Capacity for Implementation and Sustainability -- Moderate Moderate Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Moderate Moderate Other -- -- -- Overall -- Substantial Substantial 12/24/2019 Page 3 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Results PDO Indicators by Objectives / Outcomes Achieving energy savings through energy service companies (ESCOs) IN00789740 ►Annual energy savings achieved by projects that receive PRSF risk coverage (Gigawatt-hour (GWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 69.10 94.33 1,002.10 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 IN00789741 ►Annual mitigation of CO2 emissions achieved by projects that receive PRSF risk coverage (million tons; estimated based on the type and amount of energy savings recorded) (Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 60.30 82.92 734.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 IN00789742 ►Total number of ESCO-implemented energy efficiency investments whose loans receive credit guarantee from PRSF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 16.00 23.00 535.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 IN00789743 ►Total amount of loan financing provided for ESCO-implemented energy efficiency investments including that from SIDBI and PFIs that receive PRSF risk coverage (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11,090,000.00 14,907,000.00 97,900,000.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 Overall Comments PDO The Expiration date of Clean Technology Fund (CTF) Guarantee is 2035. The Operation can issue sub-project guarantees until the 15th year. However, in the Results Framework which reflects the Facility Financial Modeling and Financial Analysis, it was assumed that sub-project guarantees will be issued until year 10 (2025) – as shown in Project Appraisal Document (PAD) Annex 1 . Intermediate Results Indicators by Components Component 1: Partial risk sharing facility IN00789744 12/24/2019 Page 4 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) ►Total amount of loans that receive risk-sharing coverage through credit guarantees from PRSF (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 11,090,000,000.00 14,907,000.00 89,000,000.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 IN00789745 ►Private capital mobilized (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 42,230,000.00 47,450,000.00 127,000,000.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 IN00789746 ►Default rate of loans that receive risk-sharing coverage through credit guarantees from PRSF (%) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 01-Apr-2015 14-Jun-2019 15-Dec-2019 30-Jun-2025 Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P132620 TF-19230 Effective USD 25.00 25.00 0.00 0.00 25.00 0%% P128921 TF-19308 Effective USD 16.00 16.00 0.00 12.52 3.48 78% P128921 TF-A0687 Effective USD 2.00 2.00 0.00 1.33 0.67 66% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P132620 TF-19230 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2035 01-Apr-2035 P128921 TF-19308 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2022 01-Apr-2022 P128921 TF-A0687 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2022 01-Apr-2022 Cumulative Disbursements 12/24/2019 Page 5 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Restructuring History There has been no restructuring to date. Related Project(s) P128921-Partial Risk Sharing Facility in Energy Efficiency 12/24/2019 Page 6 of 6