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INTERNATIONAL WEBINAR ON ENERGY
EFFICIENCY FINANCE PLATFORMS &
PROTOCOLS
IFC - EE FINANCING EXAMPLES
15th July, 2021
What We Do
Integrated Solutions, Increased Impact
▪ Loans
▪ Equity
▪ Trade and Commodity Finance
▪ Derivatives and Structu...
1st Investment in
India (1958):
Kirloskar Oil
Engines
•HDFC
•Zuari Ind.
•Triveni Engg.
•Deepak Fert.
•Ashkok Leyland
•M&M
...
Some of IFC’s Notable Climate Projects in the Region
❑ REWA Ultra Mega Solar Project, Madhya Pradesh, India, 2016
▪ IFC & ...
Examples of financing facilities by IFC on energy
efficiency for the industrial sector
INDIA : TATA CLEANTECH CAPITAL LTD (TCCL)
Snapshot
• Tata Cleantech Capital Limited (TCCL) was created in 2011 as a joint ...
CHINA UTILITY-BASED ENERGY EFFICIENCY FINANCE PROGRAM (CHUEE)
Snapshot:
• Program Description: to cooperate with selected ...
CHUEE: RISK SHARING FACILITIES STRUCTURE
7
First Loss
10%
MOF
5 mn
Province
20 mn
CDM
5 mn
IFC
40%
Banks
25%
CHUEE I
Banks...
BANK OF THE PHILIPPINE ISLANDS (BPI) - SUSTAINABLE
ENERGY FINANCE PROGRAM
Snapshot:
• In 2009, IFC supported the establish...
COMMERCIALIZING SUSTAINABLE ENERGY FINANCE (CSEF) - TURKEY
• Turkey moved towards a more energy efficient economy by prior...
MSME EE Finance Market in India in the on-going/post-COVID-
19 landscape -- Market Scoping & Assessment Study
Objective:
T...
THANKS
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OECD-CEFIM-BEE Energy Efficiency Platform and Protocols webinar, 15 July 2021

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IFC-EE-financing-examples-presentation-ashutosh-tandon

  1. 1. INTERNATIONAL WEBINAR ON ENERGY EFFICIENCY FINANCE PLATFORMS & PROTOCOLS IFC - EE FINANCING EXAMPLES 15th July, 2021
  2. 2. What We Do Integrated Solutions, Increased Impact ▪ Loans ▪ Equity ▪ Trade and Commodity Finance ▪ Derivatives and Structured Finance ▪ Blended Concessional Finance ▪ Help Create New Markets ▪ Unlock Investment Opportunities ▪ Strengthen Clients’ Performance and Impact ▪ Improve Environmental, Social, and Corporate Governance Standards ▪ Syndications ▪ IFC Asset Management Company ADVICE Innovative solutions combining IFC’s expertise and tools INVESTMENT Financial products tailored to client needs MOBILIZATION Mobilizing and managing capital for investment $21.9 billion committed in FY20 $58.7 billion committed portfolio $274.4 million program in FY20 $28 billion syndicated in last five years $10.1 billion under management at IFC AMC 1
  3. 3. 1st Investment in India (1958): Kirloskar Oil Engines •HDFC •Zuari Ind. •Triveni Engg. •Deepak Fert. •Ashkok Leyland •M&M •Gujarat Ambuja •GE Shipping •Titan Ind. •Tata Steel •Bharat Forge •Moser Baer •Ucal Fuel Systems •IDFC •Bharti Tele •Jet Airways •India Auto Fund •Sundaram Fin •Arvind Mills •ABC Coffee •BILT •Electrotherm •PSL Ltd •Dabur Pharma •Tata Motors •Larsen & Toubro •ING Vysya •Kotak Mahindra •Federal Bank •Usha Martin •Powerlinks •Volkswagen •Ocean Sparkle •DCM HFC Bond •Dishman •Samson Maritime •Fullerton Masala •Tata Ultra Mega •Rewa Solar Examples of IFC’s Engagements •Atul Ltd •Cairn Hydro •Chola •Suvidhaa •Snowman •Aadhar •Aavishkaar •AU Financiers •Jain Irrigation •UltraTech Cement •FINO •IDFC •Utkarsh •Bandhan •Lok Capital •Axis Bank •Equitas •Ujjivan •NSL Wind •YES Bank •Dewan •Azure •Suryoday •Granules •Vortex •ICICI Bank •Power Grid •EXIM India •Fortis Health •Yes Bank •Technowind •Byjus •Zephyr •Eye-Q-Vision •Idea Cellular 1950-60s 1970s 1980s 1990s 2000-10 2010-Today ▪ India is the sixth largest shareholder of IFC and its shareholding stands at 4.01% (no. of shares) ▪ It is IFC’s largest investee country having an exposure to around 11% of IFC’s global portfolio ▪ India also holds a large advisory portfolio within IFC amounting to ~ US$ 40 Mn ▪ IFC has committed over US$ 24 billion (including mobilization) in India since 1958 ▪ IFC investments are spread over 500 clients in India as of October 2020 IFC’s Partnership in India
  4. 4. Some of IFC’s Notable Climate Projects in the Region ❑ REWA Ultra Mega Solar Project, Madhya Pradesh, India, 2016 ▪ IFC & WB jointly developed the REWA Ultra Mega Solar Project (750 MW), helping India reach grid-parity & scale up affordable renewable energy ▪ GHG savings: 1Mn ton per annum, IFC O/A: $128Mn, IFC mobilization: $309Mn ❑ Bruhat Bengaluru Mahanagar Palika (BBMP), India, 2017 ▪ IFC worked with Bengaluru municipality to structure a PPP to improve service delivery across the public street lighting system in the city ▪ Reduction in energy consumption: 510Mn units/year; Mobilization of $100 Mil in private investment ❑ Upper Trishuli-1, Nepal Water and Energy Development Co, Nepal, 2019 ▪ IFC was the lead arranger of a $453Mn debt package to finance Upper Trishuli-1, a landmark hydroelectric powerplant (216MW) and one of the largest FDIs in Nepal’s history ▪ Anticipated capacity: 216 MW, IFC O/A: $95Mn, IFC mobilization: $95Mn ❑ Partnership for Cleaner Textile Program (PaCT), Bangladesh, 2013 ▪ IFC launched PaCT, an upstream Advisory to enhance competitiveness and sustainability of the sector ready-made- garment (RMG) sector in Bangladesh. ▪ Annualized efficiency gains: 4M MWh, Annual water saved: 47MCM, Annual wastewater saved: 21.5M MCM, Annual operating cost saved: $96Mn, Financing facilitated: $286Mn ❑ $ 50 million investment in Green bonds issued by YES Bank, 2015 ▪ First emerging market Green bond subscribed by IFC demonstration effect for deepening capital market for Green bonds ❑ Creation of the first Cleantech NBFC in India (Tata Cleantech), 2011 ▪ Joint venture between Tata Capital Limited, and the IFC. Overall, $18.7 million equity in Tata Cleantech by IFC.
  5. 5. Examples of financing facilities by IFC on energy efficiency for the industrial sector
  6. 6. INDIA : TATA CLEANTECH CAPITAL LTD (TCCL) Snapshot • Tata Cleantech Capital Limited (TCCL) was created in 2011 as a joint venture between Tata Capital Limited, and the International Finance Corporation. • IFC invested INR142.5mn (US$2.85mn at the time) in 2012 for a 19.5% stake whilst the balance was held by TCL. Since then, IFC has participated in 3 rights issues (RI) with an aggregate investment amount of $18.7mn till date. • TCCL is incorporated as a private limited non-banking finance company in India and has approved by the Reserve Bank of India as a systemically important non-deposit accepting non-banking finance company. Activities • India’s first private sector financial institution focused solely on green finance, it was created to offer end to end business solutions in the clean technology space, including debt capital and advisory services. • It has served as a first mover in and has proactively brought new investors into India’s quickly evolving cleantech landscape. • In addition to its lending activity, TCCL provides technical and financial advisory services. • In 2018, TCCL became the first private company to partner with the Green Climate Fund to develop the solar rooftop market in India through a USD 100 million credit line. Impact (as of 2019) • Total investment of USD 700 million, it has supported projects with a total value of USD 4.86 billion. • In aggregate, TCCL has contributed to the development of 5.2 GW of renewable energy projects in India.
  7. 7. CHINA UTILITY-BASED ENERGY EFFICIENCY FINANCE PROGRAM (CHUEE) Snapshot: • Program Description: to cooperate with selected Chinese commercial banks, provide risk-sharing facilities for energy efficiency loans, and provide technical assistance to program participants. • Since inception in 2006, the CHUEE project received financial supports from the Global Environment Facility (GEF), the governments of Finland and Norway, and the Chinese Ministry of Finance. • In 2011, CHUEE III – CHUEE SME started with an objective to work with 4-7 domestic commercial banks, to provide 175 EE/RE loans with a total value of US$558 million to Chinese SMEs under the risk sharing facilities (RSFs). • AS (Technical Advisory Services) was a key factor allowing participating FIs to initiate or expand their SEF businesses. Impact: • By directly supporting sustainable energy investments through local Chinese partner banks worth 11 billion yuan ($1.7 Bil), the program achieved an annual greenhouse- gas emissions reduction of over 19 million tons of carbon dioxide. • As of June 2015, the CHUEE program's partner banks had provided loans worth over $625 Mil under the RSF.
  8. 8. CHUEE: RISK SHARING FACILITIES STRUCTURE 7 First Loss 10% MOF 5 mn Province 20 mn CDM 5 mn IFC 40% Banks 25% CHUEE I Banks 60% GEF 75% Banks IFC 50% 50% Banks 50% GEF 50% CHUEE II Banks 50% Banks 50% GEF 22% MOF 28% IFC 50% CHUEE SME BOJS IFC (372 mn) 50% (432 mn) BOJS 50% (432 mn) 50% 50% CHUEE JS CDM 60mn Second Loss 90% Second Loss 95% First Loss 5% Second Loss 92% First Loss 8% Second Loss 93.5% First Loss 6.5% GEF: Global Environment Facility, banks: CHUEE’s partner banks,MOF: China’s Ministry of Finance, BOJS: Bank of Jiangsu, CDM: China’s Clean Development Mechanism mn: Million • CHUEE Risk-sharing Facilities have been evolving from Phase I, Phase II, CHUEE Jiangsu to CHUEE SME. • In this process, its basic structure composed of the first loss and the second loss. • The first loss sharing was initially shouldered only by the Global Environment Facility, and then it expanded to China’s Ministry of Finance, local Departments of Finance, and China’s Clean Development Mechanism. 江苏
  9. 9. BANK OF THE PHILIPPINE ISLANDS (BPI) - SUSTAINABLE ENERGY FINANCE PROGRAM Snapshot: • In 2009, IFC supported the establishment of a risk-sharing facility (RSF) covering a portfolio of PHP 5 billion (approximately $106 million). • The RSF transferred to IFC a portion of the risk associated with BPI’s EE and RE loans, thereby allowing BPI to build upon a successful track record, develop a client base, and assess the risks of their new financial products. IFC Support: • At its peak, the RSF had enrolled EE and RE loans amounting to $82 million. • BPI was able to amplify its investment in sustainable energy because IFC assumed 50 percent of the RSF’s risk. • IFC also diversified its risk assumption, receiving support from the Global Environment Facility (GEF) and the Clean Technology Fund (CTF). This blended finance allowed IFC to leverage a diverse portfolio of funds to assume first losses. • Outside of the facility, which only covered loans that met pre-agreed eligibility criteria, and through the help of IFC advisory services, BPI built an SEF portfolio amounting to $706 million for 184 projects. Impact: • The RSF broadened BPI’s capacity to distribute loans without assuming more burden than they were capable of, and unlocked capital for EE and RE projects in need of financing, such as hydroelectric power plants, wind farms, biomass projects, and ESCOs. • Reduced GHG emissions have totaled 1.9 million tons since 2009.
  10. 10. COMMERCIALIZING SUSTAINABLE ENERGY FINANCE (CSEF) - TURKEY • Turkey moved towards a more energy efficient economy by prioritizing EE financing in its US$250 million investment plan under the Clean Technology Fund (CTF). • One of the first initiatives developed under Turkey’s CTF plan was IFC’s Commercializing Sustainable Energy Finance Program (CSEF), financed with roughly US$21 million of CTF funds “blended” with almost US$100 million of IFC’s own funds, with phase 1 starting in 2010. • IFC provided ‘blended’ concessional loans to three Turkish leasing companies for the express purpose of sustainable energy financing for projects and equipment that met specific parameters (i.e. projects must reduce absolute energy consumption by at least 15%) • The leasing company would then market EE financing to its current and prospective customers, predominantly SMEs • Once a customer decided to acquire EE equipment, the leasing company would purchase the equipment using CSEF funds and provide the equipment through a lease to the customer www.ifc.org/climatebusiness
  11. 11. MSME EE Finance Market in India in the on-going/post-COVID- 19 landscape -- Market Scoping & Assessment Study Objective: The Overall Program has a focus on three core sets of activities: a. Detailed Scoping of the MSME EE Finance Market in India in the on-going/post-COVID- 19 landscape b. Development of financing framework for facilitating EE Financing in India c. Creation of knowledge/advisory products on MSME EE meant for the capacity building of select FIs. Current Status: Detailed Scoping Study has started in March 2021 and is currently on-going. Key deliverables of the study will include: 1. Estimating size of the market opportunity sub-classified into clusters. 2. Analysis of the impact of COVID 19 on EE demand and shifting business scenarios. 3. Study of EE business models (implementation and financing) currently in place or needed for the market to scale up. 4. Review of best practices from India and other markets (global) on similar programs success, failures and learnings; including case studies. 5. Identifying technical assistance/capacity building needs of stakeholders, specially FIs.
  12. 12. THANKS

OECD-CEFIM-BEE Energy Efficiency Platform and Protocols webinar, 15 July 2021

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