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Georgios Pantoulis, European Commission

The European Commission's leading role in financing energy access worldwide

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Georgios Pantoulis, European Commission

  1. 1. The European Commission's leading role in financing energy access worldwide
  2. 2. EU Development Co-operation three priority areas: Build on strong political ownership for policy reforms needed to attract investments Increase the partner countries’ capacity Stimulate investments increasing access to energy with innovative co- financing schemes
  3. 3. EU Development Co-operation three main tools: Joint Declarations on Enhanced Energy Co- operation; EU Technical Assistance Facility (TAF) for the Sustainable Energy for All (SE4All) initiative; Blending Facilities including the innovative Electrification Financing Initiative – ElectriFI
  4. 4. Joint Declarations on enhanced energy cooperation o thirteen Joint Declarations signed omore Joint Declarations with African States and EU Member States, to be co-signed at the highest level during COP21
  5. 5. EU Technical Assistance Facility (TAF) for the SE4All initiative EU TAF operational for almost two years Covers all regions/partner countries Provided in response to country requests and Coordinated, at country level, by EU Delegations
  6. 6. • EUR 600 million mobilised in 2012-2013 • EUR 3.5 billion allocated for 2014-2020 • Significant leveraging investments and fostering end-users' access to a range of energy services for household, community and productive uses – a "total energy access" approach. More than EUR 4 billion for the fight against energy poverty so far
  7. 7. Electrification Financing Initiative ElectriFI objectives: intensive mobilisation of private sector investments in increasing and/or improving access to sustainable electricity and energy services, encourage actions with emphasis on decentralised sustainable energy solutions for populations living principally in rural areas or underserved areas / unreliable supply areas, and attract additional financing
  8. 8. ElectriFI Support: Early Stage Development Capital (illustrative) Convertible Grant Subordinated Debt Contingent Subordinated Debt YEAR2 4 6 8 100 € Pilot / Growth phasePipeline enhancement Pipeline boosting Scaling-up Cash flow for senior debt service O&M costs Cash flow for subordinated debt service and dividends
  9. 9. EC The ElectriFI manager T.A. Unit Investment Committee The Promoting Party The Promoter The ElectriFI manager will: process applications; register clients; conduct due diligence; support investment committee meetings; draft contractual documents; monitor implementation of conditions and repayment, etc. The TA-Unit will provide technical assistance to the beneficiaries (developers) at all stages: 1) identification stage, 2) project proposal stage and 3) implementation stages
  10. 10. EC The ElectriFI manager T.A. Unit Investment Committee The Promoting Party The Promoter The Promoter is any developer, private or state owned, who applies for ElectriFI support, either on their own or via a Promoting Party. It is the entity implementing the project and being the beneficiary of ElectriFI funding. The Promoting Party is any of the seven-pillar assessed Financial Institutions, any seven-pillar assessed member of EDFIs or any seven-pillar assessed European Development Agency that ‘promote’ a certain transaction for ElectriFI
  11. 11. Step 1 Proposal submission by the Promoter or the Promoting Party to the ElectriFI Manager Step 2 High-level early screening by Investment Committee to ensure that an application fits the scheme and meets development objectives Step 3a Mature proposals in terms of bankability and those submitted by a Promoter Party will be submitted to the ElectriFI Investment Committee for approval Step 3b Selected proposals in need of further technical assistance will be granted due support in order to become bankable prior to their submission to the ElectriFI Investment Committee The procedure
  12. 12. Challenges to be tackled Overcome main "obstacles" for investments: o Lack of equity o Lack of skilled developers o Lack of scale to cover transaction cost o Lack of affordable long term debt o Lack of interaction between CSOs and private investors Market imperfections to be addressed by ElectriFI: Increase in risk capital to substitute for the lack of equity Increase long term debt availability Increase project scaling up possibilities Increase number of projects reaching financial close through structuring / arranging / advising Address affordability and social impact through partnership with CSOs
  13. 13. State of play and next steps
  14. 14. Thank you for your attention!