The World Bank Partial Risk Sharing Facility in Energy Efficiency (P132620) REPORT NO.: RES60141 DOCUMENT OF THE WORLD BANK RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF PARTIAL RISK SHARING FACILITY IN ENERGY EFFICIENCY APPROVED ON FEBRUARY 25, 2015 TO INDIA ENERGY & EXTRACTIVES SOUTH ASIA Regional Vice President: Martin Raiser Country Director: Auguste Tano Kouame Regional Director: Pankaj Gupta Practice Manager/Manager: Simon J. Stolp Task Team Leader(s): Yuge Ma, Ivan Jaques Goldenberg The World Bank Partial Risk Sharing Facility in Energy Efficiency (P132620) I. BASIC DATA Product Information Project ID Financing Instrument P132620 Investment Project Financing Original EA Category Current EA Category Financial Intermediary Assessment (F) Financial Intermediary Assessment (F) Approval Date Current Closing Date 25-Feb-2015 01-Apr-2024 Organizations Borrower Responsible Agency EESL Energy Efficiency Services Limited,Small Industries India Development Bank of India Project Development Objective (PDO) Original PDO The project development objective is to assist India in achieving energy savings with mobilization of commercial finance and participation of Energy Service Companies (ESCOs). Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed TF-19230 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2024 25.00 0 25.00 TF-19308 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2024 16.00 13.25 2.75 TF-A0687 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2024 2.00 1.87 .13 The World Bank Partial Risk Sharing Facility in Energy Efficiency (P132620) Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No II. SUMMARY OF PROJECT STATUS AND PROPOSED CHANGES The Project has made steady progress towards achieving this objective. As of February 2024, a total of seventy-seven (77) guarantees were issued to ESCO-implemented sub-projects under Component 1 of the Project (Partial Risk Sharing Facility), with a total guarantee amount of US$55 million, guaranteeing a loan amount of US$74 million. Sixteen guarantees have been successfully closed, and another ten are expected to be completed in FY24. The guarantees leveraged investments totaling US$125 million. The total number of Participating Financial Institutions (PFI) registered for PRSF stands at fourteen (14), who provided loans to thirty-six (36) different ESCOs for sub-projects across a wide range of host entities, including large industries (cement plants, steel plants, papers, chemicals, etc.), municipalities (street lighting/LED and water/sewerage pumping projects), buildings (hotels, hospitals, office buildings), micro, small & medium enterprises (MSMEs), and distribution companies. The supported projects have achieved energy savings of 373 gigawatt-hours (GWh) per year and greenhouse gas (GHG) emission reduction of 310,000 tons of CO2 annually. Component 2 of the Project (Technical Assistance and Capacity Building) supported the establishment of SIDBI’s Green Vertical to focus on green and decarbonization investments. So far, a portfolio of close to US$2 billion has been developed by SIDBI’s green portfolio, including US$ 1.7 billion in energy efficiency business and US$350 million in renewable energy business. Restructuring request and rationale: PRSF has already achieved its objectives under Component 1. This extension request pertains to Component 2 only (Technical Assistance and Capacity Building), which is funded by a GEF grant of US$6 million, out of which US$4 million is managed by SIDBI and US$2 million is managed by Energy Efficiency Services Limited (EESL). SIDBI and EESL initiated major TA utilization activities in 2023, but due to procurement complications that caused unexpected delays, this is to request a 12-month extension to March 31, 2025, to complete the pending work under Component 2. III. DETAILED CHANGES LOAN CLOSING DATE(S) Original Revised Proposed Proposed Deadline Ln/Cr/Tf Status Closing Closing(s) Closing for Withdrawal Applications 01-Apr-2023, 01-Apr- TF-19230 Effective 01-Apr-2035 31-Mar-2025 01-Apr-2035 2035, 01-Apr-2024 The World Bank Partial Risk Sharing Facility in Energy Efficiency (P132620) 01-Apr-2023, 01-Apr- TF-19308 Effective 01-Apr-2022 31-Mar-2025 31-Jul-2025 2024 01-Apr-2023, 01-Apr- TF-A0687 Effective 01-Apr-2022 31-Mar-2025 31-Jul-2025 2024