The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) REPORT NO.: RES55416 RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF ARGENTINA RENEWABLE ENERGY FOR RURAL AREAS PROJECT APPROVED ON APRIL 7, 2015 TO ARGENTINE REPUBLIC Energy & Extractives Latin America and Caribbean Regional Vice President: Carlos Felipe Jaramillo Country Director: Marianne Fay Regional Director: Maria Marcela Silva Practice Manager/Manager: Stephanie Gil Task Team Leader(s): Lucia Spinelli The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) ABBREVIATIONS AND ACRONYMS PDO Project Development Objective PERMER Argentina Renewable Energy for Rural Areas Project (Proyecto de Energías Renovables en Mercados Rurales PIU Project Implementation Unit The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) BASIC DATA Product Information Project ID Financing Instrument P133288 Investment Project Financing Original EA Category Current EA Category Partial Assessment (B) Partial Assessment (B) Approval Date Current Closing Date 07-Apr-2015 30-Jun-2023 Organizations Borrower Responsible Agency Argentine Republic Project Development Objective (PDO) Original PDO The project's development objective is to provide and enhance access to modern energy services in selected rural areas of Argentina. OPS_TABLE_PDO_CURRENTPDO Summary Status of Financing (US$, Millions) Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed IBRD-84840 07-Apr-2015 09-Oct-2015 04-May-2016 30-Jun-2023 168.66 91.51 77.15 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) I. PROJECT STATUS AND RATIONALE FOR RESTRUCTURING A. Project Status 1. The Argentina Renewable Energy for Rural Areas Project (PERMER) has provided access or enhanced access to modern energy services in selected rural areas of Argentina to more than 176,000 people. These beneficiaries were reached through the installation of 34,800 solar home systems, electrifying nearly 425 rural schools, and installing about 4,200 electric fences. Since June 2022, progress towards achieving the Project Development Objective (PDO) and implementation progress (IP) have both been rated Moderately Satisfactory (MS). PERMER has signed contracts in the amount of US$140.84 million for subprojects under Component 1 that will benefit 229,000 people; it has disbursed US$91.51 million (54.3 percent of the Loan); and documented expenditures for US$66.5 million1 (39 percent of the Loan). The first restructuring was approved in October 2020 and cancelled US$31.3 million and extended the closing date by twenty months until June 30, 2022. A second restructuring was approved on June 23, 2022, and extended the closing date by an additional 12 months to June 30, 2023; it also included the reallocation of loan proceeds between disbursement categories; and adjusted the final targets of indicators. Given the recent progress with the signing of critical contracts and commitment of funds, both indicators (IP and PDO) will be upgraded to Satisfactory (S) after this restructuring. The PDO remains achievable by the new closing date. 2. Project implementation. In the second half of 2022, the project suffered new delays due to organizational changes in the government and new authorities taking over the Minister of Economy, Secretary of Energy and Undersecretary of Electricity. After the new team was finally confirmed and took office, eight new contracts have been signed. Further delays were due to import restrictions that are affecting the delivery of critical equipment for the execution of subprojects. With the partial loan cancellation, all remaining loan proceeds are committed against contracts under implementation and there will be no more biddings processes under the project. 3. Import restrictions. In March 2022, the Central Bank issued Regulation 74661 that severely restricted imports in response to overstocks experienced during 2021. As a result, PERMER contractors have experienced difficulties with the import of goods such as solar panels, batteries, that hamper the execution of the subprojects by contracted firms. With the support from the Secretary of Energy and the Ministry of Economy, the government has recently been able to facilitate and expedite some imports under the project, but implementation and disbursements are still lagging. 4. Contracts Implementation period. Most of the recently signed contracts require implementation periods that extend beyond June 2023, the current closing date. Efforts will be made to accelerate installation but import policies and challenges with the installation in rural and remote areas will require more time. Given the facilitation mentioned on the previous paragraph on imports control, the PIU has been able to unlock the inconveniences over some contracts and is working to address the rest of the affected contracts. A six-month extension will allow the project to move forward and ensure satisfactory achievement of the PDO. All uncommitted funds will be cancelled. 5. Fiduciary and safeguards aspects. The General Directorate of Sectoral and Special Programs and Projects (DGEPSE) of the Ministry of Economy provides fiduciary services to the Project. The Project Implementation Unit (PIU) and the DGEPSE have developed a suitable working methodology. The Bank has been closely supporting the technical and fiduciary team to assure quality and expedite implementation. Overall, the Borrower’s and PIU’s performance remain satisfactory. Financial management has constantly been rated Satisfactory (S), and project management, monitoring and evaluation, and safeguards rated Moderately Satisfactory (MS). Procurement is rated as Moderately Unsatisfactory in the latest ISR as of December 2022 based on delays in process implementation and contract execution 1 According to Client Connection April 26,2023 The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) for the ongoing activities that have been caused mainly by internal procedures and imports restrictions affecting the awarded suppliers. However, during the recent months, the PIU has expedited the latest procurement activities, has already signed all contracts and is working jointly with the Ministry of Economy to address imports restrictions. The Bank monitors contract implementation through regular meetings. There are no overdue audits nor audits that are not satisfactory to the World Bank. 6. E&S management measures have experienced delays and will not be able to achieve satisfactory compliance within the current closing date. There is a micro-grid subproject RP (Resettlement Plan) that has achieved an implementation of about 80 percent and the remaining part would not be completed before the current closing date. There are two micro-grid subprojects that have recently experienced changes in their technology suppliers that could imply technical design modifications and therefore the need to undergo new environmental and social licensing processes. In addition, those subprojects whose implementation would not be fully completed under the extended PERMER project (before the new proposed closing date) would need time and resources to adapt their E&S instruments to the ESF, to be eligible to be partially financed under the new investment operation for the Energy sector, under preparation. 7. Argentina – Clean Energy for Vulnerable Households and Communities (P178553). A US$400 million project has been negotiated and is expected to be submitted to the Board in June 2023. The project has four components, including one focused on access to electricity through renewable energy, providing continuity to the PERMER. The government agreed that any commitment under PERMER beyond December 2023, will be financed by this new project. This provides an important incentive to move quickly with the signing and effectiveness of the new loan after Board Approval. C. Rationale for Restructuring, 8. Government request and in principle agreement. On March 20, 2023, the government requested a six-month extension of the closing date until December 31, 2023, for a cumulative 38-month extension of the original closing date, and changes in end targets of indicators. A partial cancellation of US$23.28 million was discussed but only formalized in a letter that was received on May 18, 2023. If the project is not extended, only about 176,000 out of 509,000 beneficiaries will be reached under Component 1, and around US$92 million will not be executed. Therefore, the extension is necessary to continue the implementation of critical ongoing subprojects and allow the project to achieve its PDO. On March 8, 2023 Regional Management provided the “in principle” approval to extend the closing date for an additional six months, with the understanding that this would be the final extension and uncommitted loan proceeds would be cancelled. Given the current fiscal constraints, the government does not have the necessary resources to cover the financing gap if the loan is not extended. This is an enormous risk and liability given the impact of these investments on the poor and vulnerable communities in rural areas. 9. The objective of providing access to electricity services through renewable energy technologies in rural areas remains a high priority for the government. Since its effectiveness in 2016, the project has remained a priority for the government regardless of political changes, and changes in energy authorities and ministerial reorganizations. The current energy sector authorities have reiterated the importance of PERMER in achieving the objective of universal access and foster renewable sources, clearly stated in the extension request. The COVID pandemic and lockdown have stressed the importance of electricity services, especially in remote areas, to enable communications and ease access to health services, education, and jobs. The project has very high climate co-benefits and targets the most vulnerable and isolated population in Argentina. 10. Expected outputs. The expected outputs for the main activities implemented under the project include the electrification of 34,800 homes, 427 schools, and 178 primary health care centers with solar systems; and the The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) installation of 161 solar systems in national parks; three mini grids; and 6,900 solar electric fences; reaching 229,000 beneficiaries. 11. Action plan, adjusting key milestones and strengthening supervision. All ongoing subprojects included in the project were reviewed and a detailed implementation plan was presented in February 2023 to complete their implementation. Any activity beyond the new closing date should be either financed by the government or the new loan if approved. For the remaining implementation period, the PIU and Bank will focus on: (i) proactively engaging with contractors and help mitigate any delays related to import restrictions; (ii) continue strengthening the capacity of the PIU to supervise subproject implementation and address issues more efficiently; and (iii) building the supervision capacity of local stakeholders and ensuring the sustainability of investments. Additionally, regarding E&S issues, the proposed closing date extension will allow the PIU to address them as follows: i) complete the implementation of micro- grid subproject RP; ii) make progress updating the E&S licensing process for the 2 recently modified subprojects if needed; and iii) adapt E&S instruments to the ESF of the subprojects whose implementation will not be completed by the proposed closing date, to be eligible for financing under the Clean Energy for Vulnerable Households and Communities Project. II. DESCRIPTION OF PROPOSED CHANGES 12. Summary of proposed restructuring. The proposed restructuring will: (i) adjust the Results Framework based on new scope; (ii) reduce funds allocated to Category 1, (iii) extend the closing date by six months, and (iv) process a US$23.3 million cancellation of uncommitted funds. 13. Results Framework. The Results Framework was revised to reflect the expected outcomes and outputs of the restructured Project more accurately. The PDO indicator “Direct Project Beneficiaries” target is being decreased from 509,000 to 229,000 (minus 55 percent compared to the target in the June 2022 restructuring). The sub-targets under this indicator, “Beneficiaries with improved access” and “Beneficiaries that obtained access” were reduced by 64 percent and 54 percent, respectively, due to the cancellation of a number of subprojects. 14. Loan Cancellation and reallocation between disbursement categories. A partial cancellation in the amount of US$23.28 million will be processed, reducing the amount allocated to Category 1 while all other categories will remain unchanged. The proposed amounts per category after each restructuring, including this one, are shown in the table below. Table 1. Changes in loan amount and allocation to each disbursement category (in US$) Second Proposed new Category restructuring Restructuring (1) Goods and Works under Part 1 of the Project 164,121,213 140,841,213 (2) Goods, Consultants’ services (including audits), 4,037,563 4,037,563 Non-consulting services, Training and Operating Costs under Parts 3 and 4 of the Project (3) Front-end Fee 500,000 500,000 Cancelled amount (23,280,000) Total Loan Amount: 168,658,776 145,378,776 15. Closing Date. The closing date will be extended by six months from June 30, 2023, to December 31, 2023. The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) 16. Disbursement Estimates The disbursement schedule will be updated in accordance to the most recent implementation plan and extension of closing date. No additional disbursements are expected in FY23, and US$5 million is expected to be disbursed in Q1 of FY24 and US$48.87 million in Q2 of FY24. 17. Other. There are no changes in ratings in the Systematic Operations Risk-rating Tool (SORT) as a result of this restructuring. The legal covenants remain the same, as well as the fiduciary management and safeguards categories The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) III. SUMMARY OF CHANGES Changed Not Changed Results Framework ✔ Components and Cost ✔ Loan Closing Date(s) ✔ Cancellations Proposed ✔ Reallocation between Disbursement Categories ✔ Disbursement Estimates ✔ Implementation Schedule ✔ Implementing Agency ✔ DDO Status ✔ Project's Development Objectives ✔ PBCs ✔ Disbursements Arrangements ✔ Overall Risk Rating ✔ Safeguard Policies Triggered ✔ EA category ✔ Legal Covenants ✔ Institutional Arrangements ✔ Financial Management ✔ Procurement ✔ Other Change(s) ✔ Economic and Financial Analysis ✔ Technical Analysis ✔ Social Analysis ✔ Environmental Analysis ✔ The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) IV. DETAILED CHANGE(S) OPS_DETAILEDCHANGES_COMPONENTS_TABLE COMPONENTS Current Current Proposed Proposed Cost Action Component Name Component Name Cost (US$M) (US$M) 1. Renewable electricity service 1. Renewable electricity service 164.63 Revised 141.35 provision provision 2. Solar thermal energy service 2. Solar thermal energy service 0.00 No Change 0.00 provision provision 3. Project deployment support 1.74 No Change 3. Project deployment support 1.74 4. Project management 2.29 No Change 4. Project management 2.29 TOTAL 168.66 145.38 OPS_DETAILEDCHANGES_LOANCLOSING_TABLE LOAN CLOSING DATE(S) Original Revised Proposed Proposed Deadline Ln/Cr/Tf Status Closing Closing(s) Closing for Withdrawal Applications 30-Jun-2022, 30-Jun- IBRD-84840 Effective 31-Oct-2020 31-Dec-2023 30-Apr-2024 2023 OPS_DETAILEDCHANGES_CANCELLATIONS_TABLE CANCELLATIONS Value Reason Current Cancellation New Ln/Cr/Tf Status Currency Date of for Amount Amount Amount Cancellation Cancellation BORROWER' Disburs S REQUEST IBRD- 168,658,776.0 145,378,776.0 ing&Re USD 23,280,000.00 30-Jun-2023 FOR 84840-001 0 0 paying COUNTRY REASONS OPS_DETAILEDCHANGES_REALLOCATION _TABLE REALLOCATION BETWEEN DISBURSEMENT CATEGORIES Financing % Current Allocation Actuals + Committed Proposed Allocation (Type Total) The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) Current Proposed IBRD-84840-001 | Currency: USD iLap Category Sequence No: 1 Current Expenditure Category: GO, CW - Part 1 164,121,213.00 66,662,144.61 140,841,213.00 100.00 100.00 Current Expenditure Category: GO, CS (INCLUDING AUDITS), NON-CS, TRG, OP - iLap Category Sequence No: 2 P. 3 & 4 4,037,563.00 2,857,931.91 4,037,563.00 100.00 100.00 iLap Category Sequence No: 4 Current Expenditure Category: Interest Rate Cap/Collar Premium 0.00 0.00 0.00 iLap Category Sequence No: FEF Current Expenditure Category: FRONT END FEE 500,000.00 500,000.00 500,000.00 Total 168,658,776.00 70,020,076.52 145,378,776.00 OPS_DETAILEDCHANGES_DISBURSEMENT_TABLE DISBURSEMENT ESTIMATES Change in Disbursement Estimates Yes Year Current Proposed 2015 0.00 0.00 2016 20,500,000.00 20,500,000.00 2017 0.00 0.00 2018 0.00 0.00 2019 17,939,053.52 17,939,053.52 2020 6,920,765.12 6,920,765.12 2021 12,170,327.16 12,170,327.16 2022 16,231,642.01 16,231,642.01 The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) 2023 94,896,988.19 71,616,988.19 . The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) . Results framework COUNTRY: Argentina Argentina Renewable Energy for Rural Areas Project Project Development Objectives(s) The project's development objective is to provide and enhance access to modern energy services in selected rural areas of Argentina. Project Development Objective Indicators by Objectives/ Outcomes RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target Direct project beneficiaries (Action: This Objective has been Revised) Direct project beneficiaries (Number) 0.00 229,000.00 Rationale: The GoA's restructuring request was taken as an opportunity to update the indicator’s target and align them with the updated project objectives taking into account the new implementation period. The PDO indicator target for “Direct Project Beneficiaries” (the number of total beneficiaries) was decreased by 55% (from 509,468 in June 2022 RP to 229,000 now) based on the committed subprojects and the new import regulations in Argentina that affected the project. Action: This indicator has been Revised The sub-targets under this indicator, “Beneficiaries with improved access” and “Beneficiaries that obtained access” were reduced by 64% and 54%, respectively, due to the cancellation of the new purchases from SHS, and the import restrictions for SHS for National Parks and PHC (component 1) when compared with the targets included in the restructuring paper of June 2022. Actual (March 14,2023): 176,572 beneficiaries Direct project beneficiaries that obtained enhanced access (daily hours and quality of service) to modern energy services 0.00 24,900.00 (electricity, water pumping, productive uses, solar thermal applications) (Number) The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target Rationale: Target Value was updated considering the Project extension and GoA’s updated objectives. The target for this in dicator was reduced by 64 % when compared with the targets included in the June 2022 restructuring paper, from 70,000 to 24,900 Action: This indicator has been Revised people, due to the cancellation of water pumps subproject and the import restrictions in Argentina that affected the subprojects of minigrids, schools, PHCs, and National Parks . Actual (March, 14, 2023): 8,149 beneficiaries Direct project beneficiaries that obtained access to modern energy services (electricity, water pumping, productive uses, 0.00 204,100.00 solar thermal applications) (Number) Rationale: Target Value was updated considering the Project extension, and GoA’s updated objectives. The target for this indicator was decreased by 54% when compared with the targets included in the June 2022 restructuring paper, from 439,392 to Action: This indicator has been Revised 204,100 people due to the cancelation of new purchases for SHS and water pumps subproject. Also the import restrictions of SHS for National Parks, and PHC (Component 1). Actual (March, 14, 2023): 168,423 beneficiaries Female beneficiaries (%) (Percentage) 0.00 40.00 People provided with access to electricity by household connections (Action: This Objective has been Revised) People provided with access to electricity by household 0.00 139,600.00 connections (CRI, Number) Rationale: Target Value was updated considering the Project extension, and GoA’s updated objectives. The target is decreased by 60 % from 348,000 in the 2022 RP to 139,600 people in this restructuring due to the cancelation of new purchases in SHS for Action: This indicator has been Revised households and the import restrictions in Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 135,316 household connections The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target People provided with new elec. by household connection.– 0.00 139,600.00 Offgrid/minigrid–Only renewable sources (Number) Rationale: Target Value was updated considering the Project extension, and GoA’s updated objectives. The target is decreased by 60% from 348,000 in the 2022 RP to 139,600 people in this restructuring due to the cancelation of new purchases in SHS for Action: This indicator has been Revised households and the import restrictions in Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 135,316 household connections People provided with new electricity by household connection.–Offgrid/minigrid–Any source except only 0.00 38.00 renewable (Number) Rationale: Target Value was updated considering the Project extension, and GoA’s updated objectives . The target was reduced by Action: This indicator has been Marked for Deletion 100% from 38 in the June 2022 RP to 0 people in this RP. Because the Mini Grid of Los Naranjos in Salta province (Component 1) has been affected by the new import regulations in Argentina Community electricity connections constructed under the project (Action: This Objective has been Revised) Community electricity connections constructed under the project 0.00 780.00 (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator was reduced by 53% (from 1,600 in the June 2022 RP to 780 now) due to the cancellation of the water pumps subproject and the Action: This indicator has been Revised import regulations in Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 252 connections Community elec. connections constructed–Offgrid/minigrid– 0.00 780.00 Only renewable sources (Number) The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator was reduced by 51% (from 1,600 in the June 2022 RP to 780 now) due to the cancellation of the water pumps subproject and the Action: This indicator has been Revised import regulations in Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 252 connections Commy elec. connection constructd–Offgrid/minigrid–Any 0.00 80.00 source except only renewable (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator was Action: This indicator has been Marked for Deletion reduced by 100% (from 80 in the June 2022 RP to 0 now) due to the cancellation of the water pumps subproject (Component 1). People that obtain a daily and constant electricity service (through minigrids) (Action: This Objective has been Revised) People that obtain a daily and constant electricity service 0.00 340.00 (through minigrids) as a result of the project (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. The indicator target was decreased by 91% when compared to the June 2022 RP (from 3,800 to 340 now). Due to the import regulations in Action: This indicator has been Revised Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 0 connections People that obtain a daily and constant electricity service and with prior access to the service, as a result of the project 0.00 290.00 (Number) The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_PDO Indicator Name PBC Baseline End Target Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. The indicator target was decreased by 91% when compared to the June 2022 RP (from 3,291 to 290 now). Due to the import regulations in Action: This indicator has been Revised Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 0 connections People that obtain a daily and constant electricity service (through minigrids) and without prior access to the service 0.00 50.00 (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. The indicator target was decreased by 91% when compared to the June 2022 RP (from 581 to 50 now). Due to the import regulations in Action: This indicator has been Revised Argentina that affected the subprojects of minigrids (Component 1). Actual (March, 14, 2023): 0 connections PDO Table SPACE Intermediate Results Indicators by Components RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 1 - Renewable electricity service provision:(Cost $215.61 M) (Action: This Component has been Revised) Community electricity connections constructed 0.00 430.00 under the project (schools) (Number) Action: This indicator has been Revised Rationale: The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by 42% (from 745 in June 2022 RP to 430 now) due to the import regulations in Argentina that affected the subprojects of Schools (Component 1). Actual (March, 14, 2023): 252 connections Community electricity connections constructed 0.00 340.00 under the project (other public facilities) (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by 59% (from 838 in June 2022 RP to 340 now) due to the import regulations in Argentina that affected the subprojects of National Parks and Action: This indicator has been Revised PHCs (Component 1). Actual (March, 14, 2023): 0 connections Generation Capacity of Hydropower constructed 0.00 0.30 or rehabilitated under the project (Megawatt) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicato r target was reduced by Action: This indicator has been Marked for 100% (from 0.3 MW in June 2022 RP to 0 now) due to the import regulations in Argentina that affected the subprojects of Deletion Minigrids (Component 1). Generation Capacity of Hydropower 0.00 0.30 constructed under the project (Megawatt) Action: This indicator has been Marked for Deletion Generation Capacity of Renewable Energy (other 0.00 5.00 than hydropower) constructed (MW) (Megawatt) The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by 52% (from 10.34 MW in June 2022 RP to 5MW now) due to the import regulations in Argentina that affected the subprojects of Action: This indicator has been Revised Minigrids (Component 1). Actual (March, 14, 2023): 3.42 MW Generation Capacity of Renewable Energy 0.00 5.00 constructed-Solar (MW) (Megawatt) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by 51% (from 10.13 MW in June 2022 RP to 5MW now) due to the import regulations in Argentina that affected the subprojects of Action: This indicator has been Revised Minigrids (Component 1). Actual (March, 14, 2023): 3.42 MW Generation Capacity of Renewable Energy 0.00 0.21 constructed – Wind (MW) (Megawatt) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicato r target was reduced by Action: This indicator has been Marked for 100% (from 0.21 MW in June 2022 RP to 0MW now) due to the import regulations in Argentina that affected the subprojects of Deletion Minigrids (Component 1). People that obtained access to an electricity 0.00 19,625.00 service for water pumping only (Number) Rationale: Action: This indicator has been Marked for Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicato r target was reduced by Deletion 100% (from 19,625 in June 2022 RP to 0 now) due to the cancellation of the water pumps subproject (Component 1). The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 Micro-enterprises that obtained an electricity 0.00 4,237.00 service under the project (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicato r target was reduced by Action: This indicator has been Revised 49% (from 8,313 in June 2022 RP to 4237 now) due to the cancellation of the water pumps subproject (Component 1). Actual (March, 14, 2023): 4.237 Micro-enterprises Collective micro-enterprises that obtained an 0.00 577.00 electricity service under the project (Number) Action: This indicator has been Marked for Deletion Individual micro-enterprises that obtained an 0.00 4,237.00 electricity service under the project (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by Action: This indicator has been Revised 45% (from 7.736 in June 2022 RP to 4.237 now) due to the cancellation of the water pumps subproject (Component 1). Actual (March, 14, 2023): 4.237 Micro-enterprises Micro-enterprises supported under the project 0.00 77.00 that increase their production (Percentage) People that are satisfied with the benefits arising from obtaining access or an enhanced access to 0.00 70.00 80.00 electricity through household connections (Percentage) Rationale: Action: This indicator has been Revised Actual (March, 14, 2023): 85 % The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 People that are satisfied with the benefits arising from obtaining access or an enhanced access to 0.00 0.00 80.00 electricity through community connections (Percentage) Rationale: Action: This indicator has been Revised Actual (March, 14, 2023): 85 % People that obtained access to an electricity service for productive uses through electric fence 5,768.00 27,480.00 (Number) Rationale: Action: This indicator has been Revised Actual (March, 14, 2023): 16.948 beneficiaries 3 - Project deployment support:(Cost $6.71 M) (Action: This Component has been Revised) Capacity building, outreach, and training activities 0.00 70.00 implemented under the project (Number) Rationale: Action: This indicator has been Revised Actual (March, 14, 2023): 81 Clean energy studies and strategies supported 0.00 4.00 under the project (Number) Rationale: Target Value was updated taking into account the Project extension, and GoA’s updated objectives. This indicator target was reduced by Action: This indicator has been Revised 60% (from 10 in June 2022 RP to 4 now) due to the new regulations to hire consultants to work in the public sector in Argentina (Component 1). The World Bank Argentina Renewable Energy for Rural Areas Project (P133288) RESULT_FRAME_TBL_IO Indicator Name PBC Baseline Intermediate Targets End Target 1 Actual (March, 14, 2023): 3 studies IO Table SPACE The World Bank Argentina Renewable Energy for Rural Areas Project (P133288)