The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) EUROPE AND CENTRAL ASIA | Georgia | IBRD/IDA | Investment Project Financing (IPF) | FY 2024 | Seq No: 1 | Archived on 04-Sep-2024 | ISR01626 Implementing Agencies: Georgian State Electrosystem 1. OBJECTIVE 1.1 Development Objective Original Development Objective (Approved as part of Approval package on 20-May-2024) Enhance the implementation readiness of the Black Sea Submarine Cable Project. Has the Development Objective been changed since Board Approval of the Project Objective? No 2. COMPONENTS Name Black Sea seabed surveys:(Cost 30,000,000.00) Legal and financial advisory and technical assistance:(Cost 5,000,000.00) 3. OVERALL RATINGS Name Current Progress towards achievement of PDO Satisfactory Overall Implementation Progress (IP) Satisfactory Overall Risk Rating Moderate 4. KEY ISSUES & STATUS 4.1 Implementation Status and Key Decisions Sep 04, 2024 Page 1 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) Given the early stage of the project, there is no separate implementation status section. All updates are provided under "Issues for Management Attention" above. 4.2 MPA Program Development Objective Original MPA Program Development Objective (Approved as part of Approval (Seq. 1) package on 21-May-2024) Improve Georgia’s institutional capacity for the development of submarine cable projects, strengthen Georgia’s domestic power transmission system, and establish a direct electricity interconnection and increase direct digital connectivity capacity between the South Caucasus and Southeast Europe. Current MPA Program Development Objective (Approved as part of (Seq. ) package on ) 4.3 Multiphase Programmatic Approach (MPA) Status (Public Disclosure) The MPA was approved on May 21, 2024, by the World Bank's Board of Directors. The Phase 1 project is not yet effective and activities supported by the Phase 1 project have not yet begun. 5. SYSTEMATIC OPERATIONS RISK-RATING TOOL Rating at Approval Risk Category Approval Package - 21 May Proposed Rating 2024 Political and Governance Moderate Substantial Macroeconomic Low Low Sector Strategies and Policies Substantial Substantial Technical Design of Project or Program Moderate Moderate Institutional Capacity for Implementation and Moderate Moderate Sustainability Fiduciary Substantial Substantial Environment and Social High High Stakeholders Substantial Substantial Sep 04, 2024 Page 2 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) Other Substantial Substantial Overall Moderate Moderate Sep 04, 2024 Page 3 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) 6. RESULTS 6.1 PDO Indicators by PDO Outcomes Improved implementation readiness of the Black Sea Submarine Cable Project Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year A geophysically and No Dec/2023 No 28-Aug-2024 No 28-Aug-2024 Yes Jun/2026 geotechnically viable corridor Comments on Project activities have not yet begun. for a submarine cable system achieving targets (power and digital) between the South Caucasus and Southeast Europe across the Black Sea has been identified (Yes/No) Intra-governmental No Dec/2023 No 28-Aug-2024 No 28-Aug-2024 Yes Jun/2025 institutions with the capacity Comments on Project activities have not yet begun. to coordinate and facilitate achieving targets green energy projects between the S. Caucasus and Southeast Europe have been established and operationalized in Georgia (Yes/No) The technical, No Dec/2023 No 28-Aug-2024 No 28-Aug-2024 Yes Jun/2028 environmental, and social Comments on Project activities have not yet begun. documentation of the BSSC achieving targets Project and the OHLs in Georgia and Romania is Sep 04, 2024 Page 4 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) ready for implementation (Yes/No) A roadmap for alignment of No Dec/2023 No 28-Aug-2024 No 28-Aug-2024 Yes Jun/2026 the Georgian power sector Comments on Project activities have not yet begun. with EU and ENTSO-E achieving targets regulations has been adopted and is under implementation, with the wholesale market opening and unbundling reforms completed (Yes/No) 6.2 Intermediate Results Indicators by Components Black Sea seabed surveys Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year The geophysical and No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2026 geotechnical investigations of Comments on Project activities have not yet begun. the Black Sea seabed for the achieving targets BSSC Project have been completed (Yes/No) Legal and financial advisory and technical assistance Baseline Actual (Previous) Actual (Current) Closing Period Indicator Name Value Month/Year Value Date Value Date Value Month/Year A domestic Interministerial No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2025 Working Group with the Comments on Project activities have not yet begun. capacity to facilitate decision- achieving targets Sep 04, 2024 Page 5 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) making within the Government of Georgia with regard to the BSSC Project has been established and operationalized (Yes/No) Necessary permits and No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Dec/2028 approvals required prior to Comments on Project activities have not yet begun. procurement of the BSSC achieving targets Project have been obtained (Yes/No) A roadmap for alignment of No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2025 the Georgian power sector Comments on Project activities have not yet begun. with EU and ENTSO-E achieving targets regulations has been developed (Yes/No) The BSSC Project has been No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Dec/2026 included in ENTSO-E's TYNDP Comments on Project activities have not yet begun. and has obtained Project of achieving targets Mutual Interest (PMI) status (Yes/No) A pre-investment stage No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2026 project company for the Comments on Project activities have not yet begun. implementation of the Black achieving targets Sea Submarine Cable Project has been formed (Yes/No) An investment stage project No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2028 company for the Comments on Project activities have not yet begun. implementation of the BSSC achieving targets Project has been formed and cost allocation between Sep 04, 2024 Page 6 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) participating countries has been decided (Yes/No) The BSSC Project No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2028 infrastructure has been Comments on Project activities have not yet begun. designed in a way to enhance achieving targets its resilience to climate risks (Yes/No) Level of satisfaction among n.a. Dec/2023 n.a. 28-Aug-2024 n.a. 28-Aug-2024 70 Jun/2028 citizens and other Comments on Project activities have not yet begun. stakeholders involved in the achieving targets citizen engagement activities under the Program (Percentage) GSE's organizational Code of No Dec/2023 No. 28-Aug-2024 No. 28-Aug-2024 Yes Jun/2028 Conduct has been updated to Comments on Project activities have not yet begun. ensure that it adequately achieving targets covers sexual exploitation and abuse/sexual harassment (SEA/SH) issues (Yes/No) 29 Dec/2023 29 31-Dec-2023 29 31-Dec-2023 40 Jun/2029 Share of female interns at Comments on Project activities have not yet begun. GSE (Percentage) achieving targets Share of GSE's female interns n.a. Dec/2023 n.a. 28-Aug-2024 n.a. 28-Aug-2024 30 Jun/2029 receiving full-time Comments on Project activities have not yet begun. employment in the energy achieving targets sector within 12 months after graduation or completion of the internship (whichever is later) (Percentage) Sep 04, 2024 Page 7 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) Sep 04, 2024 Page 8 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) 7. DATA ON FINANCIAL PERFORMANCE 7.1 Cumulative Disbursements 7.2 Disbursements (by loan) Loan/Credit/TF Status Original Revised Cancelled Disbursed Undisbursed % Disbursed Not IBRD-96730 35.00 35.00 0.00 0.00 35.00 0% Effective 7.3 Key Dates (by loan) Loan/Credit/TF Status Approval Signing Effectiveness Orig. Closing Rev. Closing Not IBRD-96730 21-May-2024 07-Jun-2024 30-Jun-2029 30-Jun-2029 Effective Sep 04, 2024 Page 9 of 10 The World Bank Implementation Status & Results Report Enhancing Energy Security through Power Interconnection and Renewable Energy Program (P179950) 8. KEY DATES Key Events Planned Actual Approval 21-May-2024 21-May-2024 Effectiveness 30-Aug-2024 Mid-Term Review No. 01 31-May-2027 Operation Closing/Cancellation 30-Jun-2029 9. RESTRUCTURING HISTORY 10. ASSOCIATED OPERATION(S) There are no associated operations Sep 04, 2024 Page 10 of 10