Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Partial Risk Sharing Facility in Energy Efficiency (P132620) SOUTH ASIA | India | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 10 | ARCHIVED on 23-Nov-2022 | ISR52921 | Implementing Agencies: Department of Economic Affairs, Ministry of Finance, EESL Energy Efficiency Services Limited, Small Industries Development Bank of India Key Dates Key Project Dates Bank Approval Date: 25-Feb-2015 Effectiveness Date: 31-Aug-2015 Planned Mid Term Review Date: 25-Oct-2019 Actual Mid-Term Review Date: 29-Jan-2021 Original Closing Date: 01-Apr-2035 Revised Closing Date: 01-Apr-2035 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to assist India in achieving energy savings with mobilization of commercial finance and participation of Energy Service Companies (ESCOs). Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1: Partial risk sharing facility:(Cost $37.00 M) 2. Component 2: Technical assistance and capacity building:(Cost $6.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Project Status: Partial Risk Sharing Facility (PRSF) Project became effective on August 31, 2015, with a closing date of April 1, 2023 (one year extension was processed in March 2022 upon DEA request). The project is on track to achieve its project development objectives and has (i) supported forty-eight (48) energy efficiency subprojects implemented by Energy Service Company (ESCO) with a total guarantee amount of US$30.11 million, which have leveraged 2.7 times of private investment of US$79.50 million; (ii) the total number of participating public financial institutions now stand at 14, including large public sector banks; (iii) the energy efficiency subprojects implemented by ESCO’s have supported (a) a diverse range of energy efficiency (EE) measures, namely, LED 11/23/2022 Page 1 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) lighting (Commercial / ULBs), LED Street Lighting, Variable Frequency Drives, Water Pumping, Heating Ventilation and Air-Conditioning (HVAC), the addition of Capacitor Banks; and (b) across a range of commercial establishments, namely Hospitals, Municipalities, Hotels, large Industries, Discoms, and micro, small and medium enterprises (MSMEs). The PRSF supported ESCO’s projects which have achieved an energy saving of 243 GWh per year and a GHG emission reduction of 186,000 tons of CO2 per year. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Low Low Macroeconomic -- Low Low Sector Strategies and Policies -- Low Low Technical Design of Project or Program -- Substantial Substantial Institutional Capacity for Implementation and -- Moderate Moderate Sustainability Fiduciary -- Moderate Moderate Environment and Social -- Low Low Stakeholders -- Substantial Substantial Other -- Substantial Substantial Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Achieving energy savings through energy service companies (ESCOs) IN01185838 ►Annual energy savings achieved by projects that receive PRSF risk coverage (Gigawatt-hour (GWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 185.65 243.00 328.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 IN01185839 ►Annual mitigation of CO2 emissions achieved by projects that receive PRSF risk coverage (million tons; estimated based on the type and amount of energy savings recorded) (Metric tons/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 136,934.00 186,000.00 289,000.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 IN01185840 11/23/2022 Page 2 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) ►Total number of ESCO-implemented energy efficiency investments whose loans receive credit guarantee from PRSF (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 38.00 48.00 77.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 IN01185946 ►Total amount of loan financing provided for ESCO-implemented energy efficiency investments including that from SIDBI and PFIs that receive PRSF risk coverage (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 29,400,000.00 38,290,000.00 87,000,000.00 Date 01-Apr-2015 30-Dec-2021 30-Sep-2022 30-Jun-2025 Overall Comments PDO The 48 issued guarantees have been performing well. 11 of the guaranteed projects with a total guarantee value of USD 8 million have been repaid by ESCO and successfully closed. As the guarantee will continue after the project closes, some of the targets will continue to be monitored and tracked beyond the close of the project. However, consider they multiple innovative ESCO initiatives SIDBI is starting, and the continous needs from technical assistance for business development and capacity building, an extension of project as required by SIDBI is validated. The mission recommended SIDBI to work with DEA for formal request letter. Intermediate Results Indicators by Components Component 1: Partial risk sharing facility IN01185947 ►Total amount of loans that receive risk-sharing coverage through credit guarantees from PRSF (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 23,580,000.00 40,140,000.00 89,000,000.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 IN01185948 ►Private capital mobilized (million US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 67,760,000.00 79,500,000.00 125,000,000.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 IN01185949 ►Default rate of loans that receive risk-sharing coverage through credit guarantees from PRSF (%) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target 11/23/2022 Page 3 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Value 0.00 0.00 0.00 15.00 Date 01-Apr-2015 31-Dec-2021 30-Sep-2022 30-Jun-2025 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P132620 TF-19230 Effective USD 25.00 25.00 0.00 0.00 25.00 0%% P128921 TF-19308 Effective USD 16.00 16.00 0.00 13.04 2.96 81% P128921 TF-A0687 Effective USD 2.00 2.00 0.00 1.55 0.45 78% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P132620 TF-19230 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2035 01-Apr-2035 P128921 TF-19308 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2022 01-Apr-2023 P128921 TF-A0687 Effective 25-Feb-2015 31-Mar-2015 31-Aug-2015 01-Apr-2022 01-Apr-2023 Cumulative Disbursements 11/23/2022 Page 4 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Partial Risk Sharing Facility in Energy Efficiency (P132620) Restructuring History Level 2 Approved on 23-Mar-2022 Related Project(s) P128921-Partial Risk Sharing Facility in Energy Efficiency ,P132620-Partial Risk Sharing Facility in Energy Efficiency 11/23/2022 Page 5 of 5