The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) EAST ASIA AND PACIFIC | Indonesia | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2020 | Seq No: 5 | ARCHIVED on 22-Dec-2021 | ISR49734 | Implementing Agencies: PT Sarana Multi Infrastruktur (Persero), Government of Indonesia Key Dates Key Project Dates Bank Approval Date: 26-Sep-2019 Effectiveness Date: 11-Dec-2020 Planned Mid Term Review Date: 18-Nov-2025 Actual Mid-Term Review Date: Original Closing Date: 31-Oct-2029 Revised Closing Date: 31-Oct-2029 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objectives are to scale up investment in geothermal energy development and support the Borrower in its efforts to reduce greenhouse gas emissions in the country. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Component 1 – Geothermal Resource Risk Mitigation Facility:(Cost $455.00 M) Component 2 – Technical Assistance and Capacity Strengthening:(Cost $10.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Satisfactory Moderately Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Effectiveness has been obtained for all the legal agreements related to the Project. GREM facility has been made operationalized by SMI after finalization of the Operation Manual and public disclosure of the Developer’s Manual. SMI has been intensively discussing with various developers to conduct preliminary technical and safeguards screenings, prepare clear timeline and the facility requirements. The first GREM application will be expected from the private window by early 2022. Issuance of Perpres on RE Tariff and PMK amendment will be critical to finalize the financing structure and term sheet for public window. MPA Program Development Objective 12/22/2021 Page 1 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) MPA PDO Table The Program Development Objective is to increase the share of renewable energy in Indonesia's energy mix. MPA Table Multiphase Programmatic Approach (MPA) Status MPA Table Body The Geothermal Resource Risk Mitigation (GREM) Project is a 10-year program under a MPA aimed at supporting the Government of Indonesia in its goal to achieve the target of 23 percent of renewable energy (RE) in the national energy mix by 2025. This MPA consists of two phases: the first phase (the Project) will start up the program, whereas the second phase will scale up investment, reflect on changes and streamline learning. The Project will catalyze financing and risk-sharing arrangements to help reduce the risk of exploration, which is expected to lead to the development of 1 gigawatt (GW) of new geothermal generation capacity and catalyze investment of US$4 billion for steam production drilling and power plant construction. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Moderate Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Substantial Moderate Moderate Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Substantial Substantial Substantial Environment and Social Substantial Substantial Substantial Stakeholders Substantial Substantial Substantial Other -- Substantial Moderate Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Facilitate investment in geothermal resource confirmation IN01084414 ►PrDO: Generation capacity of geothermal sub-projects reaching financial close (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,000.00 12/22/2021 Page 2 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Feb-2029 IN01084415 ►PrDO: Estimated GHG emission reduction compared to business as usual baseline (Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 187,000,000.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Feb-2029 IN01084506 ►Phase1: Generation capacity of geothermal sub-projects reaching financial close (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 600.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Feb-2029 Comments: Generation capacity at financial closure IN01084507 ►Phase1: Estimated GHG emission reduction compared to a business-as-usual baseline (Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 112,300,000.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Comments: Net GHG emission accounting Intermediate Results Indicators by Components Geothermal Resource Risk Mitigation Facility IN01084508 ►Funding Proposals Approved (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Comments: Number of funding proposals approved by PT SMI IN01084510 ►Sub-projects with Productive Resources Confirmed (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target 12/22/2021 Page 3 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Value 0.00 0.00 0.00 7.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Number of sub-projects where geothermal resources have been confirmed as being adequate for further Comments: development as evidenced by the developer decision to continue. IN01084512 ►Total capital mobilized for investment in geothermal power generation (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,400,000,000.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Nov-2029 Total public and private capital mobilized, as confirmed by funding confirmation for public projects and Comments: financial close for private projects. IN01084514 ►Private capital mobilized for investment in geothermal power generation (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2,000,000,000.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Nov-2029 Comments: Private capital mobilized, as confirmed by financial close. IN01084516 ►Total number of exploration wells drilled (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 28.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Nov-2029 Exploration wells drilled by developers with agreed funding proposals. It assumes three wells are drilled Comments: per funding proposal. IN01084518 ►Success rate of wells drilled (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 60.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Nov-2029 The percentage of wells drilled that are confirmed with steam production at or over the minimum level set Comments: in the exploration plan. IN01084520 ►Steam capacity from wells drilled (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 48.00 12/22/2021 Page 4 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Nov-2029 Comments: It assumes six megawatts per sub-project with productive resources confirmed Technical Assistance and Capacity Strengthening IN01084509 ►Regulatory framework and institutional capacity conducive to geothermal investments (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Feb-2029 As a result of the technical assistance and capacity building provided, (i) MEMR has made changes to regulation(s) regarding licensing and tariff-setting, (ii) PLN has successfully implemented public-private Comments: partnerships that secure private sector investments and adopted economic off-take pricing regime, and (iii) Geo Dipa and PLN have improved capacity for management of geothermal development. IN01084511 ►Establishment of national standards for geothermal data registration and professional certifications for geothermal sector (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Establishment of national standards for data registration under MEMR for uniform description of Comments: geothermal resources and development of professional certifications to increase the availability and caliber of Indonesian experts in geothermal resource assessments and drilling management IN01084513 ►Technical guidelines and manual for geothermal management developed for PLN (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Technical guidelines and manual developed to improve PLN's capacity for management of geothermal Comments: development IN01084515 ►Establishment of a geothermal data management tool and geothermal database for Geo Dipa (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Geothermal data management tool and geothermal database established and relevant training provided to Comments: Geo Dipa to improve its capacity for management of geothermal development IN01084517 ►Number of project-level Gender Action Plans (GAPs) prepared by sub-borrowers (Number, Custom) 12/22/2021 Page 5 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Gender Action Plan prepared for each sub-project by the respective developer Comments: IN01084519 ►Citizen/community collaboration in planning and decision-making (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 30-Jun-2029 Sub-borrowers have enabled citizen / community collaboration in planning and decision-making related to proposed sub-project development evidenced through annual Citizen and Community Feedback Comments: Summaries submitted to Borrower with information about the feedback received from citizens and communities and how this has been incorporated in decisions related to the sub-project development. IN01084521 ►PT SMI's compliance with business standards for decision making procedures (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 50.00 50.00 90.00 Date 28-Feb-2019 18-Jun-2021 14-Dec-2021 28-Nov-2029 Compliance with business standards (maximum turnaround time for the different decision making Comments: procedures) as indicated in the PT SMI Operations Manual IN01084522 ►Women employed locally at site in technical roles (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 7.00 7.00 7.00 20.00 Date 31-May-2019 18-Jun-2021 14-Dec-2021 31-Oct-2029 Staff with technical background as opposed to administration, service, accounting etc - to be defined in Comments: the Operations Manual IN01084523 ►Standard operating procedures (SOP) developed for gender-informed geothermal workplace health and safety (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target SOP in place in place No SOP currently exists No SOP currently exists No SOP currently and in line with Value in this area in this area exists in this area international best practice Date 01-May-2019 18-Jun-2021 14-Dec-2021 30-Sep-2029 Standard operating procedures (SOP) developed for gender-informed geothermal workplace health and Comments: safety 12/22/2021 Page 6 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P166071 IBRD-90090 Effective USD 150.00 150.00 0.00 0.00 150.00 0% P166071 TF-B0306 Effective USD 40.00 40.00 0.00 0.00 40.00 0% P166071 TF-B0968 Effective USD 2.50 2.50 0.00 0.76 1.74 30% P166071 TF-B0979 Effective USD 32.50 32.50 0.00 0.00 32.50 0% P166071 TF-B3799 Effective USD 7.50 7.50 0.00 0.00 7.50 0% P166071 TF-B3800 Effective USD 90.00 90.00 0.00 0.00 90.00 0% P166071 TF-B3801 Effective USD 2.50 2.50 0.00 0.76 1.74 30% P166071 TF-B3811 Effective USD 1.25 1.25 0.00 0.00 1.25 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P166071 IBRD-90090 Effective 26-Sep-2019 28-Aug-2020 19-Jan-2021 31-Oct-2029 31-Oct-2029 P166071 TF-B0306 Effective 26-Sep-2019 28-Aug-2020 19-Jan-2021 31-Oct-2029 31-Oct-2029 P166071 TF-B0968 Effective 26-Sep-2019 28-Aug-2020 11-Dec-2020 31-Oct-2029 31-Oct-2029 P166071 TF-B0979 Effective 26-Sep-2019 28-Aug-2020 11-Dec-2020 31-Oct-2029 31-Oct-2029 P166071 TF-B3799 Effective 17-Dec-2020 18-Dec-2020 29-Jan-2021 31-Oct-2029 31-Oct-2029 P166071 TF-B3800 Effective 17-Dec-2020 17-Dec-2020 18-Dec-2020 31-Oct-2029 31-Oct-2029 P166071 TF-B3801 Effective 17-Dec-2020 17-Dec-2020 18-Dec-2020 31-Oct-2029 31-Oct-2029 P166071 TF-B3811 Effective 24-Aug-2020 17-Dec-2020 18-Dec-2020 30-Sep-2025 30-Sep-2025 Cumulative Disbursements 12/22/2021 Page 7 of 8 The World Bank Implementation Status & Results Report Indonesia Geothermal Resource Risk Mitigation Project (GREM) (P166071) PBC Disbursement Achievement Disbursed amount in Disbursement % PBC ID PBC Type Description Coc PBC Amount Status Coc for PBC Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 12/22/2021 Page 8 of 8