Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) FODER - Argentina Renewable Fund Guarantee (P159901) LATIN AMERICA AND CARIBBEAN | Argentina | Energy & Extractives Global Practice | Guarantees | Investment Project Financing | FY 2017 | Seq No: 9 | ARCHIVED on 08-Jul-2022 | ISR52255 | Implementing Agencies: BICE, Energy Secretariat, Finance Ministry (Ministerio de Hacienda) Key Dates Key Project Dates Bank Approval Date: 28-Feb-2017 Effectiveness Date: 07-Dec-2017 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 01-Dec-2021 Revised Closing Date: 30-Jun-2022 Guarantee Expiration Date: Guarantee Information Deli Coverage: [ ] Loan Guarantee [✓] Payment guarantee Type of Implementing entity: Public Banco de Inversion y Comercio Exterior S.A. (BICE) Guarantee beneficiary: on behalf of the subprojects. Includes Payment Guarantee Yes Guarantee fees: On-going Are guarantee fees current? Yes Guarantee fees payment due dates: 01-Dec-2021 pdoTable Project Development Objectives Project Development Objective (PDO) Project Development Objective The project development objective is to increase electricity generation capacity from renewable energy sources through private investment in the energy sector. HRPDODELs 7/8/2022 Page 1 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions Overall Renovar. Sub-projects status. Of the 4,467 MW awarded in 146 subprojects in Rounds 1/1.5/2, 87 have started commercial operations (2,843MW), and 9 are under construction and may start commercial operations with delay or reduced capacity (272MW). Of the remaining 46 subprojects, 41 of them complied with Resolution 1260/21 (891MW) and 5 subprojects (164 MW) are still ithin their contractual deadlines to reach commercial operations. Complete subprojects from Round 1/1.5 have been able to progress better than Round 2 subprojects. Of the 59 subprojects (2424 MW) awarded in Round 1/1.5, 46 subprojects (1623 MW) have started commercial operations. Of the 88 subprojects (2043 MW) awarded in Round 2, only 41 subprojects (920 MW) have started commercial operations, and 5 subprojects (54 MW) may become operational with reduced capacity, while 30 projects were terminated (587MW), most of them voluntarily IBRD guarantee coverage. In June 2022, 16 subprojects were the final universe of subprojects with IBRD guarantee support, having signed the Acknowledgement and Consent Agreements (A/C) with IBRD and therefore, covered under the GA. The final total committed IBRD guarantee was US$385,5 million. Guarantee Conditions Precedent Description Status Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Moderate Moderate Macroeconomic -- High High Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and -- Low Low Sustainability Fiduciary -- Low Low Environment and Social -- Moderate Moderate Stakeholders -- Low Low Other -- -- -- 7/8/2022 Page 2 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Generation capacity of renewable energy constructed under the Project IN01165067 ►Generation capacity of energy constructed or rehabilitated (Megawatt, Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 990.00 993.00 1,638.00 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 Generation capacity of renewable energy (other than hydropower) constructed under the Project and Comments: covered by WBG guarantee IN01165068 Renewable energy generation capacity (other than hydropower) constructed under the project (Megawatt, Corporate Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 990.00 993.00 1,638.00 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 IN01165069 ►Generation capacity of renewable energy constructed Wind (MW) (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 696.00 696.00 881.00 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 IN01165070 ►Generation capacity of renewable energy constructed Solar (MW) (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 294.00 294.00 706.00 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 IN01165071 ►Generation capacity of renewable energy constructed Mini-hydro (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 5.57 MW were supported, when including projects with terminated guarantee. Comments: IN01165072 7/8/2022 Page 3 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) ►Generation capacity of renewable energy constructed – Biogas and Biomass (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 2.40 20.20 Date 28-Feb-2017 29-Oct-2021 30-Jun-2022 01-Dec-2021 Private capital mobilized (million US$) IN01165066 ►Private capital mobilized (million US$) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,422.67 1,422.67 4,294.00 Date 28-Feb-2017 29-Oct-2021 29-Oct-2021 01-Dec-2021 Intermediate Results Indicators by Components IBRD guarantee to partially backstop the termination payment obligations IN01165073 ►GHG emissions avoided (million tCO2) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.32 4.32 2.02 Date 02-Feb-2017 29-Oct-2021 29-Oct-2021 01-Dec-2021 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed 7/8/2022 Page 4 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) P159901 IBRD-G2460 -- USD 480.00 479.26 0.74 0.00 479.26 0% P159901 IBRD-G2570 -- USD 250.00 248.44 1.56 0.00 248.44 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159901 IBRD-G2460 -- 28-Feb-2017 09-Aug-2017 07-Dec-2017 01-Aug-2020 30-Jun-2022 P159901 IBRD-G2570 -- 15-Mar-2018 14-Jan-2019 18-Mar-2019 01-Dec-2021 30-Jun-2022 Guarantee Amount Project Guarantee No. Status Currency Original Revised Cancelled Current Amount Guarantee Dates Orig. Guarantee Rev. Guarantee Project Guarantee No Status Approval Date Signing Date Effectiveness Date Expiration Date Expiration Date Cumulative Disbursements 7/8/2022 Page 5 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Restructuring History There has been no restructuring to date. Related Project(s) P165085-Renewable Fund Guarantee 7/8/2022 Page 6 of 6