EBRD s Experience in Financing Sustainable Energy Projects in the Region. Yevgeniya Afanasenko, Principal Environmental Adviser, EBRD, London

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1 EBRD s Experience in Financing Sustainable Energy Projects in the Region Yevgeniya Afanasenko, Principal Environmental Adviser, EBRD, London

2 What is EBRD? European Bank for Reconstruction and Development (EBRD) is an international financial institution, promotes transition to market economies in 35 countries from central Europe to central Asia and SEMED Together with our donors, we promote private sector competition underpinned by the rule of law, a sustainable approach to modernising infrastructure, the efficient use of resources, and an environment that is conducive to growth. Founded in 1991 Owned by 65 countries and two inter-governmental institutions (EU and EIB) Capital base of 30 billion A+++ rated bank (from all 3 main rating agencies)

3 EBRD s sustainable energy financing business model Activities to drive markets and investments Energy and resource audits to identify green investments Integrated technical, financial and marketing teams to support client banks in developing sustainable energy lending Risk assessments related to climate vulnerabilities Transition gaps and market scoping studies TECHNICAL ASSISTANCE PROJECTS & INVESTMENTS POLICY DIALOGUE Tailored financing instruments Direct financing Indirect-financing via local banks (SEFFs) Investment grant support for climate technology transfer Blended concessional finance so as to overcome affordability and risk perceptions Working with governments To address sustainability and environmental market failures To strengthen the institutional and regulatory context and create optimum conditions for green investments to take place

4 Green Economy Transition (GET) initiative The GET aims to further scale up green business volume, and to expand to new areas of activity, such as environmental protection and technology transfer Sustainable Energy Initiative (SEI) Sustainable Resources Initiative (SRI) Green Economy Transition (GET) Energy Efficiency banking team Energy efficiency Renewable energy Water efficiency Material efficiency Adaptation to climate change Environmental protection Technology transfer

5 EBRD GET track record 10 years after launch of SEI in 2006, results as at end 2015: 1,080 projects with green component SEI/SRI ABI by banking group and by region ( billion) Energy 19.5 billion cumulative EBRD SEI/SRI financing billion cumulative total project value 64% in private sector 30% of the Bank s overall business in Financial Institutions ICA Infrastructure Central Asia Central Europe & Baltics Eastern Europe & Caucasus Russian Fed. South-Eastern Europe SEMED 3.2 Turkey Cross-regional

6 EBRD direct lending on energy efficiency - Poland In the renewables sector in Poland the EBRD has invested about 500 million in more than 10 projects, with total installed capacity exceeding 900MW. Radzyń power plant 13 wind turbines with a total capacity of 39 MW total project cost PLN 285 million ( 67.9 million equivalent) The project will lead to saving of approximately tco2/year Banie wind farm first phase of the project was the successful installation of 50MW capacity, followed by a 56 MW extension CAEPC total project cost 252 PLN ( 57 million), including EBRD 37 million Reduction of approximately tco2/year 6

7 EBRD direct lending on energy efficiency - Ukraine Astarta Biogas Plant Biogas plant at Astarta s Globino sugar plant, with the capacity to process 1,200 tonnes of waste beet pulp per day. The biogas is used for steam and electricity production; the organic residues used as fertiliser and for water recovery. Technical assistance - 30,000 for energy audits, strategic assessment of biomass residue optimisation, funded by the Regional Energy Audit Programme for the Corporate Sector - EU Neighbourhood Investment Facility. Energy savings: 6,400 toe/year, decrease of natural gas consumption by 46% and water consumption by 10%. Emission reductions: 20,000 tco2/year Alchevsk Metallurgical Plant 303 MW Gas Turbine Power Station The project features the unique technology of secondary metallurgical gases transformed into electric power (Mitsubishi Heavy Industries technology) Gas Turbine Power Station functioning without natural gas consumption and allowing CAEPC for 44% power efficiency is an unparalleled example of synergy between green technology and industrial efficiency for Ukrainian steel production. CO2 emissions reduction - more than 2.6 mln tco2/year 7

8 Sustainable Energy Financing Facilities leveraging local banks SEFF facility partners with local financial institutions such as banks, to establish sustainable energy financing channels. These partnerships help direct more finance towards investment opportunities where energy and other resources are used more rationally. Finance for sustainable energy projects is provided for two key areas: energy efficiency and small-scale renewable energy. Network of more than 100 local financial institutions (banks, microfinance institutions and leasing companies), Providing around 500 million in credit lines for sustainable energy projects per year. Almost 4 billion from the EBRD for sustainable energy financing since integrated programs in 24 countries To more than 100 local partner financial institutions More than 100,000 companies and residential borrowers reached These projects have led to over 6 million tonnes of CO 2 emissions reductions per year Saving over 14 million MWh equivalent per year

9 Sustainable Energy Financing Facilities SEFFs are effective in reaching a wide range of industrial and residential clients Donor-funded contract EBRD Donor-funded contract Credit line Grant incentives Project team Support Commercial banks Monitoring team Sub-loans Grant incentives Technical support (project assessment) Sub-borrowers Technical support (project verification)

10 EBRD PolSEFF - Poland PolSEFF ( ) million credit line facility investments projects PolSEFF II (2015) million which will be on-lent via local banks to small and medium-sized enterprises (SMEs). The loans will finance investments to replace or upgrade heating, cooling, electric and related systems in order to lower companies energy bills and decrease CO2. To date, the EBRD with financial support by the European Commission has financed more than 2,000 energy efficiency projects in Polish SMEs worth around EUR 200 million, resulting in total annual energy savings of 342 GWh and total emission reduction of 102,000 tco2.

11 USELF: Ukraine Sustainable Energy Lending Facility Ukraine Sustainable Energy Lending Facility (USELF) is an investment facility of up to 140 million established by the EBRD for fostering renewable energy projects in Ukraine. USELF is structured to provide financing directly from the EBRD for small and medium projects with a simplified and rapid approval process, so reducing transaction costs. Target projects include all forms of power generation from renewable energy sources, including hydro, wind, biomass, biogas and solar. Biomass and input for biogas production would come from sustainable sources and / or organic waste. Production and distribution of liquid biofuels are not eligible. Over 100 applications received, projects are feasible, most of them require additional work and technical assistance In , the EBRD financed 9 projects 3 solar, 2 biogas, 2 wind, biomass and small hydro

12 USELF: success stories Ecoprod biogas project Construction of a biogas plant which will generate about 10.0 GWh/year for a large agricultural company. The generated electricity to be sold to the grid at the feed-in tariff under the Green Tariff Law. GEF support of EUR 27,500 for project licensing, commercial negotiations, project management, and environmental due diligence. Policy dialogue - FIT for biogas was finally introduced in Ukraine at the level of 12.3 ceur/kwh, comparable with the EU levels. Energy produced: 5.8 million m³stp of biogas/year Emission reductions: 9,800 tco 2 /year Porogi Solar 4.5MW solar power plant in the village of Porogi The Global Environment Facility provided EUR 47,500 for project preparation, commercial negotiations, project management, and environmental due diligence. Ongoing policy dialogue assists the Ukraine CAEPC authorities in preparation and adoption of new secondary legislation to support renewable energy sources. Energy produced: 5,000 MWh/year Emission reductions: 5,000 tco 2 /year 12

13 UKEEP: Ukraine Energy Efficiency Program 150 million credit line for Ukrainian banks: UkrExim - $100m; Kreditprom - $10m; Forum - $25m; Mega - 10m For on-lending to private sector for industrial energy efficiency and small renewable energy projects 2 million grant component from donors (Sweden and Austria) to address market barriers to investments: Project preparation, marketing, information campaign Project evaluation and assistance to end-users and banks in project design through energy audits Impact to date: 300 projects screened; 50 energy audits completed; 100 projects worth 140 million committed

14 UKEEP: success stories Energy efficient steel casting To reduce production costs derived from rising electricity and natural gas prices, OJSC Stal invested in a range of energy efficiency (EE) equipment: replaced its old compressors, reconstructed one of its thermal kilns and installed new equipment for electric arc furnace, such as high capacity transformer, high voltage switch box and automatic control system. Production costs saving by almost US$1,000,000 Annual natural gas saving: 670,000 m 3 Annual electricity saving: 9,300 MWh The investment will reduce emissions by 8,900 tco2/year Biogas use in the agribusiness The project will enable Nyva Pereyaslavschyny to use straw as fuel instead of natural gas for their heat generation. The straw boilers will replace gas boilers and fully satisfy heating needs of the pig farms. Main investment is the installation of three straw boilers. Installed capacity of 3x600kW operating at 85% efficiency. CAEPC Decreased natural gas consumption by 1 million m3 per year The decreased energy consumption will lead to a reduction of almost 30,000 tco2/year during the project lifetime Annual savings of more than $300,000 14

15 FINTECC - Finance and Technology Transfer Centre for Climate Change FINTECC is part of a global initiative towards climate technology transfer. We aim to ensure that countries have access to technologies and practices, which help mitigate and build resilience to climate change at COPs 13 and 14 to facilitate deployment of technologies with low market penetration. The programme combines policy dialogue, technical assistance and non-tc grants. Operational in Ukraine from late 2015 Eligible technologies: Cogeneration and tri-generation (combined heat, power and cooling) turbines Waste and waste water treatment installations > 2MWt Biogas installations of any size Organic Rankine Cycle turbines Biomass Heat recovery Water saving/recycling technologies Steam Energy/Resource management system

16 FINTECC Technical support and Policy Dialogue As well as receiving financial support for their projects, EBRD clients are also eligible to apply for a FINTECC incentive grant. These capex grants are needs-based financial incentives for demonstration projects that implement the best available climate technologies, within a specific sector and country. 17 signed transactions, incentives worth 3.1 mln USD, supporting 39 mln USD of GET investments. Transactions benefitting agribusiness (7), manufacturing and services (7), natural resources (1), corporate (1), property and tourism (1)

17 Ukraine Residential Energy Efficiency Financing Facility (IQ Energy) Investment potential EUR billion EUR 75 million financing via participating Ukrainian banks for residential energy end-users (owners of flats, houses, OSBBs) EUR 15 million from E5P available for incentive payments (15-20% for individuals, 25-35% for OSBBs) For energy efficiency materials and equipment, including installation works, in line with Technology Selector Kick starting the market for EE equipment, materials, services EBRD policy dialogue from 2009 (Market Assessment Report, draft law on EE in buildings, EPBD regulations, secondary legislation)

18 EBRD Technical Assistance To fulfil its mandate to promote development of free market economies in Central and Eastern European countries, the EBRD provides comprehensive technical assistance, training, and advisory services to address all aspects of the economic and social transformation. Grant and concessional resources from donors and from the EBRD Shareholder Special Fund play a vital role in enabling the EBRD to address the transition challenges in its countries of operations. TA funds are used for: Energy/Resource audits to identify investment opportunities Energy/Resource Efficiency Management Systems assessment Energy/Resource Management Training BAT Assessment Gap analysis for ISO standard and road map for implementation Development of KPI Development of MRV plans Specific Energy/Resource analysis

19 EBRD Policy Dialogue works with governments and regulators to help establish or develop the policy and regulatory frameworks required to support renewable energy, by assisting in their development and implementation. supported the analysis and preparation of strategic environmental plans to enable environmental standards to be set and the cumulative impacts of projects better understood and assessed. recommending legislative, regulatory and other actions necessary to complete the implementation of the Directives supporting relevant departments in drafting the necessary Legislation and Priority Regulations assisting in securing inter-ministerial approval and governmental adoption of the Legislation and Priority Regulations assisting in embedding energy efficiency into the public procurement rule books

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