Africa Business Forum, Energy Industry Session
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1 African Development Bank Energy Financial Solutions, Policy & Regulation Africa Business Forum, Energy Industry Session May 3 rd, 2018
2 OUTLINE THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT BANK AN OVERVIEW OF THE FINANCING INSTRUMENTS PROVIDED BY THE BANK SELECTED BUSINESS OPPORTUNITIES IN THE ENERGY SECTOR ACROSS THE CONTINENT THE BANK S TRACK-RECORD AND CREDENTIALS IN THE ENERGY SECTOR 2
3 THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT BANK AN OVERVIEW OF THE FINANCING INSTRUMENTS PROVIDED BY THE BANK SELECTED BUSINESS OPPORTUNITIES IN THE ENERGY SECTOR ACROSS THE CONTINENT THE BANK S TRACK-RECORD AND CREDENTIALS IN THE ENERGY SECTOR 3
4 A NEW DEAL ON ENERGY FOR AFRICA TO ACHIEVE UNIVERSAL ACCESS BY 2025 NDEA TARGETS On-Grid generation Add 160 GW of new capacity On-Grid transmission & distribution Create 130m new connections Off-grid generation Create 75 million new connections Acces to clean cooking Reach 150 million households AfDB STRENGTH 1. A central convening role among energy related institutions 2. Strong relationships with Regional Member Countries 3. Successful partnerships with key stakeholders: DFIs, public & private sector, etc. 4
5 Delivering execution Scaling up access Getting projects financed Enabling the system THE NEW DEAL ON ENERGY IS BEING DELIVERED THROUGH 11 KEY INITIATIVES STRATEGIC THEMES Set up enabling policy environment Enable utilities for success KEY INITIATIVES IPP procurement Renewable Energy Energy Efficiency Power utility transformation CROSS-CUTTING INITIATIVE Dramatically increase number of bankable projects Increase funding pool to deliver new projects Promote bottom of the pyramid energy access programmes Early stage project support facility Funding catalyst Bottom of the pyramid financing Mobile payment Clean cooking Transformative Partnerships for Energy in Africa Accelerate large-scale projects to promote regional integration Regional projects acceleration Roll out waves of country-wide transformations Country-wide energy sector transformations 5
6 ACHIEVING UNIVERSAL ACCESS TO ENERGY REQUIRES A HOLISTIC APPROACH WITH THREE ACTION AREAS Action 1: Dedicated policy Action 2: Increase investments Action 3: Implement transformative partnerships Strong and sustained political commitment Support to utility transformation initiatives Measures to attract private sector investment Creating an enabling environment to spur off-grid growth Promoting access to clean cooking solutions Boost overall investments from USD 35 billion in 2015 to between USD 65 - USD 90 billion annually up to 2025 Integrated country-level coordination mechanisms Accelerating business development Catalyzing financing from all sources 6
7 THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT BANK AN OVERVIEW OF THE FINANCING INSTRUMENTS PROVIDED BY THE BANK SELECTED BUSINESS OPPORTUNITIES IN THE ENERGY SECTOR ACROSS THE CONTINENT THE BANK S TRACK-RECORD AND CREDENTIALS IN THE ENERGY SECTOR 7
8 OUR PRODUCTS: FROM DEVELOPMENT EQUITY TO LONG TERM DEBT SPECIAL FUNDS TECHNICAL ASSISTANCE EQUITY MEZZANINE Grants for early stage project development and capacity building support SME linkages programs with advisory services Climate finance facilities Typically up to 25% stake for the African Development Bank s account Usually long-term investor with no board seat. Exit strategy to be agreed with key stakeholders The Bank has $43.4 billion in assets and a committed portfolio of $1.1 billion in equity investments. It is the second largest multilateral source of loan and equity financing in Africa Subordinated loans, income participating loans Convertibles and other hybrid instruments SENIOR DEBT AND STRUCTURED PRODUCTS Fixed-spread loans in EUR, USD, ZAR, JPY; can also finance in some local currencies approved by the Bank Commercial rates (base rate fixed or floating + credit spread); Long maturities (up to 15 years, beyond is subject to internal approval) with up to 5-year grace periods Swap and risk management products AfDB provides a wide range of instruments customized to the projects and clients Financing can be up to 25% (equity) or 33% (debt) of total project cost through a combination of different products 8
9 THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT BANK AN OVERVIEW OF THE FINANCING INSTRUMENTS PROVIDED BY THE BANK SELECTED BUSINESS OPPORTUNITIES IN THE ENERGY SECTOR ACROSS THE CONTINENT THE BANK S TRACK-RECORD AND CREDENTIALS IN THE ENERGY SECTOR 9
10 SELECTED ENERGY BUSINESS OPPORTUNITIES IN EAST AFRICA Independent Power Producers 2 x 35MW Geothermal Power in Kenya 50MW Lake Kivu Gas Power in Rwanda 40MW PV in Kenya Oil and Gas Crude Oil Pipeline(s) in Kenya Guarantees PRG provision to geothermal projects (3 month power & steam CF) Utility and Regulatory Reform Several utilities require reform to improve efficiency and enhance financial viability Governments require support for development and finalization of the Energy Sector Strategic Plans. Technical Assistance also required to develop PPP Legal, Regulatory and Operational Guidelines. Countries list: Kenya, Uganda, Tanzania, Rwanda, Ethiopia, Djibouti, Seychelles, Comoros, Sudan, South Sudan, Eritrea, Somalia, Burundi 10
11 SELECTED ENERGY BUSINESS OPPORTUNITIES IN WEST AFRICA Independent Power Producers 225MW CCGT power in Cote d Ivoire 540 MW CCGT Power in Nigeria 424 MW Gas Power in Ghana 120MW Dual Fuel Power in Benin 120 MW Dual Fuel Power in Senegal Other Potential: Nigerian FiT program involving GCF concessional loans Guarantees PRG to provide liquidity support Utility and Regulatory Reform Technical Assistance to set up a centralized databased management system (DBMS) for public utilities and regulators. Support for the set-up of Project Implementation Units with appropriate technical and legal expertise to design and roll-out competitive IPP procurement processes Countries list: Cape Verde, Senegal, Cote d Ivoire, Benin, Ghana, Guinea, Liberia, Mali, Niger, Sierra Leone, Togo, Gambia, Guinea Bissau, Nigeria 11
12 SELECTED ENERGY BUSINESS OPPORTUNITIES IN SOUTHERN AFRICA Independent Power Producers 37MW Biomass Power in Swaziland 163MW Hydro Power in Zambia 192MW Hydro Power in Madagascar 50MW Solar PV in Zimbabwe 100MW Concentrated Solar Power Project in South Africa 100MW Solar PV in Zambia, under GET Fit programme Energy Efficiency Deep Water Ocean Cooling Project in Mauritius Oil and Gas Mozambique LNG Project Utility and Regulatory Reform Several utilities require reform to improve efficiency and enhance financial viability. Countries list: Angola, Botswana, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Sao Tome and Principe, South Africa, Swaziland, Zambia, Zimbabwe, Madagascar 12
13 SELECTED ENERGY BUSINESS OPPORTUNITIES IN NORTH AFRICA Independent Power Producers Egypt FiT Program (Several IPPs with each 50MW PV recently signed) 200MW Wind Project in Egypt 10MW X 6 Solar PV Projects in Tunisia 300MW Wind Project in Tunisia Oil and Gas Gas to Power Project in Morocco Corporate Finance Algerian Gas Company Utility and Regulatory Reform Support required for all regulatory bodies in order to better attract private investments, notably in the sector of renewable energy Countries list: Mauritania, Morocco, Algeria, Tunisia, Libya, Egypt 13
14 SELECTED ENERGY BUSINESS OPPORTUNITIES IN CENTRAL AFRICA Independent Power Producers 420MW Hydro Power in Cameroun 28MW Solar PV in Chad 85MW & 15MW Run of River hydro projects in Gabon 130MW Hydro in DRC Mini-Grid SEFA Grant funding for project development of mini grid in DRC SEFA Grant funding to determine the strategy for the development intermittent PV generation in small scale power system in Chad. Utility and Regulatory Reform Support required to improve the governance of the sector with new policies, the adoption of a code for energy efficiency, and energy information systems in Gabon Countries list: Gabon, Equatorial Guinea, Republic of Congo, Cameroon, Chad, Central Africa Democratic Republic of Congo (DRC) 14
15 THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT BANK AN OVERVIEW OF THE FINANCING INSTRUMENTS PROVIDED BY THE BANK SELECTED BUSINESS OPPORTUNITIES IN THE ENERGY SECTOR ACROSS THE CONTINENT THE BANK S TRACK-RECORD AND CREDENTIALS IN THE ENERGY SECTOR 15
16 TO DATE, THE AFRICAN DEVELOPMENT BANK HAS INVESTED USD 2.7 BILLION IN THE AFRICAN PRIVATE POWER SECTOR Total financed operations (in USD m) Equity Grants Loans Biggest deal of AfDB to date: ESKOM, $500m Launch of SEFA: $68m total commitment, for an investment pipeline of $1.7bn and over 560MW new capacity Launch of the New Deal on Energy for Africa First deal of AfDB in the energy private sector: Azito Power, $14m First deal in liquified natural gas: Nigeria LNG, $100m First deal in renewables: Bujagali Dam, $110m First deals of AfDB in North Africa: Egyptian Refining Company, $225m ETAP Tunisia, $150m Africa Renewable Energy Facility, $35m 16 First Partial Risk Guarantee (PRG): Lake Turkana Wind project, $20m
17 CREDENTIALS IPPs - Non-Renewable Energy Azito Power Project (Côte d Ivoire ) Nigeria Liquified Natural Gas (Nigeria -2002) Kounoune Thermal plant (Senegal ) Dibamba Power (Cameroon 2010) Sendou Power (Senegal & 2016) Senior Loan: USD 14 M Senior Loan : USD 100 M Senior Loan : EUR 7.2 M Senior Loan: EUR 23 M Senior Loan : EUR 60 M KivuWatt Limited (Rwanda ) Kribi Power (Cameroon ) Thika Thermal Power (Kenya ) Takoradi T2 Thermal (Ghana ) Azito Power Project (Côte d Ivoire ) Senior Loan : USD 25 M Senior Loan : USD 29 M Senior Loan: USD 28 M Senior Loan: USD 22 M Senior Loan: USD 36 M Ciprel power plant (Cote d Ivoire ) Southern Tunisia Gas (Tunisia ) CECASL (Sierra Leone 2016) Senior Loan : USD 50 M Senior Loan: USD 75 M Senior Loan: USD 20 M 17
18 CREDENTIALS IPPs - Renewable Energy Bujagali Hydropower (Uganda -2007) Sahanivotry Hydropower (Madagascar ) Buseruka Hydropower (Uganda 2008 & 2011) Cabeolica Wind Power (Cape Verde ) Itezhi-Tezhi Power (Zambia ) Senior Loan : USD 110 M Senior Loan : USD 6 M Senior Loan : USD 13 M Senior Loan : EUR 14 M Senior Loan: USD 35 M Lake Turkana (Kenya ) Lake Turkana (Kenya ) Lake Turkana (Kenya ) Lake Turkana (Kenya ) Xina Solar One (South Africa ) Senior Loan: EUR 115 M PRG: EUR 20 M Sub. Loan: USD 5 M Grant : EUR 10 M Senior Loan : ZAR 815 M Xina Solar One (South Africa ) Achwa (Uganda 2017) Senior Loan : USD 41.5 M Senior Loan : USD 19 M 18
19 CREDENTIALS Utilities Refineries AES SONEL (Cameroon ) Eskom Holdings Limited I (South Africa ) Eskom Holdings Limited I (South Africa ) Egyptian Refining Company (Egypt ) Egyptian Refining Company (Egypt ) ETAP (Tunisia ) Senior Loan: EUR 60 M Senior Loan : USD 500 M Senior Loan : ZAR 5.2 Bln Senior Loan: USD 200 M Sub. Loan.: USD 25 M Senior Loan : USD 150 M 19
20 CREDENTIALS Funds & Others Pan African Infrastructure Development Fund (Multinational ) OMVG (Gambia, Guinea 2007) Evolution One (Multinational ) AIIF 2 (Multinational 2010) Argan Infrastructure Fund (Multinational 2010) Equity : USD 19 M Grant : USD 800 K Equity : USD 6 M Equity : USD 22.5 M Equity : USD 6.8 M Carlyle Sub-Saharan (Multinational 2012) AREF (Multinational ) AREF (Multinational ) Africa 50 (Multinational 2015) Kukuza (Multinational 2015) Equity : USD 5 M Equity : USD 25 M Grant : USD 10 M Equity : USD 103 M Equity : USD 4 M Emerging Capital Partners (Multinational 2015) Evolution Fund (Multinational 2018) EAIF (Multinational 2018) Equity : USD 12.5 M Equity : USD 20 M Equity : USD 32.5 M Commitments listed above only reflect AfDB s financing dedicated to the Energy portfolio of the listed funds 20
21 THANK YOU Wale SHONIBARE Director Energy Financial Solutions, Policy & Regulation African Development Bank 21
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