Investment Opportunities in the Energy Sector in Africa. African Development Bank. Japan August 2018
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1 Investment Opportunities in the Energy Sector in Africa Japan August 2018 African Development Bank Power, Energy, Climate Change and Green Growth Complex
2 WHY INVEST IN AFRICA? DIVERSIFICATION BENEFIT FROM MARKET INEFFICIANCY. WHY TO INVEST IN AFRICA ACCESS NEW AND GROWING MARKETS SEARCH FOR YIELD. 2
3 WHY PARTNER WITH AFDB? If you want to go fast, go alone. If you want to go far, go together!* *African wisdom 3
4 WHY PARTNER WITH AFDB? Your trusted Partner to Invest in Africa African Footage Access to Funding Access to Investments Risk Enhancement 54 African regional member countries Field offices in 30 countries, 5 regional hubs Unparalleled access to key stakeholders and political impact Network of African institutions: Africa 50 African Trade Insurance Agency Africa Guarantee Fund Afrexim Project Support Facilities, e.g. SEFA Direct Funding by AfDB for large scale projects Access to funding from dedicated AfDB funds and trust funds 4 Co-Invest alongside AfDB Access to fund based investment opportunities Access to new and innovative financial products, e.g.: Facility for Energy Inclusion Room2Run Shifting the Risk/Return Profile Benefit from Risk Waterfall Structures, Partial Credit and Partial Risk Guarantees, interest rate swaps, etc AfDB as a strong partner with high political leverage
5 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 5
6 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 6
7 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 7
8 OUR APPROVAL PROCESS: ELIGIBILITY CRITERIA 1. The Project Company must be incorporated in an African country; 2. The project must be environmentally sound and comply with AfDB's environmental guidelines and the regulations of the respective country; 3. Sponsors must have satisfactory track-record and financial capacity; 4. Evidence of adequate management skills; 5. The project must be financially viable; 6. The project must aim to maximize development impact in line with the country s strategic priorities. 8
9 Preparation phase 6 to 10 months Identification phase OUR APPROVAL PROCESS: INVESTMENT CYCLE Origination Business Development Eligibility assessment Exploratory review Early-stage review; Signature of Non-Disclosure Agreement and reception of questionnaire from client Departmental and complex clearance of Preliminary Evaluation Note (PEN) Concept review Preliminary analysis Preparation of Project Concept Note (PCN) at Credit Risk Committee (CRC), Additionality and Development Outcomes Assessment (ADOA) rating, Environmental and Social category Final review Project Appraisal: Due Diligence mission (DD) with credit risk officer, lawyer, ADOA officer, modeller, E&S Officer and procurement officer Clearance of Project Appraisal Report (PAR) at Credit Risk Committee (CRC), Operations Committee (OpsCom) and Country Team (CT) Documentation, Closing and First Disbursement Conclude negotiations Finalise Term Sheet Conclude legal documentation First disbursement and Handover to Portfolio Management 9
10 Investment Opportunities: FROM STAND ALONE PROJECTS TO FUND SOLUTIONS PROJECT CO- INVESTMENTS INNOVATE FORMATS Invest alongside the AfDB in specified projects, relevant to your investment and risk appetite Potential of risk enhancement via AfDB, e.g. Partial Risk Guarantees Projects from mid-to upstream, from renewables to fossil, in all geographies, private s well as public sector Synthetic Securitization Models Receivable based financing Models Credit Enhancement for Capital Market Instruments FUND SOLUTIONS Invest in dedicated local or regional Fund Models benefit from embedded Risk enhancement mechanisms Access to a diversified portfolio 10
11 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 11
12 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 12
13 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 13
14 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 14
15 THANK YOU Timo BOLLERHEY Division Manager Energy Financial Solutions, Policy & Regulation Power, Energy, Climate Change and Green Growth Complex African Development Bank 15
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