Performance-based contract financing options Pristina, 7 October, IFC Advisory Services in Public-Private Partnerships

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1 Performance-based contract financing options Pristina, 7 October, 2014 IFC Advisory Services in Public-Private Partnerships

2 2

3 Authorized Consumption Billed Authorized Consumption Unbilled Authorized Consumption Billed Metered Consumption Billed Unmetered Consumption Unbilled Metered Consumption Unbilled Unmetered Consumption Revenue Water Unauthorized Consumption System Input Volume Water Losses Apparent Losses (Commercial) Customer Metering Inaccuracies Systematic Data Handling Errors Leakage on transmission and/or distribution mains Non-Revenue Water Real Losses (Physical) Leakage and Overflows at Storage Tanks Leakage on Service Connections up to Point of Customer Metering 3

4 PPPs to reduce water losses 1

5 Vicious-cycle of water utility problems Technical issues High volumes of NRW; Sub-optimal levels of metering; Limited access to or knowledge and latest technologies; Higher than necessary cost structures. Loss of revenue for the water utility Affect credibility and financial viability of water utilities Increased operational costs Revenues that are below cost recovery; Lack of funding for new investments; Need to increase tariffs to cover inefficiencies Less water available for more equitable distribution Low system pressures or even intermittent supplies 5

6 Classical NRW management approach (1/3) 1. Apply for concessional funding (grants, World Bank, others). 2. Reach for outside contractors to 1. Design a NRW reduction program 2. Implement a NRW reduction program 3. Repeat #1, as necessary. Private firms are used to design and carry activities such as: leak detection, pipe repairs, meter replacement, billing, collection, etc. Fixed payment against a price schedule (tender award criteria issues). 6

7 Classical NRW management approach (2/3) Traditional delivery (public procurement). Public entity separately procures: Project design (engineering consulting firms): Assess NRW needs Prepare technical designs Financing (public borrowing) Construction (private consortia of construction contractors with technology and equipment suppliers): Constructs assets Contract may include warranty for construction and operation Operation and maintenance (public network operation). Public entity ultimate underwriter of all risks (financing, design, operating performance) Users Public entity (owner) Financing sources Design Construction Operation 7

8 Classical NRW management approach (3/3) The advantages of classic NRW are: Method clearly defined in public procurement laws. Established track record / familiarity with this process. High degree of control during each development phase: opportunity for owner preferences. Can be funded from subsidized sources of capital (DFIs, central government funding), if available. The disadvantages are: Multiple procurement processes can be time-consuming and lead to delays. No single accountability point for the final performance. Least cost design and / or least cost construction, does not translate into least-cost technical solution over the life of the project. Risk of cost overruns, delays and operating performance on the public utility. 8

9 Alternative approach: PPPs Part of performance risk transferred to the external contractor: Part of the remuneration is based on the achievement of performance targets; Strong incentive structure: possibility of economic upside for the private contractor. External contractor takes the lead in designing the work program: technology choices; investment timing; Mix of soft and hard investment measures; etc. Contract allows flexibility in the program design (not in the targets): Can be adjusted on the basis of findings during implementation. Utility is responsible for: Performance target setting; Permitting; Contract administration and supervision. ` Output based contract 9

10 Performance Based Contracting is the essence of all PPP contract models The service provider, designs, builds and operates the NRW program. The service provider funds the initial NRW reduction investment, and is paid partly on completion of works by the utility. May not be necessary for creditworthy utilities. The service provider ensures NRW reduction sustainability (and shares benefits) for a period of 5 / 10 years Contract duration to match estimated investment payment return, and To ensure performance sustainability. Users Public Public entity entity (owner) Financing sources Service Provider (Design, Finance, Build, Build, Operate) Operate) Financing sources A PBC structure permits to fund part of the capital investment through subsidized sources of capital, if available to the public utility. Utility should be able to pay performance incentives out of cost savings. 10

11 PBCs: medium-term service contracts Typical characteristics of PBCs: medium-term contracts between a public utility and private service provider Procurement of services, not of assets. The transfer of certain project risks. A focus on the specification of performance outputs (NRW reduction targets). Application of private financing. Payments to the private sector reflect the services delivered. Benefits of the PBC model Single procurement processes. Strong incentive framework to minimize construction delays. Single accountability point for the NRW reduction performance. Service provider responsible for cost overruns, delays and NRW reduction performance. 11

12 Financing considerations 4

13 Dual-component financing Financing the capital investment component: Long Term Borrower: o public utility, o local government entity Security: o Assets, revenues o tax revenue, central government transfers. Credit risk: o existing level of debt. o Financial performance (historic track record) Subnational / Public utility Financing the performance component Shot-Term Borrower: service provider Credit risk: future operating performance, Security: service contract Service Provider

14 Service Provider: atypical risk structure No pledge of assets because they are usually a public property; Borrowing against performance contract and projected cash-flows Small scale investments; Short repayment periods (usually around five / ten years); Performance risk; Uncertainty around fixed and floating payments Significant lender involvement in performance contract structuring phase; Grantor (payment) risk; Regulatory risk (if there is a regulator). Use of Innovative technologies; Need for extensive due diligence on service provider track record and past performance.

15 PBC service provider: atypical financing structure Three-tier financing package: Risk equity: provided by sponsors (incl. equipment and technology suppliers) Service Provider funding Capital investments: construction + commissioning Utility partially repaying Capital investments*: long-term financing Service Provider funding Efficiency measures: life of the contract + Service Provider funding: High risk / higher returns. o Low leverage. Lender may want to share long-term upside through an equity stake o attached warrants or a conversion features. Shareholder support / guarantees might be required. Virtual bulk water supply company and other creative security structures. o Intercept end-customer payments, whenever possible. Relatively small size investments: o o o Transaction costs may not justify direct lending from IFIs or Commercial Banks. Funding may be channeled through local financial institutions (program). Need to standardize investment appraisal process, lending requirements and documentation

16 Necessary conditions Determine NRW baseline, broken down by categories, including a precise split between commercial and physical losses; You cannot control what you cannot measure; Need to be able to constantly monitor water loss levels; Assess with precision your current NRW cost Include avoided capital costs, opportunity costs, etc. Set your target water savings; Set appropriate level of NRW targets; Set appropriate performance rewards, NRW component by component. Have adequate Water Tariffs; Secure LT funding for capital investment component; 16

17 6 Conclusions

18 Conclusions NRW reduction through PBCs makes it possible to: Optimize technology choices, Finance upfront investments and performance improvements with a mixture of private and public capital. Generate value for all stakeholders o o o for users (additional water available, lower tariffs), for the utility (additional water sales, cost savings), and for the service provider (profit). Financing NRW reduction PBCs requires a three tier financing structure: Short term funding of the initial capital investments performed by the private service provider. Co-funding of the initial capital investments, paid by the utility (may not be necessary for creditworthy utilities ESCO model) Funding of medium-term measures has equity-like features. NRW PBCs can be a first step to reverse the vicious-cycle of water utility problems. 18

19 Contacts Nicola R. Saporiti International Finance Corporation Senior Investment Officer, Advisory Services in Public Private Partnerships 2121 Pennsylvania Ave. NW Washington, DC 20433, USA Cell: +1(202) Edona Pacarada International Finance Corporation Investment Analyst IFC PPP Transaction Advisory Europe and Central Asia Rruga Prishtinë Fushë Kosovë RKS Pristina, Kosovë Tel: ( ) Cell: ;

20 Appendix

21 IFC has two main business lines: Investments and Advisory Investments IFC is the world s largest multilateral provider of financing for private enterprises with over US$26 billion in outstanding investment commitments Advisory IFC also provides technical assistance and advice to governments and businesses Loans Equity Guarantees Enterprise Assistance Environment & Social Sustainability Access to Finance PPP Transaction Advisory Business Environment 21

22 IFC PPP Transaction Advisory IFC s PPP Transaction Advisory Services department specializes in advising public sector on the introduction of private sector participation in the delivery of infrastructure services. We work on the following types of transactions: Structuring Public-Private Partnerships Restructuring and disposal of publicly owned assets Upstream advisory work (regulatory, legal framework) We lend and invest in private sector projects We help businesses access capital markets We provide technical assistance We cover the following sectors: roads, rail, power, airports, ports, water, waste, mining, education and health. To date, we have advised on 185 projects in over 60 countries, mobilizing over $9 billion of private sector investments. The IFC PPP Transaction Advisory is organized regionally within the following 6 main regions and the HQ in Washington, USA: Latin America & Caribbean, East Asia, East Asia and Pacific, Middle East and Northern Africa, Africa and Europe & Central Asia.. 22

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