Project Concept Note
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- Sabina Jordan
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1 Project Concept Note I. Project Details Project Name Sector Project type Countries, in which the Project is to be implemented Nurek HPP Rehabilitation (Phase 1). Component: Rehabilitation of three generating units, key infrastructure components of the plant, and replacement of six autotransformers. Subcomponent: Replacement of six autotransformers. Power sector (hydropower) Financing the purchase, supply, installation, and commissioning of six singlephase 500 kv / 220 kv autotransformers to replace the autotransformers installed at the HPP transformer substation that have reached the end of their service life and are in an unsatisfactory technical condition. Republic of Tajikistan Investment Project location Republic of Tajikistan, Khatlon oblast, 70 km to the South-East of the city of and place of registration Dushanbe, close to the town of Nurek, on the Vakhsh River. Project summary description Project objectives Project implementation outcomes Nurek HPP is the largest hydroelectric power plant in the Republic of Tajikistan and in Central Asia, which supplies more than 70 % of all the electricity generated in the country and makes part of the Vakhsh HPP Cascade. The HPP installed capacity is 3,000 MW (8 hydroelectric units 335 MW each and 1 hydroelectric unit of 320 MW). The HPP was put into operation in 1972, the last unit was put into operation in At present, the HPP can potentially generate only 77 % of its design capacity due to its equipment obsolescence and lack of necessary maintenance. The capacity of its reservoir is 10.5 km 3 (the working storage is 4.5 km 3 ), its surface area is 98 km 2, its length is about 70 km. The height of the dam is 300 m (until 2013, it used to be the highest dam in the world). The average annual power generation was over 10,223 million kwh per annum in The Nurek HPP Rehabilitation is conditionally divided into 2 phases: Phase 1 includes 3 components (350 million): Component 1: Rehabilitation of three generating units, key infrastructure components of the plant, and replacement of six autotransformers. Component 2: Enhancement of dam safety. Component 3: Technical assistance from the IDA and the AIIB. Phase 2 (350 million) covers the finalisation of the Nurek HPP rehabilitation and involves the purchase of plant equipment to replace 6 hydropower units and rehabilitate 5 transformers (300 million), as well as the payment of project management fees and the costs of engaging an expert group, the development of an environmental management plan (EMP), technical assistance and contingencies (50 million). The detailed structure of Phase 2 will be developed in Phase 1 is to be financed by the International Development Association (IDA, World Bank Group), the Asian Infrastructure Investment Bank (AIIB), and the EFSD. The HPP rehabilitation through replacement of its physically and morally obsolete equipment. Improved HPP reliability and safety and, thus, uninterrupted power supply to domestic consumers, especially in winter, and to external markets (in summer); Lower operation and repair costs; and 1
2 Degree of Project preparation HPP capacity recovery. The World Bank, in cooperation with Tractebel Engineering, an independent consultancy firm, reviewed the Project feasibility study and prepared a report (August 2016). It also made studies, held public hearings, and prepared the final Environmental and Social Impact Assessment Report (January 2017) and the Sedimentation Study Report (February 2016). At the stage of the Project preparation, the Asian Infrastructure Investment Bank was mobilised to co-finance the project. Barki Tojik OJSHC hosts the Project Implementation Unit. The Resolution of the Government On Approving the Conceptual Framework of the New Electricity Tariff Policies in the Republic of Tajikistan (Instruction of the RT President No. RP-594 of 6 October 2015) has been drafted and is currently routed for approval. An Action Plan of the End Recipient Financial Rehabilitation has been drafted and sent for approval. Project financing structure The total cost of the Nurek HPP Rehabilitation is estimated at 700 million, of which 350 million is the co-financing of Phase 1, where: Component 1 is 210 million (sources of financing: IDA, EDB); Component 2 is 30 million (sources of financing: IDA, AIIB); and Component 3 is 10 million (sources of financing: IDA, AIIB). Requested EFSD financing limit: 40 million; Currency of financing: ; Type of financing: an investment loan; Objective of EFSD financing: to replace six single-phase 500 kv / 220 kv autotransformers; Total investment loan maturity, including the grace period: 20 years; Grace period for principal repayment: 8 years; The principal debt will be repaid in line with a schedule to be developed if the Project is approved. The investment loan Recipient will ensure the EFSD Project co-financing of at least 10 million or less than 20 % of the Project cost, which makes 50 million. The Recipient will provide the cofinancing in the form of exemptions from taxes, duties, and other mandatory payments under contracts financed with the proceeds of the EFSD investment loan. The project implementation arrangement is presented in Annex No. 2 to this Concept Note State support of the Project The National Development Strategy of the Republic of Tajikistan for envisages the development of the energy sector as a priority strategic objective. Based on its Resolution No. 417 of 10 January 2016, the Government of the Republic of Tajikistan raised the electricity tariffs starting from 11 January Based on its Resolution No. 42 of 25 January 2017, the Government of the Republic of Tajikistan reduced the debt of Barki Tojik OJSHC to Sangtudin HPP-1 OJSC by TJS 12.5 million by transferring this amount to the authorised fund of Barki Tojik OJSHC as a founder. Therefore, the balance as at the beginning of 2017 amounted to TJS million, with TJS million billed, and TJS million paid, and the stock outstanding as at 1 April 2017 was TJS million (in Q1 2017, it increased by TJS million). Estimated financial and economic indicators of the Project The estimated indicators are to be updated after the terms of the loan are defined. 2
3 Project environment impact In accordance with the findings of the final Environmental and Social Impact Assessment Report (August 2016), prepared by Tractebel Engineering, the Nurek HPP Rehabilitation Project will have no impact on the environment, the local communities, or the riparian states (Afghanistan, Uzbekistan, and Turkmenistan) as the Project does not entail significant changes in the mode of operation of the existing HPP and is associated exclusively with the rehabilitation (reconstruction) and modernisation of the existing HPP equipment and infrastructure. The World Bank disseminated official letters to notify the riparian states of the Project implementation. No objections have been received. Sources of debt repayment Proceeds from electricity sales. Expected security The loan is provided to the Government of the Republic of Tajikistan under an international agreement. The Republic of Tajikistan has got no arrears associated with its external public debt repayment and service. Project Company Open joint-stock holding company Barki Tojik (Barki Tojik OJSHC). Supplier selection plans At Project implementation. Sales plans II. Project Company Details Project Company Project contacts Electricity generation and sales in the domestic and external markets. Open joint-stock holding company Barki Tojik, established and operating under the legislation of the Republic of Tajikistan. Barki Tojik OJSHC was established through reregistration of Barki Tojik SJSHC under Resolution of the RT Government No. 492 of 3 November Reregistration of the legal entity registered with the Ministry of Justice of the Republic of Tajikistan on 27 November 2008 under No (reregistered with the tax authorities on 19 April 2010). Registered office: 64 Ismoili Somoni Str., city of Dushanbe, , Republic of Tajikistan. The Government of the Republic of Tajikistan is the only shareholder of the company (100 % stake). Additional details on the Project Company are presented in Annex No. 1 to this Concept Note. Akhliddin Nuriddinzoda, Head of the Public Debt and Public Investment Mobilisation General Directorate, Ministry of Finance of the Republic of Tajikistan; Mirzo Ibrokhim Ismoilzoda, Chairman, Barki Tojik OJSHC; Ubaidullo Nazarovich Habibov, Head, Project Implementation Unit Reduction of Energy Losses, Barki Tojik OJSHC. Minister of Finance of the Republic of Tajikistan Abdusalom Karim Qurboniyon The document asserting the authority: Decree of the President of the Republic of Tajikistan No. 86 of 29 November
4 Annex No. 1 to the Concept Note of the Nurek HPP Rehabilitation Project (Phase 1). Component: Rehabilitation of three generating units, key infrastructure components of the plant, and replacement of six autotransformers. Subcomponent: Replacement of six autotransformers Overview of Project Company Open joint-stock holding company Barki Tojik (Barki Tojik OJSHC, the Project Company) is the successor of sate company Tajikenergo, which was founded in Barki Tojik OJSHC was established through reregistration of Barki Tojik SJSHC under Resolution of the Government of the Republic of Tajikistan No. 492 of 3 November 2001 (registered with the Ministry of Justice of the Republic of Tajikistan on 27 November 2008 under No , reregistered with the tax authorities on 19 April 2010). Barki Tojik OJSHC performs the following activities: production, transportation, transmission, distribution, transformation, and sale of electricity and thermal energy to enterprises, organisations, and private individuals located (residing) on the territory of the country, in accordance with the terms of licenses obtained following the procedure established by the legislation of the Republic of Tajikistan; electricity exports; buying electricity from foreign energy producers; implementation of intergovernmental agreements on the use of water and energy resources of transboundary rivers; ensuring reliable and safe operation of power facilities and grids in accordance with the established standards and rules; and mitigating environmental and social impacts associated with the construction, rehabilitation, operation, and repair of Barki Tojik OJSHC facilities. The key consumers of the company s services include Tajik Aluminium Company SUE (TALCO), Tojikcement OJSC, Tojikkhimprom OJSC, Afganistan Breshna Sherkat LLC, and households. 100 % of shares of the Project Company are held by the Government of the Republic of Tajikistan. The company s equity is TJS million. Under Resolution of the Government of the Republic of Tajikistan No. 637 of 3 October 2008, enterprises and organisations operating in the power sector were put under the management of Barki Tojik OJSHC. The holding company includes 12 branches, 14 open joint-stock companies, a representative office in the Russian Federation, a subsidiary responsible for inventory and logistics management Tajikenergosnab SILM, and Bark-Service LLC (as at December 2016). The company employs 10,917 people. The total installed capacity of the country s power plants is 5,400 MW, HPPs account for 95 % of that capacity. Nurek HPP, with its seasonal regulation reservoir, is the largest power plant with installed capacity of 3,000 MW, generating over 70 % of the country s total annual electricity output and ensuring pump irrigation of over 70,000 ha of farming land. Barki Tojik OJSHC manages 9 HPPs and 3 CHPs: 4
5 Number of No. Name Set voltage Capacity (MW) Year units commissioned (kv) (pcs) IC 1 TIC 2 OC 3 1. Vakhsh HPP Cascade , Nurek HPP , Baipazin HPP Golovnaya HPP Perepadnaya HPP Central HPP Qairokkum HPP Varzob HPP Cascade -Varzob HPP Varzob HPP Varzob HPP Combined heat and power plants (CHPs) Dushanbe CHP Dushanbe CHP Yavan CHP The fixed assets of Barki Tojik OJSHC include buildings and structures, machinery and equipment, construction in progress, and equipment for installation, and other fixed assets. The kv thermal and electric networks, hydroelectric power plants and combined heat and power plants form the electric power system of the Republic of Tajikistan. The power system of the Republic of Tajikistan is able not only to produce, transport, and distribute electricity in the domestic market, but also to export (in spring and summer), import (in the autumn and winter periods), and deal with cross-flows to neighbouring states. The main risks of the production activities of Barki Tojik OJSHC are associated with the water regime of the Syr Darya, Vakhsh and Varzob rivers and the fil rate of the HPP-operated reservoirs, timely and complete supply of fuel for the CHPs (natural gas and low-sulphur fuel oil), as well as lack of financing to support restructuring and rehabilitation and modernization programmes of the companies within the holding. The Project Company operates in accordance with the current legislation and international requirements, environmental protection and social impact mitigation standards, and agreements on the joint use and redistribution of water resources (related to the Nurek HPP Rehabilitation Project), the main of which are: domestic regulations: The Water Code that aims at regulating the water relations to ensure sustainable use of water for the needs of households, sectors of the economy, and the environment, to protect water resources from pollution, damage and depletion, to prevent and eliminate negative impacts of water, to improve the condition 1 Installed capacity of the hydroelectric units 2 Total installed capacity of the power plant 3 Operated capacity 4 Non-operational 5
6 of water bodies and protect them, to strengthen the rule of law and protect the rights of private individuals and legal entities in the field of water relations; The Forest Code that regulates relations in the field of forest management and aims at ensuring sustainable use of forest resources, protection and preservation of the natural environment, and encouragement of timber and agricultural production; The Law On Environmental Protection that establishes the legal framework for the government environmental policies and aims at sustainable development, maintaining a healthy and supportive environment, preventing negative environmental impacts, ensuring environmental safety and sustainable use of natural resources; The Law On Special Protected Areas that establishes the legal, organizational, and economic framework for protected areas, their tasks, operating procedures, and zoning; The Law On Industrial and Household Waste that regulates the relations arising in the context of waste generation, collection, storage, use, transportation, recycling, and disposal and is aimed at preventing its negative impact on the environment; The Law On Environmental Monitoring that defines the organizational, legal, economic, and social frameworks for environmental monitoring; The Law On Environmental Audit that establishes the principles and conditions for conducting environmental audits and aims at preventing negative environmental impacts of planned economic activities; The Law On Environmental Expert Review that regulates the overall procedure of organizing and performing environmental expert reviews and establishes the rights and obligations of the parties involved in the environmental expert reviews, citizens' rights to access information on environmental hazards associated with facilities at their design, construction, and commissioning, the conditions for appeal, settlement and resolution of disputes, and also establishes the liability for violation of the legislation in the field of environmental expert reviews; The Laws On Wildlife and On Flora Protection and Use that establish the principles of government policies in the field of protection and sustainable use of flora and fauna, determine the legal, economic, and social frameworks in these areas, and aim at preserving and reproducing their resources; The Law On Safety of Hydraulic Structures that regulates the relations arising in the context of activities aimed at ensuring safety at the stage of design, construction, major repair, commissioning, operation, reconstruction, rehabilitation, conservation, and liquidation of hydraulic structures and establishes the responsibilities of government bodies, owners of hydraulic structures, and their users to ensure safety of their hydraulic structures; and The Law On Special Natural Areas and Sites. key international agreements and protocols: Protocol No. 566 of 10 September 1987 on the resources of the Amu Darya River basin, signed by Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan with a view to limiting the use of water in the basin and regulating additional tributaries to the Aral Sea, as well as Resolution of the Council of Ministers of the USSR No adopted in accordance therewith on 19 September 1988 On Measures for Radical Improvement of Ecological and Sanitary Situation in the Region of the Aral Sea. Enhancing the Efficiency and Use to Strengthen the Protection of the Water and Land Resources in its Basin, which set the annual volume of minimum permissible environmental releases to the former Aral Sea and is accepted by these states to date; The Declaration of 12 October 1991 dealing with the observance and continuity in the distribution of water by the States of the Aral Sea basin (Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan), the Almaty Agreement of 18 February 1992 On Cooperation in the Field of Joint Management, Use, and Protection of Transboundary Water Sources, and the Nukus Declaration of 20 September 1995 reiterating the agreement on the joint use of the water resources in the Aral Sea basin; The UNECE Aarhus Convention (Denmark, 1998) on Access to Information, Public Participation in Decision-Making, and Access to Justice in Environmental Matters; The Ramsar Convention on Wetlands of International Importance (Iran, 1971) that aims at conservation and sustainable use of all wetlands through actions at the local and national levels and international cooperation, as a contribution to achieving worldwide sustainable development; and 6
7 The Espoo Convention on Environmental Impact Assessment in a Transboundary Context (Finland, 1991) that sets out the obligations of the parties to perform EIAs for certain activities at an early stage of planning, and the general obligations of states to notify and consult each other on all major projects that can have a significant negative environmental impact in a transboundary context. No radical changes have recently occurred in the production and technological process of electricity and heat generation. The main suppliers of electromechanical and thermal equipment are foreign companies (China, France, Russia). Operating Activities and Financial Analysis Financial metrics of Barki Tojik OJSHC: 000 TJS Item as at 31 December December December 2013 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) ASSETS 11,555,285 10,519,833 11,144,020 Long-term (non-current) assets 10,484,943 9,209,365 9,606,701 Fixed assets 9,351,334 8,892,058 9,319,152 Intangible assets Long-term advances provided 950, , ,919 Long-term investments 182, , ,399 Other long-term assets Short-term (current) assets 1,070,342 1,310,468 1,537,319 Inventories 578, ,518 1,000,072 Trade credit and other receivables 410, , ,451 Short-term advances provided 17,794 33,892 83,499 Prepaid taxes 1,129 4,052 6,296 Cash and cash equivalents 61,661 11,007 3,001 LIABILITIES 11,555,285 10,519,833 11,144,020 Capital (62,236) 2,754,285 4,491,019 Equity 410, , ,836 Surplus reserve 24,302 24,302 24,302 Fixed asset revaluation reserve 4,803,071 5,051,949 5,781,686 Accumulated loss (5,299,629) (2,705,733) (1,698,796) Exchange rate differences (81) (69) (9) Long-term liabilities 6,171,457 3,278,884 2,693,741 Long-term loans 5,781,251 2,985, ,405 Deferred earnings long-term part 390, ,108 1,815,336 Current liabilities 5,446,064 4,486,664 3,959,260 Short-term loans 2,762,497 2,238,886 1,743,079 Deferred earnings short-term part 2,508 2,032 1,443 Trade credit and other payables 1,227,369 1,335,216 1,115,582 Advances received 75,202 56,601 35,956 Taxes payable 171, , ,099 Other 1,207, , ,101 CONSOLIDATED PROFIT AND LOSS ACCOUNT Incomes 1,548,665 1,306,015 1,251,881 Cost of production (907,143) (1,065,132) (599,635) Gross profit (loss) 641, , ,246 Cost of sales (637,184) (819,793) (621,123) General and administrative costs (119,869) (127,601) (161,329) Net loss from operations with foreign (1,991,678) (314,958) (24,132) exchange Financial income 42,
8 Financial costs (684,116) (476,669) (596,443) Other net non-operating costs (73,072) (222,813) (1,630,039) Profit (loss) before profit tax (2,821,685) (1,720,951) (2,380,820) Profit tax recovery (profit tax payment) (21,089) (15,723) 48,366 Net profit (loss) (2,842,774) (1,736,674) (2,332,454) Other total income (costs) (12) (60) 5,781,686 TOTAL NET PROFIT (LOSS) (2,842,786) (1,736,734) 3,449,232 CONSOLIDATED CASH FLOW STATEMENT OPERATING ACTIVITIES Net cash inflow (outflow) (89,064) 91,611 (100,816) Income from sales 1,563,324 1,070, ,045 Other income 14,681 26,937 22,167 Cost of sales (823,107) (309,350) (349,643) Inventory acquisition (548,152) (97,570) - Electricity acquisition (274,955) (211,780) - Salaries and wages, and social tax (248,593) (257,939) (206,168) Services (38,933) (21,106) (64,799) Interest (237,518) (116,915) (144,564) Profit tax (14,065) (20,170) (41,103) Other taxes (284,100) (253,669) (188,792) Other charges (20,753) (26,874) (55,959) INVESTMENT ACTIVITIES Net cash inflow (outflow) (83,809) (86,494) (147,153) Fixed asset acquisition (83,618) (86,367) (147,153) Intangible asset acquisition (191) (127) - FINANCIAL OPERATIONS Net cash inflow (outflow) 213,955 2, ,075 Loans 1,140, , ,314 Grants 5, Loan repayments (925,655) (275,013) (314,239) Commission fees under loans received (6,222) - - NET INCREASE (DECLINE) IN CASH 41,082 7,634 (7,894) Cash and cash equivalents as at year start 11,007 3,001 9,412 Exchange rate differences 9, ,483 Cash and cash equivalents as at year end 61,661 11,007 3,001 In 2015, the equity of the holding company increased by TJS million in line with Resolution of the RT Government of 28 November That increase was a result of a mutual offset of liabilities of Barki Tojik OJSHC to Sangtudin HPP-1 OJSC for electricity and tax liabilities of the HPP to the national budget. The long-term investments include those in construction of Sangtudin HPP-2 (40 million) and Rogun HPP (TJS 31.6 million). Trade credit and other receivables include those for heat and electricity, goods and services. As at 31 December 2015, the largest debtors were: TALCO million TJS; Agency for Land Reclamation and Irrigation (ALRI) TJS million; Afganistan Breshna Sherkat LLC TJS million; Tojikkhimprom OJSC TJS million; and Rogun HPP OJSC TJS 7.99 million. As at 31 December 2015, the loans received by the Project Company included the following: Long-term: о loan of the RT Ministry of Finance TJS 4, million; 8
9 о loan of OrienBank OJSC TJS 1, million; and о EBRD loan TJS million. Short-term: о loan of the RT Ministry of Finance TJS 1, million; о loan of OrienBank OJSC TJS million; and о EBRD loan TJS 5.79 million. A detailed presentation of the outstanding (as at 31 December 2015) debt of Barki Tojik OJSHC under the loans received from key International Financial Organisations (IFOs) is shown below: Creditor (IFO) Project Year of repayment Construction of North-South 500 kv Electricity Transmission Line 2026 million Construction of CHP-2 (Phase 2) 2039 million CNY Construction of 220 kv Lolazor-Khatlon 2026 million Power Transmission Line Agreement Current Currency Amount debt, million TJS , Construction of North-South, Lolazor million EXIMBANK Khatlon 500/220 kv High-Voltage Electricity Transmission Line Construction of 220 kv Khujand-Aini 2031 million Power Transmission Line Reconstruction of Regar Substation 2033 million Construction of Single Power Grid for the 2031 million North of Tajikistan TOTAL for EXIMBANK 4, Regional Power Transmission 2036 million Interconnection Project Nurek HPP 500 kv Switchyard 2033 million Reconstruction Power System Rehabilitation 2025 million ADR ADB Construction of Power Transmission 2031 million Interconnection ADR Baipazin Landslide Stabilisation 2033 million ADR Golovnaya 240 MW HPP Rehabilitation 2039 million Wholesale Metering and Transmission 2040 million Reinforcement TOTAL for ADB IDB Reliable Energy Supply in Rural Tajikistan 2020 million dinars Extended Tajik-Afghan Cooperation in 2031 million Energy Sector Small HPP Construction 2029 million dinars Reconstruction of Ravshan Electricity 2038 million Substation 9
10 TOTAL for IDB IDA Energy Emergency Recovery Assistance 2030 million Energy Loss Reduction 2026 million Urgent Increase of the Volume and 2028 million Reliability of the National Energy Supply, Especially in the Winter Season Energy Loss Reduction 2032 million Energy Supply in the Winter Season 2035 million TOTAL for IDA KfW Replacement of 220 kv Switchgear 2033 million Equipment at Nurek HPP EUR Construction of 220 kv Switchgear Equipment at Nurek HPP 2032 million EUR TOTAL for KfW EBRD Qairokkum HPP Rehabilitation 2029 million Sugd Energy Loss Reduction 2026 million TOTAL for EBRD TOTAL for key IFOs 6, In 2014 and 2015, the holding company acquired (and created) fixed assets using loans and grants in the amount of TJS million and TJS 1, million, respectively. As for those costs, disbursements were made directly to suppliers and contractors of Barki Tojik OJSHC, without transferring the funds to the company s accounts. The Project Company has a settlement account with the Ministry of Finance of the Republic of Tajikistan, which accumulates payments for electricity from budget organizations. These funds are used to repay the loans received from the RT Ministry of Finance. The consolidated statement of cash flows reflects transactions in this account. In 2014 and 2015, the company repaid loans from this current account for the amount of TJS million and TJS million, respectively. In accordance with the Resolution of the RT Government of 3 May 2014, Barki Tojik OJSHC performed a clearing payment of accounts receivable for electricity and tax liabilities to the state budget in the amount of TJS million. 10
11 Annex No. 2 to the Concept Note of the Nurek HPP Rehabilitation Project (Phase 1). Component: Rehabilitation of three generating units, key infrastructure components of the plant, and replacement of six autotransformers. Subcomponent: Replacement of six autotransformers Project Implementation Arrangement 11
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