EU action in energy ElectriFI
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- Cornelia Williams
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1 EU action in energy ElectriFI Stimulating private sector investments for delivering results in the Decade of Sustainable Energy for All
2 More than EUR 4 billion for the fight against energy poverty so far EUR 600 million mobilised in EUR 3.5 billion allocated for Significant leveraging investments and fostering end-users' access to a range of energy services for household, community and productive uses a "total energy access" approach.
3 Technical Assistance Facility Catalysing reforms - improving investments environment EU Blending Instruments Fuelling inclusive growth Grants for Rural Electrification Empowering rural communities Global Programme for Sustainable Energy Delivering Global Benefits - Responding to Challenges National & Regional Programmes Strengthening bilateral and regional cooperation
4 Energy in National Programming Energy stands high in the bilateral cooperation: At least 30 countries indicated that they favour energy as focal sector for the next programming cooperation ( ) 5 of these countries are in West Africa Liberia, Cote d'ivoire, Benin, Togo and Nigeria Ghana, Senegal and Cape Verde will also work in energy issues
5 EU-Africa Infrastructure Trust Fund Total buget : million (EC contribution million) Funding by the EU Commission and EU member states under the management of the facility by the European Investment Bank 30 projects 38% Blending operations approved 49 projects 62% Energy Infrastructure Projects Transport, ICT and Water Infrastructure projects 330 million EU contribution 8.9 billion Total projects cost 5
6 EU-Africa Infrastructure Trust Fund The SE4ALL window of the EU-Africa Infrastructure Trust Fund 53 millions from the 11th EDF RIP engaged Financing EE and RE Investments of private 1,500,000 AFD 1,500,000 45,000,000 companies in West Africa N/A Financing EE and RE Investments of private 4,500,000 AFD 4,500,000 45,000,000 companies in West Africa 10.0 Extension of NIGELEC distribution networks 11,000,000 AFD 11,000,000 41,000, Benin Access to Electricity in the Atlantique 20,000,000 AFD 20,000,000 53,000,000 Province 2.7 Liberia Energy Access Project 10,000,000 10,000,000 44,740, AfDB 6
7 EU-Africa Infrastructure Trust Fund Grant Operation Grant Amount Net Grant Lead approved Amount Total cost Leverage Felou Hydropower Plant 9,335,000 9,335, ,500, CLSG Power Interconnector 3,168,233 3,168, ,400,000 N/A OMVS Gouina Hydropower 1,000,000 1,000, ,000,000 N/A WAPP - Coastal Backbone Interconnector 1,750,000 1,750,000 60,000,000 N/A Update of the WAPP Masterplan 1,450,000 1,306,624 na N/A ECOWAS Electricity Regulation 1,700,000 1,700,000 8,348, Benin - Togo Power Rehabilitation 12,250,000 12,250,000 73,200, Sambangalou Hydropower Plant 350, , ,000,000 N/A Mount Coffee Hydropower Plant 1,500,000 1,140, ,200,000 N/A CLSG Power Interconnector 1,581,767 1,581, ,400,000 N/A WAPP IC Ghana-Burkina-Mali 1,200,000 1,200, ,000,000 N/A Interconnexion Bolgatanga Ouagadougou 6,700,000 6,700,000 81,000, Interconnexion Bolgatanga Ouagadougou 2,800,000 2,800,000 81,000,000 N/A Interconnexion Bolgatanga Ouagadougou 4,800,000 4,800,000 81,000, CLSG Power Interconnector 12,500,000 12,500, ,400, CLSG Power Interconnector 10,000,000 10,000, ,400, Bumbuna Phase II Hydro-electric Project 2,500,000 2,500, ,904,000 N:A Mauritania - Senegal interconnection 5,500,000 5,500, ,500,000 N/A Via Reservoir 4,800,000 4,800, ,000,000 N/A
8 Challenges for Investments Main "obstacles" reported: o Lack of equity o Lack of scale to cover transaction cost o Lack of affordable long term debt o Lack of interaction between CSOs and private investors Market imperfections to be addressed by ElectriFI: Increase in risk capital to substitute for the lack of equity Increase long term debt availability Increase project scaling up possibilities Increase number of projects reaching financial close through structuring / arranging / advising Address affordability and social impact through partnership with CSOs
9 ElectriFI objectives: boost investments increasing access to electricity and modern energy services as a driver for development, through unlocking the existing potential of the private sector bridge the financial gap by making available early stage development risk capital, namely grants, that may convert into subordinated debt and which will be paid back when investments succeed
10 ElectriFI preconditions: Development impact: access Private sector participation: contribution to the cost of the investment Leverage of financing: senior lenders involvement for the proposals approved
11 Project Financing Assets / Investments EQUITY Typically 10 to 30% of Total Funding FINANCIAL GAP SENIOR DEBT Typically 60 to 70% of Total Funding
12 Project Financing Assets / Investments EQUITY ElectriFI contribution Typically 30 to 40% of Total Funding SENIOR DEBT Typically 60 to 70% of Total Funding
13 How is the Financial gap bridged? Financial gap in equity convertible grant subordinated debt concessional if necessary How? at a very early stage through convertible grants: monies made available will convert into subordinated debt upon reaching certain milestones (such as completion of feasibility studies, financial close, project completion, etc.) or at a somewhat later stage through direct investment by subordinated debt or at a very late stage through contingent risk capital to be used to cover delay damages, cost overruns, etc. in order to reach completion of investments
14 ElectriFI Support: Early Stage Development Capital (illustrative) Subordinated Debt Convertible Grant YEAR Pipeline boosting Pipeline enhancement Pilot / Growth phase Scaling-up Contingent Subordinated Debt Cash flow for subordinated debt service and dividends Cash flow for senior debt service O&M costs
15 Energy facility EU Project Financing types Blending ElectriFI Own contribution (NGO, private, public) EU contribution max 75% Own contribution (public or other) LOAN from international financing institutions (sovereign) EU grant contribution in blending EQUITY ElectriFI contribution SENIOR DEBT from commercial banks and/or EDFI's
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