Innovative Financing for Energy Projects

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Innovative Financing for Energy Projects

ABOUT COFIDES The Spanish Financing Company for Development, COFIDES, S.A., S.M.E., is a state-owned company incorporated by: ICEX 25,74% ICO BBVA BANCO BANCO BANCO + 20,31% + 16,68% + SANTANDER + POPULAR + SABADELL + 11,83% 8,34% 8,33% ENISA 7,63% + CAF 1,14% Public capital: 54% Private capital: 46% Its goal is to finance private viable investment projects abroad with a Spanish stake, in order to contribute, based on profitability criteria, to host country development and to the internationalization of Spanish companies.

SCOPE Spanish companies internationalization (loan or capital) Management Funds FIEX and FONPYME Support to the Ministry of Foreign Affairs and Develoment in FONPRODE s management Pillar-Assessed entity to the EU Working in the accreditation to the Green Climate Fund

Elegibilidad Amounts SPV Debt Countries Sectors Equity Project finance Corporate finance Loans Largos plazos Carencia Equity Socio financiero Rentabilidad ajustada Temporalidad capital Instrumentos

COFIDES IN THE AFRICAN REGION Around 162 investment projects in Africa (55% loans and 45% equity) COFIDES has contributed to an overall portfolio of around 7.7 billion since 1990, of which 6.5 billion in the Subsaharian region and 1.2 in Northen Africa During the 1990-2016 period COFIDES has contributed to generating more than 21,000 jobs in Africa. COFIDES investments also generates relevant tax revenues for African Governments. COFIDES portfolio has generated around 13 million in tax revenues in Africa

Financing for Development Agenda Policy Coherence

EU ASSESSMENT The European Union, together with all Member States, is the world s largest donor of development cooperation. EXTERNAL ACTION FUNDS EU 2014-2020 Extrabudgetary: European Development Fund:30.506 Budget heading IV "Global Europe": 66.262 HOW MUCH MONEY IS THERE? Heading IV "Global Europe" + FED = 96.768 million for 2014-2020 68% 32% The budget can be implemented through assessed entities. On May 2016, COFIDES became an assessed entity for indirect management of the EU Budget for development cooperation. This assessment allows COFIDES to co-finance EU projects within the blending framework.

Governance: blending frameworks EDF blending framework DCI blending framework ENI blending framework Facility for Pacific Africa Facility Caribbean Facility Asian Facility Central Asian Facility Thematic (ElectriFI AgriFI ) Latin America Facility Neighbourood Investment Facility IPA blending framework Western Balkans Investment Framework Fuente: Comisión Europea

ABOUT BLENDING Blending combines EU grants with loans, equity or other type of contributions (reimbursable) from an accredited financier, in this case, COFIDES. Identification, Analysis and Presentation Management Financial structure ELEGIBLE PROJECT Public Sector/Private Sector Tender and award Recruitment, disbursements Monitoring Grant Co-financing ratio: variable Reimbursable financing

BLENDING S FEATURES Public Sector Tender (with some exceptions: PPP) Public company Examples of priority sectors: infrastructures, renewable energies, water sanitation, ICT and social. Private Sector Local private sector support Two priority sectors: Rural electrification (ElectriFi) Inclusive agriculture (AgriFi) Eligibility criteria Geographical scope: countries included in the EU external cooperation regions Development contribution of the beneficiary country Alignment with EU priorities Economic-financial and technical feasibility of the Project Socio-environmental risks control Project sustainability and Maintenance

Geographical Scope July 2015 Africa Investment Facility (AfIF)

ELEGIBLE COUNTRIES IN THE AFRICAN REGION Africa Investment Facility (AFIF) Angola Benin Botswana Burkina Faso Burundi Cape Verde Cameroon Chad Comoros Congo Brazzaville Ivory Coast DR Congo Eritrea Ethiopia Gabon Gambia Ghana Guinea-Bissau Equatorial Guinea R. Guinea Kenya Lesotho Liberia Madagascar Malawi Mali Mauritania Mauricius Mozambique Namibia Niger Nigeria Rwanda African Investment Facility (AfIF) 2015 Central African Republic Sao Tome and Principe Senegal Seychelles Sierra Leona Somalia Swaziland Sudan Tanzania Togo Uganda Djibouti Zambia Zimbabwe

BLENDING EU CONTRIBUTION Types of instrument (non- reimbursable) Investment Grant Technical Assistance Interest rate subsidy Cost reduction Risk Capital (first loss) Guarantees Risk reduction

BLENDING ELIGIBILITY Private Sector All EU eligible countries Countries Public Sector Eligible EU + case by case + particular attention to HIPC Sectors Private Sector Public Sector Special focus on: Rural electrification / Inclusive agriculture Infrastructure (except Health and Education), renewable energy, water sanitation, ICTs

Fuente: Comisión Europea PROJECT FLOW

THE EUROPEAN INVESTMENT PLAN Rationale E TOOLS PILLAR 1 European Fund for Sustainable Development PILLAR 2 Technical assistance PILLAR 3 Enhanced Investment Climate I ACTIONS Mobilising investments with the aim to improve the economic and social development in Africa and EU Neighbourhood P IMPACT CONTRIBUTING TO THE SUSTAINABLE DEVELOPMENT GOALS ADDRESSING THE ROOT CAUSES OF MIGRATION

The European Fund for Sustainable Development (EFSD) Fuente: Comisión Europea

Thank you for your attention raul.moreno@cofides.es

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