Preparatory Survey for Energy Efficiency and Conservation Promotion Financing Project

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Preparatory Survey for Energy Efficiency and Conservation Promotion Financing Project People’s Republic of Bangladesh Sustainable and Renewable Energy Development Authority (SREDA) Power Division, Ministry of Power, Energy and Mineral Resources (MPEMR) Infrastructure Development Company Limited (IDCOL) Bangladesh Infrastructure Finance Fund Limited (BIFFL) People’s Republic of Bangladesh Preparatory Survey for Energy Efficiency and Conservation Promotion Financing Project Final Report February 2016 Japan International Cooperation Agency Mitsubishi Research Institute, Inc. 4R JR (先) 16-009 People’s Republic of Bangladesh Preparatory Survey for Energy Efficiency and Conservation Promotion Financing Project Final Report February 2016 Japan International Cooperation Agency “PREPARATORY SURVEY FOR ENERGY EFFICIENCY AND CONSERVATION PROMOTION FINANCING PROJECT” <Final Report> Prepared for: JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) SUSTAINABLE AND RENEWABLE ENERGY DEVELOPMENT AUTHORITY (SREDA) POWER DIVISION, MINISTRY OF POWER, ENERGY AND MINERAL RESOURCES (MPEMR) INFRASTRUCTURE DEVELOPMENT COMPANY LIMITED (IDCOL) BANGLADESH INFRASTRUCTURE FINANCE FUND LIMITED (BIFFL) Prepared by: MITSUBISHI RESEARH INSTITUTE, INC. February 2016 Executive Summary 1. Overview of the Preparatory Survey This Survey aims to elaborate on the specifications of the ODA loan project (the Project) for promotion of EE&C measures to be conducted through concessional loan scheme. Overview of the Project to be formulated through the Survey is as follows: Project Name “Energy Efficiency and Conservation Promotion Financing Project” in Bangladesh (Thereafter referred to as the “Project” or “JICA-EEF Project”) Objective of the Project The objective of the Project is to promote EE&C measures, and to facilitate installation of EE&C equipment in Bangladesh as well as to assist the GoB’s policy to realize Renewable Energy and EE&C promotion by extending concessional loans and other support for implementing the Project, thereby inducing the stability of the energy supply and demand and contributing to the mitigation of climate change. Scope of the Project The subject of the concessional loans will be three components, which are (i) industry / commercial sector component (Component I); (ii) building sector component (Component II); and (iii) home appliances component (Component III). These components were identified as the priority areas as the subject of low interest loan in the EE&C Master Plan (M/P), from the viewpoints of effectiveness and feasibility. Table 1 Three Project Components Component User Subject of loan Supporting mechanism (Component I) Companies and Energy efficient “listed” Energy Industry / commercial other organizations equipment at factory, office, management and sector component commercial facility, etc. auditing (Component II) Companies and Energy efficient “listed” Green building Building sector other organizations equipment in buildings rating programme component (Component III) Households and Energy efficient “listed” Energy efficiency Home appliances small businesses home appliances labelling component programme Source: Survey Team Executing Agencies for the Project Sustainable and Renewable Energy Development Authority (SREDA) is one of the three executing agencies, being the administrative authority for the Project. Ministry of Power, Energy and Mineral Resources (MPEMR) will be supporting SREDA to execute the Project. Further, Two Non-bank Financial Institutions (NBFIs), Infrastructure Development Company Limited (IDCOL) and Bangladesh Infrastructure Financing Fund Limited (BIFFL) are the two more executing agencies functioning as the implementing financial institutions (IFIs) for the Project. i Project Structure There will be two types of loan, one being A-type loan: where IFIs directly extends the money to the borrower (industry / commercial businesses) as the end users, while another being B-type loan: which will be extended to PDs who is the intermediate between IFIs and the end user (households and small businesses) who purchases energy efficient home appliances. A-type loan will be utilized for (i) industry / commercial sector component (Component I) and (ii) building component (Component II), while B-type loan will be utilized for (iii) home appliances component (Component III). Table 2 Two Types of Concessional Loan Provision Channels A-type loan B-type loan (for industrial and commercial (for home appliances) equipment) Purpose To promote relatively larger scale To promote small scale EE&C home EE&C equipment introduction at appliances purchase at residential and factories and commercial facilities. small businesses. Borrower Companies of other organizations PDs that provide EE&C home owning factories and commercial appliances. facilities who acquire the EE&C PDs will offer the home appliances equipment. under installment payment to the end users. Fund flowing Fund will be paid from IFIs’ account Fund will be paid from IFIs’ account channel into the borrower’s account. into the PDs’ account. The fund will be utilized by the PDs when laying-in the stocks of the EE&C home appliances. Payback Borrower companies / organizations End users will pay back to the PDs. will pay back to the IFIs. PDs will then pay back to IFIs. Approval IFIs will conduct appraisal for each PDs will conduct screening of each procedure application against A-type loan end user against B-type loan appraisal manual. re-financing manual. Source: Survey Team ii Project Executing Agency (administrative authority): Sustainable and Renewable Energy Development Authority (SREDA) t partners Policy and Data collection ’ Project manuals and reporting entrustment A-type loan (Two step loan) Other dev On-lending Loan Sub-project proponents (Factories, commercial (MOF) facilities, etc.) Subsidiary loan JICA End user Participating (Residential Ministry of Finance Ministry Distributors Home appliances and small Re-finance (PDs) Implementing Financial Implementing Financial Institutions/ IDCOL BIFFL(IFIs): businesses) B-type loan Installment sales (three step loan) Lending / borrowing Payback Figure 1 Project Structure 2. Positioning of the Project in the Contexts of Development Policies and Superordinate Plans EE&C Promotion Policy SREDA has presented the “Energy Efficiency and Conservation Master Plan (EE&C M/P) up to 2030” on its website in April 2015, which is the M/P developed with the support of JICA project. SREDA gave a presentation of the M/P to the concerned GOB officials at Joint Coordination Committee meeting in February 2015. The Project, by utilizing ODA loan to promote EE&C measures, is expected to be an essential tool for SREDA to achieve its goal. Further, the energy auditing, energy efficiency labelling, and green building rating programmes will strongly support the Project. As for the energy auditing programme, there are approximately 100 companies that are expected to be designated as the Designated Large Energy Consumers (DCs), which will be the principal candidates for the Project. Estimation of numbers of sector-wise candidates of the DCs will be made through analysis of the companies’ investment plans and through analysis of energy sales data and questionnaire survey data by the Survey Team. Nomination of the DCs will be made by SREDA according to EE&C Rules and regulations. Legal Instruments for EE&C Promotion SREDA Act specifies the establishment, responsibility and function of SREDA including SREDA Fund. Under the SREDA Act, there is the EE&C Rules, which is still under consultation between SREDA and the Ministry of Law to be approved by the Prime Minister Office by early 2016. The EE&C Rules contain regulations on energy audit and energy efficiency labelling. iii Contribution for Appropriate Power System Development SREDA drafted an energy efficiency and conservation master plan (EE&C M/P) which sets out a target to reduce the primary energy consumption per GDP by 15% in 2021 (or Bangladesh FY 2020, as compared with that of FY 2013 as the baseline). Under certain assumption, this implies that 7,482 GWh of electricity, which is equivalent to the power generated annually by 2,000 MW power station, will be saved as the result of energy efficiency measures. The Power System Master Plan (PSMP) is currently being revised anticipating that this energy saving will be realized. If Bangladesh fails to follow the energy saving path remaining on the BAU case, the energy saving of 7,482 GWh will not be realized and GOB would have to additionally invest on the construction of power station(s), possibly with the capacity of 2,000 MW. The Energy Efficiency and Conservation Promotion Financing Project (JICA-EEF) is probably the only available effective option for Bangladesh to trigger its practical energy saving programme in parallel with pursuing an appropriately planned investment on power sector. Necessity of Low Interest Rate for End-Users The Energy Efficiency and Conservation Promotion Financing Project (JICA-EEF) promotes the penetration of energy efficient equipment, contributing to saving energy without affecting the production. To encourage the industry, businesses and households to choose energy efficient equipment which, in many of the cases, is more expensive compared with the conventional ones, there is a need for compensating the cost difference. 3. Current Status of Energy Efficiency and Conservation (EE&C) Measures Promotion in Bangladesh Technologies Applied The JICA EE&C Master Plan (M/P) development project reviewed the technologies applied in Bangladesh through on-site surveys. The energy efficiency, in terms
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