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Document of The World Bank Public Disclosure Authorized Report No: ICR2643 IMPLEMENTATION COMPLETION AND RESULTS REPORT (TF-54104) ON A Public Disclosure Authorized GRANT FROM THE GLOBAL ENVIRONMENT FACILITY TRUST FUND IN THE AMOUNT OF US$11 MILLION TO THE REPUBLIC OF POLAND FOR AN ENERGY EFFICIENCY PROJECT Public Disclosure Authorized April 26, 2013 Public Disclosure Authorized Sustainable Development Sector Unit Central Europe and Baltics Country Department Europe and Central Asia Region CURRENCY EQUIVALENTS (Exchange Rate Effective December 2012) Currency Unit = Polish Zloty (PLN) PLN 1.00 = US$ 0.3134 US$ 1.00 = 3.191 PLN FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS BGK Bank Gospodarstwa Krajowego CAS Country Assistance Strategy CGF Capital Grant Facility CO2 Carbon Dioxide CPS Country Partnership Strategy DPL Development Policy Loan EA Environmental Assessment EE Energy Efficiency EMF Environmental Management Framework EPC Energy Performance Contract ESCO Energy Service Company EU European Union GEF Global Environment Facility GEO Global Environment Objective GFA Guarantee Framework Agreement GWh Giga Watt hours IBRD International Bank for Reconstruction and Development ISR Implementation Status and Results Report M&E Monitoring and Evaluation KFPK Krajowy Fundusz Poreczen Kredytowych (National Credit Guarantee Fund) koe Kilogram of oil equivalent MoE Ministry of Economy MPEC Miejskie Przedsiebiorstwo Energetyki Cieplnej (Municipal District Heating Company in Krakow) MWh Mega Watt hours PAD Project Appraisal Document PGF Partial Guarantee Facility PMU Project Management Unit PPP Purchasing Power Parity POE ESCO Przedsiębiorstwo Oszczędzania Energii Energy Service Company TA Technical Assistance TJ Tera Joules TM Thermo-Modernization Vice President: Philippe H. Le Houerou Country Director: Mamta Murthi Sector Manager: Ranjit J. Lamech Project Team Leader: Peter Johansen Primary Author: Kathrin Hofer POLAND ENERGY EFFICIENCY PROJECT CONTENTS Data Sheet A. Basic Information B. Key Dates C. Ratings Summary D. Sector and Theme Codes E. Bank Staff F. Results Framework Analysis G. Ratings of Project Performance in ISRs H. Restructuring I. Disbursement Graph 1. Project Context, Global Environment Objectives and Design ................................... 1 2. Key Factors Affecting Implementation and Outcomes .............................................. 5 3. Assessment of Outcomes .......................................................................................... 12 4. Assessment of Risk to Development Outcome ......................................................... 17 5. Assessment of Bank and Borrower Performance ..................................................... 18 6. Lessons Learned ....................................................................................................... 20 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners .......... 21 Annex 1. Project Costs and Financing .......................................................................... 22 Annex 2. Outputs by Component ................................................................................. 23 Annex 3. Economic and Financial Analysis ................................................................. 25 Annex 4. Bank Lending and Implementation Support/Supervision Processes ............ 30 Annex 5. Beneficiary Survey Results ........................................................................... 32 Annex 6. Stakeholder Workshop Report and Results ................................................... 33 Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR ..................... 34 Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders ....................... 50 Annex 9. List of Supporting Documents ...................................................................... 51 Map ............................................................................................................................... 53 A. Basic Information Energy Efficiency GEF Country: Poland Project Name: Project Project ID: P070246 L/C/TF Number(s): TF-54104 ICR Date: 04/26/2013 ICR Type: Core ICR GOVERNMENT OF Lending Instrument: SIL Borrower: POLAND Original Total USD 11.00M Disbursed Amount: USD 11.00M Commitment: Revised Amount: USD 11.00M Environmental Category: B Global Focal Area: C Implementing Agencies: Bank Gospodarstwa Krajowego Cofinanciers and Other External Partners: B. Key Dates Revised / Actual Process Date Process Original Date Date(s) Concept Review: 11/11/1999 Effectiveness: 03/15/2005 04/28/2011 Appraisal: 11/17/2003 Restructuring(s): 05/24/2011 06/04/2012 Approval: 10/14/2004 Mid-term Review: 08/21/2006 08/21/2007 Closing: 06/30/2011 10/31/2012 C. Ratings Summary C.1 Performance Rating by ICR Outcomes: Moderately Unsatisfactory Risk to Global Environment Outcome Moderate Bank Performance: Moderately Unsatisfactory Borrower Performance: Moderately Satisfactory C.2 Detailed Ratings of Bank and Borrower Performance Bank Ratings Borrower Ratings Quality at Entry: Moderately Satisfactory Government: Moderately Satisfactory Moderately Implementing Quality of Supervision: Moderately Satisfactory Unsatisfactory Agency/Agencies: Overall Bank Moderately Overall Borrower Moderately Satisfactory Performance: Unsatisfactory Performance: i C.3 Quality at Entry and Implementation Performance Indicators Implementation QAG Assessments Indicators Rating Performance (if any) Potential Problem Project Quality at Entry No None at any time (Yes/No): (QEA): Problem Project at any Quality of Yes None time (Yes/No): Supervision (QSA): GEO rating before Moderately Closing/Inactive status Satisfactory D. Sector and Theme Codes Original Actual Sector Code (as % of total Bank financing) Banking 20 20 Energy efficiency in Heat and Power 60 60 Health 10 10 Primary education 10 10 Theme Code (as % of total Bank financing) Climate change 67 67 Other Financial Sector Development 16 16 Other Private Sector Development 17 17 E. Bank Staff Positions At ICR At Approval Vice President: Philippe H. Le Houerou Shigeo Katsu Country Director: Mamta Murthi Roger W. Grawe Sector Manager: Ranjit J. Lamech Hinderikus Busz Project Team Leader: Peter Johansen Peter Johansen ICR Team Leader: Peter Johansen ICR Primary Author: Kathrin Hofer ii F. Results Framework Analysis Global Environment Objectives (GEO) and Key Indicators(as approved) The GEO of the proposed project was to increase public and private sector investments in energy efficiency (EE) in buildings. The project aimed to achieve this by: (i) Overcoming the risk barriers in the financial markets inhibiting commercial bank participation in EE project financing; (ii) Demonstrating the feasibility of packaged investments in higher-cost EE measures in buildings and increasing acceptance of energy performance contracting mechanisms in Poland; and (iii) Stimulating the demand for EE services in the buildings sector and increasing awareness and capacity of commercial banks to originate and implement loan transactions for EE investments. Revised Global Environment Objectives (as approved by original approving authority) and Key Indicators and reasons/justifications The GEO was not revised. (a) GEO Indicator(s) Original Target Formally Actual Value Values (from Revised Achieved at Indicator Baseline Value approval Target Completion or documents) Values Target Years Number of transaction relating to EE projects/ Enery Service Companies Indicator 1 : (ESCOs) in the Polish market (Number of EE/ESCO projects) Value (quantitative or 3,195 28,070 28,115 Qualitative) Date achieved 02/01/2005 10/31/2012 10/31/2012 Comments (incl. % Target achieved and exceeded by 45 transactions achievement) Volume of debt financing relating to EE projects/ ESCOs in the Polish Market Indicator 2 : (US$ million) Value (quantitative or 210 2,075 3,000 Qualitative) Date achieved 02/01/2005 10/31/2012 10/31/2012 Comments Target achieved and exceeded by 45%; the total volume of debt financing for EE (incl. % increased by more than 14 times in 2004-2012 achievement) Indicator 3 : Number of EE/ESCO projects larger than US$250,000 Value (quantitative or 151 1,785 1,830 Qualitative) iii Date achieved 02/01/2005 10/31/2012 10/31/2012 Comments Target achieved and exceeded by 45 projects larger than US$ 250,000; the (incl. % number of higher cost EE/ ESCO projects in the Polish market has been achievement) increasing by more than 12 times in 2004-2012 Number of in-country commercial business that can provide EE services to target Indicator 4 : market Value (quantitative or 452 1,400 1,415 Qualitative) Date achieved 02/01/2005 10/31/2012 10/31/2012 Comments Target achieved; the number of EE service business increased more than 3 times (incl. % in 2004-2012 achievement) (b) Intermediate Outcome Indicator(s) Original Target Actual Value Formally Values (from Achieved at Indicator Baseline Value Revised approval Completion or Target Values documents) Target Years Total investment in EE supported by Thermo-Modernization (TM) loans Indicator 1 : (US$ million) Value (quantitative or 276 2,834 3,128 Qualitative) Date achieved 06/30/2004 10/31/2012 10/31/2012 Comments Target achieved and exceeded by US$294 million EE investments supported by (incl. % TM loans; the total investment volume supported by TM loans has increased by achievement) more than 11 times in 2004-2012 Total investment directly leveraged by TM Investments Component Indicator 2 : (US$ million) Value (quantitative or 0 58.5 49 Qualitative) Date achieved