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FP164: Green Growth Equity Fund FP164: Green Growth Equity Fund India | Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) | Decision B.28/04 6 April 2021 Project/Programme title: Green Growth Equity Fund Country(ies): India Accredited Entity: FMO, Netherlands Date of first submission: 2020/05/18 Date of current submission 2020/12/10 Version number [V.03] GREEN CLIMATE FUND FUNDING PROPOSAL V.2.1 | PAGE 2 OF 77 Contents Section A PROJECT / PROGRAMME SUMMARY Section B PROJECT / PROGRAMME INFORMATION Section C FINANCING INFORMATION Section D EXPECTED PERFORMANCE AGAINST INVESTMENT CRITERIA Section E LOGICAL FRAMEWORK Section F RISK ASSESSMENT AND MANAGEMENT Section G GCF POLICIES AND STANDARDS Section H ANNEXES Note to Accredited Entities on the use of the funding proposal template • Accredited Entities should provide summary information in the proposal with cross-reference to annexes such as feasibility studies, gender action plan, term sheet, etc. • Accredited Entities should ensure that annexes provided are consistent with the details provided in the funding proposal. Updates to the funding proposal and/or annexes must be reflected in all relevant documents. • The total number of pages for the funding proposal (excluding annexes) should not exceed 60. Proposals exceeding the prescribed length will not be assessed within the usual service standard time. • The recommended font is Arial, size 11. • Under the GCF Information Disclosure Policy, project and programme funding proposals will be disclosed on the GCF website, simultaneous with the submission to the Board, subject to the redaction of any information that may not be disclosed pursuant to the IDP. Accredited Entities are asked to fill out information on disclosure in section G.4. Please submit the completed proposal to: [email protected] Please use the following name convention for the file name: “FP-[Accredited Entity Short Name]-[Country/Region]-[YYYY/MM/DD]” GREEN CLIMATE FUND FUNDING PROPOSAL V.2.1 | PAGE 3 OF 77 PROJECT/PROGRAMME SUMMARY A.1. Project or A.2. Public or private Programme Private programme sector If the funding proposal is being submitted in response to a specific GCF Request for Proposals, A.3. Request for indicate which RFP it is targeted for. Please note that there is a separate template for the Proposals (RFP) Simplified Approval Process and REDD+. Not applicable Check the applicable GCF result area(s) that the overall proposed project/programme targets. For each checked result area(s), indicate the estimated percentage of GCF budget devoted to it. The total of the percentages when summed should be 100%. Mitigation: Reduced emissions from: GCF contribution: 33% ☒ Energy access and power generation: 23% ☒ Low-emission transport: 44% ☒ Buildings, cities, industries and appliances: A.4. Result area(s) 0% ☐ Forestry and land use: Adaptation: Increased resilience of: Most vulnerable people, communities and regions: 0% ☐ Health and well-being, and food and water security: 0% ☐ 0% Infrastructure and built environment: ☐ 0% ☐ Ecosystem and ecosystem services: 166 mn t CO2eq (at a fund size of USD 700 mn, over Indicate total number of direct A.5. Expected mitigation implementation period of A.6. Expected adaptation and indirect beneficiaries impact the Fund – includes impact impact from GGEF equity Indicate % of population investment only) A.7. Total financing (GCF 944,500,000 USD + co-finance) Large (Over USD 250 A.9. Project size million) A.8. Total GCF funding 137,000,000 USD For multi-country proposals, requested please fill out annex 17. Mark all that apply and provide total amounts. The sum of all total amounts should be consistent with A.8. A.10. Financial Grant USD 4.5 million instrument(s) requested ☒ ☒ Equity USD 132.5 million for the GCF funding Loan Enter number ☐ ☐ Results-based payment Enter number ☐ Guarantee Enter number 10 years (subject to two 10 years which may be A.11. Implementation consecutive one-year A.12. Total lifespan extended for a further two period extensions) consecutive one-year periods This is the date that the Refer to the AE’s safeguard Accredited Entity obtained/will policy and GCF ESS obtain its own approval to A.13. Expected date of Standards to assess your FP implement the project/ A.14. ESS category AE internal approval category. programme, if available. Q1 2021 I-1 A.15. Has this FP been A.16. Has Readiness or submitted as a CN Yes ☒ No ☐ PPF support been used Yes ☐ No ☒ before? to prepare this FP? A.17. Is this FP included A.18. Is this FP included in the entity work Yes ☐ No ☒ ☐ in the country Yes ☐ No ☒ programme? programme? GREEN CLIMATE FUND FUNDING PROPOSAL V.2.1 | PAGE 4 OF 77 Does the project/programme complement other climate finance funding (e.g. GEF, AF, A.19. Complementarity CIF, etc.)? If yes, please elaborate in section B.1. and coherence Yes ☐ No ☒ Investment Manager of the Domestic Fund (India) EverSource Capital Private Limited (“ECPL” or “EverSource”) Address: One Indiabulls Centre, Tower 2A, 16th Floor, Elphinstone (W), Mumbai 400013 Registration: ECPL is a private limited company incorporated under the laws of India and has been designated as the external Alternative Investment Fund Manager (AIFM) of Green Growth Equity Fund, for the purposes of the Alternative Investment Fund Managers Directive (AIFMD). As an AIFM, the Investment Manager is responsible for the portfolio and risk management of the Fund. The Offshore Fund Green Growth Feeder Fund Pte. Ltd. (“GGFF”) 163 Penang Road A.20. Executing Entity #08-01 information Winsland House II Singapore (238463) Investment Manager of the Offshore Fund (Singapore) Everstone Capital Asia Pte. Ltd. (“ECA”) 163 Penang Road #08-01 Winsland House II Singapore (238463) Institutional investors prefer well-established jurisdictions with robust regulatory standards. Everstone Capital Asia is a reputable manager domiciled in Singapore and regulated by the Monetary Authority of Singapore, as will be the Offshore Fund. A.21. Executive summary (max. 750 words, approximately 1.5 pages) GREEN CLIMATE FUND FUNDING PROPOSAL V.2.1 | PAGE 5 OF 77 India faces a major climate change challenge. During the last century, India’s average temperature increased by around 0.7°C (1901–2018), largely on account of anthropogenic Greenhouse Gas (GHG) emission-induced warming (see mitigation profile of India under section B.1, as well as discussions under section B.2). By the end of the twenty-first century, these temperatures are projected to rise by approximately 2.4°C to 4.7°C1. Extreme weather events and natural hazards will increase in frequency and severity in the coming decade, putting pressure on the country’s critical natural resources such as water, damaging infrastructure and threatening livelihoods of its population (see climate impact trends in section B.1). In the absence of rapid and far-reaching mitigation and adaptation measures, the impacts of climate change are likely to pose challenges to the country’s economic development - India can lose the equivalent of 1.8% of GDP by 2050. To date, India has proactively pursued mitigation and adaptation activities and achieved a reduction in emission intensity of GDP by 21% over the period 2005-2014. India is on track to meet its Copenhagen commitments, however, to meet its Paris commitments and fully implement its Nationally Determined Contributions (NDCs) in a timely manner, India requires enhanced new and additional financial, technological and capacity building support2. Total investment needs to ensure low carbon and climate resilient pathways is estimated at USD 2.5 trillion over 2016-20303. A study by Climate Policy Initiative (CPI) finds that India is mobilizing less than 25% of the investment needed to reach this target (CPI, 2020). The mitigation and adaptation gaps are especially evident in the infrastructure sector, with the government facing budgetary constraints and limited capacity to structure and deliver green infrastructure projects. The proposed programme blends equity and grant capital to accelerate the uptake of green infrastructure projects in India. For the purposes of this funding proposal, the term green infrastructure involves investments into the energy value chain4, water, waste and transport sectors that promote low carbon and climate resilient initiatives in line with India’s climate objectives and sustainable development goals. This proposal seeks USD 132.5 million in Equity and USD 4.5 million in technical Assistance (TA) Grant from the Green Climate Fund. The proposed programme is hence structured under 2 components (Refer to section B.3. for details). Component I: Equity investment into Green Growth Equity Fund (GGEF) - an alternative investment fund with a mandate to mobilize public and private sector capital at scale for long-term, equity investments into India’s green infrastructure projects. The targeted fund size is up to USD 940 million; with equity funding of up to USD 132.5 million from the Green Climate Fund with a de-risking feature to catalyze new and additional finance from institutional investors. Component II: Technical Assistance (“TA”) Grant funding to set up a complimentary USD 4.5 million Technical Assistance Facility at GGEF to address capacity, knowledge and policy gaps hindering uptake of green infrastructure projects in India. The programme is innovatively structured to provide additional finance, which is complimentary to existing initiatives in India, while providing necessary technical assistance support to create an enabling environment for uptake of green infrastructure projects (refer to section B.2 for theory of change). This integrated approach to finance enables acceleration of the transfer of low-carbon technologies as well as innovative business models in targeted sectors, while contributing to a systematic shift towards green infrastructure project planning and deployment through capacity building, policy dialogue and knowledge building activities. The programme is well aligned with India’s NDCs and National Climate Action Plan (NAPC), as well various policy and regulatory incentives (see additionality of the programme to respond to India’s mitigation and adaptation needs under section B.1).
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