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Download 511.35 KB Extended Annual Review Report Project Number: 45905-014 Guarantee Number: 7348 October 2019 Foundation Wind Energy I and II Limited Foundation Wind Energy I and II Projects (Pakistan) This is an abbreviated version of the document, which excludes information that is subject to exceptions to disclosure set forth in ADB's Access to Information Policy. CURRENCY EQUIVALENTS Currency unit – Pakistan rupees (PKR) At Appraisal At Project Completion 17 October 2011 28 February 2019 PKR1.00 – $0.0114 $0.0072 $1.00 – PKR88.00 PKR138.95 ABBREVIATIONS ADB – Asian Development Bank COD – commercial operation date EIRR – economic internal rate of return EPA – energy purchase agreement EPC – engineering, procurement, and construction DFI – development finance institution DMF – design and monitoring framework FF – Fauji Foundation FFBL – Fauji Fertilizer Bin Qasim Limited FIRR – financial internal rate of return FWE I – Foundation Wind Energy I Limited FWE II – Foundation Wind Energy II Limited IDB – Islamic Development Bank IFC – International Finance Corporation IIF – Islamic Infrastructure Fund IPP – independent power producer NGO – nongovernment organization NPMV – nonproject missed volume NTDC – National Transmission and Despatch Company O&M – operation and maintenance PCG – partial credit guarantee RRP – report and recommendation of the President WACC – weighted average cost of capital WEIGHTS AND MEASURES GWh (gigawatt-hour) – 1,000,000 kilowatt-hours kWh (kilowatt-hour) – 1,000 watt-hours MW (megawatt) – 1,000,000 watts tCO2 – tons of carbon dioxide ii NOTES (i) The fiscal year (FY) of both Foundation Wind Energy I and II ends on 30 June. “FY” before a calendar year denotes the year in which the fiscal year ends, e.g., FY2019 ends on 30 June 2019. (ii) In this report, "$" refers to United States dollars. Vice-President Diwakar Gupta, Private Sector Operations and Public–Private Partnerships Director General Michael Barrow, Private Sector Operations Department (PSOD) Senior Advisor/ Craig Roberts, Private Sector Operations Department/ Portfolio Officer-in-charge Management Division Team leader Salman Ahmed, Investment Specialist, PSOD Team members Kharis Darunday, Associate Investment Officer, PSOD Jhiedon Florentino, Economics Officer, PSOD Arlene Porras, Senior Safeguards Officer, PSOD Raneliza Samiano, Safeguards Officer, PSOD In preparing any country program or strategy, financing any project, or by making any designation of or reference to a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area. CONTENTS Page BASIC DATA i EXECUTIVE SUMMARY ii I. THE PROJECT 1 A. Project Background 1 B. Key Project Features 1 C. Progress Highlights 2 II. EVALUATION 3 A. Project Rationale and Objectives 3 B. Development Results 4 C. ADB Additionality 7 D. ADB Investment Profitability 7 E. ADB Work Quality 8 F. Overall Evaluation 8 III. ISSUES, LESSONS, AND RECOMMENDED FOLLOW-UP ACTIONS 9 A. Issues and Lessons 9 B. Recommended Follow-Up Actions 10 APPENDIXES 1. Project-Related Data 11 2. Results and Ratings for Project Contributions to Private Sector Development and 13 ADB Strategic Development Objectives—Infrastructure 3. Sector Review 17 4. Environmental Impact 20 5. Social Impact 23 6. Reevaluation of Financial Internal Rate of Return and Weighted Average Cost of 26 Capital 7. Reevaluation of Economic Internal Rate of Return 33 i BASIC DATA Foundation Wind Energy I and II Limited Foundation Wind Energy I and II Projects (GU No. 7348 – Pakistan) As per ADB Loan Documents Actual Key Project Data ($ million) ($ million) Total Project Cost: FWE I 135.55 129.92 FWE II 134.90 126.55 ADB Investment: Guarantee: Committed FWE I 33.43 33.43 FWE II 33.18 33.18 Called FWE I nil nil FWE II nil nil Debt–Equity Ratio at Completion FWE I 75:25 74:26 FWE II 75:25 72:28 Key Dates Expected Actual Concept Clearance Approval 28 March 2011 Board Approval 8 December 2011 Financial Agreements Signed 29 February 2012 18 May 2012 First Disbursement of Guaranteed Loan FWE I 29 March 2012 23 August 2013 FWE II 29 March 2012 16 April 2013 Final Disbursement of Guaranteed Loan FWE I 29 May 2013 3 November 2014 FWE II 29 May 2013 17 August 2014 Commercial Operation Date FWE I 1 June 2013 11 April 2015 FWE II 1 June 2013 10 December 2014 Financial and Economic Internal Rates of Appraisal Extended annual Return (%) review report Financial Internal Rate of Return FWE I 11.60 10.51 FWE II 11.54 10.30 Economic Internal Rate of Return FWE I 12.42 13.20 FWE II 12.41 13.00 Project Administration and Monitoring Dates Investment appraisal 15-18, 31 August 2011; 27-28 September 2011 Project administration 30 June 2012; 24 September 2012; 13-14, 18-19 February 2014; 17 February 2015; 20 April 2015; 2-4 February 2016; 13-14 April 2017; and 27 April 2018 Extended annual review report mission 2-3 April 2019 and 21-22 May 2019 ii EXECUTIVE SUMMARY On 8 December 2011, the Board of Directors of the Asian Development Bank (ADB) approved, for two wind power projects in Pakistan, (i) a partial credit guarantee (PCG) of up to $33.43 million in favor of the Islamic Development Bank (IDB) in respect of IDB’s financing of Foundation Wind Energy I Limited (FWE I), and (ii) a PCG of up to $33.18 million in favor of IDB in respect of IDB’s financing of the Foundation Wind Energy II Limited (FWE II). The two projects were developed when Pakistan was facing a severe power generation shortfall, prompting an intensifying need to increase generation capacity and diversify the generation mix towards indigenous and less expensive sources of power, including renewable energy, particularly wind and solar. The projects consist of two 50-megawatt (MW) wind power farms located in the Gharo wind corridor, 54 kilometers southeast of Karachi, Pakistan’s industrial and commercial hub. The projects were among the first wind independent power producers (IPPs) to be awarded letters of intent under the Renewable Energy Policy 2006. The projects have been evaluated for their (i) development results; (ii) ADB additionality; (iii) ADB investment profitability; and (iv) ADB work quality. The development results of the projects have been rated as satisfactory based on performance across the following four dimensions: (i) contributions to private sector development and ADB strategic development objectives; (ii) economic performance; (iii) environment, social, health and safety performance; and (iv) business success. The contributions to private sector development and ADB strategic development objectives are rated satisfactory. The projects have paved the way for Pakistan’s wind IPP sector. Currently, there are 24 completed wind IPPs with installed generation capacity of 1,245MW. The two projects have been directly beneficial in supporting new wind IPPs in the Gharo corridor. Presently, there are six wind IPPs in Gharo with a total installed capacity of 302.8MW. Additionally, 46 wind IPPs with a total capacity of 2,898MW are at an early stage of project development. The projects’ objectives were consistent with ADB’s strategic objectives. The projects’ economic performance is rated satisfactory. The economic internal rate of return was recalculated at 13.20% for FWE I and 13.00% for FWE II, higher than the rate indicated at appraisal. The projects are rated satisfactory for environmental, social, health, and safety performance, based on a review and evaluation of available safeguard documents, observations from site visits, and interviews with various stakeholders. The projects are rated satisfactory for business success. The financial internal rate of return was recalculated at 10.51% for FWE I and 10.30% for FWE II. This compares favorably with the weighted average cost of capital of approximately 8%. ADB’s additionality is rated excellent. ADB’s involvement in the projects (i) gave confidence to project parties, particularly local financial institutions, at a time when there was limited local appetite for wind IPPs; (ii) enabled the financing structure to be fully Shariah compliant, catalyzing local Islamic financing for infrastructure in Pakistan; and (iii) facilitated the equity investment of the Islamic Infrastructure Fund (IIF). iii The project is rated satisfactory for ADB’s investment profitability. The PCGs are priced in line with similar deals in Pakistan’s power sector. They also benefit from a 50% Swedish International Development Cooperation Agency guarantee. The PCGs have never been called and there have been no loss provisions or write-offs to date. All guarantee fees were paid on time. ADB’s work quality is rated satisfactory. ADB’s effectiveness in screening, appraisal, and structuring is rated satisfactory. The projects are in line with ADB’s country, energy sector, private sector development, and environmental protection strategies. ADB is up to date and well informed on the projects’ progress and performance. Waiver requests are addressed in a balanced manner considering both the projects’ needs and ADB’s interests. Overall, the projects are rated successful. The projects’ main issues and lessons learned are: (i) pioneer and early stage projects have the highest developmental impact and greatest need for ADB support; (ii) suitable sponsor selection is critical for success, especially for early stage projects; and (iii) the catalytic impact of early stage projects is much more substantial than the projects’ immediate impacts. ADB will continue to monitor the projects’ energy generation, particularly tracking grid stability and reliability and its impact on the projects’ ability to achieve their full generation and greenhouse carbon emissions avoidance targets. I. THE PROJECT A. Project Background 1. On 8 December 2011, the Board of Directors of the Asian Development Bank (ADB) approved, for two wind power projects in Pakistan, (i) a partial credit guarantee (PCG) of up to $33.43 million in favor of the Islamic Development Bank (IDB) in respect of IDB’s financing of Foundation Wind Energy I Limited (FWE I), and (ii) a PCG of up to $33.18 million in favor of IDB in respect of IDB’s financing of Foundation Wind Energy II Limited (FWE II).
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