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DBSA Climate Finance Facility

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DBSA Climate Finance Facility FP098: DBSA Climate Finance Facility South Africa & Southern Africa Development Community (SADC) Region | Development Bank of Southern Africa (DBSA) | Decision B.21/34 28 November 2018 ■ Project/Programme Title: DBSA Climate Finance Facility South Africa & Southern Africa Development Community Country/Region: (SADC) Region Accredited Entity: Development Bank of Southern Africa Date of Submission: March 29, 2018 Contents Section A PROJECT / PROGRAMME SUMMARY Section B FINANCING / COST INFORMATION Section C DETAILED PROJECT / PROGRAMME DESCRIPTION Section D RATIONALE FOR GCF INVOLVEMENT Section E EXPECTED PERFORMANCE AGAINST INVESTMENT CRITERIA Section F APPRAISAL SUMMARY Section G RISK ASSESSMENT AND MANAGEMENT Section H RESULTS MONITORING AND REPORTING Section I ANNEXES Note to accredited entities on the use of the funding proposal template • Sections A, B, D, E and H of the funding proposal require detailed inputs from the accredited entity. For all other sections, including the Appraisal Summary in section F, accredited entities have discretion in how they wish to present the information. Accredited entities can either directly incorporate information into this proposal, or provide summary information in the proposal with cross-reference to other project documents such as project appraisal document. • The total number of pages for the funding proposal (excluding annexes) is expected not to exceed 50. Please submit the completed form to: [email protected] Please use the following name convention for the file name: “[FP]-[Agency Short Name]-[Date]-[Serial Number]” PROJECT / PROGRAMME SUMMARY GREEN CLIMATE FUND FUNDING PROPOSAL | PAGE 1 OF 114 A LIST OF KEY ABBREVIATIONS AE ACCREDITED ENTITY BCIC BOARD CREDIT AND INVESTMENT COMMITTEE CFF CLIMATE FINANCE FACILITY CFU CLIMATE FINANCE UNIT CEA CONTROLLED ENVIRONMENT AGRICULTURE CFL COMPACT FLUORESCENT LAMPS CGC COALITION FOR GREEN CAPITAL C&I COMMERCIAL AND INDUSTRIAL CPI CLIMATE POLICY INITIATIVE DBSA DEVELOPMENT BANK OF SOUTHERN AFRICA DEA DEPARTMENT OF ENVIRONMENTAL AFFAIRS DOE DEPARTMENT OF ENERGY DST DEPARTMENT OF SCIENCE AND TECHNOLOGY DWS DEPARTMENT OF WATER AND SANITATION EE ENERGY EFFICIENCY EV ELECTRIC VEHICLE EIA ENVIRONMENTAL IMPACT ASSESSMENT ERR EARLY REVIEW REPORT ESCO ENERGY SERVICE PERFORMANCE CONTRACTORS (ESCO) DFI DEVELOPMENT FINANCE INSTITUTIONS EIB EUROPEAN INVESTMENT BANK FOLU FORESTRY AND OTHER LAND USE GHG GREENHOUSE GAS IC INVESTMENT COMMITTEE INDC INTENDED NATIONALLY DETERMINED CONTRIBUTIONS IPP INDEPENDENT POWER PRODUCER FBL FOOD POVERTY LINE FDI FOREIGN DIRECT INVESTMENT GEF GLOBAL ENVIRONMENT FACILITY GOF GLOBAL OUTCOMES FUND GCF GREEN CLIMATE FUND IRENA INTERNATIONAL RENEWABLE ENERGY AGENCY JSE JOHANNESBURG STOCK EXCHANGE JIBAR JOHANNESBURG INTERBANK AVERAGE RATE LBPL LOWER-BOUND POVERTY LINE M&E MONITORING AND EVALUATION MSME MICRO, SMALL TO MEDIUM ENTERPRISES NAMA NATIONALLY APPROPRIATE MITIGATION ACTIONS NAP NATIONAL ADAPTATION PLAN NCD NEGOTIABLE CERTIFICATES OF DEPOSITS NDA NATIONAL DESIGNATED AUTHORITY NDB NATIONAL DEVELOPMENT BANK NDC NATIONALLY DETERMINED CONTRIBUTIONS NDP NATIONAL DEVELOPMENT PLAN NERSA NATIONAL ENERGY REGULATOR OF SOUTH AFRICA NOL NO-OBJECTION LETTER NPC NATIONAL PLANNING COMMISSION NSSD NATIONAL STRATEGY FOR SUSTAINABLE DEVELOPMENT AND ACTION PLAN OECD ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT OEU OPERATIONS AND EVALUATION UNIT PACE PROPERTY ASSESSED CLEAN ENERGY PAR PROJECT APPRAISAL REPORT PAYS PAY AS YOU SAVE PPU PROJECT PREPARATION UNIT PPA POWER PURCHASE AGREEMENTS PPP PUBLIC-PRIVATE PARTNERSHIP 1 PROJECT / PROGRAMME SUMMARY GREEN CLIMATE FUND FUNDING PROPOSAL | PAGE 2 OF 114 A RE RENEWABLE ENERGY REIPPPP RENEWABLE ENERGY INDEPENDENT POWER PRODUCER PROCUREMENT PROGRAMME RFP REQUEST FOR PROPOSALS SA SOUTH AFRICA SADC SOUTH AFRICA & SOUTHERN AFRICA DEVELOPMENT COMMUNITY SAPP SOUTHERN AFRICAN POWER POOL SARB SOUTH AFRICAN RESERVE BANK SCF SUPPLY CHAIN FINANCE SME SMALL AND MEDIUM-SIZED ENTERPRISES SPIPPP SMALL PROJECTS INDEPENDENT POWER PRODUCER PROCUREMENT PROGRAMME SPU STRUCTURED PRODUCTS UNIT SSEG SMALL SCALE EMBEDDED GENERATION UPBL UPPER-BOUND POVERTY LINE USD UNITED STATES DOLLAR USTDA UNITED STATES TRADE AND DEVELOPMENT AGENCY WPA WATER PURCHASE AGREEMENTS ZAR SOUTH AFRICAN RAND 2 PROJECT / PROGRAMME SUMMARY GREEN CLIMATE FUND FUNDING PROPOSAL | PAGE 3 OF 114 A A.1. Brief Project / Programme Information A.1.1. Project / programme title DBSA Climate Finance Facility (CFF) A.1.2. Project or programme programme South Africa and Rand-based economies (Swaziland, A.1.3. Country (ies) / region Namibia, Lesotho) A.1.4. National designated authority (ies) South Africa Department of Environmental Affairs (DEA) A.1.5. Accredited entity Development Bank of Southern Africa (DBSA) A.1.5.a. Access modality ☒ Direct ☐ International Executing Entity: Development Bank of Southern Africa A.1.6. Executing entity / beneficiary Beneficiary: Micro (≤10) A.1.7. Project size category (Total investment, million ☐ ☐ Small (10<x≤50) USD) Medium (50<x≤250) X ☐ Large (>250) A.1.8. Mitigation / adaptation focus ☐ Mitigation ☐ Adaptation ☒ Cross-cutting A.1.9. Date of submission March 20, 2018 Contact person, position Olympus Manthata, Climate Finance Unit Head Organization DBSA A.1.10. Project Email address [email protected] contact details Telephone number 27 11 313 5238 1258 Lever Road Headway Hill Mailing address Midrand 1685 , Gauteng South Africa A.1.11. Results areas (mark all that apply) Reduced emissions from: Energy access and power generation ☒ (E.g. on-grid, micro-grid or off-grid solar, wind, geothermal, etc.) Low emission transport ☒ (E.g. high-speed rail, rapid bus system, etc.) Buildings, cities and industries and appliances ☒ (E.g. new and retrofitted energy-efficient buildings, energy-efficient equipment for companies and supply chain management, etc.) Forestry and land use ☐ (E.g. forest conservation and management, agroforestry, agricultural irrigation, water treatment and management, etc.) Increased resilience of: Most vulnerable people and communities ☐ (E.g. mitigation of operational risk associated with climate change – diversification of supply sources and supply chain management, relocation of manufacturing facilities and warehouses, etc.) Health and well-being, and food and water security ☒ (E.g. climate-resilient crops, efficient irrigation systems, etc.) ☐ Infrastructure and built environment (E.g. sea walls, resilient road networks, etc.) Ecosystem and ecosystem services ☒ (E.g. ecosystem conservation and management, ecotourism, etc.) 3 PROJECT / PROGRAMME SUMMARY GREEN CLIMATE FUND FUNDING PROPOSAL | PAGE 4 OF 114 A A.2. Project / Programme Executive Summary (max 300 words) Please provide a brief description of the proposed project/programme, including the objectives and primary measurable benefits (see investment criteria in section E). The detailed description can be elaborated in section C. The DBSA Climate Finance Facility Programme (“the Programme” or “CFF”) is a lending facility that aims to address market constraints, play a catalytic role with a blended finance approach, to increase climate related investments in the Southern African region. The lending facility will consist of credit enhancements focused on first loss or subordinated debt and tenor extensions to catalyze private sector climate investments. The CFF will be a first-of-its-kind application based on the Green Bank model, adapted for emerging market conditions. It offers globally significant proof-of-concept value to middle and lower income nations seeking to address market barriers and quickly scale up the high levels of private investment required by Paris climate commitments. The CFF Programme will fill market gaps and crowd-in private investment, targeting commercially viable technologies that cannot currently attract market-rate capital at scale. It will focus on infrastructure projects that mitigate or adapt to climate change and utilize two main instruments: subordinated debt / first-loss and credit enhancements such as tenor extension to projects that are commercially viable but not currently being financed by the private sector banks. It should be noted that CFF will not fund projects that could be funded solely by commercial banks. Projects will be required to demonstrate that they are focused on technically and economically feasible transactions where there is market interest but limited capital availability due to specific financing gaps and barriers. Developers will also be required to show that project cannot be fully financed by the private sector. Projects will be required to show that they involve financial participation by one or more private sector financial parties and that it will have some transformative effect on markets in terms of scale, improved private sector participation, confidence in clean energy investments, or other aspects. The activities of the CFF are expected to result in reduction or avoidance of 29,727,942 tonnes of carbon dioxide equivalent (t CO2 eq through support of climate mitigation measures alone during the lifetime of the programme. In terms of the potential adaptation impact through water efficiency, treatment and clean water outputs in the private sector, the CFF has the potential to create at least 132 jobs through installation and save 22 600 jobs through the installation of water systems (avoiding dismissal due to water shortages). The expected number of indirect beneficiaries is 410 963. The DBSA’s CFF will deliver outcomes related to each of the GCFs Investment
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