Document of The World Bank Public Disclosure Authorized Report No: ICR2855 IMPLEMENTATION COMPLETION AND RESULTS REPORT (TF-57107) Public Disclosure Authorized ON A GRANT FROM THE GLOBAL ENVIRONMENT FACILITY TRUST FUND IN THE AMOUNT OF US$5.5 MILLION TO THE FORMER YUGOSLAV REPUBLIC OF MACEDONIA Public Disclosure Authorized FOR A SUSTAINABLE ENERGY PROJECT September 26, 2013 Public Disclosure Authorized Sustainable Development Department South East Europe Country Unit Europe and Central Asia Region CURRENCY EQUIVALENTS (Exchange Rate Effective March 2013) Currency Unit = US$ Euro 1.00 = US$ 1.30 US$ 1.00 = Euro 0.77 FISCAL YEAR January 1 – December 31 ABBREVIATIONS AND ACRONYMS EA Energy Agency EE Energy Efficiency ESCO Energy Service Company FIRR Financial Internal Rate of Return FiT Feed-in-Tariff GEF Global Environment Facility GEO Global Environment Objective GHG Greenhouse Gas GoM Government of Macedonia GWh Gigawatt-hour ICR Implementation Completion and Results report ISR Implementation Status and Results report kWh Kilowatt-hour MBDP Macedonian Bank for Development and Promotion M&E Monitoring & Evaluation MoE Ministry of Economy MoU Memorandum of Understanding MWh Megawatt-hour NPEEBP National Plan for Energy Efficiency in Public Buildings PAD Project Appraisal Document PDO Project Development Objective PIU Project Implementation Unit PV Photovoltaic RE Renewable Energy SEFF Sustainable Energy Financing Facility TA Technical Assistance Vice President: Laura Tuck Country Director: Ellen Goldstein Sector Manager: Ranjit Lamech Project Team Leader: Peter Johansen ICR Team Leader: Peter Johansen ICR Primary Author: Stephanie Gil FYR of Macedonia Sustainable Energy 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 ........................................................... 4 3. Assessment of Outcomes ........................................................................................................ 8 4. Assessment of Risk to Development Outcome ..................................................................... 13 5. Assessment of Bank and Borrower Performance ................................................................. 14 6. Lessons Learned .................................................................................................................... 16 7. Comments on Issues Raised by Borrower/Implementing Agencies/Partners ...................... 17 Annex 1. Project Costs and Financing ....................................................................................... 18 Annex 2. Outputs by Component ............................................................................................. 19 Annex 3. Economic and Financial Analysis ................................................................................ 21 Annex 4. Bank Lending and Implementation Support/Supervision Processes ......................... 37 Annex 5. Beneficiary Survey Results ......................................................................................... 38 Annex 6. Stakeholder Workshop Report and Results ............................................................... 45 Annex 7. Summary of Borrower's ICR and/or Comments on Draft ICR .................................... 46 Annex 8. Comments of Cofinanciers and Other Partners/Stakeholders .................................. 65 Annex 9. List of Supporting Documents .................................................................................... 66 Annex 10. List Indicators from Restructuring 1 paper .............................................................. 67 MAP ........................................................................................................................................... 71 A. Basic Information Macedonia, former Sustainable Energy Country: Project Name: Yugoslav Republic of GEF Project Project ID: P089656 L/C/TF Number(s): TF-57107 ICR Date: 09/30/2013 ICR Type: Core ICR MINISTRY OF Lending Instrument: SIL Borrower: ECONOMY Original Total USD 5.50M Disbursed Amount: USD 5.46M Commitment: Revised Amount: USD 5.50M Environmental Category: F Global Focal Area: C Implementing Agencies: PIU within the Ministry of Economy MBDP Cofinanciers and Other External Partners: B. Key Dates Revised / Actual Process Date Process Original Date Date(s) Concept Review: 09/28/2004 Effectiveness: 07/31/2007 06/16/2010 04/03/2012 Appraisal: 07/11/2006 Restructuring(s): 08/28/2012 01/16/2013 Approval: 12/19/2006 Mid-term Review: 04/15/2010 02/05/2010 Closing: 03/31/2011 03/30/2013 C. Ratings Summary C.1 Performance Rating by ICR Outcomes: Moderately Satisfactory Risk to Global Environment Outcome Moderate Bank Performance: Moderately Satisfactory Borrower Performance: Moderately Satisfactory C.2 Detailed Ratings of Bank and Borrower Performance Bank Ratings Borrower Ratings Moderately Quality at Entry: Moderately Satisfactory Government: Unsatisfactory Moderately Implementing Quality of Supervision: Moderately Satisfactory Unsatisfactory Agency/Agencies: Overall Bank Overall Borrower Moderately Satisfactory Moderately Satisfactory Performance: Performance: 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) Central government administration 18 18 Energy efficiency in Heat and Power 46 46 Other Renewable Energy 36 36 Theme Code (as % of total Bank financing) Climate change 40 40 Micro, Small and Medium Enterprise support 20 20 Other Private Sector Development 20 20 Regulation and competition policy 20 20 E. Bank Staff Positions At ICR At Approval Vice President: Laura Tuck Shigeo Katsu Country Director: Ellen A. Goldstein Orsalia Kalantzopoulos Sector Manager: Ranjit J. Lamech Charles M. Feinstein Project Team Leader: Peter Johansen Peter Johansen ICR Team Leader: Peter Johansen ICR Primary Author: Stephanie Gil F. Results Framework Analysis Global Environment Objectives (GEO) and Key Indicators(as approved) The GEO was to reduce GHG emissions on a continuous basis by overcoming barriers to implementation of energy efficiency and renewable energy. The development objective of the project was to develop a sustainable market for EE and RE by supporting the development of an enabling framework, institutional capacity, and necessary financing mechanisms. Specifically, the project would: - Change the current unfavorable investment and incentive conditions and create an enabling environment in Macedonia that fosters the development of sustainable energy utilization (in this context defined as efficient use of energy and use of renewable energy sources) through providing financial, methodological, informational, and institutional support; - Support a large increase in energy efficiency (EE) investment in Macedonia through development of a self-sustaining, market-based financing mechanism based on a principle of commercial co-financing. The project's goal is focused on the development and implementation of financially profitable EE projects, which can provide sustainable and increasing reductions in GHG emissions without relying on public subsidy; and - Increase the availability of financing for renewable energy (RE) investments, enterprises and intermediaries through the establishment of a financial facility with a long-term time horizon, which will provide seed capital for debt co-financing of RE projects. Revised Global Environment Objectives (as approved by original approving authority) and Key Indicators and reasons/justifications The GEO and the PDO were not revised, however the GEO, PDO and Intermediate indicators were amended at Restructuring 1. The indicators below reflect the post- restructuring 1 indicators and formally revised target values, as agreed with ECA Quality. Please note that the formally revised target values in Restructuring Paper 1 are annual and not cumulative as stated in the paper. (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 Introduction of an enabling regulatory and incentive framework for RE-based Indicator 1 : power and heat production Delivery of a As original, Value comprehensive RE including Original and target (quantitative or n/a market framework additional values fully Qualitative) including wind achieved rulebooks, measurement guidance, program and procedures, FiTs, focus on bidding packages implementatio for hydropower. n through a large scale solar PV project Date achieved 11/27/2006 03/31/2011 09/30/2012 09/30/2012 Comments (incl. % A comprehensive framework was delivered and target was fully achieved. achievement) Indicator 2 : Total RE capacity licensed Value (quantitative or 0 MW 10 MW 8.4 MW 111.3 MW Qualitative) Date achieved 11/27/2006 03/31/2011 09/30/2012 03/31/2013 Comments The comprehensive RE framework delivered as part of the Project triggered a (incl.
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