The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Renewable Energy Fund (P160699) EASTERN AND SOUTHERN AFRICA | Rwanda | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2017 | Seq No: 14 | ARCHIVED on 29-Jun-2022 | ISR51672 | Implementing Agencies: Development Bank of Rwanda (BRD), Government of Rwanda Key Dates Key Project Dates Bank Approval Date: 20-Jun-2017 Effectiveness Date: 03-Nov-2017 Planned Mid Term Review Date: 30-Sep-2019 Actual Mid-Term Review Date: 01-Nov-2019 Original Closing Date: 30-Sep-2023 Revised Closing Date: 30-Sep-2023 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to increase electricity access in Rwanda through off-grid technologies and facilitate private-sector participation in renewable off-grid electrification. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Line of Credit and Direct Financing for Off-grid Electrification:(Cost $45.94 M) Technical Assistance, Capacity Building, and Project Implementation Support:(Cost $3.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Moderately Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Moderately Satisfactory Overall Risk Rating Substantial Substantial Implementation Status and Key Decisions The Renewable Energy Fund (REF) project was approved on June 20, 2017 and effective on November 3, 2017. The REF project has five financing windows (Window 1: SACCOs; Window 2: Commercial banks and MFIs; Window 3: Mini-grids developers; Window 4: Direct lending to off-grid solar companies; and Window 5: Result-based partial grant to off-grid solar companies). Project implementation progress continues to accelerate and remains on track for the achievement of the PDO. 6/29/2022 Page 1 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate High High Macroeconomic Moderate High High Sector Strategies and Policies Substantial Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Substantial Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Moderate Moderate Moderate Stakeholders Low Substantial Substantial Other -- High High Overall Substantial Substantial Substantial Results PDO Indicators by Objectives / Outcomes Increase electricity access in Rwanda through off-grid technologies IN01148212 ►People provided with new or improved electricity service (Corporate Results Indicator) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 340,704.00 837,248.00 1,800,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148213 Of which women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 176,794.00 400,969.00 936,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148214 ►Enterprises provided with access to electricity (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,309.00 2,203.00 27,500.00 6/29/2022 Page 2 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148215 ►Annual electricity output from renewable energy (MWh/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,298.00 5,058.00 13,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 Facilitate private-sector participation in renewable off-grid electrification IN01148211 ►Increased private sector investment in renewable energy electrification (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,067,627.00 8,718,898.00 41,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 Intermediate Results Indicators by Components Line of Credit and Direct Financing for Off-grid Electrification IN01148217 ►Number of districts covered by participating market enablers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 30.00 30.00 30.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148219 ►Number of participating SACCOs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 56.00 57.00 30.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 Number of SACCOs that have signed the Subsidiary Financing Agreement (SFA) with BRD. Comments: IN01148220 ►Total funding drawdown by SACCOs from the facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,576,880.00 1,696,849.00 4,000,000.00 6/29/2022 Page 3 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148221 ►Total funding onlent by SACCOs to households and enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 317,178.00 364,482.00 4,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148222 ►Total funding onlent by SACCOs to female applicants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 35.00 37.00 30.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148223 ►Average NPL ratio of SACCOs portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 5.50 9.30 5.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148224 ►Number of SACCOs trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 68.00 68.00 30.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148225 ►Number of participating Banks (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.00 8.00 10.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148226 ►Total funding drawdown by Banks from the facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2,722,104.00 2,915,934.00 8,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148227 6/29/2022 Page 4 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) ►Total funding onlent by Banks to households and enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 201,215.00 1,183,350.00 8,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148228 ►Total funding onlent by Banks to female applicants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148229 ►Average NPL ratio of Banks portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.90 4.70 5.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148230 ►Total funding onlent to mini-grid developers (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148231 ►Number of people provided with access to electricity by household connections (mini-grids) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 105,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148232 ►Renewable energy generation capacity in mini-grids constructed under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.10 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148233 ►Total funding onlent to off-grid solar companies (Amount(USD), Custom) 6/29/2022 Page 5 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,344,923.00 3,751,713.65 13,940,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148234 ►Average NPL ratio of off-grid solar companies portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 7.20 4.00 5.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148235 ►Number of people provided with access to electricity by household connections (off-grid solar) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 340,704.00 837,248.00 1,695,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148236 ►Renewable energy generation capacity from solar home systems under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1.40 3.07 6.60 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148237 ►Total result-based grant financing provided (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,333,707.00 4,768,014.00 15,000,000.00 Date 31-Mar-2020 30-Nov-2021 31-May-2022 29-Sep-2023 IN01148238 ►Total financing leveraged by the facility from private and other sources (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 3,102,576.00 12,058,863.00 79,000,000.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 Technical Assistance, Capacity Building, and Project Implementation Support IN01148216 ►Number of citizen engagement events (Number, Custom) 6/29/2022 Page 6 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 38.00 38.00 10.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 IN01148218 ►Number of knowledge sharing events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 33.00 33.00 10.00 Date 20-Jun-2017 30-Nov-2021 31-May-2022 30-Sep-2023 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P160699 TF-A4969 Effective USD 27.50 27.50 0.00 8.14 19.36 30% P160699 TF-A4990 Effective USD 21.44 21.44 0.00 13.81 7.63 64% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P160699 TF-A4969 Effective 20-Jun-2017 07-Jul-2017 03-Nov-2017 30-Sep-2023 30-Sep-2023 P160699 TF-A4990 Effective 20-Jun-2017 07-Jul-2017 03-Nov-2017 30-Sep-2023 30-Sep-2023 Cumulative Disbursements 6/29/2022 Page 7 of 8 The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Restructuring History Level 2 Approved on 24-Apr-2020 ,Level Approved on 19-May-2020 Related Project(s) There are no related projects. 6/29/2022 Page 8 of 8