The World Bank Implementation Status & Results Report China Renewable Energy and Battery Storage Promotion Project (P163679) China Renewable Energy and Battery Storage Promotion Project (P163679) EAST ASIA AND PACIFIC | China | Energy & Extractives Global Practice | IBRD/IDA | Investment Project Financing | FY 2019 | Seq No: 6 | ARCHIVED on 26-Jun-2022 | ISR52155 | Implementing Agencies: China, Huaxia Bank Key Dates Key Project Dates Bank Approval Date: 11-Jun-2019 Effectiveness Date: 18-Mar-2020 Planned Mid Term Review Date: 17-Nov-2022 Actual Mid-Term Review Date: Original Closing Date: 30-Jun-2025 Revised Closing Date: 30-Jun-2025 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The project development objective is to promote the integration and use of renewable energy through the deployment of battery storage systems and innovative applications of renewable energy. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Investment Component:(Cost $750.00 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 project was approved by the Board of Executive Directors of the World Bank on June 11, 2019. The project effectiveness was announced on March 18, 2020. Huaxia Bank has started the project implementation to identify investment in battery storage and new applications of renewable energy. Moderate progress has been made and Huaxia Bank has financed four battery storage investment projects and one biomass for heating project while more projects are under discussion. The World Bank team is working with Huaxia Bank to accelerate the project implementation, mainly business development, capacity building, and support to establishment of the required policy environment. 6/26/2022 Page 1 of 5 The World Bank Implementation Status & Results Report China Renewable Energy and Battery Storage Promotion Project (P163679) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Moderate Moderate Substantial Macroeconomic Moderate Moderate Substantial Sector Strategies and Policies High Substantial Substantial Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Moderate Moderate Moderate Sustainability Fiduciary Moderate Moderate Moderate Environment and Social Substantial Substantial Substantial Stakeholders Substantial Substantial Substantial Other High Substantial Substantial Overall High Substantial Substantial Results PDO Indicators by Objectives / Outcomes Promote the integration of renewable energy IN01161524 ►Increase in RE absorption by the grids (Gigawatt-hour (GWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.74 0.60 300.00 Date 01-Jul-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Aggregated annual improved RE absorption contributed by the battery storage and DRE investment subprojects. The indicator will be calculated following agreed methodologies as defined in the project's Comments: OM. Please be note that the figure is revised to split it between RE absorption and RE use indicators. Promote use of renewable energy IN01161525 ►Increase in RE use from innovative applications (Gigawatt-hour (GWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.14 1,100.00 6/26/2022 Page 2 of 5 The World Bank Implementation Status & Results Report China Renewable Energy and Battery Storage Promotion Project (P163679) Date 28-Jun-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Total amount of annual energy produced by innovative RE applications for heating and other uses. The Comments: indicator will be calculated following the methodologies in the project's OM Mitigation of Climate Change Impacts IN01161756 ►Reduction in GHG emissions (Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 525.60 525.60 800,000.00 Date 28-Jun-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Total amount of reduced GHG emission (tons CO2/year), contributed by the investment subprojects. The Comments: indicator will be calculated using the methodologies in the project's OM Intermediate Results Indicators by Components Investment Component IN01161757 ►Installed capacity of battery storage systems (Megawatt hour(MWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 64.00 64.00 700.00 Date 18-Mar-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Comments: Total installed capacity of battery storage systems financed under the project. IN01161758 ►Installed capacity of DRE (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 235.00 Date 13-Mar-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Comments: Total installed capacity of DRE financed under the project IN01161759 ►Co-financing leverage ratio (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 2.10 Date 13-Mar-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 6/26/2022 Page 3 of 5 The World Bank Implementation Status & Results Report China Renewable Energy and Battery Storage Promotion Project (P163679) Comments: Total co-financing leveraged (including Huaxia's counterpart funds and equity) vs. IBRD loan IN01161760 ►Beneficiary satisfaction (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 3.00 Date 10-Apr-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 Satisfaction level of the project beneficiaries especially SMEs, focusing on improvement of their access to financing. A scale of 1-5 will be used to assess the satisfactory level (1 unsatisfactory, 2 moderately unsatisfactory, 3 moderately satisfactory, 4 satisfactory, 5 highly satisfactory). Comments: This indicator is planned to be assessed before the project closing, and a third-party will be contracted to assess the beneficiary satisfaction based on their survey. IN01161761 ►Quality of subloan portfolio to SMEs (non-performing loans level) (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 4.00 0.00 0.00 4.00 Date 09-Apr-2019 28-Sep-2021 21-Jun-2022 30-Jun-2025 The sub-loan portfolio's NPL level to SMEs under the project is equal to or lower than the NPL level of Huaxia Bank's overall SME loan portfolio. Comments: This indicator will be assessed before project closing. Overall Comments IR The indicator of beneficiary satisfaction is citizen engagement related, and this indicator will be assessed at project closing, so no record is available in the mission. Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P163679 IBRD-89690 Effective USD 300.00 300.00 0.00 56.74 243.13 19% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P163679 IBRD-89690 Effective 11-Jun-2019 20-Dec-2019 18-Mar-2020 30-Jun-2025 30-Jun-2025 6/26/2022 Page 4 of 5 The World Bank Implementation Status & Results Report China Renewable Energy and Battery Storage Promotion Project (P163679) Cumulative Disbursements Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 6/26/2022 Page 5 of 5