Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) FODER - Argentina Renewable Fund Guarantee (P159901) LATIN AMERICA AND CARIBBEAN | Argentina | Energy & Extractives Global Practice | Guarantees | Investment Project Financing | FY 2017 | Seq No: 8 | ARCHIVED on 29-Nov-2021 | ISR48529 | Implementing Agencies: Finance Ministry (Ministerio de Hacienda), Energy Secretariat, BICE Key Dates Key Project Dates Bank Approval Date: 28-Feb-2017 Effectiveness Date: 07-Dec-2017 Planned Mid Term Review Date: -- Actual Mid-Term Review Date: Original Closing Date: 01-Dec-2021 Revised Closing Date: 01-Dec-2021 Guarantee Expiration Date: Guarantee Information Deli Coverage: [ ] Loan Guarantee [✓] Payment guarantee Type of Implementing entity: Public Banco de Inversion y Comercio Exterior S.A. (BICE) Guarantee beneficiary: on behalf of the subprojects. Includes Payment Guarantee Yes Guarantee fees: On-going Are guarantee fees current? Yes Guarantee fees payment due dates: 01-Dec-2021 pdoTable Project Development Objectives Project Development Objective (PDO) Project Development Objective The project development objective is to increase electricity generation capacity from renewable energy sources through private investment in the energy sector. HRPDODELs 11/29/2021 Page 1 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) 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 Overall Renovar. Sub-projects status. Of the 4,470 MW awarded in 146 subprojects in Rounds 1/1.5/2, 82 have started commercial operations (2,537MW), 5 have their PPA contracted terminated (160 MW), and 9 are under construction and may start commercial operations with delay or reduced capacity (280MW). Of the remaining 51 subprojects, 30 of them may seek mutually agreed contract termination (1,075 MW). The status and plans of the remaining 21 subprojects (415 MW) are unclear. GoA is reviewing options to facilitate the exit of delayed subprojects by easing the contractual requirements to do so. Once GoA makes such options official, it is expected that several sponsors of Renovar subprojects that have not started commercial operations will opt for exiting or adjust their contracts to reduced capacity, tariff adjustment, among other. Subprojects from Round 1/1.5 have been able to progress better than Round 2 subprojects. Of the 59 subprojects (2424 MW) awarded in Round 1/1.5, 45 subprojects (1823 MW) have started commercial operations, and one more subproject (95 MW) may become operational with reduced capacity. Of the 87 subprojects (2044 MW) awarded in Round 2, only 37 subprojects (714 MW) have started commercial operations, and 8 subprojects (188 MW) may become operational with reduced capacity. IBRD guarantee coverage. As of September 2021, 19 subprojects are eligible for IBRD guarantee support. Out of these, 17 have signed Acknowledgement and Consent Agreements (A/C) with IBRD and therefore they are covered under the GA and represent a total committed IBRD guarantee of US$447 million. The remaining 2 subprojects are from Round 2 and have until 3/18/2022 to sign the A/C. If both projects are signed, they will represent an additional guarantee commitment of US$10.7 million. Guarantee Conditions Precedent Description Status Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance -- Substantial Moderate Macroeconomic -- High High Sector Strategies and Policies -- Substantial Substantial Technical Design of Project or Program -- Low Low Institutional Capacity for Implementation and -- Low Low Sustainability Fiduciary -- -- Low Environment and Social -- -- Moderate 11/29/2021 Page 2 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Stakeholders -- Low Low Other -- -- -- Overall -- Substantial Substantial Results PDO Indicators by Objectives / Outcomes Generation capacity of renewable energy constructed under the Project IN01047608 ►Generation capacity of energy constructed or rehabilitated (Megawatt, Corporate) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 619.50 990.00 1,638.00 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 Generation capacity of renewable energy (other than hydropower) constructed under the Project and Comments: covered by WBG guarantee IN01047609 Renewable energy generation capacity (other than hydropower) constructed under the project (Megawatt, Corporate Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 619.50 990.00 1,638.00 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 IN01047610 ►Generation capacity of renewable energy constructed Wind (MW) (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 524.85 696.00 881.00 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 IN01047651 ►Generation capacity of renewable energy constructed Solar (MW) (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 94.65 294.00 706.00 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 IN01047652 ►Generation capacity of renewable energy constructed Mini-hydro (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 15.00 11/29/2021 Page 3 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 5.57 MW were supported, when including projects with terminated guarantee. Comments: IN01047653 ►Generation capacity of renewable energy constructed – Biogas and Biomass (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20.20 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 Private capital mobilized (million US$) IN01047607 ►Private capital mobilized (million US$) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 1,279.37 1,422.67 4,294.00 Date 28-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 Intermediate Results Indicators by Components IBRD guarantee to partially backstop the termination payment obligations IN01047654 ►GHG emissions avoided (million tCO2) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.35 4.32 2.02 Date 02-Feb-2017 30-Sep-2020 29-Oct-2021 01-Dec-2021 Performance-Based Conditions Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed 11/29/2021 Page 4 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) P159901 IBRD-G2460 Closed USD 480.00 479.26 0.74 0.00 479.26 0% P159901 IBRD-G2570 Effective USD 250.00 248.44 1.56 0.00 248.44 0% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P159901 IBRD-G2460 Closed 28-Feb-2017 09-Aug-2017 07-Dec-2017 01-Aug-2020 01-Aug-2020 P159901 IBRD-G2570 Effective 15-Mar-2018 14-Jan-2019 18-Mar-2019 01-Dec-2021 01-Dec-2021 Guarantee Amount Project Guarantee No. Status Currency Original Revised Cancelled Current Amount Guarantee Dates Orig. Guarantee Rev. Guarantee Project Guarantee No Status Approval Date Signing Date Effectiveness Date Expiration Date Expiration Date Cumulative Disbursements 11/29/2021 Page 5 of 6 Public Disclosure Copy The World Bank Implementation Status & Results Report FODER - Argentina Renewable Fund Guarantee (P159901) Restructuring History There has been no restructuring to date. Related Project(s) P165085-Renewable Fund Guarantee 11/29/2021 Page 6 of 6