The World Bank Sustainable Energy Finance Project (P098423) REPORT NO.: RES29630 DOCUMENT OF THE WORLD BANK RESTRUCTURING PAPER ON A PROPOSED PROJECT RESTRUCTURING OF SUSTAINABLE ENERGY FINANCE PROJECT APPROVED ON JUNE 12, 2007 TO MINISTRY OF INFRASTRUCTURE AND TRANSPORT,ANZ ENERGY & EXTRACTIVES EAST ASIA AND PACIFIC Regional Vice President: Victoria Kwakwa Country Director: Michel Kerf Senior Global Practice Director: Riccardo Puliti Practice Manager/Manager: Jie Tang Task Team Leader: Kamleshwar Prasad Khelawan The World Bank Sustainable Energy Finance Project (P098423) I. BASIC DATA Product Information Project ID Financing Instrument P098423 Specific Investment Loan Original EA Category Current EA Category Not Required (C) Not Required (C) Approval Date Current Closing Date 12-Jun-2007 31-Dec-2017 Organizations Borrower Responsible Agency Ministry of Infrastructure and Transport,ANZ Department of Energy Project Development Objective (PDO) Original PDO The project aims to significantly increase the adoption and use of renewable energy technologies in participating Pacific Island states through a package of incentives to encourage local financial institutions to participate in sustainable energy finance in support of equipment purchase. Current PDO The project aims to (i) significantly increase the adoption and use of renewable energy technologies and the more efficient use ofenergy through a package of incentives to encourage local financial institutions to participate in sustainable energy finance in the Recipient's Territory (Fiji) and (ii) support knowledge sharing and capacity building on renewable energy and energy efficiencytechnologies in the Participating Island States. Summary Status of Financing Net Ln/Cr/Tf Approval Signing Effectiveness Closing Commitment Disbursed Undisbursed TF-58282 17-Aug-2007 17-Aug-2007 29-Oct-2007 31-Dec-2017 5.20 5.20 0 TF-58284 09-Jul-2007 09-Jul-2007 09-Jul-2007 31-Dec-2017 1.99 .25 1.74 TF-90429 09-Jul-2007 09-Jul-2007 09-Jul-2007 31-Dec-2017 .56 .51 .05 The World Bank Sustainable Energy Finance Project (P098423) TF-90430 05-Jul-2007 05-Jul-2007 28-Sep-2007 23-Jul-2014 .19 .19 0 TF-90431 21-Jun-2007 21-Jun-2007 02-Nov-2007 07-Jul-2014 .51 .51 0 Policy Waiver(s) Does this restructuring trigger the need for any policy waiver(s)? No II. SUMMARY OF PROJECT STATUS AND PROPOSED CHANGES The latest ISR, dated June 2017, has rated progress towards achievement of the Project Development Objective (PDO) as satisfactory. The PFIs have lent approximately USD 22 million to individuals and small businesses to support investments in renewable energy and energy efficiency of over USD 40 million. The low non-performing loan ratio (approximately 1%) means that most of the initial USD 5.2 million allocated to the Risk Sharing Facility (RSF) less a small payout and Fund Manager fees is available for further use. In addition, technical assistance funds are still available to the client to support implementation. The second Mid Term Review in 2016 established an ongoing need for a RSF in Fiji and the Pacific region and recommended an extension or relaunch of the project as a regional RSF. The client(s) sees a need for such a facility and supports an extension or a relaunch because it increases access to finance for small businesses and individuals who are not seen as credit worthy by the commercial banks (mainly low income rural consumers with seasonal incomes who do not have a credit history and small businesses). The Bank is currently discussing the options to extend the closing date of the project or to re-launch the RSF as a regional facility. In the interim, a project restructuring is being processed to change the Grant Agreement with the Fund Manager to enable the Fund Manager to retain the uncommitted funds, which it is required to remit to the World Bank by September 30, 2017, until the closing date of the project (December 31, 2017). There are no other changes to the project. III. DETAILED CHANGES