The World Bank Implementation Status & Results Report Geothermal Exploratory Drilling Project (P152039) Geothermal Exploratory Drilling Project (P152039) EUROPE AND CENTRAL ASIA | Armenia | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 7 | ARCHIVED on 19-Feb-2019 | ISR35907 | Implementing Agencies: Renewable Resources and Energy Efficiency Fund, MINISTRY OF FINANCE, Ministry of Energy Infrastructures and Natural Resources Key Dates Key Project Dates Bank Approval Date: 08-Jun-2015 Effectiveness Date: 25-Aug-2015 Planned Mid Term Review Date: 28-Feb-2019 Actual Mid-Term Review Date: -- Original Closing Date: 31-May-2019 Revised Closing Date: 31-May-2019 pdoTable Project Development Objectives Project Development Objective (from Project Appraisal Document) The proposed project development objective is to confirm whether the geothermal resource at the project site is suitable for power generation and, if confirmed, to involve the private sector in the development of a geothermal power plant. Has the Project Development Objective been changed since Board Approval of the Project Objective? No Components Table Name Phase I exploratory drilling program:(Cost $5.37 M) Phase II exploratory drilling program and transaction advisory:(Cost $5.31 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Moderate Moderate Implementation Status and Key Decisions Based on the results of Phase I of exploration drilling, the Government will seek approval from the SREP Sub-Committee to reallocate the savings to another project within Armenia's SREP Investment Plan approved in 2014. 2/19/2019 Page 1 of 5 The World Bank Implementation Status & Results Report Geothermal Exploratory Drilling Project (P152039) Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance Low Low Low Macroeconomic Moderate Moderate Moderate Sector Strategies and Policies Substantial Moderate Moderate Technical Design of Project or Program Substantial Substantial Substantial Institutional Capacity for Implementation and Sustainability Moderate Moderate Moderate Fiduciary Moderate Low Low Environment and Social Low Low Low Stakeholders Low Low Low Other -- -- -- Overall Substantial Moderate Moderate Results PDO Indicators by Objectives / Outcomes Government has evidence to decide whether or not to proceeed with construction of goethermal plant IN00624354 ►Evidence provided to the Government for its decision on whether or not to construct a geothermal power plant at the Karkar geothermal site (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No Yes Yes Yes Date 14-Jan-2015 17-Jul-2018 25-Jan-2019 30-Apr-2018 Development of geothermal power plant on a PPP basis IN00624355 ►If geothermal resource is confirmed, power plant development is competitively awarded to qualified private developer(s) (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 14-Jan-2015 17-Jul-2018 25-Jan-2019 30-May-2019 Indicator not applicable if project does not proceed to Phase 2 Comments: Intermediate Results Indicators by Components 2/19/2019 Page 2 of 5 The World Bank Implementation Status & Results Report Geothermal Exploratory Drilling Project (P152039) Phase I exploratory drilling program IN00624587 ►One or two slim exploratory wells drilled to a depth of around 1,200 meters (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 2.00 2.00 At least 1 Date 30-Mar-2015 17-Jul-2018 25-Jan-2019 30-Sep-2016 IN00624590 ►Percent of registered project related grievances responded to within stipulated service standards for response times (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 100.00 100.00 100.00 Date 30-Mar-2015 17-Jul-2018 25-Jan-2019 30-May-2019 There have not been any grievances registered to date Comments: Phase II exploratory drilling program and transaction advisory IN00624586 ►One production-size well drilled to a depth of around 1,800 meters if the results of the drilling of slim well(s) warrantee such drilling (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.00 Date 30-Mar-2015 17-Jul-2018 25-Jan-2019 30-Sep-2017 This indicator is not applicable since the project will be closing and not proceeding to Phase II based on the results of Phase I, which confirmed that the potential geothermal resource would NOT be suitable for Comments: power generation. IN00624588 ►Feasibility study for a potential power plant completed (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2015 17-Jul-2018 25-Jan-2019 30-Apr-2018 This indicator is not applicable since the project will be closing and not proceeding to Phase II based on the results of Phase I, which confirmed that the potential geothermal resource would NOT be suitable for Comments: power generation. IN00624589 ►Tendering for private sector involvement in construction of a geothermal power plant completed if results from the feasibility study confirm technical and economic/financial viability of such a plant (Text, Custom) Baseline Actual (Previous) Actual (Current) End Target Value No No No Yes Date 30-Mar-2015 17-Jul-2018 25-Jan-2019 15-May-2019 2/19/2019 Page 3 of 5 The World Bank Implementation Status & Results Report Geothermal Exploratory Drilling Project (P152039) This indicator is not applicable since the project will be closing and not proceeding to Phase II based on the results of Phase I, which confirmed that the potential geothermal resource would NOT be suitable for Comments: power generation. Overall Comments IR Component 2 indicators are not applicable since the project will be closed without proceeding to Phase II based on the results of Phase I, which confirmed that the potential geothermal resource would NOT be suitable for power generation. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P152039 TF-A0544 Effective USD 8.55 8.55 0.00 6.88 1.67 80% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P152039 TF-A0544 Effective 08-Jun-2015 16-Jun-2015 25-Aug-2015 31-May-2019 31-May-2019 Cumulative Disbursements 2/19/2019 Page 4 of 5 The World Bank Implementation Status & Results Report Geothermal Exploratory Drilling Project (P152039) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 2/19/2019 Page 5 of 5