Public Disclosure Copy The World Bank Implementation Status & Results Report Energy Efficiency Project (P116680) Energy Efficiency Project (P116680) EUROPE AND CENTRAL ASIA | Armenia | Energy & Extractives Global Practice | Global Environment Project | Specific Investment Loan | FY 2012 | Seq No: 8 | ARCHIVED on 09-Jun-2016 | ISR23655 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:27-Mar-2012 Effectiveness Date:10-Aug-2012 Planned Mid Term Review Date:09-Jul-2014 Actual Mid-Term Review Date:17-Jul-2014 Original Closing Date:30-Jun-2015 Revised Closing Date:30-Jun-2016 Global Environmental Objectives Global Environmental Objective (from Project Appraisal Document) The project development objective is to reduce energy consumption of social and other public facilities. The global environmental objective is to decrease greenhouse gas emissions through the removal of barriers to the implementation of energy efficiency investments in the public sector. Has the Global Environmental Objective been changed since Board Approval of the Project Objective? No Components Name Energy efficiency investments in public facilities:(Cost $6.00 M) Technical assistance:(Cost $1.96 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of GEO  Satisfactory  Highly Satisfactory Overall Implementation Progress (IP)  Satisfactory  Highly Satisfactory Overall Risk Rating  Moderate  Low Implementation Status and Key Decisions The project implementation has been progressing smoothly with impressive outcomes. To date, the Renewable Resouces and Energy Efficiency 6/9/2016 Public Disclosure Copy Page 1 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Energy Efficiency Project (P116680) Fund, the project implementing entity, has approved 63 projects, of which 47 subprojects (98 public facilities) are completed and commissioned with total investment of US$4.3 million and actual energy savings of more than 50 percent. Additional 11 subprojects (US$4.2 million) are under construction and 5 subprojects (US$1.3 million) are under procurement. These 63 subprojects are estimated to result in lifetime energy savings of about 520 million kWh and CO2 emission reduction of about 138 thousand tons. This exceeds the Project appraisal estimates by more than two times. Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  --  Moderate  Low Macroeconomic  --  Moderate  Low Sector Strategies and Policies  --  Moderate  Moderate 6/9/2016 Public Disclosure Copy Page 2 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Energy Efficiency Project (P116680) Technical Design of Project or Program  --  Moderate  Low Institutional Capacity for Implementation and Sustainability  --  Moderate  Low Fiduciary  --  Moderate  Moderate Environment and Social  --  Low  Low Stakeholders  --  Low  Low Other  --  --  -- Overall  --  Moderate  Low Results Global Environmental Objective Indicators PHINDGEOTBL CO2 emission reductions in retrofitted social and other public facilities through energy efficiency investments(Metric ton, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 112165.00 137569.00 50549.00 Date 03-Jul-2012 24-Sep-2015 30-Apr-2016 30-Jun-2016 PHINDGEOTBL  Energy savings in retrofitted social and other public facilities(Gigawatt-hour (GWh), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 450.33 540.24 215.69 Date 03-Jul-2012 24-Sep-2015 30-Apr-2016 30-Jun-2016 Comments The target indicator was set based on the average energy savings that were achieved under Armenia Urban Heating Project, which financed heating and energy efficiency retrofits for fifteen schools and the walk-through energy audits conducted by the staff of the R2E2 Fund for over 200 public facilities. The innovative project design based on full repayment of investments from energy savings and NPV-based procurement coupled with the energy tariff increases that occurred during the project life resulted in larger actual savings of energy and emission reductions. Overall Comments Intermediate Results Indicators 6/9/2016 Public Disclosure Copy Page 3 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Energy Efficiency Project (P116680) PHINDIRITBL  Regulations, legislative amendments, guidelines to further promote energy efficiency (Yes/No, Custom) Baseline Actual (Previous) Actual (Current) End Target Value N Y Y Y Date 03-Jul-2012 24-Sep-2015 30-Apr-2016 30-Jun-2016 Comments The analysis of the implementation of the first National Energy Efficiency Action Plan and preparation of the second National Energy Efficiency Action Plan has been completed and submitted to the Government. The Government is expected to adopt the second National Energy Efficiency Action Plan in September 2016. PHINDIRITBL  Number of public sector projects commissioned (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 79.00 98.00 85.00 Date 03-Jul-2012 24-Sep-2015 30-Apr-2016 30-Jun-2016 PHINDIRITBL  Cumulative investments in social and other public facilities (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8904844.00 9885955.00 6000000.00 Date 03-Jul-2012 24-Sep-2015 30-Apr-2016 30-Jun-2016 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P116680 TF-12163 Effective USD 1.82 1.82 0.00 1.72 0.10 95% Key Dates (by loan) 6/9/2016 Public Disclosure Copy Page 4 of 5 Public Disclosure Copy The World Bank Implementation Status & Results Report Energy Efficiency Project (P116680) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P116680 TF-12163 Effective 20-Apr-2012 20-Apr-2012 10-Aug-2012 30-Jun-2015 30-Jun-2016 Cumulative Disbursements Restructuring History Level 2 Approved on 16-Mar-2015 Related Project(s) There are no related projects. 6/9/2016 Public Disclosure Copy Page 5 of 5