Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Renewable Energy Fund (P160699) AFRICA | Rwanda | Energy & Extractives Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2017 | Seq No: 4 | ARCHIVED on 08-Aug-2018 | ISR33438 | Implementing Agencies: Government of Rwanda, Development Bank of Rwanda (BRD) Key Dates Key Project Dates Bank Approval Date:20-Jun-2017 Effectiveness Date:03-Nov-2017 Planned Mid Term Review Date:30-Sep-2019 Actual Mid-Term Review Date:-- Original Closing Date:30-Sep-2023 Revised Closing Date:30-Sep-2023 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objective is to increase electricity access in Rwanda through off-grid technologies and facilitate private-sector participation in renewable off-grid electrification. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Line of Credit and Direct Financing for Off-grid Electrification:(Cost $45.94 M) Technical Assistance, Capacity Building, and Project Implementation Support:(Cost $3.00 M) Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Satisfactory  Satisfactory Overall Implementation Progress (IP)  Moderately Satisfactory  Moderately Satisfactory Overall Risk Rating  Substantial  Substantial Implementation Status and Key Decisions 8/8/2018 Page 1 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) The Renewable Energy Fund (REF) project was approved on June 20, 2017and became effective on November 3, 2017. Four banks and 22 SACCOs have signed subsidiary financing agreements with BRD; have been appraised and approved to work with SACCOs Risks Systematic Operations Risk-rating Tool Risk Category Rating at Approval Previous Rating Current Rating Political and Governance  Moderate  Moderate  Moderate Macroeconomic  Moderate  Moderate  Moderate Sector Strategies and Policies  Substantial  Moderate  Moderate Technical Design of Project or Program  Substantial  Moderate  Moderate Institutional Capacity for Implementation and Sustainability  Substantial  Substantial  Substantial Fiduciary  Moderate  Substantial  Moderate Environment and Social  Moderate  Moderate  Moderate Stakeholders  Low  Low  Low Other  --  --  -- Overall  Substantial  Substantial  Substantial Results Project Development Objective Indicators PHINDPDOTBL  People provided with new or improved electricity service (Corporate Results Indicator) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,800,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDPDOTBL  Of which women (Number, Custom Breakdown) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 936,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 8/8/2018 Page 2 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDPDOTBL  Enterprises provided with access to electricity (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 27,500.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDPDOTBL  Increased private sector investment in renewable energy electrification (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 41,000,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDPDOTBL  Annual electricity output from renewable energy (MWh/year, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 13,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 Overall Comments Intermediate Results Indicators 8/8/2018 Page 3 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Number of districts covered by participating market enablers (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.00 15.00 30.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of participating SACCOs (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 8.00 22.00 30.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 Comments Number of SACCOs that have signed the Subsidiary Financing Agreement (SFA) with BRD. PHINDIRITBL  Total funding drawdown by SACCOs from the facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 200,000.00 20,400,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Total funding onlent by SACCOs to households and enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 20,400,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 8/8/2018 Page 4 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Total funding onlent by SACCOs to female applicants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Average NPL ratio of SACCOs portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of SACCOs trained (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 16.00 30.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of participating Banks (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 10.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 Comments Number of banks that have signed the Subsidiary Financing Agreement (SFA) with BRD. 8/8/2018 Page 5 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Total funding drawdown by Banks from the facility (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 13,000,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Total funding onlent by Banks to households and enterprises (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 13,000,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Total funding onlent by Banks to female applicants (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 30.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Average NPL ratio of Banks portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 8/8/2018 Page 6 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Total funding onlent to mini-grid developers (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5,000,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of people provided with access to electricity by household connections (mini-grids) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 105,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Renewable energy generation capacity in mini-grids constructed under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1.10 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Total funding onlent to off-grid solar companies (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 7,500,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 8/8/2018 Page 7 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Average NPL ratio of off-grid solar companies portfolio (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 5.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of people provided with access to electricity by household connections (off-grid solar) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 1,695,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Renewable energy generation capacity from solar home systems under the project (Megawatt, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 6.60 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Number of knowledge sharing events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 8/8/2018 Page 8 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) PHINDIRITBL  Number of citizen engagement events (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 10.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 PHINDIRITBL  Total financing leveraged by the facility from private and other sources (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 0.00 52,000,000.00 Date 20-Jun-2017 20-Apr-2018 31-Jul-2018 30-Sep-2023 Overall Comments Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P160699 TF-A4969 Effective USD 27.50 27.50 0.00 5.00 22.50 18% P160699 TF-A4990 Effective USD 21.44 21.44 0.00 0.27 21.17 1% Key Dates (by loan) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P160699 TF-A4969 Effective 20-Jun-2017 07-Jul-2017 03-Nov-2017 30-Sep-2023 30-Sep-2023 P160699 TF-A4990 Effective 20-Jun-2017 07-Jul-2017 03-Nov-2017 30-Sep-2023 30-Sep-2023 Cumulative Disbursements 8/8/2018 Page 9 of 10 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Renewable Energy Fund (P160699) Restructuring History There has been no restructuring to date. Related Project(s) There are no related projects. 8/8/2018 Page 10 of 10 Public Disclosure Copy