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1、UnitedNationsDevelopmentProgrammeWhitePaperMainstreamingFinancialAggregationforDistributedRenewableEnergyJanuary2024WhitePaper:MainstreamingFinancialAggregationforDistributedRenewableEnergyUNDPUNDPistheleadingUnitedNationsorganizationfightingtoendtheinjusticeofpoverty,inequality,andclimatechange.Wor
2、kingwithourbroadnetworkofexpertsandpartnersin170countries,wehelpnationsbuildintegrated,lastingsolutionsforpeopleandtheplanet.1.earnmoreatundD.orgorfollowUNDP,TheClimateAggregationPlatform(CAP)TheClimateAggregationPlatformisaGlobalEnvironmentFacility(GEF)fundedflagshipinitiativeofUNDP,whichseekstosup
3、portthestructuringanddeploymentofinnovativebusinessmodelsandfinancialmechanismstoaccelerateenergyaccessandajustenergytransition.Copyright2024.Allrightsreserved.OneUnitedNationsHaza,NewYork,NY10017,USADisclaimer:Theviewsexpressedinthispublicationarethoseoftheauthor(三)anddonotnecessarilyrepresentthose
4、oftheUnitedNations,includingUNDP,ortheUNMemberStates.Coverphoto:UNDP/KarinSchermbruckerSuggestedcitation:UNDP(2024).WhitePaper：MainstreamingFinancialAggregationforDistributedRenewableEnergy,NewYork.TheCAPseekstoadvanceandraiseawarenessforinnovativesolutionstomarketbarriersforfinancialaggregationinth
5、esmall-scale,low-carbonenergysector-withthegoaltoincreaseaccesstolow-costfinancingforcleanenergyinemergingmarkets.1.earnmoreat:https:/WWW.undp.org/climate-aggregation-platformQGEFTheGlobalEnvironmentFacility(GEF)isafamilyoffundsdedicatedtoconfrontingbiodiversityloss,climatechange,pollution,andstrain
6、sonlandandoceanhealth.Itsgrants,blendedfinancing,andpolicysupporthelpdevelopingcountriesaddresstheirbiggestenvironmentalprioritiesandadheretointernationalenvironmentalconventions.Overthepastthreedecades,theGEFhasprovidedmorethan$23billionandmobilized$129billioninco-financingformorethan5,000nationala
7、ndregionalprojects.AcknowledgementsThedevelopmentofthispaperwasfundedbytheGEF,ledbytheUNDPandpreparedbyexpertsfromTFE.TheUNDPtaskteamresponsiblefortheproductionofthisreportwascomposedofEduardoAppleyardandMateoSalomon.TheTFEteamthatwrotethispaperincludesAndreTroost,Dr.SamDubyandKumbiraiMakanza.Thispa
8、perbenefitedgreatlyfromtheinsightsfrom:AlexWanumeandChrisKanani(WinchEnergy),EricdeMoudt(AfricanFrontierCapital),ChristopherAidunandToukamNgoufanke(PersistentEnergy)andAnshulPatel(Bboxx).UlOperationsandserviceagreement8112Datasharingagreement9IDPurchaseandsaleagreement92241.oanagreement1022Keycompon
9、entsofdrefinancialaggregationtermsheets8ContentsIntroduction41.DefiningDREfinancialaggregation52.TermSheetsforDREfinancialaggregation662.1Introductiontotermsheetsll.lConsiderationsaffectingtermsheetdesign3. CasestudiesofpastandpresentDREfinancialaggregationfacilitiesandtransactions113.1 Bboxxdistrib
10、utedenergyassetreceivables$500,000pilotinKenya(2015)113.1.1 Transactionstructure123.1.2 1.ookingtothefuture1232WinchEnergy:$16millionmini-gridportfoliofinance(2021)1331lTransactionstructureI33221.ookingtothefutureI333BrighterlifeKenya2:landmarkoff-balancesheetfacility(2022)14311Transactionstructure1
11、4321.ookingcothefuture154. DFIsandconcessionalfundsinvolvementinDREfinancialaggregation17COnCIUSion19Introduction1.astyearmarkedthehalfwaypointtowardsthe2030deadlineforachievingtheSustainableDevelopmentGoals(SDGs).WhileconsiderableprogresshasbeenmadetowardstheSDG7targetsoncleanandaffordableenergy,in
12、particularinrelationtoenergyaccess(7.1),675millionpeopleremainwithoutaccesstoelectricityandafurther2.3billionhavenoaccesstocleancookingsolutions.ITradcinjSDG7:TheEnergyProgressReport.2023(1.ink)InternationalRenewableEnergyAgency(IRENA).2023.(1.iok)JBasedonInterviewsundertakenintheconcexoftMpper.Base
13、donthecurrentpaceofprogress,effortsmustbesignificantlyrampeduptoachievetheSDGtargetsby2030.What,smore,althoughcleanenergyisacrucialelementofmostNDCs,moreambitioustargetsareneededtokeepusbelowthe1.5threshold?WeneedtogreatlyenhancethelevelofpublicandprivateinvestmentinsolutionssuchasDistributedRenewab
14、leEnergy,toadvancesustainabledevelopmentanddeliverthegoalsoftheParisAgreement.Toachievethis,newapproachesareneededtode-riskinvestmentsandcrowdinnewsourcesofcapital.Financialaggregation,definedinthecontextofthispaperastheaggregationofDistributedRenewableEnergy(DRE)receivables,holdsgreatpromiseinreduc
15、ingthemismatchbetweenDREfundingneedsandinvestorrequirementsandinturnincreasingcapitaldeploymentinthesector.Whendesignedcorrectlyanddeployedinsuitablemarkets,theseinstrumentscanofferfasterandmoreaffordableaccesstocapital.However,financialaggregationinstruments,inparticularoff-balancesheetonesarecompl
16、ex,expensivetosetup(asmuchasUS$2millioninsomeinstances3)andinvolvemanylengthyprocesses-Itcantakeuptotwoyearstocloseatransaction.TheirsuccessfulimplementationdependsonafavourableenablingenvironmentandtheexistenceofasufficientlylargepipelineofDREassetsoftherightcharacteristicsandquality.Atthemoment,on
17、lyahandfulofmarketplayerscanmeetsuchconditionsorareabletoabsorb,ontheirown.theticketsizesrequiredbyinvestorstojustifysuchanundertaking.Therefore,untilveryrecently,therewerefewexamplesoftransactionstrulyshowcasingthepotentialoffinancialaggregationintheDREsector.Furthermore,arecurrentmessagethroughout
18、theextensiveconsultationsthattookplaceinthecontextoftheClimateAggregationPlatformandthedevelopmentofitsFinancialAggregatiOnforDiSCribUtedReneWabIeEnergyreportsSerieSistheneedtoelucidatefinancialaggregationtransactionsthroughreal-lifeexamples.Morespecifically,whiletherehasbeenpioneeringworkdonebylead
19、ingDREcompanies,arrangers,andinvestorstoclosesuchtransactions,thisworkistypicallydoneinsiloes.Asaresult,thereislimitedknowledgedisseminationonhowtostructureandclosesuchtransactions.Thiswhitepaperservesasaninitialattempttoshedlightonthemainingredientsinvolvedinclosingcost-effectiveandscalableDREfinan
20、cialaggregationtransactionsandshareinsightsandlessonsfromreal-lifeexamples.Thepaperseekstoequipinvestors,DREcompaniesandtransactionarrangersinterestedinfinancialaggregationwithknowledgethatcanhelpthembetterunderstandandnavigatethisprocess.TheintentionischatthiscanpavethewayforfurthermainstreamingOff
21、inancialaggregationintheDREsectorandpointtoopportunitiestostreamlineandreducethecostandtimerequiredforsuchtransactions(e.g,throughthesharingofbestpracticesandthedevelopmentofstandardizedagreements).ThepaperwasdevelopedinthecontextoftheClimateAggregationPlatform(CAP),aGlobalEnvironmentFacility(GEF)-f
22、undedprojectimplementedbyUNDP,whichseekstopromotethescale-upoffinancialaggregationforsmall-scale,low-carbonenergyassetsinemergingmarkets.ItbringstogetherinsightsfromdetailedinterviewswithDREcompaniesandarrangersthatwereinvolvedinpasttransactions.ThepaperopenswithabriefexplanationofDREfinancialaggreg
23、ationanditsdifferentmanifestations.Chapter2followswithadetaileddescriptionofDREfinancialaggregationtermsheetsandaconcretecaseoutliningkeyconsiderationsaffectingtheirdesign.Chapter3discussesthekeylessonsemanatingfromthreepioneeringDREfinancialaggregationtransactions,twoofwhichweredoneintheKenyanmarke
24、tandoneinUgandaandSierra1.eone.1.astly,Chapter4touchesontheroleofconcessionalfundsinenablingfinancialaggregationintheDREsector.1. DefiningDREfinancialaggregationSmall-scaleenergyassetscanbeaggregatedintoportfoliostoachievescaleandattractlargerinvestmentticketsizes4inaprocessdefinedasfinancialaggrega
25、tion.Itcantaketheformofsecuritizationoffuturecashflows(accountsreceivables)andtheaggregationoftheseintopoolingstructures,typicallySpecialPurposeVehicles(SPVs).Itcanalsotaketheformofaggregationofprojectsintoportfoliosforprojectfinancepurposes.Securitizationofreceivablesismorecommonlyperformedinproduc
26、t-basedsectors,forexampleSolarHomeSystems(SHSs),whileprojectaggregationismorecommonlydeployedinproject-basedsectors,mainlymini-gridsandcaptivepower.Financialaggregationinitspurestforminvolvescompletetransferalofthesecuritizedassetsintoanoff-balancesheetstructure,suchasanSPV1asFigure2indicates.Thisme
27、ansthattheDREcompany,theoriginatoroftheassets,effectivelysellstheassetstotheSPV.Intheory,thisprocessreducestheriskofthesecuritizedassetsforaninvestorandultimatelythecostofcapitalfortheoriginatorbyeffectivelyseparatingtherisksofsecuritizedassetsfromthatoftheoriginator.Separationofriskalsomeansthatift
28、hecompanywhoinitiallysoldordevelopedtheasset(theoriginator)failsandisliquidated,itwillhavenorecourseovertheassetsheldbytheSPV.Successfulattemptshavebeenmadeinothermarkets,notablyKenya,toemployelementsofpureoff-balancesheetstructuresinwhatwetermquasioff-balancesheettransactions.Intheseinstances,origi
29、natorsselltheirsecuritizedassetstoalimitedliabilitypartnership,whichtheyco-ownwithanentityresponsibleforarrangingthefacility.Theoriginator,asaresult,stillhasrecoursetotheassets.Finally,amorecommonapproachduetotherelativelysmallsizeofthemarket,hasbeentosecuritizeDREreceivables,withoutaggregatingandtr
30、ansferringthemtooff-balancesheetorquasioff-balancesheetstructuresInthecontextoftheCAPFinancialInnovationChallenge.HypoponAfricahasworkedonasyntheticSecuritizadonstructureforsolarhomesystemswherethele2alownershipofassetsismaintainedontheOriginator3side,andnoseparatelegalentityisrequired.Theassetsrema
31、infullyonthebalancesheetofthecompany.Whilenotaggregationperse,thequantificationoffuturecashflowsimprovesthecompany,sinvestorpitchandcanbeusedaspartofthecollateralrequirementsforaloanorastheonlycollateralincaseswheremoreprogressiveinvestorsareinvolved.Dealscanbesmallerastransactioncostsaresignificant
32、lylowerthanoff-balancesheettransactions.Thispaper,however,focusesontransactionsthatinvolvesomedegreeofoff-balancesheetsecuritization.Asset-backedsecuritiesOriginatorsellsDREassets:Projects(Mini-gridsorcaptivepower)Customerreceivables(OGS,mini-grids,captivepowerorEVs)1.inkinoGlobalFinnctoSma4UNDPClim
33、ateBendsInitiative(2022卜1.inkingGlobalFinancetoScullSleCleanEnergy;FinancialAggregationforDestribucedRenewableEMrgyInDeveioptngCountries,NewYork.(Unk)Basicdepictionofanoff-balancesheetsecuritizationtransactionSource:Authorsowndhnim.Untilrecently,instancesofDREtransactionsinvolvingsuchcomplexmechanis
34、mswererare.Infact,onlyahandfulofpureoff-balancesheettransactionshavebeenclosedintheDREsectorinsub-SaharanAfricatodateandthesehavemainlybeenintheOff-gridSolar(OGS)sector(SeeChapter3).Establishedplayersinthissectorarerelativelymatureandarelookingtoleveragethevalueoftheircustomerreceivablestoaccessdebt
35、tofundfurthergrowth.Incontrast,otherDREsectorsarestillatarelativelyearlygrowthstage.Moretraditionalfinancinginstrumentsarestillmostappropriateinthesesectorsatthisstage.TolearnmoreaboutfinancialaggregationpleaseseeUNDP,sandtheClimateBondsInitiativereporton“1.inkingGlobalFinanCet。SmaIlSCaIeCIeanEnergy
36、”.2. TermSheetsforDREfinancialaggregationStructure0n0ffbalancesheetDebtorequitybasedTenureduration DiscreteInvestmentsorrollingcapitalstructure Scalabilityandreplicability RiskmanagementandmitigationImpactassessmentandreportingDataandreportingsystems 1.ongtermsustainabilityFigure2：Mainconsiderations
37、withpossiblepermutationstobecoveredintermsheetsSource：Authorsowndiagram.21IntroductiontotermsheetsAlthoughtheyaretypicallynon-binding,termsheetsserveasthetemplateandbasisforthemoredetailedandlegallybindingdocumentsthatspecifythetermsandconditionsofaninvestmentorbusinesstransaction.Assuch,termsheetsn
38、eedtocarefullydetailthemostimportantstructuralelementsofaninvestment.Aggregationbasedtransactionshaveadditionalcomplexityincomparisontothemorecommonandstraightforwardtransactions,andassociatedtermsheetsneedtoreflectthis.Theshapeanddesignofanaggregationmechanismwilldependonamyriadoffactorsincludingth
39、etypesofassetstobeaggregatedandthelocationoftheseassets.Figure2belowshowssomeofthekeyconsiderationsofanaggregationmechanismandtheelementsthataretypicallycoveredinthesupportingtermsheets.Section2.1.1belowpresentsanexampleofhowthesedifferentconsiderationscanmanifestinpractice.21.1 Considerationsaffect
40、ingtermsheetdesignAsanillustration,thissectiondissectsthekeycharacteristicsofanaggregationfacilitycurrentlybeingdevelopedbyTFEalongthecategoriesoutlinedinFigure2.ThenewfacilityseekstoenableDREdeveloperstoconverttheirmostsignificantasset(theirrightstofutureenergypayments/revenues)intocashimmediately(
41、insteadofslowlyoverthelifetimeofaproject)bysecuritizingtheserevenues.Thefundusesdatastreamsfromcustomerrelationshipmanagementsystems,demographicdatabases,andGISlayerstocategorizeandclustercustomersbasedonfactorsincludingbutnotlimitedtoabsoluteexpectedrevenue,potentialupsideordownsiderisk,paymentrisk
42、,businesstypeorgender.Thefundthenusesitsproprietaryalgorithmstoaccuratelyforecasttheexpectedrevenueofeachclusteroveragiventimeperiod.Followingtheforecasting,thefundseekstoringfencecashflows,factortheexpectedreceivablesandofferlowinterestloanstoDREbusinessesbasedonthestrengthoftheexpectedrevenueofsta
43、ble,highvalueclustersofinterest.ThekeycharacteristicsofthefundwhichwillhaveimplicationsfortermsheetdesignaredefinedbyTFEasfollows:Assets Mini-gridandCommercialandIndustrial(C&l)receivables.Theserefertoanyfuturecashflows.Inthecaseofmini-gridsfuturecashflowsaretypicallystructuredasflatfeespaidbycustom
44、ersatregularintervalsorvariableconsumption-basedpaymentsataspecifiedtariffstipulatedinthecustomercontract.C&lcashflowsaretypicallystructuredsimilarly-customerscanalsopayflatfeesatregularintervals,whileconsumption-basedpaymentsareprovidedforinpowerpurchaseagreements(PPAs).PPAscaneitherbestructuredona
45、takeorpay“basiswhereallenergygeneratedbythesystemmustbepaidforbythecustomeror.alternatively,onthebasisthatthecustomeronlypaysforwhattheyconsume.DREsectorspecificThefundrefinancesexistingprojectsfromlicenseddevelopers; Thefundcanbecomefinanciallyprofitableataminimumsizeof$10million; Earlyinvestorsare
46、impactfocusedwithafocusontargetsub-SaharanAfrican(SSA)countriesincludingNigeriawherethefacilityislaunchingfirst; ThefacilityhasreceivedextensiveadvicefromlocalcounselinNigeriatomakesurethatthemechanismiscompliantwithalllocalregulationsandistaxefficient; Thefacilityworkswithdeveloperswhoowntheassets.
47、Byrefinancingthereceivablesstreamsonly,noassetownershiptransferisrequired： Refinancingexistingassetsmeansthatthefacilityislessexposedtotheavailabilityoflocalfinance.Receivables Everyasset,underconsiderationforthefundmusthaveareliabledatafeed.Thesecanbethevariablepaymentsfromindividualsmartmetersonam
48、ini-gridorfixed,performancebasedpaymentsfromaC&lPPA; Thefacilityusesdatastreamsfromindividualcustomersmartmeters,demographicdatabases,andGISlayerstocategorizeandclustercustomersbasedonfactorsincludingbutnotlimitedtoabsoluteexpectedrevenue,potentialupsideordownsiderisk,paymentrisk,businesstypeorgender; Thedataprovidestransparencyaswellasallreportingandthird-partyverificationfunctionality; Usingthisdata,thefacilityseekstotoaggregateandrefinanceindividualmini-gridcustomerconnectionsaswellasentireC&lprojects.1.egalandregulatoryForthespecificcontextofN
