Supporting EnPC financing mechanisms in the public sector in Russia. European Bank for Reconstruction and Development

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1 Supporting EnPC financing mechanisms in the public sector in Russia European Bank for Reconstruction and Development

2 Why an EnPC? Key features: Off-balance sheet: ESCO invests upfront in improvement of EE at Client s facilities with no advance payments Multi-year: Payments to ESCO are spread over the entire term Performance-based: No savings at Client s facilities, no payment ESCO (not just an EPC - Engineer, Procure, Construct). Result oriented: Maximum savings are bid not cheapest equipment

3 ESM* Payback Mechanism Absolute Energy costs per public building ESCO s share of savings used to pay for ESMs End of EnPC contract Implementation of ESMs* Client takes advantage of all savings Energy costs before efficiency investment Energy costs after end of EnPC project year 5 10 years Time in years *Energy saving measures

4 Why the public sector? Large commercially viable saving potential up to 30% on average, up to 70% in individual cases with 5-8-year payback periods Pooling buildings into homogenous samples is easy Standard and proven technology solutions applicable Constant and measurable energy needs Contracts standardized for similar types of public clients (one contracting mechanism for all is also possible) Large market (see next slide)

5 How large is the potential in the public sector? 7.5 billion is spent on energy annually nationwide 30% savings possible = 2.2 billion per year. 88% These savings will be the source of repayment for ESMs. If only 5% is tapped into, over 100 million savings annually year could be achieved and invested in ESMs by ESCOs. 5

6 If so attractive, why so few projects? Lack of data on energy consumption (audits have not been done in many regions), hence clients are not aware of the savings potential. Small ESCOs lack collateral to secure large loans for a long-term projects. Even in presence of collateral, the terms of long-term funding are unattractive (15-18% APR) as banks are unfamiliar with the mechanism and price in too many risks. Such funding terms kill all the savings. No state-funded guarantee structures Large engineering companies prefer to borrow money for traditional EPC contracts where paybacks are less than one year Well-capitalized state-owned ESCOs need to borrow money for their own EE investment needs (transformer stations upgrades, heat network upgrades) Lack of trust to the payback mechanism as there are regulatory issues that market players cannot address on their own. No history of long-term EnPCs in Russia a handful of projects nationwide to date.

7 Way forward Forfaiting/Factoring Concept: To refinance ESCOs short-term loans and working capital in exchange for receivables from public clients that ESCOs becomes entitled for. The receivables are generated after: 1. ESCOs have installed ESMs, and 2. Clients have accepted these ESMs, and 3. Independent auditors have verified the veracity of ESCO s claims and sustainability of savings

8 Barriers to Factoring in Russia In Russia, banks don t yet consider EnPCs for forfaiting, forfaiting tenors are short (under 3-9 months). There is no risk insurance facilities (as in other transition countries) In developed markets, where client non-payment risks are low (Germany, USA), factoring arms of commercial banks routinely purchase receivables from ESCOs.

9 A solution Dedicated EnPC Factoring Fund (DEnFF) The way to overcome the barriers is to establish a corporate forfaiting vehicle, DEnFF - Dedicated EnPC Factoring Fund. DenFF may be a privately- or publicly-owned company capitalized by an ESCO or an engineering/manufacturing company, or an IT integrator Utility Financial Institution Regional/municipal authority DEnFF is a factoring company buying receivables from ESCOs at a discount. Some form of participation of regional authorities will be needed to minimize non-payment risks: budget guarantee of part of the receivables due or equity contribution along with the corporate sponsor Example: DEnFF will get an EBRD loan with a high debt to equity ratio (1 to 2), i.e. EUR10m for each EUR3m of DEnFF s capitalization

10 Legend: DEnFF s Cash inflows DEnFF s Cash outflows TA and document flows DEnFF step-by-step (Steps 1 to 8) TA for tender preparation 1 Monthly payments from energy savings Public Customers 6 Wins EnPC tender, implements energy saving measures (ESMs) on short-term loans or from working capital, provides collateral for warranty and performance obligations 2 ESCO Loan repayment 7 Loan of EUR 10m 4 (1-to-2 gearing) 3 DEnFF 5 8 Savings exceeding EBRD loan payments and Fund s discounts/commissions (=ESCO s margin) 10

11 Order of transactions and cash-flow destinations in a sample EnPC project Savings due to the DEnFF under factoring agreement ( 600,000). These will cover use of loan proceeds, interest, admin.costs and profit margin DEnFF* 3 ESM costs coverage financed by EBRD loan proceeds ( 400,000) in return for a factoring agreement 4 3 EnPC** project Total savings of 1,000, Public Client ESCO * Dedicated EnPC Factoring Fund ** Energy Performance Contracting

12 Distribution of savings among parties to an EnPC Key facts: Total savings = 1,000,000 20% ESCO 650, ,000 received from the DEnFF on loan proceeds + 250,000 accrued in savings over the project period DEnFF 200,000 Client 150,000 15% 65%

13 Example transactions: Bulgarian ESCO Fund (2008 and 2012) Key facts: 7m lent to Bulgarian ESCO Fund (BEF) in 2008 and 10m in BEF is a a factoring company purchasing receivables at a discount from ESCO and engineering companies. The receivables originate from completed projects with ESCOs clients % of contracts forfeited were originated by Enemona BEF s majority shareholder. Financing terms: Tenor - 7 years in both cases. The tenor was linked to maximum term of the EnPC in the project pipeline. Grace period 2 years (2008) and 6 months (2012) Interest rate - EURIBOR 6М (2008) и EURIBOR 3М (2012) + floating margin (2008) or fixed margin (2012) Operation Details: BEF s clients: 90% - municipalities, 5% - federal clients, 5% - industrial clients. Payback periods: 7 years for 61% of contracts and 3-7 for the rest. Number of contracts refinanced: 23 contracts (for more than 30 buildings) in and 11 projects in 2012 onwards. Typical facilities: schools, kindergartens, hospitals. Savings achieved - up to 50%. Net income margin of BEF is stable and attractive BEF is also traded at Sofia Stock exchange. Historically, BEF attracted financial resources via bond placements.

14 Benefits to work with EBRD Unrivalled Russian and international expertise in the EnPC field Successful implementation of similar transactions (ex.: Bulgaria, see separate slide below) Free TA for cities/regions (audits, tender docs, model contracts, DenFF s PIU admin expenses) Utility contracts for all public buildings will be revisited and optimized (model contract developed and disseminated). Regulatory issues will be overcome thanks to direct support to EBRD pilot projects from the MED and provision of TA to the MED by EBRD Long-term financing (up to 10 years and more) on attractive terms

15 Snapshot of legal framework Law 261 provides the foundation for EnPC Article 24 obliges 15% energy savings by As recent audits show, to reach this target is impossible with a reliance of budget financing only. Article 21 authorizes to use EnPC (i.e. off-balance-sheet financing) by all public costumers. The Budget Code, article 72(3) permits treasury organizations to enter into contracts longer than 3 if those are EnPCs while at the same time permitting to keep the energy spending level intact at the baseline level for the term of the EnPC. This permits multi-annual projects. Non-treasury budget entities (budget organizations [schools] and autonomous institutions [kindergartens]) may sign EnPC contracts for terms exceeding 3 years if those contracts formulated as capital repairs. There is no automatic long-term freezing of energy expenditure items of non-treasury budget entities in case of EnPCs, but other safeguards are possible. One option to secure that energy expenditure items are kept intact is to reflect all current energy costs of those entities in a long-term targeted program so that savings could be retained at the level of the municipal treasurer and be redistributed to ESCOs outside the 3-year budget cycle. Both treasury organizations and other budget entities will procure EnPC services through Law-94. Autonomous institutions may procure EnPC services according to their own rules but may procure via Law-94 as well. Factoring is possible under Law-94 as extensive court practice demonstrates.

16 Contacts Alexei Zakharov Product Development Manager Moscow 6 Gasheka St., 2 nd fl. Tel:

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