41689 - RA Energy II

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Summary of Investment Information

Project Number

41689

Company Name

RESPONSABILITY ACCESS TO CLEAN POWER FUND S.A., SICAV-SIF

Date SPI Disclosed

Dec 4, 2018

Country

World Region

Region

Global

Projected Board Date

Jan 31, 2019

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jun 12, 2021

Department

Regional Industry - MAS Africa

Industry

Tourism, Retail and Property

Previous Events

Approved : Jan 23, 2019
Signed : Jun 14, 2019
Invested : Jun 12, 2020

Sector

Other Sector Fund

Project Description

Access to Clean Power Fund (“ACPF” or the “Fund”) is a US$150mn fund (in the process of being raised), which will extend debt financing to companies providing renewable energy and energy efficiency solutions in the retail and off-grid Pay-As-You-Go (PAYGO) sector, and in the commercial and industrial sector, both part of the Distributed Generation (“DG”) market. ACPF is the scale-up of the Energy Access Fund (“EAF”), into which IFC invested in 2015.

Associated Advisory Engagement

In parallel to the investment in this Fund, IFC is implementing an advisory program on energy access and solar distributed generation that provide market development support, quality assurance, operational and business capacity building to solar companies in Africa and Asia that may be existing or potential investees of this Fund.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity	0.0

Development Impact

The most significant, expected project-level outcome is increased access to energy by un(der)served households and SMEs with unreliable access to affordable energy, and increased access to financing for manufacturers and distributors of DG. The Project is expected to target predominantly lower income segments and will contribute to the Sustainable Development Goals (SDGs). Beyond the Project, IFC anticipates that the Project will enhance financial integration and inclusiveness through the demonstration and market enabling channels.

The debt and mezzanine financing required by small and medium enterprises (SMEs) and other companies offering distributed energy solutions is often difficult to access in local markets in Sub-Saharan Africa and Asia. IFC's expected additionality in this Project is both financial and non-financial: (i) the financing structure; (ii) resource mobilization; and (iii) the sharing of global knowledge and international best practices.

E&S Category Rationale / Risks and Mitigation

The proposed project will support small-scale renewable energy and energy efficiency solutions to households, SMEs, and companies in the commercial & industrial space (solar rooftops, batteries, ground mounted solutions, etc.), and other value chain players (e.g. component distributors, energy efficiency companies). These activities are expected to have low to medium E&S risks and therefore this investment has been classified as category FI-2 project according to the IFC Environmental and Social Review Procedure. The Fund is not expected to finance category A projects (‘high E&S risk’).

The key E&S risks and impacts of this project derive from the Fund Manager’s capacity to identify and manage potential environmental and social risks associated with its investment activities particularly lending to support SMEs and companies in the commercial and industrial space which have low to medium E&S risks. These risks typically include occupational health and safety issues, pollution prevention, waste and wastewater management, and labor and working conditions issues, and community impacts among others. To mitigate these risks, the Fund shall continue implementing the E&S policies, procedures, resources and tools that responsAbility has in place to identify potential E&S risks, and to manage/mitigate them if needed. In line with responsAbility’s Corporate ESG Policy, the Fund will need to ensure that each potential investment is in compliance with its E&S requirements, that include IFC Exclusion List, host country e&s laws and regulations, and the IFC Performance Standards. The client will also be required to provide Annual Environmental Performance Report to IFC. IFC will also review the first three E&S due diligence reports to confirm the capacity of the Fund Manager in implementing its ESMS.

S.no	Title	Anticipated Completion Date	Status
1	Other1 - Develop External Grievance Mechanism	02/28/2019	Completed
2	Other2 - Enhance E&S Risk Categorization	02/28/2019	Completed
3	Other3 - Submit first three e&s due diligence reports	02/28/2019	Completed

Contacts

For Inquiries About the Project, Contact

responsAbility Investments AG
Carolina de Azevedo
Senior Manager, Business Development
+41 44 403 2188
carolina.deazevedo@responsAbility.com
Josefstrasse 59, 8005 Zurich, Switzerland
www.responsAbility.com

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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