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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,onlyahandfulofmarketplayerscanmeetsuc