将分布式可再生能源的金融聚合纳入主流（英）

UnitedNationsDevelopmentProgramme WhitePaper MainstreamingFinancialAggregationforDistributedRenewableEnergy January2024 WhitePaper:MainstreamingFinancialAggregationforDistributedRenewableEnergy UNDP UNDPistheleadingUnitedNationsorganizationfightingtoendtheinjusticeofpoverty,inequality,andclimatechange.Workingwithourbroadnetworkofexpertsandpartnersin170countries,wehelpnationsbuildintegrated,lastingsolutionsforpeopleandtheplanet. Learnmoreatundp.orgorfollow@UNDP TheClimateAggregationPlatform(CAP)TheClimateAggregationPlatformisaGlobalEnvironmentFacility(GEF)fundedflagshipinitiativeofUNDP,whichseekstosupportthestructuringanddeploymentofinnovativebusinessmodelsandfinancialmechanismstoaccelerateenergyaccessandajustenergytransition. TheCAPseekstoadvanceandraiseawarenessforinnovativesolutionstomarketbarriersforfinancialaggregationinthesmall-scale,low-carbonenergysector–withthegoaltoincreaseaccesstolow-costfinancingforcleanenergyinemergingmarkets. Learnmoreat:https://www.undp.org/climate- aggregation-platform GEF TheGlobalEnvironmentFacility(GEF)isafamilyoffundsdedicatedtoconfrontingbiodiversityloss,climatechange,pollution,andstrainsonlandandoceanhealth.Itsgrants,blendedfinancing,andpolicysupporthelpdevelopingcountriesaddresstheirbiggestenvironmentalprioritiesandadheretointernationalenvironmentalconventions.Overthepastthreedecades,theGEFhasprovidedmorethan$23billionandmobilized$129billion inco-financingformorethan5,000nationalandregionalprojects. Copyright©2024.Allrightsreserved. OneUnitedNationsPlaza,NewYork,NY10017,USA Disclaimer:Theviewsexpressedinthispublicationarethoseoftheauthor(s)anddonotnecessarilyrepresentthoseoftheUnitedNations,includingUNDP,orthe UNMemberStates. Coverphoto:UNDP/KarinSchermbrucker Suggestedcitation:UNDP(2024).WhitePaper:MainstreamingFinancialAggregationforDistributedRenewableEnergy,NewYork. Acknowledgements ThedevelopmentofthispaperwasfundedbytheGEF,ledbytheUNDPandpreparedbyexpertsfromTFE. TheUNDPtaskteamresponsiblefortheproductionofthisreportwascomposedofEduardoAppleyardandMateoSalomon. TheTFEteamthatwrotethispaperincludesAndréTroost,Dr.SamDubyandKumbiraiMakanza. Thispaperbenefitedgreatlyfromtheinsightsfrom:AlexWanumeandChrisKanani(WinchEnergy),EricdeMoudt(AfricanFrontierCapital),ChristopherAidunandToukamNgoufanke(PersistentEnergy)andAnshulPatel(Bboxx). Contents Introduction4 1.DefiningDREfinancialaggregation5 2.TermSheetsforDREfinancialaggregation6 2.1Introductiontotermsheets6 2.1.1Considerationsaffectingtermsheetdesign6 2.2Keycomponentsofdrefinancialaggregationtermsheets8 2.2.1Operationsandserviceagreement8 2.2.2Datasharingagreement9 2.2.3Purchaseandsaleagreement9 2.2.4Loanagreement10 3.CasestudiesofpastandpresentDREfinancialaggregation facilitiesandtransactions11 3.1Bboxxdistributedenergyassetreceivables$500,000pilotin Kenya(2015)11 3.1.1Transactionstructure12 3.1.2Lookingtothefuture12 3.2WinchEnergy:$16millionmini-gridportfoliofinance(2021)13 3.2.1Transactionstructure13 3.2.2Lookingtothefuture13 3.3BrighterlifeKenya2:landmarkoff-balancesheetfacility(2022)14 3.3.1Transactionstructure14 3.3.2Lookingtothefuture15 4.DFIsandconcessionalfundsinvolvementinDREfinancial aggregation17 Conclusion19 Introduction Lastyearmarkedthehalfwaypointtowardsthe2030deadlineforachievingtheSustainableDevelopmentGoals(SDGs).WhileconsiderableprogresshasbeenmadetowardstheSDG7targetsoncleanandaffordableenergy,inparticularinrelationtoenergyaccess(7.1),675millionpeopleremainwithoutaccesstoelectricityandafurther2.3billionhavenoaccesstoclean cookingsolutions.1Basedonthecurrentpaceofprogress,effortsmustbesignificantlyrampeduptoachievetheSDGtargetsby2030.What’smore,althoughcleanenergyisacrucialelement ofmostNDCs,moreambitioustargetsareneededtokeepusbelowthe1.5°Cthreshold.2WeneedtogreatlyenhancethelevelofpublicandprivateinvestmentinsolutionssuchasDistributedRenewableEnergy,toadvancesustainabledevelopmentanddeliverthegoalsoftheParisAgreement.Toachievethis,newapproachesareneededtode-riskinvestmentsandcrowdinnewsourcesofcapital. Financialaggregation,definedinthecontextofthispaperastheaggregationofDistributedRenewableEnergy(DRE)receivables,holdsgreatpromiseinreducingthemismatchbetweenDREfundingneedsandinvestorrequirementsandinturnincreasingcapitaldeploymentinthesector.Whendesignedcorrectlyanddeployedinsuitablemarkets,theseinstrumentscanofferfasterandmoreaffordableaccesstocapital. However,financialaggregationinstruments,inparticularoff-balancesheetonesarecomplex,expensivetosetup(asmuchasUS$2millioninsomeinstances3)andinvolvemanylengthyprocesses–Itcantakeuptotwoyearstocloseatransaction.TheirsuccessfulimplementationdependsonafavourableenablingenvironmentandtheexistenceofasufficientlylargepipelineofDREassetsoftherightcharacteristicsandquality.Atthemoment,onlyahandfulofmarketplayerscanmeetsuchconditionsorareabletoabsorb,ontheirown,theticketsizesrequiredbyinvestorstojustifysuchanundertaking.Therefore,untilveryrecently,therewerefewexamplesoftransactionstrulyshowcasingthepotentialoffinancialaggregationintheDREsector. Further