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Catalyzing Private Capital for the SDGs

InfraCo Asia’s Case Study Presentation at Workshop on Blended Finance organized by Convergence

3rd March 2020 Mandarin Oriental Hotel, Jakarta

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Table of Contents

IntroductionWhat We DoHow We WorkPortfolioCase StudyGuarantCo

030715212542

Coc San Hydro Power

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Developer – Investor Credit SolutionsUpstream Technical Assistance

Our Owners

Private Infrastructure Development Group (PIDG) is a multi-donor organisation that promotes private infrastructure investment in developing countries through specialised financing and project development facilities

FMOSECO SIDA KfW

Technical AssistanceFacility (TAF)

DevCo InfraCo Africa

The EmergingAfrica Infrastructure

Fund (EAIF)

GuarantCo

IFCDGISUKAid DFAT

Introduction

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PIDG operate collaboratively across all stages of an infrastructure

project’s life-cycle & across the capital structure through three

business lines that deploy unique set of capabilities

OperationConstructionEarly stage development

Upstream Technical assistance

TAF grants support PIDG companies at any stage of the project lifecycle.

DevCo helps fund PPP advisory services to governments, delivered through the World Bank Group’s IFC.

Concept

Technical Assistance Facility (TAF)

DevCo

The Emerging Africa Infrastructure Fund (EAIF)

GuarantCo

Developer Investor - Project preparation

InfraCo Africa and InfraCo Asia originate, develop, structure, invest and manage projects. They can make equity investments in innovative and pioneering projects, or to remedy the absence of capital.

Credit Solutions - Debt, guarantees and mezzanine

EAIF provides long-term foreign currency loans in sub-Saharan Africa.

GuarantCo provides local currency guarantees to banks and bond investors to develop capital markets.

Financial close Commercial operation

Able to hold equity stakes during construction & operation

InfraCo Africa

InfraCo Asia

Introduction

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Unique proposition• Geographic: 55% of projects are in Fragile

Conflicted Affected States (FCAS).

• Technical: open to new technologies given the rapid pace of change especially in the renewable energy space.

• Financial: providing financing support when commercial funding is unavailable or insufficient.

• Taking early-stage risk in projects and frontier markets and develop bankable projects, when the risk is the highest.

• Attracting further investment from the private sector to build and operate projects.

• Building local capacity and developing local capital markets and investor confidence.

• Creating lasting and sustainable developmental impact on the markets and the communities.

PIDG

• Over $3.4bn of funding in the last 16 years. Each $1 of PIDG funding has mobilised $23, of which $17 from the private sector.

• Unique ‘blended finance’ approach to crowd in private capital investment in infrastructure projects in low-income countries.

• PIDG’s six companies work across the full project life cycle and works across the capital structure.

• Work in sub-Saharan Africa and south and south-east Asia.

PIDG strategic focus on infrastructure, which is critical to the achievement of the SDGs

Operating at the frontier

Introduction

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InfraCo Asia provides responsible leadership in bridging the infrastructure gap in South and South East

Asia. Through early stage project development capital and expertise, InfraCo Asia is a catalyst for the

private sector to invest in sustainable infrastructure projects in South and South East Asia.

PFI Thomson Reuters’ 2017 Smart Seed Investor

Citation

IJ Global’s 2018 Asia Pacific Hydro Deal of the Year for the

Coc San hydro project in Vietnam

BritCham’s 2017 Excellence in

Sustainability Award

Introduction InfraCo Asia is a commercially managed infrastructuredevelopment and investment company of PIDG

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Source: Marsh & McLennan Companies, Inc.

Addressing Gaps in Development Architecture

Marsh & McLennan Companies’ Asia Pacific Risk Centre estimates that between 55%-65% of projects in Asia are not bankable without support from government or multilateral development banks.

Challenges

ARPC – Asia Pacific Risk Centre

What We Do

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ConceptEarly-Stage

DevelopmentAdvanced

Development

FinancialClose

Construction

COD

CommercialOperation

InfraCo Asia bridges this gap

2 – 10% of project cost

Risk

Cost / Progress

What We Do Funds Early Stage, High Risk

Institutional investors compete forprojects in the later phases, shunningearly-stage development due to thehigher risk involved.

Unlocking funding (of just 2%-10%of project cost) to developingpipeline and early-stage projectswould accelerate growth in theindustry.

InfraCo Asia bridges the critical gapby funding high-risk developmentcosts to catalyse private sectorinvestment in the industry.

What We Do

Blended Cost of CapitalRisk versus return

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• Blended Finance has emerged as a catalyst to incentivize private capital flows and accelerate development impact in emerging economies.

• Blended Finance approach has leveraged a limited amount of development finance and public capital to reduce the uncertainty and risks that private sector is unwilling to take while investing in underserved markets

10%

18%

12-19%

14%

Adapted from: Insight: Blended finance in the national planning process, Deloitte January 2017

What We Do

Sponsor % Holding Cost of Capital WACC

Scenario 1Private 100% 18%

18%- - -

Scenario 2 (Blended)

Private 50% 18%14%

Donor 50% 10%

Developing market returns tend to be attractive in the face of a low yield environment in most developed countries, but commercial financiers are reluctant to commit to transactions in less familiar markets due to real and perceived risks which inflate return expectations

All numbers for illustration purpose only

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Our Mandate at WorkWhat We Do

Acts as principal to develop primarily early-stage, high-

risk greenfield infrastructure projects

Raises domestic / international debt / equity finance to bring projects to

financial close

An effective model results in successful,

replicable infrastructure projects

De-risk Stimulate Prove

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InfraCo Asia Combines Donor Capital withLeadership and Expertise

What We DoWhat We Do

USD 1 of public investment mobilises USD 8 of total investment

Project development leadership and commitment as Joint Owner or Sponsor

Participates in full development cycle to bring projects to financial close

Works with local governments and development partners

Provides development capital and expertise

Invests in equity ownership

Focusses on commercially viable projects to ensure long term sustainability. Exits projects through sale to the private sector and recycles funds into new projects

NOT a passive funding source for development expenses

Takes on and mitigates the risk associated with early stage development in less developed markets

Acts CommerciallyDevelops InfrastructureProjects as a Principal

Participates in Project Development Actively

Partners with experienced developer teams

Puts Development Capital at Risk

Brings in World Class Team of Developers

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Provides early stage development expertise and capital

De-risks projects and creates “bankable” investment opportunities

Invests as sponsor / joint owner, usually in partnership with local or international sponsor

InfraCo Asia Development

Provides capital at financial close

Fills the gap when a project isunable to raise all the capitalneeded

Participates as co-investoralongside private sector, usuallytakes minority stake

Flexible in form of investment:Equity / mezzanine / debt finance

InfraCo Asia Investments

Exit through sale of equity / refinancing with proceeds recycled into new projects

What We Do Two Complementary Pools of CapitalWhat We Do

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Power & Energy Telecommunications Logistics & Transport

Infrastructure

Oil & Gas Distribution

ManufacturingAgricultureUrban & SocialInfrastructure

Water & Waste Water

WasteManagement

What We Do Sector CoverageWhat We Do

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Programmatic SectorsWhat We Do

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Development Programs

Co-Development Program

Myanmar Program

Core Program

Program initiated in 2016.

Program initiated in 2015.

Work with 3rd party developers, providing leadership and capital

Flexible forms of funding (equity, convertibles and other instruments)

Partners we’ve worked with:

Developer Services Program

Work with contracted developers

Provide equity funding

Lead project development

SOUTH ASIA DEVELOPER TEAM

SOUTH EAST ASIA DEVELOPER TEAM

MYANMAR DEVELOPER TEAM

(3 May 2016 – 3 May 2021)

(2 June 2015 – 1 June 2021)

How We Work

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Co-Development Program How it WorksHow We Work

• InfraCo Asia provides early stage risk capital, typically capped at 50% of development costs. Third party developers take a majority or 50% stake and undertakes on-the-ground project development activity.

• InfraCo Asia provides project development and financing expertise, along with corporate governance oversight that helps bring projects from development stage to financial close and implementation stage.

• InfraCo Asia maintains board positions and representations in management committee for corporate governance.

• InfraCo Asia aims to exit from projects when the project is sufficiently de-risked typically at financial close or later with positive returns on its investments.

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How We Work

InfraCo Asia applies a consistent and disciplined approach to project screening

Projects deliver development benefits for local communities and meet social and environmental best practice

Development Impact

Projects where private sector developers are unwilling or unable to take on the upfront costs and risks on their own

Additionality

Sustainable projects attract private investment and ensure a return on the sale of InfraCo Asia's ownership rights

Commercial Viability

Social and Economic Benefit

Complement, Not Compete with Private Sector

Sustainability

These three criteria reflect our mandate:

Project SelectionHow We Work

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Development Impact - Strategic PrioritiesHow We Work

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Additionality Framework

The following unique services and inputs differentiate

InfraCo Asia from the private sector:

1. By mobilizing finance for project development

and/or for completing the project

2. By improving the design of infrastructure projects

3. By contributing to policy or building the capacity

of local stakeholders

4. By promoting good environmental, social and

governance standards

5. By having a direct developmental impact on

people

How We Work

Mar-20

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HSES, ESG, and other factors in our Investment Considerations

Human Resources

Procurement HSES

• Human Rights • Gender Equality• Health and Safety of workforce• Gender Based Violence (GBV)• Social risk • Local content

How We Work

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South Asia South East Asia

India

Bhutan

Bangladesh

Nepal

Pakistan

Sri Lanka

Laos

Indonesia

Cambodia

Philippines

Vietnam

Myanmar

What We Do Geographic ScopePortfolio

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Pakistan

Gul Ahmed (50MW) & Metro Wind (50MW)

Wind power (Operational from Oct 2016 and Sep 2016 respectively; divested stake in September 2017)

South Asia

Sri Lanka

Trincomalee Biomass to Pellets*

Securing long-term biomass supply and the development of a 75,000 TPA pellet processing facility(JDA signed May 2017; other definitive agreements signed in October 2017)

Swat KPK Hydro Power Platform (150MW)

Portfolio of 4 run-of-river hydro assets (JDA signed December 2017)

Bangladesh

Greenfield ground-mounted solar power project(JDA signed August 2017)

Bangladesh Solar Power JV

Solar Nano Grid Rural Electrification

Portfolio of up to 2000 x 3kW nano grids for household and commercial use(JDA signed July 2018)

Portfolio * Co-Development Program

Pakistan Rooftop Solar Platform

Development of rooftop C&I solar projects(JIDA signed in November 2019)

India

Kota Integrated Grain Mandi

Integrated grain market with mechanised warehousing (2nd amended SHA signed July 2017)

Pareng (14.5MW) and Keyi (23MW) *

Run-of-river hydro power(JDA signed October 2016)

Hydroponics farming(JVA signed February 2017, Construction commenced December 2017)

Junga Hydroponic Farming (1.2 ha)

Durgapur Affordable Housing

Affordable housing for economically weaker section of society(JDA signed September 2018)

Jabalpur Biomass Power Plant (12MW)

Power project with energy plantation(JDA signed June 2018)

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Vietnam

Coc San Hydro Power (29.7 MW)

Run-of-river hydro power(Operational from April 2016, divested stake in Nov 2018)

Vietnam Water Supply Portfolio*(total capacity >30,000 m3/day)

Water treatment & supply facilities(SHA signed December 2017; 2 projects achieved Financial Close, one in December 2018 and the other in November 2019)

South East Asia

Ninh Thuan Solar Power * (168MW)

Utility-scale solar power project in Ninh Thuan province(COD Achieved on June 15, 2019)

Portfolio

Cambodia Mango Processing Facility

Cambodia

Mango processing facility that sources from smallholder farmers(JIDA signed March 2018)

Philippines

North Luzon Mini Hydro (35MW)*

Portfolio of 6 mini run-of-river hydro power projects(JDA signed April 2016)

Philippines Smart Solar Network

Solar microgrid with smart controllers; Portfolio with pilot project on San Isidro, Busuanga, Palawan(Pilot phase in operation since September 2019)

Palawan Solar Hybrid Power (40MW)

Hybrid of solar and engine driven generation, coupled with battery energy storage solution(JDA signed May 2019)

* Co-Development Program

Myanmar

Yangon Aquafeed Processing

Agri waste to fish feed (JDA signed October 2016)

Magway Wind Power

263MW portfolio of wind power projects(MOU signed April 2017)

Myanmar Hybrid Rice

Increase rice yields & farmer income(JDA signed December 2016, divested stake in December 2018)

Rural Electrification Service

Energy service for telco towers and local communities(Pilot started construction in November 2019) Ayeyarwady Rice Husk

Briquette

Portfolio of 17 tonnes/day rice husk briquette plants to replace charcoal use(JDA signed December 2018)

Indonesia

Archipelago Hybrid Power Solutions

24x7 reliable access for off-grid villages / towns based on solar diesel hybrid (up to 150MW)(JDA signed December 2017)

Endikat Hydro Power (71MW)

Portfolio of 2 cascade hydro power projects (JDA signed December 2018)

Vanuatu (12 -14 Jun ’19)

Solomon Islands (17 -21 Jun ‘19)

Samoa (6 - 8 Aug ‘19)

Tonga (12 - 14 Aug ‘19)

Fiji (24-27 Jun ‘19)

With DFAT support, PIDG/InfraCo Asia plans to expand to the Pacific Island Countries

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• In 2019, Government of Australia established the Australian Infrastructure Financing Facility for the Pacific (AIFFP) to fund high priority infrastructure in the Pacific and Timor Leste.

• AIFPP is operational from July 2019 and managed by the Department of Foreign Affairs and Trade (DFAT) with the focus on core economic infrastructure such as energy, transport, water and telecommunications.

• DFAT is considering PIDG as one of the delivery partners under the AIFFP, and InfraCo Asia as the lead implementing company from PIDG*

• InfraCo Asia has undertaken an in-country mission in close cooperation with the DFAT Offices in the Pacific Island Countries (PIC), and prepared a Business Plan for the PIC including a forecasted pipeline of projects, identification of key stakeholders and a budget for funding early stage infrastructure project development activities

*DFAT’s engagement of PIDG on the AIFFP is subject to approval by the Australian Minister for Foreign Affairs.

PIC Program Plan

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168MWp Ninh Thuan Solar Power- In operation-

Case Study

Ninh Thuan Solar Power

Vietnam

Project Overview & Timeline

InfraCo Asia and Sunseap International (international arm ofSunseap Group, Singapore) jointly developed the country’s 1st

large utility scale solar power project with 100% Foreign DirectInvestment in Vietnam

Ninh Thuan Solar

Vietnam

Cambodia

Thailand

Laos

Ninh ThuanProvince

Capacity : 168 MWp

Technology : Solar Photovoltaic

Debt-Equity: 72:28

Tariff : 9.35 US¢/kWh, 20-year Standardised PPA, signed in Q3 2018

Financial Close : Q4 2018

COD : Q2 2019

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Operating successfully since 15 June 2019

Leadership Capital from InfraCoNinh Thuan Solar

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OfftakeVietnam Electricity (EVN)

EPC ContractorSterling & Wilson, India

ProjectCo JSCNinh Thuan Solar Power Project

(168MWp)

Onshore Bank

Vietnam

Offshore

Debt 72%

20-Year PPA on FIT (9.35 US¢/kWh)

Equity 28%

Project HoldCoSingaporeOffshore Bank

Co-developers

Ninh Thuan Solar Financing Structure at Financial Close

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Project MilestonesNinh Thuan Solar

Ninh Thuan Solar

Project Milestones Date

Provincial Govt. Approval Sep 2016

Prime Minister’s Approval Sep 2017

Investment Registration Certificate Oct 2017

Inclusion in National Master Plan Nov 2017

Grid Conn. Approval Dec 2017

Sunseap and IAD signs JV Agreement Feb 2018

PPA with EVN Jul 2018

Early construction work commenced Aug 2018

Financial Close Nov 2018

COD (ahead of schedule) 15 Jun 2019

Community Engagement & Development Program

Ninh Thuan Solar

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Proposed Items

Estimated

expense

(VND)

USD

equivalent

Key contribution to the local

community

Renovate 2 rural roads near the

project connecting national road No.

27 to existing canals.

3.0 bn USD 130k

Facilitating for farmers to move to

their land and transport

agricultural products

Support setting up electric light

system along Nnational road No. 273.9 bn USD 168k

Ensuring traffic safety and security

in the region

Total USD 298k*

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Ninh Thuan Solar Development Impact

Project GalleryNinh Thuan Solar

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Portfolio of Water Supply Projects- Under Construction -

Case Study

Kim Lien Water Treatment

Vietnam

Financing Need for Water Supply in Vietnam

▪ Annually US$2.7 billion investment is needed in water supply and sanitation projects to meet the growing needs of Vietnam’s population.

▪ The Government of Vietnam is seeking increased investment from the private sector in both urban and rural water supply and sanitation.

▪ So far, few public utilities have been able to access commercial financing. Critical obstacles - weak public-private partnership contracting and management. Absence of regulator, absence of commercially viable tariff.

Vietnam Water

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Vietnam Water Leadership Capital from InfraCo

Project Location Map

ProjectPhase I

(m3/ day)Phase II

(m3/ day)Total

(m3/ day)

RetailThuy Nguyen

5,000 10,000 15,000

Retail Ba Lai

5,000 10,000 15,000

Total 10,000 20,000 30,000

Portfolio of Water Supply Projects

• Flexibility and option to add more projects under platform approach

• InfraCo Asia initial commitment for 4 projects with equity financing up to US$ 5 million matching with Darco’s equity contribution in the ratio of 49:51

Scope • Develop, build, own and operate a portfolio of four individual and distinct water supply projects

Approvals • Investment Registration Certificate obtained

• 50 years concession• Water tariff approved by

People’s Committee

Schedule • Thuy Nguyen – Planned FC in H2 2020, expected COD Q42021

• Ba Lai – Achieved FC Q4 2019

Total Investment Planned

~US$ 25 million

InfraCo Asia commitment

~US$ 5 million

Project Scope

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Vietnam Water Overview of the Portfolio

Thuy NguyenHai Phong City

Ba LaiBen Tre Province

Key details :Target return : USD 10%Finance: blending of equity, debt and concessional loansRepayment Tenure : flexibleEquity funding: InfraCo Asia & Co Development Partner

44% 44%

29%

27%

56%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Blended Non Blended

Financial structuring by InfraCo Asia

Debt

TAF

Equity

Return target-

10%

Return <5%

Factors considered / under considerations:

Equity: More equity funding will reduce returnsStructure equity good way to reduce cash trap situation – exploring use shareholders loansDebt:Debt leverage good. However need to assess the impact on cash flowsConcessional FinancingImproves project viability & returnsStructured instruments such as long-term repayment or grant

InfraCo Asia is currently structuring a financing package for the portfolio of water supply projects in Vietnam. Blending financing is expected to improve the project viability.

The case study is for illustrative purposes only

Vietnam Water InfraCo’s Role

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Vietnam Water Portfolio Structure

Vietnam

Singapore

InfraCo VietAquaWater

Darco InfraCo Vietnam Water Pte. Ltd.

Darco Viet Water Company Limited

Ba Lai SPV

90% 10%

51%49%

100%

100%

Thuy Nguyen SPV

Each Project SPV has a 10% local shareholderLocal

Shareholder

Development ImpactVietnam Water

Community Water & Gender MainstreamingWater & Gender

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➢ Women are most often the users, providers, and managers of water in rural households and are the guardians of household hygiene.

➢ If a water system breaks down, women, not men, will most likely be the ones most affected, for they may have to travel further for water or use other means to meet the household’s water and sanitation needs

➢ Women have a strong incentive to acquire and maintain improved, conveniently located water facilities, since they often spend more time collecting water. Hence, women and girls tend to benefit most when water quality and quantity improves.

➢ They tend to take shorter trips carrying heavy containers, they may have more time for income-generating activities, and they are able to spend more time in school.

Source: Gender & Development Group Paper, World Bank

Photo of the Thuy Nguyen river, Water source of Thuy Nguyen Project

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July 2019Ba Lai Project Ground-breaking

Vietnam Water Portfolio Gallery

Enabling long-term

infrastructure finance in local

currency

GuarantCo

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GuarantCo uses blended finance

Public sector investorsEquity + Debt

( FMO / Owners )

Guarantee capacity enabled by leverage

of 3x capital(Moody’s and Fitch Ratings)

Guarantee capacity of USD 1 billion

Private sector investment mobilised

USD 4.4 billion

USD 1 of public investment mobilises USD 5 of private sector investment

$30MILLION

$365MILLION $1.1

BILLION

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How GuarantCo works

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Kacific Telecommunications – Asia and the Pacific Islands regionConnecting Asia and the Pacific Islands region through affordable, high speed, broadband service

Financial close: 4th December 2019

Capital Structure

Use of FundsKacific launched a Ka-band high throughput satellite into geostationary orbit, from where it will be able to provide wholesale broadband internet services to otherwise underserved and unserved markets.

ChallengesPrivate sector senior debt financers were unfamiliar with the target markets Kacific was looking to operate in. Hence, would not have been able to lend long term debt to Kacific.

Countries served 15 markets across Asia and the Pacific Islands including Indonesia.

Borrower Kacific Broadband Satellites International Limited (“Kacific”)

Sector Telecoms

Total Investments

c. USD 230 million

Private Sector Senior Debt

UD 60 million benefitting from a GuarantCo’s guarantee

Multilateral Development BankSenior Debt

USD 50 Million

Private Sector GuarantCo Guaranteed Senior Debt

USD 60 Million

Mezzanine DebtUSD 50 Million

EquityUSD 62.8 Million

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Indonesia Priority RegionIndonesia Portfolio

▪ InfraCo Asia has undertaken an analysis to determine which of the Indonesian provinces should be focus for PIDG funding, based on the extent to which they lack access to energy, sanitation and water, and on their infant mortality rate as an indicator of poverty and lack of access to basic services.

▪ The analysis was then further supplemented at PIDG by also reference to two additional measures – GDP per capita and the Human Development Index. The Human Development Index (HDI) score is made up of a combination of scores on life expectancy at birth, expected years of schooling, mean years of school, and GNI per capita.

▪ The following 10 Provinces fall under “least developed” category and so we ranked these provinces as priority region for our funding support:

1. West Nusa Tenggara2. Gorontalo3. West Sulawesi4. East Nusa Tenggara5. Maluku6. Papua7. Central Sulawesi8. North Maluku9. West Papua10. West Kalimantan

• The remaining 23 Provinces fall under ‘Middle Income’ category.

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Q&A

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InfraCo Asia Development Pte. Ltd.Manulife Tower#23-04/05, 8 Cross StreetSingapore 048424

TEW

+ 65 6321 6666info@infracoasia.com www.infracoasia.com

InfraCo Asia

InfraCo Asia

@InfraCoAsia

Thank YouInfraCo Asia

Prabaljit SarkarDirector, Business Development

Bio of Presenters

prabaljit.sarkar@infracoasia.com

Bintari Margaret KonstantinAnalyst, Business Development

Margaret joined InfraCo Asia in October 2019 as a Business Development Analyst,with the primary role of screening and analyzing new business opportunities,supporting business development, project finance and investments under theInfraCo Asia’s Co-Development and Investment program.

Prior to joining InfraCo Asia, Margaret was a business development associate forIndonesia Infrastructure Finance, a state-owned company with development financeinstitutions (ADB, IFC, DEG) and Sumitomo Mitsui Banking Corporation asshareholders. Margaret also has experience with project appraisal and structuring assenior staff for the Indonesia Infrastructure Guarantee Fund. Margaret started hercareer in Deloitte Consulting’s M&A transaction advisory division.

Margaret holds a Master of Public Administration degree from the NanyangTechnological University, Singapore, a Bachelor of Commerce degree from theUniversity of Melbourne and Bachelor of Economics degree from the University ofIndonesia.

Prabaljit joined InfraCo Asia in October 2016, where he has the primary responsibility ofdeal origination, financing and co-investments under the InfraCo Asia Co-Development andInvestment program across all countries under InfraCo Asia’s mandate.

Prabaljit has more than 25 years’ experience on business development including duediligence for investment decision making, project financing, EPC negotiation, contractenforcement, and operation management of power and telecom infrastructure projects withrecord of achievement in challenging geographies in south Asia and south east Asia.

He spent over 12 years at AES (NYSE: AES), a Fortune 200 global power company, and waspreviously based in Vietnam and India managing AES’ business developments and dealclosures.

In 1990s, Prabaljit, in his capacity as management consultant of PricewaterhouseCoopers,supported Orissa State Government implementing India’s first massive path-breaking powersector reform and privatization of state-owned utilities.

Prabaljit has an MBA (Finance) from the Indian Institute of Social Welfare & BusinessManagement (IISWBM), and a Bachelor’s degree in electrical engineering from JadavpurUniversity, India. Prabaljit is elected Senior Member of Institute of Engineers, Singapore.

margaret.konstantin@infracoasia.com