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The Green for Growth Fund An innovative blending instrument financing energy efficiency and renewable energy Brussels, 02 February 2017 Marketing Material Contents 01 About the GGF 02 Leveraging Donor Capital 03 The GGF in Figures 2 Marketing Material 01 About the GGF 3 Marketing Material About the GGF Mission Statement The mission of the Fund is to contribute, in the form of a public-private partnership with a layered risk/return structure, to enhancing energy efficiency and fostering renewable energies in the Southeast Europe region including Turkey (SEE) and the European Eastern Neighbourhood region (ENR) and in the Middle East and North Africa (MENA), predominantly through the provision of dedicated financing to businesses and households via partnering with financial institutions and direct financing. 4 Marketing Material About the GGF History Legal Form Luxembourg-based specialized investment fund (SICAV-SIF) Inception December 2009 Current Investors TA Facility Donors Initiators 5 Marketing Material About the GGF GGF markets Local offices * This designation is without prejudice to positions on status, and is in line with UNSC 1244 and the ICJ Opinion on the Kosovo Declaration of independence. MENA European Eastern Neighbourhood Southeast Europe Regions the GGF Serves Albania Bosnia and Herzegovina Croatia Kosovo* FYR Macedonia Montenegro Serbia Turkey Armenia Azerbaijan Georgia Moldova Ukraine Egypt Jordan Lebanon Morocco Palestinian Territories Tunisia 6 Marketing Material About the GGF Governance Provides a Solid Foundation and Transparent Processes General Shareholder Assembly AUDITOR Board of Directors GENERAL SECRETARY Investment Committee DEPOSITARY AND DOMICILIARY AGENT FUND ADMINISTRATOR INVESTMENT MANAGEMENT INVESTMENT MANAGER ADVISOR TECHNICAL ADVISOR 7 Marketing Material About the GGF Improving EE and RE via Partner Institutions with a broad spectrum of measures Insulation Improvement: often below EUR 1,000 Retail Boiler Replacement: typically between EUR 2,000 – 5,000 Process Machinery Replacement: EUR 50,000 – 250,000 SME Agri-equipment Replacement: EUR 15,000 – 250,000 Process Improvements: often over EUR 1 million Corporate Renewable Energy Projects: up to EUR 10 million Street Lighting: up to EUR 10 million Municipalities District Heating: up to EUR 10 million 8 Marketing Material About the GGF Providing Direct Financing for Renewable Energy (RE) Projects Targeted RE Technologies Hydro Power Wind farms Solar (thermal and photovoltaic) Biogas / Biomass (no food crop replacement) Geothermal One major criteria for the eligibility of projects is their adherence to GGF's environmental and social impact requirements. 9 Marketing Material About the GGF Technical Assistance Complements the Fund to Maximize Impact The main principles of the Technical Assistance Facility are: Support for the GGF‘s mission and strategic direction Creation of synergy effects with investments Ensuring independence and sound governance Adherence to principles of transparency Fiduciary Agent Governance Structure Donors to the Technical Assistance Facility Technical Assistance Facility Committee Technical Assistance Manager 10 Marketing Material 02 Leveraging Donor Capital 11 Marketing Material Leveraging Donor Capital Flow of Funds - How GGF Investments Provide Impact Donors / Investors Funding Dedicated Funding Technical Assistance Financial Institutions Direct RE/EE Investments EE/RE Loans Households Commerce Industry Agriculture Technical Assistance 12 Marketing Material Leveraging Donor Capital Tiered Structure Allows Tailored Risk/Return Profiles Notes EUR 54.9 million – 17% Donors Preliminary data as of 31 December 2016 Senior A Shares EUR 195.0 million – 55% Mezzanine B Shares EUR 26.4 million - 6% Risk Development Finance and International Financial Institutions Income Private Investors Junior C Shares EUR 89.9 million –22% 13 Marketing Material Leveraging Donor Capital Allocation of Gains Through the Income Waterfall Net available income for Distribution Complementary Dividends 14 Marketing Material Leveraging Donor Capital C Shares’ Impact on the Fund, PI, and Sub-borrower Levels ILLUSTRATIVE EXAMPLE … 5 years Fund-level leverage Funding mobilized PI-level leverage Investments in PIs Sub-borrower leverage Investments in Target Group Repayments re-invested with the Target Group Repayments re-invested Additional IFI & private capital Initial investment in PLIs Initial funding extended to Target Group New C Shares 15 Marketing Material 03 The GGF in Figures 16 Marketing Material The GGF in Figures Outstanding Investment Portfolio and Number of Partner Institutions (PIs) In EUR million Number of PIs Portfolio 450.0 60 384.1 400.0 425.7 50 350.0 363.2 300.0 307.1 310.7 314.3 40 326.4 250.0 30 200.0 150.0 32 100.0 37 34 46 43 20 26 50.0 57.5 50.0 0.0 33 41 3 14 10 19 5 0 Q1 2010 2011 As of 31 December 2016 2012 2013 2014 2015 Q2 Q3 2016 Q4 Q1 (FC) Q2 (FC) 2017 17 Marketing Material The GGF in Figures Portfolio Breakdown Investment Portfolio Outstanding per Country Turkey Georgia Serbia Egypt Croatia Albania FYR Macedonia Tunisia Armenia Bosnia and Herzegovina Azerbaijan Moldova Ukraine Montenegro Kosovo 29% Projects 5% 15% 11% 10% 10% 9% 5% 3% 3% 2% 1% 1% 1% 1% > 0% 0% 5% 10% 15% 20% 25% 30% 35% As of 31 December 2016 Investment Portfolio Outstanding per Partner Institution Type Leasing Companies 27% Corporates 2% Large Banks 36% MCOs 1% Small Banks 29% 18 Marketing Material The GGF in Figures Impact Measurement and Monitoring EE/RE Sub-Loans Investee Loan Terms and Conditions Core banking system eSave tool (provided by the GGF) Investor Data aggregation and analysis Integrated sub-loan data reported quarterly EUR MWh Project Specific Information Finance in Motion tCO2 11 Marketing Material The GGF in Figures Overall cumulative sub-loan disbursement rate of 94% and on-lending rate of 68% Total SEE ENR-East WB-6 20,935 15,910 5,025 10,890 Cumulative sub-loan disbursements since inception EUR 406,1 million EUR 333.5 million EUR 72.6 million EUR 127.8 million Energy savings (MWh/yr) 1,477,215 1,156,023 321,199 592,355 CO2 reduction (tCO2/yr) 381,183 311,288 69,894 178,764 As of Q3|2016 Number of borrowers Note: PIs in ENR-South are still in ramp-up period Measures financed since inception based on loans disbursed Buildings - 30.5% 23.1% 27.2% Improvements in processes, process related equipment - 27.2% Use of RE for commercial energy generation - 23.1% Energy service and supply business - 7.9% Agri-equipment - 6.3% 7.9% 6.3% 30.5% 1.5% 2.4% Use of RE by households and businesses - 2.4% Vehicles - 1.5% Complex heat supply and distribution systems - 0.9% Lighting - 0.1% EE: 74.5% RE: 25.5% Household devices - 0.0% 20 Marketing Material The GGF in Figures Strong Technical Assistance Focused on Developing Partner Capacities • • • • • • 177 TA projects since inception with project volume of EUR 8.3 million GGF TAF projects since inception Working with 46 Partner Institutions (or potential PIs): 41 FIs + 5 NFIs Committed TAF Fund Volume EUR 12.9 million Overall funding needed 2017 – 2018: EUR 8 million, thereof EUR 3 million for ENR South Development of an EE/RE Finance Manual for GGF PIs Individual TA for new PIs in Kosovo, Montenegro and Egypt 15% 10% 52% 19% 4% Capacity Development of FI’s Capacity Development of NFI‘s Impact Analysis & Energy Audits Research & Analysis Awareness Raising & Market Enabling As of 24 November 2016 21 Marketing Material Thank you for your attention! Contact: Lloyd Stevens, Phone: +49 (0) 69 271 035 113, E-Mail: [email protected] Marketing Material Disclaimer The information in this document constitutes marketing material only and does not constitute investment, legal, tax or any other advice. It has been prepared without regard to the individual financial and other circumstances of persons who receive it. The Fund mentioned in this presentation is a specialized investment fund governed by Luxembourg law and is reserved for institutional, professional or other wellinformed investors as defined by Luxembourg law. The issue documents or the assets held in the Funds have, however, not been approved or disapproved by any authority. The information given herein constitutes neither an offer nor a solicitation of any action based on it, not does it constitute a commitment of the Fund to offer its shares to any investor. No guarantee is given as to the completeness, timeliness or adequacy of the information provided herein. No investment may be made except upon the basis of the current issue document of the Fund, which are obtainable free of charge from Finance in Motion GmbH (Theodor-Stern-Kai 1, 60596 Frankfurt, Germany). All forward-looking statements have been compiled on a best efforts basis, taking into account multiple variables which may be subject to change, including, without limitation, exchange rates, general developments in banking markets and regulations, interest rate benchmarks, and others. Actual developments could differ from the expectations expressed in forward-looking statements. Past performance is not a reliable indicator of future results. Prices of shares and the income from them may fall or rise and investors may not get back the amount originally invested. Neither the Fund nor Finance in Motion GmbH is under no obligation to update or alter such forward-looking statements whether as a result of new information, future events, or otherwise. Neither the Fund nor Finance in Motion GmbH nor any of its shareholders, directors, officers, employees, advisors or agents makes any representation or warranty or gives any undertaking of any kind, express or implied, or, to the extent permitted by applicable law, assumes any liability of any kind whatsoever, as to the timeliness, adequacy, correctness, completeness or suitability for any investor of any opinions, forecasts, projections, assumptions and any other information contained in, or otherwise in relation to, this document or assumes any undertaking to supplement any such information as further information becomes available or in light of changing circumstances. The content of this information is subject to change without prior notice. Any views expressed in this document reflect the current views of the author(s) which do not necessarily correspond to the views of the Fund, its shareholders and/or its service providers. Views expressed may change without notice and may differ from views set out in other documents, including other research published by the Funds, their shareholders and/or their service providers. No liability for correctness, completeness, accuracy etc. Not for distribution in or into the United States of America, Canada, Japan or Australia or to any U.S. person or in any other jurisdiction in which such distribution would be prohibited by applicable law. © Finance in Motion GmbH 2016. All rights reserved. 23