2016/54 k nKonw A A weldegdeg e ol n oNtoet e s eSrei r e ise s f ofro r p r&a c t hteh e nEenregryg y Etx itcrea c t i v e s G l o b a l P r a c t i c e The bottom line Fostering the Development of ESCO Markets for Energy Energy service companies can aid energy efficiency efforts Efficiency by providing technical skills, assuming performance risks, facilitating access to finance Why is this issue important? In the United States, Canada, Japan, Korea, China, and Thailand, the most commonly used business models are shared savings and from commercial lenders, and Energy service companies can help scale up guaranteed savings. A third model, known as outsourced energy enabling energy users to repay energy efficiency by offering specialized technical management, is widely used in the European Union. initial costs through future savings. Although many attempts and financial services for project design and Shared savings. Typically, under this model, an ESCO provides implementation or arranges for most or all of the financing needed to implement an to encourage the development energy efficiency project. The agreement between the ESCO and of ESCO markets in developing Energy service companies (ESCOs) offer services for implementing host facility specifies how cost savings are shared, measured, and countries have failed, some and financing energy efficiency recent experiences demonstrate projects, including energy auditing, Figure 1. How ESCOs can address barriers to scaling up energy efficiency how governments can help design and engineering, equipment by promoting simple business procurement, construction, installation, How ESCOs can help models; facilitating ESCO commissioning, measurement and Barrier Mobilize commercial financing with loan repayments made from project cost financing; making legislative, verification (M&V) of energy and cost savings, providing positive cash flow throughout project Limited internal capital for project investments regulatory, and policy changes; savings, operations and maintenance Provide technical skills and expertise to identify, assess, and implement projects and creating demand. (O&M), facility management, and energy Inadequate information and technical expertise services. Aggregate similar projects for smaller facilities to increase project “ticket size” and facilitate financing Kathrin Hofer is an The energy user, or host facility, Small project size, which makes commercial financing difficult energy specialist with the pays for the ESCO’s services from the Utilize standard, streamlined tools for energy auditing, option identification and assessment, and energy services agreements World Bank’s Energy and resulting cost savings. ESCOs typically High project development and transaction costs Extractives Global Practice. use performance-based contracting Demonstrate benefits of efficient equipment and facility modernization, mobilize external financing, facilitate installation, and offer simplified turnkey arrangements Dilip Limaye is a models, under which payments are Lack of interest or motivation among energy users senior energy efficiency contingent on customer satisfaction and Offer performance-based contracts, clearly define project benefits and costs, consultant. the ESCO assumes most of the techni- Perception among lenders of high risk and a demonstrate low risk of projects already implemented, and conduct formal measurement and verification limited capability to estimate energy savings cal, financial, and performance risks. Demonstrate the success of business models and increase the credibility of Jas Singh is a senior In several countries, ESCOs have performance contracting Lack of understanding among lenders about energy specialist in the demonstrated that they can help scale business models World Bank’s Energy and up energy efficiency by addressing Extractives Global Practice. prevailing market barriers (figure 1). Source: Singh, Limaye, and Hofer 2014. 2 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y Figure 2. Shared savings model Figure 4. Energy suppy contracting model Financial institution ESCO takes over existing or installs new equipment and assumes all costs Customer pays a fixed price with a long-term contract Loan Repayment from portion of savings share “Donors and consultants Sale of energy services systematically oversold Energy service agreement (lighting, chilled water, etc.) Host Host ESCO ESCOs, creating extremely ESCO facility facility Payment based on savings share Payments for energy services high—and often false— under long-term contract expectations with regard to what ESCOs were capable Figure 3. Guaranteed savings model Build-own-operate or build-own-operate-transfer model of and how quickly they Financial institution could develop.” Loan Repayment with funds from energy savings at an agreed price (figure 4). The ownership of equipment ultimately remains with the ESCO (build-own-operate model) or is transferred to Payment according to ESCO guarantee the customer (build-own-operate-transfer model). Host ESCO facility Savings guarantee Have ESCOs worked in the developing world? So far, replication of western models has not verified. The host facility does not invest in the project but receives a worked well share of the energy cost savings during the contract period and 100 Attempts to foster ESCO markets in developing countries by repli- percent of the savings after it, allowing for a positive cash flow for cating Western-style ESCO models have been disappointing. Donors the duration of the project (figure 2). and consultants systematically oversold ESCOs, creating extremely Guaranteed savings. Under this model, the host facility high—and often false—expectations with regard to what ESCOs borrows the funds needed to finance the project and puts the were capable of and how quickly they could develop. Several coun- project loan on its balance sheet. The ESCO guarantees performance tries focused on financing programs such as credit lines, expecting standards and specifies M&V methods. Payments are made by the they would eliminate the financing barriers to ESCO development, host facility to the ESCO once performance guarantees are satisfied but they then encountered ESCO regulatory gaps or a lack of stable (figure 3). The loan is repaid by the host facility out of the energy cost demand. Other countries encouraged smaller engineering firms to savings. pursue ESCO business lines, but then found that the firms lacked the Outsourced energy management. This model, most com- experience needed to implement energy efficiency projects and the monly used in the European Union, is also referred to as energy financial credibility required to guarantee larger projects. A number performance management contracting or energy supply contracting. of countries approached international ESCOs and joint ventures for The ESCO pays for equipment upgrades, repairs, and related financing, but the international ESCOs were seeking local financing expenses and sells the energy output, such as steam, heating, and legally enforceable performance contracts, which the countries cooling, and lighting, to the host facility under a long-term contract could not provide. 3 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y As a result of these failures, some governments concluded that Start with simple models. Simple business models adjusted ESCOs could not work in their countries, further hindering their to local market conditions should be used to introduce ESCO promotion. markets in developing countries. Aspects of those models include The challenges are real. ESCO models are complex and require standardized products, equipment leasing, one-year contracts with strong legal, financial, accounting, and business infrastructure— partial performance payments, variable-term contracts, and sim- “The challenges are real. which is often lacking in developing countries. Commercial lenders in plified energy service agreements. Simple models make it possible ESCO models are complex the developing world are unfamiliar with the models and lack devel- to build on existing energy service providers (e.g., leasing firms, oped procedures for technical due diligence and project appraisal, equipment suppliers, and construction companies) and bring them and require strong legal, which leads to their perception that ESCO projects carry high risk. into the market. Table 1 highlights how simple ESCO business models financial, accounting, and New ESCOs lack credibility with industrial and commercial can help address traditional market barriers for ESCOs. business infrastructure— energy users owing to their limited track record and (perceived) More complex ESCO models can be introduced as local ESCO which is often lacking in limited technical capabilities. Misperceptions about ESCOs often lead markets and regulatory infrastructures evolve. The selection and customers to expect them to assume all of the technical, operational, design of the models depends on factors such as: (i) the current developing countries.” and financial risks. Their limited assets and weak balance sheets state of the local energy services market, including the experience make it difficult for them to credibly back up customer financing with with energy performance contracts and the provision of combined performance guarantees. services (e.g., audits, design and build contracts, and financing); (ii) As a result of these challenges, replicating the shared savings the maturity of financial markets, the financial capabilities of ESCOs, model, which requires that ESCOs have strong balance sheets, or and access to funds for ESCO projects through dedicated financing the guaranteed savings model, which requires credible guarantees, mechanisms; (iii) the familiarity and comfort of target markets with has proven to be challenging in many developing countries. The ESCOs and energy performance contracts; and (iv) the legislative and outsourced energy management model requires long-term contracts regulatory framework. (over 10 years) that may be difficult to implement in developing Facilitate ESCO project financing. An important challenge for markets with weaker legal and contract frameworks and less nascent ESCO markets is the limited financial strength of existing and creditworthy customers. new ESCOs or other energy service providers, which restricts their ability to obtain commercial financing that may then be extended What can developing-country governments do to to customers. Barriers include: (i) limited assets and weak balance sheets; (ii) perception among commercial lenders that ESCO projects foster ESCO markets? involve high risk; and (iii) unfamiliarity with and lack of technical They can apply simpler models, offer targeted capacity among lenders to properly appraise ESCO projects. For financing mechanisms, build an enabling this reason, as previously noted, most ESCO models in developed environment, and stimulate demand countries have evolved away from shared savings to guaranteed savings. In response to the slow uptake of ESCOs in many developing As countries develop and implement scalable mechanisms for countries, simpler business models are needed, as well as and financing energy efficiency, design features can be integrated to targeted mechanisms for financing energy efficiency. Governments facilitate financing for ESCO projects and encourage a transition should strive to foster an enabling operational environment and to toward commercial financing. Examples of targeted financing include catalyze the ESCO market by increasing demand for services in the standard products with deemed savings, leasing, performance public sector. incentives, forfaiting (purchasing receivables from an ESCO project), 4 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y Table 1. Simplified models to address common barriers to ESCO development Model and description How model addresses barriers Examples Standard product model with “deemed savings” • Equipment supplier or the ESCO can provide South Africa Applies to standard products or equipment where the energy savings are and install standard products or equipment “To facilitate ESCO well-known and agreed to in advance. Customer pays the ESCO predetermined • Does not require energy audits or amount after installation. measurement and verification contracts with the public, industrial, and Equipment leasing with verified savings • ESCO does not need strong balance sheet Turkey, China, The ESCO or equipment supplier identifies and installs energy efficient equipment. • Facilitates bank financing Vietnam, and India commercial sectors, the The ESCO retains ownership of the equipment until all lease payments are made. Payments are contingent on energy cost savings, which are usually verified by • Particularly well suited for small- and medium- legal framework should measurements taken during commissioning. sized enterprises have clear accounting and One-year contract with partial performance payment • Takes into account contracting limitations for Mexico, Armenia, taxation rules, procedures The ESCO receives 60–70 percent of the payment based on deliverables and public institutions and short-term loans and Turkey measurements taken at commissioning; the remainder is paid 6–12 months later, • Introduces simplified or partial performance for arbitration, and third- ensuring continued performance and savings. party verification.” Variable-term contract • Reduces perceived risk for ESCO companies Canada Similar to common ESCO models except contract term varies based on actual • Provides greater flexibility during transition to savings. If actual savings are less than expected, contract can be extended to complete ESCO models allow the ESCO to recover its agreed payment. The “first out” model is a variation in which the ESCO receives all energy savings benefits until its costs have been • Offers possibility of success when project host lacks capacity to implement project recovered and it has made a profit. • May be implemented by public (or “super”) Energy service agreements Armenia and Mexico ESCO using private ESCO companies as The ESCO finances, designs, and implements the project, and the customer pays subcontractors for implementation services a fixed amount per year (e.g., baseline energy costs with agreed adjustment factors) until the ESCO recovers its investment. Source: Authors. and energy service agreements through public or super ESCOs that provides a legal and economic basis for public procurement of ESCO subcontract to smaller ESCOs (table 2). services for state and municipal facilities. It also provides for long- Strengthen the enabling environment for ESCOs. The term budgetary repayment obligations for energy service contracts. ESCO industry in North America, Western Europe, and other coun- In the Czech Republic, the government reformed public procurement tries developed over many years. Strong commitments from and procedures to facilitate ESCO contracts in the public sector, such as promotions by the governments were crucial to the strengthening of multi-year contracts and retention of savings. It used multiple criteria the enabling framework. Governments in developing countries can for the evaluation of bids and certified “energy experts” in several improve the overall environment and reduce real and perceived risks categories. associated with ESCO projects. An accreditation or certification scheme can boost ESCOs’ Appropriate legislation is usually needed to promote growth standing with energy users in the public, industrial, commercial, of an energy services market. To facilitate ESCO contracts with the and financial sectors. India, Singapore, Thailand, Turkey, and Dubai public, industrial, and commercial sectors, the legal framework are among the countries that have developed ESCO accreditation should have clear accounting and taxation rules, procedures for schemes. However, accreditation schemes can create a barrier to arbitration, and third-party verification. Recent legislation in Ukraine market entry, especially in the early stages of market development. 5 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y Table 2. Pros and cons of mechanisms to facilitate financing for ESCO projects Description Pros (+) and cons (–) Examples Selected results Revolving energy efficiency funds + Provides flexible platform for testing simplified Bulgaria, Armenia, Bulgaria Energy Efficiency and • Provides financial and technical support for project preparation and ESCO models and targeted ESCO financing Thailand Renewable Sources Fund (2006–13) implementation. Repayments are based on realized energy savings + Builds local market capacity for ESCOs and other • 31 ESCO projects valued at and can finance additional projects. energy service providers US$6 million • Targeted ESCO instruments offered by energy efficiency funds include – Requires effective fund management and • Portfolio guarantee for 29 ESCO debt financing for ESCOs, energy service agreements, and forfaiting. instrument design that matches specific market projects valued at US$9.8 million needs – Necessitates sound and enforceable repayment mechanisms Dedicated energy efficiency credit lines + Builds a commercial lending market for ESCOs China, Western China Energy Efficiency Financing • Dedicated credit lines on-lend concessional funds to commercial – Requires robust bank participation with incentives Balkans, Turkey (2008–15) banks to provide debt financing for energy efficiency projects. and capacity to proactively develop multi-year • ESCO projects valued at • Credit lines can offer loans specifically targeting ESCOs. Forfaiting is pipeline US$90 million useful when an ESCO is supplying its own equity for project financing. – Unsuitable for addressing barriers associated with ESCOs’ weak balance sheets (when commercial banks reluctant to provide loans) Risk-sharing facility + Builds commercial lending market by mitigating the China, India, Central China Second Energy Conservation • Can be designed to facilitate commercial financing of ESCO projects perception of high risk and over-collateralization of and Eastern Europe Project (2004–10) by providing risk-sharing instruments (e.g., partial risk guarantees and ESCO projects • 148 ESCO projects valued at first loss reserves) to financial intermediaries for ESCO projects. – Requires mature financing markets and strong bank US$142 million partners – ESCOs must be creditworthy Public or super ESCO + Facilitates project bundling and overcoming Poland, Croatia, Armenia R2E2 Super ESCO (2012–15) • A public ESCO is usually a government-owned company that provides procurement and contracting challenges in the public Ukraine, Belgium, • 58 energy service agreements financing and technical assistance for energy efficiency projects in sector India, and China valued at US$8.4 million the public sector, with repayments based on energy cost savings. + Uses variety of instruments and approaches to • 38 simplified ESCO contracts The super ESCO is a special case of a public ESCO, one that aims to implement public sector projects and build nascent concluded with private companies develop the capacity of existing private ESCOs by engaging them as ESCO market subcontractors. – Access to long-term financing needed • Public and super ESCOs can provide instruments similar to revolving – Risks potential monopolistic market role funds or act as a leasing/financing company, providing ESCOs and – Public sector bureaucracy can be rigid their customers with energy efficiency equipment on lease or with benefit-sharing terms. Standard offer programs + Facilitates ESCO project financing by guaranteeing South Africa and India ESKOM Standard Offer Program • A utility or government agency purchases energy savings or demand payments from utility or government soon after (2006–13) reductions from ESCOs or energy consumers using a predetermined implementation • 206 projects with peak savings of and prepublished rate based on verified savings. Payments are based – Requires formal framework for utility or government about 105 MW and energy savings on the verified value of electricity savings (in kWh or KW) to the power to realize energy savings and requires strong of 727 GWh system through the implementation of energy saving products, capabilities for measurement and verification, which technologies, and/or equipment in facilities. are difficult to establish in a new ESCO market Source: Authors, based on Eskom 2014; Singh and others 2009; Singh, Limaye, and Hofer 2014; Wang and others 2013. 6 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y The capacity of existing ESCOs can be increased through formal and provides standard templates for audits, RFPs, bid evaluations, training activities. Such programs have been implemented in India, and contracts as well as guidance throughout the energy services China, and Vietnam. In Vietnam, for example, a formal capacity-build- procurement process. In 2012, the BEA posted sales of almost €13 ing program was implemented as part of a World Bank/GEF project, million. with more than 40 project agents, and training and financial assis- Some government actions that can stimulate demand for ESCO “ESCO markets in the tance was provided to implement more than 100 energy services services in the public sector are described below. United States, Canada, projects. • Establish mandates and targets for public agencies to reduce Information on various ESCO business models, options for energy usage, including compulsory energy audits and energy and the European Union collateralizing cash flows from ESCO projects, guidelines for appraisal efficiency plans and reporting on energy use. Educate public sec- developed largely as a of ESCO projects, and simplified procedures for M&V of energy tor facility engineers and managers on the benefits of improved result of government savings are logical components of training and capacity building energy efficiency, the potential role of ESCOs, and performance initiatives to promote programs for bank loan officers and risk managers. India’s Bureau of contracting for projects. Energy Efficiency is conducting a nationwide program for bank loan • Facilitate implementation of ESCO contracts with public agencies energy efficiency projects officers and risk managers on financing energy efficiency projects. A by providing assistance in identifying, evaluating, and procuring in the public sector.” similar program has been implemented in China. Guidelines, tools, ESCO services, and by revising public procurement and bud- benchmarks, case studies, and audit/contract templates to facilitate geting provisions to allow public agencies to retain energy cost ESCO contracting can also be developed. savings, engage in multi-year contracts with ESCOs, and select Formal M&V schemes, including the International Performance the service provider that offers the best value, not the lowest bid. Measurement and Verification Protocol (IPMVP), are now widely used • Develop and promote simplified models and standardized tools but require substantial time and effort to build capacity, making proj- or templates for the public sector, benefit-cost assessment tools ects more complex and costly. Using simpler M&V approaches such and procedures, request-for-proposal and bidding documents, as deemed savings until the ESCO market matures is advisable. A simplified design and construction contracts, and energy services super ESCO in India, Energy Efficiency Services Limited, successfully contracts and agreements. India’s Energy Efficiency Services adopted the deemed savings approach for its street and residential Limited has applied standard offers, using templates for RFPs and lighting projects. for contracts between public agencies and ESCOs. Such standard Increase public sector demand for ESCO services. offers, combined with deemed savings, have been used in Governments can further develop the ESCO market by promoting contracts for street lighting and residential LED lighting services. energy-saving performance contracting in public buildings and facili- • Benchmark energy consumption in public buildings and facili- ties. The public sector in developing countries is often a sizeable and tate data collection and dissemination to help identify energy inefficient energy user without the capacity to identify, finance, and efficiency opportunities. implement energy efficiency projects—or incentives to do so. ESCOs • Assist public agencies in aggregating similar buildings and facili- can offer useful and valuable services in such cases, but a large and ties to create larger projects, reducing project development and stable demand for services is crucial. ESCO markets in the United transaction costs. Hungary’s Ministry of Education, for example, States, Canada, and the European Union developed largely as a issued a single procurement for its schools and competitively result of government initiatives to promote energy efficiency projects selected an ESCO consortium to provide energy efficiency in the public sector. Germany, for example, established the Berlin services to all schools under one master contract. Energy Agency (BEA)—a procurement agent, to facilitate energy • As previously mentioned, encourage the use of simple M&V tools service contracts in the public sector. On a fee-for-service basis, the and protocols, such as deemed savings for energy efficiency in BEA helps public agencies identify energy efficiency opportunities public buildings. 7 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y What have we learned? A strategy that includes all four aspects is strongly recom- mended. Impressive results are emerging from countries that A combination of approaches adapted to country included all four approaches or even three of them. A combination circumstances can overcome past failures or package of simple ESCO models, dedicated financing, enabling Recent efforts demonstrate that alternative approaches combined policy, regulatory initiatives, and increased public sector demand “A combination of simple with decisive action and sustained commitment by government can has resulted in the development of sizeable ESCO markets in some ESCO models, dedicated succeed. Building an ESCO market incrementally involves: (i) devel- countries (table 3). The use of simpler models combined with oping and promoting simple ESCO business models; (ii) facilitating dedicated financing and legislative support boosted markets in financing, enabling policy, ESCO financing; (iii) implementing supportive legislative, regulatory, China (equipment leasing, public pilot ESCOs, and aggressive energy regulatory initiatives, and efficiency policy), India (super ESCO, deemed savings, and accred- and policy initiatives; and (iv) creating a stable demand for ESCOs in increased public sector the public sector. itation scheme), Armenia (super ESCO providing energy service demand has resulted in the agreements), and South Africa (utility-based standard offer program). development of sizeable Table 3. Successful energy services markets in selected developing countries ESCO markets in some countries.” Country Initiation Market size (2012/13) Characteristics and success factors China 1998 • 2,339 registered companies • World Bank support to demonstrate or pilot ESCO models • 1,472 ESCOs with EPCs • Focus on industry and single energy efficiency technologies • Size: US$8.25 billion • Primarily guaranteed savings • Potential: US$14.5 billion • ESCO accreditation scheme and aggressive energy efficiency policy India 1995 • 114 ESCOs accredited • Strong ESCO accreditation scheme • Size: US$140 million • Focus on public sector and industry • Potential: US$2.8 billion • Creation of super ESCO • Market dominated by a few large ESCOs Thailand 1999 • 45 ESCOs registered • Government funding support (dedicated ESCO fund) • 10 ESCOs with EPCs • Focus on industry, hospitals, and government buildings • Size: US$100–200 million • Guaranteed and shared savings • Potential: US$500 million South Africa 2004 • 500 ESCOs registered (only 50 active) • Growth driven by Eskom Standard Offer Program • Potential: US$1 billion • Focus on industry and buildings • ESCO accreditation scheme (ESKOM) Czech Republic 1994 • 20 ESCOs with EPC-type contracts • Active ESCO companies, facilitators, and procurement advisors • 150–200 EPC projects implemented • Availability of standard documents (US$120 million since the 1990s) • Commercial banks started investing in ESCO projects • Size: US$11–23 million • Focus on public sector • Potential: US$110– 560 million • Common use of guaranteed savings Source: Prepared by authors based on Bertoldi and others (2014) and Panev and others (2014). EPC = energy performance contract. 8 F os t e r i n g t he D e v e l o p m e n t of E S C O Ma r k e t s fo r E n e r g y E ff i c i e n c y Intervention designs must also consider local markets, prece- Singh, Jas, Dilip Limaye, Brian Henderson, and Xiaoyu Shi. 2009. Make further dents (e.g., how other public-private partnerships fared), financing Public Procurement of Energy Efficiency Services. Washington, connections and credit practices, customer needs, and prospective ESCO DC: World Bank. capabilities. Organizing disparate market actors, building enabling Singh, Jas, Dilip Limaye, and Kathrin Hofer. 2014. “Western Balkans: Live Wire 2014/11. environments, and disseminating experiences—successes and Scaling Up Energy Efficiency in Buildings: Final Report.” World “Designing Credit Lines failures—are functions that can only be accomplished by govern- Bank Working Paper 89321, Washington, DC. June. for Energy Efficiency,” ments, whose leadership and sustained commitment will be critical Wang, Xiaodong, Richard Stern, Dilip Limaye, Wolfgang Mostert, and by Ashok Sarkar, Jonathan in achieving energy savings in the decades to come. Yabei Zhang. 2013. Unlocking Commercial Financing for Clean Sinton, and Joeri de Wit. Energy in East Asia. Washington, DC: World Bank. References Live Wire 2014/18. This guidance note was prepared under the Energy Efficiency Outreach “Exploiting Market-Based Bertoldi, Paolo, Benigna Boza-Kiss, Strahil Panev, and Nicola Labanca. activity of the World Bank’s Europe and Central Asia region. The activity Mechanisms to Meet 2014. The European ESCO Market Report 2013. 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