Econoler

Resource Efficiency Market Mapping in
South Asia
CDC Group
Proposal
November 2020
Resource Efficiency Market Mapping in South Asia
CDC Group
Proposal
Table of Contents
1 Application Letter and Contact Details ............................................................................................1
2 Methodology / Proposed Approach .................................................................................................2
2.1 Activity 1: Level 1 Core Analysis - Market Overview and Selection of Target Countries
for Analysis............................................................................................................................ 3
2.1.1 Development of Mapping Criteria for the Selection of Target Countries .........................3
2.1.2 Ranking of Countries and Recommendation of Target Countries for Level 2 Analysis .4
2.2 Activity 2: Level 2 Core Analysis - Analysis of Each of the Target Countries ..................... 4
2.2.1 Task 1 – Market Potential Analysis .....................................................................................5
2.2.2 Task 2: Supply and Demand of Finance .............................................................................6
2.2.3 Task 3: Analysis of Financing Gaps ....................................................................................7
2.2.4 Recommendations for CDC .................................................................................................7
2.3 Activity 3: Level 3 Optional Analysis .................................................................................... 8
2.3.1 Option 1: Additional Market Analysis .................................................................................8
2.3.2 Option 2: Detailed Market Risks Analysis ..........................................................................9
2.3.3 Option 3: Detailed Analysis and Identification of Potential Financial Sector
Intermediaries .....................................................................................................................10
2.4 Time Schedule ..................................................................................................................... 11
3 Project Team and Qualifications ....................................................................................................12
3.1 Company Profile .................................................................................................................. 12
3.2 Proposed Team and Roles in the in Relation to the Requested Services .......................... 14
4 References .......................................................................................................................................19
5 Estimated Costs...............................................................................................................................27
6 Statement of Capacity .....................................................................................................................28
7 Conflicts of Interest .........................................................................................................................29
8 Contract ............................................................................................................................................30
Ref.: 3191P ii
CDC Group
Proposal
1 Application Letter and Contact Details
Québec City, November 16, 2020
CDC Group plc | Investment works

123 Victoria Street, London, SW1E 6DE
UK
Dear Sir,
Econoler is pleased to submit its Proposal for the Resource Efficiency Market Mapping in Asia consulting
services.
With over 40 years of experience in resource efficiency, including market analyses and studies, risk
assessment, identification of investment opportunities, development of investment strategies and innovative
financing structures, among others, Econoler is uniquely qualified to successfully conduct this assignment.
We are proposing a very strong team of senior experts all highly experienced and with extensive experience
in Asia.
The pages that follow detail our company expertise and references, the profiles of our proposed experts and
our proposed methodology and budget with regard to this assignment.
We trust that you will find this information of great value, with the hopes of collaborating with CDC Group on
this interesting project.
Sincerely,
Myriam LeBlanc
Development Director
Econoler
Contact Details
2475 Laurier boul., Suite 250, Quebec City, QC, G1T 1C4
Tel: +1 418 692-2592 / Fax: +1 418 692-4899
Email: mleblanc@econoler.com
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CDC Group
Proposal
2 Methodology / Proposed Approach

The assignment, as stated in the TOR, has a broad focus requiring detailed analyses at the country level.
We believe that conducting such detailed analyses for all countries in the region would not be productive
because it requires substantial time and level of effort, which we believe are beyond the planned budget of
the assignment. To be cost-efficient in our work, we suggest implementing this assignment using top-down
analyses at three levels:
1) Level 1 – Core analysis: Overview of the markets in the region, development of a screening
methodology, and selection of up to three target countries for a detailed core analysis. Target countries
will have high impact potential in terms of GHG and water savings, sound investment opportunities
for the coming five years, and opportunities to maximize added value and leverage CDC investments
in a non-distortive manner.
2) Level 2 – Core analysis: Analyzing each identified target country, evaluating the market potential for
energy efficiency and water efficiency investments; providing an overview of the relevant technology
and service providers; and reviewing the different business models, market sizes and growth potential,
barriers, risks, market-specific investment opportunities, and investment vehicles.
3) Level 3 – Optional Analysis: Conducting additional analysis upon request from CDC, providing more
detail on different aspects of the core analysis.
Core Analysis
We believe the core analysis (Levels 1 and 2) will answer most of the questions in the TOR and will enable
CDC to develop a viable investment strategy for the region. In particular, the core analysis will cover the
following aspects, as outlined in the TOR:
› Level 1 analysis:
- Develop comprehensive mapping and analysis of the resource efficiency market in South Asia and,
based on results, select up to three target countries for detailed analysis.
› Level 2 analysis:
- Provide an overview of energy and water efficiency potential in the target countries in the market
sectors with the highest potential.
- Review the various operational business models in each target country and analyze the technology
and service providers active in those markets.
- Assess the potential market size for each target country, with underlying market drivers and
assumptions, and establish an overview of regulatory environments.
- Identify market barriers and potential investment opportunities for a new resource efficiency
program.
- Review the existing debt and equity financing structures by market segment as well as gather
information on the most active investors, lenders, and other financiers (i.e. Development Financial
Institutions, funds, impact investors, and banks).
The core analysis effectively constitutes the content of this proposal. The different options in the optional
analysis described below may be requested by CDC for one or more of the selected target countries in South
Asia.
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Optional Analysis
The Level 3 optional analysis is aimed at providing a greater level of detail in specific areas of interest for
CDC and information for the potential design of a support program in a particular country in specific target
market sectors. The optional analysis will separately address the following aspects outlined in the TOR for
target countries of particular interest to CDC:
› Option 1: Market size per specific business model/client type.

› Option 2: Market risks of the market segments from an operational, regulatory, and financial
perspective (including credit worthiness of target companies).
› Option 3: Financial sector landscape analysis of local financial institutions most active in resource
efficiency financing, specific barriers to the financial sector, and appropriateness of the financing
available in the market. Shortlisting the best partner financial institutions in a given country for the
deployment of a potential financing program.
Team Composition
To efficiently implement and capitalize on synergies with our other ongoing assignments in the region, our
proposed team are international experts who have significant experience working in South Asia, in-depth
knowledge of the major economies in the region, and have worked in the vast majority of the countries. This
will enable us to conduct the market analysis in a cost-efficient manner and prioritize markets of potential
interest to CDC. See Subsection Erreur ! Source du renvoi introuvable. for more detail.
Use of Local Experts
Econoler has an extensive network of experts in many South Asian countries and we will rely on this network
to gather available market research and data, which our international experts will then process and analyze.
Due to the regional scope of the assignment, our international team will not travel in the field, thus optimizing
the use of the overall budget while ensuring quality analyses. Since the international experts that we propose
for this assignment have work experience in South Asia, they already have good knowledge of the lending
markets in many countries and the potential sectors where CDC can become directly involved. Therefore,
conducting inception missions in the selected target countries would be redundant and would not be cost-
effective.
2.1 Activity 1: Level 1 Core Analysis - Market Overview and Selection of

Target Countries for Analysis
The primary objective of this activity is to develop a methodology for the selection of the countries with the
most potential to be analyzed in more detail. Our team experts have been involved in numerous market
studies and green finance support program designs across the region and will build on this experience to
develop screening criteria for the region, rank the countries in the region on that basis, and recommend up
to three countries for the next level of analysis
2.1.1 Development of Mapping Criteria for the Selection of Target Countries

The team will develop a range of mapping criteria based on a combination of the following, including but not
limited to:
› Overall size of the economy and market growth trends;
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› Potential for resource efficiency investments (based on country data from international sources);
› Availability of research and data on resource efficiency investments/potential;
› Availability of market data per sector (primary information, survey data);
› Potential scalability and replicability of investments in the market;
› Activity of local financial institutions in resource efficiency investments;
› Conduciveness of local regulatory frameworks to resource efficiency investments;
› Activities of international financial institutions and donor agencies in the country;
› Past analyses conducted by Econoler;
› Capacity of government institutions;
› Capacity of local market stakeholders to support scalable, replicable, and sustainable investments in
resource efficiency (technology and service providers, engineering companies, government agencies,
etc.).
Our team will ensure that the mapping criteria/indicators are also fully aligned with the mandate and priorities
of CDC and its investment strategy for the region. The mapping indicators will be developed and finalized in
collaboration with CDC.
2.1.2 Ranking of Countries and Recommendation of Target Countries for Level 2

Analysis
Once we finalized the mapping criteria, our team will develop a scoring system to weigh the different
indicators in accordance with their importance to CDC. We will develop a ranking matrix to score the different
countries in the region.
We will outline our findings in a presentation explaining the methodology that the scoring system applies and
we will present it to CDC via videoconference whereby we will discuss the implications of the ranking on the
levels of analysis outlined below. If necessary and in collaboration with CDC, we will revise the scoring
system to better align it with CDC objectives. Once we reach an agreement with CDC on the selected target
countries, we will proceed with the second level of analysis.
2.2 Activity 2: Level 2 Core Analysis - Analysis of Each of the Target

Countries
Activity 2 be implemented only for the target countries selected under Activity 1. The analysis will follow the
process outlined in the figure below.
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• High Energy Efficiency (EE) / Water Efficiency (WE) potential and sizing with sectoral breakdown
• Operational business models of technology and service providers
Market
Potential • Market drivers and barriers
Analysis
• Resource efficiency investment activities in the country

Analysis of • Sources of finance for business clients in different segments
Demand and • Review of existing debt and equity financing structures
Supply of
Finance
• Assessment of financing drivers and barriers in the market

• Assessment of typical lending terms and conditions and breakdown of the financial lending portfolio per
Assess sector
Financing • Overview of IFI lending activities (including direct investments and through local banks)
Gaps
• Market sizing
• Potential impacts
Recommendat • Investment opportunities for CDC
ions for CDC • Recommended structures, programs, and products
Figure 2: Process of Level 2 Analysis
2.2.1 Task 1 – Market Potential Analysis

Our analysis will begin with an overview of target countries’ policies and regulatory frameworks relevant to
EE and WE, their impacts on resource efficiency financing, the supporting industry (technology, service
providers, etc.), and in particular entities that carry out RE/WE investments. With some support from our local
networks, our international team will develop a snapshot of each target country’s financial, energy,
commercial, and other legislation and will evaluate how conducive these are to RE/WE investments. Our
research will also cover energy strategies and the issues they are aimed at addressing, available statistical
data, and reliability issues that are typical in South Asian countries.
Market Potential and Sizing
We will evaluate the energy supply and demand balance in the target countries and the EE/WE potential
based on the results thereof. The analysis will also outline and assess the barriers that currently impede
EE/WE investments. As far as energy and energy efficiency are concerned in some South Asian countries
where most of the population has access to electricity, market efforts are focused on reducing energy
intensity and shifting to clean energy production. In others (such as India and Pakistan), however, significant
proportion of the population has no access to electricity. In such countries, the emphasis will be on providing
reliable access to energy and energy efficiency since the industry has to rely on backup diesel generators to
compensate for the lack of central electricity supply.
Econoler will analyze the structure of energy prices in each target country and the impacts on businesses in
different sectors. This will concern the most popular forms of energy including electricity, wood fuel, LPG,
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kerosene, etc., their costs, subsidy levels, and how these could constitute a handicap to positive factors for
the promotion of EE/WE investments.
Our team will conduct a detailed assessment of the market potential in terms of EE/WE opportunities,
technologies, and solutions and will cross-reference this information with existing regulatory frameworks to
draw conclusions on the expected future market development. We will evaluate the market across the
different sectors to identify sectoral differences and whether any such differences might call for an adapted
approach to EE/WE financing. We will also look into the main market drivers and government efforts to match
energy supply with demand.
Operational Business Models
Based on the review of available information related to EE/WE, we will identify the current business models
used in the EE/WE sectors of target countries. We will summarize the information on these business models,
including project stakeholders, types of projects, technologies involved, level of investments and financial
modalities utilized or required, as well as a description of borrowers (i.e. SMEs, landlords, households, etc.).
We will also provide information on the energy and water savings potential, payback period calculations, etc.
After regulations, the next main driver of resource efficiency investments, in our experience, is the supporting
industry (i.e. including technology providers, equipment vendors, consultants, engineering companies,
construction companies, EPC contractors, etc.). Each of these groups of stakeholders, depending on their
level of development, promotes or impedes the development of EE/WE. We will assess the business models
of each group of stakeholders to understand their main drivers, barriers, and value propositions. While
assessing these groups, we will rely heavily on our international team that has a lot of experience in and
knowledge of energy markets in South Asia. Our technical experts are very familiar with the available EE/WE
in the different countries in the region and the level of development of the supporting industry in different
markets. Where necessary, we will seek input from our local networks of experts and partners, such as NEC
Environmental Consultants in Pakistan.
2.2.2 Task 2: Supply and Demand of Finance

The demand for financing in resource efficiency investments will partially be a identified in the analysis of the
market potential and operational business models under Task 1. We will analyze the finance demand and
supply in high-activity market sectors. On the demand side, we will identify the ideal financing structure from
which the market would like to benefit. On the supply side, we will analyze the different sources of finance
currently available to the sectors, including IFI-supported lending, government-supported lending, and local
finance institution (LFI) lending. We will identify the terms and conditions of available financing, as well as
annual disbursements for each source, to the extent possible. The findings of this analysis will need to be
corroborated by feedback from the financial sector in the target countries.
Analysis of the supply of finance for resource efficiency is one of the core specialties of Econoler. The team
leader for this assignment, Mr. Gerginov, has worked with LFIs in a number of developing countries in
designing, implementing, monitoring, and evaluating EE/RE financing mechanisms. He has profound
experience with:
› How banking systems are regulated and operate;

› How commercial banks develop new financing products;
› How commercial banks structure and conduct their lending operations;
› What are their cost and profit centers;
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› How a green credit line should be structured and integrated in banks’ core activities so that it achieves
the bank strategic objectives while having a substantial impact on the EE/RE market it targets.
With the support of the other members of the team and local contacts in the target countries, Econoler will
screen the existing financing mechanisms in each country and identify those focused on resource efficiency
investments. We will then assess how well existing financing mechanisms are tailored to the needs of EE/WE
projects. The findings of this assessment will indicate how much support, change, and adaptation will be
needed for existing financing facilities to be adapted and used for RE/EE financing. It will also indicate
potential areas where CDC could become involved.
As part of this analysis, we will identify a preliminary list of financial institutions (commercial and state-owned)
interested in the provision of financial products focusing on resource efficiency. We will be able to develop
this list, based on a set of criteria, including for example which of the potential partner banks:
› Include EE/WE investment in their strategic business development objectives;

› Are interested in developing new financing products to tap into this new market;
› Have the capacity (regional and sector coverage, strong sales teams, branch network, etc.) to deploy
resource efficiency targeted financing.
The overall objective of the analysis is to size the demand and supply for financing of EE/RE investments to
identify discrepancies and outline potential financial institutions that can play a key role in balancing existing
discrepancies.
2.2.3 Task 3: Analysis of Financing Gaps

Having evaluated the market and interactions of the financing sector with clients in the EE/WE field, we will
identify where current financing falls short of market demand and analyze the causes thereto. This will serve
to identify potential opportunities for direct CDC engagement in terms of size and structure of financing, terms
and conditions, expected disbursement rates, etc. The analysis will feed into the recommendations for a CDC
intervention strategy. It will also provide an indicative sample of potential companies and types of investment
projects from various sectors eligible for CDC support/investments.
An important element of the market assessment will be the barrier analysis to EE/RE financing for SMEs. A
number of existing reports outline the EE/RE barriers in the market. However, we will focus on the issues of
SMEs in particular and what prevents them from leveraging bank or other external financing for EE/RE
investments. This component of the assessment will be critical for the design of the eventual green credit
line.
2.2.4 Recommendations for CDC

The findings and conclusions of Activities 1 and 2 will be reflected in a number of recommendations related
to market size and potential, sectors with the highest environmental and business impacts, and where CDC
can have the greatest impact. The recommendations will also include investment opportunities for debt,
equity, and intermediaries in the short to medium terms.
A key part of the recommendations will relate to adapted financial structures and products (equity, debt, or
others) that would be most appropriate for CDC. These recommendations will include a detailed concept
note on financial structures/products, including:
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› Target market – Industrial or commercial sectors wherein EE/WE financing is in high demand and will
likely be well received by clients.
› Eligible projects – Based on the market potential and focus of the green credit line, we may recommend
a set of project eligibility criteria for EE/WE projects.
› Concept terms and conditions aligned with project parameters – One of the key factors for success of
any resource efficiency financing product is aligning the financing parameters (tenor, interest,
repayment schedule, collateral) with the expected project benefits so that both the project developer
and the financier benefit from project implementation. Any misalignments will likely result in slow
disbursement (or failure to disburse) of the facility or will not achieve the desired market impacts
(leverage of private investments, development of a market momentum, etc.).
› Recommended delivery options for the structure/product (partner LFIs) – Poor selection of partner
financial institutions can be a make-or-break factor for the successful implementation of an EE/WE
product. We will recommend delivery options tailored to the size of the financial institution,
management layers, flexibility to adopt new lending practices, ownership structure.
› Recommended supporting activities (technical assistance to remove barriers) – Since EE/WE financing
is a new activity in South Asia, key market stakeholders may need to receive training or hands-on
support to develop sufficient capacity to play their role properly in the course of implementation of the
financing facility.
The findings of the analysis from both activities and the recommendations will be outlined into a Draft
Summary Report addressing all analyzed questions and key issues. The report and recommendations will
be discussed with CDC in a conference call. To facilitate the discussion, we will develop a presentation that
summarizes the approach, analysis methodology, key findings, recommendations, and justification for the
selection of each target country. After the call, we will incorporate any feedback in the report and will issue a
Final Summary Report.
2.3 Activity 3: Level 3 Optional Analysis

Should CDC need more in-depth analysis in certain areas, it can indicate this at any moment and mandate
Econoler to carry out one or more of the optional analyses listed under Activity 3. Any optional analysis will
also become part of the Draft and Final Summary Report.
Unlike the core analysis, the additional analysis will require one field mission per country to obtain the
additional information to enable a greater level of detail in the analysis. Based on the selected countries, the
selected options, and the experience of our experts in a given country, we will send our most experienced
team member to the country in question.
2.3.1 Option 1: Additional Market Analysis

This analysis is aimed at identifying a predictable market development trend in the target countries and
concrete areas with high EE/WE investment potential with detailed sectoral breakdowns of the investment
opportunities. The analysis will draw conclusions on:
› Detailed sectoral potential for EE/WE investments supply/demand imbalances that could be addressed
by an EE/RE program;
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› Exposure of different sectors to energy prices (grid electricity prices and cost of running backup diesel-
powered generation) and water costs and how these affect the feasibility of projects in each sector;
› Client groups (residential, MSMEs, large enterprises) and the capacity of each group to structure
EE/WE projects, the expected demand for EE/WE investments, and the expected types of such
investments;
› The total amount of investments that can be absorbed by different client groups in the EE/WE field;
› Typical EE/WE projects with average project investment sizes, paybacks periods, IRRs, etc. for each
group.
Lastly, the analysis will provide in-depth detail on the sectorial characteristics of different EE/WE measures.
Econoler will outline the high potential EE/RE measures that can be implemented. These will later help CDC
identify the most suitable partner financial institutions (Option 4) and to reach out to them with sector-
optimized program design to ensure successful implementation of the facility.
2.3.2 Option 2: Detailed Market Risks Analysis

This analysis is aimed at not only identifying a predictable development trend in the energy and water markets
in target countries, but also characterizing three risk categories as follows.
Regulatory Risks
The regulatory risk analysis will include identification of potential risks to EE/WE investments resulting from
current regulatory frameworks or expected planned changes therein. Some of these may include:
› Regulatory imbalances that could impact the deployment of a resource efficiency financing structure;
› Impacts of the future energy prices/tariffs (both grid electricity prices and cost of running backup diesel-
powered generation) on the feasibility of EE/RE investments;
› Sector privatization;
› Financial sector regulations;
› Political and government-related risks;
› Regulatory risks to foreign investments in a given country.
The objective of the regulatory risk analysis is to assess the potential impact of these risks in a three to
five-year horizon on CDC supported investments, financial structures, or programs in the region.
Operational Risks
Operational risks are risks related to the structuring and deployment of an EE/WE financing facility in a given
country. The analysis serves to assess and attempt to quantify risks aspects such as:
› Operating risks related to the institutional and legal structure of the financing facility used by CDC in
its interaction with the market;
› Deployment capacity of intermediary financial institutions;
› Availability of local talent;
› Corruption risks related to the operational management of the financing facility.
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Financial Risks
The financial risk analysis will be focused on the flow of funds of a potential CDC facility (as recommended
pursuant to the core analysis) to intermediary financial institutions and project developers. The financial risk
analysis will examine:
› Risks of different local financial structures that can be used for deployment of the facility;
› Risks of engaging with specific target market sectors or client groups.
The objective of the financial risk analysis is to contribute to a sound selection of the best financing structure
for CDC and partner with the most reliable financial intermediaries.
2.3.3 Option 3: Detailed Analysis and Identification of Potential Financial Sector

Intermediaries
Financial institutions have different target client bases, risk profiles, regional coverage, sector orientation,
etc. For the purposes the CDC supported EE/WE investment program, Econoler will identify potential local
partner banks that have a business profile and track record aligned with both the EE/WE market potential as
defined through the core analysis and CDC due diligence requirements, such as:
› In-depth lending experience to ensure that the LFIs understand the issues of the target client group
and are capable of delivering financing products to them;
› Experience in those market sectors with the highest EE/WE potential in the target sectors;
› Flexible financing approach and history in developing and implementing new/innovative financing
products;
› Ability to implement dedicated financing products for specific purposes;
› Transparent measurement and evaluation (M&E) systems for tracking the progress of loan product
implementation;
› Risk profiles above CDC’s threshold level.
Our team will develop a detailed list with LFI screening criteria and will coordinate it with CDC. Based on this
approved list, we will evaluate the financial institutions in target countries and compare them against the
agreed upon requirements.
Financial institutions that successfully pass the screening process will be added to a prequalification list of
institutions that are potentially suitable to partner with CDC for an EE/WE financing program.
Prequalified financial institutions will then be assessed in more detail. Our team will conduct an analysis of
the risk rating of the institutions to investigate their credit risk, ownership, and the way they conduct business.
Where necessary, we will conduct interviews with prequalified financial institutions to gather more qualitative
information and insights into their operations such as business development strategies, attitude toward
EE/WE investments, willingness to explore the EE/WE financing potential in their country through dedicated
financing facility, etc. This evaluation process may lead to some LFIs dropping out of the prequalification
process due to poor financial performance, as well as management or processes that are inconsistent with
EE/WE lending, limited geographical coverage, or client base.
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2.4 Time Schedule

Econoler proposes the following time schedule to implement the project. If the options are implemented, we suggest including an additional month
to the timeframe.
December January February March

Tasks, subtasks and deliverables
No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
1 Core Analysis: Level 1: Market overview and selection of target countries/markets for analysis
1.1 Development of Mapping Criteria for the Selection of Target Countries
1.2 Ranking of Countries and Recommendation of Target Countries for Level 2 Analysis
- CDC approval on the Recommendations
2 Core Analysis: Level 2: Analysis of Each of the Target Countries
2.1 Market Potential Analysis
2.2 Supply and Demand of Finance
2.3 Analysis of Financing Gaps
2.4 Recommendations for CDC
First Draft + Discussion Workshop
3 Optional Analysis: Level 3
Option 1: Additional Market Analysis
Option 2: Detailed Market Risk Analysis
Option 3: Detailed Analysis and identification of potential financial sector intermediaries
Field mission
Final submission
Legend: Task Draft deliverables Deliverables

Sub-task Approval Period Holidays
Field missions
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3 Project Team and Qualifications

3.1 Company Profile
Econoler is a world-renowned, international consulting firm dedicated to effect change by providing the right
expertise, data and tools for the design, implementation, evaluation and financing of climate change
mitigation and sustainable energy programs and policies. For almost 40 years, Econoler has supported
diverse public and private organizations in their efforts to accelerate the transition to an energy-efficient and
low-carbon economy.
Econoler’s areas of expertise include: designing climate policies (Nationally Determined Contributions
(NDCs) and sustainable energy policies, etc.), developing and implementing sector-specific climate
mitigation measures in different sectors, designing and implementing sustainable financing mechanisms
(green bonds, credit lines, etc.) and using mechanisms of the Article 6 of the Paris Agreement. Econoler
embraces a multidisciplinary and multidimensional approach in its work by giving due consideration to the
global context of climate negotiations and SDGs as well as to social and gender inclusion issues.
Econoler has delivered consulting, technical assistance, and training services to a wide range of clients in
150 industrialized, emerging, and developing countries, with approximately 4,000 assignments delivered
worldwide, to date. Our clients are the leading multilateral development banks including the World Bank
Group, the Interamerican Development Bank Group, the Asian Development Bank, the EBRD, the African
Development Bank, the Caribbean Development Bank; various regional development banks including AFD,
CIDA, DFID, GIZ, KfW, MCC, SECO, USAID; UN System organizations such as UNDP, UNEP, UNIDO,
UNECE; national and local governments, utilities, private sector, and a wide range of other international
agencies, foundations, and non-profits. Econoler is a member of the Climate Technology Centre and Network
(CTCN), the operational arm of the UNFCCC; and a member of the Building Efficiency Accelerator (SE4All).
Over the past 12 years, Econoler has developed a solid international track record as a leading consultancy
firm in the field of sustainable finance working with a variety of Financial Institutions including development
banks, commercial banks, and microfinance institutions around the world to develop and improve access to
green financing. Our services in this practice area include:
› Market studies and market segmentation for green finance vehicles

› Project and program design
› Design, implementation, and evaluation of EE-RE lines of credit
› Design of dedicated EE-RE funds and facilities
› Management of EE-RE funds and facilities
› Design of green lending products for financial institutions
› Design of other types of financing mechanisms (partial risk guarantees, insurance products)
› Design and delivery of training programs in EE/RE, and climate finance to FI management and lending
officers.
› Support to FIs for the technical screening and assessment of EE-RE investments submitted for
financing.
Econoler has significant experience with the operation and management of green lending facilities in
emerging economies: since 2004 Econoler has been managing the Bulgaria Energy Efficiency Fund
(www.bgeef.com) now called the Bulgaria Efficiency and Renewable Sources Fund, long considered by the
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World Bank and other international stakeholders as a prime example of best practice in the financing of green
investments in Europe.
Econoler’s Experience in the Region
Econoler has been active in Asia for the last 28 years. Our experience
in South Asia includes the following countries: Afghanistan,
Bangladesh, India, Pakistan and Sri Lanka. Econoler can also rely on
many contacts and experts, throughout Asia’s region, most of which
the company has already collaborated with. We also have a close
working relation with regional organizations active in sustainable
energy who may recommend suitable local experts as required.
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3.2 Proposed Team and Roles in the in Relation to the Requested Services
Name/ Education/ Capabilities/

Proposed Role/ Certifications (if any)/ Relevant Project Experience
Tasks Regional Experience (regional and others)
Ivan Gerginov Education Capabilities
Role: • M.Sc. in Investment More than 16 years of experience in clean energy financing. For the past 10 years, his work has
Team Leader and Management exclusively focused on the design, implementation, monitoring, and impact evaluation of specialized
International • B.Sc. in Finance financing mechanisms at the international level. He has worked with local finance institutions (LFIs) in
Sustainable many developing countries in the design, implementation, monitoring and evaluation of green financing
Regional Experience mechanisms. He has a deep understanding of banking system regulations and operations, as well as
Finance Expert
India, Pakistan processes for developing new financing products, establishing optimal structures for green credit lines and
Tasks: integrating these in core bank activities.
Activity 1: Core
Analysis: Market He has substantial experience in developing M&E systems to collect data on green investments in the
overview and sector and developing dedicated EE/RE calculator tools to help loan officers effectively identify eligible
selection of target EE/RE project applications, establishing bankable project pipelines, developing and launching marketing
countries/markets campaigns for green credit lines, collaborating with LFIs and running capacity building workshops tailored
for analysis to banking staff and government agencies. He has also conducted various assignments in Asia.
Activity 2: Core Relevant Project Experience
Analysis: Analysis • Agence Française de Développement (AFD), Market and Feasibility Study for an Energy Efficiency and
of Each of the Renewable Energy Finance Facility and Technical Assistance for the Implementation of the SUNREF
Target Countries Palestine Project, Palestine (2018-2022). Team Leader and EE/RE Financial Expert.
Activity 3: • Agence Française de Développement (AFD)/Fonds français pour l’environnement mondial (FFEM),
- Optional Feasibility Study and Assessment of Energy Saving Insurance (ESI) Program Structure, India, Mauritius,
Analysis: Option Turkey (2018). Financing Expert.
1: Additional
• KfW, Prefeasibility Study for a Green Credit Line for Small Investments for Renewable Energy and
Market Analysis
Energy Efficiency Measures, Ghana (2018). Team Leader and Financial Expert.
- Optional
• KfW, Development of a Solar Home Systems Finance Program Through the Pakistan Microfinance
Analysis: Option
Investment Company (PMIC), including a market study and a feasibility study Pakistan (2018). RE
2: Detailed
Financial Expert.
Market Risk
Analysis • Green for Growth Fund (GGF), Corporate Lending Study, Egypt, Jordan, Morocco and Tunisia (2017).
Team Leader and Financial Expert.
- Optional
Analysis: Option • Inter-American Development Bank (IDB), Design of Distributed Generation of Renewable Energy and
3: Detailed Energy Efficiency Fund, Brazil (2016-2017). Financing Expert.
Analysis and
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identification of • Inter-American Development Bank (IDB), Funding and Implementing Mechanisms for EE projects, Latin
potential America and the Caribbean (LAC) (2016-2017). Financial Expert.
financial sector • Raiffeisenbank (RB) EAD/KfW, Small and Medium Enterprises (SMEs) Finance Facility Energy
intermediaries Efficiency (SMEFF-EE) Window, Bulgaria (2014-2015). Team Leader.
• KfW Entwicklungsbank, Feasibility Study for KfW’s New Eco-Loans Program, Serbia (2014-2015). Senior
EE Financing Expert.
• Inter-American Development Bank (IDB) – Multilateral Investment Fund (MIF), Designing and Structuring
of an Energy Efficiency Facility, Colombia (2014). Team Leader.
• International Finance Corporation (IFC), Sustainable Energy Finance (SEF) Program Market
Assessment, Barbados, Belize, Grenada, Jamaica, Saint Lucia (2013-2014). Senior EE Financing
Expert.
• Kreditanstalt Für Wiederaufbau (KfW), Consulting Services for Assessing the Design and Development
of a Caixa Econômica Federal Program to Promote Energy Efficiency, Brazil (2013-2014). Senior
Financial Specialist.
• International Finance Corporation (IFC), Sustainable Energy Finance Program Market Assessment,
Egypt (2013-2014). Senior EE Financing Expert.
• KfW / China EximBank, Energy Efficiency and Renewable Energy Credit Program, China (2009-2012).
Principal Expert.
• Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Diagnostic Study of the Role of the
Financial Sector in Climate Finance, Costa Rica (2017). Financial Expert.
• Energy Efficiency and Renewable Sources Fund (EERSF) (formerly the Bulgarian Energy Efficiency
Fund) (2005-2007). Management of the fund from its first day of operations.
My K. Ton Education Capabilities

Role: • M.Sc. in Engineering and Public My Ton is an internationally recognized expert in energy efficient technologies, policies and programs. He
International Policy has over 20 years of experience in developing standards and specifications, policy research, as well as in
Resource Efficiency • B.Sc. in Electrical Engineering the conceptualization, implementation, management, and evaluation of EE and market transformation
Expert and History programs. His work experience also covers international development as well as knowledge and capacity
building for energy efficient and emissions reduction initiatives.
Tasks: Regional Experience
Activity 1: Core India Relevant Project Experience
Analysis: Market • The Asian Development Bank, Secondary Green Cities Development Project – Street Lighting System
overview and Advisor, Vietnam (2019-2021). International Street Lighting System Senior Advisor.
selection of target • Asian Development Bank, Vietnam Smart and Efficient Lighting Project–SELP 2, Vietnam (2019-2020).
Senior Advisor.
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countries/markets • Asian Development Bank, Smart, Energy Efficient Lighting Project, Vietnam (2018-2019). Technical
for analysis Consultant.
Activity 2: Core • United Nation Development Programme (UNDP), Vietnam Energy Efficient Labeling & Certification
Analysis: Analysis (EE L&C), Local Development and Promotion of LED Technologies for Advanced General Lighting in
of Each of the Vietnam Project (2018-2019). International Technical Consultant.
Target Countries • Asia-Pacific Economic Cooperation’s (APEC) Peer Review on Energy Efficiency in Malaysia (2018).
Activity 3: International Expert.
- Optional • Asian Development Bank (ADB), Asia Energy Efficiency Accelerator for Street Lighting Project, Java and
Analysis: Option Bali, Indonesia (2014-2015). Technical Advisor.
1: Additional - Assisted two municipalities and PLN, the national electricity company, in efficient street and area
Market Analysis lighting pilot projects;
- Optional - Developed technical specifications for luminaires, controls, and illumination requirements using the
Analysis: Option latest international standards, including IEC 025;
2: Detailed - Implemented procurement process and managed the technical evaluation of bids;
Market Risk - Authored measurement and evaluation guidelines for site lighting and power measurement protocols,
Analysis conducted training on photometric measurements for baseline calculations;
- Performed site visits, prepared reports and recommendations for energy efficient lighting upgrades,
installation, commissioning for PLN’s Cilagon generating station and 6 transmission substations on
Java, Indonesia;
- Provided technical and management support and oversight for the team implementing municipal pilot
LED street lighting projects in Indonesia.
• Asia-Pacific Economic Cooperation (APEC), Expert Group on Energy Efficiency and Conservation
(APEC EGEE&C) SOLLIA, Asia region, Thailand (2010-2011). Lead Researcher for SOLLIA (Street and
Outdoor LED Lighting Initiative – Asia).
• Collaborative for Labeling and Appliance Standards Program (CLASP), USA (2011-2014). Director,
Global Research, and Acting Director, US Programs.
- Directed cross-cutting studies covering appliance EE technologies and policies, program
measurement, verification and evaluation, product mapping and benchmarking, measurement,
verification and enforcement, and policy best practices;
- Engaged in policy and advocacy work with institutions internationally, established contact, and
developed strategic partnerships with other agencies, donors, NGOs, and the private sector to secure
funding and initiated projects in support of emission reduction and energy efficient initiatives;
• US AID Environmental Cooperation-Asia Clean Development and Climate Program (ECO-Asia CDCP),
Australia, China, India, Indonesia, Philippines, Thailand, and Vietnam (2008-2010). Team Leader –
Energy Efficient Lighting.
• P&R Energy, LLC, USA (since 2014). Director. Technical Advisor for the UNDP’s implementation of the
Vietnam Energy Efficient Labeling & Certification (EE L&C) initiative, and currently providing support for
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the Local Development and Promotion of LED Technologies for Advanced General Lighting in Vietnam
Project.
• International Energy and Environment Consulting, Oregon, USA (2010-2011). Principal. AUSAID’s
Support for Development of Energy Efficient Standards and Labelling Policies in Vietnam and Indonesia.
Conducted missions in Indonesia and Vietnam on behalf of Australia’s AUSAID to assess S&L
development, testing capacity, and institutional framework for energy efficient products and policies.
• Pacific Northwest National Laboratory, USA (2007-2008). Senior Research Engineer.
- Developed and coordinated the implementation of pilot/demonstration projects highlighting LED-based
lighting products, including development and evaluation of TORs, as well as evaluation.
- Provided input to the development of LED standards and specifications, including for the US
Department of Energy’s ENERGY STAR specifications for Solid-State Lighting, and for bulk
procurement of LED luminaires used in commercial and municipal applications.
• Ecos Consulting, Oregon, USA (1997-2007). Founder. Projects included:
- Market research, technology evaluation, implementation, and evaluation of demonstration projects
focusing on energy efficient lighting, building technologies, and data center operations on behalf of the
California Energy Commission. The efficient data center demonstration that he developed was a 2007
Honorable Mention for Innovation by California’s Flex Your Power Program to recognize innovations in
efficiency.
- Development and management of award-winning market transformation projects covering energy
efficient residential lighting and data centers in 2006 and 2007.
Normand Michaud Education Capabilities
Role: • Master of Business Normand is a EE technical expert with 12 years of international experience. He has experience in energy
International Administration (MBA) audits, measurement & verification of energy savings and the design, implementation and evaluation of a
Resource Efficiency • B.Sc. in Electrical Engineering broad range of efficiency initiatives in many sectors (buildings, industry, SMEs, appliances, etc.). He has
Expert demonstrated experience in technical evaluation and design of simple and complex energy projects.
Certifications He is currently involved as EE/RE technical expert in the Econoler-led SUNREF Technical Assistance
Tasks:
• Certified Measurement and programme for Palestine (AFD) and Team leader for the SUNREF Ghana program. He also acted as
Activity 1: Core Verification Professional project director for the Institutional Capacity Building of Indonesia Eximbank project for the Asian
Analysis: Market (CMVP) Development Bank in 2011-2015 and as project manager in a project UNDP project aiming at improving
overview and • Certified Energy Manager financial mechanisms for EE in Turkey through benchmarking with programs and instruments that have
selection of target (CEM). been implemented in other parts of the world in 2013.
countries/markets Relevant Project Experience
for analysis Regional Experience
Pakistan • Agence Française de Développement (AFD), Technical Assistance for the Implementation of the
Activity 2: Core
SUNREF Palestine Project, Palestine (2018-2022). Technical Expert.
Analysis: Analysis
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of Each of the • Canadian Trade and Investment Facility for Development (CTIF), Feasibility Studies to Inform the Nauru
Target Countries Renewable Energy Road Map, Nauru (2019-2020). Policy and Regulatory Technical Expert.
Activity 3: • KfW, Green Credit Line for Small Investments for Renewable Energy and Energy Efficiency Measures,
- Optional Ghana (2018). Project Director.
Analysis: Option • The United Nations Industrial Development Organization (UNIDO), Energy Labelling and Minimum
1: Additional Energy Performance Standards for Air-Conditioners, Papua New Guinea (2018). Team Leader.
Market Analysis
• GIZ, Energy Efficiency Strategy and Action Plan for Public Municipal Buildings, Ghana (2017-2018).
- Optional Project Director.
Analysis: Option
• World Bank, Support for the Development of an ESCO Market, Vietnam (2017). Project Manager
2: Detailed
Market Risk • Green for Growth Fund (GGF), Corporate Lending Study, Egypt, Jordan, Morocco and Tunisia (2017).
Analysis Project Director.
• Global Green Growth Institute (GGGI), Development of a Pipeline of Bankable Green Growth Projects,
Jordan (2017). Project Director.
• Asian Development Bank (ADB), Energy Efficiency Policy and Capacity Development, Indonesia (2015).
Project Manager.
• Asian Development Bank (ADB), Implementation of Street-lighting and Sub-stations Retrofitting,
Indonesia (2014-2015). Project Director.
• Asian Development Bank, Institutional Capacity Building of Indonesia Eximbank, Indonesia (2011-2015).
Project Manager.
• United Nations Development Programme (UNDP), Financial Mechanisms Study, Turkey (2013). Project
Manager.
• World Bank, Assessment and Review of an Energy Efficiency Program, Vietnam (2010-2011). Technical
Expert.
• Asian Development Bank, Promoting Energy Efficiency in the Pacific Island Countries (2010). Technical
Expert.
• UNIDO, Promoting Industrial Energy Efficiency through System Optimisation and Energy Management
Standards, Vietnam (2009-2010). Main Expert.
• UNDP/Inter-American Development Bank (IDB), Energy Efficiency Program Design, Brazil (2008-2010).
Technical Expert.
• ADB, Preparing the Sustainable Energy Efficiency Development Program, Pakistan (2008). Project
Leader.
• Asian Development Bank (ADB), Asia Pacific Clean Fuel Partnership (2007). Technical Expert.
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4 References
Project Title/
Country Client Description of project
Dates
Technical Assistance for Palestine Agence Française The objectives of this mandate are to provide support to Palestinian SMEs and large
the Implementation of de Développement companies in preparing and implementing technically feasible and financially viable EE/RE
the SUNREF Palestine (AFD) projects and to assist two local partner banks in preparing technical and financial assessments
Project of proposed EE/RE projects. The project also aims at increasing awareness among the general
2018-2022 public and local businesses, promoting the SUNREF Program, as well as developing
administrative and technical capacity within the Palestinian Energy and Environment Research
Centre (PEC). Econoler is thus carrying out the following main activities: (1) developing a
SUNREF Palestine operations manual; (2) preparing technical eligibility assessment reports for
EE/RE investment projects whose stakeholders wish to apply for SUNREF financing; (3)
conducting feasibility studies and/or energy audits for projects potentially eligible for SUNREF
financing; (4) supporting the local partner banks in marketing SUNREF loan products and
identifying potential clients;
Establishment of an ECO Afghanistan, UNIDO/ ECO UNIDO has commissioned Econoler to work in close collaboration with ECO to establish the
Clean Energy Centre Azerbaijan, Secretariat CECECO. To accomplish this mandate, Econoler and a team of local and regional experts
(CECECO) Iran, developed national and regional baselines and performed needs assessments to inform the
2019-2020 Kazakhstan, conduct of a feasibility study. Under the mandate, Econoler icarried out the following tasks:
Kyrgyz • Developed a regional and national baseline and needs assessments by: (1) analysing the
Republic, energy situation of target countries; (2) mapping policy and regulatory frameworks; (3)
Pakistan, identifying EE/RE human resources, ongoing initiatives, as well as availability of EE/RE
Tajikistan, investment and market data; (4) Mapping the most important EE/RE private and public
Turkey, stakeholders and determining their priority needs in the EE/RE sector; and (5) performing a
Turkmenistan SWOT analysis of the current EE/RE regional support framework;
and • Elaborated a feasibility study on CECECO by: (1) mapping the most effective institutional
Uzbekistan and technical design of the centre; (2) proposing a scope of mandate, strategic areas of
intervention, key functions, as well as developing a result framework; (3) estimating the
needs for administrative and staff resources and developing an indicative budget; and (4)
developing a financial sustainability and fund mobilization strategy;
• Contributed to the regional consultative meeting by presenting the CECECO project
document and helped organise the meeting.
Establishing the CECECO is a key factor to achieve ECO region clean energy goals, including
improving collaboration between ECO Member States on EE/RE, fostering diverse and resilient
energy architecture, promoting energy investments through EE/RE advocacy and establishing
an institutional advisory mechanism.
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Proposal
Project Title/
Dates
Pre-feasibility Study on Senegal KfW Econoler was hired to conduct a pre-feasibility study to analyze the potential for establishing a
Promoting the Financing Entwicklungsbank green line of credit and to develop recommendations on how to operate this line of credit.
of Investment in Econoler’s assignment mainly involves analyzing the framework conditions and developing an
Renewable Energy and approach for implementing this project. The pre-feasibility study will help identify, examine and
Energy Efficiency recommend viable intervention options in the RE, EE and WE fields. Econoler’s work will allow
2019 for developing an effective concept for developing the green line of credit project based on the
discussions that it will hold towards the end of this assignment with the ministry in charge of
implementing this project.
Implementation of Bangladesh, Blue Orchard S.A. BlueOrchard, on behalf of the Microfinance Initiative for Asia Debt Fund S.A. (MIFA) Technical
Technical Assistance for India and on behalf of the Assistance (TA) Facility, commissioned commissioned Econoler to assist in the investment
Green Microfinance Mongolia MIFA Technical appraisal process of qualified Microfinance Institutions (MFIs) and in designing, tendering,
Lending Assistance Facility monitoring and reporting of TA measures for MFIs. With regard to the investment appraisal
2016-2019 process, the task of Econoler was to appraise the technical capacity of MFIs and their eco-
systems, including RE/EE Technology Providers. As for the accompanying TA measures, the
task of Econoler was to design, tender, monitor and report on capacity building measures for
MFIs (and other stakeholders) in the form of advisory services, training, as well as product,
organizational and strategic business development.
Feasibility Study and India, Agence française Assessment, design and justification of an energy saving insurance program targeted at
Assessment of Energy Mauritius, de développement/ facilitating the implementation of energy efficiency projects initially in three countries, namely
Saving Insurance (ESI) Turkey Fonds français pour India, Turkey, and Mauritius. The mandate also included the preparation of a project
Program Structure l’environnement commitment note to validate the feasibility of the ESI program in the target countries and to
2018 mondial (AFD) establish a program implementation schedule.
Consulting Services for a Pakistan KfW Econoler developed a solar home system (SHS) microfinancing program targeted at poor off-
Solar Home System grid households and micro and small enterprises. The assignment involved conducting a
Finance Program comprehensive market study as well as a SWOT analysis of microfinance providers and SHS
Through the Pakistan distributors. An environmental and social impact assessment was also performed, which
Microfinance Investment included a field assessment of the recycling/ purchase process of old batteries and safety and
Company (PMIC) occupational concerns and a gender analysis highlighting the differences between women and
2018 men in terms of the relative distribution of resources, constraints and power. The final phase of
the assignment entailed conducting a feasibility study of the financing program and suggesting
cooperation models between microfinance providers and SHS distributors, technical assistance
measures and capacity building activities. The Program was officially launched in November
2019.
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Proposal
Project Title/
Dates
KfW, Green Credit Line Ghana KfW Econoler undertook a prefeasibility study to assess the viability of financing RE and EE
for Small Investments for Entwicklungsbank initiatives through the financial sector in Ghana and preparing a proposal of a green credit line.
Renewable Energy and First, Econoler conduced a pre-feasibility study, including a high-level evaluation of the EE/RE
Energy Efficiency potential present in various sectors. Second, Econoler conducted a market assessment,
Measures, Ghana including an analysis of the barriers developing EE/RE financing for various sectors. The
2018 findings and conclusions were incorporated in a recommended concept design for the green
credit line, which was presented in a workshop attended by KfW, key government stakeholders
and representatives of selected financial institutions.
Study on Private Funding Vietnam The United Nations The project’s objective was to map private funding opportunities for EE investments available
Opportunities for Development to be mobilized in Vietnam and determine key conditions for reducing constraints and attracting
Renewable Energy and Programme (UNDP) private-sector engagement and investments.
Energy Efficiency
Investments
2018
SUNREF Palestine – Palestine Agence Française Econoler carried out a two-phase project aimed at launching a specialized EE/RE finance
Market and Feasibility de Dévelpment facility in Palestine. Phase one consisted of conducting a comprehensive market assessment
Study (AFD) to evaluate existing market potential and identify the most promising economic sectors and
2017 types of EE/RE projects. Phase two consisted of conducting a feasibility study of the AFD
finance facility. Econoler designed the institutional and operational structures of both the
financing program and its TA component.
Corporate Lending Study MENA Green for Growth Econoler was hired to implement a project to conduct targeted, opportunity-driven research to
2017 Fund (GGF) help GGF understand the markets for corporate lending to EE/RE in Egypt, Jordan, Morocco
and Tunisia. Econoler conducted a comprehensive survey of the current status of the debt
asset financing market in each country and made a detailed assessment of existing sources of
financing (both domestic and international ones), the corporate structures of local businesses,
and prevailing asset debt financing models and practices. The market survey also involved
analyzing the overall economic status and development dynamics in each of the four countries
and making a brief overview of the regulatory and institutional “green” financing frameworks.
Financial Sector and Costa Rica Deutsche GIZ commissioned Econoler to conduct a diagnostic study to assess the current participation of
Climate Finance Study Gesellschaft für Costa Rica’s financial sector in climate change finance (including resource efficiency
2017 Internationale investments), identify the barriers, and outline the options to strengthen the financial sector’s
Zusammenarbeit role in mobilizing climate change finance, particularly in the private sector.
(GIZ)
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Proposal
Project Title/
Dates
Sector Assessment and Jordan Global Green Econoler was assigned to participate in the design of a national financing vehicle (NFV) in
Bankable Project Growth Institute support of attaining the national green growth objectives of Jordan. The consulting team
Identification carried out the following tasks:
2017 • Evaluated the green growth potential in six sectors that were deemed priority by the
Jordanian Government, namely: energy, water, waste, transport, tourism and agriculture.
• Reviewed the types of financial instruments and existing sources of finance available to
public and private project developers in Jordan. Analyzed common practices and highlighted
investment gaps in each of the priority sectors.
• Identified and assessed project success factors - business models, type of technologies, and
required scale of operations in each priority sector.
Finally, the consulting team identified over 30 potentially bankable projects from all reviewed
economic sectors. Project concept notes outlining major financial and technical features were
developed for eighteen of the projects considered to be the most promising. .
Market Study and Partner English- Inter-American Conducted a market and partner scoping study in 14 English-speaking Caribbean countries for
Scoping in the Caribbean speaking Development Bank the IDB/MIF as part of its EcoMicro program. The specific objective of the study was to map
as Part of the Project: Caribbean (IDB)/Multilateral the existing green finance products offered in each country, outline the green-finance-enabling
Green Finance for Countries Investment Fund environment (including mitigation and adaptation technology providers and investors in each
MSMEs and Low-income (MIF) country), identify potential partner financial institutions for the implementation of green finance
Households, the pilot projects (including their capacity-building needs), and outline the main green finance
EcoMicro Program opportunities and challenges in each country, among others.
2016-2017
Integrated RE & EE Brazil World Bank This assignment consists of not only assessing the viability of Brazil installing solar rooftops
Financing Options and implementing energy efficiency projects at the municipal level under alternative methods of
2016-2017 procuring, financing, and executing projects, but also identifying key risks and barriers to
investment to ultimately select the most appropriate financing model for the municipalities of
Rio de Janeiro and Belo Horizonte.
Design of Distributed Brazil Inter-American The project consists of analyzing the investment cycle of the public sector at the state and
Generation of Renewable Development Bank municipal levels to design standardized financing mechanisms that could not only facilitate the
Energy and Energy (IDB) implementation of Distributed Generation of Renewable Energy and Energy Efficiency projects
Efficiency Fund in public sector in the different States and municipalities of Brazil, but also enable replication
2016-2017 and scale-up.
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Proposal
Project Title/
Dates
RE/EE Fund Structuring Colombia KfW Bankengruppe The project consisted of two major activities. Activity 1: Fund-structuring Services for Fondo
for Fondo de Energías no de Energías No Convencionales y Gestión Eficiente de la Energía (FENOGE) of the Republic
Convencionales y of Colombia: MinMinas had asked KfW for support for the structuring of the FENOGE in
Gestión Eficiente de la compliance with the existing regulation, specifically the design and drafting of the Operations
Energía (FENOGE) Manual. Econoler was hired by KfW to develop the Operations Manual and other relevant
2015-2017 documents. Activity 2: KfW hired Econoler to develop a new financial product dedicated to
RE/EE for FINDETER. Econoler assessed the RE/EE market of FINDETER’s priority areas,
namely biomass-fired cogeneration, biomass boilers, public lighting and small-scale
hydroelectric generators. Then, the RE/EE credit product was developed for the most
promising technologies. To complete the credit product design, Econoler also developed a
technical assistance (TA) package. The second phase was conducted in 2017.
Mapping and Evaluation Botswana, Agence Française Mandated by the AFD to: 1) Map the needs for financial and technical support to sustainable
of Green Investment Cameroon, de Développement energy and environmental investments in ten selected African countries in order to select five
Opportunities in Sub- Ghana, (AFD) of them for deeper studies; 2) Conduct a feasibility study for setting up SUNREF programs to
Saharan Africa Madagascar, support midsize green and resource efficiency investments through local financial institutions in
2014-2015 Mozambique, the Sub-Saharan African countries identified in phase 1
Namibia,
Nigeria,
Rwanda,
Zambia and
Zimbabwe
Institutional Capacity Indonesia Asian Development The main objective of this assignment was to design new EE finance structures (loans, risk-
Building of Indonesia Bank sharing instruments and insurance products) and integrate them into the portfolio of products
Eximbank offered by IEB to help improve EE in facilities of Indonesian exporters and SMEs. The
2011-2015 assignment’s focus was on corporate exporters (90%) and SME exporters (10%).
To fulfill its mandate, Econoler carried out the following activities:
• Completed an assessment of EE potential in Indonesia's exporting industry and developed
short-term, mid-term and long-term loan marketing strategies targeting energy efficiency
projects (EEPs);
• Designed and implemented a new EEP loan product that was commercially attractive to
hosts;
• Created and completed an EE Loan Product Manual and some other related materials to
enable the bank to offer savings-based loans directly to hosts;
• Completed an investment grade audit (IGA) and concluded the first EEP loan contract for
a USD 3 million EE project at the first of 14 plants of a prominent Indonesian food-
processing company.
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Proposal
Project Title/
Dates
• Completed additional IGAs for EEPs to be implemented at the host sites with EEP loan
contracts expected to be concluded soon after the assignment is completed;
• Conducted feasibility analyses that identified EEPs worth USD 50 million for possible
funding through EEP loans;
Completed the design of an EE savings guarantee product that provides a guarantee to hosts,
local banks and financial institutions (LFIs) and other applicable parties that the savings
achieved by hosts’ EEPs will be sufficient to pay back their related EEP loans.
SME Finance Facility Bulgaria Raiffeisenbank The objectives of the mandate were to: 1) support SMEs in preparing and implementing their
Energy Efficiency (Bulgaria) EAD/KfW EE sub-projects; 2) assist the RB and, if necessary, the SMEs, in preparing financing
(SMEFF-EE) Window applications for their sub-projects, for which the SMEs intended to take a loan; and 3) help
2014 implement those sub-projects subsequently financed by a KfW credit line. More specifically,
Econoler carried out the following main activities: 1) preparing EE sub-projects; 2) conducting
feasibility studies and/or energy audits and verifying EE sub-projects; and 3) supporting the RB
in identifying potential clients interested in investing in EE measures.
Feasibility Study for Serbia KfW Development of a new Eco-Loans program aimed at broadening and enhancing access to
KfW’s New Eco-Loans Entwicklungsbank energy efficiency/renewable energy and water efficiency financing for micro, small and
Program medium-sized enterprises (MSMEs), households and municipalities. To fulfill this mandate,
2014 Econoler performed the following tasks: 1) conducted a field study to gather the information
required to develop the program concept; 2) prepared a program-concept proposal; 3)
recommended parameters for KfW’s new Eco-Loans program; and 4) estimated this program’s
potential financial and environmental impacts and assessed the anticipated program-
implementation risks.
Designing and Colombia Inter-American Provision to the IDB/MIF with technical and legal backstopping and strategic advice on the
Structuring of an Energy Development Bank designing and structuring of an EE facility, including support for developing: 1) the most
Efficiency Facility (IDB)/ Multilateral appropriate structure design for this EE facility; 2) the financial products that this facility should
2014 Investment Fund provide; 3) a financial model of investment for the facility; 4) a methodology for estimating
(MIF) greenhouse gas (GHG) emission reductions; 5) the lending manual, guidelines and eligibility
criteria; and 6) the requirements to follow when monitoring energy savings and GHG
reductions
Sustainable Energy Barbados, International Assessed market opportunities for SEF in the Caribbean region and to support the structuring
Finance (SEF) Program Belize, Finance of the components and activities of the SEF Caribbean Program. This assessment consisted of
Market Assessment Granada, Corporation (IFC) the following activities: 1) establishment of the conceptual framework; 2) identification and
2013-2014 Jamaica, analysis of market segments to be prioritized; 3) identification of major market barriers and
Saint-Lucia recommendations for their mitigation; 4) assessment of the readiness of the financial sector. At
the completion of this project, Econoler proposed a methodology on how to maximize the
energy and water efficiency financing potential.
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Proposal
Project Title/
Dates
Consulting Services for Brazil Kreditanstalt Für Econoler provided assistance to Caixa Econômica Federal in developing an EE financing
Assessing the Design Wiederaufbau mechanism by conducting the following activities: 1) an analysis of the EE market; 2) a detailed
and Development of a (KfW) analysis of Caixa Econômica Federal; 3) selecting and justifying the selection of the target
Caixa Econômica Federal market sectors; 4) the detailed design of an EE credit line of up to EUR 150 million intended for
Program (Credit line) to medium and large enterprises for Caixa; and 5) the detailed design of a tailored technical
Promote Energy assistance package worth up to EUR 4.5 million for Caixa and other market stakeholders.
Efficiency
2013-2014
Energy Efficiency Fund Serbia Tetra Tech /USAID Commissioned by Tetra Tech under a USAID initiative to assist the Ministry of Energy (MOE)
Guidelines of Serbia in developing an energy efficiency (EE) fund by carrying out the following activities:
2013-2014 (1) holding meetings with the relevant stakeholders to discuss the rationale for developing an
EE fund in Serbia; (2) providing an overview of the market targeted by the EE fund; (3) making
recommendations on the fund’s market-positioning; (4) drafting a concept paper for the
proposed fund; (5) developing a fund design together with guidelines for developing a general
framework agreement between the MOE and the selected partner banks.
Sustainable Energy Egypt International This assignment was to support the IFC in the market evaluation for EE/RE in Egypt, and to
Finance Program Market Finance carry out the following activities: 1) assessing market opportunities resource efficiency
Assessment Corporation (IFC) investments, including sustainable energy and water efficiency for 5 priority sectors in the
2013-2014 industry; 2) identifying business models to develop/support SEF lending programs with
financial institutions (FIs) in Egypt
Support for a Nascent India KfW The German and Indian governments agreed to provide a loan to support the startup of an
ESCO in Public Buildings Entwicklungsbank Energy Service Company (ESCO), namely Energy Efficiency Service Limited (EESL), and
and Infrastructure provide a credit line. Initially, EESL was still in an early development stage as a Public Service
2012-2014 Undertaking (PSU). Politically, the company served as an implementation arm of the National
Mission for Enhanced Energy Efficiency (NMEEE). The main objective was not only to support
EESL and KfW in preparing the project, but also assist EESL in reviewing and structuring their
energy efficiency investment projects to be implemented. Econoler provided initial strategic
support to EESL, particularly in planning and further defining EESL's role in the ESCO project
cycle, and assessed EESL's technical assistance needs as part of the accompanying
measures.
Development of RE and Nigeria KfW Mandated first for the pre-feasibility study, and second for the feasibility study, to support KfW
EE Loan Programs for Entwicklungsbank in evaluating the market for RE/EE and carried out the following activities: 1) The institutional
Local Financial and regulatory framework analysis; 2) EE/RE market analysis and evaluation of the EE/RE
Institutions potential; 3) Financial market assessment, particularly RE/EE financial products offered to
2012-2013 SMEs. Econoler further proposed a structure by which to adapt a green credit line to the
Nigerian EE/RE context and financial market
Ref.: 3191P 25
CDC Group
Proposal
Project Title/
Dates
Demand-Side Bangladesh Asian Development Provision of technical assistance to the Government of Bangladesh in the design and
Management in Street Bank (ADB) implementation of demonstrative pilot projects for street lights and water pumps in Tongi
Lighting and Agricultural municipality (Pourashava), along with the development and delivery of an awareness and
Pumping capacity building program. Econoler provided capacity-building, including a number of training
2011-2013 sessions, seminars, workshops, lectures and other educational programs, to enhance technical
capacity and awareness among municipalities. The training materials included manuals,
pamphlets, guidelines, etc. The training sessions were attended by 332 engineers and
operators from 178 municipalities, as well as by over 100 engineers from local government
engineering departments (LGEDs).
Energy Efficiency and China KfW / Eximbank de To provide technical assistance to the China Eximbank (Program Executing Agency) and
Renewable Energy Credit China potential clients in the implementation of a credit line and the introduction of a new credit
Program product for financing energy efficiency and renewable energy projects.
2009-2012
Management of the Bulgaria The Bulgarian Management of an initial fund of 13 million US $, dedicated to resource efficiency (EE, RE and
Bulgarian Energy Energy Efficiency WE). This fund was financed by the World Bank with a grant from the GEF and co-financing
Efficiency Fund Fund from the Austrian and Bulgarian governments. Since its launch, the fund has provided loans
2005-ongoing totaling US to 160 projects, reaching a total project investment to more than $45 million.
Additionally, the fund has provided partial credit guarantees or portfolio guarantees to 32
projects with a total project investment of USD 15.5 million. At June 30, 2013, the investment
financed or guaranteed by the BgEEF contributed to annual savings of 92 372 MWh / year ($
9.6 million / year) and 74,000 kt / year of CO2e.
Ref.: 3191P 26
CDC Group
Proposal
5 Estimated Costs
Fees Expenses Total
Activities No Days Trips Per diem Total
Rate Total
Expenses
USD
Home Field Total Tickets Cost Total No. days Rate Total
2.1 Core Analysis: Level 1: Market overview and selection of
1
target countries/markets for analysis
Ivan Gerginov 3 0 3 1 300 USD 3 900 USD 0 1 500 USD - USD 0 350 USD - USD - USD 3 900 USD
My K. Ton 12 0 12 1 300 USD 15 600 USD 0 1 500 USD - USD 0 350 USD - USD - USD 15 600 USD
Normand Michaud 10 0 10 1 100 USD 11 000 USD 0 1 500 USD - USD 0 350 USD - USD - USD 11 000 USD
2 2.2 Core Analysis: Level 2: Analysis of Each of the Target
Ivan Gerginov 10 0 10 1 300 USD 13 000 USD 0 1 500 USD - USD 0 350 USD - USD - USD 13 000 USD
My K. Ton 10 0 10 1 300 USD 13 000 USD 0 1 500 USD - USD 0 350 USD - USD - USD 13 000 USD
Normand Michaud 5 0 5 1 100 USD 5 500 USD 0 1 500 USD - USD 0 350 USD - USD - USD 5 500 USD
Total Core Activities 62 000 USD
Options
3 Optional Analysis: Level 3

2.3.1 Option 1: Additional Market Analysis
Ivan Gerginov 2 0 2 1 300 USD 2 600 USD 0 1 500 USD - USD 0 1 300 USD - USD - USD 2 600 USD
My K. Ton 5 5 10 1 300 USD 13 000 USD 1 1 500 USD 1 500 USD 5 1 300 USD 6 500 USD 8 000 USD 21 000 USD
Normand Michaud 3 0 3 1 100 USD 3 300 USD 0 1 500 USD - USD 0 1 300 USD - USD - USD 3 300 USD
Total Option 1 26 900 USD
2.3.2 Option 2: Detailed Market Risk Analysis
Ivan Gerginov 2 0 2 1 300 USD 2 600 USD 0 1 500 USD - USD 0 1 300 USD - USD - USD 2 600 USD
My K. Ton 5 0 5 1 300 USD 6 500 USD 0 1 500 USD - USD 0 1 300 USD - USD - USD 6 500 USD
Normand Michaud 5 0 5 1 100 USD 5 500 USD 0 1 500 USD - USD 0 1 300 USD - USD - USD 5 500 USD
2.3.3 Option 3: Detailed Analysis and identification of
potential financial sector intermediaries
Ivan Gerginov 6 5 11 1 300 USD 14 300 USD 1 1 500 USD 1 500 USD 5 1 300 USD 6 500 USD 8 000 USD 22 300 USD
My K. Ton 0 0 0 1 300 USD - USD 0 1 500 USD - USD 0 1 300 USD - USD - USD - USD
Normand Michaud 0 0 0 1 100 USD - USD 0 1 500 USD - USD 0 1 300 USD - USD - USD - USD
Total With Options 125 800 USD
Ref.: 3191P 27
CDC Group
Proposal
6 Statement of Capacity
Econoler hereby confirms that all the presented resources in this proposal will be made available during the
entire course of the projects. We also confirm that all necessary resources from the firm, should some
additional inputs be required, will also be available.
Ref.: 3191P 28
CDC Group
Proposal
7 Conflicts of Interest
Econoler hereby confirms that there is no conflict of interest for Econoler carrying out the services
documented in this project RFP.
Ref.: 3191P 29
CDC Group
Proposal
8 Contract
Econoler hereby confirms having reviewed CDC terms in the General Document and confirms that Econoler
will agree to these terms if awarded the contract.
Ref.: 3191P 30
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Resource Efficiency Market Mapping in

1 Application Letter and Contact Details

Québec City, November 16, 2020

CDC Group plc | Investment works

2 Methodology / Proposed Approach

› Option 1: Market size per specific business model/client type.

Use of Local Experts

2.1 Activity 1: Level 1 Core Analysis - Market Overview and Selection of

2.1.1 Development of Mapping Criteria for the Selection of Target Countries

› Overall size of the economy and market growth trends;

2.1.2 Ranking of Countries and Recommendation of Target Countries for Level 2

2.2 Activity 2: Level 2 Core Analysis - Analysis of Each of the Target

• Resource efficiency investment activities in the country

• Assessment of financing drivers and barriers in the market

Figure 2: Process of Level 2 Analysis

2.2.1 Task 1 – Market Potential Analysis

Market Potential and Sizing

Operational Business Models

2.2.2 Task 2: Supply and Demand of Finance

› How banking systems are regulated and operate;

› Include EE/WE investment in their strategic business development objectives;

2.2.3 Task 3: Analysis of Financing Gaps

2.2.4 Recommendations for CDC

2.3 Activity 3: Level 3 Optional Analysis

2.3.1 Option 1: Additional Market Analysis

2.3.2 Option 2: Detailed Market Risks Analysis

2.3.3 Option 3: Detailed Analysis and Identification of Potential Financial Sector

2.4 Time Schedule

December January February March

Legend: Task Draft deliverables Deliverables

3 Project Team and Qualifications

› Market studies and market segmentation for green finance vehicles

Econoler’s Experience in the Region

Name/ Education/ Capabilities/

Name/ Education/ Capabilities/

My K. Ton Education Capabilities

Name/ Education/ Capabilities/

Name/ Education/ Capabilities/

Name/ Education/ Capabilities/

3 Optional Analysis: Level 3

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