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Lesson
Stringent due diligence based on guidelines on the selection of the implementing agency and/or borrower does not ensure successful project implementation. The investment program, given the available multitranche financing facility, could have opened opportunities for other potential qualified banks with stronger experience in solar rooftop onlending, instead of focusing on a single borrower.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
The absence of a project management unit (PMU) with adequate dedicated full-time qualified staff and decision-making authority militates against the successful implementation of projects.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
A centralized and unified real-time web portal expedites the execution of all project processing and decision-making pocedures, and is an invaluable asset to the successful implementation in this day and age. The lack of coordination among various branches across the different zones of India hampered the operations of the tranche 1 project. A beta version of a unified central web portal for the entire investment program that was put in place was not able to minimize the operational hurdles faced by PNB, due to the lack of institutionalization across all branches.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Customizing the terms of reference of auditors to project requirements and ensuring that they are properly oriented on these requirements are critical to promoting project compliance with ADB financial management procedures. There were gaps in complying with the financial management conditions of the loan agreement, including the need to timely submit audit reports and auditor’s management letters and opinions.

Project Number: 49419-002
Project Name: Solar Rooftop Investment Program - Tranche 1
Report Date:
Lesson
Another lesson is that strong partnership and greater collaboration among FIs and stakeholders support the strengthening of financial supervision and risk management monitoring. Due diligence on the FI’s institutional capacity prior to loan approval, led to develop a complementary TA, which in turn supported in improving FI’s operational and financial management. ADB’s additional financing served as leverage to pursue recommendations from the TA, aimed to improve the FI’s financial and operational performance.

Project Number: 46268-002
Project Name: Clean Energy Finance Investment Program (Tranche 1)
Report Date:
Lesson
Particularly for loans, in-depth review on a borrower’s credit performance and the sector context, as part of the due diligence assessment, is vital for recognizing potential financial risks. Analytical measurements on financing risks (e.g., adequacy of capital ratio, contingent liabilities), risk allocation options, and risk management monitoring, for example, are key factors that enhance credit appraisal and help develop a well-structured financing scheme and related covenants.

Project Number: 46268-002
Project Name: Clean Energy Finance Investment Program (Tranche 1)
Report Date:
Lesson
No additional lessons

Project Number: 28708
Project Name: South Asia Regional Apex Fund
Report Date: