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Lesson
A flexible approach to respond to evolving priorities is important in maintaining the relevance of a policy-based loan (PBL) program. At the beginning of this program, further development in the oil and gas sector was a priority. However, during the 8-year program period, the government’s priority shifted to energy transition. Some of the policy actions in subprogram 3 were revised accordingly, in consultation with cofinancing partners, to reflect this development.

Project Number: 49043-001, 49043-002, 49043-003
Project Name: Sustainable and Inclusive Energy Program 
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Lesson
Apart from offering concessional interest rates,ADB and China National Investment and Guaranty Corporation (I&G) could explore providing enhanced value-added services for ongoing and future financial intermediation loan initiatives in air quality improvement or climate change programs. The global economic slowdown dampened enthusiasm for green investments, while the rise in euro interest rates and the reduction of yuan lending rates since 2022 presented additional challenges for green financing eligible subprojects within the greater Beijing–Tianjin–Hebei region.

Project Number: 50096-002
Project Name: Air Quality Improvement in the Greater Beijing–Tianjin–Hebei Region—China National Investment and Guaranty Corporation’s Green Financing Platform Project
Report Date:
Lesson
An alternative approach for the Completion of projects halted by the closure of the availability period of MFF-financed loans needs to be explored. This is especiallly important for projects with considerable stranded investments (e.g., stranded investments in the Ramazon HPP included $3 million for transmission line and $3 million for site Preparation). To continually implement the Ramazon HPP, the PNG Power Ltd.

Project Number: 41504-013, 41504-023, 41504-025
Project Name: Town Electrification Investment Program (Multitranche Financing Facility and Tranche 2)
Report Date:
Lesson
ADB may need to consider greater flexibility to allow an extension of the availability period of loans under the multitranche financing facility, where deemed appropriate. Because of various delays, the investment program's availability period was extended to 10 years and ended on 24 November 2020. Government requests to extend the availability beyond 2020 were declined by ADB.

Project Number: 41504-013, 41504-023, 41504-025
Project Name: Town Electrification Investment Program (Multitranche Financing Facility and Tranche 2)
Report Date:
Lesson
The results-based lending (RBL) modality provides flexibility to adjust targets adversely affected by unforessen adverse events such as COVID-19. During 2020–2022, the COVID-19 pandemic affected the demand for electricity, lowering the State Electricity Company's (PLN) revenues and creating uncertainty in its investment plans. Sourcing equity financing and implementing ongoing projects within PLN became difficult under such conditions and adjustments were needed in scope and time targets of ongoing works.

Project Number: 50016-001
Project Name: Sustainable Energy Access in Eastern Indonesia—Electricity Grid Development Program
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Lesson
Collaboration with development partners is essential to build consensus for reforms. Donor consensus and support for critical reforms, backed by a policy-based loan and plan to subsequently complement by project-level funding, contributed to the success of this program. Continued long-term engagement on reforms supported by investments is necessary for sustainability.

Project Number: 49006-003
Project Name: Electricity Transmission Sector Reforms Program
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Lesson
The partial credit guarantee (PCG) modality was a good choice for this transaction. It enabled ADB sovereign operations to come as close as possible to enabling the IA to obtain commercial financing for a commercially viable project in a country with a below-investment-grade rating. With a One ADB approach, it showed the way to achieve close and collaborative work between ADB’s sovereign and nonsovereign departments. Its 95% cover was important because it facilitated the raising of commercial finance.

Project Number: 49451-002
Project Name: Shah Deniz Gas Field Expansion Project
Report Date:
Lesson
The multitranche financing facility (MFF) has the key advantage of providing predictable, long-term support to the priority investments of developing member countries. This MFF was a continuation of the long-term partnership between the Government of Assam and ADB. It helped modernize Assam’s entire energy sector by achieving 100% electrification of the state through investments worth billions of dollars of which the MFF was only a small part.

Project Number: 41614-013, 41614-036
Project Name: Assam Power Sector Enhancement Investment Program - Tranche 4 and Multitranche Financing Facility
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Lesson
MFF tranche projects, when implemented concurrently, will greatly benefit from close loop knowledge support and strategy enhancement activities. The first three projects of this MFF were undertaken concurrently. Under each tranche, project status and performance were carefully assessed. Lessons were captured and fed into the enhancement of operational strategies. The close loop learning process benefited each tranche as well as enhanced the overall value addition of the MFF.

Project Number: 41614-013, 41614-036
Project Name: Assam Power Sector Enhancement Investment Program - Tranche 4 and Multitranche Financing Facility
Report Date: