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[null,"Street Lighting Financing Tool (SLFT)"]
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[null,null,null,null,null,null,null,null,null,"Would you like to begin a new questionnaire?"]
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[null,null,null,null,null,null,null,null,null,"Do you want to continue where you left off?"]
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[null,null,null,null,null,null,null,null,null,"Did you already finish completing the questionnaire?"]
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[null,null,null,null,1]

{"sheet":"Questions","index":1,"n_rows":65,"n_cols":16,"rows_kept":65,"cut":false,"hidden":true,"merged":[[34,1,41,1],[42,1,61,1],[4,8,4,9],[4,2,5,2],[4,3,5,7],[4,12,4,13],[4,14,4,15],[21,1,33,1],[7,1,11,1],[12,1,20,1],[4,10,5,10],[4,11,5,11]]}
[]
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[]
[null,null,"Code","From",null,null,null,null,"To",null,"Question/Scheme text","Comment","Link1",null,"Link2"]
[null,null,null,null,null,null,null,null,"Yes","No",null,null,"Hyperlink","Title","Hyperlink","Title"]
[null,"Start",0,null,null,null,null,null,2.1,1.1000000000000001,"Do you prefer externalizing the finance of retrofitting the street lighting infrastructure to third parties?","By externalizing, third parties will take the risk of the project but in exchange the municipality will bear interest on the payments required to pay back the loans."]
[null,"Self-finance",1.1000000000000001,null,null,null,null,null,"A",1.2,"Does the municipality have enough budget to finance the upgrade of the street lighting infrastructure?","If the municipality budgets can cover the full implementation of the project, select \"YES\"; if it can cover it partially, select \"NO\".\n\nMore info:\nThe most straightforward way to finance the upgrade of the street lighting infrastructure is to pay for it from own funds.\nIn a few developed countries of Central Europe, e.g. Germany and Austria, using municipal budget and dedicated national or federal funding sources is very common for funding municipal infrastructure projects.\nThe financing model of such upgrade project is rather simple, e.g. a municipality identifies the investment need, prepares a request for financing, obtains its approval, and issues a tender to select a contractor, e.g. an energy service company, who conducts the upgrade."]
[null,null,1.2,null,null,null,null,null,"B",1.3,"Can the Municipality benefit from the pressure by an existing Energy Efficiency Obligation Schemes (EEOS) on utilities?","A number of EU Member States have implemented or are considering implementing energy efficiency obligation schemes (EEOSs). These schemes involve energy-saving obligations imposed on energy distributors and/or retail energy sales companies and are possibly coupled with a trading system. ","https://e3p.jrc.ec.europa.eu/node/191","For more information: Energy Efficiency Obligation Schemes"]
[null,null,1.3,null,null,null,null,null,1.4,1.5,"Can the municipality set a revolving fund?","A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account.\n\nRevolving funds can be set when a municipality has some available funds that wants to invest to improve its energy efficiency (EE) performance. The revolving fund will use the available funds to support specific energy projects and will re-invest the profits achieved through EE savings and into the municipal budgets.\n\nIf municipalities are small and do not have enough resources to set up an individual own fund, they could combine their resources to create a common revolving fund with shared management and operating costs  to implement energy efficiency projects.\n"]
[null,null,1.4,null,null,null,null,null,"C","D","Do  you want organisational units within the municipality to manage and be contracted to develop the project?","If the municipality does not have the capacity to manage the implementation of the projects then the revolving fund can provide finance (grants, loans, or other financial instruments) to external service providers and ESCOs.\n\nIf municipalities are small and do not have enough resources to set up an individual own fund, they could combine their resources to create a common revolving fund with shared management and operating costs to implement energy efficiency projects.\n\nIf yes, organisational units within individual municipalities could contract each other to implement progressive street lighting updates from accrued energy savings. Energy saving measures are financed through energy bill savings."]
[null,null,1.5,null,null,null,null,null,2.1,"Z","You cannot finance the project without externalizing the finance from third parties. \nDo you want to continue and explore this possibility?","In all cases, unless sufficient e internal resources (budget financing) are available, the possible  external financing options are defined by the creditworthiness and borrowing capacity of a Municipality. \nThe limitations to access commercial financing is determined by weak credit and/or limited or no borrowing capacity of the Municipalities. On the other hand, Municipalities with stronger credit and borrowing capacity can avail of a larger number of financing options.","https://www.esmap.org/sites/esmap.org/files/DocumentLibrary/FINAL_MGN1-Municipal%20Financing_KS18-14_web.pdf","For more information: Financing Municipal Energy Efficiency Projects "]
[null,"Transition",2.1,null,null,null,null,null,2.5,2.4,"Do you have access to an external revolving fund?","A revolving fund involves, on the one hand, public sources of money: EU funds, national funds, municipal funds.\nAnd on the other, various private actors: financial intermediaries and private investors."]
[null,null,2.2000000000000002,null,null,null,null,null,"F","Z","Would you consider financing the renovation project through small collective efforts from a large number of individuals?"]
[null,null,2.2999999999999998,null,null,null,null,null,2.6,2.2000000000000002,"Can you set a Project Bundling contract to facilitate the access to funds?","One alternative that municipalities should contemplate is the bundling or aggregation of similar projects to profit from economies of scale and reduced transaction costs.\nCombining a number of similar projects across a number of municipalities can result in a greater competition among suppliers and larger procurements, both of which lead to lower costs. The aggregation of projects is also more likely to be attractive for financing by commercial banks.","https://www.esmap.org/sites/esmap.org/files/DocumentLibrary/FINAL_MGN1-Municipal%20Financing_KS18-14_web.pdf","For more information: Financing Municipal Energy Efficiency Projects "]
[null,null,2.4,null,null,null,null,null,2.6,2.2999999999999998,"Is the total project value (total cost) at least between 0.5-1 MEUR?","Small projects are often less attractive for investors."]
[null,null,2.5,null,null,null,null,null,"E",2.4,"Is the municipality willing to allow the management of partial public funding by a  private entity?","The process of setting up a revolving fund, particularly an external one, requires the cooperation of various stakeholders and involves several steps, which potentially can increase the complexity of the financing model. The role of a private entity as a fund manager of a partially public fund might pose a political challenge, especially when such fund has the potential to act monopolistically."]
[null,null,2.6,null,null,null,null,null,2.7,"2.8","Will the contractor also be responsible to operate the infrastructure?","If the contractor is not responsible for the energy supply it won't be able to use the energy savings to cover its own costs, and agreed payments will have to be negotiated."]
[null,null,2.7,null,null,null,null,null,"H","G","Does the bank need to enter into an agreement with the contractor and the city?","The simple contracting model can adopt two different modalities, with the main difference that in the Simple contracting model, the agreement (with the bank) is only done with the contractor."]
[null,null,2.8,null,null,null,null,null,3.1,"Z","Are you willing to pay a fee to the third party that is fixed or based on energy performance?"]
[null,null,2.9,null,null,null,null,null,"4.1","3.C","Does the municipality have margin in the balance sheet to incur in debt?","This would mean weakening the equity-to-assets ratio of the municipality, which could be negative to access to other credits in the future."]
[null,"EPC &PPP",3.1,null,null,null,null,null,2.9,3.2,"Is the Municipality willing to bear the technical risk of the project?"]
[null,null,3.2,null,null,null,null,null,3.3,3.8,"Are there active Energy service companies (ESCOs) in the local/national market","Energy service companies (ESCOs) deliver energy efficiency projects that are financed based on energy savings. Given the need to rapidly and significantly increase financing for energy efficiency, interest in ESCO business models is growing.\nRegrding the value of the global ESCO market, the market grew 8% to USD 28.6 billion in 2017, up from USD 26.8 billion in 2016. China continues to underpin the global ESCO market. The market in the United States, where ESCOs have been operating for well over 30 years, grew to USD 7.6 billion in 2017. In Europe, the ESCO market remains somewhat underdeveloped compared to other major regions, representing 10% of the global total.","https://www.iea.org/reports/energy-service-companies-escos-2","For more information: Energy Service Companies (ESCOs)\n"]
[null,null,3.3,null,null,null,null,null,3.4,3.8,"Does the municipality have experience financing through energy savings?","Many municipalities have limited technical capacity to design, develop, and implement viable Energy Efficiency (EE) projects. Without such capabilities, accessing commercial financing for EE projects can become even more challenging. In assessing potential financing mechanisms, municipalities should give consideration to how energy service providers, such as ESCOs, operating under energy savings performance contracts (ESPCs) can help in project implementation and provide access to financing. ","https://www.esmap.org/sites/esmap.org/files/DocumentLibrary/FINAL_MGN1-Municipal%20Financing_KS18-14_web.pdf","For more information: Financing Municipal Energy Efficiency Projects "]
[null,null,3.4,null,null,null,null,null,3.5,3.7,"Will the Municipality obtain financing for the project?","Under this scenario, the municipality would take on the third party financing from a lender, putting the loan on its balance sheet. For instance, the Municipality will obtain financing from equity or debt to pay the contractual fees to the ESCO and the financial institution.","https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_handbook_municipalenergyefficiency__wci__1319577370295#:~:text=Manual%20for%20the%20Development%20of%20Municipal%20Energy%20","For more information: INDIA\nManual for the Development of\nMunicipal Energy Efficiency Projects"]
[null,null,3.5,null,null,null,null,null,"3.A",3.6,"Will the ESCO guarantee that the savings are sufficient to cover the investment costs?","The ESCO takes care of the financing instruments with financial institutions, which the ESCO uses to finance the Municipality. The savings are used by the Municipality to pay the ESCO, who will finally repay the loan to the bank. ","https://www.iea.org/reports/energy-service-companies-escos-2","For more information: Energy Service Companies (ESCOs)"]
[null,null,3.6,null,null,null,null,null,"J",3.8,"Can a payment mechanism for measuring and verifying savings be established?","Under an Energy Performance Related Payment (EPRP) contract, an ESCO guarantees to improve the energy efficiency of street lighting infrastructure with guaranteed savings for an agreed fee. The fee is contingent on energy savings, which means that if savings fall short, the ESCO loses a portion of its fee "]
[null,null,3.7,null,null,null,null,null,3.9,3.8,"Will the ESCO obtain financing for the project?","Under this scenario, the ESCO takes on the risk of third party financing from a lender, putting the loan on the ESCO’s balance sheet.","https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/sustainability-at-ifc/publications/publications_handbook_municipalenergyefficiency__wci__1319577370295#:~:text=Manual%20for%20the%20Development%20of%20Municipal%20Energy%20","For more information: INDIA\nManual for the Development of\nMunicipal Energy Efficiency Projects"]
[null,null,3.8,null,null,null,null,null,"3.C","O","Is the Municipality willing to at least share the technical risk of the project?"]
[null,null,3.9,null,null,null,null,null,"3.B","3.8","Are both parties (municipality and ESCO) willing to share the savings?","Under this scenario, the energy savings obtained are greater than those guaranteed under the terms of the contract between a municipality and private partner, and the parties share the additional savings. "]
[null,null,"3.A",null,null,null,null,null,"M","N","Guaranteed energy savings- Energy Performance Contract (EPC)\nWill the project implementation be done over a few months?","The ESCO designs and implements the project and is obliged to achieve a certain level of energy savings. If the ESCO delivers higher energy savings than guaranteed under the terms of the contract, these savings fully benefit the municipality. Over the contract term, the municipality pays a fixed fee from the cost savings."]
[null,null,"3.B",null,null,null,null,null,"W","X","Shared energy savings- Energy Performance Contract (EPC)\nWill the project implementation be done over a few months?","The energy savings obtained are greater than those guaranteed under the terms of the contract between a municipality and private partner. The contract generally specifies a level of guaranteed energy savings, as well as a malus agreement that cuts payments to the private partner if the guaranteed savings are not delivered. The bonus payment to the private partner can be a certain price (in EUR/MWh) or a portion of the saved energy costs, based on an electricity price agreed upon by both partners."]
[null,null,"3.C",null,null,null,null,null,"3.D","Q","Is the project large enough to create a Special Purpose Vehicle (SPV)?","This may be suitable for big projects with capital costs exceeding approximately €20m","https://www.investopedia.com/terms/s/spv.asp#:~:text=A%20special%20purpose%20vehicle%2C%20also,the%20parent%20company%20goes%20bankrupt. ","What is a Special Purpose Vehicle (SPV)?"]
[null,null,"3.D",null,null,null,null,null,"P","Q","Is the municipality willing to assume delays in the creation of the SPV? ","The creation of a Spscial Purpose Vehicle (SPV) requires long times of preparation and paperwork that can delay the project implementation considerably.","https://www.investopedia.com/terms/s/spv.asp#:~:text=A%20special%20purpose%20vehicle%2C%20also,the%20parent%20company%20goes%20bankrupt. ","What is a Special Purpose Vehicle (SPV)?"]
[null,"Debt",4.0999999999999996,null,null,null,null,null,"R","4.2","Does the municipality have access to national/ international extensive public lending programmes?","I.e. does the municipality have access to low-interest-rate lending programmes through national development banks, dedicated funds, or European banks and funds?\nSome examples are: the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), or the European Energy Efficiency Fund (EEEF)."]
[null,null,4.2,null,null,null,null,null,"I","4.3","Has your country already ever implemented on bill – financing?","Form of utility financing, in which a utility lends a municipality the upfront investment and the municipality repays the cost through its energy bills.","https://www.nrdc.org/sites/default/files/on-bill-financing-IB.pdf ","What is on-bill financing?"]
[null,null,4.3,null,null,null,null,null,"4.4","4.5","Does your municipality have access to a bond agency?","Issuing municipal bonds may require extensive and costly preparation, such as obtaining a credit rating, acquiring approval from national securities authorities, and consulting with investment brokers. For this reason, many countries have municipal bond agencies, which aggregate debt from multiple municipalities, issue bonds, and sell them in the financial markets. "]
[null,null,4.4000000000000004,null,null,null,null,null,"S","T","Can the bonds be certified with a \"green label\" by an independent institution?","Through any sort of Green Bonds Program at a country or municipality level.\nWhile municipal bonds can be used to finance any type of municipal investment, labelled green bonds are issued exclusively for projects related to sustainability and climate change mitigation. To have a ‘green’ label, bonds must be certified by an independent institution.","https://www.investopedia.com/terms/g/green-bond.asp ","What is a green bond?"]
[null,null,4.5,null,null,null,null,null,"4.7","4.6"," Is the financial risk/reward ratio of the investment competitive without adjusting for climate-related risks?","I.e.: Is it financially competitive with any other type of investment?"]
[null,null,4.5999999999999996,null,null,null,null,null,"4.8","3.C","Does your municipality have a positive credit record??","To be able to access a commercial bond."]
[null,null,4.7,null,null,null,null,null,"V","4.6","Can the project be bundled with other similar ones to achieve a bigger scale?","Bigger scale projects are more attractive to investors, and therefore they are often financed more easily. Similar projects from different municipalities may be bundled, achieving this bigger scale."]
[null,null,4.8,null,null,null,null,null,"U","3.C","Are you capable of paying a market-rate loan?","Without any reductions of the interest rate due to the sustainable characteristics of the project."]
[null,"Schemes","A",null,null,null,null,null,null,null,"Finance from municipal budgets- Self Finance"]
[null,null,"B",null,null,null,null,null,null,null,"Energy efficiency obligation schemes (EEOS)- Financing by Utilities"]
[null,null,"C",null,null,null,null,null,null,null,"Internal performance contracting ('intracting')- Self Finance"]
[null,null,"D",null,null,null,null,null,null,null,"Internal revolving fund and outsourcing service provision- Self Finance"]
[null,null,"E",null,null,null,null,null,null,null,"External revolving fund- Self Finance"]
[null,null,"F",null,null,null,null,null,null,null,"Crowdfunding- Financing by Citizens"]
[null,null,"G",null,null,null,null,null,null,null,"Simple contracting model- Private Contractor"]
[null,null,"H",null,null,null,null,null,null,null,"Model with forfaiting and waiver of defence- Private Contractor"]
[null,null,"I",null,null,null,null,null,null,null,"On-bill Financing- Financing by Utilities"]
[null,null,"J",null,null,null,null,null,null,null,"Model with related payments"]
[null,null,"M",null,null,null,null,null,null,null,"Guaranteed Energy Savings. Model with immediate energy cost savings- Energy Performance Contract (EPC)"]
[null,null,"N",null,null,null,null,null,null,null,"Guaranteed Energy Savings. Staggered Modernisation Model- Energy Performance Contract (EPC)"]
[null,null,"O",null,null,null,null,null,null,null,"Concession to a private partner- Public-Private Partnership (PPP)"]
[null,null,"P",null,null,null,null,null,null,null,"Project Finance with SPV- Public-Private Partnership (PPP)"]
[null,null,"Q",null,null,null,null,null,null,null,"Sell-and-leaseback model- Public-Private Partnership (PPP)"]
[null,null,"R",null,null,null,null,null,null,null,"Concessional loan- Debt Financing"]
[null,null,"S",null,null,null,null,null,null,null,"Green bonds- Debt Financing"]
[null,null,"T",null,null,null,null,null,null,null,"Municipal bonds- Debt Financing"]
[null,null,"U",null,null,null,null,null,null,null,"Commercial loan- Debt Financing"]
[null,null,"V",null,null,null,null,null,null,null,"Financing from institutional investors- Debt Financing"]
[null,null,"W",null,null,null,null,null,null,null,"Shared Energy Savings. Model with immediate energy cost savings- Energy Performance Contract (EPC)"]
[null,null,"X",null,null,null,null,null,null,null,"Shared Energy Savings. Staggered Modernisation Model- Energy Performance Contract (EPC)"]
[null,null,"Z",null,null,null,null,null,null,null,"The project cannot be financed"]

{"sheet":"Schemes","index":2,"n_rows":30,"n_cols":16,"rows_kept":30,"cut":false,"hidden":true,"merged":[[3,8,4,8],[3,9,4,9],[3,14,3,15],[3,10,3,11],[3,12,3,13],[3,7,4,7],[3,2,4,2],[3,3,4,3],[3,4,4,4],[3,5,4,5],[3,6,4,6]]}
[]
[]
[]
[null,null,"Code","Scheme Name","Name 2","Category","Category Code","Scheme Description","Advantages","Disadvantages","Link1",null,"Link2",null,"Link3"]
[null,null,null,null,null,null,null,null,null,null,"Hyperlink","Title","Hyperlink","Title","Hyperlink","Title"]
[null,null,"A","Finance from municipal budgets",null,"Self Finance","a","The implementation of the project can be based on the municipality's own budget and/or available resources without the intervention of third parties in the financing of the project (e.g. banks, financial institutions, multilateral organizations).\n","1) The municipality acquires full ownership of the project; \n2) Avoid of interest payments; \n3) The municipality receives all savings from energy costs; \n4) The municipality decides how and when to complete the upgrades","1) Municipal budgets can be limited while the project can demand to cover all upfront costs for long-term infrastructure investment; \n2) Related risks to upfront payments, including those related to technical problems, poor decision-making, and failure to deliver energy savings; \n3) Citizens might claim that project-related decisions taken by municipalities are not fully transparent; \n4) Unlike private service providers, municipalities may lack the best available technology, expertise, and capacity required for project implementation"]
[null,null,"B","Energy efficiency obligation schemes (EEOS)",null,"Financing by Utilities","b","EEOSs are legally enforceable policy mechanisms that require entities included in the scheme to meet certain energy savings targets through investments in eligible end-use energy-efficiency measures. In order to achieve the targets, utilities collect dedicated funds, either as a special charge or as part of the cost of doing business (Rosenow and Bayer 2016). These funds are further used to implement energy efficiency measures. For instance, utilities may design and adopt utility programs that provide financing incentives to end-users, including municipalities.","1) Municipalities benefit from the pressure created by a EEOS on utilities to meet targets through financial penalties; \n2) Municipalities do not bear high upfront investment costs.","1) Financing energy efficiency upgrades of street lighting is possible in countries that have implemented EEOS; \n2) The implementation of EEOS requires having a strong regulatory framework and strong governance that it outside of the competence of local governments.","https://epatee.eu/system/tdf/epatee_case_study_italy_white_certificates_ok_0.pdf?file=1&type=node&id=76","Case study: The Italian White Certificate Scheme"]
[null,null,"C","Internal performance contracting ('intracting')",null,"Self Finance","a","Internal performance contracting is a financing scheme in which organisational units within a municipality are contracted to implement a project without the need or external financiers. Energy efficiency measures are financed through reduced energy costs ","1) Enables municipalities to use energy savings to finance energy efficiency measures without the involvement of external financiers; \n2) Cooperation between the units within a municipality thus helps to bridge the traditional divide between municipal investment and operational budgets; \n3) Projects that are too small or fail to attract private investment can be financed under this model with a 0% interest rate on investment capital; \n4) Minimal transaction and administrative costs, and the legal paperwork required is much simpler than that for external contracting ","1) This model has the limitations generally associated with self-financing. For example, the municipality must provide the upfront capital; \n2) Municipalities use various approaches to sustain the fund and increase the finances available; \n3) They include the projects on the municipal balance sheet and bear all investment risks; \n4) Projects financed by the municipalities may be implemented less efficiently than those funded by private investors "]
[null,null,"D","Internal revolving fund and outsourcing service provision",null,"Self Finance","a","A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account\n\nIn an internal revolving fund a municipality or municipal bodies provide the initial capital and manage the fund. The revolving fund provides finance (grants, loans, or other financial instruments) to external service providers and ESCOs to implement energy efficiency projects. The replenished capital and energy savings are reinvested into new energy-saving projects. If municipalities are small and do not have enough resources to set up an individual own fund, they could combine their resources to create a common revolving fund with shared management and operating costs.","1) Sustainability and long-term orientation of the model; \n2) Once a revolving fund has been established and energy savings accrued from the first tranched investments, the resulting energy savings can be used for new projects; \n3) Ideally, interest rates, fees, service charges, and/or energy cost savings could completely cover fund operating costs; \n4) An internal revolving fund provides an alternative financing mechanism for municipalities that have limited borrowing capacity ","1) Establishing a revolving fund requires significant political commitment, as well a sizeable investment of time and institutional and human capacity; \n2) Cash inflows will accrue only after several years, so recovering fund operating costs may be a lengthy process; \n3) Financial sustainability is important to ensure the continued cost-effectiveness of the fund, as well as the long-term strategy for resource mobilisation; \n4) A revolving fund requires an entity to manage the funds to ensure good governance and administration; 5) Finding a dedicated and experienced staff to support and operate the fund is sometimes difficult, especially in small municipalities "]
[null,null,"E","External revolving fund",null,"Self Finance","a","A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account\n\nA revolving fund can also use external funding sources and provide finances to municipalities for energy efficiency projects. The money to operate the fund and supply the first and future tranched investments could originate from one source or a combination of sources. Potential sources include grants and/or loans from public and private sources, such as the national or regional government, financial institutions, utilities, energy service companies, and/or other capital providers. If a fund of this kind becomes self-sustaining over time, it can lend repaid capital to new projects and finance its operating costs from service charges and interest on loans (Limaye et al. 2014). The external fund is often managed by a dedicated fund manager, which could be a specially created new entity, a utility, an ESCO, or another organisation","1) By combining sources (financial institutions and private investors in particular), external revolving funds make it possible to obtain greater funding; \n2) Private investors can participate in urban development projects that showcase energy efficiency benefits to citizens and communities ","1) The process of setting up a revolving fund, particularly an external one, requires the cooperation of various stakeholders and involves several steps, which increases the complexity of the financing model; \n2) The role of a private entity as a fund manager of a partially public fund might pose a political challenge, especially when such fund has the potential to act monopolistically; \n3) If a revolving fund uses private and public capital, tensions may arise as a result of the transfer of most responsibilities from donors to fund managers"]
[null,null,"F","Crowdfunding",null,"Financing by Citizens","c","Crowdfunding is the use of relatively small amounts of money from a large number of people or investors to finance a project. Fundraisers and investors meet through online crowdfunding platforms, where fundraisers solicit contributions to finance a proposed project and interested parties pledge funds. Crowdfunding is a relatively new financing mechanism and is most often used by young, innovative companies and startups. ","1) Thank to Crowdfunding people can become engaged in the project process and bring feedback and ideas that are useful for project development;\n2) Investors may be more attracted to the project, if a portion of the required finances have been raised through crowdfunding. ","1) There is no guarantee of sufficient funding;   \n2) The Crowdfunding platform may bring some problems; \n3) Crowdfunding process is not regulated;\n4) From the investor’s point of view, the risks comprise the loss of a portion of the capital or failure to obtain the expected returns; insolvency of the platform operators; and misinformation or insufficient information to price the invested securities correctly.","https://www.bettervest.com/en/","For more illustration: Bettervest. A Germany-based crowdfunding platform for climate-change mitigation projects."]
[null,null,"G","Simple contracting model",null,"Private Contractor","d","In a simple contracting model, the contractor may have several responsibilities, but its main activities usually include the planning, financing, and execution of the investment in new, energyefficient street lighting infrastructure. The contractor may also be responsible for operating this infrastructure, although this is generally not the case for several reasons. \n\nThe city either uses its own resources to operate street lighting infrastructure (potentially including subcontractors), or has contracted an external operator to perform this task, often over a longer period. Such contracts often do not cover the use of new technology for modernisation. As a result, the city must wait until the end of the contract period to issue a new tender including modernisation, or it must find a different partner to carry out the task. Because the time most suitable for the investment rarely coincides with the end of an existing service contract, finding a different partner for the modernisation is often the most practical solution.","1) The model is off-balance sheet for the city; \n2) Contracting models differ from loans in this respect because the latter are normally on-balance sheet for the city; \n3) The responsible authority for the city should be asked to verify use of the off-balance model; \n4) The tendering process provides an opportunity to select specialised companies that have relevant know-how and experience and offer more attractive prices than those of the city or present operator","1) From the city's perspective, the major disadvantage of the model is its high financing costs; \n2) The capital costs of contracting -whether through equity or re-financing loans from banks- are usually significantly higher than those payable through direct financing from the city's budget or financing models with low interest rates; \n3) There may be restrictions in the availability of grants. This generally varies between specific programmes; \n4) From a contractor's perspective, the off-balance sheet financing is a disadvantage, although private investors generally favour off-balance sheet models"]
[null,null,"H","Model with forfaiting and waiver of defence",null,"Private Contractor","d","Under the forfaiting and waiver of defence model, the city and contractor play roles similar to those of a simple contracting model: the contractor may have several responsibilities, but its main activities usually include the planning, financing, and execution of the investment in new, energy efficient street lighting infrastructure. In contrast to that model, however, here the bank involvement is a central element and the bank enters into agreements with the contractor and the city.\n\nThe contractor sells part of its future receivables to the bank in a ‘forfaiting transaction’. The city must then pay a portion of the contracting fee to the contractor and another (typically larger) portion directly to the bank, or ‘forfaiter’. The portion of receivables sold to the bank corresponds to the value of the equipment installed and is therefore higher than the portion for the planning, installation, and warranty. The bank participates in the risks arising from uncertainties associated with the receivables and earns a margin. In this particular model, the city may provide a guarantee to the bank, referred to as a ‘waiver of defence’. This guaranteed fee minimises the bank’s risks, even for the worst scenario (e.g., all luminaires malfunction and no energy is saved). The contractor bears all other risks, including those associated with the equipment.\n\nThe contracting model with forfaiting and waiver of defence is therefore a mechanism to generate funds while minimising risks to the bank, thereby reducing the interest rate to a level typically available only to municipalities. The rate reduction may seem modest but can add up to a substantial amount over the long duration of the contract. \n\nAs in the previous model, the contractor owns luminaires for the contract term. When the contract expires, there should be an option for the contractor to remove the luminaires. If no such option exists, a leasing contract should be created to regulate any further municipal use of the luminaires.\n\n","1) This model has similar advantages to the simple contracting model; \n2) Contracting with forfaiting and waiver of defence will have a lower interest rate, included in the contracting fee than the simple contracting model; \n3) The model is off-balance sheet for the city; \n4) Contracting models differ from loans in this respect because the latter are normally on-balance sheet for the city; \n5) The responsible authority for the city should be asked to verify use of the off-balance model; \n6) The tendering process provides an opportunity to select specialised companies that have relevant know-how and experience and offer more attractive prices than those of the city or present operator.","1) Although the interest rate is lower than in a simple contracting model, it still is much higher than in the case of financing through models with low interest rate lending programmes; \n2) The higher complexity of this model, as well as the fact that a large part of the city's payments, namely the payments to the bank, have to be guaranteed, regardless of the performance of the new street lighting infrastructure"]
[null,null,"I","On-bill Financing",null,"Financing by Utilities","b","However, for this model the contractor (Utility) might sometimes suggest to supervise the technology used. On-bill financing is a form of utility financing, in which a utility lends a municipality the upfront investment and the municipality repays the cost through its energy bills. To qualify for the on-bill financing programme, the estimated energy savings must be sufficient to repay the loan during the payback period.","1) On-bill financing exposes both the utility and the municipality to relatively low risks, provided that the municipally pays its energy bills; \n2)The implementation arrangements are also relatively simple.","1) Municipalities may encounter challenges arising from a lack of experience because the model is rarely implemented in Europe. On-bill financing is more common in the United States than in Europe; \n2) Because the utility provides the initial funding, it can require and monitor the use of specific technology for the upgrades.","https://www.pge.com/","Case study: Pacific Gas and Electric (PG&E), which operates in Northern California, provides on-bill financing for street lighting projects. "]
[null,null,"J","Model with related payments",null,"Energy Performance Contract (EPC)","e","Under an Energy Performance Related Payment (EPRP) contract, an ESCO guarantees to improve the energy efficiency of street lighting infrastructure with guaranteed savings for an agreed fee. The fee is contingent on energy savings, which means that if savings fall short, the ESCO loses a portion of its fee. In other words, an ERP is simply an additional guarantee that not only will the product or works actually fulfil the function for which it was initially intended, but it will do so in a way that will upgrade energy performance. It guarantees not only the agreed functionality, but also a pre-specified and measurable improvement in energy efficiency will be achieved. A portion of the overall payment for the product, service or works is contingent on demonstrated performance.","1) Obtain new infrastructure without peaks in their spending; \n2) Benefit from a mechanism enabling more accurate quantification and verification of energy. The objectives of the ESCO align with those of the municipality objectives, because the ESCO focusses on the energy performance of the upgrade; \n3) Because of the related payments to energy savings, funding for such projects is more easily accessible. ","1) It may face a problem to attract private partners if a project is too small; \n2) It may face low financial performance in case energy prices are low; \n3) The performance risk will be shared between the Municipality and the ESCO"," https://www.seai.ie/publications/","For more information: National Energy Services Framework, Energy Performance Related Payments (EPRP) Guide"]
[null,null,"K","Guaranteed energy savings",null,"Energy Performance Contract (EPC)","e","The ESCO designs and implements the project and is obliged to achieve a certain level of energy savings. If the ESCO delivers higher energy savings than guaranteed under the terms of the contract, these savings fully benefit the municipality. Over the contract term, the municipality pays a fixed fee from the cost savings.","1) The primary advantage is that the city will receive new, energy-efficient street lighting infrastructure without sharp upticks in public spending; \n2) In this scenario the client (Municipality) takes on no risk even though they finance the project because the guarantee covers the financing cost, a known and quantifiable amount. However, guarantees add more risk into the ESCO and more risk always trickles through as added cost to the project in the form of a higher percentage of the savings being taken by the ESCO; \n3) The amount paid by the city over the contract period is equal to or less than the amount that it paid before the EPC; 4) After the contract expires, the city owns energy-efficient infrastructure and benefits from the low operating costs. ","1) Energy savings should, however, be sufficient to pay for the modernisation in a reasonable time. This already shows a potential problem of this model. In countries with low energy prices, the payback period may be so long that it is difficult to attract private partners willing to enter into such contracts; \n2) Another disadvantage of this model is that it does not incentivise the private partner to reduce energy demand to a level below that guaranteed in the contract; \n3) This model may face a problem to attract private partners if a project is too small; 4) Guarantees made by the ESCO may cause them to negotiate a higher, often significantly higher, percentage of the savings to ensure an adequate profit margin to cover all the risk they assume.\n","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: the province of Huelva, Spain"]
[null,null,"L","Shared energy savings",null,"Energy Performance Contract (EPC)","e","The energy savings obtained are greater than those guaranteed under the terms of the contract between a municipality and private partner. The contract generally specifies a level of guaranteed energy savings, as well as a malus agreement that cuts payments to the private partner if the guaranteed savings are not delivered. The bonus payment to the private partner can be a certain price (in EUR/MWh) or a portion of the saved energy costs, based on an electricity price agreed upon by both partners.","1) The likely outcome from a shared savings performance contract, should circumstances allow for this type of contract, is that the municipality may accrue significantly greater financial rewards from the project than if a guaranteed savings contract had been used; \n2) The financial and technical risk lies with the ESCO and the savings are shared between the ESCO and municipality for a negotiated period of time; \n3) While energy savings are being achieved, the ESCO receives performance-based income for the project to operate ; \n4) One major advantage of this model is that both sides have an incentive to consider and realise additional energy savings, even if these were neither planned nor anticipated. Municipalities can invest their share of additional energy cost savings into energy efficiency projects; \n5) The model also offers the same advantages as the guaranteed savings model.","1) In case of low energy prices, long payback periods will result.\n","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: Nauen, Germany"]
[null,null,"M","Guaranteed Energy Savings (Immediate Energy Cost Savings)",null,"Energy Performance Contract (EPC)","e","In a Guaranteed Energy Savings model, the ESCO designs and implements the project and it is obliged to achieve a certain level of energy savings. If the ESCO delivers higher energy savings than guaranteed under the terms of the contract, these savings fully benefit the municipality. Over the contract term, the municipality pays a fixed fee from the cost savings.\n\nImprovements in new, energy-efficient street lighting infrastructure can be completed over a few months, unless the total volume is too large, thus \"Inmediate Energy Cost Savings\". A slightly longer period may be necessary but should be as short as possible so that energy savings can be achieved as quickly as possible. The EPC model can provide for guaranteed savings only or shared savings.","Guaranteed Energy Savings:\n1) The primary advantage is that the city will receive new, energy-efficient street lighting infrastructure without sharp upticks in public spending; \n2) In this scenario the client (Municipality) takes on no risk even though they finance the project because the guarantee covers the financing cost, a known and quantifiable amount. However, guarantees add more risk into the ESCO and more risk always trickles through as added cost to the project in the form of a higher percentage of the savings being taken by the ESCO; \n3) The amount paid by the city over the contract period is equal to or less than the amount that it paid before the EPC; 4) After the contract expires, the city owns energy-efficient infrastructure and benefits from the low operating costs. \n\nInmediate Energy Cost Savings:\n4) The primary advantage of this model is that it allows for maximum energy savings; \n5) In addition, because new technologies—including LED lamps in particular—require less maintenance, the associated costs are lower. This should be reflected in the price offered by the private partner.","Guaranteed Energy Savings:\n1) Energy savings should, however, be sufficient to pay for the modernisation in a reasonable time. This already shows a potential problem of this model. In countries with low energy prices, the payback period may be so long that it is difficult to attract private partners willing to enter into such contracts; \n2) Another disadvantage of this model is that it does not incentivise the private partner to reduce energy demand to a level below that guaranteed in the contract; \n3) This model may face a problem to attract private partners if a project is too small; 4) Guarantees made by the ESCO may cause them to negotiate a higher, often significantly higher, percentage of the savings to ensure an adequate profit margin to cover all the risk they assume.\n\nInmediate Energy Cost Savings:\n4) If the city covers all modernisation costs, the sizable initial investment may be prohibitive; \n5) The terms of the agreement also require the city to tolerate extensive construction activity at one time; \n6) In long-term contracts, the early realisation of savings means that, by the time the contracted work is complete, the entire street lighting infrastructure is once again outdated and must be replaced.","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: Graz, Austria","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: the province of Huelva, Spain"]
[null,null,"N","Guaranteed Energy Savings (Staggered Modernisation)",null,"Energy Performance Contract (EPC)","e","In a Guaranteed Energy Savings model, the ESCO designs and implements the project and it is obliged to achieve a certain level of energy savings. If the ESCO delivers higher energy savings than guaranteed under the terms of the contract, these savings fully benefit the municipality. Over the contract term, the municipality pays a fixed fee from the cost savings.\n\nOver several years or even decades, outdated luminaires are replaced with new, energy-efficient luminaires (staggered modernisation). At regular intervals during the contract term and again at the end of contract, the city and private partner can establish a modernisation time schedule or specify the maximum age of luminaires (and poles, if these are included in the modernisation programme).","Guaranteed Energy Savings:\n1) The primary advantage is that the city will receive new, energy-efficient street lighting infrastructure without sharp upticks in public spending; \n2) In this scenario the client (Municipality) takes on no risk even though they finance the project because the guarantee covers the financing cost, a known and quantifiable amount. However, guarantees add more risk into the ESCO and more risk always trickles through as added cost to the project in the form of a higher percentage of the savings being taken by the ESCO; \n3) The amount paid by the city over the contract period is equal to or less than the amount that it paid before the EPC; 4) After the contract expires, the city owns energy-efficient infrastructure and benefits from the low operating costs. \n\nStaggered Modernisation:\n4) The advantage of this model is that it provides for more regular investments. As a result, the city maintains reasonably modern street lighting infrastructure, and there are no sharp upticks in investment requirements or building activity; \n5) The model also helps to prevent a situation in which all luminaires are replaced at the same time. The least energy-efficient luminaires can be replaced first.\n","Guaranteed Energy Savings:\n1) Energy savings should, however, be sufficient to pay for the modernisation in a reasonable time. This already shows a potential problem of this model. In countries with low energy prices, the payback period may be so long that it is difficult to attract private partners willing to enter into such contracts; \n2) Another disadvantage of this model is that it does not incentivise the private partner to reduce energy demand to a level below that guaranteed in the contract; \n3) This model may face a problem to attract private partners if a project is too small; 4) Guarantees made by the ESCO may cause them to negotiate a higher, often significantly higher, percentage of the savings to ensure an adequate profit margin to cover all the risk they assume.\n\nStaggered Modernisation:\n4) The primary disadvantage is that the city realises the benefits of energy savings and lower maintenance costs later than it would if it applied the immediate savings model","https://www.ikem.de/wp-content/uploads/2018/05/3-355-17_Novikova.pdf","Case study: the city of Hilden, Germany","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: the province of Huelva, Spain"]
[null,null,"O","Concession to a private partner",null,"Public-Private Partnership (PPP)","f","Under a concession model, the municipality commissions a private partner (‘concessionaire’) to operate and maintain street lighting infrastructure over a set period. The municipality pays the private operator a fee for this service. To cover costs, the private partner can use its own funds or raise debt in the capital market and invest the balance in energy-saving measures. By using these funds to reduce the costs of operation and maintenance, the contractor can accrue revenue. \n\nIn response to Directive 2014/23/EU (26 February 2014) on the award of concession contracts (European Commission 2014b), each EU member state implemented national legislation regulating tenders for concession contracts. ","1) The municipality is free from the responsibility of operating and maintaining the infrastructure;\n2) The private contractor also must invest in upgrades and bear associated investment risks, including those related to technical aspects of implementation;\n3) It can stimulate innovation by setting high-energy efficiency standards in the tender for contracts.\n","1) Setting up and administering a concession model can be complicated. In particular, the negotiation and tendering phases may require significant manpower and time;\n2) The transaction costs can be substantial;\n3) Once the contract is signed, close regulatory oversight is required.\n","https://www.iadb.org/en/financial-innovation-lab/financial-innovation-lab-promoting-private-investments-street-lighting","Promoting Private Investments in Street Lighting: Colombia case"]
[null,null,"P","Project Finance with SPV",null,"Public-Private Partnership (PPP)","f","The project finance model is a method by which municipalities can leverage limited public funds and raise private capital for projects in a public-private partnership. \n\nThe project participant creates a Special Purpose Vehicle (SPV), a subsidiary legal entity that facilitates financial objectives while minimising the parent company’s risk exposure. Its balance sheet documents project expenditures. The SPV is financed through equity from private investors, debt from lending institutions, and contributions from the municipality. \n\nThe SPV is responsible for designing, installing, operating and managing street lighting infrastructure at its own expense for the life of the contract. During this period, partners from the private sector bear most risks associated with asset ownership.\n\nContract terms are generally 20–25 years. The contract price is based on the required investment, cost of capital, and operation and maintenance costs. The municipality pays private-sector partners monthly unitary charges, the amount of which is based on the contract price. These payments represent the key security for funders.\n\nGiven the high implementation costs, creating an SPV is only suitable for big projects (capital costs exceeding approximately €20m). In order to reach these sizes, municipalities may create a consortium.\n\nProject finance has been implemented successfully for large transportation and energy infrastructure projects. There is growing interest in this model, and its use for urban-scale energy efficiency projects is becoming more common; however, to date, there is no standardised approach to its implementation.\n","1) The municipality avoids bearing with most of the risks associated with the asset ownership;\n2) It provides an opportunity for municipalities to leverage private capital and implement projects using off-balance financing (which is also an important advantage for investors, manufacturers, and operators);\n3) The project risks are isolated, enhancing the attractiveness of the investment;\n4) Long-term contracts provide stability for operations and asset maintenance;\n5) If private-sector partners fail to supply the services as agreed in the contract, the municipality is entitled to deduct or withhold a predetermined amount from payments, and can even impose penalties.","1) Lack of an SPV standardised approach or previous cases for street lighting projects;\n2) Main challenge: high transaction costs associated with preparing and implementing the SPV. Therefore, the model is not suitable for small projects;\n3) If a consortium of municipalities is created in order to increase the size of the project, the governance and structure of the consortium involve additional costs;\n4) A long time may elapse between the project start date and the beginning of actual development.","https://www.iadb.org/en/financial-innovation-lab/financial-innovation-lab-promoting-private-investments-street-lighting","Promoting Private Investments in Street Lighting: Colombia case"]
[null,null,"Q","Sell-and-leaseback model",null,"Public-Private Partnership (PPP)","f","A party, in this case the municipality, leases an asset when it grants another party (the ‘lessee’) the temporary right to use san asset without purchasing it. Sale-and-leaseback models are often used to finance the upgrade, operation, and management of street lighting for a certain amount of time. This way, the municipality avoids upfront investment costs when they are too high.\n\nHow does it work?\nThe municipality sells the infrastructure to a private company. The company upgrades, operates and manages the infrastructure and in the meantime they lease it back to the municipality for a fixed fee over a set period of time. At the end of the period, the municipality gets back the infrastructure ownership.","1) The private party (the owner at the moment) bears with the investment costs. Thus, the municipality avoids a big upfront investment;\n2) The municipality reaps the benefits of upgraded infrastructure without increasing its debt;\n3) Depending on the specific provisions of the leasing contract, the municipality may be permitted to repay the lease with the savings generated by the upgrades;\n4) The financial risks and costs are spread out over time.","1) Even though partners to a leasing contract share the risks related to asset performance and maintenance, the municipality has considerably less control over the assets;\n2) In the long run, leasing is more costly than the self-financing options.","https://www.iadb.org/en/financial-innovation-lab/financial-innovation-lab-promoting-private-investments-street-lighting","Promoting Private Investments in Street Lighting: Colombia case"]
[null,null,"R","Concessional loan",null,"Debt Financing","g"," Low-interest (soft) or concessional loans are loans that are granted at an interest rate below the market level, sometimes even reaching zero. These loans are often granted for sustainable infrastructure projects.\n \n Central European municipalities often finance energy efficiency investments with low-interest-rate lending programmes through national development banks, dedicated funds, or European banks and funds in cooperation with local commercial banks.\n \n Some examples are the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), or the European Energy Efficiency Fund (EEEF). EU member states are also encouraged to use grants from the European Structural and Investment Funds (ESIF) to create other financial tools (e.g., loans, guarantees, equity, or risk-bearing instruments) to improve the efficiency of EU resources.\n \nThe capital from debt financing can be combined with money obtained from other financing models, including revolving funds, with minimal administrative requirements.\n\nExamples:\nGermany: Kreditanstalt für Wiederaufbau [Reconstruction Credit Institute (KfW)], a municipal development bank supported by the German government, offers loans for developing sustainable urban infrastructure and public buildings at interest rates close to 0%.\nCroatia and Lithuania (ENEF): revolving funds are financed through the federal budget, which provides loans and guarantees to municipal governments for energy-efficiency investments","1) Very low (or even zero) interest rates; \n2) Extended repayment schedules; \n3) Proof of a flawless credit record is not required.","1) The debt must be repaid by the municipality; \n2) As the debt is listed in the municipal balance sheet, it weakens the assets-to-equity ratio, which has negative effects in the municipality's access to credit in the future."]
[null,null,"S","Green bonds",null,"Debt Financing","g"," While municipal bonds can be used to finance any type of municipal investment, labelled green bonds are issued exclusively for projects related to sustainability and climate change mitigation. To have a ‘green’ label, bonds must be certified by an independent institution.  Investors are attracted by the commitment with sustainability as it also increases the long-term value of companies, measured by the ratio of the firm’s market value to the book value of its assets (Long Term Growth)\n \n Bonds are issued by a local government (or their agencies) to raise funds for investment projects. When a municipality issues a bond, it acquires a debt obligation and must pay interest and/or repay the debt in the future. \n \n Given the expensive and costly task of creating the bond, it is necessary that the municipality has access to a bond agency. These agencies aggregate debt from several municipalities, and they issue and sell bonds in the financial market at lower costs than otherwise.\n \n Green bonds are used in Gothenburg (Sweden), Paris, Johannesburg, Mexico, Oslo, Vasteras, Varna, and multiple jurisdictions in the United States and Canada (Climate Bonds Initiative 2017).\n","1) Bonds generally have low interest rates, so they offer capital at a lower cost than commercial bonds do;\n2) Green bonds have the advantage with other types of bonds that only the projects that fulfill the relevant sustainability requirements have access to them.","1) Bonds require an extensive and costly preparation (obtaining a credit rating, acquiring approval from national securities authorities, and consulting with investment brokers). Therefore, it is necessary that the municipality has access to a municipal or national bond agency.","https://www.worldbank.org/en/news/opinion/2018/10/10/the-pros-and-cons-of-green-bonds   ","Pros and cons of green bonds","https://d3n8a8pro7vhmx.cloudfront.net/eurodad/pages/217/attachments/original/1588104806/BLENDED_FINANCE.pdf?1588104806","BLENDED FINANCE. What it is, how it works and how it is used","https://www.thegef.org/sites/default/files/publications/Blended_finance_Final_NI_Approved_LR_0_1.pdf","GEF. Innovations in Blended Finance: A Summary\n"]
[null,null,"T","Municipal bonds",null,"Debt Financing","g"," Municipal bonds are issued by a local government (or their agencies) to raise funds for investment projects. When a municipality issues a bond, it acquires a debt obligation and must pay interest and/or repay the debt in the future. \n \n Given the expensive and costly task of creating the bond, it is necessary that the municipality has access to a bond agency. These agencies aggregate debt from several municipalities, and they issue and sell bonds in the financial market at lower costs than otherwise.\n \n - Countries where there are bond agencies: Sweden (funding agency Kommuninvest), Finland, France, Denmark, Switzerland, the UK, the Netherlands, USA, and Canada.\n \n- Countries where a single municipality has issued bonds for several projects: Bulgaria (Varna) and Sweden (Gothenburg).","1) Bonds generally have low interest rates, so they offer capital at a lower cost than commercial bonds do.","1) Extensive and costly preparation (obtaining a credit rating, acquiring approval from national securities authorities, and consulting with investment brokers). Therefore, it is necessary that the municipality has access to a municipal or national bond agency.","https://www.investopedia.com/terms/b/bond.asp ","What is a bond?","https://d3n8a8pro7vhmx.cloudfront.net/eurodad/pages/217/attachments/original/1588104806/BLENDED_FINANCE.pdf?1588104806","BLENDED FINANCE. What it is, how it works and how it is used","https://www.thegef.org/sites/default/files/publications/Blended_finance_Final_NI_Approved_LR_0_1.pdf","GEF. Innovations in Blended Finance: A Summary\n"]
[null,null,"U","Commercial loan",null,"Debt Financing","g"," In countries where public lending programmes have limited budgets or do not exist, municipalities obtain market-rate loans from commercial banks. In such cases, the interest rate applicable to the loan does not depend on saved energy costs but on the credit record of the borrower.\n \nCapital from debt financing can be combined with money obtained from other financing models, including revolving funds, with minimal administrative requirements.","1) In case the municipality does not have access to bonds, or the project does not have a very competitive risk/reward ratio, the commercial loan is an option that can make the project realisable;\n2) Long preparation times and delays to finance the project (like in the case of creating an SPV) can be avoided.\n","1) The debt must be repaid by the municipality; \n2) As the debt is listed in the municipal balance sheet, it weakens the assets-to-equity ratio, which has negative effects in the municipality's credit record (possibility to access credit in the future);\n3) The market interest rates to repay are quite higher than in the case of concessional loans, for example.","https://d3n8a8pro7vhmx.cloudfront.net/eurodad/pages/217/attachments/original/1588104806/BLENDED_FINANCE.pdf?1588104806","BLENDED FINANCE. What it is, how it works and how it is used","https://www.thegef.org/sites/default/files/publications/Blended_finance_Final_NI_Approved_LR_0_1.pdf","GEF. Innovations in Blended Finance: A Summary\n"]
[null,null,"V","Financing from institutional investors",null,"Debt Financing","g"," Institutional investors that can finance a project include insurance companies, sovereign wealth funds (SWF), pension funds, mutual funds, and hedge funds, which invest in securities, real property, and other low-risk assets with a long time horizon. As institutional investors become increasingly aware of climate-change risks, their interest in green projects is growing. These investors are Insurance Companies, Sovereign Wealth Funds, Pension funds, Mutual Funds, Hedge Funds\n London Green Fund (LGF).\n \n This type of financing can be accessed in several ways: they invest either in publicly listed debt and equity or dedicated investment funds and vehicles such as an energy-efficiency fund that pools finances from multiple sources for investment in individual projects. Institutional investors can also finance projects directly through debt, equity, public-private partnerships, or other mechanisms. They can participate more easily in projects that include risk-sharing mechanisms, public guarantees and/or co-investment and other incentives from the government \n \nBecause the primary responsibility of institutional investors is to protect the interests of its own beneficiaries, investments must satisfy certain financial criteria, whether or not they are climate-friendly. To attract mainstream institutional investors, the financial risk/reward ratio of energy-efficiency investments must be competitive without adjusting for climate-related risks. Unless bundled for a sufficient investment scale, small-scale projects from individual municipalities will not attract institutional investors.","1) Access to a very large sum of money from investor groups that prefer to cultivate a positive image and make long-term investments promising moderate growth and low risks","1) Energy efficiency projects are less attractive than other investment options because the heterogeneity of projects and immaturity of the market increases transaction costs;\n2) The financial risk/reward ratio must be competitive without adjusting for climate-related risks;\n3) Small scale projects may not attract this type of investors.","https://d3n8a8pro7vhmx.cloudfront.net/eurodad/pages/217/attachments/original/1588104806/BLENDED_FINANCE.pdf?1588104806","BLENDED FINANCE. What it is, how it works and how it is used","https://www.thegef.org/sites/default/files/publications/Blended_finance_Final_NI_Approved_LR_0_1.pdf","GEF. Innovations in Blended Finance: A Summary\n"]
[null,null,"W","Shared Energy Savings (Immediate Energy Cost Savings)",null,"Energy Performance Contract (EPC)","e","In a Shared Energy Savings model, the energy savings obtained are greater than those guaranteed under the terms of the contract between the municipality and the private partner. The contract generally specifies a level of guaranteed energy savings, as well as a malus agreement that cuts payments to the private partner if the guaranteed savings are not delivered. The bonus payment to the private partner can be a certain price (in EUR/MWh) or a portion of the saved energy costs, based on an electricity price agreed upon by both partners.\n\nImprovements in new, energy-efficient street lighting infrastructure can be completed over a few months, unless the total volume is too large, thus \"Inmediate Energy Cost Savings\". A slightly longer period may be necessary but should be as short as possible so that energy savings can be achieved as quickly as possible. The EPC model can provide for guaranteed savings only or shared savings.","Shared Energy Savings:\n1) The likely outcome from a shared savings performance contract, should circumstances allow for this type of contract, is that the municipality may accrue significantly greater financial rewards from the project than if a guaranteed savings contract had been used; \n2) The financial and technical risk lies with the ESCO and the savings are shared between the ESCO and municipality for a negotiated period of time; \n3) While energy savings are being achieved, the ESCO receives performance-based income for the project to operate ; \n4) One major advantage of this model is that both sides have an incentive to consider and realise additional energy savings, even if these were neither planned nor anticipated. Municipalities can invest their share of additional energy cost savings into energy efficiency projects; \n5) The model also offers the same advantages as the guaranteed savings model.\n\nImmediate Energy Cost Savings:\n6) The primary advantage of this model is that it allows for maximum energy savings; \n7) In addition, because new technologies—including LED lamps in particular—require less maintenance, the associated costs are lower. This should be reflected in the price offered by the private partner.","Shared Energy Savings:\n1) In case of low energy prices, long payback periods will result.\n\nImmediate Energy Cost Savings\n2) If the city covers all modernisation costs, the sizable initial investment may be prohibitive; \n3) The terms of the agreement also require the city to tolerate extensive construction activity at one time; \n4) In long-term contracts, the early realisation of savings means that, by the time the contracted work is complete, the entire street lighting infrastructure is once again outdated and must be replaced.","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: Nauen, Germany"]
[null,null,"X","Shared Energy Savings (Staggered Modernisation)",null,"Energy Performance Contract (EPC)","e","In a Shared Energy Savings model, the energy savings obtained are greater than those guaranteed under the terms of the contract between the municipality and the private partner. The contract generally specifies a level of guaranteed energy savings, as well as a malus agreement that cuts payments to the private partner if the guaranteed savings are not delivered. The bonus payment to the private partner can be a certain price (in EUR/MWh) or a portion of the saved energy costs, based on an electricity price agreed upon by both partners.\n\nOver several years or even decades, outdated luminaires are replaced with new, energy-efficient luminaires (staggered modernisation). At regular intervals during the contract term and again at the end of contract, the city and private partner can establish a modernisation time schedule or specify the maximum age of luminaires (and poles, if these are included in the modernisation programme).","Shared Energy Savings\n1) The likely outcome from a shared savings performance contract, should circumstances allow for this type of contract, is that the municipality may accrue significantly greater financial rewards from the project than if a guaranteed savings contract had been used; \n2) The financial and technical risk lies with the ESCO and the savings are shared between the ESCO and municipality for a negotiated period of time; \n3) While energy savings are being achieved, the ESCO receives performance-based income for the project to operate ; \n4) One major advantage of this model is that both sides have an incentive to consider and realise additional energy savings, even if these were neither planned nor anticipated. Municipalities can invest their share of additional energy cost savings into energy efficiency projects; \n5) The model also offers the same advantages as the guaranteed savings model.\n\nStaggered Modernisation:\n6) The advantage of this model is that it provides for more regular investments. As a result, the city maintains reasonably modern street lighting infrastructure, and there are no sharp upticks in investment requirements or building activity; \n7) The model also helps to prevent a situation in which all luminaires are replaced at the same time. The least energy-efficient luminaires can be replaced first.\n","Shared Energy Savings:\n1) In case of low energy prices, long payback periods will result.\n\nStaggered Modernisation\n2) The primary disadvantage is that the city realises the benefits of energy savings and lower maintenance costs later than it would if it applied the immediate savings model","https://www.interreg-central.eu/Content.Node/Dynamic-Light/CE452Dynamic-Light-D.T2.3.3-Best-Practice-Guide-final.pdf","Case study: Nauen, Germany"]
[null,null,"Z","The project cannot be financed",null,null,null,"-","-","-"]

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[null,null,"Code","Category","Description"]
[null,null,"a","Self Finance","The self-financing models are the most straightforward financing options for a municipality to upgrade street lighting infrastructure. In this case, the municipality pays for it from own funds not having to use external funds."]
[null,null,"b","Financing by Utilities","In these models, the entity providing the public street lighting investment is the utility company. "]
[null,null,"c","Financing by Citizens","In crowdfunding, the citizens finance the project, which makes use of relatively small amounts of money from a large number of people or investors."]
[null,null,"d","Private Contractor","In this financing model, municipal actors can transfer the burden of financing street lighting infrastructure to third parties,  for example by entering into an agreement with an energy service contractor."]
[null,null,"e","Energy Performance Contract (EPC)","Energy performance contracts (EPCs) are used to finance municipal infrastructure projects by a private partner, usually an ESCO, through energy savings. In this model, the energy costs saved by reducing consumption are used to finance the street lighting retrofit. "]
[null,null,"f","Public-Private Partnership (PPP)","In this financing model, public and private actors share responsibilities associated with infrastructure project implementation and/or operations management."]
[null,null,"g","Debt Financing","In this financing model, the municipalities with limited own funds issue debt, which is then paid back from the tax revenue of municipalities and/or saved energy costs. Municipalities can issue municipal bonds or obtain a concessional loan from available public lending programmes or a commercial loan from a commercial bank. Then, the municipality issues a tender for a contractor to perform the upgrade."]

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["STREET LIGHTING FINANCING TOOL (SLFT)"]
[]
["Below, you will find the recommended scheme for your municipality based on the responses you provided to the questionnaire, following the insights and logic of the IKEM deliverables."]
[]
[null,null,null,null,null,null,null,null,null,null,null,"Name:"]
[null,null,null,null,null,null,null,null,null,null,null,"Municipality:"]
[null,null,null,null,null,null,null,null,null,null,null,"Country:"]
[]
["RECOMENDED SCHEME"]
[]
[]
["IN THE CATEGORY OF"]
[]
[]
["LINKS OF INTEREST"]
[]
[]
[]
[]
["ADVANTAGES"]
[]
[]
["DISADVANTAGES"]
[]
[]
["RESPONSES PROVIDED"]
["#","Question",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Resp"]