1. Investment Strategy - Nigeria Nigeria Energy Forum, 10 April 2019

2. ElectriFI - The Electrificiation Financing Initiative
MANDATE
LEAD KPIs
Operating globally
Closed-ended impact investment fund
Focused on energy access (on/off-grid)
Flexible structuring
Assumes certain level of risks
# New connections
# Improved connections
RE generation capacity (MW)

3. ElectriFI - Targeted Business Models
MINI GRIDS
SHS
CPP
IPP
Mostly rural
Isolated
Focus on access to electricity
Households
Focus on access
Client protection
Minimum size
C&I customers
On / Off grid
Solar PV
Biomass / Biogas
Energy Efficiency
PPA
RE technologies
Adequate contractual structure

4. ElectriFI - 4 Ruling Principles
ADDITIONALITY
NEUTRALITY
IMPACT
TERMS
Crowding In
Derisking
Facilitating
No distortion
Exit strategy
Transparency
RE technologies
New MW’s
New connections
New jobs
CO2 avoidance
Commercial
Equity to debt
HCY or LCY
EUR M

5. ElectriFI Global & ElectriFI Country Windows
GOVERNANCE
Élément 3
Governed by the 15 European DFIs (DEG, FMO, Finnfund, Proparco…)
Implemented by EDFI Management Company N.V.
Independent Investment Committee

6. ElectriFI Global & ElectriFI Country Windows
DELEGATION AGREEMENTS
EDFI MC, the fund manager:
Global Facility (€185m)
Country Windows Facility:
Nigeria (€30m)
Zambia (€40m)
Benin (€5m)
Ivory Coast (€10m)
Pacific region (€10m)

7. ROBUSTNESS - PROFESSIONALISM - CONFIDENTIALITY
Investment Process
CLEARANCE IN PRINCIPLE
FIRST STEP OF APPROVAL PROCESS BY INVESTMENT COMMITTEE 2
Élément 3 1
INTAKE
ACTIVE DEAL SOURCING AND BUSINESS DEVELOPMENT 3
DUE DILIGENCE
INCL. KYC, AML, TAX, LEGAL, TECH, ON SITE VISIT 4
FINAL APPROVAL
FINAL APPROVAL BY INVESTMENT COMMITTEE 5
CONTRACTING PHASE
CONTRACTS IN LINE WITH INTERNATIONAL BEST PRACTICES
ROBUSTNESS - PROFESSIONALISM - CONFIDENTIALITY

8. ElectriFI - Current Pipeline - €90m
Clearance in Principle
23 CiP approved investments for €74m
26 prospective investments (2018 & 2019)
Final Approval
9 FP approved investments for €26m
9 prospective investments (2018 & 2019)
Active contracting
4 transactions are in active contracting phase
For a total amount of €12m
Executed transactions
16 investments, 10 full fledged investments
Total committed capital of >€24m

9. ElectriFI - Current Pipeline - In Details
7 transactions are in active contractive phase
For a total amount of XX EUR M

10. ElectriFI - Current Pipeline - Impact Indicators

11. Selected Credentials

12. Nigeria Country Window - STRATEGY
Content
General strategy
Business models
Preferred instruments
Technology
Sourcing
Business models in details
Captive C&I
SHS
Mini-Grids
Timelines
Nigeria
Country Window -
STRATEGY

13. ElectriFI Nigeria Window - Process
1- MARKET SURVEY
Market scoping by the EU-TAF
In close cooperation with EU (EC-EUD)
2- NIGERIA STRATEGY
Investment strategy designed by EDFI MC/ElectriFI
In close cooperation with EU (EC & EUD)
3- ADOPTION OF STRATEGY
Livrable 3
Through consultation by EUD
By FGN (REA, Ministry of Power a.o.)
4- OFFICIAL LAUNCH
Livrable 4
Public launch during the Nigeria Energy Forum
ElectriFI to announce first transactions in Nigeria

14. Nigeria Nigeria Window - General Strategy
Business models
Entirely focused on:
Captive C&I
Solar Home Systems
Mini-Grids
Financial instruments
Main criteria:
Focus on mezzanine and debt
Tenor: 4 to 8 years
Amount: €1-5m (max. €10m)
Max. 50% of the project costs/funding round
Mainly HCY
Commercial terms adapted to the business stage, cash flows & IRR
No grant or concessional financing

15. Nigeria Nigeria Window - General Strategy
Technologies
Focus on:
Solar PV (incl. storage on ad hoc basis)
Sourcing
Network of like-minded investors (a.o. Persistent Capital, All On, Sterling Bank, Norfund)
REA
Direct contact via:
ElectriFI website (
Key sector events

16. Nigeria Country Window - Captive C&I
CAPTIVE MARKET IN NIGERIA
Stable regulatory environment (no license for <1MW)
Untapped market for Commercial & Industrial (C&I) companies (energy as a service)
Power outages are the primary driver for installing C&I solar in Nigeria
STRATEGY
Solar PV only
Small projects to be bundled into a portfolio
Mezzanie or debt
Target of 4-5 flagship investments 35 25 22

17. Nigeria Nigeria Window - SHS
SHS MARKET IN NIGERIA
Various SHS companies active in Nigeria (int’l & nat’ls)
Market segment ready for « scale » (vs. demonstration)
Proven access to capital markets
Low CAPEX for highly underserved population
Viable option where mini-grids are not sustainable
STRATEGY
Focus on remote areas & electrification of underserved part of the country
Pref for mezzanie & debt (milestone-based instruments)
Target of 3 flagship investments 35 25 22

18. Nigeria Nigeria Window – Mini-Grids
MINI-GRID MARKET IN NIGERIA
To play significant role in rural electrification, in areas where grid extension is unlikely within 7-10-years
Strong political support (REA, REF, EEP, EEE…)
Donor projects backing the sector (WB/AfDB/GiZ-EU)
Various companies but with still hardly forecastable cash flows  Bankability remains challenging
STRATEGY
Focus on financial sustainable companies/projects with high impact
Pref for mezzanie & debt (milestone-based instruments)
Target of 2-3 flagship investments 35 25 22

19. Nigeria Country Window - Timeline
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q1 2021
Q1 2022
Q1 2023
Q1 2024
Pipeline development
Transactions
Active portfolio management

20. The ElectriFI Team - 10 Seasoned Investment Professionals
Lead transaction team for Nigeria:
Dominiek Deconinck Fund Manager
Quentin Antoine Sr Investment Officer
Reach Out or Submit your Investment

21. The Voice of the CEOs GVE Project Limited: Mr. Ifeanyi Orajaka
Let’s hear from Nigerian companies engaged with ElectriFI:
GVE Project Limited: Mr. Ifeanyi Orajaka
Arnergy: Mr. Femi Adeyemo
PAS SOLAR: Mr. Jim Howlett

22. Nigeria Country Window Questions & Answers