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Research Keynote: Scaling the Utility of
the Future at the Last Mile
BenjaminAttia
Wood Mackenzie
Power & Renewables
Research Analyst, Solar,
Africa & Middle East
M

Trusted Power and Renewables Intelligence woodmac.com
Scaling the Utility of the Future at the Last Mile
Research Keynote: Off-Grid Energy Access Forum
Benjamin Attia | 2 October 2019

15
Scaling the Utility of the Future at the Last Mile woodmac.com
Wood Mackenzie offices Wood Mackenzie Power & Renewables offices
Wood Mackenzie is ideally
positioned to support
consumers, producers and
financers of the new energy
economy.
— Acquisition of MAKE and Greentech
Media (GTM)
— Leaders in renewables, EV demand
and grid-connected storage
— Over 500 sector-dedicated analysts and
consultants globally, including 75
specifically to power and renewables
— Located close to clients and industry
contacts
About Wood Mackenzie
We provide commercial insight and access to our experts leveraging our integrated proprietary metals, energy
and renewables research platform

16
Scaling the Utility of the Future at the Last Mile woodmac.com
For more on the energy access investment landscape, download our free report with
Energy 4 Impact at:
https://www.woodmac.com/news/editorial/growing-offgrid-energy-access-sector/

17
Scaling the Utility of the Future at the Last Mile woodmac.comP O W E R & R E N E W A B L E S R E S E A R C H woodmac.com
Off-Grid Renewable Investments Data Hub
The Off-Grid Renewable Investments Datahub brings together thousands of data points on investments and competitive landscape trends
to present the most comprehensive picture of investment activity across the off-grid energy access ecosystem
800+ deals tracked
Verified disclosed corporate-level investment transactions in the
solar home system (SHS) and pico PV, mini-grids and DESCOs,
nanogrids, and pay-as-you-go (PAYG) infrastructure and IoT for
energy access applications.
More than $2 billion in tracked investment
Insights on M&A and VC investment activity since 2010
covering the companies, technologies and stakeholders
involved.
425+ investors
Find and filter data on transactions based on investors
and find trends on their activity and strategy
175+ investees
Find and filter data on transactions based on investees
and their segments and attributes and find trends on
their activity and strateg
Filter
and customize
data so that it’s
relevant to your
business
objectives
Export data in
Excel or as
charts for
presentations

18
Scaling the Utility of the Future at the Last Mile woodmac.com
• Technology development and manufacturing
• Large-scale project development
• Long-term asset ownership and management
• Distribution and end-users
In advanced economies, the evolution of the utility-customer relationship is well underway
Dispatchable
Generation
Transmission Distribution End
Customers
Intermittent
Generation
Energy
Storage
Advanced Metering
Infrastructure
Distributed
Generation
Electric
Vehicles
Connected
Devices
Demand-Side
Management
Largely untapped
value à

19
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: Wood Mackenzie Energy Markets Service
Regional electrical power output, 2010-2040
0
2,000
4,000
6,000
8,000
10,000
12,000
2000 2004 2008 2012 2016 2020 2024 2028 2032 2036 2040
TWh
APeC Africa
Europe Middle East
North America Russia and the Caspian
South America China
But it’s mostly emerging markets that will drive future global power demand growth
Demographics and economic maturation will lead to a boom in the developing world
0
5000
10000
15000
20000
25000
30000
2017 2040 2017 2040
TWh
Fossil fuels Nuclear
Variable renewables Other renewables
Electricity demand growth in the IEA New Policies Scenario
Source: International Energy Agency (2018), World Energy Outlook 2018, OECD/IEA, Paris
Developing
economies
Advanced
economies
+90%
+15%

20
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: International Energy Agency (2018), World Energy Outlook 2018, OECD/IEA, Paris
Much of that new power demand will be for moving up the access ladder
150 300 450 600
Japan
European Union
United States
Southeast Asia
Middle East
India
China
Sub-Saharan Africa
Enhanced digitalization Moving up the access ladder Electrification of heat
Change in electricity demand in buildings by region in the Future is Electric Scenario relative to the New Policies Scenario, 2040
Advanced
economies
Developing
economies

21
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: Power Africa’s Top Obstacles in Each Market (Energy For Growth Hub, 2019)
However, incumbent utilities in many emerging markets are simply getting in the way
By one count, national utilities in Sub-Saharan Africa are the most frequently-cited obstacle to growth
Angola
Benin
Botswana
BurkinaFaso
Chad
Côted’Ivoire
DRCongo
Djibouti.
Eswatini
Ethiopia
Ghana
Kenya
Liberia
Madagascar
Malawi
Mali
Mauritania
Mozambique
Namibia
Niger
Nigeria
Rwanda
Senegal
Somalia
SouthAfrica
Tanzania
Togo
Uganda
Zambia
Total
National Utility competency . 21
Governance and capacity . 17
Legal or Regulatory gaps . 15
Macroeconomic forces / FOREX .
risks .
10
Access to long-term capital . 9
T&D infrastructure adequacy . 8
Generation and/or fuel .
infrastructure .
7

22
Scaling the Utility of the Future at the Last Mile woodmac.com
Of course, they’re mostly failing to meet their universal mandate as natural monopolies
Data source: IEA World Energy Outlook 2018
Share of population without access to electricity (%)
0% 100%
~11% of the
current global
population does
not have access to
electricity
36% of net global
population gained
access to
electricity from
2000 to 2017
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2000 2010 2020 2030
Sub-Saharan Africa
Developing Asia
Latin America
North Africa
Middle East
The pathway to
universal access is
steep, particularly
for Sub-Saharan
Africa
Data source: IEA World Energy Outlook 2018
Path to SDG7 by region

23
Scaling the Utility of the Future at the Last Mile woodmac.com
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
Namibia
Angola
Côte d'Ivoire
Mauritania
Tanzania
Uganda
Sudan
Kenya
Senegal
Cameroon
Ghana
Zambia
Zimbabwe
Niger
South Sudan
Nigeria
Eritrea
System Average Interruption Frequency Index (SAIFI) System Average Interruption Duration Index (SAIDI)
Source: World Bank Group, Wood Mackenzie
Many emerging market utilities are unreliable and underperforming
Electric Utility Performance Metrics in SSA, 2017
2.9 / 7.0
Average score for SSA
countries for reliability of
supply on WEF Global
Competitiveness Index
23-40%
Seasonal mean distribution
loss rates for SSA utilities

24
Scaling the Utility of the Future at the Last Mile woodmac.com
In Sub-Saharan Africa, it’s rare for a state utility to fully recover its costs
6%
-12% -16% -18% -23% -24% -26% -26% -31% -32% -32% -33% -33% -37% -38% -39% -44% -45% -47% -47% -47% -48% -50% -53%
-61% -64% -67% -67% -71% -72% -74% -76% -77%
-100%
-75%
-50%
-25%
0%
25%
Uganda
Benin
Gabon
Tanzania
Ghana
Togo
Liberia
Niger
Cameroon
Kenya
BurkinaFaso
Lesotho
Mozambique
Senegal
Zambia
Mali
Malawi
Central…
Rwanda
Congo,Rep.
Mauritania
Coted'Ivoire
Zimbabwe
SierraLeone
TheGambia
Botswana
Sudan
Burundi
Nigeria
Madagascar
SaoTome…
Ethiopia
Guinea
Deficit(%)
Source: M. Kojima and C. Trimble, Making Power Affordable for Africa and Viable for Its Utilities. World Bank, 2016.
Quasi-fiscal deficit as a share of total costs (%)
Source: M. Kojima and C. Trimble, Making Power Affordable for Africa and Viable for Its Utilities. World Bank, 2016.
Quasi-fiscal deficit as a share of total cash collected (%)
-100%
0%
100%
200%
300%
400%
500%
Uganda
Seychelles
Mauritius
Benin
Gabon
Tanzania
Ghana
Lesotho
Liberia
Miger
Togo
CaboVerde
Swaziland
Kenya
Cameroon
BurkinaFaso
Mozambique
Zambia
Senegal
Mali
Rwanda
CentralAfrican…
Malawi
Côted’Ivoire
Mauritania
SouthAfrica
Zimbabwe
Rep.Congo
SierraLeone
TheGambia
Botswana
Burundi
Sudan
Madagascar
Nigeria
SaoTomeand…
Guinea
Comoros
Ethiopia
QFDas%ofcash
collected

25
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: UDAY portal, Wood Mackenzie Energy Market Service. Note: UDAY is the scheme for financial restructuring of the state-owned distribution companies
…and it’s only slightly improved in India
UDAY has been helping marginally, but most DISCOMs still face revenue gaps
Change in costs and revenue gap from FY18 to FY19
Gujarat
Himachal Pradesh Karnataka
Uttarakhand
Chhattisgarh
Haryana
Kerala
Tripura
Maharashtra
Assam
Tamil Nadu
Punjab
Bihar
Telangana
Andhra Pradesh Uttar Pradesh
Madhya Pradesh Jharkhand
Manipur
Rajasthan
Meghalaya
-1
-0.5
0
0.5
1
1.5
-1 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8 1
FY19costs–revenuegap(INR/kwh)
<-- Increase in gap from FY18 to FY19 (INR/kwh) Decrease in gap from FY18 to FY19 (INR/kwh) -->
FY19 ACS - ARR Gap target: INR
0/kwh
Avg. India (UDAY)

26
Scaling the Utility of the Future at the Last Mile woodmac.com
Single-buyer regulatory environments with uncreditworthy offtakers stifle private projects
Around two-thirds of Sub-Saharan African countries still rely on vertically integrated utility-structures
Markets by status of regulatory liberalization Generation Transmission Distribution
Benin, Burkina Faso, Burundi, Central African Republic, Chad, Congo, DR
Congo, Eritrea, Ethiopia, Lesotho, Liberia, Malawi, Mozambique, Namibia,
Rwanda, Somalia, South Africa, South Sudan, Sudan, Swaziland, Tanzania,
Zambia
Public Ownership Public Ownership Public Ownership
Angola, Botswana, Djibouti, Gambia, Ghana, Guinea-Bissau, Madagascar,
Mauritania, Niger, Senegal, Sierra Leone, South Africa, Togo, Uganda,
Zimbabwe
Mixed Public and Private
Ownership
Public Ownership Public Ownership
Equatorial Guinea, Guinea, Kenya, Mali, Sao Tome and Principe
Mixed Public and Private
Ownership
Mixed Public and Private
Ownership
Mixed Public and Private
Ownership
Cameroon Private Ownership Public Ownership Private Ownership
Nigeria Private Ownership
Mixed Public and Private
Ownership
Private Ownership
Côte d'Ivoire, Gabon Private Ownership Private Ownership Private Ownership

27
Scaling the Utility of the Future at the Last Mile woodmac.com
The result? Exacerbated infrastructure risks that harm project bankability
Risks to bankability abound when the market maker isn’t creditworthy
Dispatch Risk Returns Risk FOREX
Dispute
Resolution
Termination
Payment
Collateral
Assignment
Off-taker
payment
support
Transmission &
interconnection
risk
Regulatory Risk Force majeure

28
Scaling the Utility of the Future at the Last Mile woodmac.com
Commercial activity is increasingly sidestepping public utilities that make poor offtakers
Investors and developers are finding greener pastures in spite of SOUs by favoring end-users over bulk power
Mining, onshore oil
and gas,
manufacturing and
processing, other
heavy industry, etc
Consumer retail,
hospitality, MUSH,
SMEs, etc
Off-Grid residential
customers lacking
access to energy
(SHS, mini-grids, etc)
Constrained SSA Public Utility [single-buyer]
Solar Developers, IPPs &
Investors
Industrial
Offtaker Demand
Segment
Typical
sectors /
loads
Commercial Residential
Long lead times, regulatory
uncertainty, offtaker
creditworthiness risks, etc

29
Scaling the Utility of the Future at the Last Mile woodmac.com
One possible side effect? Utility death spiral
The reduced revenues mean
cash-strapped DISCOs can’t
reach FID on infrastructure
plans to connect new customers
or maintain the network.
The DISCOs stop purchasing bulk power at
non cost-reflective tariffs, leading to unreliable
service, which then drives lower bill payment
rates and power theft, reducing revenues
further.
State-owned discos get bailed out with public
money, while discos that have been privatized
often find themselves focusing their resources on
a small number of profitable customers and
unable to raise capital for expansion.
Higher-value customers defect
from the grid using captive or
embedded generation for lower
cost, higher reliability power supply.

30
Scaling the Utility of the Future at the Last Mile woodmac.com
Case study on the Nigerian grid-connected power sector
Only 25% of installed generation capacity actually delivers power to end-consumers*
Source: Wood Mackenzie
12.5
5.4
3.3
3.9 3.6 3.1
0
2
4
6
8
10
12
14
Installed capacity Unavailable Non-operational Effective capacity Technical losses Capacity
transmitted
Technical losses Capacity
distributed
GW
7.2
75%
5.3 GW effective ceiling on transmission
capacity
Generation Transmission Distribution
*Other suggested numbers: installed capacity: 13 GW, unavailable: 5.4 GW, non-operational: 3.3 GW, effective capacity: 4.4 GW, capacity transmitted: 4.1 GW, resulting in 32% of
effective installed generation

31
Scaling the Utility of the Future at the Last Mile woodmac.com
In an extreme case, a 100% bottom-up DER grid fundamentally reduces a DISCOs role
100% Captive 75% Captive
CostStackforDERs
CAPEX CAPEX
Value of
poles &
wires

32
Scaling the Utility of the Future at the Last Mile woodmac.com
Investment gap
Energy access represents a massive market opportunity in the energy transition
The value proposition of clean and reliable energy access as a gateway to the next billion is crystallizing
1
billion
people without
access to
electricity
globally1
740
million
est. people
expected to gain
access to
electricity from
off-grid solar by
20225
~2+
billion
people without
access to
reliable
electricity
globally7
Sources: 1 World Energy Outlook (IEA, 2018); 2 The Transformations of Power (Wood Mackenzie, 2017); 3 Energy Access Outlook (IEA, 2017); 4 Energizing Finance: Understanding the Landscape (SE4ALL, 2018); 5 Off-Grid Solar Market Trends Report (Dalberg Advisors and
Lighting Global, 2018); 6 Scaling Up Energy Access through Cross-sector Partnerships (PWC, 2013); 7Energy Poverty Factbook (AT Kearney, 2018)
Framing the market potential for distributed clean energy at the base of the pyramid
400
million
people gained
access to
electricity from
off-grid solar
solutions from
2010-20173
$37
billion
USD est. annual
spend by low-
income
customers on
basic energy
needs globally6
71
percent
est. share of
new electricity
connections via
off-grid or mini-
grid solutions by
20303
$624
billion
USD est. total
capital outlay
required to
reach universal
energy access
by 20304
80
percent
est. sales
CAGR of the off-
grid global solar
home system
market from
2017-20225
Macro trends driving off-grid energy markets:
Demographic shifts Electricity demand
growth

33
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: Wood Mackenzie Power & Renewables Off-Grid Renewables Investment Live Dashboard
After cracking $500M in 2018, disclosed energy access investment hits US $2 billion
Very strong H1 2019: $300M+ USD equivalent was invested in the first half of 2019, over 50% equity
$20.7
$7.9 $10.2 $1.6
$19.6 $18.4
$107.3
$244.7
$305.0
$417.9
$511.6
$304.3
-
100
200
300
400
500
600
N/A Pre-2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (H1)
AnnualDisclosedCorporate-levelInvestment
(MillionUSD)
Acquisition Debt (Bond) Debt (Convertible Note) Debt (Term Loans and Venture Debt) Equity Grant Undisclosed
Corporate-level investment into off-grid energy access companies by year and type of financing through H1 2019
Dominant investment trends through H1 2019
0% 50% 100%
Private Capital
Dollar Denominated
PAYG
SHS

34
Scaling the Utility of the Future at the Last Mile woodmac.com
Geographic distribution: West Africa and Southeast Asia are gaining ground
Mobile money penetration is still a key driver of capital flows, but regional concentration is diversifying
East Africa
(44%)
South Asia (6%)
West Africa
(21%)
Southern
Africa (3%)
Latin
America (3%)
Southeast Asia
(23%)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
East
Africa
SE
Asia
W.
Africa
S. Asia
LatAm
S. Africa
Estimated regional shares of total disclosed investment, USD equivalent 2010-1H2019

35
Scaling the Utility of the Future at the Last Mile woodmac.com
Energy access markets are still coupled to enabling environment factors like mobile money
47.8
48.1
50.9
52.6
54.4
59.9
61.6
63.7
64.8
65.4
67.9
70.9
72.8
74.3
75.6
78.6
80.1
81.0
84.9
85.6
91.5
92.4
99.4
100.0
0 20 40 60 80 100
Sierra Leone
Angola
Mozambique
Togo
Congo, Dem. Rep.
Guinea
Cameroon
Ethiopia
Niger
Cote d'Ivoire
Madagascar
Zimbabwe
Papua New Guinea
Nigeria
Malawi
Senegal
Zambia
Tanzania
Myanmar
Uganda
India
Pakistan
Kenya
Indonesia
MAI Score
Source: GSMA State of the Industry Report on Mobile Money 2018
Active 90-day mobile money accounts by region, 2017-2018
Source: PAYGo Market Attractiveness Index, Lighting Global
PAYGo Market Attractiveness Index, Lighting Global
242.9
296.6
0
50
100
150
200
250
300
350
2017 2018
Active90-dayaccounts(million)
Sub-Saharan Africa South Asia
East Asia & Pacific Latin America & the Caribbean
Middle East & North Africa

36
Scaling the Utility of the Future at the Last Mile woodmac.com
Capital concentration by product segment is an accurate representation of maturity
PAYG SHS passed the channel-product fit milestone, and raised its first wave of debt capital for scale
The PAYG SHS Value Chain
Source: adapted from Phases of the Startup Lifecycle by Morgan Brown
Scaleup milestones for consumer-facing products
Minimum
Viable
Product
Product-
Market Fit
Channel-
Product Fit
Scale /
Maturity
Searching
for
Problem-
Solution
Fit
Searching for
Product-
Market Fit &
Language-
Market Fit
Optimizing the
funnel and
searching for
Channel-Product
FIt
[Debt] Capital
for scale
Growth through
new or adjacent
markets,
partnerships,
and M&A
SHS (PAYG)
Mini-grids SHS (Cash)
Product
Hardware design and manufacturing, PAYG
software platform development
Scaled SHS companies typically
raise capital every 12-18 months,
but have required 5-7 years to
achieve a channel-product fit
Retail Sales
Marketing, customer acquisition, sales &
distribution of hardware
Finance
Asset financing using PAYG / Mobile money
(where available)
Service
After-sales support; customer relationship
management; system remote monitoring,
diagnostics, and maintenance

37
Scaling the Utility of the Future at the Last Mile woodmac.com
Source: Wood Mackenzie Power & Renewables; *Off-Grid Solar Market Trends Report (Dalberg Advisors and Lighting Global, 2018)
Electricity is just the beginning: Value-stacking ‘utility 3.0’ services at the last mile
A massive opportunity: “Owning” the next billion consumers, their evolving needs, and their data
“Going Deep”: Value-stacking on top of basic electricity connections
Product
Hardware: Design, Manufacturing
Software: PAYG platform
Retail Sales
Marketing, customer acquisition, sales &
distribution of hardware
Finance
Asset financing using PAYG / Mobile
money (where available)
Service
After-sales support; customer relationship
management; system remote monitoring,
diagnostics, and maintenance
Internet & telecom service Appliances for productive use Mobile money, transaction clearing Credit measurement
Smartphones and batteries LPG cookstoves
Crop and health insurance
Customer data resale
Fast-moving consumer goods
Existing PAYG off-grid solar value chain
Consumer lending
Water pumping and utility services Marketing and branding

38
Scaling the Utility of the Future at the Last Mile woodmac.com
Clean energy access is a key vertical of strategic VC and M&A activity
$3.68
$2.06
$1.65
$0.67
$0.52
$0.40 $0.38
$0.19 $0.17 $0.08
0
100
200
300
400
500
600
700
800
900
$-
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
Customer
Energy
Management
Off-Grid
Renewables
for Energy
Access
Electric Vehicle
Infrastructure
AMI Utility Back
Office
DER Services Grid Edge
Customer
Analytics
Distribution
Automation
Utility Network
Operations
Grid Edge
Network
Analytics
TransactionCount
BillionUSD
Amount of Funding ($B) Rounds of Funding
Investment landscape for grid edge sub-verticals, 2010-2019 H1

39
Scaling the Utility of the Future at the Last Mile woodmac.com
Fully Commercial Line of
Business
DirectInvestment
Indirect
Investment
Customer value in the ‘next billion’ is attractive to strategic investors
75% of strategic investments support fully commercial, exploratory, or first-mover activity
CSR with Long-term Commercial
Objectives
Corporate Social Responsibility
(CSR)
Exploratory or First-Mover
Commercial Activity
JVs&
Partnerships
Interest
Go-to-MarketPathway
[Shell]
[Shell]

40
Scaling the Utility of the Future at the Last Mile woodmac.com
2019 has seen more strategic participation, led by Japanese players
[Shell]

41
Scaling the Utility of the Future at the Last Mile woodmac.com
B2C: Value-stacking utility
3.0 services
Strategic interests vary by customer segment
Customer-centric utilities want to understand the off-grid customer, but vendors just want to open new markets
B2B: New markets
exploration or entry
Local
capacity
building
Social impact
and CSR

42
Scaling the Utility of the Future at the Last Mile woodmac.com
Going deep vs going wide: Strategic M&A is the best way to do both
Overvaluations
The low hanging fruit has largely been
picked
Profits are still elusive for most
Strategic M&A allows for scale and
value-stacking
Source: 8Venture Builder White Paper (October 2018); 9Bridging the Gap to Commercial Success for Energy Access Businesses (Persistent Energy Capital & Shell Fdn)
IncreasingcustomerLTVs
Increasing market scale

43
Scaling the Utility of the Future at the Last Mile woodmac.com
Going deep vs going wide: Strategic M&A is the best way to do both
Overvaluations
The low hanging fruit has largely been
picked
Profits are still elusive for most
Strategic M&A allows for scale and
value-stacking
Source: 8Venture Builder White Paper (October 2018); 9Bridging the Gap to Commercial Success for Energy Access Businesses (Persistent Energy Capital & Shell Fdn)
IncreasingcustomerLTVs
Increasing market scale

44
Scaling the Utility of the Future at the Last Mile woodmac.com
So where is the off-grid energy access sector headed in the future?
Next-gen customer-centric utility business models
Scale, investment and profitability for SHS and mini-grids
Strategic participation in energy access markets

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Email
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Questions? Enter them at gtm.cnf.io #gtmoffgrid
Much More than Capital: Fireside Chat with a
Strategic Investor and a Portfolio Company
M
Valérie
Levkov
EDF
Vice President, Africa, Middle East
& Eastern Mediterranean
Thomas
Chevillotte
BBOXX
Group CFO
Benjamin
Attia
Wood Mackenzie
Power & Renewables
Research Analyst,Solar,
Africa & Middle East

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Beyond Electricity: Value Stacking Utility 3.0 Services
on Top of the Pay-As-You-Go (PAYG) Value Chain
M
Ademidun
Edosomwan
Total Ventures
Emerging Markets Lead
Chris
Würdemann
Zola International
Vice President, Corporate
Finance
Koen
Peters
GOGLA
Executive Director
Juan José
Estrada
Kingo Energy
Chief Financial Officer

Networking Break
Sponsored by:

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Panel: The Path to Profitability for Solar Home Systems:
PAYG Successes and Pitfalls
M
Benjamin
Attia
Wood Mackenzie
Power & Renewables
Research Analyst,Solar,
Africa & Middle East
Mathilde
Girard
CDC Group
Investment Executive, Energy
Access & Efficiency
Alistair
Gordon
Lumos
CEO
Thomas
Duveau
A2EI (former ChiefStrategy
Officer, Mobisol)
Chief Strategy Officer

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Andrew
Carter
Konexa
Director, Customer
Operations & Off-Grid
Innovation Den: Unique Opportunities and Technologies in
the Second Wave of Off-Grid Energy Access Startups
M
Karl-Erik
Stromsta
Greentech Media
Managing Editor
Manuel
Wiechers
Iluméxico
CEO
Arne
van Stiphout
Mee Panyar
Program Manager
Juan
García Montes
Sunkofa Energy
Co-Founder and CEO

A long journey towards a different
Pay-as-you-go model

W W W . I L U M E X I C O . M X
| 53

Payment collection was a horror story
PAR60 > 70%
(Porfolio at risk 60+ days)
45% of field
agents time
spent in
collection
1500 cash-collection
visits / month
(only 35% efficiency)
Recovered
90% of loans

We were growing exponentially
Historical Revenue (MXN) and EBITDA %
i l u m e x i c o . m x
Net Income
EBITDA Margin
Data to Dec. 2018
Values in MXN

The Pay-as-you-go journey
Weneededtochangeourmodeltoimprovepaymentcollection
andensureasustainablelongtermservicemodel

i l u m e x i c o . mx
¿What were we looking for?
• Something that adapted to our clients
• Stational income generation
• Completely offline (5-6 hours from cell-connection)
• No mobile banking available
• Allows flexible payments
• Purchase by days, weeks, months
• Did not “punish” poor customers
• Provided certain flexibility or tolerance according to
income and the families needs.
• Worked for larger SHS
• Ranging from 25W to 325W for households and up to
1300Wp for businesses.
• Provided additional protections

W W W . I L U M E X I C O . M X
| 66
We started piloting in 2018 with interesting results.
200 SHS with pay-as-you-go installed
Improved delinquency
2.5% (vs. 5.6% baseline)
Clear use case of flexible payments
≤ 1 week:
8%
2 weeks: 16%
1 month: 57%
1-3 months: 15%
3+ months: 4%

W W W . I L U M E X I C O . M X
| 67
Our portfolio at risk has changed dramatically.
For all the SHS installed between January and March 2019. 100 Pay-as-you-go, 1200 Service

El Colibrí
Our one-of-a-kind prepay metering device

El Colibrí – #hechoenilumexico
Our innovation in pay-as-you go
• Flexible payments: powered by Angaza ®,
you can pay any amount in the frequency that best
adapts to your income, offline!
• Protects your system: Adds additional
protection for batteries and high power appliances.
For SHS up to 2kW.
• Provides information on
consumption: Allowing a programmable daily
energy budget and displaying power consumption
and remaining battery hours.

El Colibrí – #hechoenilumexico
Adapted for the most remote and poor customers.
• 30 day Emergency Grace Period
• Allows an opt-in grace period (programmable) to
adapt to difficult situations.
• Offline Remote Monitoring.
• Uses LPWAN to connect in any geography
• Sends information on consumption, hacking and
alarms.
• Identifies/predicts failures
• Allows efficiency in service and maintenance
• Predicts SHS lifetime
• Identifies maintenance issues and when battery
replacement is needed.

i l u m e x i c o . m x
1290,000+ 21,205 250 3 MW+
ilucentrosPeople Installations Jobs Installed Capacity
12,720
TONs CO2
displaced
A long road to go

Contact:
manuel@ilumexico.mx

Oct 2019
Community-Based Optimization and
Operations & Maintenance for Mini-Grids

2B$/y
MYANMAR ECOSYSTEM
76meepanyar.com
15%/y
Electricity demand growth
driven by ~7%-pa GDP growth2
39%
People with Tier 3-5
electricity access1
Myanmar national grid
Notes:
1. Smart Power Myanmar, “Decentralized Energy Market Assessment in Myanmar” (May 2019)
2. World Bank Group, “Myanmar Economic Monitor: Building Reform Momentum” (June 2019)
Electricity investment need
Current supply: 3.6 GW
Demand 2025: 8.6 GW
Demand 2030: 12.6 GW2

Need skilled
O&M workforce
MYANMAR MINI-GRIDS
77meepanyar.com
2,300
Viable mini-grid
sites by 20201
~40%
Cost savings mini-grid
v. grid expansion1
Centralized O&M.
Finding
suitable
projects
Engineering,
Procurement,
Construction
Operations &
Maintenance
High quality,
reliable
energy
access undermines long-term
bankability & scalability
Notes:
1. Smart Power Myanmar, “Decentralized Energy Market Assessment in Myanmar” (May 2019)
Human capital bottleneck

LEVERAGING LOCAL CAPACITY
02/10/2019 78meepanyar.com

Only actor specializing in
O&M part of value chain
MEE PANYAR MODEL
80meepanyar.com
Finding
suitable
projects
Engineering,
Procurement,
Construction
Operations &
Maintenance
High quality,
reliable
energy
access
Hands-on, on-site training
(not a training center)
EDUCATE OPERATE
Local technicians
Remote support
02/10/2019

MEE PANYAR IMPACT
81meepanyar.com
Finding
suitable
projects
Engineering,
Procurement,
Construction
Operations &
Maintenance
High quality,
reliable
energy
access
02/10/2019
O&M. Reduce O&M expenses by < 50%
- Avoid logistics & travel costs to deploy technicians
- Reduce down times through quicker response times
Efficiency. Reduce losses, increase income
- Proactive system management to mitigate inefficiencies
- Better community management through on-site liaison
Community. Strengthen community
- Improved safety through on-site control
- On-site support for community uptake of PEU

MEE PANYAR PROGRESS
82meepanyar.com
Finding
suitable
projects
Engineering,
Procurement,
Construction
Operations &
Maintenance
High quality,
reliable
energy
access
02/10/2019
Successful crowdfunding campaign (Feb ‘19), supported by UK aid
Legacy Mini-grids New-Build Mini-grids
Pilot project. Community-direct
training + rehabilitation legacy DMG
- Refining community engagement practices
- Data collection on energy consumption
- Testing training pedagogy + content
Pipeline. Building developer
pipeline for new-build RE-MG
- Working with local developer to test model
- Connecting with key developers to build
pipeline once model is tested
Hybridization. Adding solar
- Finalize & review rehabilitation phase
- Move to hybridization in pilot project
Implementation. Service roll-out
- Review results model testing
- Implement developer-partner O&M model

GROWING LOCAL SKILLS
SCALING ENERGY ACCESS
m e e p a n y a r. c o m a r n e @ m e e p a n y a r. c o m

Off-Grid Energy Access Forum
2nd October 2019

85

Experienced
& complete
team
Significant
Market
opportunities
Unique
positioning
Innovative
commercial
offers
Digitization of
the economy
SUNKOFA ENERGY IN A NUTSHELL
86
Cumulated 35 years of experience in rural electrification and mini-
grids. The team successfully worked together full-time for 3 years
600 million people lack access
to electricity in Sub-Saharan
Africa
Strong will of authorities and
international entities to
develop the off-grid sector in
Africa, especially mini-grids
Thanks to smart metering
technologies, mobile money
and cloud solutions, software is
the driving force of service
delivery, improving efficiency
and reducing risks
With the help of local entities,
stakeholders and NGOs, big focus on
operation and socio-economic aspects
of the local communities, leading to
demand increases and a better
rentability profile
Innovative offers combining DC and AC
and providing energy as a service
COMPETIVE
ADVANTAGE &
UNIQUE
VALUE
PROPOSAL

87
GENERATION SOLUTION
PV panels
Batteries
Power Electronics
Modules of 10 kW
100% Clean Energy
DISTRIBUTION GRID
Low Voltage
AC
Aligned with national
standards
FOR ALL CLIENTS
Residential services
Tertiary services
Industrial services
PAYGO TECHNOLOGY
Smart metering
Payments via mobile money
Digital platform for client
management and data analytics
OFFER FOR 100% OF THE
VILLAGE
For each customer a 100%
renewable solution is
proposed
A PROVEN SOLUTION : PROVIDING ENERGY SERVICES THANKS TO MINI-GRIDS

88
ESTEBAN PEREZ
GONZALEZ – CTO (*)
Role: Technical manager (mini grid
sizing & design, procurement).
Experience: Wide experience in
solar energy, designing and
optimizing PV & Hybrid mini-grid
solutions for energy access.
Track record: Developed own
technology generation unit for
mini-grids and distributed over
100 units.
On the ground experiences in over
5 African countries for energy
access.
JUAN GARCIA MONTES
- CEO
Role: Management of the
company incl. coordination of
activities, legal, HR.
Experience: Working on energy
access projects for 18 years in off-
grid project as Project Developer,
Project Manager and Country
Manager in over 20 African
countries.
Track record: Completed projects
> 100 mini grids developed, and
55,000 Solar Home systems
installed.
Pioneer in off-grid solar activities
in Africa with large stakeholder
network.
GUILLAUME VAN DER
SCHUEREN – COO (*)
Role: Leads customer
management & service delivery,
business process definition and
development of related digital
tools.
Experience: 7+ years of digital
consulting for the public and
private sector.
Track record: Completed 3 digital
platforms for off-grid projects.
Built and developed digital
platform for off-grid operator from
zero still in operations
IRENE CALVÉ SABORIT
– CBDO (*)
Role: Leads the activities in new
markets and identification of
business development
opportunities.
Experience: Successful
development of mini-grids
activities in different countries for
the past 3 years. > 7 years
experience o/w 5 years in
consultancy & business
development focusing on energy
markets regulations and tariffs,
B2C opportunities, distributed
energy and rural electrification.
Track record: Completed market
entry for mini grid in Zambia.
Analyzed over 10 African countries
in depth with key contacts.
ANTOINE VEYRE -
CFO
Role: Responsible for fund raising
(project, topco) & operational
finance (treasury, cost control,
Budget, Business plan, reporting).
Experience: Working in finance
and energy sector for more than
12 years (o/w 4 years on off-grid
projects) with experience in M&A,
project finance, cost control and
financial planning. Former CFO of
similar venture. In depth
experience of funding tools (grant,
equity, debt) used by off-grid
projects.
Track record: Completed funding
for USD8 M equity & USD3.5 M
grant for off-grid projects.
CUMULATED 35 YEARS OF EXPERIENCE IN RURAL ELECTRIFICATION AND MINI-GRIDS DEPLOYMENT
* COO: Chief Operation Officer, CBDO: Chief Business Development Officer, CTO: Chief Technology Officer
A TEAM COMPOSED BY STRONG ENERGY ACCESS EXPERTS WITH HIGH CAPACITY TO DELIVER …

PowerCorner – mini-grid venture supported by ENGIE
Development, construction and operation of 8 Mini-Grids in Tanzania, launching of first pilot in Zambia, analysis
and exploration of several countries with existing or ongoing regulation for Mini-Grids, secured USD 1.5m grants
from DFI SIDA / DFID (*) and launched other funding initiatives
Morocco: Concession of electrification for over 30,000 clients with solar systems in 13 provinces of Morocco.
PERG IV Program. Funding: AfD-EU; Construction and Operation of 30 Mini-Grids with EU-MEDA funding
Obtained 2 Regional Concessions under Rural Electrification program funded by EU and KfW; Construction of 12
Mini-Grids and deployed over 10,000 Solar Home Systems in Saloum and Ziguinchor area with Spanish funding
Algeria: Construction and Operation of 10 Mini-Grids with EU-MEDA funding and 50 solar powered pumping
systems installed for farming activities. Client: HCDS. Own funding
Tunisia: Construction and Operation of 10 Mini-Grids with EU-MEDA funding
Installation of 40 powered pumping systems installed in rural villages, funded by EU (PRS 2 program)
More than 50 power generation units deployed by SunEdison for the "Community Life Center" program of Philips
TANZANIA
ZAMBIA
MOROCCO
SENEGAL
ALGERIA
TUNISIA
BURKINA FASO
KENYA
BENIN
Pre selected for tender organized by US development financing institutions MCC – project size 40 Mini-Grids
Letters of interest received from reputable fund providers such as Crossboundary or Sunfunder
COMPANY/ SPONSORCOUNTRY PROJECTS & ACHIEVEMENTS (*)
> 100 MINI-GRID DEVELOPED IN THE LAST 15 YEARS, 55,000 SOLAR HOME SYSTEMS INSTALLED, 3 IT PLATFORMS ALREADY DEVELOPED
* List not exhaustive
… AND A SIGNIFICANT TRACK RECORD IN THE SECTOR
89

90
Software system design must be driven by processes. Well
defined processes don’t require enormous digital investments.
Regulatory frameworks are key, but authorities’
engagement and willingness to develop mini-grids
operated by private players is as important.
Mini-Grid (MG) developers focus on cost reduction and
connection and not enough on customer service &
demand stimulation.
Mastering operational management, optimizing
customer portfolios and adopting a price structure that
makes cash flows more resilient to demand risk.
Talent identification, clear processes and proper
training are essential to avoid overstaffed inefficient
local teams.
Technical competences on the ground are mandatory for
new connections, ensure the modularity of the solution
& enable the connection and training of productive
clients.
LESSONS LEARNT FROM OUR EXPERIENCE

91
Deployment in West
Africa (especially
French speaking
countries) and high
market potential
countries with low
competition
Focus on in house
operations, customer
management and
demand stimulation
Tailored commercial offer
for different type of
clients integrating lessons
learned from central grid
and SHS
Proper training and
staffing of local teams
in each targeted
country
*SHS : Solar Home System
A UNIQUE POSITIONING IN THE MARKET AND STRATEGY

92
Village selection Technical design EPC Operations
FOCUS
Can be done by Sunkofa or externalized under control of Sunkofa
A mini-grid is a long-term
investment
Value creation is driven by the
increase of ARPU* during the
lifetime of the project
Budget dedicated to energy expenses is limited and an increase of electricity services usage will
only be possible if the clients’ ability to pay increases.
*ARPU: Average revenue per user
New
productive
services
The village becomes a development pole
Productive usages and trading bring new revenue streams in the village
Ability to pay
for electricity
increases
A FOCUS ON IN HOUSE OPERATIONS, CUSTOMER MANAGEMENT AND DEMAND STIMULATION

93
Daily allowance
Electricity sold as a service
in bundle offers, adapted to
the different customer
segments
Appliances on DC (*)
On a lease basis included in the
bundle allowing energy
efficiency
Energy service offer
Bundling appliances and
electricity together
Residential clients,
communities & small
businesses
Energy pricing
based on consumption
Capacity pricing
Monthly fee based on
contracted power
Productive appliances
On lease to own or lease
basis via Sunkofa or
partners
Industrial clients
Using Mobile money and PAYGO technology
Removing cash related and un-payments risks
Technical AC/DC (*) design
Allowing use of same appliances for SHS and MGs, increasing energy efficiency and safety
*DC: Direct Current AC: alternative Current
A TAILOR-MADE COMMERCIAL OFFER TO FIT EACH TYPE OF LAST MILE CUSTOMER

94
Feasibility phase: build up the pipe of projects and suitable sites01
02
04
03
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019
Participate in expected tenders
Positioning in Tier 2 countries
Network of contacts to hire: Identify local talent and focus on
capacity building and processes
¤ HQ – Holding: set up the key members at HQ
¤ Country level: identify country manager and processes
¤ Clusters: identify cluster managers for the areas to develop
Organization in three levels:
¤ HQ : in charge of overall strategy, global
stakeholder, new countries and fundraising
¤ Country level: managerial team in charge of
country activities
¤ Clusters: Small teams in charge of P&L for a
cluster of Mini-Grids
Two entry strategies: Tender based
and organic growth
Quick learning curve to replicate in Tier
2 countries
PLANNING FOR THE NEXT 12 MONTHS: 3 PROJECTS IN 3 DIFFERENT COUNTRIES AND TRAINING OF LOCAL
TEAMS

95
03
Head quarters
Training and support
Business development
& fund raising
Cluster office
Training and support to local operators
Commercial strategy / O&M (*)
Cluster Profit & Loss owner
Head office
Data analytics
Economic modelling
Stakeholder management
01
02
04
Local Operator
Customer capacity
building and aftersales
Basic maintenance and
commercial activities
05
Clients
Needs
Training empowers a decentralized organization
Client needs define business & processes
*O&M: Operation & Maintenance
STAFFING & TRAINING OF LOCAL TEAMS IN EACH TARGETED COUNTRY TO REACH OPTIMAL DECENTRALIZED
ORGANIZATION

96
Sunkofa Energy is providing clean renewable
energy (SDG13) in non electrified rural areas (SDG
7-10), powering water sanitation facilities, schools
& health centers (SDG3-4-6), empowering women
as employees of the company and in the villages as
entrepreneurs (SDG5) and focusing on productive
usages enabling the socio-economic development
of the village (SDG8)
Sunkofa Energy and
the UN Sustainable
Development Goals
SUNKOFA ENERGY IS ADDRESSING SDG7 & CONTRIBUTING TO OTHER SUSTAINABLE DEVELOPMENT GOALS
(SDGS)

97
SUNKOFA: THE STORY BEHIND THE NAME
It is our inspiration to capitalize on our previous experiences in energy access in order to provide the best
value proposition for our customers.
Our name takes inspiration from the word “Sankofa”: from the Twi language of Ghana "Go back and get
it"; we must look back to the past so that we may understand how we became what we are, and move
forward to a better future.
It also refers to the Asante Adinkra symbol represented
either with a stylized heart shape or by a bird with its
head turned backwards while its feet face forward
carrying a precious egg in its mouth.
Adinkra symbol Owia Kokroko:
Greatness of the sun
Symbolizes vitality and renewal.
Past and
present
symbolized by
left and right

98
THANK YOU

Off-Grid Energy Access Forum
2nd October 2019, London

Utilities are struggling to provide quality service in SSA and we’re not on track to meet
SDG7
100
Source: Catalyst & Shell Foundation (2018); IEA World Energy Outlook (2017)
SHARE OF SSA WITH ELECTRICITY ACCESS: SDG7 VS. BAU

Konexa is the first integrated utility deploying grid and off-grid technologies to serve all
customers in its concession area
Access to larger, more
patient capital pools
101
2
1
3 Dynamic, long-term customer
relationships
Operational efficiencies
across electrification modes
INTEGRATED UTILITY MODEL VALUE DRIVERS

102
KADUNA CITY
SHS cluster
Mini-grid site
Other 11kV feeder
Pilot 11 kV feeder
Pilot area boundary
33kVfeeder
Our first pilot deployment is with Kaduna Electricity Distribution Company
in northern Nigeria
Kano Disco concession
Kaduna Disco
concession
Abuja

Thank you.
Andrew Carter
Director, Customer Operations and Off-Grid
andrew@konexa.io

104
KADUNA CITY
Community engagements in our off-grid and on-grid communities

Networking Lunch

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Panel: Smart(er) Home Systems: Scaling up AcrossAfrica
M
Matt
DaPrato
Wood Mackenzie
Power & Renewables
Product Suite Director
Christopher
Baker-Brian
BBOXX
Chief Technology Officer
Brianna
Schuyler, Ph.D.
Fenix International
Data Scientist
Mohsen
Mohseninia
Aeris
Vice President, Market
Development, Europe

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Panel: Implications of Unbundling the PAYG Business Model
M
David
Linden
Wood Mackenzie
Power & Renewables
Director, Power and
Renewables Consulting
Leslie
Labruto
Acumen
Head of Global Energy
Rosario
Sánchez
Marcos
Iberdrola
Sustainability
Management
Emma
Hawkins
PEG Africa
Director, Corporate Finance

Questions? Enter them at gtm.cnf.io #gtmoffgrid
M
Panel: Demand-Side Business Models for Mini-Grids: Productive
Use, DemandActivation, & Rate Design withAnchor-Load Customers
Ben
Good
Energy 4 Impact
CEO
Benedikt
Lenders
ENGIE Powercorner
Africa
Head of Minigrids
Alakesh
Chetia
Yoma Micro Power
CEO
Gabriel
Davies
CrossBoundary
Head of EnergyAccess

Networking Break

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Compare & Contrast: Digital Tools as the Foundation forBetter
Customer Management for Mini-Grids in Emerging Markets
M
Arthur
Jacquiau-Chamski
SparkMeter
Chief Operating Officer
Wesley
Verne
SteamaCo
Chief Technology Officer
Jessica
Stephens
Africa Mini-Grid
DevelopersAssociation
Global Coordinator

SparkMeter by the numbers
65,000+
Meters sold
111
200+
Installations
25
Countries Enabling
community power
world-wide.
13
employés
Washington, D.C.
office and US-
based remote
employees
5
employés
Nairobi, Kenya
office
Washington, D.C.
Nairobi, Kenya
Offices
Digital Tools as the Foundation for Better Customer Management for Mini-Grids in Emerging Markets
SparkMeter was founded in 2013 with the mission of
enabling successful business models for quality energy
access all over the world. Since then, we have
accompanied more than 40 organizations in their efforts
to develop over 200 microgrid sites in 25 countries.

SPARKMETER SOFTWARE SUITE
• GroundBolt and ThunderCloud offer unparalleled visibility and control of
customers connections and grids, in the field or anywhere else.
• The SparkMeter API allows integration with other enterprise operations and
automated processes.
• Koios, introduced in Q3 2019, provides single access and user control to all of
your sites, with new functionality rolling out regularly.
112
STANDARD
METER SUITE
A wide range of meters to
meet all your needs,
with exceptional ratings
for safety, accuracy,
reliability.
ADVANTAGE
METER SUITE
(introduction Q4 2019)
Meters designed to
meet the most stringent
regulations, including
CIUs for the first time.
Digital Tools as the Foundation for Better Customer Management for Mini-Grids in Emerging Markets
SPARKMETER BASE STATION
All our meter models communicate out-of-
the-box with their base station via our long-
range purpose-built RF mesh network.
The base station also gives access to local
management of your grid and connections.

113
Building a lean, digital ecosystem, with at its heart data and control where and when
needed is how we believe the minigrid sector will grow.
Minigrid utilities can’t afford wasting money, time, resources on infrastructure that is not
absolutely needed.
Conversely, they can’t afford investing in technologies that will limit their growth
potential.
The sector is now ramping up, with microgrid utilities scaling up and strengthening their
operation, more interest from traditional investors, and more specialized tools
available.
There is a wide spectrum of situations today in how minigrid utilities are tooled and
operate. What is the size and scope of a common foundation that will allow minigrid
utilities to strive? Let’s discuss!
Our conviction: smart metering is at the heart of the digital
ecosystem needed by a growing minigrid sector
Digital Tools as the Foundation for Better Customer Management for Mini-Grids in Emerging Markets

Connect the unconnected
At the last mile, O&M costs are high and connectivity is
scarce.
SteamaCo enables utilities to operate effectively, anywhere.
SteamaCo serves
• 100,000s of consumers, through
• 100s of energy assets, on
• 12 mobile networks, in
• 10 countries, and
• 6 languages
SteamaCo enables utilities to sell energy,
anywhere
How can we help? enquiries@steama.co

Energy IoT
Utility operations require perfectly coordinated, repetitive execution.
SteamaCo automates utility operations in real time.
Connectivity
Connectivity is the core IT challenge in emerging markets.
SteamaCo offers the world’s most data-efficient smart meter.
Payments & tariffs
Convenient, reliable payments are essential to trust in the utility service.
SteamaCo enables transactions even when banking services are unavailable.
Smart grids, anywhere
How can we help? enquiries@steama.co

Questions? Enter them at gtm.cnf.io #gtmoffgrid
M
Panel: Results-Based Financing Models as the Key to
Enabling Economically Viable Mini-Grids
William
Brent
Power For All
Director
Emily
McAteer
Odyssey Energy
Solutions
CEO and Co-Founder
Jon
Exel
World Bank Group
Senior Energy Specialist
Aaron
Cheng
PowerGen
Renewable Energy
President

Questions? Enter them at gtm.cnf.io #gtmoffgrid
M
Investment Roundtable: Examining Alternative Financing
Vehicles and Assessing Risks
Emily
Clark
Overseas Private
Investment Corporation
Director
Avi
Jacobson
Sunfunder
Senior Investment Officer
Ashwin
West
African Infrastructure
Investment Managers
Investment Director
Murray
Birt
DWS Group
Vice President
– Senior ESG
Strategist

Questions? Enter them at gtm.cnf.io #gtmoffgrid
Closing Remarks
BenjaminAttia
Wood Mackenzie
Power & Renewables
Research Analyst, Solar,
Africa & Middle East
M

Questions? Enter them at gtm.cnf.io #gtmoffgrid

Networking Drinks
Reception