• solely by the Government of Malawi through MNREM. Any exception to this clause shall be dealt with on a case-by-case basis subject to request from the ESCO.
  • Contingency Reserve: Along with the operations accounts, the ASCENT Malawi PIU will also maintain a contingency account in USD to serve as a financial safety net to address budgetary overruns, costs associated with spare parts, replacement CAPEX beyond warranty period or any unforeseen expenditures that may arise during project execution. Any available balance in this reserve account beyond the tenor of ASCENT Malawi project,  may be spent for O&M services, insurance coverage, costs associated with spare parts, replacement CAPEX or any expenditures necessary to continue utilizing the economic assets i.e. solar systems. Contributions from IDA Grant to the contingency reserve will be finalized after the allocation of funds under Component 3 are fully completed and target facilities are electrified.  The Contingency Reserve may also include proceeds through trading of Environmental Credits under the Component and contributions from other Donors and Development Partners, subject to availability.

A.    dMRV, Evaluation and Documentation

  • Monitoring and evaluation in operation stage will be done through a combination of record keeping, dMRV platform, report generating, field visits and discussion meetings as detailed earlier.
  • The Fund Manager will keep record of the following:
  1. Copy of Contracts & Agreements
  • Agreements with ESCOs along with amendments / addendum to Agreement
  • Copy of reports related to ESCO Performance & Compliance
  • Certifications of Milestone by MNREM
  • Certifications of KPIs by MNREM
  • Report on O&M payment adjustment by MNREM
  • Copy of documents related to Disbursements & Payments to ESCOs
  • Disbursement requests from ESCOs
  • Recommendations from Fund Manager to MNREM for processing disbursements
  • Summary of disbursements made to ESCO
  • Summary of amount payable to ESCO, subject to achievement of milestones
  • Summary of Advance Payment Guarantees received
  • Energy Service Companies (ESCOs) shall maintain a sound data management system including records and accounts, and prepare, all in accordance with required standards acceptable to the MNREM, consistently applied, adequate to reflect distinctly the operations, resources and expenditures related to disbursements provided under the Fund. The ESCOs will keep record of the following:
  1. Administrative & Legal Records – Copies of all executed agreements, contracts and subcontracts; Joint Venture agreements (if applicable); Licenses, permits, and statutory approvals; Insurance certificates and policies; Tax compliance and registration documents and the application made against Call for Proposal, Asset handover documentation
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