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1. GENERAL INFORMATION 简介

PROJECT NAME: RIO DE JANEIRO PUBLIC LIGHTING MODERNIZATION PROJECT

EXECUTING DEPARTMENT: 

INVOLVED DEPARTMENTS:Municipal Executive Office, Municipal Secretariat of City Conservation(SECONSERMA), Municipal Company of Energy and Lighting 

2. PROJECT BASIS/JUSTIFICATION 项目基础/理由

Public lighting represents about 3\\\\% of the world's electricity consumption, which is equivalent to the total electricity consumption of Germany, the fourth largest economy in the world. According to Eletrobrás, Brazil has more than 15 million public lighting posts, which represents 3.96\\\\% of the country's electricity consumption. In Brazilian cities, the consumption of electricity to illuminate public roads varies from 10\\\\% to 40\\\\% of the energy expenditure of municipalities, depending on the number of lighting posts and their efficiency. Thus, energy efficiency in public lighting represents significant opportunities for cities to save money and energy.

公共照明约占世界电力消耗的3％，相当于世界第四大经济体德国的总用电量。 根据Eletrobrás的说法，巴西有超过1500万个公共照明岗位，占该国电力消耗的3.96％。 在巴西城市，照亮公共道路的电力消耗从市政当局的能源支出的10％到40％不等，取决于照明岗位的数量和效率。因此，公共照明的能源效率为城市节省资金和能源提供了重要机遇

There are many advantages to implementing a public lighting program using LEDs. The non-profit international organization The Climate Group conducted a study of 12 cities with LED lighting that showed an average saving of 53\\\\% after installing intelligent LEDs and system controls. This was due to the increase in lumens per watt generated by LEDs compared to common alternative technologies (such as high pressure sodium vapor lamps (HPS) or mercury vapor lamps). In addition, the service life of the LEDs is considerably longer, reaching almost twice that of today's technologies. In addition to the economy, LEDs provide better lighting, which increases both safety and economic activity. 使用LED实现公共照明程序有许多优点。 非营利性国际组织气候组织对12个城市的LED照明进行了研究，显示安装智能LED和系统控制后平均节省53％。 这是因为与普通替代技术（如高压钠蒸气灯（HPS）或汞蒸汽灯）相比，LED产生的每瓦流明增加。 此外，LED的使用寿命相当长，几乎达到了当今技术的两倍。 除经济性外，LED还提供更好的照明，从而提高安全性和经济活性

3. PROJECT DESCRIPTION 项目说明

The World Bank has undertaken a technical study to understand the profile of the current public lighting system and make recommendations for designing an LED project. It was found that there were approximately 425 thousand public lighting posts in Rio de Janeiro at the end of 2013, 67\\\\% of which were HPS lamps and 23\\\\% mercury vapor lamps. The study showed that the brightness - the amount of street lighting - in the city is relatively high, especially in the tourist areas; however, there were some poorly lit areas due to the amount of mercury vapor still present in some parts of the city. An LED project would help establish a more uniform quality of lighting  for all citizens of Rio de Janeiro. 世界银行进行了一项技术研究，以了解当前公共照明系统的概况，并为设计LED项目提出建议。 据发现，截至2013年底，里约热内卢的公共照明岗位约为42.5万个，其中67％为HPS灯和23％汞蒸汽灯。 研究表明，城市的亮度 - 街道照明量 - 相对较高，特别是在旅游区; 然而，由于城市某些地区仍然存在汞蒸气，因此有一些光线不足的地区。 LED项目将有助于为里约热内卢的所有公民建立更加统一的照明质量

 The study evaluated three options for the design of an LED project: a) replacing only the lamps; b) replacing the lamps and the control system and c) replacing the lamps, control system and distribution cables. After careful study, the second option - LED installation and intelligent system technology - was selected as the ideal option for the project. 该研究评估了LED项目设计的三种选择：a）仅更换灯具; b）更换灯和控制系统，c）更换灯，控制系统和配电电缆。 经过仔细研究，第二个选项--LED安装和智能系统技术 - 被选为该项目的理想选择

4. PROJECT OBJECTIVES 项目目标

Invest in LED street lighting in the city of Rio de Janeiro. 投资里约热内卢市的LED街道照明

5. IDENTIFICATION OF OPPORTUNITIES AND THREATS 机会和威胁

If the city wishes to finance the project through a budget allocation, it would be necessary to allocate approximately R$ 84 million (USD 26 million) per year in order to complete the project within five years. COSIP (Contribution for the Upkeep of Public Lighting Service, a municipal tax) could be used to at least partially fund the project; however, it is difficult to predict COSIP's future surplus, as it is currently indexed only to inflation and not to electricity prices (see Table 7.1, Section VII.A for more information). An appropriation of the municipal budget could be used to support COSIP, but this would occupy a space in the budget that the city may prefer to use for other priorities. 如果城市希望通过预算分配为项目提供资金，则有必要每年拨款约8400万雷亚尔（2600万美元），以便在五年内完成项目。 COSIP（维护公共照明服务的贡献，市政税）可用于至少部分资助该项目; 然而，很难预测COSIP未来的盈余，因为它目前仅仅针对通货膨胀而非电价（参见表7.1，第VII.A节中的更多信息）。 拨出市政预算可用于支持COSIP，但这将占用预算中的一个空间，城市可能更愿意将其用于其他优先事项

The transaction could also be financed through international or national credit lines. Examples include loans from local commercial banks (Caixa Econômica, Itaú, Banco do Brasil, Banco Santander, among many others) and international development banks (World Bank Group, Inter-American Development Bank, New Development Bank, etc.). However, this issue needs to be carefully explored in view of the strict limitations that Rio de Janeiro and many other Brazilian municipalities are subject to regarding indebtedness. A decision to use municipal budget space to fund a public lighting program using LEDs was supposed to be based on the city's investment priorities that year. The use of municipal bonds can also be explored, although they are considered less attractive than loans due to the fact that recent emissions by states and municipalities have not been well received by the Federal Government. 该交易还可以通过国际或国家信贷额度提供资金。 例子包括当地商业银行（CaixaEconômica，Itaú，Banco do Brasil，Banco Santander等）和国际开发银行（世界银行集团，美洲开发银行，新开发银行等）的贷款。 然而，鉴于里约热内卢和许多其他巴西城市在债务方面受到严格限制，需要仔细探讨这个问题。 利用市政预算空间为使用LED的公共照明计划提供资金的决定应该基于该城市当年的投资重点。 也可以探讨市政债券的使用，尽管它们被认为不如贷款具有吸引力，因为最近国家和市政当局的排放没有得到联邦政府的好评

If the city decides to resort to private sector financing and thus to withdraw its investment in this project, the creation of a PPP is the most appropriate option. In this framework, a "Specific Purpose Society" (SPE) would need to be set up to raise capital to finance the initial cost of the investment. It was determined that debentures and credit rights investment funds (FIDCs) are the most attractive options for raising capital from the private sector for the SPE to fund the project. 如果该市决定诉诸私营部门融资并因此撤回对该项目的投资，那么创建PPP是最合适的选择。 在这个框架中，需要建立“特定目的社会”（SPE）来筹集资金来为投资的初始成本提供资金。 （FIDC）是从私营部门筹集资金以便为项目提供资金的最具吸引力的选择

6. PHASING AND INVESTMENT VALUES 阶段和投资价值

According to the financial analysis, the Net Present Value (VAL) of the project is estimated at R$ 150 million (USD 45 million) over a period of 15 years. Return on Investment (ROI) is nearly 200\\\\% and the investment recovery period is estimated at 6.4 years (without discount). These figures are based on the prediction that some R$ 380 million (USD 115 million) will be invested in this project over a five-year period (2017-2021), which covers the cost of LED equipment and the intelligent system, as well as installation labor costs. This study estimates that it would be possible to save up to 57\\\\% on electricity; over a period of 15 years, the project should save approximately 2,190 GWh of electricity for Rio de Janeiro. In terms of savings in Organization & Management, the study predicts a total of R$105 million (USD 32 million) (33\\\\%) saved over 15 years. This includes the impact of increased project costs as a result of additional capital expenditures, with a decrease in administrative and maintenance costs that may arise when using intelligent systems technology. 根据财务分析，该项目的净现值（VAL）在15年期间估计为1.5亿雷亚尔（4500万美元）。投资回报率（ROI）接近200％，投资回收期估计为6。4年（无折扣）。这些数据基于预测，该项目将在五年期间（2017-2021）投资3.8亿雷亚尔（1.15亿美元），其中包括LED设备和智能系统的成本。作为安装人工成本。该研究估计可以节省高达57％的电力;在为期15年的时间里，该项目将为里约热内卢节省大约2,190吉瓦时的电力。就组织和管理方面的节省而言，该研究预计15年内共节省了1.05亿雷亚尔（3200万美元）（33％）。这包括由于额外的资本支出而增加的项目成本的影响，以及使用智能系统技术时可能出现的管理和维护成本的降低

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