Renewable Energy in Egypt. October 2013

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1 Renewable Energy in Egypt October 2013

2 Contents National Bank of Egypt NBE Vision & Strategy Finance Incentives Wind Farm Energy Solar Energy Potential role of NBE 2

3 NBE stands on very solid pillars Oldest Commercial Bank in Egypt Established in June 1898, with current paid in capital amounting to EGP 7 billion. Global Presence London (subsidiary), New York and Shanghai (branches), Johannesburg, Dubai and Addis Ababa (representative offices), and a vast correspondent network around the globe mainly in Europe. Huge Equity portfolio 189 projects covering all fields of economic activities with a book value of approximately EGP 12.3 billion, as of June 30, First Mutual Fund Issuer 8 funds managed by AlAhli Fund Management Company. Largest Balance Sheet Total assets amount to EGP 367 billion as of June 30, 2013, and equity of EGP 18 billion, hence the largest obligor limit of around EGP 4.5 billion. NBE is internationally recognized as the first among all the Egyptian banks The 1 st Egyptian bank in terms of total assets in The 252 and 378 among the top 1000 world banks in terms of Tier 1 capital and total assets, respectively, ahead of all Egyptian banks. The 1 st in MENA and Africa in marketing and arranging syndicated loans with market share of 13%. The 3 rd bank in MENA and Africa mandated lead arranger and bookrunner (Q3-2013). The best retail bank in Egypt 3

4 NBE stands on very solid pillars NBE s total loan portfolio increased 13% during FY 2012/2013 to reach EGP 115 billion, the biggest market share of 21%. Power sector contributes 17% of NBE s loan portfolio, of which renewable energy projects account for 12%. 21% NBE's share of total loans 1,530 No. of ATMs Investment Portfolio 26.3% NBE's share of total deposits 267 No. of branches 23.5% NBE's share of total assets Corporate loans Portfolio 7,354 No. of POS machines NBE s owns a huge equity investments portfolio consisting of 189 investees, covering almost all economic activities, with a book value of approximately EGP 12.3 billion. 1,0% 4,8% 8,7% 16,4% 3,5% 0,6% 51,4% 3,2% 2,1% 7,0% 37,7% 16,9% 9,3% 88% 12% 1,1% 0,2% Despite the huge equity investment portfolio, NBE has no presence as an equity investor in the renewable energy sector. 5,2% 1,6% 1,5% 4,2% National Investments Strategic Investments Building Materials & Other Industries Financial Sector Tourism, Education & Real Estate Medical & Pharmaceutical General Services Chemical, Petrochemical, Oil, Gas & Power Infrastructure & Transportation Trade & IT Agro & Food Sector Special Projects 2,2% 3,1% 3,1% 2,9% 10,1% 2,3% Oil Power Building Materials General Services Telcom Transportation Construction Other Industries Leasing Durable goods Tourism Agro & Food Petrochemical Fossil Fuel Renewable Energy 4

5 : Vision & Strategy Vision Sustainable economic and social development is directly linked with the availability of sustainable energy resources, to meet the energy growing demand, by sustaining a balanced mix of conventional and renewable energy resources, while reducing negative impacts on the environment and human health. As such, expanding the use of renewable energy has become a national objective. Strategy Increase the RE contribution to 20% of the total electricity generation by 2020, of which the wind power contribution will be 12% to reach around 7200 MW grid-connected wind farms (currently: 550 MW representing around 1.9% of total installed electricity capacities) while the remaining will be mainly from hydro (6%) and solar energy (2%). In July 2012, an Egyptian Solar Plan has been approved by the Cabinet, targeting to install new capacities of around 3500 MW by 2027 (2800 MW CSP MW PV). Current Installed Capacity Target Year ,9% 88,40% 11,60% 82,70 % 16,30 % 0,40% 0,60% 80,0% 20,0% 63,6% 24,7% 9,7% Fossil Fuel Renwable Energy Wind PV CSP Hydro Fossil Fuel Renwable Energy Wind PV CSP Hydro 5

6 : Finance Strategy 33% Private Sector Public Sector 67% Public One third (33%) of the targeted RE capacities will be implemented by NREA, through governmental and international cooperation and funding agreements. Private 3 models are proposed to be applied with the private sector: 1. Competitive Bids system 2. Feed-in-Tariff system 3. Auto-producer system International tenders to build, own and operate RE projects. Applied taking into consideration the prices achieved in model (1). Build & operate RE power plants to satisfy own operations and/or related consumers electricity needs. 6

7 : Finance Cont d RE Fund In June 2012, the Cabinet approved to establish RE Fund to cover (subsidize) difference between the production cost and selling price (to the grid) of renewable energies. A Technical Committee was formed to: Study other and additional options of fund resource streams Review Public and Private RE projects planned for implementation. Determine annual funding requirements for the plan. Develop and propose an organization structure and terms of reference of the Fund. 7

8 : Incentives 1. Lands Availability: 2. Renewable Energy Fund: More than 7600 km2of desert lands have been allocated for implementing future wind projects. All permits for land allocation are already obtained by NREA. Environmental Impact Assessment (EIA) including Bird migration studies has been prepared by NREA in cooperation with international consultants. Land Use Agreement will be signed with the investor against 2% of the project s annual energy produced or its equivalent monetary value. The project company shall get license for power generation from Egyptian Electricity Regulatory Agency. A Renewable Energy Fund (REF) has been established for the following: Bridging the gap between cost of electricity from conventional and renewable energies. Addressing the risk of the Foreign currency exchange. Contributing in financing RE pilot projects. Supporting R&D activities in renewable energy field. Enhancing Local manufacturing of RE equipment. 3. Power Purchase Agreement: 4. Custom Duties: years Power Purchase Agreement (PPA), with a pre-agreed price, will be signed with the Egyptian Electricity Transmission Company (EETC). Central Bank of Egypt will guarantee all financial obligations of EETC under the PPA. All renewable energy equipment and spare parts will be exempted from custom duties. 8

9 Wind Farm Energy Projects in Operation 1. HURGHADA 5 MW Wind Farm Operative since European and US-based technologies. Total electricity produced: 7 GW/h (2012). Saving about 1,500 tons of oil equivalents and reducing the emission of about 4,000 tons of CO2. 2. ZAFARANA 545 MW Wind Farm Operative on several stages since Total installed capacities: 545 MW (2012). Includes about 700 turbine from different models. Total electricity produced: 1557 GW/h (2012). NBE participated in this project acting as an intermediary to refinance a 10-year DKK million and 10-year Euro 111 million loans granted to NREA by DANIDA. 9

10 Wind Farm Energy Cont d Projects in Pipeline Project location Target capacity Commissioning date 1. Governmental Projects Projects with total capacities of 2400 MW representing 33% of target capacities to be installed till Currently, 7 wind farm projects are under preparation with total capacities of 1340 MW through international cooperation agreements. Gulf of Zayt 200 MW 2014 Gabal el Zayt 220 MW 2015 Gulf of Suez 200 MW 2015 Gulf of Suez 200 MW 2015 Gulf of Suez 120 MW 2016 Gulf of Suez 200 MW 2016 West of the Nile 200 MW 2017 Total 1340 MW A. Competitive Bids on BOO basis 2. Private Sector Projects Project location Target capacity Commissioning date Gulf of Suez 250 MW 2015 Gulf of Suez 500 MW NA Total 750 MW A. Auto-producer system Project location Target capacity Commissioning date Gulf of Suez 120 MW 2014 Gulf of Suez 600 MW NA Total 720 MW 10

11 Solar Energy Projects in Operation A. Disseminating Solar Water Heaters project in hotels located in Red Sea and South Sinai Governorates Co-operation between Egyptian Gov., Italian Gov. and the UN Environment Program (UNEP). Total cost is USD 500,000. The project is targeting to install 5k m2 of solar water heating system, saving about 4k tons of oil equivalent, and reducing about 10k tons of CO2 annually. B. Kuraymat 140 MW Integrated Solar Combined Cycle Power Plant Operative since One of 3 similar projects in Africa (Morocco, Algeria, and Egypt). Total capacity: 140 MW (20 MW solar share). Total area of 644k m2. Total cost of around US$ 340 million. NBE participated in this project by extending a 11-year USD 100 million loan to finance part of the project s investment cost. 11

12 Solar Energy Cont d Projects in Pipeline Project location Target capacity Commissioning date A. 3 projects are currently under preparation and construction, all of which through governmental and international funding agreements: Kom Ombo CSP 100 MW 2016 Hurghada PV 20 MW 2016 Kom Ombo PV 20 MW 2017 Total 140 MW A. Solar Water heating system in hotels The project is being implemented under a protocol signed in May 2013 between NBE, Ministry of Tourism, the Egyptian Hotels Association, and the Solar Energy Development Association (SEDA), targeting to switch 100k hotel rooms in Red Sea and South Sinai from conventional to a solar water-heating system, over 5 years, expecting to result in a 30% reduction in hotels electricity bills, which currently exceed EGP 1 billion. NBE will provide finance of around EGP 100 million under this protocol. 12

13 NBE Potential Role NBE s Mission To maintain its leadership of the banking industry, and unfailingly seek to boost its performance so as to maximize the efficiency of its financial intermediary role, which supports development, strengthens the national economy and maintains the financial and banking stability. This is in addition to safeguarding deposits and realizing outstanding returns on invested capital. Lender NBE Biggest Balance Sheet Highest single obligor limit Leading market share Potential Role Advisor Equity Investor Standing on very solid pillars, NBE has the ability and willingness to play a leading role and assume considerable market share in the Egyptian renewable energy sector, by means of providing required debt, equity, and/or mezzanine finance, while offering comprehensive and integrated financial advisory services. Highly Experienced Team Strong Track Record Wide Financer and Investor Network Appetite. Supportive Investment Strategy Strong Capital Base 13

14 Contact us Mansour Kelada Group Head Assets & Investment Management National Bank of Egypt 1187 Corniche Elnile, Cairo, Egypt AlSayed Elfeky Senior Associate Investment Advisory Assets & Investment Management National Bank of Egypt Noha Khalil Associate Investment Advisory Assets & Investment Management National Bank of Egypt 14

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