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1 Supporting AgriFood

2 Agenda First Trust Bank structure Supporting agri business AgriFood Funds Renewable energy projects (estimated costs & returns) Funding renewable energy projects Recent renewable energy funding examples. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential

3 Supporting business our structure 15 AgriFood Specialists based throughout the Bank s branch network New FTB Agri Adviser appointed- Kieran Mailey Access to product specialists in Treasury, Invoice Discounting and Asset Finance Open for business focusing on timely and responsive decision making Our local sanctioning discretion level covers the majority of proposals incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential

4 Our people Branch Network (< 1m): 30 branches 4 regional business centres (Belfast, Newry, Dungannon & Derry/Londonderry) Business Banking (> 1m): 3 business lending relationship teams Sector specialists (AgriFood, renewables, manufacturing, healthcare, retail, tourism, hotels & leisure & export). incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential

5 AgriFood Fund (Jun 2014) 1) Young farmer package 3 years fee free transactional banking 2) AgriFood Fund - 50m AgriFood investment facility (Loan or Invoice Discounting) - Agricultural land purchase committed term up to 20 years - Diversification/modernisation of farm buildings/premises committed term up to 15 years AgriFood energy efficiency loan - Capital investment for lighting, solar/pv, wind, hydro, biomass or any other energy saving measure committed/contracted term up to 7 years - Up to 250k per investment 3) Farmer credit line - Pre-arranged line of credit that works with a normal overdraft to give a business the seasonal financial support it needs

6 Outlook for renewable energy NI target 40% of energy from renewable source by 2020 Current output from renewable is c20% (wind 17%) Over 30bn invested in UK renewables between 2010 and bn expected to be invested in renewables by 2020 Recent consultation re ROC bandings now closed with no proposed changes for Onshore Wind, AD & Hydro NI Onshore wind performance best in UK based on average load factor between (10 years)

7 Renewable Energy project examples Technology Estimated cost Gross income range Net income range 73kw turbine 240k - 280k 30k - 45k 25k- 40k 250kw turbine 450k - 600k 96k - 130k 85k- 120k 500kw AD plant 2.0m - 3.0m 775k - 900k 348k- 450k

8 Renewable energy project stages Development: securing land, access, planning consent and grid connection Pre-Construction: securing funding Construction: implementing construction contracts Operation: ongoing monitoring and maintenance of the project. incorporated in Northern Ireland. Registered Office 92 Ann Street, Belfast BT1 3HH. Registered Number NI Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential

9 Wind turbine - pre-qualification Do you own or lease the land for the wind turbine site? Do you have a virtual Met Office report? Do you have full planning permission? What size is proposed turbine? What is the estimated cost of project? Does the turbine have an operational and maintenance contract? Do you have NIE grid connection? What is the MEC of the connection? Do you have a Power Purchase Agreement with energy retailer? Are there cash flow/ balance sheet/ profit & loss projections?

10 AD pre-qualification Do you own/lease the land required for AD plant? Do you have full planning permission? Do you have NIE grid connection? What is the MEC of the grid connection? Have you the relevant Waste Licence, permits or exemptions? Do you have a Power Purchase Agreement with an energy retailer? Do you have a Plant (including CHP engine) supply agreement? Do you have civil/electrical and balance of plant requirement? Do you have feedstock supply/contracts in place? Are there cash flow/balance sheet/profit & loss projections?

11 Typical bank requirements Up to date financial statements for existing business Detailed business plan (profit & loss, balance sheet & cash flows) Details of any equity input or security available to support the project and confirmation of the source of any funds being input? Confirmation of the legal structure of the borrowing entity An outline of project timescales and contingency plans in the event of unforeseen delays (e.g. grid connection or registration with Ofgem for ROCs or RHI) Banks will be more positive to a well prepared and planned project, which increases the likelihood of a favourable response to any funding request

12 Recent renewable energy funding examples

13 Moy Park (growers schemes) Schemes in operation since 2002 and in recent times following the launch of the NI RHI we have experienced strong demand for the provision of funding to install biomass boilers in the poultry houses A typical Moy Park 2 house enterprise will utilise 2 *99KW biomass boilers and as such will qualify for RHI tariff of 6.3p per kwh Examples of A) new 2 house operation and B) conversion of existing 2 house

14 Moy Park (growers schemes) Example A - New 2 house operation pellets Biomass cost 65,000 Fuel saving per 2 house operation based on existing gas usage of 3k RHI income 23k based on 90% efficiency Total RHI Income + fuel saving - 26k per annum v typical repays of 14.5k per annum FTB designated asset finance product for both FTB and non FTB growers. 100% finance, price cost of funds % an 75 doc fee. Repayment term 5.5 years with first payment deferred for six months to allow for RHI accreditation.

15 Moy Park (growers schemes) Example B - 2 house operation conversion pellets Biomass Cost 110,000 Fuel saving per 2 house operation based on existing gas usage of 3k RHI income 23k based on 90% efficiency Additional Housing Payment (AHP) heating, plumbing & wiring only - 4.4k per annum ( 44k over 10 years) Total RHI Income + fuel saving + AHP k per annum v typical repays of 24.6k per annum (100% finance)

16 AgriFood Fund Business dairy farmer/wind turbine Facilities 270k loan Purpose Installation of 250kw wind turbine cost 680k Term 5 years Pricing Libor +3.75%, a/fee: nil Repayments 60k per annum Net Income 120k per annum Security Legal charge 72 acres farmland

17 Business dairy farmer/wind turbine Facilities 250k loan Purpose Installation of 73kw wind turbine cost 260k Term 10 years (6 months interest only then 9.5 years capital & interest repayments) Pricing Libor +3.5%, a/fee: nil (new AgriFood fund) Repayments 30k per annum Net Income 41k per annum plus 5k per annum savings. Security Legal charge 120 acres farmland

18 AgriFood Fund Business Beef and Arable Farm/ 500kw AD PLANT Facilities: 1.6m loan Purpose: Installation of 500kw AD Plant cost 2.4m Term: 8 years (12 months interest only then 7 years capital & interest) Pricing: Libor +3.5%, a/fee: 8,000 Repayments 262k per annum Net Income 428k per annum Security: Legal charge 390 acres farmland

19 The case studies reviewed are examples only, and do not constitute an offer. All lendings are subject to the applicants ability to afford and repay the debt. Lending rates and facilities where offered may vary. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential

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