Mijn ervaring met solar projectontwikkeling in Italië My experience with solar project development in Italy. Cleantech Holland, 15 March 2011

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1 Mijn ervaring met solar projectontwikkeling in Italië My experience with solar project development in Italy Cleantech Holland, 15 March 2011

2 Table of content Chapter 1 Chapter 2 Chapter 3 What is solar project development about? Characteristics of a solar PV plant Main aspects of project development The development process Timelines and cost buildup My experience in Italy Where did it all start? The Foggia case The Girasole case The Bronzino case Where are the opportunities? Remarks for technology providers General remarks 2

Timelines and cost buildup My experience in Italy Where did it all start?

3 What is solar project development about? Chapter I

4 What is solar project development about? Characteristics of a solar PV plant Components: PV module Structure Inverter Transformer 4

5 What is solar project development about? Main aspects of a project development Set-up of Special Purpose Vehicle Components: Land Financing Debt&Equity EPC and O&M Contracts Permits Grid Connection PPA or FiT Required Capabilities Project Management Project Financing Valuation Securing Land Environmental analyses Legalk Contracting Deal Making Market Knowledge Technical Knowledge Local Presence & Network Solar Irradiation 5

Debt&Equity EPC and O&M Contracts Permits Grid Connection PPA or FiT Required Capabilities Project

6 What is solar project development about? The development process Grass Root Development (Own Development) Secure land Scope & Design Obtain Permits Secure Grid EPC contract & Financing Build Plant O&M Development FPC FC MC Contracting Construction Operations Acquisition of Developed Projects (Third Party Development) Secure land Scope & Design Obtain Permits Secure Grid EPC contract & Financing Build Plant O&M Development FPC FC MC Contracting Construction Operations 6

EPC contract & Financing Build Plant O&M Development FPC FC MC Contracting Construction Operations Acquisition of

7 What is solar project development about? Timelines and cost buildup Start Development phase <2 Year Full Planning consent Financing 3 months Financial Close Mechanical Completion Construction Phase 3-6 months Operational phase years ~25k ~75k Equity 20% End lifetime Debt 80% DEVEX Long Term Investor Cash out per EUR/MWp 2.5 mln.eur 7

Financing 3 months Financial Close Mechanical Completion Construction Phase 3-6

8 My experience in Italy Chapter 2

9 My experience in Italy Where did it all start? Sept June 2009 Director Solar Development at Econcern N.V.» Set up and directed European solar development team» Developed and constructed PV and CSP projects in Spain, Italy, France Greece and Belgium» Directed SPC in Italy July Jan 2011 Managing Director at Suniverse B.V.» Founded and directed solar development and renewable energy advisory company» Developed PV projects in Italy, France and Great Britain» Founded JV s in Italy and France» Advised on acquisition of solar assets Feb present Owner at Ruscello B.V.» Developing PV projects in South Africa» Advising on development and acquisition of solar assets 9

2009 - Jan 2011 Managing Director at Suniverse B.V.

10 My experience in Italy The Foggia case Charactertistics 22 DIA (Dichiarazione di Inizio Attività) projects of 1 MW in provincia Foggia, regione Puglia Conditional SPA with local developer signed in early 2008 Issues Legitimacy DIA projects was unclear ICI tax impact unclear Enel did not respect lead times and offered complex grid solutions Econcern became insolvent What happened Project were sold to Rengen srl and for a large part constructed Learning Laws are sometimes ambiguous, complex and can change rapidly Leverage and the right incentives beat any contractual agreement Legal system does not offer much protection Know your business partner by checking references 10

solutions Econcern became insolvent What happened Project were sold to Rengen srl and for a large part constructed Learning Laws are sometimes ambiguous, complex and can

11 My experience in Italy The Girasole Case Characteristics Selected local developer and set up SPC s (Special Purpose Companies) for grass root developments Started in 2008 at Econcern 11*1 MWp DIA sites en 2*5MW AU (Autorizzazione Unica) sites Issues ICI tax impact unclear Joined high tension grid connection, consortium needed Econcern became insolvent What happened Project were sold to Scheuten Solar B.V. Founded Suniverse B.V. and supported Scheuten Solar in project development Learning Cultural differences within Italy are big Legal system does not offer much protection Notaries can be difficult Italians have learned to be creative

consortium needed Econcern became insolvent What happened Project were sold to Scheuten Solar B.V.

12 My experience in Italy The Bronzino s.r.l. Case Characteristics Set up joint venture with local developer and developed: 2* 5 MW AU projects in Basilicata and Puglia 3* 1 MW DIA projects in Basilicata Issues There are a lot of rules and regulations to comply with Status Projects are still in development Learning Make sure you have a good bank, lawyer and commercialista There are many hard working and service oriented professionals in Italy Keep in touch, meetings and agreements need reconfirmation 12

Case Characteristics Set up joint venture with local developer and developed: 2* 5 MW AU projects in Basilicata and Puglia 3*

13 Where are the opportunities? Chapter 3

14 Where are the opportunities? Remarks for technology providers Project developers, sponsors and equity providers have a limited interest in technology aspects (bankability and security of supply are key) EPC contractors, banks and their TA s need to be persuaded The new Decree (changes in the 3th Conto Energia) will seriously impact Italian PV market (especially utility scale systems ) 14

interest in technology aspects (bankability and security of supply are key) EPC contractors,

15 Where are the opportunities? General remarks Italy will remain an important PV market on the long term (high irradiation levels and consumer power prices) Italy has good EPC contractors, developers, equity and commercial debt providers and even module manufacturers, so come with an innovative product Italians are not chauvinistic and their market is not protected so foreign players do get a chance You can even use an Italian partner to approach other markets in Europe 15

prices) Italy has good EPC contractors, developers, equity and commercial debt providers and even module

16 Where are the opportunities? Last but not least. Enjoy the ride, it s fun! 16

THE COMING BOOM OF FLEET LEVEL MONITORING. Mr. Vassilis Papaeconomou Managing Director Alectris

THE COMING BOOM OF FLEET LEVEL MONITORING Mr. Vassilis Papaeconomou Managing Director Alectris Contents Current Status of Monitoring Investor Challenges Evolution of Fleet Level Monitoring Georgia Power