SOLAR PROJECTS FINANCE POSSIBILITIES AND PROJECTS DEVELOPMENT

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1 SOLAR PROJECTS FINANCE POSSIBILITIES AND PROJECTS DEVELOPMENT Belgrade March 2014

2 SA Group An Austrian Consulting Group specialised in the development support of projects and investments in emerging markets considering also sustainable and social responsible aspects provides comprehensive services covering Project Management Support Financial Advisory Technical and Engineering Expertise Legal Support

3 Our Management Team Our background and broad experitse allows a quick and efficient reaction to customer needs: - Gerhard Sabathiel: Strategy and Finance - Asu Ergueler: Technology and Sustainability - Andreas Weiler: Legal and Compliance

4 Our Organizational Structure Business and Expert Teams in different countries supporting customers locally Headquarters in Vienna Belgrade & Sarajevo covering Western Balkans Istanbul (Turkey) covering Turkey and Black Sea Region Panama City (Panama) covering Central America Lima (Peru) covering South America International Experts Pool securing international expertise and standards

5 We support Investors in Small Scale Hydro Power Bio Energy/Biomass Solar Energy Wind Energy Geothermal Energy Waste to Energy Waste Management Energy Efficiency

6 We work with Private and Institutional Investors Commercial and Development Banks Multinational Financial Institutions We are an officially listed World Bank Group Consulting Vendor Private Equity Firms Technology Providers Governmental Organizations

7 Key Regional Energy Challenges Policy Framework and Institutional Capacity Energy Market Reform and Regulation Energy Security Energy Efficiency Environmental Policy and Climate Change Energy Poverty Energy Cooperation and Trade Oil and Gas Transport in Europe Investment Attractivity

8 Serbia and Kosovo Energy Resources Potential Potential Mtoe Biomass 2.7 SHPP 0.4 Solar 0.6 Geothermal 0.2 Wind 0.2

9 Solar Potential in Serbia and Kosovo average about 272 sunny days per year average about sunny hours per year (more than the European average) average intensity of sun radiation during January: ranges from 1.1 kwh/m 2 /day in the north to 1.7 kwh/m 2 /day in the south

10 Solar Potential in Serbia and Kosovo average intensity of sun radiation during July: from 5.9 kwh/m 2 /day in the north to 6.6 kwh/m 2 /day in the south

11 Solar Potential in Serbia and Kosovo Annually, the average value of the overall sun radiation ranges: from kwh/m 2 /a year in the northwest to kwh/m 2 /a year in the southeast about kwh/m 2 /a year in the middle part

12 Feed in tariff Feed in tariff for solar power plants (12 years) facilities installation up to 0.03 MW c /kwh facilities installation 0.03 MW MW c /kwh land installation more that 0.5 MW c /kwh

13 Serbia Renewable Energy Barriers Institutional Barriers Lack of Experience Need for the Experience of how a Private Sector Renewable Energy Project can work in Serbia Absence of first set of projects Transition Issues Many Industrial Companies in transition both with regard to Structure and Ownership, and managements are not yet ready to consider measures to rationalize energy activities Financial Barriers Price support mechanism introduced in 2010, very limited practical experience Debt Financing Support Difficulty to secure long term loans appropriate for small renewable energy projects Electricity Tariff Low electricity tariff does not stipulate domestic, commercial and industrial consumers to use renewable energy -current pricesareunder 21c /kwh (solar 16 c /kwh 21c /kwh) Technical Barriers Lack of technical standards Absence of renewable energy inventory Data Quality issues

14 Renewable Energy Investing Types of Financing Forms of Financing Project Financing Risk and its Mitigation in Renewable Energy Project Financing

15 Types of Financing Project Development covering cost for : preparation of pre-feasibility and feasibility studies business plans in form of loans or grants Project Finance Finance arrangement focused more on projected revenue streams than on creditworthiness of the project sponsor Corporate Finance Based on underlying assets of balance sheet used as collateral for projected revenues Trade Finance Often in form of export credit to support export of goods Arrangement with local bank needed to support Bank guarantees or L/C s Venture Capital Used for start up companies, which do not have a track record or financial base to support conventional bank financing

16 Forms of Financing Equity Provided by project sponsor Provided by equity investors in return for an ownership interest in the project Debt Loan being secured by assets of a company and/or a project Grants Available from governmental and multilateral organizations Support project development and/or feasibility

17 Project Financing is the raising of funds to finance an economically separable capital investment in which the cash flow from the project itself is used as the source to service loans and provide return on equity, but Capital investment by the sponsors of a project usually necessary and is not a way to finance a project that is economically too weak to service debt and/or generate an acceptable return of investment for equity investors

18 Risk and its Mitigation in Renewable Energy Project Financing Sponsor Risk financial strength, equity Financing Risk create bankable documents, financial consultants Completion Risk insurances, turn-key contracts Operation Risk third party O&M contractor, efficiency Revenue/Sales Risk business plan, PPA Regulatory Risk legal framework Political Risk currency, political risk insurance Force Majeure Risk

19 Contact MSc. Aldin Celovic, MBA Business Representative Western Balkans Tel: Tel: SA Consulting GmbH Franziskanerplatz 3/11, A-1010 Vienna, Austria

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