European offshore wind market. December 2012

Size: px
Start display at page:

Download "European offshore wind market. December 2012"

Transcription

1 European offshore wind market December 2012

2 Investment drivers Offshore wind Investor snapshot Offshore wind has strong underlying investment drivers 1 Offshore wind is an established, maturing \ asset class with strong growth potential 2 3 UK and Germany are both investor-friendly markets with huge offshore wind pipelines The major European utilities represent highly credible counterparties for overseas investors 4 There have now been a number of precedent transactions involving deployment of huge capital sums 5 Clear investment structures drive visible risk / return profiles 1

3 Offshore wind market overview

4 Cumulative capacity (GW) Annual Capex (EUR bn) Offshore wind market overview Offshore wind is a maturing European asset class with high growth potential Major European Governments are committed to offshore wind The offshore wind sector in Europe has grown steadily since the turn of the century, Consistent high wind resource and large scale project opportunities drive the appeal The major European utilities are at the forefront of building out offshore wind projects Estimated market status end 2012 (MW cumulative installations) UK Germany Benelux France Total Operational 2, , ,499 Under construction Scandinavia Preconstruction 2,410 1, ,982 41,872 37, ,937 4,133 85,627 Total 47,098 39,212 1,944 2,721 4,133 95,108 Offshore wind is set to grow more rapidly in the coming years, requiring new sources of capital Forecast installations and annual capex requirements European capacity is set to rise from 4.5 GW in 2012 to up to c.15 GW by the end of 2017 Almost EUR 40 billion of capital is required in order to build out the pipeline To date most projects have been funded on utility s balance sheets Cumulative capacity (GW) Annual capex requirements (EUR bn) 3

5 Germany United Kingdom Offshore wind market overview The UK and Germany are the two dominant offshore wind markets They benefit from attractive subsidy regimes and a strong pipeline of projects being developed Largest offshore wind market by installed capacity and market potential EUR 11bn capital required Grid connection is governed under the UK regulator s offshore transmission regime Projects currently receive green certificate subsidy (Renewable Obligation Certificates ROCs) Lifetime revenue for new projects EUR / MWh Subsidy Market revenue 20 Year Lifetime revenue for new projects Largest Renewables market in Europe Increasing commitment to offshore wind following pull back from nuclear EUR 18bn capital required Local grid is obligated to connect qualifying offshore wind farms Projects receive Feed in Tariff (FiT) subsidy EUR / MWh Subsidy 0 8 [x] Market revenue 20 Year 4

6 Transaction activity, structures and risk profile

7 Transaction activity, structures and risk profile Many utilities are looking to recycle capital to deliver further projects Primary Secondary Primary Turbine supplier Secondary Pension funds / family offices EPC Asian infrastructure investors 6

8 Transaction activity, structures and risk profile Example structures used to finance offshore wind projects EPC wrap structure (e.g. Borkum Riffgrund I) 50% DONG 32% KIRKBI Oticon 18% DONG provides EPC wrap: it bears risk of cost overruns and delays DONG provides some operating guarantees Outstanding risks to project delivery are insured Long stop date, after which funds returned with interest Signed construction agreement 1 Construction starts Construction period fixed price DONG EPC wrap Instalments of preagreed price to fund construction Long term junior partnership Capital deployed during construction period No SPV level debt finance Rating considerations of wraps COD 50% ownership passes to partners Runningin expiry Japanese trading house structure (e.g. Gunfleet Sands) Set up as an Unincorporated Joint Venture DONG 50.1% 49.9% Gunfleet Sands Project Co Marubeni Holdco First Japanese entry to an offshore wind project NEXI insurance wrap reduces cost of debt Initial 152m corporate bridging loan Relationship banks (SMBC / Mizuho) Corporate bridging loan refinanced with non recourse PF guaranteed by NEXI 7

9 Transaction activity, structures and risk profile Example structures used to finance offshore wind projects Traditional project finance (e.g. Lincs) Holdco project finance structure (e.g.walney I and II) Centrica DONG Siemens SSE DONG Ampere PGGM 50% 50% Lincs Project Co Lincs RE Holdings Ltd 50% 50% > 400m project finance facility recently agreed 25.1% 50.1% Walney Project Co 40.0% 60.0% Holdco Bridging loan 24.8% Project finance being raised 1 st SPV finance for in-construction UK offshore wind (subject to CPs) Cost implications of standard SPV finance terms (fees / margins) Overall size restricted by lender appetite for construction risk First direct pension fund investment in UK offshore wind Holdco structure designed to bridge differing investor / utility requirements Structure challenged: Lenders struggle to avoid SPV step-in 8

10 Transaction activity, structures and risk profile Commercial lenders are still wary of taking full construction risk Construction phase delivery bundles 1. Substation and onshore works 1. Off-shore substation 3. Transition pieces 5. WTGs 2. Foundations 1. and 4. Export cables 1. and 4. Array cables Workstream 1. Cables; Substation; Onshore electrical 2.Foundation (turbine and substation) 3. Fitting transition pieces 4. Install offshore cables 5. Turbines (Supply, install and O&M) 6. Transportation and installation of monopiles and WTGs Operations Key risks Delivery risks Technical risks Strength of warranties Installation risk / shipping Integration risks Interface risks E.g. turbines/foundations E.g. cables/substation External risks Weather risk Input material/resource risk Environmental risks Regulatory risk Change in law risk Longevity risk Energy price risk Few commercial project finance lenders are likely to bear offshore wind construction finance risk Construction project finance requires careful risk allocation between ECAs, sponsors, deliverers and suppliers 9

11 Transaction activity, structures and risk profile Selected offshore wind funding precedents Thornton Bank II (2010) Belgium Senior commercial debt, 419m 34% Ancillaries, 80m 6% Equity, 283m 23% Senior EIB debt, 450m 37% 295MW 77% gearing Total debt 0.9bn 1.2bn capital value 7 lenders North Belgium, 27km offshore 49 x REpower 6MW Borkum West (2010) Germany Senior commercial debt, 859m, 47% Ancillaries, 66m, 4% Senior EIB debt, 100m, 5% Equity, 800m, 44% 200MW 64% gearing Total debt 0.6bn 0.9bn capital value 10 lenders NW Germany, 45km offshore 40 x Areva 5MW Meerwind (2011) Germany 288MW Global Tech I (2011) Germany 400MW Senior commercial debt, 805m, 64% Ancillaries, 97m, 8% Equity, 352m, 28% 70% gearing Total debt 0.9bn 1.2bn capital value 7 lenders NW Germany, 53km offshore 80 x Siemens 3.6MW Senior commerci al debt, 859m, 47% Ancillaries 66m, 4% Equity, 800m, 44% 55% gearing Total debt 1bn 1.9bn capital value 17 lenders NW Germany, 115km offshore 80 x Areva 5MW Senior EIB debt, 100m, 5% Key characteristics of recent facilities Strong sponsor requirements Long-term senior sponsor project management Sponsor offtake (or existing FiT) Strong contractor support High turbine parent company guarantees / performance security / defects notification / power curve warranty Long-term O&M with robust availability guarantee; strong contract caps 10

12 Transaction activity, structures and risk profile EIB and ECA support for offshore wind Role of the European Investment Bank (EIB) Contributes towards the integration, balanced development and economic and social cohesion of the EU Member States Lends on favourable terms to projects furthering EU policy objectives Role of ECAs Insure against risks in the financing of export and investment projects Operate on commercial terms and conditions, and support and supplement private sector lending Greenfield only Up to 50% of project finance requirement Only funds greenfield projects Not re-financing of operating assets Can fund up to 50% of costs through senior debt Construction costs and capitalised interest costs are both eligible Certain project costs are ineligible: E.g. Pre-funding reserves and operating costs during construction They want to help projects come online in order to boost trade for businesses in their country Act as a syndication partner for risk with lenders, guaranteeing banks and loan positions. Commercial banks will drive the process Eksport Kredit Fonden (EKF) EKF is the Danish ECA Provides cover and guarantees for Danish turbines (Vestas, Siemens) Only 200 million maximum lent at risk Above 200 million guarantees are required Project must be investment grade This would be expected to rank pari passu with commercial bank loans EIB participation over 200 million requires additional guarantees Either: Export Credit Agencies (see next page) Guarantees from other third parties The project would need to be at least investment grade, preferably higher A PPA is required for the full tenor, with a floor price Economic viability EKF conditions Interaction with other lenders ECAs will assess the economic viability of a project much as a commercial bank would Minimum 20% of a project must be equity funded Maximum senior debt guarantee of 250 million EKF has a record of taking on construction risk Some banks not comfortable with ECAs as it adds another party and another set of regulations For construction projects, ECA cover can act as a sweetener with commercial lenders to mitigate risk Agreement template between EKF and the EIB 11

13 2012 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International.

The Role of a Pension Fund in Renewable Energy Investments. Transformational NAMA in the Renewable Energy Sector May 2013

The Role of a Pension Fund in Renewable Energy Investments. Transformational NAMA in the Renewable Energy Sector May 2013 The Role of a Pension Fund in Renewable Energy Investments Transformational NAMA in the Renewable Energy Sector May 2013 PensionDanmark at a Glance Industry-wide pension fund established in the early 1990

More information

Financing Renewables and Energy Efficiency Projects in Developing Countries

Financing Renewables and Energy Efficiency Projects in Developing Countries Mobilising Private Capital to reduce Climate Change Instruments and Policies to mobilise International Green Energy Investment Berlin June 29-30, 2010 Financing Renewables and Energy Efficiency Projects

More information

Funding wind power: the view from a financial institution

Funding wind power: the view from a financial institution Funding wind power: the view from a financial institution TPWind Nicolas Gourvitch - 24 September 2013 GGEB - A specialist advisory boutique focused on renewable energy At the heart of the energy transition

More information

OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014

OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014 OFF-TAKE UNDER THE CFD - BUSINESS AS NORMAL? Electricity Market Reform: Edging Towards Delivery 24 September 2014 Statkraft providing Pure Energy Statkraft is Europe s largest generator of renewable energy

More information

The European offshore wind industry key trends and statistics 2015. February 2016. A report by the European Wind Energy Association

The European offshore wind industry key trends and statistics 2015. February 2016. A report by the European Wind Energy Association The European offshore wind industry key trends and statistics 2015 February 2016 A report by the European Wind Energy Association Contents Contents Executive summary 3 Annual market in 2015 4 Cumulative

More information

Investec Power Finance. Solar Energy UK. Large-scale Solar Finance and Maximising your RoI

Investec Power Finance. Solar Energy UK. Large-scale Solar Finance and Maximising your RoI Investec Power Finance Solar Energy UK Large-scale Solar Finance and Maximising your RoI From start to finish: Construction finance and fundraising for new solar farms 8 October 2013 Disclaimer This document

More information

An overview of the deals closed in 2012 and the current bank market approach to offshore wind. Hamburg 20 February 2013 Dr Jérôme Guillet

An overview of the deals closed in 2012 and the current bank market approach to offshore wind. Hamburg 20 February 2013 Dr Jérôme Guillet An overview of the deals closed in 2012 and the current bank market approach to offshore wind Hamburg 20 February 2013 Dr Jérôme Guillet An overview of the deals closed in 2012 and the current bank market

More information

DONG Energy offshore wind experience

DONG Energy offshore wind experience DONG Energy offshore wind experience Future Tendering Process for Offshore Wind Energy February 10th 2011 Per Hjelmsted Pedersen Head of Project Development DONG Energy Renewables DONG Energy Renewables

More information

Wind Energy The Facts: Offshore. Jérôme Guillet 28 November 2011 Project Finance for offshore wind

Wind Energy The Facts: Offshore. Jérôme Guillet 28 November 2011 Project Finance for offshore wind Wind Energy The Facts: Offshore Jérôme Guillet 28 November 2011 Project Finance for offshore wind Contents 1. Project finance for offshore wind the theory 2. The early deals 3. The market(s) today 4. What

More information

Alternative Investments The PensionDanmark Way. March 26 th 2015 The Danish Securities Dealers Association CEO Torben Möger Pedersen

Alternative Investments The PensionDanmark Way. March 26 th 2015 The Danish Securities Dealers Association CEO Torben Möger Pedersen Alternative Investments The PensionDanmark Way March 26 th 2015 The Danish Securities Dealers Association CEO Torben Möger Pedersen PensionDanmark at a Glance 660,000 members Member profile by industry:

More information

The European offshore wind industry - key trends and statistics 2013. January 2014. A report by the European Wind Energy Association

The European offshore wind industry - key trends and statistics 2013. January 2014. A report by the European Wind Energy Association The European offshore wind industry - key trends and statistics 2013 January 2014 A report by the European Wind Energy Association Contents Contents Executive summary 3 Annual market in 2013 4 Cumulative

More information

OFFSHORE WIND TOWARD 2020 ON THE PATHWAY TO COST COMPETITIVENESS

OFFSHORE WIND TOWARD 2020 ON THE PATHWAY TO COST COMPETITIVENESS 1 OFFSHORE WIND TOWARD 2020 ON THE PATHWAY TO COST COMPETITIVENESS April 2013 Contents A B C Offshore market volume of EUR 130 bn by 2020 Agenda 2020 Markets Trends Competition Page 3 Value chain evaluation

More information

Financing UK offshore wind development

Financing UK offshore wind development Financing UK offshore wind development Nicolas Gourvitch Renewable UK Global Offshore Wind Summit London 13 June 2012 Green Giraffe Energy Bankers is a specialist advisory bou?que focused on renewable

More information

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa

Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Overcoming financing challenges for Hydro Power Projects Francois Viljoen, Director, Cresco Project Finance, South Africa Contents Features of Project Finance Challenges posed by Project Finance Risk assessment

More information

OFFSHORE WIND PROCUREMENT

OFFSHORE WIND PROCUREMENT OFFSHORE WIND PROCUREMENT Raymond Cravitz Procurement Manager 17 09 2015 Irish Sea DONG Energy is a leading energy group in Northern Europe Overview #1 in Danish energy markets Global leader in offshore

More information

INSURANCE BANKABILITY

INSURANCE BANKABILITY INSURANCE BANKABILITY Innovative Insurance Solutions for Renewable Energy Special Enterprise Risks, Green Tech Solutions Álvaro Núñez Andrada Underwriter Munich Re SER is a unit within Corporate Insurance

More information

CFDS: POTENTIAL OPPORTUNITIES FOR HYDRO PROJECTS. John Puddephatt October 29th 2014

CFDS: POTENTIAL OPPORTUNITIES FOR HYDRO PROJECTS. John Puddephatt October 29th 2014 CFDS: POTENTIAL OPPORTUNITIES FOR HYDRO PROJECTS John Puddephatt October 29th 2014 Statkraft at a glance Installed capacity * 17 607 MW Power production (2013) * 55.9 TWh 97% renewable energy 3 600 employees

More information

Where's the money coming from?

Where's the money coming from? Where's the money coming from? Financing offshore wind farms A report by the European Wind Energy Association - November 2013 Where's the money coming from? Financing offshore wind farms a report by the

More information

Pension Funds and other Infrastructure Investors Interested in Nuclear New Build?

Pension Funds and other Infrastructure Investors Interested in Nuclear New Build? OECD Nuclear Energy Agency Workshop The Role of Electricity Price Stability and Long- Term Financing for Nuclear New Build Paris, Thursday 19th September 2013 Under Which h Conditions Are Pension Funds

More information

Financing of Wind Projects: IFC s Perspective. Walid Labadi 2nd IEL-ANADE May, 2012

Financing of Wind Projects: IFC s Perspective. Walid Labadi 2nd IEL-ANADE May, 2012 Financing of Wind Projects: IFC s Perspective Walid Labadi 2nd IEL-ANADE May, 2012 IFC was established in 1956 to promote private sector development and is a member of the World Bank Group IFC Power Sector

More information

Geotechnical Engineering in Offshore Wind - how can we contribute to lowering the cost of electricity? DGF Seminar, Gentofte, 1 st April 2014

Geotechnical Engineering in Offshore Wind - how can we contribute to lowering the cost of electricity? DGF Seminar, Gentofte, 1 st April 2014 Geotechnical Engineering in Offshore Wind - how can we contribute to lowering the cost of electricity? DGF Seminar, Gentofte, 1 st April 2014 1 Safety first Emergency exits Muster points First aid kits

More information

3,000 MW installed capacity 1,700 wind turbines erected 1,200 members of staff

3,000 MW installed capacity 1,700 wind turbines erected 1,200 members of staff Energy with wpd wpd group facts 3,000 MW installed capacity 1,700 wind turbines erected 1,200 members of staff Project pipeline of 6,700 MW onshore Project pipeline of 6,400 MW offshore in 17 countries

More information

Danish Society for Naval Architecture and Marine Engineering, Danish Maritime Society, The Transport Innovation Network & Danish Wind Energy Group

Danish Society for Naval Architecture and Marine Engineering, Danish Maritime Society, The Transport Innovation Network & Danish Wind Energy Group O&M of Offshore Wind Turbines Experiences and Future Challenges 1-day Conference, 30 April 2012 in Copenhagen Niels Agner Jensen Sr. Project Manager, Team Lead, DONG Energy Wind Power, Maritime & Vessel

More information

Financing Wind Power Projects

Financing Wind Power Projects Financing Wind Power Projects Banks risk assessments and some experiences EWEA wind policy framework workshop Riga, 15 June 2012 Hans Jacob Bull-Berg Director Nordea Export & Project Finance Wind Power

More information

Presentation of Grupo ACS. September 2009

Presentation of Grupo ACS. September 2009 Presentation of Grupo ACS September 2009 Strategic vision A global leader in infrastructure development In the fields of civil and industrial engineering activities With sustainable and profitable growing

More information

Q1.14: Cleantech and Renewable Energy Investment Review

Q1.14: Cleantech and Renewable Energy Investment Review Q1.14: Cleantech and Renewable Energy Investment Review 02 Welcome to Taylor Wessing s analysis of clean energy investment activity in the first quarter of 2014. The year has started on a positive note,

More information

Energy, utilities and mining. Meeting the 2020 renewable energy targets: Filling the offshore wind financing gap

Energy, utilities and mining. Meeting the 2020 renewable energy targets: Filling the offshore wind financing gap Energy, utilities and mining Meeting the 2020 renewable energy targets: Filling the offshore wind financing gap PricewaterhouseCoopers provides industry-focused assurance, tax and advisory services to

More information

Supply Chain Opportunities and Management of Risk. Ian McCarlie

Supply Chain Opportunities and Management of Risk. Ian McCarlie Supply Chain Opportunities and Management of Risk Ian McCarlie Supply Chain Opportunities and Management of Risk INTRODUCTION Supply Chain Opportunities and Management of Risk I see offshore wind as a

More information

EMR Update Hedging Your Bets

EMR Update Hedging Your Bets New Balls Please The UK Government s overarching energy policy intent centres on the need to decarbonise the economy in an affordable manner while maintaining a sufficient degree of energy security. The

More information

Energy Futures Lab. Will EMR work? Robert Gross Matt Black. Centre for Energy Policy and Technology Imperial College

Energy Futures Lab. Will EMR work? Robert Gross Matt Black. Centre for Energy Policy and Technology Imperial College Energy Futures Lab Will EMR work? Robert Gross Matt Black Centre for Energy Policy and Technology Imperial College Presentation to the British Institute of Energy Economics, September 2010 Overview What

More information

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.

Financing of Renewable Energy in India: Implications for Policy. Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd. Financing of Renewable Energy in India: Implications for Policy Gireesh Shrimali Climate Policy Initiative gireesh.shrimali@cpihyd.org CPI analyzes the effectiveness of policies relevant to climate change

More information

FINANCING PERSPECTIVE

FINANCING PERSPECTIVE C1 FINANCING PERSPECTIVE European Forum for Science and Industry Olivier Musset Energy Finance Société Générale DISCLAIMER This Presentation has been prepared by Société Générale Corporate and Investment

More information

Innovative Technology Solutions for Sustainability ABENGOA. Understanding the Value in Concessions. Analyst & Investor Day.

Innovative Technology Solutions for Sustainability ABENGOA. Understanding the Value in Concessions. Analyst & Investor Day. Innovative Technology Solutions for Sustainability ABENGOA Understanding the Value in Concessions Eduard Soler Analyst & Investor Day May 2012 1 Our Portfolio of Concessions today 2 Our Business Model

More information

The future of PPP Financing

The future of PPP Financing Sumitomo Mitsui Banking Corporation Europe Limited EPEC Private Sector Forum- Financing Future Infrastructure The future of PPP Financing 6th June 2012 Sumitomo Mitsui Banking Corporation SMBC is a global

More information

Green Bonds Solution or Labelling?

Green Bonds Solution or Labelling? Green Bonds Solution or Labelling? Christopher Knowles Fourth Annual Meeting of the San Giorgio Group: Expanding Green, Low-Emissions Finance Venice, 17 October 2014 European Investment Bank Group 1 Disclaimer

More information

Financing in the Energy Sector. EDMUNDO S. SORIANO Executive Vice-President & Head Corporate Banking Group BDO Unibank, Inc.

Financing in the Energy Sector. EDMUNDO S. SORIANO Executive Vice-President & Head Corporate Banking Group BDO Unibank, Inc. Financing in the Energy Sector EDMUNDO S. SORIANO Executive Vice-President & Head Corporate Banking Group BDO Unibank, Inc. 1 Status of local banking 10-15 years ago Local banks could not compete with

More information

The UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1. In association with

The UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1. In association with The UK solar gold rush: Navigating the end of the RO regime and preparing for CfDs ORRICK 1 In association with U.S. RENEWABLE ENERGY FINANCING AND REGULATORY OUTLOOK 2015 2 ORRICK US renewable energy

More information

Financial Mechanisms and Policies Oriented towards the development of Renewable Energy Markets. Mexico City, 28 November 2007

Financial Mechanisms and Policies Oriented towards the development of Renewable Energy Markets. Mexico City, 28 November 2007 Financial Mechanisms and Policies Oriented towards the development of Renewable Energy Markets Mexico City, 28 November 2007 Index I. Santander I Financing Drivers I Market Drivers IV. Example: Refit V.

More information

OUTER HEBRIDES ENERGY SUPPLY COMPANY

OUTER HEBRIDES ENERGY SUPPLY COMPANY OUTER HEBRIDES ENERGY SUPPLY COMPANY Scoping Study on behalf of COMHAIRLE NAN EILEAN SIAR Dr. Neil Finlayson Donald Macritchie GreenspaceLive Ltd Nigel Walker William Allan Sweett (UK) Ltd Aims and Objectives

More information

The European offshore wind industry - key trends and statistics 2014. January 2015. A report by the European Wind Energy Association

The European offshore wind industry - key trends and statistics 2014. January 2015. A report by the European Wind Energy Association The European offshore wind industry - key trends and statistics 2014 January 2015 A report by the European Wind Energy Association Contents Contents Executive summary 3 Annual market in 2014 4 Cumulative

More information

Power Project - Debt Financing. Bill Sutherland Senior Managing Director Project Finance April 9, 2014

Power Project - Debt Financing. Bill Sutherland Senior Managing Director Project Finance April 9, 2014 Power Project - Debt Financing Bill Sutherland Senior Managing Director Project Finance April 9, 2014 Project Finance Investment Manulife Project Finance Defined Principal Risks / Mitigates Challenges

More information

Global Infrastructure & Project Finance

Global Infrastructure & Project Finance Project Finance Global Criteria Report Analysts Federico Gronda +44 20 7682 7464 federico.gronda@fitchratings.com Ben Cooper +1 312 368 3173 ben.cooper@fitchratings.com Dan Robertson +44 20 7682 7381 dan.robertson@fitchratings.com

More information

Tidal Energy. Wind Energy. Transmission & Distribution Network. Offshore Substation. Onshore Substation. Tidal Stream Energy.

Tidal Energy. Wind Energy. Transmission & Distribution Network. Offshore Substation. Onshore Substation. Tidal Stream Energy. Offshore Renewables Tidal Energy Transmission & Distribution Network Offshore Substation Wind Energy Onshore Substation Tidal Stream Energy Consumer Atkins in Offshore Renewables The offshore wind journey

More information

Investor Presentation

Investor Presentation Executing on Growth Investor Presentation September 2015 0 NPI.TO Forward-Looking Statements Disclaimer This written and accompanying oral presentation contains certain forward-looking statements which

More information

The UK Offshore Wind Experience

The UK Offshore Wind Experience The UK Offshore Wind Experience Tom Simchak Policy Advisor, Energy British Embassy, Washington EESI Briefing, 28 September 2015 UNCLASSIFIED The United Kingdom is The global market leader in offshore wind:

More information

PNE WIND AG. Presentation January 2012. Buchholz wind farm

PNE WIND AG. Presentation January 2012. Buchholz wind farm PNE WIND AG Presentation January 2012 Buchholz wind farm Agenda 1. PNE WIND AG at a glance 2. Business model 3. Market and strategy 4. Financials 5. PNE WIND AG share 6. Investment highlights Langwedel

More information

Germany, Spain, Denmark European wind energy leaders. Examples of rational use of energy resources, to face a challenging future

Germany, Spain, Denmark European wind energy leaders. Examples of rational use of energy resources, to face a challenging future Germany, Spain, Denmark European wind energy leaders Examples of rational use of energy resources, to face a challenging future PWEA CONFERENCE 22 May 2012 Warsaw, Poland Roberto Pierantoni Head of Wind

More information

Capital Structure and Project Finance Mark Williamson and Peter Barlow

Capital Structure and Project Finance Mark Williamson and Peter Barlow Capital Structure and Project Finance Mark Williamson and Peter Barlow Capital structure overview Very secure capital structure strong liquidity at parent cash of 357m at 30 June 2008 low debt at parent

More information

OFFSHORE WIND ENERGY IS GETTING CHEAPER

OFFSHORE WIND ENERGY IS GETTING CHEAPER OFFSHORE WIND ENERGY IS GETTING CHEAPER Market foresight and scale drive the cost down Dansk Energi, January 14, 2016 Sune Strøm, Manager, Regulatory Affairs Wind Power Offshore wind is closing in on the

More information

SSE Greater Gabbard Offshore Wind Farm Supply Chain Engagement

SSE Greater Gabbard Offshore Wind Farm Supply Chain Engagement SSE Greater Gabbard Offshore Wind Farm Supply Chain Engagement www.sse.com Programme Introduction to SSE Overview of Tenders Overview of supplier requirements to work for SSE Overview of Procurement Process

More information

INVESTING IN A TRANSITIONING SECTOR

INVESTING IN A TRANSITIONING SECTOR INVESTING IN A TRANSITIONING SECTOR Eurelectric conference Jon Moore, CEO NEW INVESTMENT IN CLEAN ENERGY 24-14 ($BN) 32% 17% $318bn -7% $294bn 16% -9% $31bn.5% $272bn $268bn 17% 46% 36% $175bn $25bn $26bn

More information

How KASIKORNBANK Plans to Support Green Projects

How KASIKORNBANK Plans to Support Green Projects How KASIKORNBANK Plans to Support Green Projects Clean Power Asia 29-30 April 2013, Bangkok Thongchai Kangvanchai KASIKORNBANK Pcl. 1 Content Government s Policy of Promoting Green Energy KBank s Green

More information

The Economic c Viability of Nuclear Power in The Netherlands

The Economic c Viability of Nuclear Power in The Netherlands The Economic c Viability of Nuclear Power in The Netherlands This report is produced by Spring ssociates. No part of it may be circulated, quoted, or reproduced for distribution without prior approval

More information

UK content analysis of Robin Rigg Offshore Wind Farm operations and maintenance

UK content analysis of Robin Rigg Offshore Wind Farm operations and maintenance UK content analysis of Robin Rigg Offshore Wind Farm operations and maintenance Subtitle A report commissioned by E.ON Climate & Renewables July 2012 Document history Revision Purpose and description Originated

More information

Full year 2014 results. Analyst meeting Brussels, 27 February 2015

Full year 2014 results. Analyst meeting Brussels, 27 February 2015 Full year 2014 results Analyst meeting Brussels, 27 February 2015 Disclaimer - This presentation is only provided for general information purpose about Elia and its activities. The included statements

More information

Financing the U.S. Power Fleet

Financing the U.S. Power Fleet Financing the U.S. Power Fleet Generation reliability and transformation of the power fleet Las Vegas, April 9 th, 2013 Jorge Camina Head of Project & Acquisition Finance U.S. Santander Global Banking

More information

Viking Link Interconnector

Viking Link Interconnector Viking Link Interconnector Public information event for Bicker Parish Why we re here today We re here today to introduce the Viking Link project, to explain what we want to build and to answer any questions

More information

PNE WIND AG. Webcast Presentation May 11, 2015

PNE WIND AG. Webcast Presentation May 11, 2015 PNE WIND AG Webcast Presentation May 11, 2015 Windpark Windpark Buchholz Buchholz 1Q 2015 HIGHLIGHTS The first quarter of 2015 was characterized by 1. the continuation of our on and offshore development

More information

PNE WIND AG. Webcast March 31, 2015

PNE WIND AG. Webcast March 31, 2015 PNE WIND AG Webcast March 31, 2015 Windpark Windpark Buchholz Buchholz 2014 - HIGHLIGHTS The financial year 2014 was characterized by 1. the continuation of our on and offshore development activities in

More information

Renewable Energies WIND

Renewable Energies WIND WIND International Master in Sustainable Development and CR 2011-2012 Marcos López-Brea Index 1. Technical description: technology options, learning curve and grid integration. 2. Regulatory framework:

More information

Nordex SE. Nordex goes Offshore

Nordex SE. Nordex goes Offshore Nordex SE Nordex goes Offshore Hannover, April 2011 Content 1. Offshore Wind Market 2. Nordex Offshore History & Future 3. Competition & Technical Development 4. The N150/6000 2 Strong growth prospects

More information

Contents. Wind power sector facts. Growth drivers. Immediate challenges. Innovative and global response

Contents. Wind power sector facts. Growth drivers. Immediate challenges. Innovative and global response Wind power sector 'Keys to competitiveness on the international stage ESADE-Deloitte Jorge Calvet, Chairman of Gamesa Madrid, 1 July 2010 Contents 5 5 5 1 Wind power sector facts Growth drivers Immediate

More information

Contracts for Difference - the new support regime for low carbon generation

Contracts for Difference - the new support regime for low carbon generation Contracts for Difference - the new support regime for low carbon generation James Taylor Raj Bavishi 11 November 2014 UK Incentive Regimes Small scale Feed in Tariffs and the Renewables Obligations have

More information

Old Burlington Investments Renewable Energy Fund. Trusted Alternatives

Old Burlington Investments Renewable Energy Fund. Trusted Alternatives Old Burlington Investments Renewable Energy Fund Trusted Alternatives March 2013 1 Why Old Burlington Investments? Old Burlington Investments is a new alternative investment boutique Led by Brett Williams,

More information

Financing FTTH networks Study for FTTH Council Europe

Financing FTTH networks Study for FTTH Council Europe Financing FTTH networks Study for FTTH Council Europe Munich, 16 th February 2012 Roland MONTAGNE Director Telecoms Business Unit r.montagne@idate.org Dr. Raul Katz President, Telecom Advisory Services

More information

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012

Nordex SE Conference Call 9M 2012. Hamburg, 13/11/2012 Nordex SE Conference Call 9M 2012 Hamburg, 13/11/2012 AGENDA 1. Highlights 9M 2012 Dr. J. Zeschky 2. Financials 9M 2012 B. Schäferbarthold 3. Guidance 2012 and market outlook B. Schäferbarthold 4. Strategy

More information

Power Sector Development in Europe Lenders Perspectives 2011

Power Sector Development in Europe Lenders Perspectives 2011 POWER AND UTILITIES Power Sector Development in Europe Lenders Perspectives 2011 A survey of banks on the prospects for power infrastructure financing in Europe kpmg.com Power Sector Development in Europe

More information

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility)

Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) Financial Instruments provided by the European Investment Bank (including Risk Sharing Finance Facility) M. D hooge Financial instruments for Innovations, Research and Development 30 November 2009, Prague

More information

Independent Renewable Energy Generators

Independent Renewable Energy Generators Route to Market Q&A 1. Why won t the CfD-FITs provide a route to market for independent generators? 2. Why won't the problem be resolved with the introduction of CfDs? 3. Why won't the proposed voluntary/market-led

More information

HSH Nordbank AG. Financing of Wind Projects in Germany. Current Market Situation and Future Challenges

HSH Nordbank AG. Financing of Wind Projects in Germany. Current Market Situation and Future Challenges Financing of Wind Projects in Germany Current Market Situation and Future Challenges HSH Nordbank AG Lars Quandel ENERGY& UTILITIES HUSUM 16 SEPTEMBER 2015 Our Profile Renewable Energy Business model PRODUCTS

More information

Infrastructure Financing by the EIB

Infrastructure Financing by the EIB Infrastructure Financing by the EIB Regional conference on Infrastructure Financing in Central Africa Yaoundé, 10 March 2014 Laurence Doumenc, ACP-IF Department 1 I who is the EIB? 2 The (EIB) The Bank

More information

Roundtable - Energiewende: Finanzierung des Netzausbaus im Übertragungsnetz

Roundtable - Energiewende: Finanzierung des Netzausbaus im Übertragungsnetz Roundtable - Energiewende: Finanzierung des Netzausbaus im Übertragungsnetz Structured Finance Congress Stuttgart, 25./26. November 2015 Marco Nix (CFO) The Main Challenges of the Energiewende for the

More information

Wind Power Finance School

Wind Power Finance School Part of www.greenpoweracademy.com Wind Power Finance School Wind Power An intensive and demanding 5-day course combining all aspects of wind power financing from financial modelling, project economics,

More information

PROJECT FINANCE UNCDF October 2014 Dar Es Salaam

PROJECT FINANCE UNCDF October 2014 Dar Es Salaam Project Finance PROJECT FINANCE UNCDF October 2014 Dar Es Salaam AGENDA History and Definition Structure of Project Finance Transactions Key Players Milestones Role of Debt in PF transactions Risk Management

More information

Technical Risks in Wind Project Development

Technical Risks in Wind Project Development Technical Risks in Wind Project Development Kevin J. Smith Global Segment Director Renewable Energy Services May 21, 2012 Discussion Objectives Introduction to project risks How to quantify risks Project

More information

VESI JA ENERGIA VIENTITUOTTEENA. Fortum Miko Olkkonen Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy

VESI JA ENERGIA VIENTITUOTTEENA. Fortum Miko Olkkonen Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy VESI JA ENERGIA VIENTITUOTTEENA Fortum Senior Executing Manager, Hydro Projects Fortum Power & Heat Oy Fortum s strategy relies strongly in Hydro Mission Fortum s purpose is to create energy that improves

More information

Q2.15: Cleantech and Renewable Energy Investment Review

Q2.15: Cleantech and Renewable Energy Investment Review Q2.15: Cleantech and Renewable Energy Investment Review 02 Welcome to Taylor Wessing s analysis of clean energy investment activity in Europe in the second quarter of 2015 (Q2.15). Total investment in

More information

Who are we? Jens Lohmueller, Credit Union Central of Ontario 3/9/2005

Who are we? Jens Lohmueller, Credit Union Central of Ontario 3/9/2005 Who are we? Credit Union (CUCO) is the trade organization of Ontario credit unions. We work within a collective network of service locations comparable in size to the major banks. There are over 700 branches

More information

UK Offshore Wind: Opportunity, Costs & Financing

UK Offshore Wind: Opportunity, Costs & Financing UK Offshore Wind: Opportunity, Costs & Financing November 2011 Whitepaper available online: http://www.dbcca.com/research Carbon Counter widget available for download at: www.know-the-number.com Climate

More information

Feasibility. A guide to feasibility planning for junior mining companies

Feasibility. A guide to feasibility planning for junior mining companies Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Feasibility A guide to feasibility planning for junior mining companies

More information

UK renewable energy an update

UK renewable energy an update UK renewable energy an update 30 October 2014 Robert Hull, Managing Director Renewable energy key challenges 1 2 3 Costs to Climate change: Risks to security consumers: decarbonising of supply: short affordability

More information

Two Financing Models

Two Financing Models Two Financing Models Paul Warren (P.Warren@iaea.org) International Atomic Energy Agency FINANCING MODELS: HOST GOVERNMENT BACKED PPA Host Government Backed PPA Both previous presentation and this deal

More information

What Are Vendors Looking for in NPP Finance?

What Are Vendors Looking for in NPP Finance? NEA Workshop 19 September 2013 The Role of Electricity Price Stability and Long Term Financing for Nuclear New Build What Are Vendors Looking for in NPP Finance? Jean-Hugues Perréard, Vice President Project

More information

PNE WIND AG. WEBCAST presentation November 9, 2015

PNE WIND AG. WEBCAST presentation November 9, 2015 PNE WIND AG WEBCAST presentation November 9, 2015 Windpark Windpark Buchholz Buchholz 9M 2015 HIGHLIGHTS The first nine months of 2015 was characterized by 1. the successful sale of PNE WIND UK to Brookfield

More information

Electricity Market Reform Offtaker of Last Resort

Electricity Market Reform Offtaker of Last Resort Electricity Market Reform Offtaker of Last Resort A report for The Department of Energy & Climate Change 3 December 2013 Offtaker of Last Resort December 2013 1 Important Notice This final report (the

More information

Taking advantage of debt financing and other investment options

Taking advantage of debt financing and other investment options Taking advantage of debt financing and other investment options What opportunities are there for you today? Amsterdam, 28 January 2014 Bert van der Toorn Managing Director, Head of Oil and Gas, Europe

More information

The installation and servicing

The installation and servicing European Forum for Renewable Energy Sources The installation and servicing of offshore wind farms Kaj Lindvig, CSO, A2SEA A/S 16 th September 2010 A2SEA Started 1 st July 2000 100% dedicated offshore wind

More information

Cost of and financial support for offshore wind

Cost of and financial support for offshore wind Cost of and financial support for offshore wind A report for the Department of Energy and Climate Change 27 April 2009 URN 09D/534 Ernst & Young LLP 1 More London Place London SE1 2AF Tel: 020 7951 2000

More information

Wind energy scenarios for 2020. A report by the European Wind Energy Association - July 2014. Wind energy scenarios for 2020

Wind energy scenarios for 2020. A report by the European Wind Energy Association - July 2014. Wind energy scenarios for 2020 A report by the European Wind Energy Association - July 2014 1 WIND ENERGY SCENARIOS FOR 2020 Content Background...3 Reasons for the new scenarios...3 Proposed new scenarios...3 Text and analysis: Jacopo

More information

PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE

PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE ASX Release 29 April 2008 PRESENTATION TO LONDON INFRASTRUCTURE CONFERENCE The following presentation by BBW Chief Executive Officer, Miles George, is being presented at the Babcock & Brown Infrastructure

More information

Financing PPPs: Project Finance June 2006

Financing PPPs: Project Finance June 2006 Financing PPPs: Project Finance June 2006 Index Section I. Section II. Section III. Project Finance Spanish Market Advantages Risk Matrix P. 2 Section I Project Finance Project Finance Definition Definition:

More information

16 THE NEED FOR FINANCIAL AND HUMAN RESOURCES THE CASE OF OFFSHORE WIND POWER

16 THE NEED FOR FINANCIAL AND HUMAN RESOURCES THE CASE OF OFFSHORE WIND POWER 16 THE NEED FOR FINANCIAL AND HUMAN RESOURCES THE CASE OF OFFSHORE WIND POWER Systems Perspectives on Renewable Power 2014, ISBN 978-91-980974-0-5 Kersti Karltorp Staffan Jacobsson Björn Sandén Department

More information

Financing Wind Energy in Turkey. Emre Hatem Head of Project & Acquisition Finance Garanti Bank

Financing Wind Energy in Turkey. Emre Hatem Head of Project & Acquisition Finance Garanti Bank Financing Wind Energy in Turkey Emre Hatem Head of Project & Acquisition Finance Garanti Bank DISCLAIMER This document has been drafted with an informative purpose, having the information contained herein

More information

Areva & Gamesa Joint Venture: Creation of an Offshore Wind Leader

Areva & Gamesa Joint Venture: Creation of an Offshore Wind Leader Areva & Gamesa Joint Venture: Creation of an Offshore Wind Leader 7 July 2014 1 Resumen Ejecutivo 1. Transaction Overview 2 Summary Areva and Gamesa have entered into an agreement to form a 50%/50% Joint

More information

Community and Renewable Energy Scheme Project Development Toolkit

Community and Renewable Energy Scheme Project Development Toolkit Community and Renewable Energy Scheme Project Development Toolkit Balance Sheet Equity Investment Community Bond Issues Community Vehicle Crowd Funding Debentures a form of bond Debt Debt Service Cover

More information

eeef European Energy Efficiency Fund

eeef European Energy Efficiency Fund eeef European Energy Efficiency Fund Agenda 1 introduction to eeef - key elements 2 eeef investments: eligibility, process and project structures 3 Case studies 4 Final Remarks 2 1a eeef at a glance Objective

More information

European Subsea Cable Report & Forecast 2015-2025

European Subsea Cable Report & Forecast 2015-2025 European Subsea Cable Report & Forecast 2015-2025 J/15/1226 May 2015 4C Offshore - OrbisEnergy Centre, Lowestoft, NR32 1XH T: +44 (0)1502 307 037 E: info@4coffshore.com Table of Contents 1. Executive Summary

More information

NAIOP Education Series Financing Renewable Energy and Clean Tech. Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs.

NAIOP Education Series Financing Renewable Energy and Clean Tech. Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs. NAIOP Education Series Financing Renewable Energy and Clean Tech Gregory V. Johnson Patton Boggs LLP gjohnson@pattonboggs.com (303) 894-6187 530228 1 Renewable Energy Project Finance Historic reliance

More information

H1 2014 LEVELISED COST OF ELECTRICITY - PV

H1 2014 LEVELISED COST OF ELECTRICITY - PV H1 2014 LEVELISED COST OF ELECTRICITY - PV JENNY CHASE 4 FEBRUARY 2014 LCOE OF PV, FEBRUARY 2014 1 PV EXPERIENCE CURVE, 1976-2013 (2013 $/W) 100 Cost per W (2013 $) 1976 10 1985 2003 2006 1 2012 2013 Q3

More information

Investing in renewable energy Challenges and opportunities from an international perspective

Investing in renewable energy Challenges and opportunities from an international perspective Investing in renewable energy Challenges and opportunities from an international perspective Agenda Deutsche Bank s experience in financing renewable energy projects Green Finance Products - Case studies

More information