IRISH SOLAR ENERGY ASSOCIATION. Submission for Green Paper on Energy Policy in Ireland

Transcription

1 IRISH SOLAR ENERGY ASSOCIATION Submission for Green Paper on Energy Policy in Ireland 31st July 2014

2 Table of Contents Executive Summary... 2 Section 1: The case for Solar Power in Ireland Enough sun in Ireland Falling costs Rapid deployment Empowering households and businesses through distributed generation Positive Public Perception Energy Security Economic Opportunities Complement to Wind Late mover advantage... 8 Section 2: Policy Recommendations Define an achievable target of 500MW of installed capacity by Implement sustainable support mechanisms Define clear planning guidelines Implement clear grid application guidelines Section 3: Costs and Benefits Job Creation Conclusion Appendix 1: Irish Solar Energy Association members

3 IRISH SOLAR ENERGY ASSOCIATION Submission for Green Paper on Energy Policy in Ireland Executive Summary To date, solar energy has been overlooked in Ireland with the focus on other renewable energy sources, particularly wind. However, as many other Northern European countries have recognised, solar is an important component of the renewable energy mix and provides a significant opportunity for Ireland to accelerate the rollout of renewable energy at an affordable cost, while creating new employment opportunities. The Irish Solar Energy Association believes that, with the right policy framework, solar energy could account for 10% of renewable energy generation capacity by 2020, representing 500MW of installed generation capacity. This will make a significant contribution to Ireland s 2020 carbon reduction targets, create a minimum of 3,000 jobs and solidify Ireland s position as a Centre of Excellence for Renewable Energy, which has recently been reinforced by the selection of Dublin as the location for the 2014 Renewable Energy Finance Forum. This paper is comprised of three sections. Section 1 focuses on the case for solar energy in Ireland and shows how other countries with similar levels of sunlight such as the UK have successfully rolled out solar power programmes. Section 2 outlines a series of policy recommendations for Ireland, including lessons to avoid from other countries that would stimulate the growth of the solar industry in Ireland, without creating an unnecessary burden for the taxpayer. Finally, Section 3 provides a forecast of the likely costs to the exchequer to support the rollout of 500MW and concludes that, at an average subsidy cost of 0.02 per kwh over 20 years, solar represents extraordinarily good value as a source of renewable energy. Key Facts 1. Solar radiation levels in Ireland are 78% of the levels found in Madrid 2. The costs of solar have fallen by 42% since This means that a euro invested in solar in Ireland in 2014 will generate the same amount of electricity as a euro invested in solar in Greece in MW of solar capacity could easily be installed by 2020, representing 10% of total renewable energy capacity in Ireland 4. The costs of solar are expected to reach grid parity between 2020 and A REFIT mechanism for solar starting at 0.15/kwh in 2015 and declining by 5% per annum would cost the taxpayer an average of 0.02/kwh over 20 years 6. Six jobs are created for every MW of solar installed. 3,000 jobs could be created in solar by Ireland benefits from Late Mover advantage and can benefit from the experiences of other countries to implement a sustainable policy framework to roll out solar 2

4 Section 1: The case for Solar Power in Ireland Solar is the only major renewable energy technology that does not qualify for a Renewable Energy Feed In Tariff ( REFIT ) in Ireland. As a consequence, solar only accounts for 0.3% of total primary energy production in Ireland compared to biomass (16.17%), wind (12.19%) and hydro (2.62%). This contrasts with other Northern European countries such as Germany and the UK, which have successfully deployed solar power at a rapid pace over the last decade. This section makes the case for why solar should be considered an essential part or Ireland renewable energy mix and recommends the establishment of a target of 500MW of installed solar capacity by Enough sun in Ireland While it is commonly believed that the poor Irish weather limits the potential of solar power, the solar radiation in Wexford is 78% of the level enjoyed in Madrid, and is equivalent to the levels found in most of the UK, (see figure 1) which has successfully deployed 4,460 MW of solar in the past 5 years. Even in Northern Ireland, solar power is feasible as demonstrated by the fact that the first planning permission for a utility-scale solar farm on the island of Ireland was granted for in Bishopscourt, county Down in early Figure 1. Solar Radiation in Ireland and Britain 3

5 2. Falling costs Notwithstanding the price controls on the importation of solar panels introduced by the European Commission in the costs of solar modules in Europe have fallen by 42% since 2011 from 0.96/w to 0.56/w (see figure 2). This contrasts heavily with energy prices in Ireland, which have increased by 27% in the same period. From a solar resource perspective, the cost reduction means that 1,000 invested in a solar project in Greece in 2011, will generate the same amount of electricity as 1,000 invested in a solar project in Athlone in Looking forward, installation costs for solar are projected to continue to fall a further 29% from 1.03/w in 2014 to 0.73/w by 2020 (see table 1). This will make solar a cheaper source of renewable energy the onshore wind, with grid parity expected no later than Figure 2. Solar module prices ($/watt) Table 1. Solar installation cost forecast ( /watt) Year /w European countries, including Ireland opposed these measures, 4

6 3. Rapid deployment The Green Paper forecasts that renewable energy capacity needs to increase from 2,500MW to 4,800MW by 2020 in order to meet Ireland s carbon reduction commitments. As experience in the UK and other countries shows, solar can be deployed extremely quickly (see figure 3). Planning and consultation processes are significantly shorter than for other electricity generation technologies, while construction is extremely rapid, with a single team able to install 1 2MW of capacity on a per week on large scale solar farms. In addition, the modular nature of solar means that plant sizes can be adapted to local conditions and capacity can be distributed over a wider area. In Ireland, there is plenty of suitable land on which to roll out large scale solar projects, particularly marginal agricultural land and cutaway bogs that are no longer suitable for peat cutting. Solar can also be implemented across a wide variety of platforms from commercial rooftops to contaminated landfill sites. Figure 3. Deployment of Solar in the UK 4. Empowering households and businesses through distributed generation Ireland is the fourth most expensive country in Europe to buy electricity and rising electricity prices are of increasing concern to households and businesses. The government s ability to act is limited by the fact the price of fossil fuels are entirely outside its control. Solar is the ideal solution to allow households and business to take control of their energy generation. Solar PV panels are modular and can be roof mounted in residential areas to allow for domestic use or installed on commercial rooftops to power businesses. From a domestic perspective, a typical 3kwp domestic solar system costs 6,000 to install and can provide 60% of a typical household s daytime electricity requirements, providing a 7-8 year payback period, assuming electricity prices continue to increase by 5% per annum. Businesses can install much larger systems. A 5,000 m 2 factory has enough South facing roof space for a kw scheme, consuming the power during the working week and exporting to the grid at weekend. This will generate electricity cost savings of approximately 25,000 per year. 5

7 Finally, remote areas, such as the Aran Islands, would benefit from community schemes that would reduce dependence on externally supplied electricity. The Isle of Wight, in Southern England, has been a net exporter of electricity during summer since the installation of a number of large solar projects in Such schemes can be financed directly, or through innovative solutions such as crowdfunding, where the general public or specific communities invest directly in specific projects through internet platforms. As an example, BNRG Renewables Limited, an Irish solar company, successfully raised more than 1 million for three solar project in the UK via the Abundance crowdfunding platform. 5. Positive Public Perception Solar energy is popular in across. A recent survey in the UK (DECC, 9 th Wave, April 2014) showed that over 80% of the public surveyed support solar power, well ahead of other renewable technologies. Similarly, many conservation groups support the deployment of solar plants including the WWF, RSPB, Friends of the Earth and Greenpeace. In addition, research has shown that, where households have implemented solar systems, overall energy efficiency improves as they become more aware of domestic consumption. Some the key reasons that solar energy is popular include: Well selected solar sites have little or no Landscape Visual Impact. Projects are below 2.4m in height and can be easily screened with hedgerows. Solar causes no emissions to the air, soil or water and no noise. Solar site land can continue to support agricultural activity such as grazing. Solar parks can diversify farming income and encourage the next generation to keep farming the land. As little or no concrete is used in solar park construction solar parks are easily reversible and the land can be restored in often better condition with enhanced biodiversity. From an environmental perspective, a typical 1 MW solar plant in Ireland will generate carbon savings of approximately 350 tonnes per annum, the equivalent of the amount of carbon absorbed by 12,500 tree seedlings over 10 years. 6. Energy Security According to the International Energy Agency (IEA) Ireland imports nearly all of its energy needs, as indigenous energy production only covers 14% of the total primary energy requirement. Given the dependency on imports, security of supply is clearly a major challenge for Ireland. Security risks include unpredictable market conditions such as the extreme volatility in oil and gas markets that impact Irish energy prices substantially. Solar energy can contribute to the security of supply by providing predictable and reliable indigenous electricity generation. Based on the above, it is entirely feasible that 500MW of solar generation capacity could be deployed in Ireland by 2020, making solar account for 10% of renewable energy mix and, by extension, 1.6% of total energy generation. As grid parity is achieved between 2020 and 2025, the pace of solar deployment will accelerate and it is feasible that 5% of Ireland s total electricity generation will be solar-based by

8 7. Economic Opportunities The European Photovoltaic Industry Association (EPIA) states that for every 1MW of solar PV installed, six new jobs are created. 500 MW of installed capacity, therefore, would generate 3,000 Irish jobs by Development of the residential solar market will provide a material boost to Ireland s construction sector. Installation typically represents 50% of the cost of an installed domestic system, so a great deal of value is added in terms of skilled labour including electricians, plumbers and engineers, who will benefit from learning additional skills. Large scale solar projects also require a significant amount of semi-skilled labour, which can be deployed into the field as installers and fitters with limited training, providing a career path for the unemployed and unskilled to become skilled solar technicians. Despite the lack of domestic market, there are already a number of very successful Irish companies active in the solar sector internationally. These include Kingspan, Mainstream, Island Renewables, BNRG Renewables, Power Capital, Carey Glass, Mercury Engineering and Glen Dimplex. Kingspan alone has invested millions in its insulate and generate building integrated solar product and expects to employ a further 1,000 people within the next three years in manufacturing. This depth of expertise means that Ireland is well-positioned to kick-start the development of the domestic solar market and to solidify its position as a Centre of Excellence for renewable energy. 8. Complement to Wind The output of a solar plant is seasonal and can be predicted very accurately on a monthly basis. In addition, by its nature, output is predictable on an intraday basis, with peak output occurring during the middle of the day, when demand is relatively high. As the figures below show, wind output picks up at the end of the day, as solar output declines and electricity demand peaks. Given the complementarities, a balanced mix of solar and wind technologies, will facilitate a reduction in the amount of baseload generation required from fossil fuel sources. Figure 4 Intraday Solar Generation Intraday Wind Generation 7

9 Figure 5. Intraday Demand for Electricity 9. Late mover advantage Ireland has the opportunity to learn from the mistakes of other countries, that introduced excessively high Feed In Tariffs early on and were then forced to cut them, creating significant investor uncertainty. To stimulate the development of solar in Ireland, a support mechanism should be implemented that gives a reasonable return to project developers, but which declines over time to reflect falling costs 8

10 Section 2: Policy Recommendations As Section 1 shows, the case for large scale deployment in Ireland is clear. The following section will propose a series of policy recommendations that will create the right environment to stimulate private sector investment in solar, without creating an unneccessary burden on the taxpayer. While a certain level of government support is required in the short to medium term, we believe that the costs of solar will be close to grid parity by 2020 allowing solar to be deployed on a purely commercial basis. Post 2020, solar will make a positive contribution to the exchequer as Independent Power Producers pay tax on revenue earned from power generation. While the experiences of Irish Solar Energy Association members in many countries have been drawn upon to formulate these recommendations, the closest comparisions to be made are with the UK. This is for a number of reasons. Firstly, the UK has a similar climate to Ireland and thus the business case for solar is equivalent. Secondly, as an EU member the UK suffers from the same artificially high import prices on solar modules imposed by the European commission as Ireland. Finally, compared to other EU countries such as Spain and Italy, the UK solar market developed relatively late, resulting in the regulatory framework for solar that has evolved in the UK being more sustainable, although there are still a number of lessons to be learnt. 1. Define an achievable target of 500MW of installed capacity by 2020 The UK experience In 2013, the UK published a strategy for solar, establishing a target of 20 GW of installed capacity by Solar will therefore represent 15% of total renewable energy capacity. Total installed capacity will be balanced between utility-scale ground mounted, commercial rooftop and ground mounted. Lessons learnt Earlier forecasts for the deployment of solar failed to predict how rapidly ground mounted solar farms would be deployed, resulting in the support mechanisms being revised in 2011 and an effective cap being place on the size of solar farms in Furthermore, deployment of commercial rooftop schemes was slower than anticipated. Policy recommendations for Ireland Adjusting the UK targets on a pro-rata basis for Ireland s population, and taking into account that the deployment of solar in the UK started in 2010, a target of 1.6GW of installed capacity is achievable in by 2025, with MW achievable by 2020, depending on how quickly an appropriate regulatory framework is put in place. From day one, balance should be struck between utiility scale (40%), commercial rooftop (20%) and residential (40%) solar plants (figure 6). Regular reviews should be conducted with industry to ensure this balance is maintained. 9

11 Figure 6. Projected solar capacity in Ireland by segment, MW 200 MW Residential Industrial Large Scale 100 MW 2. Implement sustainable support mechanisms The UK experience The UK currently has in place three different support mechanisms for solar: Contracts for Difference: An auction-based system for projects larger than 5MW Renewable Obligation Certificates: A semi-fixed subsidy scheme for projects between 250kw and 5MW. Larger projects also qualify for Renewable Obligation Certificates until March Feed In Tariffs: Similar to the Irish REFIT scheme. A fixed subsidy for projects smaller than 250kw. Different levels of support are defined for different sizes of projects. Until June 2014, investments in utility scale solar projects qualifed for tax relief through the EIS scheme. Lessons learnt Prior to 2011, support levels were set too high, resulting in a Solar Gold Rush. This forced the government to cut subsidies for projects greater than 250kw by 70% at short notice. This created a huge disruption to the nascent UK solar industry and impacted investor confidence. In 2014, faced with a more rapid than expected deployment of large-scale solar projects, the government announced that support through the Renewable Obligation Certificate system for projects greater than 5MW would be discontinued from March 2015, two years ahead of schedule. Given that the lead time for a large scale project is approximately months, this has resulted in a number of project no longer being feasible, and developers facing significant losses. With the accelerated demise of the Renewable Obligation Certificate system, the government has been forced to implement Contracts for Difference ahead of schedule, resulting in a sub-optimal mechanism being brought in. As the solar industry had matured in the UK by 2014, it was appropriate to eliminate tax relief through EIS schemes. However, a timetable for the elimination of such support should have been established well in advance. 10

12 Recommendations for Ireland Give solar the same status as other renewable technologies Solar energy should be eligible for the same renewable energy support mechanism as other technologies such as wind and biomass. While this is currently the REFIT mechanism in Ireland, other support systems such as Contracts For Difference or Renewable Obligation Certificates could be considered. Implement a transparent, unified support mechanism Assuming that a REFIT mechanism is introduced for solar, the key requirements are as follows: 1) The tariff should be fixed and published three years in advance. 2) Power Purchase Agreements for each tariff should be set for 20 years, index linked to CPI 3) Published tariffs should decline over time to reflect the falling costs of solar. 4) A unified Feed In Tariff should be introduced for all three segments: residential, commercial and large scale. Additional incentives should be provided for residential and commercial customers at the installation phase. 5) Utilities should be obliged to purchase all solar power exported to the grid at the agreed Feed In Tariff. The subsidy reclaimed from the government should be the different between the FIT and the prevailing wholesale price of electricity. Set REFITs at an affordable, fair level. Based on our analysis of the market, a REFIT of 0.15/kwh in 2015, declining by 5% per annum, would be sufficient to stimulate the deployment of solar in Ireland. Assuming that energy prices in Ireland continue to rise by 5% per annum, the REFIT will converge with the wholesale cost of electricity by 2025 (see table 2). For large-scale solar, this rate will give a fair Internal Rate of Return to investors of 8% based on current construction costs. Residential and commercial rooftop solar will require additional incentives, particularly tax relief on installation costs to be viable in the short run. Table 2: Recommended REFIT levels for solar ( ) Wholesale electricity cost ( /MWH) REFIT Cost of subsidy ( /MWH)

13 Support residential and commercial projects through tax relief on installation costs Residential A typical solar installation for a three bedroom house will be 3 kilowatts. Installation costs in 2014 are approximately 6,000, or 2,000 per kilowatt. Depending on the location in Ireland and the orientation of the roof, this system will generate from 2, kwh per annum. Installation costs (materials and labour) for residential rooftop systems should be on a reduced rate (13.5%). Homeowners should be able to claim tax relief at the marginal rate of income tax for the entire cost of installation. Assuming an average tax rate of 40%, this will cost the exchequer approximately 2,400 per installation in foregone tax. A mechanism where installation is financed through a bank loan, the total repayment (interest plus principal) should be eligible for tax relief at the marginal rate of income tax. The government should consider underwriting loans made by banks for the purposes of retrofitting houses for solar. Such loans would be offered by the bank that holds the mortgage for the property as the value of the solar equipment will enhance the value of the security. Commercial and Industrial rooftop Installation costs for commercial rooftops are higher than for ground mounted installations. In addition, generators should be incentivised to optimise on-site consumption rather than exporting it to the grid. A two tier REFIT is therefore proposed for commercial rooftop as follows: 0.06/kwh for onsite generation and consumption 0.15/kwh for electricity exported to the grid Investment in utility-scale projects should qualify for EIIS relief until 2018 Utility-scale solar can be deployed far more rapidly than commercial or domestic rooftop solar systems. As such, in order to kickstart the industry and ensure that Ireland achieves its 2020 carbon reduction targets, early investors should qualify for tax relief through the EIIS Scheme. From 2018, this additional relief should no longer be required as REFIT levels will be set to generate a fair return of 8% to investors. 12

14 3. Define clear planning guidelines The UK experience Domestic and commercial rooftop solar projects do not require planning permission, unless a listed building is involved. For ground-mounted projects, the planning process is decentralised and highly transparent, with a well defined list of statutory consultees. Best practice guidelines have been developed jointly between the UK Solar Trade Association and government planning authorities and are based on best practicewith particular attention to Landscape and Visual Impact, local ecology and archaeological considerations. Planning determinations are rapid, ranging from 8 weeks to 13 weeks. Lessons learnt Prior to 2014, some projects were approved on top tier agricultural land, resulting in minor backlash in certain areas. Recommendations for Ireland Define planning guidelines in advance An Bord Pleanala and the Irish Solar Energy Association should jointly define planning guidelines for solar in Ireland. This should take into account the factors listed above, particularly the need to avoid top tier agricultural land, but should also allow farmers to diversify their income through solar projects. Define a fast-track process for brownfield sites Ireland benefits from plenty of suitable land for large scale solar projects, particularly marginal agricultural land and cutaway bogs in the Midlands. A fast-track planning process should be established for such sites, with planning application costs kept to a minimum to compensate solar developers for the lower levels of solar radiation in such areas. Waive planning permission requirements for rooftop systems Similar to the UK, there should be no requirement for planning permission for rooftop systems, with the exception of listed buildings. 4. Implement clear grid application guidelines The UK experience The UK grid operators have successfully managed to connect 4.6 GW of solar projects to local grids since The consequence of this is that the grid in many areas, particularly in the sunnier parts of Southern England is completely saturated. As a result many developers of solar proejcts are adopting a scattergun approach, sending in multiple applications for grid in different areas in the hope of finding some spare capacity. 13

15 Lessons learnt Applications to connect to the grid are free, providing no incentive to carefully consider applications in advance. The UK regulator, Ofgem, does not permit regional grid operators to budget in advance for more capacity in areas with high demand for connections, limiting the future scope for expansion of renewable energy in certain areas. There is no scope for a number of renewable energy developers to collaborate to reinforce the grid in a particular area on behalf of all of them. Recommendations for Ireland Update EirGrid s Grid25 strategy to take solar into account Ireland has already budgeted 3.2bn to upgrade the grid by 2025 to adapt to the requirements of renewable energy. As shown in Section 1 above, the generation profile of solar complements wind. As such, it should be possible to update the Grid25 strategy to incorporate solar without needing to increase the budget. Define a transparent grid application process The following process to connect to the grid should be adopted: 1) Prior to submitting an application a preliminary assessment should be carried out by the grid operator at a nominal cost e.g. 500 per study. A report should be issued indicating the likely capacity available. 2) Assuming available capacity, formal grid applications should only be accepted on the basis of the following: a. Evidence that the landowner has agreed in principal to lease the land for the purposes of developing a solar farm b. Evidence from a recognised planning consultant that the land appears to be suitable for solar. 3) An application fee of 2,000 should be charged. 4) Grid operators must commit to a turnaround time of two months from the formal application date. 5) Where multiple projects are competing for limited capacity in a particular area, a scoring matrix should be used to approve the most suitable projects, rather than relying on first come, first served. More advanced projects, e.g. those with planning permission, should be given priority. 14

16 Section 3: Costs and Benefits This section provides an analysis of the projected cost to the Irish taxpayer to roll out 500MW of installed solar capacity between 2015 and 2020 based on a stable rollout schedule where investors receive a fair rate of return based on the REFIT levels recommended above. Table 3 shows the projects rollout schedule for solar in the residential, commercial and utility scale categories and shows how the unit cost of the subsidy decreases over time as REFIT levels are reduced and wholesale energy prices increase. As such, the total annual cost to the exchequer will increase between 2015 and 2020 as more capacity is rolled out, and then decline from 2021 to 2034 as the gap between increasing wholesale energy prices and the REFIT narrows. This is illustrated in Figure 7. Over 20 years, the total cost of the support programme will be 187m. In the same period, the total amount of electricity generated by the 500MW will be 9,000,000 MWh. This means that the average cost of the subsidy per kwh will be This is less the current subsidy for wind, an industry that has been developing over 15 years. Table 3: Projected costs of solar Figure 7. Annual cost of solar subsidies 15

17 Job Creation As Section 1 outlines, the European Photovoltaic Industry Association estimates that 6 jobs are created for every MW of solar capacity installed. On that basis, the rollout of 500MW of solar capacity will create a minimum of 3,000 jobs in Ireland. Based on the projected costs of solar shown in table 3 above, figure 8 shows the annual cost per job created. This declines from 14,000 to 8,000 per job between 2015 and 2020 as more capacity is rolled out. Between 2020 and 2034, the cost per job decreases to zero as the overall cost of the support mechanism decreases. It should be noted that this analysis focuses purely on jobs created to directly service the domestic Irish market. It is likely that further jobs will be created as international solar companies, seeing the opportunities in the Irish market, choose to establish the European operations here. In particular, given the current wave of EU protectionism, it is believed that a number of Chinese solar module manufacturers are considering setting up a base in Ireland. Figure 8. Annual cost per job created 16

18 Conclusion In order for Ireland to achieve its 2020 carbon reduction targets, solar must be considered as a major part of the renewable energy technology mix. This paper has shown that the cost of solar has reduced significantly over the past five years and that solar is on track to be the cheapest form of renewable energy by 2020 and will reach grid parity no later than From a policy perspective, Ireland benefits from a late mover advantage and can develop a regulatory environment and support mechanism based on best practices and lessons learnt, thus avoiding some of the policy U-turns adopted by other countries. In particular a sustainable support mechanism needs to be implemented immediately, that will provide appropriate incentives for early investors, without creating a long term burden for taxpayers. Implementing a REFIT of 0.15/kwh for solar in 2015 that reduces by 5% per annum, would meet these requirements and would cost the taxpayer an average of 0.021/kwh over 20 years, less than the currently level of subsidy received today by the mature wind industry. Finally, in spite of the absence of a domestic market, the Irish solar industry is already very successful, with major projects being led by Irish companies across Europe, Africa and Latin America. These companies, through the Irish Solar Energy Association, are willing to deploy their global expertise in order to work with policymakers to develop a sustainable and fair policy framework for solar energy in Ireland. 17

19 Appendix 1: Irish Solar Energy Association members The Irish Solar Energy Association (ISEA) is committed to promote the adoption of solar energy in Ireland by putting forward a single voice for the industry. Founded in May 2013, the ISEA works in conjunction with its members to achieve a sustainable regulatory framework and incentives for solar in order to deliver an increasing contribution to Ireland s energy needs. The ISEA is a coalition of 17 companies with activity in the solar industry employing 10,000 people. The ISEA was founded by BNRG Renewables, an international Renewable Energy development company. Headquartered in Dublin, Ireland the company has projects under development in seven countries. Specialising in utility-scale solar PV projects, BNRG s work covers all aspects of development including site assessment, obtaining planning and grid connection rights, construction management and long-term asset management. 18

20 Irish Solar Energy Association members Company Area of activity Website Employees Turnover Amarenco Solar Augmentis Ireland Ltd. Amarenco raises capital for long term investment in utility scale Solar PV infrastructure assets and adds value in the origination, structuring, financing and ultimate asset management of its transactions. Augmentis provides strategic consulting and investment advisory services to companies small, medium and corporate. Specific areas of consulting support include utilities, customer services, regulation and business strategy and implementation. om/ 5 Beauchamps Solicitors Full service law firm BNRG Renewables Ecologics Solar Solutions BNRG Renewables is an international Renewable Energy development company specialising in utilityscale PV projects. Ecologics Solar supplies renewable energy technologies in Ireland specialising in high performance solar panels, solar photovoltaic (PV) panels and other renewable energy sources such as heat pumps ,400, ,000 Electronomy Solar PV / Renewable Generation n/a 4 Eversheds Investricity Eversheds is a full service international law firm providing expert legal services to a predominantly business client base across a broad spectrum of areas. Investricity is involved in the finance and development of renewable energy infrastructure

21 Island Renewable Energy KPMG Mercury Engineering One Call Energy Island Renewable Energy is a European renewable energy business that develops, finances, builds, operates and sells wind and solar assets across a select number of European markets. KPMG's Energy & Natural Resources practice assists companies in the oil and gas, power and utilities, renewable energy, mining, forestry and environmental management industries to leverage a host of new opportunities as well as responding to industry trends, business issues and compliance requirements. Mercury is a leading European contractor specialising in the provision of mechanical, electrical, fire protection and technology services to a range of sectors including commercial, data centre, manufacturing, infrastructure and healthcare. One Call Energy is the supplier of retro-fit energy saving and water saving products in Ireland com/ industry/energy/pages/defaul t.aspx /ie/ 10 2,000, ,000,000 n/a 3 500,000 Power Capital Power Capital is an Irish based private equity firm specialising in the energy market. They source, structure and acquire a range of bespoke energy investments for their clients. 5 Randal N Gray & Co Accounting and Taxation Services n/a 3 Renewable Evolution assists clients to identify viable Renewable Evolution solar PV projects and facilities the development, investment and construction process from initial m/ discussions to the transfer of the first KWh to the 1 < 1,000,000 grid. Wallace 7 Co. Legal services n/a Wexford Solar Limited PV Solar Development n/a 2 n/a (new company)