Investing in renewable energy Challenges and opportunities from an international perspective

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1 Investing in renewable energy Challenges and opportunities from an international perspective

2 Agenda Deutsche Bank s experience in financing renewable energy projects Green Finance Products - Case studies Presentation Global Climate Partnership Fund 2

3 Deutsche Bank s experience in financing renewable energy projects Renewable energy finance 3

4 Basic facts Investment volume 2010 Total new investment in clean energy by region, in US$ billions Global Total New Investment in Clean Energy, 2004 to 2010, in US$ billions Source: Bloomberg New Energy Finance Drivers of renewable energy Climate change Persistent high oil and gas prices Policy inducements (taxes and other economic incentives Overhang of energy crisis / addressing underinvestment and dependencies Market liquidity (Real estate, Shipping, Aircrafts etc) Public awareness 4

5 Due diligence check-list for wind/ photovoltaic park Energy yield assessment/ technical expertise Permits Tariff/ grid connection Construction O&M Solar irradiation assessment/ wind expertise with at least 1 full year of wind measurements at hub height Other expertise necessary for the permitting process (e.g. environmental impact assessment etc.) Watertight permits for construction / operation / grid connection Timely achievement of permits Confirmation of grid connection from local grid operator Feed-in tariff regime or limited exposure to merchant risk Tenor of tariff drive maximum tenor financing available Use of proven technology / equipment from experienced suppliers EPC guarantees to cover delays and/or cost overruns O&M contract with minimum availability guarantee Linkage of O&M fee to revenues Availability of appropriate insurance Financiers should be involved in the due diligence process early on to ensure above parameters can still be influenced 5

6 Project milestones in a typical renewable energy project Drawings according to construction progress Incorporation of SPV Permitting process+ grid connection Sourcing of components Step-in of equity investor Construction start End construction phase Grid connection Equity Operational phase Finalization technical planning Due Diligence Equity investor Debt provider Confirmation Debt provision Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Construction phase Month 7 Securing of feed-in tariff Debt Month 8+ Payment of feed-in tariff 6

7 Risk profile from the financing bank s perspective Project development Construction Interim operations Regular operations Political risk Technology risk Construction/ completion risk Product risk Performance/operation risk Market risk Risk profile requires technical and financial know how 7

8 Green Finance Products Case Studies - Europe 8

9 Case Study Photovoltaic 7,5 MW solar plant in Italy Switzerland Piedmont Lombardy Trentino-alto Adige Veneto Austria Friulivenezia Giulia Slovenia Transaction description France Project location The project is a 7.56 MW photovoltaic on a tracking system The project benefits from the high irradiation in Apulia and the most favourable feed-in tariff in Italy under the Italian Conto Energia II for 20 years Ligurian Sea Corsica Sardinia Tyrrhenian Sea Italy Adriatic Sea Apulia Mediterranean Sea Sicily Ionian Sea Highlights Sanyo provided the project with the monocrystallin HIT modules, Power One supplied inverters. The tracking system was provided by Ideematec Alongside EST Energie & Solar Technik GmbH Deutsche Bank entered the project development at a very early stage and brought in the necessary funds for successful completion of the permitting process This project shows Deutsche Bank s ability to offer all necessary products along the entire value chain of a renewable energy project during project development and construction phase DB s role Deutsche Bank accompanied the project from the planning stage up to commercial operation date, including the handling of the project development, the arranging of the project s debt and equity financing as well as the overall project management 9

10 Case Study Photovoltaic 14MW solar plant in Italy Switzerland Piedmont Lombardy Trentino-alto Adige Veneto Austria Friulivenezia Giulia Slovenia Transaction description France Project location Deutsche Bank is financing the construction of a 14 MWp solar power plant in Apulia, Italy The Photovoltaic park consists of three legally and technically separated solar parks with separate connection points to the grid and each owned by a special purpose company Ligurian Sea Corsica Sardinia Tyrrhenian Sea Italy Adriatic Sea Apulia The projects benefit from the high irradiation in Apulia and the most favourable feed-in tariff in Italy under the Italian Conto Energia II for 20 years All solar parks are in operation since the end of 2010 Mediterranean Sea Sicily Ionian Sea Project volume EUR 80m Highlights DB s role The project was developed by the German company Schüco International and its Italian subsidiary Schüco also provides the projects with the respective components such as modules, inverters and understructure Emicom, which is part of the Siram group, acts as a turn-key contractor Deutsche Bank provided financing for 100% of construction costs Deutsche Bank arranged the long term equity (EUR 24.5m) to be placed via a German closed end fund Deutsche Bank Private Wealth Management acts as sales agent to German private investors Deutsche Bank arranged the long term debt financing 10

11 Green Finance Products Global Climate Partnership Fund 11

12 Introduction to the Global Climate Partnership Fund (GCPF) Objective What is GCPF? Why GCPF? GCPF aims to contribute to the reduction of greenhouse gas emissions in emerging markets across the world GCPF is a Fund capitalized by international investors It primarily offers financial institutions: 1.Commercial financing, tied to on-lending into sustainable energy projects 2.Co-investments into sustainable energy projects In addition, it can provide direct financing to sustainable energy projects opens new growth markets for its partners grants access to financial and technical know-how for business development in new ecologically sustainable areas is a strong and reputable partner backed by the world s leading financial institutions 12

13 Sustainable Energy Projects Financial Institutions Investment Manager GCPF Structure USD, Local FX, EUR investments USD funding Technical Assistance Facility Investment Committee Issuer Vehicle Luxembourg Investors Super Senior Tranche (Notes) TBD Loans Senior & Sub- Debt Loans Senior Tranche (A Shares) Institutional Investors, Ultra High Net Worth Individuals (UHNWI), Socially oriented institutions Mezzanine Tranche (B Shares) Development Finance Institutions Investment Manager Direct Equity & Debt Junior Tranche (C Shares) 13

14 Overall scope of GCPF activities Key data Targets all emerging and developing countries worldwide, focus on 13 primary target countries Primary target countries Tunisia Ukraine Morocco Turkey Typical projects could be: building envelope upgrades energy efficient lighting systems decentralized electricity generation from renewable sources, etc. Mexico Brazil Chile China Vietnam Philippines South Africa India Indonesia 14

15 GCPF for financial institutions Refinancing The Fund provides debt instruments to selected partner financial institutions at commercial rates Financial institutions will be required to disburse sub-loans to their clients to finance energy efficiency and/or renewable energy projects Investment instruments include senior debt subordinated debt guarantees The maximum investment size per financial institution is US$ 30m Investments can have a maturity of up to 15 years (at the beginning 5-7 years) Financing can be provided in US$ or local currency (hedging could be provided by DB) Co-investments For the financing of stand-alone projects, GCPF can co-invest and provide debt or equity during all phases of a project Co-investments are mainly available for institutions with little or no experience, seeking a strong partner in the field of energy financing Technical Assistance Technical assistance (TA) can be provided to institutions with limited experience in sustainable energy lending It helps FIs to design, set up and implement the new business TA is tied to financing through GCPF 15

16 GCPF for sustainable energy projects Project Considerations Projects should ideally have a promoter effect for the local sustainable energy culture The Fund will only consider commercially proven technologies (other technologies require approval on bankability by qualified third party) Renewable energy projects should ideally be replicable on a larger scale Energy efficiency projects should ideally be in the sector with the highest energy use in the country Other Considerations Finance Considerations Investments should be in the range of US$5-20m Investments instruments include senior debt, mezzanine instruments and equity Debt investments can have a maturity of up to 15 years, equity investments can be adapted to the needs of various project phases Equity is only available to landmark projects, not companies and is only invested alongside a (preferably local) co-investor Project is integrated into the local economy (e.g. input of local companies and banks, job creation) Project complies with relevant environmental and social standards (e.g. IFC Performance Standards) 16

17 GCPF s investment process for direct investments Project sourcing Project evaluation Project approval & disbursement Monitoring & reporting Sourcing from: Financial Institutions Global / local ESCOs Manufacturers Project developers Portfolio fit assessment Environmental & developmental evaluation Financial & legal evaluation Technical evaluation Final approval by Investment Committee Signing of documentation Set up of necessary administration, transaction management Monitoring / potential work out Combined financial / environmental / social reporting 17

18 Indicative term sheet for direct investments I Fund Initiators Fund Investors Fund Manager Investment Purpose Geographical Scope Technological Scope Investment Types Investment Instruments Investment Size per project German government, KfW IFC, Danish government, Deutsche Bank (DB), private sector investors (likely) Deutsche Bank AG Projects will receive debt or equity investments for energy efficiency and renewable energy projects with the goal of reducing greenhouse gas emissions (in the case of energy efficiency projects by at least 20%) All countries which are eligible for investments by the World Bank Group (most emerging and developing countries). Particular focus on Brazil, Chile, China, India, Indonesia, Mexico, Morocco, Philippines, South Africa, Tunisia, Turkey, Ukraine, Vietnam - Only commercially proven technologies - Other technologies require approval on bankability by qualified third party - Direct Investments: The Fund can (co-)invest as part of a consortium - Indirect Investments: The Fund invests in a local bank which in turn (co-)invests into the project. - A combination of both investment types is possible - Senior debt - Subordinated debt, other mezzanine instruments - Equity 2012: Debt up to US$20m, or local currency equivalent Equity up to US$12m (more likely US$2-5m), or local currency equivalent 2013: Debt up to US$30m, or local currency equivalent Equity up to US$12m (more likely US$2-5m), or local currency equivalent onwards: growing with Fund volume 18

19 Indicative term sheet for direct investments II Investment Term Currency Restrictions Fund Governance / Decision Making Reporting requirements Technical Assistance / Benefits - Debt investments for up to max. 15 years (more likely yrs. in the current market environment). - Equity investments can be adapted to the needs of the various phases (development, construction, operation) US$ or local currency, hedging could be provided by DB - Only one kind of instrument (debt/equity) can be offered to each project - The Fund needs to realize commercially viable, risk-adjusted returns - Extended manufacturer warranty or other alignment of interest over investment period may be required, e.g. by providing technical assistance (see below) - Deutsche Bank proposes all transactions (no other originator) - Investment Committee (composed of KfW and likely other future investors) approves - Annual performance report (standard format provided by DB) and greenhouse gas emission savings measurements - Quarterly reports Upon request and approval by the Fund, local companies may receive technical assistance by Deutsche Bank or third party consultants in order to establish a new business segment. The Fund may require manufacturers, distributors, developers and other clients to provide technical assistance to local stakeholders in addition to the Fund s own technical assistance 19

20 Contacts Michael Hölter Susanne Kern

21 Copyright Global Climate Partnership Fund, SICAV-SIF, L-2449, Luxembourg. All rights reserved. This presentation (the Document ) has been prepared by Global Climate Partnership Fund, SICAV-SIF ( Global Climate Partnership Fund ) exclusively for the benefit and internal use of the Client in order to indicate, on a preliminary basis, the feasibility of a possible transaction or transactions. The Document may only be used for these purposes. The Client is not permitted to duplicate the information provided in this Document and to communicate the received information of this Document to any third party without the prior written consent of Global Climate Partnership Fund. The Document is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Global Climate Partnership Fund. The Document is neither intended to serve as legal or tax advice nor should it replace it. The information in the Document reflects prevailing conditions and Global Climate Partnership Fund's views as of this date, all of which are subject to change. In preparing the Document, Global Climate Partnership Fund has relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or received by or on behalf of the Client. The analyses contained in the Document are not and do not purport to be appraisals of the assets, stock, or business of the Client. The information in the Document does not take into account the effects of a possible transaction or transactions involving an actual or potential change of control, which may have significant valuation and other effects.

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