Power Project - Debt Financing. Bill Sutherland Senior Managing Director Project Finance April 9, 2014
|
|
- Jasmin King
- 7 years ago
- Views:
Transcription
1 Power Project - Debt Financing Bill Sutherland Senior Managing Director Project Finance April 9, 2014
2 Project Finance Investment Manulife Project Finance Defined Principal Risks / Mitigates Challenges 2
3 Manulife Financial Project Finance Canadian based financial services group with 25,000 employees serving customers in 21 countries and territories worldwide. Operates under the Manulife brand in Canada and Asia, and primarily under the John Hancock brand in the United States. Both Manulife and John Hancock have been active investors in the power and renewable power industries with $14B and $2.8B currently invested. Canadian Project Finance team unique amongst NA life insurance companies in that we directly originate the majority of our investment opportunities. Canadian team has developed a strong franchise and reputation, particularly within the renewable power market (wind, hydro, solar): Highly regarded for our technical knowledge, structuring skills, ability to execute Ability to syndicate & close complex transactions on basis of agreed upon terms Typically hold 1 st $100MM and syndicate balance to other institutional investors 3
4 Transactional Summary Canadian Project Finance Team transactional summary: ($ in MM) Number Arranged / Held incl. Held & Total Arrange. Co-arranged Syndicated Participations Arranged Total PF Group Renewable Power - Wind $3,247 $1,524 $2,555 $4,079 - Hydro 9 8 1, ,238 - Solar Geothermal Landfill Gas Biomass Total Renewable $5,445 $2,127 $4,118 $6,245 Gas Fired ,013 Nuclear Coal Fired Total Power $6,449 $2,862 $4,640 $7,502 Non-Power Debt Total Debt $6,449 $2,862 $4,860 $7,722 Infrastructure Equity 7 0 $0 $0 $724 $724 4
5 Project Finance Defined 5 Secured debt financing provided for stand-alone projects (legally and economically) based on the reliability of future cash flows... which are dependent upon: Ability of Sponsors to construct Project on time and on budget Ability of Project to operate at output and efficiency as projected Strength and integrity of contracts and ability of counterparties to meet respective obligations under contracts Ability to withstand resource input, operating and economic risks Limited or non-recourse to Sponsors Lenders only recourse is to security taken (plant, equipment and contracts) Project assets typically have little value except as on-going business with contracts intact or with access to liquid alternative markets Quality of transaction (from a lender s perspective): Not a function of the credit quality of any one party but Function of risks involved degree to which risks are assumed by various counter-parties under contract creditworthiness of each counterparty, and nature of risks assumed by Lenders.
6 Project Finance Defined 6 Lenders focus on technical & contractual aspects of Project to determine and test reliability of future cash flows available to service Project Debt Certain risks mitigated by obligations of counter-parties under contracts Certain other risks born by Lenders and mitigated through statistical analysis, reference to expert opinion or through transactional structure Following must to be in place prior to Financial Close: Power sales agreement Interconnection and transmission contracts Site control (land leases and easements) Major equipment supply and balance of plant EPC contracts Operations and maintenance agreements Material permits 3 rd party resource assessments and engineering reviews Financial model reflecting input from consultants.
7 Principal Risks & Mitigates Sponsorship do sponsors have capability and capacity to execute? Reputation, track record, financial resources must be at risk Technology & Equipment Well proven with examples operating successfully elsewhere Suppliers to provide comprehensive performance warrantees Construction & Start-up Equipment supply & BOP on a fixed-price, turn-key, date certain basis Equipment supplier & BOP contractor to demonstrate necessary experience, track record and financial capacity to meet obligations Equipment supply and BOP contracts comprehensively drafted to apportion responsibility for engineering, procurement, construction and commissioning Liquidated damage provisions to compensate for costs of delay and deficiencies in performance (including servicing debt during delay) Independent engineer to review design, capital bugets, monitor construction and certify accomplishment of milestones 7
8 Principal Risks & Mitigates 8 Cost Overruns Capital budget fixed through contracts with contractors/suppliers Sufficient contingency reserves in capital budget or sponsors to demonstrate sufficient committed resources Overruns in excess of contingency funded by equity before further draws under debt facility or from construction escrow account Independent engineer certifies cost to complete as a CP to any draw Operations & Maintenance Reputable and experienced operators ideally under contract with remuneration tied to performance Operating & major maintenance reserves (depending on seasonality and fleet performance of equipment or strength of warrantees) Appropriate insurance coverage including business interruption Resource Assessment (if intermittent natural resource) Independent 3 rd party resource assessment Statistical and scenario analysis to quantify risk Risk mitigated through financing structure DSCR profile and debt service and operating reserves
9 Principal Risks & Mitigates Access to Markets Interconnection and transmission secured under long-term contracts with potential for curtailment understood and mitigated Independent engineer to confirm transmission capacity and reliability and Project conformity to grid code Market and Price for Outputs Secured under long-term contracts with high investment grade utility counterparties at predetermined prices Term of contract to be at least as long as term of financing Obligation to deliver should recognize intermittent nature, seasonality and yearly variability of natural resource inputs 9
10 Project Finance Defined: Schematic Investors Sponsors Lenders WTG Supplier Equity Equity Senior & Sub Debt Operator BOP Contractor Supply Agree. & Warrantees EPC Contract Project Company & Physical Assets O&M Contract Permits Government Transmission Provider Interconnection Agreement PPA or Merchant Customers Lease Agreements Land Owners Other potential counter-parties could include equipment and technology suppliers, guarantors, royalty holders, insurers, bonding, land owners and other classes of lenders. 10
11 Financing Challenges 11 Project size... small projects disadvantaged As much time/effort required to arrange a small financing as a large Lenders... minimum transaction size given pipeline and targets Difficult for smaller projects to attract interest of lenders Create critical mass... combine smaller projects into a portfolio Experience of sponsor/developer... Developers with limited experience... harder time attracting lenders Much more time/effort required to close with inexperienced developers Engage experience... partners, consultants, EPC contractor, contract O&M. Financial capacity of sponsor/developer... Financial capacity... lenders require sponsor skin in the game (equity) Vendors may offer to provide equity... not skin in the game FN equity provided by way of OFA guaranteed loans... OK if a passive investor with interest up to 50%... challenging if an active investor with interest >50%... not enough skin in the game Partner with experienced
12 Financing Challenges 12 Quality of resource assessment... Our experience... underperformance correlated to complexity of site Complex sites require more met towers & longer data sets Experienced lenders will require higher level of resource certainty BOP contract structure Developers acting as own general contractors with cost + contracts to save cost (to improve returns or make numbers work) Most developers lack necessary experience/capability to act as GC Often results in far too many contracts and weak interface between contracts... no single point responsibility... finger pointing... LDs?? Who responsible for geotech risk? delay? cost overruns? If financeable... will result in higher contingencies, increased equity requirement, reduction in debt amount, higher interest rates Quality and suitability of equipment to site... Reduce capex... propose equipment/suppliers without track record Boost revenues... propose overly large WTG rotor diameters for site conditions
Non-Merchant Independent Power Projects: An Excellent Source of Yield and Duration for a De-risking Strategy
Non-Merchant Independent Power Projects: An Excellent Source of Yield and Duration for a De-risking Strategy Louis Bélanger, CFA, FRM Managing Director, Stonebridge Infrastructure Debt Fund The Stonebridge
More informationWind Power Business Models:
Wind Power Business Models: Deal Structures and Economics Project Financing Overview Mohammed Alam Alyra Renewable Energy Finance LLC Steve Krebs Baker Botts L.L.P. Wind Power Development Tutorial Hotel
More informationFinancing 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 informationModern insurance solutions protect innovative technologies RENEWABLE ENERGY
Modern insurance solutions protect innovative technologies RENEWABLE ENERGY Your projects secure the future we ensure they happen Focus on the renewable energy sector has never been higher. Due to the
More informationSenior Debt for Renewable Project Financing 2 nd Renewable Energy Finance Forum. Capital Investment in Renewable Energy
Senior Debt for Renewable Project Financing 2 nd Renewable Energy Finance Forum June 23, 2005 John C. S. Anderson Head, Power & Project Finance Team, Boston Capital Investment in Renewable Energy A Debt
More informationFinancing 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 informationINSURANCE 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 informationGlobal 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 informationOvercoming 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 informationUIA- INVESTMENT IN ENERGY PROJECTS IN LATIN AMERICA B Y: L I S A D O M I N G U E Z PA N A M A - F E B R U A R Y 2 8, 2 01 5
UIA- INVESTMENT IN ENERGY PROJECTS IN LATIN AMERICA B Y: L I S A D O M I N G U E Z PA N A M A - F E B R U A R Y 2 8, 2 01 5 A. PANAMA: LATEST INTERNATIONAL PUBLIC BIDS ORGANIZED BY THE REGULATOR 2015 No.
More informationIFC ESMAP- RENEWABLE ENERGY TRAINING PROGRAM. Wind Module. II. Wind Project Development, Implementation, and Financing
IFC ESMAP- RENEWABLE ENERGY TRAINING PROGRAM Wind Module II. Wind Project Development, Implementation, and Financing Washington DC, June 16th 2014 Index Wind Project Development, Implementation, and Financing
More informationB U I L D I N G P A R T N E R S H I P S F O R E N E R G Y S E C U R I T Y www.inogate.org
"INOGATE Technical Secretariat & Integrated Programme in support of the Baku Initiative and the Eastern Partnership energy objectives" Project B U I L D I N G P A R T N E R S H I P S F O R E N E R G Y
More informationPROJECT FINANCE RE PROJECTS
PROJECT FINANCE RE PROJECTS TURKEY S RENEWABLE MARKET RE regime in Turkey sparked in 2001 when the Electiricity Market Law authorised the EMRA (Energy Market Regulatory Authority) to take measures to promote
More informationInnovative 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 informationMethodology. Rating Solar Power Projects
Methodology Rating Solar Power Projects january 2014 previous release: august 2012 CONTACT INFORMATION Eric Beauchemin, CFA Managing Director, Public Finance +1 416 597 7552 ebeauchemin@dbrs.com Kent Wideman,
More informationMethodology. Rating Solar Power Projects
Methodology Rating Solar Power Projects august 2012 CONTACT INFORMATION Eric Beauchemin, CFA Managing Director Public Finance Tel. +1 416 597 7552 ebeauchemin@dbrs.com Kent Wideman Chief Credit Officer
More informationMethodology. Rating Project Finance
Methodology Rating Project Finance august 2013 previous release: april 2011 CONTACT INFORMATION Eric Beauchemin, CFA Group Managing Director, Co-Head Global Corporate +1 416 597 7552 apassi@dbrs.com Kent
More informationPROJECT 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 informationCommunity 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 informationTwo 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 informationin North Carolina Tim Kemper, CPA, Partner National Co-leader, Renewable Energy practice CohnReznick LLP
Using State and Federal Tax Credits in North Carolina Tim Kemper, CPA, Partner National Co-leader, Renewable Energy practice CohnReznick LLP Driving the deal forward in NC Key Elements Certificate of Public
More informationEPC CONTRACTS IN THE POWER SECTOR
Asia Pacific Projects Update EPC CONTRACTS IN THE POWER SECTOR INTRODUCTION Engineering, procurement and construction (EPC) contracts are the most common form of contract used to undertake construction
More informationTHE LATEST TECHNOLOGY AN EMERGING RISK PROFILE THE WILLIS RENEWABLE ENERGY AND SOLAR CONSTRUCTION TEAMS
SOLAR POWER THE LATEST TECHNOLOGY AN EMERGING RISK PROFILE RISK MANAGEMENT EXCELLENCE THE WILLIS RENEWABLE ENERGY AND SOLAR CONSTRUCTION TEAMS Willis 2 THE SUN IS RISING ON THE SOLAR POWER ALTERNATIVE
More informationFinancing 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 informationHow 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 informationRenewable Project Business Models:
Renewable Project Business Models: Deal Structures and Economics Project Financing Overview Mohammed Alam Alyra Renewable Energy Finance LLC Steve Krebs Baker Botts L.L.P. Infocast s Renewable Power Project
More informationRenewable Energy Finance Fundamentals
Renewable Energy Finance Fundamentals The US Partnership for Renewable Energy Finance (US PREF) has prepared the following brief summary of the basics of renewable energy project finance. An appreciation
More informationGENERATING VALUE POWERING REVENUE A PARTNER IN SUCCESS: THE WILLIS UTILITIES PRACTICE
POWER GENERATION GENERATING VALUE POWERING REVENUE A PARTNER IN SUCCESS: THE WILLIS UTILITIES PRACTICE Willis 2 When your generation assets generate your revenue, you need to be sure those assets are properly
More informationProject Matching: Facilitating New Renewable Energy Projects Project Proposal Submittal Form
RE-Powering America s Land Project Matching: Facilitating New Renewable Energy Projects Project Proposal Submittal Form The EPA Green Power Partnership s (GPP s) Project Matching Initiative works to connect
More informationENERGY INDUSTRY INSURANCE SOLUTIONS
Summer 11 ENERGY INDUSTRY INSURANCE SOLUTIONS ELECTRICITY PRICE & FORCED POWER OUTAGE COVERAGE WEATHER DERIVATIVES SYSTEM PERFORMANCE INSURANCE TRADE CREDIT INSURANCE ACCOUNTS RECEIVABLE PUTS NON CANCELLABLE
More informationMaking CfDs work for renewable generators
Making CfDs work for renewable generators This is in two parts. 1 st a brief introduction to the Green Power Auction Market. 2 nd gives more detail on the structure and follows on. We consider this a critical
More informationFinancing Renewable Energy in New Jersey
Financing Renewable Energy in New Jersey Renewable Energy Procurement Workshop Sustainable Jersey and the Atlantic County Utilities Authority Presenters Douglas J. Bacher, Managing Director Dianna C. Geist,
More informationLEX HELIUS: THE LAW OF SOLAR ENERGY Solar Energy System Design, Engineering, Construction, and Installation Agreements
LEX HELIUS: THE LAW OF SOLAR ENERGY Solar Energy System Design, Engineering, Construction, and Installation Agreements Alan R. Merkle Stoel Rives LLP 600 University Street, Suite 3600 Seattle, WA 98101-4109
More informationWho 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 informationMAY 2016 METHODOLOGY. Rating Credit Funds
MAY 2016 METHODOLOGY Rating Credit Funds Rating Credit Funds DBRS.COM 2 Contact Information Mudasar Chaudhry Vice President European Structured Credit Tel. +44 (0)20 7855 6613 mchaudhry@dbrs.com Jamie
More informationPROCUREMENT GUIDE: CHP FINANCING
PROCUREMENT GUIDE: CHP FINANCING 1. Overview The decision of whether and how to finance a CHP system is a critical step in the development of a CHP project. CHP systems require an initial investment to
More information3. Seasonal or cyclical working capital to finance the temporary cash shortfalls due to the nature of the firm s normal business cycle.
11.437 Financing Community Economic Development Class 5: Working Capital Financing I. Three different meanings of term working capital 1. Excess of current assets over current liabilities 2. Firm's investment
More informationThe 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 informationSolar Power Purchase Agreements & Leases
Solar Power Purchase Agreements & Leases Angela Lipanovich, Esq. March 7, 2012 Copyright 2012, Estriatus Law. All rights reserved. Conditions of Usage and Disclaimer 1 Estriatus Law grants the following
More information4 DAY Course Outline. Power Purchase Agreements. for Emerging Countries
4 DAY Course Outline Power Purchase Agreements for Emerging Countries Overview This intensive and highly interactive four day hands-on course will provide a comprehensive analysis of issues associated
More informationCAMBRIAN ENERGY. Financial Engineering s the Key:
CAMBRIAN ENERGY Financial Engineering s the Key: How a Long-Term Energy Sale Agreement and Bond Offering Transformed the McCommas Bluff LFG Project; Three Perspectives on One Project LMOP - January 2012
More informationRENEWABLE ENERGY WORKSHOP
RENEWABLE ENERGY WORKSHOP Development of Bankable PPAs and Opportunities for Cooperation with ECG GIZ House, Reichpietschufer, Berlin January 18, 2016 OUTLINE OF PRESENTATION Introduction and Overview
More informationThe Private Sector Role in Clean Energy NGA Clean Energy Financing Workshop Neal Skiver Energy & Power Finance Banc of America Public Capital Corp
The Private Sector Role in Clean Energy NGA Clean Energy Financing Workshop Neal Skiver Energy & Power Finance Banc of America Public Capital Corp February 25, 2010 The American Recovery and Reinvestment
More informationH1 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 informationOverview of Rooftop Solar PV Green Bank Financing Model
Overview of Rooftop Solar PV Green Bank Financing Model Sponsored by The Connecticut Clean Energy Finance and Investment Authority and The Coalition for Green Capital Developed by Bob Mudge & Ann Murray,
More informationSo, What Exactly is Risk Management?
So, What Exactly is Risk Management? By Paul Wielgus, Managing Director, GDS Associates, Inc. Buyers, sellers, and others in the energy business need to understand the risks in this very uncertain environment
More informationRenewable Natural Gas (Biomethane)
Renewable Natural Gas (Biomethane) Critical Barriers Impeding RNG as a Transportation Fuel in California Suggested Policy Solutions September 17, 2015 Meet the Presenter Evan Williams President of Cambrian
More informationPPPs in Renewable Energy: IFC Advisory Perspective. April 2012
PPPs in Renewable Energy: IFC Advisory Perspective April 2012 IFC s Role Financing IFC is the world s largest multilateral provider of financing for private enterprises with over US$26 billion in outstanding
More informationRecommended Project Finance Structures for the Economic Analysis of Fossil-Based Energy Projects
Recommended Project Finance Structures for the Economic Analysis of Fossil-Based Energy Projects September 29, 2011 DOE/NETL-2011/1489 Disclaimer This report was prepared as an account of work sponsored
More informationAsset-Backed Securities. Project Financing. Prof. Ian Giddy. Stern School of Business New York University. Asset-Backed and Project Financing
Project Financing/1 Asset-Backed Securities Project Financing Prof. Ian Giddy Stern School of Business New York University Asset-Backed and Project Financing Collateralized debt Securitized loans Non-recourse
More informationFinancing 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 informationCT Public Act No. 11-80 Opportuni8es in Solar PV. July 28, 2011
CT Public Act No. 11-80 Opportuni8es in Solar PV July 28, 2011 The Company Independent solar power producer (IPP). We develop, build, own and operate solar PV systems for customers with no upfront capital
More informationPROJECT FINANCE & PPPs
PROJECT FINANCE & PPPs EIB Presentation, BOAD, 40 th Anniversary 1 14 November 2013 Definition of PPPs 1) An agreement between a government and one or more private partners whereby the private partner(s)
More informationHOW A central TO role for utilities & grid operators Need for an effective energy remuneration system. Richard Perez ASRC, University at Albany
HOW A central TO role for utilities & grid operators Need for an effective energy remuneration system Richard Perez ASRC, University at Albany renewable finite 70-120 per year WIND 1,2 Waves1 1,3 0.2-2
More informationFinancing 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 informationRenewable Energy Certificates
EPA s Green Power Partnership Renewable Energy Certificates Last updated: July 2008 U.S. Environmental Protection Agency 1200 Pennsylvania Ave, NW (Mail Code 6202J) Washington, DC 20460 www.epa.gov/greenpower
More informationPublic-Private Partnerships
Public-Private Partnerships Closing Critical Issues Washington, Background In limited recourse finance, the primary source of debt service is the cash flow generated by the Project will evaluate all factors
More informationGeneva: 2-4 April 2007 Insurance Instruments for GHG Projects: Private Sector Options. UNECE Ad Hoc Group of Experts on Coal Mine Methane
Geneva: 2-4 April 2007 Insurance Instruments for GHG s: Private Sector Options UNECE Ad Hoc Group of Experts on Coal Mine Methane Warren Diogo Risk Consulting Practice, Marsh Ltd Agenda Risk Profile of
More informationWholesale Renewable Energy Generation Feasibility Presented to Las Gallinas Valley Sanitary District Board June 27, 2013
Wholesale Renewable Energy Generation Feasibility Presented to Las Gallinas Valley Sanitary District Board June 27, 2013 Clean Energy Solutions Overview of the Feasibility Study Site Characteristics and
More informationFinancing 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 informationSECOND QUARTER 2015 CONFERENCE CALL & WEBCAST Results, mid-year review & outlook AUGUST 6, 2015
SECOND QUARTER 2015 CONFERENCE CALL & WEBCAST Results, mid-year review & outlook AUGUST 6, 2015 FORWARD-LOOKING INFORMATION This document contains forward-looking information within the meaning of securities
More informationKEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA
KEY CONSIDERATIONS IN POWER PURCHASE AGREEMENT (PPA) RISK ALLOCATION AND COMMON CLAUSES WHICH FORM PART OF A PPA AFRICA UTILITY WEEK CONFERENCE Yesufu Longe Alonge Head, Power Procurement & Power Contracts
More informationSMALL SOLAR. 2014 Nebraska Wind and Solar Conference and Exhibition. Guy C. Smith October 29, 2014
SMALL SOLAR 2014 Nebraska Wind and Solar Conference and Exhibition Guy C. Smith October 29, 2014 TYPES OF SOLAR PROJECTS Concentrated Solar Projects (CSP) Systems generate solar power using mirrors or
More informationPPP GLOSSARY. Availability. Base Case. Bidder BOOT BOT. Business Case. Commercial Operations Date (COD) Concession
PPP GLOSSARY Availability Base Case Bidder Bond BOOT BOT Term Business Case Capex Commercial Operations Date (COD) Concession Meaning The period when the facility (or the relevant part thereof) is able
More informationStatement of Qualifications
Statement of Qualifications Submitted on: December 6, 2012 By: Hecate Energy, LLC 115 Rosa L. Parks Blvd. Nashville, Tennessee 37203 USA Chris Bullinger President Phone: 1-480-239-5617 Fax: 1-312-284-4514
More informationCustomer Bill Impacts of Generation Sources in Ontario. Canadian Wind Energy Association
Customer Bill Impacts of Generation Sources in Ontario Prepared for: Canadian Wind Energy Association February 15, 2013 poweradvisoryllc.com 978 369-2465 Table of Contents Executive Summary... i 1. Introduction
More informationCP FOR THE DRAFT RTS ON ASSIGNING RISK WEIGHTS TO SPECIALISED LENDING EXPOSURES EBA/CP/2015/09. 11 May 2015. Consultation Paper
EBA/CP/2015/09 11 May 2015 Consultation Paper Draft Regulatory Technical Standards on Assigning Risk Weights to Specialised Lending Exposures under Article 153(9) of Regulation (EU) No 575/2013 (Capital
More informationCash Drivers and Enterprise Value
Cash Drivers and Enterprise Value Global Investor Forum 2009, Broughton, 1 st & 2 nd April 2009 Gérard Adsuar Corporate Executive Finance & Treasury, EADS 1 1 Safe Harbour Statement Disclaimer This presentation
More informationE N G I N E E R I N G
Purpose If the customer s proposed project proceeds to Gate 1 of the Integrated Customer Solutions (ICS) process (see the ICS Process and Proposal Submission Guide), the customer must prepare a Load Displacement
More informationClean Energy Project Financing. March 5, 2012
Clean Energy Project Financing March 5, 2012 Disclaimer This presentation is solely for discussion purposes. In preparing this presentation, we, KASIKORNBANK PLC. ( KBank ) have made crucial assumptions
More informationAlfa Business Advisors Company Profile
Alfa Business Advisors Company Profile Project Finance M&A Renewable Energy Infrastructure February 2014 www.alfaba.com 8300 Greensboro Drive, Suite 800, McLean, VA 22102 About Us Alfa Business Advisors,
More informationThe 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 informationPower 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 informationAPPLICATION FORMAT SOUTHEAST MISSOURI REGIONAL PLANNING AND ECONOMICAL DEVELOPMENT COMMISSION REVOLVING LOAN FUND PROGRAM
APPLICATION FORMAT SOUTHEAST MISSOURI REGIONAL PLANNING AND ECONOMICAL DEVELOPMENT COMMISSION REVOLVING LOAN FUND PROGRAM SECTION 1 Loan Application. SECTION 2 Information on business to be assisted-past
More informationThe Fundamentals of Alternative Energy
The Fundamentals of Alternative Energy Retail Fundamentals Presented by Theresa Howland, ENMAX Energy Corp. Canadian Electricity Association November 25, 2002 ENMAX Background Calgary ENMAX Corporation
More informationContracts 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 informationThe Importance of Accurate Lifetime Assessment to PV Investors
The Importance of Accurate Lifetime Assessment to PV Investors Jon Previtali Wells Fargo Environmental Finance Solar Power International September 2015 Wells Fargo s Investment in Solar $1,600 350 $1,400
More informationWestmoreland Reports First Quarter 2016 Results and Affirms Full-year Guidance
News Release Westmoreland Reports First Quarter 2016 Results and Affirms Full-year Guidance Englewood, CO May 10, 2016 - Westmoreland Coal Company (NasdaqGM:WLB) today reported financial results for the
More informationPlan for risk, today and tomorrow
Think SUSTAINABILITY. Think Chubb. Plan for risk, today and tomorrow Entering new markets. Moving from R&D to commercialization. Addressing contractual requirements from investors, vendors, or partners.
More informationGreen Industries, Department of Trade and Industry
Solar and Wind Sector Development Strategy Solar Energy Technology Roadmap 18 June 2012 Green Industries, Department of Trade and Industry Challenges Solar and wind strategy Content Local Content Requirements
More informationEwiiaapaayp Wind Project
Ewiiaapaayp Wind Project Tony Pinto Ewiiaapaayp Members Tlingit Tantakwaan Teikweidi Yaan Yaan Eesh Development Process Site Selection topologically site specific Land Agreements federal approval uncertainties
More informationFull Scale Program for Renewable Energy in Egypt
Full Scale Program for Renewable Energy in Egypt Contents Evolution of Egypt Needs of Electricity and its supply mix Renewable Energy Policy and Targets Renewable Energy Program Components Conclusions
More informationDeveloping solar in emerging markets
Developing solar in emerging markets Swedbank Conference March 17, 2016 Our values Predictable Driving results Change makers Working together Disclaimer The following presentation is being made only to,
More informationGUIDE TO SYNDICATED LEVERAGED FINANCE
GUIDE TO SYNDICATED LEVERAGED FINANCE CONTENTS Clause Page 1. Introduction... 1 2. Types Of Senior Leveraged Facilities Commonly Syndicated... 1 3. Parties To A Senior Syndicated Leveraged Facility...
More informationeeef 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 informationhttps://www.ofgem.gov.uk/publications-and-updates/ofto-build-providing-additional-flexibility-through-extendedframework
All interested parties Direct Dial: 020 7901 1849 Email: transmissioncompetition@ofgem.gov.uk Date: 17 November 2015 Dear Colleague EPC Contract Principles for OFTO Build Tenders This letter provides guidance
More informationOverseas Private Investment Corporation: The U.S. Government s Development Finance Institution
Overseas Private Investment Corporation: The U.S. Government s Development Finance Institution Renewable Resources in Emerging Markets ASIA LEDS FORUM Bangkok 20 September 2012 OPIC Snapshot Established
More informationReal Estate & Mortgage Investment Specialists
Your Real Estate & Mortgage Investment Specialists Private Lending FAQ s 1. Why Should I Invest In A Mortgage? A mortgage is a loan in which real estate or property is used as collateral. When an individual
More informationProject Finance for Renewable Energy and Clean Technology Projects
Project Finance for Renewable Energy and Clean Technology Projects Chris Groobey, Partner, Project Finance cgroobey@wsgr.com; 202.973.8802 Michael Faber, Partner, Tax mfaber@wsgr.com; 212.497.7757 Michael
More informationACCELERATING RE DEPLOYMENT ON SIDS Accessing Financing for Projects
SAIREC October 05, 2015 ACCELERATING RE DEPLOYMENT ON SIDS Accessing Financing for Projects - Mónica Arévalo Calsina - GEEREF in a nutshell Unique strategy Fund of Funds, investing in specialised private
More informationTHE LAW OF BIOMASS Setting Up Shop: Design, Engineering, and Construction of Biomass Projects
THE LAW OF BIOMASS Setting Up Shop: Design, Engineering, and Construction of Biomass Projects Karl F. Oles Stoel Rives LLP 600 University Street, Suite 3600 Seattle, WA 98101-4109 206-386-7535 kfoles@stoel.com
More informationCapital 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 informationSolar Resource Measurement Importance. Wil Grady P.E. Southern California Edison Power Supply NREL PV Solar Resource Workshop Denver 2015
Solar Resource Measurement Importance Wil Grady P.E. Southern California Edison Power Supply NREL PV Solar Resource Workshop Denver 2015 1 Overview of SCE Large service territory 14 million residents 4.9
More informationMarch 2016 K.17 Financing Feasibility Report - Final
March 2016 K.17 Financing Feasibility Report - Final Commercial -Project Management IMPORTANT NOTICE The information provided further to UK CCS Commercialisation Programme (the Competition) set out herein
More informationTax Credits The Lynchpin for Federal Renewable Energy Financing Policy. Kathy Parker
Tax Credits The Lynchpin for Federal Renewable Energy Financing Policy Kathy Parker Partner Rodman and Rodman CPA Environmental Business Council of New England Energy Environment Economy GREEN ENERGY TAX
More informationInvesting 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 informationRenewable Development Funds Guidelines - 2016
- 2016 Clean Wind and Green Source Development Funds Thank you for your interest in PGE s Renewable Development Fund program - a program made possible by contributing customers participating in Portland
More informationNon Profit Social Financing. What do you need to know?
Non Profit Social Financing What do you need to know? What is CAIC? A social finance fund providing mortgages, construction financing & loans to groups, organizations & cooperatives with a project of social
More informationIAN J. HOUSTON. T 416.367.6111 F 416.361.2742 Toronto; IJHouston@blg.com http://ca.linkedin.com/pub/ianhouston/6/a2/10a EXECUTIVE SUMMARY
IAN J. HOUSTON Partner T 416.367.6111 F 416.361.2742 Toronto; IJHouston@blg.com http://ca.linkedin.com/pub/ianhouston/6/a2/10a Infrastructure Construction Procurement Energy Mining Healthcare Capital Redevelopment,
More informationInitial Reactions to PG&E Letter Regarding Draft Marin CCA Business Plan
Initial Reactions to PG&E Letter Regarding Draft Marin CCA Business Plan PG&E makes the following general points in its comments on the draft Business Plan (Plan) - The CCA would have higher rates than
More information