Financing Renewables and Energy Efficiency Projects in Developing Countries

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1 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 in Developing Countries Andreas Ufer Global Head Power, Renewables, Water KfW IPEX-Bank GmbH

2 Content Role of KfW IPEX Bank within KfW Bankengruppe Investing in Renewables: What is Key for Private Investors and Financiers Financing Renewables: The Easy and the Challenging Ones Private Investors in Renewables and Ways of Financing Mitigating Risks in Developing Countries. Using ECA and PRI/EPRG Cover, Key Take Aways

3 KfW Bankengruppe Climate Change and Energy Efficiency are in the Focus of the Group Domestic promotional business Promotion of SMEs, founders of new businesses, start-ups Promotion of housing, environmental and climate protection, education, infrastructure and social development Financing of municipal and social infrastructure projects International project and export finance Promotion of developing and transition countries

4 Investing in Renewables: What is Key for Private Investors and Financiers A Predictable, reliable Regulatory Framework Key for Investors, Financiers and the Industry National/Local Approval Process Predictable or more unpredictable; Transparent and fast or intransparent,bureaucratic Location e.g. Wind Speed, Sunshine Hours, Grid Connection Technology Mature or more immature,o&m Cost MW/h Operation and Maintenance Experience Creditworthiness/Stability of a Country Mitigating the Currency Mismatch: Income stream in local currency, Financing in hard currency

5 Investing in Renewables: What is Key for Investors and Financiers The Regulatory Framework Observations 1 Feed in System ¾ Generally good reliable instrument to foster green investments ( e.g. Germany); Attract more manufacturers and fosters competition, which helps reducing the cost per Kw/h ¾ Stable cash flow attracts banks, but also institutionals and private investors ;reduces risk premium significantly both for Sponsor and banks ¾ Adjustments of feed in systems necessary on a regular basis to avoid extensive subsidies, but consider different planning periods/ lead times to develop projects -(Photovoltaic's versus CSP, Wind Offshore) to avoid roller coaster effects; ¾ The Spanish Lesson learnt: Reliability is key. The discussion of changing the agreed tariffs for existing projects is poison for private green investments ( not only in Spain)

6 Investing in Renewables: What is Key for Investors and Financiers. The Regulatory Framework Observations 2 Tax Incentive Structures In the past investments often more tax and less power generation driven May have rollercoaster effects in case of change of tax law, which again avoids long term planning for Investors, Industry, Financiers You need always Sponsors who can pay taxes Renewable Certificate Related Incentive Schemes from a regulators point of view best system to reduce subsidies, However often complex, cash flow ( seems to be) less stable, results often in higher higher risk premium both for Sponsors an Financiers.

7 Investing in Renewables: What is Key for Investors and Financiers. The Regulatory Framework Observations 3 Tendering A attractive solution for large scale projects where sufficient competition is guaranteed Good instrument to attract local manufacturing provided there are sufficient projects A general Observation Same systems with different tariffs or different systems in countries may result in significantly different Capex Prices for Renewables

8 Financing Renewables Today: The Easy and the Challenging Ones 1 Wind Onshore/ Photovoltaic's Industry more mature High Competition helps reducing costs cost kw/h Biomass/ Biogas The challenge: How to secure long term fuel supply The energy and food debate can be an reputation issue for Sponsors and Banks Generally more complex in financing, very tailor made, no constant project pipeline

9 Financing Renewables Today: The Easy and the Challenging Ones 2 Concentrated Solar Power CSP Revitalization of CSP in the last 2-3 years in particular thanks to Spain Competition still low with high costs kw/h Still tailor made financing, not standard PF financing; Huge investments may come

10 Financing Renewables Today: The Easy and the Challenging Ones 3 Wind Offshore: The Real Challenge! Generally young technology ( 5MW+ class), only 3 / 3.6 MW class in the market for some years. Logistics is one of the Key Challenges Project financing funds is one of the bottleneck in particular for the construction phase Geothermal Drilling and the risk of finding sufficient hot water needs often Venture Capital or Equity Project Financing challenging, only feasible after successful drilling

11 Sponsors in Renewables and Ways of Financing Utilities as Sponsors not always the early birds in Renewables mainly balance sheet financing. Small and Medium Developers / Institutionals/ Sometimes manufacturers Can be driving force in Renewable Investments Copy and pace approach in countries which start promoting Renewables Mainly Project Finance required ROE Expectations for sponsors reaonable if cash flow is predictable (private and Institutionals) A good Example for a private investment A wind 100 MW wind park in Africa Wind cheaper than Diesel/Petroleum generation Projects creates Carbon certificates, shared between sponsor and government

12 Example of a Project Finance Structure ECA Cover/ PRI Cover ECA Cover Bank Wind, Technical, Insurance, Legal Advisors Interest and Repayment Loan SPV Offtake Agmt Offtaker Wind Turbine Manufacturer EPC Contractor Civil Works Various Contracts Equity Sponsors Dividends O&M contract Licenses Regul./Local Authorities Operator

13 Mitigating Risks in Developing Countries. Using ECA and PRI/EPRG Cover ECA Cover (Comprehensive economic and political cover. ) - Key for financing long term investments in Developing countries - Cover in local currency only on a case by case basis - ECA Premium: The higher the country risk, the higher the premium. Generally the right approach, but helpful for stimulating green investments? PRI / EPRG Cover Political cover, -Sometimes enhanced with breach of contract clause - Available in certain countries to stimulate foreign investments Useful instrument, when public entity is the ultimate risk

14 Example : An ECA covered Transaction mitigating Currency Risk The Challenge Local currency financing in TWD in order to mitigate exchange rate risks The Solution Project finance on a local currency basis via two local funding banks Finance credit cover and securitization guarantee in TWD provided by Euler-Hermes 33 2,3 MW wind turbines for the Taichong wind farm with an installed capacity of 75.9 MW Loan amount: TWD-counter value of 78.5 million

15 Key Take Aways A predictable Regulatory Framework is key to attract Private Investors and Financiers but also to establish the renewable industry and to foster innovations. The focus on green investments in developing countries should be in general on the mature and less expensive renewables i.e wind onshore where applicable and/or Photovoltaic PV

16 Key Take Aways Private Investors are often the driving force in fostering green investments. ECA Cover or PRI/ EPRG Cover are very useful instruments for long term investments in developing countries Green investments are not always more expensive than fossil power; in particular as an alternative to base load petroleum /diesel generation and when generating carbon certificates

17 Thank you very much for your attention!

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