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DNV GL © 2013 SAFER, SMARTER, GREENER DNV GL © 2014
Innovative Climate Financing in South East Asia
Ragna Schmidt-Haupt (Head of Policy, Strategy and Renewables)
ASIA CLEAN ENERGY FORUM, Manila, June 2015
ENERGY - RENEWABLES ADVISORY
11 June 2015 1
DNV GL © 2013
DNV GL Energy An energy technology powerhouse
3
10 laboratories including world’s largest high power and high voltage test lab
Largest
independent technical advisor on renewable energy
2,500
independent energy experts
90 years experience, including 30 years in energy efficiency and wind energy
No. 1 in high power and high voltage testing
25 Leading certification body with more than 25 standards and guidelines published
Global Advisory | Wind 160+ GW | Solar 45+ GW
DNV GL © 2013
Our work in renewables
Manufacturers
Developers,
owners and
operators
Investors
Technology
Projects
Asset
operation
We work with our
customers…
…in the solar, onshore
wind and offshore
renewables sectors…
..to enhance their
projects, technology and
asset operations.
4
Policy
makers
DNV GL © 2013
Risk profile of renewable energy projects
11 June 2015 6
Time
Ris
k E
xp
osu
re
Commercial Grid connection, offtake
agreement, Sponsor experience EPC track record, contracts and warranties, project management
Interest rates, currency, inflation, labour costs, insurance, tax
Regulatory Permits, land lease/ ownership,
environmental, social Regulatory change,
interconnection and transmission Regulatory change
Players Processes Technology
Technical Energy resource, site location,
design, technology Reliability of technology,
weather, installation, testing Reliability of technology, O&M experience, scope, spare parts
Phase 1: Development Phase 2: Construction Phase 3: Operation
Platform Funding/ M&A/ IPO
Crowd Funding/ Sourcing
Investment Funds/ Developers
Yield Cos
Securitisation
Green Bonds
Non recourse Project Finance
DNV GL © 2013
Case Study - Securitisation
11/6/15 8
US SolarCity’s Securitisation
Company: SolarCity
Location: US
Size: 44 MW (Round 1), 5,033 PV systems (71% residential)
na MW (Round 2), 6,596 PV systems (87% residential)
118 MW (Round 3), 15,915 PV systems (86% residential)
Technology: PV
Capital raised: USD 54 million (Round 1)
USD 70 million (Round 2)
USD 201 million (Round 3)
Yield: 4.8% (Round 1), 4.59% (Round 2), 4.32% (Round 3)
• Asia next? • Australia, China?
• What is needed? • Scale • Standardisation of equipment, contracts,
design etc • Experienced players EPC partners • Streamlined connection processes • Quality equipment • Geographic diversification • “Relatively stable” policy environment
DNV GL © 2013
Case Study – Yield Co
11/6/15 9
Solar Yield Co
Company: Foresight Solar Fund Limited
Location: UK
Technology: 145,5 MW PV
Capital Raised: 150 million GBP
Dividend: 6%
• Asia next? • Thailand, Singapore, Hong Kong, China?
• What is needed? • Scale • Experienced players with pipeline of
operational projects • Stable/reliable offtake agreements • Proven processes • “Relatively stable” policy environment
DNV GL © 2013
Case Study – Green Bond
11/6/15 10
Green Bond in Singapore
Company: Greenko Plc
Location: India
Technology: Hydro and wind assets
(~650MW)
Capital raised: USD 550 million
Yield: 8% (Senior Fixed Rates Notes)
Source: Standard Chartered Bank
DNV GL © 2013
Case Study – Solar Bond
11/6/15 11
Solar Bond issue by Standard Chartered
Company: Singyes Solar, China
Location: Singapore
Technology: Solar assets
Capital raised: CNH 560 million
Yield: 7.875% (Senior Fixed Rates Notes)
DNV GL © 2013
Case Study – Green Bond
11/6/15 12
Green Bond issued by various Thai Banks
Company: SPCG Public Company Limited
Location: Thailand
Technology: Solar assets
Capital raised: NTE THB 4000 million
Yield: 5.5%
• Asia now • Singapore, Thailand • Hong Kong, all developed solar markets
next? • What is needed?
• Green bond issuance is linked to credit rating of issuer.
• Proven pipeline of RE assets • “Relatively stable” Policy, regulatory and
Grid connection environment
DNV GL © 2013
Case Study - Crowd Funding
11/6/15 13
PV Crowd Funding
Company: United Photovoltaics Group
Location: China
Size: 1MW
Technology: PV
• Asia now • China, Singapore • Thailand, Philipp., AU, NZ, Indo, Mal next?
• What is needed? • Scale in terms of number of projects, less
relevant is project size • Standardisation of equipment, contracts,
design for multiple projects investment • Experienced players , Proven processes • “Relatively stable” Policy, regulatory and
Grid connection environment
DNV GL © 2013
Technical Innovations & Trends
11 June 2015 15
The cost of Storage and PV (its key driver) are both dropping, and the wider use of Smart Grid technolgy is at our doorstep.
The next wave of technical innovation, around Storage and Smart grid solutions, will accelerate business and finance models further.
$/kWh Battery Cost
Bi-directional information flow
Bi-directional Energy flow
DNV GL © 2013
It’s an exciting time for solar energy finance
11/6/15 16
• Confidence in the technology, processes, markets and players is the starting point
• We are there to help!
The bright ideas discussed are financial innovations that are happening somewhere in the
world right now, and in APAC too!
DNV GL © 2013
SAFER, SMARTER, GREENER
www.dnvgl.com
Any questions? Thank you!
11 June 2015 17
Ragna Schmidt-Haupt,
Head of Policy, Strategy & Renewables
+65 9170 8230