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REPORTING FROM 5 NOVEMBER - Climate Investment Funds · PDF file 2019. 8. 21. · Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

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Text of REPORTING FROM 5 NOVEMBER - Climate Investment Funds · PDF file 2019. 8. 21. · Q1...

  • REPORTING FROM 5 NOVEMBER

  • İSTANBUL, 5 NOVEMBER 2012 2 / / / /

    Context

    Case Studies

    Matching expectations,

    Looking ahead

  • INTERACTIVE: Where do you live? 1. Asia

    2. Middle East and North Africa

    3. Europe

    4. North America

    5. Latin America and the Caribbean

    6. Sub-Saharan Africa

    7. Australia and Oceania Asia 19%

    MENA 2%

    Europe 31%

    North America

    22%

    Sub- Saharan

    Africa 14%

    Latin America

    10%

    Oceania 2%

    Total

  • INTERACTIVE: What perspective do you bring? 1. Policymaker

    2. Regulator

    3. Civil Society / NGO

    4. International Organization

    5. Investor

    6. Project developer Policyma ker

    14%

    Civil Society /

    NGO 26%

    Internati onal Org

    26%

    Investor 17%

    Project develope

    r 17%

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 5 / / / /

    GLOBAL NEW INVESTMENT IN CLEAN ENERGY 2004–11 ($BN)

    Source: Bloomberg New Energy Finance

    Note: Includes corporate and government R&D, and small distributed capacity. Adjusted

    for re-invested equity. Does not include proceeds from acquisition transactions.

    $54bn

    $75bn

    $113bn

    $153bn

    $187bn $189bn

    $247bn

    $280bn

    39%

    51%

    35%

    22%

    1%

    31%

    13%

    2004 2005 2006 2007 2008 2009 2010 2011

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 6 / / / /

    TOTAL INVESTMENT IN CLEAN ENERGY

    Source: Bloomberg New Energy Finance, Columbia Pictures

    In energy, a billion dollars

    isn’t cool. You know what’s

    cool?

    A trillion dollars.

    That’s cool

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 7 / / / /

    8.6 8.4 7.8 9.5

    11.5

    16.5

    12.9

    18.4 19.7

    21.7 21.6

    34.0

    24.9

    28.4

    33.7

    46.2

    34.0

    45.9

    41.0 43.1

    26.2

    45.745.5 42.7

    46.5

    52.2 55.5

    63.3

    53.9

    71.8 70.7

    58.0

    48.0

    59.6

    56.6

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

    2004 2005 2006 2007 2008 2009 2010 2011 2012

    Four quarter running average

    NEW INVESTMENT IN CLEAN ENERGY Q1 2004–Q3 2012 ($BN)

    Source: Bloomberg New Energy Finance

    Note: Total values include estimates for undisclosed deals. Excludes corporate and government R&D.

    Includes small distributed capacity & adjustment for re-invested equity.

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 8 / / / /

    CROSS-BORDER INVESTMENT SHARES BY REGIONAL

    FLOW, 2004 – H1 2012 (%)

    Source: Bloomberg New Energy Finance

    Note: new build asset finance for renewable energy projects only. Investment volumes show cross-border

    (or foreign) investments only. Domestic investments are excluded here.

    0%

    10%

    20%

    30%

    40%

    50%

    60%

    70%

    80%

    90%

    100%

    2004 2005 2006 2007 2008 2009 2010 2011 H1 2012

    North/South

    South/South

    South/North

    North/North

    Shows that investment in the South in 2011 surpassed the 25% mark

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 9 / / / /

    It is impossible –

    and also very

    difficult

    EL GALLO, BULLFIGHTER

  • PRIVATE SECTOR ADAPTATION:

    EMERGING EXPERIENCE FROM

    GLOBAL BUSINESS

    CARBON DISCLOSURE PROJECT

    FRANCES WAY

  • Adaptation is a Business Issue

    “Changing temperatures and precipitations patterns may lead to decreased availability of

    critical raw materials in the supply chain, especially agricultural commodities. These will

    lead to the increased operational cost or even disrupt the business operations along the

    entire value chain of Nestlé.”

    Nestlé 2012 CDP Response

  • Global 500 2012 Climate Change Responses

    Allianz reported that in 2011

    it processed $2.2 billion in

    natural catastrophe claims

    (including non-weather

    related claims). This is the

    largest sum for natural

    catastrophes in its history.

    Timeframe for expected physical risk impact (number of companies)

    81% of G500 respondents

    report physical risks

    (+10% from 2011)

    96% have board or senior level

    oversight of climate change

    (+3% from 2011)

    78% integrated climate change

    into wider business strategy

    (+10% from 2011)

  • İSTANBUL, 5 NOVEMBER 2012 13 / / / /

    Context

    Successes

    Matching expectations,

    Looking ahead

  • The Developer’s Perspective Ouarzazate 1 CSP Project in Morocco

    Climate Investment Funds'

    Private Sector Forum Istanbul, November 5, 2012

  • What was the innovative factor in the investment?

    Sunday, 04 November 2012 Ouarzazate 1 CSP Project in Morocco 17

     Ouarzazate 1 CSP (160MW with three hours

    of storage) is one of the three largest CSP

    projects under development in the world

     With only 1.6 GW of installed CSP capacity

    in the world, this plant alone at 160MW will

    add 10% to the total installed global capacity

     This project has delivered a framework that

    has enabled International Financial

    Institutions (IFIs) who by charter can only

    lend to Governments, lend to a project

    structured within the framework of Limited

    recourse Project finance which underpins the

    PPP model of service delivery contracts.

     This has been achieved by the IFIs lending

    through a government vehicle; in this case

    MASEN (the Moroccan Renewable Energy

    procurement Agency) but with “look through”

    and “back to back” terms

    1

  • Sunday, 04 November 2012 Ouarzazate 1 CSP Project in Morocco 18

    How did the CIF funds add value to the tariff? 4

    Debt Funding Leverage

    Tenor/

    years

    Debt

    interest

    rate

    Resulting

    tariff US

    cents/kWh

    Likely funding from commercial sources for this

    very large CSP project in Morocco

    75/25 20 7.5% 24.5

    The optimistic commercial debt funding case 75/25 20 5.5% 21.5

    IFI funding (including CIF Funds) 80/20 25 3.5% 18.9

    The issues on

    Debt funding is

    • Liquidity/Availability of the required amount

    • Leverage (equity / debit ratio)

    • Tenor of debit

    • Price of debit (interest rate)

    ?

    What has CIF Funds and World Bank leadership brought to this project?

    • Discounted pricing terms, (buying down the risk premium of the project)

    • Mobilizing larger amount of funds (bringing other public sources of funding

    from MDBs, bilateral agencies, and government)

  • DenizBank Project Finance

    CIF 2012

  • Partnerships with IFI’s and Development Banks

    Cofinancing partnerships with development banks

    Funding partnerships

    • EUR 150 million MidSEFF (EBRD & EIB)

    • USD 40 million TURSEFF (EBRD & JBIC& CTF)

    •The objective of MidSEFF & TURSEFF is to reduce Turkey’s dependence on fossil

    fuels by financing private sector investments in mid-size renewable energy projects.

    • 2009 : DenizBank financed the Rotor Wind Power Plant of Zorlu Group (135

    MW) in partnership with EBRD, IFC, EIB

    • 2009 : DenizBank participated in the financing of the Akfen HEPP portfolio (20

    HEPP’s with total IC 270 MW) in partnership with TSKB

    • 2009-2010 : DenizBank provided letters of guarantee lines for TKB for Muratlı

    HEPP and Kapıdağ WPP

  • Sustainable Energy Financing: TURSEFF&MidSEFF

    DenizBank Experience

     ~ 90 diversified renewable energy & energy efficiency transactions realized

    through TURSEFF & MidSEFF lines with over USD 100 mio loan exposure

     Mainly SME & commercial banking segment clients benefiting from a

    systematic approach:

    • Due diligence & double checking of the technical assumptions

    • ESAP (Environmental&Social Action Plan): Road map with concrete

    actions & supervision of environmental and social issues

     Enhanced awareness of environmental standards

    More Clean, Conscious and Sustainable…

  • İSTANBUL, 5 NOVEMBER 2012 22 / / / /

    Context

    Successes

    Matching expectations,

    Looking ahead

  • MICHAEL LIEBREICH, ISTANBUL, 5TH NOVEMBER 2012 TWITTER: @MLiebreich 28 / / / /

    CLEAN ENERGY FINANCE AND CLIMATE FINANCE

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