Upload
hatuyen
View
229
Download
2
Embed Size (px)
Citation preview
Technical Certification of PV Power Plants:The Key to Bankability for Commercial and Utility-Scale Solar
International Solar Energy Technology Conference
Santa Clara, California
October 27, 2011
Benjamin A. ComptonCOO & VP Commercial Operations
2
AGENDA
• Quality Assurance of Photovoltaic Power Plants
• Ratings in the Financial Sector
• Ratings (Certification) of PV Power Plants
• Procedure and Validation based on Actual Projects
• Summary
Ensuring Higher Yields through Continuous
Quality Assurance in Every Project Phase
1. Secure basis for investment decisions.
2. Early detection and correction of construction errors leads to fault-free start-up.
3. A professional monitoring system ensures stable returns.
3
Planning Phase Construction Phase Operational Phase
Yield Reports
Vendor Audit Construction Supervision Remote Monitoring
Operation & Maintenance
Technical Due Diligence
Technical Acceptance
Technical Consulting
Yield Loss without Continuous Quality Assurance
is on Average about 4%
4
For comparison: Fraunhofer ISE, K. Kiefer, LBBW Konferenz Leipzig, 2008: Yield Loss: 3.6%
50%
55%
60%
65%
70%
75%
80%
85%
90%
mean PR: 76.9 %
PV Plants without Professional Monitoring
PV Plants with Continuous Quality Assurance
mean PR: 81.3 %
PV Plants in Central Europe, Year of Operation 2010, Commissioned 2005-2009
Perform
ance R
atio
Why Certification of PV Power Plants?
• Investors and banks require a consistent and reliable basis of assessment for investment decisions
• Standards help insurance companies assess market risks uniformly
• Certifications / Ratings are a common instrument to cover these requirements
• Creates the ability to compare different projects
5
6
AGENDA
• Quality Assurance of Photovoltaic Power Plants
• Ratings in the Financial Sector
• Ratings (Certification) of PV Power Plants
• Procedure and Validation based on Actual Projects
• Summary
A Rating is a Highly Condensed Evaluation
• In finance, the rating is an assessment of the creditworthiness of a debtor.
• The credtiworthiness is reduced to a single key performance indicator.
• In the US market, a rating is a prerequisite for borrowing capital in the external capital market.
• Institutional investors are required by law or obligated by their own statutes to only buy bonds with a minimum rating.
7
Ratings Scales of Large Credit Rating Agencies
Moody‘s Standard &
Poor‘s
Fitch Designation Description
Aaa AAA AAA Prime Credit risk is almost zero
Aa 1/2/3 AA +/- AA +/- High GradeVery low credit risk. Safe investment with only slight risk of default
A 1/2/3 A +/- A +/- Upper Medium GradeLow credit risk. The investment is safe without any unforeseen events
Baa 1/2/3 BBB +/- BBB +/- Lower Medium GradeModerate credit risk. On average, a good investment.
Ba 1/2/3 BB +/- BB +/-Non-Investment GradeSpeculative
Speculative investment. Possible failures.
B 1/2/3 B +/- B +/- Highly speculativeSpeculative investment. Likely failures.
Caa 1/2/3CCC +/-
CCC
Substantial risks Only with favorable development conditions are there no expected failures.CC Extremely speculative
Ca C In default In default. Major failures.
C D DDD/DD/DIn default with littleprospect for recovery
In default. Major failures with little prospect for recovery.
8
Ratings Levels of a Typical Medium-Sized Portfolio
0%
5%
10%
15%
20%
25%
AA
A
AA
+
AA
AA
-
A+ A A-
BB
B+
BB
B
BB
B-
BB
+
BB
BB
-
B+ B B-
CC
C
Perc
enta
ge D
istrib
ution
9
Source: Creditreform
10
AGENDA
• Quality Assurance of Photovoltaic Power Plants
• Ratings in the Financial Sector
• Ratings (Certification) of PV Power Plants
• Procedure and Validation based on Actual Projects
• Summary
meteocontrol Provides Comprehensive
Quality Assurance in All Project Phases
11
Planning Phase Construction Phase Operational Phase
Yield Reports
Vendor Audit Construction Supervision Remote Monitoring
Operation & Maintenance
Technical Due Diligence
Technical Acceptance
Technical Consulting
PV Plant Certification
An Independent Risk Assessment to Evaluate the
Investment in a PV Project
Benefits for Investors/Banks/Insurance:
• Independent, comprehensive technical evaluation of projects
• Basis for risk assessment
• Comparability of different projects
• Better terms for external capital procurement
• Better deliverability of the investments than equity funds
• Marketing tool
1212
The Project Developer Receives an
Objective Rating System
Benefits for Project Developers:
• Independent documentation of the quality assurance chain
• Better financing terms
• Higher selling price of the PV plants is possible through documented reliable quality
• Marketing tool
1313
Foundation and Definitions of Assessment Criteria
• Technical due diligence experience from previous PV projects worldwide
• Quality assurance services for photovoltaic projects with a total investment volume over $10 Billion
• Data from remote performance monitoring and control of more than 23,000 PV systems with an installed capacity over 3.8 GWp
• Classification and rating of manufacturers on the basis of internal data analysis
• Direct insight into production processes (manufacturer audits)
14
Consolidation into Criteria Catalog
Comprehensive Catalog Reviews and Evaluates
469 Relevant Criteria
15
Ratings Categories Reflect the
Life-Cycle of the PV Plant
1. Planning phase
2. EPC contract
3. Construction phase
4. O&M contract
5. Operational phase
16
• Division into five assessment categories
• Weighted score for each criterion
• “Exclusion criteria“ results in devaluation
• Accredited process is the basis for rating
• Detailed report
• Feedback on the principal points
• Identification of weaknesses
Planning Phase
• Technical Concept and Components
• Yield Reports
• Performance Ratio
• Components
• Security Concept
• General Contractor / Planning
• Documentation and Quality Assurance Concept
• Commercial Concept
• Legal Concept
1717
EPC Contract
• Fundamentals of the EPC Contract
• Technical Criteria
• Project Description
• Project Parameters
• Quality Assurance Concept
• Economic Aspects
• Appendices
18
Construction / Implementation
• Technical Concept and Technical Components
• Yield Reports
• Performance Check
• Components
• Security Concept
• Documentation and Quality Assurance Concept
• Business Management Concept
• General Concept
• Management Company
19
O&M Contract
• Fundamentals of the O&M Contract
• Definition of Services
• Remote monitoring
• Repair work
• Preventive maintenance
• Reporting
• Guarantee of revenue and availability
• Costs / Prices
• Appendices
20
Operational Phase
• Remote Monitoring Concept
• Remove Monitoring Components
• Software for Remote Monitoring
• Documentation and Quality Assurance Concept
• Management Concept
• General Concept
• Security Concept
• Management Company
• Service Companies
• Reporting
• Procedures in case of malfunctions
21
The Accreditation Procedure
• Detailed list of criteria to be applied for PV projects
• Clearly structured process for rating/certification
• Objective, reproducible assessment of all projects
• Accreditation by the German Accreditation Body (DAkkS) has begun
• Regular, independent quality assurance by DAkkS
• Objective: establishment of industry standards
22
23
AGENDA
• Quality Assurance of Photovoltaic Power Plants
• Ratings in the Financial Sector
• Ratings (Certification) of PV Power Plants
• Procedure and Validation based on Actual Projects
• Summary
Procedure for a PV Plant Certification
1.1.• Provide all necessary materials and documents
2.2.• Yield simulation based on system configuration
3.3.• Technical Acceptance of the plant including performance check
4.4.• Assessment of the plant based on Criteria Catalog
5.5.• Examination of the rating result by the rating committee
6.6.• Presentation and disclosure of the client ratings
......• Observation and repeat of the rating (3 to 5 years)
24
A Technical Rating Certificate will be awarded
after review by the Rating Committee
25
Dipl.-Ing. (FH) Martin Schneider
Managing Director, meteocontrol GmbH
Dipl.-Phys. Dr. Daniel Faltermeier
Head of PV Technical Due Diligence
Dipl.-Phys. Dr. Henrik te Heesen
Head of Technical Operations
Dipl.-Ing. (FH) Robert Pfatischer
Managing Director, Head of PV Quality Services
M.S. Eng. Benjamin Compton
COO, meteocontrol North America
M.S. Eng. Christopher Dunne P.E.
VP, meteocontrol North America
Result: Certificate for the PV Power Plant
26
Certificate
Photovoltaic Power Plant
San Francisco
Rating Result
AA+
Lorem ipsum dolor sit amet, consetetur sadipscingelitr, sed diam nonumy eirmod tempor invidunt utlabore et dolore magna aliquyam erat, sed diamvoluptua. At vero eos et accusam et justo duo doloreset ea rebum. Stet clita kasd gubergren, no seatakimata sanctus est Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet, consetetur sadipscingelitr, sed diam nonumy eirmod tempor invidunt utlabore et dolore magna aliquyam erat, sed diamvoluptua. At vero eos et accusam et justo duo doloreset ea rebum. Stet clita kasd gubergren, no seatakimata sanctus est Lorem ipsum dolor sit amet.
Lorem Ipsum
Plaque
Certification
Report
Certification
Implementation of the Certification
with low financial overhead
27
Quality Assurance Concept
Yield Reports
Vendor Audit
Technical Due Diligence
Construction Supervision
Technical Acceptance
Remote Monitoring
Operation & Maintenance
Certification
Report
Certificate
Plaque
Ratings of PV Power Plants is based on
International Financial Ratings
Rating Designation Description
AAA PrimeExceptionally good PV system. The risk of yield losses of the system is almost zero.
AA +/- High Grade Exceptionally good PV system. The risk of yield losses is low..
A +/- Upper Medium GradeVery good PV system. Only in the case of unforeseen events, there is a greater risk of yield losses.
BBB +/- Lower Medium GradeGood PV system. Under typical operation, problems may occur in rare cases that will cause greater yield losses.
BB +/-Non Investment Gradespeculative
Average PV system. Under typical operation, problems may occur that will cause a greater risk of yield losses.
B +/- Highly SpeculativeBelow average PV system. Under typical operation, problems are likely that will cause greater yield losses.
CCC +/- Substantial risksDefective PV system. Only under favorable conditions, the risk of yield losses is minimal.
CC +/- Extremely speculativeVery poor PV system. Only under very favorable conditions during the operation phase, the risk of yield losses is minimal.
CIn default with littleprospect for recovery
Extremely poor PV system. The risk of yield losses in the normal operation of the plant is very high.
28
Maximum Rating of the Distribution of
PV Plants is at “A“
0%
5%
10%
15%
20%
25%
AA
A
AA
+
AA
AA
-
A+ A A-
BB
B+
BB
B
BB
B-
BB
+
BB
BB
-
B+ B B-
CC
C
Perc
enta
ge D
istrib
ution
29
30
AGENDA
• Quality Assurance of Photovoltaic Power Plants
• Ratings in the Financial Sector
• Ratings (Certification) of PV Power Plants
• Procedure and Validation based on Actual Projects
• Summary
31
Summary
• Ratings are a well-known instrument in the financial sector
• Technical assessment of default risk is possible at a glance
• Allows comparability of different projects
• Only minimal additional financial outlay
• Accredited process ensures the highest quality
32
Benjamin A. Comptonmeteocontrol North America, Inc.1001 Marina Village Parkway, Suite 403Alameda, California, 94501 USA
Phone +1 (510) 764-6474 | Fax +1 (510) [email protected] | www.meteocontrol.com
Intellectual property rights:
Copyright meteocontrol North America, Inc., Alameda California (USA) and meteocontrol GmbH Augsburg (Germany). All rights reserved.Text, images, graphic arts and their layout are subject to intellectual property rights and other protective provisions. They must not becopied for commercial purposes, nor must they be distributed, changed or made available to third parties, without prior consent bymeteocontrol North America, Inc. or meteocontrol GmbH. We explicitly point out that images are in part subject to third parties‘ intellectualproperty rights.
Let it shine!!