To presentatie netwerkbijeenkomst eemshaven 120209


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Carel Kort, controller for Typhoon Offshore's Gemini project, gives presentation at

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To presentatie netwerkbijeenkomst eemshaven 120209

  1. 1. Netwerkbijeenkomst EemshavenFebruary 2012 Making Sustainability Bankable CONFIDENTIAL
  2. 2. DisclaimerThis presentation was prepared by Typhoon Offshore B.V. (“TO”) exclusively for use at the“Netwerkbijeenkomst Eemshaven”.This presentation is incomplete without reference to, and should be viewed solely in conjunctionwith, the oral briefing provided by TO. Information in this presentation may be based uponmanagement forecasts and reflects prevailing conditions and our views as of this date, which areaccordingly subject to change. No representation or warranty is made or accepted in respect of theinformation contained herein.This presentation is proprietary to TO and may not be disclosed to any third party or used for anyother purpose. By accepting this document, the recipient agrees that he/she will not copy,reproduce, distribute or otherwise disclose this document or the contents hereof at any timewithout the prior written consent of TO. Making Sustainability Bankable 2 CONFIDENTIAL
  3. 3. Contents 1. Introduction Typhoon Offshore 2. Realisation offshore windproject Gemini 3. Innovation/choices 4. Local Impact 3 CONFIDENTIAL
  5. 5. Typhoon Offshore: Building on ExpertiseTyphoon Offshore Typhoon Offshore is the daughter company of Typhoon Capital (Est. Amsterdam 2009) and is dedicated to investing in and development of offshore wind energy projects. Typhoon Offshore’s objective is to acquire stakes in offshore wind projects in the North Sea. Typhoon Offshore then contributes its expertise to bring these projects to financial close, creating value and compelling investment cases for long term investors. Members of Typhoon Offshore’s core-team • Strong transaction execution skills successfully managed the landmark projects Belwind • M&A and financing expertise and PrinsesAmalia [Q7] to financial close and during • Structuring capabilities construction, and were responsible for innovations • Technical expertise which have become market practice. The team has a • Project management experience strong network in Europe, Asia and the Middle East. • Financial control experience 5 CONFIDENTIAL
  6. 6. Typhoon Offshore: Building on Expertise The team already developed, financed and/or commissioned over 20 renewable energy infrastructure projects with a total capacity in excess of 1GW and a transaction value of around EUR 2 billion 6 CONFIDENTIAL
  7. 7. Typhoon Offshore: position in the value chain Key project milestonesSecuring permits Structuring Contracting Financing Construction Operationalsite rights 2 – 10 yrs 1 – 2 yrs 2 – 4 yrs 20 yrs+ 7 CONFIDENTIAL
  9. 9. Project Gemini 600MW Offshore wind in the Netherlands• Involved since September 2009, TO acquired 30% interest in early 2010 and in August 2011 TO acquired full ownership of the Dutch Project “Gemini” (formerly BARD Offshore Netherlands).• With its planned 600 MW capacity, it is the largest offshore wind farm to date in the North Sea area, totalling a CAPEX of €2.4 Bln.• Financial close is scheduled for Summer 2012 and start of construction in 2013 Project characteristics • Project Gemini consists of 2 X 300 MW fully permitted offshore wind farms in the Netherlands. • Buitengaats (300MW) and ZeeEnergie (300MW) have both an approved permit (“Wbr”) and a granted Dutch feed-in tariff (‘SDE”). 9 CONFIDENTIAL
  10. 10. Project Gemini…..continueGemini Offshore Nederland:• 600MW• (100-200) x (3- 6MW turbines• Waterdepth : 20-40m.• Distance to shore: ca. 85KM• 2 Offshore platforms + 1 On shore grid station.Total amount of steel: ±200.000’MT’ (Foundations, tower, platform)Approx 500km Cabling Construction Costs:• Turbine supplier agreement € 800m• EPC/BoP € 700m• Grid € 550m Other Costs:• Financial and structuring, devex €350m15 yrs Full Maintenance & Insurance contract Tennet 10 CONFIDENTIAL
  11. 11. Project Gemini – Green Energy • Project Gemini is located at one of the best offshore wind location in NL with average wind speeds of ±10 m/s Estimated annual production for 600MW: 2,400 GWh. • Electricity for ± 700,000 households / 1,500,000 habitants per annum which almost equals the number of people living in the 3 Northern provinces of The Netherlands. • Annual emission reduction • 1,250,000 Ton CO₂ • 3968 Ton Nox • 4284 Ton SO2 11 CONFIDENTIAL
  12. 12. Stakeholders Sponsors: Debt Providers HVC (15%) EIB Typhoon Offshore (85%) Contracts, supplier & Korean Banks construction KfW ECAs 1. WTG supplier for turbine supply Global Commercial Banks 2. Consortium for EPC/BoP •Consortium also for installation turbines •Consortium main EPC contractor Mezzanine Providers Grid PROJECT ± EPC/Supply parties (vendor GEMINI finance) •WTG O&M contract Electricity Off-takers (PPA) •Grid O&M contract •Insurance Contract(CAR & BI) Envisaged Strategic + financial investors (equity) @FC HVC (15%) Typhoon Offshore (10%) Revenue from: Contractors + Supplier (24%) PPA contract Undisclosed as of yet (51%) SDE subsidy Green certificates (GVOs) 12 CONFIDENTIAL
  13. 13. A typical offshore wind farm: how does it work? 2 3 6 5 7 4 1 Source:BWEA• Piles are driven into the seabed at a suitable place. The top of the foundation is painted a bright colour to make it visible to ships and has an access platform to allow maintenance teams to dock• Once the turbine is assembled, sensors on the turbine detect the wind direction and turn the head, known as the nacelle, to face into the wind, so that the blades can collect the maximum amount of energy. The movement of the wind over the aerodynamically shaped blades (2) makes them rotate around a horizontal hub, which is connected to a shaft inside the nacelle (3). This shaft, via a gearbox, powers a generator which converts the energy into electricity• Submarine cables (4 & 7) transport the power to an offshore transformer (5) which converts the electricity to a high voltage before running it back to connect to the grid at a substation on land (6) 13 CONFIDENTIAL
  14. 14. Outline workschedule• Pile driving and installation of the foundations (1)• Installation wind turbine (2 & 3)• Infield cabling (4)• Transformer platform & Transformer AC/ DC Convertor platform (5)• Export cable (7)• Onshore Convertor DC/ AC Transformerstation (6) 14 CONFIDENTIAL
  15. 15. Contracting Strategy: Two contract strategy Our business: Structuring, Contracting, Financing Typhoon Offshore • combines capital and industry leading knowhow • aims at superior financial and environmental returns • innovates by applying the dual contract model • resulting in bankable projects •Non recourse construction & project finance Clear Contracting strategy & Reliable contractors = No loose ends = Bankability 15 CONFIDENTIAL
  17. 17. Start detailed design and engineering 17 CONFIDENTIAL
  18. 18. Type of Foundations for Offshore wind 18 CONFIDENTIAL
  19. 19. Design & detailed engineering • Tenor 15 yrs • Minimum 25 yrs • Hostile environment • Installation Challenges 19 CONFIDENTIAL
  20. 20. Foundation examples: Monopiles • Water depths max 35 mtrs • Turbines max 3,6MW • Proven design • Sufficient production capacity available 20 CONFIDENTIAL
  21. 21. Foundation examples: Tri-pod & Jackets Water depth >40mtrs Water depths >20mtrs Turbines > 5MW Turbines > 5MW 21 CONFIDENTIAL
  22. 22. Wind turbine structure 60 mtr Turbine 200 - 500 ton Tower 200 ton Foundation weight 67 mtr 800 - 1250 ton 235mtr 23 mtr 35 mtr 97 mtr 50 mtr 22 CONFIDENTIAL
  23. 23. Construction CONFIDENTIAL
  24. 24. Pile driving and scour protection 24 CONFIDENTIAL
  25. 25. Vessel/Barge for pile driving and transition piece installation CONFIDENTIAL
  26. 26. Transition piece and Installation of tower/ wind turbine CONFIDENTIAL
  27. 27. Installation Transformer platform 27 CONFIDENTIAL
  28. 28. Transformer platform & exportcable laying vessel CONFIDENTIAL
  29. 29. Onshore cabling CONFIDENTIAL
  30. 30. Maintenance• Full time maintenance• Scheduled and un-scheduled• Operations 30 CONFIDENTIAL
  32. 32. (Possible) Impact of investments• New permanent job creation in the region; direct as well as indirect For our 600MW project: – During installation and construction on average 500 fte/yr – During operational phase on average 120 fte/yr In Germany about 25,000MW will be realized In the UK approximately 35,000MW• Further development of the Dutch maritime and installation industry• Dutch ports could become hubs for maintanence• The Netherlands are located at a central position in the North Sea Area. CONFIDENTIAL
  33. 33. Eemshaven leading the way in offshore windNorth Sea: global centre for Offshore Wind Largest, most dedicated and concentrated area foroffshore wind power > planned capacity of 60 to 80 GWto be operational in the next 20 years. After the nuclear disaster in Japan, several Europeangovernments emphasised their necessity to switch toother sustainable energy sources. Germany not onlydecided to fully cancel their nuclear energydevelopment program, they even decided tocompletely stop their nuclear energy production Offshore wind considered one of the main sourcesfor sustainable Job creation and renewable energy inNorth-West Europe. Strong dedication and supportfrom the public/governmental sector will accelerate UK: 36 GW / Germany: 25 GW / Belgium: 2 GW / Netherlands: 3 GW /France 6 GW / Others (Scandinavia):development and further shorten the planned timelines 10 GWtowards project completion. 33 CONFIDENTIAL
  34. 34. Workshop/ factory for Monopiles and Jackets • Foundations about 20,000 man- hours • Based on Ikea-approach • Pre fab tubular and other • Secondary steel per ton 3 to 5 man- hours production. 34 CONFIDENTIAL
  35. 35. What could all this do for the Eemshaven• Good geographical location• What industry is already present and what else is needed?• Steel processing• Logistics• Construction Support• Maintenance 35 CONFIDENTIAL
  36. 36. Contact details Amsterdam - Head Office London Office Seoul Office Apollolaan 150 133 Houndsditch 27F. Trade Tower 1077 BG Amsterdam London EC3A 7BX 159-1 Samsung Dong, Seoul 135-729 The Netherlands United Kingdom South Korea Tel: +31 (0)20 840 8600 Tel: +44 (0)203 402 6022 Tel: +82 (0)2 6007 2677 E-mail: 36 CONFIDENTIAL