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Harry Boyd-Carpenter, Director, Head of Power and Energy Utilities, EBRD


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Athens Energy Forum 2019 | Panel Discussion 7 - Renewable energy sources & energy efficiency

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Harry Boyd-Carpenter, Director, Head of Power and Energy Utilities, EBRD

  1. 1. EBRD – renewable financing in Greece Harry Boyd-Carpenter Director, Head of Energy EMEA
  2. 2. Overview of EBRD 2 Key Facts Shareholding Structure 64% 8% 10% 9% 9% Established in 1991. The EBRD is owned by 67 countries from five continents, as well as the European Union and the European Investment Bank. Capital base of €30 billion The EBRD has a triple-A rating from all three main rating agencies (S&P, Moody’s and Fitch) Invested €119 billion in 5,035 projects, since inception In 2017 invested €9.6 billion in 412 projects (88% debt, 5% equity, 7% guarantees) • Number of projects at Dec 2017: 475 • Net cumulative Bank Investment: €19.8 billion • In 2017, ENRBG signed 56 projects in the amount of €2.1 billion EU27 countries Includes European Community and European Investment Bank (EIB) each at 3%. Among other EU countries: France, Germany, Italy, and the UK each holds 8.6% As at January 2017 EBRD region Excluding EU, Russia at 4% USA Japan Other Energy and Natural Resources Business Group
  3. 3. EBRD is the leading financier of renewable energy in its region EBRD Renewable projects since inception to Oct 2018 • 160 projects in 30 countries • 8,558 MW of new renewable capacity • More than EUR 4.5bn of EBRD investment • Approximate project value of EUR 15bn MW total is greater than totals shown on map due to regional projects not included and other minor adjustments. Albania 333 MW hydro Armenia 63 MW hydro Azerbaijan 153 MW hydro Bulgaria 26 MW hydro 216 MW wind Croatia 1 MW biomass Cyprus 12 MW solar Egypt 751 MW solar Estonia 20 MW biomass 150 MW wind FYR Macedonia 23 MW hydro Georgia 417 MW hydro 20 MW wind Greece 48 MW wind 40 MW various Hungary 158 MW wind Jordan 265 MW solar 127 MW wind Kazakhstan 24 MW hydro 232 MW solar 51 MW wind Latvia 27 MW hydro Mongolia 30 MW solar 155 MW windMontenegro 4 MW hydro 72 MW wind Poland 130 MW biomass 1,209 MW wind Romania 210 MW hydro 50 MW solar 557 MW wind Serbia 2 MW biogas 2 MW biomass 23 MW hydro 263 MW wind Turkey 210 MW geothermal 85 MW solar 520 MW wind Ukraine 4 MW biogas 18 MW biomass 188 MW hydro 99 MW solar 79 MW wind Morocco 16 MW hydro 120 MW wind Belarus 4 MW biogas Bosnia and Herzegovina 26 MW hydro Russian Federation 40 MW geothermal 336 MW hydro Tajikistan 37 MW hydro
  4. 4. Greece as an EBRD Country of Operation 4 • EBRD’s engagement is to tackle the consequences of the financial and economic crisis and assist in addressing the structural challenges embedded in the country’s economy • EBRD’s activities are intended to contribute to the momentum of its recovery and strengthen the reform process of Greece’s economy • EBRD has a primary focus to: o encourage foreign and domestic investment o strengthen the role of the private sector o deepen regional integration o help to build an economy which is competitive, integrated, well-governed, green, resilient and inclusive EBRD activity in Greece to date: 42 projects €2.1 billion Cumulative EBRD investment 100% Private sector
  5. 5. €28.3 million Invested in2017 €28.3 million participation in the €74.5 million Eurobond issue to support the company’s capex in renewable energy projects €50 million bond loan to support development, construction and operation of new renewable energy projects €50 million Invested in2016 5 EBRD in Greece - Energy Sector Investments/ Projects to date €15 million participation in the €120 million corporate bond issued and listed on Athex €15 million Invested in 2018 $95 million Invested in 2016 $75 million senior loan & $20 million subordinated loan to support ongoing investment plans $52.5 million senior loan & $20 million subordinated loan to support revised investment plans $72.5 million Invested in2018 €10 million participation in the €90 million bond issued and listed on Athex €10 million Invested in2018 €1.2 billion A/B loan approved, to be part of a €4 billion project finance debt package to support the capex and other costs in relation to the project €1.2 billion Signed in2018 €1 million Invested in 2018 €1 million equity investment to finance the establishment of the Hellenic Energy Exchange in Greece Hellenic Energy Exchange Technical assistance Launched in2016 Technical assistance for the implementation of the European Offshore Safety Directive (2013/30/EU) and improvement of safety of oil production in Greece Launched in2017 Street lighting with three municipalities Investments under consideration  Grid infrastructure investments, including gas and power interconnections  Investments in RE licenced under the new auction based support scheme  Investments linked to gas market liberalisation  Resource efficiency investments for municipalities and corporates Launched in €300 million Greek Renewable Energy Framework EBRD to finance €200 million in renewable energy projects and €100 million in network investments 2017 Technical assistance Technical baseline study for upgrading street lighting infrastructure in cities of Piraeus, Chania and Corfu. Considering Framework for financing street lighting PPP’s €18 million bond loan to support the 44 MW Rachoula windfarm €18 million Signed in2018
  6. 6. 6 EBRD Greek Renewable Energy Framework Framework size EUR 300 million1 Sectors covered Electricity distribution and transmission Electricity generation from renewable sources 3 Type of Clients Public or private clients4 Qualification Projects that are 100% compliant with the Green Economy Transition approach. i.e. for grids: (i) network modernisation and expansion investments aiming to reduce losses, remove technical/technology barriers that hinder renewables integration, and improve efficiencies; (ii) communication systems and automatic control systems investments aiming to support implementation of smart grid systems; and (iii) investments resulting in direct and indirect carbon emissions reductions. 5 EBRD Finance Up to 35% of the Total Project Cost2
  7. 7. EBRD – renewable financing in Greece Harry Boyd-Carpenter Director, Head of Energy EMEA