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Tom Georgis | SolarReserve


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Visit the Solar Institute for details of the 2011 Solar Symposium:

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Tom Georgis | SolarReserve

  2. 2. COMPANY OVERVIEW• California-based developer of large-scale solar power projects – includes development of Concentrated Solar Power projects (CSP) and Photovoltaic (PV) projects.• Exclusive 20-year license to the Molten Salt Power Tower technology from Pratt & Whitney Rocketdyne, a subsidiary of United Technologies Corporation (UTC) • Inherent thermal energy storage allows for dispatchable power on demand • Lowest projected Levelized Cost of Energy (LCOE) of any CSP technology • Significant projected future cost reductions and efficiency improvements expected• Geographically diverse portfolio of more than 3,000 MW of CSP projects • Three lead projects (300 MW) – two PPAs with $3.7 billion in projected revenues • Late stage projects represent more than 600 MW under permitting • 25 sites and more than 150,000 acres under control• Expanding into Photovoltaic activities – development pipeline of more than 1,100 MW • Primarily in the 5MW to 20 MW capacity proposed over 40 different sites • Several large scale PV projects in the 50 MW to 200MW capacity range • Expected to start construction on up to 400 MW in 2011• Experienced management team with extensive energy industry experience • More than 15,000 MW and $20 billion built and financed projects • Experienced management/executives from Bechtel, Black & Veatch, Edison, Enron, HSBC, Invenergy, LS Power, Nexant, Rocketdyne, Rolls Royce Power Ventures, and Sempra Overview 2
  3. 3. SIGNIFICANT MARKET OPPORTUNITY• The United States and Spain lead the global market in near-term capacity additions• Other high DNI locations with great growth potential include North Africa, the Middle East, China, Australia, and South Africa Projected Global CSP Installed Capacity (Cumulative MW) 30,000Global DNI locations 25,000 20,000 Cumulative Global MW 43% ‘10-’19 CAGR 15,000 10,000 5,000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Installed CSP capacity is expected to grow at a 41% CAGR from 2010 to 2020 and will require over $100 billion of cumulative investment through 2020 Overview 3
  4. 4. REFERENCE SOLAR POWER PLANT• 150 MW = 10-12 Hours Operation • No Natural Gas Required = 0 Emissions• Inherent Storage = 100% Dispatchable • Air Cooled = Minimal Water• ~ 500+ GW/hours Annual (high quality DNI) • 24 month Construction 4
  6. 6. TECHNOLOGY VALIDATED AT SOLAR TWO Receiver Performance Exceeded prediction (receiver efficiency 88%) US DOE endorsing conclusions Achieved design temperatures, flow rates, “The 10 megawatt Solar Two and pressures power tower pilot plant near Plant Performance Barstow, California, successfully completed  Dispatchability operations in April, 1999, Storage Performance  Demonstrated electric having met essentially all of power up to 24 hrs/day its objectives.” Demonstrated low daily heat  Power output (10 MW loss (98% efficiency) “Over the three-year nominal) Continuous operation of operating lifetime, daily pumps operation of Solar Two became relatively routine, with various performance records broken on a fairly regular basis.” Collector Performance US Department of Energy – Demonstrated sun-tracking Sunlab Snapshot, March 2000 throughout the year Solar Two exceeded performance targets and test objectives 6
  7. 7. DEVELOPMENT PORTFOLIO• 3,000 MW/140,000 acres (56,000 ha) / • Early stage projects 25 sites • High DNI locations, large land areas • Actively evaluating additional 40,000 acres identified, permitting not yet initiated (16,000 ha) • 1,700+ MW • Other international markets (Italy, Greece,• Lead projects: North Africa, South Africa, the Middle East, • Fully permitted, targeted financial close in and Australia) 2010 or early 2011 • 300 MW / 3 projects • Land rights to approximately 30,000 acres • 1.2 million MWh / year (12,000 ha) and partial development of PV >$200mm of EBITDA portfolio and >$5.5 billion in revenues• Late stage projects: • Secured over 90% of land rights; proceeding into full permitting • Construction could commence as early as the end of 2011 • 650 MW / 6 projects • 2.4 million MWh / year
  8. 8. LEAD PROJECTSProject Name Tonopah Cinco Casas RiceLocation Tonopah, Nevada Alcazar de San Juan, Castilla-La Rice Airfield, California Mancha, SpainSize 100 MW 50 MW 150 MWApproximate Base 460,000 MWh / year 300,000 MWh / year 440,000 MWh / yearCase (net effectiveoutput MWh)DNI (kWh / m2) 7.34 / day 5.6 / day 7.10 / day 2,680 / year 2,050 / year 2,590 / yearSolarReserve 100% 50 / 50 basis with Madrid-based 100%Ownership PrenealTargeted 2Q 2011 4Q 2011 3Q 2011Construction DateOther  25-year PPA executed with NV  Project received “Declaración de  25-year PPA executed with PG&E Energy (Nevada), PUCN Impacto Ambiental del Proyecto” (California), CPUC approved approved (“DIA”) in November 2009  Private land secured for project –  Interconnection / transmission  DIA is the main environmental land under option by SolarReserve secured for up to 180 MW (LGIA permit for the project (3,300 acres) negotiated)  Joint Venture Agreement  Full Application for Certification  BLM land secured for project executed with Preneal in October (“AFC”) filed in October 2009 with  Project selected for “fast track” 2009 the California Energy Commission, permitting by Department of  100% of the land is under option Dec approved Interior, ROD Dec 2010 control (all private land)  Interconnection / transmission  DOE LGP DD  50 MW interconnection secured application in place for California ISO for 250 MW (initial security posted) with WAPA alternative  DOE LGP DD 8
  9. 9. MOLTEN SALT IS THE LEADING CSP TECHNOLOGY Trough with Tower – PV Trough Molten Salt Power Tower Storage Direct Steam Lowest projected LCOE for CSP Cost projects – as determined by independent studies Inherent thermal storage allows for Storage / dispatchable on demand power for Dispatch up to 24 hours a day thus eliminating intermittency issuesEconomies of Central receiver design minimizes active piping for utility scale plant Scale applications Consideration for the localization % Local of supply Supply Proven for three years at 10 MW demo plant with significant subsequent technology Proven improvements; engineering Technology parameters at or below 1x scale- up factors to increase receiver thermal rating by 13x Exclusive license agreement with Bankability ability to secure technology supply from UTC Poor Outstanding 9
  10. 10. CONCLUSION• Leading US–based developer of large-scale CSP and PV projects• Exclusive license to leading Molten Salt Power Tower and Heliostat technology • Proven at 10 MW demonstration plant built in cooperation with US Department of Energy • Inherent thermal energy storage allows for dispatchable power on demand – 12 to 16 hours of storage per project depending on utility requirements • Lowest projected LCOE for CSP projects – as determined by independent studies • Projected future cost reductions and efficiency improvements leading to significant further LCOE reductions• Extensive development portfolio: • More than 3,000 MW of CSP projects with two signed PPAs in the US • Over 1,100 MW of PV in various stages of development• Experienced and proven management team with more than 15,000 MW ($20 billion) of project experience and aggregate industry experience of more than 160 years Overview 10