Pusad solar power plant presentation (rev 7)


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  • Pusad solar power plant presentation (rev 7)

    1. 1. Solar Power PlantDevelopment Project X MWPusad, Maharashtra, India A RED HOT INVESTMENT OPPORTUNITY
    2. 2. Photovoltaic (PV) SolarPower• Photovoltaic (PV) devices generate electricitydirectly from sunlight via an electronic process thatoccurs naturally in certain types of material, calledsemiconductors• Electrons in these materials are freed by solarenergy and can be induced to travel through anelectrical circuit, powering electrical devices orsending electricity to the grid• Most modern solar cells are made from eithercrystalline silicon or thin-film semiconductormaterial• Silicon cells are more efficient at convertingsunlight to electricity, but generally have highermanufacturing costs• Thin-film materials typically have lowerefficiencies, but are simpler and less costly to manufacture
    3. 3. The Indian Government’s Launch of the Ambitious Jawaharlal Nehru National SolarMission (JNNSM) Set a Goal of Developing 20 GW of Solar Power Generating Capacity by the Year 2022 .• India’s State Governments have already planned 5 GW ofSolar Power generation capability• 50 MW is in development through a Generation BasedIncentive (GBI)• NTPC will add another 315 MW of solar energy generatingcapacity• Research & Development, Education, and Training issponsored by the Government through various programs• Rural Electrification is a big priority for the Government• Solar cities and parks are to be established all over India• Solar Power is now becoming more popular and common
    4. 4. Pusad Solar Power Plant Site 50 acres, Hiway 183, Pusad, MaharashtraLatitude : 19.85 Longitude: 77.72
    5. 5. Pusad, Maharashtra, India• The Pusad area is well known for the cotton it produces• Educational courses in most major subjects, including engineering, are taught at the Universities located in Pusad• Many tourist attractions are located near Pusad• Three nearby dams and reservoirs provide beautiful views and an abundance of wildlife is found in the area• Temperature and climate in Pusad is moderate to
    6. 6. A Maharashtra Power Deficit• Maharashtra is reeling under a power deficit• It is rapidly expanding its Solar Powergeneration program• The Vidarbha, Khandesh, and Marathwadaregions are endowed with bright sunshine• A 1 MW Solar Power Plant was commissioned inChandrapur, Vidarbha last April• Mahagenco, the state-owned power generationcompany, is developing a 125 MW Solar PowerPlant in northern Maharashtra
    7. 7. The Solar India Plan Requires an Investmentof Seventy Billion US Dollars by 2020 and has the following targets and goals: • A Generation Based Incentive (GBI) program for Solar Power Plants under 5 MW is or will soon be generating a minimum of 50 MW  by 2012, combined capacity, with an overall  tariff of Rs. 15 per  kWh  guaranteed • To promote  programs for “off  grid” applications, and to reach 1000  MW (1 GW) by  2017,  and  2000  MW  (2 GW) by  2020 of installed “off grid” solar power generation capability, and to deploy 20 million solar lighting systems in rural areas by 2022 • To create  favorable  conditions  for the development of India’s solar  power industry manufacturing  capability • To develop 15 million square meters of solar thermal collector area by 2017, and 20 million square meters by 2022 • To reach 20 GW of total installed solar power generation by 2022
    8. 8. Solar Power Plants and Power Purchase Agreements (PPA’s)• For investors, long term Power Purchase Agreementsoffer stability• 25 year Power Purchase Agreements are common inIndia• The agreement and terms guarantee that the SolarPower generated will be purchased by an electric utility• Fifty percent of all commercial Solar Power systemsused Power Purchase Agreements in 2007• Nearly ninety percent used Power Purchase Agreementsin 2009
    9. 9. India National Solar Mission Highlights• NTPC’s 100% subsidiary NTPC Vidyut Vyapar NigamLtd. (NVVN) executes most of India’s Solar PowerPurchase Agreements or Solar PPA’s• A key driver for the development of Solar PowerPlants is the Renewable Purchase Obligation (RPO)mandated for all power utilities (6% of all electricpower generation must be from renewable sources)• Complemented with a solar specific RenewableEnergy Certificate (REC) mechanism, the RenewablePurchase Obligation (RPO) will enable utilities andSolar Power generation companies to buy and sellcertificates to meet their Solar Power purchaseobligations
    10. 10. Favorable India Solar Market Indicators• New players are entering the Solar Energy market in India• Increasing number of public and private investment initiatives • An increase in merger and acquisition activity • Renewable Energy sources are gaining significantshare in the Total Power Generating Capacity of India
    11. 11. Pusad is Located in the Center of India – Solar Radiation Central
    12. 12. Indian Government OrganizationsFacilitating the Development of Solar Power Energy Generation   • Ministry of New and Renewable Energy (MNRE ) • Indian Renewable Energy Development Agency (IREDA) • The Solar Energy Centre
    13. 13. Ministry of New and Renewable Energy (MNRE) • Classified as a Public Financial Institution under section 4 of the Companies Act, 1956, and registeredas a Non-Banking Finance Corporation (NBFC) with the Reserve Bank of India• Promotes, develops, and extends financial assistance for Renewable Energy and energy efficiency projects
    14. 14. Indian Renewable Energy Development Agency (IREDA) • Under the administrative control of the MNRE  • Primary government organization focused on new and Renewable Energy sources • Responsible for the implementation of programs and initiatives including:• The use of Renewable Energy in urban, industrial, and commercial applications• The development of alternative fuels and applications, including Solar Power • Rural lighting, cooking, and motive power
    15. 15. Solar Energy Centre   •A unit of the MNRE  • Focused on the development of Solar Energy technologies• Promotes Solar Power applications through it’s product development charter   • Undertakes activities related to design,development, testing, standards, education, and training in the field of Solar Energy
    16. 16. The Role of Federal andStateGovernments• India is the only country in the worldwith a Ministry dedicated to New andRenewable Energy• There are nodal agencies in eachState, specifically working onincreasing the percentage of renewableenergy sources• The States of Rajasthan, Karnataka,Maharashtra, Gujarat, and West Bengal
    17. 17. Solar Projects Currently in the Pipeline in India• Maharashtra – Dozens of Solar Power Plant projects proposed and/or in development • Rajasthan – 49 proposals totalling 1524 MW • Gujarat - 37 Projects proposed or in development totalling716 MW and an estimated potential of over 100 GW• Karnataka - 6 MW commissioned and over 100 MW of estimated potential • Haryana – 12 MW of projects in the pipeline • Punjab - 19 MW of projects in the pipeline
    18. 18. Solar Insolation   (1) kWh/kW p ·y) or (2) kW·h/(m 2 ·day) or (3) hours/day• Solar Insolation is a measure of solarradiation energy incident on a surface area overtime• The average irradiance (W/m 2 ) is expressed in (watts per square meter)• Insolation is commonly measured as kWh/(kW p ·y) (kilowatt-hours per year per kilowatt peakrating)• Insolation or irradience is also expressed in kW·h/(m 2 ·day) (kilowatt-hours per square meter per day)• Solar Insolation is also sometimes expressed injust (hours/day)
    19. 19. Solar Insolation, Solar Radiation, and Photons• If solar radiation is incident on a surface some of it will beabsorbed and some of it will be reflected• Solar radiation absorbed on the surface of an object, usuallyis converted to thermal energy, and increases thetemperature of the object• In a solar cell, if solar radiation is incident on the surface,photons are absorbed by the photovoltaic (PV) semiconductormaterial, and the energy of the valence band electrons isincreased (valence band electrons are those in an atom’soutermost energy band)• This increase in energy of the now “free electrons” thrustthem into conduction bands in the PV semiconductor material(the solar cell)• Free electrons, in conduction bands, produce current thatcan move through the solar cell• The product of the current and it’s associated voltage is
    20. 20. Global Insolation, Intensity, Wavelength, and the Angle of Incidence of Light• Light absorbed by a solar cell is a combination of directsolar radiation plus the “diffuse light” or “diffuse radiation”caused by atmospheric scattering and reflection or re-direction• Global Insolation equals Direct Insolation plus DiffuseInsolation• The amount of current generated in a PV (solar) cell isdetermined predominantly by:(1) the intensity of the incident light(2) the wavelengths of the incident rays of light• Increasing the intensity of the light will increase the rate ofphotons “freeing electrons” in the solar cell  proportionally• The variety of semiconductor materials used in the differenttypes of solar cells have different spectral responses toincident light, providing for varying absorptioncharacteristics of photons in the different types of solar cellsfor a given wavelength of light• When the sun’s rays of light are incident on a surface at an
    21. 21. Pusad, Maharashtra PowerPlant Annual Solar Insolation • The Pusad Solar Power Plant receives on average approximately 1971 kWh/m2 of Direct Insolation per year • Direct Insolation is used for an approximation (+/- 20%) • Global Insolation which is equal to Direct Insolation plus the Diffuse Insolation is the more • The annual average Direct Insolation in India varies accurate measurement from 1600 to 2200 kWh/m2, comparable to that received in the tropical regions of the world • The equivalent energy potential for the Pusad Solar Power Plant is 1.5 Million kWh/year per MW Solar DC • The equivalent energy potential for all of India is about 6,000 million GWh/year
    22. 22. Pusad, Maharashtra Solar Power Plant Annual Energy Output Prediction per MW Solar DC 1.971 Million kWh of Annual EnergyPotential multiplied by an Efficiency Factor of (.78) = 1.5 Million kWh per MW Solar DC The Predicted Annual Energy Output for the Pusad Solar Power Plant is 1,500,000 kiloWatt hours of energy per year per MW Solar DC
    23. 23. A Levelized Tariff of Rs. 15/kWh of Solar Power Generation and Gross Annual Income • The Pusad Solar Power Plant receives on average 1971 kWh/m2 of solar insolation per year• The equivalent energy potential for the Pusad Power Plant is 1.971 Million kWh per year per MW Solar DC • The Predicted Annual Energy Output for the Pusad Solar Power Plant is 1.5 Million kWh per MW Solar DC • A Levelized Tariff of Rs. 15/kWh ($0.2985/kWh)multiplied by the Predicted Annual Energy Output of 1.5 Million kWh yields the Gross Annual Income (per MW Solar DC) • The Gross Annual Income for the Pusad Solar Power Plant per MW Solar DC = Rs. 225 Million/yr (Euro 328,800/yr) ($448,400/yr) (1 Indian rupee = 0.0199 US dollars)
    24. 24. Pusad Solar Power Plant Total Gross Income Gross Income Approximation for the Life of a 25 year PPA Pusad Solar Power Plant Gross Income = $448,400/yr x 25 years = $11,210,000 per MW Solar DC Based on :• Levelized Tariff of Rs. 15/kWh ($0.2985/kWh)• Predicted Annual Energy Output of 1.5 Million kWh per MW Solar DC
    25. 25. Financial Incentives: Tariffs, PPA’s, GBI’s, REC’s, RPO • Levelized Tariffs with a Project life of 25 years Rs 15.00/kWh (Euro 0.22/kWh) ($0.30/kWh) or Rs 18.44/kWh (Euro 0.29/kWh) ($0.40/kWh) per CERC• 25 Year Power Purchase Agreements (PPA) with NVVN• PPA partner - NTPC Vidyut Vyapar Nigam Ltd. (NVVN) and • Generation Based Incentives (GBI’s) • Renewable Energy Certificates (REC’s) • the Renewable Purchase Obligation (RPO)
    26. 26. The Power Purchase Agreement (PPA)Most Solar Power Plants are Financed Through a PPA• The PPA is an agreement between the Pusad SolarPower Plant and the buyer of the electricity, NVVN• The buyer only pays for power that is produced• The produced power is bought at prices that arepre-determined and agreed to in the PPA• There are no upfront costs or down paymentsrequiredfrom the power buyer• The buyer receives financial savings by procuringpowertypically starting at or below wholesale marketprices• Electricity costs for the buyer are structured toincrease slower than the normal rate of electricity
    27. 27. Current CERC Guidelines for Solar PV India (CERC - Central Electricity Regulatory Commission ) Capital Costs:Rs. 17 Crore/MW (Euro 2.66 Million /MW) ($3.66 Million /MW) O&M Expenses: Rs. 9 lakhs/MW (Euro 14,000/MW) ($19,200/MW)for 1 st year of operation – then escalates @ 5.72%/year(approximate total O&M expense for first five years = $100,000) Capacity Utilization Factor: 19%
    28. 28. Financial Assumptions Pusad Solar Power Plant (CERC Guidelines) per MW Solar DC Debt to Equity ratio: 70% : 30% $2,562,000 : $1,098,000 Loan Interest Rate: 14.29% Loan Repayments: $40,227/mo for 10 years Total of loan repayments: $4,827,264 Return on Equity: 19% per year for first 10years 24% per year starting the 11 thyear Weighted average Return on Equity: 22%
    29. 29. Project Outline & Scope of Work Site and Land Assessment Solar Resource Assessment Energy Yield Study Environmental Impact Assessment Comparative Analysis Electric Utility Requirements Analysis Power Purchase Agreement Governmental and Organizational Liaisons Funding and Financing Business and Financial Analysis
    30. 30. Project Outline & Scope of Work (continued)Technology/Resource AssessmentPreliminary Solar Plant Design and Interconnect AnalysisDetailed Solar Plant DesignManufacturers/Suppliers/Resources AnalysisQuality Assurance PlanProcurement and ConstructionProject Management and ExecutionIntegration and TestingProject Documentation and Training
    31. 31. Solar ModulesThe PV modules selected for the Pusad Solar PowerPlant will qualify to the latest edition of the IEC PVmodule qualification tests or equivalent BIS standardsincluding :• IEC 61215 for Crystalline Silicon Solar Cell Modules  • IEC 61646 for Thin Film Modules• IEC 61730 for Safety Qualification TestingWarranty  Requirements forModulesThe PV modules will also be warranted for outputwattage of not less than:• 90% of rated at the end of 10 years• and of not less than 80% of rated at the end of 25
    32. 32. Solar PV Inverters• A solar PV inverter changes the direct current (DC)electricity from a PV solar array into alternatingcurrent (AC)• Grid tie inverters are used to connect the powerplants to the grid• The efficiency of an inverter has to do with howwell it converts the DC voltage into AC• Grid connected inverters have efficiencies of 96%to 98.5%• Inverters are most efficient when used in the 30%to 90% power range and much less efficient at thelow end of their power range• Typically inverters perform reliably for 15 years,but they perform less reliably in large power plants,
    33. 33. Pusad, Maharashtra Solar Power Plant Data Acquisition & Monitoring The following data will be continuously logged and monitored during the life of the power plant : • Solar insolation • Ambient temperature • Wind speed • Humidity • DC power generated • AC power generated
    34. 34. Pusad, Maharashtra SolarPower Plant Local Advantage • Local Ownership – we own the Land • Local Relationships • Indian Policy Expertise • Excellent Execution Capability • Local Risk Mitigation • New York and Silicon Valley Business Experience • Engineering Expertise • Finance Expertise • Operations Expertise
    35. 35. Our Project Partners – Come Join Us ! • International/Indian Module Manufacturers • International/Indian System Integrators/EPCs • International/Indian BOS Manufacturers/Suppliers • Maharashtra State Electricity – State Transmission Utility Company Potential Project Financiers • Private Equity Investors • International Foundations • Entrepreneurs • Venture Capitalists
    36. 36. Challenges ? We Plan Proactively ! • Land acquisition is the single biggest challenge for solar developers in India ! – we already have secured the land • Potential conflicting policies between Federal and State Governments ? - no problem • Difficulties regarding requirements & permissions for land use, power evacuation, water linkage, town planning ? – no problem • Grid parity and power fluctuations, grid quality problems ? no problem – we know electricity • Lack of experience: Absence of trained technicians, engineers and managers ? – we have experience