- The document provides an overview of risks associated with investing in the Zeewind 1 fund, which owns stakes in the Belgian offshore wind farms Belwind and Northwind. It summarizes the description, status, financing, and expected revenues of each wind farm project. Belwind is an operational 165MW wind farm, while Northwind of 216MW is still under construction but nearing completion with most turbines installed. Both use non-recourse project financing structures with equity contributions and long-term loans. Revenues are expected from the sale of electricity and renewable energy certificates at fixed prices set by regulation.
- The document provides an overview of risks associated with investing in the Zeewind 1 fund, which owns stakes in the Belgian offshore wind farms Belwind and Northwind.
- Belwind is operational and performing well, while Northwind is under construction but nearing completion with low residual risks. Both projects have stable revenue streams under Belgium's supportive regulatory framework.
- Key risks like regulatory/permitting, construction, and technology risks are all considered low due to the experienced teams involved, proven turbine suppliers, and contracts in place.
Offshore Wind Power Logistics - Like a journey to the moonMarkus Bereiter
Offshore wind logistics in Germany faces many challenges that make it more complex than onshore logistics. The long-term goal of installing 20-25 GW of offshore wind capacity by 2030 will require an estimated 100 billion euros of investment. Logistics costs, including transporting materials and personnel to and from ports and installing turbines at sea, can account for 5-15% of total project costs. A shortage of specialized installation vessels is a major risk, as day rates for these vessels are 10 times higher than for onshore projects. Meeting Germany's offshore targets will require overcoming bureaucratic hurdles and expanding grid infrastructure, while also addressing looming bottlenecks in the availability of installation vessels.
Applying for contracts for difference when the application window commences on 14 October. Details on Allocation Framework and draft allocation regulations from the UK Government and as published on DECC's website.
This document discusses structuring considerations for mine mouth power plant projects in Indonesia. It notes that mine mouth projects typically involve two companies due to regulatory requirements for mining and power generation. This can lead to complications in negotiating power purchase agreements (PPAs) with PLN. Key issues include how to allocate risks related to low dispatch levels, government actions affecting the mine, and changes in laws. The document compares risk allocation approaches in Indonesia for mine mouth, geothermal, and conventional power projects. It emphasizes that all risks need to be properly allocated in the PPA for the project to be bankable.
SESSION1_Identification of the mediterranean solar plan (imsp); an europeaid ...RCREEE
This document discusses the Euro-Mediterranean Energy Market Integration Project (MED-EMIP), which aims to promote renewable energy in the Mediterranean region. It prepared 44 recommended energy efficiency and renewable energy measures in 2008. MED-EMIP cannot implement all recommendations alone and some require additional funding. The document also discusses the Mediterranean Solar Plan's goal of 20,000 MW of solar and wind capacity by 2020 through private investment, and the need to make domestic sales and exports commercially attractive. Consultations were held in 2009 on improving EU and regional policies to achieve these goals. Key issues discussed are whether countries should consume expensive domestic solar power or lobby for exports, and what level of cross-subsidy from other energy sources is socially acceptable to
The briefing at the following link explores the impact of the proposed changes to the renewable subsidy regime for solar facilities installed in England and Wales that are five (5) megawatts or larger in size ('Large-scale PV Plants') given the 13 May 2014 announcement from DECC ('URN 14D/114').
DECC have put forward that in their view the capacity threshold of gigawatts installed of Large-Scale PV Plants in England and Wales will be achieved by the solar development community (including funders, contractors and developers) by mid-2015 rather than by the earlier predicted threshold-achievement by mid-2017.
Given the predicted threshold-achievement by 2015, the portion of the Levy Control Framework budget for Large-Scale PV Plants accredited for ROCs will have to end in the UK Government's view in April 2015, rather than in April 2017, with the net result that contracts for difference ('CfDs') will have an earlier adoption date that coincides with the targeted curtailment of ROCs for PV Plants on 1.4.15 ('Cut-off-Date').
The non-progression of "grandfathering" of ROCs following the Cut-off-Date for plants already accredited for receipt of ROCs, and the likely impact of the key terms of the current form of CfD are explored in this article, together with brief discussion on the other proposals to tackle the early threshold-achievement that were considered by DECC and reported on in URN 14D/114.
Our team are ready to assist with preparation of responses to the Consultation due by 7.7.14.
This document discusses different types of offshore transmission investments and how to best regulate them. It identifies three types - shore to shore, farm to shore, and combined solutions. For shore to shore investments, current regulation is economically unsound but problems also exist onshore. Farm to shore sees regulatory experimentation to adapt frameworks to stronger economic features. Combined solutions face significant difficulties under current frameworks. The EU could play both soft and strong roles to help address issues through various means like guidelines, support schemes, technology roadmaps, and transmission planning.
Developers have several potential next steps in response to the UK government's proposal to introduce contracts for difference (CfDs) for solar plants over 5MW starting April 1, 2015. These include: 1) Setting up framework agreements with main equipment suppliers; 2) Mechanizing the CfD application process for project pipelines of 50-200MW; and 3) Organizing "shovel ready" development packs with all rights and approvals in place. Developers may also look to aggregate resources with funders, manufacturers, and O&M providers to form larger solar companies that can more easily obtain CfDs and financing. The government aims to limit spending on solar and may take time to approve very large CfD applications
- The document provides an overview of risks associated with investing in the Zeewind 1 fund, which owns stakes in the Belgian offshore wind farms Belwind and Northwind.
- Belwind is operational and performing well, while Northwind is under construction but nearing completion with low residual risks. Both projects have stable revenue streams under Belgium's supportive regulatory framework.
- Key risks like regulatory/permitting, construction, and technology risks are all considered low due to the experienced teams involved, proven turbine suppliers, and contracts in place.
Offshore Wind Power Logistics - Like a journey to the moonMarkus Bereiter
Offshore wind logistics in Germany faces many challenges that make it more complex than onshore logistics. The long-term goal of installing 20-25 GW of offshore wind capacity by 2030 will require an estimated 100 billion euros of investment. Logistics costs, including transporting materials and personnel to and from ports and installing turbines at sea, can account for 5-15% of total project costs. A shortage of specialized installation vessels is a major risk, as day rates for these vessels are 10 times higher than for onshore projects. Meeting Germany's offshore targets will require overcoming bureaucratic hurdles and expanding grid infrastructure, while also addressing looming bottlenecks in the availability of installation vessels.
Applying for contracts for difference when the application window commences on 14 October. Details on Allocation Framework and draft allocation regulations from the UK Government and as published on DECC's website.
This document discusses structuring considerations for mine mouth power plant projects in Indonesia. It notes that mine mouth projects typically involve two companies due to regulatory requirements for mining and power generation. This can lead to complications in negotiating power purchase agreements (PPAs) with PLN. Key issues include how to allocate risks related to low dispatch levels, government actions affecting the mine, and changes in laws. The document compares risk allocation approaches in Indonesia for mine mouth, geothermal, and conventional power projects. It emphasizes that all risks need to be properly allocated in the PPA for the project to be bankable.
SESSION1_Identification of the mediterranean solar plan (imsp); an europeaid ...RCREEE
This document discusses the Euro-Mediterranean Energy Market Integration Project (MED-EMIP), which aims to promote renewable energy in the Mediterranean region. It prepared 44 recommended energy efficiency and renewable energy measures in 2008. MED-EMIP cannot implement all recommendations alone and some require additional funding. The document also discusses the Mediterranean Solar Plan's goal of 20,000 MW of solar and wind capacity by 2020 through private investment, and the need to make domestic sales and exports commercially attractive. Consultations were held in 2009 on improving EU and regional policies to achieve these goals. Key issues discussed are whether countries should consume expensive domestic solar power or lobby for exports, and what level of cross-subsidy from other energy sources is socially acceptable to
The briefing at the following link explores the impact of the proposed changes to the renewable subsidy regime for solar facilities installed in England and Wales that are five (5) megawatts or larger in size ('Large-scale PV Plants') given the 13 May 2014 announcement from DECC ('URN 14D/114').
DECC have put forward that in their view the capacity threshold of gigawatts installed of Large-Scale PV Plants in England and Wales will be achieved by the solar development community (including funders, contractors and developers) by mid-2015 rather than by the earlier predicted threshold-achievement by mid-2017.
Given the predicted threshold-achievement by 2015, the portion of the Levy Control Framework budget for Large-Scale PV Plants accredited for ROCs will have to end in the UK Government's view in April 2015, rather than in April 2017, with the net result that contracts for difference ('CfDs') will have an earlier adoption date that coincides with the targeted curtailment of ROCs for PV Plants on 1.4.15 ('Cut-off-Date').
The non-progression of "grandfathering" of ROCs following the Cut-off-Date for plants already accredited for receipt of ROCs, and the likely impact of the key terms of the current form of CfD are explored in this article, together with brief discussion on the other proposals to tackle the early threshold-achievement that were considered by DECC and reported on in URN 14D/114.
Our team are ready to assist with preparation of responses to the Consultation due by 7.7.14.
This document discusses different types of offshore transmission investments and how to best regulate them. It identifies three types - shore to shore, farm to shore, and combined solutions. For shore to shore investments, current regulation is economically unsound but problems also exist onshore. Farm to shore sees regulatory experimentation to adapt frameworks to stronger economic features. Combined solutions face significant difficulties under current frameworks. The EU could play both soft and strong roles to help address issues through various means like guidelines, support schemes, technology roadmaps, and transmission planning.
Developers have several potential next steps in response to the UK government's proposal to introduce contracts for difference (CfDs) for solar plants over 5MW starting April 1, 2015. These include: 1) Setting up framework agreements with main equipment suppliers; 2) Mechanizing the CfD application process for project pipelines of 50-200MW; and 3) Organizing "shovel ready" development packs with all rights and approvals in place. Developers may also look to aggregate resources with funders, manufacturers, and O&M providers to form larger solar companies that can more easily obtain CfDs and financing. The government aims to limit spending on solar and may take time to approve very large CfD applications
This document contains a sermon urging repentance from sin and righteousness. It emphasizes that one must exceed the righteousness of religious leaders to enter God's kingdom. Several bible passages are cited warning that sin will be judged and only righteousness leads to salvation. The sermon repeatedly stresses the need to repent from sins like greed, lust, dishonesty and live righteously to avoid God's wrath and inherit eternal life.
This document discusses baptism by immersion according to scripture and its importance. It asserts that baptism by immersion is the only way to receive the Holy Spirit and know God. It provides examples from the Bible of Jesus being baptized by John the Baptist and encourages full repentance of sins, renouncing memberships, and baptism by immersion as the sole means of receiving the Holy Spirit and salvation. It challenges all people, including religious and educated elites, to undergo this baptism by immersion in order to experience spiritual change.
- The document is a sermon that emphasizes putting one's faith in the word of God rather than material things or rituals.
- It references the story of the Centurion who had faith that Jesus could heal his servant merely by speaking, showing faith in the power of God's word.
- The main point is that the word of God, as spoken in the sermons, is what gives life, salvation, healing and fulfills all needs, not money, rituals or other things. One must have faith in the word alone.
This document provides a religious message summarizing key biblical passages and calling all people to repent from sin and follow Jesus Christ. It warns that judgment is coming soon and only through Christ can people find salvation. It encourages spreading this message to everyone to save souls and bring all people together under one shepherd. The overall message is an urgent call for worldwide repentance before it's too late.
This document discusses how Christ will not return to Jerusalem during the Second Coming. It provides several Bible passages to support this, including Jesus rebuking Jerusalem for killing prophets and saying they will not see him again until acknowledging him. It argues believers should worship God spiritually within themselves through righteous actions, not physically in temples or Jerusalem. The key message is that practical Christianity means following Jesus' teachings of love, not empty rituals or persecuting prophets.
The document discusses seven common problems, or "deadly sins", that can undermine the effectiveness of software reviews. These include participants not understanding the review process, reviewers critiquing the producer rather than the product, reviews not being properly planned, meetings drifting into problem-solving rather than finding defects, reviewers not being prepared, and reviewers focusing on style over substance. The document provides examples of symptoms for each problem and suggests solutions such as training, focusing criticism on the product, explicitly planning reviews, controlling discussions, allowing preparation time, and prioritizing important defects. Effectively addressing these issues can help reviews be a valuable practice for finding defects and improving software quality.
The document discusses the financial closing of the Project Gemini offshore wind farm in the Netherlands. Key details:
- Project Gemini reached financial close with €2.8 billion in financing, making it the largest offshore wind financing to date.
- The 600 MW wind farm will help the Netherlands meet its renewable energy targets and reduce CO2 emissions significantly.
- Over 22 parties were involved in financing, including commercial creditors, public institutions, and the equity consortium.
To presentatie netwerkbijeenkomst eemshaven 120209TyphoonOffshore
This document provides an overview of Project Gemini, a planned 600MW offshore wind farm project in the Netherlands. It will consist of two 300MW wind farms located 85km off the coast. When completed, it will be the largest offshore wind farm in the North Sea area with an estimated capital cost of €2.4 billion. The project is currently scheduled to reach financial close in summer 2012 and begin construction in 2013. It is expected to power 700,000 households annually while reducing CO2 emissions by over 1 million tons per year.
Norwegian export credit agency offer mar 2014Patrisia Ind
GIEK is Norway's official export credit agency that offers financial guarantees to promote Norwegian exports. It guarantees loans for buyers of Norwegian goods and services. GIEK guarantees have helped finance many large offshore oil and gas projects involving Norwegian exports. It also finances projects in other industries like renewable energy. GIEK works with commercial banks but does not compete with them. It provides guarantees for up to 85-90% of buyer loans for Norwegian exports, with terms similar to commercial banks. This helps make Norwegian exports more attractive to international buyers.
Lawyer in Vietnam Dr. Oliver Massmann - Vietnam - Wind Investment GuideDr. Oliver Massmann
Vietnam has significant wind energy potential and the government has set a target of 19 GW of installed wind capacity by 2030. This investment guide explores opportunities and challenges in Vietnam's wind energy market from commercial, legal, and regulatory perspectives. Key challenges include terms of the standard power purchase agreement that allocates risks unfavorably to investors, lack of grid infrastructure, and complex regulatory approval processes. However, Vietnam also offers incentives like tax exemptions and land lease fee waivers to attract investment in wind energy development.
The document discusses solar energy installation projects. It describes several companies that specialize in installing solar panels on rooftops and open spaces, including i-BuildEco and LuzSolar. It also provides information on feed-in tariffs (FiTs) and the benefits of leasing roof space or using a free solar model, including potential savings on electricity costs and returns on investment. Examples of completed solar installation projects on both rooftops and open areas in Germany are listed.
FWP 2017 l Eric MASSART, Caisse des Dépôts et ConsignationBluesign
1) The Caisse des Dépôts is a French public institution that supports renewable energy projects through minority equity investments. It has committed to increasing investments in renewable projects from €50-100 million per year.
2) The Caisse des Dépôts has invested in two floating offshore wind demonstration projects in France - Eolienne Flottantes du Golfe du Lion off the coast of Occitanie, and Eolienne Flottantes de Groix & Belle-Île off the coast of Brittany.
3) Lessons from developing floating offshore wind projects include the need to educate financial partners on emerging technologies, allow for project variations up to final investment
NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi.pdfKhaled Al Awadi
Greetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al Awadhi
Ofgem is introducing competitive tendering for new, high-value onshore electricity transmission projects starting in 2017. Competitively Appointed Transmission Owners (CATOs) will construct, own, and operate transmission assets under 25-year fixed revenue agreements. Eligible projects must be new, separable from existing networks, and over £100 million in capital expenditure. CATO revenue will include incentives for timely completion and availability. Conflicts of interest for incumbent transmission owners bidding on projects will be mitigated by separation, conduct restrictions, and oversight. The first CATO tenders are expected in 2017 for strategic wider works projects not covered by existing price controls.
North sea offshore wind - Developments in Belgium and The NetherlandsLoyens & Loeff
This document provides an overview and update of recent developments in offshore wind projects in Belgium and the Netherlands. In the Netherlands, a new roadmap and legislation are being implemented to procure an additional 3,500 MW of offshore wind capacity between 2015-2019 through annual tenders of 700 MW projects. Belgium already has several offshore wind farms built but continues developing new projects. Both countries expect significant growth in offshore wind energy in coming years to meet renewable energy targets.
New base 1013 special 23 march 2017 energy newsKhaled Al Awadi
EDF partners with Masdar to develop the 800-megawatt third phase of Dubai's Mohammed bin Rashid Al Maktoum solar park. EDF will take over the stake from FRV. The deal signals a stronger alliance between EDF and Masdar for future renewable energy projects in the Middle East. Construction has begun on the first 200-megawatt tranche and the entire project is planned to be the largest solar power plant in the world upon completion. Oman's Duqm Special Economic Zone Authority has awarded over $705 million in contracts to date for infrastructure projects including roads, ports, and flood protection systems. Libya's oil production has rebounded to 700,000 barrels per day after earlier
1) The document discusses making hydrogen a bankable asset by developing offtake schemes for green hydrogen and ammonia projects with potential customers in fertilizer, refining, mobility, and other industries.
2) It outlines several promising early use cases for green hydrogen including ammonia production, petroleum refining, fuel cells for vehicles and public transport, and industrial processes.
3) Financing risks include counterparty credit risk, technology risk given limited electrolyzer track records, and ensuring all linked renewable energy, hydrogen production and delivery, and end use elements are developed for multi-project risks.
4) The document proposes several ways to accelerate financing including projects led by credible developers
This document summarizes strategies for making hydrogen projects bankable and financeable. It discusses existing use cases for hydrogen like ammonia production and refining that show promise. It also outlines offtake structures for mobility, power generation, and industrial applications. The document notes challenges around technology risk, credit risk, and managing multi-project risk. It proposes three ways to accelerate financing: projects led by credible developers, investments in parent companies with optionality for co-investment, and contracts for difference guaranteed by governments.
This document describes an investment opportunity in a 19.86 MW photovoltaic park located in central Greece. The park has secured land, grid connection permits, and power purchase agreements guaranteeing a feed-in tariff for 20 years. Production is estimated at 1,410 kWh/kWp annually, resulting in annual revenues of €8.22 million, EBITDA of €6.73 million, and a net profit of €1.45 million for the project. An economic evaluation shows a 22.6% return on equity and a positive net present value even with high financing terms.
Project Gemini consists of two 300 MW offshore wind farms in the Netherlands with a total capacity of 600 MW. It has secured permits and long-term government subsidies. The project will be developed through two limited partnerships that will own the wind farms, with a separate company owning the grid infrastructure. Van Oord will serve as the engineering, procurement, and construction contractor, while a single turbine supplier will also be contracted. The project is sponsored by Typhoon Offshore and HVC, experienced developers in the renewable energy sector.
This document summarizes a project that received EU Horizon 2020 funding to explore opportunities for combining offshore wind with other blue economy sectors. It identifies 9 potential multi-use projects involving combinations of offshore wind, wave energy, and aquaculture. These include collocating mussel farming with offshore wind farms, floating platforms that combine wind and wave energy generation, and a prototype combining a floating wind turbine with an existing offshore aquaculture farm. The project developed plans for these combinations and held advisory sessions with companies to provide feedback on improving the technical and financial viability of the proposals.
This document contains a sermon urging repentance from sin and righteousness. It emphasizes that one must exceed the righteousness of religious leaders to enter God's kingdom. Several bible passages are cited warning that sin will be judged and only righteousness leads to salvation. The sermon repeatedly stresses the need to repent from sins like greed, lust, dishonesty and live righteously to avoid God's wrath and inherit eternal life.
This document discusses baptism by immersion according to scripture and its importance. It asserts that baptism by immersion is the only way to receive the Holy Spirit and know God. It provides examples from the Bible of Jesus being baptized by John the Baptist and encourages full repentance of sins, renouncing memberships, and baptism by immersion as the sole means of receiving the Holy Spirit and salvation. It challenges all people, including religious and educated elites, to undergo this baptism by immersion in order to experience spiritual change.
- The document is a sermon that emphasizes putting one's faith in the word of God rather than material things or rituals.
- It references the story of the Centurion who had faith that Jesus could heal his servant merely by speaking, showing faith in the power of God's word.
- The main point is that the word of God, as spoken in the sermons, is what gives life, salvation, healing and fulfills all needs, not money, rituals or other things. One must have faith in the word alone.
This document provides a religious message summarizing key biblical passages and calling all people to repent from sin and follow Jesus Christ. It warns that judgment is coming soon and only through Christ can people find salvation. It encourages spreading this message to everyone to save souls and bring all people together under one shepherd. The overall message is an urgent call for worldwide repentance before it's too late.
This document discusses how Christ will not return to Jerusalem during the Second Coming. It provides several Bible passages to support this, including Jesus rebuking Jerusalem for killing prophets and saying they will not see him again until acknowledging him. It argues believers should worship God spiritually within themselves through righteous actions, not physically in temples or Jerusalem. The key message is that practical Christianity means following Jesus' teachings of love, not empty rituals or persecuting prophets.
The document discusses seven common problems, or "deadly sins", that can undermine the effectiveness of software reviews. These include participants not understanding the review process, reviewers critiquing the producer rather than the product, reviews not being properly planned, meetings drifting into problem-solving rather than finding defects, reviewers not being prepared, and reviewers focusing on style over substance. The document provides examples of symptoms for each problem and suggests solutions such as training, focusing criticism on the product, explicitly planning reviews, controlling discussions, allowing preparation time, and prioritizing important defects. Effectively addressing these issues can help reviews be a valuable practice for finding defects and improving software quality.
The document discusses the financial closing of the Project Gemini offshore wind farm in the Netherlands. Key details:
- Project Gemini reached financial close with €2.8 billion in financing, making it the largest offshore wind financing to date.
- The 600 MW wind farm will help the Netherlands meet its renewable energy targets and reduce CO2 emissions significantly.
- Over 22 parties were involved in financing, including commercial creditors, public institutions, and the equity consortium.
To presentatie netwerkbijeenkomst eemshaven 120209TyphoonOffshore
This document provides an overview of Project Gemini, a planned 600MW offshore wind farm project in the Netherlands. It will consist of two 300MW wind farms located 85km off the coast. When completed, it will be the largest offshore wind farm in the North Sea area with an estimated capital cost of €2.4 billion. The project is currently scheduled to reach financial close in summer 2012 and begin construction in 2013. It is expected to power 700,000 households annually while reducing CO2 emissions by over 1 million tons per year.
Norwegian export credit agency offer mar 2014Patrisia Ind
GIEK is Norway's official export credit agency that offers financial guarantees to promote Norwegian exports. It guarantees loans for buyers of Norwegian goods and services. GIEK guarantees have helped finance many large offshore oil and gas projects involving Norwegian exports. It also finances projects in other industries like renewable energy. GIEK works with commercial banks but does not compete with them. It provides guarantees for up to 85-90% of buyer loans for Norwegian exports, with terms similar to commercial banks. This helps make Norwegian exports more attractive to international buyers.
Lawyer in Vietnam Dr. Oliver Massmann - Vietnam - Wind Investment GuideDr. Oliver Massmann
Vietnam has significant wind energy potential and the government has set a target of 19 GW of installed wind capacity by 2030. This investment guide explores opportunities and challenges in Vietnam's wind energy market from commercial, legal, and regulatory perspectives. Key challenges include terms of the standard power purchase agreement that allocates risks unfavorably to investors, lack of grid infrastructure, and complex regulatory approval processes. However, Vietnam also offers incentives like tax exemptions and land lease fee waivers to attract investment in wind energy development.
The document discusses solar energy installation projects. It describes several companies that specialize in installing solar panels on rooftops and open spaces, including i-BuildEco and LuzSolar. It also provides information on feed-in tariffs (FiTs) and the benefits of leasing roof space or using a free solar model, including potential savings on electricity costs and returns on investment. Examples of completed solar installation projects on both rooftops and open areas in Germany are listed.
FWP 2017 l Eric MASSART, Caisse des Dépôts et ConsignationBluesign
1) The Caisse des Dépôts is a French public institution that supports renewable energy projects through minority equity investments. It has committed to increasing investments in renewable projects from €50-100 million per year.
2) The Caisse des Dépôts has invested in two floating offshore wind demonstration projects in France - Eolienne Flottantes du Golfe du Lion off the coast of Occitanie, and Eolienne Flottantes de Groix & Belle-Île off the coast of Brittany.
3) Lessons from developing floating offshore wind projects include the need to educate financial partners on emerging technologies, allow for project variations up to final investment
NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi.pdfKhaled Al Awadi
Greetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al AwadhiGreetings, our team work hard and strive to bring you the latest energy news " NewBase 10 July-2023 Energy News issue - 1637 by Khaled Al Awadi " FYI . Regards.
Energy Consultant & Chief Editor NewBase Energy, Khaled Al Awadhi
Ofgem is introducing competitive tendering for new, high-value onshore electricity transmission projects starting in 2017. Competitively Appointed Transmission Owners (CATOs) will construct, own, and operate transmission assets under 25-year fixed revenue agreements. Eligible projects must be new, separable from existing networks, and over £100 million in capital expenditure. CATO revenue will include incentives for timely completion and availability. Conflicts of interest for incumbent transmission owners bidding on projects will be mitigated by separation, conduct restrictions, and oversight. The first CATO tenders are expected in 2017 for strategic wider works projects not covered by existing price controls.
North sea offshore wind - Developments in Belgium and The NetherlandsLoyens & Loeff
This document provides an overview and update of recent developments in offshore wind projects in Belgium and the Netherlands. In the Netherlands, a new roadmap and legislation are being implemented to procure an additional 3,500 MW of offshore wind capacity between 2015-2019 through annual tenders of 700 MW projects. Belgium already has several offshore wind farms built but continues developing new projects. Both countries expect significant growth in offshore wind energy in coming years to meet renewable energy targets.
New base 1013 special 23 march 2017 energy newsKhaled Al Awadi
EDF partners with Masdar to develop the 800-megawatt third phase of Dubai's Mohammed bin Rashid Al Maktoum solar park. EDF will take over the stake from FRV. The deal signals a stronger alliance between EDF and Masdar for future renewable energy projects in the Middle East. Construction has begun on the first 200-megawatt tranche and the entire project is planned to be the largest solar power plant in the world upon completion. Oman's Duqm Special Economic Zone Authority has awarded over $705 million in contracts to date for infrastructure projects including roads, ports, and flood protection systems. Libya's oil production has rebounded to 700,000 barrels per day after earlier
1) The document discusses making hydrogen a bankable asset by developing offtake schemes for green hydrogen and ammonia projects with potential customers in fertilizer, refining, mobility, and other industries.
2) It outlines several promising early use cases for green hydrogen including ammonia production, petroleum refining, fuel cells for vehicles and public transport, and industrial processes.
3) Financing risks include counterparty credit risk, technology risk given limited electrolyzer track records, and ensuring all linked renewable energy, hydrogen production and delivery, and end use elements are developed for multi-project risks.
4) The document proposes several ways to accelerate financing including projects led by credible developers
This document summarizes strategies for making hydrogen projects bankable and financeable. It discusses existing use cases for hydrogen like ammonia production and refining that show promise. It also outlines offtake structures for mobility, power generation, and industrial applications. The document notes challenges around technology risk, credit risk, and managing multi-project risk. It proposes three ways to accelerate financing: projects led by credible developers, investments in parent companies with optionality for co-investment, and contracts for difference guaranteed by governments.
This document describes an investment opportunity in a 19.86 MW photovoltaic park located in central Greece. The park has secured land, grid connection permits, and power purchase agreements guaranteeing a feed-in tariff for 20 years. Production is estimated at 1,410 kWh/kWp annually, resulting in annual revenues of €8.22 million, EBITDA of €6.73 million, and a net profit of €1.45 million for the project. An economic evaluation shows a 22.6% return on equity and a positive net present value even with high financing terms.
Project Gemini consists of two 300 MW offshore wind farms in the Netherlands with a total capacity of 600 MW. It has secured permits and long-term government subsidies. The project will be developed through two limited partnerships that will own the wind farms, with a separate company owning the grid infrastructure. Van Oord will serve as the engineering, procurement, and construction contractor, while a single turbine supplier will also be contracted. The project is sponsored by Typhoon Offshore and HVC, experienced developers in the renewable energy sector.
This document summarizes a project that received EU Horizon 2020 funding to explore opportunities for combining offshore wind with other blue economy sectors. It identifies 9 potential multi-use projects involving combinations of offshore wind, wave energy, and aquaculture. These include collocating mussel farming with offshore wind farms, floating platforms that combine wind and wave energy generation, and a prototype combining a floating wind turbine with an existing offshore aquaculture farm. The project developed plans for these combinations and held advisory sessions with companies to provide feedback on improving the technical and financial viability of the proposals.
Can Combining with Other Blue Sectors Further Reduce Offshore Wind's LCOE?BVG Associates
Mike Blanch's presentation on the MARIBE Project's work on the impact of shared platforms and sites on offshore wind levellised costs of energy (LCOE) delivered at Renewable UK's Global Offshore Wind Conference in Manchester June 2016
New base 02 november 2020 energy news issue 1385 by khaled al awadiKhaled Al Awadi
1) OMV and Mubadala have completed a transaction where OMV acquired an additional 39% stake in Borealis from Mubadala, increasing OMV's ownership to 75% and positioning it as a leading global provider of chemicals and plastics.
2) Despite challenges from COVID-19, Dubai's DEWA has maintained uninterrupted electricity and water supply across Dubai through effective business continuity planning and ongoing projects like the Mohammed Bin Rashid Al Maktoum Solar Park.
3) Sohar Port in Oman is exploring plans for a potential first-ever floating solar power project and expanding other renewable energy initiatives as part of its transition to clean energy and a planned green
The document discusses the Float Inc. Security Port project. It received funding from the European Union Horizon 2020 program. The project involves constructing a multi-purpose floating platform that would serve as an offshore port. It would have areas for container ships, short sea shipping vessels, and other uses. Wave energy converters on the platform would generate renewable energy. The floating design aims to reduce shipping times and costs while promoting short sea shipping in Europe.
This letter introduces a small wind project opportunity in Romania to upgrade an existing 4 MW wind farm. The project seeks an initial €100,000 investment in exchange for equity in the project. Funds of €6.5 million are sought to purchase 2 wind turbines and cover related costs like transportation, foundations, and installation. The investment is projected to pay back in less than 10 years with an annual return of 12% and internal rate of return of 19.2%. The letter seeks a partner to provide the initial €100,000 to cover due diligence and feasibility studies in exchange for equity in the project.
The document describes a renewable energy project called WindVenture that aims to help the economic recovery of the area around l'Aquila, Italy after an earthquake in 2009. WindVenture will develop a 12 turbine wind farm project that is projected to be profitable for investors and the local community, contribute to a clean environment, and provide a 16% internal rate of return. The project involves fundraising from private investors and outsourcing operations like construction and maintenance to an industrial partner. Financial projections estimate the project will generate sufficient revenues from energy sales and incentives to provide investors an attractive 16.14% IRR.
Similar to 140728 zeewind risk analysis eng v sent (meewind) (20)
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
63662490260Kalyan chart, satta matta matka 143, satta matka jodi fix , matka boss OTC 420, Indian Satta, India matka, matka ank, spbossmatka, online satta matka game play, live satta matka results, fix fix fix satta namber, free satta matka games, Kalyan matka jodi chart, Kalyan weekly final anl matka 420
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
Discover the Beauty and Functionality of The Expert Remodeling Serviceobriengroupinc04
Unlock your kitchen's true potential with expert remodeling services from O'Brien Group Inc. Transform your space into a functional, modern, and luxurious haven with their experienced professionals. From layout reconfiguration to high-end upgrades, they deliver stunning results tailored to your style and needs. Visit obriengroupinc.com to elevate your kitchen's beauty and functionality today.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
High-Quality IPTV Monthly Subscription for $15advik4387
Experience high-quality entertainment with our IPTV monthly subscription for just $15. Access a vast array of live TV channels, movies, and on-demand shows with crystal-clear streaming. Our reliable service ensures smooth, uninterrupted viewing at an unbeatable price. Perfect for those seeking premium content without breaking the bank. Start streaming today!
https://rb.gy/f409dk
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART INDIA MATKA KALYAN SATTA MATKA 420 INDIAN MATKA SATTA KING MATKA FIX JODI FIX FIX FIX SATTA NAMBAR MATKA INDIA SATTA BATTA
Enhancing Adoption of AI in Agri-food: IntroductionCor Verdouw
Introduction to the Panel on: Pathways and Challenges: AI-Driven Technology in Agri-Food, AI4Food, University of Guelph
“Enhancing Adoption of AI in Agri-food: a Path Forward”, 18 June 2024
1. Investing in Belgian offshore wind: a comprehensive overview of
associated risks
Offshore wind risk analysis provided for Zeewind 1 fund
July 2014
2. 2
July 2014
1. Zeewind 1 investment fund
Meewind is an investment manager specialised in renewable energy investments for private
parties, local municipalities and provinces. Zeewind 1 is a Meewind investment fund specifically
focused on offshore wind energy. It currently owns a stake in the Belgian offshore wind farms
Belwind and Northwind.
The purpose of the analysis below is to provide individuals or companies investing in Zeewind 1
an understanding of basic considerations to a financial investment in the offshore wind sector as
well as to provide a more specific risk analysis on the Belwind and Northwind projects.
This analysis has been prepared by Green Giraffe Energy Bankers (GGEB) at the request of
Meewind. This analysis is not intended to form the basis of any investment decision and does not
constitute or contain any recommendation by GGEB. No representation or warranty, expressed
or implied, is or will be made in relation to the accuracy or completeness of this analysis and no
responsibility or liability is or will be accepted by GGEB or Meewind, their shareholders or by
any of their respective, subsidiaries, officers or employees in relation to furnishing this analysis.
Neither GGEB nor Meewind undertake any obligation to provide access to any additional
information or to update this analysis or to correct any inaccuracies therein which may become
apparent. This analysis is based on information received from Meewind. We have not verified the
accuracy of the information supplied to us. We have assumed the accuracy and completeness and
(where copies are provided) conformity with the originals of the documents and any documents
referred to in them and that no relevant document, information or arrangement has been
withheld from us.
2. Belwind offshore wind farm
2.1.Description and status
Belwind is an offshore wind project located on the Bligh Bank, 46 km off the Belgian coast in the
Belgian exclusive economic zone. It consists, today, of 55 operating Vestas V90-3.0 MW wind
turbine generators for a maximum capacity of 165 MW. The project company owns permits and
consents for an additional capacity of 165 MW to be built in the near future, resulting in up to
330 MW of total installed capacity. The concession is granted for 20 years with an extension
option to 30 years.
The first 165 MW phase was financed on 24 July 2009 through a combination of equity and non-
recourse long term facilities. Non-recourse debt is a liability of the project company which does
not benefit from any warranties or commitments of the owners of the project.
The project was built on time and within budget under a 2-contract structure with Vestas and
Van Oord Dredging and Marine Contractors. It is now operated under a 15 year full scope
operation and maintenance contract with Vestas, including a comprehensive warranty package
backed by strong financial commitments by Vestas and a yearly availability guarantee. A long
term power purchase agreement is in place with Electrabel, including offtake of the full
production and management of the sale of the production on the market at a fixed price to the
project. The price for electricity includes a small component of market price risk, which is partly
mitigated through hedging instruments and is further described below.
3. 3
July 2014
Belwind 1 was completed on 29 June 2011 and has been operating at a high level of performance
since.
A second 165 MW phase is currently under development. Additionally, Belwind entered in an
agreement with Alstom in 2012 to install – for the purpose of obtaining turbine certification –
the Haliade 150-6 MW prototype. The Haliade was successfully installed on 17 November 2013
and is expected to produce electricity in 2014.
2.2.Project financing
Belwind NV is currently owned by Parkwind (a consortium of Colruyt, Korys and
ParticipatieMaatschappij Vlaanderen) and Zeewind 1, all of which are experienced long term
investors. The main shareholder in Parkwind is the leading Belgian retailer Colruyt, which also
owns several other, smaller, renewable energy (including wind, solar and biomass) projects. We
have been informed that the Japanese conglomerate Sumitomo will obtain a 39% share in
Parkwind mid-2014.
In addition to its 19.9% equity stake in Belwind N.V., Zeewind 1 acquired 80.7% of the total
contingent equity provided by Van Oord. Such contingent equity constituted a reserve available
during construction and was partly drawn (in a total amount of EUR 15 M, corresponding to
2.3% of the funds initially available).
The total construction budget amounted to EUR 660 M funded through 70% of senior loan
facilities to be repaid by 31 December 2025.
USES EUR M % SOURCES EUR M %
Construction costs 624.8 94.6%
Equity and contingent
equity
135.6 20.5%
Financing costs 35.7 5.4% Term and contingent loans 461.4 69.9%
Mezzanine loan 63.4 9.6%
TOTAL 660.4 100% TOTAL 660.4 100%
The debt financing of the project included senior and mezzanine debt facilities. The senior
lenders are well known commercial lenders (Rabobank, ASN and Belfius), as well as the
European Investment Bank and Danish export credit agency EKF. Mezzanine lenders include
Rabobank and some of the project investors.
2.3.Project revenues
As per the applicable Belgian regulatory framework, Belwind benefits from two separate revenue
streams:
- the sale of electricity on the wholesale market, which is done through the long term
power purchase agreement with Electrabel. The power is sold at prevailing market prices
(using a widely traded index), minus a discount paid to Electrabel to remunerate the
services the company provides (grid compliance, administrative services, and the
guarantee that the whole production will be sold at all times);
- the sale of "green certificates" - renewable energy producers receive these in proportion
to their production, and offshore wind projects benefit by law from a guaranteed
4. 4
July 2014
purchase of these "green certificates" by Elia, the Belgian grid operator, at a fixed price of
107 EUR/MWh for 20 years.
Both revenue streams are proportional to the net power production of the wind farm. Such
production was estimated prior to construction by two reputable experts, Ecofys and Mott
MacDonald, which produced similar results. Estimating power production from offshore wind
farms is not seen as uncertain as the site conditions are quite simple (flat surfaces), and statistical
variability from one year to the other is well understood. Indeed, early production figures are fully
consistent with the initial estimates.
Belwind phase 1
Annual energy yield (10 year
average)1
GWh/year capacity factor
P50 energy yield 540 37%
Annual energy production is thus expected to be 540 GWh per year, equivalent to a capacity
factor of 37 %.
3. Northwind offshore wind farm
3.1.Description and status
Northwind is a 216 MW offshore wind farm currently under construction on the “Bank Zonder
Naam”, 37 km off the Belgian coast in the Belgian exclusive economic zone. It consists of
72 Vestas V112-3.0 MW wind turbine generators to be erected on monopiles. As of 31 March
2014, 62 turbines were installed, of which 36 had already been commissioned and were ready to
feed in electricity into the grid. All the turbine foundations, the offshore electrical transformer
station and nearly all cables have been successfully installed. The concession is granted for
20 years with an extension option to 30 years.
Northwind raised non-recourse long term facilities for the project on 28 June 2012 and is
expected to have completed construction by the end of the second quarter of 2014.
3.2.Project financing
Northwind is owned by Parkwind (30%), Sumitomo (30%) and Aspiravi (40%). Aspiravi is a
renewable energy developer that combines the efforts of a large number of Belgian municipalities
in the sector.
1
P50/P75/P90 are metrics expressed as either (i) annual productions (energy yields), or (ii) percentage of time of full capacity
production equivalent across a full year (capacity factor). A “PXX” denotes the annual energy production or capacity factor level
that is reached (and therefore exceeded) with a probability of XX%
5. 5
July 2014
The total construction budget amounted to EUR 911 M funded through 70% of senior loan
facilities to be repaid by 31 December 2029.
USES EUR M % SOURCES EUR M %
Construction costs 861.0 94.5%
Equity and contingent
equity
273.4 30.0%
Financing costs 50.4 5.5% Term and contingent loans 638.0 70.0%
TOTAL 911.4 100% TOTAL 911.4 100%
Zeewind 1 invested 5.0% in the EUR 111 M shareholder loan provided in the financing.
The debt financing of the project included senior and mezzanine debt facilities. The senior
lenders are well known commercial lenders (Belfius, BNPParibas Fortis, ING, KBC and
Rabobank), as well as the European Investment Bank and the export credit agencies of Denmark
(EKF); Norway (GIEK) and Belgium (ONDD).
The project has decided to adopt a multi-contracting construction strategy to have more control
over the works and the risk allocation, resulting in cost containment, improved contract
conditions and higher level of guarantees from each contractor. Construction is expected to be
completed by the second quarter of 2014:
- Vestas supplies, installs and commissions the 72 V112-3.0 MW turbines;
- GeoSea is responsible for the supply and installation of the inter-array cables, the
monopile foundations, the transition pieces and scour protection;
- Innovation, the jack-up vessel used for the installation of both the foundations and the
turbines has been chartered separately by the project and is made available to GeoSea and
Vestas for their respective installation work at sea;
- Bladt Industries delivers and commissions the offshore high voltage station;
- Jan de Nul lays the 43 km export cable, which is supplied by Nexans.
Northwind has entered into a comprehensive 15 year service and availability agreement with
Vestas for all maintenance works, provision of spare parts and (crane) vessels and including a
comprehensive warranty package backed with a yearly availability guarantee.
3.3. Project revenues
As per the applicable Belgian regulatory framework, Northwind, like Belwind, benefits from two
separate revenue streams:
- the sale of electricity on the wholesale market, which will be done through another long
term power purchase agreement with Electrabel. The power is sold at prevailing market
prices (using a widely traded index), minus a discount paid to Electrabel to remunerate
the services the company provides (grid compliance, administrative services, and the
guarantee that the whole production will be sold at all times);
- the sale of "green certificates" - renewable energy producers receive these in proportion
to their production, and offshore wind projects benefit by law from a guaranteed
purchase of these "green certificates" by Elia, the Belgian grid operator, at a fixed price of
107 EUR/MWh for 20 years.
6. 6
July 2014
In order to assess the wind yield Northwind appointed 3E in February 2012 to carry out an
independent wind resource and energy yield study. Mott MacDonald, as technical advisor to the
lenders, reviewed that analysis and further compared the results of this energy yield assessment to
data from the MOW 7 meteorological mast and to the Belwind operating data. The combination
of both assessments provides estimates of the expected energy yield which the project is
confident are robust.
Northwind
Annual energy yield (10 year average)
GWh/year capacity factor
P50 energy yield 875 46%
4. Zeewind 1 investment profile
As stated in the previous section, Zeewind 1 owns:
- 19.9% in Belwind equity giving rights to dividends and shareholder loan payments;
- 80.7% in Belwind contingent equity in the form of a shareholder loan; and
- 5.0% in Northwind shareholder loan.
Figure 1- Zeewind 1 investment in Belwind and Northwind (values in k€)
7. 7
July 2014
Figure 2- Zeewind 1 investment in Belwind and Northwind based on a 7% discount rate (values in k€)
The main assumptions used for the forecast – being wind yields (P50), availability, resulting
electricity production, operation and maintenance expenses – have been validated and extensively
reviewed by the project, the lenders and reputed advisors on behalf of both. Such figures are
broadly in line with the market standards and fit with the projects constraints and technology:
P50 yield around 40% of installed nameplate capacity, availability in the 92-95% range and
maintenance costs in the range of 15-20 €/MWh. Actual performance to date is in line with or
above the assumptions used for the forecast.
For Zeewind 1 this results in the following net present values of expected future cash flows from
the investments in Belwind and Northwind.
Asset NPV as per 30 June 2014
(values in k€) 7% 8% 9% 10%
Investments in Belwind and Northwind 57,742 52,334 47,543 43,290
5. Overall risk assessment
The Belwind and Northwind offshore wind farms are assets with contracted and largely de-risked
long-term revenues.
The Belwind project is operational, with a satisfactory track record, while Northwind is at an
advanced stage of construction. The contractors, the project management and technical teams
have a proven track record across multiple projects in offshore wind. The early operational
performance data shows that the projects run as technically expected or better.
Both projects benefit from a favourable and stable support regime. The high wind speeds at the
offshore sites ensure favourable economics. The projects are controlled by investors with a good
track record in investing in large renewable energy projects and with a strategic focus in the
offshore wind sector.
8. 8
July 2014
No regulatory/permitting risk
Both Belwind and Northwind are fully permitted and benefit from the well-tested Belgian
regulatory framework, which specifies for all phases of a project life the standards to be met and
the documents to be provided. The revenue regime is set for 20 years by law.
Low residual construction risk
Offshore wind projects are complex infrastructure assets. They are specifically exposed to
weather risk due to the marine environment and require experienced contractors and
management to get built.
The Belwind and Northwind projects are developed, built and operated by experienced project
management, technical teams and contractors, which hold significant successful track records in
the offshore wind industry.
The Belwind project is now fully operational and is not subject to construction risk.
The construction of the Northwind project is now well advanced with all 72 turbines already
installed, and the critical grid connection infrastructure (offshore substation and cable) already in
place. The residual construction risk is therefore limited, and the project is currently expected to
be on time and budget. The project is backed by a robust contractual structure that further
minimizes the risk of cost overruns and delays.
Limited technology risk
Offshore wind turbines are exposed to a combination of challenges such as increased loads, a
saline environment and limited accessibility during construction and operation. For these reasons
owners, suppliers and operators place great care on turbine reliability, with a focus on (i) robust
design subject to stringent testing campaigns, (ii) quality of supply of components (from a
structural, coating and sealing perspective) and (iii) redundancy of critical functions within the
turbines allowing efficient and timely pre-emptive maintenance (instead of curative)
interventions. Offshore wind turbines are now specifically designed for the hostile offshore wind
environment.
Technology risk is further mitigated by the warranties provided by the turbine manufacturers,
who "stand by" their turbines through a 5-year warranty period and long term guarantees that
turbine availability will exceed certain levels (typically in the 92-95% range).
Belwind and Northwind have both contracted the supply and long term operation of the wind
turbines to Vestas, the Danish turbine manufacturer. Vestas is the largest turbine manufacturer in
the world and has a substantial track record in offshore wind, dating back to 1995, with a 30%
share of all turbines installed at sea as of end 2013. Both the V90-3.0 MW model (used on
Belwind), and the V112-3.0 MW model (used on Northwind) has been specifically designed for
offshore use and were subject to detailed investigations by external engineering firms on behalf
of the lenders to each project.
Turbine availability on Belwind has been confirmed by actual on-site production data over
30 months of operation. The wind farm is currently significantly exceeding revenue expectations
thanks to excellent availability.
Turbines on both projects are installed on monopile foundations, a proven technology that is
commonly used in the offshore wind industry. The monopiles are customised for the water depth
and soil conditions of the site, and their design is accordingly site specific.
9. 9
July 2014
Low wind risk
Wind is a statistically predictable resource. At sea, wind is stronger, steadier and more predictable
than onshore. Although a weaker year is possible, expected long term yields can still be
established with reasonable accuracy.
During the early development of an offshore wind farm, substantial effort is invested to study the
wind resource in detail and find the most appropriate turbine lay-out that will optimise the energy
production from the site.
These studies use historical data on wind speeds from long term neighbouring meteorological
masts as well as modelling from atmospheric data. Both methodologies have a good track record
and provided consistent results. These studies were further scrutinised by independent experts on
behalf of the lenders to the projects. The resulting analyses conclude both sites have excellent
wind conditions and provide a good understanding of the likely variability from year to year of
the energy yield.
Wind levels on Belwind have been further confirmed by actual on-site production data over
30 months of operation. Wind levels are fully in line with expectations.
Limited performance risk
Lower performance of a wind farm could be caused by three main reasons (i) the turbines are not
available to produce the energy, (ii) the turbines do not efficiently transform the wind energy into
electricity (power curve deficiency) and (iii) the electrical transmission assets (cable and offshore
high voltage substation) are deficient.
The loss of income due to decreased availability or a lower power curve can be substantial. This
problem can be avoided by selecting a proven technology, putting in place a well-developed
maintenance strategy and sound project management, and negotiating solid contractual
commitments from the manufacturer.
It is thus common practice in the offshore wind sector for projects to enter into supply contracts
that include availability and power curve guarantees and are accompanied by protective long term
maintenance contracts from the turbine supplier. Such comprehensive contracts ensure the
turbines are properly maintained by a knowledgeable party providing integrated services from
installation through operations.
These contractual structures protect the project from unforeseen maintenance costs and also
include compensation for lost revenues in case availability and power curve levels drop below a
certain threshold.
Both Belwind and Northwind have entered into such contracts with Vestas, which has an
excellent track record of ensuring the long term performance of its offshore wind turbines. Both
wind farms entered into a 15 year service and availability agreement, under which turbine supplier
Vestas performs all scheduled and unscheduled maintenance, provides the required spare parts
and vessels and warrants an agreed availability level.
Problems with the electrical transmission assets could be caused by incidents occurring on the
cable and substation. Operations and maintenance of such equipment is straightforward and
contracted from a qualified electrical operator. More importantly, the projects have subscribed
comprehensive insurance packages including compensation in case of incidents or damage to the
10. 10
July 2014
assets from accidents during construction or other external causes. Such insurance packages allow
for a replacement of the impaired asset and a compensation for lost revenues, protecting both the
financiers and owners of the projects.
Belwind and Northwind have subscribed comprehensive insurance packages in line with the
highest standard of the industry.
Performance on Belwind has been further confirmed by actual on-site production data over
30 months of operation. The wind farm significantly exceeds availability and production
expectations.
Limited market price risk
The revenues from the projects include a fixed price component (the "green certificates" sold to
Elia) and a variable price component (the megawatt hours of electricity sold to Electrabel at
market prices.
The fixed price component represents approximately two thirds of the expected revenues of the
projects under prudent scenarios, thus limiting the impact of power price variations on project
revenues. Further, power price movements are mitigated through options available to the
projects under their respective Electrabel contracts which allow them to fix prices over several
years, based on market quotes provided by Electrabel. Under the loan agreements with the banks,
the lenders may require that such price fixing options be exercised if prices fall below certain
levels, thus ensuring a minimum level of revenues in all circumstances.
Conversely, and unless such price fixing options are exercised, the projects and their owners
benefit from the additional revenues if power prices go up.
Reduced operating cost risk
A significant portion of the operating costs (50% or more) of the project is related to the
operations and maintenance of the turbines, for which both Belwind and Northwind have
entered into 15 year fixed price contracts with Vestas, thus fully eliminating such cost risk, given
the comprehensive scope of these contracts.
Insurance is another important operating cost item for the projects, representing 20-25% of total
operating costs). Both Belwind and Northwind have entered into fixed priced operational
insurance contracts for the first several years of operations and conservative estimates have been
budgeted for the following years, taking into account current conditions in the insurance market
for offshore wind.
Other costs are either less material or predictable by nature under applicable rules (like taxes).
Minimal macroeconomic risks
Belwind and Northwind are largely protected from interest rate risk through extensive interest
rate hedging programs, ensuring that a significant portion of interest payments under the debt
facilities are fixed during the first 10 years of operations.
Limited legal-political risk
Under the Kyoto Protocol of December 1997, Belgium is committed to limit emissions of
greenhouse gases, including carbon dioxide. Among other measures aiming at realising such goal,
the CREG, the federal regulator, shall issue one green certificate for each mega-watt hour of
offshore wind energy produced over a period of 20 years. It further puts a mandatory purchase
11. 11
July 2014
obligation on Elia with respect to such green certificates at a price of 107 EUR/MWh in relation
to the first 216 MW of installed capacity of the Belwind and Northwind projects.
Altogether, the Belgium framework for offshore wind is stable and well understood by operators.
The revenue scheme with green certificates provides a transparent economic framework for
investments in the sector and long term certainty on future income streams.
Limited counterparty risk
Since most of the risks have been contracted to third parties outside the project, counterparty risk
is an important consideration in the assessment of an offshore wind investment. The projects
have carefully selected their counterparties and assessed their experience in their specific field and
financial strength. Additional (financial) security has been put in place where required. Most
important counterparties are:
- for the construction phase: the contractors for their building obligations, the lenders for
providing their funding and the insurers for being able to fulfil any claims should they
arise;
- for the operational phase: the contractors for the guarantee period, the turbine O&M
contractor for maintaining turbine availability, indirectly the Belgian state for payment of
the green certificates, the off taker for payment of the electricity sales, the hedge
counterparties for the interest rate swap and the insurers for being able to fulfil any claims
should they arise.
6. Sensitivity analysis
Below chart shows the indicative impact on the internal rate of return of a number of sensitivities
that can be run in the financial model, being (i) the operational expenses, (ii) the electricity prices,
and (iii) fluctuations in the energy yield (5% deviation from the P50 wind as well as P90).
Figure 3: Sensitivity analysis