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Photovoltaic Training - Session 5 - Economic and Financial Analysis

The document outlines a training session on the economic analysis of photovoltaic systems, focusing on operation expenditures, insurance needs, and profitability assessment. It details various risks, insurance programs for both execution and operation phases, and presents inputs for profitability analysis with case studies on different technologies and cost structures. Additionally, it highlights the significance of careful financial planning and the impact of various factors on the internal rate of return for solar energy projects.

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Photovoltaic Systems Training Session 5 – Economic Analysis Javier Relancio & Luis Recuero Generalia Group September 30th 2010 http://www.leonardo-energy.org/training-pv-systems-design- construction-operation-and-maintenance
PHOTOVOLTAIC SYSTEM Design, Execution, Operation & Maintenance PROFITABILITY ANALYSIS Javier Relancio. Generalia Group.  30/09/2010 www.generalia.es 2 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 3 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 4 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenditures As we already know, the operation expenses for a PV plant are… 1. Plant operators & maintenance staff 2. Spare Parts stoc 3. Consumable stock: oil, paint, etc 4. Surveillance system 5. Monitoring system 6. Insurance 7. Land renting contract 8. Supplies: Water, light, internet… 9. Taxes Note: In this presentation we will study in detail the insurance… 5
INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 6 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance Key points 1. Identification of the risks and insurable assets & interests 2. The insurance program should cover a. Plant execution b. Plant operation c. Civil responsibility 7 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 1. Identification of risks and insurable assets & interests A. Insurable risks Risks of the nature Theft, vandalism, terrorism or sabotage Execution defects Losses due to facility stop (indirect damages) Breakdown of the equipments Responsibilities for third persons damages B. Non-insurable risks (The company takes the risk) Political, social or financial risks Technological, professional risks Strategic risks 8 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2. The insurance program Main objective: To protect the interests (heritage and profitability) of the property and of the financing company A. It must cover: Assets Income Responsibilities B. There are two defined periods Plant execution Operation 9 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.1 The insurance program: execution (I) All-risk insurance I A. Insured goods: Foundations, solar modules and equipments, constructions and fences, civil and electrical work, equipments of protection... B. All-risk conditions There are covered all direct, sudden and unforeseen damages that are not explicitly excluded C. Risks which are result of: Transport, load and unload, assembly, pre-installation, installation, tests, commissioning and maintenance 10 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.1 The insurance program: execution (II) All-risk insurance II A. Covertures Natural risks Ordinary risks Wind, hailstorm, snow and rain Other natural extraordinary phenomena Fire, explosion and lightning strike Frost and defrost Steal and vandalism Overflow and floods Plane crashes or vehicles impacts Collapse, detachment and landslide of land Earthquakes and volcanic phenomena Staging risks Optional risks Consequences of a design mistake Technical risks: managing, assembly, tests, short Terrorism and sabotage circuit, overvoltage, overpressure, centrifugal force Strike, riot and civil commotion Human errors: mistakes of assembly, negligence, Insurance of maintenance (12 months) inexperience, malicious hurt Civil responsibility And any other issue that is not excluded from the policy 11 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.1 The insurance program: execution (III) All-Risk policy. The execution III A. Requirements for the contracting : Analysis of the risk situation Protection and vigilance measures Control of subcontractors and bidders B. Other considerations Contractual losses or penalties Exemptions Deliveries in different stages C. Who has to get an insurance? All the persons with interests in the insured risk: promoter, operating company, financial company, bidders and subcontractors 12 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.2 The insurance program: Operation (I) All-risk & Multi-risk insurances A. Insured goods: Foundations, modules and equipments, constructions and fences, civil and electrical work, equipments of protection... B. Risks of the ownership and operation of the PV facility C. Multi-risk coverage The contract details the reasons that are considered recoverable disasters D. All-risk coverage The contract details only the exclusions, being recoverable the rest of circumstances 13 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.2 The insurance program: Opération(II) Multi-risk insurance A. Coverage Extensive guarantees Basic guarantees Rain, hailstorm, wind or snow Damages due to water or flood Fire, explosion and lightning strike Acts of vandalism or sabotage Impact of vehicles aircraft or spaceships crashes, sonic waves Optional guarantees Civil responsibility Theft and spoliation Electrical damages in electrical or electronic equipments CR Exploitation, employers, defense and bails Breakdown of equipments CR for damages to the energy receptor Loss of benefits 14 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.2 The insurance program: Operation (III) All-risk insurance A. Exclusions General exclusions Optional guarantees Bad intentions from the contractor Design mistake Production losses Degradation Consideration Civil responsibility General exemptions Several sinister CR Exploitation, employers, defense and bails Consequences of a design mistake CR for damages to the energy receptor Other clauses 15 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Operation expenses: Insurance 2.2 The insurance program: Operation (IV) All-risk & Multi-risk insurances A. Requirements for the contracting : Analysis of the situation of risk (terrain, access, etc) Protection and vigilance measures Control of operation & maintenance contracts B. Other considerations Availability of solar modules in the market Exemptions C. Who has to get an insurance? All the persons with interests in the insured risk: operating company & financial company 16 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 17 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Profitability analysis Inputs (I) For the profitability analysis in this presentation, we will consider the following inputs: 1.Peak power 10% over the nominal power 2.Module degradation: 1% per year 3.Electricity price increase: 2,5% per year 4.Loan For 12 years Grace period: 1 year Interest rate of 5% Though the most of the financings of the facilities have a variable type indexed to the EURIBOR, we consider an interest of 5 % for this study Equity: 20 % 18 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Profitability analysis Inputs (II) We are considering the following investment, operation & maintenance costs… Investment  Operation and other costs (The insurance and the  Type of installation (€/Wp) physical surveillance are NOT considered) Fix to ground crystalline module 2.9 Fix to ground thin film module 2.7 Fix cost: 200 € Crystalline module with  4.1 + suntracker 2 % of the incomes for the energy produced Fix to roof crystalline module 3 Fix to roof thin film module 2.8 Note: The price of a solar plant in Germany will be 0.1 € lower per Wp than in Spain, due to administrative simplifications in that country 19 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Profitability Analysis Inputs (III). Production & Energy price Germany Estimated production: 950 kWh/kWp Subvention (ground): 0,284 €/kWh Subvention (roof): 30 – 100kW: 0,3723 €/kWh > 1000 kW: 0,2937 €/kWh Spain Estimated production: 1350 kWh/kWp Subvention (ground): 0,265 €/kWh Subvention (roof): >20 kW: 0,295 €/kWh <20 kW: 0,33 €/kWh Note: The production in Germany has a lower radiation, but it is favored by the low temperature losses 20 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Profitability Analysis Study cases Estimated  Technology Power Type Country Subvention production Ground  0.265  Case 1 Crystalline 1.000 kW Spain 1350 Plant €/kWh Ground  0.265  Case 2 Thin film 1.000 kW Spain 1350 Plant €/kWh 0.3723  Case 3 Crystalline 100 kW Roof Germany 950 €/kWh 0.295 Case 4 Crystalline 100 kW Roof Spain 1350 €/kWh Suntracker  0.265  Case 5 Crystalline 1.000 kW Spain 1890 Plant €/kWh 21 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Study case 1 (I) Technology Power Type Country kWh/kWp Tariff Case 1 Crystalline 1.000 kW Ground Spain 1350 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -638.000 -638.000 1º YEAR 283.238 8.071 393.525 102.216 -535.784 2º YEAR 283.238 8.190 399.329 107.902 -427.882 3º YEAR 283.238 8.310 405.220 113.671 -314.212 4º YEAR 283.238 8.433 411.197 119.525 -194.686 5º YEAR 283.238 8.557 417.262 125.466 -69.220 6º YEAR 283.238 8.684 423.416 131.494 62.274 7º YEAR 283.238 8.812 429.662 137.612 199.886 8º YEAR 283.238 8.942 435.999 143.819 343.705 9º YEAR 283.238 9.073 442.430 150.118 493.823 10º YEAR 283.238 9.207 448.956 156.510 650.334 11º YEAR 283.238 9.343 455.578 162.997 813.330 12º YEAR 283.238 9.481 462.298 452.817 1.266.147 13º YEAR 9.621 469.117 459.496 1.725.644 14º YEAR 9.763 476.036 466.274 2.191.917 15º YEAR 159.907 .(1) 483.058 323.151 2.515.068 16º YEAR 10.053 490.183 480.130 2.995.199 17º YEAR 10.201 497.413 487.212 3.482.411 18º YEAR 10.352 504.750 494.398 3.976.809 19º YEAR 10.504 512.195 501.691 4.478.500 20º YEAR 10.659 519.750 509.091 4.987.591 21º YEAR 10.816 527.416 516.600 5.504.191 22º YEAR 10.976 535.196 524.220 6.028.411 23º YEAR 11.138 543.090 531.952 6.560.363 24º YEAR 11.302 551.100 539.798 7.100.161 25º YEAR 11.469 559.229 547.760 7.647.921 22 (1) Hypothetical fee for an extraordinary reparation on the year 15th : 150.000 €
Study case 1 (II) Technology Power Type Country kWh/kWp Tariff Case 1 Crystalline 1.000 kW Ground Spain 1350 0.265 €/kWh INCOMES PER YEAR 385.455 € INVESTMENT ACCRUED INCOMES 3.190.000 € 7.364.683 € LOAN I.I.R 2.552.000 € 23,07% 23 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Study case 2 (I) Technology Power Type Country kWh/kWp Tariff Case 2 Thin film 1.000 kW Ground Spain 1350 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -594.000 -594.000 1º YEAR 263.705 8.071 393.525 121.750 -472.250 2º YEAR 263.705 8.190 399.329 127.435 -344.815 3º YEAR 263.705 8.310 405.220 133.205 -211.611 4º YEAR 263.705 8.433 411.197 139.059 -72.552 5º YEAR 263.705 8.557 417.262 141.000 72.448 6º YEAR 263.705 8.684 423.416 151.028 223.476 7º YEAR 263.705 8.812 429.662 157.145 380.622 8º YEAR 263.705 8.942 435.999 163.353 543.974 9º YEAR 263.705 9.073 442.430 169.652 713.627 10º YEAR 263.705 9.207 448.956 176.044 889.671 11º YEAR 263.705 9.343 455.578 182.530 1.072.201 12º YEAR 263.705 9.481 462.298 189.112 1.261.313 13º YEAR 9.621 469.117 459.496 1.720.809 14º YEAR 9.763 476.036 466.274 2.187.083 .( 15º YEAR 159.907 483.058 323.151 2.510.234 1) 16º YEAR 10.053 490.183 480.130 2.990.364 17º YEAR 10.201 497.413 487.212 3.477.577 18º YEAR 10.352 504.750 494.398 3.971.975 19º YEAR 10.504 512.195 501.691 4.473.666 20º YEAR 10.659 519.750 509.091 4.982.757 21º YEAR 10.816 527.416 516.600 5.499.357 22º YEAR 10.976 535.196 524.220 6.023.576 23º YEAR 11.138 543.090 531.952 6.555.528 24º YEAR 11.302 551.100 539.798 7.095.327 24 25º YEAR 11.469 559.229 547.760 7.643.087 (1) Hypothetical fee for an extraordinary reparation the 15th year: 750.000 €
Study case 2 (II) Technology Power Type Country kWh/kWp Tariff Case 2 Thin film 1.000 kW Ground Spain 1350 0.265 €/kWh INCOMES PER YEAR 385.455 € INVESTMENT ACCRUED INCOMES 2.970.000 € 7.643.087 € LOAN I.I.R 2.376.000 € 26,49% 25 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Study case 3 (I) Technology Power Type Country kWh/kWp Tariff Case 3 Crystalline 100 kW Roof Germany 950 0.3723 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -63.800 -63.800 1º YEAR 28.324 978 38.905 9.603 -54.197 2º YEAR 28.324 993 39.479 10.163 -44.034 3º YEAR 28.324 1.007 40.062 10.731 -33.303 4º YEAR 28.324 1.022 40.652 11.307 -21.997 5º YEAR 28.324 1.037 41.252 11.891 -10.106 6º YEAR 28.324 1.052 41.861 12.484 2.379 7º YEAR 28.324 1.068 42.478 13.086 15.465 8º YEAR 28.324 1.084 43.105 13.697 29.162 9º YEAR 28.324 1.100 43.740 14.317 43.479 10º YEAR 28.324 1.116 44.385 14.946 58.424 11º YEAR 28.324 1.132 45.040 15.584 74.008 12º YEAR 28.324 1.149 45.705 16.232 90.240 13º YEAR 1.166 46.379 45.213 135.453 14º YEAR 1.183 47.063 45.880 181.332 15º YEAR 16.201 .(1) 47.757 31.556 212.888 16º YEAR 1.218 48.461 47.243 260.131 17º YEAR 1.236 49.176 47.940 308.071 18º YEAR 1.255 49.901 48.647 356.718 19º YEAR 1.273 50.638 49.364 406.083 20º YEAR 1.292 51.384 50.093 456.175 21º YEAR 1.311 52.142 50.831 507.007 22º YEAR 1.330 52.911 51.581 558.588 23º YEAR 1.350 53.692 52.342 610.930 24º YEAR 1.370 54.484 53.114 664.044 25º YEAR 1.390 55.287 53.898 717.941 26 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 15.000 €
Study case 3 (II) Technology Power Type Country kWh/kWp Tariff Case 3 Crystalline 100 kW Roof Germany 950 0.3723 €/kWh INCOMES PER YEAR 37.927 € INVESTMENT ACCRUED INCOMES 319.000 € 717.941 € LOAN I.I.R 255.200 € 22,35% 27 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Study case 4 (I) Technology Power Type Country kWh/kWp Tariff Case 4 Crystalline 100 kW Roof Spain 1350 0.295 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -66.000 -66.000 1º YEAR 29.301 1.076 43.808 13.431 -52.569 2º YEAR 29.301 1.092 44.454 14.061 -38.508 3º YEAR 29.301 1.108 45.109 14.701 -23.807 4º YEAR 29.301 1.124 45.775 15.350 -8.458 5º YEAR 29.301 1.141 46.450 16.008 7.551 6º YEAR 29.301 1.158 47.135 16.677 24.227 7º YEAR 29.301 1.175 47.830 17.355 41.582 8º YEAR 29.301 1.192 48.536 18.043 59.625 9º YEAR 29.301 1.210 49.252 18.741 78.366 10º YEAR 29.301 1.228 49.978 19.450 97.816 11º YEAR 29.301 1.246 50.715 20.169 117.985 12º YEAR 29.301 1.264 51.463 20.899 138.884 13º YEAR 1.283 52.222 50.940 189.823 14º YEAR 1.302 52.993 51.691 241.514 15º YEAR 16.321 .(1) 53.774 37.453 278.968 16º YEAR 1.340 54.568 53.227 332.195 17º YEAR 1.360 55.372 54.012 386.207 18º YEAR 1.380 56.189 54.809 441.016 19º YEAR 1.401 57.018 55.617 496.633 20º YEAR 1.421 57.859 56.438 553.070 21º YEAR 1.442 58.712 57.270 610.341 22º YEAR 1.464 59.578 58.115 668.455 23º YEAR 1.485 60.457 58.972 727.427 24º YEAR 1.507 61.349 59.842 787.269 25º YEAR 1.529 62.254 60.725 847.994 28 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 15.000 €
Study case 4 (II) Technology Power Type Country kWh/kWp Tariff Case 4 Crystalline 100 kW Roof Spain 1350 0.295 €/kWh INCOMES PER YEAR 42.731 € INVESTMENT ACCRUED INCOMES 330.000 € 847.994 € LOAN I.I.R 264.000 € 26,39% 29 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Study case 5 (I) Technology Power Type Country kWh/kWp Tariff Case 5 Crystalline 1.000 kW Suntracker Spain 1890 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -902.000 -902.000 1º YEAR 400.441 11.219 550.935 139.276 -762.724 2º YEAR 400.441 11.384 559.061 147.237 -615.488 3º YEAR 400.441 11.552 567.307 155.315 -460.173 4º YEAR 400.441 11.722 575.675 163.512 -296.661 5º YEAR 400.441 11.895 584.166 171.830 -124.830 6º YEAR 400.441 12.071 592.783 180.271 55.441 7º YEAR 400.441 12.249 601.526 188.837 244.278 8º YEAR 400.441 12.430 610.399 197.529 441.807 9º YEAR 400.441 12.613 619.402 206.349 648.156 10º YEAR 400.441 12.799 628.539 215.299 863.455 11º YEAR 400.441 12.988 637.809 224.381 1.087.836 12º YEAR 400.441 13.179 647.217 233.597 1.321.434 13º YEAR 13.374 656.764 643.390 1.964.823 14º YEAR 13.571 666.451 652.880 2.617.703 15º YEAR 163.771.(1) 676.281 512.510 3.130.213 16º YEAR 13.974 686.256 672.282 3.802.495 17º YEAR 14.180 696.378 682.198 4.484.693 18º YEAR 14.390 706.650 692.261 5.176.954 19º YEAR 14.602 717.073 702.471 5.879.425 20º YEAR 14.817 727.650 712.833 6.592.258 21º YEAR 15.036 738.383 723.347 7.315.605 22º YEAR 15.257 749.274 734.016 8.049.621 23º YEAR 15.483 760.326 744.843 8.794.465 24º YEAR 15.711 771.541 755.830 9.550.294 25º YEAR 15.943 782.921 766.978 10.317.272 30 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 150.000 €
Study case 5 (II) Technology Power Type Country kWh/kWp Tariff Case 5 Crystalline 1.000 kW Suntracker Spain 1890 0.265 €/kWh INCOMES PER YEAR 539.716 € INVESTMENT ACCRUED INCOMES 4.510.000 € 10.317.272 € LOAN I.I.R 3.608.000 € 22,69% 31 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
Profitability Analysis Study conclusions Case 1  Case 2  Case 3  Case 4  Case 5  Technology  Crystalline  Thin film Crystalline  Crystalline  Crystalline  Power  1.000 kW  1.000 kW  100 kW  100 kW  1.000 kW  Type  Ground  Ground  Roof  Roof  Suntracker  Country  Spain Spain  Germany  Spain  Spain  Estimated production 1350 kWh/kWp 1350 kWh/kWp 950 kWh/kWp 1350 kWh/kWp 1890 kWh/kWp Tariff  0.265 €/kWh 0.265 €/kWh  0.3723 €/kWh 0.295 €/kWh 0.265 €/kWh INVESTMENT  3.190.000 € 2.970.000 € 319.000 € 330.000 € 4.510.000 € ACCRUED INCOMES  7.364.683 € 7.643.087 € 717.941 € 847.994 € 10.317.272 € TIR  23,07% 26,49% 22,35% 26,39% 22,69% 32 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
End of Session 5 Thank you for attending http://www.leonardo-energy.org/training-pv-systems-design- construction-operation-and-maintenance 33

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Photovoltaic Training - Session 5 - Economic and Financial Analysis

  • 1.
    Photovoltaic Systems Training Session 5 – Economic Analysis Javier Relancio & Luis Recuero Generalia Group September 30th 2010 http://www.leonardo-energy.org/training-pv-systems-design- construction-operation-and-maintenance
  • 2.
    PHOTOVOLTAIC SYSTEM Design, Execution, Operation & Maintenance PROFITABILITY ANALYSIS Javier Relancio. Generalia Group.  30/09/2010 www.generalia.es 2 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 3.
    INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 3 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 4.
    INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 4 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 5.
    Operation expenditures As wealready know, the operation expenses for a PV plant are… 1. Plant operators & maintenance staff 2. Spare Parts stoc 3. Consumable stock: oil, paint, etc 4. Surveillance system 5. Monitoring system 6. Insurance 7. Land renting contract 8. Supplies: Water, light, internet… 9. Taxes Note: In this presentation we will study in detail the insurance… 5
  • 6.
    INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 6 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 7.
    Operation expenses: Insurance Key points 1. Identification of the risks and insurable assets & interests 2. The insurance program should cover a. Plant execution b. Plant operation c. Civil responsibility 7 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 8.
    Operation expenses: Insurance 1. Identificationof risks and insurable assets & interests A. Insurable risks Risks of the nature Theft, vandalism, terrorism or sabotage Execution defects Losses due to facility stop (indirect damages) Breakdown of the equipments Responsibilities for third persons damages B. Non-insurable risks (The company takes the risk) Political, social or financial risks Technological, professional risks Strategic risks 8 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 9.
    Operation expenses: Insurance 2. Theinsurance program Main objective: To protect the interests (heritage and profitability) of the property and of the financing company A. It must cover: Assets Income Responsibilities B. There are two defined periods Plant execution Operation 9 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 10.
    Operation expenses: Insurance 2.1 Theinsurance program: execution (I) All-risk insurance I A. Insured goods: Foundations, solar modules and equipments, constructions and fences, civil and electrical work, equipments of protection... B. All-risk conditions There are covered all direct, sudden and unforeseen damages that are not explicitly excluded C. Risks which are result of: Transport, load and unload, assembly, pre-installation, installation, tests, commissioning and maintenance 10 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 11.
    Operation expenses: Insurance 2.1 Theinsurance program: execution (II) All-risk insurance II A. Covertures Natural risks Ordinary risks Wind, hailstorm, snow and rain Other natural extraordinary phenomena Fire, explosion and lightning strike Frost and defrost Steal and vandalism Overflow and floods Plane crashes or vehicles impacts Collapse, detachment and landslide of land Earthquakes and volcanic phenomena Staging risks Optional risks Consequences of a design mistake Technical risks: managing, assembly, tests, short Terrorism and sabotage circuit, overvoltage, overpressure, centrifugal force Strike, riot and civil commotion Human errors: mistakes of assembly, negligence, Insurance of maintenance (12 months) inexperience, malicious hurt Civil responsibility And any other issue that is not excluded from the policy 11 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 12.
    Operation expenses: Insurance 2.1 Theinsurance program: execution (III) All-Risk policy. The execution III A. Requirements for the contracting : Analysis of the risk situation Protection and vigilance measures Control of subcontractors and bidders B. Other considerations Contractual losses or penalties Exemptions Deliveries in different stages C. Who has to get an insurance? All the persons with interests in the insured risk: promoter, operating company, financial company, bidders and subcontractors 12 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 13.
    Operation expenses: Insurance 2.2 Theinsurance program: Operation (I) All-risk & Multi-risk insurances A. Insured goods: Foundations, modules and equipments, constructions and fences, civil and electrical work, equipments of protection... B. Risks of the ownership and operation of the PV facility C. Multi-risk coverage The contract details the reasons that are considered recoverable disasters D. All-risk coverage The contract details only the exclusions, being recoverable the rest of circumstances 13 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 14.
    Operation expenses: Insurance 2.2 Theinsurance program: Opération(II) Multi-risk insurance A. Coverage Extensive guarantees Basic guarantees Rain, hailstorm, wind or snow Damages due to water or flood Fire, explosion and lightning strike Acts of vandalism or sabotage Impact of vehicles aircraft or spaceships crashes, sonic waves Optional guarantees Civil responsibility Theft and spoliation Electrical damages in electrical or electronic equipments CR Exploitation, employers, defense and bails Breakdown of equipments CR for damages to the energy receptor Loss of benefits 14 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 15.
    Operation expenses: Insurance 2.2 Theinsurance program: Operation (III) All-risk insurance A. Exclusions General exclusions Optional guarantees Bad intentions from the contractor Design mistake Production losses Degradation Consideration Civil responsibility General exemptions Several sinister CR Exploitation, employers, defense and bails Consequences of a design mistake CR for damages to the energy receptor Other clauses 15 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 16.
    Operation expenses: Insurance 2.2 Theinsurance program: Operation (IV) All-risk & Multi-risk insurances A. Requirements for the contracting : Analysis of the situation of risk (terrain, access, etc) Protection and vigilance measures Control of operation & maintenance contracts B. Other considerations Availability of solar modules in the market Exemptions C. Who has to get an insurance? All the persons with interests in the insured risk: operating company & financial company 16 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 17.
    INDEX Expenses of the plant operation. Insurance Project Cash-flow & IIR (Internal rate of return) 17 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 18.
    Profitability analysis Inputs (I) For the profitability analysis in this presentation, we will consider the following inputs: 1.Peak power 10% over the nominal power 2.Module degradation: 1% per year 3.Electricity price increase: 2,5% per year 4.Loan For 12 years Grace period: 1 year Interest rate of 5% Though the most of the financings of the facilities have a variable type indexed to the EURIBOR, we consider an interest of 5 % for this study Equity: 20 % 18 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 19.
    Profitability analysis Inputs (II) We are considering the following investment, operation & maintenance costs… Investment  Operation and other costs (The insurance and the  Type of installation (€/Wp) physical surveillance are NOT considered) Fix to ground crystalline module 2.9 Fix to ground thin film module 2.7 Fix cost: 200 € Crystalline module with  4.1 + suntracker 2 % of the incomes for the energy produced Fix to roof crystalline module 3 Fix to roof thin film module 2.8 Note: The price of a solar plant in Germany will be 0.1 € lower per Wp than in Spain, due to administrative simplifications in that country 19 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 20.
    Profitability Analysis Inputs (III).Production & Energy price Germany Estimated production: 950 kWh/kWp Subvention (ground): 0,284 €/kWh Subvention (roof): 30 – 100kW: 0,3723 €/kWh > 1000 kW: 0,2937 €/kWh Spain Estimated production: 1350 kWh/kWp Subvention (ground): 0,265 €/kWh Subvention (roof): >20 kW: 0,295 €/kWh <20 kW: 0,33 €/kWh Note: The production in Germany has a lower radiation, but it is favored by the low temperature losses 20 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 21.
    Profitability Analysis Studycases Estimated  Technology Power Type Country Subvention production Ground  0.265  Case 1 Crystalline 1.000 kW Spain 1350 Plant €/kWh Ground  0.265  Case 2 Thin film 1.000 kW Spain 1350 Plant €/kWh 0.3723  Case 3 Crystalline 100 kW Roof Germany 950 €/kWh 0.295 Case 4 Crystalline 100 kW Roof Spain 1350 €/kWh Suntracker  0.265  Case 5 Crystalline 1.000 kW Spain 1890 Plant €/kWh 21 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 22.
    Study case 1(I) Technology Power Type Country kWh/kWp Tariff Case 1 Crystalline 1.000 kW Ground Spain 1350 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -638.000 -638.000 1º YEAR 283.238 8.071 393.525 102.216 -535.784 2º YEAR 283.238 8.190 399.329 107.902 -427.882 3º YEAR 283.238 8.310 405.220 113.671 -314.212 4º YEAR 283.238 8.433 411.197 119.525 -194.686 5º YEAR 283.238 8.557 417.262 125.466 -69.220 6º YEAR 283.238 8.684 423.416 131.494 62.274 7º YEAR 283.238 8.812 429.662 137.612 199.886 8º YEAR 283.238 8.942 435.999 143.819 343.705 9º YEAR 283.238 9.073 442.430 150.118 493.823 10º YEAR 283.238 9.207 448.956 156.510 650.334 11º YEAR 283.238 9.343 455.578 162.997 813.330 12º YEAR 283.238 9.481 462.298 452.817 1.266.147 13º YEAR 9.621 469.117 459.496 1.725.644 14º YEAR 9.763 476.036 466.274 2.191.917 15º YEAR 159.907 .(1) 483.058 323.151 2.515.068 16º YEAR 10.053 490.183 480.130 2.995.199 17º YEAR 10.201 497.413 487.212 3.482.411 18º YEAR 10.352 504.750 494.398 3.976.809 19º YEAR 10.504 512.195 501.691 4.478.500 20º YEAR 10.659 519.750 509.091 4.987.591 21º YEAR 10.816 527.416 516.600 5.504.191 22º YEAR 10.976 535.196 524.220 6.028.411 23º YEAR 11.138 543.090 531.952 6.560.363 24º YEAR 11.302 551.100 539.798 7.100.161 25º YEAR 11.469 559.229 547.760 7.647.921 22 (1) Hypothetical fee for an extraordinary reparation on the year 15th : 150.000 €
  • 23.
    Study case 1(II) Technology Power Type Country kWh/kWp Tariff Case 1 Crystalline 1.000 kW Ground Spain 1350 0.265 €/kWh INCOMES PER YEAR 385.455 € INVESTMENT ACCRUED INCOMES 3.190.000 € 7.364.683 € LOAN I.I.R 2.552.000 € 23,07% 23 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 24.
    Study case 2(I) Technology Power Type Country kWh/kWp Tariff Case 2 Thin film 1.000 kW Ground Spain 1350 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -594.000 -594.000 1º YEAR 263.705 8.071 393.525 121.750 -472.250 2º YEAR 263.705 8.190 399.329 127.435 -344.815 3º YEAR 263.705 8.310 405.220 133.205 -211.611 4º YEAR 263.705 8.433 411.197 139.059 -72.552 5º YEAR 263.705 8.557 417.262 141.000 72.448 6º YEAR 263.705 8.684 423.416 151.028 223.476 7º YEAR 263.705 8.812 429.662 157.145 380.622 8º YEAR 263.705 8.942 435.999 163.353 543.974 9º YEAR 263.705 9.073 442.430 169.652 713.627 10º YEAR 263.705 9.207 448.956 176.044 889.671 11º YEAR 263.705 9.343 455.578 182.530 1.072.201 12º YEAR 263.705 9.481 462.298 189.112 1.261.313 13º YEAR 9.621 469.117 459.496 1.720.809 14º YEAR 9.763 476.036 466.274 2.187.083 .( 15º YEAR 159.907 483.058 323.151 2.510.234 1) 16º YEAR 10.053 490.183 480.130 2.990.364 17º YEAR 10.201 497.413 487.212 3.477.577 18º YEAR 10.352 504.750 494.398 3.971.975 19º YEAR 10.504 512.195 501.691 4.473.666 20º YEAR 10.659 519.750 509.091 4.982.757 21º YEAR 10.816 527.416 516.600 5.499.357 22º YEAR 10.976 535.196 524.220 6.023.576 23º YEAR 11.138 543.090 531.952 6.555.528 24º YEAR 11.302 551.100 539.798 7.095.327 24 25º YEAR 11.469 559.229 547.760 7.643.087 (1) Hypothetical fee for an extraordinary reparation the 15th year: 750.000 €
  • 25.
    Study case 2(II) Technology Power Type Country kWh/kWp Tariff Case 2 Thin film 1.000 kW Ground Spain 1350 0.265 €/kWh INCOMES PER YEAR 385.455 € INVESTMENT ACCRUED INCOMES 2.970.000 € 7.643.087 € LOAN I.I.R 2.376.000 € 26,49% 25 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 26.
    Study case 3(I) Technology Power Type Country kWh/kWp Tariff Case 3 Crystalline 100 kW Roof Germany 950 0.3723 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -63.800 -63.800 1º YEAR 28.324 978 38.905 9.603 -54.197 2º YEAR 28.324 993 39.479 10.163 -44.034 3º YEAR 28.324 1.007 40.062 10.731 -33.303 4º YEAR 28.324 1.022 40.652 11.307 -21.997 5º YEAR 28.324 1.037 41.252 11.891 -10.106 6º YEAR 28.324 1.052 41.861 12.484 2.379 7º YEAR 28.324 1.068 42.478 13.086 15.465 8º YEAR 28.324 1.084 43.105 13.697 29.162 9º YEAR 28.324 1.100 43.740 14.317 43.479 10º YEAR 28.324 1.116 44.385 14.946 58.424 11º YEAR 28.324 1.132 45.040 15.584 74.008 12º YEAR 28.324 1.149 45.705 16.232 90.240 13º YEAR 1.166 46.379 45.213 135.453 14º YEAR 1.183 47.063 45.880 181.332 15º YEAR 16.201 .(1) 47.757 31.556 212.888 16º YEAR 1.218 48.461 47.243 260.131 17º YEAR 1.236 49.176 47.940 308.071 18º YEAR 1.255 49.901 48.647 356.718 19º YEAR 1.273 50.638 49.364 406.083 20º YEAR 1.292 51.384 50.093 456.175 21º YEAR 1.311 52.142 50.831 507.007 22º YEAR 1.330 52.911 51.581 558.588 23º YEAR 1.350 53.692 52.342 610.930 24º YEAR 1.370 54.484 53.114 664.044 25º YEAR 1.390 55.287 53.898 717.941 26 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 15.000 €
  • 27.
    Study case 3(II) Technology Power Type Country kWh/kWp Tariff Case 3 Crystalline 100 kW Roof Germany 950 0.3723 €/kWh INCOMES PER YEAR 37.927 € INVESTMENT ACCRUED INCOMES 319.000 € 717.941 € LOAN I.I.R 255.200 € 22,35% 27 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 28.
    Study case 4(I) Technology Power Type Country kWh/kWp Tariff Case 4 Crystalline 100 kW Roof Spain 1350 0.295 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -66.000 -66.000 1º YEAR 29.301 1.076 43.808 13.431 -52.569 2º YEAR 29.301 1.092 44.454 14.061 -38.508 3º YEAR 29.301 1.108 45.109 14.701 -23.807 4º YEAR 29.301 1.124 45.775 15.350 -8.458 5º YEAR 29.301 1.141 46.450 16.008 7.551 6º YEAR 29.301 1.158 47.135 16.677 24.227 7º YEAR 29.301 1.175 47.830 17.355 41.582 8º YEAR 29.301 1.192 48.536 18.043 59.625 9º YEAR 29.301 1.210 49.252 18.741 78.366 10º YEAR 29.301 1.228 49.978 19.450 97.816 11º YEAR 29.301 1.246 50.715 20.169 117.985 12º YEAR 29.301 1.264 51.463 20.899 138.884 13º YEAR 1.283 52.222 50.940 189.823 14º YEAR 1.302 52.993 51.691 241.514 15º YEAR 16.321 .(1) 53.774 37.453 278.968 16º YEAR 1.340 54.568 53.227 332.195 17º YEAR 1.360 55.372 54.012 386.207 18º YEAR 1.380 56.189 54.809 441.016 19º YEAR 1.401 57.018 55.617 496.633 20º YEAR 1.421 57.859 56.438 553.070 21º YEAR 1.442 58.712 57.270 610.341 22º YEAR 1.464 59.578 58.115 668.455 23º YEAR 1.485 60.457 58.972 727.427 24º YEAR 1.507 61.349 59.842 787.269 25º YEAR 1.529 62.254 60.725 847.994 28 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 15.000 €
  • 29.
    Study case 4(II) Technology Power Type Country kWh/kWp Tariff Case 4 Crystalline 100 kW Roof Spain 1350 0.295 €/kWh INCOMES PER YEAR 42.731 € INVESTMENT ACCRUED INCOMES 330.000 € 847.994 € LOAN I.I.R 264.000 € 26,39% 29 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 30.
    Study case 5(I) Technology Power Type Country kWh/kWp Tariff Case 5 Crystalline 1.000 kW Suntracker Spain 1890 0.265 €/kWh OUTPUTS INPUTS RESULT MAINTENANCE COST ACCRUED LOAN FEE INCOMES CASH FLOW WITHOUT INSURANCE INCOME -902.000 -902.000 1º YEAR 400.441 11.219 550.935 139.276 -762.724 2º YEAR 400.441 11.384 559.061 147.237 -615.488 3º YEAR 400.441 11.552 567.307 155.315 -460.173 4º YEAR 400.441 11.722 575.675 163.512 -296.661 5º YEAR 400.441 11.895 584.166 171.830 -124.830 6º YEAR 400.441 12.071 592.783 180.271 55.441 7º YEAR 400.441 12.249 601.526 188.837 244.278 8º YEAR 400.441 12.430 610.399 197.529 441.807 9º YEAR 400.441 12.613 619.402 206.349 648.156 10º YEAR 400.441 12.799 628.539 215.299 863.455 11º YEAR 400.441 12.988 637.809 224.381 1.087.836 12º YEAR 400.441 13.179 647.217 233.597 1.321.434 13º YEAR 13.374 656.764 643.390 1.964.823 14º YEAR 13.571 666.451 652.880 2.617.703 15º YEAR 163.771.(1) 676.281 512.510 3.130.213 16º YEAR 13.974 686.256 672.282 3.802.495 17º YEAR 14.180 696.378 682.198 4.484.693 18º YEAR 14.390 706.650 692.261 5.176.954 19º YEAR 14.602 717.073 702.471 5.879.425 20º YEAR 14.817 727.650 712.833 6.592.258 21º YEAR 15.036 738.383 723.347 7.315.605 22º YEAR 15.257 749.274 734.016 8.049.621 23º YEAR 15.483 760.326 744.843 8.794.465 24º YEAR 15.711 771.541 755.830 9.550.294 25º YEAR 15.943 782.921 766.978 10.317.272 30 (1) Hypothetical fee for an extraordinary reparation on the year 15th: 150.000 €
  • 31.
    Study case 5(II) Technology Power Type Country kWh/kWp Tariff Case 5 Crystalline 1.000 kW Suntracker Spain 1890 0.265 €/kWh INCOMES PER YEAR 539.716 € INVESTMENT ACCRUED INCOMES 4.510.000 € 10.317.272 € LOAN I.I.R 3.608.000 € 22,69% 31 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 32.
    Profitability Analysis Studyconclusions Case 1  Case 2  Case 3  Case 4  Case 5  Technology  Crystalline  Thin film Crystalline  Crystalline  Crystalline  Power  1.000 kW  1.000 kW  100 kW  100 kW  1.000 kW  Type  Ground  Ground  Roof  Roof  Suntracker  Country  Spain Spain  Germany  Spain  Spain  Estimated production 1350 kWh/kWp 1350 kWh/kWp 950 kWh/kWp 1350 kWh/kWp 1890 kWh/kWp Tariff  0.265 €/kWh 0.265 €/kWh  0.3723 €/kWh 0.295 €/kWh 0.265 €/kWh INVESTMENT  3.190.000 € 2.970.000 € 319.000 € 330.000 € 4.510.000 € ACCRUED INCOMES  7.364.683 € 7.643.087 € 717.941 € 847.994 € 10.317.272 € TIR  23,07% 26,49% 22,35% 26,39% 22,69% 32 http://www.leonardo-energy.org/training-pv-systems-design-construction-operation-and-maintenance
  • 33.
    End of Session5 Thank you for attending http://www.leonardo-energy.org/training-pv-systems-design- construction-operation-and-maintenance 33