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Slide 1
1 Raiffeisen Leasing International
Slide 2
2 Company Information
Slide 3
3 Raiffeisen-Leasing International Group
Slide 4
4 One of the Leading Leasing Providers in CEE Raiffeisen
Leasing positioned as one of the leading leasing providers in CEE
18 consolidated leasing companies in 17 countries Ca.1.400
employees per end of September 2011 Total Portfolio amounted to EUR
4.605 Mio. as per 30.09.2011 (58% vehicles, 19 % equipment and 23 %
real estate) Core products include cars, trucks, equipment to large
corporates, SMEs, public sector and private individuals. Special
country focus real estate and renewable energy Member of Raiffeisen
Bank International - Group
Slide 5
5 Renewable Energy
Slide 6
6 Trend Renewable Energy Worldwide aim to reduce GHG emissions
Renewable Energy supported by incentives (i.e.. feed-in- tariffs)
Technical development and research lead to increasing price
competiveness Unpredictable prices of fossil fuels Governments aim
for energy independence (esp. nuclear power and fossil fuels)
Renewable Energy industry creates local jobs Consumers demand and
support green is good mentality
Slide 7
7 Renewable Energy Strategic Fields Wind Farms Photovoltaic
Plants Hydro Power Plants No dependency on raw material!
Slide 8
8 Process of Renewable Energy Projects Project Development
FundingConstructionOperation Professional support during the
development phase (assessment of projects) Tailor-made finance
models: a)Equity Investment b)Debt Finance Monitoring and support
during construction Professional support during the operational
phase
Slide 9
9 Renewable Energy - Characteristics Secured Cash Flow for a
specific tenor Mix of immovable and moveable assets Technically
complex; technical development ongoing Expensive Source of energy;
only realizable through subsidies Esp. CEE Markets are quite
immature (developers, operators, legislators etc. show lack of
experience) High dependency on local project development and/or
general contractors Time pressure, as actual tariffs are mostly
valid only for one year
Slide 10
10 Project Development/ Equity Investment
Slide 11
11 REE -Business Focus and Objectives The corporate objectives
of REE: Acquisition, development and operation of environmentally
sustainable and economically viable renewable energy projects,
focusing on raw material independent technologies like wind and
solar power. Generate attractive returns with a moderate risk
profile in targeted countries within the EU. Business Focus and
Objectives REE specialises in acquiring, developing, building and
operating renewable energy projects
Slide 12
12 Target Markets Today Market Countries with finished projects
Countries with projects under development Potential Wind Energy
Potential Photovoltaic Potential Biomass Potential Hydropower 14%
6,8% 15% 7,5% 49% 39,8% 13% 6,4% 34% 23,3% 16% 9,4% 24% 17,1% xx%
Gap EU-20/20/20 targets Achievement of 2009 targets Sweden Highest
targets in the EU for share of renewable energy Czech Republic
Ambitious EU targets 20/20/20 Austria Hydropower potential as good
as exhausted Increased focus on wind energy Legend Austria Czech
Rep. Poland Romania Bulgaria So far, concentrating heavily on
hydropower In the future, increased focus on wind and solar energy
24,5% 12,9% Western Europe 20,8% 13,1% SEE-Region Poland Attractive
Market Because of market size, high wind potential Slovakia
Ambitious EU 20/20/20 targets Potential for wind and solar energy
Romania Strong focus on hydropower In the future, increased focus
on wind and solar energy Sweden Slovakia
Slide 13
13 Raiffeisen Financing Possibilities REE is the competence
center for renewable energy projects within Raiffeisen banking
group Funding during construction phase Senior Lending
(RBI/Networkbank) Using also EBRD, EIB, IFC funding possibilities
Equity Investment by REE Function as venture capitalists,
particulary in the development phase Project stake of 50 +1 share
up to 100 % Feasible for all types of projects, from project
development (greenfield) to the acquisition of turnkey facilities
Responsible for project management and project controlling Taking
over operator role temporarily for renewable energy project Loans
Full payout lease Operating / Finance Lease Sale and Lease back
Models Hire Purchase Leasing (RL or RLI) Leasing options are also
part of the REE financing portfolio PPP (Public Private
Partnership) Models BOT (Build-Operate-Transfer) BOO
(Build-Own-Operate) BOOT (Build-Operate-Own-Transfer) Operator
Models
Slide 14
14 Trends in the wind energy sector Wind energy has high
potential due to rising global energy demand and EU-20/20/20
targets Improved technologies lead to better energy efficiency
Comparatively low investment costs secure attractive project
returns PV Rosice 2010 2.77 MWp PV Cekanice 2010 1.60 MWp 4.37 MWp
Scharndorf 2003 24.0 MW Trautmannsdorf 2004 16.0 MW Velm-G tzendorf
2004 12.5 MW Berg 2005 20.0 MW 72.5 MW Overview of implemented Wind
and PV projects (REE) Austria Bulgaria Sveden Long Man 2006 8.0 MW
Kavarna 2009 32.0 MW Balchik 2010 10.0 MW 50.0 MW Egby 2008 8.0 MW
Trends in Photovoltaics - Market High political interest in the
development of solar energy Massive energy efficiency improvements
in state-of-the-art facilities, decrease of investment costs
Continues to present an attractive investment landscape due to
rising global energy demand Relatively low maintenance keeps
running costs low Czech Republic Slovakia PV Buzitka 2010 4.00 MWp
PV Hladky Majer 2010 2.00 MWp PV Velke Ulany 2010 1.00 MWp PV Lisov
2010 0.50 MWp Realized own projects 7.50 MWp Total capacity of
130,5 MW in wind farms Total capacity of 11,87 MWp in photovoltaic
plants
Slide 15
15 Added Value by using REE Proven track record Extensive
experience in project development and operating green energy
projects Widespread CEE focus with detailed knowledge of local
conditions and specifics High market acceptance Framework
agreements with big-name component manufacturers High market
acceptance by project developers and investors because of extensive
know-how International network Technology leadership Ensuring its
place as technology leader by using modern and highly efficient
components from leading manufacturers Adding value for our partners
International approach through RBI network Detailed technical
expertise and solid financial backing through the RBI network
Slide 16
16 Debt Finance
Slide 17
17 Project Finance Financed assets are the only source of cash
to repay the financing Usually done through a SPV (separated
account) Financing entity is in control of the cash flow &
asset A financial model is needed to assess the economic
feasibility of a project Project must be capable of producing
enough income to cover all operating and debt-servicing expenses
over the whole tenor of the debt-financing
Slide 18
18 Conditions precedent On top of usual ones: Energy Source
Study (Solar, Wind, Water) Legal Due Diligence Technical Due
Diligence Contract with the utility company regarding connection to
the power grid Operation & Maintenance contract with a trusted
provider in place Pledge over shares of SPV due to lack of
transferability of licenses Creation of a Maintenance Reserve
Account (additionally to a Debt Reserve Account) Pledge over the
above mentioned accounts
Slide 19
19 Czech Republic
Slide 20
20 Renewable Energy in Czech Republic Czech Republic has
standard EU market energy prices Energy is mostly produced by coal
and nuclear power plants The Act on support of production of
electricity from renewable sources with the aim of 8% share on
total Energy consumption by the end 2010 was introduced in March
2005, in 2010 this indicative aim reached 8,32% Feed-in tariff in
Czech republic is guaranteed for 15 years from the date of the
connection to the network Enormous increase of installed capacity
of Solar Power Plant led to termination of support of the new Solar
Power Plant Projects commencing in year 2011 and implication of
withholding tax 26% ((return on investment dropped down to 7 years
for Investors instead of predicted 15 years ) valid for 3 years on
Solar Power Plant connected in years 2009 and 2010). The Energy
Action Plan for Czech Republic 2020 was issued 2010 with aim to
reach 13,5% share on total energy consumption the production from
renewable sources, this plan defines measures to be taken to reach
the aim. Solar Power Plants are not supported any longer (apart the
roof installations up to 30 kWp, however other types of Renewable
Energy production (Water, Wind, Biogas, Biomass) are to be
supported continuously in the up-coming years
Slide 21
21 Renewable Energy in Czech Republic Raiffeisen-Leasing (CR)
The first structures for financing set up already in year 2008 i.e.
before the boom in 2010 Energy Project Team in CR was setup and
Standardized Underwriting Criteria were applied in 2009 Cases
structured as self-running projects, Realized projects : Main focus
for 2012 : Small photovoltaics up to 30 kWp per installation
Refinancing of existing runnig photovoltaic projects 21
ClientInstalled capacity Power plant type Start year Photon14 000
kWpphotovoltaic2010 Ferromet8 730 kWpphotovoltaic2010 Elvolt2 400
kWpphotovoltaic2010 Sanergie2 000 kWpphotovoltaic2009
Slide 22
Slide No. 22 Thank you very much for your attention!