Speranţa Tirsar Head of Bucharest Office - Central and Eastern Europe. Bucharest, February 2013

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1 SACE - Guarantees for Energy Sector Speranţa Tirsar Head of Bucharest Office - Central and Eastern Europe Bucharest, February 2013

SACE SpA SACE s mission SACE is the Export Credit Agency of ITALY We provide guarantees, in order to support financing from banks or from suppliers.

2 SACE SpA SACE s mission SACE is the Export Credit Agency of ITALY We provide guarantees, in order to support financing from banks or from suppliers... in case of acquisitions of Italian equipments and services... in case of investments made by Italian companies outside Italy... in case of investments of strategic importance in Italy Our shareholder Cassa Depositi e Prestiti SpA (CDP) is a joint-stock company under public control, with the Italian Government holding 70% and a broad group of bank foundations holding the remaining 30%. CDP holds shares in several Italian companies such as ENI, Terna, Snam Rete Gas, Fintecna. 2

3 SACE SpA: key facts and figures Highlights (2012 Half Year Results) Outstanding commitments 34.4 Bn New commitments 4.8 Bn Net income Mn Shareholders funds 5.7 Bn State counter-guarantee on annual business 17 Bn (ca. 70% MLT, 30% ST) We enjoy sizeable financial resources acting as a cushion to financial/economic shocks 3

4 SACE in Central and Eastern Europe SACE Bucharest Office (Dec 2011) Regional hub for all 15 countries in CEE Total Exposure in CEE - EUR 2.5 billion Romania EUR 446 milioane New Commitments in EUR 432 million Romania EUR 250 million 4

5 How it works: Supplier credit Insurance Policy Target Clients Private or public companies investing in energy projects Italian supplier Italian equipments and services Local importer/ developer Energy projects Main Features SACE covers maximum 85% of the exportrelated amount 15% advance pre-condition under OECD rules Minimum repayment period 2 years for OECD countries (including Romania) Advantages Preservation of the Importer s credit lines with banks and improved commercial terms (longer tenors, lower costs) 5

6 How it works: Buyer credit Target Clients Insurance Policy BANK Lender Funding Italian EPC contractor SPV or Corporate Italian equipments and services Private or public companies investing in energy projects Main Features SACE covers maximum 85% of the exportrelated amount 15% advance pre-condition under OECD rules Minimum repayment period 2 years for OECD countries (including Romania) Energy projects Advantages Risk sharing and 0% Risk Weighted Assets for the funding bank Improved financial terms for the Borrower (longer tenors, lower costs, less collateral needed) 6

7 Eligibility criteria for export related products SACE has widened its eligibility criteria and is able to provide cover for the financing of the following: supply contracts signed by an Italian company: Italian origin of goods is not a strict eligibility constrain anymore; as SACE could cover all goods/services (of Italian, EU, or extra EU origin) provided under such contract ; supply contracts signed by a foreign company participated for at least 20% 1 by an Italian company, or Italian origin supplies under contracts signed by a non-italian company, and Financing amount: Up to 85% of the non local procurement ( Export Contract Value ) related to 1, 2, and 3 above + local costs, up to 30% of the Export Contract Value provided that an advance of at least 15% of the Export Contract value is paid to the supplier on or before the Starting Point of Credit 1) Such threshold is reduced to 10% for listed companies. 7

8 Financial terms and conditions for Export Credits 1 Nuclear Power Plants Scope of project: the construction of nuclear power stations or modernisation of existing ones (including fuel supply/management) The maximum repayment term is 18 years Non-nuclear Power Plants The maximum repayment term is 12 years, subject to prior notification to the OECD Project Finance scheme for Power Plants The maximum repayment term is up to 14 years Renewable Energies and Water Projects The maximum repayment term for is 18 years. Climate Change and Energy Efficiency The maximum repayment term varies between years, based on the technology and levels of energy efficiency. 1) OECD Arrangement on Officially supported Export credits 8

9 How it works: Financial Guarantees Target Clients Italian Companies investing in energy projects outside Italy Financial Guarantee Companies investing in energy projects in Italy BANK Lender Funding SPV or Corporate Main Features Coverage: max. 80% of the financing Energy projects Advantages Risk sharing and 0% Risk Weighted Assets for the funding bank Improved financial terms for the Borrower (longer tenors, lower costs, less collateral needed) 9

10 How it works: Bonds BANK Italian or Foreign Request of Guarantee Guarantee Italian Company (Contractor) Guarantee Foreign Buyer Target Clients Banks issuing bonds on request of the Italian company (and/or its foreign subsidiaries) Main Features Eligible Bonds: Bid, Advance Payment, Performance, Money Retention Bond, etc. Coverage: maximum 100%. 10

11 Photovoltaic Case study I: Veronagest Borrower: SPV denominated Sol.In.Build Srl Main sponsor: Veronagest (Italy) Project: development, construction and operation of 6 PV plants for a total capacity of circa 16,6 MW in Sicily Total project value: 82,50 Mn Debt size: 65,77 Mn Lenders: Unicredit, Dexia, Société Générale (1/3 each) SACE cover: 17,63 Mn (80% Société Générale quota) Tenor: construction + 18 years EPC / O&M / PV modules supplier: Sunpower Corporation (US) 11

Photovoltaic Case study II: The Andromeda transaction The Project The construction and operation of two photovoltaic parks in Montalto di Castro, Italy, having an aggregate capacity of 51.

12 Photovoltaic Case study II: The Andromeda transaction The Project The construction and operation of two photovoltaic parks in Montalto di Castro, Italy, having an aggregate capacity of 51.4MW Total project value +/- 260 Mn. A project finance structure with Société Générale and BNP Paribas as original lenders and lead arrangers. The project financing has been securitised in 2 classes of Notes (having the same terms and ranking pari passu): class A1 (c. 100 Mn) guaranteed by SACE and sold to institutional investors; class A2 (c. 100 Mn) purchased by EIB (European Investment Bank) 12

13 Photovoltaic Case study II: The Andromeda transaction Key sponsor ( Project Facility A1 Guarantor ) Project Facility A1 Guarantee Andromeda PV S.r.l ( Borrower ) Project Facilities (PF-A1 and PF-A2) BNP Paribas Société Générale ( Original Lenders and Originators ) Transfer of the PF-A1 and PF-A2 Payment of the purchase price Andromeda Finance S.r.l. ( Issuer ) Class A1 Notes Proceeds Proceeds Class A2 Notes Investors EIB EPC Contractor Electricity off-taker and payer of the feed-in tarif Semi-annual amortisation schedule Final payment: 30 November

14 Windpower Case studies Sponsors: EDF Energies Nouvelles (France) and Fri-El Green Power (Italy) Construction of a 70 MW wind farm in Sardinia (Italy), for a total amount of 123 Mn The turbine supplier was Vestas Italy Lenders: Société Générale, Dexia, Centro Banca SACE participation: release of 46 Mn guarantee in favour of Société Générale Sponsors: Falck Renewables (Italy) Implementation of a 138 MW windpower plant in Sardinia (Italy) for a total value of 223 Mn Lenders: Intesa SanPaolo, Unicredit SpA and other 5 lenders SACE participation: release of 41 Mn financial guarantee in favour of Intesa SanPaolo and Unicredit SpA 14

15 Projects Highlights Renewables Sector 15

16 SACE for renewable energy Amount guaranteed ( Mn) Breakdown by renewable sector ( ) (%, Projects amounting > 15 Mn excluding surety) Wind 16% Hydro 17% Waste to energy 16% *as at August Solar 51% 16 Total amount guaranteed ( ) 1.05 Bn 16

17 How to contact us Head Office Rome Piazza Poli 37/ Tel Fax Worldwide Bucharest Hong Kong Istanbul /1 Johannesburg Moscow Mumbai Sao Paulo Italy Bari Brescia Florence Lucca Milan Modena Monza Pesaro Rome Turin Venice Verona

18 Disclaimer This presentation has been prepared solely for information purposes and should not be used or considered as an offer to sell or a solicitation of an offer to buy any insurance/financial instrument mentioned in it. The information contained herein has been obtained from sources believed to be reliable or has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, SACE does not represent or warrant that the information is accurate and complete. 18

Gli strumenti SACE-SIMEST a supporto dell internazionalizzazione

Gli strumenti SACE-SIMEST a supporto dell internazionalizzazione CDP Group: we promote the future WE FINANCE public investments, support international cooperation, and drive the development of Italy's