Challenges & opportunities in the Nordics Experience from recent transactions

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1 Challenges & opportunities in the Nordics Experience from recent transactions SEB Nordic Infrastructure and Renewable Energy Day, Oslo, June 8 th, 2017

2 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Nordic Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 2

3 Aquila Group overview Focused on alternative investments Founded in bn Euro AuM/AuA Independently owned and operated Fully regulated by BaFin (Germany) and CSSF (Luxembourg) 10 offices in Europe, Asia and Asia-Pacific Institutional client focus Overview Aquila Group 1, 2 AuA 39% AuM Financial Assets 4% AuM Real Assets 57% 1 Assets under Management (AuM) based on Net Asset Value (NAV); Enterprise Value for Real Asset-funds respectively; 2 Assets under Administration (AuA) of the AIFM Alceda includes funds managed by Aquila Capital AuM Real Assets in EUR bn 4,0 3,0 2,0 1,0 Investment Center Client Advisory As at ; Locations shown in the map also include investment affiliates; 0, Renewables Others 2017 Aquila Capital 3

4 A leading renewables operator in Europe Active in renewables since 2009 Total invested capital in renewable energy assets Wind Energy 2 Norway; 13% UK, 2% Sweden; 47% Solar PV Energy 2 Hydro Power 2 Other; 19% France; 42% Other, 26% Macro-driven strategic approach EUR 2.3 bn total investment volume 1 Germany ; 38% Germany ; 39% Norway; [WERT] Dedicated investment team with in-depth asset knowhow 976 MW based on transactions in wind energy 1 Differentiated Investment Opportunities 625 MW based on transactions in Solar PV energy 1 Disciplined underwriting 430 MW based on transactions in hydropower 1 Fiduciary responsibility Notes: 1 With approx. EUR 2.3 bn of Total Investment Volume (asset based) in renewables (developed or under construction), Aquila has become a leading asset manager in the growing renewables market in Europe. MW figures based on past and current transactions. As of Based on total investet capital of Aquila Capital in the respective asset class. As of Source: The Top 70 overview of European solar PV portfolios is provided by Solarplaza International BV ( Solarplaza ). Solarplaza assumes no responsibility for any errors or omissions in these materials. Solarplaza makes no commitment to update the information contained herein. The data used for this overview are as at Aquila Capital 4

5 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Nordic Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 5

6 Nordic footprint Investment experience in the Nordics since 2011 Country-Specific Track Record (in m EUR): UK 48 DE 785 SE & NO US 30 FR 811 TR 168 JP 119 Hydro Jopeland Wind Atlantic Portf. Wind Midtfjellet I+II³ Wind Midtfjellet III 40 MW Norway Acquisition: MW Sweden Acquisition: MW Norway Acquisition: MW Norway FID: Hydro NGK Hydro Smakraft Wind Hökölen Wind Kokkola MW Norway Acquisition: MW Norway Acquisition: MW Sweden Acquisition: MW Finland Signing: 2017 Hydro Tinfos 90 MW Acquisition: 2014 Wind Lehtirova MW Sweden Acquisition: 2016 Wind Kappeln 24.2 MW Denmark Signing: Aquila Capital 6

7 Nordic wind portfolio overview c. 462 MW since 2014 c. 1.5 TWh of annual production Midtfjellet Phase I III (NO) Operational (110 MW) / Extension (39.6 MW) COD: Q MW extension (Q4-2018) Ownership: Majority, coinvestment Expected capacity: 150 MW (incl. 40 MW extension) Capacity factor: 32% Turbines: Nordex N MW Nordex N MW Nordex N MW 3 5 Lehtirova (SE) Under construction COD: Q Ownership: 100% Capacity: MW Capacity factor: 37% Turbines: Vestas V MW Kokkola (FI) Under construction COD: Q Ownership: 100% (as of closing) Capacity: 14.4 MW Capacity factor: 43% Turbines: Nordex N MW 32% 47% High capacity factors 1 Kappel (DK) Operational COD: Q Ownership: 100% (as of closing) Capacity: 24.2 MW Capacity factor: 47% Turbines: Vestas V MW Vestas V MW Högkölen (SE) Under construction COD: Q Ownership: 100% Capacity: 64.8 MW Capacity factor: 43% Turbines: Vestas V MW Atlantic Portfolio (SE) Operational COD: Q Ownership: Minority, coinvestment Capacity: 61.2 MW Capacity factor: 36% Turbines: Vestas V MW Vestas V MW Vestas V MW 2017 Aquila Capital Note: 7 1 Based on P-50 estimates

8 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 8

9 Comparison of selected wind markets Region Germany Sweden Norway Rating 1 S&P: AAA ( ) Moody s: Aaa ( ) Fitch: AAA ( ) S&P: Moody s: Fitch: AAA ( ) Aaa ( ) AAA ( ) S&P: Moody s: Fitch: AAA ( ) Aaa ( ) AAA ( ) Currency EUR NOK, EUR investment structure possible NOK, EUR investment structure possible Maturity Mature (2014: 57.4 TWh) 2 Mature (2014: 11.2 TWh) 2 Mature (2014: 2.2 TWh) 2 Wind resources Capacity factors: 18-25% Capacity factors: % Capacity factors: % Energy yield assessments Usually reference data based Usually site-specific data based Usually site-specific data based Capex incl. developers margin Relatively high Low Low LCOE Unknown due to FIT Low Low Support scheme CfD for 100% of production, 20 y, 5.07 ct/kwh (down from 8 ct/kwh) Elcerts in addition to power sales, 15y, no fix price (until 2035) Elcerts in addition to power sales, 15y, no fix price (until 2021) Macroeconomic costs Significant, approx. 7 ct/kwh for consumer Low, approx. 0.1 ct/kwh for consumer Low, approx. 0.1 ct/kwh for consumer Availability of commercial price hedging instruments Not available, not required Power: Up to 15y (good liquidity) Elcerts: Up to 5y (decent liquidity) Power: Up to 15y (good liquidity) Elcerts: Up to 5y (decent liquidity) Availability of KfW Financing Yes Depending on investment structure Depending on investment structure Debt levels Up to 80% 40-60% depending on hedging structure 40-60% depending on hedging structure Inflation indexation No Depending on hedging structure Depending on hedging structure 1 Source: date: June 6, 2017; (stable) (negative) (positive); 2 Source: HSH Nordbank 2017 Aquila Capital 9

10 Electricity costs in the Nordics and Europe Average wholesale baseload electricity price, Q SE: 36.9 <= EUR / MWh EUR / MWh EUR / MWh > EUR / MWh No data NO: 33.9 FI: 37.5 EE: 37.5 IE: 52.9 UK: 66.0 FR: 59.8 NL: 41.4 DK: 34.6 DE: 37.6 CZ: 40.9 AT: 38.0 PL: 37.1 HU: 45.1 LV: LT: RO: 40.9 PT: 56.4 ES: 57.3 IT: 55.9 BG: 39.6 GR: 45.8 Source: European Commission ttps://ec.europa.eu/energy/sites/ener/files/documents/quarterly_ report_on_european_electricity_markets_q4_2016.pdf 2017 Aquila Capital 10

11 Sound macro-story for Nordic wind Supported by attractive supply / demand dynamics and growing cross-border interconnections with the rest of Europe, the Nordic power market offers an attractive pool of liquidity, with encouraging signs of development for additional wind capacity The largest and most liquid power market in the world NordPool spot 1 is the world s largest exchange for electrical energy measured in volume NordPool power prices are mainly influenced in the short-term by weather conditions (e.g. precipitations) and the cost of fossil power generation; influencing factors in the long-run are the development of power demand, the aging of thermal generation capacities (nuclear, coal), the build-out of interconnectors to other Continental European markets as well as the prices for carbon emissions Growing amount of cross-border interconnections Attractive power market dynamics A growing role for wind Interconnector capacities expected to double, from c.4 GW today to c.8 GW by 2025 (c. 10 new cross-border projects 2 ) Heavy phase out of Swedish nuclear starting in the 2020 s Nordic households enjoy one of Europe s fastest growing populations (+22% in Norway and +13% in Sweden by 2050), with high consumption per capita in both Sweden and Norway Data centres becoming a relevant industry in the Nordics Nordic countries are early adaptors of e-mobility With a large amount of flexible hydro capacity and limited land constraints, Nordic markets are well positioned to integrate significant amounts of wind power The seasonality of wind power, with more production in winter times, is well correlated with local patterns in power demand and seasonal price peaks Supported by Sweden s target of additional 18 TWh /a new renewable production by 2030, the region is likely to continue seeing increasing demand for renewable capacity, especially for wind Status quo of energy mix in the Nordics Denmark Finland Norway Sweden Hydro Nuclear CHP Condensing Wind Geothermal Source: Swedenergy, 2015 Renewable build-out targets achieved as of 2017 (TWh) Source: 14.3 Source: Sweden Norway To be built Nord Pool Spot, Statnett, SKM 28,4 Total 2020 target Ambition increase, Sweden Total 2030 target Swedish Energy Agency, Norwegian Water Resources and Energy Directorate Notes: 1 Sweden, Norway, Finland, Denmark, Estonia, Latvia, Lithuania 2 SKM 2017 Aquila Capital 11

12 Encouraging signals on Elcert market New Elcert-quotas presented by Energimyndigheten and NVE The new, prolonged Swedish 18 TWh target will be included in the existing system, Projects in Norway can be built until end of 2021 to be eligible for elcerts until There will be a substantially raised quota during the period That will lead to an increased demand for certificates from 2018 This will decrease the existing Elcert surplus of approximately 12 million electricity certificates can be down by 50% during the period. 1 Source: Neas Energy Apart from this there will be a linear raised quota from 2020 and onwards, instead of the previously backloaded curve. Sweden will introduce a stop mechanism towards 2030 to prevent an oversupplied system. The stop mechanism should be in place in Technical adjustments to the system will be handled by the Energy Agency and not by the government/parliament, which means quicker processes 2017 Aquila Capital 12

13 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Nordic Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 13

14 Conclusions Challenges Balanced hedging strategy to manage merchant risk remains essential Scarcity of high quality projects at good wind sites with grid connection is not yet a problem, but will probably be in the future as the superior sites are developed and more investors will enter the market As competition among investors for the best projects will increase, those investors will be successful, which provide value-add to the developer Opportunities Due to slightly higher domestic demand expectations, ongoing convergence with higher power prices in Continental Europe (driven by higher commodity and carbon prices) and ambitious renewables build-out targets to replace phased-out thermal generation, we expect (in accordance to the known forecast providers) power prices to rise The Norwegian-Swedish agreement on the transition of the Elcert scheme sent a strong signal and should have positive impact on Elcert pricing and decrease backlog Further improvements of LCOE will also make site with less attractive wind resources economically viable for wind projects The Nordic will stay an dynamic investment environment among others due to the following market trends: The raise of corporate PPA with terms of up to 20y will allow for new, attractive debt financing structures More and more utilities pursue an asset-light investment approach and seek for cooperation models with financial investors There will be increasing competition for O&M as a third party O&M provider market will be established and result in even lower opex for wind 2017 Aquila Capital 14

15 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Nordic Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 15

16 Agenda 1 Aquila Group 2 Track Record in the Nordics 3 Nordic Market 4 Conclusions 5 Q&A 6 Contact details 2017 Aquila Capital 16

17 Today s presenter Ingmar Helmke Investment Manager Director Energy & Infrastructure EMEA Tel: ingmar.helmke@aquila-capital.com 2017 Aquila Capital 17

18 Offices Germany United Kingdom Norway Czech Republic Singapore Hamburg (Headquarters) Valentinskamp Hamburg Tel.: +49 (0) London 17 Grosvenor Street London W1K 4QG Oslo Sandakerveien Oslo Prague Palladium Náměstí Republiky Prague 1 Singapore No 8 Eu Tong Sen Street #19-89 The Central Singapore info@aquila-capital.de Frankfurt Neue Mainzer Straße Frankfurt/Main Munich Josephspitalstraße Munich Luxembourg Senningerberg Airport Center Luxembourg 5, Heienhaff 1736 Senningerberg Spain Madrid Plaza de Colón, 2 Torre II - planta Madrid Switzerland Zurich AQ Investment AG Poststrasse Zurich Important Notice: This document contains information and assessments. It constitutes neither an investment advice, any investment services nor the invitation to make offers or any declaration of intent. This document serves for information purposes only regarding the products mentioned. A decision upon the acquisition of a product shall be made by applying the respective prospectus as well as the complete sales documents in consideration of the respective risks as well as tax and legal consulting. The validity of the provided information is limited to the date of preparation of this document and may change in course of your objectives or in course of other reasons, especially the market development. The sources of information are reliable, however we cannot guarantee the validity and the actuality of the provided information. Historical information cannot be understood as a guarantee for future earnings. Predictions concerning future developments only represent forecasts. Statements to future economic growth depend on historical data and objective methods of calculation and must be interpreted as forecasts. The products mentioned in this document describe long-term investments that are associated with considerable risks. Investors must be prepared to suffer substantial losses or even total loss. Product-specific documents including the current sales prospectus, the key investor information as well as the annual report can be requested free of charge at Aquila Capital Concepts GmbH, Valentinskamp 70, D Hamburg. The terms Aquila and Aquila Capital comprise investment companies for alternative and real asset investments as well as sales, fund management and service companies of the Aquila Group. The respective responsible legal entities of the Aquila Group that offer products or services are named in the corresponding agreements, sales documents or other product information. A publication of Aquila Capital Concepts GmbH Aquila Capital 18

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