Butimanu 3,36 MWp. nature technology energy

Transcription

1 RO PV PROJECT Butimanu 3,36 MWp nature technology energy

2 RO PV project Butimanu 3,36 MWp Main items Data Project name PV plant Butimanu SPV SC Unique solar Site Butimanu (Dâmbovița region) Plot size 7 ha Installed capacity 3,36 MWp Start of construction 09/2012 Start of operation 1/2013 Specific output (kwh/kwp) 1244 kwh / 1kWp Grid operator Electrica Feed in Tariff 6x Green certificate (28-57 /MWh/GC) GPS 44 40'26.63, 25 50'

3 Legislation - RES Law no. 220/2008 for the settlement of the promotion system for electricity produced from renewable energy sources; Law no. 139/2010 for amending and complementing the Law 220/2008; Emergency Ordinance no. 88/2011 for amending and complementing the Law 220/2008; Government Decision no. 1069/2007 regarding the approval of the Romanian Energy Strategy for ; Decision no. 750/2008 for the approval of the Regional State Aid regarding the maximum use of the renewable energy resources; Government Decision no. 1232/2011 for the approval of the Regulations of the emission and pursuit of the origin certificates for the electricity produced from renewable sources. 3

4 Feed in Tariff and Taxes Feed in Tariff 1MWh = 6 x green certificate (GC) + electricity price 1 GC = (it depends on GC market situation) produced electricity sold for electricity market price (cca 4 /kwh) Worst scenario electricity price - 6*28/ ø4 = 0,208 /kwh Realistic scenario 6*42/ ø4 = 0,292 /kwh FiT annual increase 1% (calculated in Cash Flow projection) GC title is valid for 15 years from date of operation Corporate Income Tax Act Corporate tax of 16% income 4

5 Investment locality - Butimanu Parameter Data Locality Butimanu Region Dâmbovița Land owner SPV GPS 44 40'26.63"N, 25 50'55.73"E Elevation 128 m Cadastral info Parc. nr. 495/5, Butimanu Plot size m2 Site info Flat, no shading FVE 3,36 MWp 5

6 Connection to electricity network: Signed contract for connection to Electrica 3,1 km HV connection line- transmission line 20 kv. 6

7 STATUS QUO for January 5, 2013: Documentation status Land ownership In sole property of the SPV Grid connection Contracts SIGNED PUZ YES Building permit PV site YES Building permit HV connection YES ANRE construction YES ATR YES Project design YES EPC Contracted (Solartec s.r.o. ) Servicing company Contracted (Solartec s.r.o.) Legal Due Diligence YES Technical Due Diligence YES Energy audit YES Construction finalization YES Final reception/putting into operation Jan 11,2013 7

8 Key PV parameters: PV 3,36 MWp x Hareon HR-240W = Wp 250 x FRONIUS IG 150 plus inverter = kw 2 x 1MVA + 1 x 1,6MVA transformers Guarantee for 5 years for whole PV + extended guarantee of PV modules 10-year quality guaranty of product material and process 12-year guaranty of product output power 90% 25-year guaranty of product output power 80% 8

9 Key komponents parameters PV module Inverter 9

10 PV panel situation proposal 3,36 MWp 10

11 COSTS of PV construction -3,36 MWp SPV acquisition 516 th. (172th. /MW) HV part (connection line + transformer) 363 th. (108 th. /MW) Connection fees 60 th. (20th. /MW) Turnkey PV instalation 5 51 th. (1,64 /Wp) total 6 449,0 th. (1,919 /kwp) 11

12 Financial Data - for 3,36 MWp Acquisition COSTS (AC): Operating INCOME: Annual income th. cca 1220 th. /y Operating COSTS: Annual operating costs cca 82 th. /y (up to 8 % from Income or 1,3 % from Investment) EQ 30%, interest rate cca 8,00% p.a.,12 y loan (realistic estimation) 12

13 PROJECT CASH FLOW Economical analysis of PV plant project - Romania EN Year 1 265,0 MWh/MWp Installed power (kwp) degrad. SP 10%/10y ; 20%/25y 1 own consumption per year % of year production Voltage level of PV plant connection losses kwp MWh 0,8% 0,3% HV 1,5% FiT 1,0% Fixed price for decentralized production incr. 1 Investment insurance 0 Internet (phone line) 0 Security - alarm receiving centre (ARC) (monthly) 0 Ground lease (EUR/m2/year) Services of Service Access Road ENERGINOVA Municipality benefit , , , , , , , , , , , , , , , % ,9 0,92 67, ,7% 81,6 0,9 67, ,3 1,0 68, ,1 1,0 69, ,9 1,0 69,9 0 84,7 1,0 70,6 0 85,5 1,1 71,3 0 86,3 1,1 72,0 0 87,1 1,1 72,8 0 87,9 1,2 73,5 0 88,7 1,2 74,2 0 89,5 1,2 75,0 0 90,4 1,3 75,7 0 91,2 1,3 76,5 0 92,1 1,4 77,2 0 0 % of 1st year of production 1,27% 1% 6 /kwh 2 th. /MWp 0,12% 0, /m2 0 th. 3,0% 1,0% % 2,0% 2,0% % 1,0% % 6 449,4 OPEX - Total operational cost (th. ) th. 7,0% Total COSTS (th. ) PROFIT Profit before taxes Tax Base Income Tax 0 505,8 511,5 512,3 513,1 513,8 514,6 515,4 516,2 517,0 517,8 518,7 519,5 520,3 521,2 522,0 326,5 338, ,4 271,3 245,1 216,8 186,1 152,9 116,9 77,9 35,7 1, ,3 849, ,5 785,1 759,7 732,2 702,3 669,9 634,7 596,6 555,2 522,3 521,2 522,0 387,1 371,9 371,9 59,5 59,5 312,4 394,0 394,0 63,0 122,5 331,0 417,9 417,9 66,9 189,4 351,0 443,6 443,6 71,0 260,4 372,6 471,3 471,3 75,4 335,8 395,9 501,2 501,2 80,2 416,0 421,0 533,4 533,4 85,3 501,3 448,1 568,2 568,2 90,9 592,2 477,3 605,7 605,7 96,9 689,1 508,8 646,2 646,2 103,4 792,5 542,8 689,9 689,9 110,4 902,9 579,5 725,2 725,2 116, ,0 609,2 728,7 728,7 116, ,5 612,1 730,2 730,2 116, , ,4 613,4 Const. Amortization 0 Cost of Loan Guarantee by third party & other service 16% 387,1 Cumulated income tax Profit after taxation FINANCING OF PROJECT % Depreciation ( 0% cl. 1; 0% cl. 4; 100% cl. 3 Loan Interests ANNUITY PAYMENT Interest of Subordinate loan from shareholders % Operational costs annual incr. 1 Operation & Maintance contract - yearly (PCO incl) /kwh COSTS 1 Own cons.of elect.during night per y price per kwh /kwh Green electricity distribution with negotiated price REVENUES (Income) Income from electricity sale (th. ) , Net annual production (MWh) FiT - green BONUS ( /kwh) annual incr. Investment cost 7 Total project investment cost Price of SPV Ltd. SHARE (not included in PVPP cost) 1 Equity in SPV Ltd. Co Loan Interest p.a. payment - ANNUITY PAYMENT Discont Year month of begin of evaluation (loan) Year Month of putting into operation 1,92 th. /kwp 6 449,4 th. 672,0 th ,8 th ,6 th. 1,84 5% postpone of loan payments Current year cash flow (CF) Cumulated CF Discounted CF Cumulated discounted CF ,4 30% 8,0% 1 934, ,6 NO , ,5 248,1 268,7 291,0 315,1 341,3 369,6 400,3 433,5 469,5 508,5 550,7 144,7 12 5,0% cast aside of payment of interest Subordin. loan repayment to year No. of year payment cast aside in year No. of paym.period/y (model) 2 11 Bank Loan payment loan maturity in year No. of period of bank loan payments p.a. 0 Subordinate loan from shareholders 0% ,

14 PROJECT CASH FLOW - projection 14

15 Project Cash Flow - Evaluation Evaluation criteria: Net present value Internal return ratio Pay back period (simple) Pay back period (discounted) Year of evaluation Period of evaluation Investment - Equity Feed in tarif at year 2013 NPV IRR Ts T sd th. 38,1% 4 years 4 years years 1 934,8 th. 0,29200 /kwh FINANCIAL EVALUATION (1,92 /Wp) Discont 5% EQ: 30% Loan price: 8,0% p.a. for 12 years 15

16 Project Cash Flow Bank Evaluation Criteria/ Kritéria: year/ rokhodnocení Annuity/ úmorúvěru principal / splátkaúvěru interest / úrokúvěru rate/ sazba ,1 8,0% ,5-326 Energycapacity/ Výrobaelektřiny(MWh/rok) 3360kWp 4176,1 T/O / Earnings(th. ) T/O / Výnosy(tis. ) 0,29200 /kwh 1219,4 Operatingcosts / Provozní náklady 75,9 EBITDA/ EarningsBeforeInterest, Taxes, DepreciationandAmortization/ ziskpředúroky, zdaněníma1o1d4p3isy,6 Non-CashItems/ NECFpoložky- zdeodpisy 43 EBIT/ EarningBeforeInterestsandTaxes/ ziskpředúroky, zdaněnímaodpisy 713,6 Interest expense/ úrokovývýdaj -326 EBT/ EarningBeforeTaxes / ziskpředzdaněním 387 Tax/ daň Netcash/ čistýfin. tok DSCR(Debt-ServiceCoverageRatio) , , , , , , , , , , ,5 3884,1 3853,0 1238,1 1240,4 1242,8 87,1 87,9 88,7 1151,0 1152,5 1154, ,1 722,6 724, ,9 96,9 103, , , ,1 3791,4 1245,1 1247,5 89,5 90,4 1155,6 1157, ,6 727, ,4 116, ,6 1221,7 81,6 1140, , ,5 4109,4 1224,1 82,3 1141, , ,0 4076,4 1226,4 83,1 1143, , ,9 4043,7 1228,7 83,9 1144, , ,0 4011,3 1231,0 84,7 1146, , ,4 3979,1 1233,4 85,5 1147, , ,2 3947,2 1235,7 86,3 1149, , ,3 3761,0 1249,9 91,2 1158, , ,6 3730,8 1252,2 92,1 1160, , , ,29 1,84 1,84 1,84 1,83 1,83 1,82 1,81 1,81 1,80 1,79 1,78 7,10 ####### ####### 16

17 EPC BASIC DATA Established: Seat (headquarters, production): Legal Form: Shareholder: Basic Capital: Turnover (m ) 1993 Roznov p. R., Czech Republic private limited (s.r.o.) Jaromir Rehak 100% 26,5 mil CZK (1,04 mil EUR) Employees , , , , , ,0 68 turnover mil. CZK

18 EPC - Milestones 1989 start-up of solar cells technology development (by the future partner of the former state-owned company, Tesla Roznov) 1993 SOLARTEC s.r.o. - Company incorporation 1993 beginning of cooperation with Czech universities Solartec s specialists lectures at universities 1994 building of production line and production of solar cells by own technology 1997 first international EC grant project - 1st PV Facade in the Czech Republic one of the first coloured Facade Worldwide 1997 first installation of turnkey" PV system 1998 delivery of solar cells for façade installation in Japan (YKK Tokyo) 1999 realization of first "bigger" grid-on PV installation on building in the Czech Republic - 6 kwp coloured Façade at Corinthia Panorama Hotel Prague 2002 realization of first 20 kwp grid-on installation in the Czech republic 2003 own unique technology BIPV (building integrated PV) - R&D project 2004 first project of foreign development aid - Energy for schools in Kenya first abroad Solartec s subsidiary company (Solartec SK s.r.o.) 2008 ISO Certificate 2009 first large ground PVPP EPC 2 MWp 2012 company went thru facelift of corporate identity, "rebranding 18

19 Solartec Production & Services SOLARTEC Suppliers' poly-si Silicon Ingots Si Wafers Solar cells PV module Design, SubProjection -construction and installation and Inverter Partners Operation Services of PVPP Design, EPC, O&M Contracts (INVERTERS) 19

20 Solartec Maintance & Services PV PP whole care - Centralized Monitoring - specialized software for statistics - detail statistical analysis of PVPP performance from inverters data - client s software - Maintenance & service - Depth diagnostics and analysis of solar panels - Characterization - of PV systems - and SP and SC 20

21 EPC reference Czech 2,0 MWp Čejč, pcs x ASI95, 10/

22 EPC reference Slovakia 23x 1MWp Ľadovo Lučenec, 6/

23 EPC reference Italy 1MWp Sicily Lučenec, 12/

24 EPC reference Bulgaria 1,1+2,15MWp Bulgaria Kula, 7/

25 Solartec s Corporate European daughter European office 25

26 SOLARTEC s.r.o. Televizní Rožnov pod Radhoštěm Czech Republic Phone: Fax: info@solartec.cz nature technology energy