FINANCING AND DELIVERING SUCCESSFUL PROJECTS IN CANADA S LEADING RENEWABLES MARKETS

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Claribel Atkins
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2 SPEAKERS - Gain insight from 50+ Key Industry Players including: KEYNOTE PRESENTER THE HONOURABLE SANDRA JANSEN Minister of Infrastructure Government of Alberta DAVID EVA CEO Capstone Infrastructure KEYNOTE PRESENTER THE HONOURABLE DUSTIN DUNCAN Minister of Environment Government of Saskatchewan TRACY STODDARD Vice President Business Development Acciona KEYNOTE PRESENTER ELIZABETH MOORE Vice President, Commercial Alberta Electric System Operator (AESO) ANDREW COGAN Managing Director, Infrastructure Investments Fengate MIKE CRAWLEY CEO Northland Power CARMELO RESTIFO Director, Project Finance Group MUFG ANDREW DZIKOWSKI Managing Director - Head Of Infrastructure And Real Estate Group HSBC Securities ROBERT NICHOLSON Managing Director, Energy and Power Group RBC Capital Markets ROY FOX Chief Blood Tribe JUSTIN SMITH Director of Financing Programs Energy Efficiency Alberta DAVID JESTY Managing Director Manulife Financial VICKIE WETCHIE General Manager Green Arrow Corp. Akamihk ROBBIE DONALDSON Vice President Longspur Developments 2

3 SPEAKERS - Gain insight from 50+ Key Industry Players including: ANDREW JOYNT Director, Global Infrastructure and Project Finance Group Fitch Ratings LEE ANDERSON Assistant Vice President CBRE Caladon JAIDEEP NAGPAL Vice President, Project Finance DBRS Limited PUNG TOY Chief Operating Officer PGSC MARNIE DAWSON Principal, Renewable Energy Group Prairie Sky CHRISTINE ROBERTSON President Indigena Capital CHRIS BENEDETTI Principal Sussex Strategy Group SAM MINDE President and CEO Neyaskweyak Group of Companies Inc. PHILIPP ANDRES Director of Business Development Perimeter Solar MARK BOHN Managing Partner Travelers Capital JENNIFER D AOUST Program Manager - Renewables Energy Efficiency Alberta AL KEMMERE President Rural Municipalities of Alberta DARREN HUCULAK Manager, Business Development, Alberta First Nations Power Authority JANET BROWN Principal Janet Brown Opinion Research ERNIE DANIELS President and Chief Executive Officer First Nations Finance Authority (FNFA) 3

4 WHAT TO EXPECT AT THE 4 TH ANNUAL ALBERTA AND SASKATCHEWAN RENEWABLE ENERGY FINANCE SUMMIT 50+ thought-leading 12 hours of networking Exciting updates 350+ attendees speakers providing an ideal on financing utility-scale comprising providing updates, environment to create and community- finance, development, insight, experience and and build relationships partnered solar in government, supplier market intelligence and potential projects Western Canada and indigenous experts 4

ATTENDEE BREAKDOWN AND KEY EVENT FEATURES EVENT FEATURES: 9% 8% 10% 10% 2018 Attendee Breakdown 13% 13% 21% 16% Expertly Researched Agenda We spend months speaking with the key

These interviews with government officials, financiers, developers, manufacturers and community groups are used to inform an agenda that brings together all the right people in one room.

prospective clients, and key contacts for renewables success in Western Canada.

Opportunities As project construction begins in both provinces, and additional renewable energy opportunities become clear, 2019 s Summit offers a timely platform to gain and ensure

5 ATTENDEE BREAKDOWN AND KEY EVENT FEATURES EVENT FEATURES: 9% 8% 10% 10% 2018 Attendee Breakdown 13% 13% 21% 16% Expertly Researched Agenda We spend months speaking with the key constituents of the renewables supply chain in Western Canada. These interviews with government officials, financiers, developers, manufacturers and community groups are used to inform an agenda that brings together all the right people in one room. More Networking Opportunities New for 2019, attendees will have the option to participate in a networking dinner reception, offering additional time to unwind and connect with current and prospective clients, and key contacts for renewables success in Western Canada. 21% Developers 16% Financial 13% Engineering and Construction 13% First Nation Communities 10% Government, Regulators, Operators 9% Legal and Land Thought-Leadership and Exhibition Opportunities As project construction begins in both provinces, and additional renewable energy opportunities become clear, 2019 s Summit offers a timely platform to gain and ensure visibility with developers, indigenous leaders, lenders, system operator, and government attendees. Event Timing In 2018, the Alberta Government announced the opening of REP 2 and 3 at the Summit. This year s Summit is once again timed to provide lenders and developers critical updates on current opportunities and future opportunities in both provinces including exciting new developments in solar. 8% Transmission and Technology 10% Others 5

6 AGENDA HIGHLIGHTS FOR 2019 EVENT PARTNERS 6

7 7:30 Coffee & Registration DAY 1: FEBRUARY 4, :55 Chair s Welcome Remarks 8:00 Keynote: Towards 2030: Achieving Alberta s Climate and Renewable Energy Goals 8:20 8:40 Keynote: Next Steps for Large-Scale Solar Procurement The Honourable Sandra Jansen, Minister of Infrastructure, Government of Alberta Keynote: Realizing Success with Saskatchewan s Renewable Energy Roadmap The Honourable Dustin Duncan, Minister of Environment, Government of Saskatchewan ALBERTA S ELECTRICITY MARKET: UPDATES ON KEY DEVELOPMENTS 9:00 Keynote: Alberta s Electricity Market: Updates on Key Developments Elizabeth Moore, Vice President, Commercial, Alberta Electric System Operator (AESO) 9:20 Audience Q&A 9:30 Networking Break THE PATH TO 2030: UPDATES ON SASKPOWER S RENEWABLE ELECTRICITY ROADMAP 10:00 Keynote: The Path to 2030: Updates on SaskPower s Renewable Electricity Roadmap 10:20 Audience Q&A WHAT ARE THE BEST FINANCING OPTIONS FOR ALBERTA AND SASKATCHEWAN PROJECTS? 10:30 Session 1: What are the Best Financing Options for Alberta and Saskatchewan Projects? Alberta s REP 1 delivered highly-competitive pricing from international developers with the potential for on-balance-sheet financing. What are the best financing options for these projects and future projects? This session will bring together global finance leaders to share their views on financing options for renewables projects in Alberta and Saskatchewan. Investors views on the quality of these contracts compared to Ontario and other jurisdictions How is the current political uncertainty impacting investment decisions? What does the super-competitive pricing in these markets mean for financing? Are there remaining areas of concern that could affect financing - i.e. dispatch/curtailment risk? What do finance experts view as the best structures for financing these projects? Is bond market financing expected to play a role for post-completed projects? 7

8 What are recent example of investments in greenfield renewables projects outside these markets and what key criteria did they meet? What financial market developments may impact lending rates going forward? What is the appetite for lending to merchant or commercial & industrial (C&I) projects? Carmelo Restifo, Director, Project Finance Group, MUFG David Jesty, Managing Director, Manulife Financial Robert Nicholson, Managing Director, Energy and Power Group, RBC Capital Markets Andrew Dzikowski, Managing Director - Head Of Infrastructure And Real Estate Group, HSBC Securities 11:10 Audience Q&A POSITIONING FOR PROJECT AND FINANCE SUCCESS IN ALBERTA AND SASKATCHEWAN 11:20 Session 2: Positioning for Project and Finance Success in Alberta and Saskatchewan What are the key takeaways from the initial results from provincial procurements in Alberta and Saskatchewan and how are developers now positioning themselves in these highly competitive markets? This session will provide critical insight from leading wind and solar developers. What lessons have been learned so far from the results and procurements in these markets? Are record-low prices driving new approaches to project development and financing? Insight on the successes and challenges in developing indigenous partnerships under REP 2 What feedback have developers had from lenders and suppliers on current and future projects? What concerns are there around grid connection and capacity for future rounds? How do participants view additional project opportunities in Alberta and Saskatchewan? What are the key takeaways from the Ontario decision to cancel existing renewables contracts? How is the upcoming election in Alberta impacting business strategies and investment? How does developing projects in Alberta and Saskatchewan compare to experiences globally? What are the next steps for realizing project development and finance success? Tracy Stoddard, Vice President, Business Development, Acciona Philipp Andres, Director of Business Development, Perimeter Solar 12:00 Audience Q&A 12:10 Networking Lunch DAY 1: FEBRUARY 4,

9 DAY 1: FEBRUARY 4, 2019 SUPPORTING RENEWABLE ENERGY FINANCE SUCCESS IN ALBERTA 1:10 Supporting Renewable Energy Finance Success in Alberta Updates on the Green Loan Guarantee Program and Commercial Property Assessed Clean Energy Programs to support renewable energy finance success Justin Smith, Director of Financing Programs, Energy Efficiency Alberta FINANCING SOLAR IN ALBERTA 1:30 Session 3: Financing Solar in Alberta With around 4,500 MW of solar projects in the connection queue in Alberta, there is clearly strong interest and potential for both utility-scale and smaller scale (15 MW) projects in the market. These projects have so far not been awarded contracts under REP, however, new opportunities are expected for solar including, and beyond, the current 80 MW RFP from Infrastructure Alberta. This session will bring together leading lenders to discuss finance options and challenges for solar in Alberta. Lenders views on the bankability and risks for financing solar in Alberta How do the risks associated with solar projects compare to wind projects? Feedback from finance experts on the green loan guarantee program and de-risking solar What conclusions are finance leaders drawing from solar in Saskatchewan to determine financeability for Alberta projects? Are there any differences between the offtake risk with the Alberta Infrastructure RFP and REP? How do lenders view the investment potential for smaller projects (around 15 MW)? What type of government mechanism would best support the financeability of these projects - outside the Alberta Infrastructure RFP? Is there an appetite to finance merchant projects - or solar projects with a significant merchant component? What are some of the benefits and drawbacks of financing community-partnered solar? What types of creative and innovative finance options would assist in supporting solar outside government-backed contracts? What are some of the lessons learned from current solar projects in these and other markets? Chair: Mike Crawley, CEO, Northland Power David Eva, CEO, Capstone Infrastructure Andrew Cogan, Managing Director, Infrastructure Investments, Fengate Lee Anderson, Assistant Vice President, CBRE Caladon Mark Bohn, Managing Partner, Travelers Capital Mikkel Berthelsen, Chief Legal Officer, Obton 2:10 Audience Q&A 9

10 DAY 1: FEBRUARY 4, 2019 HOW CAN ALBERTA PROJECTS ACHIEVE INVESTMENT-GRADE RATINGS? 2:20 Session 4: How can Alberta Projects achieve Investment-Grade Ratings? This session will bring together leading credit ratings analysts to offer their informed perspectives on how Alberta projects can achieve investment grade ratings. What assumptions would analysts like to see for Alberta projects in terms of a minimum debt service coverage ratio (DSCR)? How does curtailment protection and compensation under the RESA contract compare to other contracts? What are the different analysts approaches to quantifying curtailment risk in determining credit quality? What other key factors will ensure - or prevent - projects from achieving investment grade? How do the current politics with the upcoming election factor into credit analysis? What are the next steps in analyzing the credit quality of these contracts? Outside of the REP, how do analysts view the credit quality of merchant contracts in Alberta? Jaideep Nagpal, Vice President, Project Finance, DBRS Limited Andrew Joynt, Director, Global Infrastructure and Project Finance Group, Fitch Ratings 3:00 Q&A with Audience 3:10 Networking Break BUILDING A FRAMEWORK FOR COMMUNITY-PARTNERED SOLAR 3:30 Session 5: Building a Framework for Community-Partnered Solar A program to incentivize community-partnered solar could be part of the solution to support smaller-scale solar projects in Alberta. This session will offer an update on community-partnered solar opportunities and deliver insight from community leaders on their appetite and risk tolerance for these projects. 3:30 Supporting Community Energy Projects Jennifer D Aoust, Program Manager - Renewables, Energy Efficiency Alberta 3:50 Panel Discussion: Building a Framework for Community-Partnered Solar What key criteria would communities like to see to encourage their participation in smaller-scale solar projects? How do different communities see the benefits and drawbacks of solar investments? What are some of the unique financing challenges of smaller-scale community solar? What finance and partnership models have worked for these projects in other jurisdictions? 10

11 DAY 1: FEBRUARY 4, 2019 What sources of additional funding are available for these projects to assist with de-risking? What advice would community experts offer project developers looking to line up partnerships? Chair: Marnie Dawson, Principal, Renewable Energy Group, Prairie Sky Robbie Donaldson, Vice-President, Longspur Developments Al Kemmere, President, Rural Municipalities of Alberta 4:30 Audience Q&A TRANSMISSION AND INTERCONNECTION CAPACITY: WHAT IS AVAILABLE FOR REP ROUND 4? 4:40 Session 6: Transmission and Interconnection Capacity: What is available for REP Round 4? With current REP rounds expected to take up the majority of available connection capacity, developers and lenders are wondering how this will impact future rounds. Will REP 4 focus on distributed generation - and what challenges does that pose? This session will bring together transmission, distribution and interconnection experts to provide the latest updates on this key topic. How much capacity will be left after current projects are connected? How could this impact future REP rounds - is distributed generation expected to be the focus? What does the connection landscape look like for distributed generation? How does the new tariff arrangement for DG projects impact project economics? Experts views on possible solutions for improving DG project economics How are plans evolving for system upgrades to integrate more large-scale renewables? Pung Toy, Chief Operating Officer, PGSC 5:20 Audience Q&A DRINKS RECEPTION 5:30 Drinks Reception NETWORKING DINNER 7:00 Networking Dinner New for 2019, this dinner will provide key sponsors and premium delegates more quality time to connect over a relaxed meal. 11

12 DAY 2: FEBRUARY 5, 2019 FINANCE MODELS FOR FIRST NATIONS-LED PROJECTS 9:00 Session 7: Finance Models for First Nations-Led Projects With Alberta s REP 2 incentivizing equity participation by indigenous communities and additional opportunities expected, First Nations across the province are leading on and assessing renewable energy options. This session will explore the finance challenges and innovative solutions for these projects. 9:00 New Finance Models for First Nations-Led Projects Insight on this finance partnership to support the Blood Tribe s commercial interests Current progress in financing and implementing a 200 MW wind project Exploring additional large-scale renewable energy investment opportunities Makiinima Roy Fox, Chief, Blood Tribe Christine Robertson, President, Indigena Capital 9:20 Panel Discussion: Finance Models for First Nations-Led Projects What are some of the unique financing challenges of First Nations-led renewables projects? Has REP 2 been successful in creating opportunities for indigenous communities to participate in large-scale renewables? What type of deal and partnership structures are being developed for REP 2 projects? What are the current expectations for financing these projects - who is likely to participate on the debt and equity side, and how? What are First Nations communities learning about financing these projects and being prepared to led or partner on equity? What type of risk-assessment and special considerations are lenders using to assess First Nations-led renewable energy projects? What type of financing and partnership structures are lenders most comfortable with for large-scale renewables with First Nations participation? What sources of additional funding are available for these projects to assist with de-risking? What additional opportunities do First Nations leaders see for large-scale or smaller-scale renewables outside the REP? Chair: Darren Huculak, Manager, Business Development, Alberta, First Nations Power Authority Vickie Wetchie, General Manager, Green Arrow Corp. Akamihk Ernie Daniels, President and Chief Executive Officer, First Nations Finance Authority (FNFA) Sam Minde, President and CEO, Neyaskweyak Group of Companies Inc. 10:00 Q&A with Audience 12

13 10:10 Networking Break DAY 2: FEBRUARY 5, 2019 PROVINCIAL AND FEDERAL POLITICS AND RENEWABLES OPPORTUNITIES 10:40 Session 8: Climate Policy and New Renewables Opportunities in Western Canada While climate policy has become highly politicized in the run-up to provincial and federal elections, carbon pricing will result in a new revenue stream for renewable energy lenders and developers. This session will provide the very latest updates on climate policy developments and how they translate to new business opportunities for renewable energy. What are the latest updates on provincial and federal climate policy developments? Beyond government-backed procurements, how do provincial climate policies incentivize renewables? How might this change if there is a change in government in Alberta? How does the federal backstop encourage renewable energy projects? How can developers get a clear picture of the revenue stream potential from carbon offsets? How should renewables leaders position themselves to take advantage of these opportunities? What are the best options for structuring and partnering on these projects? Experts views on how climate policy will drive further opportunities for renewables 11:20 Q&A with Audience WHAT DOES ALBERTA S ELECTION MEAN FOR RENEWABLE ENERGY? 11:30 Session 9: What Does Alberta s Election Mean for Renewable Energy? With Alberta s election around the corner, developers and lenders are concerned about current and future renewables contracts and climate leadership. Similarly, with Saskatchewan s election coming up in 2020, the next steps for renewable energy commitments are unclear. This session will bring together political insiders to debate and discuss what the politics mean for renewable energy. How are voter polls tracking as we head into the election? At this stage, what do experts predict for renewables post-election? Reading between the lines of parties current climate and energy positions How supportive are Albertans of the current climate plan and renewables goals? What are the takeaways from Ontario s recent decision to cancel renewable energy contacts? What should developers and lenders be watching in Saskatchewan as parties prepare for 2020? Experts views on the potential impacts of the federal election on renewables opportunities What advice would political experts offer lenders and developers looking to position themselves for success in these markets? Janet Brown, Principal, Janet Brown Opinion Research Chris Benedetti, Principal, Sussex Strategy Group 13

14 12:10 Audience Q&A DAY 2: FEBRUARY 5, :20 Networking Lunch RENEWABLES FINANCING IN A CAPACITY MARKET 1:20 Session 10: Renewables Financing in a Capacity Market How will Alberta s move from an energy-only to a capacity market impact renewables financing? This session will bring together market experts to provide insight on the benefits and challenges of moving to a capacity market. How will the move to a capacity market affect pool price expectations? What impact will smoothing out market volatility have on renewables? What are the potential impacts on financing in terms of hedging and bilateral arrangements? What will be the new market signal for lenders under a capacity structure? Are there alternatives to the contract-for-difference model that a capacity market opens up? What are the next steps in transitioning to a capacity market? What could this transition mean for future REP rounds? What advice would capacity market experts and lenders give developers trying to gauge how this will change will affect business strategies for large-scale renewables? Chair: Tony Mauro, Principal, Frontline Energy Consulting 2:00 Audience Q&A BEYOND REP: COMMERCIAL AND INDUSTRIAL (C&I) PROJECT OPPORTUNITIES AND CHALLENGES 2:10 Session 11: Beyond REP: Commercial and Industrial (C&I) Project Opportunities and Challenges With companies looking to reduce their carbon exposure and promote made-with-renewables products and services, the commercial and industrial (C&I) market represents a strong growth opportunity for renewable energy in Western Canada. This session will look at the drivers and challenges for industry to invest directly in renewable energy. Key drivers for energy-intensive companies to invest in renewables What is needed to unlock the potential for direct investment in renewables by local companies? Insight on how oil and gas leaders weigh the pros and cons of renewables investments How do industrial leaders see the potential for behind-the-meter renewables? What role is carbon pricing playing in the uptake of C&I renewables in the region? What type of projects and contracts are most attractive to corporate buyers? How should developers and lenders approach the C&I market? 14

15 DAY 2: FEBRUARY 5, :50 Audience Q&A 3:00 Closing Remarks 3:10 Conference Close 15

As demonstrated over the last three years, the Summit brings together all the key players required to create successful renewables projects in Alberta and

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Realizing Renewable Energy Project Success under Alberta and Saskatchewan s Competitive Bids

Realizing Renewable Energy Project Success under Alberta and Saskatchewan s Competitive Bids Meet renewable energy decision-makers from government, finance and industry including: Key Reasons to Attend: