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: James E. Allen Assistant Deputy Minister, Electricity and Sustainable Energy Division, Government of Alberta Michael Law Vice-President, Market Services, AESO Erika Ritchie Assistant Deputy Minister, Environmental Protection and Audit Division, Government of Saskatchewan Michael Switt Managing Director, Manulife Financial Robert Nicholson Managing Director, Energy and Power Group, RBC Capital Markets Cory Basil Vice President, Development, EDF EN Canada Craig Glazer Vice President, Federal, Government Policy, PJM Interconnection Mike Crawley Executive Vice President, Business Development, Northland Power Dan Balaban Founder, President and CEO, Greengate Power Corporation Thomas Timmins Partner, Leader Renewable Energy Group, Gowling WLG Colin Edwards Vice President, Pattern Development Sandra Locke Assistant Deputy Minister, Climate Change Strategy Division, Environment and Parks, Government of Alberta Guy Bruce Vice-President, Planning, Environment and Sustainable Development, SaskPower (invited) David Hickey Vice President of Wind Power and Renewables, Siemens Canada Damien Duprey Director, BMO Capital Markets Helmut Herold Managing Director, North America, Senvion Ian Robertson CEO, Algonquin Power & Utilities Leah Nelson Guay Founder and Chief Executive Officer, First Nations Power Authority Brett Gellner President, TransAlta Renewables Valerie Helbronner Partner, Torys LLP Peter Mastromarini Managing Director and Group Head - Project Finance, Infrastructure and Power & Utilities, CIBC Capital Markets Robert Hornung President, Canadian Wind Energy Association Gain critical updates on renewables procurements and competitive bids from Alberta and Saskatchewan Benefit from leading lenders views on financing a competitive bid in a merchant market Understand how project developers are evolving their strategies for these key markets Learn how US jurisdictions can inform renewables program success in Alberta Hear the next steps in SaskPower s Request for Proposals for renewables generation Build your network of renewables decision-makers in the government, finance, IPP and supply sectors Thought-Leader Sponsors: Sponsors: 1
Realizing Renewable Energy Project Success under Alberta and Saskatchewan s Competitive Bids Gain critical insight from leading Government, system operator, finance and renewables experts including: at a Glance June 2: Day 1 June 3: Day 2 Renewables Procurement under Alberta s Climate Strategy Policy and Procurement Q&A Interact with Alberta s Key Decision-Makers Financing New Renewables Generation in a Merchant Market New Business Opportunities in Alberta: What do Developers Think? Manufacturers Perspectives on New Project Opportunities in Alberta & Saskatchewan Networking Drinks Reception Financing Utility-Scale Solar Projects in Alberta and Saskatchewan Critical Updates on SaskPower s Renewables Procurement Plans Q&A with Saskatchewan s Key Renewable Energy Decision-Makers Financing New Renewables Projects in Saskatchewan Developers Views on Procurement Plans and the Business Outlook in Saskatchewan Conference Close About Canadian Clean Energy Conferences: Canadian Clean Energy Conferences is an Ottawa based research and business-to-business event company specializing in creating opportunities for renewable energy project development. The company launched the Ontario Feed-In Tariff Forum in 2010, the sixth successful edition of which was held in March 2015. We have supported other renewable energy initiatives across Canada through events such as the Nova Scotia FIT Forum, the Renewable Energy Storage Summit and the National Renewable Energy Forum. Summit Partners www.canadianclean.com 2
50+ authoritative speakers Months of primary research, backed by 6 years of successful renewables Forums in Canada, has resulted in a business-critical agenda bringing together government, system operator, finance and renewables experts including: Senior Government and System Operator Representatives: James E. Allen Assistant Deputy Minister, Electricity and Sustainable Energy Division, Government of Alberta Sandra Locke Assistant Deputy Minister, Climate Change Strategy Division, Environment and Parks, Government of Alberta Michael Law Vice-President, Market Services, AESO Guy Bruce Vice-President, Planning, Environment and Sustainable Development, SaskPower (invited) Erika Ritchie Assistant Deputy Minister, Environmental Protection and Audit Division, Government of Saskatchewan Leading Lenders: Michael Switt Managing Director, Manulife Financial Damien Duprey Director, BMO Capital Markets Robert Nicholson Managing Director, Energy and Power Group, RBC Capital Markets Murray Eastwood Senior Director, CIT Energy & Infrastructure Peter Mastromarini Managing Director and Group Head - Project Finance, Infrastructure and Power & Utilities, CIBC Capital Markets Juan Caceres Vice President and Senior Investment Director, Axium Infrastructure Douglas Zinkiewich Managing Director & Head of Investment Management, Integrated Asset Management Ian Wild Executive Vice President, ATB Corporate Financial Services Renewable Energy Developers and Manufacturers: Cory Basil Vice President, Development, EDF EN Canada Mike Crawley Executive Vice President, Business Development, Northland Power Brett Gellner President, TransAlta Renewables David Hickey Vice President of Wind Power and Renewables, Siemens Canada Dan Balaban Founder, President and CEO, Greengate Power Corporation Helmut Herold Managing Director, North America, Senvion Mark Zimmerman SVP, Corporate Development and Commercial, Capital Power Hassan Shahriar Senior Commercial Manager, Enercon Canada Colin Edwards Vice President, Pattern Development Marc Stachiw President, Alberta Wind Energy Corporation Ian Robertson CEO, Algonquin Power & Utilities Leah Nelson Guay Founder and Chief Executive Officer, First Nations Power Authority 3
Thought Leadership and Premium Networking After 6 years of successful Ontario FIT Forums and two Nova Scotia FIT Forums, Canadian Clean Energy Conferences has an unparalleled reputation among industry, government and community leaders for delivering high-quality events that offer the right contacts and the right information to drive renewables project success in provincial markets. The Ontario Feed-In Tariff Forum is one of the key elements for demonstrating the professionalism of the Canadian wind industry. Ontario is one of the most active Canadian provinces and areas in North America and is an essential part of the wind industry in Canada. The forum is a key place to meet and coalesce the wind industry, which should be viewed as on par with any other professional industry. Mike Garland, CEO, Pattern Energy, Sponsor of the Ontario FIT Forum The Ontario FIT Forum is a unique platform for leading executives in renewable energy to discuss what needs to happen to ensure the long-term viability of solar in Ontario. Paco Caudet, Previous Director of Sales, Canadian Solar, Sponsor of the Ontario FIT Forum What the Alberta & Saskatchewan Renewable Energy Finance Summit offers: Two full days of business-critical updates. An opportunity to understand the competitive landscape for new projects in Alberta and Saskatchewan 8+ hours of networking to engage with speakers and renewable energy decisionmakers critical to project success The opportunity to reinforce - or build - your company s visibility and thought-leadership with 300+ senior renewable energy decisionmakers from the finance, development and manufacturing sectors Highly effective exhibition opportunities the Summit offers a limited number of exhibition spaces in the main networking to present solutions and services to attendees Thought-leadership interviews we commission a professional journalist to interview key members of your team and produce a worldclass, highly-designed and presented article that will be published in the Summit guide and through Canadian Clean s PR channels Speaking opportunities Some of our sponsorship packages include the opportunity to become a speaker on the agenda Want to speak? Want to sponsor? Want to exhibit? To learn more about our partnership opportunities and how our customised solutions can help you achieve your business needs and objectives, please contact: Mike Greenwood, Head of Strategic Partnerships, Canadian Clean Energy Conferences Direct: +1 613 680 2484 Mobile: +1 613 355 6616 mike.greenwood@canadianclean.com 4
Day 1: June 2, 2016 8.45 Chair s Opening Remarks: Adrienne Baker, Director, Canadian Clean Energy Conferences RENEWABLES PROCUREMENT UNDER ALBERTA S CLIMATE STRATEGY 8.50 Keynote Session: Renewables Procurement under Alberta s Climate Strategy Under its new climate policy, Alberta has set a goal to phase out coal-fired power generation and replace it with a mixture of renewables and natural gas by 2030. Two-thirds of coal-generating capacity, representing around 4200 MW, will be replaced by renewables through a competitive procurement process which is currently being developed by the Alberta Electric System Operator (AESO). The province is also introducing a price on carbon, the revenues from which are expected to help incentivize new renewables generation. This opening session will provide critical updates from key government and AESO representatives on procurement plans, timelines, incentives, program design and next steps. 8.50 Keynote Introduction David Hickey, Vice President of Wind Power and Renewables, Siemens Canada 8.55 Opening Keynote: Key Electricity Sector Policy Updates and Renewables Procurement Plans James E. Allen, Assistant Deputy Minister, Electricity and Sustainable Energy Division, Government of Alberta 9.15 Keynote Introduction: Thomas J. Timmins, Chair, Global Renewable Energy Practice, Gowling WLG 9.20 Keynote: Developing a Framework for Carbon Pricing Sandra Locke, Assistant Deputy Minister, Climate Change Strategy Division, Environment and Parks, Government of Alberta 9.40 Keynote: Making Renewables Procurement Work in Alberta Energy Only Market Critical updates on the strategy for renewables procurement under Alberta s climate plan Details on the procurement type, funding, expected volume and contract terms Managing the challenges of a successful bidding process in Alberta s merchant market Michael Law, Vice-President, Market Services, AESO 10.00 Networking Break Q&A WITH ALBERTA S KEY POLICY AND PROCUREMENT DECISION-MAKERS 10.30 Session 1: Policy and Procurement Q&A Interact with Alberta s Key Decision-Makers Following updates on current plans for renewables procurement and carbon pricing in Alberta, key government and system operator representatives will participate in an Q&A session addressing critical topics for lenders and developers. Attendees will be invited to ask questions to panelists during this interactive Q&A with Alberta s renewable energy decision-makers. What concerns have been raised by lenders and developers through the engagement process and how have they been addressed under current program and contract design plans? What type of long-term contract and finance arrangements have been put in place to satisfy lenders and developers concerns around the security of funding for new projects? Are there further details on selection criteria for new projects including site location, First Nations, Metis or municipal participation? What are the key considerations when looking to accommodate new renewables onto the transmission system? How does distributed generation fit within this new regime? Chair: Jim Smellie, Senior Partner, Gowling WLG Thomas Timmins, Partner, Leader Renewable Energy Group, Gowlings WLG Michael Law, Vice-President, Market Services, AESO Sandra Locke, Assistant Deputy Minister, Climate Change Strategy Division, Environment and Parks, Government of Alberta James E. Allen, Assistant Deputy Minister, Electricity and Sustainable Energy Division, Government of Alberta FINANCING NEW RENEWABLES GENERATION IN A MERCHANT MARKET 11.10 Session 2: Financing New Renewables Generation in a Merchant Market Critical to the success of Alberta s generation shift from coal to renewables and natural gas is the ability to deliver bankable projects in a merchant market where pool price uncertainty has been a major impediment for attracting affordable long-term financing. Given the lower volume of contracted opportunities for renewables in North America today, lenders are excited about new opportunities in Alberta but have critical questions around the market structure, contract design and long-term revenue for these projects. This session will outline those questions and the current thinking of leading lenders on financing new renewables projects in the province. 5
11.10 Securing Debt Financing under this New PPA Model Lack of long-term power contracts has made debt financing for renewables challenging in Alberta. This presentation will offer insight from an experienced debt provider on key contract criteria for debt lenders. Insight from a top debt lender on the proposed contract terms and funding for renewables Can debt be provided for new projects at a competitive rate under current proposals? Michael Switt, Managing Director, Manulife Financial 11.30 Interactive Panel Discussion: Financing New Renewables Generation in a Merchant Market This interactive panel discussion will bring together leading lenders to offer their insights on the investment landscape for renewables under Alberta s climate plan. Candid feedback from lenders on current contract, funding and bidding proposals Have concerns around price certainty and long-term financing securitization been addressed? Will this framework allow for the introduction of private capital in a cost-efficient manner? How do lenders see the effectiveness of a carbon credit market in securing funding at the for renewables over the long-term? How will lenders analyze the credit-worthiness of carbon-credit buyers? Is political risk around long-term government commitments to renewables a concern? What critical finance questions should be addressed in the next phase of program development? Chair: Valerie Helbronner, Partner, Torys LLP Damien Duprey, Director, BMO Capital Markets Robert Nicholson, Managing Director, Energy and Power Group, RBC Capital Markets Ian Wild, Executive Vice President, ATB Corporate Financial Services 12.20 Networking Lunch NEW BUSINESS OPPORTUNIES IN ALBERTA: WHAT DO DEVELOPERS THINK? 1.20 Session 3: New Business Opportunities in Alberta: What do Developers Think? In light of the smaller volume of contracted opportunities in Ontario and globally, renewable energy developers are, on the whole, very enthusiastic about emerging opportunities from Alberta s climate plan. Historically, however, securing long-term financing for projects here has been a challenge so contract design, pricing and the bidding process are key concerns for developers. This session will bring together leading project developers to provide experienced feedback on current procurement plans for new renewables generation in Alberta. 1.20 Joint Case Study: Financing Blackspring Ridge Wind Farm This landmark project, which was recently recognized by the Canadian Wind Energy Association, is a 300 MW wind farm owned by EDF EN Canada and Enbridge. Additional revenue provided through a 20-year power purchase agreement for Renewable Energy Certificates (RECs) by the California utility Pacific Gas and Electricity were essential for making the project economically viable. Critical insight from equity holders on this REC-tied PPA-model Details on how the added revenue stream bolstered the project economics How can this model help inform the finance and incentive models for new projects in Alberta? Cory Basil, Vice President, Development, EDF EN Canada Maĥhew Mendes, Senior Manager of Financial Partnerships, Enbridge 1.40 Panel Discussion: New Business Opportunities in Alberta: What do Developers Think? Developers views on the size and scope of new opportunities business in Alberta Feedback on current procurement, bidding and funding proposals for new renewables What new risks come with contracts tied to carbon credits vs. other government-led RFPs? What key areas of concern do developers have about the bidding process? What sort of feedback have developers had from lenders on their ability to provide affordable, long-term financing for these projects? How does Alberta s climate plan impact project developers that also own coal assets? Are there concerns around connection capacity and siting new projects for the new bid? What additional information would assist developers in planning their business strategy for Alberta? How do developers see this market evolving over the next two years? Chair: Chris Christopher, Partner, Torys LLP Mike Crawley, Executive Vice President, Business Development, Northland Power Brett Gellner, President, TransAlta Renewables Dan Balaban, Founder, President and CEO, Greengate Power Corporation Kelly Lail, Vice President, Business Development and Commercial, Capital Power Colin Edwards, Vice President, Pattern Development Marc Stachiw, President, Alberta Wind Energy Corporation 6
LESSONS LEARNED FROM RENEWABLES PROCUREMENTS IN US MARKETS 2.30 Comparing Financing Concepts from Other Jurisdictions: Lessons Learned from PJM and Ontario Murray Eastwood, Senior Director, CIT Energy & Infrastructure 2.50 Building a Successful Platform for Renewables in an Energy-Only and Capacity Market Craig Glazer, Vice President, Federal, Government Policy, PJM Interconnection EQUITY LEADERS: KEY CONCERNS AND OPPORTUNITIES IN ALBERTA 3.10 3:10 Session 5: Equity Leaders: Key Concerns and Opportunities in Alberta The participation of international private equity leaders will be critical to the success of Alberta s competitive procurement for new renewables generation. This panel will convene experienced equity leaders to offer their candid feedback on the level of transparency and certainty they are looking for from Alberta s new renewables program. What do equity leaders see as necessary for a competitive procurement to work in Alberta s merchant market? What are equity providers top concerns around Alberta s renewables program design? Equity leaders views on the ability for carbon pricing revenues to incentivize new deals Aside from merchant pricing, what key risks will equity providers be assessing for greenfield projects? What can be learned from the Renewable Portfolio Standard (RPS) model to inform success in Alberta? What questions would equity leaders like to see addressed in the next stage of program development? Chair: Thomas J. Timmins, Chair, Global Renewable Energy Practice, Gowling WLG 4.00 Networking Break MANUFACTURERS PERSPECTIVES ON PROJECT OPPORTUNITIES IN AL & SASK 4.30 Session 6: Manufacturers Perspectives on New Project Opportunities in Alberta & Saskatchewan New competitive bids for renewables projects from Alberta and Saskatchewan represent exciting business opportunities for renewable energy manufacturers that have been active in North America. This panel will bring together leading manufacturers to share their views on these new markets and the critical steps for ensuring project success in Alberta and Saskatchewan. 4.30 Analysing New Opportunities for Large-Scale Wind in Alberta and Saskatchewan David Hickey, Vice President of Wind Power and Renewables, Siemens Canada 4.50 Next Generation Technology and its Role in Securing Long-Term Financing Hassan Shahriar, Senior Commercial Manager, Enercon Canada 5.10 Panel Discussion: Manufacturers Perspectives on New Project Opportunities Manufacturers views on current and future business opportunities in Alberta and Saskatchewan What type of business strategies are leading manufacturers developing for these markets? What sort of support for domestic suppliers would manufacturers like to see under new bids? What is key for ensuring a successful competitive bid in Alberta s merchant market? Perspectives on the opportunities and challenges for renewables under SaskPower s RFP What lessons can be learned from other provinces and US markets to inform the success of these new bids? Chair: Robert Hornung, President, Canadian Wind Energy Association Helmut Herold, Managing Director, North America, Senvion 6.00 Networking Drinks Welcome Helmut Herold, Managing Director, North America, Senvion 6.05 Networking Drinks Reception Sponsored by: 7
FINANCING SOLAR PROJECTS IN ALBERTA AND SASKATCHEWAN Session Sponsor: 8.30 Session 7: Financing Utility-Scale Solar Projects in Alberta and Saskatchewan With Alberta and Saskatchewan looking to encourage solar deployment to meet their renewable energy targets, this session will examine financing for utility-scale solar in these markets. In Alberta s energy only market, in particular, solar has been challenged to compete on price and innovative financing will likely be necessary to ensure project economics. This session will provide critical insight from lenders, developers and manufacturers on the outlook for utility-scale solar in these Western markets. 8.30 Developing Finance Models for Utility-Scale Solar in Alberta and Saskatchewan Lessons learned from financing and implementing ground-mount PV in California Understanding the importance of scale in realizing solar procurement and finance success Developing grid-parity PPA pricing how will this work in Alberta and Saskatchewan? Adapting the California experience to Saskatchewan and Alberta markets Mark Burgert, President, Solar Krafte Utilities Inc. 8.50 Panel Discussion: Financing Utility-Scale Solar in Alberta and Saskatchewan Insight on what the challenges have been for financing large-scale solar in these markets What is the consensus in terms of the size and scope of the utility-scale solar market in these provinces? What signals are lenders and developers looking for from new procurement plans to ensure financing? What can be learned from other jurisdictions with utility-scale solar programs? What innovative finance models could help inform financing options for these projects? What key developments will ensure the viability of large-scale solar in Alberta and Saskatchewan? Chair: John Gorman, President and CEO, Canadian Solar Industries Association Martin Pochtaruk, President, Heliene and Partner, Isla Power Inc. Mark Burgert, President, Solar Krafte Utilities Diana Drysdale, President, PSEG Power Ventures 10.00 Networking Break CRITICAL UPDATES ON SASKPOWER S RENEWABLES PROCUREMENT PLANS 10.30 Keynote Session: Critical Updates on SaskPower s Renewables Procurement Plans SaskPower, the province of Saskatchewan s vertically integrated crown-owned utility, has announced exciting plans to reach up to 50 percent renewable power by 2030. To move towards this target, the utility will be launching a series of competitive procurements for renewable energy generation. This session will offer the very latest updates on procurement plans with additional insight on project siting, connection and permitting for new renewables generation in Saskatchewan. 10.30 Keynote Presentation: Moving to 50% Renewables for Saskatchewan An update on provincial goals for renewables generation and emissions reduction and procurement plans for new renewables projects Guy Bruce, Vice-President, Planning, Environment and Sustainable Development, SaskPower (invited) 10.50 Key Updates on Environmental Approvals and Regulatory Guidelines for Renewables Environmental approval process for renewable energy projects Policy guidelines for wind developments in the province Updates on Saskatchewan s climate policy as it applies to new renewables opportunities Erika Ritchie, Assistant Deputy Minister, Environmental Protection and Audit Division, Government of Saskatchewan 11.10 Interactive Panel: Q&A with Saskatchewan s Key Renewable Energy Decision-Makers Following detailed presentations on current RFP plans by SaskPower and insight on connection and permitting processes, this session will bring together these key decision-makers to discuss critical questions and next steps under this procurement plan. Audience members will be invited to pose their questions to panel members during this interactive discussion. How does the current RFP differ from past bids for wind energy? Aside from price, what additional criteria will inform bid selection? What are the expectations from this first foray into utility-scale solar how will this inform future opportunities? Are there anticipated challenges in connecting and integrating new renewables generation? Next steps in managing the bidding process what key milestone dates should developers, lenders and suppliers should be aware of? Guy Bruce, Vice-President, Planning, Environment and Sustainable Development, SaskPower (invited) Erika Ritchie, Assistant Deputy Minister, Environmental Protection and Audit Division, Government of Saskatchewan Alain Longpre, Executive Director, Global Infrastructure & Projects, Natixis 12.00 Networking Lunch 8
FINANCING NEW RENEWABLES PROJECTS IN SASKATCHEWAN 1.00 Session 6: Panel Discussion: Financing New Renewables Projects in Saskatchewan Investor responses to new RFP opportunities in Saskatchewan how does this compare to contracted opportunities in other markets? What are the key questions for determining whether a project is financeable at the RFP stage? What would investors like to see from final PPA contracts for these projects? Ideas on expected yields from wind and solar projects in this market How does investing in this type of greenfield project differ from buying operating assets? How do lenders see the market for finance in Saskatchewan evolving? Chair: A Representative, Siemens Financial Services Peter Mastromarini, Managing Director and Group Head - Project Finance, Infrastructure and Power & Utilities, CIBC Capital Markets Juan Caceres, Vice President and Senior Investment Director, Axium Infrastructure Douglas Zinkiewich, Managing Director & Head of Investment Management, Integrated Asset Management DEVELOPERS VIEWS ON THE CURRENT RFP AND BUSINESS IN SASKATCHEWAN 1.50 Session 7: Developers Views on Procurement Plans and the Business Outlook in Saskatchewan This session will provide insight from leading developers on current procurement plans and the future business outlook for renewables in the province. 1.50 Case Study: Realizing Renewable Energy Project Success in Saskatchewan 2.10 Panel Discussion: Developers Views on Procurement Plans and the Business Outlook in Saskatchewan Developers views on current plans for competitive bids and potential challenges for wind and solar projects Have past projects in Saskatchewan met developers financial and operational expectations? What information would help IPPs prepare for the bidding process? Are there any concerns around permitting and connection capacity? What lessons from other jurisdictions will inform IPPs strategies for this RFP? How do developers see the long-term outlook for business in Saskatchewan? Ian Robertson, CEO, Algonquin Power & Utilities Leah Nelson Guay, Founder and Chief Executive Officer, First Nations Power Authority 3.00 Chair s Closing Remarks 3.10 Conference Close THREE WAYS TO REGISTER: + 1 613 627 2787 andrew.slavin@canadianclean.com http://albertasask.canadianclean.com/register/ 9