Energy with wpd · Source: Unleasing Europe’s offshore wind potential, A new ressource assesment,...
Transcript of Energy with wpd · Source: Unleasing Europe’s offshore wind potential, A new ressource assesment,...
Energy with wpd
01.06.17
wpd group – facts
4,100 MW installed capacity
2,080 wind turbines erected
1,800 members of staff
Project pipeline of 7,500 MW wind onshore
Project pipeline of 4,600 MW wind offshore
Project pipeline of 300 MW photovoltaic
In 18 countries
wpd group – structure
Developer & Independent Renewable Power Producer (IRPP)
Commercial & technical management of wind farms
Maintenance and repair of wind turbines, O&M services
wpd AG Deutsche Windtechnik AG
wpd windmanager
GmbH & Co. KG
Broad coverage of the wind value chain
Structure & Business Model
• Site evaluation • Project planning • Permission process • EIA investigation • Technical planning
• Commercial & legal structuring
• Financing of project development
• Calculations/ financial modelling
• Project finance (syndication of debt facilities)
• Negotiations with contractors
• Project management (time schedule,
quality, costs)
• Sale of projects through tender processes
• Sale of projects to strategic or financial buyers
• IRPP (own capacity 1,372 MW)
• Commercial management (bookkeeping, insurance, banks, etc.)
• Technical management (O&M management, manufacturers, service providers)
• Technical Services
Greenfield development
Structuring & financing
Tendering & construction
Sale / IRPP Wind farm management
wpd AG
Wind onshore Germany
Wind offshore
Wind onshore
international
IRPP 1,372 MW
(own capacity)
Fund manager
wpd invest
Greece
pv farms installed 9.80 MWp
Croatia
wind farms installed 91.80 MW
wind projects planned 50 MW
Romania
wind projects planned 200 MW
Germany
wind farms installed 2,712.44 MW
wind projects planned 2,400 MW
pv farms installed 7.40 MWp
Poland
wind farms installed 20.60 MW
wind projects planned 200 MW
Finland
wind farms installed 141,60 MW
wind projects planned 650 MW
Italy
wind projects planned 200 MW
pv farms installed 2.89 MWp
Portugal
pv farms installed 2.15 MWp
France
wind farms installed 289.00 MW
wind projects planned 800 MW
Belgium
wind farms installed 9.00 MW
Sweden
wind farms installed 6.00 MW
wind projects planned 700 MW
wpd projects wind onshore + photovoltaic Europe
Spain
wind farms installed 64.50 MW
wind projects planned 300 MW
Montenegro
wind projects planned 50 MW
wpd projects wind onshore + photovoltaic worldwide
Canada, Ontario
wind farms installed 18.45 MW
wind projects planned 180 MW
Chile
wind projects planned 500 MW
Taiwan
wind farms installed 377,00 MW
wind projects planned 520 MW
pv farms installed 3.98 MWp
pv projects planned 50 MWp
Europe
USA, Oregon
wind projects planned 750 MW
pv projects planned 250 MWp
wpd: partner for institutional investors and major utilities
CEZ Group • Sale of portfolio of 8 German onshore wind farms (85.25 MW, 35 WTG)
INNERGEX Renewable Energy Inc. • Sale of portfolio of 8 French onshore wind farms (131 MW, 62 WTG)
HansaInvest / Signal Iduna • Sale of portfolio of 8 German onshore wind farms (102.1 MW, 38 WTG)
Talanx • Sale of portfolio of 3 German onshore wind farms (57.5 MW, 19 WTG)
Swisspower • Sale of portfolio of 4 German onshore wind farms (29.3 MW, 11 WTG)
MunichRE / MEAG • Sale of portfolio of 11 German onshore wind farms (72.7 MW, 40 WTG)
Stadtwerke München / HSE / Mainova
• Sale of 2 German onshore wind portfolios (50 + 163 MW)
Allianz Capital Partners • Sale of one German onshore wind farm (14 MW)
Publikumsfonds Closed end funds • Closed funds with 5,000 investors
EnBW • Sale of 4 fully consented German offshore projects (approx. 1,250 MW) • Co-operation agreement covering the further project development
Marguerite / Siemens / ITOCHU / CITIC / Industriens Pension / CDC / ewz (Total investment volume: 1.3 bn Euro)
• Equity financing of the Butendiek offshore wind farm (288 MW) • Construction and operational management by wpd • wpd invests part of the project‘s equity • Debt financing arranged by KfW IPEX, Unicredit and Bremer Landesbank incl.
commitments of EIB, KfW Förderbank, EKF and further six commercial banks
Gothaer Life Insurance John Laing Group Plc
• Acquisition of a 40% stake in the Nordergründe offshore project • Acquisition of a 30% stake in the Nordergründe offshore project
wpd offshore – facts
8 offshore wind projects fully consented
Procurement and construction management for 3 projects
10 projects (4,605 MW) under development
in 6 countries
200 project team members
200 project team members, combining the record of developing 21 offshore wind farms with the construction experience of 3 offshore wind projects
wpd offshore
Project execution
Logistics and O&M services
Asset / ownership
Project development
wpd offshore
• Development of a diversified European offshore-wind-farm-portfolio
• Extensive expertise in project and construction management as well as logistics and O&M services
• Ownership and operation at later stage together with investment partners
Strategy
Team
wpd offshore
project development wpd projects wind offshore
Germany Baltic 1 (48,3 MW)*
Butendiek (288 MW)
Nordergründe (111 MW)
Kaikas (581 MW)
Gennaker (824 MW)
Taiwan Guanyin (250 MW)
Taoyuan (150 MW)
Changhua (200 MW)
Yunlin (700 MW)
France
Courseulles (450 MW)
Fécamp (498 MW)
Dunkerque (500 MW)
Oléron (500 MW)
Sweden
Storgrundet (420 MW)
Finland Suurhiekka (480 MW)
Project stages (total output)
in operation (336.3 MW)
under construction (111 MW)
approved and in the procurement process (948 MW)
approved (1,481 MW)
participation in tender process (1,000 MW)
early approval stage (2,124 MW)
* Sold – wpd was further involved in the construction management
wpd wind offshore projects in Germany
Butendiek 288 MW
in operation
Nordergründe 111 MW
under construction
final commissioning: 2017
Kaikas 581 MW
approved
Gennaker 824 MW
early approval stage
• Comprehensive co-operation agreement with EnBW in line with sale of the project together with three further approved projects (Baltic 2, Hohe See, He Dreiht) in 2008.
• wpd was engaged as project manager for the realization of the project.
• wpd negotiated all work packages with suppliers (turbines, foundations, substation and cabling) including installation equipment as well as harbor infrastructure and was deeply involved in pre-construction monitoring and construction management.
• Installation of Baltic 1 started in April 2010 and was completed at the end of 2010.
• Construction was on time and within budget. The wind farm was inaugurated on May 2nd 2011.
reference: Baltic 1 project overview
Turbine: 21 x Siemens SWT 2.3-93
Foundation: Monopile, Design & Installation, Ballast Nedam, Manufacturing EEW
OSS: Electric Construction by ABB, Transformer by Etra, Steel construction by Weserwind
Cabling: nkt cables
Main work packages
Baltic 1 (48.3 MW) Baltic 2 (288 MW) Hohe See (400 MW) He Dreiht (595 MW)
• Total capacity of 288 MW
• Total investment volume Euro 1.3 bn
• Project debt finance by 12 financial institutions
• Equity investors: wpd, Marguerite Fund, Siemens Financial Services, ITOCHU, CITIC, Industriens Pension, CDC, ewz
• Located 32 km west of island of Sylt
• Low water depth (17 - 22 m)
• EPCI-contracts (incl. design, manufacturing, transport & installation)
• Proven technology (Siemens turbines with 10 year full service maintenance contract; monopile foundations)
• Start of construction: Q2 2014
• The project has been completed on schedule and within budget. In August 2015, Butendiek was brought into operation.
• wpd manages the project during procurement, construction and operational phase
reference: Butendiek project overview
Turbines: 80 x Siemens SWT 3.6-120
Foundation: Ballast Nedam Offshore
OSS: Cofely Fabricom GdF Suez
Cabling: Visser Smit Marine Contracting
on time and in budget
wpd wind offshore projects in Finland and Sweden
Storgrundet (Sweden) up to 420 MW
approved
Suurhiekka (Finland) 480 MW
approved
wpd offshore pipeline of 1,950 MW in France
wpd Offshore France Round 1 Consortium Oléron
500 MW
Project under qualification for Round 3
Dunkerque 500 MW
Project under qualification for Round 3 Courseulles
450 MW
After successful award in Round 1 in implemantation
Fécamp 498 MW
After successful award in Round 1 in implemantation
Exclusive supplier
Consortium shareholders
Offshore Wind French Projects - RTB
wpd Offshore France Round 1 Consortium
Exclusive supplier
Consortium shareholders
Courseulles
Project 4 500 MW
Project under qualification for Round 3
Project 3 500 MW
Project under qualification for Round 3
Project 5 500 MW
Project under qualification for Round 3
Fécamp
2015 2020 2019 2018 2017 2016
Project Development
Financing
Construction
Operation
Indicative Project Timeline
FEC COU
wpd share 30% 15%
Capacity 498 MW 450 MW
Distance to shore 13 km 10 km
Area 65 km² 50 km²
# of turbines 83 75
Foundation Gravity Based Monopile
Water Depth 30 to 39 m 21 to 32 m
NET AEP (P50) 1,829 GWh 1,520 GWh
Grid Connection
17 km (offshore)
34 km (onshore)
16 km (offshore)
24 km (onshore)
Permission
- Tender awarded
- Building permit received
- Tender awarded
- Building permit received
• off Yunlin coast • ca. 500 – 700 MW
• potential Site No. 3 • ca. 100 - 150 MW
Project development offshore wind farms Taiwan
• potential Site No. 2 • ca. 250 MW
• off Changhua coast • ca. 150 - 200 MW
OWF Yunlin
OWF Changhua North
OWF Guanyin
OWF Taoyuan-Hsinchu
Nearshore Wind Farm Nordergründe - Project Key Facts
111 MW Nearshore, German EEG based, wind farm preparing for COD
Nordergründe
Turbines / Capacity 18 x Senvion 6.2M126 / 111 MW
Site / Distance to shore Delta of Weser River, 15 km off shore (inside Germany’s 12nm zone)
Site Characteristics Shallow waters (<10m), good soil conditions, rather low waves, morphodynamics
Wind Resources Wind speeds: 9.3 m/s (DEWI and DWG), Yield forecast: 373.6 GWh (P50, net)
Remuneration Regime German EEG based Feed-In Tariff: 19.4 c€/kWh (8 years as of COD)
Operation Period Project permit provides for 25 years of operation
Grid Connection 155kV AC Direct Line (no other wind farms), already completed by TenneT (TSO)
Nordergründe 111 MW
under final construction
exp. COD 12/2017
Project Company
OWP Nordergründe GmbH & Co. KG
wpd offshore solutions GmbH
OWP Nordergründe Verwaltungs GmbH
Management during construction phase
Management during operational phase
SENVION [TURBINE EPC]
AMBAU [FOUNDATIONS EPC]
PROJECT CO [SUBSTATION]
NSW [CABLING EPCI]
Project Debt (non-recourse)
EQUITY DEBT
EIB
BILFINGER [INSTALLATION]
SENVION [WTG O&M]
Deutsche Windtechnik [BoP O&M]
Deutsche Windtechnik / GP (wpd) [Accounting / Insurance Management]
Contractual Partners
during Construction
Contractual Partners during Operation
* 30% interest is held through 3 separte HoldCo‘s (German limited liability companies „GmbH“), owned and financed by wpd group
30% 30%*
Project Financing and Contractual Structure - Overview
Project equity
40%
Nearshore Wind Farm Nordergründe - Project Contractors and Realization Status
Proven Technology, Experienced Suppliers, Wind Farm preparing for Start of Commissioning
Nordergründe - Contractors
Work Package Contractor Status of Completion (July 2017)
Turbines (WTG) SENVION All WTG’s have been installed.
Foundations (FOU) AMBAU All FOU’s have been installed.
Cabling (IAC) NSW Cable laying completed.
Offshore Substation (OSS)
ProjectCO* OSS preparing for sail-out in Q3/2017
(delay due to insolvency of BVT)
Installation (T&I) Bilfinger (MPI Enterprise) Installation works of MPI E. completed.
Grid Connection TenneT (TSO) Export cable laying completed.
*The offshore substation was initially contracted with BVT. Following insolvency of BVT, project company entered into direct agreements with respective suppliers.
Project Operation - Contractors
- NORDERGRÜNDE WIND FARM OPERATION* -
Full-scope turbine maintenance services (10 years, cancellation option after 5)
Including production guarantee of 95.5%
Commercial Management/ Executive Board
Technical & Commercial Management (TCM)
Technical Operation/ Maintenance [O&M]
Turbine
Balance of Plant [BoP]
Full-scope BoP maintenance services Wind farm monitoring/controlling
Accounting / Reporting Insurance management
Commercial Management SPV administration
Insurance Comprehensive insurance package
contracted with HDI Gerling, Axa, Axis and Basler insurance
*For commercial terms of project operation, please refer to financial model.
Nordergründe Project Execution
Offshore wind in Europe – Status 31/12-2016
Source: WindEurope
Installed Capacity
2016 1,558 MW
Total pr 31/12 2016 12,631 MW
Installed Turbines
2016 369 WTGs
Total pr 31/12 2016 3,589 WTGs
Load factors 33%-43% Turbine size
4.8MW (15% )
New Projects GW of concented wind farms
24.2
Project Finance
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Conclusions for 2030:
• Offshore wind is expected to deliver 7 – 11% of EU‘s
electricity demand
• Offshore wind can in theory generate 2,600 – 6,000
TWh/year at 65€/MWh = 80 - 180% of EU‘s electricity
demand
• 25% of EU‘s electricity demand can be met by
offshore energy generated at 54 €/MWh or less
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Main assumptions for baseline and upside scenarios
Baseline Upside
Electricity market
• Better functioning int. power market • Reference price for despatchable
electricity is €75/MWh
Baseline + • Old fossil fuel plants fased out • Further industrialization and development of
offshore wind market
Developers & supply chain
• 2 – 3 large developers with efficient competition
• Some areas of supply chain may be under-competitive
• 3 – 4 large developers with large pipelines • All major areas of supply chain competitive
Wind farm techonology
• WTGs of 13MW with 212m rotor • Purpose built installation vessels • Service and operation vessel(SOV)
strategy in use • Floating does not compete • 30 years operation
• WTGs of 15MW with 228m rotor • OMS and installation shared across projects • SOV strategy in place • Floating cost reduced • 32 year operation
Grid • Each project has dedicated connection • Offshore hubs in DK and Belgium
• Each project has dedicated connection • Offshore hubs in DK, Belgium and North Sea
Installed capacity
64GW 86GW
Capacity factor & LCOE
• 46,7% • €59,9/MWh
• 47% • €55,9/MWh
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Installed capacity in baseline scenario
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Installed capacity in upside scenario
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Is it possible?
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Significant reductions in LCOE of offshore wind the last 10 years
Steep and non-linear cost reduction due to rapid changes in • Project Finance Costs • Turbine Technologies • Supply Chain Capability • Competitive Auctions
+ The learning effect of greater volumes
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Offshore wind LCOE range and trajectory from 2015 to 2030: Nordergründe OWF
German Tender 2017
UK Tender 2017
UK Hinkley Point C nuclear plant
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Offshore wind LCOE compared to LCOE of typical CCGT*
* CCGT = Combined Cycle Gas Turbine new build
Offshore wind in Europe – ressource assesment Study made in 2017 by WindEurope & BVG Assiociates
Is it possible?
Source: Unleasing Europe’s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates
Yes it is possible! Requires that EU governments
• Commit to offshore targets for 2030 and beyond; • Provide a continuous, sufficient and visible pipeline of
projects; • Coordinate timeline of tenders; • Cooperate in spatial planning and site development; • Develop international grid infrastructure; and • Offer market support mechanisms in a format that drives
competion.