Perspective from a Moroccan IPP player - Africa Energy Forum
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Transcript of Perspective from a Moroccan IPP player - Africa Energy Forum
NAREVA Holding
Africa Energy Forum - Helsinki
Adill KHAMIS Corporate DirectorStrategy & Business Development
Moroccan Energy Sector- Overview
NAREVA Holding – Corporate Presentation
Morocco - Growth in electricity demand
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Power Demand in MW
CAGR = 5%
During the last decade, historical annual growth averaged ~6.5%, supported by sustainable social and economic growth: • Universal access to electricity (PERG); • Development of major projects; • Improvement of living standards of the population through different
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10 000
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20 000
25 000
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40 000 CAGR = 6,5%
Demand Growth GWh/yDemand of annual
consumption per capita (kWh/cap)
NAREVA Holding – Corporate Presentation
Morocco – Many Challenges facing the electricity sector
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1. Objective : Meeting the growing demand for electricity (doubling by 2020 and quadrupling by 2030);
2. Challenges :
– Heavy dependence on imports (more than 97% of Morocco’s current energy needs are currently imported);
– increasing volatility in the World prices of fossil fuels;
– Stringent environmental regulations and climate change concerns;
– Need to preserve the purchasing power of Moroccans and strengthening the competitiveness of national industrial fabric.
NAREVA Holding – Corporate Presentation
Renewable Energy to account for 42% of the installed capacity by 2020
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Abundant "renewable energy" resources;
Well developed electricity transmission grid;
Ability to initiate and manage large projects;
Attractive Legal and institutional framework;
20202010
Charbon 26%
Fuel Oil14%
GazNaturel
11%
Solaire14%
Hydro 14%
Eolien14%
Autres7%
ER : 42% en 2020
2000 MW Eolien
2000 MW hydraulique
2000 MW Solaire
Charbon; 48%
Fuel Oil; 20%
Gaz Naturel;
13%
Hydro; 16%
Eolien; 3%
NAREVA Holding – Corporate Presentation
Involvement of private investors in the electricity generation business
Morocco’s legal framework contemplates two structures under which private investors can get involved in the generation business : 1. Public Private Partnership – PPAs (Power Purchase Agreements) with public entities (ONEE or MASEN) under a BOOT
scheme;– Concession Period :
Wind : 20 years Solar : 25 years Coal : 30 years
– Guarantee of the economic balance of the contract
2. Law 13-09 governing electricity generation from Renewable resources
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NAREVA Holding – Corporate Presentation
Main Provisions of the law 13-09 (1/2)The main provisions of the new law enacted in 2010 are :
1. Production and Sales of the electricity generated from renewable resources are liberalized;
2. The law allows the sale of energy output to final customers connected to the national grid (VHV, HV, MV), (ii) entities designated by Moroccan Government and (ii) to Export;
3. The law contemplates that a generation plant to seek a temporary permit;
4. Owners will have access to the Grid through an Access agreement to be concluded with the transmission system operator (TSO);
5. The concession has a term of 25 years (to be renewed for a subsequent period). Project assets will be transferred to the Moroccan State free of charge at the expiry of the concession period.
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Nareva in a nutshell
NAREVA Holding – Corporate Presentation
NAREVA Holding at a glance : a Moroccan developer in the Energy and Environment Businesses
Created in 2005, NAREVA Holding is 100% owned by SNI group ;
NAREVA Holding’s objective is to be one of the leading players in the Energy and Environment businesses in Morocco and the surrounding region ;
NAREVA Holding is deploying its strategy through two key core segments :– Generation projects : either from renewable or conventional resources – Water Cycle Management projects : desalination, irrigation, distribution,…
NAREVA Holding holds currently an asset portfolio of 3 050 MW (including 1 650 MW of Wind Power) with a total investment of USD 5 Billions;
Key consolidated financial figures (2014):– Total assets : 524 M$– Total Shareholders Equity : 129 M$– Capital Expenditures for 2014 : 530 M$
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NAREVA Holding – Corporate Presentation
‘Energie Eolienne du Maroc’ – Leading Wind Player in Morocco
Overview Key Figures
Energie Eolienne du Maroc (E.E.M) is a Developer, Owner and Operator of Wind assets in Morocco ;
E.E.M is currently managing a portfolio consisting of 300 MW installed capacity over three wind sites :– Haouma wind farm in the region of Tangier with an
installed capacity of 50 MW ; – Akhfennir wind farm in the region of Tarfaya with an
installed capacity of 200 MW ;– Foum El Oued wind farm with an installed capacity of
50 MW
The portfolio is the first project to be developed within the framework of the law 13.09 adopted in Morocco in 2011.
The output produced by those wind farms is sold to Moroccan industrial customers ;
Gold Award Recipient of Emirates Energy Award 2013 (Large Energy Project), a prize rewarding best practices and leading innovative initiatives in the MENA region.
Investment level : 600 M$ ; Full operation : June 2013 (200 MW) ; The production of these wind farms is
equivalent to the annual consumption of a Moroccan city of one and half million inhabitants ;
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NAREVA Holding – Corporate Presentation
‘Energie Eolienne du Maroc’ – Leading Wind Player in Morocco
Sites location
Haouma wind Farm (50 MW)
Akhfennir wind Farm (100 MW)
Akhfennir Expansion (100 MW)Foum El Oued wind Farm (50
MW)
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Plants under operationAftissat Wind Farm(200 MW)
Plant under operation
NAREVA Holding – Corporate Presentation
‘Tarfaya Energy Company’ – Largest Wind Farm in AfricaOverview Key Figures
Investment level : 600 M$ ; Full operation : since Dec.2014 ; The production of the wind farm is equivalent
to the annual consumption of a Moroccan city of one & half million inhabitants ;
Tarfaya Energy Company (TAREC) is an IPP project company owned by NAREVA Holding and GDF Suez ;
With a total installed capacity of 300 MW, Tarfaya wind farm is Africa’s largest wind farm ;
The output is sold to ONEE, the Moroccan utility, under a 20 year PPA ;
The project has been financed by Moroccan banks under a ‘Project finance’ scheme ;
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NAREVA Holding – Corporate Presentation
‘Tarfaya Energy Company’ – Largest Wind Farm in AfricaSite location
Tarfaya wind Farm (300 MW)
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NAREVA Holding – Corporate Presentation
‘Safi Energy Company’ – First Ultra-SuperCritical coal-fired power plant in Morocco
Overview Key Figures
Investment level : ~2600 M$ ; Capacity : 1 390 MW Financial Close : Sept. 2014 Full operation : 2018 ;
Safi Energy Company (SAFIEC) is the Safi project company owned by NAREVA Holding, GDF Suez and MITSUI;
The Safi project consists of the development, design, financing, construction, operation and maintenance of a greenfield USC coal-fired generation facility. The plant is characterized by an optimization of environmental performance and higher efficiency compared to conventional plants. It will also enable significant CO2reductions and lower fuel costs.
The facility will be composed of two units having a combined gross power capacity of ca. 1,390 MW;
The output is sold to ONEE, the Moroccan utility, under a 30 year PPA ;
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NAREVA Holding – Corporate Presentation
‘Safi Energy Company’ – Largest Coal-fired plant in Morocco
Site location
Safi Coal Fired Plant (1390 MW)
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NAREVA Holding – Corporate Presentation
Portfolio of Projects under Development
Wind Projects under law 13.09– NAREVA Holding is developing a wind portfolio of 500 MW;– The most advanced project under development is the Aftissat wind farm which comprises the
design, construction, financing and operation of a wind farm in the Boujdour region (South of Morocco) with an initial installed capacity of ~200 MW which will be extended later to 300 MW.
– The project includes the construction of a ~250 km VHV electric line allowing the connection between the wind farm and the ONEE (Moroccan utility) electrical substation in the city of Laâyoune.
– The financial close and the start of construction of the project are expected by end 2016 with a targeted COD by the end of 2017-T1 2018.
850 MW Wind Project – Independent Private Producer Project
– NAREVA Holding, as a lead membre of the consortium Nareva Holding/ Enel Green Power /Siemens Wind Power, has been pre-awarded the Morroco’s 850 MW wind project;
– The project comprises 5 wind farms in Morocco with a total capacity of 850 MW: Midelt (150 MW), Tanger (100 MW), Jbel Lahdid (200 MW), Tiskrad (300 MW) and Boujdour (100 MW);
– The project cost is estimated at EUR ~1 Bn. – The 5 wind farms are expected to be fully operational by 2020.
NAREVA Holding is developing an ambitious and diversified portfolio of projects.
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NAREVA Holding – Corporate Presentation
Wind Farms in development by Nareva Tanger II Wind Farm(100 MW)
Tiskrad Wind Farm (300 MW)
Boujdour Wind Farm(100 MW)
Jbel Lahdid Wind Farm
(200 MW)
Wind Farms in développement –850 MW Project
Midelt Wind Farm(150 MW)
Aftissat Wind Farm(200 MW)
Transmition lines THTWind Farm in développement – Law 13-09