Photo: Arjo Nieuwkoop · Tidal power plant Delta Works World’s first tidal array of five turbines...
Transcript of Photo: Arjo Nieuwkoop · Tidal power plant Delta Works World’s first tidal array of five turbines...
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Photo: Arjo Nieuwkoop
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Agenda
Tocardo introduction
Technical demonstration projects in the Netherlands 2015
Introducing the UFS
UK project portfolio
Growing the tidal energy industry
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Who we are
Netherlands based tidal turbine developer and manufacturer
Ocean energy project developer
Active since 1999, independent company since 2008
Commercially available turbines, worldwide project pipeline
Tribute Resources (CA) as strategic shareholder
Company offices in
Den Oever
Tidal Testing Center
Den Oever
Offgrid Test Center
Den Oever
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Achievements ytd
2 standardized turbines
R1/T1 turbine, 100kW
T2 turbine, 250kW
3 standardized foundation systems
retrofit array
floating BlueTEC
Universal Foundation System (UFS)
track record of over 8 years
9 turbines operational and grid connected
3 projects installed in 2015 in NL
8 projects under development in NL, UK, CA
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Turbine technology
Direct drive, permanent magnet generator
Scalable blade diameter
Passive smart reverse rotor blade: no pitching, no yawing!
Advanced control system for tidal sites
20 Year lifetime design
Running for type certification presently
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Market development
River
Inshore & nearshore
Offshore
2005 2010 2015 2020 2025 2030
T1 100kW
T2 250kW
T3 by 2019
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Estimated potential > 120 GW Project value in million €
Tocardo markets
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Den Oever prototype project
Demonstration project
Computer model verification
Smart blade testing
Full-time grid connected since 2008
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Tidal power plant Afsluitdijk
Three T1 turbines, 300kW
Operational since February 2015
Array testing: turbulence, turbine interaction and foundation behaviour
Grid connected
Next phase 1.8MW roll-out
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Afsluitdijk rollout
6 arrays, 18 turbines in total
1.8MW installed capacity
To power 600 Dutch households
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Texel tidal project
Deployed with both T1 and T2 turbines
Next step: double T2
Ideal testing platform and very suitable for shallow sites
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VIDEO
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Tidal power plant Delta Works
World’s first tidal array of five turbines
Pre-commercial project, installed in October 2015
Five T2 turbine array
1.25MW installed capacity, grid connected, powers 1.000 households
Permit for 2nd sluice gate, roll-out to 30 sluice gates
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INSERT GOOD PICTURE
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Developments 2016-2020
Technology development within commercial constraints
“Energy-up, Cost down, Risk down”
Development of a new semi-sub foundation system: UFS
Improving the T2 turbine energy yield
Smart hybrid island grid, off-grid test center
Developing and testing the T3 turbine
Financial engineering
Multi-MW fund for tidal energy project developments
Exclusive project development rights for 8 sites in NL, UK and CA
Market development in UK & Ireland, Canada, South-Korea, ASEAN
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Universal Floating System UFS
Fully integrated up to 2 MW product
Designed for array configurations
Building forward on proven T2 turbines
Extreme high survivability (storms)
Low visual impact
Easy accessibility for onsite service
Commercial solution for established FIT
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Easy install, only small workboats required
Local supply chain can be involved for installation and service operations
Low OPEX and local content
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UFS dimensions
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Tocardo’s UK project portolio EMEC, Fall of Warness 2MW
PTEC, Isle of Wight, 20MW
Morlais Energy, West Anglesey Demonstration Zone, 15-30MW
~60 x UFS ~300 x T2 turbines
Isle of Man, 30MW
In discussion with agnostic project developers
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EMEC project – Fall of Warness - Scotland
EMEC is the globally leading demonstration and test site for tidal and wave energy
20 year berth lease agreement for commercial demonstration array
Location: Berth 6 in the Fall of Warness at the Orkney islands in Scotland
Resource: max. water velocity is 4.2m/s, rock bottom
The site is consented, PPA in place, there’s a subsea power cable and onshore power station
Superior supply chain locally available, which makes this an ideal location for testing the first UFS
Project size: 1,25 MW installed capacity with UFS systems.
Battery storage may be added to make the project a hybrid
Water speed >4m/s
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PTEC project – Isle of Wight - England
PTEC is a fully consented 30MW project
South of the Isle of Wight in England
Project development by Perpetuus Tidal Energy Centre
Tocardo is to install 20MW over 16 UFS platforms
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Morlais project
Site managed by Mentor Mon - a third sector social enterprise delivering projects across North Wales in various sectors
Received Agreement for Lease from the UK’s Crown Estate – area of 35km2
Zone divided into 8 sub-zones
Competitive tender process open to developers
Tocardo bid successful, 15MW berth
Sub-zones are allocated to developers
Up to 30MW capacity available per sub-zone
Total site capacity intended 150MW
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Creating a new industry
Learning from the wind energy sector
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Levelized Cost of Energy (LCoI): the key success factor
Improving project IRR, lowering LCoE
Mission: “energy-up, cost down, risk down”
Learning curve of the industry
Bench mark is offshore wind energy in 5 years
0 50 100 150 200 250 300 350 400
Tidal
Wave
Solar PV
Solar CST
Geothermal
Bio Mass
Offshore wind
Onshore wind
Hydro
Peak gas
Gas
Coal
Nuclear
Tidal LCoE learning curve (€cents/kWh) LCoE by technology ($/MWh)
$/MWh
Present feed-in tariffs in UK and CA
Expected benchmark offshore wind
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The business case: selling energy
1. Energy income
FIT: € / MWh
Energy yield
2. CAPEX: capital expenses
Steel, copper, magnets, concrete, …
3. OPEX: operational expenses
Repairs, maintenance
4. CoC: cost of Capital
Bank interest
Return on investment
IN BALANCE!
Inco
me C
AP
EX
Inco
me
Inco
me
CA
PEX
OPEX Co
C
Inco
me
CA
PEX
OPEX
Inco
me
Co
C
CA
PEX
OPEX
+ -
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Cost of capital
Cost of Capital: ratio to CAPEX (finance)
Risk profile defines ratio
Other industries:
Tidal: CoC = major cost component!
Return on investment
Risk profile
0% 50% 100% 150% 200% 250%
Cost ratios
Traditional hydropower: 2 – 3%
Wind: 5 – 6%
Solar: 7 – 8%
Tidal (currently): 10 – 12%
(assuming CAPEX + OPEX = 100%)
117% – 126%
146% – 157%
168% – 179%
203% – 228%
CoC max CoC CAPEX OPEX
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TOCARDO’s de-risking policy (1/2)
Implement lessons learned from wind industry
Lean development: start small with scalable technology
Over-engineered technology platform, “better safe than sorry”
i.e. blade test showed fatigue expected life time >60 years
Focus on near shore locations first <5MW
We are lucky in the Netherlands with our barriers
Smaller turbines means lower installation and O&M costs
Smaller thus cheaper installation vessels required
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TOCARDO’s de-risking policy (2/2)
Tocardo’s technology roadmap shows 2MW machine on current technolgy platform
Work together with finance and insurance partners to understand todays requirements for turn key delivery
Complete product line based on proven product supply chain
All generator components have life time >20 years
Anticipated on shareholders who understand early stage capital goods market
Lean and mean organization with inner circle of supply chain and engeneering companies
Actively involved in government policies: local, national and European
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Thank you for your attention
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Tocardo International BV www.tocardo.com
Head Office
Sluiskolkkade 2
1779 GP Den Oever
The Netherlands
Tel: +31 227 727 200