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Expanding sources of funding to enhance the financing of photothermal projects

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Expanding sources of funding to enhance the financing of photothermal projects

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[Abstract]:
According to relevant data, in the past 5 years, the total installed capacity of photothermal power generation increased by more than two times, from 2GW in 2012 to more than 5GW installed in 2016. Up

According to relevant data, in the past 5 years, the total installed capacity of photothermal power generation increased by more than two times, from 2GW in 2012 to more than 5GW installed in 2016. Up to now, the installed capacity of the trough type power station has reached 4.2GW, and the installed capacity of the tower type power station has reached 640MW.

“ the larger operating capacity of the trough power station has increased the confidence of the bank investment slot project, making it easier to obtain loans with special policy support from the bank. For tower power plants, getting the same loan contract is relatively difficult. Because there are fewer tower power stations currently operating, banks are worried about the maturity of tower technology. &rdquo, ThierryTardy, executive director of ACWA Power, Saudi Arabia International Water Energy and power company, said.

However, with the development of tower technology, the power generation efficiency has been significantly improved, and tower technology projects are also increasing. According to statistics, the installed capacity of the tower power plant currently under construction is 791MW, and the installed capacity of the trough type power station is 891MW. Compared with trough and tower type, the share of Fresnel and dish optical thermal power station is much smaller, and the total installed capacity of the world is 170MW and 1.22MW respectively.

It is reasonable to believe that with more tower type power stations, the difficulty of obtaining financing will be further reduced, even more than the slot project, after the actual case is proved by the actual case.

Financing environment is getting better and investment in optical and thermal investment is growing

Trishana Chandika, a finance expert at the Bank of Tianda, Investec power and infrastructure, says the confidence of investors in the light and thermal industry is growing because of the rapid development of optical and thermal technology and the increase in the capacity of global optical and thermal power generators.

It is reported that Investec has invested in 3 Slot projects in South Africa. Investec as a joint developer and shareholder involved in one of the projects. At the same time, Investec, as a major investor, participated in the total investment of 5 billion South African Rand's 50MW Bokpoort photothermal project and the total investment in the llanga1 project of 100MW of 10 billion 400 million South African Rand.

In addition, some banks and asset management groups have invested in 100MW's Kathu solar power plant, while providing debt financing for another total investment for 11 billion 800 million South African Rand's light and heat projects.

Tardy shows that the good running state of the optical and power stations in the early stage of power production will benefit the developers to obtain better terms for financing contracts.

It is understood that investors in response to investment risks will require a risk assessment period of up to three years. In the past three years, the operation of the power station must meet the expectations of capacity improvement and meet the EPC performance standards. However, with the actual operation of more optical and thermal power stations proved the efficiency and feasibility of photothermal power generation technology, the three year risk assessment period will gradually shorten.

“ the cost of investment will ultimately depend on the outcome of project risk assessment. It is essential to work with experienced developers and contractors, and they will closely track the light and thermal projects that are successfully developed, and these projects have a complete and comprehensive EPC program. At the same time, the purchase agreement (PPA) is also very important. Investors' confidence in long-term PPA will support the debtor's obligation to repay debts. ” Chandika.

Jonathan Walters, an independent energy economist at the former world bank in the Middle East and North Africa, said that PPA prices must be enough to cover the construction and operating costs of the power plant and have enough attraction in the next 5 years, 10 years, or even 15 years. Otherwise, the buyer may consider changing the PPA protocol. Project developers should reduce the cost of financing as much as possible.

Competitive bidding with low price of electricity is beneficial to financing

In recent years, in many optical and thermal power stations, ACWA Power, located at Noor series power station in Morocco, has benefited from the competitive loan contract terms.

The Morocco solar authority (MASEN) has secured long-term loans from several international financial institutions, including the world bank's Clean Technology Fund (CTF), for all 3 Noor stations.

According to CTF, the cost of building NoorII and NoorIII is expected to be $2 billion, and a financing plan for a 80:20 debt ratio will finance the two projects.

The world bank, the German Development Bank KfW, the African Development Bank, the European investment bank and the French Development Bank AfDB will also provide concessionary loans to these projects. The project loan is transferred to the project developer by MASEN.

The PPA contract and financing structure of &ldquo, Noor project create a good loan environment for developers, which is extremely important for developers. ” Tardy.

In the case of the Noor project, auction bidding of the MENA in the Middle East and North Africa has helped to push the cost down, and more importantly, the fall in costs also made the financial institutions see the potential of the light and heat projects and gave them more reasons to support the light and heat projects.

“ what we are seeing is the competitive bidding / auction of the light and heat projects used in the MENA region that has further reduced the price of light and thermal electricity. Morocco's photothermal power generation bid has reduced the cost of the electricity to 15 cents to /kWh, which has been greatly reduced by the price of 27 cents in Spain, as proved by this fact. Sustainability. ” Walters said.

“ developers should always focus on the Global Green Climate Fund (GCF), which can provide large scale low cost financing, especially in 2015.