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P ROJECT F INANCE FOR C ONCENTRATING S OLAR P OWER IN A FRICA STERG Symposium 2017 1 A GENDA Introduction about our team Project finance and concentrating solar power Doing business in Africa Conclusion 1 A GENDA

  1. P ROJECT F INANCE FOR C ONCENTRATING S OLAR P OWER IN A FRICA STERG Symposium 2017

  2. 1 A GENDA  Introduction – about our team  Project finance and concentrating solar power  Doing business in Africa  Conclusion

  3. 1 A GENDA  Introduction – about our team  Project finance and concentrating solar power  Doing business in Africa  Conclusion

  4. 2 I NTRODUCTION The Energy Team at Nedbank  Specialised finance  Our team works to finance energy projects in Sub-Saharan Africa My background  M.Eng (Mechanical) at STERG  Passionate about renewable energy and especially CSP

  5. 3 I NTRODUCTION  Nedbank’s participation in REIPPPP Rounds 1 through 3, a total of 2.275 GW 400 MW CSP Solar PV 1285 MW 590 MW Wind  Currently managing a portfolio of 28 REIPPPP projects in construction or operation

  6. 4 I NTRODUCTION CSP projects  Kaxu Solar One 400 MW  Karoshoek Solar One  XiNa Solar One 590 MW 1285 MW  Kathu Solar Park  Redstone

  7. 5 A GENDA  Introduction – about our team  Project finance and concentrating solar power  Doing business in Africa  Conclusion

  8. 6 P ROJECT F INANCE What is project finance?  Project finance is the financing of long-term projects  Non-recourse or limited recourse financial structure  Debt and equity used to finance the project are paid back from the cash flow generated by the project

  9. 7 P ROJECT F INANCE Why use project finance?  Typically large-scale infrastructure, mining and energy projects, which are very capital intensive  Project finance allows for the creation of a special purpose vehicle (SPV), which removes the project from balance sheet of the owners

  10. 8 F INANCING C ONCENTRATING S OLAR P OWER CSP and Project Finance  Concentrating solar power is very well suited to the typical project finance model  South African environment provides high solar resource, government guarantees, government support program

  11. 3 9 F INANCING C ONCENTRATING S OLAR P OWER Shareholders Black Enterprise Member SPV Kathu Solar Park (Pty) Ltd Contractors Lenders Asset 100 MW Concentrated Solar Power Plant Offtaker

  12. 10 F INANCING C ONCENTRATING S OLAR P OWER Key component: Financial Model  The interface between the engineering, legal and financial components:  Revenue from operations  CAPEX  OPEX  Capital structure  The model is also used to structure the deal, and monitor the plants performance

  13. 11 F INANCING C ONCENTRATING S OLAR P OWER  Kaxu – 860 mil. USD  XiNa – 880 mil. USD  Kathu – 900 mil. USD  Karoshoek – 880 mil. USD All financed using similar project finance structures

  14. 12 A GENDA  Introduction – about our team  Project finance and concentrating solar power  Doing business in Africa  Conclusion

  15. 13 D OING B USINESS IN A FRICA  ~ 600 million Electricity usage vs. gross domestic product people in sub- GDP per capita Saharan Africa lack access to electricity  Increasing GDP requires increasing Electricity usage per capita electrification Source: HIS Economics, International Energy Statistics, US Energy Information Administration, 2013, eia.gov

  16. 14 D OING B USINESS IN A FRICA  Bujagali, 250 MW Hydropower, Uganda  Lake Turkana, 310 MW Wind Project, Kenya  Cenpower, 340 MW CCGT, Ghana

  17. 15 F INANCING C ONCENTRATING S OLAR P OWER DNI – CSP GHI – Solar PV

  18. 16 F INANCING C ONCENTRATING S OLAR P OWER  Morocco  Namibia, huge potential for CSP, low demand  South Africa, high potential, currently REIPPPP dependent

  19. 17 A GENDA  Introduction – about our team  Project finance and concentrating solar power  Doing business in Africa  Conclusion

  20. 18 C ONCLUSION  Nedbank CIB has a large market share in renewable energy projects in South Africa  We have a large interest in the CSP projects currently in construction and in operation  Our team is actively looking for potential deals in Sub-Saharan Africa

  21. I AN P OOLE I AN P@N EDBANK . CO . ZA +27 82 941 6099 STERG Symposium 2017

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