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EWEC Warsaw, April 21, 2010 Marc Schmitz Senior Vice President, Renewable Energy and Infrastructure Finance

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EWEC Warsaw, April 21, 2010 Marc Schmitz Senior Vice President, Renewable Energy and Infrastructure Finance

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    1. Thanks for the invitation If necessary: expand on introduction Outline presentation: introduce Rabobank, essential factors governing investment decisions, bankability, and financing structure in offshore wind, Belwind example Thanks for the invitation If necessary: expand on introduction Outline presentation: introduce Rabobank, essential factors governing investment decisions, bankability, and financing structure in offshore wind, Belwind example

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    5. Installed capacity end 2009 is 2.1 GW; this is expected to increase to around 35 GW by 2020 Total global installed offshore wind capacity is a mere 1% of total installed wind capacity Currently most attractive markets: UK, Germany, Belgium, Denmark. Upcoming markets: The Netherlands, France, Scandinavian countries, US, China Technical progress is leading to increasing efficiency, decreasing cost, better reliability – ultimately higher returns A fast developing sector, causing (possible) shortages in the value chain; most notably in turbines, foundations, and bank funding Currently offshore wind is a utility play, however, future investments will become too large to carry on-balance; becoming a more investor-driven market Annual offshore wind market: shortages may develop by 2014/2015 5

    9. Belwind deal – an overview Senior lenders: Rabobank, ASN, Dexia, EIB, EKF Mezzanine lenders: e.g. Rabobank, PMV Equity providers: Rabobank, Colruyt, SHV, Meewind, PMV Why does Rabobank consider mezzanine lending: Less equity required Higher leverage in the projects Higher return on equity Total financing package (i.e. senior / mezzanine / equity) Senior debt 490 mln EUR (including contingencies) Senior debt at risk: ASN 35 mln Dexia and Rabo both 50 mln EIB 150 mln EKF 210 mln Mezz: 64 mln EUR Bank margins 700-900 bps Cash sweep: base case 30-50%, down side 70% Equity: 100 mln Senior debt 490 mln EUR (including contingencies) Senior debt at risk: ASN 35 mln Dexia and Rabo both 50 mln EIB 150 mln EKF 210 mln Mezz: 64 mln EUR Bank margins 700-900 bps Cash sweep: base case 30-50%, down side 70% Equity: 100 mln

    11. Belwind deal – the process Success factors Stable group of MLA’s; Financing already in place in March; Support of EIB and EKF Good subsidy regime Relationship between contractors, MLA’s and final shareholders Experienced MLA group; Rabo, Dexia, EKF involved in Q7/ Prinses Amalia Park Same contractors as Q7/ Prinses Amalia Park (Van Oord & Vestas) Senior debt 490 mln EUR (including contingencies) Senior debt at risk: ASN 35 mln Dexia and Rabo both 50 mln EIB 150 mln EKF 210 mln Mezz: 64 mln EUR Bank margins 700-900 bps Cash sweep: base case 30-50%, down side 70% Equity: 100 mln Senior debt 490 mln EUR (including contingencies) Senior debt at risk: ASN 35 mln Dexia and Rabo both 50 mln EIB 150 mln EKF 210 mln Mezz: 64 mln EUR Bank margins 700-900 bps Cash sweep: base case 30-50%, down side 70% Equity: 100 mln

    12. The Belwind deal: award winning

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