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Phu Lac Wind Farm

Phu Lac Wind Farm. Experience from Binh Thuan Province. Tim-Patrick Meyer, Senior Project Manager Ho Chi Minh City, October 30, 2012. KfW Entwicklungsbank - Overview. Germany’s development bank We finance, advise and accompany development projects and programmes around the world

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Phu Lac Wind Farm

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  1. Phu Lac Wind Farm Experience from Binh Thuan Province Tim-Patrick Meyer, Senior Project Manager Ho Chi Minh City, October 30, 2012

  2. KfW Entwicklungsbank - Overview • Germany’s development bank • We finance, advise and accompany development projects and programmes around the world • Our aim: reduce poverty, protect the climate, secure peace and shape globalisation in a manner that benefits people in poorer regions of the world • 650 employees, 190 in local offices in partner countries • We carry out 1.900 programmes and projects in 100 countries • Clients:  Federal Ministry of Economic Cooperation and Development  Other German ministries  European Commission  Governments of other countries 2

  3. Belgrade Tbilisi Podgorica Al-Bireh Sarajewo Mexico City(KfW & DEG) Islamabad Skopje Pristina Kathmandu Dhaka Bangkok (DEG) Accra (incl. DEG) Bogota Yaounde Brasilia Lusaka La Paz Tegucigalpa Jakarta (incl. DEG) Beijing (incl. DEG) Brussels Quito Kabul Lima (incl. DEG) Moscow (incl. DEG) Kunduz New Delhi (incl. DEG) Taschkent São Paulo (incl. DEG) Pretoria(KfW) Johannesburg(DEG) Dakar Tirana Rabat Windhoek Addis Ababa Juba Ulaanbaatar Cairo Kampala Maputo Sana‘a Kigali Yerevan Niamey Ouagadougou Bamako Phnom Phen Cotonou Istanbul (DEG) Ankara Dushanbe Mazar-è-Sharif Bishkek Vientiane Baku Manila Tunis Hanoi Nairobi (incl. DEG) Bujumbura Kinshasa Dar es Salaam Damascus Amman Frankfurt Berlin Kiev Sites of KfW Entwicklungsbank and/or DEG (03/2012) FC partner countries (03/2012) Locations:KfW Entwicklungsbank and DEG Guatemala City Managua Singapore (DEG) Lilongwe

  4. FC Commitments: Energy & Total KfW 1794 1312 999 533 528 4

  5. Commitments Wind Energy Projects since 2000(without credit lines)

  6. Financing Wind Energy • Professional project preparation required: wind measurements, land acquisition and compensation, feasibility studies, social and environmental studies, licenses … • Analysis of risks: during construction phase, cost-increases, timing-risks, risks during operation, debt-service and interest coverage • Policy matters: clear market rules and regulations needed (strong institutions, PPAs, support mechanisms, etc.) including licensing and approval mechanisms • With larger volumes, financing consortiums become common  more complex financing engineering (EU, EIB, EBRD, Regional Development Banks, World Bank, CTF, …)

  7. Wind Farm Phu Lac Wind Farm Phu Lac • First phase: 16 x 1,5 MW = 24 MW (financing through KfW) • Second phase: 17 x 1,5 MW = 25,5 MW • Total investment for phase 1: USD 52 million • KfW loan: approx. USD 43 million  equity only about 16 % • 110 kV-line goes right by the wind farm area • Project will sell electricity to EVN at a rate of 7,8 US-c/kWh • It is planned to generate additional income through sale of CER in the scope of the CDM

  8. Wind Data and Energy Yield • Wind data is available for one year from a 60 m tower located about 1 km south of the project site • No documentation of wind measurement (setup, maintenance) available • Wind speed of 6,9 m/s at hub-height (85 m), but high uncertainty of wind data  KfW contracted a Wind Resource and Energy Yield Study  Net annual energy yield: P50 = 58.652 MWh (CF = 27,9 %)  uncertainty 26 % P70 = 50.682 MWh (CF = 24,1 %) P90 = 39.176 MWh (CF = 18,6 %)  We did our own financial analyses based on P70

  9. Environmental and Social Impact • An Environmental Impact Assessment Study had been carried out by the Ho Chi Minh City University • Study was missing some important aspects and did not meet international financing standards • Compensation of land-owners? • Potential social impacts? • Documentation of public consultation? • Baseline analysis of birdlife? • Noise analysis? • Etc.  KfW contracted a new ESIA Study including public consultation procedure  no significant impacts identified

  10. Next Steps • Sign loan agreement with Ministry of Finance who will pass on the loan to the investor • Hire an implementation consultant who will help the investor in carrying out a tender for the wind farm and supervising construction  EPC-contract shall include extended guarantee-period of up to five years during which O&M is done by the supplier and O&M-training is carried out • Sign PPA with EVN • Construction in 2014

  11. Thank you!

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