SOLARIS ENERGY ALBINA SOLAR PARK · Solaris Energy 49MW Pv Park Teaser ina 1 INVESTMENT PROPOSAL...

300431 Timişoara, Romania, Str. Piata A.Mocioni nr. 6 • Tel: 0747-047.800 • Fax: 0356-414.175 • [email protected]

• C.U.I RO 25347464 – Registrul. Comerţului. J35/709/2009 – www.armandconsulting.eu

Solaris Energy 49MW Pv Park Teaser

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INVESTMENT PROPOSAL EXT01 - 05.07.2012

SOLARIS ENERGY 49 MW PHOTOVOLTAIC SOLAR PARK

STUDY DEVELOPER : SC ARMAND CONSULTING SRL

ADDRESS : STR. PIATA A.MOCIONI, NR.6, TIMISOARA

TEL : 0356 414 175

FAX : 0356 414 173

MAIL : [email protected] ; [email protected]

WEB : www.armandconsulting.eu ; energy.armandconsulting.eu

SOLARIS ENERGY ALBINA SOLAR PARK

mailto:[email protected]


http://www.armandconsulting.eu/




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TEHNICAL PROPOSAL NR. EXT01/05.07.2012

SOLARIS ENERGY SOLAR PARK

PROJECT DEVELOPER : SOLARIS ENERGY ALBINA S.R.L. - Timisoara

PROJECT TYPE : ground fix – grid connected – full feed

NR. OF PV PANELS : 217.382 solar panels – 230W poly

PEAK POWER INSTALLED : 50.000 Kwp DC [50Mwp DC] – 49.000 Kw AC [ 49 MW AC ]

FIXED SYSTEM: inclination=30 deg.,orientation=0 deg. (optimum)

DETAILS : The PV Solar park will be built on a flat land near Timisoara, Timis County, Romania.

AREA : 954.200 m2

LOCATION : Mosnita Noua Village, Timis County - 45.70351 North, 21.33171 East, Elevation: 60 m

a.s.l.,

ENERGY PRODUCTION (P50) : 61883 MwH or 1238Kwh/Kwp

INVESTMENT VALUE : 73.500,000.00 €

INCOME G.C. : 20.421.230,00 €

INCOME ELECTRICITY : 2.475.320,00 €

LAND LEASE : 50.000 €/Year

PAYBACK : 5 years in net terms




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Location : Mosnita Noua Village, Timis County - 45.70351 North, 21.33171 East, Elevation: 60 m a.s.l.,




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GGRRIIDD CCOONNNNEECCTTIIOONN

Existing 220Kv Electric Line

Existing 220Kv Electric Line

New 63MVA 20/110Kv Station Estimated Grid Connection Cost – 3,5 Mil.Euro

Mosnita Noua

Mosnita Noua Solar Park Location

95 HA – multiple land plots leased

New 20/110kv Station

300431 Timişoara, Romania, Str. Piata A.Mocioni nr. 6 • Tel: 0747-047.800 • Fax: 0356-414.175 • [email protected] • C.U.I RO 25347464 – Registrul. Comerţului. J35/709/2009 – www.armandconsulting.eu


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Solar Radiation and Energy Output

Solar Radiation & Plant Output

Mosnita Noua, Timis

SOLAR RADIATION : Mosnita Noua is located approximately in the western part of Transylvania, Romania in an area with high radiation levels. To calculate

the dimension of the pv array we have taken into consideration a radiation level

for optimally inclined solar panels of 1540 kWh/m2.



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P50 – PvSyst Initial Energy Yield




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TECHNOLOGY :

Photovoltaic cells are made of special materials called semiconductors such as silicon, which is

currently used most commonly. Basically, when light strikes the cell, a certain portion of it is

absorbed within the semiconductor material. This means that the energy of the absorbed light is transferred to the semiconductor. The energy knocks electrons loose, allowing them to flow freely.

PV cells also all have one or more electric field that acts to force electrons freed by light absorption

to flow in a certain direction. This flow of electrons is a current, and by placing metal contacts on the

top and bottom of the PV cell, we can draw that current off for external use. This current, together

with the cell's voltage (which is a result of its built-in electric field or fields), defines the power (or

wattage) that the solar cell can produce.

PV systems provide direct current (DC) voltage. To feed to the grid, this DC voltage has to be

inverted to the grid alternating current (AC) voltage by a grid-tied inverter, synchronizing automatically its AC output to the exact AC voltage and frequency of the grid.

This MPP fluctuates during operation in an interval depending on the radiation, the cell temperature and the cell type und has so to be tracked by the inverter controlling unit.

The second important job of the solar power inverter is to control the PV system to run near its

Maximum Power Point (MPP), the operating point where the combined values of the current and

voltage of the solar modules result in a maximum power output. This MPP fluctuates during

operation in an interval depending on the radiation, the cell temperature and the cell type und has so

to be tracked by the inverter controlling unit.

SOLAR PV

PANELS INVERTERS +

MEDIUM AND

HIGH VOLTAGE

TRANSFOMER

ROMANIAN

NATIONAL POWER GRID

Technology Description



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FINANCIAL SUSTAINABILITY OF THE INVESTMENT

SOLARIS ENERGY 49 MW SOLAR PARK

Project Financials – SOLARIS ENERGY Solar Park

Location – Mosnita Noua Village, Timis County, Romania

Land Area – 954.200 m2

Land Ownership – 30 Years Rent (with a buying option)

Land Lease Cost – 50.000 € / Year (included in the Operational Costs)

Global Horizontal Radiation – 1321 Kwh/m2

Global opt.angle Radiation – 1540 Kwh/m2

Distance to 110kv Line – 50 m

Optimum tilt angle – 330

Azimuth - 00

Installed Power -50 MWp dc – 49MW ac

Project Cost - 73,50 Mil. €

Specific Cost - 1.5 €/Wp

Energy Production - 61.883 Mwh

Operational Costs - 304.500 €

Total Income - 22.896.710 € (GC’s at 55€) max

17.327.240 € (GC’s at 40 €) med

13.614.260 € (GC’s at 30 €) min

Ebitda - 22.592.210,0 € (GC’s at 55€) max

17.022.740,0 € (GC’s at 40 €) med

13.309.760,0 € (GC’s at 30 €) min

IRR - 34 % (GC’s at 55€)

26 % (GC’s at 40 €)

NPV - 228.314.230,4 € (GC’s at 55€)

153.841.850,1€ (GC’s at 40 €)

Payback - 5 years own capital (GC’s at 55€)

6 years own capital (GC’s at 40 €)

Estimated start of financing & works –January 2013

Estimated start of plant operation - April 2013

Financial Input Data :

Table 1 – Energy – 40 € / Mwh

Green Certificates – 6 X 30 € / Mwh





Investment Financials



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Investment Costs : Solaris Energy Solar Park

Civil Works

Acces and inner lanes

Foundations,

Ditches and drainage,

Vegetation clearance,

Plot fencing.

Electrical Installation

AC & DC cabling and protections installation

Grounding

Monitoring & Lighting

New 63MVA 20/110kv Transformer Station with 50m -

110kv line

Safety and Security

Microwave barrier & CCTV

Equipment & Materials

Central Inverters

0.4/20kv Transfomers

PV Modules

Structures

AC & Dc materials and cabling

Surveillance material

SPV Land, license, permits, taxes and green bonds contracts. + Full

tehnical project for the solar park and transformer station

WITHOUT VAT VAT INC.VAT

TOTAL COST 73.500.000,00 EURO 17.640.000,00 EURO 91.140.000,00 EURO

SPECIFIC COST 1.5 €/Wp 0.36 €/Wp 1.86 €/Wp



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Cash Flow Table I:GC at 30 Euro Year 1 2 3 4 5 6 7 8 9 10

Income 13614260 14158830,4 14725183,62 15314190,96 15926758,6 16563828,94 17226382,1 17915437,38 18632054,88 19377337,08 Total operating

costs 304500 319.725,00 335.711,25 352.497 370.122 388.628 408.059 428.462 449.885 472.379

Investment 73.500.000,00 0,00 0,00 0 0 0 0 0 0 0 Cash-Flow

operational 13309760 13.839.105,40 14.389.472,37 14.961.694 15.556.637 16.175.201 16.818.323 17.486.975 18.182.170 18.904.958

Profi tax 16 % 2129561,6 2214256,864 2.302.316 2.393.871 2.489.062 2.588.032 2.690.932 2.797.916 2.909.147 3.024.793 Net Cash Flow 11180198,4 11.624.848,54 12.087.156,79 12.567.823 13.067.575 13.587.169 14.127.391 14.689.059 15.273.023 15.880.164 Cash-Flow net

operational cum.

-62.319.801,60 -48.734.953,06 -34.687.796,28 -20.159.973,19 -5.132.398,16 10.414.770,86 26.502.162,16 43.151.221,42 60.384.243,96 78.224.408,37

Year 11 12 13 14 15

Income 20152430,56 20958527,78 21796868,89 22668743,65 23575493,39

Total operating costs

495.998 520.798 546.838 574.180 602.889

Investment 0 0 0 0 0 Cash-Flow

operational 19.656.432 20.437.729 21.250.031 22.094.563 22.972.604

Profit tax 16 % 3.145.029 3.270.037 3.400.005 3.535.130 3.675.617 Net Cash Flow 16.511.403 17.167.693 17.850.026 18.559.433 19.296.988 Cash-Flow net

operational cum.

94.735.811,37 113.863.504,11 133.673.529,85 154.192.963,17 175.449.950,72


PI at 6% cc:

2,42 €

NPV at 10% cc :

52.519.579,27 €

NPV at 6% cc:

104.193.596,5 €

PI at 10% cc:

1,71 €

IRR

FINANCIAL

INDICATORS

20%

Chart No.1. Evolution of the main financial indicators during the analysed period of time

MOSNITA 49 MW


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Cash Flow Table II:GC at 40 Euro Year 1 2 3 4 5 6 7 8 9 10


costs 304500 319.725,00 335.711,25 352.497 370.122 388.628 408.059 428.462 449.885 472.379


operational 17022740 17.700.604,60 18.405.431,53 19.138.292 19.900.298 20.692.609 21.516.427 22.373.004 23.263.639 24.189.686


operational cum.

-59.200.898,40 -42.372.390,54 -24.951.828,05 -6.915.663,03 11.760.587,61 31.102.379,25 51.136.178,09 71.889.501,18 93.390.958,12 115.670.294,30

Year 11 12 13 14 15

Income 25648547,98 26674489,9 27741469,5 28851128,28 30005173,41


495.998 520.798 546.838 574.180 602.889


operational 25.152.550 26.153.692 27.194.631 28.276.948 29.402.284

Profit tax 16 % 4.024.408 4.184.591 4.351.141 4.524.312 4.704.365 Net Cash Flow

Cash-Flow net

operational cum.

21.128.142 21.969.101 22.843.490 23.752.636 24.697.919

136.798.435,94 160.727.536,85 185.531.027,10 211.243.663,52 237.901.582,28

PI at 6% cc:

3,09 €

NPV at 10% cc :

87.722.865,16 €

NPV at 6% cc:

153.841.850,1 €

PI at 10% cc:

2,19 €

IRR

FINANCIAL

INDICATORS

26%

Chart No.2. Evolution of the main financial indicators during the analysed period of time

MOSNITA 49 MW


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Cash Flow Table III :GC at 55 Euro Year 1 2 3 4 5 6 7 8 9 10


costs 304500 319.725,00 335.711,25 352.497 370.122 388.628 408.059 428.462 449.885 472.379


operational 22592210 23.492.853,40 24.429.370,29 25.403.188 26.415.791 27.468.721 28.563.584 29.702.046 30.885.843 32.116.778


operational cum.

-54.522.543,60 -32.828.546,74 -10.347.875,70 12.950.802,20 37.100.066,25 62.133.791,84 88.087.201,99 114.996.920,84 142.901.029,36 171.839.123,19

Year 11 12 13 14 15

Income 33892724,12 35248433,09 36658370,41 38124705,23 39649693,43


495.998 520.798 546.838 574.180 602.889


operational 33.396.726 34.727.635 36.111.532 37.550.525 39.046.804

Profit tax 16 % 5.343.476 5.556.422 5.777.845 6.008.084 6.247.489 Net Cash Flow

Cash-Flow net

operational cum. 28.053.250 29.171.213 30.333.687 31.542.441 32.799.316

199.892.372,78 231.023.585,97 263.317.272,98 296.819.714,04

331.579.029,62

PI at 6% cc:

4,11 €

NPV at 10% cc :

140.527.793,9 €

NPV at 6% cc:

228.314.230,4 €

PI at 10% cc:

2,91 €

IRR

FINANCIAL

INDICATORS

34%

Chart No.3. Evolution of the main financial indicators during the analysed period of time.

MOSNITA 49 MW


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Note : All the financial indicators where calculated taking into consideration a 1% drop in module

efficiency each year.

Due to its extensive experience in the renewable energies field, Armand Consulting always keeps the

following criteria in their investments:

Caution: We handle all the activities, from the company constitution (which owns all the

licences), land leases, regulations, suppliers, etc.

Minimal risk: getting all warranties, product certificates (all bankable),contracts maintenance, all

kinds of insurance (production, theft...).

Tranquillity Financial: Although we are protected by the law 220/2008 and it has a power

purchase obligation, we have signed a private contract with a major electricity distributor, to

ensure a fixed income during the loan repayment banking. This ensures a stable return and

guarantees income.

Operation & Maintenance :

All the projects will have the minimum required employees for plant surveillance and security.

The solar parks will be remotely monitored with CCTV camera. The plant will be equipped with

the control and monitoring system that will allow the remote operation of the plant, with

immediately stops and faults detection, letting a fast response. The monitoring of the plant will

be done at string level, in order to facilitate the early detection of any malfunction in the strings

and/or modules. The Monitoring of the strings is done directly by the inverter, with SCADA

system interconnected to a WEB interface system, for the remote diagnose and control for the

plant.

EPC guarantees :

Modules – 10 years for product defects and materials

- 10 years for 90% of the panels minimum power output

- 25 years for 80% of the minimum power output

Inverters – 10 years standard warranty ( extension to 15 years possible )

Structures – 25 years rust warranty

Sales :

The law 220/2008 states that the solar energy producers will receive 6 green certificates per 1

Mwh produced.

The energy will be sold at 40 Euro/Mwh with a fixed income power purchase agreement

The green certificates will be sold at 55 Euro/G.C. to a energy supplier with a fixed price based on a

green certificates purchase agreement.


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Permits and Authorizations

Topographic study – Yes

Geological study – Yes

Feasabillity Study – Yes

Land Ownership – 30 years lease – Yes + Buying Option

Urban Planning – Yes

Enviroment Permit – November 2012

Electrica Company Location Permit – Yes

Grid Connection Permit – August 2012

Build Permit for Solar Park – November 2012

Build Permit for Grid Connection – November 2012

ANRE license authorization – after the plant construction


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GREEN CERTIFICATES MARKET IN ROMANIA

Solar energy is one of the most important priorities of the local and foreign investors that operate on

the renewable energy market. The technology for producing solar panels follows an ascending trajectory

due to the investments that have been made into this domain oriented towards innovation with the

objective of increasing returns of the solar cells and so of the solar photovoltaic energy production capacities.

During the year 2007 the installed capacity in Romania was 0.81 MW.

Until now, the less clear aspects of the Romanian energy market legislation have restricted the amount

of foreign investments.

Through the new adopted form of law 220/2008 that became 139/2010 , for every 1 MwH produced

from solar pv source are granted 6 green certificates, 2 green certificates for electricity obtained of wind sources, the minimum value fo a certificate being 27 euros, maximum value 55 euros.

The specialists’s opinion says that this will lead to more investments in the energy sector.1

According to Transelectrica, the demand for energy in Romania will double in the next 20 years.

Otherwise, according to the Romanian National Energetic Strategy, the solar potential of the country

can generate 1,2 TWH of electricity annualy, meaning 2,5% of the present national consumption. The West of the country and Dobrogea area are the most appropriate areas for this kind of investments.

The rapid increase of the investments in solar photovoltaic energy production capacities is expected to

follow this trend at least for the next 3 years and as a result it is estimated an ascending trend of the

installed capacity until 2013 according to the predictions made by EastInvest.

1 Wall-street.ro, INTERVIEW-Schneider-The investors were carried away by wind wave and forgot about the solar

energy


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Romanian Renewable Energy Policy

• in accordance with the EU resolution as of December 2008, Romania has to achieve 33% of its gross

energy consumption out of Renewable Energy Sources (RES) by 2010 which it has already achieved based

on Eurostat data;

• Law no 220/2008 regarding the incentives for RES developments sets new goals for the years 2015 (35%)

and 2020 (38%). The law no 220/2008 is expected to become effective by the end of 2011;

Romanian Green Certificate System

Incentives for RES Producers

• Green Certificates (GC) incentive structure:

o The governing bodies have set a mandatory quota for energy distributors in Romania requiring

them to purchase a certain percentage of energy produced from RES each year or to alternatively

acquire a suitable number of GCs (Appendix 1);

o The penalty for not complying with mandatory quota is EUR 110/MWh;

o A Green Certificate (GC) is a document that certifies the generation of 1 MWh of non-pollutant

energy;

o GCs are traded on a special purpose market (the Green Certificate Market);

o 3 GC for 1 MWh E-RES delivered into the network from hydro power plants - 10 MW – new

o 2 GC for 1 MWh E-RES delivered into the network from hydro power plants - 10 MW -

refurbished.

o 1 GC for 2 MWh E-RES produced in hydropower plants of 10 MW (not refurbished and not new)

o 2 GC for 1 MWh E-SRE for wind power plants until 2017 and 1 GC for 1 MWh starting with 2018

o 3 GC for 1 MWh E-RES delivered into the network from biomass, bio liquid, gas from wastes

fermentation, geothermal

o 6 GC for 1 MWh E-RES delivered into the network from photovoltaic installations

Provisions of

GCs

Eligible

Renewable

Energy

Producers

Regulator

Quota=mandatory

quota*energy sold to

final customers

Power Suppliers Trading

Platform:

Bilateral and

Centralized

Market

GC offer GC

demand

Transelectrica

Penalty if less GCs

purchased as obliged


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o The market price for one GC is established by free market mechanisms with a floor and cap at

EUR 27 and EUR 55.

Romanian Green Certificates Evolution:

Indicator 2007 2008 2009 2010

Total RES production MWh

46,299

132,445

241,517

676,606

- micro hydropower

38,752

121,452

13,525

290,045

- wind

7,547

10,993

197,802

277,439

- biomass

30,190

112,115

- photovoltaic

-

7

Total RES installed capacity MW 47 47.3 97.4 547.9

- micro hydropower

40.3 40.4 74.3 75.7

- wind

6.7 6.9 14.2 448

- biomass

0 0 8.00 23.3

- photovoltaic

0.9 0.9

Number of participants

99 136

- Nr of RES producers

registered to GCM

80 87 95 115

- micro hydropower

6 11 14 17

- wind

11 12 15 22

- biomass

0 0 1 3

- photovoltaic

0 0 1 1

- Nr. of suppliers registered to

GCM

63 64 64 72

Total GC available on the

market

46,229

132,445

256,635

693,463

- total GC issued

46,229

132,445

241,517

676,606

- total GC reported from the

previous year

15,118

16,857

Number of GC traded

38,939

111,948

207,398

345,611

- on bilateral contracts producers-

suppliers

0 14904

56,389

74,514

- on centralized GC Market

37703 95593

141,607

238,398


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- on bilateral contracts suppliers-

suppliers

1236 1451 9402

32,699

Final gross consumption of

electricity MWh

53,368,00

0

54,610,00

0

54,630,00

0

49,920,00

0

Time period for granting Green Certificates:

15 years for E-RES produced in new installations;

7 years for E-RES produced in installations from import, which were used out of Romania, but not older

than 10 years and according with the environmental standards;

10 years for E-RES produced in hydro installations until 10 MW refurbished; and

3 years for E-RES produced in hydro installations until 10 MW non refurbished

Chart No.1. The evolution of energy production in installed capacities(MW) following the capitalizatin of

the solar potential in Romania over the period 2011-2020

Source:calculated using Table No.2. database


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Projections Green Certificates Market and Solar Energy Romania

Year Supply GC Demand GC Total Energy

Consumption

Mandatory

quota GC

2008 132376 2477292 47096816 0,0526

2009 256635 2905779 42858103 0,0628

2010 400000 3557000 42850000 0,083

2011 630720 4370700 43707000 0,10

2012 1576800 5139943,2 42832860 0,12

2013 1655640 5936634,396 42404531,4 0,14

2014 1738422 6551500,101 43676667,34 0,15

2015 1825343,1 7023208,109 43895050,68 0,16

2016 1916610,255 7514393,726 44202316,03 0,17

2017 2012440,768 7399467,704 41108153,91 0,18

2018 2113062,806 8357287,69 43985724,68 0,19

2019 2218715,946 8748760,64 44865439,18 0,20

2020 2329651,744 8703895,201 43519476 0,20

Supply and Demand Evolution on Green Certificates market in Romania, 2008-

2020 period

Source: calculated using Table No.3 database

From the upper table it is not difficult to notice the gap between Supply and Demand.


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If we assume that the current level of energy consumption will remain constant at around 43.000.000

Mwh/year and the obligatory quota goes up to 20% (even ignoring the long-term GDP growth-

which will favour the energy producers in this model), the Demand(GC) must be around 9.000.000 in 10 years from now.

It is expected that the Supply will not reach the Demand level very soon. In this case the Supply remains consistently smaller than the Demand(at 55 euro).

The equilibrium price is above 55 euro and the price ceiling system will return the price 55(+ inflation-indexed growth –which is also in the advantage of the suppliers).

If we look at the transaction statistics published by OPCOM (the trading system for green certificates in

Romania), the gap between the Demand and the Supply is confirmed also at the monthly level( even if the Demand has an annual component too).

The quotas for 2011-2030 period are established by the resort ministry and will not be smaller that the established quota for year 2020.

The conclusion reveals the long-term profitability with a mininum risk associated to the investments in

solar photovoltaic energy production capacities.

The project has it’s own SPV and is fully permitted (ready to build) :

Land Planning approval

Electrical Company location approval

Firefighter approval

Enviroment approval

Eelctrical Company grid connection approval

Building permit (including conection build permit)

There are topographic studies and geological studies for the land. We are working on the

feasabillity study and the full tehnical project for the park and grid connection.

Important aspect : the SPV will be sold with both build permits : for the solar park and for the

new grid connection !

The SPV has leased the land – 954.200 sqm for 30 years. The rent cost’s is 50.000 Euro/Year.

SOLARIS ENERGY ALBINA LLC - SPV Share Price :

For this project we can take into consideration the full sale of the shares owned by the SPV at an

estimated cost of 200.000 Euro/ authorized MW for wich the buyer receives an SPV with the ready

to build project, topographic studies, geotehnical study, all the licenses and permits, the feasability

study and the full tehnical project and our full support in implementing the project.

The deadline for obtaining all the permits is December 2012


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For more info please contact :

D A R I U S G E O R G I U R E N A T O D O I C A R U

+ 4 - 0 7 3 2 0 2 7 4 1 5 + 4 - 0 7 2 7 1 5 6 2 5 5

Tel: +40-356.414.175 / Telefon mobil: +40-747.047.800 / Fax: +40-356.414.173

www.ArmandConsulting.eu

www.ArmandEnergy.ro

[email protected]

http://www.armandconsulting.eu/

http://www.armandenergy.ro/


SOLARIS ENERGY ALBINA SOLAR PARK · Solaris Energy 49MW Pv Park Teaser ina 1 INVESTMENT PROPOSAL...

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