12. FINANCING GEOTHERMAL PROJECTS
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1 12. FINANCING GEOTHERMAL PROJECTS FINANCING GEOTHERMAL POWER, Hannah McCaughey, AgFe Copyright Download Workshop Proceedings at:
2 AgFe: Financing Geothermal Power Hannah McCaughey AgFe, London 1 Today s Presentation Introduction to AgFe AgFe and Geothermal Power Geoenergie Bayern GmbH Geothermal Developers Geothermal Power Projects in Germany Geothermal International options Why We Like Geothermal Why We Started in Germany Financing Geothermal Power Development Pre- and Post- Credit Crunch Opportunities and Challenges Conclusion A View on the Global Geothermal Market 2 Copyright
3 An Introduction to AgFe AgFe Group Limited ( AgFe ) is a London based structured finance company that specialises in financial asset management and advisory services: Established in September 2006 (well before the current banking crisis began) Senior team recruited from leading structured finance, leveraged finance, renewables and private equity institutions. The majority of team members have worked together for many s Key pillars of the business model are: A long term perspective on assets, businesses and profits rather than a trading perspective Strong structured finance, financial asset and financial institutions expertise Control and management of operational infrastructure, where appropriate, in order to enhance returns on assets Independent in order to access and/or manage multiple balance sheets and forms of capital The AgFe team has market leading expertise across multiple jurisdictions and asset classes Strong focus on infrastructure and renewables over last two s Currently working on some of the largest advisory mandates in Europe relating to strategy, negotiation, restructuring and work-out of securitisations and their underlying assets Regulated by the Financial Services Authority Independent of investment and commercial banks No legacy issues or conflicts of interest Zero debt a business model based on advisory and performance related fees only 3 AgFe and Geothermal AgFe set up Geoenergie Bayern ( GEB ) as a technology driven geothermal development company in October 2007 to capitalise on the geothermal opportunity in Europe as well as elsewhere internationally Specifically GEB was established in Germany in order to exploit: the general geothermal opportunities in Germany the specific opportunities relating to a portfolio of exploration licences the availability of high quality staff and partners GEB has a 30 million facility from BlueCrest one of the largest hedge funds in Europe, with over $14 billion of assets under management GEB has 11 full time staff with the full range of geothermal specialist skills including geologists, geophysicists, drilling engineers, civil engineers and low temperature power station specialists; this team combines decades of experience in leading geothermal projects in Germany 4 Copyright
4 GEB: Technology-led developer GEB is now one of the leading German geothermal engineering companies Leading edge technology GEB is utilising hydrocarbon quality analysis and data for geothermal exploration representing a new level of sophistication in geothermal development It has commissioned the first ever 3D seismic data generation in Bavaria for the geothermal exploration GEB is using the advanced the software package Petrel to process 2D and 3D seismic and build reservoir models suitable for simulation and create well design development strategies to maximise reservoir exploitation The model visualises geological structures (faults), stratigraphy (layering), petrophysical properties (porosity/permeability 5 GEB: Investing for the long term Local Expertise and a Long Term View GEB is structured around a long term commitment to geothermal power development in Germany and in Europe The GEB staff combine decades of experience in German geothermal with international drilling expertise; outsourcing limited to non-core activities GEB carries out extensive and detailed preplanning/evaluation prior to project initiation GEB invests in its strong, on-going relationships with all levels of government for planning and policy purpose as well as engages with industry/renewable policy bodies to promote the profile of geothermal 6 Copyright
5 GEB: Focused on low risk drilling GEB is highly focused on low risk drilling, using proven design and practice The Chief Drilling Engineer was 8 s at Schlumberger with experience of drilling wells up to 6500m and directional drilling of horizontal wells to 4400m TMC, 3500 TVD GEB has emphasised in-house operational and engineering control of drilling, as well as company controlled procurement program and safety procedures - this ensures there are no gaps in the service/supply/knowledge chain The rig and its crew have established experience and success in drilling geothermal wells in Germany; well design is geothermal specific in order to maximise mass flow 7 GEB: Current Licence Areas GEB has five geothermal licences in Bavaria (Utting, Waging, Amerang, Laufen, Kirchweichdach); and is in discussion with several industrial parties on development of four other licence area by joint venture 8 Copyright
6 GEB: Projects Utting Power station of greater than 8 MW e of power Drill two production wells and two reinjection wells Expected length of each wells is estimated to be between 3700m-3900m Temperature of the thermal water is expected to be between 113 o C and 120 o C Well productivity target of over 10 litre per second per bar Provision of a local district heating will be considered Total project cost of between million Finning Average length of wells 3795m (TVD 2700m) Expected temperature of thermal water 108 o C o C Open hole 11" - 12" Rig requirement: tonnes Wet or hybrid claim cooling Site allocation in industrial zone with water supplied Kirchweidach Expected temperature 128 o C-140 o C Average length of wells 4313m (TVD to aquifer 3300m) Rig requirement: 350 tonne Wet (or hybrid) cooling tower Planned district heating for local town of Kirchweidach Site agreed in industrial zone for renewable energy Open hole 10 Hungary and other international options GEB is in the process of obtaining 5-10 geothermal licences in Hungary and is cooperating with MOL with a view to develop geothermal projects in 2010 There are a number of other jurisdiction which GEB is discussion to in develop projects, including UAE and Slovakia AgFe is looking at investing in developers in other jurisdiction including the USA Australia Turkey 9 Why AgFe Likes Geothermal Infrastructure Infrastructure income streams are long-term, predictable, and guaranteed/legislated by government Infrastructure tends to have a low correlation to most other asset classes due to consistent demand throughout the economic cycle As infrastructure demand tends to be found in sectors with high barriers to entry, infrastructure assets tend to enjoy a sustainable competitive advantage Energy infrastructure Demand for energy and power is rapidly increasing and is essential to continued economic growth The International Energy Agency has predicted that global energy demand will increase 45% from now to 2030 Green Energy Infrastructure Climate change and energy security are now global concerns and are real drivers for the transition to the low emission electricity Even without further policy support, renewable energy is predicted to displace gas to become the second largest global producer of electrical energy by 2015 (IEA) Geothermal Baseload Green Energy and a Global Market Produces baseload power independent of season and other weather effects A strong operating track record A wide range of applications and is valuable for both electricity generation and direct heat use Advances in data, drilling and technology creating increasingly accessible and economic resources around the world 10 Copyright
7 Why we like German Geothermal Compelling, 20 guaranteed tariff There are geothermal specific tariff under the Renewable Energy Act From 1 January 2009, the geothermal feed-in tariff will be 0.16 per KwH up to total 10MW output and thereafter (guaranteed for 21 s) In addition, a 0.04 early investor bonus will apply to all projects entering production prior to 2015 For projects delivering 20% or more of thermal output into district heating systems an additional 0.03c bonus Guaranteed Grid Connection Grid providers are obligated to connect renewable energy plant to their grid immediately and in priority This also applies if the grid needs to be extended (if that involves a reasonable expense) Guaranteed electricity purchase Grid providers have to purchase all of the generated electricity in priority to other electricity generators The Geothermal Resource The Bavarian Malm is one of the most important geothermal energy reservoirs in Europe (Report to the select committee of German parliament) Highly productive limestone aquifer with significant karstification and reef facies; thermal water composition is close to fresh water 11 Financing Geothermal Pre-Credit Crunch Renewable related investment enjoyed boom with cheap capital, high oil prices, public concern on climate change Investors more willing to take technology risk; infrastructure funds more willing to take more construction risk; hedge funds looking for long term stable assets Post Credit Crunch Debt market severely disrupted fewer bank lenders in the market, debt is more expensive, lower leverage per project Major financing requirements for on-going projects a challenge in the new market conditions Lack of transparency market does not necessarily mean there is no money however financial sophistication will be required The next Quality projects with a strong story Industrial partners and government support are important Financial sophistication will be a distinguishing feature Challenges Government support cash and non-cash Technology risk Strength of the geothermal industry 12 Copyright
8 A View on the Geothermal Market Geothermal is a growing global market: geothermal technologies are forecast to produce 180 TWh of electricity by 2030 It has been the neglected relation of the renewable markets Its baseload power and competitive levelised cost of electricity is likely to mean that it will strongly welcomed to the renewable market family by policy makers and investors alike However, high upfront capital costs, drilling risk and technology risk means sophisticated financing and significant committed capital is required This is where government policy both cash and non-cash will be critical In the US, Australia and even Germany, there are critical pieces missing in the regulatory policy which could result in a geothermal boom in many instances, these could be implemented without significant capital implications for government The geothermal industry needs to have its voice heard, like wind and solar, to become a major player in the low carbon economy AgFe is committed to growing its investment in the geothermal sector and believes the geothermal space is a compelling niche market 13 Contact Details Hannah McCaughey Hannah.mccaughey@agfe.com Phone: (+44)(0) Copyright
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