Energy with wpd

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Abigail Barrett
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1 Energy with wpd

2 wpd group facts 4,100 MW installed capacity 2,080 wind turbines erected 1,800 members of staff 7,500 MW Project pipeline of wind onshore 4,600 MW Project pipeline of wind offshore 300 MW Project pipeline of photovoltaic In 18 countries

3 wpd group structure Broad coverage of the wind value chain Deutsche Windtechnik AG wpd AG wpd windmanager GmbH & Co. KG Maintenance and repair of wind turbines, O&M services Developer & Independent Renewable Power Producer (IRPP) Commercial & technical management of wind farms

4 Structure & Business Model wpd AG Wind onshore Germany Wind onshore international Wind offshore IRPP 1,372 MW (own capacity) Fund manager wpd invest Greenfield development Structuring & financing Tendering & construction Sale / IRPP Wind farm management Site evaluation Project planning Permission process EIA investigation Technical planning Commercial & legal structuring Financing of project development Calculations/ financial modelling Project finance (syndication of debt facilities) Negotiations with contractors Project management (time schedule, quality, costs) Sale of projects through tender processes Sale of projects to strategic or financial buyers IRPP (own capacity 1,372 MW) Commercial management (bookkeeping, insurance, banks, etc.) Technical management (O&M management, manufacturers, service providers) Technical Services

wpd projects wind onshore + photovoltaic Europe Sweden wind farms installed 6.00 MW wind projects planned 700 MW Belgium wind farms installed 9.00 MW France wind farms installed 289.

5 wpd projects wind onshore + photovoltaic Europe Sweden wind farms installed 6.00 MW wind projects planned 700 MW Belgium wind farms installed 9.00 MW France wind farms installed MW wind projects planned 800 MW Spain wind farms installed MW wind projects planned 300 MW Portugal pv farms installed 2.15 MWp Italy wind projects planned 200 MW pv farms installed 2.89 MWp Greece pv farms installed 9.80 MWp Finland wind farms installed 141,60 MW wind projects planned 650 MW Poland wind farms installed MW wind projects planned 200 MW Germany wind farms installed 2, MW wind projects planned 2,400 MW pv farms installed 7.40 MWp Romania wind projects planned 200 MW Croatia wind farms installed MW wind projects planned 50 MW Montenegro wind projects planned 50 MW

6 wpd projects wind onshore + photovoltaic worldwide Canada, Ontario wind farms installed MW wind projects planned 180 MW Europe USA, Oregon wind projects planned 750 MW pv projects planned 250 MWp Taiwan wind farms installed 377,00 MW wind projects planned 520 MW pv farms installed 3.98 MWp Chile wind projects planned 500 MW pv projects planned 50 MWp

7 wpd: partner for institutional investors and major utilities CEZ Group Sale of portfolio of 8 German onshore wind farms (85.25 MW, 35 WTG) INNERGEX Renewable Energy Inc. Sale of portfolio of 8 French onshore wind farms (131 MW, 62 WTG) HansaInvest / Signal Iduna Sale of portfolio of 8 German onshore wind farms (102.1 MW, 38 WTG) Talanx Sale of portfolio of 3 German onshore wind farms (57.5 MW, 19 WTG) Swisspower Sale of portfolio of 4 German onshore wind farms (29.3 MW, 11 WTG) MunichRE / MEAG Sale of portfolio of 11 German onshore wind farms (72.7 MW, 40 WTG) Stadtwerke München / HSE / Mainova Sale of 2 German onshore wind portfolios ( MW) Allianz Capital Partners Sale of one German onshore wind farm (14 MW) Publikumsfonds Closed end funds Closed funds with 5,000 investors EnBW Sale of 4 fully consented German offshore projects (approx. 1,250 MW) Co-operation agreement covering the further project development Marguerite / Siemens / ITOCHU / CITIC / Industriens Pension / CDC / ewz (Total investment volume: 1.3 bn Euro) Gothaer Life Insurance John Laing Group Plc Equity financing of the Butendiek offshore wind farm (288 MW) Construction and operational management by wpd wpd invests part of the project s equity Debt financing arranged by KfW IPEX, Unicredit and Bremer Landesbank incl. commitments of EIB, KfW Förderbank, EKF and further six commercial banks Acquisition of a 40% stake in the Nordergründe offshore project Acquisition of a 30% stake in the Nordergründe offshore project

8 wpd offshore facts 8 offshore wind projects fully consented Procurement and construction management for 3 projects 10 projects (4,605 MW) under development in 6 countries 200 project team members

management as well as logistics and O&M services Ownership and operation at later stage together with investment partners Team

9 wpd offshore wpd offshore wpd offshore Project development Project execution Logistics and O&M services Asset / ownership Strategy Development of a diversified European offshore-wind-farm-portfolio Extensive expertise in project and construction management as well as logistics and O&M services Ownership and operation at later stage together with investment partners Team 200 project team members, combining the record of developing 21 offshore wind farms with the construction experience of 3 offshore wind projects

10 project development wpd projects wind offshore Taiwan Guanyin (250 MW) Taoyuan (150 MW) Changhua (200 MW) Yunlin (700 MW) Sweden Storgrundet (420 MW) Finland Suurhiekka (480 MW) Germany Baltic 1 (48,3 MW)* Butendiek (288 MW) Nordergründe (111 MW) Kaikas (581 MW) Gennaker (824 MW) Project stages (total output) in operation (336.3 MW) under construction (111 MW) approved and in the procurement process (948 MW) approved (1,481 MW) participation in tender process (1,000 MW) early approval stage (2,124 MW) France Courseulles (450 MW) Fécamp (498 MW) Dunkerque (500 MW) Oléron (500 MW) * Sold wpd was further involved in the construction management

11 wpd wind offshore projects in Germany Butendiek 288 MW in operation Nordergründe 111 MW under construction final commissioning: 2017 Gennaker 824 MW early approval stage Kaikas 581 MW approved

reference: Baltic 1 project overview Comprehensive co-operation agreement with EnBW in line with sale of the project together

wpd was engaged as project manager for the realization of the project.

equipment as well as harbor infrastructure and was deeply involved in preconstruction monitoring and construction management.

3 MW) Baltic 2 (288 MW) Hohe See (400 MW) He Dreiht (595 MW) Installation of Baltic 1 started in April 2010 and was completed

12 reference: Baltic 1 project overview Comprehensive co-operation agreement with EnBW in line with sale of the project together with three further approved projects (Baltic 2, Hohe See, He Dreiht) in wpd was engaged as project manager for the realization of the project. wpd negotiated all work packages with suppliers (turbines, foundations, substation and cabling) including installation equipment as well as harbor infrastructure and was deeply involved in preconstruction monitoring and construction management. Baltic 1 (48.3 MW) Baltic 2 (288 MW) Hohe See (400 MW) He Dreiht (595 MW) Installation of Baltic 1 started in April 2010 and was completed at the end of Construction was on time and within budget. The wind farm was inaugurated on May 2nd Main work packages Turbine: 21 x Siemens SWT Foundation: Monopile, Design & Installation, Ballast Nedam, Manufacturing EEW OSS: Cabling: Electric Construction by ABB, Transformer by Etra, Steel construction by Weserwind nkt cables

reference: Butendiek project overview Total capacity of 288 MW Total investment volume Euro 1.

Industriens Pension, CDC, ewz Located 32 km west of island of Sylt Low water depth (17-22 m) on time and in budget Turbines: 80 x Siemens SWT 3.

design, manufacturing, transport & installation) Proven technology (Siemens turbines with 10 year full service maintenance contract; monopile

13 reference: Butendiek project overview Total capacity of 288 MW Total investment volume Euro 1.3 bn Project debt finance by 12 financial institutions Equity investors: wpd, Marguerite Fund, Siemens Financial Services, ITOCHU, CITIC, Industriens Pension, CDC, ewz Located 32 km west of island of Sylt Low water depth (17-22 m) on time and in budget Turbines: 80 x Siemens SWT Foundation: Ballast Nedam Offshore OSS: Cofely Fabricom GdF Suez Cabling: Visser Smit Marine Contracting EPCI-contracts (incl. design, manufacturing, transport & installation) Proven technology (Siemens turbines with 10 year full service maintenance contract; monopile foundations) Start of construction: Q The project has been completed on schedule and within budget. In August 2015, Butendiek was brought into operation. wpd manages the project during procurement, construction and operational phase

14 wpd wind offshore projects in Finland and Sweden Suurhiekka (Finland) 480 MW approved Storgrundet (Sweden) up to 420 MW approved

15 wpd offshore pipeline of 1,950 MW in France Fécamp 498 MW After successful award in Round 1 in implemantation Courseulles 450 MW Dunkerque 500 MW Project under qualification for Round 3 After successful award in Round 1 in implemantation wpd Offshore France Round 1 Consortium Exclusive supplier Oléron 500 MW Project under qualification for Round 3 Consortium shareholders

Offshore Wind French Projects - RTB FEC COU wpd share 30% 15% Capacity 498 MW 450 MW Distance to shore 13 km 10 km Area 65 km² 50 km² # of turbines 83 75 Foundation Gravity Based Monopile Water Depth

16 Offshore Wind French Projects - RTB FEC COU wpd share 30% 15% Capacity 498 MW 450 MW Distance to shore 13 km 10 km Area 65 km² 50 km² # of turbines Foundation Gravity Based Monopile Water Depth 30 to 39 m 21 to 32 m NET AEP (P50) 1,829 GWh 1,520 GWh Grid Connection 17 km (offshore) 34 km (onshore) 16 km (offshore) 24 km (onshore) Permission - Tender awarded - Building permit received - Tender awarded - Building permit received Courseulles Fécamp Project MW Project MW Project under qualification for Round 3 Project MW Project under qualification for Round 3 Project under qualification for Round 3 wpd Offshore France Round 1 Consortium Exclusive supplier Indicative Project Timeline Project Development Financing Consortium shareholders Construction Operation

17 Project development offshore wind farms Taiwan OWF Guanyin potential Site No. 2 ca. 250 MW OWF Taoyuan-Hsinchu potential Site No. 3 ca MW OWF Changhua North off Changhua coast ca MW OWF Yunlin off Yunlin coast ca MW

Nearshore Wind Farm Nordergründe - Project Key Facts Turbines / Capacity Nordergründe 18 x Senvion 6.2M126 / 111 MW Nordergründe 111 MW under final construction exp.

morphodynamics Wind Resources Wind speeds: 9.3 m/s (DEWI and DWG), Yield forecast: 373.6 GWh (P50, net) Remuneration Regime German EEG based Feed-In Tariff: 19.

19 Nearshore Wind Farm Nordergründe - Project Key Facts Turbines / Capacity Nordergründe 18 x Senvion 6.2M126 / 111 MW Nordergründe 111 MW under final construction exp. COD 12/2017 Site / Distance to shore Delta of Weser River, 15 km off shore (inside Germany s 12nm zone) Site Characteristics Shallow waters (<10m), good soil conditions, rather low waves, morphodynamics Wind Resources Wind speeds: 9.3 m/s (DEWI and DWG), Yield forecast: GWh (P50, net) Remuneration Regime German EEG based Feed-In Tariff: 19.4 c /kwh (8 years as of COD) Operation Period Project permit provides for 25 years of operation Grid Connection 155kV AC Direct Line (no other wind farms), already completed by TenneT (TSO) 111 MW Nearshore, German EEG based, wind farm preparing for COD

20 Project Financing and Contractual Structure - Overview EQUITY EIB DEBT 30%* 40% 30% Project equity Project Company OWP Nordergründe GmbH & Co. KG Project Debt (non-recourse) Management during construction phase wpd offshore solutions GmbH OWP Nordergründe Verwaltungs GmbH Management during operational phase SENVION [TURBINE EPC] SENVION [WTG O&M] Contractual Partners during Construction AMBAU [FOUNDATIONS EPC] PROJECT CO [SUBSTATION] NSW [CABLING EPCI] BILFINGER [INSTALLATION] Deutsche Windtechnik [BoP O&M] Deutsche Windtechnik / GP (wpd) [Accounting / Insurance Management] Contractual Partners during Operation

*The offshore substation was initially contracted with BVT.

Nordergründe - Contractors Work Package Contractor Status of Completion (July

Foundations (FOU) AMBAU All FOU s have been installed.

Offshore Substation (OSS) ProjectCO* OSS preparing for sail-out in Q3/2017 (delay

21 *The offshore substation was initially contracted with BVT. Following insolvency of BVT, project company entered into direct agreements with respective suppliers. Nearshore Wind Farm Nordergründe - Project Contractors and Realization Status Nordergründe - Contractors Work Package Contractor Status of Completion (July 2017) Turbines (WTG) SENVION All WTG s have been installed. Foundations (FOU) AMBAU All FOU s have been installed. Cabling (IAC) NSW Cable laying completed. Offshore Substation (OSS) ProjectCO* OSS preparing for sail-out in Q3/2017 (delay due to insolvency of BVT) Installation (T&I) Bilfinger (MPI Enterprise) Installation works of MPI E. completed. Grid Connection TenneT (TSO) Export cable laying completed. Proven Technology, Experienced Suppliers, Wind Farm preparing for Start of Commissioning

22 *For commercial terms of project operation, please refer to financial model. Project Operation - Contractors - NORDERGRÜNDE WIND FARM OPERATION* - Technical Operation/ Maintenance [O&M] Turbine Balance of Plant [BoP] Full-scope turbine maintenance services (10 years, cancellation option after 5) Including production guarantee of 95.5% Full-scope BoP maintenance services Wind farm monitoring/controlling Technical & Commercial Management (TCM) Accounting / Reporting Insurance management Commercial Management/ Executive Board Commercial Management SPV administration Insurance Comprehensive insurance package contracted with HDI Gerling, Axa, Axis and Basler insurance

23 Nordergründe Project Execution

Offshore wind in Europe Status 31/12-2016 Installed Capacity 2016 1,558 MW Total pr 31/12 2016 Installed Turbines 12,631 MW 2016 369 WTGs Total pr

24 Offshore wind in Europe Status 31/ Installed Capacity ,558 MW Total pr 31/ Installed Turbines 12,631 MW WTGs Total pr 31/ Load factors New Projects 33%-43% GW of Turbine size MW (15% ) 3,589 WTGs concented wind farms Project Finance Source: WindEurope

Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Conclusions for 2030: Offshore wind is expected to deliver 7 11% of EU s electricity demand Offshore

25 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Conclusions for 2030: Offshore wind is expected to deliver 7 11% of EU s electricity demand Offshore wind can in theory generate 2,600 6,000 TWh/year at 65 /MWh = % of EU s electricity demand 25% of EU s electricity demand can be met by offshore energy generated at 54 /MWh or less Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

26 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Main assumptions for baseline and upside scenarios Baseline Upside Electricity market Developers & supply chain Wind farm techonology Better functioning int. power market Reference price for despatchable electricity is 75/MWh 2 3 large developers with efficient competition Some areas of supply chain may be under-competitive WTGs of 13MW with 212m rotor Purpose built installation vessels Service and operation vessel(sov) strategy in use Floating does not compete 30 years operation Grid Each project has dedicated connection Offshore hubs in DK and Belgium Installed capacity 64GW Baseline + Old fossil fuel plants fased out Further industrialization and development of offshore wind market 3 4 large developers with large pipelines All major areas of supply chain competitive WTGs of 15MW with 228m rotor OMS and installation shared across projects SOV strategy in place Floating cost reduced 32 year operation Each project has dedicated connection Offshore hubs in DK, Belgium and North Sea 86GW Capacity factor 46,7% 47% & LCOE Source: Unleasing Europe s 59,9/MWh offshore wind potential, A new ressource assesment, 55,9/MWh June 2017, WindEurope & BVG Assiociates

27 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Installed capacity in baseline scenario Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

28 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Installed capacity in upside scenario Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

29 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Is it possible? Significant reductions in LCOE of offshore wind the last 10 years Steep and non-linear cost reduction due to rapid changes in Project Finance Costs Turbine Technologies Supply Chain Capability Competitive Auctions + The learning effect of greater volumes Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Offshore wind LCOE range and trajectory from 2015 to 2030: Nordergründe OWF UK

30 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Offshore wind LCOE range and trajectory from 2015 to 2030: Nordergründe OWF UK Tender 2017 German Tender 2017 UK Hinkley Point C nuclear plant Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Offshore wind LCOE compared to LCOE of typical CCGT* * CCGT

31 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Offshore wind LCOE compared to LCOE of typical CCGT* * CCGT = Combined Cycle Gas Turbine new build Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

32 Offshore wind in Europe ressource assesment Study made in 2017 by WindEurope & BVG Assiociates Is it possible? Yes it is possible! Requires that EU governments Commit to offshore targets for 2030 and beyond; Provide a continuous, sufficient and visible pipeline of projects; Coordinate timeline of tenders; Cooperate in spatial planning and site development; Develop international grid infrastructure; and Offer market support mechanisms in a format that drives competion. Source: Unleasing Europe s offshore wind potential, A new ressource assesment, June 2017, WindEurope & BVG Assiociates

33 Thank you Peter Stabell wpd offshore Denmark T:

Cost effective offshore wind energy in the Baltic Sea

Cost effective offshore wind energy in the Baltic Sea Göran Dalén, Vilnius 10 october 2013 0 Trends in Offshore Development Content 1. Introduction 2. Baltic Sea potential 3. Why more cost effective in