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Finanziamento dei Progetti di Energia Rinnovabile in Romania

Finanziamento dei Progetti di Energia Rinnovabile in Romania. ROMANIA - INVESTIMENTI E OPERE NEL SETTORE DEL RINNOVABILE: UN’OPPORTUNITÀ CONCRETA PER LE AZIENDE ITALIANE Ana Maria Cretu – Responsabile Project & Specialised Lending, Corporate Department

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Finanziamento dei Progetti di Energia Rinnovabile in Romania

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  1. Finanziamento dei Progetti di Energia Rinnovabile in Romania ROMANIA - INVESTIMENTI E OPERE NEL SETTORE DEL RINNOVABILE: UN’OPPORTUNITÀ CONCRETA PER LE AZIENDE ITALIANE Ana Maria Cretu – Responsabile Project & Specialised Lending, Corporate Department Confindustria Pescara – Sala Orofino Giovedi’ 7 Febbraio 2013

  2. Agenda • Renewable Energy – opportunities and challenges • Assessing and structuring deals on Renewable Energy • Intesa Sanpaolo • Contacts 7th of February 2013

  3. Renewable Energy – opportunities and challenges Legal Frame – National Regulatory • Law no. 220/2008 regarding the promotion of renewable energy sources, successively amended and supplemented by: • Government Ordinance no. 29/2010 • Government Emergency Ordinance no. 88/2011 • Law no. 134/2012 for the approval of GEO 8011, amending and adjusting law 220/2008 8/2 • Law no. 123/2012 regarding electricity and gas 7th of February 2013

  4. Renewable Energy – opportunities and challenges • Incentive scheme – instruments: • Mandatory quota system, by law • – national target for E-RES, in total electricity consumption [35% in 2015, 38% in 2020] • – national target for E-RES, in total primary energy consumption [24% in 2020] • – target for E-RES that benefit of support scheme, in total electricity consumption [16% in 2015, 20% in 2020] • 2. ANRE sets in December each year for next year, annual mandatory quota estimated for acquisition of green certificates [GC] • – assumptions: mandatory quota, estimated energy consumption, estimated E-RES installed capacity, no. of green certificate incentive scheme approved by law • – 2011 – 0,03746 GC/MWh, 2012 – 0,116 GC/MWh (estimated), 2013 -0,2117 GC/MWH (estimated) 7th of February 2013

  5. Renewable Energy – opportunities and challenges Incentive scheme – number of green certificates • 3 GC/1 MWh if the plants are new • 2 GC/1 MWh if the power plants are refurbished • 1 GC/2 MWh if the power plants are old and are not refurbished • 2 GC/1 MWh, until 2017 • 1 GC/1 MWh starting with 2018 Wind Hydro • 2 GC/1 MWh –geothermal energy, biomass, bio liquids, biogas • 1 GC/1 MWh - gas from wastes processing, process of fermentation of sludge from wastewater treatment plants Solar Bioenergy • 6 GC/1 MWh • 1GC/1MWh-additional for electricity produced in high efficiency cogeneration • 1GC/1MWh-additional for electricity produced in power plants which use biomass from energetic crops or forestry wastes 7th of February 2013

  6. Renewable Energy – opportunities and challenges Market: E-RES producers in Romania Source: OPCOM and Transelectrica as of 31.12.2012 7th of February 2013

  7. Hydro Solar Wind Renewable Energy – opportunities and challenges Incentive scheme – participants E-RES PRODUCERS • CEZ • ENEL • BUTAN • OMV • IBERDROLA • SORGENIA • EDP • MONSSON ALMA • HIDROELECTRICA • ENERGY HOLDING • LUXTEN LIGHTING • ELSID • ROMENERGO • ELECTROMAGNETICA • ROMELECTRO • ISPH • CLEAR ENERGY-ETEA • ESPE ENERGIA • CASA DE INVESTITII ALIANTA • RENOVATIO • EUROWIND ENERGY • ELECTROALFA 7th of February 2013

  8. Renewable Energy – opportunities and challenges • Incentive scheme – participants OPERATORS 7th of February 2013

  9. Renewable Energy – opportunities and challenges • Main issues with impact on projects’ bankability • Changes in Legislation [overcompensation, PPA, oversupply] • Projects over 125 Mw installed capacity Legal risk-Regulatory Market risk • Off–take contracts [PPAs / GCPAs duration] • Dispatching risk Development risk • Permitting process • Third parties involved in project (legal and technical due diligence, EPC contractors) • Limited grid capacity Operational risk • Inexperienced local operators • Few international players with limited track record on local market Revenue risk • Prices predictability [energy and green certificates] • Green certificate price - FX rate applied, indexation with euro-inflation rate 7th of February 2013

  10. Agenda • Renewable Energy – opportunities and challenges • Assessing and structuring deals on Renewable Energy • Intesa Sanpaolo • Contacts 7th of February 2013

  11. Assessing and structuring deals on Renewable Energy • Documentation Requirements Standard information package requested for issuing an expression of interest / non-binding offer: • Sponsor presentation, including a description of relevant projects developed • Project description [numbers, timing, components] and project company [borrower] presentation • Property documents and status of the permits • Business plan during project operation • Project participants and related [drafts of] contracts [EPC, O&M] • Financials of the project company and of the Sponsor • Technical and legal preliminary due diligence satisfactory to the bank The assessment of the bank for credit granting starts only at an advanced stage of permitting 7th of February 2013

  12. Assessing and structuring deals on Renewable Energy • Main characteristics of the financing structure: • Financed amount – up to 60-70% of Total Project Costs • Upfront equity • Maturity – weighted average life10 years, to be fine-tuned according to Cash-Flow Bank case • Disbursement – upon fulfilment of Conditions Precedent [grid connection, executed GCPA] • Disbursement period – tailored on construction period plus necessary time to obtain permits to start operations • Grace period – up to 3 months after last disbursement date • Reimbursement – amortizing, monthly instalments • Standard security package typically including: • Pledge/mortgage over project’s assets, fully insured; • Assignment of project’s revenues [off-take contracts] • Assignment of all insurance policies (CAR and OAR) and of all securities/warranties from the contractors • Pledge over the shares of the Borrower • Pledge on all bank accounts 7th of February 2013 The bank reserves the right to amend at anytime without any notice the main elements of the financing structure

  13. Assessing and structuring deals on Renewable Energy • Accounts – Current Account, Collection Account, Equity Account, Debt Service Reserve Account, Operation & Maintenance Reserve Account • Standard Financial covenants: • DSCR – function of energy type • DSRA set-up to cover at least 6 months of DS • O&MRA set-up to cover 6 months of O&M costs • FX risk coverage • Typical non-financial conditions including: • GCPA signed for a period equal with loan maturity, guaranteing a floor price or indexed to the market • Insurer, valuator, equipment providers, EPC and O&M contractors, loan monitor - acceptable to the bank • Legal, technical (including insurance), market due diligences • Insurance policies construction all-risks (CAR) & operation all risks (OAR) • Standard covenants: interdiction for other financial debt and for opening current accounts with other financing institutions, covenants for distributions; 7th of February 2013 The bank reserves the right to amend at anytime without any notice the main elements of the financing structure

  14. Assessing and structuring deals on Renewable Energy • Reputable sponsor with relevant expertise in the field • Sponsor’s undertakings: • Ownership clause • Cost overrun guarantee • Completion guarantee • Debt service shortfall guarantee • Dividends distribution based on conditions precedent • Shareholders loan subordination 7th of February 2013 The bank reserves the right to amend at anytime without any notice the main elements of the financing structure

  15. Assessing and structuring deals on Renewable Energy IntesaSanpaolo Romania – current activity on Renewable Energy Field: • High interest on photovoltaic and micro-hydro • Over 100 investors approached IntesaSanpaolo Romania in 2012 • Main leads originated through IntesaSanpaolo Group Worldwide network • Approx. 80 MW in advance stage of negotiation - approx. EUR 50,000,000 financing volume 7th of February 2013

  16. Agenda • Renewable Energy – opportunities and challenges • Assessing and structuring deals on Renewable Energy • Intesa Sanpaolo • Contacts 7th of February 2013

  17. Intesa Sanpaolo - Romania coverage • The Bank is present in most of the regions of the country covering with its network the entire financial range of products needed by both corporate and retail customers. • Total units: 86 BOTOSANI MARAMURES SATU MARE SUCEAVA BISTRITA S IASI ALAJ NASAUD NEAMT BIHOR CLUJ VASLUI MURES HARGHITA BACAU ARAD ALBA COVASNA VRANCEA SIBIU TIMIS GALATI BRASOV HUNEDOARA BUZAU VALCEA CARAS ARGES PRAHOVA SEVERIN TULCEA BRAILA GORJ DÂMBOVITA Branches IALOMITA BUCURESTI MEHEDINTI OLT CALARASI DOLJ CONSTANTA GIURGIU TELEORMAN 7th of February 2013

  18. Intesa Sanpaolo – Romania Corporate Approach Cash Management: Financing Solutions: Trade Finance: • Current accounts, cash & FX operations • Electronic account statements (MT940) via SWIFT • Incoming & outgoing payments, Standing Orders • I-B@nk (Internet Banking service) • Advanced collection solutions (POS Acquiring terminals, Direct Debit, Invoice cash payments at Bank’s Tellers) • Sight & Term Deposits • Global Transaction Services for International Corporate Groups • Documentary Collections • Conditional payments • Export/Import Letters of Credit • Letters of Guarantees • Working Capital Financing • Short-term non revolving loans & credit lines • Mixed credit lines (cash and non-cash) • Short-term advances to fund working capital • Loans to finance commercial contracts • Overdraft facilities • Investment Loans • Bridge loans to fund preliminary costs • Medium & long term loans for company development • Structured finance • Bridge loans to fund preliminary costs • Specialized lending products dedicated to: Project Finance, Public Finance, Real Estate Finance, Acquisition Finance • Syndications • Special finance for projects with structural funds 7th of February 2013

  19. Intesa Sanpaolo – Romania Organizational Chart 7th of February 2013

  20. Intesa Sanpaolo – Credentials of Banca IMI, BIIS, ISPRO USD 225 M Project financing of a gas fired power plant Lead Arrangers & Hedging Bank USA 2011 USD 235 M Project financing for a 201 MW wind power plant Mandated Lead Arranger China 2010 EUR 255 M 3SUN Photovoltaic Factory Mandated Lead Arranger Italy 2010 EUR 107 M Fixed Structure Land Photovoltaic Project 35 MW Arranger Italy 2010 EUR 600 M 150 MW Termosolar Planta Saetilla S.L. & Majadas S.L. Mandated Lead Arranger Spain 2009 EUR 604 M SER Portfolio 350 MW Wind Farm Mandated Lead Arranger Italy 2008 USD 1.4 BN Project financing for wind farm LC Issuer USA 2010 EUR 49 M CRE Project 20 MW Wind Farm Financial Advisor, Sole Underwriter & MLA Italy 2007 USD 1.78 BN Project financing for a 550MW thin-film PV generation facility LC Facility Provider USA 2011 EUR 85.5 M Fixed Structure Land Photovoltaic Project 20 MW Mandated Lead Arranger Italy 2011 Solar Life Energy EUR 22.5 M Rooftop Photovoltaic Project 7.5 MW Mandated Lead Arranger Italy 2010 EUR 589.2 M Financing the construction of twoconcentrated Solar power Plants Mandated Lead Arranger Spain 2011 EUR 115 M Project Financing Mandated Lead Arranger 2010 EUR 146 M Wind Plant-GEMSA SRL Project Financing Mandated Lead Arranger 2010 EUR 25 M INTER SOLAR Mandated Lead Arranger 2011 EUR 91 M DAUNIA SAVIGNANO TOZZI RENEWABLE ENERGY Mandated Lead Arranger 2010 Eur 20 M Photovoltaic Power Plant Compagnia Solare Lead Arranger, Underwriter 2010 Eur 20 M Photovoltaic Power Plants On GREENHOUSES MARCHE REGION Mandated Lead Arranger 2010 EUR 24 M VENUSIA S.R.L. Sole Arranger Underwriter 2011 EUR 24 M PHOTOVOLTAIC POWER PLANT - SISTEMA SOLARE Advisor, Arranger Underwriter 2009 EUR 68,5 M SOLETO CITTA' DEL SOLE - SOLENERGY HOLDING FOTOVOLTAICA Mandated Lead Arranger, Underwriter 2010 EUR 142 M MONTALTO DI CASTRO PHOTOVOLTAIC POWER PLANT - CASSIOPEA PV Mandated Lead Arranger, Underwriter, Insurance Bank and Account Bank 2009 EUR 261 M WIND PLANT – GEOPOWER SARDEGNA Mandated Lead Arranger, Underwriter, Coordinating Bank and Modeling Bank 2010 EUR 41 M PHOTOVOLTAIC POWER PLANT - GRANSOLAR GHELLA Arranger, Underwriter 2010 EUR 10 M Samsung/LJG Building Solution Project Finance ISPRO 2012 EUR 2 M Hidro Clear/ Clear Energy Project Finance ISPRO 2010 EUR 50 M INTERPORTO SOLARE DI PADOVA Mandated Lead Arranger, Underwriter, Agent Bank 2010 EUR 55 M DEL ENERGY Sole Arranger, Underwriter 2011 EUR 6,1 M Hidro clear Fagaras Project Finance ISPRO 2012 Forum Development EUR 1.2 M Project Finance ISPRO 7th of February 2013

  21. Intesa Sanpaolo – Italian Leader with a European Scale Source: Bloomberg :Prices as at 28 December 2012 7th of February 2013

  22. Agenda • Renewable Energy – opportunities and challenges • Assessing and structuring deals on Renewable Energy • Intesa Sanpaolo • Contacts 7th of February 2013

  23. Contacts Ana Maria Cretu Head of Structured Financed AlinaBondor Head of Multinational Office: +4021 405 3638 Mobile: +40727788180 E-mail:AnaMaria.Cretu@intesasanpaolo.ro Office: +4021 405 3639 Mobile: +40730930579 E-mail:Alina.Bondor@intesasanpaolo.ro DragosTudoroiu SRM - Multinational Carmen Maican RM - Structured Financed Office: +4021 405 3685 Mobile: +40728444 622 E-mail:Carmen.Maican@intesasanpaolo.ro Office: +4021 405 3627 Mobile: +40724 356 470 E-mail:Dragos.Tudoroiu@intesasanpaolo.ro 7th of February 2013

  24. Thank you!

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