Hva hindrer akselerert fornybarutbygging i u-land? 9. Januar 2017

Transkript

1 Hva hindrer akselerert fornybarutbygging i u-land? 9. Januar 2017

2 Om Norfund Hindringer for fornybarutbygging i utviklingsland? 1. Kompetente selskaper som kan bygge og drice kracverk 2. Kjøpere som kan betale Norsk garanffond 2

3 NORFUND ET STATLIG INVESTERINGSFOND MANDAT medvirke Fl utvikling av bærekracig nærings-virksomhet i utviklingsland. Mrd.NOK Verdijustert egenkapital ,3 mrd. NOK Verdijustering 4,3 mrd. NOK Hensikten er å etablere levedykfg, lønnsom virksomhet som ellers ikke vil bli igangsaz som følge av høy risiko (Norfundloven) Overskuddsfond 3,8 mrd. NOK InnskuZ egenkapital 11,2 mrd. NOK 4 2-3

4 ENERGIPORTEFØLJEN I NORFUND LaFn America Asia Africa 2020 AVTALEFESTET KAPASITET TEKNOLOGIER 7,850 4,800 MW installert MW under utbygging Natural gas 19% Wind 5% Solar 6% Other 3% Hydro 67%

5 NORFUND S INVESTMENT PLATFORMS AND PARTNERS INVESTMENT PLATFORMS STRATEGIC PARTNERSHIPS Plaiorm for investment in Africa and in gas, wind and solar MW Norfund (30%) and CDC (70%) acquired in exisfng assets Targets greenfield investments in Africa Two plaiorms for large hydro investments: SN Power (SNP) MW StatkraC InternaFonal Hydro (SKIHI) MW Norfund ownership, SN Power (50%), SKIHI (33%) SKIHI targets S. America and S. Asia SNP targets C. America and Africa Agua Imara is a subsidiary of SN Power Partnership agreement to develop and invest in solar power projects in developing countries Scatec hold 70% and Norfund 30% in the joint investment company No investments yet in the JV, but 5 projects have been developed together and invested in outside the company: Rwanda (8.5 MW) South Africa (3) (190 MW) Honduras (60 MW) Norfund & KLP co-invests (50/50) on renewable projects Investment capacity of NOK 1.7 billion Minority equity investments Currently 5 projects co-invested (Wind/Solar) 5

6 UTVIKLING I NORFUNDS ENERGIPORTEFØLJE 6

7 HINDRINGER FOR FORNYBAR UTBYGGING

8 HVA TRENGS? 1. Industrielle aktører Fl å utvikle og drice kracverk Gode norske eksempler: Scatec Solar, SN Power, StatkraC 2. Kjøpere som kan betale lange krafkjøpsavtaler Regulatorisk risiko Motpartsrisiko lange krackjøpsavtaler (PPA) 8

9 Credit risk Non-payment risk TerminaFon payment risks RenegoFaFon of contracts Resource risks Wind, solar, hydro resource Thermal fuel supply IPP Project Social risks PoliFcal risks Technical risks Land rights Benefit sharing Indigenous peoples Access to forex NaFonalisaFon Change in tax, law, regulafon Link to social & credit risks Cost overuns ConstrucFon delays Performance Financial risks Exchange rates Interest rates Covenant breach 9

10 EXAMPLE AFRICA POWER PROJECT FINANCING AND FUNDING STRUCTURE PRIMARY INVESTORS AfDB: $25m Legend: Private investor Fund Bank Institutional investors Public investor SA pension fund: $350m VEHICLE EQUITY PROVIDERS / DEVELOPER Target: $1.2bn PAIDF II: $700m raised Aldwych Azura Amaya Capital Africa II Fund 2 ACEI ARM-Harith Infrastructure Fund Greenstone Equity Partners African institutional investors Aldwych International PROJECT Azura-EDO IPP (special purpose vehicle): $900m, 460MW gas-fired power plant in Nigeria MIGA coverage DEBT PROVIDERS Commercial bank tranche 1 Commercial bank tranche 2 Naira tranche: $120m DFI tranche: $267m DFI mezzanine facility: $65m PRG coverage Total debt financing: $686m (76% gearing) International commercial banks involved include Standard Chartered Bank, Rand Merchant Bank, Standard Bank and Siemens Bank. Local currency was provided by the Power and Airline Intervention Fund through First City Monument Bank. Development Finance Institutions and funds involved include FMO, KfW, DEG, IFC, CDC, Proparco, OPIC, Swedfund and the Emerging Africa Infrastructure Fund. Source: Bloomberg New Energy Finance 22 June 2016 Note: PAIDF= Pan African Infrastructure Development Fund, ACEI = American Capital Energy Infrastructure, ARM = Asset & Resource Management 10

11 PPA-GARANTIER MIGA for byråkrafsk? African Trade Insurance (ATI) for småz? GIEK? - en norsk ubyråkrafsk garanfordning Flpasset norske aktører 11