SPCG Public Company Limited - thai-german

Transcription

Planning for Better Performance:
Solar Farm Projects in Thailand
SPCG: The Leading Solar Farm Developer
in ASEAN
Miss Wandee Khunchornyakong
Chairman & CEO
SPCG Public Company Limited
GIZ Solar Workshop
5 June 2012, Bangkok, Thailand
Company Overview
1.
Company Overview
2. Introduction to Solar Farm
3. Industry Overview
4. Financial Statements Summary
5.
Investment Highlights
6. Q&A
SPCG’s History, Future and Beyond
2011
•
•
•
•
Successful reverse takeover with
STEEL (listed in the MAI)
Changed the Company’s name from
“STEEL” to “SPCG”
Completion and COD of additional 4
solar farms
Set up Solar Power Engineering with
the goal of providing EPC and OMM
services to outside customers
2010
20 May 2008
• The 2rd Adder
Policy for 8 THB /
10 years has
announced
• Obtained additional 28
PPA licenses from
PEA
• Completion and COD
of the first and largest
commercial solar farm
in Thailand
Long term growth
2013
2009
• Obtained 6 PPA
licenses from PEA
• Target to complete all
34 solar farm projects
2012
•
•
2007
The first Adder Policy
( 8 THB/ 7 years)
announced
•
•
Successfully PO in 1Q2012 with transaction size
of THB1,260.0 mm
Completion and COD of additional 4 solar farms
by 2Q2012
Move from the MAI to the SET
Target to complete more 9 solar farms
• To capture new capacity
through acquisition of new
PPAs
• To become a leading full
range EPC & OMM provider
for both domestic and
international customers
• To be a leading manufacturer
for steel roof top and solar
roof
Businesses of the Company
Current Businesses of the Company
Solar Farm
SPCG invests and develops 34 solar farm projects, which are considered the
largest in ASEAN
The Company currently holds 34 Power Purchase Agreements (“PPAs”), with
5.88 MW (per PPA) each & THB8.0 adder on top of base tariff and Ft
SPCG already achieved COD of 9 solar farm projects, namely KR1, SN1, NP1,
KR2, LO1, KK1, KR3, KR4 and KR7
Steel Roofing
SPCG is a leading manufacturer of steel roof top, such as metal sheet roof and
high strength purlin
The Company plans to expand its manufacturing capacity to produce steel solar
roof in the future
EPC & OMM
The Company provides Engineering, Procurement and Construction (“EPC”) for
all of its solar farm projects through Solar Power Company Limited (“SPC”), a
wholly owned subsidiary
The Company also provides Operation, Maintenance and Monitoring (“OMM”)
service for all of its solar farms projects through SPC
The Company plans to expand EPC and OMM services to external clients, both
4
domestically and internationally
Current Group Structure
Solar Power
Engineering Co., Ltd.
(SPE)
Solar Power Co., Ltd
(SPC)
Steel & Solar Roof
Co., Ltd.
Solar Power
(Korat 1),
Co., Ltd.
Solar Power
(Sakon
Nakhorn 1),
Co., Ltd.
Solar Power
(Nakorn
Phanom1),
Co., Ltd.
Solar Power
(Korat 2),
Co., Ltd.
Solar Power
(Loey 1),
Co., Ltd.
Solar Power
(Khon Kaen
1), Co., Ltd.
Solar Power
(Korat 3),
Co., Ltd.
Solar Power
(Korat 4),
Co., Ltd.
Solar Power
(Korat 7),
Co., Ltd.
Solar Power
(Korat 5),
Co., Ltd.
Solar Power
(Korat 8),
Co., Ltd.
Solar Power
(Khon Kaen
3), Co., Ltd.
Solar Power
(Khon Kaen
4), Co., Ltd.
Solar Power
(Khon Kaen
5), Co., Ltd.
Solar Power
(Korat 9),
Co., Ltd.
Solar Power
(Khon Kaen
8), Co., Ltd.
Solar Power
(Korat 6),
Co., Ltd.
Solar Power
(Bureerum
1), Co., Ltd.
Solar Power
(Bureerum
2), Co., Ltd.
Solar Power
(Khon Kaen
2), Co., Ltd.
Solar Power
(Surin 1),
Co., Ltd.
Solar Power
(Surin 2),
Co., Ltd.
Solar Power
(Surin 3),
Co., Ltd.
Solar Power
(Bureerum
3), Co., Ltd.
Solar Power
(Nakorn
Phanom 2),
Co., Ltd.
Solar Power
(Khon Kaen
9), Co., Ltd.
Solar Power
(Khon Kaen
6), Co., Ltd.
Solar Power
(Khon Kaen
7), Co., Ltd.
Solar Power
(Nakorn
Phanom 3),
Co., Ltd.
Solar Power
(Sakon
Nakorn 2),
Co., Ltd.
Solar Power
(Nong Kai
1), Co., Ltd.
Solar Power
(Udon Thani
1), Co., Ltd.
Solar Power
(Khon Kaen
10), Co.,
Ltd.
Solar Power
(Loey 2),
Co., Ltd.
Total of 34 Solar Farm Projects
Already achieved COD
Under construction (expected COD 3Q2012)
Target COD by 2013
5
Introduction to Solar Farm
1.
Company Overview
5.
6. Q&A
Solar Farm
Step-up Transformer:
To step up voltage/
Higher voltage side
circuit breaker
Key
Components
PV Module:
To convert solar
energy to DC
electricity
Inverter:
To convert from DC
to AC electricity
Main Distribution
Board:
Lower voltage side
circuit breaker
Electricity Meter:
To measure the
electricity sold to
PEA
7
Photovoltaic Module (PV Module)
Technology
Polycrystalline
Crystalline
Mono -crystalline Silicon (s -Si)
Amorphous Silicon (a -Si)**
Photovoltaic
Gallium Arsenide
Thin Film
Copper Indium Diselenide
Cadmium Teluride (CdTe)
Copper Indium Selenium (CIS)
Tandem
Crystalline: There are mainly 2 types of crystalline, namely Mono-crystalline and Polycrystalline. Crystalline is a
technology with more than 40 years of proven track record
Thin Film: There are many types of Thin Film technology. Thin Film technology is relatively new with shorter track
record (~8 years)
SPCG uses Polycrystalline technology because it has a proven track record
8
Polycrystalline Manufacturing
2. Cells
1. Meterials
3. Module
Source: Kyocera Solar
9
PV Module from Kyocera Solar

Kyocera Solar, Inc. is a world-leading supplier of solar electric energy
solutions

The Company has more than 30 years of experience in development of
Polycrystalline modules

Kyocera is also a large and financially strong company, thereby lower
supplier risk to the Company

Kyocera Polycrystalline module has proven track record of more than
30 years. The degradation of its Polycrystalline PV Module in its test
site is only 8.6% over the course of 25 years
SPCG partners with Kyocera as it is a very strong supplier with proven track record and low
degradation in its PV module
10
Inverter
Technology
There are 2 types of Inverter:1. String Inverter:

String Inverter is a small inverter, which will be installed under a small group of
PV modules (a “string” comprises of approximately 11 KW of PV capacity)

Reduce risk of significant output loss from a broken inverter (since 1 string
handles only approximately 11 KW which is insignificant in a 6 MW solar farm)

Convenient to keep inventory (as spare parts) and easy to replace due to its
small size
2. Central Inverter:

Central Inverter is a large capacity inverter (typically able to handle 0.5 – 1.0 MW
of capacity per 1 inverter)

Easy to monitor due to its “central” location but can be difficult to replace due to
its size which may result in significant loss of energy output during replacement
SPCG uses String Inverters due to its lower risk of massive energy loss and faster time to
change such inverter.
11
Inverter from SMA Solar Technology

SMA is a leading manufacturer in solar inverters (both string and
central) from Germany with global market share of approximately
38% - 45% for the past 3 years

SMA’s products are widely used in solar farms across the world and
has been in the inverter business for more than 20 years
SPCG chooses SMA as it is a very strong supplier with proven track record
in the inverter market.
12
Land Acquisition
Solar Farm Potential for Thailand
Key Notes
SPCG believes that Thailand’s Northeastern
area is the best location to develop solar farms
due to:
High solar radiation in the Northeastern part of
Thailand
Lower flooding risk
Northeastern Thailand’s high terrain
provides natural protection against seasonal
floods
Ample supply of land at reasonable price
There are plenty of land with grid access
available at a relatively reasonable price
Source: EGAT
13
Solar Farms
Location of SPCG’s Solar Farms (Project no. 1-16)
SN1
LO1
NP1
KK3
KK4
KR3
KK1
KK5
KK8
KR7
KR9
KR5 & KR8
Projects already COD
KR1 & KR2
KR4
Projects under construction
14
Tentative Project Schedule and Installed
Capacity
Projects
2012
Q1
Project 1-9*
Project 10-16
Project 17-25
Project 26-34
Q2
Q3
2013
Q4
Q1
Q2
Q3
Already achieved COD
3
3
3
Q4
Installed
Capacity
Total Installed
Capacity
(MW)
(MW)
6.123
55.107
7.460
52.22
7.460
67.14
7.460
67.14
Total
241.607
Currently, the Company has COD a total of 9 projects, and is in the process of
constructing Project 10-16 (KR5, KR8, KR9, KK3, KK4, KK5, and KK8)
* KR1, SN1, NP1, KR2, LO1, KK1, KR3, KR4 and KR7 achieved COD on 21 April 2010, 9 February 2011, 22 April 2011, 13 September 2011, 15 September 2011,
15 February 2012, 9 March 2012, 14 May 2012 and 30 May 2012 respectively
15
Current Projects Already COD
(project no. 1-9)
Project: Korat 1 (KR1)
Installed Capacity: 6.123 MW
COD date: 21 April 2010
Project: Khon Kaen 1 (KK1)
COD date: 15 February 2012
Project: Sakon Nakhorn 1
(SN1)
COD date: 9 February 2011
COD date: 9 March 2012
Project: Nakorn Phanom 1
(NP1)
COD date: 22 April 2011
COD date: 4 May 2012
COD date: 13 September
2011
COD date: 30 May 2012
Project: Loei 1 (LO1)
COD date: 15 September
2011
16
SPCG’s Key Partners
Energy for
Environment
Foundation
(EFE)
Kasikornbank PCL
(KBANK)
Lead arranger of
syndicated loan for
local banks
International
Finance
Corporation
(IFC)
& Clean
Technology
Fund (CTF
Fund)
Bank of Ayudhya
PCL (BAY)
Ratchaburi
Electricity
Generating
Holding PCL
(RATCH)
Thanachart Bank
PCL (TBANK)
Thai Fa Power
Co., Ltd. (TFP)
Project Companies’ Shareholding Structure
No.
Projects
SPC
IFC
EFE
Thai Fa
RATCH
1
SPKR1
51.07%
19.64%
14.29%
15.00%
-
2
SPSN1
51.00%
9.00%
10.00%
30.00%
-
3
SPNP1
51.00%
9.00%
10.00%
30.00%
-
4
SPKR2
56.00%
-
-
44.00%
-
5
SPLO1
56.00%
-
-
44.00%
-
6
SPKK1
70.00%
-
-
30.00%
-
7
SPKR3
60.00%
-
-
-
40.00%
8
SPKR4
60.00%
-
-
-
40.00%
9
SPKR7
60.00%
-
-
-
40.00%
100.00%
-
-
-
-
10-34
18
Project Partners
No.
Projects
1
SPKR1
60:40
2
SPSN1
70:30
3
SPNP1
70:30
4
SPKR2
70:30
5
SPLO1
70:30
6
SPKK1
70:30
7
SPKR3
75:25
8
SPKR4
75:25
9
SPKR7
75:25
10-34
Partners
-
D/E Ratio
Project Financing
75:25
19
Solar Power (Korat 1) Co., Ltd. &
Solar Power (Korat 2) Co., Ltd.
20
Solar Power (Sakon Nakhon 1) Co., Ltd.
21
22
23
Solar Power (Nakhon Phanom 1) Co., Ltd.
24
25
26
27
28
29
Projects Under Construction
(Project no. 10-16)
COD date: Expected 3Q2012
30
Low Risk from Supplier Warranties and
Insurances
COD
Construction Period
Construction Insurance:
Construction risks are covered by
construction insurance, protecting
project delays and failure of equipments
Operation Period
Operation Insurance and Warranties:
Operation risks are covered by All-risk insurance
PV module: 25-year with no more than 20.0%
degradation warranty by Kyocera
String inverter: warranty by SMA
Low Construction & Operating Risks due to Construction Insurance, All Risk Insurance &
Suppliers Warranty
31
Company Overview
1.
Company Overview
5.
6. Q&A
High Demand for Electricity
Historical Demand vs. GDP
GWh
Electricity Demand Forecast
THB Bn
GWh
400,000.0
160,000.0
4,500.0
140,000.0
4,000.0
120,000.0
3,500.0
100,000.0
3,000.0
300,000.0
200,000.0
2,500.0
80,000.0
2,000.0
60,000.0
100,000.0
1,500.0
Electricity Demand
GDP
Source:http://www.eppo.com and BOT
Solid growth in electricity demand
5.4% growth in electricity demand and 47.8% of the
demand derives from the industrial sector
GDP dictates the overall demand
Key trend in electricity demand derives from the growth
in GPD
-
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
1,000.0
2000
40,000.0
Source: PDP2010
Increasing demand in the long-term
According to PDP2010, demand continues its increasing
trend at approximately 4.2% per annum
New supply is needed
According to the PDP2010, a total investment cost of
THB4,218 bn is required to keep up with such demand
33
Growth Potential from the Renewable Energy
Sector
Additional Renewable Energy (MW)
PDP 2010 Total Capacity to be Installed
MW
10,000
9,198
Type
9,000
1,608
8,000
1,200
7,000
160
6,000
5,000
4,000
4,618
263
798
3,000
2,000
600
Hydro
Wind
Waste
BioGas
173
3,630
2,340
2,000
1,000
923
AEDP
2012
(MW)
Renewable
4,618
9,198
Cogeneration
7,137
N/A
16,670
N/A
512
N/A
Imported
11,669
N/A
Nuclear
5,000
N/A
Coal
8,400
N/A
Combined Cycle
BioMass
Solar
121
PDP 2010
(MW)
Hydro (Refurbished)
PDP 2010
AEDP 2012
Total 2,000 MW of new solar capacity
Source: PDP2010 and AEDP 2012
Growth from Additional Installed Capacity per Alternative Energy Development Plan (“AEDP 2012”)
At least 2,000 MW will be available, and SPCG is well positioned to participate in such solar farm projects
Future of Nuclear is Unclear
There is a possibility that nuclear power plant cannot be constructed. As a result, additional 5,000 MW of nuclear power
may need to be replaced with other types of power plants, and renewable energy sector will be well positioned to take
benefit from such replacement
34
Structure of Power Producer in Thailand
IPP: > 100 MW
SPP: < 100 MW
Electricity Generating Authority
of Thailand
Metropolitan Electricity Authority
3 Provinces
Provincial Electricity Authority
74 Provinces
VSPP: < 10 MW
35
Company Overview
1.
Company Overview
5.
6. Q&A
#1 Solar Farm Company
in Thailand
1
Solid Performance with
Predictable Cash Flows
2
3
4
Bright Solar Industry
Outlook
Best Value, Best Design
and Best Output
5
Solid Long-Term
Growth
37
#1 Solar Farm Company in Thailand
Current planned installed capacity of 241.6 MW
MW
Original planned installed capacity of 208.2 MW
250.0
192.0
200.0
150.0
62.0
60.0
56.9
56.0
Union Eco Power
85.0
Gunkul Group
87.0
17 Unyawee
88.0
Yanhee Solar Power
93.4
100.0
50.0
Source: the Company, Ministry of Finance and EPPO as of Sep 2011
* Installed Capacity
Equator Solar
Rangngern Solution
BCP
Energy Serve
NPS Star Group
SPC*
-
SPC is the number 1 Solar Farm in the country holding 34 PPAs with THB8.0 adder on top
of base tariff and Ft, totaling installed capacity of 241.6 MW
Current 9 projects of 6.123 MW each, totaling to 55.1 MW
25 future projects of 7.46 MW each, totaling to 186.5 MW
SPC’s solar farm business is considered the largest in ASEAN
38
Best Value, Best Design and Best Output
High Quality Technologies
Kyocera’s PV module
– Proven track record
– Low degradation in its PV module
– Large & strong PV module
supplier
SMA’s String Inverter
– String inverter minimizes energy
loss & takes less time to replace
– SMA is the leading supplier for
string inverters
Warranties and Insurances
Construction insurance to cover construction risk
All-risk insurance for ongoing operation
PV module degradation warranty from Kyocera
Inverter warranty from SMA
Highly Experienced Team
Lead by capable management with 30 years
of experience
Capable engineering team that completed
the most numbers of solar farm projects in
Thailand
Solid experience in operating solar farms
High Potential Land in the
Northeast
High solar radiation
Low flooding risk due to high
terrain
Land reasonably priced
Best Value, Best Design and Best Output Solar Farms
39
Bright Solar Industry Outlook
High Demand for Electricity
1
Thailand’s demand for electricity
is on an increasing trend at 4.2%
per annum
2
3
Growth Potential from the
Renewable Energy Sector
AEP2012 supports the construction of
the renewable sector of 9,198 MW,
2,000 MW of which belongs to solar
The future of 5,000 MW nuclear power
plant is questionable, and as a result,
renewable energy, specially solar, is
the best candidate for such
replacement
Attractive Industry
4
Favorable Government
Support
Government will continue to
support in the long term growth in
solar industry, either through
adder or feed-in tariff scheme
Technology Cost on a
Downward Trend
Technology cost, specially that of
solar modules and inverter, is on a
downward trend
Strong return on investment
despite lower adder
40
Potential Growth
Well Positioned to Apply &
Acquire new PPAs
SPCG is the biggest solar
farms developer in ASEAN
Strong partnership with
major global suppliers
Leading EPC & OMM
Services Provider
Through SPE, SCPG is well
positioned to be a leading
EPC & OMM services
provider, both domestically
and internationally
Solar Roof
Expertise in existing steel business
enable the Company to further expand
to the development of solar roof
41
Business Goals
To operate all 34 solar farms within 2013
To acquire new capacity of solar farms
To be a leading full range EPC & OMM services provider
To be a leading manufacturer in steel roof top and supporting steel structure for
solar roof
42
Attractive Features of SPCG’s Solar Farms
Off-taker
Provincial Electricity Authority (“PEA”)
Terms of
PPAs
5 years, open-ended
Installed
Capacity
Total installed capacity for the first 9 projects is 6.123 MW each, totaling to 55.11 MW
The Company plans to install 7.46 MW of capacity for each of the remaining 25
solar farm projects, totaling to 186.50 MW of installed capacity
Total installed capacity will be 241.61 MW
Adder
THB8.0 adder on top of base tariff and Ft for 10 years after Commercial
Operation Date (“COD”)
Location
All projects will be located in Thailand’s Northeastern region and gain benefits
of high solar radiation, low flooding risk and reasonable land cost
BOI
Privileges
All 34 projects are qualified for BOI privileges (0% tax rate for first 8 years and
half of normal tax rate for the 5 following years)
Technology
CDM
Polycrystalline PV modules from Kyocera and string inverters from SMA
PV modules and inverters are covered by supplier warranty
All solar farm projects have potential to get CDM
Monitoring System

Monitoring Energy production (kWh)
& Performance Ratio (PR)
¾
¾
¾

Daily
Monthly
Annually
Weather station
¾
¾
¾
Solar irradiation
Wind velocity
Ambient and
module temperature
44
Central Monitoring Control Room
45
Central Monitoring Control Room
46
Thank you for your attention
Contact:
[email protected]
[email protected]
Website:
www.spcg.co.th