Present - Sustainable Investing Challenge

Transcription

REwiRE: Rural
Electrification with
Renewable Energy
Kelcie Abraham, Himani Phadke, Maria Riaz &
Jonathan Strahl
International Impact Investing Challenge
13 April 2012
Meet the REwiRE team
Jon Strahl
Himani Phadke
 MA International
Policy Studies,
Energy, Environment
& Natural Resources
Policy Studies,
Energy, Environment
& Natural Resources
 Fulbright scholar,
2007-08
 Financial consulting
and UN Foundation
 Fluent in Bahasa
Indonesian
 Current research on
cookstoves in India
4/16/2012
Kelcie Abraham
 PhD Civil &
Environmental
Engineering,
Sustainable Design &
Construction
 Civil Engineering &
Economics at MIT
 Gabilan Stanford
Graduate Fellow
© K. Abraham, H. Phadke, M. Riaz, J. Strahl – Stanford University
Maria Riaz
Policy Studies,
Energy, Environment
& Natural Resources
 Goldman Sachs and
IFC
 Collaboratory on
Global Projects,
Stanford University
2
Overview
 Mission
 Motivation
 Technology
 Business Model
 Risk Mitigation
 Next Steps
Photo credit: J. Strahl
4/16/2012
3
Mission
REwiRE will finance locally co-owned renewable
energy mini-grids in rural communities of Indonesia
Photo credit: Jane Erickson
4/16/2012
5
Motivation
Rural electrification is a 1.1 billion-person issue
Image source: http://geology.com/press-release/world-at-night/
Globally, 1.3 billion people lack access to electricity; 84% live in rural areas.
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7
Rural electrification positively impacts welfare
 Household income
 Productivity of home businesses
 Agricultural productivity
 Public health
 Educational attainment
 Public good benefits (security)
 Quality of life
Photo credit: Erin McGough
World Bank estimates annual welfare benefits of electrification at $600 per household.
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8
Rural electrification efforts face many challenges
 Extending the national grid can be expensive
 Remote areas with low population density, low demand, and difficult geography
Image source: http://www.un.org/esa/sustdev/sdissues/energy/op/parliamentarian_forum/indonesia_sugiharto.pdf
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9
Indonesia is an ideal country for REwiRE
 Strong government support
 Goal: 95% electrification by 2025!?!
 Abundant renewable resources
 Remote island populations
 Archipelago has 18,000 islands
 Fuel costs are high and
diesel shipments are intermittent
 23% of national electricity is produced
from oil
 Renewables at grid parity on remote
islands
67 million citizens (28% of the population) still lack access to electricity.
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10
Past off-grid projects have experienced several
problems
 Limited local ownership
 Electrification of productive
activities neglected
 Lack of technical and
engineering expertise in
remote areas
 Inadequate financing for longterm sustainability and
scalability
Image source: www.alibaba.com/product-free/115259576/broken_solar_panel.html
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11
IBEKA, our partner, has overcome classic rural
electrification challenges in Indonesia
 Local ownership of micro hydro
facilities through community
co-operatives
 Community values electricity as
an asset
 Sustainable O&M model
 Over 20 years of experience,
with ample technical and
engineering expertise
 50 projects, 0.5M people
Photo courtesy of IBEKA
However, as a nonprofit organization relying solely on grant funding,
IBEKA has limited scale and impact.
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12
Capital structure achieves scale with minimum transaction costs
Indonesian
Island
Senior
Institutional Investors
40%
Village 2
SubTier1
Village 1
Joint Venture
Co-op & REwiRE
Joint Venture
Co-op & REwiRE
Holding Company
REwiRE LLC
Village 3
Founders
5%
Impact Investors
25%
SubTier2
MCC Grant
30%
Joint Venture
Co-op & REwiRE
4/16/2012
Mini-grid
Capital flows
13
REwiRE will pilot three micro hydro mini-grids on
Sumba Island
Only 15.8% of 685,186 people living on Sumba have access to electricity.
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14
Technology
Micro hydro is our technology of choice for the
pilot project
Viability and low cost of micro
hydro demonstrated by our
partner NGO IBEKA
Biomass
We seek minimal technology
risk for the first 3 installations
After proving the financial
model, we will expand to
consider other technologies,
seek new partners, and broaden
our impact
4/16/2012
Wind
Solar
Micro hydro
16
Technology choice depends on system scale,
available resources, and levelized cost of energy
End-User Surveys
Grid-Connected User Surveys
Institutional Reports
Predicted Load
System Scale
Feasibility Studies
Past Project Data
Available Resources
Past & Comparable Project Data
LCOE Comparison
HOMER, Hybrid2, ViPOR
Model Verification
75 kWh/HH/month
250 kWh/village/day
Rated Capacity: 50 kW
System: Mini-grid
Solar radiation: 5.9 kWh/m2/day
Wind: Promising (NREL Map)
Biogas: 56.7 MW (NTT)
Micro hydro: 4.5 MW potential
Solar PV: 23¢/kWh
Wind: 10¢/kWh
Biomass: 6¢/kWh
Micro hydro: 5¢/kWh
Technology Selection
4/16/2012
Biomass
Wind
Solar
Micro hydro
17
REwiRE will lower costs and improve service with an
integrated energy solution
Wind
and Solar
Complementary
Biomass
Reliable
Micro hydro
Inexpensive
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18
Business Model
REwiRE is cost competitive
Price (¢/kWh)
Price of electricity (¢/kWh)
45
40
35
30
25
20
15
10
5
0
40
20
14.3
10.2
10
10
6
REwiRE co-op
price
REwiRE PLN
PPA
Current
diesel
30% cut to
Un-subsidized
diesel subsidy
electricity
WTP
(World Bank)
WTP
(Interviews)
 Revenue:
 Electricity sales to local co-op members at 10¢/kWh
 Long term PPA with state owned utility (PLN) at 14.3¢/kWh
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Electricity is an asset that increases ability to pay
 Assume light is used to
work from 6-10pm
 1.5 hrs = $0.44 basket
 30 hrs = $3.28 mat
 At 10¢/kWh, monthly
lighting bill is $1.64
 4 extra hours per day =
$13.12-21.87 per month =
10x monthly lighting bill
Alternatively, 120 hours of kerosene light costs $6.56-8.75.
This is equivalent to 40¢/kWh!
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21
$1.42 million is needed to fund three mini-grids
Sources of Funds
10%
Founding Partners
35%
MCC
30%
Impact Investors
25%
 Majority of funds used for transmission work (43%) and mechanical/electrical
work (21%)
 Explore design improvements to reduce upfront transmission and distribution costs
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Base case shows 15.4% IRR with NPV of
$1.77 million for three mini-grids
Waterfall Chart for REwiRE Pilot Project (Base Case)
Compoenents of Net Present Value ( 2013)
$2,500,000
CDM Revenues
$293,990
$2,000,000
O&M Costs
$561,920
$1,500,000
PPA Revenues
$1,736,260
$1,000,000
Net Present Value
$1,771,875
$500,000
$0
4/16/2012
Co-op Revenues
$303,542
23
Capacity factor, PPA offtake share, and PPA rate
are the most important uncertainties
Deterministic Analysis of Project Uncertainties
Capacity Factor
PPA Offtake Share
PPA Rate
Co-op Rate
CDM Rate
8
10
12
14
16
18
20
IRR (%)
 Capacity factor, PPA offtake share, and PPA rate account for 90% of variance
 Even with moderate fluctuations in uncertain values, IRR remains reasonable
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REwiRE will have triple bottom line impacts
Environmental
• Diesel displaced
• GHG emissions mitigated
(CDM)
Social
Economic
• IRR = 15.4%
• # of businesses connected
4/16/2012
• # of households connected
• Sustained electricity use and
welfare effects
25
Risk Mitigation
REwiRE will mitigate numerous risks
 Political
 Local ownership
 Government support at the
ministerial level
 Local NGO partners
 Aligned with PLN (stateowned utility)
 Counterparty
 “Skin in the game” at all levels
 Incentives aligned
4/16/2012
27
REwiRE will mitigate numerous risks
 Technology
 Partnership with IBEKA
 Micro hydro is well-understood
 Cash flow
 Diverse assets mitigate risk
 Demand and construction
 Seek ADB credit enhancements
 Guaranteed 6% return
 Operation and maintenance
 Community owned and operated
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Next Steps
We have a four-stage growth strategy
• Connecting to large PLN grid that has baseload demand
1
• Enough capacity factor
• Easily qualify for carbon offsets by displacing diesel
• Mini-grids connected to remote, state-owned diesel gensets
2
• Stand-alone mini-grids managed entirely by the co-op
3
• Expand to other islands and other countries with similar characteristics
4
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• Connecting to large PLN grid that has baseload demand
Expand
other
islands
and
otherstate-owned
countries
with
similar
characteristics
• Mini-grids
connected
remote,
diesel
gensets
Stand-alone
• Enoughtocapacity
mini-grids
factortomanaged
entirely
by the
co-op
We
have
a
four
stage
growth
strategy
• Easily qualify for carbon offsets by displacing diesel
23
41
Kodi
Renc.
Renc.
SUTM 17 Mamboro
SUTM 13 Malata
WAITABULA
kms
kms
Wewewa
Palla
GHAURA
PLTM 1X0,8MW
Walakaka
Lenang
Tanabanss
Napu
WAIKABUBAK
ANAKALANG
Wanukaka
Haharu
4
3
LINDIWACU
Langgaliru
1
WAINGAPU
Lewa Makamenggit
1
Kamanggih
Tabundung
Road
Existing Transmission
3
Tanarara
2
Kananggar
K. Water
Planned TM 2012 /2013
Kakaha
Planned TM 2014 / 2015
Image source: PLN Tambolaka Seminar presentation, Sumba March 15, 2012
Mangili
Wejelu
Nggongi
4/16/2012
Melolo
1
31
Excellent growth potential within Indonesia
Electrification Rate
Population w/o
Electricity Access
East Sumba
5.8%
214,620
Sumba Island
15.4%
579,667
33%
3,107,996
72.0%
67,163,862
Region
Nusa Tenggara Timur
Indonesia
Electricity demand growth on Sumba for past 5 years averages 15.9%
Universal electricity access by 2030 will require $498 million annually,
95% of which is for rural grid and off-grid development
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Room to scale a proven model worldwide
 Proven model could be applied to emerging economies with:
1. Concentrated populations in remote areas,
2. Similar grid extension issues, and;
3. Abundant renewable resources.
Country
Electrification Rate
Population w/o Electricity
Access (millions)
India
25%
289
Bangladesh
59%
96
Nigeria
49%
76
Kenya
84%
33
As of 2011, IEA estimates $275 billion in total investment is needed
worldwide to connect 26 million people per year from now until 2030.
REwiRE’s model could enable $5-7 billion in large-scale capital deployment.
4/16/2012
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Why invest with us?
 Renewables have reached “grid parity” on remote islands of Indonesia
 We will help to pioneer a new paradigm for decentralized energy systems
and foster clean development of emerging markets
 Electricity = access to information = informed citizens = a sophisticated and
stable democracy
 Earn 10 – 16 % returns on investment.
The technology and willingness to pay for it exist.
This is an institutional and financial challenge that we know how to solve!
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We are moving forward with this idea
 Prize money would finance another site visit to identify specific pilot
locations for three mini-grids
 Present to social impact investors with Bank Danamon in Jakarta
 Identify Indonesian companies and engineers with expertise in other renewable
resources
 Ongoing quest for seed funding
 Stanford Graduate School of Business Social Innovation Fellowship – financing to
pursue a social venture full-time for one year
 Stanford SEED fund
 Stanford Farmer’s Investment Club
 Cherokee Challenge
 Any recommendations?
4/16/2012
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Thank you for your help!
Government of Indonesia



Umbu Hinggu Panjanji
Umbu T. Terawalangu
Kuntoro Mangkusubroto
HelioPower

Ty Jagerson
IBEKA Staff





Tri Mumpuni
Sapto Nugroho
Adi Laksono
Pradygdha Jati
Petrus Lamba Awang
Stanford University
Collaboratory for Research on Global Projects

Ryan Orr
Stanford Graduate School of Business


Stuart Coulson
Jim Patell
Stanford University
Intrepid Field Assistant (International Policy Studies)

Erin McGough
Sun One Solutions

Forrest Mertens
4/16/2012
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Questions, Comments &
Feedback Welcomed
Appendix
Technology
Many resource options exist for off-grid
electrification projects
Projects with Off-Grid Components (1980 - 2008)
3%
7%
8%
Microhydro
25%
Photovoltaic
Wind
Biodiesel
17%
Diesel
Diesel/Renewable Hybrid
40%
Source: World Bank 2008
Photovoltaics, microhydro, and wind account for 82% of these projects.
4/16/2012
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Sumba Island has diverse renewable energy resources
 4.5 MW of potential micro hydro
 Solar radiation of 5.9 kWh/m2/day
 Promising wind potential
 56.7 MW of biogas potential (NTT)
Image source: http://www.nrel.gov/gis/images/international_wind/id_sumba_50mwind.jpg
Flexibility to target lowest-cost, lowest-risk generation options
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Levelized cost of energy can be used to compare
energy generation options
Levelized Cost of Energy in Indonesia
LCOE (US ¢/kWh)
25
22.55
20.00
20
15
10.00
10
6.00
6.00
Biomass
Diesel
(Subsidized)
5
4.85
0
Solar PV
Diesel
(Unsubsidized)
Small Wind
Micro Hydro
Source: IBEKA, US AID
Micro hydro has the lowest LCOE at about 5¢/kWh
4/16/2012
42
System scale impacts optimal technology choice
$100,000,000
$10,000,000
Small-Grid
1-30 MW
Capital Cost (USD)
$1,000,000
Wind Home Systems
0.1-5 kW
$100,000
National Grid
21.4 GW
$10,000
Mini-Grid
5-500 kW
$1,000
$100
$10
$1
1.E-01
Solar Home Systems
20-250 W
PicoPV Systems
1-10 W
1.E+00
1.E+01
1.E+02
1.E+03
1.E+04
1.E+05
1.E+06
Impact (Number of People)
Each village will require a mini-grid system with a rated capacity of about 50 kW
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System scale impacts choice of optimal technology
Technology
Power Output
Resources
Primary Applications
Unit Cost
PicoPV System
1-10 W
Solar
DC – Light, TV, radio, mobile phone charger
$10 (solar lantern);
$65 to $200 (solar
module)
Solar Home
Systems
< 250 W
Solar
DC – Light, mobile phone charger, fan, ICT, cooling
AC or mixed – Light, fan and cooling on DC
AC DC – Light, mobile phone, ICT
$180 to $2,100
$4,000 to $32,000
Solar
Residential
Systems
0.5 – 4 kW
Solar
AC – Light, mobile phone charger, fan, ICT (radio, cassette
player, TV), fans, large working instruments and machines
that work on AC power (e.g. drilling machine, grain mill,
sewing machine, mixer, etc.)
Biomass
Generator
15 kW
Biomass
Light, TV, radio, mobile phone charger, agricultural
applications
$38,400
Pico
Hydropower
< 20 kW
Hydro
Light, TV, radio, mobile phone charger, small business
enterprises
$4,000 per kW installed
Small Wind
Turbines
< 50 kW
(typically 1-10
kW)
Wind
Local businesses and telecommunication centers
(productive uses of power); mostly project based
$3,250 to $9,800 per
kW installed
Micro
Hydropower
< 100 kW
Hydro
Domestic needs of a small community or small business
enterprises in remote areas
Mini
Hydropower
< 1 MW
Hydro
May be either a stand alone scheme or feed into the grid
Small
Hydropower
< 10 MW
Hydro
Usually feeding into a grid
4/16/2012
44
Financial
Institutional and impact investors will have a
stake in REwiRE
 Initial capital expenditure of $1.42 million for 3 mini-grids
 Rapidly scale to 25 mini-grids over 3-5 years
 Over 61,000 households
 11.2 MW peak load
Investor Type
Capital Contribution
Target IRR
Seniority
30-50%
10-12%
Senior
Founding Partners
5%
10-12%
SubTier1
Impact Investors
15-30%
5% - 7%
SubTier1
World Bank Grant
30%
0%
SubTier2
4/16/2012
46
REwiRE requires $1.42 million in funding
Sources of Funds
Uses of Funds
3%
Founding Partners
10%
2%
6%
MCC
35%
30%
Preparatory Work
6%
19%
Mechanical and
Electrical Work
Transmission Work
Impact Investors
Institutional
Investors
Civil Work
43%
21%
House Installation Work
Feasibility and Design
25%
 Securing MCC or a similar grant is important for funding
 Transmission work dominates uses of funds
 Explore ways to reduce upfront transmission and distribution costs
4/16/2012
47
Cash flow model
Millions
REwiRE Cash Flow
$1.5
$1.0
Value ($ millions)
$0.5
$0.0
-$0.5
-$1.0
-$1.5
Total Operating Revenues
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Development and Construction Funding
Year
Total Operating Expenses
Total Development Expenses
48
Tornado diagram data
Uncertainty
Low Value
Base Value
High Value
Low IRR
Base IRR
High IRR
60%
85%
92%
8.99%
15.44%
17.09%
0
80%
100%
10.66%
15.44%
16.55%
PPA Rate
$0.12/kWh
$0.143/kWh
$0.165/kWh
12.96%
15.44%
17.69%
Co-op Rate
$0.08/kWh
$0.10/kWh
$0.20/kWh
14.91%
15.44%
18.00%
CDM Rate
$7/mtCO2
$10/mtCO2
$15/mtCO2
14.62%
15.44%
16.80%
Capacity Factor
PPA Offtake Share
Uncertainty
Swing
(Swing)2
% of Variance
Cumulative Variance
Capacity Factor
8.099
65.59
47.91%
47.91%
PPA Offtake Share
5.886
34.64
25.30%
73.21%
PPA Rate
4.732
22.40
16.36%
89.57%
Co-op Rate
3.085
9.52
6.95%
96.52%
CDM Rate
2.182
4.76
3.48%
100.00%
Sum
136.91
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Financial model operating assumptions
Operating Assumptions
Value
Units
150
kW
Co-op (for all the mini-grids)
30
kW
PLN PPA (for all the mini-grids)
120
kW
Total size
No. of mini-grids
Co-op (at full capacity)
PLN PPA (at full capacity)
3
262,800
kWh/year
1,051,200
kWh/year
Capacity Factor
85%
Inflation Rate
3%
No. of households/mini-grid
100
Usage / household
0.1
kW
4
x
PLN Factor
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Revenue and expense assumptions
Revenue Assumptions
Value
Units
Co-op Rate
0.100
$/kWh
Wholesale Price (PPA Rate)
0.143
$/kWh
PPA Escalator
3%
Contract Term
25
Years
CDM
10
$/mtCO2
2,792
mtCO2
0%
of project cost
Value
Units
283
$/kW
Avoided CO2/year
Residual Value
Expenses Assumptions
O&M Costs
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Capital cost and other assumptions
Capital Costs Assumptions
Value
Units
248
$/kW
Civil work
1,827
$/kW
Mechanical and Electrical work
1,977
$/kW
Transmission work
4,026
$/kW
House installation work
229
$/kW
Feasibility and Design
553
$/kW
Other + Contingency
586
$/kW
Value
Units
Preparatory work
Other Assumptions
4/16/2012
Discount Rate
8.00%
Exchange Rate
9,145
Rupiah / $
52
Possible grants?
 Millennium challenge =
$350 million in RE in
Indonesia over the next 3
years
 ASHOKA
 SOCIENTAL
 JICA
 GDF SUEZ - Rassembleurs
d'Energie (France)
 Japanese Embassy
 GPOBA
 SKATT (for workshop
empowerment)
 GTZ (for tech
dissemination)
 HIVOS (NGO from
Netherlands)
4/16/2012
 also potential from: World Bank,
ADB, Rockfeller Foundation, Bill &
Melinda Gates Foundation.
 UN Year for Sustainable Energy for
All
53
Expected grant from Millennium Challenge
Corporation
 $600 M Indonesia Compact signed
November 19, 2011
 $332.5 M Green Prosperity Project
 MCC Website: “The Green Prosperity
Project will provide technical and
financial assistance for projects in
renewable energy and natural resource
management to raise rural household
incomes.”
 0% of available funds have been
committed
 Jon Strahl spoke personally with MCC
representatives in Jakarta on March
29, 2012
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REwiRE projects will qualify for carbon offsets
under the Gold Standard
 Gold Standard uses the “suppressed
demand” methodology
 Offset values are based on expected
future demand, not current demand
 Income effect
 Energy cost effect
 Lack of physical access to energy
 High unit cost of energy
 UNFCCC COP Durban 2011: Suppressed
demand likely to enter CDM language
Development doesn’t have to be dirty before it can be classified as clean!
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Risk Mitigation
Diverse assets help mitigate cash flow risk
City/ Town
Senior
40%
Village 2
SubTier1
Village 1
50:50 JV
co-op & REwiRE
50:50 JV
co-op & REwiRE
Holding Company
REwiRE LLC
Village 3
Impact Investors
25%
SubTier2
Cash flows
Existing state-owned utility grid
50:50 JV
co-op & REwiRE
Founders
5%
MCC Grant
30%
Mini-grid
Capital flows
Future transmission expansion
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Co-op model helps mitigate risk
 Community ownership is essential
to sustain operations and
maintenance of the facility.
 As part-owners, community
members will value the resource
and work to maintain it
 Upfront investment in training saves
having to send technicians to
remote areas in the future
 IBEKA has proven this model of
ownership with successful
installations operational for 20
years
 Indonesia has over 130,000
community cooperatives across a
variety of industries
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Credit enhancements mitigate demand &
construction risk
Senior
40%
10%
6%
SubTier1
Holding Company
REwiRE LLC
10%
Founders
5%
6%
Impact Investors
25%
SubTier2
MCC Grant
30%
 Credit enhancement from the ADB
 Guaranteed 6% return to institutional investors
 ADB favors guarantees over explicit capital commitments
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Strong government support mitigates
political risk
 March 2012 presentation to
UKP4 and Presidential
Advisory Council
 Kuntoro Mangkusubroto –
former CEO of PLN and
current head of UKP4
 UKP4 staff to encourage
small-scale procurement by
PLN
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REwiRE has multiple strategies for mitigating
technology risk
 Focus on micro-hydro as
core technology
 IBEKA has developed
expertise
 Technology agnostic with
respect to resource
 Biomass
 Wind
 Solar
 All technologies must be
simple, modular, and
inexpensive
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‘Skin in the game’ at all levels minimizes
counterparty risk
Founders
Impact Investors
MDFI
Local Government
Co-operatives
Consumers
Incentives aligned at all levels
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Strategy
REwiRE takes a new, creative approach to rural
electrification
 Displace intermittent, expensive, and
dirty electric service from diesel
generators
 Be cost competitive with existing
lighting options
 Work with local partners using a
proven, sustainable, and costeffective O&M model
 Adopt a technology agnostic
approach to implementation
All of this will be financed by an innovative capital structure.
4/16/2012
64
Two possible approaches to develop the mini-grid
1. Built around early adopters
 Small and medium enterprises
(SMEs) seeking lighting and
refrigeration
 Future extension for household
use (lighting, TV, rice cooking)
2. Built around technology
 Micro-hydro
In all cases, the mini-grid is co-owned by a community cooperative
4/16/2012
65
REwiRE will finance 25 village mini-grid systems
on Sumba
 Provide electricity to 80% of
those without access (367,505
of 459,381 people)
 Displace intermittent,
expensive, and dirty electric
service from diesel generators
 Be cost competitive with
lighting alternatives
4/16/2012
66
An Indonesian island is the perfect place for
renewables to reach grid parity
Sources of National Grid Power Production in Indonesia (2011)
7%
5%
Coal
44%
21%
Oil
Natural Gas
Hydroelectric
Geothermal
23%
Source: EDSM, Government of Indonesia
Fuel costs are high although currently heavily subsidized, and diesel shipments are intermittent.
4/16/2012
67
Policy recommendation: PNPM should be
involved during all stages of a project
Assess
Design
Build
Operate
Maintain
Monitor
Social
Capacity
 Educate citizens to evaluate renewable resource potential
 Budget time and money for training community members and building a
receptive social structure
 Monitor the success of installed projects
4/16/2012
© K. Abraham, J. Strahl, H. Phadke
68
Works cited and consulted

EUR 23284 EN – Joint Research Centre – Institute for Environment and Sustainability, “A New Scheme for the Promotion of Renewable Energies in
Developing Countries: The Renewable Energy Regulated Purchase Tariff.” Moner-Girona, M., ed. Office for Official Publications of the European
Communities, Luxembourg. 2008.

Martinot, E., et al. “Renewable Energy Markets in Developing Countries.” Annual Review of Energy and the Environment. 27: 309-48. 2002.

Matser, E., de Groot, R. “Sumba: An Iconic Island to Demonstrate the Potential of Renewable Energy.” Hivos. http://www.hivos.nl/english/AboutHivos/Focus/Iconic-Island-Sumba. 31 March 2011.

Niez, A. “Comparative Study on Rural Electrification Policies in Emerging Economies.” Information Paper. OECD/International Energy Agency, Paris,
France. 2010.

OECD/IEA. “Energy for All: Financing access for the poor.” Special early excerpt of the World Energy Outlook 2011. International Energy Agency,
Paris, France. October 2011.

Republic of Indonesia. Ministry of Energy and Mineral Resources (EDSM). “Electricity Along 2011 was Better.” EDSM, Jakarta, Indonesia.
http://www.esdm.go.id/news-archives/electricity/46-electricity/5454-electricity-along-2011-was-better.html. February 2012.

Rolland, S. “Rural Electrification with Renewable Energy.” Alliance for Rural Electrification, Brussels, Belgium. June 2011.

Rolland, S., Glania, G. “Hybrid Mini-Grids for Rural Electrification: Lessons Learned.” Alliance for Rural Electrification, Brussels, Belgium. March 2011.

Tumiwa, F., Rambitan, H.I., Tanujaya, O. “Cinta Mekar Micro-Hydro Power Plant.” Institute for Essential Services Reform (IESR). www.iesrindonesia.org. 26 January 2011.

World Bank Independent Evaluation Group. “The Welfare Impact of Rural Electrification: A Reassessment of the Costs and Benefits.” IEG Impact
Evaluation, International Bank for Reconstruction and Development/The World Bank, Washington, DC. 2008.

World Bank Group. “Technical and Economic Assessment of Off-Grid, Mini-Grid and Grid Electrification Technologies.” World Bank Group, Energy
Unit, Energy, Transport and Water Department, Washington, DC. 2006.

World Bank, “Assistance to the Government of Indonesia’s Demand Side Management Program.” Econoliner International. January 2006.

Yadoo, A., Cruickshank, H. “The value of cooperatives in rural electrification.” Energy Policy. 2010.

Zerriffi, H. 2011. “Rural Electrification: Strategies for Distributed Generation.” New York, NY: Springer Science+Business Media.
4/16/2012
69

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