APEC Renewable Energy Financing Workshop

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Presentation transcript:

APEC Renewable Energy Financing Workshop Honolulu 14 May 2004 Barrie Leay

Ambitous RE targets China Thailand Philippines US Australia New Zealand

Criteria for Financing Cost of the project Country risk Sector stability Stability of cash flow/customer base Existence of any take or pay contracts Project structure including any construction contracts Project construction time

Hurdles to obtaining financing High capital to O&M cost ratio High Development to Investment cost ratio Small Total Investment Requirements Difficulty Guaranteeing Cash Flow Weak Basis for Non-Recourse Financing Disproportionately high transaction costs Inaccurate Perception of Risk Inaccurate pricing of energy production costs

Investment Risks of RE Projects Credit risk Construction and development risk Operating/Commercial risk Political risk Financial risk Force Majeure

Impact of Project Size and Type On grid Large energy companies or developers Financial strength, bank debt, project finance and balance sheet debt Off grid Small projects Bigger financing obstacles Unpredictable cash flows More risky for investors and lenders

Development Funds provide many forms of assistance Seed capital for demonstration projects Business development grants to SME’s Lines of credit to local banks Credit enhancements for risk guarantees Interest-rate subsidies SME growth capital funds