Strictly Confidential Standard Chartered Bank Renewable Energy & Environmental Finance
Standard Chartered Bank – 150 years and Growing § Listed on London and Hong Kong Stock Exchange International footprint Focus on Asia, Africa and the Middle East § Focus on Asia, Africa and Middle East § Presence in London/EU, New York and Americas § Footprint covers 70 countries with 73, 000 employees and 115 nationalities § “One-stop shop" bank across debt, M&A, equity and principal (250 professionals) § 15, 000 banking client relationships § Dedicated Renewable Energy & Environmental Finance (REEF) teams in London and Singapore 2
SCB’s Approach to Renewable Energy & Environmental Finance Renewable Energy Key Pillar of REEF “REEF” – Global Issues / Local Deals SCB footprint • 70% of population / 60% of energy growth • 75% of CO 2 growth • +/- 50% of key RE resource duc ts tal, Water/ Waste • Energy for water distribution • Water in energy generation s Cap ital, t duc Pro api gri. o. A ut t inp Phase I Renewable Energy (RE) h, c Key Renewable Energy + Environmental Finance Phase II Tec ter Wa Lan d Bio use, F fue ls, B orestr iom y, ass Agriculture / Forestry Sector / Policy is Global Phase I : REEF strategy (present) focus Phase II : REEF strategy (expanded) focus Europe US • Policy support • Implementation • Policy Leader experience • “Green” stimulus • “Best in class” Technology and VC / PE “You don’t solve problems using the same kind of thinking that got you into the problems in the first place” Albert Einstein 3
SCB Activities in REEF Sector Policy / Strategic Initiatives § World Economic Forum – serving on the expert committee on Green Investing and Water initiatives § Member of Carbon Finance Working Group for Project Catalyst (Mc. Kinsey’s work to support the Global Deal) § Steering committee for IFC-Mc. Kinsey’s Global Microeconomics of Water Project § Corporate sponsors for Mc. Kinsey’s Climate Change Adaptation Project § Corporate Sponsors for the China Greentech Initiative – an in depth collaborative analysis into the Chinese Cleantech sector § Energy efficiency financing through a partnership with Asia Development Bank – worth >USD 100 m over 9 years 4
SCB Footprint – Endowed with Abundant Solar Energy SOLAR ENERGY § Regions circled have solar potential of 261, 649 TWh - Global Electricity Generation in 2008 was 20, 202 TWh i. e. solar energy potential in selected regions 13 x higher § Installed capacity estimated for 2008 of ~15 GW** - under 1% of the solar resource potential § Compelling scale and cost characteristics § Market growing at 40% - 50% CAGR § Global policy support strengthened with the government stimulus packages (US, China, South Korea, etc) STANDARD CHARTERED BANK SCB Footprint § 60% of the global solar energy resource is in Standard Chartered Bank’s footprint § Many of our markets suffer from chronic under investment / undersupply in / of energy § Solar energy generating assets require significant project finance – core strength of Standard Chartered Bank § Many of our clients, including corporates, financial sponsors, and development organisations are interested in solar * Source: World Energy Assessment: Energy and the Challenge of Sustainability, UN/UNDP/World Energy Council, 2005 ** Source: New Energy Finance "I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait till oil and coal run out before we tackle that" Thomas Edison (1931) 5
Solar Energy Sector – Markets & Applications INSTALLATION SIZE § Europe leads the way with ~9 GW representing ~65% of the global cumulative PV installed capacity (with Japan and the US at 2. 1 GW and 1. 2 GW, respectively) § Current solar market so far dominated by small scale, residential PV installations § Increased government support – particularly in the form of feed-in tariffs – is driving momentum in the utility scale installations (PV and Concentrated Solar Power (“CSP”) in particular) < 10 k. W 10 to 100 k. W to 10 MW to 100 k. W 1 MW 100 MW > 100 MW RESIDENTIAL MARKETS COMMERCIAL SERVED UTILITY Non-Tracking PV PV TECHNOLOGY § World solar PV market installations reached a record high of ~6. 0 GW in 2008 and cumulative PV power installed totalled ~15 GW compared to ~9 GW in 2007 Tracking PV Concentrated PV Dish-Engine CSP Parabolic Trough Power Tower Linear Fresnel 2008 Solar Demand ~ 1. 7 GW (28%) ~ 1. 6 GW (27%) ~ 2. 8 GW (45%) 2009 Solar Demand (estimated) ~ 2. 0 GW (44%) ~ 1. 2 GW (26%) ~ 1. 4 GW (30%) Spain, Germany US, Spain Main Geographies Germany Distributed generation: <10 KW – 1 MW; Central Generation: <1 MW - >100 MW (i) Residential: Residential Buildings (ii) Commercial: Commercial / Industrial Buildings (iii) Utility: Large Scale Source: Prometheus Institute; Solarbuzz; Barclays Capital Research; Standard Chartered Bank Analysis 6
CSP Technologies ALTERNATIVE CSP TECHNOLOGIES • Scalability of CSP technology will drive the global increase in solar energy installed capacity Trough Linear Fresnel Tower Dish Engine >20 years - < 2 years - Low Medium High Optimal Scale / Modularity 50 MW to > 100 MW 100 k. W to > 100 MW Construction Requirement Demanding Simple Demanding Moderate 400 o. C 316 o. C 250 – 500+ o. C 800 - 900 o. C 11 – 14 % 9 -11 % 15 – 22 % 24 – 31 % Yes Yes No Current: : 0. 12 – 0. 17 Current: : 0. 10 – 0. 15 Current: : 0. 12 – 0. 30 Current: : 0. 10 – 0. 12 Future: 0. 06 – 0. 08 Future: 0. 05 – 0. 08 Water usage High Medium High Low Land Requirement High Low High Variable / Flexible Abengoa, Acciona, Sky. Fuel, Solar Millenium, Sopogy Bright. Source, e. Solar, SENER, Solar. Reserve, Abengoa Ausra, Novatec Biosol, Sky. Fuel, Solar Power Group Stirling Energy Systems (SES), Infinia, Abengoa Commercial Experience Technology Risk • Levelised Cost Of Energy (LCOE) – determining factor in establishing leading CSP technology and vis-àvis other renewable energy technologies (e. g. , become the First Solar of CSP) Operating Temperature (o. C) Efficiency (%) • Flexibility around water, land, and components are key to the SES story / strategy • Storage potential of most CSP technologies represents a comparative advantage to wind energy Storage LCOE ($/k. Wh) Leading Developers Source: Technology Innovation Report, Concentrated Solar Thermal, Cleantech Group, 2008; DLR; SCB research 7
Current Activity in the CSP Sector…. Strategic Technology Activity Siemens acquisition of Israeli manufacturer and developer Solel Solar Systems for USD 418 m (Solel H 1 2009 revenues US$90 m) Date Public Statement October 2009 "Siemens and Solel are a perfect match, and, In the future will be able to offer the key components for the construction of parabolic trough power plants from a single source and to further enhance their efficiency. ” Siemens acquired 28 percent stake in Italian solar company Archimede Solar Energy S. p. A. , expanding its competencies for solar thermal power plants March 2009 Solar Millennium and Man Ferrostal formed a JV to construct STEG power plants leveraging Man Ferrostal’s experience as plant constructor and general contractor. Man Ferrostal has also recently bought projects under construction by the JV May 2007 “Combination of both technologies will enable Siemens to enhance efficiency and reduce production costs for CSP. ” “With this joint venture, we are consequently pursuing our strategy of cooperating with strong partners in the respective business sectors to optimally utilize market potentials. " Solar Reserve’s technology and engineering support from United Technologies January 2008 “United Technologies provide a technology wrap for the equipment and technology, providing the guarantees and warrantees necessary to develop solar projects. ” Bright. Source Energy will utilise its solar thermal technology for steam generation for Chevron at Chevron’s oil field in Central California August 2009 "It gives Bright. Source Energy an an opportunity for this potentially lucrative secondary market (steam generation) and help Chevron with carbon reduction. " Bechtel Corporation will build 440 MW of solar plants in the Mojave Desert for Bright. Source Energy. Bechtel Enterprises, the project development and financing arm of Bechtel Corp. will become an equity investor in all of the Ivanpah solar power plants. September 2009 “Combining Bechtel’s world-class EPC capabilities with Bright. Source’s leading solar thermal energy team is a natural fit. ” Luz II Ltd. , a subsidiary of Bright. Source Energy, and Dalkia, the energy division of Veolia group in Israel, have joined forces for the purpose of the construction of solar thermal plants in the Middle East September 2008 “Combination of Dalkia’s expertise in the construction and development of solar plants and Brightsource’s technology. ” e. Solar selected ABB because of its power generation balance of plant expertise, its ability to co-develop the balance of plant controls design and meet accelerated project schedule demands, and because ABB is an established international power and automation solutions provider June 2009 NRG and e. Solar joined forces to develop 92 MW of CSP projects in New Mexico – part of a wider 500 MW of CSP projects in California and across the Southwestern United States May 2009 ABB - contracted to work with e. Solar to tackle key challenges for large scale solar installations, (i) price, (ii) scalability, (iii) speed of deployment, and, (iv) grid impact. ” “NRG provides resources and development expertise to work alongside e. Solar’s technology. ” 8
Opportunities for CSP market development Supportive Regulatory Regimes § Regimes with Strong policy support in the form of PPA’s, FIT’s and wide ranging initiatives to promote renewable energy and in particular solar energy 8. 0 Egypt & Libya (7. 67) California (7. 50) Jordan & Algeria (7. 40) § US, West Coast – California Morocco (7. 12) Saudi Arabia (6. 85) § Spain Mexico (7. 00) Tunisia (6. 58) § Australia Attractive Solar Resources Energy Density k. Wh / m 2 / day § Italy, Portugal, Greece Spain (6. 16) Portugal (6. 03) UAE (6. 03) 6. 0 Australia (5. 89) Turkey (5. 48) Greece & Italy (5. 48) § High Energy Density Levels – however with current low to medium level of Government Support § Egypt 4. 0 Low § Morocco § Algeria § Tunisia Germany (4. 58) Opportunity to strategically engage Development Organisations Government Support High Key North African Markets § Gulf Region Source: Concentrating Solar Power for the Mediterranean Region, DLR, 2005 (figures are average for country) 9
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