Ronde tafel ¢â‚¬â€œ 6 oktober 2010 - Eversheds 15.30...

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Transcript of Ronde tafel ¢â‚¬â€œ 6 oktober 2010 - Eversheds 15.30...

  • Financiering van duurzame energie(projecten)Financiering van duurzame energie(projecten)

    Ronde tafel – 6 oktober 2010

  • Programmag Dagvoorzitter: Michel Chatelin, partner Eversheds Faasen

    15.00 Ontvangst 15.20 Welkom door Miriam van Ee, Eversheds Faasen

    15.30 Presentatie Auke de Boer, ING Groen en microfinancieringen

    16.00 Presentatie Jürgen Habichler, Mountain Cleantech AG

    16.30 Presentatie Frank Bakker, Honeywell Building Solutions

    17.00 Presentatie Michael Urlings, Building Brains 17.30 Borrel

  • D i j tDuurzame energieprojecten zijn financierbaar door j bancaire project- of balansfinancieringbalansfinanciering

    Rotterdam – oktober 2010 Auke de Boer Manager Groen Financieringen

  • Overwegingen investeerdersOverwegingen investeerders • Doelstelling: Milieu of bedrijfsmatig

    • Financieel: - BalansmanagementBalansmanagement - Bedrijfseconomisch rendement - Subsidieregelingen (MEP, SDE, SDE+) - Fiscaliteit- Fiscaliteit

    • Samenwerkingsvormen - intern - extern

    • Risicomanagement

  • Structurering financieringStructurering financiering

    EigenEigen Vermogen Projecteigenaren

    Totale investering

    Vreemd vermogen:

    Obli ti h d g

    Vreemd

    Obligatiehouders

    Banken

    Etcvermogen Etc.

    Groen vreemd vermogen

  • Financieringsmogelijkheden (1)Financieringsmogelijkheden (1) Algemeen

    • Uitgangspunt voor bepaling financierbaarheid is een robuuste business case met herkenbare kasstromen:

    - Samenstelling instroom: bij duurzame energie projecten afkomstig van subsidies en markt (afnemers)van subsidies en markt (afnemers)

    - Omvang: voldoende om rente en aflossing te betalen (DSCR, ICR)

    - Risico-inschatting: voldoende kasstroom of terugvallen op dekking.

    • Fase ontwikkeling bepaalt soort financiering

  • Financieringsmogelijkheden (2)Financieringsmogelijkheden (2) Projectfinanciering • Kenmerken

    - Projectrisico bij financiële partijen. - Veelal in syndicaatvorm, 1 bank werkt transactie uit

    M t t i- Management case vs. worst case scenario. - Risicomanagement

    • Issues : - Techniek: nieuw of bewezen - Betrouwbaarheid partijen (sponsors) - Juridische basis w.o. contracten (bijv. levering warmte)

    • Documentatie: - Regels zijn strak. Doel is tijdig in te kunnen grijpen. - Omvangrijk (kosten!)g j ( )

    • Voordeel voor sponsors: - Geen risico op project - Geen druk op balans van sponsor (afhankelijk documentatie)

    R t l t ll di k i j t- Rentelast volledig voor rekening project.

  • Financieringsmogelijkheden (3)Financieringsmogelijkheden (3) Balansfinanciering • Balans financiering:

    - Risico blijft bij projecteigenaren Risico afweging bij bank op project is marginaal Project lift mee op balans- Risico afweging bij bank op project is marginaal. Project lift mee op balans

    - Bepalingen t.a.v. investeringen zijn veelal onderdeel van documentatie RCF, MTN Lagere financieringslasten (Utilities gemeentes wbc’s WSW!)- Lagere financieringslasten (Utilities, gemeentes, wbc s –WSW!)

    • Projecteigenaren maken zelfstandig investeringskeuze op basis van j g g g p management case, risicomanagement.

    • Keuze tussen beide financieringsvormen afhankelijk van in- en externe g j factoren

  • Bepaling Eigen VermogenBepaling Eigen Vermogen

    • Bij balansfinanciering is hoogte van eigen vermogen afhankelijk• Bij balansfinanciering is hoogte van eigen vermogen afhankelijk van: - Interne richtlijnen - Afspraken in leningdocumentatiep g - Externe regelgeving

    • Bij projectfinanciering is de hoogte van het eigen vermogen een afgeleide van de risico-inschatting: structuur van de transactie, rating sponsoren etc. Doorgaans beweegt zich de range EV/VV tussen 15/85 en 30/70.g

    • Effect op rendement

  • Groenfinanciering – hoe werkt het? Groene

    projecten

    g Voordelige financiering p jfinanciering gem. 1% lager Economische

    haalbaarheid Groenverklaring

    OverheidGroenbanken toezicht

    (laag) rendement Belasting oordeel

    B

    Sparen en beleggen Max 55 000

    Belastingvoordeel 2,5%

    BurgerMax 55.000

  • Mountain Cleantech AG

    Juergen Habichler

    Evershed’s Conference Presentation 6 October 2010

    Confidential – Copyright 2010 1111

  • Table of Contents

    Mountain Cleantech - Overview1.

    Investment Focus2.

    P j t Fi i C St d3 Project Financing - Case Study3.

    Confidential – Copyright 2010 12

  • Mountain Cleantech AG StructureStructure

    Mountain Cleantech is exclusively focused on investments in Clean T h l iTechnology companies

    Investment Advisor

     Deal Generation, Due Diligence

     Portfolio and Exit Management

    1st Fund: Stock-listed Fund 2nd Fund: Closed-end Fund

    Target Investors:  Family Offices Mainly Private Investors and SRI Funds Institutional Investors and Family Offices

    Confidential – Copyright 2010 1313

  • Overview Experienced Investment TeamExperienced Investment Team

    Native German-speaking management team spanning Cleantech, Private E it d E t i l iEquity and Entrepreneurial experience

     13+ years Entrepreneurial and Private Equity experience  18+ years Operational Cleantech Industry experience

    Jürgen F. Habichler – Founder, Managing Partner Alexander von Hutten – Managing Partner

    13 years Entrepreneurial and Private Equity experience  Investment Manager at Atlas Ventures’ Germany Office  Product Marketing and Sales Executive at Siebel Systems Inc.,

    Silicon Valley, USA  Associate in Investment Banking Division at Morgan Stanley,

    UK  Founder and Director of O.D.E. GmbH, Austria  National Expert at European Commission, DGIII, Belgium

    18 years Operational Cleantech Industry experience  Advisory Board Member of En-tech Energietechnikproduktion

    GmbH  Partner and Investor at Cleantech company CVP Clean Value

    Plastics GmbH, successful exit in 2007  Partner at CatCap Corporate Finance GmbH  CEO of RWE Environmental Group Spain  Project Manager at Cleantech Plant Manufacturer Lurgi AGNational Expert at European Commission, DGIII, Belgium

     MBA, Wharton Business School, USA  Languages: Native German-speaking (Austrian), English,

    French, Russian

    Project Manager at Cleantech Plant Manufacturer Lurgi AG  Investment Manager at Cleantech-focused Family Office  BA European Business School London, UK  Languages: Native German, English, Swedish and Spanish

    Daniel G Koppelkamm CFA – Investment Manager Felix Janßen – Investment Manager

     7+ years Investment and Corporate Finance Experience  Associate at Man Environmental Capital Opportunities, UK  Senior Investment Analyst at Man Investments, UK  Analyst at Credit Suisse, Spain/UK

    Fi i l A l t t I t l C ti UK

     5+ years Consulting, Corporate Finance and Private Equity experience

     Assistant to the CFO at ThyssenKrupp Materials in Shanghai  Corporate Finance at German Utility E.ON Energie AG

    B i D l t t D t h B h AG

    Daniel G. Koppelkamm, CFA – Investment Manager Felix Janßen – Investment Manager

     Financial Analyst at Intel Corporation, UK  CFA, Chartered Financial Analyst  MBA, Cass Business School, UK  Languages: Native German, English, Spanish, Russian

     Business Development at Deutsche Bahn AG  Country Coordination at Siemens Business Services  Diploma in Business Admin. and Computer Science, University

    of Göttingen, Germany (Graduated Best of Class)  Scholarship Holder from the Foundation of German Business  Languages: Native German, English, Portuguese and Mandarin

    Confidential – Copyright 2010 1414

  • Overview Growth Stage Cleantech InvestmentsGrowth Stage Cleantech Investments

    Promising Growth Stage Portfolio in 1st Fund – f ll it t ti l it ft l th th f d lif ti

    Company

     Revenues 2009e: 100m EUR (+50% yoy)

    Description Investment Highlights

    one full exit, two partial exits after less than three years fund lifetime

     Revenues 2009e: 100m EUR (+50% yoy)  Capacity expansion of +250% from 2008 until 2010  One of the world market leaders in its segment  Trade Sale to Nordic Capital Fund VII in June 2010

    Recycling of slurry from semiconductor & PV wafer production

    Exited

    Vertically integrated carbon offset services & technology provider

     Development, financing and consulting of carbon offset solutions

     First listed Carbon Player in the German-speaking region  Partial exit at Pure Klimaschutz generated 20% IRR

     Reverse IPO in 2008: BGI acquired Ralos, disposed engineering division

     Revenues 130m, EBIT 9m EUR 2008 (IFRS pro forma cons)  Partial exit at 22% IRR, favorable deal terms provide

    Planning and Integration of Solar Projects (System Integrator)

    Current Portfolio

    downside protection

    German Solar System Integrator with strong focus on China

     Revenues of 120m EUR in 2007/08 in Europe  German-Chinese management team, strong local presence

    in Europe and China

    Confidential – Copyright 2010 1515

    focus on China  Chinese market for PV installations expected to gro