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Deep disparities define today’s energy world. The dissonance between well-supplied oil markets and growing geopolitical tensions and uncertainties. The gap between the ever-higher amounts of greenhouse gas emissions being produced and the insufficiency of stated policies to curb those emissions in line with international climate targets. The gap between the promise of energy for all and the lack of electricity access for 850 million people around the world.

The World Energy Outlook 2019, the International Energy Agency’s flagship publication, explores these widening fractures in detail. It explains the impact of today’s decisions on tomorrow’s energy systems, and describes a pathway that enables the world to meet climate, energy access and air quality goals while maintaining a strong focus on the reliability and affordability of energy for a growing global population.

As ever, decisions made by governments remain critical for the future of the energy system. This is evident in the divergences between WEO scenarios that map out different routes the world could follow over the coming decades, depending on the policies, investments, technologies and other choices that decision makers pursue today. Together, these scenarios seek to address a fundamental issue – how to get from where we are now to where we want to go.

The path the world is on right now is shown by the Current Policies Scenario, which provides a baseline picture of how global energy systems would evolve if governments make no changes to their existing policies. In this scenario, energy demand rises by 1.3% a year to 2040, resulting in strains across all aspects of energy markets and a continued strong upward march in energy-related emissions.

The Stated Policies Scenario, formerly known as the New Policies Scenario, incorporates today’s policy intentions and targets in addition to existing measures. The aim is to hold up a mirror to today’s plans and illustrate their consequences. The future outlined in this scenario is still well off track from the aim of a secure and sustainable energy future. It describes a world in 2040 where hundreds of millions of people still go without access to electricity, where pollution-related premature deaths remain around today’s elevated levels, and where CO2 emissions would lock in severe impacts from climate change.

The Sustainable Development Scenario indicates what needs to be done differently to fully achieve climate and other energy goals that policy makers around the world have set themselves. Achieving this scenario – a path fully aligned with the Paris Agreement aim of holding the rise in global temperatures to well below 2°C and pursuing efforts to limit it to 1.5 °C – requires rapid and widespread changes across all parts of the energy system. Sharp emission cuts are achieved thanks to multiple fuels and technologies providing efficient and cost-effective energy services for all.

“What comes through with crystal clarity in this year’s World Energy Outlook is there is no single or simple solution to transforming global energy systems,” said Dr Fatih Birol, the IEA’s Executive Director. “Many technologies and fuels have a part to play across all sectors of the economy. For this to happen, we need strong leadership from policy makers, as governments hold the clearest responsibility to act and have the greatest scope to shape the future.”

In the Stated Policies Scenario, energy demand increases by 1% per year to 2040. Low-carbon sources, led by solar PV, supply more than half of this growth, and natural gas accounts for another third. Oil demand flattens out in the 2030s, and coal use edges lower. Some parts of the energy sector, led by electricity, undergo rapid transformations. Some countries, notably those with “net zero” aspirations, go far in reshaping all aspects of their supply and consumption.

However, the momentum behind clean energy is insufficient to offset the effects of an expanding global economy and growing population. The rise in emissions slows but does not peak before 2040.

Shale output from the United States is set to stay higher for longer than previously projected, reshaping global markets, trade flows and security. In the Stated Policies Scenario, annual US production growth slows from the breakneck pace seen in recent years, but the United States still accounts for 85% of the increase in global oil production to 2030, and for 30% of the increase in gas. By 2025, total US shale output (oil and gas) overtakes total oil and gas production from Russia.

“The shale revolution highlights that rapid change in the energy system is possible when an initial push to develop new technologies is complemented by strong market incentives and large-scale investment,” said Dr Birol. “The effects have been striking, with US shale now acting as a strong counterweight to efforts to manage oil markets.”

The higher US output pushes down the share of OPEC members and Russia in total oil production, which drops to 47% in 2030, from 55% in the mid-2000s. But whichever pathway the energy system follows, the world is set to rely heavily on oil supply from the Middle East for years to come.

Alongside the immense task of putting emissions on a sustainable trajectory, energy security remains paramount for governments around the globe. Traditional risks have not gone away, and new hazards such as cybersecurity and extreme weather require constant vigilance. Meanwhile, the continued transformation of the electricity sector requires policy makers to move fast to keep pace with technological change and the rising need for the flexible operation of power systems.

“The world urgently needs to put a laser-like focus on bringing down global emissions. This calls for a grand coalition encompassing governments, investors, companies and everyone else who is committed to tackling climate change,” said Dr Birol. “Our Sustainable Development Scenario is tailor-made to help guide the members of such a coalition in their efforts to address the massive climate challenge that faces us all.”

A sharp pick-up in energy efficiency improvements is the element that does the most to bring the world towards the Sustainable Development Scenario. Right now, efficiency improvements are slowing: the 1.2% rate in 2018 is around half the average seen since 2010 and remains far below the 3% rate that would be needed.

Electricity is one of the few energy sources that sees rising consumption over the next two decades in the Sustainable Development Scenario. Electricity’s share of final consumption overtakes that of oil, today’s leader, by 2040. Wind and solar PV provide almost all the increase in electricity generation.

Putting electricity systems on a sustainable path will require more than just adding more renewables. The world also needs to focus on the emissions that are “locked in” to existing systems. Over the past 20 years, Asia has accounted for 90% of all coal-fired capacity built worldwide, and these plants potentially have long operational lifetimes ahead of them. This year’s WEO considers three options to bring down emissions from the existing global coal fleet: to retrofit plants with carbon capture, utilisation and storage or biomass co-firing equipment; to repurpose them to focus on providing system adequacy and flexibility; or to retire them earlier.

Source: IEA

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Este mapa muestra la tecnología con el LCOE de referencia más bajo en cada mercado, excluyendo subsidios o créditos fiscales. CCGT: turbina de gas en ciclo combinado / This map shows the technology with the lowest benchmark LCOE in each market, excluding subsidies or tax credits. CCGT: Combined-cycle gas turbine. Fuente/Source: BloombergNEF.

Every half year, BloombergNEF runs its Levelized Cost of Electricity (LCOE) Update, a worldwide assessment of the cost-competitiveness of different power generating and energy storage technologies – excluding subsidies. BNEF latest Levelized Cost of Electricity (LCOE) figures show a global benchmark LCOE for onshore wind and PV projects at $47 and $51/MWh. The numbers are down 6% and 11% respectively from six months ago, mainly owing to cheaper equipment. The offshore wind LCOE benchmark sits at $78/MWh down 32% from from last year.

These are the key, high-level results for the second half of 2019:

New solar and onshore wind power plants have now reached parity with average wholesale prices in California and parts of Europe. In China, their levelized costs are now below the average regulated coal power price, the reference price tag in the country. These technologies are winning the race as the cheapest sources of new generation with two-thirds of the global population living in countries where PV or wind are cheaper than coal and gas power plants.

BNEF’s global benchmark levelized cost figures for onshore wind and PV projects financed in the last six months are at $47 and $51/MWh, down 6% and 11% respectively compared to the first half of 2019. For wind this is mainly due the fall in the price of wind turbines, 7% lower on average globally compared to the end of 2018. In China, the world’s largest solar market, the capex of utility-scale PV plants has dropped 11% in the last six months, reaching $0.57 million per MW. Weak demand for new plants in China has left developers and engineering, procurement and construction firms eager for business, and this has put pressure on capex.

BNEF estimates that some of the cheapest PV projects financed recently will be able to achieve an LCOE of $27-36/MWh, assuming competitive returns for their equity investors. Those can be found in India, Chile and Australia. Best-in-class onshore wind farms in Brazil, India, Mexico and Texas can reach levelized costs as low as $26-31/MWh already.

Offshore wind has seen the fastest cost declines, down 32% from just a year ago and 12% compared to the first half of 2019. BNEF’s current global benchmark LCOE estimate is $78/MWh. New offshore wind projects throughout Europe now deploy turbines with power ratings up to 10 MW, unlocking capex and opex savings. In Denmark and the Netherlands, we expect the most recent projects financed to achieve $53-64/MWh excluding transmission.

Source: BNEF

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The installation of solar PV systems on homes, commercial buildings and industrial facilities is set to take off over the next five years, transforming the way electricity is generated and consumed, according to the International Energy Agency’s latest renewable energy market forecast. These applications – known collectively as distributed PV – are the focus of the IEA’s Renewables 2019 market report, recently released.

The report forecasts that the world’s total renewable-based power capacity will grow by 50% between 2019 and 2024. This increase of 1,200 GW – equivalent to the current total power capacity of the United States – is driven by cost reductions and concerted government policy efforts. Solar PV accounts for 60% of the rise. The share of renewables in global power generation is set to rise from 26% today to 30% in 2024.

The expected growth comes after renewable capacity additions stalled last year for the first time in almost two decades. The renewed expansion remains well below what is needed to meet global sustainable energy targets, however.

The report highlights the three main challenges that need to be overcome to speed up the deployment of renewables: policy and regulatory uncertainty, high investment risks and system integration of wind and solar PV.

Distributed PV accounts for almost half of the growth in the overall solar PV market through 2024. Contrary to conventional wisdom, commercial and industrial applications rather than residential uses dominate distributed PV growth, accounting for three-quarters of new installations over the next five years. This is because economies of scale combined with better alignment of PV supply and electricity demand enable more self-consumption and bigger savings on electricity bills in the commercial and industrial sectors.

Still, the number of solar rooftop systems on homes is set to more than double to some 100 million by 2024, with the top markets on a per capita basis that year forecast to be Australia, Belgium, California, the Netherlands and Austria.

The cost of generating electricity from distributed solar PV systems is already below retail electricity prices in most countries. The IEA forecasts that these costs will decline by a further 15% to 35% by 2024, making the technology more attractive and spurring adoption worldwide.

The report warns, however, that important policy and tariff reforms are needed to ensure distributed PV’s growth is sustainable. Unmanaged growth could disrupt electricity markets by raising system costs, challenging the grid integration of renewables and reducing the revenues of network operators. By reforming retail tariffs and adapting policies, utilities and governments can attract investment in distributed PV while also securing enough revenues to pay for fixed network assets and ensuring that the cost burden is allocated fairly among all consumers.

According to the report’s Accelerated Case, improving economics, policy support and more effective regulation could push distributed PV’s global installed capacity above 600 GW by 2024, almost double Japan’s total power capacity today. Yet this accelerated growth is still only 6% of distributed PV’s technical potential based on total available rooftop area.

As in previous years, Renewables 2019 also offers forecasts for all sources of renewable energy. Renewable heat is set to expand by one-fifth between 2019 and 2024, driven by China, the European Union, India and the United States. The heat and power sectors become increasingly interconnected as renewable electricity used for heat rises by more than 40%. But overall, renewable heat potential remains vastly underexploited. The share of renewables in total heat demand is forecast to remain below 12% in 2024, calling for more ambitious targets and stronger policy support.

Biofuels currently represent some 90% of renewable energy in transport and their use is set to increase by 25% over the next five years. Growth is dominated by Asia, particularly China, and is driven by energy security and air pollution concerns. Despite the rapid expansion of electric vehicles, renewable electricity only accounts for one-tenth of renewable energy consumption in transport in 2024. And the share of renewables in total transport fuel demand still remains below 5%. The Accelerated Case sees renewables in transport growing by an additional 20% through 2024 on the assumption of higher quota levels and enhanced policy support that opens new markets in aviation and marine transport.

Source: AIE

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The RE-Source Platform has launched a comprehensive new toolkit, offering guidance and advice on corporate sourcing of renewable energy. The toolkit has a dual purpose: first, to raise awareness and inform entrant corporates and policymakers to the opportunities in sourcing renewable energy; second, to facilitate business transactions between buyers and sellers, making them faster, easier, and cheaper.

 

The Renewable Energy Buyer’s Toolkit includes an ‘Introduction to Corporate Sourcing in Europe’ report, that outlines the main business models of corporate renewable sourcing in Europe, and is intended for corporate energy buyers who are new to corporate sourcing and the European market to use as an introductory ‘how-to’ guide, helping them to start their journey in renewable electricity purchasing. The toolkit also includes:

  • European Federation of Energy Traders (EFET) Template corporate PPA: A standardised contract to provide guidance and simplify transactions.
  • European Corporate Sourcing Directory: Information on possible models of corporate sourcing in particular countries.
  • PPA training courses for corporate buyers: How to value and compare corporate PPAs.

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Spanish renewable energy developers, asset owners and Independent Power Producers (IPPs) are missing out on opportunities to engage with international investors and maximise the value of their assets in the primary and secondary markets. This is according to Augusta & Co., a specialist financial adviser to the renewable energy industry, which has managed transactions to an aggregate value of over €10 billion throughout Europe.

In particular, Augusta has highlighted the limitations of an insular approach, whereby Spanish asset owners selling on projects are choosing to engage in bilateral discussions with familiar investors, rather than seeking to broaden the pool of prospective buyers – both domestic and international – via a Structured Sales Process.

These bilateral discussions limit the value that sellers can unlock from their assets, often allowing buyers to take the upper hand and dictate pricing. They are also leaving sellers vulnerable to complexities or weaknesses in the eventual Sales Purchase Agreement with respect to factors such as warranties or financial penalties.

Indeed, Augusta estimates that Spanish IPPs and developers could be missing out on up to 20% of potential asset value as a result of limitations to negotiating power, and inability to fully engage with the international investment community.

“Spain is currently a hotspot for European renewable energy, and has recorded a huge amount of deal flow over the past 18 months, demonstrating considerable investor appetite,” said Axel Narváez, Managing Director, Head of Spain, Augusta & Co. “In order to sustain this momentum, however, and for owners to unleash full value from their development and operational projects, the market needs to ensure that it is open to and bringing on board the investors that are the best fit for these assets.”

“By entering a Structured Sales Process, supported by an advisor with a genuinely international network, developers and IPPs in Spain can mitigate the risks inherent in dealing with a single party, and ensure that they achieve a fair sale value.”

For Spanish asset owners, an independently managed Structured Sales Process will bring a broader range of potential investors into play, including institutional investors from Spain and overseas. This will create a more competitive environment in which sellers have greater control over the terms of the sale, and the valuation of their project or portfolio.

By creating – and then narrowing down – a targeted shortlist of investors, advisors can ensure that buyers are sought who have a genuine interest in the asset and are prepared to offer a fair price. In turn, engagement with the wider international investment community will support Spain’s ambitions to more than double its installed asset base and meet its ambitious target of 74% renewable energy generation by 2030.

Source: Augusta & Co.

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Last Friday, Septemeber, 20, Google announced its biggest corporate purchase of renewable energy in history. This purchase is made up of a 1,600-MW package of agreements and includes 18 new energy deals. Together, these deals will increase Google’s worldwide portfolio of wind and solar agreements by more than 40 percent, to 5,500 MW—equivalent to the capacity of a million solar rooftops. Once all these projects come online, the company’s carbon-free energy portfolio will produce more electricity than places like Washington D.C. or entire countries like Lithuania or Uruguay use each year.

These agreements will also spur the construction of more than $2 billion in new energy infrastructure, including millions of PV modules and hundreds of wind turbines spread across three continents. In all, Google’s renewable energy fleet now stands at 52 projects, driving more than $7 billion in new construction and thousands of related jobs.

To ensure maximum impact, all of these latest deals meet the rigorous “additionality” criteria Google sets out long ago for its energy purchases. This means not only buying power from existing wind and solar farms but instead making long-term purchase commitments that result in the development of new projects. Bringing incremental renewable energy to the grids where the company consumes energy is a critical component of pursuing 24×7 carbon-free energy for all of its operations.

These 18 new deals span the globe, and include investments in the U.S., Chile and Europe. In the U.S., Google will purchase energy from 720 MW of solar farms in North Carolina (155 MW), South Carolina (75 MW), and Texas (490 MW)—more than doubling the capacity of its global solar portfolio to date. In South America, Google is adding 125 MW of renewable energy capacity to the grid that supplies its data center in Chile. Finally, almost half (793 MW) of the new renewable energy capacity purchased will be located in Europe, specifically Finland (255 MW), Sweden (286 MW), Belgium (92 MW), and Denmark (160 MW).

These renewable energy purchases aren’t only notable for their size. Up to now, most of Google’s renewable energy purchases in the U.S. have been wind-driven, but the declining cost of solar (down more than 80 percent in the past decade) has made harnessing the sun increasingly cost-effective. Meanwhile, our Chile deal marks the first time Google will buy power in a hybrid technology deal that combines solar and wind.

Beyond its own operations, Google is working to make clean energy mainstream and break down the barriers for those who want to purchase renewable energy. So they announced two new grants from Google.org to provide further support for organizations that expand access to clean energy for all businesses: a $500,000 grant to Renewable Energy Buyers Alliance (REBA) in the U.S. and a 500,000 euro grant to RE-Source in Europe. These grants will help fund the development of new purchasing models, provide training and resources for consumers, and enable more widespread access to clean power.

Source: Google

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Parque eólico El Andévalo (Huelva) / El Andévalo wind farm (Huelva)

Iberdrola and Heineken España have added to their commitment to sustainability as a strategic thrust in their businesses with the first long-term Power Purchase Agreement (PPA) in Spain between an electricity supplier and a brewing group. The agreement reached by the two companies will promote the construction of a new photovoltaic plant in Andévalo, which will guarantee the supply of green electricity to the four breweries and offices of Heineken España. The plant will become operational in 2020, in PPA mode, avoiding the mission into the atmosphere of over 100,000 tonnes of CO2 a year.

Andévalo forms part of Iberdrola’s strategy of investing in clean power generation projects in Spain – where it plans to install 3,000 MW by 2022- and its commitment to using bilateral agreements with big customers who are committed to sustainable consumption as a way to promote the supply of energy at affordable, stable prices.

Through this partnership Heineken España will be able to brew its beer using only renewable energies by 2023. To achieve this, Heineken is implementing an ambitious road map which, among other initiatives, encompasses a 100% renewable electricity supply.

Located in the municipality of Puebla de Guzmán (Huelva) and with a surface area of 150 ha., the project will have an installed capacity of 50 MW and will consist of 147,000, 340 Wp polycrystalline silicon modules that will generate 82 GWh/yr. The plant will be built inside the biggest wind farm in continental Europe, El Andévalo (292 MW), developed and managed by Iberdrola since 2010.

In addition to its environmental impact, the new solar photovoltaic installation will contribute to reactivating employment in the local community

Iberdrola’s plan to relaunch clean energy in Spain

The Andévalo photovoltaic project forms part of the company’s commitment to strengthening its investment in the production of clean energy in Spain, by installing 3,000 new MW by 2022. By 2030, company forecasts point to the installation of 10,000 new megawatts (MW). The plan will create jobs for 20,000 people.

Iberdrola’s commitment is to lead the transition toward a completely carbon-free economy by promoting renewable energies and accelerating investment in Spain, where it intends to spend 8 billion euros between 2018 and 2022.

Iberdrola is the most prolific producer of wind energy in Spain, with installed power of 5,770 MW, while its total installed renewable capacity, including both wind and hydroelectric, is 15,828 MW. The company operates 883 MW in Andalusia, mainly using wind power. Globally, Iberdrola’s installed renewable capacity is over 30,300 MW, which makes its generation fleet one of the cleanest in the energy sector.

Iberdrola is a global reference point in the area of PPAs and has long-term power purchase agreements (PPAs) in markets that include Spain, United States and Mexico, with wind and photovoltaic power projects totalling over 1,500 MW. In Spain, the company has been a pioneer in promoting this type of agreement with companies from various sectors (banking, telecommunications, distribution and sports brands).

Beer brewed 100% using renewable energy: the commitment from Heineken España

After covering all the demand for electricity from its breweries in Spain with the development of this new solar photovoltaic installation, Heineken’s plan focuses on replacing its current gas boilers with others that use solar energy in order to bring about its commitment to making its beers using only renewable energy by 2023.

These measures form part of its sustainability strategy Brewing a Better World, which focuses on six priority areas in which the company considers that its activities can make the most positive impact. Among them is the fight against climate change by reducing the amount of CO2 emitted into the atmosphere, a commitment on which Heineken España has made great progress in recent years by reducing its carbon footprint by 64% since 2008. In 2018, the company succeeded in meeting the 2020 goals two years ahead of schedule, setting new challenges for 2030 in the areas of production, cooling and packaging in order to meet the commitments of the Paris climate conference (COP 21) and the UN Sustainable Development Goals (SDG), among which is the commitment to using only renewable energy for the entire production of its beers by 2023.

Source: Iberdrola

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Foundation of a wind turbine

GES, an integral supplier of engineering, construction and maintenance for renewable energy projects (wind, solar and hydroelectric) will build the Valdejalón wind portfolio consisting of 5 wind farms in Aragón, Spain. Once completed, the wind farms will have a total installed capacity of 231 MW. Construction is expected to be finalized in 2020 second quarter.

The project is divided into two phases: Valdejalón East which includes the wind farms El Cabezo (49 MW) and Portillo II Phase I (45.6 MW) and Phase II (38 MW), and Valdejalón West composed of Virgen de Rodanas I (49.4 MW) and Virgen de Rodanas II (49.4 MW).

The Valdejalón portfolio is fully owned by the Danish fund manager Copenhagen Infrastructure Partners P/S (CIP) through its fund Copenhagen Infrastructure III K/S (CI-III). CIP is a fund management company focused on energy infrastructure including offshore wind, onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, and other energy assets like reserve capacity and storage. The company operates in Europe, North America and Southeast Asia.

GES is responsible for the engineering, procurement and construction of the project. The company is already working in the detail engineering, and will be in charge of the complete BOP (Balance of Plant), both the civil work, with more than 60 km of roads and 61 foundations and platforms for the 85 m wind turbines to be installed in the park; and the electrical work, including the underground medium voltage network with more than 55 km of trenches and the 132 kV evacuation line of almost another 50 km, which will connect the two new substations to an existing interconnection substation.

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Offshore wind East Anglia One

Iberdrola has hooked up the East Anglia One offshore wind farm to the British electricity grid. It is building the facilities in the North Sea, around 50 km from the coast of the county of Suffolk, in the United Kingdom, and it is scheduled to go into operation next year.

The first of 102 wind turbines, the so-called WTG E19, has already supplied clean power to the land substation in Burstall. Its subsidiary, ScottishPower Renewables, which installed 25 turbines on the site this summer, will gradually connect them to the grid.

With an investment of approximately 2.5 MM£ and covering an area of 300 km2, East Anglia One is one of the largest scale projects being developed by Iberdrola and the biggest renewable initiative ever developed by a Spanish company.

Once commissioned in 2020, it will be the world’s biggest wind farm, with an installed capacity of 714 MW that will supply 630,000 British homes with clean energy.

The construction of East Anglia One is driving the offshore power industry in Europe, providing jobs for more than 1,300 people in several countries – Spain, the United Kingdom, the Netherlands, the United Arab Emirates – and is crucial to several sectors, such as the naval industry. The project has been a great driving force in Spain, since Iberdrola has used local companies like Navantia, Windar and Siemens-Gamesa for the development of many of the essential components of the wind farm.

Technical specifications ofeast anglia one

  • 102 Siemens Gamesa wind turbines make up the wind farm, each with a capacity of 7 MW. Once installed, they will have a total height of 167 m.
  • A marine substation (Andalusia II), manufactured by Navantia in Puerto Real (Cádiz), will be responsible for receiving the electricity produced by the wind turbines and transforming the voltage so it can be sent to the coast through two undersea cables, each around 85 km long.
  • These cables are joined to a further six underground cables measuring around 37 km and running from Bawdsey to the new land-based transformer in Burstall, which connects the offshore wind farm to the national grid.
  • Of the 102 jacket-type foundations, Navantia has manufactured 42 in Fene (Spain) and Windar has built the pilot cables in Avilés (Asturias). The other 60 foundations were manufactured by Lamprell in the United Arab Emirates and by Harland & Wolff in Belfast.

 

Iberdrola, steadfast commitment to offshore wind power

Over the next few years, Iberdrola will redouble its investment in offshore wind production, developing a project portfolio with over 10,000 MW. This growth focuses on three main areas: the North Sea, the Baltic Sea and the United States.

Clean power generated by offshore wind farms are the cornerstone of the company’s strategy, which expects to allocate 39% of the 34 MM€ earmarked for the 2018-2022 period to this type of generation: 13.26 MM€.

The group is currently operating two offshore wind farms: West of Duddon Sands, which went into service in the North Sea in 2014, and Wikinger, in the German waters of the Baltic Sea, which has been operational since December 2017.

In the United States, Iberdrola is in the process of building the biggest offshore wind farm in that country: Vineyard Wind. Just off the coast of Massachusetts, it will produce 800 MW of power to cover the energy needs of a million homes.

In Germany, in April 2018, the company was awarded contracts to build two new plants in the Baltic Sea, with a total of 486 MW of power: Baltic Eagle and Wikinger South.

In addition to these new plants, the Sant Brieuc Wind Farm, which is located in French waters, is scheduled to be commissioned in 2022. It will have 496 MW of installed power and will be located just off the coast of French Brittany, 20 km offshore.

Once these projects are operating in late 2022, the company will have installed 2,000 MW of offshore wind power, after which it will add a further 1,000.

Iberdrola is seizing this excellent opportunity for growth, with ambitious objectives for new wind generation facilities in the United Kingdom and the United States for the next few years: 30,000 MW for 2030 in the former and 25,000 MW in the latter, each with different timelines.

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Solarpack Corporación Tecnológica, SA (the “Company” or “Solarpack”) announces the closing of the acquisition of 90.5% of the solar photovoltaic (” FV “) projects Tacna Solar and Panamericana Solar (the “Projects”) with TAWA SOLAR FUND LP and the rest of the Projects’ shareholders, for US$ 51.5 million. With this milestone, the Company has become the owner of 100% of the Projects, since prior to the transaction it had 9.5% of the shares of the special purpose vehicles (“SPVs”) owning the assets: Tacna Solar SAC and Panamericana Solar SAC.

The Projects, which were developed and built by Solarpack in 2012 in association with Gestamp Asetym Solar (now X-ELIO), are located in southern Peru and have a total combined installed capacity of 43 MW. Both Projects have a long-term power purchase agreement (“PPA”) in US$ in place with the Peruvian Ministry of Energy, as a result of the first renewable energy resources (“RER”) tender held in Peru in 2010, and have more than 13 years of remaining contractual life under their respective PPAs.

The Projects have a long-term non-recourse project financing granted by Overseas Private Investment Corporation (OPIC), had a net financial debt of 113 MM$ as of February 28, 2019 and booked a joint EBITDA (Pro forma EBITDA 2018 considered the acquisition of the c. 13 MW in Spain as if it had happened on January 1, 2018, and was 25.2 MM€) of 21 MM$ in 2018.

In order to partly finance the acquisition of the Projects, Solarpack has disbursed a bridge loan granted by Banco Santander for 30 MM$. For the amortization of the bridge loan, the Company contemplates several options that may involve the entry of a minority partner in the Projects or, alternatively, maintaining full ownership of the assets.

The transaction is part of Solarpack’s strategy to selectively acquire operating assets that offer attractive returns and clear value creation opportunities from operational or other types of synergies. With this acquisition, the Company accelerates the original growth plan with which it went public in December 2018.

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