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PV projects

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Endesa, through its renewables subsidiary Enel Green Power España, and Prodiel have closed a deal in which Endesa acquires 100% of the capital of 13 companies which own photovoltaic projects in Spain from Prodiel for €36 million. The agreement reached by the two companies also includes contracts in which Prodiel will be responsible for providing the co-development services for these projects for €65 million, which also include local taxes for the construction and cover grid connection costs.

The thirteen acquired companies have 1,037 MW of capacity to develop through 10 projects. Of this figure, 102.5 MW could be completed and commissioned in 2020, and the rest will be developed between now and 2022, which is a major step forward towards achieving the new capacity objectives announced in the Endesa Strategic Plan 2020-2022, presented at the end of November. When they enter into operation, the estimated production of all these projects will amount to 1,990 GW/h per year (or what more than 500,000 households consume), which will prevent the emission into the atmosphere of more than 1.6 million tons of CO 2 annually.

Prodiel’s portfolio is distributed throughout Spain. The acquired companies have projects in Huelva (more than 30 MW), Seville (three projects totalling more than 200 MW), Badajoz (150 MW), Cáceres (50 MW), Granada (329 MW), Valencia (50MW), Barcelona (45 MW), and Soria (180 MW). All these projects acquired from Prodiel have REE (national grid) connection rights.

This renewable capacity is in line with Endesa’s strategy of decarbonising its generation mix by 2050. To achieve this, the first milestone of the latest Strategic Plan (2020-2022) will be to reach 10.2 GW of renewable installed capacity by 2022, compared with the 7.4 GW estimated for the end of 2019, with a total investment of about €3.8 billion.

Endesa follows a renewables facility development model that incorporates actions to create social value for the environments in which they are built, known as the Creating Shared Value (CSV) model. CSV actions prioritise the incorporation of local labour, as well as the development of projects of benefit to the community.

Endesa currently manages more than 7,343 MW of renewable capacity in Spain. Of this figure, 4,701 MW are from conventional hydraulic generation. The rest, more than 2,635 MW, are managed through Enel Green Power España (EGPE) and come from wind (2,203 MW), solar (339 MW), mini-hydro (79 MW), and other renewable energy sources (14 MW).

Source: Endesa

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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 multinational Nclave will supply its single axis solar tracker mono-row SP160 in two different PV projects of 110 and 103 MW of power respectively in Chile, as well as another project of 100 MW in United States. In addition, there is a fourth project of 27 MW located on the other side of the Atlantic, in one of the areas with more solar radiation in Colombia, whose sponsor is Trina Solar Energy Spain. These PV projects make Nclave keep the lead in the Chilean market and embark on large projects in United States and Colombia, markets in which Nclave will strengthen its position over the next few years.

Nclave has the widest range of products in the market; fixed structures, single axis tracker mono-row SP160 and multi-row SP1000 and twin tracker SP240, – the latest design to be incorporated, which has recently received the UL3703 certification, granted by the UL LLC, besides the one already obtained for the mono-row and multi-row models and UL2703 certification for fixed tilt structures. Nclave also has the CE marking, renewed last June due to the integration of the EN 1090 standard for structural component requirements, ISO 9001, ISO 14001, IEC 62817, ISO 14064 and TÜV-NORD certifications (structural security of fixed structures) and DNV-GL (bancability).

Nclave will end 2019 with over 4.5 GW supplied worldwide. With more than 15 years of experience and offices and production centers on five continents, Nclave, is a leading company in the development, design, manufacture, installation and maintenance of fixed tilt structures and solar trackers, including the design and execution of any foundation solution. Nclave offers solutions with the lowest installation costs on the one hand, and, during the life of the project, operation and maintenance

Source: Nclave

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Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy and a leading global developer of renewable utility-scale projects, has announced the financial close for Potrero Solar (296 MW dc), the Company’s second solar farm in Mexico.

FRV reached financial close last March with the International Finance Corporation (IFC) and Banco Nacional de Comercio Exterior (Bancomext), and it is expected that the plant which began construction in late May, will be completed by mid- 2020.

Potrero Solar is FRV’s first project in Mexico to be financed before having any of its products (energy, CELs or capacity) committed in the tender schemes, and one of the largest merchant PV projects worldwide. It is also one of the world’s largest PV projects to use bifacial technology. Once operational, the plant will trade the electricity generated as well as the associated clean energy certificates at the country’s energy market.

With an approximate area of 700 ha, Potrero Solar will be located in Lagos de Moreno, in the state of Jalisco, and will use bifacial PV modules, a new technology that has the ability to capture both direct sunlight from both the front and reflected light from the rear side.

The solar power farm will generate around 700 GWh of clean energy each year, enough to supply around 350,000 average Mexican homes and reduce the emission of 345,000 T/year of CO2. In addition, Potrero, which will be built by a consortium formed by multinationals Power China and Prodiel under an EPC contract, will boost the economic development of the local community including the potential of around 1,500 jobs during its construction phase.

Fernando Salinas, Managing Director of FRV Mexico and Central America, highlights: “Mexico is a country that offers numerous opportunities for both FRV and international investors, due to its favorable market and weather conditions for renewable energy projects. Potrero’s financial close marks a milestone as the largest bifacial plant in the world and FRV’s first fully merchant project in Mexico. By carrying out this flagship project that will lead the way for other large-scale bifacial PV plants and that is also one of the largest PV merchant projects worldwide, FRV demonstrates its leadership once again and its ability to be a spearhead in the wider renewable energy industry.”

Bancomext assures that “Potrero Solar has all the features a financial institution looks for during a transaction: an experienced, highly professional sponsor, high-quality technology, an EPC provider with a well-proven track-record and a solid financial structure. With this project, Bancomext reaffirms its leading position in the Mexican market, supporting renewable energies under the ‘spot market price’ scheme and fostering job creation in the country during the construction and operation phases.”

Fady Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “At Abdul Latif Jameel Energy, we are delighted to move forward to the next phase of the Potrero project. Potrero confirms FRV’s positioning as one of the leaders in the global renewable energy sector and further reinforces our long-term commitment to Mexico’s drive for clean energy. Mexico is a strong and promising market for FRV and Abdul Latif Jameel Energy, and we look forward to seeing Potrero spearhead the development of the sector in the country and further afield.”

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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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Powertis, a company that invests in the development, structuring, financing, construction and operation of large-scale solar PV projects, is developing a 765 MW photovoltaic solar portfolio in the states of Minas Gerais and Sao Paulo, in Brazil. The portfolio consists of one project of 495 MW and three projects of 90 MW each. The Spanish company Soltec will be responsible for supplying solar trackers in all plants and facilitating installation and construction services. These projects will need an investment of B$2.500 MB$ (552 M€) approximately and will supply the energy needed for more than 1,150,000 households.

This portfolio has energy sales contracts (or PPAs – Power Purchase Agreements) with two Brazilian frontline off-takers that will allow the operation of the plant by Powertis until the end of 2041. The projects will begin operations in January 2021 and January 2022.

The projects will be financed by BNDES (Banco Nacional de Desenvolvimento Econômico e Social) and BNB (Banco do Nordeste), with an expected financial closing date in Q4 2019 and Q1 2020.

Their strategic and financial advisor is BTG Pactual, a leading bank in Brazil in the area of M&A and financing in the energy sector.

Powertis expects that the construction of these solar plants will create more than 7,200 direct and indirect jobs during installation and construction phases, which will be complemented by more than 160 permanent direct and indirect jobs when the plant is in operation.

The company has become one of the main PV investors in Brazil after the acquisition of more than 700 MW in solar projects, and a leader in the ACL and bilateral PPAs markets. “With the construction of these four projects, Powertis continues to strengthen its position in the Brazilian market and also contributes to the generation of jobs through the implementation of clean energy”, says Pablo Otín, CEO of Powertis.

Source: Powertis

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The solar tracker and fixed structures manufacturer reached agreements last January with 2 major French companies, for the construction of various projects located in the regions of Aquitaine, Languedoc-Roussillon, Champagne-Ardenne and Occitania during the first semester of this year. These projects were awarded by the French government in the CRE 4.1 and CRE 4.2 auctions.

In total, these plants will avoid the emission of about 50,000 T of CO2 anually for 30 years.

The largest project occupies an area of 37 and counts with 357 units of STI-H250TM DUAL-ROW trackers, and a power of 17 Mwp installed on an area of 37 hectares. It has been built on a former NATO military base that now belongs to the Department of Aube, and will produce power for more than 8,000 homes.

Another project has been built on an old landfill, and has required the development of a foundation solution adapted to the particularities of the project, on a surface of 6 hectares and 4 MWp of installed power will produce energy for about 2,200 homes.

On the other hand, the last two projects have the STI-F5TM bipost structure, are the first projects in France that use double-glazed bifacial modules and have required a specific adaptation of the structure minimizing shading on the back of the modules.

It should be noted that several of these projects have a participatory financing formula. Through a Crowdfunding strategy in diverse platforms allowed the inhabitants of the neighboring departments to collaborate on the financing of the projects.

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Ingeteam has supplied 2 GW of power for solar PV plants throughout the world during the first half of 2019. This means that the company’s technology will be capable of supplying renewable energy to more than 400,000 homes once commissioned. In total, the Spanish company has reached a cumulative power of 14.5 GW throughout the world, which could satisfy the energy demand of about 3 M homes. In 2019, the key markets in which the company has grown its solar business are the Middle East region, Australia, Mexico, Spain, Chile and France.

Ingeteam closed 2018 with a new record of 3.85 GW supplied, for solar PV installations worldwide. So far this year, Ingeteam has already exceeded half this figure and the company is expected to pass the barrier of 4 GW in 2019.

The Ingeteam Group is one of the world’s leading suppliers of technological solutions for PV plants, control, monitoring and automation systems as well as energy storage systems. In this regard, this year Ingeteam has been entrusted with the supply, commissioning and provision of services for the largest solar PV project in Europe, now being built in the region of Murcia, Spain. The company was awarded the contract for the Mula project, which will achieve an installed power capacity of 500 MWp, to become the largest plant in Spain and Europe.

It is estimated that, by the end of 2019, the plant could be operating through the connection point at the El Palmar substation, a strategic hub for the power transmission grid in the region of Murcia.

Energy storage

Energy storage is a key sector for Ingeteam, where the company is positioning itself for the considerable development expected in the short and medium term for systems of this type, both at a residential level and also on a large scale. In fact, Ingeteam is marketing its battery converters for both segments and, in 2018, the company supplied this equipment primarily for hybrid systems that combine PV generation with energy storage. Sales in this sector were principally made to countries such as the United States, Spain, the United Kingdom, Australia, the United Arab Emirates, India, Poland and the French overseas departments.

Global leader in the provision of Operation & Maintenance Services

Furthermore, the company has achieved a new annual record for maintained power, exceeding 15 GW of renewable power across the globe, of which 6.1 GW correspond to solar power in more than 550 PV plants. This means that, at present, Ingeteam’s operation and maintenance division is strengthening its position as a global leader in the provision of O&M services at energy generation plants.

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On Tuesday 11 December, Aremur, the Renewable Energy and Energy Saving Business Association of Murcia held the first seminars in the Region of Murcia on large PV projects with the collaboration of the Regional Federation of Metal Companies of Murcia (FREMM) and Soltec, Europe’s largest solar tracker manufacturer. Entitled “Solar Plants in the Region of Murcia”, the leading players in the PV sector came together in the FREMM conference hall. The event was inaugurated by Javier Celdrán, Minister for Employment and the Environment, José Marín, Chairman of Aremur and Raúl Morales, CEO of Soltec, and involved three round table discussions which addressed the most important aspects of the implementation process of a PV plant.

After the opening introduction, Esther Marín, General Manager of Energía y Actividad Industrial y Minera, gave a presentation on the future of PV energy.

Iberdrola and REE, the Spanish electrical grid, gave their perspective on the new regulation on access and electricity connection. There was also a round table discussion on administrative matters regarding the authorisation for implementing PV plants in the Autonomous Community of Murcia.
Lastly, the event addressed the technical aspects of designing a utility-scale solar plant, as well as the advances and innovations on the subject, with contributions from JinkoSolar, Power Electronics and Soltec.

Soltec is currently constructing a 84.7 MW solar plant in the Region of Murcia. As part of the project’s corporate social responsibility actions, the company has signed a collaboration agreement with the Totana Town Hall through which they have undertaken to employ people with intellectual disabilities. In this way, users of the “Princess Letizia” Day Centre for People with Mental Illness and the “José Moyá” Day Centre for People with Intellectual Disability will be responsible for the pre-assembly of the screws destined for this PV plant.

The agreement, signed by the mayor of Totana, Andrés García Cánovas, the regional manager of Soltec in Spain, Luis Hernández, and by Ana García Vera, director of the José Moyá Centre, will provide the users of this centre with technical training in the pre-assembly of the screws, thereby fostering their personal and professional development.

In total, 2,900 units of the SF7 single-axis solar tracker will be installed in this plant that will make use of the region’s high level of solar irradiation. Once operational, the plant will avoid the emission into the atmosphere of 63,000 tonnes of CO2 a year, the equivalent to that produced by 15,000 vehicles.

Soltec’s global operations and a workforce of over 750 people bring together experience and innovation. The company has manufacturing centres in Brazil, China and Spain; and offices in Australia, Denmark, Chile, Egypt, the US, India, Israel, Italy, Mexico and Peru. Firmly committed to renewable energies and the environment, Soltec supports product standardisation and the success of its clients.

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The multinational corporation OPDEnergy – specializing in the production of energy assets and in the management of all related phases (development, financing, construction, operation and maintenance) – will build 500 MW distributed in various PV projects located in Spain, Chile and Mexico next year. The investment for the aforementioned projects will be of approximately €500 million, financed through the Project Finance Scheme with various financial institutions.

With regards to the projects that OPDEnergy will build in Spain, there are seven PV plants totalling 300 MW of power and they are scheduled to start operating by the end of 2019. These projects are located in: Extremadura, with 50 MW in the La Fernandina solar plant; Andalucia, with 100 MW distributed in two 50 MW plants located in Puerto Real (Cadiz) and Alcala de Guadaira (Seville); and Aragon, with a further 148 MW distributed among the new photovoltaic solar plants in Los Belos (Zaragoza) and Montesol (Teruel) and their respective extensions, which will add a total power of 61 MW in Zaragoza and 87 MW in Teruel.

On the other hand in Chile, in the 2016 public energy tender, OPDEnergy was awarded a 176 GWh/year block of energy, therefore in 2019 and within the framework of this award, the construction of 50 MW will begin. In addition to this, the multinational corporation is currently developing various projects in the Chilean market in the fields of wind, hydro and solar energy.

Apart from the said projects in Spain and Chile, OPDEnergy will start the construction of two PV plants in Mexico with a total capacity of 144 MW in 2019. It is the “Andalucía” solar plant with 107 MW of power and located in the State of Coahuila de Zaragoza and a 37 MW solar plant in the State of Aguascalientes, both projects to be included within the power allocation made by the Mexican government in 2016.

The projects that OPDEnergy has in these three markets (Spain, Mexico and Chile), will allow the multinational corporation to reach a total of 500 MW built throughout 2019. Besides, OPDEnergy is developing various projects in other markets, such as the United States and Italy.

The Spanish firm OPDEnergy has become a key speaker and one of the main international players in the renewable energy sector, thanks to a business model driven by on-going expansion and evolution throughout its 13 years of history. During this period the multinational corporation has invested 1,100 million Euros in projects completed in Spain, Italy and England.

As far as the Spanish market is concerned, it is worth highlighting that OPDEnergy was awarded 200 MW in the most recent tender put out by the Spanish Government, thus becoming the first private equity company -apart from business groups listed on the stock exchange or in the hands of investment funds-, to be awarded more MWs (taking a sixth position in the total allocation ranking).

Recently the multinational corporation launched its new brand “opdenergy” and renewed its corporate image. With the renewal of its identity, the organization intends to strengthen its strategic positioning in the market, “justified by the increase of our international presence, our diversification in new sources of energy and by the growth of our portfolio“, concludes Luis CID, company CEO.

Source: OPDEnergy

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