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A SYSTEM OFFERING 24 HOUR / 7 DAY SOLAR POWER USING A RESOURCE THAT WE ARE BLESSED

TO HAVE IN ABUNDANCE IN CYPRUS THE ANSWER FOR A SUSTAINABLE ECONOMY

IEA 2050 road map

The Cyprus Institute

CSP plants will be the dominant technology in the future for Middle East and African countries and they will play a significate role in other regions

20/12/2017 The EOS CSP Green Energy project in Cyprus - NER300 meeting 2

The International Energy Agency predicts a bright

future for CSP: 11% of world energy needs in 2050

Up to 4.350 TWh by 2050 according to the hi-Ren scenario (Energy Technology Perspectives 2014), meaning CSP/STE will account for 11% of the electricity generated worldwide and 4% in Europe

From the quoted figures of IEA above the expected world energy that will be generated through CSP systems in 2050 requires 25.000 systems of the current size of Alassa! We are just at the beginning of a mammoth future …

Europe is responding: The agreed strategic European target in Solar Thermal Electricity that comes out of the Declaration of Intent is: Short-term: > 40% cost reduction by 2020 (from 2013) translating into Supply price < 10 c€/kWh for a radiation of 2050 kWh/m2/year (conditions in Southern Europe).

The good news is that the EOS technologies are already there and improving …

20/12/2017 3 The EOS CSP Green Energy project in Cyprus - NER300 meeting

50 MW PROJECT - CYPRUS

The EOS (Green Energy) project at Alassa in Cyprus was proposed in June 2013 for a grant under the 2nd call of the NER300 program, that as we all know here, it offers grants to installations of innovative renewable energy projects. The project was successful in the application and has been granted the amount of €60.2 million after completing all due diligence procedures of the EC and EIB. The CSP plant is to be constructed in Cyprus with a total budget of €175 million.

20/12/2017

CSP project of EOS / SOLASTOR in Cyprus

The project Alassa is a multi tower Concentrated Solar Power (CSP) system providing the annual electricity demand of more than 65.000 households.

The CSP power station consists of 2 main subsystems: 300 heliostat fields, each with individual control system

300 solar thermal receivers (STR) incl. storage and steam generation system and

1 conventional power block with high efficiency steam turbine of 50 MWe net capacity

The modular architecture, using a low height tower system (25 m) is highly suitable for hilly areas found in Cyprus or elsewhere in the Mediterranean


Validation of technology

The EOS Green Energy project has gone through two independent due diligence processes and have successfully completed both with positive recommendations for the project. These were: European Commission and European Investment Bank for

constructing the project in Cyprus with total budget of €175 million and after the positive results has been granted the amount of €60.2 million.

FICHTNER GmbH & Co. KG of Germany after a formal application of Alfa Mediterranean Enterprises Ltd with the request of providing an independent review of the solar resource and the annual electricity production which have been calculated for the project by the developers.


First of its kind in the Mediterranean

The project utilises new technology developed in Australia, which has built-in energy storage.

The project will be the first of its size and type in the entire Mediterranean basin and will feed electricity to the island’s grid.

Technology is already operated in demonstration plants in Australia and China

Most environmentally friendly and efficient CSP technology with storage, no heat transfer media as molten salt or synthetic oil, no risks for spillage or gas emissions

An important alternative to molten salt central receivers or parabolic trough


Plant Concept - Simplicity Modular CSP system

Each module consists of:

Heliostat field

Tower including receiver, storage and steam generation in one package

Conventional plant technology

Feed water and steam piping

Steam turbine and generator

Electrical and control systems

Plant auxiliaries

20/12/2017

Technology – Modular System

The EOS CSP Green Energy project in Cyprus - NER300 meeting

300 individual modules, each can yield 4.5 MWh thermal energy per day

Cavity receiver and graphite heat storage with embedded steam generation as core of each module

Fully engineered and certified package that is 100% factory made (no field works)

The system receives CE certification and complies to EC pressure equipment directive, highest quality standards are mandatory

Graphite is well known as material in high temperature applications

20/12/2017

Graphite as Thermal Energy Storage

Material

Graphite is an ideal medium for energy storage because of its high chemical stability and high heat storage capacity (1.75 kJ/kgK at 500°C)

Today’s technical storage capacity ranges is around 300kWhth per tonne at 750oC, but could go to about 1000kWhth per tonne at 1800oC.

Graphite can be heated from a solar system to very high temperatures

Graphite has high thermal conductivity, thus excellent heat transfer within a graphite module


Energy Balance of 1 Module

Energy Captured into STR = 4.9 MWh/day

Storage Capacity of STR = 3.2 MWh/day

Throughput Capacity (24hrs) = 4.9 MWh/day

(at average DNI 6.5 kWh/m2/day)

24 HOUR OPERATION CAPABILITY


Land Requirements

Each module 65m x 35 m = 2300 sq metres

Allowance for access and piping between modules

= 2500 sq m very high field density due to multiple tower system

i.e. 4 modules per Ha (approx.), Power Block ~ 150 x 200 m

CYPRUS 1 PROJECT − 300 modules

LAND AREA(adding access) − 850,000 sq m (85 Ha)

ANNUAL OUTPUT − 185,000 MWh

PRODUCTIVITY = = 2,176 MWh/Ha/year

(This compares to about 1,000 to 1500 MWh/Ha/year for other CSP technologies and 1,900 MWh/Ha/year for PV without storage)

185,000 85


COMPARATIVE IMPACTS ON BIRDS

HIGH TOWERS VS MULTIPLE SMALL TOWERS

Thermal Power

Input Comparison

450 ft

70 ft

Bird Flight

Path

Extremely bright light

Receiver

Single

Crescent Dunes and Ivanpah Type

Tower

> 300 MW thermal

Multiple

Solastor

Towers

Max. 1 MW thermal

No receiver

light visible

Bird Flight

Path

5000 MJ

(Deadly)

1.7 MJ

(Harmless)

Thermal Energy

Impact on

Flying Bird

NO IMPACT ON BIRDS


135 m

25 m

5.000 MJ Deadly

1,7MJ Harmless

˃ 300 MW Thermal

Max 1 MW Thermal

Thermal Power input comparison

The system’s high efficiency level is

due to five key factors

The high accuracy toroidal heliostat optimally arranged in small fields provide high annual field efficiency of over 70% since geometric as well as optical losses are very small

The energy concentration ratio of the toroidal mirrors to the STR is more than 1,000:1 and is delivered with pinpoint accuracy to the target.

Irradiation is focused on a down-facing cavity receiver, reflection and radiation loss are minimized

STR modules are thermally insulated, low heat losses from the storage

Steam production is at high temperatures and pressures which allows high steam turbine cycle efficiency


Technology – Operating Flexibility

Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez

1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.00 0.00 0.00 0.00 1.19 10.87 12.08 9.20 2.08 0.00 0.00 0.00 0.00

6.00 0.00 0.00 0.00 7.74 36.10 38.58 39.63 37.31 12.01 0.00 0.00 0.00

7.00 0.00 2.22 20.51 23.37 40.88 47.51 48.91 47.35 42.37 36.26 11.23 0.00

8.00 18.65 24.18 38.41 35.20 43.01 50.97 51.06 51.42 51.06 43.82 39.54 27.84

9.00 31.44 30.57 36.53 39.43 42.24 50.95 50.61 51.22 50.68 41.11 42.12 34.92

10.00 32.24 36.85 38.94 40.39 44.73 50.82 50.25 51.01 49.40 42.58 44.46 35.11

11.00 34.47 36.81 39.22 42.23 46.66 50.71 50.11 50.65 50.70 41.34 45.39 35.72

12.00 34.87 34.67 40.95 45.21 44.27 50.72 50.27 51.13 50.74 43.20 36.81 36.88

13.00 34.40 36.15 41.48 46.46 42.65 50.97 50.57 51.48 51.43 45.15 34.28 33.60

14.00 32.37 30.91 39.21 46.34 38.09 51.15 50.91 50.18 45.79 40.41 29.70 32.87

15.00 22.70 31.07 36.10 43.48 41.12 50.81 50.95 46.83 47.22 39.21 29.52 27.89

16.00 13.94 24.75 27.55 32.98 38.93 50.56 51.69 46.82 47.77 26.63 21.61 15.09

17.00 10.59 18.26 17.54 24.19 34.33 49.31 52.38 48.59 37.15 20.67 13.56 8.09

18.00 5.75 11.22 11.51 15.93 25.75 44.04 49.71 41.91 28.00 14.53 6.57 2.56

19.00 2.79 8.54 5.03 11.65 22.76 42.42 38.22 32.36 19.73 10.66 1.81 0.00

20.00 1.62 1.79 2.42 8.37 20.63 33.90 27.33 22.39 9.35 5.72 0.00 0.00

21.00 0.00 0.00 1.59 4.41 17.76 22.89 14.12 2.55 1.88 0.71 0.00 0.00

22.00 0.00 0.00 0.00 0.50 13.76 9.99 1.66 0.00 0.00 0.00 0.00 0.00

23.00 0.00 0.00 0.00 0.00 7.15 0.76 0.00 0.00 0.00 0.00 0.00 0.00

24.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Monthly average

daily generation

(MWh)

275.8 328.0 397.0 469.1 611.7 759.2 737.6 685.3 595.3 452.0 356.6 290.6

Monthly average hourly gross electricity production - non optimized

Full operational flexibility by staggered discharge of module groups

Optimization of Operation Strategy according to:

o Network demand and prices

o Energy efficiency

High field availability

o Maintenance of individual modules groups during full load operation

o Short term outage (trip) of individual modules or groups does not impact on plant performance


1.00 0.00 0.00 0.00 0.00 0.00 11.01 0.00 0.00 0.00 0.00 0.00 0.00

2.00 0.00 0.00 0.00 0.00 0.00 1.46 0.00 0.00 0.00 0.00 0.00 0.00

3.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.00 0.00 0.00 0.00 0.00 15.09 10.07 1.68 0.00 0.00 0.00 0.00 0.00

8.00 0.00 0.00 0.00 1.74 15.01 10.39 9.53 14.29 5.15 0.00 0.00 0.00

9.00 0.00 0.00 0.00 5.21 18.26 37.82 31.67 28.02 10.22 3.35 0.00 0.00

10.00 0.00 0.00 0.00 7.04 24.82 45.83 42.19 32.82 16.90 6.69 0.00 0.00

11.00 0.00 1.86 3.36 10.19 29.96 45.74 50.11 47.69 27.03 8.37 0.00 0.00

12.00 1.68 3.72 11.76 20.90 35.08 49.07 50.27 47.30 37.30 20.08 8.66 1.68

13.00 5.04 7.44 18.50 25.91 34.30 50.97 50.45 49.58 42.47 21.84 15.65 8.40

14.00 6.72 13.13 24.67 29.38 35.53 51.14 50.91 50.67 44.54 30.45 17.43 12.97

15.00 10.19 18.59 29.82 31.45 38.08 50.77 50.97 50.39 47.86 31.88 19.83 15.54

16.00 15.69 23.31 29.48 33.47 37.88 50.86 51.28 49.78 48.77 31.91 20.90 11.12

17.00 26.75 33.96 42.62 47.71 45.77 51.47 53.31 50.56 48.19 43.76 33.14 27.61

18.00 50.72 53.55 53.28 55.06 55.06 55.05 54.98 55.06 55.06 55.06 55.06 50.34

19.00 47.72 51.12 53.13 53.22 55.06 55.06 55.06 55.06 55.06 53.28 54.47 49.27

20.00 42.70 49.43 49.73 52.58 54.43 55.06 55.06 55.06 55.06 53.28 50.17 42.81

21.00 40.79 42.86 48.81 51.38 52.97 55.06 55.06 55.06 55.06 52.20 47.08 40.40

22.00 31.97 39.33 46.18 50.72 48.94 55.06 55.06 55.06 55.06 51.31 41.36 33.88

23.00 0.00 0.00 0.00 0.00 8.03 23.86 16.30 2.00 0.00 0.00 1.74 0.00

24.00 0.00 0.00 0.00 0.00 1.77 20.02 8.26 0.00 0.00 0.00 0.00 0.00Monthly average

daily generation

(MWh)280.0 338.3 411.3 475.9 606.0 785.8 742.1 698.4 603.7 463.5 365.5 294.0

Monthly average hourly gross electricity production - optimized

Monthly average hourly gross electricity production - non optimized



General Project Structure


Shareholder’s

Agreement

Project

Company

Interconnection

Agreement

Sponsor

Private Equity

Investors

TSO Supplier

Loan

Agreement(s)

EU NER 300

Grant

Financing

Institutions

Utilities Supply

Agreements

Government

Land Owner Land Title

Bilateral PPAs Day-ahead

Trading

Free Energy

Market

Industry

Consumers

Retailers /

Consumers

• RES Regulations • Project specific

regulations

SolaStor

EPC

Contractor EPC Contract

O&M

Contractor O&M Contract

Retailers

Market Rules

20/12/2017 16

Engineering, Procurement & Construction General Scope Split and Procurement Approach • Heliostats and receiver modules are pre-engineered licensed and certified products that

will be provided by SOLASTOR to the EPC • Civil works, off site works and transport by local companies • EPC is responsible for power station and balance of plant - integrates all technical scope

of work (mainly mechanical, electrical and I&C)

Engineering Approach • SOLASTOR will provide the overall process engineering • Local companies for architectural design as well infrastructure • OEMs will provide detail engineering of their equipment • EPC is responsible detail engineering of BOP mechanical systems, electrical and I&C

Technical Guarantees • Heliostat field efficiency: reflectivity / aiming accuracy, thermal power to the receiver • Receiver and Storage module: receiver optical efficiency, module storage capacity,

maximum steam generation capacity, steam generation start-up time • Steam turbine and Generator: Turbine and generator efficiency, start-up time • EPC: overall process functionality, start-up times, load transients, overall plant efficiency

The EOS CSP Green Energy project in Cyprus - NER300 meeting 20/12/2017

Operation and Maintenance Sponsor will create an Operation and Maintenance (O&M) Company that will

receive a industry standard O&M contract

Steam turbine maintenance will be secured under Long Term Service Agreement (LTSA) with OEM

Maintenance of the Heliostat fields and the module will be under guidance of the technology provider

O&M Company will hire senior personal with long term conventional plant experience as well as international experts for the solar components

Knowledge transfer on solar components from international experts to younger Cyprean professionals within a transission period of 5 years

Spare Part Strategy:

• Steam Turbine: fixed prices under LTSA

• Heliostats and Modules: fixed supply prices with technology provider

• Balance of Plant: standard power plant spare part strategy


Annual Energy Yield


Solar Irradiation Data confirmed by two independent companies, long term data and ground measurement as per industry standard

Performance modeling by SolaStor, reviewed and confirmed by Fichtner

Annuall efficiencies and power production are in line with the bench mark in the CSP industry

Annual Electricity Exported to the Grid: 185 GWh


1.00 0.00 0.00 0.00 0.00 0.00 11.01 0.00 0.00 0.00 0.00 0.00 0.00

2.00 0.00 0.00 0.00 0.00 0.00 1.46 0.00 0.00 0.00 0.00 0.00 0.00

3.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

7.00 0.00 0.00 0.00 0.00 15.09 10.07 1.68 0.00 0.00 0.00 0.00 0.00

8.00 0.00 0.00 0.00 1.74 15.01 10.39 9.53 14.29 5.15 0.00 0.00 0.00

9.00 0.00 0.00 0.00 5.21 18.26 37.82 31.67 28.02 10.22 3.35 0.00 0.00

10.00 0.00 0.00 0.00 7.04 24.82 45.83 42.19 32.82 16.90 6.69 0.00 0.00

11.00 0.00 1.86 3.36 10.19 29.96 45.74 50.11 47.69 27.03 8.37 0.00 0.00

12.00 1.68 3.72 11.76 20.90 35.08 49.07 50.27 47.30 37.30 20.08 8.66 1.68

13.00 5.04 7.44 18.50 25.91 34.30 50.97 50.45 49.58 42.47 21.84 15.65 8.40

14.00 6.72 13.13 24.67 29.38 35.53 51.14 50.91 50.67 44.54 30.45 17.43 12.97

15.00 10.19 18.59 29.82 31.45 38.08 50.77 50.97 50.39 47.86 31.88 19.83 15.54

16.00 15.69 23.31 29.48 33.47 37.88 50.86 51.28 49.78 48.77 31.91 20.90 11.12

17.00 26.75 33.96 42.62 47.71 45.77 51.47 53.31 50.56 48.19 43.76 33.14 27.61

18.00 50.72 53.55 53.28 55.06 55.06 55.05 54.98 55.06 55.06 55.06 55.06 50.34

19.00 47.72 51.12 53.13 53.22 55.06 55.06 55.06 55.06 55.06 53.28 54.47 49.27

20.00 42.70 49.43 49.73 52.58 54.43 55.06 55.06 55.06 55.06 53.28 50.17 42.81

21.00 40.79 42.86 48.81 51.38 52.97 55.06 55.06 55.06 55.06 52.20 47.08 40.40

22.00 31.97 39.33 46.18 50.72 48.94 55.06 55.06 55.06 55.06 51.31 41.36 33.88

23.00 0.00 0.00 0.00 0.00 8.03 23.86 16.30 2.00 0.00 0.00 1.74 0.00

24.00 0.00 0.00 0.00 0.00 1.77 20.02 8.26 0.00 0.00 0.00 0.00 0.00Monthly average

daily generation

(MWh)280.0 338.3 411.3 475.9 606.0 785.8 742.1 698.4 603.7 463.5 365.5 294.0


20/12/2017

Electricity Market Study

Purpose of the study is to determine future wholesale electricity prices at Cyprus for the years 2020, 2030 and 2040.

The electricity prices are an important factor for the economic viability of renewable energy projects.

The strategic direction of the study is to provide an assessment of the expected market development based on technical facts and basic rules of energy economics

Where assumptions are needed, these are based on reliable sources, generally the more conservative numbers have been used


Parameters for modelling the electricity

prices The study of Fichtner aims at determining the future wholesale electricity

prices in Cyprus for the years 2020, 2030 and 2040 based on the development of

electricity demand

renewable energy sources

fuel types, fuel prices and CO2 prices

development of conventional power generation fleet (considering decommissioning and replacement/modernization of power plants, capacity increase to cover residual load (i.e. electricity demand not covered by renewable energies)

change in policies e.g. fuel switch due to stricter industrial regulations concerning emissions, potential deployment of LNG in the conventional power plant fleet

Change of energy market rules in Cyprus

Development of a market model which reflects all these parameters


Results: Average wholesale electricity prices

2020 – 2025 Price increase due to fuel cost increase (low impact of RE on price)

2025 – 2030 RE start to reduce the overall price level; most inefficient conv. Units not price relevant any more

By 2030 Replacement of old conventional plants due to retirement necessary

2030 – 2040 Increased RE generation reduces price level, while fuel cost further increase


-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2020 2022 2024 2026 2028 2030 2032 2034 2036 2038 2040

MWh

Development of electricity generation in CyprusScenario 2.1 (Max REN-Diesel)

Conventional Generation GWh Renewable Generation (non-dispatchable) GWh

Renewable Generation (dispatchable) GWh Total demand (GWh)

20/12/2017

Average prices (Ranges of different Scenarios) Period 2020 to 2025: 14 to 18 C/kWh

Period 2025 to 2030: 16 to 18 C/kWh

Period 2030 to 2040: 12 to 14 C/kWh

Beyond 2040: ~ 10 C/kWh

Implementation Program


Milestones

EPC Contract

…

Final Specifications

Negotiations

Contract Signature

Project Company

Organizational Set-up

Shareholder Agreement

Agreements and Market

Supply Agreements

Interconnection Agreement

Bank Finance

Due Diligence

Letter of Interest

Q4/17 Q1/18 Q2/18

Drafting Finance Agreement

Signature Finance Agreement

Execution Notice to Proceed / Contract Effective Date

Commercial Operation Date

~ 30.06.18

~ 31.05.18

~ 30.06. 20

~ 5 months

~ 3 months

24 months EPC Phase

20/12/2017 23

Thank you very

much

!!!

EOS technologies can provide innovative sustainable

solutions for Cyprus and

the EU


a system offering 24 hour / 7 day solar … · a system offering 24 hour / 7 day solar power using...

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