bank ofireland greenexpo
TRANSCRIPT
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Andrew Cullen
Head Renewable Energy ROI
Bank of Ireland Business Banking
Green Economy Expo 2010
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Growing Renewable Energy in Ireland…
A Lender’s Perspective
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3The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
• Current Irish Electricity Fuel Sources
• Renewable Energy Generation Targets
• Roll Out of Wind Generation in Ireland
• Windfarm development in Ireland
• Financing Renewable Energy Projects
• BOI Renewable Energy Fund
• BOI & Project Finance
• BOI Experience
Presentation Overview
The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
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4The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Current Irish Electricity Fuel Sources
*Indicative, based on provisional data from TSO and SEMO/Analysis Eirgrid
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5The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Renewable Energy Generation Targets
14% Renewable Energy Generation Target by 2010
40% Renewable Energy Generation Target by 2020
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6The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Rollout of Wind Generation in Ireland
• Connected (Gate 1 & 2) 1,260 MW - operational• Contracted (Gate 2) 1,360 MW - development• Gate 3 3,990 MW - development=> Approved Capacity 6,610 MW
• In Queue 11,000 MW
• National annualised peak usage circa 5,000 MW
Source: Eirgrid
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7The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Windfarm Development in Ireland
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8The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Financing RenewableEnergy Projects
Two specific types of debt finance:
1) Recourse Finance – standard debt finance, Bank seeks security and repayment capacity that is independent of the proposed project.
2) Non-recourse Finance – project specific debt finance, Bank ring fences a project’s assets and associated cashflows in order to service the debt finance.
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9The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Bank of Ireland – Renewable Energy Fund
• Dedicated €200m Fund• Launched March 2009• Irish based Renewable Energy Projects• New or Expanding Projects• Area of significant growth potential• Fund – focus primarily on small to medium sized deals
…. very much “open for business” for larger deals too
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10The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Bank of Ireland & Project Finance
The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Energy,Waste and Renewables Trends in Bank of Ireland Portfolio (€'m)
-
200
400
600
2004 2006 2008
Waste & Water
Renewables
Power Generation
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11The Governor and Company of the Bank of Ireland is regulated by the Financial Regulator in Ireland. A member of Bank of Ireland Group.
Bank of Ireland – Experience
A Leading Financier in
• Irish Wind Farm transactions
• UK Waste Management transactions
• European Renewable Energy
• A highly experienced team of 40 professionals based in Dublin, London,
New York, Sydney
• High quality structuring and arranging capability – support timely and
successful completion of projects
• Key growth area for the Bank – long term commitment to the market