investment opportunities in african solar energy field

1© Rödl & Partner 15-16 marzo 20128th of May 2013

World renewable markets

Rödl & Partner Padua, Avv. Barbara Cavallin8 May 2013

Solarexpo - Milan Exhibition Centre

Investment opportunities in African solar energy field

2© Rödl & Partner 08.05.2013

Table of contents

01

02 Northern Africa

Africa

03 Eastern Africa

Western Africa04

05 Southern Africa

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Table of contents

Northern Africa

Africa

1.1 General information1.2 Energy distribution in Africa1.3 Renewable energy in Africa1.4 How to invest in renewable energy in Africa

03 Eastern Africa

01

02

04 Western Africa

05 Southern Africa

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1.1 AFRICA: general information

� Surface : about 30.000.000 km2

� Population :

• about 1.072.000.000 of inhabitants (2012), corresponding about to 1/7 (i.e. 15,19%) of whole world population.

� Density (people/km2): 35,7.

� Annual growth (%): about 2,5%.

� Administrative organization :

• 54 independent countries: (ordered on the base of per capita GDP) South Sudan, Malawi, Somalia, Tanzania, Guinea-Bissau, Burundi, Democratic Republic of the Congo, Niger, Sierra Leone, Madagascar, Zambia, Eritrea, Liberia, Mali, Benin, Nigeria, Central African Republic, São Tomé e Príncipe, Burkina Faso, Rwanda, Mozambique, Kenya, Chad, Cote d’Ivoire, Comoros, Togo, Uganda, Senegal, Gambia, Guinea, Djibouti, Lesotho, Sudan, Mauritania, Cameroon, Zimbabwe, Ghana, Angola, Republic of the Congo, Ethiopia, Morocco, Egypt, Swaziland, Cape Verde, Gabon, Algeria, Namibia, Tunisia, Botswana, Seychelles, South Africa, Libya, Mauritius, Equatorial Guinea.

2012 population of Africa, expressed in millions of inhabitants

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1.2 AFRICA: energy distribution in Africa

� Consumption of energy and of electricity:

• the consumption of energy varies from an average value of 100 to 2,000 kg of oil, per capita, each year;

• the consumption of electricity varies from an average value of 50 to 4,000 kWh, per capita, each year.

Notwithstanding, the average consumption of energy per capita in Africa is 35 times less than in Europe, and the average consumption of electricity is still 100 times less than in Europe.

� Even though electrification has made considerable progress in the past 10 years, about 550 million of rural population in Africahas not access to electricity at all. As to this point, it is worth to underline that, according to International Energy Agency (IEA), 99.6% of people excluded from access to electricity live in Sub-saharian countries.

� Furthermore, important progress has been made in Africa, during the last decade, in improving the distribution structures and electrification rate of the continent:

• the electrification rate increased about from 35.5% to 40%;

• the urban electrification rate has reached about 67% at the end of the first decade of this century;

• the rural electrification rate has grown up to about 23%, from the 19% of the beginning of the century.

� One of the main issues of energy distribution in Africa is to reach the huge rural areas, far from the coasts and from big cities, that are not provided by the national electricity grid, and where the opportunities for people to improve their life through access to electricity are low. As to this point, renewable energy may be a key factor to help people excluded from main distribution grid to produce and to enjoy energy.

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Main lines of electricity distribution in Africa

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Average values of energy consumption in Africa Average values of electricity consumption in Africa

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1.3 AFRICA: renewable energy in Africa

� Some African countries are leading the classification of the best GDP growth rates. As example:

+ 4.5%Kenya

+ 8%Angola

Country GDP growth rate in 2012

Nigeria + 6.8%

Mozambique + 6.7%

Tunisia + 2.7%

Algeria + 2.6%

� These data stand for an increasing demand for energy, both for individual use and for industrial and service sectors.� Main energy sources are: fossil fuels like coal, natural gas, uranium and renewable energies.� In particular, the exploitation of renewable energy in Africa can significantly contribute to:

• enhance electricity and energy accessibility in Africa;• offer the opportunity to African countries to become leaders in the exploitation of energy sources as hydro, wind, solar, biomass

and geothermal sources, helping them to meet energy requirements and, at the same time, reducing deforestation and reaching objectives set forth by international conventions against climate changes.

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� The main sources of renewable energy in Africa are:

• Hydropower : the exploitable hydropower potential of the African continent is estimated at 1,852 TWH/year (11% of the world’s total potential)

and, at this time, about 93% of this potential remains unexploited. Several hydropower projects have been set up in Ethiopia, Tanzania,

Democratic Republic of Congo (DRC) and Cameroon.

• Solar energy : Africa’s solar energy potential is huge and equivalent to 90-100 million tons of oil per annum. The solar radiation in the West Africa

varies from 3-4 kWh/m²/day in Cotonou (Benin) to 6.2 kWh/m²/day in Agadez (Niger). In North Africa, southern Algeria overall radiation reaches

average levels of 6.1 kWh/m²/day. In Southern Africa, the overall average radiation varies 5-6 kWh/m²/day. African nations have made notable

progress in the use of solar photovoltaic power. Kenya, Ghana, South Africa, Tunisia and Senegal have promoted solar home systems.

• Wind Energy : the wind energy potential is greatly located in the coastal areas. In next years, by 2020, it is targeted to add about 8,500 MW to

general energy African production. About 150 MW of wind power are now produced in Africa (Egypt, Morocco, Tunisia, South Africa, and Cape

Verde). The overall capacity of installed power is not already comparable with the one of other continents, as Europe: one reason of this gap

depends on lacking of a regulatory framework.

• Biomass : the yearly potential of biomass energy sources in Africa, as animal, agricultural and wood waste is estimated to 131,000 Tons of Oil

Equivalent (TOE). The energy producing crops are used for production of the combustible liquids: (i) ethanol from sugar cane, manioc or maize

and (ii) methanol from wood and by gas synthesis. The bio fuel production is being explored in countries such as Ghana, Mozambique, and

Zambia. The possibility of producing bio fuel is great using pourghere almonds – a plant which grows in both equatorial and semi-arid zone and

Jathropa. The bio-fuel can be substituted for gas oil in specially adapted engines.

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Distribution of solar electricity potential in the African continent

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1.4 AFRICA: how to invest in renewable energy in Africa

� In general, the legal framework of different African countries set forth various instruments available for a foreign company interested in realizing an investment in African renewable energy sector.

� The most common ways to invest in the African renewable energy market are:

• Public tenders, which represent the common way for a foreign company to enter in the African energy market. To participate to a public tender a foreign company, in general, shall have to fulfil the requirements provided by the Public Authority holding the tender, and to present a bid compatible with the conditions of the tender. In case the competent Authority should consider the bid of the foreign company the best one, the company shall be appointed to realize the opera or provide the public service indicated in the tender;

• Project Financing. The Project Financing is a different mean that a foreign investor can use to enter in the African energy market, and that, under specific conditions, could allow to realize the investment without take part to a public tender. In general, the legal framework of African countries set forth two main categories of Project Financing:

� Private-Public Partnership (PPP): in this case the company realizes the investment in partnership with a Public Authority. The PPP involves an agreement between a Public Authority and a private party, in which the private party generally provides a public service or project and assumes substantial financial, technical and operational risks in the project;

� Build-Operate-Transfer (BOT): which is a form of project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, and operate a facility stated in the concession contract. This enables the project proponent to recover its investment, operating and maintenance expenses in the project.

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Table of contents

Northern Africa

2.1 General information about solar energy2.2 Focus on Algeria2.3 Focus on Tunisia

03 Eastern Africa

04 Western Africa

05 Southern Africa

01 Africa

02

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2.1 NORTHERN AFRICA: general information about solar energy

� The Northern Africa region is characterized by a significant potential of solar energy.� In this area, the potential of solar pumps and other applications is estimated at about 5 MW, while the potential

solar collectors to supply hot water are estimated at 1 million square meters. � The most interesting countries are Algeria, Egypt, Tunisia and Morocco:

• Algeria, in spite of abundant fossil fuels, has decided to increase solar energy (solar thermal, solar photovoltaic and Concentrating Solar Power) to substitute natural gas;

• Egypt’s energy policy is aimed to reduce the dependence from fossil fuels, through exploitations of a wide range of renewable energy technologies. In particular, Egyptian public Authorities have planned to produce about 160 MW/year through solar energy;

• Tunisia and Morocco have got a very complex energy strategy, that entails also exploitation of solar

energy:– In Morocco, under the governmental Chourouk programme, 200,000 m² of solar thermal collectors

have been already installed in the regions of d’Errachidia, Benguerir and Ouarzazate;– Tunisia has enacted some projects, funded by the local government and by international

organizations, in order to attract in the country foreign investments in the PV sector.

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2.2 NORTHERN AFRICA: focus on Algeria

Average direct normal solar irradiation on Algeria

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� Algeria, as many others African countries, is now strengthening its electricity grid, in order to reach all the corners of the country. Presently the main economic features related to the energy supply are: • growing GDP, which passed from Euro 204.11 billion in 2011 to Euro 209.3 billion in 2012, registering a

growth of 2.6%. At the same time, population is growing at rate of 1,9% per year, determining an increasing request for energy, even in the rural parts of the country;

• the average electricity production in last years has been about of 40 billion kWh. The greatest part of this production is due to fossil fuels, nevertheless the Algerian government believes that solar energy will achieve by 2030 more than 37% of national electricity production;

� Efficient exploitation of solar energy is a great issue for the country, and an opportunity to its future development:• the World Energy Council estimated that the Sahara region has a great potential with reference to

solar energy. Annual average solar radiation is about 2,000 hours with the high plateaux receiving about 3,900 hours. This gives an average solar energy of about 6.57 kWh/m²/day;

• the development of solar energy plants is supported by the Ministry of Energy and Mines, and realized mainly by Sonelgaz (the state-controlled company charged to distribute electricity and natural gas in Algeria) and by other private installers.

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� National programs

• Renewable energy and Energy Efficiency Development Plan 2011-2030:

− solar energy (both solar PV and solar thermal) is considered by the Algerian government as a primary renewable technology to be developed. The potential for wind, biomass, geothermal and hydropower energies is comparatively very small. The government relies on the fact the solar energy will drive sustainable development of the country, increase energy security supply and will trigger job-creation;

− the program is divided into three stages:

◊ 2011-2013: pilot projects and testing period;

◊ 2014-2015: beginning of the deployment program. Installed RE power capacity to reach 650 MW by the end of this period;

◊ 2016-2030: large scale REs plants deployment. Installed power capacity to reach about 2,600 MW the end of this phase.

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� International program

• SolarPACES

− It is an international cooperative network bringing together teams of national experts from around the world to focus on the development and marketing concentrating solar power systems. It is one of a number of collaborative programs, called Implementing Agreements, managed under the umbrella of the IEA to help find solutions to worldwide energy problems;

− technology development is at the core of the work of SolarPACES. Member countries work together on activities aimed at solving the wide range of technical problems associated with commercialization of concentrating solar technology;

− currently SolarPACES has 19 members: Australia, Austria, Algeria, Brazil, China, Egypt, EU, France, Germany, Israel, Italy, Mexico, Morocco, Republic of Korea, South Africa, Spain, Switzerland, United Arab Emirates and United States of America;

− the work of SolarPACES focuses on developing new and advanced concentrating solar technology;

− the main aim of SolarPACES is to bring added value to the nationally based work that is already funded by member governments.

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2.3 NORTHERN AFRICA: focus on Tunisia

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� Tunisia has a significant potential of solar radiation, equal to about 1,700-2,200 kWh / m² per year.

� Since 1985, Tunisia developed a large series of policies in order to rationalize the use of energy and to create an institutional and regulatory framework:

• the dismantling of the public monopoly of energy production and management in 1996, which entailed:

− the transformation of the Tunisian Society for Electricity and Gas (STEG) monopoly into a unique buyer of the energy produced by private subjects;

− the introduction of a legal framework in order to support private independent energy procedures;

• the introduction of specific regulations in order to promote private investment in the energy field, such as the “Code des hydrocarbures” (Law n. 99-93) and the introduction of a legal framework for the development of the co-generation in 2002;

• the establishment of the National Fund for Energy Conservation (2005).

� The supply of energy from renewable sources is nowadays 1% but it is expected to reach 11% in

2016 and 25% in 2030.

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� Incentives system:

• The Tunisian legislation doesn’t provide any specific compensation to use alternative energies, comparable to FIT (Feed-In-Tariffs) or to REC (Renewable Energy Credits) schemes;

• The Tunisian government has, however, provided a range of financial and tax incentives to promote the use of renewable energy sources, including:

− direct funding;

− reduction of customs and duties, VAT exemption for importing and locally processing raw materials and equipments.

� Incentives and programs in the field of solar energy:

• Tunisian Solar Plan : is a plan launched by the Tunisian government in 2009, which provides funding for Euro 2 billion for the creation, between 2010 and 2016, of Public-Private Partnership (PPP) aimed to the development of 40 different projects in the field of solar energy and wind power. It is estimated that 70% of the funds will come from the private sector, funding 29 of the 40 planned projects;

• Mediterranean Solar Plan: is a plan supported by the European Union that intends to invest about 38 billions of euros for the production of 20 GW of energy using new generation photovoltaic systems and other forms of alternative energy in the various countries of the Mediterranean;

• DESERTEC: project for the construction of an electric network capable of connecting several European and African countries in order to encourage exploitation and distribution of energy from regions that benefit most from solar radiation. By 2050, through this project, there will be an investment of around 400 billions of euros in plants for solar energy production and transmission networks, in order to meet a considerable proportion of electricity demand from countries of continental Europe, Middle East and North Africa.

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2.3 NORTHERN AFRICA: focus on Tunisia� Italy-Tunisia cooperation

• Italy and Tunisia developed specific cooperation programs and incentives to investments, regarding particularly the field of energy produced by photovoltaic plants. Among these, the most important is the PROSOL-Elec program, started by the Italian Ministry for the Environment and the territorial conservation in collaboration with the Tunisian government and the Medrec, in order to support the rational use of energy and the promotion of renewable energies;

• the PROSOL-Elec program provides incentives to the residential sector users who intend to cover part of their energy needs with photovoltaic panels, as:

− funds awarded by the National Fund for Energy Saving (FNME), equal to 30% of the initialinvestment, with a limit of 3,000 TND (ie approx. € 1,500.00) per kWp;

− additional fund accorded by the Italian Ministry for the Environment, Land and Sea, equal to 10% of the initial investment.

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Table of contents

Northern Africa

Eastern Africa3.1 General information about solar energy3.2 Focus on Kenya

04 Western Africa

05 Southern Africa

01 Africa

03

02

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3.1 EASTERN AFRICA: general information about solar energy

� Eastern Africa represents an interesting area for exploitation of solar energy, with an average solar radiation of about 5 kWh/m²/day.

� In Kenya 220.000 solar home systems have been installed without the government subsidy.

In addition, studies are started in order to develop the necessary knowledge to exploit solar thermal power on a vast scale and to improve the institutional structures to handle

renewable energy in order to support the utility scale renewable energy projects in order to

prevent climate change.

� In Uganda, solar energy is currently used primarily for off-grid electrification for rural communities, as well as for providing water heating and power to public buildings, for

example hospitals. Estimated 200 MW of potential electrical capacity are available in

Uganda, and currently, 50 MW solar thermal plant, at Namugoga in Wakiso District outside of Kampala, is being investigated by a private firm, Solar Energy for Africa.

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3.2 EASTERN AFRICA: focus on Kenya

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3.2 EASTERN AFRICA: focus on Kenya

� Kenya is a drawing economy in Eastern Africa:• In 2012 GDP grew by 4.5% and it is expected to be the same in 2013. It is expected to reach 6% in

2017;• the energy consumption in the country is about 5.5 billion kWh and it is the first one among those

taking part into the EAC (East Africa Confederation). It has increased at 5% per year since 1980.� The energy production of Kenya is of 6.5 billion kWh and it is, again, the best one among the other east-

African countries:• 43.3% of this energy comes from fossil fuels;• 43.8% from hydroelectric plants; and• 12.9% from other renewable sources.

� Energy production in Kenya has increased of 1.2% per year since 1980, even if population is growing of 3% per year on average. A significant increase in the country’s energy supply seems to be necessary in order to keep up with demand and satisfy the continue increase of per capita electricity consumption.

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3.2 EASTERN AFRICA: focus on Kenya� Electricity grid distribution

• Electricity serves only about 15% of households including half of urban households and 4% of rural residences. Urban households mainly use electricity and kerosene for lighting, while dominant rural dwellers use kerosene lamps;

• extending grids to those who have no access to electricity has been one of the best issues for the government. The networks are extended across the southern part of Kenya from coastal to western areas through Nairobi;

• legal framework:

− the Electric Power Act in 1997 and the Energy Act in 2006 enhanced the reform by creating an autonomous regulatory body, unbundling electricity utilities to promote private investment in generation and reviewing tariffs to improve the financial performance of power companies;

− the government promulgated an ambitious target to connect one million households within five years, so more public and private investments are expected to develop reliable and affordable supply capacities in order to achieve the goal.

• The new attention to solar energy and renewable energies in general encouraged new foreign investments in this country:

− in 2011 the first foreign company producing solar panels settled in Kenya: it is a joint-venture between the Dutch company UbbinkB.V., a branch of the German company German Centrotec Sustainable, and the Kenyan firm Chloride Exide;

− even Coca Cola invested in solar energy in Kenya: it launched a solar energy product, BrightBox, to enable small and medium sized enterprises (SMEs) to cut their energy costs.

� Incentives system

• In 2010 the Kenyan Government approved a guide for investors concerning Feed-in Tariffs for renewable energy resource to increase electricity production. The main features of this project are:

− the promotion of electricity generation from renewable energy sources. The price is set at Euro 0.15/kWh and is valid for a 20-year period from the beginning of the Power Purchase Agreement.

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Table of contents

Northern Africa

Eastern Africa

Western Africa4.1 General information about solar energy4.2 Focus on Nigeria

05 Southern Africa

01 Africa

04

02

03

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4.1 WESTERN AFRICA: general information about solar energy

� The exploitation of solar energy in western Africa is less developed than in other regions: this fact is due to the predominant role of oil and natural gas as energy sources.

� Among renewable energy sources, a predominant role is played by hydro power: as an example, in Ghana the local government is now implementing a project to produce 400 MW from Bui hydroelectric power plant.

� Notwithstanding, solar power still remains an important source of energy for this region, basically with reference to the areas which are far from national electricity grids, and that need to produce energy by them-own:

• In Nigeria average solar radiation stands at roughly 5.25 kWh/m²/day. Solar PV technologies are used for small-scale power supply in some rural electrification programs for some States of the federation. It is estimated that approximately 500 PV installations are in use in the country, with capacities ranging from 7.2 - 35 kWp;

• In Ghana, according to UNEP’s SWERA (United Nations Environment Program - Solar and Wind Energy Resource Assessment) maps, the northern part of the country receives fairly good solar radiation in the range of 3.5-4.5 kWh/m²/day, with an enormous energy potential – about 100 times present energy consumption, even at a 10% recovery factor. This resource could supply electricity to rural areas in the

northern region where the solar potential is higher and the electrification rate is the lowest in the country.

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4.2 WESTERN AFRICA: focus on Nigeria

� Nigeria is still a developing country in the field of national energy distribution: the electricity grid does not cover all the national territory:• the average electricity production is about 18 billion KWh in last years, but it is only half of the installed

capacity and there is an 80% demand/supply gap in Nigeria;• the average electricity consumption is about 17 billion KWh in last years, but only approximately 50.6% of the

population has access to electricity and it is estimated that this value falls to 10% of the rural population have access to electricity services.

� Solar photovoltaic technologies are presently used for small-scale power supply in some rural electrification programs for some States of the federation. It is estimated that approximately 500 PV installations are in use in the country, with capacities ranging from 7.2 to 35 KWh:• There are some National Programs, among which the most important are:

− the National Energy Policy (2003). It is aimed to make reliable energy available to 75% of the population by 2020;− the Renewable Energy Master Plan for Nigeria (2006): it articulates a road map for renewable energy to help achieve

sustainable development. It establishes a number of fiscal and market incentives for the increased use of Renewable Energy Technologies (RET): a moratorium on import duties for renewable energy technologies and the design of further tax credits, capital incentives and preferential loan opportunities;

• There are some Private Programs, among which the most important is:− Villasol a program through the French-based company Schneider has launched a new project designed to bring

energy in areas not yet connected to the distribution grid.

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Table of contents

Northern Africa

Eastern Africa

Western Africa

Southern Africa

5.1 General information about solar energy5.2 Focus on Mozambique

01 Africa

02

03

04

05

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5.1 SOUTHERN AFRICA: general information about solar energy

� Southern Africa is one of the most interested African regions in exploitation of solar energy.� In this context, a key role has been played by South Africa, the most industrialized economy

of Africa, and by its state-owned electric company, Eskom.

� The most important projects of exploitation of solar energy are based in South Africa, Botswana and Mozambique:

• in South Africa, the expected market expansions of solar energy over the next 15 years

is estimated at more than about 150 MWp (these technologies would have to supply

energy for average 15,000 schools, 1,700 clinic and up to 2 million households);• in Mozambique the most relevant projects are aimed to use solar energy for the

electrification of administrative and public structures in Nampula, Cabo Delgado, and

Niassa provinces;• in Botswana the government is preparing a feasibility study to produce about 200 MW

through thermal solar power technologies.

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5.2 SOUTHERN AFRICA: focus on Mozambique

The main lines of the electric power grid in Mozambique

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� Mozambique has a really high energy potential, and energy renewable sources (hydropower, wind and

solar energy) are widespread all over the country. This element allows Mozambique to create plans that

in the future could permit to the country to fully satisfy its internal needs for energy and also to export it to

Southern and East African countries.

� Nowadays, the necessary structures to start the exploitation of solar energy have not been completed yet:

• the average energy production of last years is about 14 billion kWh, but it has an higher potential due to

the good geographical position. Actual energy production does not really match the population’s needs:

at present still only 16% of the total population has access to the electricity. The percentage grows in

the urban areas (26%) and it decreases in rural areas (5%);

• the average energy consumption of last years is 10 billion kWh, but energy demand is growing

considerably, at an average annual rate around 7-8% per year. Sometimes the electric supply is not

consistent and blackouts are quite frequent.

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� Solar energy potential• Mozambique has a huge unexploited solar potential: annual incident solar radiation is about 1.49 million GWh,

thousands of times more than the country’s current annual energy demand. Presently most of the solar energy

production is not connected to the national electric grid, but it works in small grid-off markets.• At the moment the market situation for photovoltaic technologies and services is still in an incipient stage.

Notwithstanding, the great potential from natural sources can provide strong investment opportunities.• The growing local market for PV technologies is efficient but still informal, still dominated by products of

Chinese origin. • The local market is still divided into:

− steadily growing local market spots;− mainly capital based PV providers working with directly imported equipment for government projects funded

by donors.• There are also various foreign projects:

− EnDev (Energize Development) Mozambique has started designing an energy efficient compact small solar home system (SSHS) with a local enterprise;

− PV for household lighting is mainly based on Public Private Partnership (PPP).

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� Apart from Portuguese dominant investors, other relevant entities are:

• World Bank: Energy Development and Access Program (EDAP);

• Belgium: executed a contract with FUNAE (i.e. the National Energy Fund of Mozambique) in 2010, concerning a program based on renewable energy sources in remote rural areas,

where no grid connection is foreseen within the next five years.

• India: the Indian company Central Electronics Limited (CEL) has executed a contract with

the FUNAE for the installation of a factory to assemble PV electric systems in Mozambique. It is expected to transfer its PV systems technology in Mozambique,

through FUNAE, and provide technical assistance and staff training in the country.

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investment opportunities in african solar energy field

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