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Investment Opportunity in Romania
September 2009
ROM ENERGY
Romania Investment Opportunity
26-02-2014
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• Mature project of 44MW, with Solid permitting process and located in a region with
favorable wind conditions• Additional pipeline of 120MW in different stages of development
• Additional potential projects identified, ready to start development
• First mover advantage
• Excellent growth platform for the Romanian market -> know how acquired on local
market and regulations, will enhance the development of further wind projects
• Romania ended 2008 with an installed capacity of just 10 MW
• Key world players are entering the market
• Very attractive valuation at this early stage
• Romania is a fast-growing early stage wind energy market, considered to have the highest
wind energy potential in the region
• Favourable and solid legal framework
• 38% of total national electricity consumption to be produced from RES by 2020
• Wind Energy producers benefit from 2 Green certificates per 1MWh until 2015
• Strong market growth Potential
• Demand for electricity will continue to increase in the future driven by: (i)
demographics/ population growth (ii) strong economic growth and (iii) urbanization
• Price of electricity will continue to be driven by the strong investments required for
Romania to accomplish EU targets (in terms of RES)
Opportunity to acquire a total capacity of 164 MW of Wind Farm Projects, benefiting from First-Mover
Advantage in a business with proven track record in other EU markets and yet almost untouched in Romania
•…in one of the
most
attractive and
promising EUwind energy
markets
Investment Case
•Business
Uniqueness…
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Present Investment opportunity comprises the acquisition of 158MW of Projects in Pipeline
Investment Case
44MW “Tier I”
1 Wind Farm project, located in the Oltenia
region, already holding the urban zoning
certificate, and with completed EIA,
Aeronautical study and preliminary connection
solution study.
Building permit will be requested after Investor
decision on Wind Turbines*
*Note: Licensing process was developed using Vestas
V90 2.0MW reference turbines
120 MW of Pipeline Projects
4 wind farms, located in the eastern region of
the country, undergoing the development
procedure:
1. Securing land (through superficies
agreements, rents 2000-4000 eur per
WTG, payable yearly after wind farm
begins operation)2. Joint venture agreement negotiation
with municipalities (in cases where
public land is necessary, for which 1.5%
of the income generated by electricity
sales of WTGs installed there is due to
the municipality)
3. Preparation of all studies required by
relevant authorities, in view of
obtaining connection and buildingauthorizations
4. The remaining development and
licensing process can be handled by
ROM ENERGY staff
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Agenda
Wind Projects Overview
Romania – Country Snapshot
ROM ENERGY Overview
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Agenda
Wind Projects Overview
Romania – Country Snapshot
ROM ENERGY Overview
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Wind Projects Overview
Tier I Project
Projects’ Location Map
Project # Name Capacity
P02 Moldova I 34 MW
P03 Dobrogea I 36 MW
P04 Moldova II 20 MW
P05 Dobrogea II 30 MW
Present Investment opportunity comprise the acquisition of 164 MW of Projects in Pipeline
Project # Name Capacity
P01 Oltenia I 44 MW
Projects in Pipeline (120 MW)
oltenia
banat
dobrogea
moldovatransilvania
nord
transilvania
sud
muntenia
nord
muntenia
sud
1
2
3
4
5
2
List of Projects
4
5
3
1
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Agenda
Wind Projects Overview
a. Tier I Project
b. Projects in Pipeline
Romania – Country Snapshot
ROM ENERGY Overview
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Project Oltenia I - Snapshot
Capacity • 44MW
Production
Forecast
• 2.500h/P90 100 m hub (full load equivalent
production hours per year, afer wake losses, safety
cut, grid losses, own consumption and availability
for a 2MW reference turbine)
Land
• 100% secured
• Tenancy agreements (signed for a period of 49
years)
• Terms: €3.200/WTG Installed
Grid
Connection
• Dense distribution network adjacent• A.T.R 13.09.2011
Permitting
• Zoning Certificate issued
• Completed: EIA, aeronautical permit, sitting permit
from operator, removal from agricultural circuit
and land use change
• To do: grid impact assessment• Building Permit estimated date: 2st semester 2012
Other
Features
• Permits granted on the basis of 22 x Vestas V90
2.0 MW turbines (max 100m hub height and rotor
diameter 95 m) HZ-93 rotor diameter 93 m – may
be changed according to investor requirements
Key Features Location
Project Oltenia I (Located in TELEORMAN province)
• Site located on a rolling hills landscape, 90 meters above sea
level, with no trees between WTGs, and at a safe distance
from neighbouring forests
• No relevant bird habitats, or major environmental constraints,
according to Environmental Agency
• Accessibility: National Road and other local farming accesses
• Potential area of expansion already under development
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Project Oltenia I - Layout
3D simulation according
to optimized layout
considered in energy
production study
Wind farm polygon
Site Picture
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Project Oltenia I – Production and Wind Resource Assessment
• Measurement data from a metmast commissioned on
April 2009, with 2 anemometers at 15m and 40m
height, is available
•
ROM ENERGY SEACA has performed studies based onthis data to produce annual production estimates
• Results obtained up to the present moment:
• Mean wind speed of 5.65 m/s avg at 40m height
• Production estimation of 2.800 full load hours
per year for the Vestas V90 2.0 MW reference
turbine, based on the WaSP calculation model
• Good correspondence between localmeasurements and mesoscale simulation based
on NCEP/NCAR Reanalysis data set, allowing for
lower uncertainty in long-term resource
prediction
Note:
• Study based on the wind resource assessment of 8 months since April 2009,
combined with a virtual wind data series obtained by mesoscale simulation
from the NCEP/NCAR Reanalysis data set.
• Study based on Vestas V90 reference turbines, with 100m hub height
• Wind monitored using 40m measurement mast equipped with two
anemometers (40m, 15m) and wind vane
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Throughout the licensing process of its own pipeline, ROM ENERGY has acquired an extensive expertise in the
development of wind farms in Romania which ensures solid permitting procedures for project Oltenia I
Project Oltena I – Licensing process
• Valid local zoning plan
• Land destined for wind farm projects and all necessary
infrastructure, certified by Zoning Certificate on April 2011,
valid for 24 months.
Zoning
• EIA. View expressed by the environmental authority.
Distances from sites of biodiversity .
Environmental
Decision
• On 09/13/2011 A.T.R release. Corridor acquisition of 110
KV Network. The purchase agreement. concluded
between ROM ENERGY SEACA and CEZDISTRIBUTION.
Connection
Agreement
• Due to the pace of technology developments regard
production of energy from renewable sources WTGbrand will be chosen by the investor.
Building
Permit
• Project was developed based on Vestas V90 turbines.
Equipment can be changed in order to apply for final
building permit
• No major obstacles to adjust permits to other
technology
• Expected duration until start of construction: 1 year
• Next Steps
– Technical project approval (building +
connection)
– Apply for environmental permit
– Apply for ATR
– Apply for Building permit
– Turbines – RFP + selection and signing of the
delivery contract
– Construction works – selection of
subcontractors
– Close PPA (green certificates)
Licensing Process – Current Status Main Issues / Comments
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Agenda
Wind Projects Overview
a. Ready-to-Build Project
b. Projects in Pipeline
Romania – Country Snapshot
ROM ENERGY Overview
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Dobrogea I (36MW)
Site Features• Project was developed based on 22 Vestas V90
turbines
• Project was developed based on 18 Vestas V90
turbines
Land • Agreements signed• Agreements being signed
• Estimated to be completed by April 2012
Wind
Measurement
• Since 23.04.2009
• Avg 40m = 5.65m/s
• Measurements from to April 2009 to November 2011
• Avg 50m = 5.65 m/s
Production
Forecast• 2.800 hpc (Based on Internal studies) • 2.900 hpc (Based on Internal studies)
Projects in Pipeline - Main features
Oltenia I (44MW)
2 3
Dobrogea II (30MW)
Site Features• Project was developed based on 10 Nordex N90
turbines
• Project was developed based on 15 Vestas V90
turbines
Land
• Agreements being signed
• Estimated to be completed by April 2010
• Agreements being signed
• Estimated to be completed by August 2010
Wind
Measurement• Mesoscale assessment underway • Mesoscale assessment underway
Production
Forecast• 2.600 hpc (Based on Internal studies) • 2.600 hpc (Based on Internal studies)
Moldova II (20MW)
4 5
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Agenda
Wind Projects Overview
Romania – Country Snapshot
ROM ENERGY Overview
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R i C O i
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Romania – Country Overview
Population 22.2 million (July 2009est.)
Capital Bucharest
Area 238.0 thousand sq km
Currency Romanian leu
Official Language Romanian
Inflation rate 7.8% (2008 est.)
GDP US$ 271,2 bn
GDP per capita US$ $12,200
Source: CIA worldbook,
• Domestic consumption and investment have fueled strong GDP growth in recent
years, although leading current account imbalances
• Inflation rose last years, driven by strong consumer demand, high wage growth,
rising energy costs
• Last quarter of 2008 the country began to feel the effects of the global crises. In
2009 the economy is expected to suffer a contraction in real GDP of 4%, as
domestic demand slumps
• Romania Expects to adopt the euro by 2014.
Key Milestones
Macroeconomic Overview Key Indicators
R i C t O i
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Romania – Country Overview
• Expected long term economic growth, above EU average, after recovery in 2010. Recovery pace and strength will
reflect the restoration and broadening of the economic reforms agenda initiated before EU accession
• Under the IMF-led multilateral financing package, the government will have to rein in budget spending and beginthe long-overdue task of reforming the budget system to improve long-term fiscal sustainability
• current-account deficit is expected to narrow sharply in 2009-10 as a percentage of GDP. Coverage of the deficit
by foreign direct investment will decline from recent high levels
Key Indicators 2008 E 2009 F 2010 F 2011 F 2012 F 2013 F
Real GDP Growth (%) 7.1 -4.0 1.5 4.2 4.3 5.1
Consumer Price Inflation (av; %) 7.8 5.1 3.3 3.2 3.1 2.8
General Government budget balance (% of GDP) -4.8 -4.8 -3.7 -2.9 -2.3 -1.8
Current Account Balance (% of GDP) -12.4 -7.2 -6.4 -6.6 -6.9 -7.2
Comercial Bank Lending Rate (End-Period; %) 17.5 17.0 14.0 10.0 8.0 6.5Exchange rate Lei: US$ (av) 2.52 3.10 3.04 3.00 2.92 2.88
Exchange rate Lei: € (av) 3.68 4.21 4.21 4.25 4.23 4.23
Source: EIU
Economic prospects
Macroeconomic key Indicators forecast (2009-2013)
Romania Energy Industry
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Romania – Energy Industry
• Romania’s energy sector ranks among the oldest in the
world, being the first country to produce oil commercially,
and among the first to generate electricity commercially;
• Romania has important oil and gas reserves and significantquantities of lignite
• Total electricity production reached about 64TWh in 2008
– Thermal generation comprises over half of the
electricity produced in Romania with coal as the
dominant fuel
– Nuclear has been increasing its weight -> 2nd 700 MWunit of Nuclearelectrica at Cernavoda started
operations in September 2007. Additional reactors
totaling 1.440 MW are planed to be operational by
2015
– RES As part of the EU and the Kyoto Protocol, Romania
has an annual carbon allowance for electricity
producers. Nonetheless, Romania utilities do not incur
net costs for carbon
• Total electricity consumption in Romania in 2006 was 53
TWh, the third largest in Central Europe after Poland and
Czech Republic
wind
8
0%
nuclear
1.413
7%
hydro
6.377
31%
hydrocarbons
5.110
25%
coal
7.47237%
Electricity production Installed Capacity – 2008 (MW)
Total = 20.280 MW
Source: Transelectrica
wind
11
0%nuclear
11223
17%
hydro
17105
26%
hydrocarbons
8902
14%
coal
27531
43%
Electricity production sources – 2008 (GWh)
Total = 64.772 GWh
Romania Transmission Grid
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Romania – Transmission Grid
• Romania has an extensive power transmission
grid of about 600.000 Km length and a total
transformer capacity of about 172.000 MVA
• Transelectrica is the Romanian state owned
power transmission company. The company
started its privatization process through an
IPO in 2006 and is currently listed in Bucharest
Stock Exchange;
• Several regional distribution grids are
operated by International Market Players
(E.ON, CEZ and ENEL)
• Current access to the grid is regulated
• Romania has 14 tariff zones. Transmission
tariffs contain both generation and a load
component
• Future grid developments include the
construction of several transmission lines with
neighboring countries (Ukrania, Hungary and
Turkey)
Transmission Grid main features
Transmission Grid Map
Source: Transelectrica
Romania – Wind Energy Sector
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Romania – Wind Energy Sector
Source; RWEA
Romanian wind energy industry has a strong growth potential
• Romania is considered to have the highest wind energy
potential in the region
– Excellent wind conditions for an on shore site – Large areas with wind speeds over 11m/s
– Low installed capacity: 10 MW (as of Dec 08)
– Currently, wind energy represents less than 1% of
Romania’s energy production sources
• According to recent data published by ISPE (1) concerning
wind energy:
– ISPE has performed studies for a total capacity of
18.000 MW
– Of which 8.000MW have received the approval for
the grid connection assessment study
– More than 3.000MW have been given technical
connection approval from Transelectrica
– More than 800MW have already grid connectioncontract
• According to RWEA potential for wind energy in Romania
has been estimated to be around 14.000 MW
Moldova region
(Project Moldova I
location)
Dobrogea regio
(e.g. Constança, Tulce
Favorable regions in Romania
(Wind Resource Assessment)
(1) Institutul de Studii şi Proiectări Energetice
(2) Theoretical wind power generating capacity potential according to GD 1069/2007
Energy strategy of Romania for 2007-2020 has been estimated to be 23 TWh
Romania – Wind Energy Sector
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Romania – Wind Energy Sector
Romania is far behind EU average in terms of installed power. Wind energy density is one of the lowest in
Europe as well
0,00%
0,00%
0,00%
0,00%
0,00%
0,30%0,40%
0,40%
0,40%
0,50%
0,70%
0,90%
1,10%
1,10%
1,20%
1,30%
1,70%1,80%
1,80%
3,30%
3,40%
3,70%
3,80%
7,00%
8,40%
9,30%
11,80%
21,30%
Cyprus
Mal ta
Slovenia
Romania
Slovakia
FinlandPoland
Czech
Hungary
Bulgaria
Belgium
Latvia
Lithuania
Luxembourg
France
Sweden
ItalyUK
Estonia
Austria
Netherlands
Greece
EU-27
Germany
Ireland
Portugal
Spain
Denmark
0
0
0
0
1
67
10
11
12
15
21
28
40
40
45
47
71
78
88
107
116
120
193
203
270
367
579
Cyprus
Malta
Slovenia
Romania
Slovakia
HungaryPoland
Bulgaria
Czech…
Latvia
Lithuania
Finland
Belgium
France
UK
Estonia
ItalyLuxembourg
Greece
Sweden
Netherlands
EU-27
Austria
Ireland
Portugal
Germany
Spain
Denmark
Installed wind capacity, kW/1000 inhabitantsWind power’s share of national electricity demand
Source: EWEA (2007) Source: EWEA (2007)
Romania – Wind Energy Sector
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Romania Wind Energy Sector
Competitive landscape
Although, current immaterial installed capacity, main industry players have already shown their interest to
invest in Romania
International Utilities / Large players Regional / Local Companies Other Players
• CEZ has two large projects Fantanele &
Cogealac of about 600MW located in
Dobrogea region (will be the largest on-
shore wind farm in Europe)
• Enel has plans to build several wind farms
with total capacity of 1,400 MW
• Iberdrola acquired in 2008 about 50 wind
farm projects of 1.600 MW for
US$450 million
• EDP Renovaveis has a pipeline of about
297 MW
• The swiss conglomerate, Cofra Group,
plans to invest US$ 1,65bn in 2 wind
farms (700 MW in Dobrogea + 400 MW in
Neamt and Suceava)
• Other players include E.ON, Verbund
• Electrica and Green Energy, have plans to
build 600 MW with total investments of
about US$800 million
• Blue Investment will invest US$84 million
in a 35MW wind farm in Baia, Tulcea
County
• Hungarian company, Sinus Holding, will
build five wind farms of 700 MW in the
Northern Moldavia Region with a capital
investment of US$800 million
• Blackstone Group plans to invest
US$1,4 billion in a 500 MW off-shore
wind farm located in the Constanta
Country Region of the Black Sea
• Other renewable players including
several local and international developers
Romania – Wind Energy Sector
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Romania Wind Energy Sector
• General provisions for promotion of renewableenergy sources (Energy Law 13/2007)
• Romania has transposed the Directive 2001/77/EC
(European Unions rules to comply with Kyoto targets
of reducing greenhouse gases) into its own legislation
(GD no. 443/2003 with modification of GD no.958 /
2005 – current RES framework).
• In 2008 the Romanian Parliament reinforced the
tradable green certificate (TGC) support scheme as an
incentive to develop renewable electricity generation
(Law 220/2008)
• Law 220/2008 has also extended the validity of quota
obligation from 2,74% in 2007 up to 16,8% by 2020
• ANRE, the Romanian electricity market regulator, has
proposed a new decree which extends Renewable
legislation beyond 2012, and improves on the terms
of the current Renewable regime
Favourable Regulatory Framework
• National Action Plan to be submitted by June
2010
• Electricity share produced from RES should
represent 38% of total national electricityconsumption by 2020
• The share of energy produced from RES in gross
national energy consumption should reach 24%
in 2020
Energy strategy of Romania for 2007 - 2020
Legal framework related to RES
Souce: Ministry of Economy
Romania – Wind Energy Sector
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Romania Wind Energy Sector
Price components (Wholesale + Green Certificates):
1. Brown Energy price (wholesale price): Renewable electricity issold at the market electricity price through bilateral agreements
or on day ahead market
2. Green certificates (GC): 1MWh of renewable energy from an
existing facility metered and verified by certifying agency
– The law sets out the price range per GC (indexed to Euro):
€27- €55 (previous range €24 - €42)
– 2 GC/MWh until 2015 and 1 GC from 2016 onwards
– Green Certificates are freely negotiated between utilitiesand RES generators
– Utilities are legally obliged to provide a certain minimum
share of energy produced from RES in their total yearly sale
– Utilities can choose between generating its own RES energy
or buying from another generator to meet the RES
requirement
– Non-compliant must pay a penalty €84/MWh for 2008 –2012
(€63/MWh for 2005 –2007)
– GC Market will be extended to other countries after 2010
(selling GC to other countries will be possible under
conditions defined by ANRE and if national quotas are
fulfilled)
Wind Farms operators can negotiate PPAs with extended maturities
Favourable Regulatory Framework
• Structural funds are an important mechanism to fund the
development of Wind Projects• SOP Increase of Economic Competitiveness
– Priority Axis 4 -> Improvement of energy efficiency and
sustainable development of the energy sector
• Main features
– investments in upgrading, rehabilitation and building new
power and heating production capacities by valorisation of
renewable energy resources: wind, hydro (in small scale
hydro capacities), biomass, biofuels, solar, geothermal, and
other.
– Financial allocation (2007-2013) €260 million
(€220 million from EU and €40 million from National
Contribution)
– Maximum value of financing (% from eligible expenditures):
70% /60%/ 50% for small/ medium/ large companies
respectively (60%/50%/40% if located in Bucharest area)
– Total project value: min €100.000 (355.000 lei) and max.
€50.000.000 with a max. financing from EU funds of
€20.000.000 (71.000.000 lei)
Pricing Conditions Investment Aid / Structural Funds
Agenda
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Agenda
Wind Projects Overview
Romania – Country Snapshot
ROM ENERGY Overview
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ROM ENERGY – Project Development Methodology
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j p gy
Over the past years, ROM ENERGY SEACA has been improving its project development methodology in order to
ensure the adequate strength of its pipeline
• Selection of keygeographies
• Rigorous pipeline
classification
(several levels)
according to an
extensive criteria
list
• Sites are visited by
an ROM ENERGY
specialist
P r o s p e c t i n g
P i p e l i n e
a s s e s s m e n t /
s i t e s s e l e c t i o n
W i n d
m e a s u r e m e n t
/ P r o d u c t i o n
A s s e s s m e n t
P e r m i t t i n g
( z o n i n g ,
e n v i r o n m e n t a l ,
b u i l d i n g ,
e t c . )
S e c u r e G r i d
c o n n e c t i o n
P r o c u r e m e n t
( e . g
T u r b i n e s ) ,
P o w e r s a l e
,
P r o j e c t
F i n a n c e
L a n d
A g r e e m e n t s
Pre-Development Project Development
C o n s t r u c t i o n
O p e r a t i o n
Construction
and operation
• Well defined process for pipeline progression (priorities andinvestments based on clear rules and criteria)
• Development approach adapted to country specificities
• Process managed by local team in coordination with centralized
core competences (e.g. Technical, Financial, etc.)
• Studies conducted by the most credible institutes / consultants
• Wind resource assessed on a regular basis for at least 2 years.
Internal assessment is cross checked with external experts studies
• Strong and comprehensive due diligence performed throughout
the licensing process by the major and most credible law firms in
each country
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Contacts
ROM ENERGY SEACA
Manu Marian
Tel 004.0743.04.18.18
Fax 004.0243.27.33.88
Email: