Отрасль: Альтернативная энергетика
Регион: Херсонская область
Основные параметры проекта:
- Компания имеет успешный опыт проектирования систем солнечной энергетики с 2009 года.
- Среди учредителей и менеджмента - профессиональные финансисты международных компаний
- Есть предварительная договоренность на кредитование части проекта с локальным банком
- Проект становится прибыльным уже к концу первого года
- Компания ищет инвестора на 1 миллион евро для финансирования 45% доли структуры владельца, менеджмент остается в бизнесе и инвестирует, дополнительно к неденежным активов 250 - 300 000 евро наличности.
- Проект предусматривает по требованию Инвестора дивидендное распределение прибыли
- Продвинутая стадия готовности проекта к внедрению - подготовлен проект и участок, полученные Технические Условия.
Solar Power Plants Development in Ukraine
Electricity Generation Capacity: 2.7 MWp.
Location: South-eastern part of Kherson region.
Land Plot Description:
(1) area: 5.3 ha;
(2) inhabited area: immediate proximity - 150m;
(3) good access infrastructure, asphalted road in immediate proximity along northern border of the land plot;
(4) free of any type of constructions, free of plants;
(5) plot geometry: rectangular type plot, negligible slope;
(6) connection point: transformation substation in 1500m proximity.
Investment Highlights:
(1) yearly sum of global irradiation: 1450 kw*h/ sq.m.;
(2) electricity generation amount: ~ 1150 kw*h/ kw installed capacity/ year;
(3) project IRR'17 (unleveraged): > 15%;
(4) payback period: < 6 years;
The projects are fully developed:
(1) land plot allocated and land lease agreement concluded;
(2) connection point and technical conditions for connection approved by the grid operator;
(3) PV plant design documentation completed.
Company Description
Company has been established in 2009 headquartering in Kyiv, Ukraine. We implement integrated engineering solutions using energy-efficient technologies and renewable energy sources. The main focus of Company is on the solar sector. Leadership in solar power generation and energy efficient solutions provision in Ukraine is our main goal.
Business activity of the Company breaks down into two main segments:
(1) Engineering, procurement and construction services for clients developing solar power plants in Ukraine. Today the Company is among industry leaders with current EPC portfolio of 33.2 MWp and expected in 2013 pipeline of 20 MWp to be installed in Vinnytsa, Kherson and Donetsk regions.
(2) Development and co-development of solar power plants in Ukraine. Having accumulated sound experience in solar power plants design and construction as an EPC contractor we seek to develop our own farms alone or together with a financial or strategic investor. Currently we have created a bank of land plots eligible for solar farms construction of 30 - 40 ha (15 - 20 MWp) located in, Kherson, Vinnytsa and Cherkasy regions.
Company team consists of highly qualified professionals with many years of practical experience in the field of alternative energy and energy efficiency who were directly involved in running enterprises in Ukraine, Canada and Switzerland, including projects of solar power plants installation in Cuba, Egypt, Iraq, Kazakhstan and USA. Team members received trainings and internships worldwide.
Regulatory Framework
Ukrainian legal framework is targeted to adapt to the EU directive on the promotion of electricity from renewable energy sources.
In recent years Ukraine has made serious steps in promoting and stimulating development of renewable energy sector and especially the solar segment. To attract investments several milestone stimuli have been created: adoption of the highest in Europe feed-in tariff for solar power plants; numerous tax related stimuli: VAT and import duties when importing equipment, income tax, etc and finally stimuli related to land allocation and lease.
(1) Power Generation
- "Green" tariff introduced originally in 2009 was set at the level 0.465 euros/ kw*h. Starting with April 1, 2013 it constitutes 0.339 euros/ kw*h. The tariff is subject to further gradual decrease as follows: starting with January 1, 2015 by 10% (from 2013 base level) to constitute 0.305 euros/ kw*h; starting with January 1, 2020 by 20% (from 2013 base level) to constitute 0.271 euros/ kw*h; finally starting with January 1, 2025 by 30% (from 2013 base level) to constitute 0.237 euros/ kw*h. The tariff is legally enforced until January 1, 2030.
-The size of the tariff is pegged to EUR and is payable in local currency - UAH. The UAH amount is adjusted monthly by the National Electricity Regulatory Commission of Ukraine depending on the official EUR/UAH exchange rate set by the National Bank of Ukraine.
- For purpose of local hi-tech sector development additional requirement has been added to "green" tariff applicants. Solar power plants should have in its structure, locally produced materials and components.
- Total amount of electricity generated from different sources in Ukraine is bought by a single state owned legal entity - "DP Energorynok". This entity is legally bound to buy out all electricity generated from renewable sources.
- Electricity grid operators are legally bound to provide grid connection point to power plants, which generate energy from renewable sources.
(2) Land and Construction
- In 2010 and 2011 sound steps were taken to modernize legislation governing construction and land operation processes. The legal acts adopted in 2011: (a) forces local authorities to finalize the process of mapping and zoning of lands in its subordination started in 2011 and establish a clear strategy of land allocation and use (b) simplifies construction design and construction permits procedures (c) eases tax burden related to land operation and use for renewable energy purposes, and other.
- 75% reduction in land tax for land plots under power plants generating electricity from renewable sources.
- Lease rent amount for land plots under power plants generating electricity from renewable sources is set at 3% times land plot valuation (valuation is performed when allocating the land plot from the state to lessee) while for other purposes is set at 12% times land plot valuation.
(3) Taxes
(3.1) Income Tax (Corporate Profit Tax)
- Set to gradually decrease from 21% in 2012, to 19% in 2013 and to 16% starting with 2014 and further on.
- Income tax exemption for power plants generating electricity from renewable sources under condition that the profit is directed for purposes of equipment modernization or reparation, loan repayment or production capacity increase (installation of new equipment).
(3.2) Value-added Tax
- Set at 20%.
- VAT and customs duty free regime for operations of importing equipment or materials and components for equipment, which generates electricity from renewable sources under condition that identical equipment or components is not produced locally.
Market Outlook
Ukraine's industrial solar power generation market is in its early stages of development. There are 39 ground mounted and 4 roof mounted stations as of now, which have been licensed and granted the "green" tariff for electricity generation from the sunlight. Currently total installed power reaches 405.4 MWp mainly situated in the Crimea Peninsula. Declared installation pipeline constitutes 150 MWp by the end of 2013. We expect 250 - 300 MWp to be installed by local and foreign developers by the end of 2014.
Geographically the territory of Ukraine has a comparatively good potential in terms of solar irradiation. Most attractive regions are Crimea, Odesa, Kherson, Mykolayv, Vinnytsa (southern part), Cherkasy and Zaporizhzhya regions. Yearly sum of global irradiation in these regions varies from 1350 to 1550 kw*h/sq.m. Due to this reason, lion's share of solar generation capacities is situated in Crimea and Odesa regions - 353.9 MWp. Placed third is Kherson region with 20 MWp. Other regions account for 31.5 MWp
State's policy in the field of power generation from renewable sources has been clearly stated. According to energy efficiency program adopted by the Government (lastly amended in April 2011) state's target is to have 10% of power generation from renewable sources by the end of 2015 (currently this share is negligible). Construction of wind and solar power stations totaling 2 GW is #2 in the list of ten top priority national projects.
Comparative Advantages and Key Success Factors
(1) One of the highest "green" tariffs in Europe allowing for high IRR and fast payback period.
(2) In terms of PV power capacity installed, the sector is in early stage of development being far from saturation.
(3) Authorities at all levels generate great attention to the sector in terms of creating development stimuli and investment attractiveness.
(4) Friendly tax regime and stimuli in the renewable energy sector.
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