Key Learning Objectives
- Understand the commercial implications of the latest developments in solar energy technology.
- Be able to assess the cost of solar energy at scale and retail levels.
- Appreciate the implications of changing government support and regulation for renewable energy across multiple jurisdictions.
- Research the major solar panel production companies worldwide.
- Value solar assets using all applicable methodologies.
- Compare a range of grid, corporate and retail solar projects across multiple AsiaPacific jurisdictions.
- Use corporate and project finance structures for solar energy projects.
- Model solar panel output.
- Audit and compare solar energy financial models.
About the Course
The inexorable rise of solar energy both on and off-grid has created the need for project participants to understand not only the technical aspects of solar panels and energy transmission, but also the regulatory background, economic rationale for solar projects, the financial structures that are being employed to make them profitable, and the financial models that underpin them.
The initial focus of the course is on the current state of the industry in Asia-Pacific. Recent technical developments have led to rapid cost decreases, which require detailed consideration of benchmarks, forecasting techniques, and the range of possible trajectories of technical development, competition from other energy sources, and compensating battery storage possibilities. The next step is to analyse current market conditions in detail, at grid, corporate and retail level, examining both the range of regulatory frameworks that apply at national and sub-sovereign level throughout Asia-Pacific, the solar value chain, and the availability of both equity and debt finance for solar projects, including examples of international agency support.
This permits delegates to work in groups to analyse the rationale, financial structure, management and outcomes of individual projects, including grid electricity supplier initiatives, corporate offtake deals both on and off-grid, and retail supply examples. This group work in turn leads to consideration of the valuation methodologies involved and the valuations solar projects and companies currently achieve. Delegates will then use the market knowledge and valuation techniques they have acquired during the course to audit, compare and perform risk analysis on solar financial models
Who Will Benefit
This course is designed for renewable industry professionals and others who need to gain a detailed understanding of how solar projects can and are being successfully financed and executed in Asia-Pacific. The step-by-step method of training allows those without prior experience of finance or financial modelling to gain as much from the course as all other participants.
The course will therefore benefit engineers, solar specialists, developers, promoters, those working in corporates engaged in solar offtake projects and retail solar firms. The course is also designed to benefit lawyers, accountants and bankers, as well as investors, economists, regulators, and those involved with the development of solar energy policy within government and local communities.
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Modules 1 and 2 | The financing of solar energy
State of Solar
- Analysing solar energy generation
Case Study: Installed capacity and market conditions
- Performance benchmarks and new solar technology
- Operating costs for solar projects (including panel efficiency)
- LCOE factors for solar – approaching parity throughout Asia-Pacific
- Alternative cost calculations
- Integrating solar and battery technology
Solar energy and corporate finance
- The retail market for solar energy
- Key international players
- National market differentiation
- Existing retail market incentives (including tax credits, residential FiTs) in Asia-Pacific
Case Study: Comparative analysis of solar policies in Australia (Federal and State), Singapore, Indonesia, the Philippines and Malaysia
- Household, farm and SME take-up issues
- Integrating solar energy with residential and commercial development
- Financing and modelling household solar energy
Group Exercise: Modelling the choice for solar in 2021: comparing jurisdictions, Australia, New Zealand and Asia-Pacific
International solar finance
- Large-scale solar projects and off-grid analysis
- Solar auctions and the future of the grid
- Renewable energy asset flows
- Institutional investors in solar projects
Case Study: Economies of scale: China Energy Investment Corporation
- Listed companies with major solar exposure
- The impact of regulation and portfolio diversification
- Solar equity investment performance
Modules 3 and 4 | Structuring, valuing and modelling solar projects
Valuing solar assets
- Accounting principles and practice for solar assets
- Valuation methodologies for solar assets
- Empirical analysis of solar asset valuation
- Comparison with listed share prices in Australia and Asia
Project finance for solar energy
- Logic, structure and advantages of SPV finance
- Measuring the cost of capital
- Building the JV: project owners, financiers/investors, landowners, service providers and technology suppliers.
Case Study: Power Purchase Agreements (PPAs), solar leases and bankability
- Empirical analysis of SPV finance for solar
- Legal and tax issues
- Derivatives as risk management tools for solar finance
- Sources of solar project finance in Asia-Pacific
- Bank lending criteria: what makes a solar project bankable?
Group Exercise: Pitching a solar project to a bank
- The solar project bond market in Asia-Pacific
Case Study: International rating agency criteria for solar projects and debt
Modelling solar finance projects
- Excel revision
- Energy output modelling
- Inflation and escalation
- Solar model structure
- Introducing accounts, depreciation and tax into the model
- Measuring and managing reserves and risk
- Integrating models into feasibility studies
Group Exercise: Comparing and auditing solar financial models
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