Key Learning Objectives
- Understand how to model wind energy production.
- Learn cost structures for wind projects and the competitiveness of wind energy production
- Evaluate comparable government support and regulatory environments for wind power in Asia-Pacific across multiple jurisdictions.
- Review the contracts required for both offshore and onshore wind.
- Analyse the global wind turbine market.
- Study corporate and project finance structures for offshore and onshore wind projects
- Be able to conduct due diligence on a wind power project.
- Integrate wind and energy storage in a comprehensive grid and off-grid power solution.
- Audit wind financial models
About the Course
The objective of this course is to provide a concentrated approach to the financing of wind projects. Beginning with how to calculate wind energy production and its associated risks, the technology of wind turbines and their deployment throughout Asia-Pacific. The course then reviews costings and comparable energy production sources and the current state of the industry, in order to use forecasts to examine the future trajectory of the industry. Delegates then review renewable energy fund investment structures, taxation implications and fund performance.
The next stage of the course is to investigate the legal agreements required for wind energy, whether with landholders, governments, or the offtake arrangements that are frequently put in place with corporate users. The core of the course involves detailed study of the components of wind project cost of capital: bank and other corporate and project finance debt, equity and international agency financing arrangements. Delegates then compare valuation methodologies for offshore and onshore wind projects, before proceeding to conduct due diligence on a number of actual projects in Asia-Pacific which have been funded in a range of ways, including through bond issuance.
The final stage of the course is for delegates to put this knowledge into practice by comparing and auditing wind financial models, including applying a range of risk techniques to the wind power and financial structures assumptions involved, in order to determine realistic outcomes for the projects under consideration.
Who Will Benefit
The sizeable capex investments required for wind energy, combined with the complex legal agreements that are also often necessary, has meant that both technical and financial expertise about the wind market has often been concentrated within large organisations.
This course by comparison is designed for all those who need to gain a comprehensive understanding of the funding sources and execution of wind power projects in Australia and the Asia-Pacific region. 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 project developers and managers and engineers, wind power specialists, accountants, as well as those working in corporates engaged in wind offtake projects.
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 Wind Energy Market
Wind energy development
- Wind energy modelling (including P90/75/50 and seasonality)
- The development of turbine technology
- Installation and deployment phases for wind projects
- Integrating wind projects and the Grid in Asia-Pacific
- The development of battery storage: implications for wind projects
- Examples of successful wind projects
Analysing wind project costs
- The cost of wind projects: Capex, Opex and ramp-up
- Offshore and onshore wind LCOEs compared to other energy sources in Asia-Pacific
Case Study: Forecasting wind LCOEs in Australia, Japan, South Korea, Taiwan and Vietnam
International comparison of wind project regulation
- Overview of environmental regulations
- Land issues for onshore wind
Case Study: Legal issues in landowner agreements
- Offshore lease agreements
- Tax structures and subsidies in Asia-Pacific
- Managing wind energy projects
Balance-sheet financing for wind
- Financing for investor-owned utilities, power marketers and turbine manufacturers
- International access to wind investment equity capital
- The cost of capital for wind projects
Case Study: International development agency support for wind projects – how does the Asian Development Bank compare to other organisations?
- Accounting principles and practice for wind energy projects
- Valuing balance sheet wind investors
- Empirical evidence on wind investor valuations in Asia-Pacific
Case Study: Siemens, turbine manufacturer and wind energy giant
Modules 3 and 4: Financial structures for wind energy projects
Project finance structures for wind power
- Principles behind wind project finance
- Risks of wind project development
Group Exercise: Preparing a risk map for a wind development
- Wind energy offtake agreements as risk mitigants
- Evidence on project finance for wind in Asia-Pacific
- Bank lending to wind projects – lending criteria in theory and practice
Group Exercise: Presenting a wind project to the bank in Australia and Vietnam – similarities and differences
- Wind project bonds and their markets
- Secondary markets for wind debt
Wind financial models
- Excel for financial modelling
- Translating wind forecasts into financial model inputs
- Structuring an offshore and onshore wind model
- Dealing with rising costs and offtake pricing
- Accounting, depreciation and tax in the model
- Integrating risk into the model
- Modelling reserve accounts for capex and risk
Group Exercise: Analysing a wind project feasibility study
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