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Report
Infrastructure for
Development
Investing in Clean Energy
Rationale for Clean Energy Investments
Development
Rationale
Investment
Needs
•
•
•
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Private sector is dependent on electricity.
Power shortages are a bottleneck to economic growth.
Countries have untapped clean energy resources.
Private sector can bring technical competence as well
as capital to the sector.
• Capital requirements for power are large, and beyond
the public sector.
• Estimated annual capital requirement of 40 BUSD in
Africa.
• Renewable energy in particular is capital intensive.
Partnership with Scatec Solar
200 MWp built in South Africa & Rwanda
Activities to date
Formalising the partnership
 Scatec Solar & Norfund participated in South Africa’s
renewable energy programme & have three projects
 Scatec Solar & Norfund have agreed a new partnership
 Scatec Solar & Norfund have built the first East
African utility scale solar park in Rwanda
 Scope includes
 Project development
 Joint investment
 Focus on Africa
 Projects’ total capital costs are ca 560 MUSD
Declining costs
Potential future pipeline
 The cost of solar has been dropping dramatically
 Scatec Solar & Norfund have bid 270 MWp of new
projects in South Africa & Uganda
 South Africa has experienced a price reduction of ca
70% over three years
 Time to operation is extremely short & risks are lower
than with wind and hydro
 Other projects in pipeline in Namibia, Botswana, Ghana,
Kenya
Clean Energy Strategy
Partners
• Large hydro: SN Power & Agua Imara w Statkraft & BKK
• Solar: Partnership with Scatec Solar.
• Industrial partners with experience and local partners with presence and
local knowledge
Technology
• Proven technologies
• To date: Hydro, wind, solar
• May invest in geothermal and gas in future
Instruments
• Main focus on equity
• Mezzanine
• Debt & guarantees
Geography
• Focus on Southern and Eastern Africa; Central America
• Can provide debt in broader geography
Existing Clean Energy Portfolio
NOK 4,8 billion committed
Wind
Small hydro
Solar
Portfolio
Statkraft International Hydro
Norfund and SN Power
Hydro
Biogas
Developmental Effects of Clean Energy Portfolio
Statkraft International Hydro
Norfund and SN Power
Taxes NOK '000
1,400,000
Energy production 2013 :
6 781 GWh
1,200,000
1,000,000
Corresponding connections :
8.9 million people
800,000
600,000
Avoided Greenhouse gasses :
1.1 million tonnes CO2
400,000
200,000
0
Taxes NOK '000
Latin
America
1,230,192
Asia &
Pacific
221,792
Africa
120,812
$$$
Taxes :
NOK 1,6 billion
Highlights 2013 - 2014
SUMMARY
Growth in solar & wind – extending partnerships in hydropower
HIGHLIGHTS
SN Power restructuring
implemented
• Extending the partnership with
Statkraft & BKK
• Prioritisation of Norfund capital &
resources to focus regions
Portfolio of ca 200 MW solar
• Kalkbult fully operational
• Linde fully operational
• Dreunberg being commissioned
now
• First utility scale solar in Rwanda
First wind investments
• Financial close of Kinangop – first large
scale wind farm in East Africa
• Equity commitment to Lake Turkana Wind
Park – largest wind park in SS Africa
• Mezzanine loan to San Antonio wind
project in Guatemala
Key Next Steps
Hydro
• Support SN Power’s growth in targeted regions
• Explore opportunities for small hydro portfolio
Solar
• Expand the partnership with Scatec Solar
in Norfund geographies
Wind
• Establish new industrial partnerships to expand
wind power projects in Africa and Central America
Gas
• Explore ways in which gas-fired power
can benefit local economies
Lake Turkana Wind Project
Largest single wind farm in Sub-Saharan Africa
Lake Turkana Wind Park
Location: Lake Turkana, Kenya
 Lake Turkana Wind Power (LTWP) is a planned wind
park of 310 MW
 The wind park will contribute with approx. 20% of
Kenya’s current total installed power
 Unique wind resource
 Vestas turbine supply & installation contract
Norfund’s participation
Timeline
Development
 Equity investment w KLP:
• Amount: Approx. €22 million (w KLP)
+ €1,3 million guarantee
Construction phase (32 months) Operations
Q3
2014
Q1
2016
Construction
starts
50 – 90 MW in
operation
Q1
2017
• % of Equity: 12.5% stake
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Full 300 MW
in operation
20 years PPA
Lunsemfwa Hydro Power Company
First private power plant in Zambia
Background
The Mulungushi Power Plant
 In 2011 Agua Imara acquired 51% of LHPC
 LHPC currently owns two hydropower plants,
Mulungushi and Lunsemfwa, with a combined
capacity of 56 MW
 LHPC is the only private member of the Southern
African Power Pool (SAPP)
 Expansion & replacement options are currently being
explored
Norfund’s participation
Expansion possibility: Muchinga Power Company
 Norfund owned direct and indirect stakes in Agua
Imara at the time of the acquisition
 LHPC fully owns the Muchinga Power Company,
 With a license to develop a new hydropower plant
with a potential capacity of 250-300 MW.
 Norfund now has an indirect stake via SN Power
 Effectively a 17% stake in LHPC
 The new plant will be located downstream of the
existing Lunsemfwa plant.
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