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Characteristics of the Australian Renewables Sector November 2016 Characteristics of the Australian Renewables Sector November 2016 © Allen & Overy LLP 2016 2 Characteristics of the Australian Renewables Sector | November 2016 Contents Introduction 3 Federal and government initiatives and incentives 4 Energy retailers’ attitudes to offtake arrangements with renewable projects 5 Snapshot of some current renewable developments and acquisitions 6 How to make use of KfW’s renewables refinancing programme in Australia? 7 © Allen & Overy LLP 2016 3 Introduction After years of uncertainty, Australia’s renewable Who we are energy sector is taking off. A number of previously planned wind and solar projects have been revived Allen & Overy offers the unique combination of expert recently and the sector must grow rapidly for the next Australian knowledge backed by our German team’s two to five years, in order to achieve Australia’s now- in-depth experience with KfW’s refinancing confirmed Renewable Energy Target (RET) by 2020. programme. We are at the forefront of the global renewables market, advising domestic and international This document summarises some of the key sponsors, developers, project companies and financiers characteristics of the Australian renewables sector across the renewables spectrum on all aspects of which may be of interest for German investors and renewables projects. Our sector expertise, focused legal German banks. It looks at the incentive schemes that skills, ability to keep up to date with the energy and have been initiated at both the Federal and State level utilities sector (which is one of the fastest moving and the entities that have been established to promote marketplaces in the world) and global reach give our the growth of the sector. It also provides commentary clients access to the best advice. on one of the key threshold issues that has so far held back the explosion of the renewables sector: the Key contacts availability of long term power purchase agreements with energy retailers. A snapshot has been provided of Simon Hayes is a specialist energy, construction and recent greenfield projects and some of the equity projects lawyer based in Sydney who has past and investment and acquisitions that have recently come to current experience advising a broad spectrum of clients market. in Australia and internationally in the renewables sector. Given the current regulatory banking environment it is still a challenge to secure the long-term financing of Simon Hayes renewable energy projects in Australia and other parts of the word. Senior Associate Tel +61 2 9373 7598 This paper, in addition, sheds some light on re- Mob +61 488 011 980 financing programmes provided by German [email protected] development bank Kreditanstalt für Wiederaufbau (KfW) to support German investors with their projects and how to make use of KfW’s renewables refinancing Dr Jens Gölz is part of the German Energy, Projects programme in Australia. and Infrastructure Group and has extensive experience advising on international renewable energy projects and has in-depth knowledge of the KfW refinancing programme. Dr Jens Gölz Counsel Tel +49 69 2648 5652 Mob +49 172 6917811 [email protected] www.allenovery.com 4 Characteristics of the Australian Renewables Sector | November 2016 Federal and government initiatives and incentives The Federal Government’s Renewable Australian Renewables Energy Agency Energy Target (ARENA) The Federal Government has committed to source ARENA is a state funded body that provides grants to 33,000GWh of renewable energy per year by 2020, improve the competitiveness of renewable energy which will require approximately 6000MW of new technologies and increase the supply of renewable renewable capacity to be built by 2020. energy in Australia. It recently completed a solar tender and awarded over AUD100 million of grants to 12 Participation in this scheme is incentivised by a solar projects. The Federal Government were tradeable certification programme. Each year, each considering defunding ARENA but instead decided to energy retailer who draws electricity from the grid is reduce its funding. It will now have a total of required to submit to the scheme’s operator a certain AUD800m to spend over the period to 2022 with a new amount of “Large-scale Generation Certificates” focus on renewable storage projects. (LGCs) based on the volume of electricity that they have drawn. LGCs are created and initially owned by State based incentive schemes the generators of renewable energy, and if an energy retailer does not have sufficient LGCs in any one year, Some Australian States have specified their own then they incur a charge at a rate of AUD65 per MW renewable energy targets and in some cases have of shortfall. launched their own incentive schemes to meet those targets. This creates a supply and demand market for these green instruments, encouraging energy retailers to The Australian Capital Territory (ACT) has completed invest in and/or enter into offtake arrangements with a series of reverse auctions that awarded successful renewable projects in order to guarantee a supply of projects Contracts for Difference (CfDs). These CfDs LGCs. It also provides renewable project developers guarantee each project’s revenue stream for 20 years by with an additional revenue stream to improve the making up the difference between the market price paid viability of their projects. for electricity and the pre-agreed feed-in-tariff bid by the project developer. Clean Energy Finance Corporation (CEFC) Victoria has recently announced a 40% renewables The CEFC is a governmental green bank that acts as a target by 2025, which will entail the construction of traditional financier, working with private sector 5,400MW of renewable power generation. They financers to support renewable projects. It is able to contemplated 80% of this being target being met by provide concessional finance to assist projects wind generation. To assist the realisation of this target, struggling to raise funds (giving lower pricing, taking CfDs will be auctioned in a process that mirrors the higher risk or allowing repayment over a longer ACT’s programme. period); however, the CEFC may not make grants. It Queensland has set a renewables target of 50% by will receive AUD10 billion of funding between 2013 2030. Under its Solar 150 programme, which and 2017. Since its creation, it has provided compliments ARENA’s solar tender, 20-year CfDs cornerstone investment for financial institutes green have been provided to four solar projects in bonds issues, provided debt financing to renewable Queensland, which will have an aggregate capacity projects and invested in renewable funds managed by of 148MW. third parties. © Allen & Overy LLP 2016 5 Energy retailers’ attitudes to offtake arrangements with renewable projects The main Australian energy retailers are starting to Normanton Solar Farm wind farm, although it is show more of an interest in entering into long term worth noting that this was primarily funded by an power purchase agreements for the energy produced by ARENA grant. renewable projects. AGL will enter into five to ten year PPAs with To date there has been a certain amount of reluctance each project acquired by the Powering Australian to do so, and as a consequence renewable developers Renewables Fund (PARF) it established earlier have found it difficult to obtain financing for their this year. Rather than sourcing equity on a project- projects unless they were able to obtain certainty of by-project basis, AGL has launched this unlisted revenue from one of the state sponsored schemes. This AUD3bn fund on the premise of providing an has been one of the key threshold issues holding back opportunity for large institutional investors to the development of more renewable projects finance a portfolio of renewable assets, in order to in Australia. diversify risk and reduce costs. It is expected that a number of existing AGL-owned assets will be sold Their reluctance was caused in part by uncertainty over into the fund, which will then acquire additional the government’s position on renewables, which has operating assets and greenfield development been clarified to an extent following the confirmation projects to reach up to 1000MW of total renewable of the RET along with other factors, such as Australia’s generation capacity. signing of the Paris principles on climate change. The Synergy has recently announced that it also intends reluctance has also been fuelled by inconsistent to launch a renewables fund, and though the details electricity prices, which mean energy retailers are more have not been confirmed, PPAs may be offered for likely to gamble on merchant market prices being the projects developed by that fund. lower than those agreed in a long term PPA. EnergyAustralia has not entered into any This attitude has shown signs of thawing, particularly renewable PPAs recently, although has precedent as falling renewable technology prices lead to cheaper for entering into PPAs with renewable projects, renewable energy. entering into 15-year PPAs for 50% of the output of the 111MW Waterloo Wind Farm and a 15-year Origin Energy entered into two PPAs with FRV (a PPA for the output of the 113MW Boco Rock solar developer) earlier this year, one with a 15- year term for the output of the 56MW Moree Solar Wind Farm, although it has not entered into any Farm and the other with a 13-year term for the new PPAs recently. output for the 100MW Clare Solar Farm. Origin While there is still no abundance of PPAs available this has also offered to enter into PPAs with the buyer thawing is a promising sign for the Australian of its Stockyard Hill wind farm. renewables sector. Financiers of renewable projects will still view PPAs with a term of 15 years plus and Ergon Energy entered into a 12.5 year PPA for the for 100% of electricity produced as ideal; however, it output of the 170MW Mount Emerald Wind Farm in May this year following a reverse auction that may be that PPAs are offered with shorter terms or for shortlisted seven projects.
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