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Australian Wind and Solar Edition 75 for the Month Ending 31 May 2017 | Published 5 June 2017

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Australian Wind and Solar Edition 75 for the Month Ending 31 May 2017 | Published 5 June 2017 Australian Wind and Solar Edition 75 for the month ending 31 May 2017 | Published 5 June 2017 WWW.LCCAPAC.COM Market Performance – Overview Percentage change Percentage change Index Month YTD 12 months Fixed Income Yield Month YTD 12 months (Australia) S&P / ASX200 (3.4%) 1.0% 6.4% (Australia) 2-year gov bonds 1.56% (6.8%) (18.7%) (8.6%) (Japan) Topix 2.4% 3.3% 13.7% (Australia) 5-year gov bonds 1.92% (9.8%) (17.6%) 3.5% (Singapore) FTSE Strait Times 1.1% 11.5% 15.0% (Australia) 10-year gov bonds 2.39% (7.7%) (13.8%) 3.0% (Hong Kong) Hang Seng 4.2% 16.6% 23.3% (South Korea) Kospi 200 6.1% 17.2% 25.1% Currency Rate Month YTD 12 months (US) S&P 500 1.2% 7.7% 15.0% AUD to USD 0.7429 (0.7%) 3.0% 2.8% (US) Dow Jones Industrial 0.3% 6.3% 18.1% (UK) FTSE 100 4.4% 5.3% 20.7% M&A Rumour and Activity . Stockyard Hill Wind Farm. Origin Energy (ORG.AX) announced on 8 May 2017 that it will sell the 530MW Stockyard Hill Wind Farm project, Australia’s largest wind development, for $110 million to Goldwind and sign a long-term power purchase agreement (PPA) to buy the output from the wind farm project to year 2030. Origin will agree to buy all of the power generated by the wind farm and the associated Renewable Energy Certificates for a PPA price of below $60/MWh. Darling Downs solar farm. APA Group (APA.AX) announced on 1 May 2017 that it has agreed to acquire the 110MW Darling Downs Solar Farm from Origin Energy Ltd. The transaction includes an option for APA Group to acquire the nearby Beelbee Solar Farm development site, which has the potential for an additional 150MW of solar energy generation, as well as a long-term offtake agreement (for the purchase of all energy and large-scale renewable generation certificates generated by the solar farm) with Origin Energy until 2030 that will underpin the construction of the Darling Downs solar farm. Clare Solar Farm. DIF Infrastructure IV with Lighthouse Infrastructure announced on 30 May 2017 the acquisition of 100% of the 125MW Clare Solar PV project from Fotowatio Renewable Ventures. The Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project. Project finance has been provided to the project by NAB and SMBC. News Headlines and Key Sector Developments . Emerald solar farm. Telstra has entered into a long-term agreement to buy the entire output from the 70MW Emerald solar farm in a $100 million deal with RES Australia– The Courier Mail (30 May 2017) . Clean Energy Finance Corporation (CEFC). The Australian federal government has proposed changes to the CEFC Act to remove the prohibition on the CEFC investing in carbon capture and storage technologies – Corporate website (30 May 2017) . RateSetter’s Green Loan marketplace. The CEFC has made a $20 million investment commitment for Australia’s first peer-to-peer green lending platform, the RateSetter’s Green Loan marketplace. The online platform brings together investors, borrowers and clean energy product providers, allowing investors to lend directly to creditworthy borrowers looking to buy or install an approved ‘green’ product – Corporate website (26 May 2017) . Artesian’s Clean Energy Seed Fund. Artesian, a specialised investment manager, announced the completion of a $26 million capital raising for the Clean Energy Seed Fund (“Fund”), including $10 million commitments from CEFC and Australian Ethical Investment, and further investments from Hostplus and Future Super. The Fund can invest in clean energy start-ups, including accelerators, incubators, university program and angel groups – Corporate website (24 May 2017) . Collinsville Solar Farm. The CEFC announced that it has committed $60 million in financing for RATCH-Australia Corporation’s redevelopment of a disused coal-fired power station at Collinsville as a 42.5MW (AC) solar farm. The $100 million project is also receiving $9.5 million funding from the Australian Renewable Energy Agency (ARENA) – Corporate website (8 May 2017) . Longreach and Oakey Solar Farm. The CEFC has committed $12 million in senior debt finance for the $28.7 million 15MW Longreach Solar Farm and $19.5 million in senior debt for the $47.5 million 25MW Oakey Solar Farm – Corporate website (1 May 2017) . The CEFC’s large-scale solar program now includes: Project Location CEFC Debt Finance commitment ($ million) MW (AC) ARENA Funding ($ million) Parkes Solar Farm NSW 55 150 18 Griffith Solar Farm NSW 30 IMPORTANT DISCLAIMER: This report has been prepared by LCC Asia Pacific Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made. Page 1 / 4 Australian Wind and Solar Edition 75 for the month ending 31 May 2017 | Published 5 June 2017 WWW.LCCAPAC.COM Dubbo Solar Hub NSW 25 Whitsunday Solar Farm QLD 57.5 9.5 Hamilton Solar Farm QLD 77 57.5 N/A Gannawarra Solar Farm VIC 50 N/A Kidston Solar project (Phase QLD 54 50 8.9 One) Longreach Solar Farm QLD 12 15 3.5 Oakey Solar Farm QLD 19.5 25 Collinsville Solar Farm QLD 60 42.5 9.5 Total 372.5 407.5 . Ross River Solar Farm. Construction is set to begin at the 148MW Ross River Solar Farm. Project developers ESCO Pacific and Palisade Investment Partners said that the $225 million solar farm has reached financial close, with EnergyAustralia buying 80% of the electricity generated for 13 years – Renew Economy (1 May 2017) . White Rock Solar Farm. Goldwind said that the 20MW White Rock Solar Farm in northern NSW has reached financial close – PV Tech (11 May 2017) . Ross River Solar Farm EPC. Downer EDI Ltd (DOW.AX) has been awarded an EPC and O&M contract worth approximately $200 million by Palisade Investment Partners and ESCO Pacific for the 148MW Ross River Solar Farm project – Company announcement (1 May 2017) . Longreach and Oakey Solar Farm (1st Phase) EPC. RCR Tomlinson Ltd (RCR.AX) has been awarded two contracts, totalling approximately $50 million, with Canadian Solar to design and construct the 15MW Longreach Solar Farm and the first phase of the 25MW Oakey Solar Farm – Company announcement (1 May 2017) . Darling Downs Solar Farm EPC. RCR has been awarded a contract valued at approximately $175 million with APA Group to design and construct the 110MW Darling Downs Solar Farm – Company announcement (2 May 2017) . Collinsville and White Rock Solar Farm EPC. CIMIC Group (CIM.AX)’s subsidiary UGL has been awarded the EPC contracts to design and build the Collinsville Solar Farm in QLD and the White Rock Solar Farm in NSW – which will generate a combined revenue of $117 million for UGL – Company announcement (10 May 2017) . Australia on track to meet renewable target. The CEFC’s report on 2016 investments says that 98 new large-scale renewable energy plants were accredited last year (the vast majority of them solar farms) and $4 billion was committed to building new projects, which places Australia in a strong position to meet the legislated target of having 23.5% of energy generated from renewables – Sydney Morning Herald (3 May 2017) . RET well within reach. The latest data confirm that Australia is experiencing its biggest ever investment spree in large-scale renewable energy, and the 2020 renewable energy target, once considered impossible to meet, is now well within reach – Renew Economy (3 May 2017). See appendix . LGC prices. The price for large-scale generation certificates (LGCs) price had decreased, with the FY19 futures falling 27% to $52 from the prior week’s $70. While the LGC market is thin (and the drop in prices may therefore only be indicative), it is arguable that the 2020 Renewable Energy Target (RET) is likely to be met or exceeded – Renew Economy (29 May 2017) . City of Sydney. The City of Sydney aims to source half of its energy from renewables by 2030, with a reinforced commitment of net zero emissions by 2050 – Renew Economy (16 May 2017) . ResourceCo. Two new waste-to-fuel plants will be built in two separate Australian states, after the CEFC agreed to loan $30 million to ResourceCo. ResourceCo will build two plants that will transform selected non-recyclable waste streams into solid fuel, with the first plant to be built at Wetherill Park in Sydney, while the second is slated for development in a yet-to-be-announced Australian state – Renew Economy (5 May 2017). Rye Park Wind Farm. Tilt Renewables’ Rye Park Wind Farm in southern NSW has been approved with 17 fewer turbines (from 109 to 92) – ABC Online (25 May 2017) . Tesla Powerwall 2.
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