2015 Edition Flyer 2019 Report Available CURRENT STATE AND FUTURE OF WIND AND SOLAR POWER IN SPAIN This report provides an in-depth analysis of the wind and solar (CSP and PV) markets in Spain, examining the background and the latest changes in regulation. We provide an independent analysis and our views on how the future is expected to develop. At the core of this report are the wholesale electricity price projections for Spain out to 2040. THE MARKET REPORT WHOLESALE ELECTRICITY PRICE REPORTS AND ADVISORY This market report is the definitive guide PROJECTIONS For the Spanish wind and solar market, for companies that are looking to fully The report provides wholesale electricity Pöyry offers the following services: understand the intrinsic dynamics of the price projections for Spain out to 2040 in Spanish renewables industry. three internally consistent scenarios - high, • A standard off-the-shelf report covering the Spanish market, including our price At the core of this 160-page report are the central and low. projections for the country out to 2040. wholesale electricity price projections for Spain. Modelling wholesale markets with an hourly • Bespoke reports with tailor-made market Along with a market analysis per resolution allows us to produce merit order analysis and business opportunities. technology, the report also includes curves and price duration curves, helping a detailed assessment of the Spanish clients to better understand the detail • Tailor made consulting and engineering regulatory framework applying to wind underlying of our price projections. advisory services. and solar assets together with our expert We use our electricity model to examine the • Capture prices for any technology based analysis on associated regulatory risk. effect of differences in key drivers, such as: on specific client production profiles, or Our report gives the reader a clear • electricity demand; average technology profiles in Spain. understanding of what has caused the • fuel and gas prices, derived from our suite regulatory changes that are now in place of models; Pöyry’s Madrid office has been involved and how these changes impact on the in over 50 M&A transactions in wind and risk profile and financials of operating and • government policies on renewable solar in Spain and has assisted clients, development assets. generation; and both promoters and banks, to either develop or to acquire/divest solar assets. To conclude we analyse and discuss the • construction of new generation capacity. We have also helped major corporations sustainability of the electricity system Our model produces detailed results for on their market entry strategies in the and how this may impact the future of each plant in our database, including solar industry. renewables in Spain. revenues and costs on an hourly basis. Our assumptions about future investment decisions are supported by adequate levels of expected return. TRANSACION SERVICES We provide full asset analysis by combining our electricity model capabilities and financial modelling, including: As a complementary product, Pöyry can provide complete arrays of projected hourly prices out to 2040. • Technical and market due diligence. • Asset valuation - Enterprise Value and Equity Value - for various technologies. • Project financing and refinancing advisory. • Maximum gearing calculation obtained from financial institutions. • Hedging strategies and effects on return to shareholders. • Optimal exit option analysis. • Financial closure design and negotiation. RENEWABLES ADVISORY We provide consulting and engineering services covering each stage of the renewable energy project development stage: • Management consulting • Project consulting • EPC / Operations advisory EUROPEAN MARKETS PÖYRY MARKET REPORTS LATIN AMERICA Pöyry Management Consulting produces ILEX Energy Reports for electricity, gas, carbon and green certificate markets across Europe and Latin America. Pöyry Management Consulting provides leading-edge consulting and advisory services covering the whole value chain in energy, forest and other process industries. Our energy practice is the leading provider of strategic, commercial, regulatory and policy advice to Europe’s energy markets. Our team of over 200 energy specialists, located across 12 European offices in 10 countries, offers unparalleled expertise in the rapidly changing energy sector. Pöyry is an international consulting and engineering company. We serve clients globally across the energy and industrial sectors and provide local services in our core markets. We deliver management consulting and engineering services, underpinned by strong project implementation capability and expertise. Our focus sectors are power generation, transmission & distribution, forest industry, chemicals & biorefining, mining & metals, transportation and water. Pöyry has an extensive local office network employing about 6,000 experts. Contact Pöyry for more information: Antonio de Juan Fernández [email protected] Pöyry Management Consulting (UK) Ltd. Genova 17, Sexta Planta, 28004 MADRID España +34 669 986 872 Registered No. 2573801 www.poyry.co.uk.