The Inevitable Future

29 November 2019
Salvador Antonio R. Castro, Jr. of Renewables:
President & CEO
CleanTech Global Renewables, Inc. Upcoming Trends
in the Energy Sector
Impossible?

Roger Bannister - The Four Minute Mile

 Historical Unsubsidized Levelized Cost of Energy (“LCOE”)
of Utility-Scale Generation
$400
SOLAR PV
$350 $359
WIND
$300
COAL
$250

$200

$150 $135

$100 $111 $102

$50 $43
$42
$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Lazard, 2018

Microsoft, Agder Energi partner to show how smarter grid can help Norway become more sustainable
Energy Storage
Solutions:

Compressed Air
Energy Storage
Energy Storage
Solutions:
Redox Flow
Battery
Energy Storage
Solutions:
Gravity Power
Module
Improbable?
 Russian Federation

Scandinavia
Canada
Netherlands Poland
Germany
Belgium Czech Rep
Ireland Slovakia
United States UK France Hungary
Austria Japan
Portugal Italy Romania
Spain Korea
Turkey
Mexico
Dominican Rep
Guatemala Nicaragua Philippines
India
Colombia
Brazil
Ecuador Singapore
Peru
Bolivia
Chile
Argentina
Australia
New Zealand

Countries with Wholesale Electricity Markets

ｘ PPA rates, LCOE > wholesale prices ✔️ PPA rates, LCOE < wholesale prices ✔️ PPA rates, LCOE < wholesale prices

ｘ Intermittency, variability risk ｘ Intermittency, variability risk ✔️ Intermittency, variability risk

Financing a solar or wind project without
a PPA was previously seen as impossible.
Few developers and their financiers have
started to leave some of their expected
generation outside PPA, accepting some
level of price risk. Financing is not
impossible but still improbable.
Adding storage reduces the price risk
associated with intermittency. Energy
storage technology could make full
merchant projects the norm. Financing
will be inevitable.

79.2 MW Developer by: Financed at 75-25 D/E by:

full merchant Renovalia Energy Banco Sabadell
solar plant (Spain)
Canada
- 600MW Travers, Alberta (planned)

Europe
- 500 MW Solar Nunez de Balboa (planned)

US - 300 MW by Elloymay (planned)

- 18MW Barilla - 600 MW by Eco Energy (planned)

- 110 MW by Octopus Energy (planned)

Chile and Mexico

Philippines
- 250 MW El Romero
- 22 MW San Ildefonso
- 150 MW Luz del Norte
- 120 MW Santiago Solar
- 90 MW Bolero West
- 80 MW Carrera Pinto Phase 2
- 80 MW Crucero
- 70 MW Salvador
- 70 MW Bolero East
- 60 MW San Pedro III
- 60 MW San Andres
- 40 MW Aura I
- 30 MW La Huayca
- 10 MW Jalisco I Merchant Solar Plants (Built and Planned)
- 10 MW Jalisco II
INVEVITABLE
Corporations more
than doubled
commitment to
renewable energy
in 2018

Source: BloombergNEF, 2018

 6.
50 6.36
6.3(75)
6
Ets y-

Corporate Renewable Deals

Intuit-
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6.
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M. S m ucker C om pany
Merck

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time