Post on 22-Jan-2015
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Exolis: A simple idea
1. Solar Panels generate electricity2. Inverter cleans and converts current from DC to AC3. 2-Way Meter connects PV generation to the Grid4. Exolis monitors, maintains & optimizes system5. Exolis collects and webcasts comprehensive metrics
Applied to Shopping Centers . . .
Driving greater value
Distributed Generation with MiniGrid Distribution Complexity creates “barrier to entry” Aggregated demand expands revenue opportunities
Demand Response DSM Procurement
Owners/Developers often hold roof rights Exolis “deals in” the Owners
“Green Center” to the Building Owner Enhanced Lease revenue
Roof and/or Parking Lot Expand asset base on subsidized CapEx
Federal 30% ITC ~10% MACRS
State SRECs Grants
Attract a vital tenant base
“Green Center” to the Tenants New energy choices & reliability
Discounted electricity Emergency back-up for Solar . . . and the Grid
Energy Efficiency Smart minigrid
Open software platform Usage data & controls Insertion point for continuous improvement
Roof enhancement: reduces KWh load “Green” aura and customer traffic
Aggregated Demand Net Revenue: Best Case
Assumes 6% Annual Electricity Price increase & SREC Merchant Model
$(1,500,000) $(1,000,000) $(500,000) $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2010
2011
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2015
2016
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2018
2019
2020
2021
2022
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2024
2025
2026
2027
2028
2029
Annual Expense for Grid Services Annual Project Expense Exolis Annual Revenue from Tenants
Annual SREC Revenue Value of PLC Savings Value of Procurement Savings
Value of Switch to Primary
Solar Power: Mandated by Law 3 Forces driving US adoption
1. Strategic need to end reliance on foreign oil2. Rising price of other forms of Generation3. Global warming
Government initiatives in effect Federal
Congress extends 30% ITC to 2016 Stimulus Bill (ARRA) enables ITC as US Treasury Grant
Any PV system under construction before the end of 2010 Accelerated Depreciation $6B in Renewable Energy Loan Guarantees
PV projects under construction by 10/11 State
29 States with Renewable Portfolio Standard, 19 with Solar Set-asides NJ: transitioned from CORE to RPS & SREC – 2% Solar Set-aside MD: RPS & SREC – 2% Solar Set-aside PA: RPS & SREC goes on as rate-caps come off – 0.5% Solar Set-aside
Utility Grants Utility Loans
Solar Set-asides Across the U.S.
Mid Atlantic leads in Solar Set-asides
Perfect timing for a new entrant Short-term
Demand is set . . . by Government mandate Equipment costs are falling
Massive investment in 2007 & 2008 Increased production of Silicon Panels Thin Film production commercially available in ‘09
Financial crisis stalls Developers geared to tax-equity funding Exolis geared to equity financing while tax-equity funding re-establishes Talent is available and less expensive Distressed asset opportunities
Sound economics drive long-term demand Real Estate developers need new revenues Project finance will return in ~’11 and accelerate IRR Tectonic shift toward distributed electricity generation
PV Grid parity in 2013 Smart grid initiatives Electric in transport sector: Plug-in hybrids
Equipment Costs Falling
Grid Parity Timeline
Real Estate Partner The Goldenberg Group
Greater Philadelphia premier developer “Power Shopping Centers”
14 Projects > 6m square feet Luxury apartments & SFDs JWS “Urban Sustainability Center”
Founding Partner in Exolis 5 Projects
> 2m square feet > 10 MW peak capacity
ROFO on the rest of portfolio
New Entrant in Project Finance
Exolis Energy LLC
Project FinanceTax Equity
Private Equity“Retail” Tax Equity
LP
GPExolis LP 1
$50m10 Projects
NJ & PA
PropertyOwner
LP
GP
Exolis LP 3$150m
75 ProjectsUSA
Exolis LP 2$75m
30 ProjectsPA & MD
Exolis LP 1Project #1Exolis LP 1
Project #1Exolis LP 1Project #1Exolis LP 1
Project #1Exolis LP 1Project #1Exolis LP 1
Project #1Exolis LP 1Project #1Exolis LP 1
Project #1Exolis LP 1Project #1Exolis LP 1
Project #1
Tax Equity finance recovers, and Exolis has equity & credibility to access