25
MARTIFER SOLAR COLLOQUIUM PORTUGAL, JAPAN & EU COOPERATION October 28, 2014
MARTIFER SOLAR
COLLOQUIUM
PORTUGAL, JAPAN & EU COOPERATION
October 28, 2014
© 2
014 M
art
ifer
Sola
r
The information contained in this document is strictly confidential
and may not be disclosed or reproduced in any form, in whole or
in part.
This document does not replace the consultation of other
publications already disclosed and/or to be disclosed by Martifer
Solar concerning periods under analysis.
Forward looking statements reflect only the enunciation of
intentions, expectations, projections and/or beliefs of the
management team, based on past experience, present and future
trends. Therefore, it should not represent in anyway a guarantee
of future performance taking into account inherent risk and
uncertainty factors.
DISCLAIMER
2
01 | MARTIFER SOLAR IN A
NUTSHELL
02 | BRIEF ENERGY MARKET OVERVIEW
03 | JAPAN & MARTIFER SOLAR
SOUTH WEST
REGION,
United Kingdom
108.9 MWp
© 2
014 M
art
ifer
Sola
r
4
Founded in 2006 and headquarters in Viseu | Portugal
About 300 employees globally
FY13 Revenues of 274,4 M€ | Backlog of 227 M€ (to date)
Solid Bankable Company
560 MW done in 536 Projects across all market segments
COMPANY OVERVIEW
MARTIFER SOLAR IS A LEADING FULLY-INTEGRATED PLAYER
PROVEN TRACK RECORD across every market segment
326.7 MW
438 MW
105 MW
11.7 MW
230 kW
6.6 MW
50 kW
UTILITY-SCALE
GROUND-MOUNTED
ROOFTOP
BIPV
RESIDENTIAL
SMALL GENERATION
OFF-GRID
© 2
014 M
art
ifer
Sola
r
5
360º BUSINESS MODEL 360º BUSINESS MODEL OVERVIEW
DEVELOPMENT
Originate the utmost PV
investment’s portfolio in the
Renewable sector, enabling
them with affordable and
competitive power solutions, that
consistently delivers best returns
to our satisfied customers.
. Fundraising
. Strategic
Partnerships
. Plant lifecycle absolute
performance
. Controlling & Reporting
. Accounting & Financing
. Due Diligence Services
. Financial Advise & Analysis
. Deal Structuring
© 2
014 M
art
ifer
Sola
r
6
WORLDWIDE PRESENCE
AMERICA AFRICA ASIA EUROPE
The PROVEN CREDIBILITY of a World Class PV Player Global Presence more 20 countries across 4 continents
SOURCE: IHS 2014 | 700 players’ research
largest EUROPEAN
PV player 1st
SOURCE: GTM Research | vertically integrated segment
3rd largest European
O&M player
© 2
014 M
art
ifer
Sola
r
8
STRONG BANKABILITY
Value maximization | Risk mitigation
Partnership with Key Multilateral Entities
International Finance Corporation
38,7 MW PV Plant in Mexico
10 MW PV Plant in Jordan
Inter-American
Development Bank
Utility-Scale Plant in Chile
African Development Bank
Utility-Scale PV Plant in Kenya
Overseas Private Investment Corporation
Ground-Mounted Plant in Tanzania
European Bank for Reconstruction
and Development
10 MW PV Plant in Ukraine
Martifer Solar has already
worked together with top
multilateral entities in some of
its projects and continues to do
so in its newer projects.
© 2
014 M
art
ifer
Sola
r
2014 ACHIEVEMENTS AND PUBLIC RECOGNITIONS
9
UK: ABOUT 80 MW DONE IN 9 WEEKS
Public recognition from UK Trade & Investment
(Business Expansion)
MEXICO: LARGEST PV PLANT BUILT
Harvard / IDB Infrastructure 360º award;
MIREC winner (Best Breakthrough Company)
ENERGIZED 2014 FIFA WORLD CUP
Hosted first World Cup game played at
Solar-powered stadium
BELGIUM: 2nd LARGEST PV ROOFTOP BENELUX
REGION
Finalist at Intersolar 2014
(Solar Projects in Europe)
1st GRID PARITY PROJECT WITH IKEA
Finalist in Solar Industry Awards 2014
(Project Development)
SOUTH WEST REGION, UK 78.4 MWp
CANAL LOGISTICS, BELGIUM 3.5 MWp
MINEIRÃO STADIUM, BRAZIL 1.6 GWh/year
PISA, TUSCANY ITALY 696 kWp
LA PAZ, MEXICO 38.7 MWp
01 | MARTIFER SOLAR IN A
NUTSHELL
02 | BRIEF ENERGY MARKET OVERVIEW
03 | JAPAN & MARTIFER SOLAR
VEULES LES
ROSES,
France
5.5 MWp
© 2
014 M
art
ifer
Sola
r
ENERGY MIX OUTLOOK
No Surprise: historically to date, world
energy sources are clearly driven by
fossil fuels (brown energy);
Current equilibrium is not sustainable
for future (depletion of oil reserves,
CO2 emissions);
Energy Paradigms are shifting: Public
concern about global warming,
pollution, energy safety and
independence are driving maturity
towards more sustainable or cleaner
energy sources (green energy);
In next ten to twenty years, forecasts
are Green Energy balancing the
offset of Brown Energy sources;
According to IEA, Solar Power to be
largest energy source of planet by
2050; Thompson-Reuters anticipated
the event by 2025.
12
SOURCE:
© 2
014 M
art
ifer
Sola
r
13
RENEWABLE ENERGY MIX OUTLOOK
Renewable electricity projected to scale up by 45% from
2013 to 2020;
Solar Electricity to climb the ladder, while increasing its
share at Renewables.
SOURCE:
© 2
014 M
art
ifer
Sola
r
14
PHOTOVOLTAIC (PV) MARKET OVERVIEW
EVOLUTION OF GLOBAL PV CUMULATIVE INSTALLED CAPACITY
2000-2013 (MW)
SOURCE:
© 2
014 M
art
ifer
Sola
r
15
PV MARKET FORECASTS
EVOLUTION OF GLOBAL PV ANNUAL INSTALLATIONS 2012 - 2020 (MW)
Forecasts years ahead (2020):
> 500 GW, and
CAGR up ~13% y/y
SOURCE:
© 2
014 M
art
ifer
Sola
r
16
SUPLY & COST STRUCTURE TRENDS
Note: Orange
dots indicate past
module prices;
purple dots are
expectations. The
oval dots
correspond to the
deployment
starting in 2025,
comparing the
2DS (left end of
oval) and 2DS hi-
Ren (right end).
Forecast fixed-axis utility-scale PV capex, 2010-2020 (2012 $/W)
SOURCE:
© 2
014 M
art
ifer
Sola
r
17
SUPLY & COST STRUCTURE TRENDS
Note: Orange
dots indicate past
module prices;
purple dots are
expectations. The
oval dots
correspond to the
deployment
starting in 2025,
comparing the
2DS (left end of
oval) and 2DS hi-
Ren (right end).
1.85
1.35
0.73 0.72 0.72 0.70 0.65 0.61 0.57 0.54 0.52
3.24
2.65
1.59 1.55 1.52 1.47 1.40 1.34 1.28 1.23 1.19
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Module Inverter Balance of plant EPC Other
Forecast fixed-axis utility-scale PV capex, 2010-2020 (2012 $/W)
Affordability
SOURCE:
Competitiveness
Electricity Prices
© 2
014 M
art
ifer
Sola
r
-17%
-14%
-7%
LEVELISED COST OF ELECTRICITY 2013 ($/MWH)
ENERGY SOURCES TRENDS
Note: Carbon forecasts from the Bloomberg New
Energy Finance European Carbon Model with an
average price to 2030 of $48/mt. Coal and natural gas
prices from the US EIA and BNEF. Percentage change
represents change from Q4 2012
18
SOURCE:
© 2
014 M
art
ifer
Sola
r
SUBSIDY-DRIVEN Solar
Markets
SUBSIDY-DRIVEN Solar Markets
PARITY-DRIVEN Electricity Markets
Best prospects at sunbelt countries (high solar irradiation);
Fuel Parity / Consumer parity to be reached at large electricity markets/demand
Over 100 GW of PV installed worldwide;
Frameworks assured the maturity of Solar as an
viable energy source
GRID PARITY HEATMAP
19
PARITY WILL HAPPEN IN SEVERAL REGIONS AROUND THE WORLD
OVER THE COMING YEARS
SOURCE:
Transition of 2-5 years
01 | MARTIFER SOLAR IN A
NUTSHELL
02 | BRIEF MARKET OVERVIEW
03 | JAPAN & MARTIFER SOLAR
© 2
014 M
art
ifer
Sola
r
21
JAPAN PV MARKET
Currently, Japanese Energy Demand
is mostly supplied via fossil fuels
(>95%); Share of Renewables of
4,7%;
During 2014, Japan to become the 4th
largest PV country worldwide
(cumulative capacity);
Great prospects for the solar industry
sector in the country (strong pace
ahead for new solar installations);
Strong Framework and incentives
(Feed-in-Tarifs) for the deployment
and assembly of PV projects;
Mega-Solar projects (>1 MW) to keep
growing in the years to come;
currently 70 ongoing projects with 24
foreign companies in the marketplace.
Note: Predicted figure in 2030 is as 7.5 times
large as the present figure
© 2
014 M
art
ifer
Sola
r
22
CONTEXT OF JAPANESE MARKET (1/2)
• Culture | Idiom: ability to adapt to totally new
environment when compared to Portugal;
• Mutual Trust is the key pillar in doing businesses;
• JP PV Market: fierce competition from foreign and
local players;
• New Market – fast learning stages to adoption of Solar
Energy;
• Local know-how about several stages of supervision
and maintenance of Solar Plants;
• Land shortage | Available sites:
• Commercial/Industrial Rooftops;
• All grounds with non-agricultural purposes (ie,
mountain terrains).
© 2
014 M
art
ifer
Sola
r
23
CONTEXT OF JAPANESE MARKET (2/2)
• 2020 Olympic Games:
• Pressure about construction companies;
• Pressure for scarce labor force.
• Strong diligence regarding local requisites and
certifications of manpower to local projects may
hamper foreign personal enrolment;
• Results in inflation of prices in terms of workforce +
available Engineering & Construction (EPC)
companies;
• Local project finance: Not easy to get when you aren’t
a Japanese's renowned company.
© 2
014 M
art
ifer
Sola
r
24
MARTIFER SOLAR JAPAN
• Company started operations 2012;
• Lean organization based in Tokyo;
• Combined cultures: Portuguese + Japanese
• Key Business areas:
• Focus on the Downstream of Value Chain
Development of PV assets;
Operation & Maintenance (O&M) Services;
Pave the ground for O&M contracts (20 – 25 years).
© 2
014 M
art
ifer
Sola
r
• Raise awareness in market:
• 2014 PV EXPO attendance;
• Confirmation to participate | invest in 2015 PV EXPO;
• Corporate communications program (Press Releases
/ Interviews / Editorials ) at local media.
• Track record to date:
• Mega-Solar Utility-Scale project developed in-house
(details soon to be publically released );
• Location: One hour and half nearby Tokyo.
• Future Highlights:
• Flourish the O&M Business Division; ensure
sustainable business for MTSJP mid/long term;
• Keep the pace in raising new PV assets to be placed
at investors | asset managers | other off-takers.
MARTIFER SOLAR JAPAN
25
© 2
014 M
art
ifer
Sola
r
Thank you.
© 2
014 M
art
ifer
Sola
r
Martifer Solar
HEADQUARTERS
Zona Industrial, Apartado 17
3684-001 Oliveira de Frades, Portugal
T. +351 232 811 381
F. +351 232 811 389
For most up-to-date information visit
www.martifersolar.com
To contact us, follow the link
CONTACTS
27
