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Raiffeisen Leasing International

Raiffeisen Leasing International. Company Information. Raiffeisen-Leasing International Group. One of the Leading Leasing Providers in CEE. Raiffeisen Leasing positioned as one of the leading leasing providers in CEE 18 consolidated leasing companies in 17 countries

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Raiffeisen Leasing International

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  1. Raiffeisen Leasing International

  2. Company Information

  3. Raiffeisen-Leasing International Group

  4. One of the Leading Leasing Providers in CEE • Raiffeisen Leasing positioned as one of the leading leasing providers in CEE • 18 consolidated leasing companies in 17 countries • Ca.1.400 employees per end of September 2011 • Total Portfolio amounted to EUR 4.605 Mio. as per 30.09.2011 (58% vehicles, 19 % equipment and 23 % real estate) • Core products include cars, trucks, equipment to large corporates, SMEs, public sector and private individuals. • Special country focus real estate and renewable energy • Member of Raiffeisen Bank International - Group

  5. Renewable Energy

  6. Trend Renewable Energy • Worldwide aim to reduce GHG emissions • Renewable Energy supported by incentives (i.e.. feed-in-tariffs) • Technical development and research lead to increasing price competiveness • Unpredictable prices of fossil fuels • Governments aim for energy independence (esp. nuclear power and fossil fuels) • Renewable Energy industry creates local jobs • Consumers demand and support “green is good” mentality

  7. Renewable Energy – Strategic Fields • Wind Farms • Photovoltaic Plants • Hydro Power Plants No dependency on raw material!

  8. Process of Renewable Energy Projects Project Development Funding Construction Operation Professional support during the development phase (assessment of projects) • Tailor-made finance models: • Equity Investment • Debt Finance Monitoring and support during construction Professional support during the operational phase

  9. Renewable Energy - Characteristics • Secured Cash Flow for a specific tenor • Mix of immovable and moveable assets • Technically complex; technical development ongoing • Expensive Source of energy; only realizable through subsidies • Esp. CEE – Markets are quite immature (developers, operators, legislators etc. show lack of experience) • High dependency on local project development and/or general contractors • Time pressure, as actual tariffs are mostly valid only for one year

  10. Project Development/ Equity Investment

  11. REE -Business Focus and Objectives Business Focus and Objectives REE specialises in acquiring, developing, building and operating renewable energy projects • The corporate objectives of REE: • Acquisition, development and operation of environmentally sustainable and economically viable renewable energy projects, focusing on raw material – independent technologies like wind and solar power. • Generate attractivereturns with amoderate risk profile in targeted countries within the EU.

  12. Target Markets Today Market Legend Romania Slovakia Poland Bulgaria Austria Czech Republic Sweden • Ambitious EU targets 20/20/20 • Attractive Market • Because of market size, high wind potential • Ambitious EU • 20/20/20 targets • Potential for wind and solar energy • Strong focus on hydropower • In the future, increased focus on wind and solar energy • Hydropower potential as good as exhausted • Increased focus on wind energy • So far, concentrating heavily on hydropower • In the future, increased focus on wind and solar energy • Highest targets in the EU for share of renewable energy Countries with finished projects Countries with projects under development Potential Wind Energy Potential Photovoltaic Potential Biomass Potential Hydropower 24,5% 16% 34% 14% 13% 15% 49% 24% xx% 20,8% 39,8% 23,3% 17,1% 6,8% 6,4% 9,4% 7,5% xx% 12,9% 13,1% Sweden Achievement of 2009 targets Gap EU-20/20/20 targets Poland Czech Rep. Slovakia Austria Romania Bulgaria ᴓ SEE-Region ᴓWestern Europe

  13. Raiffeisen Financing Possibilities Equity Investment by REE • Function as venture capitalists, particulary in the development phase • Project stake of 50 +1 share up to 100 % • Feasible for all types of projects, from project development (greenfield) to the acquisition of turnkey facilities • Responsible for project management and project controlling • Taking over operator role temporarily for renewable energy project • Full payout lease • Operating / Finance Lease • Sale and Lease back Models • Hire Purchase • PPP (Public Private Partnership) Models • BOT (Build-Operate-Transfer) • BOO (Build-Own-Operate) • BOOT (Build-Operate-Own-Transfer) Loans Leasing (RL or RLI) Operator Models • Funding during construction phase • Senior Lending (RBI/Networkbank) • Using also EBRD, EIB, IFC funding possibilities Leasing options are also part of the REE financing portfolio REE is the competence center for renewable energy projects within Raiffeisen banking group

  14. PV Rosice 2010 2.77 MWp • PV Cekanice 2010 1.60 MWp • 4.37 MWp Scharndorf 2003 24.0 MW Trautmannsdorf 2004 16.0 MW Velm-Götzendorf 2004 12.5 MW Berg 2005 20.0 MW 72.5 MW Overview of implemented Wind and PV projects (REE) Realized own projects Realized own projects Austria • Long Man 2006 8.0 MW • Kavarna 2009 32.0 MW • Balchik 2010 10.0 MW • 50.0 MW Czech Republic Bulgaria PV Buzitka 2010 4.00 MWp PV Hladky Majer 2010 2.00 MWp PV Velke Ulany 2010 1.00 MWp PV Lisov 2010 0.50 MWp Egby 2008 8.0 MW Slovakia 7.50 MWp Sveden Total capacity of 130,5 MW in wind farms Total capacity of 11,87 MWp in photovoltaic plants • Trends in the wind energy sector • Wind energy has high potential due to rising global energy demand and EU-20/20/20 targets • Improved technologies lead to better energy efficiency • Comparatively low investment costs secure attractive project returns • Trends in Photovoltaics - Market • High political interest in the development of solar energy • Massive energy efficiency improvements in state-of-the-artfacilities, decrease of investment costs • Continues to present an attractive investment landscape due to rising global energy demand • Relatively low maintenance keeps running costs low

  15. Added Value by using REE Adding value for our partners • Extensive experience in project development and operating green energyprojects • Widespread CEE focus with detailed knowledge of local conditions andspecifics Proven track record • Framework agreements with big-name componentmanufacturers • High market acceptance by project developers and investors because of extensive know-how High market acceptance • International approach through RBI network • Detailed technical expertise and solid financial backing through the RBI network International network • Ensuring its place as technology leader by using modern and highly efficient components fromleading manufacturers Technology leadership

  16. Debt Finance

  17. Project Finance • Financed assets are the only source of cash to repay the financing • Usually done through a SPV (separated account) • Financing entity is in control of the cash flow & asset • A financial model is needed to assess the economic feasibility of a project • Project must be capable of producing enough income to cover all operating and debt-servicing expenses over the whole tenor of the debt-financing

  18. Conditions precedent On top of usual one’s: • Energy Source Study (Solar, Wind, Water) • Legal Due Diligence • Technical Due Diligence • Contract with the utility company regarding connection to the power grid • Operation & Maintenance contract with a trusted provider in place • Pledge over shares of SPV due to lack of transferability of licenses • Creation of a Maintenance Reserve Account (additionally to a Debt Reserve Account) • Pledge over the above mentioned accounts

  19. Czech Republic 19

  20. Renewable Energy in Czech Republic • Czech Republic has standard EU market energy prices • Energy is mostly produced by coal and nuclear power plants • The Act on support of production of electricity from renewable sources with the aim of 8% share on total Energy consumption by the end 2010 was introduced in March 2005 , in 2010 this indicative aim reached 8,32% • Feed-in tariff in Czech republic is guaranteed for 15 years from the date of the connection to the network • Enormous increase of installed capacity of Solar Power Plant led to termination of support of the new Solar Power Plant Projects commencing in year 2011 and implication of withholding tax 26% ((return on investment dropped down to 7 years for Investors instead of predicted 15 years ) valid for 3 years on Solar Power Plant connected in years 2009 and 2010). • The Energy Action Plan for Czech Republic 2020 was issued 2010 with aim to reach 13,5% share on total energy consumption the production from renewable sources, this plan defines measures to be taken to reach the aim. Solar Power Plants are not supported any longer (apart the roof installations up to 30 kWp, however other types of Renewable Energy production (Water, Wind, Biogas, Biomass…) are to be supported continuously in the up-coming years 20

  21. Renewable Energy in Czech Republic Raiffeisen-Leasing (CR) • The first structures for financing set up already in year 2008 i.e. before the boom in 2010 • Energy Project Team in CR was setup and Standardized Underwriting Criteria were applied in 2009 • Cases structured as self-running projects, Realized projects : Main focus for 2012 : • Small photovoltaics up to 30 kWp per installation • Refinancing of existing runnig photovoltaic projects 21

  22. Thank you very much for your attention!

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