<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Head-quartered in Saudi Arabia, ACWA Power is a world leading power and water developer, and renewable energy has been a crucial part of its strategy. In solar power domain, ACWA is well-known for developing PV projects like Shuaa Energy 1 in UAE and Noor PV, and CSP projects including NOOR 1&2&3 in Morocco and Bokpoort & Redstone in South Africa.<br />
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<strong>Table: Solar CSP Projects by ACWA Power</strong></span></span>
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<td style="width:123px;border:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Tech </strong></span></span></td>
<td style="width:137px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Project </strong></span></span></td>
<td style="width:96px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Country </strong></span></span></td>
<td style="width:163px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Status</strong></span></span></td>
<td style="width:72px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>PCOD </strong></span></span></td>
<td style="width:83px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Capacity </strong></span></span></td>
<td style="width:104px;border:solid windowtext 1.0pt;border-left:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>ACWA Share</strong></span></span></td>
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<td style="width:123px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Parabolic trough </span></span></td>
<td style="width:137px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Bokpoort CSP</span></span></td>
<td style="width:96px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">South Africa</span></span></td>
<td style="width:163px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Operation</span></span></td>
<td style="width:72px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Q1 2016</span></span></td>
<td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">50</span></span></td>
<td style="width:104px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">40.00%</span></span></td>
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<td style="width:123px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Parabolic trough </span></span></td>
<td style="width:137px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">NOOR Ouarzazate I</span></span></td>
<td style="width:96px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Morocco</span></span></td>
<td style="width:163px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Operation</span></span></td>
<td style="width:72px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Q1 2016</span></span></td>
<td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">160</span></span></td>
<td style="width:104px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">68.13%</span></span></td>
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<td style="width:123px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Parabolic trough </span></span></td>
<td style="width:137px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">NOOR Ouarzazate II</span></span></td>
<td style="width:96px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Morocco</span></span></td>
<td style="width:163px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Construction</span></span></td>
<td style="width:72px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Q2 2017</span></span></td>
<td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">200</span></span></td>
<td style="width:104px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">70.00%</span></span></td>
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<td style="width:123px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Tower</span></span></td>
<td style="width:137px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">NOOR Ouarzazate III</span></span></td>
<td style="width:96px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Morocco</span></span></td>
<td style="width:163px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Construction</span></span></td>
<td style="width:72px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Q4 2017</span></span></td>
<td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">150</span></span></td>
<td style="width:104px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">75.00%</span></span></td>
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<td style="width:123px;border:solid windowtext 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Tower</span></span></td>
<td style="width:137px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Redstone</span></span></td>
<td style="width:96px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">South Africa</span></span></td>
<td style="width:163px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Advanced Development</span></span></td>
<td style="width:72px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Q3 2018</span></span></td>
<td style="width:83px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">100</span></span></td>
<td style="width:104px;border-top:none;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;vertical-align:top;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">50.00%</span></span></td>
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<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"> <br />
For the bidding on Dubai 200 MW CSP tower project earlier this month, ACWA consortium submitted the price of USD 9.45 cents/kWh, creating the world-record low price for electricity generated from this technology.<br />
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As one of the global top solar CSP and PV project developers, ACWA Power is open to share experience and expertise on CSP project development. Below is the share on the topic about parameters affecting CSP and PV projects:<br />
<br />
<a href="http://image.trustmta.com/t/66dfda21/0fd4/4e77/8b58/bf6fdecb7117/2311144-37809.html">Relevant free Report: Challenges on Financing Solar CSP vs PV Projects.</a></span></span>
<ol>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Country policy, economy, regulation and IPP scheme</strong></span></span></li>
</ol>
<ul>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Political and economic stability is key to the attraction for developers, lenders and all stakeholders and will drive higher competitiveness from PV and CSP stakeholders.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Countries with well-developed regulations, laws and stable tax regime will be more appealing to lenders and investors</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Strong public and private partnership PPP or PPA schemes are giving stable and predictable project economics with strong and sustainable cash flows, which is even more important to CSP than PV - Mainly because CSP more capital intensive and less proven.</span></span></li>
</ul>
<ol>
<li align="left" style="text-align:left;text-autospace:none;" value="2"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Contractual-Power Purchase Agreement (PPA) terms</strong></span></span></li>
</ol>
<ul>
<li><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Strong PPAs provide visibility on long term cash flows and predictable revenues from electricity generation.</span></span></li>
</ul>
<ol>
<li align="left" style="text-align:left;text-autospace:none;" value="3"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Climatic conditions and available land</strong></span></span></li>
</ol>
<ul>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Local solar irradiation is key for solar projects for both PV and CSP technologies and will impact on tariff for implementation of a sustainable and viable Project.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Dust alone and moreover when associated with humidity could be detrimental to solar energy production.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">High temperature or high wind conditions could affect the electricity generation.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Large area is key to implement CSP and PV plants (less of a problem in Dubai and Morocco than in Europe.</span></span></li>
</ul>
<ol>
<li align="left" style="text-align:left;text-autospace:none;" value="4"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Technical design</strong></span></span></li>
</ol>
<ul>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Optimal size of solar field : To achieve the best tariff taking into account capital expenditure and operational expenditure</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Cleaning: Equipment type, number of trucks, frequency to optimize O&M costs</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Flexibility of generation: CSP using thermal storage can fit the peak needs.</span></span></li>
</ul>
<ol>
<li align="left" style="text-align:left;text-autospace:none;" value="5"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Technology risks</strong></span></span></li>
</ol>
<ul>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">CSP technology especially tower technology is less proven to lenders. Driving the project contractual and financial schemes is the key risk.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">PV technology is better known to lenders even for utility scales projects. High competition has driven PV tariff at very low level.</span></span></li>
</ul>
<ol>
<li align="left" style="text-align:left;text-autospace:none;" value="6"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;"><strong>Financing risks and impacts </strong></span></span></li>
</ol>
<ul>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Macroeconomic situation and sovereign rating – political stability, economic situation of the country.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Technology risk and expected asset life - key drivers dictating the length of the potential debt tenor, the debt pricing and other financing conditions.</span></span></li>
<li align="left" style="text-align:left;text-autospace:none;"><span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Off-taker strength – Mitigations of risks related with monthly payments and payment of termination amount from the off-taker.</span></span></li>
</ul>
<span style="font-family:arial,helvetica,sans-serif;"><span style="font-size: 14px;">Moreover, during the upcoming <strong>CSP Focus MENA 2017 conference on Sept.13-14 in Dubai</strong>, Andrea Lovato, Executive Director-Head of Renewable Development, together with Senior Executive from Financing Department from ACWA Power will join the discussions on financing and local content for CSP projects.<br />
<br />
<strong>SAVE USD 400 by registering before June 15 this THURSDAY</strong>. <a href="http://image.trustmta.com/t/63966d01/f382/4837/a6f0/da39dcda0fbf/2311144-37809.html">Click to register or get the event brochure.</a><br />
<br />
CSP Focus<br />
Tel: +86 21 6111 0177<br />
Email: <a href="mailto:csp@cspfocus.cn">csp@cspfocus.cn</a><br />
Website: <a href="http://image.trustmta.com/t/695f0749/40d2/43d0/a971/c35a96586f71/2311144-37809.html">www.cspfocus.cn</a></span></span><img src='http://image.trustmta.com/t/a?a=2311144-37809' height='1' width='1' />