2021年欧洲风能产业融资与投资趋势（英）-欧洲风能协会.pdf-solarbe文库

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Subtittle if needed. If not MONTH 2018 Published in Month 2018 Financing and investment trends The European wind industry in 2021windeurope.org The European wind industry in 2021 Published April 2022 Financing and investment trendsTEXT AND ANALYSIS WindEurope Business Intelligence Guy Brindley, WindEurope EDITORS Rory O’Sullivan, WindEurope Jérôme Guillet, WindEurope’s Finance Working Group vice-chair DESIGN Lin Van de Velde, Drukvorm INVESTMENT DATA Clean Energy Pipeline IJ Global All currency conversions made at EURGBP 0.8596 and EURUSD 1.1827. Figures include estimates for undisclosed values. COVER PHOTO © Enercon MORE INFORMATION policywindeurope.org 32 2 213 18 68 This report summarises financing activity across the European wind energy sector from 1 January to 31 December 2021. Unless stated otherwise the data and analysis covers the 27 EU Member States and the following countries Bosnia and Herzegovina, the Faroe Islands, Kosovo, Montenegro, North Macedonia, Norway, Russia, Serbia, Turkey, the UK and Ukraine. The report includes investment figures for the construction of new wind farms, refinancing transactions for wind farms under construction or operation and project acquisition activity. Rounding of figures is at the discretion of the author. New asset figures for 2020 have been restated from the previous report. DISCLAIMER This publication contains information from external data providers. Neither WindEurope, nor its members, nor their related entities are, by means of this publication, rendering professional advice or services. Neither WindEurope nor its members shall be responsible for any loss whatsoever sustained by any person who relies on this publication.CONTENTS EXECUTIVE SUMMARY . 7 WIND ENERGY FINANCE BASICS . 10 1. INVESTMENT NUMBERS IN 2021 . 14 1.1 Wind energy investments . 14 1.2 New wind farm financing 15 1.3 New wind farm financing per country . 20 2. SOURCES OF FINANCE IN 2021 . 23 2.1 Corporate and project finance . 23 2.2 Project financed debt 27 2.3 Project acquisitions 29 2.4 Corporate renewable PPAs . 31 3. WIND ENERGY FINANCE POLICY . 34 3.1 REPowerEU 34 3.2 Revenue stability 35 3.3 Market design 36 3.4 Rules for guarantees of origin . 36 3.5 Guidance for PPAs 37 GLOSSARY 386 Financing and investment trends – The European wind industry in 2021 WindEurope7 Financing and investment trends – The European wind industry in 2021 WindEurope EXECUTIVE SUMMARY Europe invested €41.4bn in new wind farms in 2021. Although this was less than 2020, the investments financed 24.6 GW of new wind energy capacity, more than any previous year. In the EU 19 GW of new wind farm capacity was financed - also a record - but this falls well short of the 30 GW which needed to be installed each year between 2021 and 2030 to meet the EU’s 40 renewable energy target. Installations in the EU in 2021 totalled just 11 GW , meaning the rate of installations needed from 2022 to 2030 has risen to 32 GW per year to meet the existing targets. The record capacity financed is partly the result of a relative growth in financed onshore wind capacity. Since onshore wind has lower capital expenditure per MW financed, more capacity can be financed with the same investment. Over the next five years, we expect onshore wind to make up 76 of all new installations in Europe. Wind energy remains an attractive investment, and there is plenty of capital available to finance it. But it is critical that Governments tackle existing bottlenecks in project pipe- lines, by improving and simplifying permitting procedures, so that Europe can meet its climate targets and reduce its dependence on imported fossil fuels from Russia and elsewhere. FIGURE 1 New asset finance in wind energy 2012 – 2021 GW and €bn Source WindEurope 1 1 2 2 3 1 2 3 4 6 212 213 214 21 216 217 218 219 22 2218 Financing and investment trends – The European wind industry in 2021 WindEurope Executive Summary 2021 highlights Europe invested €41.4bn in the construction of new wind farms. This was 11 less than the €46.6bn 1 invested in 2020. The €41.4bn covered 24.6 GW of new capacity 19.8 GW of onshore wind capacity a record amount and 4.8 GW of offshore wind capacity. Investments in new onshore wind projects were worth €24.8bn, the highest amount on record since 2016. Investments in new offshore wind farms were worth €16.6bn. Average capital expenditure required for each MW of new onshore wind energy capacity was €1.3m, the lowest on record. For offshore wind, the figure was €3.5m/MW. Banks provided €25.7bn in non-recourse debt for the construction and refinancing of wind farms. This continues the general trend of increased lending since 2013. Non-recourse debt accounted for 26 of all investment in new onshore and 56 of all investment in new offshore wind farms, highlighting the importance of banks in wind energy financing. For onshore wind farms using project finance, the debt/equity ratio was 8911. For offshore wind it was 7822. Project acquisitions, where investors purchase a share of a wind farm in development, construction or operation, were worth an estimated €15.6bn. Note that these investments are separate to the €41.4bn invested in new wind farms. 1. Figure restated from 2020 Country highlights The UK again invested the most in new wind farms in 2021, €9.4bn, followed by Germany €8bn and France €4.6bn. There were also record amounts invested in new wind farms in four other countries; Sweden €3.2bn, Finland €2.8bn, Poland €1.6bn, and Lithuania €0.4bn. In Spain investments in new wind farms totalled €3.2bn, the highest amount since 2009. Offshore wind investments were concentrated in the UK €8.8bn, Germany €4.9bn, France €2.2bn and Denmark €0.7bn. Northern and Western Europe accounted for €30.9bn of the investments in new wind farms, approximately 75 of the total. Investment trends Interest rates remain low for the time being but there has been market turbulence caused by supply chain shortages and high energy prices, resulting in record high inflation rates in Q4 2021. Russia’s invasion of Ukraine has added to the upward pressure on inflation and may weaken growth by disrupting trade. Market movements suggest that investors believe that the ECB and other central banks will tighten monetary policies more slowly than previously anticipated. In the medium term, the conditions for financing wind farms should remain favourable.9 Financing and investment trends – The European wind industry in 2021 WindEurope 46 of the capital raised for new wind farms was on a project finance basis. The other 54 of investments in new wind farms were on a corporate finance basis. Debt remains instrumental in wind energy financing with non-recourse debt providing 38 of all capital raised for new wind energy projects. 2021 was a record year for corporate renewable PPAs. The cumulative capacity contracted by corporate PPAs in Europe rose by 58 to 18.8 GW. There were 41 new PPAs signed with onshore wind farms and 11 with offshore wind farms, up from 18 and 6 in 2020 respectively. Approximately 10 of new wind farm capacity was supported by a corporate PPA in 2021. To date, 13 GW of wind energy capacity is contracted under a PPA in Europe. Permitting continues to be the main bottleneck for the financing and construction of onshore wind in Europe. Wind energy will not be able to deliver its share of the 2030 climate targets if this problem is not addressed. Policy highlights The EU is now committed to climate neutrality by 2050 and a 55 reduction in greenhouse gas GHG emissions from 1990 levels by 2030. This translates to a target of 40 renewables in the energy mix by 2030. To achieve the 55 target, the EU needs to increase its 2030 renewable energy target to at least 40. And to achieve the latter the EU needs to build at least 32 GW of new wind farms each year. As things stand with the permitting bottlenecks, we expect to build only 18 GW a year over the next 5 years. REPowerEU, the EU Commission’s response to the current crisis, envisages the expansion of wind energy capacity in the EU from 190 GW today to 480 GW by 2030 to reduce the EU’s dependence on imported fossil fuels from Russia and elsewhere. Clawback measures designed to shield consumers from high energy prices must not apply to energy sold through long-term, fixed-price contracts. They should also avoid interfering with energy market dynamics, they should be time-limited and should not apply retroactively. Power sold under CfDs at fixed prices benefits end consumers by protecting them from peaks in wholesale spot prices. These long-term fixed price contracts have the extra advantage of attracting cheaper financing, leading to lower costs overall. The importance of contracts-for-difference underpinning wind farm investments continues to rise with more and more countries using them in their auction models. Assuming Governments design their wind energy auctions in the right way, the financing of new projects will not be a problem. The problem is the number of new projects coming through. Tackling permitting delays is a key priority. Governments urgently need to simplify permitting rules and procedures for new wind farms. They also need to boost staffing levels at the permitting authorities. Guarantees of Origin GOs should be made available for all renewable electricity. In cases where Governments withhold GOs to avoid double compensation, this should only apply to supported electricity production. Executive Summary10 Financing and investment trends – The European wind industry in 2021 WindEurope Debt and equity The two main sources of capital in European wind energy finance have been sponsor equity and debt. Sponsor equity refers to a traditional equity investor, typically the owners of the project and/or the developer. Equity capital faces the highest risk in the project because the owners are the party responsible for bringing the initial concept idea through development, construction and commercial oper- ation. In addition, the owners are also the last investors to be liquidated in case of a project default. Because of the tough requirements that equity capital faces, the returns are also higher. Debt refers to a contractually-arranged loan that must be repaid by the borrower. The lender has no ownership shares in the company or project. However, it has some collateral coverage as financial protection if the project is unable to meet the debt repayment schedule. In the case of project default, the lenders are the first party to be liquidated, before equity-type investors. As such, debt is generally considered a lower-risk investment and therefore comes with lower-cost financing compared with equity. There are two major types of debt in wind energy finance - construction debt and refinancing debt. Construction debt is raised for the purpose of financing new assets. Refinancing debt is raised for the purpose of financing construction debt at a longer maturity and/or lower interest rate. Corporate finance and project finance The proportion of debt and equity in a project, as well as the way they are used, will determine the capital or financial structure of the project. There are two types of financial structure corporate finance and project finance. In a corporate finance structure, investments are carried out on the balance sheet of the owners and project spon- sors. Debt is raised at corporate level, with the lenders having recourse to all the assets of the company to liqui- date a non-performing project. The project management and many of the contractual obligations are internalised with the owners and project sponsors. Corporate finance is thus quicker and usually less expensive than project finance. In a project finance structure, typically called non-recourse finance, the investment is carried off the balance sheet of the original owners and project sponsors. The invest- ment or the project is turned into a separate business entity called a Special Purpose Vehicle SPV with its own management team and financial reporting, capable of raising debt on its own. Because debt is raised at project level, the lenders do not have recourse to the company assets of the owners and project sponsors in cases of project default. Due to increased contractual obligations and a more sophisticated risk management structure, project finance can be more expensive and can take longer to finalise than corporate finance. WIND ENERGY FINANCE BASICS11 Financing and investment trends – The European wind industry in 2021 WindEurope Wind Energy Finance Basics FIGURE 2 Corporate Finance vs. Project Finance Source WindEurope Debt-to-equity ratios in a project finance transaction may vary considerably depending on the project specifics, the availability of capital and risk profile of the project owners. For wind projects, they range between 70-80 debt and 20-30 equity. A company’s capital structure will be determined by its particular risk profile, size and industry sector. Power producers and utilities with a large balance sheet will typi- cally opt for a corporate finance structure and bring the project through construction as a single player. Fundraising will occur at corporate level through debt and equity vehi- cles alike. Unlike utilities, independent power producers with smaller balance sheets and companies whose primary business is not wind energy have better project finance capabilities. In a project finance structure, partnerships are key from a very early stage. Fundraising will occur at project level, through debt and equity vehicles alike. Project owners will need to form consortia to provide the required equity whereas lenders will come together to provide syndicated project loans on the debt side. 12 Financing and investment trends – The European wind industry in 2021 WindEurope Wind Energy Finance Basics Raising debt and equity The project owners and sponsors can raise capital for project development from different sources. These may include own-balance sheet financing, external private investors, funding from commercial banks and public capital markets. The last of these in particular has become more prominent for raising both debt