Carel Kort, controller for Typhoon Offshore's Gemini project, gives presentation at Eemshaven.info

1. Netwerkbijeenkomst
Eemshaven
February 2012
Making Sustainability Bankable
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2. Disclaimer
This presentation was prepared by Typhoon Offshore B.V. (“TO”) exclusively for use at the
“Netwerkbijeenkomst Eemshaven”.
This presentation is incomplete without reference to, and should be viewed solely in conjunction
with, the oral briefing provided by TO. Information in this presentation may be based upon
management forecasts and reflects prevailing conditions and our views as of this date, which are
accordingly subject to change. No representation or warranty is made or accepted in respect of the
information contained herein.
This presentation is proprietary to TO and may not be disclosed to any third party or used for any
other purpose. By accepting this document, the recipient agrees that he/she will not copy,
reproduce, distribute or otherwise disclose this document or the contents hereof at any time
without the prior written consent of TO.
Making Sustainability Bankable 2
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3. Contents
1. Introduction Typhoon Offshore
2. Realisation offshore windproject Gemini
3. Innovation/choices
4. Local Impact
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4. 1. INTRODUCTION
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5. Typhoon Offshore: Building on Expertise
Typhoon Offshore
 Typhoon Offshore is the daughter company of
Typhoon Capital (Est. Amsterdam 2009) and is
dedicated to investing in and development of offshore
wind energy projects.
 Typhoon Offshore’s objective is to acquire stakes in
offshore wind projects in the North Sea. Typhoon
Offshore then contributes its expertise to bring these
projects to financial close, creating value and
compelling investment cases for long term investors.
 Members of Typhoon Offshore’s core-team • Strong transaction execution skills
successfully managed the landmark projects Belwind • M&A and financing expertise
and PrinsesAmalia [Q7] to financial close and during • Structuring capabilities
construction, and were responsible for innovations • Technical expertise
which have become market practice. The team has a • Project management experience
strong network in Europe, Asia and the Middle East. • Financial control experience
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6. Typhoon Offshore: Building on Expertise
The team already
developed, financed and/or
commissioned over 20 renewable
energy infrastructure projects with a
total capacity in excess of 1GW and a
transaction value of around EUR 2
billion
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7. Typhoon Offshore: position in the value chain
Key project milestones
Securing
permits Structuring Contracting Financing Construction Operational
site rights
2 – 10 yrs
1 – 2 yrs
2 – 4 yrs
20 yrs+
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8. 2. REALIZATION OFFSHORE WINDPROJECT GEMINI
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9. Project Gemini 600MW Offshore wind in the Netherlands
• Involved since September 2009, TO acquired 30% interest in
early 2010 and in August 2011 TO acquired full ownership of
the Dutch Project “Gemini” (formerly BARD Offshore
Netherlands).
• With its planned 600 MW capacity, it is the largest offshore
wind farm to date in the North Sea area, totalling a CAPEX of
€2.4 Bln.
• Financial close is scheduled for Summer 2012 and start of
construction in 2013
 Project characteristics
• Project Gemini consists of 2 X 300 MW fully permitted
offshore wind farms in the Netherlands.
• Buitengaats (300MW) and ZeeEnergie (300MW) have both an
approved permit (“Wbr”) and a granted Dutch feed-in tariff
(‘SDE”).
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10. Project Gemini…..continue
Gemini Offshore Nederland:
• 600MW
• (100-200) x (3- 6MW turbines
• Waterdepth : 20-40m.
• Distance to shore: ca. 85KM
• 2 Offshore platforms + 1 On shore grid station.
Total amount of steel: ±200.000’MT’ (Foundations, tower, platform)
Approx 500km Cabling
Construction Costs:
• Turbine supplier agreement € 800m
• EPC/BoP € 700m
• Grid € 550m
Other Costs:
• Financial and structuring, devex €350m
15 yrs Full Maintenance & Insurance contract
Tennet
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11. Project Gemini – Green Energy
• Project Gemini is located at one of the best offshore wind
location in NL with average wind
speeds of ±10 m/s Estimated annual production for
600MW: 2,400 GWh.
• Electricity for ± 700,000 households / 1,500,000
habitants per annum which almost equals the number of
people living in the 3 Northern provinces of The
Netherlands.
• Annual emission reduction
• 1,250,000 Ton CO₂
• 3968 Ton Nox
• 4284 Ton SO2
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12. Stakeholders
Sponsors:
Debt Providers
HVC (15%)
EIB
Typhoon Offshore (85%)
Contracts, supplier & Korean Banks
construction KfW
ECAs
1. WTG supplier for turbine supply Global Commercial Banks
2. Consortium for EPC/BoP
•Consortium also for installation
turbines
•Consortium main EPC contractor Mezzanine Providers
Grid PROJECT
± EPC/Supply parties (vendor
GEMINI finance)
•WTG O&M contract Electricity Off-takers (PPA)
•Grid O&M contract
•Insurance Contract(CAR & BI) Envisaged Strategic +
financial investors (equity)
@FC
HVC (15%)
Typhoon Offshore (10%)
Revenue from: Contractors + Supplier (24%)
PPA contract Undisclosed as of yet (51%)
SDE subsidy
Green certificates (GVOs)
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13. A typical offshore wind farm: how does it work?
2
3
6
5
7
4
1
Source:BWEA
• Piles are driven into the seabed at a suitable place. The top of the foundation is painted a bright colour to make it visible to ships and has
an access platform to allow maintenance teams to dock
• Once the turbine is assembled, sensors on the turbine detect the wind direction and turn the head, known as the nacelle, to face into the
wind, so that the blades can collect the maximum amount of energy. The movement of the wind over the aerodynamically shaped blades
(2) makes them rotate around a horizontal hub, which is connected to a shaft inside the nacelle (3). This shaft, via a gearbox, powers a
generator which converts the energy into electricity
• Submarine cables (4 & 7) transport the power to an offshore transformer (5) which converts the electricity to a high voltage before
running it back to connect to the grid at a substation on land (6)
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14. Outline workschedule
• Pile driving and installation of the foundations (1)
• Installation wind turbine (2 & 3)
• Infield cabling (4)
• Transformer platform & Transformer AC/ DC Convertor platform (5)
• Export cable (7)
• Onshore Convertor DC/ AC Transformerstation (6)
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15. Contracting Strategy: Two contract strategy
Our business:
Structuring, Contracting, Financing
Typhoon Offshore
• combines capital and industry leading knowhow
• aims at superior financial and environmental returns
• innovates by applying the dual contract model
• resulting in bankable projects
•Non recourse construction & project finance
Clear Contracting strategy & Reliable contractors = No loose ends = Bankability
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16. 3. INNOVATION / CHOICES
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17. Start detailed design and engineering
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18. Type of Foundations for Offshore wind
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19. Design & detailed engineering
• Tenor 15 yrs
• Minimum 25 yrs
• Hostile environment
• Installation Challenges
www.flyingfocus.nl
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20. Foundation examples: Monopiles
• Water depths max 35 mtrs
• Turbines max 3,6MW
• Proven design
• Sufficient production capacity available
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21. Foundation examples: Tri-pod & Jackets
Water depth >40mtrs Water depths >20mtrs
Turbines > 5MW Turbines > 5MW
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22. Wind turbine structure
60 mtr Turbine 200 - 500 ton
Tower 200 ton
Foundation weight
67 mtr 800 - 1250 ton
235mtr
23 mtr
35 mtr
97 mtr
50 mtr
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23. Construction
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24. Pile driving and scour protection
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25. Vessel/Barge for pile driving and transition piece installation
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26. Transition piece and Installation of tower/ wind turbine
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27. Installation Transformer platform
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28. Transformer platform & exportcable laying vessel
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29. Onshore cabling
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30. Maintenance
• Full time maintenance
• Scheduled and un-scheduled
• Operations
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31. 4. LOCAL IMPACT
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32. (Possible) Impact of investments
• New permanent job creation in the region; direct as well as indirect
For our 600MW project:
– During installation and construction on average 500 fte/yr
– During operational phase on average 120 fte/yr
In Germany about 25,000MW will be realized
In the UK approximately 35,000MW
• Further development of the Dutch maritime and installation industry
• Dutch ports could become hubs for maintanence
• The Netherlands are located at a central position in the North Sea Area.
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33. Eemshaven leading the way in offshore wind
North Sea: global centre for Offshore Wind
 Largest, most dedicated and concentrated area for
offshore wind power > planned capacity of 60 to 80 GW
to be operational in the next 20 years.
 After the nuclear disaster in Japan, several European
governments emphasised their necessity to switch to
other sustainable energy sources. Germany not only
decided to fully cancel their nuclear energy
development program, they even decided to
completely stop their nuclear energy production
 Offshore wind considered one of the main sources
for sustainable Job creation and renewable energy in
North-West Europe. Strong dedication and support
from the public/governmental sector will accelerate UK: 36 GW / Germany: 25 GW / Belgium: 2 GW / Netherlands:
3 GW /France 6 GW / Others (Scandinavia):
development and further shorten the planned timelines 10 GW
towards project completion.
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34. Workshop/ factory for Monopiles and Jackets
• Foundations about 20,000 man-
hours
• Based on Ikea-approach
• Pre fab tubular and other
• Secondary steel per ton 3 to 5 man-
hours production.
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35. What could all this do for the Eemshaven
• Good geographical location
• What industry is already present and what else is needed?
• Steel processing
• Logistics
• Construction Support
• Maintenance
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36. Contact details
Amsterdam - Head Office London Office Seoul Office
Apollolaan 150 133 Houndsditch 27F. Trade Tower
1077 BG Amsterdam London EC3A 7BX 159-1 Samsung Dong, Seoul 135-729
The Netherlands United Kingdom South Korea
Tel: +31 (0)20 840 8600 Tel: +44 (0)203 402 6022 Tel: +82 (0)2 6007 2677
E-mail: info@typhoonoffshore.eu
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