2013-07-08 - 2013 Rio Wind Solar Leadership Forum Results Book

LATIN AMERICA: THE NEW FRONTIER FOR COMPETITIVE AND PLENTIFUL RENEWABLE ENERGY

LEADERsHIP FORUM

WIND & SOLAR/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////

REsULTs BOOk 2013

TABLE OF CONTENTS

SpONSOR & pARTNERS 02FOREWORD 04THE VIEW FROM THE INDUSTRY 07THOUGHT LEADERS 13BNEF EXpERTISE 24GUEST ARTICLE 27ABOUT US 30

WITH SpECIAL THANkS TOOUR SpONSOR//////////////////////////////////////////////////////////////////////////////////////////////////////////

ERNST & YOUNG

Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 141,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

How Ernst & Young’s Global Cleantech Center can help your business; from start-ups to large corporations and national governments, organisations worldwide are embracing cleantech as a means of growth, efficiency, sustainability and competitive advantage. As cleantech enables a variety of industries, old and new, to transform and participate in a more resource-efficient and low-carbon economy, we see innovation in technology, business models, financing mechanisms, cross-industry partnerships and corporate adoption.

Ernst & Young’s Global Cleantech Center offers you a worldwide team of professionals in assurance, tax, transaction and advisory services who understand the business dynamics of cleantech. We have the experience to help you make the most of opportunities in this marketplace, and address any challenges. Whichever sector or market you are in, we can provide the insights you need to realize the benefits of cleantech. For more information about our organisation, please visit:

WWW.EY.COM

02 // BLOOMBERG NEW ENERGY FINANCE

ZAYED FUTURE ENERGY pRIZE

The world is in desperate need of innovative solutions to create a new, sustainable energy future. No one knows who or where the next great energy solution will come from. solutions and technologies that could change the world are being developed globally, and the $4 million Zayed Future Energy Prize, managed by Masdar in Abu Dhabi, is ready to recognise and reward these innovators of our time. The Zayed Future Energy Prize came to fruition as a result of the vision of the late Ruler of Abu Dhabi and Founding Father of the United Arab Emirates, sheikh Zayed bin sultan Al Nahyan. In 2008 at the World Future Energy summit, His Highness General sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and Deputy supreme Commander of the Armed Forces of the UAE, announced The Zayed Future Energy Prize, to honour his father’s legacy of environmental stewardship.

With a mind towards ensuring that the Prize reaches out to the different key players in the industry; The Prize will is awarded annually to: A Large Corporation, a small and Medium Enterprise, a Non-Governmental Organization, a Lifetime Achievement recipient and up to five High schools from five different world regions ‒ including Latin America. At this time the Zayed Future Energy Prize is welcoming participants from Brazil and Latin America. Candidates can either apply for the Large Corporation, sME, NGO or Global High school category, or nominate a candidate for the Lifetime Achievement Award. To learn more, please visit:

WWW.ZAYEDFUTUREENERGYpRIZE.COM

BRAZILIAN WIND ENERGY ASSOCIATION (ABEEóLICA)

The Brazilian Wind Energy Association is a non-profit private organization comprised of companies, operating in Brazil, from the entire wind value chain. Its principal objective is to promote wind power generation and its competitiveness as well as foster the consolidation of a local wind industry. ABBEólica welcomes new members from across the wind value chain. For more information about ABBEólica, please visit:

WWW.ABEEOLICA.ORG.BR

WITH SpECIAL THANkS TOOUR pARTNERS//////////////////////////////////////////////////////////////////////////////////////////////////////////


FOREWORD///////////////////////////////////////////////////////////////////////////////////////////////////////////


FOREWORD//////////////////////////////////////////////////////////////////////////////////////////////////////////

1.5

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6.7 7.4

2007 2008 2009 2010 2011 2012

Figure 1: Wind and solar asset finance in Latin America, 2007-12 ($bn)

source: Bloomberg New Energy Finance

The current overcapacity in both wind and solar manufacturing, and resulting collapse in solar equipment prices and slide in wind turbine prices, have set the stage for a wave of clean energy development in new markets, including south Africa, Turkey, southeast Asia, and of course Latin America. These countries or regions are experiencing strong economic growth, expanding demand for electricity, and sometimes limited local conventional resources.

This is where wind and solar potentially fit in. Investment in these countries is growing (Figure 1), and wind in particular is already highly cost-competitive in Latin America. One tender for new power capacity in Brazil actually excluded wind, which otherwise would have been the lowest bidder, to ensure that new dispatchable fossil-fuel capacity was built. The bids under the Brazilian wind tenders have been the lowest in the world, down to BRL 88 ($42)/MWh. solar is also becoming competitive with retail and commercial power in Chile and Mexico, but that does not solve all the challenges for developers in these markets.

Over the course of the two-day event, delegates heard from Brazilian policy-makers, who were relatively candid about the challenges they face. For their part, private sector participants are concerned about how recent tenders have been executed. Why, several delegates complained, were developers with little to no experience in building projects awarded contracts to deliver wind power at such low rates in Brazil? And when will an auction be held to develop large-scale solar capacity? The

answer to that last one may be ‘never’; with cheap wind and plenty of hydro, there is no pressing need to buy more expensive solar, which may instead have a role in distributed energy supply.

The question of domestic content rules is a global hot potato. In Brazil, project developers must procure their wind turbines locally to secure cut-rate, state-backed financing. But given the current supply glut of turbines globally, does it make sense for any country to demand that equipment be made at home?

ON 22 MAY 2013, 84 kEY DECISION-MAkERS FROM THE WORLDS OF INVESTMENT, MANUFACTURING, pROjECT DEVELOpMENT, AND pOLICY-MAkING GATHERED IN RIO DE jANEIRO FOR OUR BLOOMBERG NEW ENERGY FINANCE WIND & SOLAR LEADERSHIp FORUM. OVER TWO DAYS OF pANEL DISCUSSIONS, INTERACTIVE ACTIVITIES, AND INFORMAL NETWORkING, THE GROUp WRESTLED WITH MANY OF THE kEY ISSUES CONFRONTING CLEAN ENERGY DEVELOpMENT IN LATIN AMERICA. THE GOAL WAS NOT TO REACH CONSENSUS ON THESE MATTERS OR TO MAp OUT AN EXpLICIT STRATEGY. RATHER, IT WAS TO SHARE BEST pRACTICES WITH AN EYE TOWARDS THE COMMON GOAL OF GROWTH AND OppORTUNITY. WE pRESENT A HIGH-LEVEL SUMMARY OF THE DIALOGUE HERE.

Hotel santa Teresa


Financing – specifically the difficulty securing it – was another talking point during the forum. A general worldwide reduction in lending levels in the post-crisis era, coupled with the regulations of the Basel III treaty, has made project finance from private lenders much harder to arrange. When loans are issued, they often come with more stringent repayment terms or shorter tenors.

These factors and others often result in utilities and power producers being far apart in their expectations on the appropriate price for wind- or solar-generated power. Bloomberg New Energy Finance sought to bring the differing perspectives of project developers and utilities into sharp relief by having all forum delegates participate in an interactive ‘war game’. Half the group played project developers while the other half assumed the role of utilities. The aim was to negotiate the best deals

possible, which delegates set out to do with great enthusiasm, rapidly developing an efficient market.

Many of the most constructive and enlightening conversations during the forum took place away from the official panel sessions and interactive activities. Located high in the Rio hills, the Hotel santa Teresa served as a unique and picturesque venue for informal networking and good cheer. We have no doubt that the event’s best information exchanges happened over caipirinhas by the pool, overlooking the city.

Those informal conversations cannot be comprehensively summarised, of course. Nevertheless, we are confident that what you will find in these pages serves as an accurate depiction of both the substance and spirit of the Bloomberg New Energy Finance 2013 Wind & solar Leadership Forum.

Ethan ZindlerHead of Policy AnalysisBloomberg New Energy Finance

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Ethan Zindler, Head of Policy at Bloomberg New Energy Finance

Networking at the event


THE VIEW FROM THE INDUSTRY///////////////////////////////////////////////////////////////////////////////////////////////////////////


keynote by Mauricio Tolmasquim, President, Empresa de Pesquisa Energética (EPE)

Auction bidding strategies The first panel was on successful auction bidding strategies. In Latin America, auctions have become the preferred mechanism to contract renewable energy projects. In Brazil, wind has dominated the auctions, beating out many other sources including combined-cycle gas turbine-generated power. Panellists were understandably tight-lipped regarding their companies’ actual bidding strategies, and attendees remarked that if their strategies were successful, then they probably wouldn’t be keen to share them with their competitors.

One panellist said that auction mechanisms themselves have been successful in reducing prices by fostering strong competition, which is better for taxpayers than uncompetitive

programmes such as feed-in tariffs. Another countered that that was “a false perception” and that the fall in contract prices was due to reduced project risks. This panellist claimed that thanks to the strong wind regime in Brazil, the sector no longer needs an auction system. He followed with the bold argument that “there should be life outside of BNDEs” (the Brazilian development bank which provides debt for all the clean energy projects in the country). More commercial project finance lenders are needed in Brazil, he said.

The solar manufacturing industry’s viewThe next panel brought together representatives from two major solar manufacturers. Both argued demand for solar is about toexplode in Latin America, but that obstacles remain, in particular

THE VIEW FROM THE INDUSTRY//////////////////////////////////////////////////////////////////////////////////////////////////////////

THE EVENT kICkED OFF WITH A kEYNOTE FROM MAURICIO TOLMASqUIM, pRESIDENT OF EpE, THE ENERGY pLANNING AND RESEARCH ARM OF THE MINISTRY OF MINES AND ENERGY.

Gil Forer, Ernst & Young; Antonio Bastos, Omega Energia; Fernando Bernacchi, CPEFL Renováveis; Asier Aya, Abengoa solar; Pedro Pileggi, Renova Energia


Brazil’s import tariffs. To date, there is only small-scale local manufacturing, and there may be an argument for small factories run by international manufacturers, said one panellist. The current global supply glut and the additional cost of going local is hard for international manufacturers to justify at the moment, observed the other. “Everyone is losing money,” one panellist said. “This is the reality.”

A panellist also commented that photovoltaic manufacturing today is heavily automated, so local manufacturing will not create the jobs that the Brazilian government might imagine and that the Brazilian market is still much too small to justify the cost of opening new production. A total of 72% of the audience

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agreed that countries should not try to be self-sufficient in oversupplied commodities (in this context, solar panels). The remainder favoured government support for local manufacturing.

The solar panel was agreed on the high solar potential of Latin American markets such as Mexico, Chile, Ecuador and the Dominican Republic. All have high electricity prices meaning little or no government support is necessary. In Mexico, particularly within the industrial sector, there is a need to reduce electricity costs. The situation in Chile is similar, but competition there between project developers is intense. There is insufficient demand for all the projects currently in the development pipeline.

Victor Muñoz,Denham Capital Parters; Partho sanyal, Bank of America Merrill Lynch; Jamie Fergusson, IFC

0.1

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experience curve historic prices (Maycock) Chinese c-Si module prices (BNEF) Thin-film experience curve First Solar thin-film module cost

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Cost per W (2012 $)

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Figure 2: The PV module experience curve, 1976-2012 (2012 $/W)

source: Bloomberg New Energy Finance, Paul Maycock Note: All datapoints adjusted for inflation. Learning rate calculated at 24.2% for crystalline silicon.

Tânia Braga, Head of sustainability, Accessibility and Legacy for the RIO2016 Organizational Committee discusses how the games will improve the city’s existing infrastructure.


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16%

19%

65%

Less than BRL 100/MWh

BRL 100-120/MWh

More than BRL 120/MWh

Figure 4: Audience view of levelised cost of generating wind power in Brazil

source: BNEF solar and Wind Leadership Forum, Rio de Janeiro, 22 May 2013

16%

19%

65%

Less than BRL 100/MWh

BRL 100-120/MWh

More than BRL 120/MWh

Figure 5: Audience expectation of winning bids in next Brazilian tender

source: BNEF solar and Wind Leadership Forum, Rio de Janeiro, 22 May 2013

International financiers entering the Latin America clean energy spaces are increasingly cautious about country and political risk, one panellist said. Argentina, Ecuador, Bolivia and Venezuela are regularly flagged as too risky for private equity players looking to exit an investment in 5-7 years. Chile and Colombia are both viewed as being lower risk and thus more appealing than their peers. Multilateral development banks and private banks have already financed merchant wind and solar projects in Mexico and Chile.

One panellist commented he is more comfortable entering the Brazilian wind space today than he was two years ago due to higher exchange rates, less competition and higher power demand. However, resource risk for wind investors was flagged as particularly worrisome, as developers have made auction bids based on expected capacity factors of 45-60% – some of the highest in the world (Figure 3). If these capacity factors do not prove achievable, project owners stand to lose big.

The complexities of local financingA panel consisting of an investment banker, private equity investor and a financier working for a major multilateral development bank discussed innovation in financing clean energy projects in emerging markets. Historically, development bank financing has dominated the Latin America clean energy scene, but one panellist called for “life outside BNDEs” just as another had earlier in the day.

The challenge has been “funding a project with a 20-year life cycle with 10-year debt,” according to one panellist. While low-cost capital from national development banks like BNDEs is useful, it is not without complications. Disbursement of a BNDEs loan can take up to two years, forcing developers to seek bridge financing at considerable cost from private lenders. “A single lender structure would help reduce risks and cost of debt by optimising time spent on project due diligence,” one panellist said.

Pele Power – the winning developer in the war game – discuss strategy

Figure 3: Expected capacity factors and calculated equity returns for tendered Brazilian wind projects, 2009-2012 (%) Equity IRR

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30% 35% 40% 45% 50% 55% 60% 65%

2009 2LER, A-3

2010 2LFA, A-3

2010 3LER

2011 12LEN, A-3

2011 13LEN, A-5

2011 4LER

2012 15LEN, A-5

source: Bloomberg New Energy Finance.


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Maria Gabriela da Rocha Oliveira, Head of Latin America Research at Bloomberg New Energy Finance opens discussion on the promising free and bilateral contract market in the region.

Gabriela da Rocha Oliveira, Bloomberg New Energy Finance; Jon segovia, solar-pack; Alexis Langlois, Lafarge; Marco A. Diniz, COMERC Energia

Panellists agreed that options to refinance via a bond listed on the public markets would be very useful, and that “nirvana involves unlocking interests from institutional investors,” but will require either a performing asset with a track record, or a portfolio of assets. Other mechanisms like tax-advantaged vehicles and packaged portfolios with fixed yields for institutional investors may eventually help diversify sources of finance in the region.

Can renewables address Latin America’s wider power market challenges?A session on the role of renewable energy in the power markets focussed on the role of competitiveness and choice, with the Brazilian auction mechanism generally lauded. However, concerns were raised about whether wind developers will actually deliver power at the signed prices they have committed to. One panellist predicted that the single wind auction to be held in 2013 would contract 1GW, compared with 1.5GW/year in three auctions on average in 2010-11. The average contracted price would be BRL 110 ($53)/MWh, he forecast.

Wind developers are looking beyond Brazil to markets where competition is less fierce, including Peru, Colombia and Uruguay, panellists said. However, the relatively small size of these markets means limited opportunities. solar developers are meanwhile looking to the distributed market and hope to sign bilateral agreements with industrial power consumers at rates competitive with the grid in some of the more remote states.

The view from wind turbine suppliersIn a session devoted specifically to wind turbine equipment makers, one question came up repeatedly: does Brazil have the potential to be a regional or global wind manufacturing hub? The audience was polled for its view on how many local wind turbine manufacturers the Brazil market can sustain. 63% said no more than five; 17% said 5-7; 20% said more than seven. A federal official said that Brazil should be more than just a clean energy technology importer and that the country needs policies that support home-grown manufacturing. Two audience members complained about so-called local content rules currently being

rolled out. Those rules stand to reduce the number of wind turbines suppliers able to access low-cost loans from BNDEs.

The audience was also asked its perspective on what the current actual levelised cost of electricity (LCOE) is for Brazilian wind and nearly two-thirds pegged it at BRL 100-120/MWh. Brazil is currently scheduled to hold a tender specifically for wind power contracts in August and the audience was asked what it expected would be the market-clearing price. Just 51% said they expect the winning bid to be in the BRL 100-120/MWh LCOE range they had predicted earlier. “Look at the winners of the last auction” to get a sense of who will offer irrational bids, one audience member said.

Are bilateral renewable energy contracts the answer?The final panel included solar and wind project developers, and energy buyers, considering bilateral contracts for power in Latin America. In Mexico, industrial energy buyers are contracting with wind developers, while in Chile solar developers such as solarpack are securing contracts with mining companies in the northern region. However, the energy requirements of these mining companies would be more than met by the current pipeline of planned solar projects.

There are other challenges, of course. In response to a survey posed by the session’s moderator, 42% of the audience said that the biggest problem for bilateral renewable contracts is that the fundamental economics don’t work, while 25% said that offtakers were not interested in procuring renewable energy. The main issue discussed was the mismatch between the duration of contracts demanded by offtakers, typically lasting 2-5 years, with the timeframe necessary to ensure project returns, typically 10-15 years. Without an extended contract timeframe, financing a renewable project is unfeasible.

some panellists argued there is little demand for longer duration contracts due to the likelihood of inflation. Others said the perception of inflation is distorted. As a result, those contracts indexed to inflation can be more profitable because there is uncertainty on where power prices are heading. Industrial consumers should be sure to diversify their contracts to remain competitive and reduce investment risks.


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overall market price for wind and solar power contracts actually signed between teams always fell within $5 of the natural gas price. For some projects, this meant an internal rate of return (IRR) well into the mid-teens, while for others, including several solar projects, the IRR fell below 5%. Project costs impacted the negotiated offtake price for power less than the alternative energy source, natural gas.

Round 1’s random chance event ‘Manufacturing Overcapacity’ forced equipment prices lower, resulting in average cost declines of $6/MWh for wind projects. Offtake prices, however, only declined an average of $3/MWh, meaning developers split the cost advantages of the equipment price reductions with utilities, relying on the lack of cost transparency to obscure their true cost of energy.

Ultimately, the weighted average cost of energy for all utilities fell within an extremely tight range; the winning utility’s average cost of power was less than $1/MWh below both its competitors. Despite fierce negotiation and disparate project costs, power prices converged within a $5-6 range.

The final take away: in an uncertain energy market, it is often better to be lucky than good. The only utility to have contracted natural gas would have won had Round 2’s chance event ‘Geopolitical Disruption’ not forced gas prices temporarily higher. One developer, Pele Power, decided not to contract its energy in the first round of the game. subsequently, equipment prices unexpectedly plummeted and Pele sold off its energy at higher margins in later rounds, allowing it to claim the highest profit.

power Generation War Game

A highlight of the Forum was the Power Generation War Game in which teams of utilities and wind/solar developers vied for power contracts over the course of three rounds.

six teams – three utilities and three developers – competed to be top in their category and hold bragging rights over fellow competitors. Utilities needed to contract 1,000MW of power either by negotiating contracts with the wind/solar developers or by separately contracting natural gas. Prices for wind and solar were fixed once negotiated, while natural gas was exposed to ‘fuel price risk.’ The price, though estimated in each round, was not known until the end of the game. It could fluctuate up or down according to demand from utilities in the room or through ‘chance events.’

The goal of wind/solar developers was simpler: to negotiate the best offtake price for the projects in their portfolio. They had no minimum or maximum requirement to sell – they could hold projects back to sell in later rounds, or sell them all at once.

At the conclusion of each round, regulators rolled the dice to determine which of six chance events would impact the market. Two of the events affected wind and solar equipment prices, either reducing their prices or forcing prices higher; three affected gas prices (two pushing gas prices higher, and one lower); and one event increased overall demand in the market for power.

Interestingly, despite each of the projects in the developers’ portfolio having different levelised costs of electricity, the

Utility Ding celebrates victory

source: Bloomberg New Energy Finance

Developers Utilities


THOUGHT LEADERS///////////////////////////////////////////////////////////////////////////////////////////////////////////


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ABBBruno Monteiro, Commercial Manager, Renewable Energy

ABEEóLICA

Marcela Ruas, Institutional Relations and Press Executive

AGORASOL Peter Gajdos, Co-Founder

AkUOJuan Negro, CEO, Uruguay

ALSTOM Renato Lanzi, senior Engineer

ApEX BRASILJuliana Vasconcelos, Investment Officer

AREVA RENEWABLES BRASIL Aurelien Maudonnet, CFO Brazil

BRAXER (WHITE MARTINS)Edson Rocha

BTG pACTUALCassiano Agapito, Head of Commodities Energy services

CGEEMarcelo Khaled Poppe, Coordinator

ELEMENTOS EMpREENDIMENTOSRuy Lima, Head of Energy

ENERGISA Ricardo Botelho, COO

EóLICA TECHNOLOGIA Everaldo Feitosa, President

EpE Emilio Hiroshi, Chief of staff

ERNST & YOUNGBarry O’Flynn, Director

Carolina Pereira, President of Executive Committee

Daniel Maranhao, south American Cleantech Leader

Denise Figueiredo, Marketing Manager

Everthon Vieira, Project Development Manager, Wind

Jacobo Martin Bautista

Mario Lima, Head of Energy

Ricardo Catto, Partner

Scott Sarazen, Global Cleantech Markets Leader

FIRST SOLARPatricia Pacheco, Energy Planning

GAS NATURAL RENOVABLES Jesus Javier Nevares Martin, New Markets Development Manager

GOVERNO DA BAHIA Rafael Valverde, Energy secretary

IBERDROLA RENOVABLES

Thaisa Almeida, Business Development specialist

IMpSA WINDLuis Pescarmona, CEO

LAFARGE BRAZILBrenda Ruhle, Head of Energy Procurement

MARTIFER SOLAR David Osorio Mota, Brazil Country Manager

NEO ENERGIAFabiano Galvão, Energy Business Development specialist

Fabiano Uchoas, Operations Manager

pACIFIC HYDRO Adriana Waltrick, Country Manager, Brazil

RENOVA ENERGIA Flávia de Lima Carvalho, Investor Relations Director

RIO 2016 OLYMpIC COMMITTEE Flávia Tavares, Media Relations specialist

RIO ENERGY pROjETOS DE ENERGIA Marco Meireles, CEO

Roberto Colindres, Partner

SCHNEIDER Luis Felipe Kessler, VP Energy

SUZLONRosana Santos, sales & Projects Development Director

VOLTALIARobert Klein, CEO Brazil

THOUGHT LEADERS


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ALEXANDRE COMINDIRETOR DO DEpARTAMENTO DE COMpETITIVIDADE INDUSTRIAL, MINISTRY OF DEVELOpMENT, INDUSTRY AND EXpORTS BRAZIL (MDIC)

Alexandre Comin is Director for the Industrial Competitiveness Department of the Brazilian Ministry of Development, Industry and Exports – Ministério do Desenvolvimento, Indústria e Comércio Exterior (MDIC). He is also a professor of Economics at the Brazilian National school for Public Policy (ENAP). MDIC was created in 1960 under President Juscelino kubitschek’s government. Brazil’s National Development Bank (BNDEs) is an entity tied to MDIC

as both entities act towards helping boast Brazil’s industrial development.

Prior to joining MDIC, Mr. Comin worked for several public sector institutions in Brazil including: Cebrap, sedae, Fipe/UsP, IEsP/Fundap, Finep and IPT. He has authored several books and academic articles on the subject of Brazil’s industrial development. He holds a BA in Economics from the University of são Paulo (UsP) and a Ph.D., in Economics from University of Campinas (UNICAMP) and the Université Paris XIII.

ANGEL LUIS SERRANOpRESIDENT & CEO, ISOFOTON

Ángel Luis serrano is President and CEO of IsOFOTON. He is also Co-founder and Co-President of AFFIRMA GROUP, and the President of silicio Energía s.A. IsOFOTON was established in 1981, and is today a global leader in PV cell and polysilicon manufacturing. The Madrid-based firm is present in over 60 countries. IsOFOTON’s activities focus in three areas: photovoltaic modules and cells, high concentration photovoltaic systems manufacturing and project development in renewable energy investments.

Mr. serrano holds a Masters Degree in Finance, with a focus in corporate management and sustainability, from Instituto de Empresa. He also holds a BA in Management from the National University of Distance Education in spain. He completed the Asian Business Program with Harvard University in Cambridge, Massachusetts and Tsinghua University in China.

ALEXIS pHILIppE jACqUES LANGLOISCEO, LAFARGE BRAZIL

Alexis Langlois has served as President of Lafarge Brazil since May 2012. Lafarge is a French industrial company specializing in the production of: cement, construction aggregates, concrete and gypsum wallboard. The company is the world’s largest cement manufacturer.

Mr. Langlois has been with the Lafarge Group for over 20 years. He was previously stationed in the Czech Republic, France and North America. He served as President for Lafarge Canada for six years. His last post, prior to moving to Brazil, was senior Vice President of human resources for the Middle East and Africa in Cairo, Egypt. He is a graduate of the HEC Business school in Paris.

ANTôNIO BASTOS FILHOCEO, OMEGA ENERGIA RENOVáVEL

Antonio Bastos is the founder of Tarpon Investimentos, and founder and CEO of Omega Energia. He has lead the development of more than 3GW of renewable energy projects.

He graduated in Business Administration from EAEsP-FGV and concluded his MBA with honors at Babson College.

ARTHUR pEREIRAHEAD OF SALES, SIEMENS WIND

Arthur Pereira is the head of sales, proposal and siting in siemens Energy Wind Brazil. He has been working in siemens since 1998, starting as an intern and worked in several positions as sales engineer, project manager, sales supervisor and sales and marketing manager for energy automation systems.

He graduated in Electrical Engineering in the end of 1998 at Pontifícia Universidade Católica de Minas Gerais (PUC-MG), and has a postgraduate degree in Industrial Administration at Fundação Carlos Alberto Vanzolini (POLI – UsP) and an Executive MBA at Fundação Dom Cabral.


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BERNARDO RAMOS BAHIAHEAD OF INVESTMENT FINANCING, GERAIS DE DESENVOLVIMENTO ECONôMICO

Barnardo Bahia is superintendent for Investment Financing of the Minas Gerais state Government. He previously worked in International Relations superintendence of Economic Development secretariat of Minas Gerais state. He holds a Bachelor and Master in International Relations from PUC-MG.

BEATRIZ CASTIER CORpORATE STRATEGY, pETROBRáS

Beatriz Castier conducts scenario planning activities and monitors energy technologies, focusing on low-carbon technologies, for Petrobras Petróleo Brasileiro s.A.

she previously developed computer systems in the area of geological characterization, and participated in business intelligence projects for business performance evaluation. From 2007 to 2009, she worked in logistics planning. she received a B.Arch. in architecture from the Federal University of Rio de Janeiro, in 1982, and a M.sc. degree in Computer sciences from Pontifical Catholic University of Rio de Janeiro in 1995.

ASIER AYA HEAD OF LATIN AMERICA, ABENGOA SOLAR

Asier Aya is the Director of Abengoa solar in Brazil, Uruguay and Paraguay. During the last years he has worked to open international solar markets for Abengoa solar, developing solar projects, finding investors and partners, dealing with banks and leading multiple tender and offers in countries such as UsA, Perú, Chile, Mexico, south Africa and Australia.

Asier’s earlier positions were as PV Project Development Director globally for Abengoa solar, PV Division Director for Abengoa solar UsA and CFO for Abengoa solar UsA. He has also worked as a trader for a brokerage house mainly focused on Us stock markets, and in project management and consultancy. His first degree is in Law at the Universidad Complutense de Madrid, and he holds an MBA at IE (Instituto de Empresa) and UCLA-Anderson school of Management and a Financial Master at IEB.

CHRISTIAN YOSHIDAHEAD OF BUSINESS DEVELOpMENT, CONTOUR GLOBAL

Mr. Christian Yoshida joined ContourGlobal Latam in May 2009, and currently serves as Director of Business Development in Brazil. Before ContourGlobal, he served as Business Development Manager in AEs Alicura, the AEs Argentine subsidiary. He worked as leader of the Energy Market Analysis group at Champion of Climate solutions developing renewable energy projects, and gained broad experience in the oil and gas industry working as strategic Market Analysis for Total Gas y Electricidad Argentina, a subsidiary of Total s.A. Group. Outside the energy sector, he worked in various

positions in the automotive industry at Ford Argentina s.A.

Mr. Yoshida holds an Industrial Engineering degree from Universidad de Buenos Aires and obtained a Master in Finance from Universidad Torcuato Di Tella, in Buenos Aires Argentina.

CLAUDIO FERREIRApARTNER, RIO BRAVO

Cláudio de Araújo Ferreira is a partner of Rio Bravo Investimentos and an executive at Rio Bravo Energia I FIP. He joined Rio Bravo in 2006 as the head of the legal department. Previously, Cláudio worked at Brazilian law firms Felsberg & Associados, Choaib Paiva e Justo, and David do Nascimento, besides having been an intern at Fiammenghi & Fiammenghi, in Rome, and at Millé Abogados, in Buenos Aires. He is the author of the book Corporate Governance in Investment Funds and a board member of Eolicas do sul, RBO Energia and Bons Ventos da serra.

Claudio has a master degree in Commercial Law at PUC/sP, a Law degree from Universidade Presbiteriana Mackenzie, a postgraduate degree in business and finance from Fundação Getúlio Vargas, and is currently taking a MBA in Renewable Energy at University of sao Paulo. He is also a postgraduate in Tax Law at the Instituto Brasileiro de Estudos Tributários - IBET and took one semester of business classes at the Alpha & Beta (Australia).


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CRAIG HUSACEO, 3TIER

Mr. Craig Husa has served as Chief Executive Officer of 3TIER since 2011. seattle-based 3TIER provides forecasting services for wind, hydro and solar, by developing, integrating and operating environmental prediction systems which incorporate computing technologies and proprietary methodologies to provide clients with relevant and accurate forecasts.

Mr. Husa has over 20 years of leadership experience in high-growth technology companies. He previously served as the CEO of NeuralIQ, General software (acquired by Phoenix Technologies Ltd), and Healia (acquired by Meredith Corporation, NYsE: MDP). Previously, he founded CourtLink Corporation (acquired by LexisNexis) and helped grow it into the leading provider of electronic court case information to legal, corporate, and government markets. Mr. Husa sits on the board of the Washington Clean Technology Alliance (WCTA). He earned an MBA from the Harvard Business school and a Bs, with distinction, in systems Engineering from the United states Naval Academy. As an officer in the Navy, he also received advanced training and qualifications in nuclear engineering and served on submarines.

ELBIA MELOEXECUTIVE pRESIDENT, ABEEóLICA

Elbia Melo is the current Executive President of the Brazilian Wind Energy Association (ABEEólica). The Brazilian Wind Energy Association is a non-profit private organization comprised of companies, operating in Brazil from across the wind value chain. Its principal objective is to promote wind power generation and its competitiveness as well as foster the consolidation of a local wind industry.

From 2006 to 2011, Ms. Melo was a Director with Câmara de Comercialização de Energia Elétrica – CCEE, Brazil’s power commercialization chamber. she was the Chief Economist at the Ministry of Mines and Energy when President Dilma Rousseff served as Minister of Mines and Energy (2003 - 2005). she participated in the working group responsible for Brazil’s energy sector reforms with Mauricio Tolmasquim (EPE). Ms. Melo was also a member of the Electricity Crisis Management Chamber, established by the Minsitry of Finance. Elbia Melo began her professional career at ANEEL, Brazil’s power market regulator. Elbia Melo holds a Masters and Ph.D., in Economics from the Universidade Federal de santa Catarina.

EDGARD CORROCHANOCEO LATIN AMERICA, GAMESA CORp

Edgard Corrochano is CEO for Latin America at Gamesa Eólica. since 2010 he has been responsible for leading the startup of operations for Gamesa in the region, which now has a total of $1.5bn of contracts signed and more than 1,000 MW of order intake under construction.

Prior to this he was a Director for siemens Wind Power in Brazil and a marketing manager at Brande in Denmark. He holds a Bachelor of science in Industrial and systems Engineering from the University of Florida, UsA.

ELIANO RUSSO HEAD OF RENEWABLE ENERGY, EON-MpX ENERGIA

since October 2012 Eliano Russo has been Director for Renewables in MPX-E.ON Participacoes s.A., a joint venture of E.ON and MPX to develop power generation projects in Latin America. He is also a board member of E.ON-Masdar Integrated Carbon Limited, a joint venture established by E.ON and Masdar to develop energy efficiency projects in the Middle East and in south East Asia.

Eliano was previously Director of Business Development & Business Affairs in E.ON Climate & Renewables GmbH and Director of E.ON Carbon sourcing GmbH, and Head of Carbon sourcing for E.ON Climate & Renewables GmbH. Before joining E.ON in January 2009, he was Head of Carbon strategy for the Enel Group, and also worked in China for the sino Italian Cooperation Program, and for Ernst & Young in Rome. He was also a member of the Italian delegation that negotiated the kyoto Protocol and focused mainly on the flexible mechanisms (Emissions Trading, Joint Implementation and Clean Development Mechanism).

ERIC SCOTTO CHAIRMAN & CO-FOUNDER , AkUOEric began his 20-year career by founding one of the Europe’s leaders in corporate news distribution, PRline, which he successfully developed and sold. In 2004, Eric also founded Perfect Wind Group, which would later evolve into Akuo Energy. In 2006, it became the second largest wind portfolio in France, and was sold to Iberdrola. Eric scotto is now concentrating on the business development of Akuo Energy and Akuo Investment Management. Akuo Energy develops, builds and operates power plants, and has a portfolio of more than 3GW of wind, biomass and PV under development. Akuo has developed a franchise in Uruguay and is the first independent operator building wind farms in the country.

Eric holds an M.s. from Paris 1 Panthéon sorbonne, and is fluent in English and spanish.


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FERNANDO BERNACCHIHEAD OF M&A, CpFL RENOVáVEIS

Fernando Bernacchi is responsible for mergers and acquisitions with CPFL Energias Renováveis. The firm is a joint venture between CPFL Energia sA and ERsA Energias Renováveis. The two companies merged in April 2011, the deal’s total reported value was about BRL 4.4bn ($2.2bn). The company’s renewable energy portfolio includes wind (1.1GW from 34 projects), small hydro (317MW from 27 projects), biomass (231MW from 6 projects) and the 1MW Tanquinho PV Plant, the first operating utility-scale solar plant in são Paulo state, according to Bloomberg New Energy Finance’s Industry

Intelligence database.

Prior to joining CPFL Renováveis, Mr. Bernacchi worked for PriceWaterhouseCoopers, Energias do Brasil, Elektro and Itaú-Unibanco. He holds an MBA with a focus in finance from IBMEC.

HEATHER ROSMARINFOUNDER, INTER-AMERICAN CLEAN ENERGY INSTITUTE

Heather Rosmarin is the founder and executive director of the InterAmerican Clean Energy Institute, a new non-profit initiative dedicated to accelerating clean energy deployment in the Americas. From 2003-2012, she practiced law at Cooley LLP (silicon Valley) where she represented companies and investors in the cleantech, cloud computing, social media, and life sciences industries. Ms. Rosmarin’s professional experience includes counseling companies applying for/negotiating more than $90m in grants from the U.s. Department of Energy for clean energy demonstration and deployment

projects. she is a regular contributor to the Berkeley Energy and Resources Collaborative (BERC) blog and has been a guest speaker at the stanford Graduate school of Business. In 2012, Ms. Rosmarin co-organized the symposium on Clean Energy solutions for Brazil’s 21st Century in Rio de Janeiro, a UN Rio+20 parallel event. she has served as a judge for social venture innovation competitions and as a trustee, board member, and/or senior adviser to multiple environmental and educational non-profit organizations. Ms. Rosmarin holds a J.D. from the University of California, Berkeley school of Law (Boalt Hall), where she served as supervising Editor of the California Law Review, and an A.B. from Princeton University.

GIL FORERGLOBAL LEADER, CLEANTECH, ERNST & YOUNG

Gil oversees the strategic development, implementation and management of E&Y’s Global Cleantech Center around the world. The center offers a global team of professionals in assurance, tax, transaction and advisory services who understand the business dynamics of cleantech. This global network has the experience to help stakeholders to make the most of opportunities and address any challenges in the cleantech marketplace.

Until recently, Gil was based in London and was the global leader for E&Y’s Venture Capital Advisory Group (VCAG) and the Global IPO program. Before moving to London, Gil served as both the Global and the Americas VCAG leader, based in New York. He was also the first sales and Marketing leader for E&Y in Israel, where he was a key member of the executive management team that led E&Y to be the country’s leading professional services firm. In Israel, Gil implemented the practice’s IPO market strategy and worked with VCs and venture-backed companies.

jAMIE FERGUSSONpRINCIpAL INVESTMENT OFFICER, INTERNATIONAL FINANCE CORpORATION (IFC)

Jamie is a Principal Investment Officer in IFC’s Global Power and Renewable Energy Group and is responsible for many of IFC’s flagship transactions in the sector. Jamie joined IFC in 2005 and has extensive experience in a wide range of environmental finance and climate related sectors. His renewable energy experience includes corporate and project debt, equity and mezzanine investments in hydro, wind, solar PV, solar CsP, geothermal and biomass in Latin America, Africa, south and East Asia and the Middle East. During his time with IFC, Jamie has also structured investments in carbon, water,

recycling, energy efficiency and forestry. Jamie contributes to IFC and World Bank energy and climate change strategy development.

Prior to his career at IFC, Jamie co-founded Credo, a boutique strategic consultancy in London, Uk which is now in its 14th year of operation. He has worked on environmental finance issues with a range of organizations including BP, the World Bank, Halifax Bank of scotland and the Rocky Mountain Institute. Jamie began his career producing wildlife documentaries for the likes of BBC, Discovery and National Geographic, filming throughout sub-saharan Africa. Jamie has a BA and MA in Zoology from Cambridge University, Uk, and both a Masters in Environmental Economics and Policy and an MBA from Yale University, UsA.

jOHN pAUL MOSCARELLASENIOR MANAGING DIRECTOR, LATAM, EMERGING ENERGY

John Paul Moscarella is the senior Managing Director for CleanTech Fund (“Fund I”), a $25.2m private equity fund dedicated to Latin America launched in 2004, and Emerging Energy Latin America Fund II (“Fund II”) with over $53m in commitments to date. He is also co-founder of Emerging Energy & Environment, LLC (EEE), an alternative investment platform launched in 2009.

In 1994 he co-founded Econergy International Plc, a clean energy and carbon developer mainly focused on Latin America, which had an IPO on the AIM market of London in 2006, raising over $100m. It was sold to French utility GDF suez sA in 2008. JP currently serves on the boards of NEOgas do Brasil and the Latin America and Caribbean Council on Renewable Energy (LAC-CORE). He has an MBA from Yale University and a Bs in Environmental Engineering from Cornell University.


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jON SEGOVIAHEAD OF LATIN AMERICA, SOLARpACk

Jon segovia is a Managing Partner with solarpack, a spanish PV project developer with utility- scale solar projects in spain, south Africa, the Us, Peru, and Chile. Jon is now based in Rio de Janeiro looking to explore opportunities for solar project development in Brazil. solarpack holds the largest portfolio of commissioned utility-scale solar projects in Latin America. It secured more PPAs for solar than any other company in Peru’s renewable energy tender.

Prior to joining solarpack, Mr. segovia acted as General Manager in the Latin America branch of several multinational corporations, including: Applus, soluziona, Idom Engineering, Bureau Veritas and McDonald´s. Jon segovia holds a BA in Biochemistry and a Ph.D., in Industrial Engineering from the Basque Country University (UPV) in spain. He has an MBA from IEsE Business school of the University of Navarra.

jOSé ROBERTO RUSCHELNEW BUSINESS - SOLAR, pROMON INTELLIGENS

José Ruschel is responsible for the development of solar power solutions at Promon Group. This includes market evaluation, regulatory research, analysis of the engineering aspects, development of a supply, chain and commercial deployment of projects and consulting for strategic studies related to power sector.

José holds a Master in sciences for Renewable Energy at UFRJ, graduated in Mechanical Engineering at PUC-Rio, and was an Invited Researcher at École Polytechnique de Montréal in Canada.

LATINO CARVALHOHEAD OF BUSINESS DEVELOpMENT, DUkE ENERGY

Latino has been Head of Business Development at Duke Energy for two years. Before this, he was the CEO for solvi Group, the owner of the first biogas plant in the state of Bahia. He has also been Business Development Manager at AEs Brasil, responsible for 13 projects, and Director at União Energia. Latino has graduated in Business Administration and Mining Engineering from the Universidade Federal de Ouro Preto.

jOSé RENATO COLAFERROMANAGING pARTNER, BLUE SOL

José Colaferro is a founder and managing partner of Blue sol solar Energy. He has been a business administrator in the PV business since 2007.

LAURA pORTOCOUNTRY MANAGER , IBERDROLA RENOVABLES

Laura de Fonseca Porto is Country Manager for Iberdrola Renováveis do Brasil. she also holds the position of Director of Operations for the Joint Venture Wind Força do Brasil, a company formed between Iberdrola and Neoenergia to develop and operate wind farms in Brazil.

she previously worked at the Electricity Company of the state of Bahia - COELBA, notably in the areas of Transmission systems and Power Generation Planning. From 2000-2011 she worked in the Ministry of Mines and Energy (MME) as special Adviser to the Minister, coordinating the Rural Electrification Program “Luz no Campo”. From 2001 to 2004, she was Coordinator of Renewable Energy. she served from 2005 to 2008 as Director of the Department of Energy Development of MME, responsible for the coordination of activities and energy development programs in the areas of renewable energy, energy efficiency and environmental sustainability, including the PROINFA implementation of the Energy Efficiency Act and National Plan on Climate Change. she was also representative of the MME in the Interministerial Commission on Global Climate Change. she is an Electrical Engineering graduate of the Federal University of Bahia, and specialised in Grid Connected Wind Energie Converters (Wind Energy) at the Deutsches Institut Windenergie (DEWI) in Germany.


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MARCOS pERACELIBUSINESS DEVELOpMENT, AMSC

Marcos Peraceli is the Business Development and sales Director for AMsC in south America. AMsC is a technology developer that provides wind turbine electronic systems and controls, wind turbine designs, and advanced grid systems that optimise network reliability, efficiency and performance. Prior to this role, Marcos served as Market Development senior Manager for GE Power & Water, and Commercial Manager for GE Wind. He led the

development of many waste-to-energy marketing programs establishing the presence of GE Gas Engines in Latin America, and was also part of the team that developed and implemented the GE Wind strategy for the first Brazilian Wind Power Auction, in 2009. He has also held sales, marketing and business development roles for GE, Areva and shell. Marcos holds an MBA from Business school são Paulo, with extension at the University of Toronto, and a Production Engineering degree at UFsCar.

MARIO VEIGApRESIDENT, pSR

Mario Veiga Pereira is President and Founder of PsR. He is a renowned specialist in energy market reform and has advised the governments of Brazil, Chile, China, Nicaragua, Costa Rica, Guatemala, El salvador, Honduras and Belize, Colombia, Peru, Venezuela and Turkey in power market design and reform.

In Brazil, he is an advisor to the power market regulator (ANEEL), the system operator (ONs), and the wholesale market operator (CCEE). He was also the principal advisor to the Ministry-level committee that managed Brazil’s 2001 energy supply crisis; to the Presidential committee that investigated the causes of rationing; and to the Energy Minister on post-rationing reforms. He has been directly involved in the designing Brazil’s energy auction system which award some $60 billion in contracts to generation investors, since 2004. Mario Veiga has been a principal architect of Brazil’s Bioelectricity program, for private investment in several thousand MWs of competitive cogeneration from sugarcane-based ethanol. He has also coordinated several valuation studies of generation and distribution assets, and investment analysis of new generation and transmission projects, gas pipelines and international G&E interconnections. He developed the stochastic dual DP methodology, used by Brazil’s National system Operator for the dispatch of Brazil’s 95GW hydrothermal generation systems; and by the wholesale energy market for the calculation of spot prices. Mario Veiga, was a professor of electrical engineering at PUC-Rio; a visiting professor at the IIT, in spain; and has authored four books and two hundred papers.

MARTA ALONSO MANAGER OF ENERGY & WATER RESOURCES, GES

Marta Alonso is Manager of Energy and Water Resources at wind engineering and operation and maintenance firm GEs. she was previously responsible for Union Fenosa Renewable Energies Chile, subsidiary of the group Gas Natural Fenosa.

MAURICIO TOLMASqUIMpRESIDENT, EMpRESA DE pESqUISA ENERGETICA (EpE)

Mauricio Tolmasquim is the current president of EPE, the Rio de Janeiro-based research arm of the Brazilian Ministry of Mines and Energy. EPE was created by Law 10.847 in March 2004 to help develop an integrated long-term planning for the Brazilian power sector.

Mr. Tolmasquim coordinated the technical group responsible for designing and implementing power sector reforms in 2003-2004. These reforms introduced government sponsored energy auctions as the main procurement mechanism for distribution companies to acquire energy to serve captive consumers. He is also member of the working group that drafted the new regulatory framework for Pre-salt exploration. Formally, Tolmasquim served as Deputy Minister of Mines and Energy. He has been on the board of Itaipu and Furnas. Mauricio Tolmasquim holds a BA in Production Engineering from UFRJ and BA in Economics from UERJ. He has a Masters in Energy Planning from COPPE/UFRJ as well as a PhD in Development Economics from École des Hautes Études en sciences sociales in Paris. He has authored or co-authored some 20 books and hundreds of academic articles on energy and power markets.

MARCO ANTONIO DINIZBUSINESS DEVELOpMENT DIRECTOR, COMERC ENERGIA

Marco Antonio Diniz is Managing Director for Business Development at COMERC Energia.He has been with the firm since 2006. His responsibilities include sales and business development with large power end-users and renewable energy generators. COMERC Energia is a holding company comprised of two distinct enterprises: COMERC Trading and COMERC Management. COMERC is the largest independent electricity portfolio manager in Brazil. It was established in 2001, with the objective of serving the growing free consumer class

comprised of large electricity end-users. COMERC both manages and commercialises electricity portfolios for large industrial players and power generators.

Prior to joining COMERC Marco Antonio had a career in corporate finance working for banks such as JP Morgan Chase, Patrimônio/salomon Brothers, and Banco Nacional. He holds a BA in Business Administration from Escola de Administração de Empresas de são Paulo (FGV) and a MBA from The William simon Graduate school of Business Administration in Rochester, NY.


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OLIVIER MARqUETTEVp BUSINESS DEVELOpMENT AND M&A, AES DO BRASIL

Olivier Robert Jean Marquette has served as Vice President for Business Development at AEs Tietê since 2012. AEs Tiete is a listed utility with over 2.6GW of installed power capacity in Brazil. It operates ten hydroelectric plants, two of which are small hydro plants with capacity 50MW of capacity each. The company’s plants are located in the state of são Paulo, the largest energy consuming state in the country.

In the last five years, he has held several positions within AEs. From August 2008 to April 2011 he was Business Development Manager for AEs Asia, prior to that he served as Business Development Manager for AEs North America. Mr. Marquette has a Masters in Mechanical Engineering from Texas A&M University and a MBA from Harvard Business school. He has a BA in engeneering from Ecole Nationale superieure Des Mines in Paris.

MYUNGIL CHOI (DANIEL) DIRECTOR OF pROjECT DEVELOpMENT & INVESTMENT, HANWHA SOLARENER

Myungil Choi is Director of project development and investment in Latin America, at Hanwha solar (Hanwha Q Cells korea). Prior to being at Hanwha, he worked at LG and Ls Group, creating business strategy, conducting investment and M&A in new business areas, and doing overseas sales and project development in the solar sector.

OLIVIER LERUSTEHEAD OF BUSINESS DEVELOpMENT, AkUO

Olivier is the Head of the Acquisition and Project Finance team at Akuo Energy, which has raised more than EUR 800m over the last five years from financial institutions, infrastructure funds, development banks, tax investors and family offices. He has ten years of experience in the Energy sector both in Europe and in the Americas. Before joining Akuo, Olivier was based in New York and Mexico City, where he structured several major financings for an investment bank in the Oil and Gas and in the Commodities sector. Olivier is a French native speaker and is fluent in English, spanish and German.

Olivier holds a M.sc. in Management from HEC in Paris and a Bachelor´s degree from the University of Paris IV sorbonne.

pARTHO SANYALHEAD OF LATIN AMERICA, pOWER, UTILITY AND RENEWABLESBANk OF AMERICA MERRILL LYNCH

Partho sanyal is a Managing Director with Bank of America Merrill Lynch’s Latin America Investment Banking Group. He has approximately 17 years of investment and merchant banking experience at Bank of America Merrill Lynch and the International Finance Corporation (IFC). Partho has spent most of his career covering the Power and Utility sectors, with a focus on clean energy and clean technology subsectors. since 2013, Partho has assumed

responsibility for covering the Power, Utility and Renewable energy sectors in Latin America.

Partho has been involved in over 70 capital markets transactions that have raised approximately $60.0 billion in capital. In addition, he has advised on 13 M&A transactions worth over $16.0 billion. His experience includes the €4.5 bn IPO of Iberdrola Renovables, €1.6 bn IPO of EDP Renovaveis, €2.3 bn IPO of Enel Green Power and capital raises for Renova Energia, Ameresco, Invenergy, Us Geothermal, Clean Energy Fuels, Fuel systems solutions, TAEsA and Covanta. Partho advised Acciona on the sale of Moura to Mitsubishi, raised debt for solana, the world’s largest single-site solar thermal plant, advised Exelon on its $1.4 bn purchase of a 230 MW solar farm from First solar and advised on the $2.6 bn financing of Project AMP, the world’s largest solar rooftop project. Prior to joining Merrill Lynch & Co., Partho spent over 4 years at the World Bank Group, where he focused on advising Governments around the world on privatizations of their infrastructure assets.Mr. sanyal holds an MBA in Finance and Accounting and a Ph.D in Economics from the University of Chicago. His professional affiliations include the U.s. Council on Foreign Relations, U.s. National Commission on Energy Policy, NREL and AWEA.

MIGUEL RODRIGUES EqUITY ANALYST, MORGAN STANLEY

Miguel is an equity research analyst, leading the Morgan stanley Latin America Electric Utilities team. Before joining Morgan stanley in 2009, Miguel worked at Mckinsey & Company, where he focused on Corporate Finance projects on several industries from 2004 to 2009. Miguel holds an undergraduate and post-graduate degree in Economics and Finance from IBMEC/RJ.


pEDRO pILEGGICFO, RENOVA ENERGIA

Pedro Pileggi is Chief Financial Officer at Renova Energia sA, a são Paulo-based renewable energy project developer. The company has about 1.1GW of wind projects at some stage of development, all in Bahia state, and has contracted 658MW of wind via tenders since 2009.

Prior to joining Renova in 2011, Pedro worked at Banco santander’s Investment Banking Division where he focused on energy. He worked as a strategy consultant at Accenture and held several executive positions with BBA Creditanstalt Bank between 1995 and 2000. He holds a Law Degree from PUC-sP and an MBA from Northwestern’s kellogg school of Management in Chicago.

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RODRIGO BRAGACOMMERCIAL MANAGER, RENEWABLE ENERGY, OWENS CORNING

Rodrigo Braga is Commercial Manager for Owens Corning’s Renewable Energy division in Brazil. He manages the firm’s sales and business development efforts for renewable energy products which includes raw material for the production of wind blades.

Established in 1938, Owens Corning is today the world’s leading producer of fibre glass technology. The company manufactures fibre glass for house insulation and other residential building products, and composite materials for construction, transportation and infrastructure including wind turbine blade applications. The company has a technical fabrics manufacturing facility for wind turbines in Rio Claro, Brazil. This facility supplies raw-material for blade production globally. Prior to joining Owens Corning, Mr. Braga worked for multinationals like DuPont, GE, sABIC.

ROGERIO GRAZIOTTINSENIOR Vp pROjECT FINANCE, ESpIRITO SANTO

Rogério joined Espírito santo Investment Bank in 2007. He has acted as advisor and/or lead arranger on project finance deals totaling more than $6.0bn in long term financing, including Odebrecht’s Norbe VIII and IX drillships, santo Antonio Hydro Power Plant (3.2GW), são Paulo Line 4 subway and the 2,375 kilometer Madeira Complex Transmission Line. He also acted as advisor for EsIB’s clients in several auctions for new power plants and transmission lines.

He previously acted as a Director at Banco Itaú in the Mergers & Acquisitions and Project Finance areas, which among other duties manages the BNDEs loan portfolio. Rogério also worked at Banco Inter American Express, Banco Multiplic, EsCA – Engenharia de sistemas and Embraer. Rogério is an aeronautical engineer with a degree from ITA – Instituto Tecnológico de Aeronáutica and an MBA in Finance from IBMEC – Instituto Brasileiro de Mercado de Capitais.

SALVADOR ESCOBEDOpRESIDENT /FOUNDER, SOLAM GROUp

salvador Escobedo founded and currently manages solam Group, a Latin America-focused large scale solar project development firm. With six years of Latin American solar market activity, his experience also includes four years acting as Cleantech Investment Manager at a prominent Latin America-focused private equity fund where he was responsible for the investments, co-investments and the management of a portfolio of four solar energy system integrators located in Brazil, Peru, Colombia and Guatemala, in addition to other renewable energy investments. His firm currently manages a pipeline of

more than 200MW of solar projects in eight different countries.

pEDRO LUIZ DE OLIVEIRA jATOBáHEAD OF INTERNATIONAL BUSINESS DEVELOpMENT DIVISION, ELETROBRAS

Pedro Jatobá is Head of the International Business Development Division with Centrais Elétricas Brasileiras (Eletrobras). Eletrobras is Brazil’s principal electric utility company responsible for generating 40% and transmitting 69% of the country’s electric power supply. The Brazilian federal government has a 52% stake in Eletrobras the rest of the shares are publically traded.

Mr. Jatobá has worked within the Eletrobras group of companies since 1980. He has held positions in diverse areas within the group including: system control and protection for transmission companies, dispatch operation, telecommunication systems design and operation, financial and general management for distribution companies and business development. since 2009, he leads the International Business development of Eletrobras where he evaluates business opportunities in renewable generation and transmission systems in Latin America, Central America, the Us and Africa. He holds a Bs in Electrical Engineering from the Federal University of Bahia.


TIMOTHY B. REBHORNpRESIDENT, AMERICAS, FIRST SOLAR

Tim Rebhorn joined First solar in December 2012 as senior Vice President, sales – Americas. As a member of the senior leadership team, he oversees all regional business and project development. Tim’s 30-year career in the energy industry includes senior leadership roles in the natural gas and power generation segments in worldwide markets. His efforts have been focused on developing, financing and operating utility-scale energy projects, large infrastructure projects in water and steel.

Prior to joining First solar, he was CEO of Quail Nuclear specialty services, an industrial construction company. Previous experience includes executive leadership of Resolutions Management/Merrill International, which provided high-level consulting for clients in energy, steel, engineering and construction industries. With an emphasis on international infrastructure, Tim led a “development sWAT Team” that explored and developed energy projects outside the traditional models of power plants and pipelines, conducted market entry analysis for large energy clients, and led cross-functional teams in the workout of Enron’s international pipeline and power plant portfolio. He has testified as an expert witness before the International Court of Arbitration in a successful $10B action on behalf of a plaintiff requiring technical perspective related to integrated power generation and prudent international business practices. Tim began his career in the United states Navy, where he served as a Certified Nuclear Engineer in the Naval Nuclear Propulsion program (Uss Parche ssN-683 nuclear submarine) and as a NATO staff planning officer. Tim is a graduate of the U.s. Naval Academy and earned an MBA from Texas A&M University.

VICTOR MUñOZMANAGING DIRECTOR, BRAZIL, DENHAM CApITAL

Victor Muñoz is a Managing Director at Denham Capital and brings 22 years of experience to the firm. Victor is responsible for the firm’s são Paulo office and the origination, analysis, structuring and execution of investments within the energy sector in Latin America. Denham Capital is global energy and resources private equity firm with over $7 billion in invested and committed funds in the oil and gas, power and renewables and metals and minerals industries.

Prior to joining Denham, Mr. Muñoz was a Director at PsEG Global, a Manager at Enron North America and an Associate at Chase securities. He currently serves on the Board of Directors of Mining Ventures Brasil Ltda, stellar Mining in Peru and santiago Metals in Chile. Mr. Muñoz received a Bachelor of science from Los Andes University in Colombia and a MBA from Harvard Business school.

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THOMAS SCHULTHESSCFO, SOWITEC

Thomas schulthess is responsible for Brazilian operations and new business development at soWiTec, a wind and solar project developer from Germany. since 2005, he has contributed to the creation of eight affiliated companies abroad, creating 200 jobs mainly in Latin America and a greenfield project pipeline of 40GW.

TâNIA BRAGACOMMERCIAL MANAGER, RENEWABLE ENERGY, RIO 2016 OLYMpIC COMMITTEE

Dr. Braga is the sustainability, Accessibility and Legacy head of the Rio 2016 Olympic and Paralympic Games Organizing Committee. Her responsibilities are to develop and oversee the sustainability, accessibility and legacy programmes of Rio 2016, contributing to the creation of positive and lasting environmental, social and economic legacies.

she has a profound expertise in sustainability with more than 15 years of professional experience in the area. Her background combines a PhD in applied economics with a successful hands-on experience in managing sustainability projects for local and national governments, research institutions, global companies and NGOs. she also lectured at a number of postgraduate level, continuing and executive education programmes in Brazil and switzerland. Before joining Rio 2016 in March 2012, Dr Braga worked as scientific Head of sustainable sport and Event at the AIsTs (International Academy of sports science and Technology) and as a senior researcher at IMD Business school (switzerland).


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AMY GRACELEAD ANALYST, NORTH AMERICA WINDNew York office

Amy leads North American wind analysis at Bloomberg New Energy Finance. she is a member of a global team of analysts responsible for producing and communicating research and analysis on the economics, policy, and strategic dynamics of the wind industry.

Amy heads research and analysis of the Us, Canadian and Mexican wind markets from New York, including short term forecasts, policy analysis, asset valuation, project economics, and supply chain dynamics.

Amy holds an MA from Columbia University’s school of International Affairs with a dual concentration in Energy Management & Policy and International Finance & Policy.

ETHAN ZINDLERHEAD OF pOLICY ANALYSISWashington DC office

Ethan is Head of Policy Analysis at Bloomberg New Energy Finance (BNEF) with responsibility for managing and expanding coverage of key policy devel-opments globally impacting renewables, biofuels, and energy efficiency. He is also specifically tasked with managing the company’s research efforts in the Americas.

From 2006 to May 2010, Zindler served as BNEF’s Head of North American Research. In that role, he set the firm’s research agenda for the Us, Canada, and Mexico while overseeing a regional team of analysts, researchers, and news writers. Based in Washington, Ethan’s particular area of expertise is Us clean energy policy and he has written extensively on the Obama administration’s moves on key regulations as well as about legislation before Congress. Ethan serves as New Energy Finance’s main spokesperson in North America and has been quoted extensively in the media, including in the Wall street Journal, the Associated Press, Fortune, and elsewhere. He has spoken at numerous conferences including those organized by the United Nations, National Governors Association, Platts, and others. He has testified on clean energy issues before the senate Energy & Natural Resources Committee as well as the Us-China Economic and security Review Commission.

Ethan previously served in the Clinton White House. He also spent two years as a reporter covering the controversy surrounding the proposed Cape Wind offshore wind farm. Ethan holds an MBA from Columbia Business school and a BA from Georgetown University.

EDUARDO TABBUSHSENIOR ANALYST, WINDLondon office

Eduardo leads Bloomberg New Energy Finance’s research and analysis on renewable energy auctions and tenders. He is a member of a global team of analysts responsible for producing and communicating research and analysis on the economics, policy, and strategic dynamics of the wind industry.

Eduardo is a specialist on support mechanisms, policy, regulation and market dynamics in southern Europe and Latin America. He also leads the Wind Insight team’s price benchmarking analysis - half yearly publishing the only Wind Turbine Price Index in the world and annually publishing the highly recognized analysis of wind asset valuations - “Portfolio Hunters”. His analysis and opinions are widely sought after by utilities, developers, equipment manufacturers, oil majors, and financial institutions.

Eduardo holds an Msc in Comparative Politics from the London school of Economics (LsE). He joined Bloomberg in 2006.


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jENNY CHASEHEAD OF RESEARCH, SOLARZurich office

Jenny Chase is the manager of Bloomberg New Energy Finance’s global solar Insight service. she joined BNEF mid-2005 and launched the solar Insight service in early 2006, and now runs the team from Bloomberg’s Zurich office.

Jenny has conducted or overseen all the research of the solar Insight service over its five-year lifespan. This has included PV experience curve analysis, which enabled the team to make a definite prediction of an upcoming sudden 35-40% fall in crystalline silicon module prices, a year before it happened and while most analysts were expecting slow 5-10% per year price slides. The timing of the price decline in early 2009 was predicted by BNEF’s solar team with some accuracy in 2007, based on global supply and demand analysis. Jenny has been cited in The Economist, New York Times, Financial Times, and Nature on various topics pertaining to solar, and has been interviewed on Bloomberg TV and BBC radio. she is part of the Expert Workshops for the PV and CsP Roadmaps run by the International Energy Agency, and is a regular speaker at European and international solar conferences. Jenny has also worked on consulting projects regarding the cost targets for CPV, strategies for module sales in the Italian market, and cost projections for solar thermal electricity generation as well as cross-sector clean energy projects.

she holds a BA in Physical sciences and an Msci in Physics from the University of Cambridge, England.

STEFAN LINDERANALYST, CLEAN ENERGY ECONOMICSNew York office

stefan Linder is the Lead Us Clean Energy Economics Analyst for Bloomberg New Energy Finance and is based in New York City. stefan is responsi-ble for producing and communicating research and analysis on project finance and global clean energy capital markets. He also acts as a specialist on BNEF’s targeted research and consulting team.

Formerly, stefan covered the geothermal industry for BNEF where he produced research on a broad array of geothermal technologies and global markets, many of which provided first-of-a-kind insight to the sector. He also specialises in renewable energy contracting and acts as BNEF’s in-house expert on the subject.

stefan holds a Bs from Miami University of Ohio where he double majored in finance and environmental studies.

MARIA GABRIELA DA ROCHA OLIVEIRAHEAD OF RESEARCH & ANALYSIS, LATIN AMERICAsão Paulo office

Maria Gabriela da Rocha Oliveira is head of Latin America Research and Analysis with Bloomberg New Energy Finance (BNEF). she sets BNEF’s bioenergy, wind, solar and small-hydro research agenda for the Latin America region while conducting analysis and overseeing a team of analysts and researchers based in são Paulo, Brazil. Maria Gabriela has written extensively and successfully completed consulting projects for clients on regional renewable energy legislation, investment, and economics. Most recently, she led a consulting project commissioned by the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IDB) to produce Climatescope – a groundbreaking study which ranks 26 Latin American and Caribbean

countries based on their ability clean energy achievements and their ability to attract capital for the low-carbon economy. Prior to BNEF, Maria Gabriela was an analyst at Taylor-DeJongh – a Washington D.C. based energy investment bank.

Maria Gabriela earned a Masters of International Affairs (M.I.A) in International Energy Management and Policy from Columbia University in the city of New York and a BA in Political science and International Relations from Tufts University in Massachusetts.


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Emerging markets join the raceWhile subsidy withdrawals by Western governments have left local industries in turmoil, emerging economies have been ploughing investment into local manufacturing, supported by ambitious deployment plans. Professor Tom Burke argues that “decarbonization in emerging economies is being accelerated by the convergence of energy security as a driver for energy policy, with concerns regarding climate change, which differentially impacts the least developed countries.”

China has focused investment to match an insatiable growth in energy demand, while air quality issues have put decarbonization firmly on the agenda of the politically-active middle classes. China’s renewable ambitions span the domestic market – where it plans to install 49GW in 2013 – and growth through export credit agency-backed outbound investment into markets such as India, south Africa and Brazil.

Other emerging economies have also been ambitious. Faced with the very real threat of the lights going out, India is driving new levels of power sector investment and aims to nearly double the amount it generates from renewable sources. south Africa is now two rounds into its REFIT program, aiming to install 3.7GW by 2016, while saudi Arabia has recently committed ‒10b (Us$13b) to solar development plans. Unpredictable events such as Fukushima have also transformed energy policy in Japan and elsewhere by engendering a shift from nuclear to renewables.

Debcarbonization alone is therefore no longer the key policy driver and, in these times of austerity and heightened global competition, the drivers of economic growth, economic diversification and energy security, arguably put the renewables sector on much more solid foundations.

So where next?With national subsidy budgets dwindling and emerging economies increasing global competition, does this mark the end of government-led financial incentives?

Notwithstanding the increasing number of renewable installations that are now being deployed subsidy-free, the sector as a whole is still not ready for a world without fixed prices. According to Dr. Gross, to think otherwise “misunderstands the nature of investment in markets where marginal price is set by fossil fuels.”1

The subsidy drugThroughout the early incubation of the global renewables sector – dating back to the 1970s – and the rapid growth seen more recently, one constant has been the industry’s dependence on subsidies. While there has been endless debate around which forms of subsidy are the most effective way of meeting renewable energy deployment targets, they have remained a constant presence in one form or another.

An industry built on the foundations of subsidy will inevitably become reliant on it. It could be argued that the generously subsidized solar and wind markets in Europe did not create the right environment for driving down cost, and resulted in the industry being criticized for pushing up energy bills. Contrast this to the industrial approach taken in the East, where a ruthless approach to cost reduction has left the more mature supply chains in Europe and the Us teetering precariously. Over-capacity, particularly in the solar sector, has exacerbated the problem.

kicking the habitThe impact of the global crisis has pushed the affordability of renewables subsidies firmly into focus. Government austerity programs have led to cuts in the level of fiscal support across the globe, accelerating the timeframe in which the sector needs to wean itself off subsidy dependency. In the more extreme cases, such as spain and Bulgaria, retroactive adjustments to FITs have triggered an exodus from the sector almost overnight. The industry must therefore face a future independent of subsidies, and look to manage this transition carefully.

This brave new world focuses attention on other areas of cost reduction, such as financing costs and transactional efficiency, and calls for innovation in new business models to reach parts of the value chain previously untouched or under-exploited. Dr. Robert Gross spoke of this opportunity; “it is regrettable that the potential for infrastructure investment, and associated economic stimulus, is being wasted at a time of very cheap money.”

However, this is far from a worrying time for the sector. some onshore wind and solar PV technologies can now compete with their hydrocarbon brothers without subsidy in numerous applications. Mature sectors in renewable energy should seek to make a meaningful contribution to global energy supply, independent of government support.

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FROM SUBSIDY TO DIVERSITY UNPRECEDENTED CHANGE IN THE ECONOMIC FORTUNEs OF LARGELY WEsTERN MARkETs, AND THE EMERGENCE OF ENERGY-HUNGRY BRIC ECONOMIEs, HAs LED TO DRAMATIC sHIFTs IN ENERGY POLICY THAT WOULD HAVE BEEN IMPOssIBLE TO PREDICT ONLY A FEW YEARs AGO. THIs RAIsEs THE QUEsTION OF WHAT EXACTLY Is DRIVING THE sECTOR NOW?

1. Dr. Robert Gross, interviewed by Ernst & Young, RECAI Issue 37, 8 May 2013. Dr. Gross is senior Lecturer and Director of the Centre for Energy Policy and Technology at Imperial College, London; Policy Director, Energy Futures Lab; and Head of the UkERC’s Technology and Policy assessment function ICEPT.


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Emerging technologies in particular will continue to rely on fiscal and regulatory support to catch up with their wind and solar counterparts, although we can expect this journey to maturity to be much more rapid. What is needed, says Dr. Gross, is “market redesign that creates the right conditions for investment in technologies that are capital intensive but need no fuel.”

When it arrives in earnest, the impact of grid parity will be transformational. Cost reductions in established technologies have broadly followed long-term expectations in line with learning rates, but the industry must now work together across the value chain to pursue further cost reductions more aggressively. However, more mature technologies should not cannibalize the funding available to the detriment of newer technologies.

Global pacts still neededAt the same time, it is unrealistic that fixed 25-year offtake prices alone will create the necessary foundations for a sector trying to compete against fossil fuels on a global scale. The industry should continue to seek internationally-agreed mechanisms and legally binding targets, in order to transcend geographical constraints and policy-dependency. Without these, trade protectionism, competing fossil fuel agendas and failure by economic giants such as the Us and China to set an example, will prevent a truly global low carbon economy.

Energy users take ownership The real revolution, however, must come from the way we use energy; energy efficiency programs, smart grids, decentralization

of energy generation, energy storage solutions and electric vehicles, will all help energy-users gain more control over the quantity and source of their own energy equilibrium. This shift benefits from being aligned to the focus on cost competitiveness. This energy revolution has already started, but “governments have a role to play in de-risking and investing in the big infrastructure such as electric vehicle charging,” says Professor Burke.2

From subsidy to diversity A global low carbon economy now depends on energy efficiency measures, economic growth drivers, cross-border cooperation, technological advancements and infrastructure investments, as much as it depends on subsidy handouts and national policy. Diversity is key.

But at the same time, effectual international agreements are yet to materialize and the global financial crisis is hindering policy efforts at a national level. In this move from subsidy to diversity, therefore, it is individuals and corporates – not policymakers – that are likely to be the real driving force of the energy revolution.

Authors:Ben Warren, Global Cleantech Transactions Leader and Uk Environmental Finance Leader, Ernst & YoungGil Forer, Global Cleantech Leader, Ernst & Young

2. Professor Tom Burke, interviewed by Ernst & Young, RECAI Issue 37, 29 April 2013. Professor Burke is Founding Director of E3G, Chairman of the Editorial Board of ENDs magazine (Environmental Data services) and Visiting Professor at Imperial and University Colleges, London.


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Felix LeworthyManager, Business Development BrazilT: +44 20 3216 4233E: [email protected]

Maria Gabriela da Rocha OliveiraManager, Latin America Research & AnalysisT: +55 11 98416 7444E: [email protected]

jenny ChaseManager, solar InsightT: +41 44 224 4144E: [email protected]

FOR FURTHER INFORMATIONPLEAsE CONTACT:

2013-07-08 - 2013 Rio Wind Solar Leadership Forum Results Book

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