Joel Link - GW Solar Symposium 2012

Copyright © 2012 SolarReserve. All Rights Reserved.

Portfolio Diversification and the Value of Solar Thermal with Storage

The George Washington University Solar Institute

April 12, 2012


Geographically diverse portfolio of more than 3,000 MW of CSP projects Three lead projects (310 MW) – Power Purchase

Agreements with $5.5 billion in projected revenues Late stage projects represent more than 600 MW

under permitting 25 sites and more than 150,000 acres under

control

Expanded into Photovoltaic activities in early 2009 development pipeline of more than 1,500 MW Primarily in the 5MW to 20 MW capacity proposed

over 40 different sites across the US Several large scale PV projects in the 50 MW to

200MW capacity range Two 75MW projects awarded to SolarReserve in

South Africa in December of 2011

SolarReserve – CSP and PV Solar Projects


SolarReserve’s Global Reach


SolarReserve CSP Solar Energy Plants

640 foot tall tower More than 10,000 heliostats Project Rendering


Location: Tonopah, Nevada

Technology: Concentrated Solar Power with Thermal Energy Storage

Size: 110 MW

Power Contract: NV Energy

Energy Production: 500,000 MW hours annually

Site: ~ 1,600 acres

Transmission: 9.5 miles

Fuel: Sunlight

Crescent Dunes Solar Energy Project


Firm, Non-Intermittent Renewable Energy

0%

20%

40%

60%

80%

100%

6:00 8:00 10:00 12:00 14:00 16:00 18:00 20:00 22:00

Perc

ent L

oad

Time of Day

Decoupling of power generation and energy collection provides stable and reliable power output

Trough

PV

Molten Salt Power Tower (8 Hours Generation Profile)

Molten Salt Power Tower (16 Hours Generation

Profile)


CSP with molten salt storage contributes value in ways that are unrecognized in most renewable procurement processes

CSP with Storage’s Unrecognized Value

Less environmental impact and societal infrastructure cost

High capacity factor leads to higher utilization of transmission lines

Hedge vs. price volatility in energy and ancillaries Known cost of energy and ancillary services

Enables higher penetration of PV, protecting against ramping constraints Tolerant to curtailment

Can change delivery profile mid-life to adjust to new market conditions Dispatch flexibility

More long-term operational jobs than PV or wind Jobs

Provides VARs, inertia, governor response, etc. Uncompensated benefits of a steam turbine

Avoids long-term dependency on fossil fuels and related emissions

Requires no fossil fuel backup due to high capacity value and reliability

More responsive to the grid’s price signals, delivering greater value to the ratepayer Can make real-time dispatch decisions


Unlike wind and photovoltaics, provides firm, non-intermittent supply power without the use of fossil fuels Can replace conventional dispatchable power supply such as coal, natural gas

and nuclear Allows power delivery profile to be tailored to exactly meet utility requirements

Provides “more valuable” electricity Example: PG&E (California) “super peak” period is from 1PM to 8PM 24 hour supply available

Overall results in more efficient, effective and reliable power supply Inherent thermal energy storage allows for power on demand, even after

dark Typically 10 to 16 hours of storage per project depending on utility

requirements Substantial increase in efficiency and capacity factors – 50% to 80% capacity

factors as compared to PV or wind which typically operates at 25% to 40%.

Advantages of CSP Technology with Storage


Inherent storage (no efficiency loss)

Dispatchable, on-demand generation

No natural gas required for operations or steam consistency

Predictable and efficient steam cycle

Dry cooling can be implemented efficiently

Low-pressure salt system

Molten Salt vs. Direct Steam and Trough

No inherent energy storage Significant efficiency loss

for bolt-on storage Intermittent generator

during transient weather Natural gas required to

“prop up” system – issues of gas cost, emissions, availability of nearby pipeline supply

Receiver must handle water/steam phase change

High pressure system throughout

No inherent energy storage

Significant efficiency loss for bolt-on storage

Intermittent generator Natural gas required for

operations – issues of gas cost, emissions, availability of nearby pipeline supply

Smaller temperature ‘capture range’ with Therminol

Limited economies of scale in core collector geometry

Molten Salt Tower Direct Steam Tower Solar Trough

Best-in-class design with significant

cost/performance upside

Benefits of central tower but hobbled by steam

system limitations

Mature technology but highest cost with limited

improvement upside


National Renewable Energy Laboratory estimates CSP with storage will deliver a value of 1.6 - 4.0 ¢ / kWh over other solar generation in Western US

Estimated Value of Storage

Value is higher on smaller grids with higher sensitivity to intermittency, higher natural gas prices, higher renewable penetration, etc.

High-value power resource, eliminating need for conventional power resources


Contact Information

www.solarreserve.com

Joel M. Link

Vice President of Development

[email protected]

Corporate Headquarters: 2425 Olympic Blvd. Suite 500 East Santa Monica, CA 90404 Phone: (310) 315-2200 Toll-Free: (866) 622-2778 Fax: (310) 315-2201 European Headquarters (UK): Phone: +44 (0)1242 261 200 Fax: +44 (0)1242 261 900

http://www.solarreserve.com

mailto:[email protected]

Joel Link - GW Solar Symposium 2012

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