Wetfeet Lessons learned: Shareholder View · nacelle is one of the lightest on the market. The...
Transcript of Wetfeet Lessons learned: Shareholder View · nacelle is one of the lightest on the market. The...
Seite 1
Wetfeet Lessons learned Shareholder View
Guido Huumlni Axpo
Seite 2
Agenda
Wetfeet Lessons learned Shareholder View | 23November 2016
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Seite 3
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 4
Axpo at a glance
Swiss energy company successful in Europe
Produces around one-third of Switzerlands
electricity
Largest Swiss producer of renewable energies
Broadly diversified active along entire value
chain
Operates in 26 countries and more than 30
markets
Trades on all important energy exchanges in
Europe
Leader for tailor-made energy solutions
Won award as worldrsquos leading energy trader in
two consecutive years (20142015)
Sales
CHF 586 billion
Total assets
CHF 18908
million
Employees
4284
Markets
37
Renewable
kWha
7500000000
kWh manageda
100600000000
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 5
Axpo has a broadly diversified portfolio
Axpo has a diversified Wind portfolio of 430 MW in total in FR DE IT ES
Offshore wind farm GTI of which Axpo owns 241
Development construction amp sale of wind farms by Axpo subsidiary Volkswind Another
3000 MW in the pipeline
Wind farm management and offtake agreements for third parties for some 12000 M
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 2
Agenda
Wetfeet Lessons learned Shareholder View | 23November 2016
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Seite 3
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 4
Axpo at a glance
Swiss energy company successful in Europe
Produces around one-third of Switzerlands
electricity
Largest Swiss producer of renewable energies
Broadly diversified active along entire value
chain
Operates in 26 countries and more than 30
markets
Trades on all important energy exchanges in
Europe
Leader for tailor-made energy solutions
Won award as worldrsquos leading energy trader in
two consecutive years (20142015)
Sales
CHF 586 billion
Total assets
CHF 18908
million
Employees
4284
Markets
37
Renewable
kWha
7500000000
kWh manageda
100600000000
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 5
Axpo has a broadly diversified portfolio
Axpo has a diversified Wind portfolio of 430 MW in total in FR DE IT ES
Offshore wind farm GTI of which Axpo owns 241
Development construction amp sale of wind farms by Axpo subsidiary Volkswind Another
3000 MW in the pipeline
Wind farm management and offtake agreements for third parties for some 12000 M
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 3
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 4
Axpo at a glance
Swiss energy company successful in Europe
Produces around one-third of Switzerlands
electricity
Largest Swiss producer of renewable energies
Broadly diversified active along entire value
chain
Operates in 26 countries and more than 30
markets
Trades on all important energy exchanges in
Europe
Leader for tailor-made energy solutions
Won award as worldrsquos leading energy trader in
two consecutive years (20142015)
Sales
CHF 586 billion
Total assets
CHF 18908
million
Employees
4284
Markets
37
Renewable
kWha
7500000000
kWh manageda
100600000000
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 5
Axpo has a broadly diversified portfolio
Axpo has a diversified Wind portfolio of 430 MW in total in FR DE IT ES
Offshore wind farm GTI of which Axpo owns 241
Development construction amp sale of wind farms by Axpo subsidiary Volkswind Another
3000 MW in the pipeline
Wind farm management and offtake agreements for third parties for some 12000 M
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 4
Axpo at a glance
Swiss energy company successful in Europe
Produces around one-third of Switzerlands
electricity
Largest Swiss producer of renewable energies
Broadly diversified active along entire value
chain
Operates in 26 countries and more than 30
markets
Trades on all important energy exchanges in
Europe
Leader for tailor-made energy solutions
Won award as worldrsquos leading energy trader in
two consecutive years (20142015)
Sales
CHF 586 billion
Total assets
CHF 18908
million
Employees
4284
Markets
37
Renewable
kWha
7500000000
kWh manageda
100600000000
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 5
Axpo has a broadly diversified portfolio
Axpo has a diversified Wind portfolio of 430 MW in total in FR DE IT ES
Offshore wind farm GTI of which Axpo owns 241
Development construction amp sale of wind farms by Axpo subsidiary Volkswind Another
3000 MW in the pipeline
Wind farm management and offtake agreements for third parties for some 12000 M
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 5
Axpo has a broadly diversified portfolio
Axpo has a diversified Wind portfolio of 430 MW in total in FR DE IT ES
Offshore wind farm GTI of which Axpo owns 241
Development construction amp sale of wind farms by Axpo subsidiary Volkswind Another
3000 MW in the pipeline
Wind farm management and offtake agreements for third parties for some 12000 M
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 6
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 7
The Global Tech I wind farm project
Title
Location
Size
Water depth
Wind turbines
Rated output per turbine
Total output
bdquoGlobal Tech Ildquo
more than 100 km off
the coast
approx 41 kmsup2
38 ndash 40 m
80 turbines of AD 5-116
5 MW
400 MW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 8
Project history
Event Description
2001 Nordsee Windpower GmbH submits an application to the BSH for authorisation
2006 BSH issues the consent for construction and license for operation
052008 Wetfeet Offshore Windenergy GmbH acquires project rights to the wind farm
2008-2009 Stadtwerke Muumlnchen GmbH HSE AG (now ENTEGA AG) Esportes Offshore Beteiligungs GmbH
and EGL AG (now Axpo) become shareholders
2009
Multibrid GmbH (now Adwen GmbH) signs a preliminary contract for the supply of 80 wind turbines
and AREVA Energietechnik (now Alstom Grid GmbH) is awarded a contract for the planning of the
transformer station
052010 TenneT TSO (grid operator) grants unconditional grid connection commitment
2010-2011 Procurement contract for the installation and manufacture of all technological areas the wind farmrsquos
foundations wind turbines transformer station and internal cabling
07-082011 Signing of the financing contracts worth over 1 billion euros with a consortium of 16 commercial
banks the EIB and KfW
August 2012 Start of construction with the installation of test piles
27th July 2015 The 80th WEC supplies electricity
2nd September
2015 Official opening of the wind farm Global Tech I
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 9
Project history ndash the construction
Event Description
August 2012 Start of construction with the installation of test piles
September 2012 Commencement of erection of foundations
January 2013 Commencement of internal cabling
May 2013 Anchorage of the internal transformer station
July 2013 Beginning of the second phase of the internal cabling burial of the cable by ROV
September 2013 Commencement of turbine installation
January 2014 Two jack-up vessels have started working on the installation of towers and nacelles and rotor stars
March 2014 Three vessels are working flexibly at the construction phase of rotor stars and turbines
29 August 2014 The 80th rotor star is installed the construction phase is completed
27th July 2015
The 80th WEC supplies electricity
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 10
249
249 241
10
005
005
5
5 2 4
Global Tech I ndash Shareholders
Esportes Offshore
Beteiligungs GmbH
Strategic and long-term commitment in the expansion of renewable energies
FC Wind II GmbH FC Wind I GmbH
GTU I GmbH GTU II GmbH
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 11
Start in the year 2009
Vision versus reality
Monpile Tripod Jacket Gravity
(round)
Planned built We bought a vision based
on a revolutionary concept
of gravity foundation and
dreamt about building
Offshore Windfarms on
significant lower costs
than the market at that
time
We woke up with Tripod and built one Offshore Windfarm at market costs
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 12
Investors view Price prognosis Germany
00
200
400
600
800
1000
1200
1400
1600
1800
2000
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
euroMWh
Wettbewerb 2009
Rezession 2009 (base)
Referenz 2009
Klimaschutz 2009
High-Fuel 2009
Wetfeet
Shareholder base decisions on
Business Plans but Business Plans
are best guesses
Everybodys wrong or everybodys
right
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 13
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 14
Principle suppliers
Tripod towers
WW amp EEW
Nordseewerke
WW Iemants amp
Eiffage
Turbines
Adwen
Grid connection
TenneT
Internal wind farm
cabling
NSW amp amp Prysmian
PowerLink Services
Steel erection
platform
Keppel Verolme
Electrical systems
Alstom Grid
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 15
Offshore Tripod erection
Deployment of a new jack-up vessel
Extra dimensioned for 3 Tripods and 9
piles
Weight of Tripod 900 tons
Installation up to 25 m significant
wave height (ca 5 metres) exact
position by GPS
Installation time for one tripod
between 2 and 3 days
Reduction of installation turns
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 16
Offshore Wind Turbine M5000
The project uses 80 wind turbines of the 5 Megawatt type
from Adwen Model AD 5-116 (former M5000)
Great emphasis was laid on minimising the weight of the
nacelle and rotor That is why with around 240 tonnes the
nacelle is one of the lightest on the market
The height of the rotor hub is 92 meters above sea level
The three-blade rotor has a diameter of 116 meters the
rotor blades are aerodynamically shaped and the blade
angle can be dynamically adjusted to suit the wind
condition
The rotors start with wind speeds over 4 meters per
second and for safety reasons shut down at over 25
meters per second
The towers are accessible by boat or via the winch
platform by helicopter
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 17
Innovative platform concept
Floating and self-installing transformer platform
(offshore substation OSS)
Environmentally sound installation method by
suction cans adapted from the oil and gas
industry
The platform is autnomous 365 days (247) it is
manned by up to 38 service and maintenance
technicians in order to ensure reliable operation of
the wind farm
The closed steel body protects all electrical
equipment from the aggressive salt-laden
atmosphere
High- and medium-voltage systems are
redundant in case of the outage of a system the
productivity of the wind farm is almost not affected
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 18
Self installing offshore substation with suction cans
Minimum time and logistic expenditure for
the installation
The support structure is fixed to the closed
body the floating OSS was towed to the
construction field in one piece
bull 3 days towage
bull 1 day positioning
bull 2 days installation
First time use in the German North Sea of
bull self installing platform using a strand
jack system
bull eco-friendly suction cans
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 19
Flexible use of vessels for fast turbine installation
bull Different weather restrictions for towers
and nacelles (up to 12 ms) as well as for
rotor stars (up to 8-9 ms)
bull Efficient use of weather windows through
an independent installation of all
components
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 20
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 21
Challenges of operating the wind farm
Our objective
Safe productive and reliable operation
Our challenge
North Sea offshore conditions Motion of the
sea moisture salt corrosion erosion
Accessibility of the WECs
Our approach
Reliability centered service and
maintenance concept that guarantees
reliable turbines
Optimized interplay of direct marketing of
electricity operational management and
asset managementmaintenance
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 22
Asset Management Optimization of costs and turbine availability
The maintenance concept is focused on
answering the following questions
Which components have to be
supervised intensively to ensure a safe
and reliable operation
When and where do preventive
measures have to be taken to avoid
failure and to secure a high base load
capacity
How can offshore energy be produced as
economically as possible
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 23
Logistics of the wind farm ndash 110 km off the coast
Logistical base for the wind farm in Emden
Spare parts warehouse 3500 individual parts ensure
a quick repair works of turbines and platform
Supply vessel for the platform every 10 to 20 days
Helicopter every 2 weeks crew change of GT I staff
and in case of emergency (rescue urgent work or
spare parts needed) further hoist flights flights by
third party staff
Wind farm people transfer onto the turbines
Crew transfer vessel up to 15 m Hs (ca 3 m)
Helicopter up to 18 ms wind speed (65 kmh)
Offshore-Service
Filling station for helicopter
Bunker of 270 msup3 engine fuel for vessels helicopter
and potential platform requirements
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 24
The transformer station is manned 247
The crew change is done every
two weeks by helicopter
The platform is equipped with an
own fueling station
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 25
Agenda
1
2
3
4
5
Axpo
The company Global Tech I
Technical trades and construction
Operation of Global Tech I
Lessons learned
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 26
Major Hurdles Example design
No experienced resources were available at
that time
Contracts had to be signed to obtain the
needed authority approvals or the project
financing
Conflict of objectives Design specification
Interfaces among the technical trades were
not entirely in the design reflected
Take your time to choose your contractors
(EPC vs Multi Contracting)
Focus was primarily on construction than on
operating of the wind farm
Decrease the project risk and use the best in
class technology
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 27
People and Project Partner
Invest early in people instead of spending
more money later
Set up a professional working
environment from the start (PMO
Processes Standards like PMI IPMA)
Keep knowledge carrier as long as
possible Negotiator of supply contracts
have to be part of the construction phase
Choose your supplier carefully Price isnrsquot
everything
Pay the best suppliers and pay them good
and treat them fair or it all comes back
Choose suppliers rather by experience
than price
Arbitration take a independent view on the
contracts
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 28
Challenges due to long development and construction phase
Example OEM
+
2009 2010 2011 2012 2013 2014 2015 2016 2017
Innovative new technologies go along with opportunities and risks
Planning and construction continue for many years
Stability is valuable
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 29
Global Tech I ndash Project financing II
Global Tech I is the first offshore wind farm in Germany which with a total
installed capacity of 400 megawatts completed the project financing
successfully
Borrowed capital comes to more than 1 billion Euro consortium of 16
commercial banks EIB and KfW
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 30
Project financing II
Advantages of project financing versus balance sheet financing are tempting
in the beginning of the project
Project financing might be not the best solution in connection with ldquofirst-moverrdquo
projects due to the unpredictability during the project
Opinions within a big consortium of commercial banks can differ
Donrsquot underestimated waiver fees
Project financing limits the freedom of the Shareholder
At the end the risk remain with the Shareholder
Wetfeet Lessons learned Shareholder View | 23November 2016
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you
Seite 31 Praumlsentationstitel bei Fusszeile einfuumlgen | Datum
Thank you