Offshore Financing

Session A7 | Day 2, Wed 26 Oct, 14.30-15.45 | Exchange Auditorium, Ground Floor

To date, utilities with large balance sheets have dominated UK offshore wind financing. Debt capital markets are expected to continue to become more comfortable with financing offshore wind. However, the sheer scale of finance needed to reach the UK’s offshore deployment potential means that there is a significant requirement to tap fresh sources of finance and develop new financial instruments for refinancing offshore projects as they become operational. This session will address/discuss/analyse the current status of investment in the UK's offshore wind pipeline, current financing options and what new financial instruments could be developed, including the role of the Green Investment Bank. The challenge of bringing costs down to levels competitive with other low-carbon sources is also addressed.

• Chair: Andrew Jamieson, Chairman, RenewableUK
• Jon Brandsar, Statkraft Development AS
• Adrian Fox, The Crown Estate
• Carol Gould, The Bank of Tokyo-Mitsubishi UFJ, Ltd
• Paul Batelle, Deutsche Bank AG London
• Oliver Griffiths, Department of Business, Innovation and Skills

Chair: Andrew Jamieson, Chairman, RenewableUK Since joining ScottishPower in 1988, Andrew has held key roles in engineering, marketing and financial planning. From 1997 to 2004 Andrew led ScottishPower’s Investor Relations department, communicating with institutional shareholders and analysts around the globe. In 2004 he moved to ScottishPower Renewables where he is responsible for energy policy and regulation. Andrew is active in the UK’s renewable energy trade associations, being elected Chairman of RenewableUK in 2010 and is former Chairman of Scottish Renewables. In 2009 he accepted an invitation from the First Minister to join the newly established Energy Advisory Board. In 2010 Andrew co-chaired joint industry / Government working groups to produce the Scottish Offshore Wind Industry Route Map, and the Scottish National Infrastructure Plan which set out key milestones to achieving thriving offshore and marine power industries in Scotland. Andrew has recently been asked by the UK Government to Chair an industry / government led task force that will explore how to reduce the costs of offshore wind energy.

Speaker: Jon Brandsar, Executive Vice President, Statkraft AS Financing Offshore Wind Power – a Utility Perspective Statkraft is a Norwegian utility. The company currently constructs Sheringham Shoal offshore wind farm together with Statoil and participates in the development of the Dogger Bank zone through Forewind. The UK is dependent on utilities like Statkraft taking a leading role for the development, financing, construction and operation of complex offshore wind power projects. To attract investments from utilities the UK must create an attractive and stable regulatory regime, with a reasonable distribution of cost and risk between all players in the sector. Jon G. Brandsar was born in 1954 in Norway. Mr. Brandsar holds the position as Executive Vice President for the Business area Wind Power & Technologies, and is thus responsible for Statkraft’s business activities within onshore and offshore wind power, district heating, innovation and small scale hydro power. Professional background: Group Chief Executive, Trondheim Energiverk, 2002–2003; Technology Director, Statkraft, 1995–2002; Department Manager, Statkraft Engineering, 1994–1995; Department Manager, ABB, 1977–1994.

Speaker: Adrian Fox, Supply Chain Manager, The Crown Estate Offshore Wind Cost Reduction Pathways – Update Presentation will describe the work that The Crown Estate has commenced in September, the programme of industry engagement, shape of responses to date and a look ahead to the end of the year. Adrian Fox is the Supply Chain Manager for the marine estate group within The Crown Estate. He has the responsibility for engaging with, facilitating and enabling the supply chains required to deliver technology and projects within the marine estate. In the energy sector this encompasses wave, tidal, CCST and wind with a particular emphasis on Round 3. A civil/structural engineer Adrian has over 15 years international experience in the energy sector involving offshore oil and gas, conventional thermal generation as well as marine renewables. He has been involved in all parts of the value chain of capital projects, from inception, feasibility and delivery.

Speaker: Carol Gould, Head of Power and Renewables, European Structured Finance Office, The Bank of Tokyo-Mitsubishi UFJ, Ltd Financing Offshore Wind Projects Presentation will consider the ways in which offshore wind farms may be financed, together with the key features of such financings, concentrating on limited recourse project finance. Carol Gould joined BTMU in August 2000. Carol has over twenty years experience of project and export finance, with much of the last fourteen years being dedicated to financing both renewable and thermal power projects. Carol is currently leading the BTMU team advising on the financing of a UK offshore wind farm. During her time with BTMU, Carol has also been very active in the European and Middle Eastern thermal power markets. Prior to working at BTMU Carol worked in the project and export finance teams at NatWest and Standard Chartered Bank.

Speaker: Paul Batelle, Director, Infrastructure and Renewable Energy, Deutsche Bank Presentation summary coming soon. Paul is energy sector focused banker within the infrastructure and renewable energy team at Deutsche Bank. He has more than 20 years experience in the energy sector including experience commissioning and operating power facilities and more recently experience advising upon and financing power projects around the world. Paul graduated with a BEng from University College Dublin and subsequently completed an MBA at the Rotterdam School of Management.

Speaker: Oliver Griffiths, Head, Green Investment Bank team, Department of Business, Innovation and Skills Update on the Green Investment Bank Presentation will provide an update on Government's progress in developing the Green Investment Bank and the forward work programme. Oliver Griffiths practiced as a solicitor at Freshfields Bruckhaus Deringer before joining the Department of Trade and Industry in 2002. During his time in the civil service Oliver has specialised in micro-economic policy, including spending three years at the British Embassy in Washington DC. Prior to working on the establishment of the Green Investment Bank, Oliver was an executive director in the Government's Shareholder Executive where he managed the Government's 100% shareholding in Post Office Ltd.