VSOLAR GROUP BERHAD
KLSE (MYR): VSOLAR (0066)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sandrakkc
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'Sustainable Energy Projects Need Innovative Financing Models’
Malaysia should structure more innovative financing models if the country is serious about moving the sustainable energy agenda forward. While there is a huge potential to drive renewable energy (RE) in the country, analysts and industry players alike believe nations must look beyond the existing financing models.
Projects, such as biomass, that incur high initial capital expenditure face difficulty in raising sufficient project capital for loan approval, an energy forum in Kuala Lumpur was told. The government should explore setting up a green energy funding special-purpose vehicle (SPV) similar to that of the Forest Plantation Development Sdn Bhd set up by the Malaysian Timber Industry Board.
“With it, companies can enjoy a soft interest rate and long grace period for loan repayment,” said Malaysian Biomass Industries Confederation president Datuk Leong Kin Mun. Forest Plantation Development, which manages the disbursement of soft loans to local companies, carries out the auditing process of the plantations and provides technical support and training for the programme.
Leong was one of the speakers at the Roundtable on Financing Models for Renewable Energy Projects on the second day of the 3rd International Sustainable Energy Summit (ISES 2016) held in Putrajaya on Wednesday.
Giving some insight into costing, the forum was told that Malaysian Debt Ventures Bhd (MDV) could provide financing up to RM40 million for a 5MW project costing RM50 million, based on an 80% provision assumption. If the project proponent raises RM5 million, the remaining RM5 million could be raised through private funding.
A 10MW biomass project is estimated to cost RM100 million. However, the Green Technology Financing Scheme only offers soft loans of up to RM50 million. On financing options, Leong suggested that project proponents should also consider tapping the capital market with an initial public offering (IPO) via an infrastructure project company. “To date, this has been a fairly unexplored option for the sustainable energy industry,” he said.
MBIC is a non-profit national industry association, representing Malaysian biomass companies and small and medium enterprises (SMEs) in the biomass industry. Companies can also explore tapping into foreign green private equity funds interested in funding green energy projects in Asia or creating synergy with public listed companies’ fund raising.
VSolar Group Bhd and PUC Founder (MSC) Bhd were cited as two corporations keen to venture into solar. Leong also said multiple customised fund-raising models need to be created to structure financing solutions for green energy projects, on a case-by-case basis.
“Multiple fund-raising models mean we can structure the financing deals based on various financing solutions including angel investors, private funds, bank loans, Greentech Investment Tax Allowance and foreign green project investors (ie equity partners), amongst others,” he said.
Bloomberg New Energy Finance analyst Maggie Kuang cited yield co and green bonds as examples of financing innovations for large renewable assets. Yield co is a dividend growth-oriented public company, created by a parent company to own operating assets that produce a predictable cash flow, primarily through long-term contracts.
Green bonds are like any other infrastructure bonds but may include clean energy, energy efficiency or carbon reduction activities. An example of a yield co is TerraForm Power Inc, set up by the world’s largest RE development company — SunEdison Inc.
Aside from Kuang and Leong, the other roundtable panellists included Malayan Banking Bhd SME banking head of business development Jayabalan Kathiravalu, Antah Renewables CEO Alexis Issharoff, MDV corporate planning division VP Amiruddin Kemat, Asian Development Bank sustainable development and climate change department technical advisor Dr Zhai Yong Ping and US National Renewable Energy Laboratory senior financial analyst David Feldman. It was moderated by Greentech Malaysia CEO Ir Ahmad Hadri Haris.
The biennial summit, organised by Sustainable Energy Development Authority (SEDA) Malaysia, is a platform for information exchange on sustainable energy and network opportunities aligned with Malaysia’s aim of achieving national energy autonomy.
The theme this year was “Democratising Electricity Supply”. Speakers and participants discussed policies and mechanisms to facilitate the democratising of electricity supply and the strategic resources needed to support future energy goals.
Link: The Malaysian Reserve