benefits of distributed solar generation in ny …

BENEFITS OF DISTRIBUTED SOLAR GENERATION IN NY

BREAKFAST BRIEFINGAPRIL 2013APRIL 2013

Dynamic Energy is a fully‐integrated energy developer that finances, designs, constructs and operates successful projects that save money and environmental resources for commercial industrial governmentaland environmental resources for commercial, industrial, governmental

and institutional clients

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NY Electric Capacity by Fuel Type 2012p y y yp

Oil & GasOil & Gas account for > 60%

37% of nuclear may come offline by 2016

• Gas generation on the margin

Source: NYISO Website

yat Indian Point.

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Natural Gas Supply & Projected Pricingpp y j g

Nat Gas ($/mmbtu)I d d d f i

8.509.5010.50

• Increased demand out of recession• Variable cost to extract shale gas

estimated at $4/mmbtu• Transmission costs can be

5.506.507.50 prohibitively expensive

• Planned LNG terminals• Jordan Cove• Port Dolphin Deepwater

3.504.50

2013 2018 2023 2028 2033

• Port Dolphin Deepwater• Sparrows Point

• 4.2% CAGR

Source: EIA Energy Outlook 2013

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Historical & Projected CommercialUtilit El t i R tUtility Electric Rates

12.0

Electric Supply Rate (¢/kWh)All‐In NY Electric Rate (¢/kWh)

8.0

10.0

13 0

15.0

17.0

4.0

6.0Upstate

Downstate

9 0

11.0

13.0

2013 2018 2023 2028 2033

• 4.2% and 4.4% CAGRs for upstate

Source: EIA Energy Outlook 2013

9.0

1991 1996 2001 2006 2011

• 1 9% CAGR

Source: EIA – Electric Power Monthly Data – February 25, 2013

pand downstate, respectively

• 1.9% CAGR

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NY‐SUN Program Overviewg

• Three Program Opportunity Notices (PONs)• 2156 & 2484 – downstate • 2589 – opened up entire state• Commercial solar PV projects > 50kW• Competitive solicitations – awards typically cover 30% ‐ 40% of

install costinstall cost

• NYSERDA awarding up to $107 million in 2012 and 2013 and plans to continue in 2014 and 2015

• Dynamic awarded funding for over 4MWs downstate and upstate• Bloomingdale’s• Skidmore CollegeSkidmore College

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Why Solar Now in NY?y

• Five buckets of incentives• Federal Investment Tax Credit• Federal accelerated/bonus depreciation • NYSERDA grant• Avoided cost• Property tax abatement – NYC only• Property tax abatement – NYC only

• Systems provide very good risk‐adjusted returns• End‐use customer

• Direct purchase• Power purchase agreement (PPA)

• Tax equity / PPA investor

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THANK YOU!

We understand the needs of property owners, facility managers and investors –

we are excited to work with you!we are excited to work with you!

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New York State Energy Research and Development Authority

NY-Sun Competitive PV Program“Benefits of CHP and Solar DG In New York”

April 3, 2013Davetta Thacher, Project Manager

“Advance innovative energy solutions in ways that improve New York’s economy and environment”

SOLAR POWERING NEW YORKThe NY-Sun Initiative a dynamic public-

RESOURCES2013 State of the State AddressThe NY Sun Initiative, a dynamic public

private partnership will drive growth in the solar industry and make solar technology more affordable for all New Yorkers. As

f b l d S id bl

NY-Sun Competitive PV ProgramNY-Sun Initiative Fact Sheet2012 State of the State AddressNYSERDA Renewable Energy Programspart of a balanced Statewide renewable

energy policy, NY-Sun will install twice the customer-sited solar photovoltaic (PV) capacity added during 2011 and quadruple

NYSERDA Renewable Energy ProgramsNYPA Solar MAPLIPA SolarNew York Solar Studycapacity added during 2011 and quadruple

that in 2013. U.S. Department of Energy SunShotInitiativeU.S. Photovoltaic Manufacturing Consortium

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ConsortiumDSIRE Solar: Database of State Incentives for Renewables & EfficiencySustainable CUNY

NY-Sun.ny.gov

Potential PV Capacity Additions

As Ordered funding distributionAnticipated

it dditiZones A – F~150 MW

capacity additions from 2012 - 2015

funding g~255 MW

Zones G & H~60 MW

Zones I & J~170 MW

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NY-SUN Initiative

• Governor Cuomo announces additional $150 million per year over the next 10 years for solar PV

• Aggressive but achievable goals

• Long-term commitment to PV

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Processes for Awarding Funds

Program Opportunity Notice (PON)

Open Enrollment (non-competitive) Applications• For Smaller Systems installed by a company on the Eligible List• Standard offer incentives• First-come/first-served rolling admission

Competitive Solicitation Proposals• For Larger Systems submitted by a team (installer/site)

• Pass/Fail Qualifications Review by Technical Evaluation Panel, then Reverse-auction sealed bid (selection of lowest incentive bid prices)

• Specific due datesSpecific due dates

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DMT1

NYSERDA.ny.gov

2589

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PON 2589 Program Overview

• New grid connected Solar Photovoltaic (PV) systemsg ( ) y• Medium to large PV systems (>50 kW)• Sized appropriately for on-site use• NYISO Zones A-J (not Long Island)• Pay the RPS Surcharge• Three Due Dates:

• Award selections made in Round 1

• Round 2 proposals undergoing review

• Next due date August 29, 2013Next due date August 29, 2013

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Performance-based Incentives

• Paid-as-bid ($/kWh) for 3-yr term • $107 M through 2013• $70 M more in 2014• $70 M more in 2015• Bonus payments (not to exceed $3 million cap)

for systems installed within identified Strategic LocationsU t $3 illi P j t d• Up to $3 million per Project per round

• Up to $6 million per Applicant per round

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Primary Contact ATTACHMENT “A” Applicant

Qualification PackageFor CONTRACT

Secondary Contact

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Project Site Package

ATTACHMENT “I”

l ll

Roof Assessment

Utility BillsSigned SEQRA

Remote NetRemote Net Metering

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Be a Good Partner

Rapid Progress: Maximum 8 months from “Award Rapid Progress: Maximum 8 months from “Award p gp gNotification” to “Fully Operational”Notification” to “Fully Operational”

Communicate with us on a regular basis• Notify us as soon as a problem arisesy p• We may be able to help find a solution• Monthly updatesy p• FAQ’s on Website

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Davetta [email protected]@ y g

212.971.5342 x 3603

www.nyserda.ny.gov

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COMBINED HEAT & POWER (CHP) PRESENTATIONCOMBINED HEAT & POWER (CHP) PRESENTATION

DISTRIBUTED GENERATION IN NEW YORK

APRIL 3, 2013

Dynamic Energy is a fully integrated energy developer that finances, designs, constructs and operates successful projects that save money andoperates successful projects that save money and environmental resources for commercial, industrial,

governmental and institutional clients

What is CHP?What is CHP?

C bi d H t & P (CHP) “C ti ” i th i lt it tiCombined Heat & Power (CHP) or “Cogeneration” is the simultaneous on‐site generation of both electricity and heat from a single fuel source, typically natural gas or biogas.

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CHP System EfficiencyCHP System Efficiency

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CHP EquipmentCHP Equipment

Microturbine Engines (30 KW to 1 MW units)

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CHP EquipmentCHP Equipment

Reciprocating Engines (75 KW to 2 MW)

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Target CustomersTarget Customers

Markets and Industries:• Food Processing • Pharma • Recreational Facilities• Multi‐Family• Healthcare

• Industrial• Manufacturing

• Hotels• Universities / Education

Operating criteria for CHP savings:N t l t th 50 000 O ti l ti f 5 000• Natural gas usage greater than 50,000

therms annually• Natural gas or biogas is available• Significant thermal and/or chilling loads

• Operational run times of 5,000 hours/year or more • Central plant in facility• Electricity Rate > $0 09/kwh

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• Significant thermal and/or chilling loads • Electricity Rate > $0.09/kwh

Why CHP Now?Why CHP Now?

• Natural Gas Pricing– Spark Spread– Coal RetirementsCoal Retirements– Shale Gas Supplies

• Industry Size / Market Potential– 37,000 MW future potential in the Mid‐Atlantic & Northeast (Source: DOE)– 8,500 MW of potential projected for New York (23% of Market)– Largest growth projected in commercial sector (100 KW to 2 MW)

• State Rebate Programs (NYSERDA PON – 2568)– $20 M in available funding (capped at $1.5M per project)– 50 KW to 1.3 MW Size Requirement– Backup Generation Required (NFPA 110 vs 70)

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Natural Gas SupplyNatural Gas Supply

N t l i th U S ti t d t th 100 l‐ Natural gas reserves in the U.S. estimated at more than 100 years supply

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EconomicsEconomics

Project Cost Drivers• Design / Engineering• Equipment requirements (ie. backup generation, absorption chillers)

• Complexity of Thermal Loads (ie. steam or chiller adders)

Project Cash Flows• Rebates / Production Incentives (State, Utility)

• 10% Federal ITC• 10% Federal ITC• Bonus Depreciation (MACRS)• Substantial Electric and Thermal Energy Savings

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Project FinancingProject Financing

Financing StructuresFinancing Structures• Customer Direct Purchase

• 3 to 6 year simple payback w/ ROIs greater than 18%

• Equipment LeaseEquipment Lease• 5 to 10 year terms• Capital Lease or Operating Lease Structure

• Shared Savings Agreement (SSA)• No Capital Investment by Customer• 10 ‐ 15 year terms• 15‐20% Savings on Electric Utility Costs• Extended Life of Existing Infrastructure

Financing Sources• Customer Balance Sheets• Senior Lenders (leasing companies, banks)

• Dynamic Energy / Energy Project InvestorsDynamic Energy / Energy Project Investors• Utilities (On bill, production incentives)

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Project DetailsProject Details

• Project Timeline• Critical Construction Path

/– Feasibility Study / Engineering– Gas & Electrical Interconnections– Air Permitting– Building & ZoningBuilding & Zoning– Prime Mover Assembly & Delivery– Construction– Metering– Measurement & Verification (Mechanical & Air Quality)– Commissioning (Mfg & Internal)– Start Up

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Questions?Questions?

Contact InformationContact InformationMichael R. Cromer, P.G.

Sr. Vice PresidentDynamic Energy@d [email protected]‐323‐1180

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NYSERDA’s CHP Programs:Moving the Market Forward

April 3, 2013

New York, NY

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NYSERDA’s Multiple Objectives

Technology Development

Scientific Research &

Development & Demonstration

Business & Market Development

Market Analysis

Market Adoption &

EnergyInnovation

Chain Market Adoption &Expansion

Chain

Standard Practice

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Technology

CHP Acceleration Program$5 x 5 yrs = $25 Million

Dana Levy & Edward Kear

CHP Performance Program$10 x 5 yrs = $50 Million

Brian Platt & Mark Gundrum

DemonstrationBusiness & Market

Development

Market Adoption &

EnergyInnovation


Chain

TOTAL: $15 x 5 yrs = $75 Million3 of 23

CHP “Markets” have Different NeedsCHP Acceleration: • Technology Demonstration• Business Development

CHP Performance:• Market Development• Market Adoption

Small-to-Medium Medium-to-Large• Market Development • Market Expansion

(50 – 1,300 kW):• Aegis

(greater than 1.3 MW):• Caterpillar

• Capstone• Intelligen

• GE Jenbacher• Solar Turbinesg

• Tecogen• Others

• OthersOthers

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CHP Advancement

Objectives

• Accelerate progress of CHP• Simplify installation of modular systems• Push markets to higher levels of efficiency

and environmental performance• Increase resiliency of NYS infrastructure y

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Technology

CHP Acceleration Program$5 x 5 yrs = $25 Million

Dana Levy & Edward Kear

DemonstrationBusiness & Market

Development

EnergyInnovation

ChainChain

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Strategy: CHP Acceleration

Acceleration via “Pre qualification” of CHP SystemsPON 2568 – now open!Acceleration via Pre-qualification of CHP Systems• Focus on “modular kits” of CHP size 1.3 MW or smaller,

which are now more-widely available• Improve comfort of building inspectors & utility personnel via

replicable equipment• Improve the matchmaking and deal making structure of• Improve the matchmaking and deal-making structure of

developer/hostsite interactions• Leverage efforts of USDOE regarding common goal for

“component matching” into pre-engineered packages• Support re-commissioning and technology transfer activities

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CHP Acceleration “Catalog” Program

C l f “ lifi d”

Program Mechanism:• Create a catalog of “pre-qualified” systems

(systems in the catalog have been evaluated for reasonable component sizingevaluated for reasonable component sizing and are comprised of reputable components) – RFI 2568

• Assign specific “rebate” to each system

I it t t h f t l• Invite customers to shop from catalog

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CHP Acceleration “Catalog” ProgramAll of these systems are capable of running during a grid g g goutage.

To receive an incentive the systemincentive, the system must be installed and commissioned showing it runs d i id tduring a grid outage, and systems must be sited “high and dry” at buildings located in gflood prone areas.

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CHP Acceleration “Catalog” ProgramIncentives(Maximum $1.5 Million):

• Incentive for Upstate

20 30% Higher• 20 ~ 30% Higher Incentive for Downstate

10% B f• 10% Bonus for Facility of Refuge

10% B f• 10% Bonus for ConEdison Targeted Zone

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CHP Acceleration “Catalog” ProgramPlus:

• 30% Design

Fi i l• Financial Plan

• Schedule (max 12 months to operation)operation)

• List of Necessary Permits

• Electrical I tInter-connection CESIR Cost Estimate

• Utility Gas AvailabilityAvailability

• Feasibility Study

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System “re-commissioning” in sophomore year

Win-Win-Win-Win-Win Outcomes:• Customer: competition between systems• Developer: transparency of Programe e ope t a spa e cy o og a• Vendor: marketing edge

A th h i J i f ili it & f t• Auth-having-Juris: familiarity & comfort• NYSERDA: acceleration of uptake

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NYSERDA’s Multiple ObjectivesCHP Performance Program

$10 x 5 yrs = $50 MillionBrian Platt & Mark Gundrum

Market Development

Market Adoption &

EnergyInnovation


Chain

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Strategy: CHP PerformanceSummer Peak Demand Reduction via CHP

Installations greater than 1.3 MWAnticipated CHP Performance Program• Promote CHP installs by using energy, demand, efficiency,

d i t l f b d tand environmental performance-based payments• Focus on clean, efficient, cost effective natural gas-fired

systems• Further resiliency by requiring:

– Operation during grid outages

– Flood resistant

• Rigorous 2-year measurement and verification period

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Schedule: CHP Performance

The CHP Performance ProgramThe CHP Performance Program (PON 2701) is in development and it is anticipated the offering will beis anticipated the offering will be available in early 2nd quarter 2013.

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CHP Performance Program

Program Design

• Larger than 1.3 MW• Engineering study demonstrating system

meets site needs and program requirements• Performance based

– Base Incentives for KWh & peak KW• Performance criteria

F l C i Effi i– Fuel Conversion Efficiency– Exhaust emissions

• 2 Yr M&V Requirement• 2-Yr M&V Requirement

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Bonus Incentives for projects that:

• Offer greater potential value to the distribution systemdistribution system

• Operate at higher overall efficiency levelsAre located at critical infrastructure• Are located at critical infrastructure, including facilities of refuge

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Upcoming Opportunity to a Current Opportunity

• To keep current with the status of this

Current Opportunity

• To keep current with the status of this Program Opportunity Notice (PON) sign

th h th NYSERDA W b it fup through the NYSERDA Website for updates:

• www.nyserda.ny.gov/Funding-Opportunities.aspx

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Save The Date!

NYSDPS CHP Technical Workshop

Monday May 13, 2013, in New York City• Dialog with NYSDPS:g

– Standard Interconnection Requirements– Utility Standby Rates

• NYSERDA CHP Funding Opportunities• NYSDEC Air Emission Regulations• NYC Cogen Collaborative• Utility and Developer Perspectives

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Please Contact Us

www.nyserda.ny.gov

NYSERDA17 Columbia CircleAlb NY 12203Albany, NY 12203

(518) 862-1090

Edward Kear P.E.EBK@nyserda ny [email protected]

x 3269

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CCONTRACTUALONTRACTUAL ANDAND RREGULATORYEGULATORYCCONSIDERATIONSONSIDERATIONS

FORFORFORFORPPA FPPA FINANCINGINANCING OFOF DDISTRIBUTEDISTRIBUTED

GGENERATIONENERATIONGGENERATIONENERATION

Breakfast BriefingBreakfast BriefingBreakfast BriefingBreakfast Briefing

Nicholas A. GiannascaNicholas A. GiannascaC l E G iC l E G iCarlos E. GutierrezCarlos E. Gutierrez

April 3, 2013April 3, 2013

2

Fundamental Issues for PPA StructureFundamental Issues for PPA Structure

I. Type of Distributed Generation ProjectI. Type of Distributed Generation ProjectII. Structure of OwnershipIII The Seller’s ObligationsIII. The Seller s ObligationsIV. The Buyer’s ObligationsV Key Contractual ConsiderationsV. Key Contractual ConsiderationsVI. Key Regulatory ConsiderationsVII Key Financing ConsiderationsVII. Key Financing ConsiderationsVIII. Questions

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I. Type of Distributed Generation ProjectI. Type of Distributed Generation Project

A TechnologyA. Technology1. load profile2 location2. location

B. Siting11. access2. structural integrity

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I. Type of Distributed Generation ProjectI. Type of Distributed Generation Project

C SizeC. Size1. size to electric load, or thermal2 interconnection2. interconnection3. regulatory incentives

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II. Structure of OwnershipII. Structure of Ownership

A The developer will typically constructA. The developer will typically construct, own, operate and maintain the distributed generation unitgeneration unit

B. The host will provide access to its premises to allow the developer to constructto allow the developer to construct, operate and maintain the distributed generation unitgeneration unit

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II. Structure of OwnershipII. Structure of Ownership

C Other partiesC. Other parties1. seller’s lender2 buyer’s mortgagee2. buyer s mortgagee

D. Buyer’s options to purchase1 i ti f PPA1. expiration of PPA2. during term of PPA

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III. The Seller’s ObligationsIII. The Seller s Obligations

A Obligation to sell electricity and thermalA. Obligation to sell electricity and thermal energy (solar PV, solar thermal, and CHP)1 net energy produced by the facility1. net energy produced by the facility2. amount needed by buyer

B Electric capacity not often soldB. Electric capacity not often soldC. Environmental attributes, including

bl ifi (“REC ”)renewable energy certificates (“RECs”)

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IV. The Buyer’s ObligationsIV. The Buyer s Obligations

A The fundamental obligation of the buyer isA. The fundamental obligation of the buyer is to purchase the energy output (electricity and/or thermal)and/or thermal)1. all energy output (“take or pay”)2 only energy amount needed by the buyer2. only energy amount needed by the buyer3. negotiated purchase obligation

B Minimum payment obligationB. Minimum payment obligation

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V. Key Contractual ConsiderationsV. Key Contractual Considerations

A. Power ProductionA. Power Production1. minimum performance guarantee2. securityy

B. Pricing 1. fixed with escalation2. discount from utility rate3. fixed minimum payments4. variations

a. notional accounts

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C TermC. Term1. what is typical?

a financing considerationsa. financing considerationsb. tax ownership

2. extensions2. extensions3. renewal

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D. ConstructionD. Construction1. start of construction2. consequences for failing to meet milestoneq g

a. material failure to meet milestone

E. Commercial Operation1. what steps determine whether the plant has

achieved commercial operation?f f l l2. consequences for failing to meet milestone

a. material failure to meet milestone

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F Performance AssurancesF. Performance Assurances1. credit enhancement2 demand for assurances2. demand for assurances3. security4 consequence of breaching4. consequence of breaching

G. Breach/Termination1 h i b h?1. what constitutes breach?2. seller’s failure to deliver energy3. buyer’s failure to accept energy

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4. remedies upon Seller’s breach4. remedies upon Seller s breacha. right to cure usually precedes exercise of

remediesb. lender step‐inc. right to terminate PPAd. damages

i. how are these measured?ii. scheduled in the PPAii. scheduled in the PPAiii. security to support recovery of damages

e. removal of distributed generation facility

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5. remedies upon Buyer’s breach5. remedies upon Buyer s breacha. right to cure usually precedes exercise of

remediesb. right to terminate PPAc. right to continue to generate to sell excess energy

(mitigation)(mitigation)d. damages

i. how are these measured?ii. scheduled in the PPAiii. security to support recovery of damagesi f f i l Biv. transfer of title to Buyer

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H Operation and MaintenanceH. Operation and Maintenance1. who has the obligation?2 compensation for services2. compensation for services3. coordination with buyer

I Access to the distributed generationI. Access to the distributed generation facility

J T B fiJ. Tax Benefits1. will in most cases inure to the seller owner

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K Environmental Benefits/RECsK. Environmental Benefits/RECs1. who will typically have title to these rights2 negotiation of a sharing mechanism2. negotiation of a sharing mechanism

L. Options To Buy1 i ti1. expiration

a. installment contractb FMVb. FMVc. title

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L Options To BuyL. Options To Buy2. during term

a how is value determined?a. how is value determined?b. title

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M Interconnection/System AccessM. Interconnection/System Access1. utility procedures

a electrica. electrici. Stream‐lined for small facilities

(usually <2 MW)

b. gasc. steam

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M Interconnection/System AccessM. Interconnection/System Access2. key condition to commercial operation3 risk of interruption3. risk of interruption

a. Can distributed generation continue to serve host load in a system blackout?yi. solarii. CHP

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N Force MajeureN. Force Majeure1. how is it defined?2 force majeure affecting seller2. force majeure affecting seller

a. interruption of grid connectionb. widespread outageb. widespread outage

3. force majeure affecting buyera. widespread outagep g

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VI. Key Regulatory ConsiderationsVI. Key Regulatory Considerations

A Regulatory Considerations (Seller)A. Regulatory Considerations (Seller)1. change in law2 net metering2. net metering3. regulation by state as a public utility4 regulation by FERC as a public utility4. regulation by FERC as a public utility –

wholesale sales

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VI. Key Regulatory ConsiderationsVI. Key Regulatory Considerations

B Regulatory Considerations (Buyer)B. Regulatory Considerations (Buyer)1. standby service2 net metering2. net metering3. change in law

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VII.Financing ConsiderationsVII.Financing Considerations

A Lender rightsA. Lender rights1. right to cure2 right to step in and operate2. right to step‐in and operate

B. Consent to assignmentC M iC. Mortgagee waiver

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CLOSING THOUGHTCLOSING THOUGHT

The PPA can be an attractive financing option for e ca be a att act e a c g opt o odeveloping renewable distributed generation, but care should be taken to address important

l d l k d hcontractual and regulatory risks and issues with well‐drafted and balanced provisions.

Questions

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Speaker BiographiesSpeaker Biographiesi h l Gi h h 2 iNicholas A. Giannasca has more than 24 years experience

representing a broad array of clients participating in the electric utility industry, including utilities, renewable energy developers, power marketers, energy service companies, investment banks, private equity firms hedge funds and commercial/industrialprivate equity firms, hedge funds, and commercial/industrial customers. He counsels clients in connection with NERC electric reliability standards; solar, CHP, wind and geothermal electric generation development; midstream natural gas infrastructure construction and regulation; asset acquisitions and divestitures; electric regulatory compliance under the FPA, PURPA, PUHCA, NGA and state statutes; independent power development; wholesale power transactions and exchanges; energy‐related derivatives; economic development tariffs and contracts; electric generation interconnection; O&M/EPC agreements; standby

Nicholas A. Giannasca, Partner and Co Chair generation interconnection; O&M/EPC agreements; standby

electric service, net metering and distributed generation; administrative and civil proceedings related to industry restructuring, utility tariffs and contracts, QFs, economic development and generation interconnection; retail access

Partner and Co‐Chair Energy & Natural Resources Energy Industry Group, Blank p g

markets for electric and gas; renewable energy certificates and portfolio standards; retail electric and natural gas procurement; and energy efficiency and demand response.

Rome LLP

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Speaker BiographiesSpeaker BiographiesCarlos E. Gutierrez has more than seven years of experience counseling energy industry participants in federal and state energy regulatory matters, primarily before the Federal Energy Regulatory Commission and state public utility commissions HisRegulatory Commission and state public utility commissions. His practice focuses primarily on electric and gas industry matters such as the Federal Power Act and Natural Gas Act regulation and compliance; energy‐related financial transactions; interconnection

/agreements; power purchase agreements; ISO/RTO energy markets and governance; tariff drafting and ratemaking; and NERC electric reliability standards. Prior to joining Blank Rome, Mr. Gutierrez worked for five years as an energy attorney at the New

Carlos E. Gutierrez, Associate Energy & Gutierrez worked for five years as an energy attorney at the New

York Power Authority, the largest state‐owned electric utility in the United States. While in law school, Mr. Gutierrez was a general editor of the Cornell Journal of Law and Public Policy.

Associate, Energy & Natural Resources Energy Industry Group, Blank Rome LLP

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benefits of distributed solar generation in ny …

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