Vector Renewables welcomes Fabrizio Moscone as the new Chairman of the company

Fabrizio Moscone joins Falck Renewables Group, as Executive Chairman of Vector Renewables, leading the Asset Management and Technical Advisory businesses globally

Fabrizio Moscone has worked in Italy, Denmark and in the United States for Accenture, Olivetti, Enel, RSA and Sella. During his experience in the IT Consulting, Energy and Financial Services industries, he worked internationally covering the role of CFO, among others, in Olivetti Denmark, Enel Latin America, Enel North America and RSA where from 2009 to 2015 he then held the role of CEO Italy. From 2016 he had a five-year experience in Sella Banking Group where he built and brought to the market Centrico, the first Italian provider of open core banking system technologies and services.

Thanks to the passion, knowledge, experience and dedication of more than 200 professionals operating from 10 international offices, Vector Renewables will continue to respond and anticipate the exciting evolution of the Renewable Energy industry by offering leading edge professional services in Asset Management and Technical Advisory.

As to date, Vector Renewables has provided services to Clients based in more than 40 countries. Vector has a portfolio under management in excess of 3 GW of Solar, Wind and Hydro assets, provided to more than 65 GW highly specialized technical advisory services, and supported the M&A for more than 5 GW providing Legal and Financial Advisory.

As one of the steps to reach its ambitious strategic plan for the following years, Falck Renewables Group is betting on Spain as one of the most attractive Renewable Energy sectors in Europe. Falck has created a new business unit that will be led by Javier Asensio as Managing Director Spain.

Javier has been serving in the group as CEO of Vector Renewables from July 2017 to January 2021 having achieved a great transformation and growth for the company. Javier’s new team will pursue the strategic growth of the Falck Group via acquisition of companies and assets, aiming at activities across all the business lines of the Group

Vector Renewables reaches 3 GW under management

Vector Renewables ends 2020 by exceeding 3GW of installed capacity and managing renewable projects in 12 different countries. This excellent milestone comes on top of the large portfolio that the Firm carried out through its other three business lines -Technical Advisory, Financial Advisory and Legal advisory- and that positions itself as a global reference in the renewable energy industry.

In the last quarter of the year Vector Renewables has closed several agreements enabling the company to overcome the barrier of 3.000 MW of assets under management, with a total of 1.7 GW of photovoltaic solar power, 1.2 GW of wind power and 29 MW of hydro power. Projects based in Australia, El Salvador, France, Italy, Japan, Mexico, Norway, Portugal, Spain, Sweden, the United Kingdom, and the United States.

During its 15 years of existence and after providing services to the most important players in the sector, Vector Renewables has accumulated experience of 4.2 GW and more than 540 projects managed worldwide.

With more than 220 highly qualified professionals in 10 offices worldwide, Vector Renewables has been able to adapt to a great variety of clients, which include the top investment funds, financial and industrial institutions, international sponsors, and developers in the renewable energy industry.

In the last years, Vector Renewables has bet on the incorporation of new digital tools through NUO; a platform developed by its Asset Management team and created with the objective of obtaining the maximum benefit for its clients.

Vector Renewables, lead advisor in the sale of Kolya Renovables Group’s portfolio to MithraSol

Vector Renewables has provided financial and legal advisory services in the sale of a 7.5MWp portfolio owned by Greenpower Generation (Grupo Kolya Renovables) and acquired by the London company MithraSol.

The portfolio adds up 6 solar PV projects, with a total installed capacity of 7.5MWp and located in Castilla la Mancha (Spain). All the projects are currently under development and two of them are expected to start construction by the end of 2020. The other two will be completed in Q2 2021.

Through its M&A line, Vector Renewables has led this transaction assisting the client in the structuring of the operation, coordinating and supervising the Due Diligence process, providing support in the negotiation of the binding offer and assisting from a commercial-financial point of view during the contracts negotiation. Likewise, through its Legal department, Vector Renewables has provided legal advice in the preparation, among other documents, of the exclusivity letter and leading the review and negotiation of the transaction contracts until their formalization, in particular the sale and purchase contracts.

Kolya Renovables is a company specialized in the development of photovoltaic solar energy projects and based in Madrid and Mexico. Currently, the firm develops a 2,200 MWp portfolio in Spain, Mexico, Australia and the USA.

Vector Renewables has participated as a financial advisor in renewable energy transactions totalling more than 4.6 GW, not only in Spain but also abroad. The firm has been a leading advisor in renewable energy transactions (both on the sale and buy sides).  At the same time, Vector Renewables has participated in the financing and refinancing of renewable energy projects worldwide, taking as a competitive advantage its deep knowledge of the entire value chain, as well as his relationship of trust with the most important stakeholders in the sector and his experience in the subsequent management of renewable energy assets.

The company currently manages renewable energy facilities totalling more than 2.9 GW around the world, making it one of the largest third-party portfolios managed by a single company in the renewable energy industry.

For more information   

VECTOR RENEWABLES communication@vectorenewables.com 

KOLYA RENEWABLES  info@kolyarenovables.com

MITHRASOL info.Mithrasol@merlqart.com 

Vector Renewables, appointed local manager of a 53.3 MWp “grid parity” solar plant in Sardinia – Italy

Vector Renewables, the global renewables Asset Manager and Technical Advisory company, has recently closed an agreement with the German investment company KGAL for the local management of their newly built solar PV project located in the Italian region of Sardinia and connected to the grid in August this year.

Vector Renewables will be providing a full scope service including technical management and performance improvement, H&SE, contractual compliance, accounting, book-keeping and fiscal advice.

This milestone is further expanding the existing collaboration started with KGAL in Italy in 2011, with Vector Renewables currently providing support on the operations of KGAL’s 142 MW Italian solar portfolio.

Vector Cuatro reaches a track record of more than 65 GW in technical services in over 40 countries, besides its current portfolio of 2.9 GW under management and 4.6 GW in M&A and Financial Advisory. To date, the company has been involved in more than 2000 projects, which has allowed Vector Cuatro to position itself as one of the most relevant companies in the renewable energy industry worldwide.

Vector Cuatro is now Vector Renewables

Vector Renewables is the name that will replace Vector Cuatro after 15 years in operation, and with which the company will strive forward to meet its objectives over the coming years.

Following the steps of its parent company, Falck Renewables, and all the companies of the group, Vector Renewables welcomes this new identity as a step towards modernization without losing sight of its most valuable asset: its clients.

The name change is united with a new graphic identity, whereby they are looking to reinforce values such as innovation, professional development, and well-being, three of the main pillars that govern the day-to-day running of the companies of Falck Renewables.

They have preserved the word “Vector” in their new venture, maintaining the identity which has served the company well during its accomplishment in taking the lead as a reference advisor in the green energy sector.

Thanks to the work of more than 200 professionals in 10 international offices, Vector Renewables will continue to adapt to the constant change in the sector in which it operates, offering services based on the trends and needs demanded by the renewable market.

As to date, Vector Renewables has provided services in more than 40 countries, holding more than 2.9GW under management, over 60 GW of technical advisory services completed, and approximately 4.6GW in M&A and Financial Advisory.

Extraordinary complex situation, challenges us to be more supportive with our clients and look toward the future

COVID-19 has rapidly spread, affecting almost all countries worldwide. Latest economic consensus have shown a general and significant GDP drop, especially relevant in those markets highly dependent on external demand and/or labor-intensive sectors, like the Spanish market. As a result of the health crisis, Government has declared the alarm status, which has a wide variety of implications, many of them impacting the power sector:

•  Economy lockdown has led to a relevant decrease in power demand. Combined with the commodities low-trend price observed during the weeks previous to COVID-19 crash, have resulted in historical wholesale electricity low prices.
•  Pool and future markets low-price scenario are putting a lot of pressure on off-takers, who are showing a downward trend in PPA prices.
•  Delay in the administrative procedures. This has an immediate impact on the development process and construction schedules for renewable energy projects affecting economic projections.
•  Financing of renewable energy projects is going through an uncertainty situation which may postpone financial close but also might force financial institutions to revisit their terms and conditions.
•  Renewable energy operating projects may face working capital stress situations driven by current retribution parameters as they were calculated considering a complete different pool price scenario compared to existing one.

All the above shows an extraordinary complex situation which challenges renewable energy stakeholders to move fast in order to enhance their business strategy. From Vector Cuatro, we have performed a deep dive on key drivers to provide our clients with a continuous support. Our closeness to the market through a strong network together with our wide in-house expertise, allows us to have 360 picture and enable us to become a reliable partner in the renewable energy industry.

Our M&A and Financial Advisory team is continuously monitoring market updates, factoring any input to adapt opportunity assessment. We are especially active in M&A transactions, on the sell-side helping our clients in maximizing asset value and on the buy-side advising on valuation and structuring to optimize return to shareholders.

Do not hesitate to get in touch with our team requiring any kind of support. Our M&A and Financial Advisory team would be more than happy to support you whatever your concern may be.

Wind keeps blowing, sun does not stop rising and at Vector Cuatro, we do not stop!

Firstly, we would like to remind all coronavirus victims and transmitting our best support to their relatives and all the society.

Thanks to smart working politics and work flexibility we implemented two years ago, we can now develop a seamless transition to face COVID-19 crisis and we keep doing our best from home, in order to help our clients with their renewables projects all around the world.

We have agreed protocols and procedures with our clients to allow plants visits and construction supervision. Particularly in Spain we resumed these sorts of services on April 13th with the mobility permission to “non essentials” works

Without forgetting our top priority nowadays, which is the health of our employees as well as the rest of the population, we limit as much as possible the actions that could lead to more contagious, even though we continue to work to keep renewable sector growing.

Our COVID-19 internal committees (both in Spain and countries where we have presence) are in touch with authorities and associations to adapt protocols to the changing circumstances of each geographical area.

We take the opportunity to send our applause to all the healthcare staff, police officers, military, carriers and shippers, etc. that take care of us to overcome this situation as soon as possible. BIG THANK YOU!

We #DoNotStop

Vector Cuatro, advisor of Galp in the largest Iberian solar power portfolio acquisition

Vector Cuatro has acted as advisor for the energy division of the Portuguese gas company, Galp Energía, in the acquisition of ACS’ solar PV assets. The portfolio includes operating PV plants with an installed generation capacity of 900 MW plus a further 2.9 GW under development.

During the acquisition process, Vector Cuatro has supported Galp as advisor through its three business lines (technical, legal and financial advisory), providing full technical advisory services on the due diligence process, legal advisory on the negotiation of the EPC and O&M contracts and commercial advisory related to the transaction both on operational and under development projects. For the provision of such services Vector Cuatro has fully leveraged on its internal resources.

Portfolio includes photovoltaic power plants under operation with an installed capacity of 900 MW. It also comprises projects under development with sum up a total installed generating capacity to 2.9 GW by 2023, enough to supply the average consumption of 1.8 million households. They will also contribute to avoid the emission of an equivalent 87 million tons of CO2. With this new acquisition, Galp becomes the largest solar energy company on the Iberian peninsula

With such new services, Vector Cuatro reaches a track record of more than 65 GW in technical services in over 40 countries, besides its current portfolio of 2.6 GW under management and 4.6 GW in M&A and Financial Advisory. To date, the company has been involved in more than 2000 projects, which has allowed Vector Cuatro to position itself as one of the most relevant companies in the renewable energy industry worldwide.

Introduction of a new generation side Wheeling Charge on the early certified solar projects is being discussed by METI

Purpose of the new charge

This measure has the purpose of sharing a portion of the grid cost between electricity end users and generators. Under the current system, the wheeking charge is generally born by retailers and then passed on to end customers.

Application and potential adjustment measures

The new generation side Wheeling Charge proposed by the Ministry of Economy, Trade and Industry (“METI”) on an interim report on 20^th August 2019 and currently under discussion, would be applied to all types of generation projects (except for residential solar projects <10kW).

The charge proposes no adjustment measures for the early certified solar projects (FIT of 40, 36, 32 and 29 JPY/kWh), while potential adjustment measures are being considered by METI for projects with FIT under 27 JPY/kWh.

Expected impact

Although the charge is not yet fully defined, current information suggests that this cost will be applied as a fixed rate on a kW basis, with estimations placing it at 150 JPY/kW per month (or 1,800 JPY/kW per year). Based on average solar panel efficiency, an estimated 1.3 JPY/kWh on solar power projects, according to the Japan Photovoltaic Energy Association (“JPEA”).

The measure is considered to have a significant impact. On the one hand, retrospectively in operating projects since projects that supply electricity under the FIT scheme (fixed PPA structure) do not have the ability to pass this cost on to their utility customers. On the other hand, in future investments since the introduction of this cost will as well reduce certainty and expected profitability of renewable energy projects.

Timeline

METI expects to fully define this new generation side Wheeling Charge during the next years, while the practical and effective law enforcement would take place around 2023, given the time required to coordinate with other reforms and to develop systems to charge the costs.

Windfor, a company of Vector Cuatro, LTA in the refinancing of three wind farms in Italy with first green loan

Windfor, wholly-owned subsidiary of Vector Cuatro, has acted as Lenders’ Technical Advisor in the refinancing of three wind farms in Italy with first green loan. The three projects, owned by Cubico Sustainable Investment, total more than 99 MW.

As Lender’s Technical Advisor, Windfor provided Technical Due Diligence services including permitting, grid connection and regulatory fulfilment assessment, land leases assessment, equator principles assessment, energy assessment, contracts assessment, engineering assessment, tariff assessment and OPEX assessment.
The green loan complies with the Green Loan Principles and has been supported by infrastructure firm AECOM.

The 99MW portfolio comprises three operational projects located in Campania, Apulia and Basilicata (Italy), ranging from 17.5MW to 54.4MW.

The total amount of the project finance was around EUR 173 million, in which Banco Bilbao Vizcaya Argentaria (BBVA), Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB), Siemens Financial Services and Société Générale acted as structuring mandated lead arrangers. Credit Agricole CIB also acted as agent of the financing and issuing bank, with Credit Agricole Italia as account bank.

Currently, Windfor and Vector Cuatro counts on a considerable track record in the Italian market and embraces experience of more than 18 GW as Technical advisor, providing a wide range of services that include owner’s engineering services, on-site technical audits, technical due diligences, vendor due diligences or O&M tenders, among others.