The company has recently closed two agreements for the management of 17 more solar PV projects totaling 35 MW. With these contracts, Vector Cuatro increases its portfolio of assets under management in Japan to a total of 470 MW.
In November 2015, Vector Cuatro announced the beginning of its activity as an asset manager in Japan for a 3.5 MW solar PV plant, owned by one of the most important companies in the Pacific energy sector. Three years later, the Spanish consultancy surpasses the 450 MW mark, already taking care of the asset management for 28 projects in Japan.
Since 2007, when the company began to operate in the Renewable Energy Industry, Vector Cuatro has been able to increase its portfolio of assets under management to 2,5 GW for operational projects and plants under construction.
Currently, the company manages solar PV and wind power plants in America, Europe and Asia, with Japan being one of its core markets. Vector Cuatro entered the renewable energy markets in Asia first in 2012 as a Technical Advisor and providing support in transaction services for solar PV plants. Since then, the Nippon delegation has grown up positioning itself as a key reference in the local renewable industry with an international client portfolio to which belong the most active banks and companies in Japan.
Besides providing asset management services and support in transactions, the company has also rendered feasibility studies, technical due diligences and consulting services in Japan for projects that total more than 10 GW.
Vector Cuatro Japan アセットマネージメント450MWを超える
最近、Vector Cuatro Japanは、17の太陽光発電プロジェクト、合計35 MWのアセットマネージメントに関する2つの契約を締結した。これらの契約により、日本の運用資産ポートフォリオを合計470MWに拡大した。
2015年11月、Vector Cuatro Japanは、太平洋エネルギー分野で最も重要な企業の1社が所有する3.5 MWの太陽光発電所の資産運用会社としての活動開始を発表した。 3年後、このスペインのコンサルタント会社は450MWを超え、すでに日本国内の28のプロジェクトの資産管理を担当している。
Vector Cuatroは、再生可能エネルギー業界で事業を開始した2007年以来、運用プロジェクトおよび建設中のプラントのアセットマネージメントのグローバルポートフォリオを2.5 GWに増やすことができた。
現在、同社はアメリカ、ヨーロッパ、アジアの太陽光発電所と風力発電所を管理しており、日本は中核市場の1つである。 Vector Cuatroは、2012年にテクニカルアドバイザーとしてアジアの再生可能エネルギー市場に参入し、太陽光発電所の取引サービスを支援した。 それ以来、日本現地法人は、国内の最も活発な銀行や企業に属する国際的な顧客ポートフォリオを持つ地元の再生可能エネルギー業界における重要なコンサルタントとしての地位を確立してきた。
Falck Renewables S.p.A. signed today an agreement through its wholly-owned subsidiary Vector Cuatro S.r.l. to acquire a 100% share of Windfor S.r.l, a well-known leader in Italy in technical advisory services for wind energy. This reinforces Falck Renewables’ upward trend and strategic interest in the services sector for renewable assets.
The acquisition is expected to be finalised by September 2018 and is worth 0.625 million euros.
Through this acquisition, Vector Cuatro strengthens its offer in technical advisory services for onshore wind plants, a technology expected to continue to grow 7.2% from 2015 to 2030 globally according to the IEA.1
With over 15 years’ experience, Windfor is a leader in Italy in the resource assessment, planning, decommissioning and repowering of wind farms. Windfor has analysed over 17 GW of wind plants, performed due diligence for 9 GW and delivered advisory services in projects for 18 GW in Italy and abroad. Through hands-on experience in a wide range of projects, Windfor also developed advanced proprietary software for anemology analysis.
‘We’re excited about this agreement’, said Vector Cuatro’s CEO Javier Asensio. ‘Windfor will bring significant know-how in the wind power industry, at a time when new plants are expected to be built for over 50 GW every year until 2040, according to the International Energy Agency. On top of new plants, great opportunities will result from repowering old plants or lengthening the lifetime of existing ones’.
Falck Renewables S.p.A., listed on the Italian stock exchange in the STAR segment (“FKR.MI”) and included in the FTSE Italia Mid Cap Index, develops, designs, builds and manages power production plants from renewable sources, with an installed capacity of 970 MW in 2018 (933 MW according to the IFRS 11 reclassification) in the United Kingdom, Italy, United States, Spain and France, using wind power, solar power and biomass technologies. The Group is a global player in the renewable energy technical advisory and asset management services business, through its wholly owned subsidiary Vector Cuatro, providing asset management services to clients accounting for approximately 2.4 GW of installed capacity and with experience in more than 25 countries.Read More
Vector Cuatro has been working closely with Engie Solar to ensure the quality of Intipampa PV solar plant, located in the Peruvian district of Moquegua and with a power capacity of 40MW.
The firm has supervised the engineering design, the factory acceptant test and has carried out the quality control during the Construction phase and the Commissioning of the plant, with a mixed work team of on-site and back office staff in Spain and Peru.
Intipampa PV solar plant, owned by the French energy company Engie, through its subsidiary Engie Peru, is one of the two projects selected in the national electricity tender held in 2016. Being the second largest plant in Peru, Intipampa PV solar plant covers an area of 322 hectares. It’s expected to provide electricity to 90,000 households in southern Peru.
At the moment, Vector Cuatro has carried out more than 1000 projects in 25 countries worldwide and is internationally ranked as one of the most important companies in the renewable energy industry. It has over 2.4 GW of power under management, 4 GW in financial advice and owns a track record of 22 GW throughout the entire value chain of the projects.Read More
Last week, a group of 10-year-old kids came to Vector Cuatro, seeking enlightement and inspiration for their final project of renewable energy for school. It was a very fun and illuminating session, where several members of Vector Cuatro Spain explained the basics of Renewable Energy to 4 children from an international primary school in Spain.
In this VC Kids Talk, They learnt how a PV plant works, what thermographic camaras are used for, and they also built a handmade anemometer with recycled materials by themselves. At the end of the journey with Vector Cuatro Spain, all the employees introduced the company and explained the main functions of each department.
On June 18, our four Vector Cuatro kids presented their final project of renewable energy, demonstrating great talent and determination for building up an eco-friendly society.
Children are the world´s most valuable resource and the best hope for the future. Nothing could be more delighful than seeing the light in their eyes when explained what we can do to keep the earth energetic. We hope in the future we can organize more similar activities so we can spread out the great energy we have in Vector Cuatro!
EVENT ORGANIZED BY VECTOR CUATRO
On June 7, Vector Cuatro hosted the event ¨Present and Future of Renewable Energy in Spain”, a seminar that took place in Madrid, in which the leading exponents in the renewable energy industry gathered to talk about the development, financing and project management in the country.
During this seminar, with several specialized presentations and round table discussions, the most current topics were discussed, such as the new regulatory and financial framework for project development, legal security, the impact of renewable energy on the electricity system, and trends in asset management.
José Donoso (President of the Spanish Photovoltaic Union, UNEF) and Juan Virgilio Márquez (President of the Spanish Wind Association, AEE) opened the event as representatives, talking about the current situation and perspectives of the wind and photovoltaic sectors in Spain. Both highlighted the need for a stable regulatory framework, in order to give investors confidence and allow progress towards the energy transition.
Joaquín Monfort (X-Elio), Luis Martínez (Hive Energy), Juan López (Circle Energy) and Carlos Relancio (Cox Energy) participated in the first panel of the seminar, under the title “The New Scenario for the Development of Renewable Projects”, hosted by Hugo Álvarez (Head of Engineering Department at Vector Cuatro). The speakers pointed out that obtaining the connection point and the administrative process are the main difficulties in project development. Additionally, they discussed how the lack of “ready-to-build” projects has produced a certain price bubble andthe concern that the obligation of connecting projects awarded in auctions before 2020 may cause a shortage of supplies and increases in construction costs.
The second panel “Trends in Project Management”, had. José Benito García (T-Solar), Jordi Francesch (Glennmont Partners), Juan Manuel Fernández (Sonnedix) and Domingo Vegas (Gransolar) as speakers. In this panel, hosted by Miguel Pérez (Head of Asset Management at Vector Cuatro), the importance of seeking a flexible management model that makes sense from an economic point of view was highlighted, stressing the added value of having long-term collaborations with companies specialized in asset management.
Manuel de Vicente-Tutor (Equipo Económico) gave a presentation on the challenge of environmental taxation and renewable energy. Following, Juan Manuel Rodríguez (Red Eléctrica de España) emphasized on the challenges for the safe integration of renewable energy into the Spanish electricity system.
To conclude the seminar, Raúl Rodríguez (Engie), Josep Montañés (Banc Sabadell), David Díez (Watson Farley Williams), Carlos Rey (Foresight),) and Álvaro Pérez de Lema (Saeta Yield) discussed the investment and financing of renewable projects from different perspectives. In this panel hosted by Beatriz Llorente (Global Head of Transaction Services in Vector Cuatro) and Rafael Echegoyen (Head of Legal Services in Vector Cuatro), different models of development in the market and the possibilities of financing were discussed in first place. Subsequently, the speech focused on commercial and legal aspects of power purchase agreements (PPA). At the end of the seminar, the investments approach and expectations of profitability according to the project type were also discussed.
Throughout the day, it became clear that even though the auctions in Spain were not especially attractive regarding its profitability for investors, they served as a catalyst for the reactivation of the renewable energy sector, and for the emergence of alternative development models that were so far nonexistent in the country. Moreover, the high number of attendees, both national and international, showed the great interest companies in different fields all have in the Spanish market.
Spain is undoubtedly one of the key markets for renewable energy in the coming years. Besides the 8.5 GW awarded in the auctions, in the past months, we can see a great activity of projects development without subsidies. In addition to the new developments, Spain, with 23 GW wind energy and 5 GW solar energy, is one of the countries with the highest installed capacity in Europe.
Mexico remains committed to renewable energies and announces the rules of its fourth long-term electric auction
On March 28, 2018, Mexico’s Energy Regulatory Commission (CRE) and National Center for Energy Control (CENACE) launched the bases of the fourth long-term renewable energy auction in Mexico.
This will be the first long-term auction administered by the Mexico’s Energy Regulatory Commission (CRE) as the previous three auctions were administered by CENACE. The publication of the final version of the auction rules will be published on May 30, once the questions and clarification period ends.
Submission of the prequalification application for sale offers will be done on Aug. 21st-22nd and the delivery of the economic proposals of the sale offers on Oct. 17th and 22nd. The results of the auction will be announced on Nov. 2nd. As in the previous auction, prequalification requests must be validated by an independent expert.
Vector Cuatro has actively participated in the three renewable energy auctions held so far as independent expert for over 200 projects and providing also commercial and financial advice (including the construction of financial models and sensitivity analysis), previous technical due diligence studies of project portfolios, and annexes for electricity coverage contracts. Specifically, Vector Cuatro has analyzed 10 GW of projects, of which 2.6 GW were awarded to its clients and has strategically advised and prepared financial models for the auctions for a total of more than 15 projects.
Vector Cuatro is present in Mexico since 2013, providing asset management services, construction supervision, and technical and financial advice. Its 88 MW portfolio under management includes some of the first utility-scale photovoltaic projects operating in the country, developed under the schemes of ‘Pequeño Productor ‘ and ‘Autoabasto’. In addition, to date Vector Cuatro has participated as Owner’s Engineer and Independent Engineer in the construction and commissioning of five projects for a total of 180 MW, of which three are already in operation. Also, and in relation to financial and transaction services, Vector Cuatro has participated in the acquisition and sale of photovoltaic projects under the schemes of ‘Pequeño Productor ‘ and ‘Autoabasto’, analyzing a total of more than 600MW, has advised on operations with Contracts Private Supply, has acted as an independent expert in courts and arbitration and has provided financial modeling services in many of this operations.Read More
Vector Cuatro enhances its presence in México and joins ASOLMEX (Asociación Mexicana de Energía Solar) and AMDEE (Asociación Mexicana de Energía Eólica), the largest associations of renewable energy in the Mexican market.
ASOLMEX and AMDEE were established with the aim of promoting the development of renewable energies in Mexico. As new member of ASOLMEX and AMDEE, Vector Cuatro expect to strengthen its presence in Mexico and Central America generating new business opportunities.
Vector Cuatro is present in Mexico since 2012, providing asset management services, Construction supervision and Financial and Technical advisory. Vector Cuatro’s 88 MW portfolio under management includes some of the first ‘utility-scale’ PV projects in operation in the country, developed under the ‘Pequeño Productor’ and ‘Autoabasto’ schemes.
Mexico has become one of the key markets for Vector Cuatro. There, the company has participated as Technical and Financial advisor in the three renewable energy auctions held so far, totaling 2.8 GW awarded for its clients.Read More
Camargo is a 30 MW solar PV project located in the Mexican state of Chihuahua in which Vector Cuatro has provided services through its three business lines: Asset Management, Transactions and Engineering.
The project, connected on April 6th, has been developed by the ‘Pequeño Productor de Energía’ scheme and has become one of the biggest PV operational projects in Mexico.
During the 8 months that the construction phase has lasted, Vector Cuatro has carried out the supervision, verifying that the highest quality standards in PV market were followed. The project has been funded entirely by Balam Fund I, L.P. and BalamCK16; private equity funds specialized in the investment of renewable projects in Mexico and managed by Balam.
Thus, Vector Cuatro has supported Balam through its three business lines including, among others, the origination of the opportunity, the Technical Due Diligence and the support in the selection of the main contractor. Camargo is the first project under management that joins VC portfolio in Mexico.
Vector Cuatro entered the Mexican renewable energy market first in 2012 as Technical Advisor for solar PV plants in Latin America, providing since then services throught its other business lines. The range of services has been adapted to the great variety of clients which comprise investment funds, financial institutions, international sponsors and developers, amongst others. Currently, Mexico has become one of the key markets for the company that has increased its activity in the country due to the two renewable auctions that were held in 2016.Read More
Second renewable energy auction in Spain to be held in July. Understanding the changes in the Auction rules.
Following the announcement by the Government that a new auction will be held before the summer, it was published the Royal Decree 650/2017 by which is approved a 3,000 MW auction for new renewable energy capacity. Although it has still not been officially published, according to the draft published by the CNMC, it is expected that the auction will take place on July 18. and the deadline for submitting the prequalification will be on July 13.
There are some changes in the auction terms but the selection criteria and pricing rules remain mostly unchanged when compared to the one held on May 17. offered. The legislation defines the retributive parameters for reference installations. Based on these values, the bidders have to offer a discount over the retribution to the initial investment of their applicable reference installation that will translate to a certain retribution to the investment (Ri) on a concrete project. If discounting the initial investment at a maximum level, the Ri received would be originally zero, unless the spot price falls below a certain implicit level on the basis of the government estimated price in which the project would actually receive some Ri towards the end of the life of the project.
The most significant changes published so far are:
- The auction will be again technologically neutral but this time only solar PV and wind projects can participate.
- Increase in the maximum discount values from 63.46% to 81.91% for Wind and from 51.22% to 65.80% for Solar PV. Based on the mechanisms of the government and Vector Cuatro`s own financial model, the increase in the maximum discount results in a decrease of circa 20% on this implicit spot price when compared to the previous auction, considering constant the reasonable profitability and the reference price provided by the Government.
- Confidential Clause of the Government: The 3,000 MW quota can be surpassed in case the cost for the system is lower than the cost established by the Government in the confidential clause. That is, all those who bid with an extra cost that is between the maximum discount and the confidential clause, are expected to be awarded.
There are still some aspects to be confirmed such as the maximum COD for the awarded installations and the financial guarantees (€/kW) to be deposited by the participants.
The government has justified the launch of this new auction given the great interest attracted by the latest auction. The applications submitted exceeded by more than three times the power awarded and the winners offered the maximum discount allowed. From the 3,000 MW awarded 2,979 MW went to wind, 1 MW to photovoltaic and 20MW to other technologies.
Vector Cuatro advised some of the awarded bidders in the auction held in May by providing different financial advisory services that included the review or preparation of the financial model, the assessment on the auction rules and revenues scheme and the support in the preparation and submission of the bid offers. Vector Cuatro also provided technical and legal advisory services including feasibility study and review of the administrative and land property documentation.Read More
The Spanish multinational opens a new office in the United Arab Emirates as a new regional hub for its activities in Middle East and to further strengthen its international presence.
The new office is located in Dubai, concretely in the Dubai World Trade Center, where the local team has been operating since a few weeks. This new location joins the local delegations that the group has at present outside of Spain, namely in Italy, France, Bulgaria, the United Kingdom, Japan, Mexico and Chile.
In 2017, as part of its international expansion, Vector Cuatro has focused its services on several countries in Middle East, where the company has worked during the last couple of years. Vector Cuatro will continue rendering technical services in the region; engineering and commissioning services, technical advisory and owner´s engineering, among others. Additionally, Vector Cuatro expects to start providing asset management services very soon.
Furthermore, on April 25-26 Vector Cuatro will be participating in MENA New Energy 2017; one of the MENA’s largest renewables summit.
Currently, Vector Cuatro has carried out more than 600 projects in 22 countries worldwide and is internationally ranked as one of the most important companies in the renewable energy industry. It has over 1.7 GW of power under management, 4 GW in financial advice and counts with a track record of 16 GW throughout the entire value chain of the projects. In September 2014, the company was incorporated into the Italian Falck Renewables Group (FKR.MI), a leading player in the European renewable energy industry and listed at the Milan Stock Exchange.
Vector Cuatro UAE
Sheikh Rashid Tower, Level 7, Office 11.
Sheikh Zayed Road, Dubai World Trade Center.
Tel: +971 4 309 7058