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1、Beyond the Public Markets:Alternative Investments in the Environmental EconomyApril 20,2005,Cross Over Funding:Private Equity to Project FinanceDavid EvaManager Renewable Power Project DevelopmentQuantum Leap Asset Management,Todays Discussion,MarketContext,Need for clean,economical infrastructureNo
2、 magic bullet solutions are expectedMany technologies in various stages being developed,Cross-OverRequirements,Case Studies,Case study#1:Clean Energy DevelopmentsCase study#2:Encelium Technologies,Overview of Quantum LeapThe Quantum Leap Company Asset ManagementFund Overviews:Renewable Power and VC
3、Funds,Quantum Leap,Crossing-over into project finance requires major reduction in risk and substantial increases in capital outlayInvestors are looking for more than proven technologies,Aggressive Renewables,Ontario Electricity Peak Demand*,Existing Generation Capacity,SupplyGap,Ontario electricity
4、supply and demand outlook,How to meet energy infrastructure needs in a clean(yet economical)fashion?,SHELL:2003,No magic bullet it will likely take a portfolio approach to meeting our growing power needs,Many technologies are being developed to address this opportunity,Fundamental Research,Prototype
5、 Development,Initial Mass Production/Deployment,ProductDemonstration,“Proven”,NON-EXHAUSTIVE,Generationand FuelsSupply,DemandManagement/Reduction,District Cooling,Geoexchange,Small Wind,Solar PV,Geothermal,Small Hydro,Large Scale Wind,Hydrogen(Fuel Cells,and IC)Fly WheelsSuper Capacitors,Smart Meter
6、s,MSW and Biomass,Solar Thermal,Tidal PowerClean Coal,Todays Discussion,MarketContext,Need for clean,economical infrastructureNo magic bullet solutions are expectedMany technologies in various stages being developed,Cross-OverRequirements,Case Studies,Case study#1:Clean Energy DevelopmentsCase study
7、#2:Encelium Technologies,Overview of Quantum LeapThe Quantum Leap Company Asset ManagementFund Overviews:Renewable Power and VC Funds,Quantum Leap,Crossing-over into project finance requires major reduction in risk and substantial increases in capital outlayInvestors are looking for more than proven
8、 technologies,Governments/Foundations/Industry,Typical sources of financing,Angel Investors,Fundamental Research,Prototype Development,ProductDemonstration,“Proven”,Venture Capital,Traditional Project Finance(Debt&Equity),“Crossing over”into project finance requires reductions in risk and large capi
9、tal outlays,Initial Mass Production/Deployment,“Cross-over”,Returns,Risk,Capital,20%+,High,Tens of millions,Equity 12-20%;Debt 6-11%,Moderate/Low,Hundreds of millions to billions,Being a“proven technology”isnt enough for project finance investors,Proven Technologies,100 operating wind turbines of a
10、given model before able to secure bank financing,Quantifiable and manageable risks,Investors Needs,2,1,2+years of hydrology data plus 20 year correlation Long-term pricing on outputs,Stable Regulatory Regime and Govt Policy,3,Status of 1000 MW+of wind farm contracts if WPPI not reinstated?US wind in
11、dustry:roller coaster PTC,Solid development partners,4,Developers must be professionals able to anticipate project needs/requirements,+,+,+,Examples,With all these requirements,how can emerging technologies achieve mass deployment and access capital?,Todays Discussion,MarketContext,Need for clean,ec
12、onomical infrastructureNo magic bullet solutions are expectedMany technologies in various stages being developed,Cross-OverRequirements,Case Studies,Case study#1:Clean Energy DevelopmentsCase study#2:Encelium Technologies,Overview of Quantum LeapThe Quantum Leap Company Asset ManagementFund Overview
13、s:Renewable Power and VC Funds,Quantum Leap,Crossing-over into project finance requires major reduction in risk and substantial increases in capital outlayInvestors are looking for more than proven technologies,Provides high efficient heating/cooling/hot water systems to new residential developments
14、.Combines benefits of geoexchange with solar-thermal hot water systems.Payback to new home owners of 3-5 years.Approach and Learnings 650 home development will require approximately$15 million in financing for geoexchange systemsHad to prove technology was mature(specific team had several operating
15、systems)Needed to assess several models and approach multiple parties(utilities,builders,banks mortgages,equipment financing hot water heaters)Over time,expect model to evolve:early stage(mortgages)to securitization of cash flows(heating charge/paid from savings/rental payments),Example#1:Clean Ener
16、gy Developments,The Encelium Energy Control System is a lighting technology that:Reduces lighting related energy costs in commercial and industrial facilities by 50%to 75%Improves lighting quality and workplace ergonomicsOffers next generation of lighting efficiency hardware and software,providing f
17、acilities managers with significant electricity cost savings2 to 4 year simple payback for system usersApproach and Learnings:Initially:Customers buy outrightOver time:for larger installations,developing a paid-from-savings model(whereby customer not out of pocket for initial capital outlay),Example
18、#2:Encelium Technologies,Todays Discussion,MarketContext,Need for clean,economical infrastructureNo magic bullet solutions are expectedMany technologies in various stages being developed,Cross-OverRequirements,Case Studies,Case study#1:Clean Energy DevelopmentsCase study#2:Encelium Technologies,Over
19、view of Quantum LeapThe Quantum Leap Company Asset ManagementFund Overviews:Renewable Power and VC Funds,Quantum Leap,Crossing-over into project finance requires major reduction in risk and substantial increases in capital outlayInvestors are looking for more than proven technologies,Quantum Leap Bu
20、siness Overview,Asset Management,Venture Services,Principal Business,Venture Capital Project Finance,A Toronto based asset management and advisory firm focused on building value in the areas of Energy and Efficiency,Technology applications,Quantum Leap Private Equity Venture Portfolio,NS,SK,ON,ON,ON
21、,ON,BC,NS,NS,BC,Province,Wind,Cape Breton Power Inc.,Wind,WindSwept Power Inc.,Wind,Schneider Power Inc.,Wind,Vector Wind Energy Inc.,Wind,SkyPower Corp.,Wind,Ventus Energy Inc.,Hydro,Spuzzum Creek Power Corp.,Wind,Springhill Riverhurst Wind Power Ltd.,Wind,Glace Bay Lingan Wind Power Ltd.,Hydro,Observatory Inlet Development Corp.,Sector,Investee,Quantum Leap Project Finance and Power Development,Thank you!,
