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Solar (photovoltaic) Power Plant
Project Presentation
South of Zaporizhzhya region,
Ukraine
March, 2018
Project owners
The company "Sunlight-Vesele“ Ltd was established in April 2017.
The mission of the company is to contribute to strengthening Ukraine's energy
independence, improving the environment and the quality of life.
The goal is to construct and successfully operate a solar energy facility and make a profit.
As of 01.03.2018:
- Shareholders invested USD 165,000 in the project;
- The company concluded a land lease agreement for 49 years, cadaster number of the
land plot 2321255100:09:010:0010, a total of 13 ha;
- Completed a technical and economic calculations of power output from the projected
solar (photovoltaic) power plant in the Zaporizhzhya oblenergo network;
- Carried out tenders for design, general contract, suppliers of key equipment.
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The project team
Founder Elizbar Sariya Higher education, law.
Director and Founder Alexander Shlyakhov Higher technical education
(electrical engineer),
experience in the energy
sector for more than 15
years.
Finance Department Natalia Shlyakhova Higher technical education,
economic, experience 24
years.
Chief Accountant Inna Podgurskaya Higher education,
experience 19 years.
3
Location of the Project on the map of Ukraine
4
Zaporizhzhya region is the optimal location solar (photovoltaic) power plant
based on the following conditions:
Special Tariff
Pegged to euro (is protected from
inflation)
Unchanged/fixed until 2030
The state committed to purchase all electricity
Natural conditions
An inexhaustible source of
renewable energy
High solar generating
potential– 1296kWh/m2
The absence of natural disasters
General economic conditions
Land Rent costs about 2000 euro per MW in year
Availability of labor resources
and their relatively low cost
Payback period –7,3 years
(depends on loan terms)
5
POTENTIAL OF SOLAR (PHOTOVOLTAIC) ELECTRICITY IN UKRAINE
6
1296 kWh/m2
DYNAMICS OF "GREEN" TARIFF OF SOLAR
(PHOTOVOLTAIC) ELECTRICITY IN UKRAINE
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
€ct/kWh
€ct/kWh
7
Dynamics of development of solar (photovoltaic)
power industry in Ukraine
SOLAR ELECTRICITY IS THE LARGEST AMONG ALTERNATIVE
ELECTRICITY SOURCES IN UKRAINE. WITH THE EXCEPTION OF
LOSSES OF SOLAR POWER PLANTS DUE TO ILLEGAL CRIMEA
ANNEXATION (408 MW), UKRAINE HAS A TENDENCY OF ANNUAL
GROWTH OF CAPACITIES. IN 2016, THE INSTALLED CAPACITY OF
SOLAR POWER PLANTS INCREASED BY 23%. RAPID DEVELOPMENT
OF SOLAR POWER GENERATION CAPACITIES IN UKRAINE IS DUE TO
THE RELATIVE SIMPLICITY OF PROJECT IMPLEMENTATION, AND
FAVORABLE TARIFF ENSURED BY THE UKRAINIAN GOVERNMENT.
8
Project advantages
The sun is a renewable
energy source
Support of local community, and the local authority - the Village Council
Project power 6,3 MW
Average annual
electricity production 6.3 Mega Watt per
year
Standard service life of the facility is 25 years
The maximum operating costs -79363 euros per
year
Profitability of the project -
59%
Payback period of the project7,3* years
Minimum administrative costs - 38,200 euros per year
9* The payback period depends on the terms of the loan
Pegging tariff to Euro insures against the fluctuation of the Hryvnia vs Euro
Current financial position of the company
as of 01.01.2018Assets
141,2 TUAH
Liabilities
141.2 TUAH
Equity
10.0 TUAH
Profit for 2017
0 TUAH
10
Business plan (main assumptions)
«Green tariff», EUR / kWh (unchangeable/fixed until 01.01.2030) 0,15
Land area, ha 13
Power of project, МW 6,3
The annual insolation index on the construction site, kWh / m2 1286
Losses per year 0,8%
Basic production of electricity, MW per year 8 101,8
Loan amount, USD 6 300 000
Loan amount, EURO 5 163 934
Loan repayment amount per year, EURO 573 770
Cross-rate euro / dollar 1,22
Interest rate (pessimistic) 9,00%
Loan principal and interest payment to be fully paid off By 2027
Loan tenor, years (only interest payments are repaid in the 1st year) 10
11
Pessimistic Cash-flow forecast for the period 2018-2031
12
Revenues and costs, EURO, thds 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Electricity generation, MWh 0.00 8,101.80 8,036.99 7,972.69 7,908.91 7,845.64 7,782.87 7,720.61 7,658.84 7,597.57 7,536.79 7,476.50 7,416.69 7,357.35
Green tariff, EUR per MWh 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 150.00 75.00 75.00
Revenue, VAT excluded 0.00 1,215.27 1,205.55 1,195.90 1,186.34 1,176.85 1,167.43 1,158.09 1,148.83 1,139.64 1,130.52 1,121.47 556.25 551.80
VAT 0.00 243.05 241.11 239.18 237.27 235.37 233.49 231.62 229.77 227.93 226.10 224.29 111.25 110.36
Revenue, VAT included 0.00 1,458.32 1,446.66 1,435.08 1,423.60 1,412.21 1,400.92 1,389.71 1,378.59 1,367.56 1,356.62 1,345.77 667.50 662.16
Operational cost -39.37 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12 -118.12
EBITDA -39.37 1,340.20 1,328.54 1,316.96 1,305.48 1,294.09 1,282.80 1,271.59 1,260.47 1,249.44 1,238.50 1,227.65 549.38 544.04
Depreciation of fixed assets 0.00 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11 -31.11
EBIT -39.37 1,309.09 1,297.43 1,285.85 1,274.37 1,262.98 1,251.69 1,240.48 1,229.36 1,218.33 1,207.39 1,196.54 518.27 512.93
Interest expense on the loan (interest payment) -350.16 -460.37 -409.86 -357.09 -305.45 -253.81 -198.49 -146.29 -94.65 -43.01 0.00 0.00 0.00 0.00
EBT (Profit before tax) -389.53 848.72 887.57 928.76 968.92 1,009.17 1,053.19 1,094.19 1,134.71 1,175.32 1,207.39 1,196.54 518.27 512.93
VAT 0.00 0.00 0.00 0.00 -237.27 -235.37 -233.49 -231.62 -229.77 -227.93 -226.10 -224.29 -111.25 -110.36
Income tax 18% 0.00 -109.02 -116.36 -124.12 -131.70 -139.28 -147.55 -155.26 -162.89 -170.53 -176.63 -175.00 -73.26 -72.46
Payback of bank loan principal -573.77 -573.77 -573.77 -573.77 -573.77 -573.77 -573.77 -573.77 -573.77
Net profit -389.53 165.93 197.43 230.87 26.19 60.75 98.39 133.54 168.29 203.09 804.66 797.24 333.76 330.11
Obtaining bank loan 5,163.93
Working capital gap to covered by shareholders 389.53
Cost of construction, installations -5,163.93
Cash-Flow 0.00 197.04 228.54 261.98 57.30 91.86 129.50 164.65 199.40 234.20 835.77 828.35 364.87 361.22
Cash-Flow with growing net 0.00 197.05 425.59 687.57 744.87 836.73 966.23 1,130.88 1,330.28 1,564.48 2,400.25 3,228.60 3,593.46 3,954.68
Results of the project (average annual)
EURO Million EURO
Income from sales, EUR 1 073 380 1,07
Operating expenses, EUR -118 120 -0,19
EBITDA, EUR 1 169 940 1,17
EBIT, EUR 1 138 820 1,14
EBT, EUR 964 280 0,96
VAT (the first three years remain at the disposal of the project due to
the received tax credit during the construction period)
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Description of sun power generation
To generate electricity from the sun, a solar module is used, which consists of one or many solar photovoltaic cells.
When sunlight falls on a solar cell, the material of solar cells absorbs some of the sunlight (photons).
The inhomogeneity of the structure of the photoelectric element is obtained by doping the same semiconductor with an impurity of boron and
phosphorus (creation of p-n junctions).
Absorbed photons generate nonequilibrium electron-hole pairs.
The electrons generated in the p-layer near the p-n junction are suitable for the p-n junction and the electric field existing in it is taken out to the n-region.
Similarly, excess holes created in the n-layer are partially transferred to the p-layer.
As a result, the n-layer acquires an additional negative charge, and the p-layer acquires a positive
charge. The initial contact potential difference between the p- and n-layers of the semiconductor decreases, and a voltage appears in the external circuit, that is, an electric current appears, due to the fact that both sides of the photoelectric element have current leads.
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1. Light (photons);
2. Frontal contact;
3. Negative layer (n);
4. The p-n junction layer;
5. Positive layer (p);
6. Rear contact.
Electrically connected mono-crystalline elements form the basis for photoelectric modules
which represent an effective source of energy of a constant or alternating current using an
inverter.
15
Inverters and transformers
The inverter is used to convert the direct current
generated by the photocells into an alternating
current that the power system can accept. In
industrial power plants, the inverter system is
connected to a transformer, which increases the
voltage to the required level. The voltage from
all transformers goes to an open switchgear,
which can also serve as a point of connection
through a substation. To account for electricity
generated by a solar power plant and sent to the
power grid, counters are put.
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High level workplan after investment/loan is obtained
Design and Implementation of a working project for the construction of a solar power station (takes 1.5 months)
Running a working project to connect to distribution network (takes 1.5 months)
Start of construction works (takes 2 months)
Agreeing, signing and implementation of contracts to purchase the equipment (takes 2 months)
Construction works (takes 3-4 months)
Supply of equipment (takes 4-6 months)
Equipment installation (takes 3-4 months)
Construction completion (takes 2 months)
Testing of equipment and solar power station (takes 3 months)
Obtaining a license and a "green" tariff for solar power station (takes 2-3 months)
Fulfillment of loan repayment obligations - the loan can start to be paid off after18th months
17
First cash flow will start after 12 months from commissioning solar power station and obtaining loan/investment
The main technological equipment chosen for the
project implementation
solar panels
Jinko solar, China
~3,100 mln USA
inverters
Huawei, China
~0,500 mln USA
transformer
PJSC «UKRELEKTROAPARAT», Ukraine,
Khmelnytsky
~0,100 mln USA
electrical wires and cables
PJSC «Odeskabel», Ukraine, Odessa
~0,540 mln USA
SPV VESELE
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For the discussion with the Investor / Lender the following conditions for
project financing are proposed
Amount of credit – USD 6,3 million
Loan repayment period –
10 years
Effective interest rate –
6-8% per annum
Loan Security -pledge of
corporate rights and the company
equipment
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We are open for cooperation.
We answer all questions. Our contacts:
Alexander Shliakhov
• +380-67-612-11-99
• Experience in solar energy– since 2010
Elizbar Sariya
• +380-68-251-84-95
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