Wind Energy in Central America: Potentials and Project Implementation. Rodrigo Mata, C.E. & M.B.A.

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1 Wind Energy in Central America: Potentials and Project Implementation Rodrigo Mata, C.E. & M.B.A.

2 Content overview I. Economical context in Central America II. Regional electricity market overview III. Wind energy market in Central America IV. Wind project implementation 2

3 I. Economical context in Central America 3

4 1.1 Geographical location & economy overview Honduras Guatemala El Salvador Nicaragua Costa Rica Panamáa Economical Indexes Costa Rica El Salvador Guatemala Honduras Nicaragua Panamá Country Area (km2) Population (thousand of people) GDP*1 (millions of US$ 2011) GDP % increase 4,2 1,4 2,8 2,8 4,5 7,6 GDP per capita Source: Country area: Proyecto ARECA, BCIE 2009 Population, GDP, GDP increase (%) and GDP per capita is based on Statistical Yearbook, CEPAL 2011 *1 GDP: Gross Domestic Product 4

562 GDP*1 (millions of US$ 2011) 40.870 23.054 46.898 17.446 9.317 31.075 GDP % increase 4,2 1,4 2,8 2,8 4,5 7,6 GDP per capita 8.690 3.682 3.184 2.244 1.580 8.

5 1.2 Economical indexes for Central America Indexes Costa Rica El Salvador Guatemala Honduras Nicaragua Panamá Country Risk (Moody s Investor) Baa3 Ba2 Ba1 B2 B3 Baa2 Perspective Stable Stable Stable Stable Stable Positive Source: Moody s Investor Services, 2012 Human Development Index 2011 Source: Human Development Index: HDI, PNUD ,744 0,674 0,574 0,625 0,589 0,768 High Medium Medium Medium Medium High Global Competitiveness Index, ,34 3,80 4,01 3,88 3,73 4, Source: Global Competitiveness Index: World Economic Forum Political Rights Index Civil Liberty Index Freedom Status Free Free Partialy Free Partialy Free Partialy Free Free Source: Political Rights & Civil Liberty: Freedom House Organization,

Medium Medium Medium High Global Competitiveness Index, 2012-2013 4,34 3,80 4,01 3,88 3,73 4,49 57 101 83 90 108 40 Source: Global Competitiveness Index: World Economic Forum 2012-2013 Political

6 II. Regional electricity market overview 6

7 2.1 Energy demand in Central America Source: Consejo de Electrificación América Central, CEAC 2010 Energy demand 2012 (GWh) Guatemala El Salvador Honduras Nicaragua Costa Rica Panama TOTAL Energy demand by source, % Fossil source 39% 43% 47% 54% 70% 43% RE source 95% 61% 57% 53% 46% 30% 57% Centroamérica Costa Rica El Salvador Guatemala Honduras Nicaragua Panamá 7

8 2.2 Total power installed in Central America Total power installed, 2012 Country Power (MW) C.F. (%) Guatemala ,10% El Salvador ,95% Honduras ,98% Nicaragua ,06% Costa Rica ,49% Panama ,19% TOTAL ,84% Source: the author. Power capacity by source, % 27% 46% 49% 62% 68% 50% Fossil source RE source 73% 53% 54% 51% 38% 32% 50% Centroamérica Costa Rica El Salvador Guatemala Honduras Nicaragua Panamá 8

049 44,19% TOTAL 11.299 44,84% Source: the author.

9 2.2 Electricity market growth expectations Average growth rate expectations for Central America energy market, Energy demand projection for Central America, Source: Consejo de Electrificación América Central, CEAC 2010 Source: Consejo de Electrificación América Central, CEAC

Central America, 2012-2025 Source: Consejo de Electrificación América

10 2.4 Penetration of Renewable Energy in Central America Source: Climascopio. BID & Bloomberg, 2012 *1 Not include PE Cerro Hula (102 Mw) *2 Not include PE Blue Power (40 Mw) 10

11 2.5 Average retail price of electricity in Central America Wind energy tariff in Central America Source: Climascopio. BID & Bloomberg,

12 2.6 Renewable energy potential in Central America Renewable energy power identified in Central America by source (MW) RE Source Costa Rica El Salvador Guatemala Honduras Nicaragua Panamá Total Hydro Geothermal Wind 600 Under research TOTAL Source: BCIE Proyecto ARECA,

165 5.000 5.000 1.760 2.341 22.740 Geothermal 865 333 1.000 120 1.200 40 3.

13 2.7 Regional electricity Market (MER) Source: Memoria Labores EOR

14 2.7 Regional electricity Market (MER) Source: Memoria Labores EOR

15 III. Wind energy market in Central America 15

16 3.1 Central America Wind Power Potential Wind power potential in Central America (MW) Overview Complex sites Wind speed is heterogeneous in Central America. Not availability of good wind databases. Source: BCIE Proyecto ARECA,

Wind speed is heterogeneous in Central America.

17 3.2 Wind farms in Central America Wind Farm COUNTRY PUESTA EN SERVICIO WEC Manufacturer WEC MODEL Nº WECs TOTAL POWER (MW) DEVELOPER Aeroenergía Costa Rica 1998 Neg Micon NM48/ ,75 Desarrollos Eólicos S.A. NA Central Tilarán Costa Rica 1996 Kenetech USW ,80 Proyectos Eólicos S.A. PESA Proyecto Eólico Guanacaste Costa Rica 2009 ENERCON E44/ ,50 juwi Energías Renovables GDF Suez Molinos Viento Arenal Costa Rica 1999 Neg Micon NM44/ ,00 MOVASA ENEL Green Power Tejona Costa Rica 2002 Vestas V45/ ,80 ICE ICE Valle Central Costa Rica 2012 ENERCON E44/ ,30 juwi Energías Renovables Eólico Valle Central S.A. Los Santos Costa Rica 2011 GAMESA G ,75 Coopesantos Coopesantos Cerro Hula Honduras 2011 GAMESA G87/ ,00 Globeleq Mesoamérica Energy Globeleq Mesoamérica Energy Amayo Nicaragua 2010 Suzlon S88/ ,00 Energía Eólica de Nicaragua Energía Eólica de Nicaragua La Fe - San Martin Nicaragua 2011 Vestas V80/ ,60 Infima Renovable Grupo Terra OWNER Capacity Factors between 32% up to 45% 17

NA Central Tilarán Costa Rica 1996 Kenetech USW33 55 19,80 Proyectos PESA Proyecto Eólico Guanacaste Costa Rica 2009 ENERCON E44/900 55 49,50 juwi Energías Renovables GDF Suez Molinos Viento Arenal

18 3.3 Guanacaste Wind Farm, Costa Rica 55 WEC ENERCON E44 Guayabo, Bagaces Total power: 49,5 MW Energy: 240 GWh per year Owner: Suez Energy Construction between COD: December

19 3.4 Amayo Wind Farm, Nicaragua 30 WEC s Suzlon S88 Rivas, Nicaragua Two construction stages: 40 MW & 23M Construction Cost: US$149M Financed by BCIE Energy price estimated: US$8,625 cents COD: 2010 for the second stage. First Wind Farm in Nicaragua 19

Cost: US$149M Financed by BCIE Energy price estimated:

20 3.5 Cerro de Hula Wind Farm, Honduras Largest Wind Farm in Central America. 51 WEC s Gamesa G87 Total power: 102 MW Located in Tegucigalpa, Honduras. Construction cost: US$250M financed by US Export-Import Bank & BCIE COD: December

21 3.6 Wind power scenario for Central America Total Power Installed 2011 (MW) Wind Power Penetration 10% Wind Power Penetration 20% Costa Rica El Salvador Guatemala Honduras Nicaragua Panama Total Total Wind Power Installed 2011 (Mw) Projects under development (Mw) Potential Market (MW) 10% Penetration Potential Market (MW) 20% Penetration Other wind initiatives (Mw)

22 3.7 Wind projects in Central America Wind Power under development in Central America, 2012 Country Project Capacity (MW) EPC - Developer Costa Rica Los Leones 50 juwi Costa Rica Orosí 50 Globeleq-Mesoamérica Costa Rica Chiripa 50 Acciona Costa Rica 7200 Law 100 To be defined Nicaragua Eolo 40 Globeleq-Mesoamérica Nicaragua Alba Rivas 40 ALBANISA El Salvador Metapán-Santa Ana 42 La CEL Panama Marañon 18 Unión Eólica Panameña Panama Portobelo-Ballestillas 31 Unión Eólica Panameña Panama Rosa de los Vientos 50 Unión Eólica Panameña Panama Nuevo Chagres 59 Unión Eólica Panameña Honduras Grupo Terra 75 Grupo Terra TOTAL 605 Other wind projects initiatives in Central America Country Project Capacity (MW) EPC - Developer Costa Rica 7200 Law 80 Varios Panama Santa Cruz 74 Innovent Panama Escudero 50 Helium Energy Panama S.A. Panama Viento Sur 150 Helium Energy Panama S.A. Panama Anton 100 FERSA Guatemala Piedras Blancas 40 ND Guatemala Buenos Aires 40 ND Guatemala San Cristobal 30 Mesoamérica Nicaragua Sierras de Managua 40 Mesoamérica TOTAL

23 3.7 Incentives for wind project development INCENTIVES GUATEMALA EL SALVADOR HONDURAS NICARAGUA COSTA RICA PANAMA Import tax exception IVA exception IR exception CER s MDL tax exception % RE awarded in biddings process Transmission and Distribution Charges exception (10 MW) RE higher price The incentives for new investment in Central America are heterogeneous. Countries with weaker incentives depend on the government intervention for the construction of new RE generation plants. 23

24 IV. Wind project implementation 24

25 4.1 Key factors for a wind project development Project Charter Technical Pre-feasibility Legal Successful Project Financial Preliminary Investment Feasibility Environmental Examination Final Design Licenses Social & Environmental Investment Construction 25

26 4.2 Wind project development issues Issue 1 Issue 2 Issue 3 Issue 4 Issue 5 Costa Rica Bureaucracy Infrastructure Financial El Salvador Security Financial access access Corruption Fiscal norms Corruption Bureaucracy Political Instability Guatemala Security Corruption Infrastructure Bureaucracy Labor Capacity Honduras Security Corruption Bureaucracy Financial access Nicaragua Bureaucracy Infrastructure Labor Capacity Panamá Corruption Bureaucracy Labor Capacity Political Instability Security Taxes Corruption Inflation Source: Informe Competitividad Global, Foro Económico Mundial 26

27 4.3 Key challenges for wind project development Financial resources access Equity Energy price (not differentiation by technology) Insufficient transmission capacity & access to Transmission Lines Lack of long-term contracts Slowness in permits and licenses Technical limits in the system Source: Análisis y comparación de las normativas técnicas que aplican a los proyectos de generación de energía eléctrica por fuentes renovables de energía, BCIE

28 4.4 Project investment indicators for Central America Source: Proyecto ARECA,

29 Bibliography Climascopio, FOMIN-BID & Bloomberg New Energy Finance. Análisis comparativo del desarrollo de energía renovables en América Central, Proyecto ARECA BCIE. Análisis del mercado centroamericano de energía renovable, Proyecto ARECA-BCIE. Información del sector energético en países de América del Sur, América Central y El Caribe, CIER. Desarrollo y situación actual del sector eólico en américa Central, Lic. Jorge Asturias O, OLADE. Plan Indicativo Regional de Expansión de la Generación Periodo , Consejo de Electrificación de América Central, CEAR. Memoria EOR, Empresa Operadora de la Red. Informe Competitividad Global, Foro Económico Mundial 29

30 Thank you. Rodrigo Mata, C.E. & M.B.A. Costa Rica (506)

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