NER300 Offshore Wind Park Nordsee One. Tobias Griesshaber Shareholder representative of Innogy SE on behalf of project Nordsee One GmbH

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1 NER300 Offshore Wind Park Nordsee One Tobias Griesshaber Shareholder representative of Innogy SE on behalf of project Nordsee One GmbH Brussels, 15 December

2 Agenda General project overview & timeline Project impressions Lessons learned Stakeholder management Permitting Financing & Innovation Risk management Movie about wind turbine installation in

3 General overview Distance to shore 45 km Water depth (LAT) 26 m 29 m Capacity 332 MW (54 x 6.15 MW) Wind speed 9.8 m/s at hub height (90 m) Yearly output 1.2 TWh Nordsee One Shareholders NER300 funding Northland Power (85%) and Innogy SE (15%) EUR 70 mn O&M route: 26 nm (48 km) CTV 1.5 hrs Lifetime 25 years Commissioning 2017 Operation base 3

4 Construction progress has just come to an end Most of the activities were performed within the schedule Actual vs. original (grey) planning Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Permit: BSH Approval 2 nd -3 rd -4 th Foundation (Basic Detailed) Installation Cable Fabrication Substation Topside Installation Turbine Fabrication Foundation Installation Cable Installation Substation Jacket Install Substation Topside Inst./Commissioning Turbine Installation Turbine Commissioning Installation export cable 1 st Feed-in 100% Feed-in (only 18 days delay!) Last WTG section take-over FC assumption Installation Fabrication Commissioning Financial Close Today 4

5 Ten years after project acquisition 332 MW are producing green power Financial and permit key milestones Acquisition of project rights by Innogy 2008 Main Permit N1: April 2012 Thank you! NER300 Award by DG CLIMA December 2012 FID by sponsors (incl. new sponsor NPI) December 2014 requirement Financial close with lenders March 2015 Construction Permit Foundations: 03 December 2015 Construction Permit Inter-Array-Cables: 25 April 2016 Construction Permit Offshore-Substation: 08 June 2016 Construction Permit Wind-Turbines: 03 March 2017 Entry into operations: December

6 Agenda General project overview & timeline Project impressions Lessons learned Stakeholder management Permitting Financing & Innovation Risk management Movie about wind turbine installation in

7 Load-out of a 800 ton Monopile 7

8 Hammering pile with noise mitigation tube to protect marine environment 8

9 Interarray cable installation with purpose-built vessels 9

10 Sub-station collecting the electricity at 33 kv and transforming to 150 kv 10

11 Installation of the last wind turbine (September 2017) 11

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14 Agenda General project overview & timeline Project impressions Lessons learned Stakeholder management Permitting Financing & Innovation Risk management Movie about wind turbine installation in

15 Stakeholder Management Understand your stakeholders needs Stakeholder analysis is an effort to understand motivation, benefits and pain points of affected parties. The right level of information and involvement will allow steering your project effectively through challenging times, and be rewarding in good times. As a consequence the support of the stakeholder will improve. Structure your stakeholder management by implementing the S.P.O.C. -Principle A Single Point of Contact for a stakeholder or a group of stakeholders ensures one face to the stakeholder, centralized data management and avoids ambiguous information. Examples of key stakeholders for Nordsee One: o Grid operator providing the electricity export connection to shore o Equity investors o Lenders via Facility Agent and their advisory group (technical, legal, tax etc.) o Permitting authorities o Public interest groups 15

16 Permitting (also applicable to public stakeholders, incl. the EU) Co-operate, communicate and stand by your word Be predictable In Germany, the permitting procedure is very comprehensive with involvement of the authorities at every project phase. Projects need to pass several stage gates. Clearly defining and aligning milestones creates a joint roadmap and provides planning security for all stakeholders. Help the authorities to structure their resources to ensure the permit is issued when required. Be open and transparent In case things are going wrong or milestones are delayed, be as open and transparent as possible. Authorities and public stakeholders support a change more smoothly if they understand why it is required. Communicate transparently to avoid obstacles and ensure co-operation. Take certain decisions early The turbine type (here: 6 MW) is the central item to start with. This also applied to the NER300 funding eligibility already back in 2011! The comprehensive permitting procedure and EIB s DD for NER300 involves metocean data, technology details and encompasses fabrication, transport and installation. As all of the requirements are determined by the turbine, this needs to come first. Predictability and reliability supports your project planning and execution significantly. 16

17 Financing & Innovation Does this go together well? Financing a mega-project (>1 bn CAPEX) is always a multi-variable moving target Banks & investors seek predictable conditions, ideally regulated returns and use of tested technology McKinsey found out that mega projects are delivered on average o 1 year late o 30% over original budget Nordsee One (1.2 bn ) did very well on Scope (all assets are operational) Time (less then 3 weeks delay compared to baseline) Cost (within budget and contingencies) But experienced Quality issues: chosen foundation technology was innovative and in hindsight encompassed some issues. Innovative blades turned out to require further design adaptations. Financing seeks predictability and track record Innovation is new and usually radical change More knowledge needs to be gathered and shared within and across the sectors But there are limitations to linear thinking and transferability across sectors (onshore wind, O&G) 17

18 Risk management The key to prepare for the known unknowns and navigate through uncertainty Risk? Yield (un)certainty Offshore installation New technology The word 'risk' derives from the early Italian risicare, which means to dare or to circumnavigate. In this sense, risk is a choice rather than a fate. Peter L. Bernstein 18

19 Thank you for your attention! 19