Solar Finance & Investment Europe Summit 2024 Agenda
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09:00 -
09:05
Presentation
Speaker
09:05 -
09:10
Presentation
Speaker
09:10 -
09:30
Keynote Presentation
The EU is accelerating its rollout of renewable energy establishing a new renewable target of a minimum of 42.5% penetration by 2030. The UK has a target of full decarbonization of electricity generation by 2035. With these ambitions set, how will the climate change within this time-period? What does a less predictable climate mean for weather-reliant renewables? How should this inform our thinking around solar investment and deployment in Europe?
Speaker
Climate and Energy Leader & Top 10 Sustainability Leader,
World Meteorological Organization
09:30 -
09:50
Keynote Presentation
Speaker
09:50 -
10:30
Keynote Panel
According to BloombergNEF, Europe’s transition to clean energy will require $5.7 trillion in investment and financing with $3.8 trillion in investment for wind and solar projects. The European Investment Bank estimates to reach Net Zero by 2050, this would require current annual investments in clean energy to triple. We start the summit with an outlook of capital allocation and investment appetite for renewables.
- In the current environment, how attractive is renewable energy investing?
- How is the balancing of portfolios evolving? In the current capital market, how competitive is infrastructure in comparison to private credit, private equity, bond and stocks?
- How are pressured returns, inflation and rising cost of capital impacting the prospect of renewable energy investment and financing?
- To what extent are returns, climate pressures and ESG a driving factor in capital allocation decisions?
- How far down the value chain do investors need to go to capture optimal risk-adjusted returns?
- What do fund managers want to see downstream to build greater confidence in solar investment?
Moderator
Speakers
10:30 -
10:50
Insight Presentation
Speaker
10:50 -
11:10
Insight Presentation
Speaker
PPA, Cost of Capital and Commerciality
Western European Markets & EPC Availability
Scaling European Solar Investment & Deployment
11:40 -
12:10
Stream One
Insight Presentation
- How are others ensuring greater accuracy of their financial modelling when power projections are volatile?
- How should developers and investors approach negotiations when there is volatility in power price forecasts?
Moderator
Speakers
11:40 -
12:40
Stream Two
Panel Discussion
The UK Government has established the Solar Taskforce in collaboration with industry, tasked with putting into action the nation’s target to increase solar capacity by nearly fivefold by 2035 – this would amount to a 70GW solar market.
Considering the strong appetite for solar across the British political landscape, barriers to deployment and uptake of opportunities are the only foreseeable obstacle to unlocking the UK Solar market.
What challenges and opportunities lie ahead for established players, new market entrants and the sector more broadly?
Considering the strong appetite for solar across the British political landscape, barriers to deployment and uptake of opportunities are the only foreseeable obstacle to unlocking the UK Solar market.
What challenges and opportunities lie ahead for established players, new market entrants and the sector more broadly?
- With a national election on the horizon, what would a change of government mean for UK solar?
- The progress on accelerating waiting times for planning and grid connection of solar projects
- How is the UK addressing workforce shortfalls to deliver 2035 ambitions?
- With storage being a focus for the UK solar taskforce and electricity system operator, how is the co-located energy storage opportunity evolving in the UK market?
Moderator
Speakers
Renewable Electricity Senior Policy Adviser,
Department for Energy Security and Net Zero
11:40 -
12:20
Stream Three
Keynote Panel
To meet future energy demand and REPower EU targets, the renewables industry will require an accelerated scale-up of solar investment and deployment.
- How do investors perceive the investment opportunities in European solar compared to other markets in the world?
- How does solar investments compare to other renewable assets?
- How does the sector encourage a greater flow of capital into European solar deployment?
- What is needed downstream to secure greater IRR on investments in solar portfolios?
- What strategies are being deployed to reduce costs and risks for buyers and projects?
Moderator
Speakers
12:10 -
13:00
Stream One
Presentation
- What is the long-term outlook for the PPA Market in Europe?
- How are guarantees or origin (GOs) changing the economics of European PPAs?
- Considering there is an over-abundance of PV projects seeking PPAs, how are others securing PPAs?
- How are investors and developers balancing their revenue streams between merchant and PPA?
Moderator
Speakers
12:20 -
13:00
Stream Three
Keynote Panel
- In the current environment, how attractive are investment in European renewables projects?
- How do institutional investors view the competitiveness of renewables infrastructure in comparison to private credit, private equity, bond and stocks?
- To what extent are returns, climate pressures and ESG a driving factor in capital allocation decisions?
- What do LPs consider to be the most prominent hurdles impeding greater allocation for renewables infrastructure?
- What do institutional investors want to see downstream to build greater confidence and appetite in solar investment?
Moderator
Speakers
Principal & Author of the OECD Report on Green Finance & Asia Development Bank (ADB) Report on Private Finance,
Inderst Advisory
PPA, Cost of Capital and Commerciality
Western European Markets & EPC Availability
Scaling European Solar Investment & Deployment
14:30 -
15:20
Stream One
Panel Discussion
- What role does ESG facilitate in securing the long-term commerciality of projects and investments?
- What ESG considerations do investors and developers have in focus for European solar?
- How are sustainability and sustainable finance regulatory pressures impacting the decision-making space for investors and developers?
- How are investors demonstrating ESG through integrated reporting and fund classification to attract funding at scale?
Moderator
Speakers
14:30 -
15:30
Stream Two
Panel Discussion
Spain has the largest solar pipeline in Europe with 100+ GW of projects already with grid approval. The country is now targeting 170GW of solar PV by 2030 following revisions to Spain’s National Energy and Climate Place (NECP).
- How are developers and investors preparing for the upcoming 2025 grid connection deadline? Will there be an extension?
- For upcoming grid access, what criteria must developers meet to find success?
- How are developers and investors navigating EPC shortfalls
- How are investors planning to shield their returns from price cannibalisation trends? How does this shift the long-term investment outlook in Spain?
- Capacity markets are on the horizon for Spain. How does this change the economics of hybrid and BESS projects?
Moderator
Speakers
14:30 -
14:50
Stream Three
Keynote Presentation
- Progressing grid capacity and connection procedures to unlock expansion of RES
- Focusing investments on projects that optimize the performance of existing renewable assets and utilize the grid capacity efficiently
- Prioritising green energy producers with the expertise and technical knowledge to execute rapid renewable projects
- Growing repowering activities to increase the energy output of aging power plants
- Catalysing energy storage deployment and investment to ensure a secure energy supply
Speaker
Head of Europe Area of Enel Green Power and President of SolarPower Europe,
Enel Green Power & SolarPower Europe
14:50 -
15:50
Stream Three
Interactive Roundtables
There will be 10 interactive roundtables taking place simultaneously – with each roundtable focused on a specific country or region covered on the programme.
Each roundtable will be moderated by a developer and or investor with high exposure to the respective market providing first-hand insights. Each roundtable will explore the roadblocks and opportunities for investment and deployment of PV.
Each roundtable will focus on one of the following countries or regions:
- The United Kingdom - Chris Hewett, Jessica Bere, Gerry Shannon
- Greece - Anastasios Papazachariou
- Italy - Ferruccio Leandro Chiesi
- Romania - Radu Eremciuc
- Poland - Anna Chielewska
- France - Xavier Daval
- Spain - Sebastian Vondrus
- Portugal - Noel Shannon
- Germany - Niels Jakeman
- The Republic of Ireland - Conall Bolger
Moderator
Speakers
15:20 -
15:50
Stream One
Presentation
Speaker
PPA, Cost of Capital and Commerciality
Western European Markets & EPC Availability
Scaling European Solar Investment & Deployment
16:20 -
17:00
Stream One
Panel Discussion
Over the course of the 2010’s, the UK and Euro area enjoyed historic low levels of interest rates. With interest, inflation and lending rates on the rise, what does this mean for investors and developers of solar ahead?
- What does the sector expect interest and inflation to look like in 2024?
- What will be the new normal for cost of capital ahead?
- How are banks’ perspectives on PPA vs merchant changing?
- What will be the impact on investor returns and investment strategies going forward?
- How are lender’s appetite for risk evolving?
Moderator
Speakers
16:20 -
16:50
Stream Two
Insight Presentation
Speaker
16:20 -
17:00
Stream Three
Panel Discussion
The Romanian Ministry of Energy has partnered with the European bank for Reconstruction and Development (EBRD) to set up a Romanian Contracts for Difference (CfD) with the first round taking place in 2023 with an allocation of 1.5GW for solar and wind.
This panel with provide an inside look into the realities of doing business in Romania from challenges relating to the bankability of PPAs, attracting corporate offtakers, merchant-busy models and the market opportunity ahead.
This panel with provide an inside look into the realities of doing business in Romania from challenges relating to the bankability of PPAs, attracting corporate offtakers, merchant-busy models and the market opportunity ahead.
Moderator
Speakers
17:00 -
17:45
Stream One
Keynote Panel
The message from climate scientist is clear – we need to deliver the energy transition faster, but capital markets are indicating we need to pause, slow down and accept a temporary recession as rates rise to control inflation.
The fundamentals of the energy transition are sound, but market conditions remain a challenge as stakeholders report indicators of cooling capital and available capital raising in cost.
How do the best European developers and IPPs respond to this when they have capital intensive businesses? What is the outlook from investors? What are investors looking for in their long-term development partners?
The fundamentals of the energy transition are sound, but market conditions remain a challenge as stakeholders report indicators of cooling capital and available capital raising in cost.
How do the best European developers and IPPs respond to this when they have capital intensive businesses? What is the outlook from investors? What are investors looking for in their long-term development partners?
Moderator
Speakers
16:50 -
17:40
Stream Two
Panel Discussion
With Europe projected to be at near a TW of solar capacity by 2030, the next key bottleneck ahead is the shortfall in EPC capacity across Europe.
This session brings into focus the solutions developers, investors and EPCs are bringing to the table. How is the sector planning ahead to facilitate a historic deployment of European Solar?
This session brings into focus the solutions developers, investors and EPCs are bringing to the table. How is the sector planning ahead to facilitate a historic deployment of European Solar?
Moderator
Speakers
17:00 -
17:45
Stream Three
Panel Discussion
- Poland is experiencing an expansion of its balancing market and ancillary services - what does this mean for solar portfolios ahead?
- How are investors and developers practicing cable pooling fast tracking new development?
- As private debt floods the polish market, how does this impact the cost of capital situation in Poland?
- Will price caps be extended? What does this mean for energy prices and expected returns?
Moderator
Speakers
17:45 -
19:00
As the day's discussions draw to a close, unwind and indulge in an evening of relaxed networking at the Solar Finance and Investment Europe Drinks Reception, graciously sponsored by GCL.
Whether you're looking to deepen existing relationships or spark new collaborations, GCL and the Solar Media Team invite you to mingle with peers, experts, and thought leaders in an informal and convivial environment in the heart of London.
09:00 -
09:20
Stream One
Insight Presentation
- How a detailed understanding of grid curtailment remains a blind spot for solar investors
- Why DNOs forecast curtailment risk beyond 100%
- What realistic grid curtailment risk analysis techniques could you deploy to support FID?
Speaker
09:00 -
09:40
Stream Two
Panel Discussion
The appetite for co-location of renewables assets with storage continues to grow as developers and investors seek greater returns, mitigate curtailment, embrace merchant risk and realize the role storage will facilitate in strengthening European grids.
- What markets are ripe for new solar and storage development in 2024?
- How do you actively manage and balance the operation of the generation plant and storage facility?
- What strategies are others using to maximise their revenues by participating in different power markets?
- What digitalisation and automation tools are plant managers using to actively manage the plant and sell power?
Moderator
Speakers
09:00 -
09:50
Stream Three
Panel Discussion
- Under what conditions are green bonds an attractive financing method for a solar or storage projects? What is needed to mainstream this method of financing renewable projects?
- How should developers leverage HoldCo structures/financing to maximise returns?
- How are others leveraging underutilised financing structures such as bridge-to-bond models, pre-paid PPAs, vendor loans and merchant financing
- What flexible capital is available for developers seeking to transition to Independent Power Producers (IPPs)?
- What bridge financing solutions can developers use to provide liquidity for construction risk and delays in long-term funding?
Moderator
Speakers
09:20 -
10:00
Stream One
Panel Discussion
The Italian market is one in transition – from its energy generation mix to its grid and revenue markets. Italy is targeting 65% of electricity generation from renewable sources by 2030 – 58GW forecasted to come from solar.
- How do investors and developers navigate grid connection challenges during this transitionary period?
- Is storage the transitionary solution to integrate new power generation into the grid?
- As coal is phased out by 2025 and natural gas is expected to remain a significant portion of the energy generation mix, what does this mean for energy prices in the future?
- What opportunities does a heating up PPA market provide for investors, traders and corporates?
Moderator
Speakers
09:40 -
10:40
Stream Two
Panel Discussion
With solar assets expected to last for 30-40 years, effective long-term asset management prevents underperformance, stranded assets and maximises returns from plant operation and project exits.
- What strategies, technologies and tools are asset owners deploying to improve and pro-long existing portfolios?
- When do you repower and how can you extend a project’s life without redeveloping?
- Is it too early to consider recycling and decommissioning practice?
- How to accurately assess the value of assets in the secondary market?
Moderator
Speakers
09:50 -
10:10
Stream Three
Insight Presentation
- Which different revenue streams can be utilized?
- How to take your grid constraints into account?
- How to value your business case?
Speaker
10:00 -
10:40
Stream One
Panel Discussion
The EU has targeted renewables to account to 42.5% of overall energy consumption by 2030 which would require doubling the share of renewables in the EU’s energy mix. This target will be impossible to meet without significant renewable deployment in Central and Eastern Europe (CEE) as the region currently generates only around 25% of electricity from renewables compared to 55% from fossil fuels presenting a real risk to the region being left behind in the European energy transition.
- What is needed to unlock the solar potential in Central and Eastern Europe?
- What investment opportunities does the region offer?
- What do investors need to see in the region to attract greater flows of investment?
- What is the current reality on the ground experienced by pathfinding investors and developers?
Moderator
Speakers
10:10 -
10:40
Stream Three
Fireside Chat
CAPEX has been volatile with the current forecast predicting the cost of equipment and raw materials to lower over the duration of 2023.
What should the industry expect in 2024? How should this impact investment appetite and decisions? What does this mean for procurement strategies ahead?
Moderator
Speakers
European Markets - A Closer Look
Co-Located Storage & On-Site Solar
Financing, CAPEX & the Secondary Market
11:10 -
11:50
Stream One
Panel Discussion
- How does the changes to renewable feed-in tariff structures and the removal of the EEG surcharge impact project economics ahead?
- As several GW of merchant solar PV parks above 10MW sit in the project pipeline, how is the merchant market evolving?
- Is a contracts for difference (CfD) model on the horizon in Germany? What would this mean for solar?
- Germany’s 2023 PV Strategy seeks to re-establish domestic large-scale solar power module production capacities. What opportunities does this present for investors and developers?
Moderator
Speakers
11:10 -
11:50
Stream Two
Panel Discussion
- The EU is targeting 42% of H2 used in industry and transport to be sourced from renewables by 2030. How does this change the offtake market outlook for hydrogen produced by solar generation?
- When is co-locating hydrogen more economically viable than other energy storage?
- What subsidies are available for green hydrogen + solar projects?
- What do the revenue streams for solar + hydrogen projects look like?
Moderator
Speakers
11:10 -
12:30
Stream Three
Interactive Roundtables
This session will begin with quick-fire presentations from each investor on the investment, acquisition and partnerships opportunities they’re currently seeking.
Investors have been selected to cover a range of activities, European markets and investment mandates.
The audience will then split into smaller roundtable discussion groups where investors and developers can discuss business 1-2-1. Each round table will be hosted by an investor and developers will move around the room.
Moderator
Speakers
11:50 -
12:30
Stream One
Panel Discussion
The Irish Government has committed to reaching 80% renewables share in the energy generation mix by 2030. The Government is supporting the deployment of generation through the auction-based Renewable Electricity Support Scheme (RESS). The RESS will package between €7.2bn to €12.5bn in supports.
The latest allocation of RESS (RESS 3) is scheduled to conclude Q4 2023. RESS 3 includes allocation for both solar and hybrid solar and storage projects. An electricity storage policy framework for Ireland is on the horizon causing appetite for storage and hybrid solar to heat up. This session explores the investment tail and headwinds ahead for Ireland.
The latest allocation of RESS (RESS 3) is scheduled to conclude Q4 2023. RESS 3 includes allocation for both solar and hybrid solar and storage projects. An electricity storage policy framework for Ireland is on the horizon causing appetite for storage and hybrid solar to heat up. This session explores the investment tail and headwinds ahead for Ireland.
Moderator
Speakers
11:50 -
12:30
Stream Two
Panel Discussion
Forecasts predicting two-thirds of installed solar by 2025 in France will be ground mounted, making ‘eligible land’ for solar projects is increasingly becoming a hot commodity. This has lead to an increase in solar projects with low-land use and land repurposing at the core of their design.
To facilitate this step change, the French Parliament adopted Law No. 2023-175 which will accelerate renewable energy deployment by:
This panel explores how these developments in the French market is re-shaping the investment and development opportunities French solar has to offer.
To facilitate this step change, the French Parliament adopted Law No. 2023-175 which will accelerate renewable energy deployment by:
- Establishing a solar registry which will identify ‘acceleration zones’, listing development potential for rooftop and carparks
- Lifting construction restrictions on repurposable land such as wasteland providing projects meet biodiversity and public safety conditions
- Offering access to state-owned land like unused plots near railway tracks
- Presenting regulatory certainty of agrivoltaism, certifying agrivoltaic projects can receive EU agricultural subsidies and enabling some non-agrivoltaic PV projects to be developed on farmland
- Confirming solar requirement for 1,500 sqm+ carparks will come into force from July 2023
- Setting ‘priority solarisation’ target for new non-residential buildings from July 2025
This panel explores how these developments in the French market is re-shaping the investment and development opportunities French solar has to offer.
Moderator
Speakers
European Markets - A Closer Look
Co-Located Storage & On-Site Solar
Financing, CAPEX & the Secondary Market
14:00 -
14:40
Stream Two
Panel Discussion
Greece is on track to auction 4.1 GW of RES projects between 2023-25 with approximately 3 GW expected to be awarded to solar projects. Additionally, tenders are on the table for storage too. The allocation of 1,000 MW of power capacity and 2 GWh of large-scale storage capacity is expected to take place 2023 Q4.
At the top of the priority list for Greece is grid connection and a roadmap for grid enforcement and development has been made for the coming years.
This session explores what’s next for Greek solar including tenders, a growing appetite for corporate PPAs, the impact of Green Pool scheme, attitude of Greek banks to merchant prices and the road map for grid connection ahead.
At the top of the priority list for Greece is grid connection and a roadmap for grid enforcement and development has been made for the coming years.
This session explores what’s next for Greek solar including tenders, a growing appetite for corporate PPAs, the impact of Green Pool scheme, attitude of Greek banks to merchant prices and the road map for grid connection ahead.
Moderator
Speakers
14:00 -
14:40
Stream Two
Panel Discussion
Rooftop portfolios have ballooned across the UK and mainland Europe. Private wire designs are continuing to capture the interest of investors and corporate offtakers alike due to power prices and land constraints.
This session explores what innovation is taking place in European on-site solar generation, what is needed to unlock barriers to deployment and how can funders provide a step-change to enable growth?
This session explores what innovation is taking place in European on-site solar generation, what is needed to unlock barriers to deployment and how can funders provide a step-change to enable growth?
Moderator
Speakers
14:00 -
14:40
Stream Three
Panel Discussion
M&A trends in European solar and storage provide a glimpse into the overall health and dynamics of the capital market.
What should the sector expect in 2024 around valuation and pricing, shifting appetite on technologies, capital availability, investor expectations around solar and storage assets, evolution of development platforms, implications of European joint ventures and the impact of changing regulatory environments on market confidence.
What should the sector expect in 2024 around valuation and pricing, shifting appetite on technologies, capital availability, investor expectations around solar and storage assets, evolution of development platforms, implications of European joint ventures and the impact of changing regulatory environments on market confidence.
Moderator
Speakers
14:40 -
15:20
Stream One
Panel Discussion
This panel brings together industry experts, investors, and developers to explore the financing strategies, market trends, and policy recommendations that will shape the future of solar projects in the Nordic region.
- Overview of current projects and investments in the Nordic solar market
- Market split: residential, commercial & industrial (C&I) and utility sectors
- Addressing challenges related to regulations, permitting, and grid integration
- Challenges and opportunities in structuring PPAs to attract financing
- Anticipated policy changes and their potential impact accelerating solar energy deployment in the Nordics
Moderator
Speakers
14:40 -
15:20
Stream Two
Panel Discussion
For Europe to reach Net Zero by 2050, current annual investments in clean energy are required to triple. Corporate capital is a critical part of the capital stack that needs to be fully utilised to accelerate European energy transition.
This panel explores what offtakers are seeking in their long-term partners, the role of solar in decarbonisation of commercial and industrial sectors, and how some offtakers are directly getting involved in power generation markets.
This panel explores what offtakers are seeking in their long-term partners, the role of solar in decarbonisation of commercial and industrial sectors, and how some offtakers are directly getting involved in power generation markets.
Moderator
Speakers
14:40 -
15:20
Stream Three
Panel Discussion
Portugal has garnered significant attention as an attractive solar market for investors and developers.
As Portugal races to become a 20GW solar market by 2030, what strategies are investors and developers deploying to get projects off the ground and secure attractive returns?
As Portugal races to become a 20GW solar market by 2030, what strategies are investors and developers deploying to get projects off the ground and secure attractive returns?
Moderator
Speakers
15:50 -
16:30
Panel Discussion
- How are Transmission System Operators (TSOs), Distributed Network Operators (DNOs) and Independent Distribution Network Operators (IDNOs) responding and facilitating growth in renewables?
- What progress has been made towards the EU’s interconnection target of 15% by 2030? What impact will this have on the sale of energy?
- What role will storage and digitalisation technologies play in grid moderisation? What does this mean for investors and developers alike?
- Do investors have confidence in the investment programs of UK and European grids?
- How are talent shortages affecting grid build out and how are grid operators responding?
Moderator
Speakers
16:30 -
17:00
Fireside Chat
The solar industry has witnessed a continued withdrawal of government subsidies for new investment in solar projects. This has resulted in the sale of wholesale power becoming an increasing part of the returns generated from solar generation. As Europe solar supply capacity grows, the surplus power from solar sites depresses wholesale electricity – this is already visible in Spain which has the lowest power prices in Europe as of July 2023. This risks shrinking revenues from solar ahead.
- Will solar be financially viable without subsidy-driven markets into the future? Should the sector expect a return to European subsidies?
- How will projects be financed in the absence of subsidy-driven markets?
- How does risks of power price cannibalisation change the outlook of investment in European Solar?
- Will still further change the economics of co-located battery storage? What role will battery and alternative storage solutions facilitate in responding to power price volatility and cannibalisation?
Moderator
Speakers
Head of Policy and Strategy, Renewable Delivery,
Department for Energy Security and Net Zero
17:00 -
17:05
Presentation