09:10 - 09:30
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?
Climate and Energy Leader & Top 10 Sustainability Leader,
World Meteorological Organization
09:50 - 10:30
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 by 2050. 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.
- How much capital is flowing into European renewables and how does this compare by historical standards?
- In the current capital markets, how competitive is infrastructure in comparison to private credit, private equity, bond and stocks? Within infrastructure, how does solar compare?
- The GP perspective: how has the capital raising environment changed? Are LPs as hungry to commit to funds? How are traditional insurance and pension fund LPs responding to this higher interest rate environment?
- Power prices, rates and inflation are subject to record variance – how is this impacting valuations and investor returns?
- The spread between equity and debt returns has narrowed – what are the consequences for projects, developers and IPPs?
- How can renewable energy companies innovate and adapt to current market conditions? How are capital raising strategies evolving? Where are the opportunities?
UK CEO, Head of Transaction Advisory,
10:30 - 11:10
To meet future energy demand and REPower EU targets, the renewables industry will require an accelerated scale-up of solar and storage investment and deployment.
- How do investors perceive the investment opportunities in European Solar compared to other markets in the world?
- How does the sector encourage a greater flow of capital into European solar deployment?
- What strategies are being deployed to reduce costs and risks for buyers and projects?
- What can investors, governments and regulators do next to facilitate the energy transition at greater scale?
Director of Project Finance,
11:40 - 12:20
The panel begins with a presentation on the latest forecast for European energy prices for 2024 and beyond.
- What does the latest forecast mean for European solar?
- 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?
11:40 - 12:20
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 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?
- How is the commercial and industrial rooftop solar market shaping up?
- The growing opportunities in large-scale ground-mount solar
Barriers to Clean Electrification Lead,
Energy Transitions Commission
11:40 - 12:20
- The LP perspective: 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?
12:20 - 13:00
- 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?
12:20 - 13:00
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?
12:20 - 13:00
- The LP perspective: 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?
14:30 - 15:10
- What ESG considerations do institutional and private investors have for solar beyond the project supply chain?
- As renewables serve a greater role in the European energy generation mix, concerns around land use and biodiversity for solar projects, sustainable raw materials for battery storage systems and water usage for hydrogen will only grow. How should the sector and long-term investors respond?
- How are investors using ESG to secure long-term commerciality of investments?
14:30 - 15:10
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?
14:30 - 14:50
- 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
Head of Europe Area of Enel Green Power and President of SolarPower Europe,
Enel Green Power & SolarPower Europe
14:50 - 15:50
There will be 11 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 the market's solar association alongside 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
- The Republic of Ireland
- The Nordics (Denmark, Norway and Sweden)
Author & Analyst,
16 Challenges to the Energy Transition
15:10 - 15:50
- 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?
- How are developers and investors acquiring and maintaining public acceptance for PV projects in Poland?
15:10 - 15:50
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.
Partner and CEO,
16:20 - 17:00
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?
- How long do we expect high interest rates in Europe? Are we entering a period of prolonged capital rationing?
- 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 in the current inflationary environment?
17:00 - 17:45
The message from climate scientists is clear – we need to deliver the energy transition faster, but the changing cost and availability of capital is slowing deployment. Those at the forefront of European solar investment, finance and deployment are at the center of this tension. How do the best European developers and IPPs respond to this when they have capital intensive businesses? What is the outlook from investors and project finance bankers?