AG TWEED "From Seed capital to Export Funding Guarantees", the timeline - 14 avril 2016

E v e n t M a i n t e n a n c e d e s t e c h n o l o g i e s r e n o u v e l a b l e s - 2 2 / 0 3 / 1 6

Cluster TechnologyofWalloniaEnergy,EnvironmentandsustainableDevelopment

1

From Seed capital to Export Funding

Guarantees

14Avril2016ASSEMBLEEGENERALETWEED

AGTWEED2016– Conférence&networkingevent« From Seed capitaltoExportFunding Guarantees »

€

t

Using Private/Public Funding for Maturing

Energy Projects

J. De Maeyer 14/04/2016

[email protected]

1 UGent Confidential and proprietary – Jeroen De Maeyer

Business Development at Ghent University


SET – Sustainable Energy Technologies

“To turn excellent technological research results into industrially relevant, innovative solutions for energy challenges

contributing to the creation of a sustainable society”


SET clusters the activities from 5 locations

4

Two cases


Unlocking the potential of metal foam Supporting the Blue Growth sector

An “unusual” spin-off?


www.alhedron.com

Temporary Industry to University Transfer Open innovation

It all started with

Two partners, two worlds ¾ A company producing metal foam (targeting spin-out) ¾ A research group with expertise in thermal modeling

A funded project ¾ Baekeland mandate: employee of the company can obtain a PhD

(mixed public/private funding) ¾ Understanding metal foam used in heat exchangers

A contractual agreement ¾ Most results for the company; with “billijke return”! ¾ General methods for Ghent University

7 UGent Copyright – Jeroen De Maeyer

A change of plans UGent taking the lead

Mid 2011 ¾ Company decides to stop investing in metal foam, ¾ Employee is allowed to finish PhD

Mid 2012 ¾ PhD is starting to deliver very good results and insights

Research group is interested in setting up a spin-off ¾ Team is assembled ¾ Incubation funding is raised

– Industrial research fund – IWT


Industry to University Transfer (IUT) Industry to University Transfer (mid 2012) ¾ Aim: To bundle all relevant knowledge + FTO ¾ Transfer: 4 patent (applications) + results from the IWT project ¾ Deal: UGent will bear all future costs ¾ Goal: Traditional UIT Æ spin-off: Alhedron (°2016) ¾ Deal: No upfront fee, but company will benefit from success

Industry to University “Transfer” ¾ People, Materials, Money: common ¾ IP/Know-how: not so common

– IUT Enablers? (distressed projects, 1+1=3, gap funding) – IUT Pitfalls? (timing, only for non-core IP) – IUT potential financial deals? (no cure, no pay)


2,5 years later - open Innovation


Mid 2014 ¾ Identification of market pain, application, potential customer ¾ Question how to interact with this customer?

– Traditional “university way” – Or collaboration in line with system of “closed pockets”

¾ Closed Pockets = mixed public/private funding – Work to be done by company – Work to be done by university – No financial transactions – Background remains background – Results: co-owned – Preferential partners in the domain – Philosophy: in and outside the domain: non-obstructive

What’s next?


Q32016 ¾ Incorporation of spin-off is planned ¾ Funding via

– Venture Capital – Bank loans – Upfront payments customer – Own contributions –

Two cases


Unlocking the potential of metal foam Supporting the Blue Growth sector

duurzame voedingsbodem voor succesvol technologisch ondernemen

http://images.google.be/imgres?imgurl=http://madders.be/howest_rgb.jpg&imgrefurl=http://madders.be/partners.html&usg=__NzF2AJm5TXtkrj75HMT3hEJnehk=&h=511&w=972&sz=133&hl=nl&start=1&um=1&tbnid=SX0C0wT8rgrgWM:&tbnh=78&tbnw=149&prev=/images?q=howest&hl=nl&sa=N&um=1

Science Park (20 ha)

Incubator

offices business support seminars

knowledge

Blue Growth

Energy efficiency

Research institutes

community

Research Institutes

Government Companies

Triple Helix

Blue Growth according to the EU

BLUE GROWTH: UNLOCKING THE POTENTIAL

OF SEAS AND OCEANS Seas and oceans are drivers for the European economy

and have great potential for innovation and growth. It [Blue Growth] is the maritime contribution to achieving the goals of the Europe 2020 strategy for smart, sustainable and inclusive growth.

The 'blue' economy ¾ +/- 5.4 million jobs ¾ +/- €500 billion gross added value a year


Blue growth according to the EU

1. Develop sectors with high potential for sustainable jobs and growth

¾ aquaculture (Fisheries website) ¾ coastal tourism (link to coastal defence) ¾ marine biotechnology ¾ ocean energy ¾ seabed mining

2. Essential components to provide knowledge, legal certainty and security in the blue economy

3. Sea basin strategies to ensure tailor-made measures and to foster cooperation between countries

¾ O.a. North Sea


Ocean energy?

Wave energy

Tidal energy Ocean thermal energy conversion Osmotic energy (salinity gradient)


Ocean Energy: it is happening


dd.11/04/2016

Context Gen4Wave – Why?


“Gen4Wave believes that the Flemish industry should & can play

an important role in the supply chain of wave- and tidal energy.

Gen4Wave wishes support this and in the mean-time support the offshore and coastal engineering sector. “

Gen4Wave – How?

“Gen4Wave believes that the Flemish industry should & can play

an important role in the supply chain of wave- and tidal energy.

Gen4Wave wishes support this and in the mean-time support the offshore and coastal engineering sector. “

Three pillars 1. Open Test&R&D infrastructure

(Wave Tank, COB) 2. Open Gen4Wave Energy Platform 3. Closed R&D projects


UGent Confidential and proprietary – Jeroen De Maeyer

Funding

CAPEX Infrastructure is (planned to be) funded by ¾ Hercules ¾ IWT ¾ UGent, KULv, Flanders Hydraulics

OPEX ¾ Market conform conditions w.r.t. access for the companies ¾ Reduced fee for academic ¾ Supported access by H2020 (e.g. Marinet or HydraLab)


Cluster funding?

Cluster activities Æ extend to wind ¾ Until now: own funding ¾ Targetted funding via EFRO,

INTERREG and “cluster policy” of Flemish Government (50% co-funding)


Bron: regional cluster atlas Baden-Württemberg 2015

Commercial


Blue energy to blue growth

Wave tank “Sheltered” sea conditions ¾ EFRO, INTERREG

Commercial offshore wind park


Spuikom

Gen4Wave

Commercieel

Vooroever

Project Aqua Value (Agentschap Ondernemen)


Conclusions


Creativity related to funding allows to mature projects ¾ Focussed on one specific product/service ¾ Bringing added value for the industrial sector

Different funding channels are available ¾ Internal academic funds ¾ Private funding ¾ Public funding

– Regional level – European level

Gen4Wave Contact

Jeroen De Maeyer UGent-IOF-SET consortium Technologiepark Zwijnaarde 913 9052 Zwijnaarde 09/264 79 14 [email protected] www.set.ugent.be www.gen4wave.ugent.be www.energy.ugent.be

Agoria 2016 1

Seed & Venture Capital

Dr. Jos B. Peeters

Partners-owned Experienced dedicated investment teams

AIFMD licensed asset manager > € 380 million under management > € 180 million in venture capital

Head office - Leuven, Belgium

Quest Cleantech Fund

€ 52 million* * December 31, 2015

Quest for Growth € 148 million*

* December 31, 2015

CLEANTECH € 112 million

HEALTHTECH € 42 million

ICT € 33 million

CAPRICORN VENTURE PARTNERS

Agoria 2016 2

Our strengths

• Track record • Focused, experienced investment teams • Relevant deals done to date and deal flow • Our reputation in the sectors we invest in and our experience in working

with industrial partners

• Tradition of pro-active portfolio management • Lead or co-lead all investments • Active board representation and strategic involvement • Supporting future rounds of financing

• International experience and orientation • Have invested across Europe and in US • Significant business exposure to South-East Asia

• Credible, established organisation • Multiple, specialised funds with common back office • AFIMD license, supervised by FSMA

Agoria 2016 3

Alternative assets

4

Private Equity

Real Estate Hedge Funds

MBO/I

LBO

Buy-out

Venture Capital Seed

Early-Stage Start-up

Spin-off / Spin-out

Expansion

Agoria 2016

A history of building companies

Agoria 2016 5

The VC Business

• Definition : • Invests at its own risk • Seeks medium term capital gains • Works in partnership with the entrepreneur

• Seeks exceptional opportunities and individuals • Reasonable probability to make 5 to 10 times multiple • CCF made 16 investments in 9 countries out of 2,600

proposals over the past 7 years

Agoria 2016 6

Tech VC’s prefer to invest in

• Entrepreneurs and a team • Technology as sustainable competitive

advantage • strong and clean intellectual property/capital • proof of concepts exists and mode of action

is understood

• A business model we understand and like • Growing and huge markets • ‘Need to have’ proposals with ‘identified

customer problem’ • Focus combined with mutant potential • Well funded and capital efficient companies • Exit perspective @ 5 to 10 x multiple

7 Agoria 2016

Capr

icor

n Ve

ntur

e Pa

rtne

rs 1. Invest to exploit Business Opportunities,

not to develop Technology or Science.

Agoria 2016

EpiGaN’s target markets

Agoria 2016 10

GaN devices

Automotive

Voltage regulator ICs / Drivers discrete transistor & diode

PV Inverter

Power switching

PFC / power supplies DC/AC

inverter DC/DC

converter

EV/HEV & EV/(P)HEV

Inverter

UPS Motor control

Space & defence

CATV

MEMS devices and sensors

IT & Consumer Automotive Telecoms

Datacentres

Power management RF

Sensors

Discrete power transistor & diode / power modules / IPM

30V 1.2kV

Industrial

GaN epiwafer

Agoria 2016 11

Most of the device characteristics are defined by the material: Breakdown Voltage, Current level, Threshold Voltage, Operating Frequency, Uniformity, Yield…

Value is in the EPIWAFER !

Production area and Wafer Qualification line

> Dedicated production clean-room, class 10,000

> MOCVD multi-wafer reactors (AIXTRON) > Wafer Qualification line, class 1,000 > HRXRD batch tool – Photoluminescence-

Electrical characterisation – surface analysis…

> Size: 320m2+160m2 (support area)

Agoria 2016 12

EpiGaN strategy extention: move in value chain

System Capture higher value by making projects

with application customers

Devices /Sub circuits Create more market traction by making

DEVICE demo

Epiwafers Build up on our core strength and uniqueness

FOCUS ON GENERATING REVENUE

Agoria 2016 13

Capr

icor

n Ve

ntur

e Pa

rtne

rs

5. Time your investments to survive the chasms in the technology adoption life cycle and don’t count on your friends to bail you out.

Technology Adoption Life Cycle

Source : Crossing the Chasm, Geoffrey A. Moore Agoria 2016 15

Revised Technology Adoption Life Cycle

Source : Crossing the Chasm, Geoffrey A. Moore Agoria 2016 16

CONTACT DETAILS

Agoria 2016 17

Dr. Jos B. Peeters: [email protected]

CAPRICORN VENTURE PARTNERS Lei 19/1, B-3000 Leuven, Belgium

Tel +32 16 28 41 00

www.capricorn.be

mailto:[email protected]

Renewable Energy Club

Bert Derudder Namur 14/04/16

Bank financing in Renewables

2

� Define bank debt?

� Observation based on ad randum portfolio

Belgium Corporate(non project finance)

Belgium ProjectFinance

91%of total renewablesexposure in corporate portfolio = project finance

Intro: Bank debt in renewables

3

Overview

� Intro: Project finance vs corporate bank debt� Bank debt in renewables: KBC� Project finance basics� Why you should prefer corporate bank debt� Alternative investors in project finance?� Take-aways

4

Bank Debt in Renewables: KBC?

5

Bank Debt in Renewables: KBC(bis)?

6

Recent deals in Energy

Dec 2014

Storm Genk Storm Dilsen-Stokkem

On shore wind

Oct 2010

Solar FinanceSolar

Nov 2010

C-PowerOffshore wind

Phase 1, 2 and 3

Dec 2008

A&S EnergieBiomass

Apr 2008

Biostoom OostendeWaste-to-energy

Jul 2012

Grensland PowerOn shore wind

Aug 2014

Storm MeerOn shore wind

Jun 2014

Wind aan de Stroom On shore wind

Jun 2012

On shore windWindvision Floreffe

Mar 2015

Storm DesselgemOn shore wind

Nov 2012

Windvision Leuze-en-Hainaut

Dec 2008

T-PowerGas-fired power station

7

Dec 2015

Wind4Flanders (on shorewind)

€ 30 million

Mandated lead arranger And debt financier (club deal)

Jan 2016

On shore wind€ 16 million

Sole mandated lead arranger and debt financier

More recent deals in Energy

8

Tijd 3 juli ‘15

� Positieve view on renewable energy (CSR)

� More than enough room under the renewable energy ‘cap’

� New Legislation in Wallonia, Flanders and Belgium (federal) should be more sustainable

KBC strategy is supportive for Renewables

9

36%

28%

11%

12%

13% 0%

KBC portfolio project finance energy

Wind (OnShore)

Wind (OffShore)

Solar

Conventional

Biomass

Biogass

Wind is stronghold

10

� Project Finance dominates portfolio




Renewables portfolio

11

Overview


12

Project Finance basics

Project Finance: what?1. Debt financing is granted to the project only (SPV; Special Purpose

Vehicle)2. Without any recourse on the shareholders3. “Cash flow based lending” 4. Significant impact on structure

Heavy/costly contractsDue DiligencesFinancing structure

Observation1. Often long tenors2. Often high gearing

13

C

SPV

Shareholder Bank(s)

Constrution andMaintenance Contract

Power PurchaseContracts & Green

Certificate contracts

Construction Phase $ (1.bis)

$ (1)

$ (2)

OperationalPhase

$ (2)$ (3)

$ (1) $ (1 bis)

Project Finance basics (bis)

14

• Non-recourse character (long tenors and high gearing) requires clear structuring elements:

• Ring fenced financing structure with financial buffers (eg blocked reserve accounts)

• Steady cash flows secured via strong (expensive) LT contracts

• External Due Diligences

• Risks allocated to parties outside SPV

• Construction Riskeg Turbine contract

• Technology Riskeg Availability guarantees in O&M contract of turbineseg Availability guarantees in O&M contract of biomass plant

• Market RiskEg LT Power Purchase Agreement Eg LT feedstock contract

Project Finance basics (tris)

15

Overview


16

Project finance vs corporate bank debt

There is a trade-off between corporate bank debt financing and project finance

• Project finance allows longer tenors and higher leverage (and deconsolidation) …

• … but comes at a price wrt flexibility and cost (IRR of het project):• Structuring costs (due diligences, security pack, extensive credit contracts)• Project contracts have to be LT, all inclusive and include extensive liabilities • Financial buffers including blocked accounts

17

Project finance vs corporate bank debt

• Is there always a choice?• Risk allocation outside SPV possible? (>> Corporate financiering) (cfr next slide)• Big projects / small sized developer (>> Project finance)• Higher gearing/ longer tenor as motive (>> Project finance)• Deconsolidation as motive (>> Project finance)• IRR/Cost as a motive (>> Corporate financiering)

• Hybrid structures (best of two worlds)• Cost overrun/recourse during construction• Cash deficiency for certain events• …

• (Remark: Project finance is possible via bank debt and via leasing)

18

Biogas

Biomass

Solar

Wind

PPA/GSC offtake

Belgian Subsidy Schemes!

Belgian Subsidy Schemes !

Feedstock

Fragmented markests

Yield Study

Technology Risk

No all in maintenance contracts

All in maintenance contracts?

Strength contractors?

All in maintenance contracts

Structuring Costs vs Size

High structuring and due diligence costs vs small projects

Small projects

Standardization (on shore) or economies of scale (off shore)

Are all technologies fit for PF?

�18

Market risk

19

� Not KBC policy

� Demand Driven




Project Finance dominates Renewables portfolio

20

Overview


21

FactsProject Finance Market

1992 – 1997 1998 - 2002 2003 - 2008 2009 2010 -2012 Today

�21

The earlyyears

•All bank debt•Up to 20 yearstenor

A growing project finance market

•Majority bank debt•Up to 30 years tenor for infrastructureprojects

The competitiveproject finance years

•Bank debt readily available•For larger internationalprojects: competitionbetween bank and(monoline-wrapped) bonds•Up to 30 years tenor forinfrastructure projects

The Crisis

•Sharp Increase in Margins•No Long-Term Debtavailable•For larger internationalprojects: monolines andproject bonds disappeared

Post-crisis

•Bank debt credit margins stabilized –however, continuing shift towards shorter tenors and limited availability of bank debt• Basel III•Emergence of alternative lenders

Today

• Liquidity (!)• Pricing has (temporarily pushed out some institutional lenders)• Soft/Hard Landing

22

Project Finance (renables and Infrastructure): attractive asset class

• An attractive asset class for alternative investors: Pension Funds, Insurance companies, …� Characteristics: Stable cash flows, asset and liability match (longer tenors),

diversifier (low correlation with bonds/equity), potential inflation link� Risk: Acceptable probabilities of default, high recovery rates, low volatility of risk

profile,… � Return: Attractive yield pickup relative to government debt

�22

23

Renewables still a bank’s thing (for the moment)

Limited institutional senior debt in renewables project finance (for the moment), due to:� Pricing (liquidity) � Risk profile of renewables

�23

24

Take aways


> Substantial part of KBC renewables financed by project finance debt> Trade-off between project finance and corporate finance> Project Finance still dominated by bank debt

25

Questions?

Namur – Cluster TWEED - 14/4/2016

REScoop approaches for financing the energy transition

La fédération REScoop EU asbl

• REScoop: Renewable Energy Sources Cooperative • Pas moins de 2 397 REScoops européennes, implantées

principalement en Europe de l’Ouest • Très peu de REScoops en Europe Centrale et en Europe de l’Est

(pas assez de support pour le renouvelable, et de plus le mot “coopérative” y reste facilement associé au communisme)

• Pays où les REScoops ont le plus de succès jusqu’à présent: Allemagne, Danemark, Autriche

• REScoop.eu représente aujourd’hui 1 240 initiatives et 300 000 citoyens actifs dans la transition énergétique, 2 milliards d’euros investis dans des installations de production d’énergie renouvelable pour une capacité de production de 1 GW.

La fédération REScoop EU asbl

Les fédérations REScoop Wallonie asbl et REScoop Vlaanderen vzw

5

REScoop Wallonie asbl

La fédération wallonne

… dans une fédération belge et dans une fédération européenne

Présentation de la fédération REScoop Wallonie asbl

Depuis 2014 - Fédération wallonne des coopératives citoyennes agréées ou à finalité sociale et des associations citoyennes locales : • qui travaillent au développement des énergies renouvelables dans le

respect des principes du développement durable • qui défendent un rôle central du citoyen dans la transition énergétique • qui appliquent les 7 principes coopératifs de l’Alliance coopérative

internationale ainsi que la Charte REScoop.eu Les membres de REScoop Wallonie asbl ne sont pas seulement agréées par la CNC. En effet, en plus elles appliquent les principes coopératifs de l’Alliance Coopérative Internationale, et toute décision doit se faire dans le respect de ces principes :

• L’autonomie et l’indépendance • L’attention portée à la communauté • L’adhésion volontaire et ouverte • Le contrôle démocratique par les membres • La participation économique des membres • L’éducation, la formation et l’information • La coopération entre les coopératives


Notre objectif: Fédérer pour renforcer la participation active des citoyens dans l’exploitation et l’utilisation des ressources énergétiques accessibles sur le territoire de la Belgique, dans le respect des principes du développement durable (social / sociétal, économique, environnemental). Nos missions: • Promouvoir la participation citoyenne dans le développement des ER de

manière à assurer un contrôle public et citoyen sur cette production et à permettre un retour économique pour les citoyens et la collectivité

• Sensibiliser les consommateurs aux ER et à l’URE • Promouvoir la coopération entre les membres (coopératives,

coopératives en formation et ACL) : organiser l’échange d’informations et d’expériences ; des formations ; la mise en commun de compétences ; promouvoir une cohérence entre les membres en ce qui concerne les modes de participation.


12,2 MW installés et 2,9 MW avec permis libre de tout recours = 15 MW Production 2015 : 25 700 MWh = consommation de 7 300 ménages

Les 12 coopératives citoyennes membres effectifs de REScoop.Wallonie rassemblent à ce jour de l’ordre de 5 700 coopérateurs pour 7,8 millions € de capital souscrit, et sont impliquées dans des réalisations ou des projets d’énergie renouvelable (éolien + biométhanisation + hydro, mais majoritairement dans l’éolien à ce jour) à différents stades de développement. Coopératives citoyennes de type REScoopW = fonctionnant conformément au modèle coopératif énergétique citoyen de REScoop Wallonie (le pouvoir décisionnel est un point central : autonomie des citoyens, indépendance du CA qui ne peut pas être soumis au contrôle direct ou indirect du développeur/producteur privé ou public)

www.cociter.be

COCITER – l’énergie que vous produisez !

Les coopératives associées à COCITER sont productrices d’énergie

COCITER fournit l’énergie produite aux coopérateurs

Les citoyens investissent dans les coopératives agréées de production d’énergie renouvelable

,

Les coopératives associées dans COCITER

REScoop MECISE project General objectives

Introducing the “REScoop-municipality approach” in the field of sustainable energy investments:

• local authorities and local REScoops systematically collaborate in developing, financing, realizing and operating projects during their lifetime

• more and more energy efficiency projects become financially feasible by systematically connecting them with renewable energy investments of sufficient scale

Bringing this approach in practice in 6 European Regions and launch > 30 MEUR additional sustainable energy investments

Financing the energy transition REScoop approaches

1. Collaboration between REScoops and local authorities, i.p. municipalities signatories of the Covenant of Mayors, giving access to EU structural funds

2. Make EE investments “bankable” trough connecting them with RES investments in an appropriate scale

3. “Bundling” projects from several REScoops: total investment size suits instruments from EIB or joint EIB/EC initiatives

4. Financial collaboration between REScoops: loans, joint investments, bridging periods with too many or too few projects, get new REScoops started

1) Local authoricity and REScoop collaboration

8 Local authorities often lack the technical and organizational capacity to identify and develop suitable sustainable energy project, raise the financing, realize and operate projects for many years

8 Many municipalities signatory of the Covenant of Mayors find it difficult to realize the measure they have committed themselves to.

8 Local authorities and their citizens organized in REScoops are “natural” partners

8 The type of collaboration (contract, PPP, co-ownership, project company, etc.) depends on the project, the parties preferences, legal aspects, etc.

2) Making EE measures “bankable”

8 Investments in measures for rational use of energy, such as energy retrofit of buildings, efficient public lighting, energy saving measures in general, are difficult to finance as they do not generate positive cash flows

8 Connecting a certain size of EE investments with a certain size of RES investments in one investment programme can bring a solution

8 Stability for 15 to 20 years must be assured

8 Citizens can offer this stability by investing in both local RES and EE projects

8 Citizens are involved, directly through their REScoop, and indirectly through their local authority

3) Bundling projects of several REScoops

8 By bundling investment projects of several REScoops a larger total investment size needed can be reached, in order to become eligible for EIB loans, EEEF and similar financing initiatives

8 A team of financial experts can be composed from staff of several REScoops or financial services can be hired in

8 PDA (Project Development Assistance) tools are available to prepare the preparation of the investment files in the form as needed for the specific financing initiatives

4) Financial collaboration between REScoops

8 Well establish REScoops support new REScoops in the start-up phase

8 Some REScoops might struggle with over-capitalisation when projects can not be realised as planned. At the same time other REScoops might be very successful in developing projects, but do not manage to gather the necessary capital to finance them. REScoops can lend each other the money to bridge these periods

8 Joint development by several REScoops sharing a number projects among each other according to the financial capacity of each REScoop

8 Co-investment by several REScoops in one large scale project: co-ownership with joint exploitation (costs and benefits are divided according the ownership)

ECCO NOVA | RENEWABLE ENERGY CLUB | 2016

ECCO NOVA | RENEWABLE ENERGY CLUB | 2016 2 | 7

NOS CONSTATS

1. PREOCCUPATION ENVIRONMENTALE CROISSANTE VS NIMBY

4. EPARGNE AU PLUS HAUT MAIS INTÉRÊTS AU PLUS BAS

3. RENFORCEMENT DES EXIGENCES DES BANQUES

2. DIMINUTION DES AIDES POUR SOUTENIR LES PORTEURS DE PROJET

5. ENGOUEMENT POUR LE FINANCEMENT PARTICIPATIF


LE CROWDFUNDING

Le crowdfunding décrit toutes les transactions financières qui font appel à un grand nombre de personnes pour financer un projet. Le crowdlending est une variante orientée prêt

En 2014, l’Europe disposait de 200 plateformes de crowdfunding ayant levé près de 3 milliards d’euros et présentant une croissance de plus de 140%

Appliqué à l’énergie, le crowdlending est complémentaire aux coopératives citoyennes et aux banques. 5 millions £ ont été alloués au photovoltaïque en Angleterre suite à l’association de TRILLION FUND et TRIODOS RENEWABLE


LE CROWDFUNDING DANS L’ENERGIE

En 2015, Le crowdfunding appliqué à l’énergie c’est* :

• 24 plateformes dans le monde (17 EU, 7 USA)

• 144 Mio€ récoltés par les 5 leaders (contre 31 Mio€ l’an passé)

• Leadership de l’Allemagne, de l'Angleterre et de la hollande

• TrillionFund – UK - €104,379,968

• Abundance – UK - €15,857,783

• Windcentrale – NL - €15,000,000

• Village Power – US - €4,600,000

• Econeers – DE - €4,100,000

* Source : http://www.recrowdfunding.eu/


LE CROWDFUNDING DANS L’ENERGIE

• France • 5,6Mio€ levés • 100% prêt • Lancée en fin 2014 • Investissement moyen 1.025€

• Allemagne • +4 Mio€ levés • 100% prêt • Lancée en fin 2013

• Royaume Uni • +20 Mio€ levés • Obligations (debenture) • Lancée en 2012

• Fédère les plateformes et les coopératives européennes

• Cofinancé par l’UE • Lancée début 2015 • Objectif : 17 Mio€ => 2017


LE CROWDFUNDING SUR ECCO NOVA

MISSION Faciliter la transition énergétique et le développement durable grâce au crowdfunding

HISTORIQUE Créé en Janvier 2016 par trois entrepreneurs Liégeois issus de l’énergie et de la communication

METHODOLOGIE Sélection technico-financière rigoureuse par ECCO NOVA

Investissements sous forme de prêt subordonné par les internautes

OBJECTIFS 10 projets et 1.000.000 € levés en 2016

Un rendement supérieur à 5%

WWW.ECCONOVA.COM


NOTRE PLATEFORME EN LIGNE

From Seed capital to Export

Funding Guarantee Session 5: Export Funding Guarantee

Nabil Jijakli, Group Deputy CEO Namur – 14 April 2016

International credit insurance Group

¾ Public institution

¾ Belgian State Guarantee / S&P : AA rated

¾ MLT transactions and support to Belgian exporters

¾ Private insurance company

¾ No State Guarantee

¾ ST transactions – insured’s worldwide BEL

GIU

M

Session 5: Export Funding Guarantee, 14 April 2016 2

Country policy

A world of rising short-term risks Credendo’s Political risk map

4 Session 5: Export Funding Guarantee, 14 April 2016

Exemple: la Tunisie cf. www.delcredereducroire.be Analyse du risque pays - Ducroire


Delcredere | Ducroire :

- Mission

- Belgian interest

Delcredere | Ducroire - Mission

Session 5: Export Funding Guarantee, 14 April 2016

To support Belgian international economic relations by

covering risks relating to exports, imports and

investments abroad.

7

Delcredere | Ducroire – Belgian interest


Flexible approach towards

Belgian content

Also considering the Belgian interest,

Belgian added value

8

Delcredere | Ducroire

ECA Products

Financial guarantee Facilitate access to credit facilities

Belgian

Exporter Tunisian Buyer

Credit insurance Cover risks taken on the buyer

Forfaiting / Buyer Loan Offer credit to the buyer

Export transaction


Bank

Financial guarantee Facilitate access to credit facilities

Investment insurance Cover the political risks

Investment abroad


Belgian

Investor

11

http://www.google.be/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwiAmOuykYvMAhUClg4KHTvIBuIQjRwIBw&url=http%3A%2F%2Ftn.erai.org%2F&psig=AFQjCNFLdqk8dS0o-wTuglN3v7KtdJjLbw&ust=1460620466585426

9 Special cash transaction no credit

1) payable per transfer

2) payable per LC with /or without confirmation

9 Buyer credit credit to the buyer / bank 1) Credit facility directly to the buyer

9 Supplier credit credit to the buyer / bank 1) no discounting

2) discounting with /or without recourse

Credit Insurance for Belgian export transactions


3 types of transactions

� Forfaiting for small Belgian export transactions

9 Indirect financing credit to the buyer / Delcredere|Ducroire

� New product coming soon : Buyer Loan 9 Direct financing credit to the buyer / Delcredere|Ducroire

Financing solutions by Delcredere | Ducroire


for transactions up to EUR 5 M

� Investment Insurance no credit

9 Capital invested abroad

9 insured for political risks only

� Financial Guarantee credit to the exporter / bank 9 Helps to access to bank financing

9 Risk sharing with bank

Delcredere | Ducroire – Other Products


Turning uncertainties into opportunities