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Welcome to the Apricum Solar Intelligence Quarterly Apricum, as the premier advisory firm for clean energy,
MENAT Edition – sample report. As a supplement to is poised to support you in navigating the turbulent
our tailored strategy and transaction advisory services, waters of the solar industry, in particular in the MENAT
we offer a subscription product, with a quarterly region. Through our long presence and experience in
intelligence report as the centerpiece. the region, we are well positioned to provide accurate
and actionable advice.
The sample report summarizes key figures from
Apricum’s proprietary PV market model and highlights I hope this sample report sufficiently illustrates the
current trends in these industries globally. In particular, value we can add for you and your company.
it features an in-depth look into the MENAT region.
We are ready to discuss how we can further help you
With the reduction of solar targets in China and the in growing your business in the MENAT region and
ITC in the U.S. under potential threat, the medium- beyond.
term outlook at the start of 2017 has changed
significantly from where we were last year. On the
Your direct contact:
other hand, we also see more and more concrete
projects being tendered and realized in new markets.
Nikolai Dobrott
The ever more compelling economics of solar and
Managing Partner
CSP will increasingly replace regulatory stimulus as
dobrott@apricum-group.com
the basis of growth.
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Agenda.
Company tracker
Projects list
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USA 13.5 -
Japan 9.0 -
India 5.1 -
Germany 1.3 -
France 0.7 -
Brazil 0.2 -
Australia 0.8 -
Chile 1.1 -
Taiwan 0.5 -
Thailand 1.0 -3
Mexico 0.3 -
Turkey 0.4
Italy 0.4
Others 4.7
Total 70.5
Source: Apricum PV Market Model Q1/2017, center scenario
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Global quarterly update
CSP globally will receive a big boost from the launch of the
1.35 GW round in China, and its 2020 10 GW target.
Global CSP developments
USA INDIA CHINA
• SolarReserve • Frenell awarded • FiT of 17 USDc/kWh confirmed
proposed a 2 GW contract for • CSP target under the 13th
USD 5B integration of CSP Five-Year Plan reduced from
CSP+storage into a 210 MW the previously proposed 10
project in Nevada; hybrid coal project in GW to 5 GW by 2020
decision will be Uttar Pradesh • List of 20 CSP+storage plants
made in the next six for the 1.35 GW demonstration
months1 project round formally released
in September; plants expected
to commission in 2018
• The first plant under the
demonstration round has
already come online in
Brazil
October in Gansu province and
• Regulators will
is now the largest CSP plant
confirm five
locally, up from 10 MW before
consortia to
participate in a CSP
R&D program
launched in 2015
• A 50 MW plant in AUSTRALIA
the Northeastern UAE Oman
• DEWA received 30 • Oman is in process • SolarReserve’s proposal of
region entered the a 800 MW CSP+storage
feasibility studies EOIs at end- of recruiting advisors
October for its for its 200 MW PV- project in South Australia
phase has generated some interest
Phase 4 200 MW CSP hybrid tender
CSP tender amongst politicians
1) SolarReserve currently has an operational 110 MW project under a 13.5 USDc/kWh PPA
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Global quarterly update
Report includes top 5 PV countries and markets to watch
summarized in terms of key market drivers and updates.
Top 5 PV markets Key markets to watch mid- to long-term
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Agenda.
Company tracker
Projects list
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• The first two projects from Turkey’s 600 MW PV FiT tender were completed in Q4 2016, one of them
despite the hefty licensing fees of USD 250,000/MW Interested EPCs and financiers should begin
revisiting the few projects with sub-USD 500,000/MW licensing fees
• Egypt showed small but meaningful progress on its multiple open tenders as the first PV FiT project
developed by Infinity Solar reached financial close in Q4 2016, via a financing structure optimized to
mitigate foreign exchange risk over project phases
• Saudi Arabia’s energy minister estimates that USD 30–50B would be required in private sector
investments to realize the government’s renewables target of 9.5 GW by 2030, although Apricum
believes this is overestimated1; a 300 MW PV tender will reportedly be launched in the near term
developers should be prepared to move quickly and begin seeking out potential avenues of local
content should this prove to be a requirement
• Algeria released an announcement upsizing its next PV round to 4 GW, with local content focus
PV manufacturers interested in serving this market should begin to investigate the feasibility of local
cell and module manufacturing
• Jordan launches Round 3 of its Direct Proposal IPP for 200 MW of solar and 100 MW of wind;
Morocco progresses with multiple PV, CSP and wind projects
Source: Apricum analysis; 1) At a conservative USD 1.5/W for both PV and onshore wind, 9.5 GW would require less than USD 15B in system CAPEX
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Source: Apricum PV Market Model Q1/2017; countries included: Algeria, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia,
Sudan, Syria, Tunisia, Turkey, UAE, Bahrain, Yemen; 1) Original tender guideline for 350 MW
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MENAT quarterly update SAMPLE PAGE
Turkey and Jordan will lead the market in 2017, but will
soon be surpassed by the UAE.
Top annual MENAT PV markets forecast, sorted by installations in 2017 [MWp]
Country 2015 2016 2017 2018 2019 2020 2021 2021 cum.
(+/- ∆ Q4) (+/- ∆ Q4) (+/- ∆ Q4) (+/- ∆ Q4) (+/- ∆ Q4) (+/- ∆ Q4)
Jordan 50 +5 291 -
Morocco 25 - 48 -
Egypt 25 - 44 -
Iran 0.1 - 6 -
Algeria 268 - 85 -
Tunisia 5 - 6 -
Oman 4 - 10 -
Qatar 3 - 6 -
Saudi 2 - 4 -
Kuwait 2 - 21 -3
Bahrain 1 - 1 -
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MENAT quarterly update
Report includes detailed summary of all MENAT markets
mature, emerging and nascent.
Top & emerging markets in MENAT Nascent markets in MENAT
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Agenda.
Company tracker
Projects list
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Company tracker
Apricum monitors MENA companies with solar activities
and highlights important quarterly developments.
Regional company monitor
Content in full quarterly report
• Comprehensive list of top MENAT
companies active in the PV and CSP
space
• Identification of companies’ key
activities in solar
• Update of companies’ quarterly
activities in the region and globally
• Companies from the following
countries covered
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Company tracker SAMPLE PAGE
Jordan Kuwait
• Green Watts • Kharafi National
• Millenium Energy
Industries
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Company tracker SAMPLE PAGE
KSA PV project development, • Secured further loans of USD 71M total from EBRD and PROPARCO in
IPP Dec 2016 for its 50 MW ac Jordan Round 2 project
KSA Project development, IPP • Secured financing of total USD 54M for its 50 MW ac Jordan Round 2
project; commissioning expected Q3 2017
• Awarded Noor PV I 170 MW projects in Morocco (3 plants of 20, 70 and
80 MW) in consortium with Chint for its winning bid of 4.8 USD cents/kWh
• Reported 75% completion of DEWA II at end-2016
Kuwait Infrastructure developer • Company’s 10 MW Shagaya Phase I PV project in Kuwait did not meet its
2016 completion deadline Apricum assumes pushed back to 1Q 2017
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Agenda.
Company tracker
Projects list
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Projects list
The full report contains a comprehensive list of all major PV
and CSP power projects in the MENAT region.
Market coverage of project updates for the MENAT region
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Projects list SAMPLE PAGE
Source: Apricum research; 1) Diamond Generating Europe Ltd. (subsidiary of Mitsubishi Corp.); Nebras Power Q.S.C. (subsidiary of Qatar Electricity & Water Company); Kawar
Group; 2) purchased from original developers, Evolution Solar, AMP and RAI; 3) Millenium Energy Industries (local), subsidiaries of the Maccaferri Industrial Group (Italy) and
Desert Technologies (Saudi Arabia); 4) bought in after award
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Projects list SAMPLE PAGE
Source: Apricum analysis; 1) The estimates from ONEE are outdated and bid results will be significantly lower; 2) Note these projects are located in Western Sahara territory and
may face financial hurdles
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Projects list SAMPLE PAGE
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