THE

GROUP

FICCI
Lessons Learned for India

Dr. Martin Stickel

The Fichtner Group

Established in 1922 and family-owned ever since

Germanys biggest independent engineering and
consultancy enterprise

More than 1800 employees worldwide
over 500 in our Home Office

Over 500 in India (Chennai, Mumbay, Delhi)

Project experience in 150 countries, over 1200 ongoing projects
650 of these in our Home Office

Total turnover of 196 million in 2009

Capital investment volume now under planning in the home office:
60 billion of which some 12 billion is in renewable energies
2

Worldwide Presence

We are represented in over 50 countries with subsidiaries and affiliates,

branches and project offices
3

Fichtner's Areas of Activity

Energy
Energy economics power plants renewables district heating
energy transmission and distribution I&C and power system technology
oil & gas energy management electric mobility
energy-purchasing portfolio management
Environment
Environmental management environmental technology
environmental information systems waste management
soil and water protection air pollution control
sustainable development emissions trading
Water & Infrastructure
Total water management drinking water supply and sanitation
surface and engineering structures traffic, transportation and civil engineering
mining and mineral economics integrated infrastructure concepts

Consulting & IT
Studies organization and strategy consultancy privatizations
project management financial modeling infrastructure management
IT consultancy and services geo-solutions

Total Turnover of Fichtner Group, 2009

By business sector
Energy
Environment
Water & Infrastructure
Consulting & IT
Total turnover 2009
By region
Germany
Europe and CIS
Africa
Middle East
Latin America
Asia, Australia
Total turnover 2009
5

109.5 m
23.4 m
29.0 m
33.7 m
195.6 m

68.9 m
32.7 m
27.5 m
27.1 m
7.2 m
32.2 m
195.6 m

Renewable Energy Technologies

Photovoltaic
Solarthermal power
Hydropower
Wind power
Geothermal power
Solid biomass
Sewage and landfill gas
Biogas

Biomass to Liquid (BtL)

Fuel Cells

Present PV Highlights
About 20 PV projects ongoing at present, mostly due diligence services on behalf
of financing institutions and investors as well as owners engineering services,
among others:

3 projects in Spain
>10 projects and project pipelines in Italy
1 project pipeline in the Czech Republic
1 project in Qatar (test facility for solar equipment)
4 projects in Bulgaria
1 project pipeline in Canada
2 projects in Peru
1 project in United Kingdom
1 project in Chad
1 project in Ukraine
1 project in Turkey
1 project in Thailand
1 project in India

Technology / reliability studies on behalf of reknown and innovative PV module

producers (thin film and crystalline)
In total above 500MW installed capacity, i.e. CAPEX >>1bn; inter alia Europe
largest PV plants (Rovigo >70WM, Montalto di Castro >80MW in total)
For research related fields long term colaboration with Centre for Solar Energy
and Hydrogen Research (ZSW) in Stuttgart.

PV Due Diligence Services Typical Project Structure

Investor
Lender
Loans

Developer

Insurance
company

Equity

Project
Rights

Policies

Solar Project
Special Purpose
Vehicle (SPV)

Power purchase
agreement

Operation
Contract

Management

O&M Contract

EPC Contract

Utility

Service
Company
EPC contractor(s)

Objectives:



8

Implementation of a long life power plants with high energy yield and availability
Proper and safe operation complying with the relevant requirements
Low cost, high return on investment

Due Diligence Services in PV Projects

Preliminary
DD
Yield
Projection
Full Due
Diligence
Construction
Monitoring
Verification of
Construction
Completion
Prov. & final
Acceptance
Operation
Phase
9

Phase I: Pre-Financial Close Due Diligence - I

1. Preliminary Due Diligence
Suitability of the key plant components (modules, inverters)
Rough verification of the plant key data (size of the site, installed capacity)
2. Yield Projection
Input
Irradiation data to be expected on site based on the best available sources
Site inclination
Project design (e.g. inclination and positioning of the modules, partial shading
Actual characteristics of the plant key components (including temperature behavior
of the modules, part load characteristics of inverters and transformers)
Output
Annual electricity production (MWh/a; kWh/kWp/a)
Probability cases (e.g. P50, P75, P90)

PV Performance Projection - Example

10

PV Performance Projection - Example

11

Due Diligence Services in PV Projects

Preliminary
DD
Yield
Projection
Full Due
Diligence
Construction
Monitoring
Verification of
Construction
Completion
Prov. & final
Acceptance
Operation
Phase
12

Phase I: Pre-Financial Close Due Diligence - II

3. Full Due Diligence
Suitability of site (site visit)
Technical concept
Plant layout
Key components
Grid connection
Civil works / structural verification
Security and surveillance
Project structure and obligations of project parties, project management
Contracts / project agreements (EPC Contract, component supply contracts, O&M
Contract)
Adequacy of the technical warranties and verification procedures e.g.
Guarantees of Contracts / liquidated damages provisions
Performance test, availability, technical characteristics
Project time schedule
Permits and licenses (status, constraints, etc.)
Technical input data for the financial model
CAPEX & OPEX / Capital replacement
Electricity yield

Due Diligence Services in PV Projects

Preliminary
DD
Yield
Projection
Full Due
Diligence

Phase II: Construction Monitoring

Construction monitoring (compliance with contract / specifications)
Compliance with project schedule
Review of EPC contractors / owners progress report
Site and workshop inspections
Preparation of monthly or quarterly progress reports and progress certificates
Phase III: Testing and completion (provisional and final acceptance)

Construction
Monitoring
Verification of
Construction
Completion

Review of commissioning and of trial operation

Attendance and monitoring of the performance and reliability tests
Review of performance test results in view of liquidated damages requests
PV plant installation and mounting inspections
Certification of completion
Phase IV: Monitoring during operation

Prov. & final

Acceptance
Operation
Phase
13

Preparation of (semi-) annual operating status reports including

operating performance (availability, power performance, energy yield)
maintenance and extraordinary events
O&M budget verification

Site Assessment

Source: Google Maps

14

Sensitivity of Direct Normal Irradiation

25%

Thin film
20%

Change of LEC

Monocrystalline
15%

Polycrystalline

10%

Parabolic trough

5%
0%
-5%
-10%
1,254

1,463

1,671

1,881

2,089

2,299

DNI [kWh/a]
15

2,508

2,716

2,926

Assessment of Costs
Example: Johannesburg, South Africa
0.25

LEC [/kWh]
/kWh]

0.20
0.15
fixed
1-axis
2-axis

0.10
0.05
0.00
Thin film

16

Poly- crystalline

Monocrystalline

Parabolic
trough

Summary
Industry

No better technology but project specific technology selection

Size, topography, irradiation (global / direct), Accessibility, grid condition

Feed-in tariffs

Relevance of dispatchability / storage

Sound engineering and design required for each project

Thorough project development and due diligence process

Bankable EPC and O&M Contracts

performance and plant acceptance criteria and procedures

liquidated damages and incentive schemes

Reliable Yield Forecasts

Framework

Reliability of framework is key is basis for planning

Tariffs, PPAs

Permitting

Project financing conditions

17

Selected References:

Photovoltaic Power Plants

Photovoltaic Power Plants (1/3)

Expert Appraisal of PV Park Yield, Italy

Independent Engineer for 21.8 MW PV Solar Power Plant, Srem, Bulgaria

Independent Engineer for a 2.5 MW Solar PV Power Plant in Pchelarovo, Bulgaria

Independent Engineer for a 3.8 MW Solar PV Power Plant in Kalipetrovo, Bulgaria

Independent Engineer for a 3.55 MW Solar PV Power Plant in Drachevo, Bulgaria

Technical Due Diligence for Energy 21 Project, Czech Republic

Technical Advisor for 5 PV Plants, Sicily, Italy

Technical Due Diligence for a 24 MW Photovoltaic Power Plant, Italy

Lenders Technical Advisor Services for Montalto Solar PV Power Plant, 9 MW, Italy

Lenders Technical Advisor Services for Montalto Solar PV Power Plant, 53
MW, Italy

Lenders Technical Advisor for 4 projects in Spain

19

Photovoltaic Power Plants (2/3)

Technical Advisor for Pipeline of Photovoltaic in Apulia, Italy

Consultancy Services for the implementation of a Solar Test Facility within the
area of Qatar Science & Technology Park, Qatar

Yield Projection for a Photovoltaic Project, Italy

Pre-feasibility Study for Solar Photovoltaic Power in Florida, USA

Due Diligence on behalf of Institutional Investor in the Czech Republic

Due Diligence for a 20 MW Plant on behalf of Financing Bank, Spain

Feasibility study for Photovoltaic Power Plants, Italy

Technical Advisory Services for a 10 MW Photovoltaic Power Plant, Italy

Due Diligence for a 5 MW Photovoltaic Power Project, Italy

Pre-Feasibility Study for a Photovoltaic Power Plant, Italy

Independent Engineering Services, Italy

Lenders Engineering Services for a 3 MW Photovoltaic Plant, Italy
20

Photovoltaic Power Plants (3/3)

Lenders Engineering Services for two 5 MWp Photovoltaic Power Plants, Italy

Independent Technical Advisor Services, Italy

Technical Advisor Services for 4 Photovoltaic Power Plants, Spain

Pre-Due Diligence Development of 20 MWp photovoltaic project, Spain

Consulting Services for an Investor

Preliminary Due Diligence for a PV Project, Italy

Preliminary Due Diligence for a PV Project, Italy

Independent Lenders Technical Advisor Services, Spain

21

Photovoltaic Power Plants

Expert Appraisal of PV Park Yield, Italy

An EPC Contractor intends to build a PV Plant in

Italy for which Fichtner prepares an expert appraisal
of electricity yield as an input parameter to the EPC
contract. In this context Fichtner:
 checked the conceptual design data
 verified the Clients assumptions for the yield
simulations (meteorological data, shading)
 prepared a yield projections based on PVSYST
(version 5) simulations
 including an analysis of uncertainties and the
calculation of probability cases (P50, P75 P90)
over different time periods.

22

Client:

Confidential

Period:

03.2010 05.2010

7489P01

Photovoltaic Power Plants

Independent Engineer for 21.8 MW PV
Solar Power Plant, Srem, Bulgaria
Fichtner prepares a fully-fledged technical due diligence
on behalf of the future lenders. Among others, Fichtner
performed the following tasks, which are reflected in the
technical due diligence report.
 A visit of the project sponsors existing plants and
monitoring center in France
 A verification of the suitability of the site and the
grid connection
 Verification of the Srem plant concept and the
suitability of the plant key components
 A verification of the sponsors operation and
maintenance activities
 A detailed yield projection (PVSYST v.5)
simulation and comparison of the results with
sponsors own calculations, considering among
others Clients on-site meteorological
measurements
 The verification of the main project contracts (EPC
Contract, O&M Contract, Grid Connection
Agreement)
 Verification of the project time schedule
23

Client:

Electricit de France (via

Socit Industrielle de
lAntlantique, Bulgaria) on
behalf of IFC International
Finance Corp. Washington,
DC, USA
UniCredit, Munich,
Germany

Period:

03.2010 05.2010
7481S01

Photovoltaic Power Plants

Independent Engineer for a 2.5 MW Solar
PV Power Plant in Pchelarovo, Bulgaria
A private developer, owner and operator of solar power
plants assigned Fichtner with the independent
engineering service to the projects financing bank. The
related scope of work is performed in the following
phases:
1. Irradiation yield analysis
 Estimation of irradiation and calculation of
performance ratio
2. Project analysis
 Review of technical concept, O&M/EPC contract
and of permitting situation to ascertain whether the
project is bankable
3. Construction works monitoring
 Monitoring of construction works in comparison with
the project schedule and of the compliance with key
purchasing agreements
4. Operation phase monitoring
 Verification of the technical reporting
(production, availability) to the lenders
24

Client:

Confidential

Period:

03.2010 05.2010

7474S01

Photovoltaic Power Plants

Independent Engineer for a 3.8 MW Solar
PV Power Plant in Kalipetrovo, Bulgaria
A private developer, owner and operator of solar power
plants assigned Fichtner with the independent
engineering service to the projects financing bank. The
related scope of work is performed in the following
phases:
1. Irradiation yield analysis
 Estimation of irradiation and calculation of
performance ratio
2. Project analysis
 Review of technical concept, O&M/EPC contract
and of permitting situation to ascertain whether the
project is bankable
3. Construction works monitoring
 Monitoring of construction works in comparison with
the project schedule and of the compliance with key
purchasing agreements
4. Operation phase monitoring
 Verification of the technical reporting
(production, availability) to the lenders
25

Client:

Confidential

Period:

03.2010 05.2010

7474S02

Photovoltaic Power Plants

Independent Engineer for a 3.55 MW Solar
PV Power Plant in Drachevo, Bulgaria

A private developer, owner and operator of solar

power plants assigned Fichtner with the independent
engineering service to the projects financing bank.
The related scope of work is performed in the
following phases:
1. Irradiation yield analysis
 Estimation of irradiation and calculation of
performance ratio
2. Project analysis
 Review of technical concept, O&M/EPC
contract and of permitting situation to ascertain
whether the project is bankable

26

Client:

Confidential

Period:

01.2010 03.2010

7469P01

Photovoltaic Power Plants

Technical Due Diligence for Energy 21
Project, Czech Republic
An international investor is panning to invest in the solar
technology enterprise Energy 21. To check the
chances and risks of the investment, Fichtner has been
retained to conduct a technical due diligence analysis.
The company possesses an inventory of 15 to 20
photovoltaic plants with a total capacity rating or around
50-60 MW. The technical review focuses on the
services:
 Technical evaluation of PV module design and
component selection
 Verification of planned project pipeline
 Evaluation of yield models
 Project time tables and planning
 Check of contracts: EPC, component supply and
O&M
 Cost analysis

Client:

Confidential

Period:

01.2010 03.2010

 Technical standards, environmental impact and

permit procedure
27

7463P01

Photovoltaic Power Plants

Technical Advisor for 5 PV
Plants, Sicily, Italy

A project developer is involved firstly as equity

investor and secondly as financial advisor and
mandated lead arranger in a range of photovoltaic
projects in Sicily of total rating around 33 MW.
Fichtner undertakes a due diligence review of these
as independent technical advisor. Services
cover, among others, evaluation of project
structure, suitability of site, energy yield
assessment, technical concept evaluation, contract
evaluation, adequacy of technical warranties and
verification procedures, permits and licenses, project
insurance, project management, and risk
management with project sensitivity analysis.

28

Client:

Commercial bank

Period:

01.2010 03.2011

6881P04

Photovoltaic Power Plants

Lenders Technical Advisor Services for
Montalto Solar PV Power Plant, 24 MW, Italy

Following financial close and start of

construction, Fichtner assists construction of
the 24 MWp tranche of Montalto Solar Farm
on behalf of the project developer and
financing banks. Through monthly site visits
and reviews of the construction site logs of
the contractors, construction progress is
documented. Upon ending
construction, Fichtner additionally supervises
the concluding functional and performance
trials during commissioning, and compiles the
results in a general report for the construction
phase.

29

Client:

SunRay Management
Ltd., London, United
Kingdom

Period:

10.2009 03.2010

7422P03

Photovoltaic Power Plants

Lenders Technical Advisor Services for
Montalto Solar PV Power Plant, 9 MW, Italy

The Client is developing a 9 MW single-tracked

photovoltaic solar park located at Lazio, Italy. Fichtner
was appointed as Independent Lenders Technical
Advisor (TA) for the services of:
 Pre-Financial Close
 Technical and environmental due diligence
investigation
 Revision of technical aspects of the
construction, operations and maintenance of the
project including
Solar power production simulation
Review of the construction schedule and
identification of possible constraints
Review of and comments on project budget

Client:

Confidential

Period:

10.2009 07.2010

Review and provision of sensitivity analysis

30

7422P02

Photovoltaic Power Plants

Lenders Technical Advisor Services for
Montalto Solar PV Power Plant, 53 MW, Italy

The Client is developing a 53 MW single-tracked

photovoltaic solar park located at Lazio, Italy. Fichtner
was appointed as Independent Lenders Technical
Advisor (TA) for the services of:
 Pre-Financial Close
 Technical and environmental due diligence
investigation
 Revision of technical aspects of the
construction, operations and maintenance of the
project including
Solar power production simulation
Review of the construction schedule and
identification of possible constraints
Review of and comments on project budget

Client:

Confidential

Period:

10.2009 05.2010

Review and provision of sensitivity analysis

31

7422P03

Photovoltaic Power Plants

Lenders Technical Advisor for 4 projects in
Spain

On behalf of the financing bank, Fichtner has been

involved in the pre-financial close as well as
construction phase of four photovoltaic solar power
plants on Mallorca/Spain, with fix installed PV power
plant with a total installed capacity of 8.3 MW.
 Pre-financial close services
Technical and environmental due diligence
Review of technical opportunities and
risks
Investigation and description of planned
operating regime and costs
 Construction monitoring on behalf of financing
bank

Client:

Commercial bank

Period:

2008 ongoing

 Verification of operational data in first years of

commercial operation
32

7421A01

Photovoltaic Power Plants

Technical Advisor for Pipeline of
Photovoltaic in Apulia, Italy
The Client is interested in the development and
investment of a portfolio of PV projects with two
different Project Developers at Puglia, Italy with a
maximum installed capacity of around 7 MW.
Fichtner was appointed as Owners Technical
Advisor (TA) for the services of:
 Technical and environmental due diligence
investigation
 Site assessment for suitability for the PV plants
and identification of any constraints
 Revision of technical aspects of the
construction, operations and maintenance of
the project including
 Solar Production Due Diligence review
 Revision of input and assumptions of the
financial model

Client:

Confidential

Period:

10.2009 11.2009

 Assist the Client in technical matters

33

7423A01

Photovoltaic Power Plants

Consultancy Services for the implementation of a
Solar Test Facility within the area of Qatar Science
& Technology Park, Qatar

Qatar Science & Technology Park (QSTP), located in

Qatar Foundations Education City. Alongside campuses
of several leading universities it is planned to build within
the area of the QSTP a demonstration and test facility
for solar technology in Qatar. The area will have approx.
4 hectares. Green Gulf as the representative of this
project engages Fichtner as the technical advisor of this
project covering:
 Performance of shading analysis for several
different sites within QSTP and elaboration of site
assessment report
 Detail comparison of different solar technologies in
photovoltaics, low temperature solar thermal
sector
 Elaboration of the test facility master plan
including conceptual layout, infrastructure
planning, definition of media and energy supply
requirements
 Development of project implementation plan
34

Client:

Green Gulf, Qatar

Period:

09.2009 05.2010

7421A01

Photovoltaic Power Plants

Yield Projection for a Photovoltaic
Project, Italy

In Apulia, DEE is developing the Torre Santa

Susanna Photovoltaic Project. Based on the
conceptual design Fichtner
 checked the conceptual design data
 verified the Clients assumptions for the yield
simulations (predominantly meteorological
data)
 prepared a yield projection based on PVSYST
(version 5) simulations
 including an analysis of uncertainties and the
calculation of probability cases
(P50, P75, P90) over different time periods

35

Client:

DEE Deutsche
Erneuerbare Energien
GmbH, Dsseldorf,
Germany

Period:

09.2009 10.2009

7420S01

Photovoltaic Power Plants

Pre-feasibility Study for Solar Photovoltaic
Power in Florida, USA

Fichtner provided assistance in selecting the

technology for generating electricity from solar
energy. In this connection, various candidate
locations in the State of Florida, USA, are
investigated and a pre-feasibility study is
prepared, which covers among others:
 Verification of site suitability
 Technological and commercial evaluation of
different plant concepts, such as:
- poly-, mono-crystalline, thin film modules

Client:

Confidential

Period:

08.2009 11.2009

- tracked systems vs. fix installation

 Preparation of cash-flow model and calculation
of key financial parameters

36

7404P01

Photovoltaic Power Plants

Due Diligence on behalf of Institutional
Investor in the Czech Republic

Fichtner has been appointed to perform technical

due diligence services on several existing PV power
plants (350 kW 1 MW, fix module installation) and
to assess future projects of a leading Czech project
developer on behalf of a potential institutional
investor. The services include:
 Assessment of plant concepts
 Site visits and assessment of plant realization
 Verification of yield projections and
performance of PVSYS simulations

Client:

Confidential

 Elaboration of recommendations for

improvements for future plants

Period:

since 03.2009

 Verification of insurance policies

37

F. Solar

Photovoltaic Power Plants

Due Diligence for a 20 MW Plant on
behalf of Financing Bank, Spain
Fichtner has been appointed to conduct technical
due diligence investigations for a 20 MW
photovoltaic power plant (dual-axis tracking) project
in Spain.
The following services are carried out:
 Assessment of plant concept
 provided
Verification
of permitting
situation
The
services
included:
 Assessment
Verification of of
yield
projections
potential
project sites
regarding
technical
suitability
a PV
 Site
visit and
verification
of plantfor
realization
power plant
 Assessment of mover structure

 Verification of O&M concept and costs

 Verification of insurance risk coverage

Client:

Confidential

Period:

since 02.2009

 Verification of security and surveillance

concept

38

F. Solar

Photovoltaic Power Plants

Feasibility study for Photovoltaic Power
Plants, Italy
Fichtner was appointed to conduct initial
technical and financial due diligence
investigations as well as a prefeasibility study for
PV-projects in Southern Italy.
The provided services included:
 Assessment of potential project sites
regarding technical suitability for a PV
power plant
 Comparison of PV technologies and
sensitivity study of the electricity production
costs
 Preparation of a summary of administrative
framework and required formal steps for
receiving the construction and operation
permits and licenses in Italy
 Preparation of a flexible financial model
39

Client:

Confidential

Period:

06.2008 09.2008

5442P09

Photovoltaic Power Plant

Technical Advisory Services for a
10 MW Photovoltaic Power Plant, Italy

The Customer, a private investor, is in

process to acquire the property of two sets of
PV Plants each composed of 1 MWp units.
The current developer will be appointed as
EPC contractor as well as O&M contractor to
build and operate the plants.
The Customer, in agreement with the MLA,
appointed Fichtner as Technical Advisor for all
project phases:
 Pre-financial closing
 Construction
 Operation

40

Client:

Confidential

Period:

since 04.2008

Fichtner Italia 093

Photovoltaic Power Plant

Due Diligence for a 5 MW Photovoltaic
Power Project, Italy

The client, an Investment Fund, is willing to

acquire PV Projects in the southern part of
Italy. The Projects are realized by the
Developer who will remain involved in the
Project as EPC Contractor.
Fichtner has been appointed to perform a
full Due Diligence of the Project to assess
the technical, contractual and authorizing
aspects prior to the completion of the
transaction.

41

Client:

Confidential

Period:

since 04.2008

Fichtner Italia 094

Photovoltaic Power Plant

Tracking modes

Pre-Feasibility Study for a Photovoltaic

Power Plant, Italy

Fixed orientation

Biaxial tracking
Photon 7/2004

The Customer owns two pieces of land

located in an industrial area for a total
available surface of 100 hectares.
Fichtner has been appointed to perform a
pre-feasibility study for a PV project
focusing on the plant concept, the preselection of the most suitable technologies
and configurations, the plant layout, the
production estimate, the authorization
processes and the preliminary business
model.

42

Single axis
tracking

- vertical -

- tilted -

Client:

Confidential

Period:

since 04.2008

- horizontal -

Fichtner Italia 092

Photovoltaic Power Plant

Independent Engineering Services, Italy

The client intends to act as major equity

investor for photovoltaic projects in Italy
and in other European Countries and is
in the process of defining the term
sheets for EPC and O&M framework
agreements with international suppliers.
Fichtner has been appointed with the
following services:
 Provision of technical and
contractual support in the finalization
of a framework agreement

43

Client:

Confidential

Period:

since 01.2008

Fichtner Italia 086

Photovoltaic Power Plant

Lenders Engineering Services for a
3 MW Photovoltaic Plant, Italy

The client, the Italian subsidiary of an

international bank, is going to finance on a
non recourse basis a PV plant currently
being developed by a private investor.
Fichtner was awarded with the following
services:
 pre-financial closing technical advisor
services
 technical and contractual due
diligence including an independent
production estimate
 monitoring of the construction and the
first two years of operation
44

Client:

Confidential

Period:

since 01.2008

Fichtner Italia 085

Photovoltaic Plant
Lenders Engineering Services for two
5 MWp Photovoltaic Power Plants, Italy

The Client, the Italian subsidiary of an

International Bank, is going to finance on a
non recourse basis a PV plant currently being
developed by a private investor.
Fichtner was awarded to perform the following
technical advisory services:
 pre-financial close support
 technical and contractual Due Diligence,
including an independent production
forecast
 monitoring of the construction as well as
of the first year of operation.

45

Client:

Confidential

Period:

since 01.2008

Fichtner Italia 089

Photovoltaic Power Plant

Independent Technical Advisor
Services, Italy

Assessment of the PV modules supplier

and EPC contractor
An international bank is expected to act as
major equity investor in two photovoltaic
project portfolios (respective total output 40
and 20 MWp) currently under development
in Southern Italy. In view of the full
technical and environmental due diligence
of the 40 MWp project to be undertaken at
a later stage, Fichtner was awarded to
independently assess the bankability of the
proposed PV technology, panel suppliers
and EPC contractor.
46

Client:

Confidential

Period:

12.2007

Fichtner Italia 083

Photovoltaic Power Plant

Technical Advisor Services for
4 Photovoltaic Power Plants, Spain

Deutsche Bank AG is planning the

erection of four photovoltaic power
plants at four different sites in Spain.
Fichtners pre-financial close Lenders
Engineering services for the financing
bank include:
 technical and environmental due
diligence

47

 review of the technical concept and

risks

Client:

Deutsche Bank AG,

Franfurt, Germany

 review of the plant project costs

with a special focus on O&M costs

Period:

08.2007 11.2007

6881S04

Photovoltaic Power Plant

Pre-Due Diligence Development of
20 MWp photovoltaic project, Spain
An international bank is interested in purchasing
a 20 MWp photovoltaic project in Spain. To
ensure an appropriate degree of security for this
purchase, an analysis with calculation of figures
is necessary with respect to:
 check of location in view of the plants
technical requirements
 check of technical concept for feasibility,
compliance with state of the art and
reasonableness of requirements
 check of grid infeed conditions
 evaluation of project risks under the
aspects of location, technical concept and
procurement, as well as the significance of
the recent royal decree 661/2007
48

Client:

Confidential

Period:

08.2007 09.2007

7077P02

Photovoltaic Power Plant

Consulting Services for an Investor

Fichtner consults an Investor with regard

to the readiness for the marketing of
concentrator photovoltaic technology.

49

Client:

Confidential

Period:

07.2007

6881S02

Photovoltaic Power Plant

Preliminary Due Diligence for a PV
Project, Italy

A major Italian group operating in the

energy sector is considering the acquisition
of shareholding interests in a photovoltaic
project being developed in a EU country. In
order to assess the feasibility of the
acquisition, the client has appointed
Fichtner to perform a preliminary analysis
of the project, including in particular the
assessment of the site layout and of its
expected production, of the different
technology options, of CAPEX and OPEX
estimates and of the potential risks.

50

Client:

Confidential

Period:

01.2007 02.2007

Fichtner Italia 068

Photovoltaic Power Plant

Preliminary Due Diligence for a PV
Project, Italy

The project developer, Aliwin Plus S.L., based in

Madrid/Spain, plans to erect a solar photovoltaic
power plant in Extremadura Province, SouthWestern Spain. The plant will have an electrical
generation capacity of 20 MW. The Lender's
Engineering services for the financing Deutsche
Bank AG, London, include the following for the
Pre-Financial Close phase:
 technical and environmental due diligence

Client:

Aliwin Plus S.L., Spain

on behalf of
Deutsche Bank AG,
London, Great Britain

Period:

01.2007 10.2007

 solar power simulation review

 review of technical conditions and risks,
including time scheduling
 check of and comment on project budget

51

6881A01

Photovoltaic Solar Energy

Independent Lenders Technical Advisor
Services, Spain
Erection of two Photovoltaic Power Plants on two
sites in Albacete-Province in South Eastern
Spain, of 15 MW and 5 MW. The lenders
engineering services include the following:
Phase I
 technical and environmental due diligence
 solar power output simulation review
 review of technical conditions and risks,
including time scheduling
 check of and comments on project budget
Phase II
 tracking and monitoring construction
activities
 tracking plant commissioning
 reports on status of construction
 certification of draw downs

Client:

Abastecimientos
Energeticos SL Madrid,
Spain
on behalf of
Deutsche Bank AG,
London, United Kingdom

Period:

05.2006 12.2008

52
7105S01

Standby Slides

Design Review
30 MWe Fresnel Solar Power Plant,
Puerto Errado II, Spain
The plant will have an installed capacity of 30 MWe.
A turnkey contractor has been appointed for detail
engineering, procurement, construction and
commissioning of the power plant. A design review
is conducted for all parts of the plant in order to
ensure a reliable and easily maintainable design.
Fichtner supports EBL during the design review in
the following areas:
 Solar steam generation
 Water-steam cycle including steam turbine
and generator

Client:

EBL, Liestal, Switzerland

 Electrical equipment

Period:

05.2010 - 12.2010

 Instrumentation and control

Project Data:

30 MWe Fresnel trough power

plant

 Grid connection
 Civil works.
54
7505A01

Feasibility Study
Jaisalmer 50 MWe Solar Power Plant,
India
In close collaboration with Fichtner India Pvt
Ltd, Fichtner Germany supported the
elaboration of a Feasibility study for a
50 MWe parabolic trough power plant to be
located in Jaisalmer, India.
Fichtners support included:
 Solar resource assessment
 Preliminary solar field and HTF system
design, including layout
 Preliminary plant performance analysis
(annual electricity production)
 Costs estimated of solar field together
with the heat transfer fluid system

Client:

Fichtner Consulting Engineers

India Private Limited, India

Period:

04.2010 06.2010

Project Data:

50 MWe parabolic trough

 Recommendations for follow-up actions

55
5376A09

Conceptual Design, Tendering and Bid Evaluation

140 MWe ISCC Power Plant, Mathania,
India

The project is to be implemented by an EPC

Contractor who has to operate the plant for
an initial five year period. The Fichtner
services include:
 Prepare the conceptual design
 Validation of CO2 abatement
 Request for pre-qualification
 Request for proposal
 Evaluation of EPC cum O&M bids

Client:

KfW, Frankfurt, Germany

Period:

11.1997 05.1998

Project data:

220,000 m parabolic collectors

field
140 MWe

56
4899S13

Feasibility Study
Solar Thermal Parabolic Through Power
Plant, Mathania, India

Fichtner prepared a feasibility study for the

first large scale solar power plant to be
erected in in the 140 MWe range:
 Assessment of local constraints and
conditions
 Comparison of power plant concepts
 Optimization of solar plant and
Integrated Solar Combined Cycle (ISCC)

Client:

Rajasthan Energy
Development Agency, India

 Drawing up heat balances

Period:

09.1995 03.1996

 Estimate of capital costs

Project data:

140 MWe ISCC

 Analysis of operating economics

220,000 m solar collector area

57
4899P11

Feasibility Study
Solar Thermal Power Plant (SOLIN-1), India

Fichtner prepared a feasibility study for the first large

scale solar power plant to be erected in India in the
30 - 80 MWe range.
This study covered
 Investigation of the Indian power scenario
 Evaluation of various potential sites
 Selection of the most suited solar energy
technology
 Optimization of plant parameters
 Performance evaluation
 Investigation of potential suppliers

Client:

Ministry of Energy New Dehli,

India

Period:

08.1989 11.1990

Project Data:

30 80 MWe

 Cost estimate
 Determination of ecological benefits
 Determination of organizational concepts
 Devising a strategy to introduce solar energy
on a large scale into the Indian power scenario
58

4899P03

Selected References:

Solar Thermal Power Plants

(India)

Solar Technologies - Overview

Solar Power
Plants
Solar Thermal
NonConcentrating
SolarChimney

Linear-focusing
(single axis)
Linear
Fresnel

Parabolic
Trough

Photovoltaic
(PV)

Point-focusing (dual
axias)
Central
Receiver

Dish

Concentrating
(CPV)

NonConcentr.

Concentration ratio and Temperature increasing

Thermal Energy Storage
Rankine Cycle (ST)
Wind
Turbine

Integrated Solar Combined Cycle

DC-AC Inverter
Brayton Cycle
Stirling
Engine

60

Electric Power

Solar Irradiation

Direct
on

no
rm
al

pl a
ne

Diffuse
Direct

Direct
Global = Diffuse + Direct
on horizontal plane

Different technologies use different type of irradiation.

61

Organisation Geschftsbereich G3
G3

Geschftsbereich

Erneuerbare Energien &

Umwelt
Roland Prger
G3

Geschftsbereich

G3 Geschftsbereich

Project Consultants

Sekretariat

Link
Seregly
Somdalen

G31

Projektbereich

G32

Projektbereich

Energiewirtschaft
Heinrich P.
(Dr. Stuible)

Umwelt- und Klimaschutz

Turek

Bohlmann
Fey
Finker
Gomez Mejia
Jahraus
Kohberg
Plasa
Rehrl
Schlegel
Schller
Ulrichs
Wlbeck

Basteck
Benz
Eckert
Fricke
Dr. Langni
llbrunner
Preu
Stumpp
Ullrich
Wssner

Fichtner MEI Oil & Gas GmbH

62

G3

Controlling

Janetzko, Bauer-Bidell,
Becker, Kauderer,
Rada, Striffler, Tipling,

G33

Projektbereich

G34

Studien

konomie
Linder
(Dr. Hnig)

Planung und
Ausfhrung
Bauteil

Planung und
Ausfhrung
Elektromechanik

Dr. Palt
(Dr. Schfer)

Siemer
(Dr. Trifkovic)

Hegetschweiler
(von Bueren)

Dr. Ayros
Dr. Gurmessa
Haug
Heider
Dr. Hildebrand
Dr. Kammerer
Dr. Peissner
Pfizenmaier
Dr. Rosier
Shresta
Thapa
Thvenaz
Vuckovic

Blling
Brggemann
Croissant
Fahrenbach
Dr. Hnisch
Osan
Schtz
Stangl
Tedla
Fr. Vuckovic

Brunner U.
Gantenbein
Guimond
Mancal
Yungi

Bro Lima
Borel
Heimel

Kantsperger,
Girmendonk, Harder, Selei

Projektbereich

Wasserkraft

konomie
Linder
Becker
Dr. Belova
Clausen
Dr. Horn
Horstmann
Dr. Hnig
Johnson
Dr. Korn
Mahler
Dr. Pintz
Rischawy
Dr. Unger

Geschftsbereich

Project
Assessment
Dr. Butler
Abfallwirtschaft
Bickel
Mettler
sterle
Dr. Obid
Vancini
Fuchs

G35

Projektbereich

Photovoltaik /
Solar Technologies
Dr. Stickel
Baumgartner
Capdevila
Becerra Cruz
Gudat
John
Kuhn
Lecoufle
Lemaitre
Meyer, T.

Fichtner Carbon Management

GmbH

Organisation Geschftsbereich G3
G3 Geschftsbereich
Erneuerbare Energien,
Umwelt
G3 Geschftsbereich
Project Consultants

G31

G32

Projektbereich

Energiesysteme
Energiemrkte
Frderung, Regulierung
Integrierte
Infrastrukturkonzept
Biomasse
Geothermie
Photovoltaik
Solarthermie
Windkraft

Fichtner MEI Oil & Gas GmbH

63

Projektbereich

G33

Umwelt- und Klimaschutz

Energiewirtschaft

Energiewirtschaft
Umwelt- und Klimaschutz
Nachhaltige Entwicklung

Genehmigungsmanagement
Umweltmanagement
Umweltvertrglichkeitsstudien
Emissionshandel, CDM, JI
CO2-Speicherung
Standorte, Trassen
Immissionsberechnungen
Raumplanung
Geoinformatik

Fichtner Carbon Management

GmbH

Projektbereich
Wasserkraft

Studien
Laufwasserkraftwerke
Speicherkraftwerke
Pumpspeicherkraftwerke
Hochdruckanlagen
Rehabiltierung, Modernisier
ung
Dmme, Talsperren

G3 Geschftsbereich

G3 Geschftsbereich

Sekretariat

Controlling

G34

Projektbereich
konomie

konomie
Tarife, Preismodelle
Restrukturierung/
Unbundling
Institutional Strengthening
Financial Modelling
Privatisierung, PPP
Abfallwirtschaft
Kommunalwirtschaft
Projektsteuerung
Risk Management
Projekt- und
Unternehmensbewertung,
Due Diligence
M&A

G35

Projektbereich

Photovoltaik /
Solar Technologies

Photovoltaik-Anlagen
PV-Zellen und PV-Modul
Technologien (kristallin,
Dnnschicht)
Freiflchen- / Aufdach- /
Gebudeintegrierte
Anlagen
Niedertemperatur
Solarthermie (Solares
Heizen und Khlen)
Due Diligence
Anlagenspezifikation / ausschreibung
Anlagenplanung
Ertragsprognosen
Anlagenabnahme (inkl.
Kennlinienmessung /
Verifizierung
Anlagenperformance)
Projektmanagement
Studien

Photovoltaic Power - Module Types

Mono-crystalline silicon: Most efficient technology (efficiencies of
around 18% (commercial) to 28% (research)
Multi-crystalline silicon: Cheaper than mono-crystalline silicon but also
less efficient. Research cells approach 24% efficiency, and commercial
modules approach around 16% efficiency.
Thin film:
Cheaper than crystalline silicon but less efficient.
Various materials (amorphous silicon, Cadmium Telluride, Copper
Indium Diselluride (CIS))
Selection of the technology depending on: site, irradiation, temperature, costs vs.
efficiency etc.

64

5994

PV: Crystalline vs. Thin-film Production Capacity

6500

5000
4500
4000

2536

3500
3000
1815

2500

152
20

202
27

288
29.4

390
37.6

1998

1999

2000

2001

720

127
18.8
1997

179

89
11.45
1996

100

79
13.3
1995

50

69
15.6
1994

750

60
16.9
1993

30

58
15.6
1992

42.2

55
18.3
1991

500

47
15.6

1000

560

1500

430

1256

2000

Data: Global Solar Cell Production:

1983-2000: Rumer, PSE
2001-2002: Strategies Unlimited (PV Systems Inc.)
2003-2007: Photon 3/2008
2008:
EuPD Research, 2009

2008

2007

2006

2005

2004

2003

2002

Source: ZSW Centre for Solar

Eneregy and Hydrogen Research
Baden-Wrttemberg
65

4297

global solar cell

production
thin-film technology

5500

1990

Global Solar Cell Production per year, Capacity, MWp

6000

Data: Thin-Film Technologie:

1990-2002: DLR, 2005
2003-2005: EPIA
2006-2007: Navigant Consultant Inc.
2008:
EuPD Research, 2009

PV: Projection of Module Production Capacity

35000

Recession

30000

Conservative
Accelerated

25000

MWp

20000

15000

10000

5000

66

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Recession

675.3

1049.8

1407.7

1984.6

3073

5455.8

5214.1

5425.4

6207.7

11611

15569.5

Conservative

675.3

1049.8

1407.7

1984.6

3073

5455.8

5990.2

6808.1

8770.3

11731.9

15732.7

Accelerated

675.3

1049.8

1407.7

1984.6

3073

5455.8

6555.2

8507.2

12202.2

18718.2

28795.6

Source: Paula Mints, Navigant Consulting, Inc., 2009

Photovoltaic Power - Module Tracking

Fix, optimum tilt angle

Horizontal N-S axis
30 tilt axis
Vertical axis, module tilt 50
Biaxial tracking

67

Mean annual radiation gain in

Central Europe
0%

Mean annual radiation gain in

Southern Europe
0%

11.5%

17.4%

22.9%

29.8%

23.1%

29.6%

27.2%

34%

PV Grid Parity in Germany

68

Bundesverband Solarwirtschaft

Site impressions

69

70

71

72

73

74

75

For further information, please contact

Dr. Martin Stickel
Senior Manager
Photovoltaic / Solar Technologies
martin.stickel@fichtner.de
Tel.: +49-711-8995-684

Fichtner GmbH & Co. KG

www.fichtner.de