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Solar power when you need it

Price : €50,000,000.00
Type : Lost and Found
Date : 7 agosto, 2019
Tipo de Proyecto : Operacional
Location : Jordan, Egypt, Morocco and the rest of the MENA region

Economic rationale / Business Model

Our Mission is: Renewable electricity when and where it is most needed, cheaper and more sustainable than competition. Our Value proposition is: Through distributed production and long-term energy storage we enable dispatchable renewable electricity at all hours of the day, scalable and cost competitive already from small installations. Market Positioning: In terms of market positioning, the niche targeted by Azelio is the small- to medium scale renewable distributed applications with requirements for large capacity or demanding specific production for prolonged hours after sunset. In such a niche, Azelio is unique compared to more mature and established solar technologies in the following way:

Azelio vs. PV (no BESS): Azelio is not competing with PV since if the off-taker only needs just solar electricity, regardless of the time of production, and regardless of the amount generated, then PV would be more cost-competitive for them.

Azelio vs. CSP: Azelio is not competing with the existing large-scale CSP offer, since our niche is the small- to medium scale applications.

Azelio vs PV with BESS: Azelio differentiates because our technology has up to 50% less cost for energy produced at longer storage hours (4h or more).

Financing details

Project financing secured: EUR 25 million (50 %)

Financing source: Private

The financing model is based on identifying suitable project development companies willing to co-share risk and take lead in project development in each of the target markets. These should act as co-owner and work together in the interaction with the possible off-taker and other project stakeholders e.g. financial institutions, permitting agencies, etc. Hence, the revenue streams of Azelio is based on plant/project ownership, technology provider to the project and as O&M contractor.

The promoter has received / applied for EU / EIB financing support related to this project.

Existing or potential bottlenecks for the realisation of the project / Potential risks

The potential bottlenecks are the capital intensive industrialization phase and the high CAPEX for our solution. With an unproven technology it is difficult to get a project bankable. Therefore, the successful results from our planned demonstration project are crucial for the future financing of our project.

The major risks are related to the success in communicating our company, team and solution to build trust. We are vulnerable to any bad news about the company or our technology.

Project additional information

The ambition with the project is to exploit the huge market for modular dispatchable solar power. The trend in CSP is to gain cost competitiveness through larger and larger installations. This narrow approach of traditional CSP hinders the expansion rate of CSP as the trend in grid development points in the opposite direction, namely distributed small-scale power generation close to the end user. The goal with the project is to demonstrate the first bankable CSP system in the world with the capability to produce and store solar energy and deliver on-demand electricity whether the sun is shining or not. There is a clear gap in the market for modular small-scale installations with storage capacity exceeding 4 hours.

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