Econcern and Rabobank strike deal

April 15, 2009 6:55 AM

WILLEMSTAD/KRALENDIJK – Econcern and Rabobank reached a financial close for a pioneer project that will provide for sustainable energy in Bonaire. The system was designed in such a way that it can meet the entire need for energy of the island. Econcern is the driving force behind the Ecopower consortium that will build and manage the system and also owns it.

The project consists of the construction of an 11 megawatt (MW) wind park, supplied by Enercon; a 14 MW biodiesel plant, supplied by MAN; and a 3 MW backup facility. Enercon and MAN are partners in the consortium. The system, designed to provide for the need for electricity of the island in the next fifteen years, will reduce Bonaire’s depending on expensive import of fossil fuels. Ecopower supplies the energy exclusively to the “Water- and Energiebedrijf Bonaire” (WEB) (Water and Energy Company).

According to the planning, by the end of 2009 the system will consist of twelve wind turbines and one biodiesel generator and it will produce 75,000 MWh each year. The system will reduce the CO2 emission by approximately 35,000 tons per year. This will increase to 70,000 tons when the plant switches to bio-fuel. In itself, the wind park alone has sufficient capacity for the electricity need of Bonaire. The generator takes care of the continuity of the energy supply during periods with little wind. The generator will first use conventional fuels, but in the near future it will switch to bio-fuel.

Frank Wouters, managing director of Evelop – the project developer of Econcern: “The Bonaire project proves that sustainable energy supply is feasible for everyone. This project is an important showcase. Bonaire will have the disposal of the world’s largest independent wind and biodiesel installation. We are extremely proud to have been able to develop, finance, and realize this project in a very short period of time. In March 2006, we were requested to participate in the tender. In December 2009 the plant will be operational. Sustainable energy systems provide security for the energy supply, save the natural environment, and reduce the energy costs – Bonaire is proof hereof.”

Marcel Gerritsen, global head of renewable energy & infrastructure finance of Rabobank International: “This project is the first of its kind on this scale. We are proud to be part of it as financial partner. This project emphasizes our endeavor to achieve a prominent position in the financing of innovative developments in the field of sustainable energy.”

In order to gain knowledge of the wind patterns in Bonaire, first a 330 KW wind turbine was installed on the island – in June 2007. This exceeded expectations and provided the equivalent of 4,500 fully loaded operational hours and has an availability of 99 percent.

Another twelve wind turbines will be built at the north coast of Bonaire, where they will be exposed to the constant eastern trade wind. The wind park will have sufficient capacity for the entire need for electricity of the island. The biodiesel plant guarantees a stable basic facility and supplies energy if there is not enough wind.

The biodiesel plant will be able to process conventional and bio-fuels. The plant will first use heavy fuel oil, but within two to three years after the start of the operation it will switch to biodiesel. At the moment, research is conducted into the possibilities to produce bio-fuels from algae. Another option is to import bio-oil from countries in the region.
 
EXPECTATIONS EXCEEDED

In order to gain knowledge of the wind patterns in Bonaire, first a 330 KW wind turbine was installed on the island – in June 2007. This exceeded expectations and provided the equivalent of 4,500 fully loaded operational hours and has an availability of 99 percent.

Another twelve wind turbines will be built at the north coast of Bonaire, where they will be exposed to the constant eastern trade wind. The wind park will have sufficient capacity for the entire need for electricity of the island. The biodiesel plant guarantees a stable basic facility and supplies energy if there is not enough wind.

The biodiesel plant will be able to process conventional and bio-fuels. The plant will first use heavy fuel oil, but within two to three years after the start of the operation it will switch to biodiesel. At the moment, research is conducted into the possibilities to produce bio-fuels from algae. Another option is to import bio-oil from countries in the region.

Molly Steward of VanEps Kunneman VanDoorne assisted WEB Bonaire, the local energy company, in this transaction.

(Source: www.ekvandoorne.com)

April, 2009