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| 1 |
ID:
125514
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2013.
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| Summary/Abstract |
This paper provides new empirical insights on the capital structure of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. Most results are consistent with the basic view of risk-averse funds suppliers. Especially, the projects located in risky countries and larger projects tend to exhibit lower debt ratios and less-concentrated equity ownerships. In addition, regasification projects appear to have a more diluted equity ownership. Methodological issues raised by the financing of these projects are also examined from a capital-budgeting perspective. In particular, the equity residual method, usually used by industrial practitioners to value these projects, should be adjusted.
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| 2 |
ID:
169897
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Project finance (PF) is a powerful tool for mobilizing capital for renewable energy (RE) projects but faces challenges in developing countries. This paper examines factors driving the financing method choice between project finance (recourse exclusively to project assets) and corporate finance (recourse to parent company assets), including the feed-in tariff (FIT), using the Philippines as a case study for a developing country. After the RE Law was approved in 2008, RE capacity increased but RE share in energy mix decreased. FIT resulted in increased investments in RE, primarily in solar and wind. Results show that PF incidence is higher for baseload, high-capacity utilization, non-intermittent technologies; non-FIT projects with revenue contracts; and larger projects owned by public companies. Contrary to expectation, PF was less utilized for FIT-eligible RE, and projects owned by private or small investors. PF was utilized primarily by well-capitalized investors, and mostly by power and financial companies. The Philippine FIT's tight deadlines and low technology-specific capacity caps increased revenue uncertainty, resulting in high concentration of project ownership and potential erosion of public support. Given the intrinsic uncertainty of RE and developing countries, policymakers need to design policies to minimize revenue uncertainty, enable PF and broaden the investor base.
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| 3 |
ID:
117329
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2013.
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| Summary/Abstract |
Deregulated energy markets were founded on the Merchant Power Producer, a stand-alone generator that sold its production to the spot and short-term forward markets, underpinned by long-dated project finance. The initial enthusiasm that existed for investment in existing and new merchant power plant capacity shortly after power system deregulation has progressively dissipated, following an excess entry result. In this article, we demonstrate why this has become a global trend. Using debt-sizing parameters typically used by project banks, we model a benchmark plant, then re-simulate its performance using live energy market price data and find that such financings are no longer feasible in the absence of long-term Power Purchase Agreements.
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| 4 |
ID:
088986
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2009.
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| Summary/Abstract |
The wind power industry in Australia is expected to grow rapidly over the next decade, primarily due to a forthcoming expanded national renewable energy target (RET) which will mandate that renewable sources provide approximately 20% of Australia's electricity production by 2020. However, development of new wind generation in Australia has stalled as a result of several barriers to project finance, the mechanism through which most wind farms have been developed historically. This paper provides an overview of wind power financing in Australia in light of recent political and financial trends. Drawing upon existing literature and a series of stakeholder interviews, it identifies three primary barriers to project finance: regulatory risk surrounding legislation of the RET, semi-privatization of electricity retailers in New South Wales, and limited capital availability resulting from the recent global credit crisis. The paper concludes that the confluence of these barriers limits the availability of long-term contracts that provide revenue certainty for pre-construction wind projects, while simultaneously making these contracts a necessity in order to obtain project finance. In an attempt to mitigate these effects, this paper identifies four alternative development strategies that can be pursued.
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| 5 |
ID:
109651
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2011.
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| Summary/Abstract |
As of 2010, the energy service market in Europe is still far from utilising its full potential. Wide-scale peer-reviewed studies investigating the development and up-to-date status of the European ESCo market are scarce. This article presents a comprehensive insight of the European ESCo industry based on the results from a large-scale survey carried out 2009-2010 in 39 European countries. The observed market development during the period 2007-2010, trends in business practices, and factors influencing the ESCo industry evolution are described. Finally, having considered the remaining barriers and the supporting factors as well as the successful experiences in Europe, policy measures that could further promote ESCo activities are proposed.
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