Risks and cost of capital for onshore wind energy investments in EU countries
Risks and cost of capital for onshore wind energy investments in EU countries
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DOI：
10.1177/0958305x16638573
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发表时间：
2016-02-01
影响因子：
4.2
通讯作者：
Breitschopf, Barbara
中科院分区：
文献类型：
--
作者：
Angelopoulos, Dimitrios;Brueckmann, Robert;Breitschopf, Barbara
欧盟 (EU) 为可再生能源部署设定的国家约束性目标呼吁扩大清洁能源投资。可再生能源项目需要高额的前期支出，在许多情况下包括相当大的融资成本。本文的主要目的是阐述和应用一种方法，可以评估与可再生能源投资相关的最重要的风险类别。这种方法的基石是加权平均资本成本，该成本是根据多种方法（例如，欧盟 28 个成员国的新陆上风电项目）提取的。资本资产定价模型。此外，为了验证模型结果，我们对欧盟各地的可再生能源项目开发商和融资者进行了一系列采访。结果表明，继国家风险之后，政策相关风险对资本成本的影响最大。此外，不同地理区域和市场部署水平之间存在显着差异。为了支持政策制定者就有效降低风险的政策设计做出决定，评估还可以扩展到其他可再生能源技术。
The national binding targets, set for renewable energy deployment at European Union (EU), call for extended clean energy investments. Renewable energy projects require high up-front expenditures including, in many cases, considerable financing costs. The main objective of this paper is to elaborate and apply a methodology that allows assessing the most important risk categories related to renewable energy investments. The cornerstone of this approach is the weighted average cost of capital, which has been extracted for new onshore wind projects in EU-28 member states based on diverse methods e.g. Capital Asset Pricing Model. Moreover, to validate the model results, a series of interviews with renewable energy project developers and financers across the EU has been conducted. The results show that, following the country risk, policy-related risks exert the highest impact on the cost of capital. Moreover, there are significant discrepancies between different geographical regions and market deployment levels. To support policy makers' decision on effective risk-reducing policy designs, the assessment could also be extended to other renewable energy technologies.