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Clean Energy Investment Trust: financial innovation for pension funds & insurers | |
Uday Varadarajan; Matthew Huxham; Brian O&; 039; Connell; David Nelson; Brendan Pierpont and David Posner | |
2017-09 | |
出版年 | 2017 |
语种 | 英语 |
国家 | 美国 |
领域 | 气候变化 |
英文摘要 | This week we launch our design for an investment-grade financing vehicle targeted at institutional investors that reduces the cost of energy from renewables by 17%. Large-scale wind and solar energy projects are completely different businesses from coal- or gas-fired generation. There are no fuel costs, operating costs are lower and more predictable, the initial investment represents a far larger share of the total cost of the energy, and prices for output are often fixed for much of a project’s life. In recent years, close to half of all new electricity generation investment has gone into renewable energy in many electricity markets. Gradually, financial markets have started to adapt their approaches to the differences between renewable energy and conventional generation. However, these adjustments have mainly been incremental based on the common investor-owned utility (IOU), independent power producer (IPP) and project finance models that have served the conventional generation businesses so well. As discussed in a companion paper, Beyond YieldCos, the creation – often by the IOUs or IPPs themselves – of so-called YieldCos has turned out to be neither as novel or successful as once thought. Climate Policy Initiative (CPI), with the support of the Rockefeller Foundation, has taken a different approach. Starting with the investment fundamentals, and working with a wide range of financial investors CPI has sought to develop new finance and business models with the aim of reducing finance costs and, therefore, the cost of energy from wind or solar. The model we present here, based on those fundamentals, could reduce the cost of renewable energy 15-17% from existing practices. The fundamentals Wind and solar projects have four distinct cashflows:
Beyond YieldCos, Mobilising Low-Cost Institutional Investment in Renewable Energy: Major barriers and the solutions to overcome them and Structuring the Clean Energy Investment Trust have been supported by the Rockefeller Foundation’s Zero Gap programme. |
英文关键词 | energy finance energy transition financial innovation institutional investors project finance renewable energy renewable energy investment solar utilities wind |
URL | 查看原文 |
来源平台 | Climate Policy Initiative |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/242505 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | Uday Varadarajan; Matthew Huxham; Brian O&,039;Connell; David Nelson; Brendan Pierpont and David Posner. Clean Energy Investment Trust: financial innovation for pension funds & insurers,2017. |
条目包含的文件 | 下载所有文件 | |||||
文件名称/大小 | 文献类型 | 版本类型 | 开放类型 | 使用许可 | ||
August-2017-CPI-Ener(637KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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