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Renewable Energy Finance: Theory and Practice [Pehme köide]

(Managing Partner and Head of Renewables, Silverpeak, New York, NY, USA), (Vice President, Charles River Associates, USA)
  • Formaat: Paperback / softback, 298 pages, kõrgus x laius: 229x152 mm, kaal: 450 g
  • Ilmumisaeg: 04-Dec-2019
  • Kirjastus: Academic Press Inc
  • ISBN-10: 0128164417
  • ISBN-13: 9780128164419
  • Formaat: Paperback / softback, 298 pages, kõrgus x laius: 229x152 mm, kaal: 450 g
  • Ilmumisaeg: 04-Dec-2019
  • Kirjastus: Academic Press Inc
  • ISBN-10: 0128164417
  • ISBN-13: 9780128164419

Renewable Energy Finance: Theory and Practice integrates the special characteristics of renewable energy with key elements of project finance. Through a mixture of fundamental analysis and real-life examples, readers learn how renewable energy project finance works in actual deals that mix finance, public policy, legal, engineering and environmental issues. The skills developed in analyzing non-recourse cash flow-based finance are applicable not only to green energy, but also apply more widely in project finance and infrastructure investing. The book's comparisons of developed and developing countries make it valuable to readers worldwide.

  • Presents real world cases in each chapter
  • Includes a companion website that contains renewable energy project finance models and other resources
  • Supports efforts to achieve environmental sustainability through renewable financing projects and cleaner production techniques
Foreword xi
Preface xiii
Acknowledgements xv
1 Financing the new energy economy
1(8)
The evolution of renewable energy
1(1)
Renewable energy in the global energy economy
2(4)
Financing a low carbon energy future
6(1)
The role of project finance
7(1)
Organization of this book
7(2)
2 Public policy mechanisms to support renewable energy
9(12)
Support renewable energy or tax conventional energy?
9(5)
Direct subsidies
14(1)
Quantity-based mechanisms
15(3)
Price-based mechanisms
18(1)
Impact of public policies on renewable energy finance
18(3)
3 Basic project finance concepts
21(10)
Project finance defined
21(1)
Historical development of project finance
22(2)
Comparing project finance with traditional corporate finance
24(7)
4 Modeling project cash flows and debt service
31(24)
Modeling project cash flows
31(4)
Debt sizing for a fully contracted project
35(20)
5 Renewable project finance structures and risk allocation
55(12)
Basic project finance structure
55(4)
Risk allocation
59(1)
Assessment of project risks
60(7)
6 Tax structures for financing renewable energy projects in the U.S.
67(32)
Overview of renewable energy tax incentives in the US
67(3)
Depreciation benefits
70(1)
Tax equity financing structures
71(6)
The partnership flip structure
77(15)
The sale/leaseback structure
92(3)
The inverted lease structure
95(1)
A critical assessment of tax credits as an incentive mechanism
96(3)
7 Financing distributed generation projects
99(16)
Introduction to distributed generation
99(1)
Net metering
100(1)
Business models for distributed generation and financing structures
101(12)
Rooftop solar installations for commercial and industrial applications
113(2)
8 Renewable energy in power markets
115(16)
Basics of power market design
116(3)
Transmission congestion and LMP
119(6)
Zonal markets in Europe and elsewhere
125(2)
Capacity and ancillary services markets
127(2)
The future of energy markets
129(2)
9 Managing transmission costs and risks for renewable projects
131(10)
Connecting new generation projects to the grid
131(2)
Continuing transmission costs
133(8)
10 Alternative off-take strategies and managing merchant risks
141(20)
Corporate PPAs
141(3)
Commodity hedges
144(7)
The proxy revenue swap
151(4)
Comparing project off-take options
155(1)
Quantifying and managing merchant price risk exposures
155(2)
Approaches to developing merchant price forecasts
157(4)
11 Project development and valuation
161(16)
The renewable energy project lifecycle
161(6)
Valuation of renewable energy companies
167(10)
12 Energy storage financing: opportunities and challenges
177(8)
Types of energy storage
177(1)
Value of storage
178(7)
13 Renewable energy finance in the international context
185(36)
Recent global experience in private renewables finance
185(3)
Chile
188(4)
India
192(6)
Germany
198(7)
China
205(2)
Lessons from the international experience
207(4)
Appendix A Glossary of terms and energy units
211(3)
Appendix B Levelized Cost of Electricity
214(4)
Glossary
218(3)
Appendix C Sample term sheets
221(54)
1 Construction loan term sheet for a utility-scale wind project
223(12)
2 Tax equity term sheet for a utility-scale solar project
235(12)
3 Back leverage term sheet for a portfolio of residential solar projects
247(16)
4 Sample confirm for a commodities hedge for a utility-scale wind project
263(12)
Index 275
Santosh Raikar is Managing Partner of Silverpeak Renewables Investment Partners, responsible for leading the firms renewable energy sector platform. Santosh has more than 20 years of experience in energy and infrastructure project finance, including renewable energy, oil & gas, power, and midstream infrastructure assets. He was previously a Managing Director in the Renewable Energy Investments Group at State Street where he was responsible for leading a team in originating, structuring, and executing tax equity investments in the U.S. renewable energy sector. Santosh previously worked at Deutsche Bank and Lehman Brothers in Principal Investment areas. He holds two Master of Science degrees, one in Technology and Policy Program from the Massachusetts Institute of Technology and the other in Electrical Engineering from Arizona State University, as well as a BS in Electrical Engineering from the University of Mumbai. Santosh also teaches a graduate course titled Renewable Energy Investments” at Boston College. Seabron Adamson is a Vice President at Charles River Associates, a global economics advisory firm, and was formerly a member of the energy and commodities group at Tudor Investment Corporation, a major alternative investment firm. He has advised a wide range of developer, banking, government, and private equity clients on green energy projects in the United States, Canada, and the European Union. He has taught classes on energy finance and economics at Tulane University and on renewable energy finance at the Carroll School of Management of Boston College. He holds graduate degrees from MIT, Georgia Tech and Boston University.