Foreword |
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xi | |
Preface |
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xiii | |
Acknowledgements |
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xv | |
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1 Financing the new energy economy |
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1 | (8) |
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The evolution of renewable energy |
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1 | (1) |
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Renewable energy in the global energy economy |
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2 | (4) |
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Financing a low carbon energy future |
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6 | (1) |
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The role of project finance |
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7 | (1) |
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Organization of this book |
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7 | (2) |
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2 Public policy mechanisms to support renewable energy |
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9 | (12) |
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Support renewable energy or tax conventional energy? |
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9 | (5) |
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14 | (1) |
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Quantity-based mechanisms |
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15 | (3) |
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18 | (1) |
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Impact of public policies on renewable energy finance |
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18 | (3) |
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3 Basic project finance concepts |
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21 | (10) |
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21 | (1) |
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Historical development of project finance |
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22 | (2) |
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Comparing project finance with traditional corporate finance |
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24 | (7) |
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4 Modeling project cash flows and debt service |
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31 | (24) |
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Modeling project cash flows |
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31 | (4) |
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Debt sizing for a fully contracted project |
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35 | (20) |
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5 Renewable project finance structures and risk allocation |
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55 | (12) |
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Basic project finance structure |
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55 | (4) |
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59 | (1) |
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Assessment of project risks |
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60 | (7) |
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6 Tax structures for financing renewable energy projects in the U.S. |
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67 | (32) |
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Overview of renewable energy tax incentives in the US |
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67 | (3) |
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70 | (1) |
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Tax equity financing structures |
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71 | (6) |
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The partnership flip structure |
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77 | (15) |
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The sale/leaseback structure |
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92 | (3) |
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The inverted lease structure |
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95 | (1) |
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A critical assessment of tax credits as an incentive mechanism |
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96 | (3) |
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7 Financing distributed generation projects |
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99 | (16) |
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Introduction to distributed generation |
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99 | (1) |
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100 | (1) |
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Business models for distributed generation and financing structures |
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101 | (12) |
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Rooftop solar installations for commercial and industrial applications |
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113 | (2) |
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8 Renewable energy in power markets |
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115 | (16) |
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Basics of power market design |
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116 | (3) |
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Transmission congestion and LMP |
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119 | (6) |
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Zonal markets in Europe and elsewhere |
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125 | (2) |
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Capacity and ancillary services markets |
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127 | (2) |
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The future of energy markets |
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129 | (2) |
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9 Managing transmission costs and risks for renewable projects |
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131 | (10) |
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Connecting new generation projects to the grid |
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131 | (2) |
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Continuing transmission costs |
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133 | (8) |
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10 Alternative off-take strategies and managing merchant risks |
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141 | (20) |
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141 | (3) |
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144 | (7) |
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151 | (4) |
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Comparing project off-take options |
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155 | (1) |
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Quantifying and managing merchant price risk exposures |
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155 | (2) |
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Approaches to developing merchant price forecasts |
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157 | (4) |
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11 Project development and valuation |
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161 | (16) |
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The renewable energy project lifecycle |
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161 | (6) |
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Valuation of renewable energy companies |
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167 | (10) |
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12 Energy storage financing: opportunities and challenges |
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177 | (8) |
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177 | (1) |
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178 | (7) |
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13 Renewable energy finance in the international context |
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185 | (36) |
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Recent global experience in private renewables finance |
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185 | (3) |
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188 | (4) |
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192 | (6) |
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198 | (7) |
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205 | (2) |
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Lessons from the international experience |
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207 | (4) |
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Appendix A Glossary of terms and energy units |
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211 | (3) |
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Appendix B Levelized Cost of Electricity |
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214 | (4) |
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218 | (3) |
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Appendix C Sample term sheets |
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221 | (54) |
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1 Construction loan term sheet for a utility-scale wind project |
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223 | (12) |
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2 Tax equity term sheet for a utility-scale solar project |
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235 | (12) |
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3 Back leverage term sheet for a portfolio of residential solar projects |
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247 | (16) |
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4 Sample confirm for a commodities hedge for a utility-scale wind project |
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263 | (12) |
Index |
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275 | |