| Abstract [eng] |
The Paris Agreement binds countries governments to find solutions for climate change retardation. In order to achieve this, it is necessary not only to attract investment from the governments, but also form private individuals and small and medium-sized enterprises. Variety of investors induce development of sustainable and renewable energy projects, and projects would not be dependent only on the government funding. Object of research is 100MWp offshore wind park in the Baltic Sea. The aim of this paper is to form and compare nine funding models for offshore wind parks. With reference of relevant literature review on suggested alternative funding sources (crowdfunding and green bonds), to model traditional financing and alternative methods, compare selected projects with financial ratios. In terms of not meeting the expectations of investors, selecting the government support method for the project and calculate the necessary financial support. Literature review analyses advantages and disadvantages of crowdfunding and green bonds as financial instruments, examines the possibilities of adaptability to the financing of sustainable and renewable energy projects. In methodology, 3 different methods are suggested by author for 9 financing models for 100MWp offshore wind park project. The models are compared by using calculations results of net present value, internal rate of return, levelized cost of energy and needed government support for the project. As a result, the net present value of all financing models during the entire project period is negative. Consequently, the project initial cost is too great and the revenue generated from electricity generation and sales rates in the market is too low. In order to justify investors’ expectations of projects return rate, all of the financing models require financial support from the government. C1 financing proposed by author (project capital that is equity – 30 %, debt – 70 %, which is financed from green bonds) is the most appealing for project owners because of the highest net present value (–166,43 mln. Eur) and annually discounted cash flows. In terms of government perspective, this model is the most appropriate due to the minimum required support to meet the expectations of all investors – 215.76 million euro during 25-year project period. Without providing support, investigative offshore wind park implementation would be too expensive and could not be used to increase the share of renewable energy in electricity generation in order to achieve the goals of the Paris Agreement in tackling climate change. |
