Can CDM bring technology transfer to China?-An empirical study of technology transfer in China's CDM projects

International Nuclear Information System (INIS)

Wang Bo

2010-01-01

China has undertaken the greatest number of projects and reported the largest emission reductions on the global clean development mechanism (CDM) market. As technology transfer (TT) was designed to play a key role for Annex II countries in achieving greenhouse gas emission reductions, this study examines various factors that have affected CDM and TT in China. The proportion of total income derived from the certified emissions reductions (CER) plays a key role in the project owners' decision to adopt foreign technology. Incompatibility of CDM procedures with Chinese domestic procedures, technology diffusion (TD) effects, Chinese government policy and the role of carbon traders and CDM project consultants all contribute to the different degrees and forms of TT. International carbon traders and CDM consultants could play a larger role in TT in China's CDM projects as investors and brokers in the future.

A Guide to Bundling Small-scale CDM Projects

International Nuclear Information System (INIS)

Mariyappan, J.; Bhardwaj, N.; De Coninck, H.; Van der Linden, N.

2005-07-01

Small-scale renewable energy and energy efficiency projects that fit the development needs of many developing countries, can potentially be supported via the Clean Development Mechanism (CDM), one of the Kyoto Protocol's flexible mechanisms for tackling climate change. However, there is concern that due to high transaction costs, as well as many existing barriers, very few investments will be made in small-scale projects, which are often the most suitable development option in countries such as India. In view of this, the 'bundling' together of appropriate small-scale projects on a regional basis has been proposed as a way in which funding can be leveraged from international sources and transaction costs reduced. IT Power, IT Power India and the Energy research Centre of the Netherlands (ECN) are carrying out a 2-year project to establish the capacity within India to enable individual small scale projects to be bundled as a single CDM project. Overall objectives are to develop the necessary institutional capabilities to formulate and implement small scale CDM projects in India; to provide a guide on how to bundle small scale projects under the CDM in developing countries; and to raise the awareness of the potential for investment in small scale energy projects which can gain funding through the CDM

Improving the attractiveness of CDM projects through allowing and incorporating options

International Nuclear Information System (INIS)

Carmichael, David G.; Ballouz, Joseph J.; Balatbat, Maria C.A.

2015-01-01

The paper puts forward a proposal that, within Clean Development Mechanism (CDM) projects, investors be allowed to benefit from options; this will require a CDM rule change. Through the presence of options, the downside risk resulting from low carbon prices and/or low achieved emission reductions on projects can be limited, while any upside resulting from high carbon prices and/or high achieved emission reductions can be taken advantage of. It is demonstrated that the presence of options improves the financial attractiveness of CDM projects, and this is at no detriment to any stakeholder. The flow-on from the proposal is that more CDM projects should be realisable if options are available, and this in turn will lead to reduced global emissions and improved sustainability. The proposal is supported by the necessary theory and is demonstrated on two registered CDM projects, one on hydropower and one on wind power. - Highlights: • The paper proposes that options be allowed within CDM projects. • Introducing options will require a CDM rule change. • Options improve the financial attractiveness of CDM projects. • Allowing options comes at no cost or detriment to any party. • Allowing options is a win–win situation to both society and the project proponent.

Analysis of registered CDM projects: potential removal of evidenced bottlenecks

Energy Technology Data Exchange (ETDEWEB)

Agosto, D.; Bombard, P.; Gostinelli, F.

2007-07-01

The Clean Development Mechanism (CDM) has developed during its first period of implementation, a distinctive set of patterns. The authors thought of concentrating on the CDM analysis in order to highlight potential remedies or reasons for given bottlenecks. In order to establish a sort of extensive SWOT analysis for CDMs, all the 356 projects actually (November 2006) registered at UNFCCC were examined, together with all the about 1000 PDDs presented to the UNFCCC but not registered yet. The CDM projects have been studied trying to cluster projects according to relevant characteristics, both from a technical and an economic point of view. Chosen indicators are meant to identify: more convenient/more diffused energy system for a CDM; reasons for a geographical distribution of different types of projects; potentials for a future exploitation of lower used technologies in CDM. Conclusions are drawn and appropriate tables and graphs presented. (1) the Baseline Emission Factor, combined to economic patterns, is the pivotal factor that characterizes both choices of host country and technology; (2) some technologies can exploit appropriately CDM scheme, whilst other technologies, are constrained by it. (3) there are still some important weak points: grouping of non Annex I countries; crediting period; criteria for the evaluation of sustainable development. (auth)

Why only few CDM projects?

DEFF Research Database (Denmark)

Brandt, Urs Steiner; Svendsen, Gert Tinggaard

2013-01-01

CDM projects have large potentials but also face significant obstacles that have so far limited their applicability. Two serious problems that an effective contracting faces are the presence of private information and the lack of sufficiently precise output measures. In a principal-agent framewor...

Linking renewable energy CDM projects and TGC schemes: An analysis of different options

International Nuclear Information System (INIS)

Del Rio, Pablo

2006-01-01

Renewable energy CDM (RE-CDM) projects encourage cost-effective GHG mitigation and enhanced sustainable development opportunities for the host countries. CERs from CDM projects include the value of the former benefits (i.e., 'climate change benefits'), whereas the second can be given value through the issuing and trading of tradable green certificates (TGCs). Countries could agree to trade these TGCs, leading to additional revenues for the investors in renewable energy projects and, therefore, further encouraging the deployment of CDM projects, currently facing significant barriers. However, the design of a combination of CDM projects and TGC schemes raises several conflicting issues and leads to trade-offs. This paper analyses these issues, identifies the alternatives that may exist to link TGC schemes with RE-CDM projects and analyses the impacts of those options on different variables and actors

Linking renewable energy CDM projects and TGC schemes: An analysis of different options

Energy Technology Data Exchange (ETDEWEB)

Del Rio, Pablo [Department of Economics and Business, Facultad de Ciencias Juridicas y Sociales, Universidad de Castilla-La Mancha, C/ Cobertizo de S. Pedro Martir s/n., Toledo-45071 (Spain)]. E-mail: pablo.rio@uclm.es

2006-11-15

Renewable energy CDM (RE-CDM) projects encourage cost-effective GHG mitigation and enhanced sustainable development opportunities for the host countries. CERs from CDM projects include the value of the former benefits (i.e., 'climate change benefits'), whereas the second can be given value through the issuing and trading of tradable green certificates (TGCs). Countries could agree to trade these TGCs, leading to additional revenues for the investors in renewable energy projects and, therefore, further encouraging the deployment of CDM projects, currently facing significant barriers. However, the design of a combination of CDM projects and TGC schemes raises several conflicting issues and leads to trade-offs. This paper analyses these issues, identifies the alternatives that may exist to link TGC schemes with RE-CDM projects and analyses the impacts of those options on different variables and actors.

Extracting the resource rent from the CDM projects: Can the Chinese Government do better?

International Nuclear Information System (INIS)

Liu Xuemei

2010-01-01

The revenue generated from a CDM project in China will be shared by the government and the project owner, and is also subject to the corporate income tax. This paper studies the impacts of the revenue sharing policy and income tax on the CDM market. The economic model presented in this paper shows that higher-cost CDM projects will be more affected by the CDM policies than lower-cost projects. In addition, the majority of CERs will be generated from lower-cost projects. This kind of distribution of CERs across different types of CDM projects, which is in line with the current picture of the CDM market in China, is not consistent with the goal of sustainable development. A simulation shows that a type-by-type tax/fee scheme would be more effective in assisting sustainable development than the current CDM policies. The study also suggests the government use negative tax/fee with the type-by-type scheme to subsidize the CDM projects that generate large sustainability benefits but would otherwise not be developed due to high costs. If all of the revenue from the CDM is recycled, it is estimated that CERs generation will increase by 98.28 MtC, mainly from the CDM projects that have substantial sustainability benefits for the host country.

Fiscal 1998 research report. Research on the possibility of promoting CDM project through technology transfer with plant exports; 1998 nendo chosa hokokusho. Plant yushutsugata gijutsu iten wo tsujita CDM project suishin kanosei ni kansuru chosa hokokusho

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-03-01

Study was made on promotion of CDM (clean development mechanism) project through technology transfer with plant exports. Although CDM system was provided in COP3 on climate change held in Kyoto in 1997, its detailed rules including project approval are yet undecided, and only the schedule to provide the detailed rules until COP6 in 2000 was decided in COP4 in 1998. The common recognition that the CDM project with plant exports produces various merits for both Japan and the partner country is increasing. However, from the viewpoint of forming concrete CDM projects, most Japanese enterprises are passive in approach to the CDM project because of no detailed design of CDM, uncertain profitability and procedures, and avoidance of additional burdens. Plant export is also difficult because of the fact that assessment of a new project is difficult. Enterprises' deeper recognition on the CDM project, and a governmental integrated support system are desirable. (NEDO)

How to attribute market leakage to CDM projects

NARCIS (Netherlands)

Vöhringer, F.; Kuosmanen, T.K.; Dellink, R.B.

2006-01-01

Economic studies suggest that market leakage rates of greenhouse gas abatement can reach the two-digit percentage range. Although the Marrakesh Accords require Clean Development Mechanism (CDM) projects to account for leakage, most projects neglect market leakage. Insufficient leakage accounting is

Defining Investment Additionality for CDM projects - practical approaches

International Nuclear Information System (INIS)

Greiner, Sandra; Michaelowa, Axel

2003-01-01

The environmental integrity of the CDM under the Kyoto Protocol depends on the possibility to avoid giving emission credits to projects that would have happened anyway. Whether and how 'Investment Additionality' of CDM projects has to be determined is currently a part of climate negotiations. We discuss the rationale of companies to invest in projects and analyse possible criteria to determine Investment Additionality from a theoretical point of view. Differences in the type of investment call for the application of different criteria. Although some criteria are better than others, no single criterion can outweigh the others in all respects. We therefore suggest a scheme for additionality testing that aims at matching types of investment and criteria in a sensible way. Criteria are evaluated on the grounds of robustness to manipulation, degree of coverage and appropriateness for testing the investment decision under consideration

CDM Country Guide for Indonesia

International Nuclear Information System (INIS)

2005-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on Indonesia

CDM Country Guide for China

International Nuclear Information System (INIS)

2005-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on China

CDM Country Guide for India

International Nuclear Information System (INIS)

2005-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on India

CDM Country Guide for Thailand

International Nuclear Information System (INIS)

2006-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on Thailand

CDM Country Guide for Cambodia

International Nuclear Information System (INIS)

2005-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on Cambodia

The Learning Process and Technological Change in Wind Power: Evidence from China's CDM Wind Projects

Science.gov (United States)

Tang, Tian; Popp, David

2016-01-01

The Clean Development Mechanism (CDM) is a project-based carbon trade mechanism that subsidizes the users of climate-friendly technologies and encourages technology transfer. The CDM has provided financial support for a large share of Chinese wind projects since 2002. Using pooled cross-sectional data of 486 registered CDM wind projects in China…

Addressing the need for a Clean Development Mechanism (CDM) specific project management strategy

CSIR Research Space (South Africa)

Lotz, M

2009-01-01

Full Text Available Clean Development Mechanism (CDM) projects have additional technical, financial and regulatory requirements that are not fully addressed by classic project management approaches. Research has been done on individual novel concepts of the CDM, like...

Project financing

International Nuclear Information System (INIS)

Cowan, A.

1998-01-01

Project financing was defined ('where a lender to a specific project has recourse only to the cash flow and assets of that project for repayment and security respectively') and its attributes were described. Project financing was said to be particularly well suited to power, pipeline, mining, telecommunications, petro-chemicals, road construction, and oil and gas projects, i.e. large infrastructure projects that are difficult to fund on-balance sheet, where the risk profile of a project does not fit the corporation's risk appetite, or where higher leverage is required. Sources of project financing were identified. The need to analyze and mitigate risks, and being aware that lenders always take a conservative view and gravitate towards the lowest common denominator, were considered the key to success in obtaining project financing funds. TransAlta Corporation's project financing experiences were used to illustrate the potential of this source of financing

Project financing

International Nuclear Information System (INIS)

Alvarez, M.U.

1990-01-01

This paper presents the basic concepts and components of the project financing of large industrial facilities. Diagrams of a simple partnership structure and a simple leveraged lease structure are included. Finally, a Hypothetical Project is described with basic issues identified for discussion purposes. The topics of the paper include non-recourse financing, principal advantages and objectives, disadvantages, project financing participants and agreements, feasibility studies, organization of the project company, principal agreements in a project financing, insurance, and an examination of a hypothetical project

CDM Country Guide for The Philippines

International Nuclear Information System (INIS)

2006-01-01

Under the Integrated Capacity Strengthening for the CDM (ICS-CDM) programme, IGES presents the CDM Country Guides, a series of manuals on CDM project development for Cambodia, China, India, Indonesia, the Philippines, and Thailand. These guidebooks aim at facilitating CDM project developments in Asia by providing essential information to both project developers and potential investors. This volume is on The Philippines

On the contribution of labelled Certified Emission Reductions to sustainable development: A multi-criteria evaluation of CDM projects

International Nuclear Information System (INIS)

Nussbaumer, Patrick

2009-01-01

The Clean Development Mechanism (CDM) has a twofold objective, to offset greenhouse gas emissions and to contribute to sustainable development in the host country. The contribution to the latter objective seems marginal in most CDM activities. Also, CDM activities are unevenly spread among developing countries. In response to these concerns, initiatives with the objective of promoting CDM projects with broad local sustainable development dividends have been launched, such as the Gold Standard and the Community Development Carbon Fund. The Gold Standard label rewards best-practice CDM projects while the Community Development Carbon Fund focuses on promoting CDM activities in underprivileged communities. Using a multi-criteria method, the potential contribution to local sustainable development of those CDM projects with particular attributes is compared with ordinary ones. This evaluation suggests that labelled CDM activities tend to slightly outperform comparable projects, although not unequivocally

Small-scale CDM projects in a competitive electricity industry: How good is a simplified baseline methodology?

International Nuclear Information System (INIS)

Shrestha, Ram M.; Abeygunawardana, A.M.A.K.

2007-01-01

Setting baseline emissions is one of the principal tasks involved in awarding credits for greenhouse gas emission (GHG) mitigation projects under the Clean Development Mechanism (CDM). An emission baseline has to be project-specific in order to be accurate. However, project-specific baseline calculations are subject to high transaction costs, which disadvantage small-scale projects. For this reason, the CDM-Executive Board (CDM-EB) has approved simplified baseline methodologies for selected small-scale CDM project categories. While the simplified methods help reduce the transaction cost, they may also result in inaccuracies in the estimation of emission reductions from CDM projects. The purpose of this paper is to present a rigorous economic scheduling method for calculating the GHG emission reduction in a hypothetical competitive electricity industry due to the operation of a renewable energy-based power plant under CDM and compare the GHG emission reduction derived from the rigorous method with that obtained from the use of a simplified (i.e., standardized) method approved by the CDM-EB. A key finding of the paper is that depending upon the level of power demand, prices of electricity and input fuels, the simplified method can lead to either significant overestimation or substantial underestimation of emission reduction due to the operation of renewable energy-based power projects in a competitive electricity industry

Transaction costs of unilateral CDM projects in India-results from an empirical survey

International Nuclear Information System (INIS)

Krey, Matthias

2005-01-01

Recently, transaction costs in the context of the Clean Development Mechanism (CDM) gained considerable attention as they were generally perceived to be significantly higher than for the other Kyoto Mechanisms. However, empirical evidence on the amount of transaction costs of CDM projects is very scarce. This paper presents the results from an empirical survey designed to quantify transaction costs of potential non-sink CDM projects in India. The definition of transaction costs of CDM projects was derived from recent literature and observations made in the current market for Certified Emission Reductions (CERs). During the survey, parts of transaction costs of 15 projects were quantified. An assessment of the results showed that specific transaction costs depend, to a large extent, on economies of scale in terms of total amount of CERs generated over the crediting period. Total transaction costs were quantified for seven projects. The costs range from 0.07 to 0.47 dollar/t CO 2 . As the projects have an emission reduction between 0.24 Mt CO 2 and 5.00 Mt CO 2 over the crediting period, the results support the assumption of Michaelowa et al. (Climate Policy 3 (2003) 273) that projects with emission reductions smaller than 0.20 Mt CO 2 are not economically viable at current CER prices

Modelling the impacts of CDM incentives for the Thai electricity sector

International Nuclear Information System (INIS)

Weiss, Philipp; Lefevre, Thierry; Moest, Dominik

2008-01-01

The CDM Executive Board recently took a positive decision on programmatic CDM, also known as a CDM Programme of Activities. This prompts the author to present a new tool that has been developed recently for the Thai electricity market. The Renewable Energy Development (RED) Model, initially developed in the framework of the DANIDA funded project: Promotion of Renewable Energy in Thailand (PRET), at the Ministry of Energy of Thailand, was designed for the modelling of different incentive schemes and their effects on the Thai power system for the promotion of renewable energy technologies (RETs). Within this article, an extension of the existing RED model, including the CDM as additional incentive measure, is presented (RED-CDM). Along with the project-based approach, also a sectoral and programmatic approach is included as well. Several scenarios developed with the RED-CDM model show the influence of different incentive mechanisms on the Thai power market and their potentials for reaching the policy targets stated in the Energy Strategy of Thailand for Competitiveness. The main results show that reaching the policy targets is possible, while the price can be extremely high if the targets are to be achieved on schedule. Another important result is that a sectoral CDM approach could help financing about 20% of the incentives needed for a shift towards a more sustainable power grid, if the certified emission reductions (CERs) are sold at a price of 15 Euro/ton

A real option-based model to valuate CDM projects under uncertain energy policies for emission trading

International Nuclear Information System (INIS)

Park, Taeil; Kim, Changyoon; Kim, Hyoungkwan

2014-01-01

Highlights: • A real option-based model for the valuation of CDM projects is proposed. • This study investigates the impact of energy policies on the value of CDM projects. • Level of target emission and its schedule should be carefully designed. • Government subsidy facilitates the implementation of CDM projects. • Period for free emission allowance prevents promoting CDM projects. - Abstract: Emission trading has been considered a primary policy tool for emission reduction. Governments establish national targets for emission reduction and assign emission reduction goals to private entities to accomplish the targets. To attain the goal, private entities should perform offset projects that can produce emission credits or buy emission credits from the market. However, it is not easy for private entities to decide to implement the projects because energy policies associated with emission trading keep changing; thus, the future benefits of the offset projects are quite uncertain. This study presents a real option-based model to investigate how uncertain energy policies affect the financial viability of an offset project. A case study showed that the establishment of a target emission was attractive to the government because it could make the CDM project financially viable with a small amount of government subsidy. In addition, the level of the government subsidy could determine the investment timing for the CDM project. In this context, governments should be cautious in designing energy policies, because even the same energy policies could have different impacts on private entities. Overall, this study is expected to assist private entities in establishing proper investment strategies for CDM projects under uncertain energy policies

Latin America-Alberta-Canada CDM Conference: Conference Summary

International Nuclear Information System (INIS)

Anon

2000-01-01

related to implementing CDM projects, it is well accepted that additionality, measurement, monitoring and verification of reductions are important criteria for project selection for potential investors, while sustainability is the key objective for developing country host governments. There is substantial agreement about issues in emissions trading that remain to be resolved, namely clear title to reductions being offered, and guarantees related to timing and volume reductions eventually transferred to buyer/investor. With regard to financing CDM projects, the World Bank Prototype Carbon Fund is prepared to provide experience with eligibility criteria as well as kick-start more extensive trading in GHG emission reductions. Also, several financial institutions have declared themselves ready to consider addressing the financial uncertainties and risks associated with CDM projects

Local involvement in CDM biogas projects: Argentine experiences

NARCIS (Netherlands)

Serna Martín, A.; Dietz, T.

2008-01-01

Mitigating climate change and contributing to the sustainable development of host countries are the goals of the CDM. In order to achieve these goals, projects follow an implementation chain, which starts with the design and ends with the issuance of Certified Emission Reductions (CERs). During the

Sustainable waste management in Africa through CDM projects.

Science.gov (United States)

Couth, R; Trois, C

2012-11-01

Only few Clean Development Mechanism (CDM) projects (traditionally focussed on landfill gas combustion) have been registered in Africa if compared to similar developing countries. The waste hierarchy adopted by many African countries clearly shows that waste recycling and composting projects are generally the most sustainable. This paper undertakes a sustainability assessment for practical waste treatment and disposal scenarios for Africa and makes recommendations for consideration. The appraisal in this paper demonstrates that mechanical biological treatment of waste becomes more financially attractive if established through the CDM process. Waste will continue to be dumped in Africa with increasing greenhouse gas emissions produced, unless industrialised countries (Annex 1) fund carbon emission reduction schemes through a replacement to the Kyoto Protocol. Such a replacement should calculate all of the direct and indirect carbon emission savings and seek to promote public-private partnerships through a concerted support of the informal sector. Copyright © 2012 Elsevier Ltd. All rights reserved.

Technology choice and CDM projects in China: case study of a small steel company in Shandong Province

International Nuclear Information System (INIS)

Kaneko, Shinji; Yonamine, Asaka; Jung, Tae Yong

2006-01-01

Corporate motives and strategies of both investing and hosting country affect the outcomes of a clean development mechanism (CDM) project-who introduces what technology to whom-and result in large differences in economic viability and the CO 2 emission reductions. This is particularly true for steel industry in which steel making consists of many detailed and complex processes, a given strategy could produce cumulative effects of the individual technologies used, leading to large energy savings overall. The objective of this study is to demonstrate some analytical methods that can be used to quantitatively evaluate the impacts of technology selection on the profit performance of CDM projects. Specifically, in this study we analyze a CDM project to introduce energy saving technology from Japan to a small steel manufacturer in China's Shandong Province, and conduct a simulation of the quantitative relationships between various technology options and profitability. Based on these results, we examine the environmental and economic significance of technology selection for CDM projects. To take this further, we then reconsider the profitability of a project as typical FDI activity (i.e., without the CDM), and by comparing this outcome with the CDM case, we clarify the significance and potential of the CDM

A quantitative analysis of the cost-effectiveness of project types in the CDM pipeline

Energy Technology Data Exchange (ETDEWEB)

Green, Gavin A.

2008-09-15

The flexibility of the CDM is intended to reduce the cost of compliance for Annex 1 countries and contribute to cost-effective reductions. This paper provides a framework for defining cost-effective payments for CDM carbon reductions. The projects in the CDM pipeline are categorised into project types. The data provided in the Project Design Documents is quantitatively assessed to calculate the median cost and range of costs for producing a CER from the project categories. These are measured against the range of prices in the market in order to estimate the level of cost-effectiveness. Global warming potential and size of the project were shown to be key factors in the cost of producing a CER. The results show that although prices for CERs are difficult to define in the primary CER market, many of the project categories generated CERs at a cost well below the lowest market price. The difference in these two values is defined as a loss in cost-effectiveness. The CDM is shown to be successful at developing the 'lowest hanging fruit' but the mechanism could be improved to fulfil the goal of cost-effectiveness by linking the price per CER to the cost of generating a CER. (au)

Carbon finance options in renewable energy

International Nuclear Information System (INIS)

Nahar, P.

2010-01-01

The Kyoto Protocol splits the world into two categories, notably Annex 1 with binding targets; and non-Annex 1 without any binding targets. This presentation discussed the Kyoto Protocol, with particular reference to the flexibility mechanisms which allow countries to achieve their emission targets in a cost effective way through emission trading, joint implementation, or clean development mechanisms (CDM). The CDM was outlined in detail in terms of how it works. The CDM key concepts include baseline use, additionality, and monitoring. Reasons for risk and CDM renewable energy projects were also outlined. Other topics that were presented included the impact of carbon finance; United States federal climate policy; European Union policy; EVO structured carbon; portfolio management; and EVO structured carbon. tabs., figs.

INVESTMENT FINANCING THROUGH THE "PROJECT FINANCE"

OpenAIRE

Molina Arenaza, Hércules; Del Carpio Gallegos, Javier

2014-01-01

This article analizes and compares the various aspects related to the "Project Finance" technique using projects financing in the Capital Market, both in developed countries and in developing countries. Likewise, the application's technique is illustrated by Antamina mining enterprise. El artículo analiza y compara los diferentes aspectos relacionados con la técnica del Project finance usado en el financiamiento de proyectos en el mercado de capitales, tanto en los países desarrollados com...

Financing Preference Behaviour for Private Finance Initiative (PFI Projects

Directory of Open Access Journals (Sweden)

Yati Md Lasa

2016-01-01

Full Text Available Project Financing Initiative (PFI projects require the private sector to invest an enormous amount of capital for the development of public projects. The private sector has to seek cost-effective financing sources for their survival in the long-term concession. Conventional financing uses widely; however, Islamic financing promises better financing through profit and loss sharing. This paper reviews financing preferences for PFI projects and the factors influencing the choice of funding. The results show that religious perspective, quality of services, financing facilities and reputation are the factors that are expected will influence the financing preference behaviour, either Islamic or conventional finance.

Co-benefits of including CCS projects in the CDM in India's power sector

International Nuclear Information System (INIS)

Eto, R.; Murata, A.; Uchiyama, Y.; Okajima, K.

2013-01-01

This study examines the effects of the inclusion of the co-benefits on the potential installed capacity of carbon dioxide capture and storage (CCS) projects with a linear programming model by the clean development mechanism (CDM) in India's power sector. It is investigated how different marginal damage costs of air pollutants affect the potential installed capacity of CCS projects in the CDM with a scenario analysis. Three results are found from this analysis. First, large quantity of IGCC with CCS becomes realizable when the certified emission reduction (CER) prices are above US$56/tCO 2 in the integrated Northern, Eastern, Western, and North-Eastern regional grids (NEWNE) and above US $49/tCO 2 in the Southern grid. Second, including co-benefits contributes to decrease CO 2 emissions and air pollutants with introduction of IGCC with CCS in the CDM at lower CER prices. Third, the effects of the co-benefits are limited in the case of CCS because CCS reduces larger amount of CO 2 emissions than that of air pollutants. Total marginal damage costs of air pollutants of US$250/t and US$200/t lead to CER prices of US$1/tCO 2 reduction in the NEWNE grid and the Southern grid. - Highlights: • We estimate effects of co-benefits on installed capacity of CCS projects in the CDM. • We develop a linear programming (LP) model of two grids of India. • Including co-benefits contributes to introduce IGCC with CCS in the CDM at lower CER prices

Sustainable waste management in Africa through CDM projects

Energy Technology Data Exchange (ETDEWEB)

Couth, R. [CRECHE, Centre for Research in Environmental, Coastal and Hydrological Engineering, School of Engineering, University of KwaZulu-Natal, Durban 4041 (South Africa); Trois, C., E-mail: troisc@ukzn.ac.za [CRECHE, Centre for Research in Environmental, Coastal and Hydrological Engineering, School of Engineering, University of KwaZulu-Natal, Durban 4041 (South Africa)

2012-11-15

Highlights: Black-Right-Pointing-Pointer This is a compendium on GHG reductions via improved waste strategies in Africa. Black-Right-Pointing-Pointer This note provides a strategic framework for Local Authorities in Africa. Black-Right-Pointing-Pointer Assists LAs to select Zero Waste scenarios and achieve sustained GHG reduction. - Abstract: Only few Clean Development Mechanism (CDM) projects (traditionally focussed on landfill gas combustion) have been registered in Africa if compared to similar developing countries. The waste hierarchy adopted by many African countries clearly shows that waste recycling and composting projects are generally the most sustainable. This paper undertakes a sustainability assessment for practical waste treatment and disposal scenarios for Africa and makes recommendations for consideration. The appraisal in this paper demonstrates that mechanical biological treatment of waste becomes more financially attractive if established through the CDM process. Waste will continue to be dumped in Africa with increasing greenhouse gas emissions produced, unless industrialised countries (Annex 1) fund carbon emission reduction schemes through a replacement to the Kyoto Protocol. Such a replacement should calculate all of the direct and indirect carbon emission savings and seek to promote public-private partnerships through a concerted support of the informal sector.

Marlim project finance; 'Project finance' de Marlim

Energy Technology Data Exchange (ETDEWEB)

D' Almeida, Albino Lopes [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

Project Finance is often used worldwide to raise the funds to develop big projects, particularly in the area of power and infra-structure. It is designed to support a singular project and a specific purpose company is created to obtain the financing. The debt payment is secured by the enterprise's cash flow, avoiding real guarantee requirements. The lenders receive the future revenues and the property of the assets to be built. The risks are mitigated by agreements exhaustively negotiated among the parties. One of the most important Project Finances performed in Brazil is the Marlim Project, structured in order to complete the development of the Marlim oil field. This is the biggest Brazilian oil field, producing more than 500,000 barrels a day, almost 35% of the national production. This paper presents the general concepts related to this type of financing and general information about the project, including its structuring, negotiation and closing. The total commitment reaches US$ 1.5 billion obtained in both domestic and international markets through equity, bridge loan, bonds and commercial papers. Its whole life is 10 years, using 2 special purpose companies in its configuration. (author)

Project financing renewable energy schemes

International Nuclear Information System (INIS)

Brandler, A.

1993-01-01

The viability of many Renewable Energy projects is critically dependent upon the ability of these projects to secure the necessary financing on acceptable terms. The principal objective of the study was to provide an overview to project developers of project financing techniques and the conditions under which project finance for Renewable Energy schemes could be raised, focussing on the potential sources of finance, the typical project financing structures that could be utilised for Renewable Energy schemes and the risk/return and security requirements of lenders, investors and other potential sources of financing. A second objective is to describe the appropriate strategy and tactics for developers to adopt in approaching the financing markets for such projects. (author)

Can the Clean Development Mechanism (CDM) deliver?

International Nuclear Information System (INIS)

Subbarao, Srikanth; Lloyd, Bob

2011-01-01

The paper investigates whether the Clean Development Mechanism (CDM) under the Kyoto Protocol has played a significant role in the development of rural communities, specifically investigating uptake of small-scale renewable energy projects. The investigation involved an assessment of 500 registered small-scale CDM projects under the Kyoto Protocol in terms of their potential impact on the envisaged sustainable development goals for rural communities. Five case studies from the Indian subcontinent were also examined. The paper concludes that the CDM in its current state and design has typically failed to deliver the promised benefits with regard to development objectives in rural areas. Successful projects were found to have had good community involvement and such projects were typically managed by cooperative ventures rather than money making corporations. The paper puts forward a new framework for the assessment of such benefits in the hope that future projects can be better assessed in this regard. The key problem, however, remains on how to deal with the inherent contradiction between development and sustainability. - Research Highlights: → Role of CDM towards sustainable development of rural communities. → Assessment of 500 registered small-scale CDM projects. → CDM in its current state and design has typically failed to deliver. → A new framework for sustainable development assessment of small-scale CDM projects. → Inherent contradiction between development and sustainability.

Project financing versus corporate financing under asymmetric information

OpenAIRE

Anton Miglo

2008-01-01

In recent years financing through the creation of an independent project company or financing by non-recourse debt has become an important part of corporate decisions. Shah and Thakor (JET, 1987) argue that project financing can be optimal when asymmetric information exists between firm's insiders and market participants. In contrast to that paper, we provide an asymmetric information argument for project financing without relying on corporate taxes, costly information production or an assump...

Developed feedback from the Swedish CDM and JI program; Utvecklad aaterrapportering fraan det svenska CDM- och JI-programmet

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-11-01

The Swedish Energy Agency is responsible for the Swedish government program for the Clean Development Mechanism (CDM) and Joint Implementation (JI). CDM and JI is the Kyoto Protocol's two project-based flexible mechanisms. This program focuses on participation in individual CDM- and JI-projects and on participation in multilateral CDM- and JI- funds. In the report the Swedish Energy Agency, on behalf of the Government, presents a proposal for developed reporting for the CDM- and JI-program. Furthermore, issues related to how CDM and JI can assist in meeting the Swedish climate objective by 2020 are discussed. Also, the role for potential new flexible mechanisms under UN Climate Convention is mentioned.

Project Finance: Basic Components

OpenAIRE

Alfieri Li Ojeda, Jaime

2015-01-01

The natural speed of the contemporary world demands large investment projects which require specialized financial techniques such as Project Finance, defined as a fund to finance investment projects of great magnitude. Every Project Finance involves a wide range of elements such as promoters, government, contractors andsuppliers, among others, that will ensure project success. La rapidez del mundo contemporáneo exige que los grandes proyectos de inversión requieran de técnicas financieras ...

Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

Does the Gold Standard label hold its promise in delivering higher Sustainable Development benefits? A multi-criteria comparison of CDM projects

International Nuclear Information System (INIS)

Drupp, Moritz A.

2011-01-01

The Clean Development Mechanism (CDM) has a twin objective: to help developed countries reduce GHG emissions, and to support developing countries in achieving Sustainable Development (SD). As a response to the widespread criticism of the CDM's unsatisfactory SD record, initiatives have developed premium labels like the Gold Standard, which applies two additional 'screens' to filter CDM projects for higher SD benefits. In order to determine whether Gold Standard projects can be associated with higher local SD benefits, this paper evaluates the potential benefits of 48 CDM projects using a multi-criteria method and building on existing work. The 18 evaluated Gold Standard projects are compared to a 'representative portfolio' of 30 unlabeled CDM projects in order to capture the 'full' effect of the additional Gold Standard requirements, which is further decomposed into the two 'screen' effects. The results suggest that Gold Standard Certified Emission Reductions can be associated with higher potential local SD benefits when compared to the 'representative portfolio' of unlabeled CDM projects, while the comparison of projects of the same type remains inconclusive. The results support previous findings showing that renewable energy projects may deliver comparatively high SD benefits. - Research highlights: → This study evaluates and compares the potential contribution of unlabeled- and Gold Standard labeled CDM projects to Sustainable Development (SD), extending the previously assessed projects as well as the methodological approach. → Gold Standard labeled Certified Emission Reductions (CER) can be associated with higher potential SD benefits compared to unlabeled projects. → A decomposition analysis shows that the Gold Standard s SD surplus must be primarily attributed to the favorable contribution of renewable energy projects to SD. → Policy makers might thus shift incentives towards renewable energy projects and buyers of CERs may shift their offset

What is project finance?

OpenAIRE

João M. Pinto

2017-01-01

Project finance is the process of financing a specific economic unit that the sponsors create, in which creditors share much of the venture’s business risk and funding is obtained strictly for the project itself. Project finance creates value by reducing the costs of funding, maintaining the sponsors financial flexibility, increasing the leverage ratios, avoiding contamination risk, reducing corporate taxes, improving risk management, and reducing the costs associated with market ...

Clean development mechanism projects and portfolio risks

International Nuclear Information System (INIS)

Matsuhashi, Ryuji; Fujisawa, Sei; Mitamura, Wataru; Momobayashi, Yutaka; Yoshida, Yoshikuni

2004-01-01

Clean development mechanism (CDM) is expected to facilitate technology transfer from developed to developing countries as well as to economically reduce greenhouse gas emissions. In this article, we explore effective institutions to activate CDM projects. For this purpose, we have estimated internal rate of return (IRR) and other indicators on profitability for 42 CDM or JI projects, taking account of volatilities in the price of certified emission reductions (CER). As a result of Monte Carlo simulations, expected values and standard deviations in the IRR of the projects were quantitatively shown. Then we evaluated various risks in CDM, concluding that diversification of investment is an effective way to suppress these risks. Therefore securitization of CDM finance is proposed as a means of facilitating the diversification of investment. Namely, we present the concept of a CDM bond, which is a project bond with CER. We also investigated the role of governments to suppress risks in CDM. Referring to CERUPT, initiated by the Netherlands' government, the institution of 'insured CERUPT' is proposed to suppress downside risks in the IRR of the projects. We concluded that it is possible to make CDM projects viable by the 'insured CERUPT' and CDM bond

Independent power project finance rating criteria

International Nuclear Information System (INIS)

Goldsmith, D.; Chew W.; Moulton, C.

1992-01-01

Continuing growth of project financing for non-utility generators in the US and abroad has led to growing focus on their credit strength. In general, the financings remain relatively risky and would likely be rated below investment grade, because of various factors: loose power purchase arrangements, poor match between power pricing and fuel costs, aggressive leverage, troubled operating performance. But S and P believes some projects have the credit strength to support investment grade ratings. As traditional financing markets for these projects --- bank lending and private placements with highly specialized institutional investors --- have contracted, project sponsors and developers are considering broader markets. These include institutional investors without specialized focus on power project finance. In these markets, distinctions among projects may lead to greater liquidity and efficiency in developing the pricing and terms under which projects can be financed. This paper reports that ratings are most appropriate for projects seeking permanent financing as they enter commercial operations. They also may be useful for projects which have been operating for some time and for some very strong projects which are raising construction financing. To guide both project developers and investors in project financing, S and P has developed the following approach for rating these types of financings

The promotion of sustainable development in China through the optimization of a tax/subsidy plan among HFC and power generation CDM projects

International Nuclear Information System (INIS)

Resnier, Martin; Wang, Can; Du, Pengfei; Chen, Jining

2007-01-01

China is expected to reach record growth by 2020 in the energy sector by at least doubling its electricity generation capacity. In order to protect the environment and foster economic development, China will greatly benefit from transfers of state-of-the-art power generation technologies through international agreements such as the Clean Development Mechanism (CDM). However, a buyer-driven carbon market and a highly competitive environment due to more cost-effective projects attribute to China's need to achieve a balance between sustainability and profitability for CDM projects implemented in China. In the CDM Tax/Subsidy Optimization Model (CDMTSO Model) here developed, a sustainable development assessment method evaluates the CDM projects' economic and environmental benefits and an optimization program returns tax/subsidy rates at which the greatest number of CDM technologies becomes viable and where 'better' CDM projects can be the most profitable, bringing China's development on a more sustainable path. The results show that the CDMTSO Model brings the sustainable CDM projects' Internal Rate of Return closed to 10%. If a discount rate of 9% is considered, it allows three clean energy technologies (natural gas combined cycle, wind energy, and hydropower) to become economically viable and the environmental costs avoided are increased by 37%

Stakeholder participation in CDM and new climate mitigation mechanisms: China CDM case study

DEFF Research Database (Denmark)

Dong, Yan; Olsen, Karen Holm

2017-01-01

exists on how LSC is practised, and synergies between climate mechanisms are largely unexplored. This study explores how international LSC rules are practised at national and local levels. It aims to better shape future LSC in climate mechanisms by learning from the case of China. First, LSC policies...... in CDM, REDD +, and GCF are identified. Relevant rules in China’s local policies are analysed. To understand the interaction between CDM policies and China’s local LSC rules, a selection of Chinese CDM Projects Design Documents (PDDs) are analysed, providing an overall impression of the stakeholder...

The role of absorptive capactiy in technological learning in CDM projects : evidences from survey in Brazil, China, India and Mexico

NARCIS (Netherlands)

Doranova, A.; Costa, I.; Duysters, G.M.

2011-01-01

Technology transfer in Clean Development Mechanism (CDM) projects of the Kyoto Protocol has acquired increasing attention of policy makers and academia. This study is an effort to investigate CDM projects' related technology transfer process from the organisational learning and technological

The role of absorptive capacity in technological learning in CDM projects : Evidences from survey in Brazil, China, India and Mexico

NARCIS (Netherlands)

Doranova, A.; Costa, I.; Duijsters, G.M.

2011-01-01

Technology transfer in Clean Development Mechanism (CDM) projects of the Kyoto Protocol has acquired increasing attention of policy makers and academia. This study is an effort to investigate CDM projects' related technology transfer process from the organisational learning and technological

Project finance of hydroelectric power plants in Brazil; 'Project finance' de usinas hidroeletricas no Brasil

Energy Technology Data Exchange (ETDEWEB)

Ribeiro Filho, Valfredo de Assis; Ramos, Maria Olivia de Souza [Universidade Salvador (UNIFACS), BA (Brazil)

2008-07-01

The aim of this paper is to discuss the modality of project finance of financing of enterprises, which is the main modality of structuring of hydroelectric projects in Brazil. In the discussion will be highlighted the importance of contracts EPC (Engineering, Search and Construction) in the structuring of project finances. This financing model has particular characteristics related to risk sharing and financial flexibility that enable the financing of projects with long-term capital, however, due to participation of various actors and the nature of the structure of project finance, the negotiation and drafting of contracts are always very complex.

Technology and knowledge transfer from Annex 1 countries to non Annex 2 countries under the Kyoto Protocol's Clean Development Mechanism (CDM). An empirical case study of CDM projects implemented in Malaysia

Energy Technology Data Exchange (ETDEWEB)

Hansen, Ulrich Elmer

2008-10-15

The CDM constitutes a central element in political discussions on climate change concerning means to facilitate transfer of technology and knowledge, regarding greenhouse gas (GHG) mitigation technologies, from Annex 1 countries to Non Annex 1 countries. The purpose of this thesis is therefore to answer the question of what role the CDM plays in relation to transfer of technology and knowledge. The thesis relies on multiple sources of qualitative data and is conducted as a multiple case study of thirteen CDM projects implemented in Malaysia. It focuses on the companies involved in implementation of specific technologies in these projects and the channels that can facilitate the transfer process. The aim of the thesis is therefore to provide insights into the dynamics of technology transfer at the micro-level. An analytical framework is put forward on which it can be concluded that the CDM only plays a role in one out of the thirteen projects examined. The thesis may contribute to provide a background on which future provisions concerning technology transfer in the CDM, and/or other mechanisms that involve GHG mitigation activities in Non Annex 1 countries. (au)

Technology transfer by CDM projects: A comparison of Brazil, China, India and Mexico

International Nuclear Information System (INIS)

Dechezlepretre, Antoine; Glachant, Matthieu; Meniere, Yann

2009-01-01

In a companion paper [Dechezlepretre, A., Glachant, M., Meniere, Y., 2008. The Clean Development Mechanism and the international diffusion of technologies: An empirical study, Energy Policy 36, 1273-1283], we gave a general description of technology transfers by Clean Development Mechanism (CDM) projects and we analyzed their drivers. In this paper, we use the same data and similar econometric models to explain inter-country differences. We focus on 4 countries gathering about 75% of the CDM projects: Brazil, China, India and Mexico. Sixty eight percent of Mexican projects include an international transfer of technology. The rates are, respectively, 12%, 40% and 59% for India, Brazil and China. Our results show that transfers to Mexico and Brazil are mainly related to the strong involvement of foreign partners and good technological capabilities. Besides a relative advantage with respect to these factors, the higher rate of international transfers in Mexico seems to be due to a sector-composition effect. The involvement of foreign partners is less frequent in India and China, where investment opportunities generated by fast growing economies seem to play a more important role in facilitating international technology transfers through the CDM. International transfers are also related to strong technology capabilities in China. In contrast, the lower rate of international transfer (12%) in India may be due to a better capability to diffuse domestic technologies

Incentive Structure of Financing a Project: An Islamic Finance Approach

OpenAIRE

Lone, Fayaz Ahmad; Quadir, Abdul

2017-01-01

Financing is an important component in any project. Without finance, it is impossible to run any project as it is considered the lifeblood of the business. But due to the presence of predetermined rate of interest, economists have provided alternative approach for financing the project. In this paper a model using Profit and Loss Sharing (PLS) system and comparison of it with the conventional financing model is developed. Thrust in this paper is towards establishing a new theoretical reasonin...

Issues related to a programme of activities under the CDM

Energy Technology Data Exchange (ETDEWEB)

Ellis, J.

2006-05-15

Emissions of CO2 from the energy and land-use change and forestry sectors are responsible for the majority of emissions in non-Annex I Parties to the UNFCCC. Tackling greenhouse gas (GHG) emissions from these sectors is a key to slowing the growth in GHG emissions in non-Annex I countries. Implementing Clean Development Mechanism (CDM) projects can help achieve this aim, while also assisting non-Annex I countries to move towards sustainable development and Annex I countries achieve their emission commitments under the Kyoto Protocol. There has been rapid progress in the CDM over the last year - in terms of the number of projects in the pipeline and registered, and in terms of credits issued. However, some important sectors are notable by their small share in the CDM portfolio. Several countries have also called attention to the need to accelerate the process of approving CDM methodologies and projects. In order to improve the effectiveness of the CDM to achieve its dual objectives, the COP/MOP agreed a decision on 'further guidance relating to the clean development mechanism. This decision lays out guidance on how to improve the operation of the CDM, and includes provisions that allow: (1) Bundling of project activities; and (2) Project activities under a programme of activities, to be registered as a CDM project activity. At present, of the 172 currently registered CDM project activities, 27 involve programmes or bundles. These project activities can include more than one project type, be implemented in several locations, and/or occur in more than one sector. This paper assesses how project activities under a programme of activities under the CDM (referred to here as PCDM) could help to increase the effectiveness of the CDM by encouraging a wide spread of emission mitigation activities. This paper also explores the key issues that may need to be considered for the PCDM concept to be further implemented. The paper concludes that: (1) Key concepts and issues

Development of project financing in Russia

Directory of Open Access Journals (Sweden)

Nikonova Irina Aleksandrovna

2012-07-01

Full Text Available The implementation of effective investment projects is essential to the modernization of the Russian economy and its transition to a high-tech way of development. The most complex and risky form of financing projects is project financing (Project Finance.

Carbon quota price and CDM potentials after Marrakesh

International Nuclear Information System (INIS)

Wenying Chen

2003-01-01

The Kyoto Protocol sets quantified GHG emission reduction commitments for Annex I Parties. But their emission reduction requirements related to BAU projections, one of the key factors to effect on future carbon market, are uncertain. Both the decisions made in Bonn and Marrakesh would have further consequences for how the future carbon market will take shape. This paper, with application of the carbon emission reduction trading model, evaluates future carbon quota price and Clean Development Mechanism (CDM) potentials under different BAU projections, and does sensitivity analysis on carry-over of AAUs, CERs and ERUs, implementation rate, transaction cost, holding of CERs in Non-Annex I Parties, etc. to assess the impacts of relevant decisions of COP6-bis and COP7 on the carbon market. Under different BAU projections, future carbon quota price and CDM potentials could vary widely. Carry over of AAUs, CERs, ERUs, and holding of CERs in Non-Annex I Parties could raise both quota price and total CDM potentials considerably. Implementation rate could have big impacts on both carbon quota price and CDM potentials, especially for the cases formerly with relatively high CDM potentials, and it could also change the regional distribution of CDM potentials. Transaction cost's effect on the carbon market would be comparatively low, but would become unignorable in the market whose quota price is low. It would lead to a downward trend in price while upward in CDM potentials when increasing the implementation rate or lowering transaction cost. Withdrawal of USA would dramatically shrink carbon price and credit amount, and large numbers of hot air and sink credits would further greatly crowd out the CDM projects; carry over of AAUs, CERs and ERUs, holding of CERs in Non-Annex I Parties, prompt start of CDM projects, etc., would, however, enhance the total CDM credits to ensure more investment and technology flow to developing countries to promote their sustainable development

Carbon quota price and CDM potentials after Marrakesh

International Nuclear Information System (INIS)

Chen Wenying

2003-01-01

The Kyoto Protocol sets quantified GHG emission reduction commitments for Annex I Parties. But their emission reduction requirements related to BAU projections, one of the key factors to effect on future carbon market, are uncertain. Both the decisions made in Bonn and Marrakesh would have further consequences for how the future carbon market will take shape. This paper, with application of the carbon emission reduction trading model, evaluates future carbon quota price and Clean Development Mechanism (CDM) potentials under different BAU projections, and does sensitivity analysis on carry-over of AAUs, CERs and ERUs, implementation rate, transaction cost, holding of CERs in Non-Annex I Parties, etc. to assess the impacts of relevant decisions of COP6-bis and COP7 on the carbon market. Under different BAU projections, future carbon quota price and CDM potentials could vary widely. Carry over of AAUs, CERs, ERUs, and holding of CERs in Non-Annex I Parties could raise both quota price and total CDM potentials considerably. Implementation rate could have big impacts on both carbon quota price and CDM potentials, especially for the cases formerly with relatively high CDM potentials, and it could also change the regional distribution of CDM potentials. Transaction cost's effect on the carbon market would be comparatively low, but would become unignorable in the market whose quota price is low. It would lead to a downward trend in price while upward in CDM potentials when increasing the implementation rate or lowering transaction cost. Withdrawal of USA would dramatically shrink carbon price and credit amount, and large numbers of hot air and sink credits would further greatly crowd out the CDM projects; carry over of AAUs, CERs and ERUs, holding of CERs in Non-Annex I Parties, prompt start of CDM projects, etc., would, however, enhance the total CDM credits to ensure more investment and technology flow to developing countries to promote their sustainable development

Baseline methodologies for clean development mechanism projects

Energy Technology Data Exchange (ETDEWEB)

Lee, M.K. (ed.); Shrestha, R.M.; Sharma, S.; Timilsina, G.R.; Kumar, S.

2005-11-15

The Kyoto Protocol and the Clean Development Mechanism (CDM) came into force on 16th February 2005 with its ratification by Russia. The increasing momentum of this process is reflected in more than 100 projects having been submitted to the CDM Executive Board (CDM-EB) for approval of the baselines and monitoring methodologies, which is the first step in developing and implementing CDM projects. A CDM project should result in a net decrease of GHG emissions below any level that would have resulted from other activities implemented in the absence of that CDM project. The 'baseline' defines the GHG emissions of activities that would have been implemented in the absence of a CDM project. The baseline methodology is the process/algorithm for establishing that baseline. The baseline, along with the baseline methodology, are thus the most critical element of any CDM project towards meeting the important criteria of CDM, which are that a CDM should result in 'real, measurable, and long term benefits related to the mitigation of climate change'. This guidebook is produced within the frame work of the United Nations Environment Programme (UNEP) facilitated 'Capacity Development for the Clean Development Mechanism (CD4CDM)' Project. This document is published as part of the projects effort to develop guidebooks that cover important issues such as project finance, sustainability impacts, legal framework and institutional framework. These materials are aimed to help stakeholders better understand the CDM and are believed to eventually contribute to maximize the effect of the CDM in achieving the ultimate goal of UNFCCC and its Kyoto Protocol. This Guidebook should be read in conjunction with the information provided in the two other guidebooks entitled, 'Clean Development Mechanism: Introduction to the CDM' and 'CDM Information and Guidebook' developed under the CD4CDM project. (BA)

Baseline methodologies for clean development mechanism projects

International Nuclear Information System (INIS)

Lee, M.K.; Shrestha, R.M.; Sharma, S.; Timilsina, G.R.; Kumar, S.

2005-11-01

The Kyoto Protocol and the Clean Development Mechanism (CDM) came into force on 16th February 2005 with its ratification by Russia. The increasing momentum of this process is reflected in more than 100 projects having been submitted to the CDM Executive Board (CDM-EB) for approval of the baselines and monitoring methodologies, which is the first step in developing and implementing CDM projects. A CDM project should result in a net decrease of GHG emissions below any level that would have resulted from other activities implemented in the absence of that CDM project. The 'baseline' defines the GHG emissions of activities that would have been implemented in the absence of a CDM project. The baseline methodology is the process/algorithm for establishing that baseline. The baseline, along with the baseline methodology, are thus the most critical element of any CDM project towards meeting the important criteria of CDM, which are that a CDM should result in 'real, measurable, and long term benefits related to the mitigation of climate change'. This guidebook is produced within the frame work of the United Nations Environment Programme (UNEP) facilitated 'Capacity Development for the Clean Development Mechanism (CD4CDM)' Project. This document is published as part of the projects effort to develop guidebooks that cover important issues such as project finance, sustainability impacts, legal framework and institutional framework. These materials are aimed to help stakeholders better understand the CDM and are believed to eventually contribute to maximize the effect of the CDM in achieving the ultimate goal of UNFCCC and its Kyoto Protocol. This Guidebook should be read in conjunction with the information provided in the two other guidebooks entitled, 'Clean Development Mechanism: Introduction to the CDM' and 'CDM Information and Guidebook' developed under the CD4CDM project. (BA)

Point Climat no. 27 'Unlocking private investments in energy efficiency through carbon finance'

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2013-01-01

Among the publications of CDC Climat Research, 'Climate Briefs' presents, in a few pages, hot topics in climate change policy. This issue addresses the following points: According to the latest IEA World Energy Outlook, energy efficiency is a 'key option' in transition to a low-carbon economy. A decade of experience with the CDM and JI demonstrates that carbon finance can be used as an effective tool to unlock private investments in energy efficiency. Capital investments in offset projects may significantly exceed the expected carbon revenues resulting in an average weighted leverage ratio of 4:1 and 9:1 for the CDM and JI respectively, which is comparable to other international financial instruments. So far carbon finance has been used mostly for large-scale industrial energy efficiency projects in advanced developing countries and economies in transition, although it is increasingly suited to tap into scattered household energy efficiency projects

Analysis of Project Finance | Energy Analysis | NREL

Science.gov (United States)

Analysis of Project Finance Analysis of Project Finance NREL analysis helps potential renewable energy developers and investors gain insights into the complex world of project finance. Renewable energy project finance is complex, requiring knowledge of federal tax credits, state-level incentives, renewable

Financing landfill gas projects

International Nuclear Information System (INIS)

Bull, R.

1992-01-01

The problems of financing landfill gas projects in the UK in the last few years are discussed. The approach of the author in setting up a company to finance such projects in the power generation field and a separate company to design and supply turnkey packages is reported. (UK)

Financing power projects in emerging markets

International Nuclear Information System (INIS)

Matsumoto, G.T.

1996-01-01

Financing for power generation projects in the developing countries of the world has been provided by the United States Export-Import Bank. The loans provided by its new Project Finance Division, totalling $8.3 billion are described. The future of project financing for the power generation industry should, it is argued, rest not with government financing agencies, but with private sector financial markets. (UK)

78 FR 33755 - Project Financing Loans

Science.gov (United States)

2013-06-05

... CFR Part 1710 [0572-AC21] Project Financing Loans AGENCY: Rural Utilities Service, USDA. ACTION... also considering regulations to clarify the agency's procedures for single asset/project financing... parameters necessary to more effectively and prudently use project financing in the RUS electric loan program...

An Exploratory Study of the Effects of Project Finance on Project Risk Management : How the Distinguishing Attributes of Project Finance affects the Prevailing Risk Factor?

OpenAIRE

Chan, Ka Fai

2011-01-01

Project finance is a financing arrangement for projects, and it is characterised by the creation of a legally independent project company financed with non- or limited recourse loans. It is observed that the popularity of project finance is increasing in the recent decades, despite of the impact of Asian financial crisis. Especially in emerging markets, project finance is very common among the public-private partnership projects. It is possible that project finance yields some benefits in pro...

Default risk in project finance

NARCIS (Netherlands)

Klompjan, R.; Wouters, Marc

2002-01-01

Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,

Local stakeholder participation in CDM and new climate mitigation mechanisms – case study of a small scale hydropower project in China

DEFF Research Database (Denmark)

Dong, Yan; Olsen, Karen Holm; Filzmoser, Eva

2014-01-01

and China’s stakeholder participation policies in environment impact assessment at project level, the PDD of this project and similar projects were analyzed providing an overall impression of the stakeholder participations process and results in such projects. Afterwards, we focused on a single case, where...... that the Clean Development Mechanism (CDM) Executive Board should collect information on practices for local stakeholder consultation in collaboration with the Designated National Authorities (DNA) Forum and provide technical assistance for the development of guidelines for local stakeholder participation......, if a country requests assistance. Learning from a case study of how local stakeholder participation is practiced in CDM in a small scale hydropower project in China, this paper identifies the strengths and weaknesses of how the concept is applied in practice. To understand the execution of both CDM policies...

Financing energy projects in Africa

International Nuclear Information System (INIS)

Godier, Kevin; Marks, Jon

1999-12-01

Contains Executive Summary and Chapters on: Overview of financing trends in Africa; Multilateral support - Bedrock of Africa's first generation energy projects; ECA insurance and financing; Bilateral development finance; Offshore commercial bank lending; Local commercial bank finance; Capital markets; Legal ramifications ; Risk factors; Conclusions. (Author)

Financing energy projects: experience of the International Finance Corporation

International Nuclear Information System (INIS)

Bond, Gary; Carter, Laurence

1995-01-01

This paper provides an overview of the recent trend towards private ownership and financing of power projects in the developing countries, focusing on the role played by both private and public agencies in meeting the large financing challenges. The paper draws upon the operational experience of the International Finance Corporation, which has been involved in the financing of more than 30 private power projects in the developing countries over the past three decades. Among the issues that affect implementation of private power projects is the balancing of risk and reward to equity investors and to commercial lenders. The paper discusses the principal sources of risk and the strategies used to manage them. A related issue is the competition for capital on the international markets, and the techniques that are being devised to bring more finance to the power sector. Finally, the paper considers the role of government in bringing private investors to the power sector, and the approaches being adopted to balance the needs of investors with the needs of the public. (author)

[The research project: financing and management].

Science.gov (United States)

Schena, F P

2003-01-01

Basic and clinical research is accomplished by projects. The design of a project is not only based on the scientific content but also on its financing and management. This article wants to illustrate the correct modalities for project financing and project management in a scientific project.

25 CFR 170.300 - May tribes use flexible financing to finance IRR transportation projects?

Science.gov (United States)

2010-04-01

... Financing § 170.300 May tribes use flexible financing to finance IRR transportation projects? Yes. Tribes may use flexible financing in the same manner as States to finance IRR transportation projects, unless... 25 Indians 1 2010-04-01 2010-04-01 false May tribes use flexible financing to finance IRR...

Preliminary assessment of potential CDM early start projects in Brazil

Energy Technology Data Exchange (ETDEWEB)

Meyers, S.; Sathaye, J.; Lehman, B.; Schumacher, K.; van Vliet, O.; Moreira, J.R.

2000-11-01

The Brazil/US Aspen Global Forum on Climate Change Policies and Programs has facilitated a dialogue between key Brazil and US public and private sector leaders on the subject of the Clean Development Mechanism (CDM). With support from the US government, a cooperative effort between Lawrence Berkeley National Laboratory and the University of Sao Paulo conducted an assessment of a number of projects put forth by Brazilian sponsors. Initially, we gathered information and conducted a screening assessment for ten projects in the energy sector and six projects in the forestry sector. Some of the projects appeared to offer greater potential to be attractive for CDM, or had better information available. We then conducted a more detailed assessment of 12 of these projects, and two other projects that were submitted after the initial screening. An important goal was to assess the potential impact of Certified Emission Reductions (CERs) on the financial performance of projects. With the exception of the two forestry-based fuel displacement projects, the impact of CERs on the internal rate of return (IRR) is fairly small. This is true for both the projects that displace grid electricity and those that displace local (diesel-based) electricity production. The relative effect of CERs is greater for projects whose IRR without CERs is low. CERs have a substantial effect on the IRR of the two short-rotation forestry energy substitution projects. One reason is that the biofuel displaces coke and oil, both of which are carbon-intensive. Another factor is that the product of these projects (charcoal and woodfuel, respectively) is relatively low value, so the revenue from carbon credits has a strong relative impact. CERs also have a substantial effect on the NPV of the carbon sequestration projects. Financial and other barriers pose a challenge for implementation of most of the projects. In most cases, the sponsor lacks sufficient capital, and loans are available only at high interest

Changing project finance climate; Project finance wo meguru kankyo henka

Energy Technology Data Exchange (ETDEWEB)

Madono, S. [The Export-Import Bank of Japan, Tokyo (Japan)

1998-03-01

Development of conditions under which project financing (PF) functions is described. PF, a method with which funds are procured for a project on the security of the assets of and the cash flow involving the project, established its position as a popular financial means. Into the 1990, however, PF underwent a complete change, when it came to be actively employed as a means for the procurement of money for what is called `infrastructure building project for invigorating the private sector` in the developing countries. PF has now come to be utilized for the financing of projects in various fields besides the field of resources exploitation. In particular, PF is now utilized in schemes such as BOT (build, operate, transfer) in public enterprises, for instance, electric power utilities in developing countries. The gravest problem found in the private sector invigorating type PF is that the sponsor, operator, exporter, and lender on their respective levels are experiencing rising risks because of intensified competition in the presence of a great number of projects. Such risks involve the exchange rate, the completion of work, and the relations between the borrower and operator. 2 figs.

TAX TREATMENT OF CARBON CREDIT OPERATIONS IN BRAZILIAN COMPANIES WITH CDM PROJECTS

Directory of Open Access Journals (Sweden)

Vanderlei dos Santos

2012-06-01

Full Text Available The aim in this study is to identify the tax treatment applied to carbon credit operations in Brazilian companies that are developing projects in the context of the Clean Development Mechanism (CDM. Therefore, an exploratory research with a qualitative approach was developed. Data were collected with the help of questionnaire, forwarded to all Brazilian companies with CDM projects that received approval from the Inter-Ministerial Commission on Global Climate Change (CIMGC without safeguards, according to the list of the Brazilian Ministry of Science and Technology. Out of 117 companies listed, only five answered the research instrument, which represents an accessibility sample. The results show that, as for the tax treatment applied in the companies under analysis, IRPJ and CSLL should be charged on carbon credit operations. Regarding PIS, COFINS, ISS, some companies considered that these taxes are due and others that they are not. There is a consensus, though, about the fact that ICMS and IOF should not be charged. In conclusion, no uniform understanding exists as of yet about due taxes in the research sample, as no specific fiscal legislation exists yet on carbon credits in Brazil.

Clean air and project financing

International Nuclear Information System (INIS)

Zimmer, M.J.

1992-01-01

This article examines how environmental requirements are challenging the developers ability to secure financing for independent energy projects. The topics addressed in the article include a review of the US Environmental Protection Agency auction rules for acid rain emission allowances, short term and long term market demand, project financing issues, credit value and matching interests

Project finance for alternative energy

International Nuclear Information System (INIS)

Mills, S.J.

1993-01-01

This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It will set out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximise their prospects of raising bank finance. (author)

Potential impacts of CCS on the CDM

International Nuclear Information System (INIS)

Bakker, S; Mikunda, T.; Rivera Tinoco, R.

2011-02-01

CO2 capture and storage can ensure that stringent climate change mitigation targets are achieved more cost-effectively. However, in order to ensure a substantial role for CCS, deployment of CCS is required on a significant global scale by 2020. Currently, the CDM is the only international instrument that could provide a financial incentive for CCS in developing countries. In December 2010 it was decided that CCS could in principle be eligible under the CDM, provided a number of issues are resolved, including non-permanence, liability, monitoring and potential perverse outcomes. The latter issue relates to the concern that that CCS projects could flood the CDM market, thereby crowding out other technologies that could be considered more sustainable. This report, therefore, aims to quantify the possible impact of CCS on the CDM market, in order to assess the relevance of the CDM market objection. However, the analysis in the report is also valid for the role of CCS in other types of international support mechanisms. The first result of this study is a marginal abatement cost curve (MAC) for CCS in developing countries for 2020. Based on existing MAC studies, the IEA CCS Roadmap and an overview of ongoing and planned CCS activities, we compiled three scenarios for CCS in the power, industry and upstream sector, as shown below. The major part of the potential below $30/tCO2eq (70 - 100 MtCO2/yr) is in the natural gas processing sector. Using the MACs for the CDM market, we estimate the economic potential for CCS projects to be 4-19% of the CDM credit supply in 2020. The potential impact inclusion of CCS in the CDM may have is assessed by using several possible CER supply and demand scenarios, as well as scenarios related to market price responsiveness and the role of CDM in the post-2012 carbon market. The impact is estimated to be between $0 and $4 per tonne of CO2-eq, with three out of four scenarios indicating the lower part of this range.

46 CFR 298.18 - Financing Shipyard Projects.

Science.gov (United States)

2010-10-01

... 46 Shipping 8 2010-10-01 2010-10-01 false Financing Shipyard Projects. 298.18 Section 298.18 Shipping MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION VESSEL FINANCING ASSISTANCE OBLIGATION GUARANTEES Eligibility § 298.18 Financing Shipyard Projects. (a) Initial criteria. We may issue Guarantees to...

Financing of Renewable Energy Projects

International Nuclear Information System (INIS)

Santizo, Rodolfo; Berganza, Jose

2000-01-01

The paper describes the role of the Banco Centroamericano de Integracion Economica in financing renewable energy projects in Central America. Also decribes the different financing modes to the goverment and private sectors

Project finance and international energy development

International Nuclear Information System (INIS)

Pollio, G.

1998-01-01

This paper explores the preference for and the features unique to project finance, one of the favoured vehicles for funding energy development. Our main focus is on the interests of project sponsors, commercial banks and host governments. Inclusion of the latter reflects the fact host governments are often leading participants in primary energy and energy-related projects; more recently, they have come to use limited recourse structures to finance local infrastructure development. Traditional analyses, whilst providing useful insights into the interests of leading project participants, are incapable of isolation a single motive or set of motives that can comprehensively account for all of the features common to this form of debt. Within an options-theoretic framework, most of these ambiguities are resolved. Risk management, long recognised as one of the primary reasons for choosing project finance over rival debt structures, is affirmed as a key explanatory factor. One the other hand, options pricing theory provides a radically different perspective on how to project finance contributes to the realisation of these objectives. (author)

Waste management CDM projects barriers NVivo 10® qualitative dataset.

Science.gov (United States)

Bufoni, André Luiz; de Sousa Ferreira, Aracéli Cristina; Oliveira, Luciano Basto

2017-12-01

This article contains one NVivo 10® file with the complete 432 projects design documents (PDD) of seven waste management sector industries registered as Clean Development Mechanism (CDM) under United Nations Framework Convention on Climate Change (UNFCCC) Kyoto Protocol Initiative from 2004 to 2014. All data analyses and sample statistics made during the research remain in the file. We coded PDDs in 890 fragments of text, classified in five categories of barriers (nodes): technological, financial, human resources, regulatory, socio-political. The data supports the findings of author thesis [1] and other two indexed publication in Waste Management Journal: "The financial attractiveness assessment of large waste management projects registered as clean development mechanism" and "The declared barriers of the large developing countries waste management projects: The STAR model" [2], [3]. The data allows any computer assisted qualitative content analysis (CAQCA) on the sector and it is available at Mendeley [4].

CDM: Taking stock and looking forward

International Nuclear Information System (INIS)

Ellis, Jane; Winkler, Harald; Corfee-Morlot, Jan; Gagnon-Lebrun, Frederic

2007-01-01

The Kyoto Protocol's clean development mechanism (CDM) was established in 1997 with the dual purposes of assisting non-Annex I Parties in achieving sustainable development and assisting Annex I Parties in achieving compliance with their quantified greenhouse gas (GHG) emission commitments. This paper looks at the development of the CDM portfolio as well as achievements of the CDM to date in the context of wider private and public flows of investment into developing countries. These achievements include the development of 325 (by May 2005) proposed CDM projects which are together expected to generate more than 79 Mt CO 2 -eq credits/year during 2008-2012, increasing awareness of climate change mitigation options among possible investors and others that may facilitate transactions (i.e. governments), and the strengthening of climate-relevant institutions within countries. The paper also draws lessons from this experience to date, and outlines what changes may be needed to transform the CDM concept to a broader scale after the end of the first commitment period in 2012

CDM criticisms: don't throw the baby out with the bathwater

Energy Technology Data Exchange (ETDEWEB)

Buen, Joerund

2012-07-01

CDM has delivered greater offset volumes than anticipated, mainly with money from the private sector in host countries (underlying project investment) and investor countries (carbon offset purchasing) and has built considerable institutional capacity. Criticisms have focused on high transaction costs and lack of scalability; additionality challenges and lack of net mitigation impact; preventing more ambitious targets and changes in emissions paths in developed and developing countries alike; excessive rents and perverse incentives; unbalanced regional distribution; low local sustainable development benefits; corruption and lack of transparency; and lack of technology transfer. While some of these criticisms are justified, others are outdated. Transaction costs have been drastically reduced. Excessive rents and perverse incentives in the CDM will be substantially reduced post-2012. Unbalanced regional distribution will be reduced by new rules; moreover, this is probably less of a problem than commonly thought. Some criticisms are erroneously founded. There is no evidence of CDM preventing more ambitious targets in developing countries while it could prevent changes in emissions paths in developed countries. Few CDM projects have serious known problems as regards sustainable development. Corruption and fraud seem limited; and technology transfer has never been a core CDM concern. Ironically, critics often neglect the elements that need to be improved. To ensure additionality, CDM rules must be tightened to exclude common practice projects and prevent host countries from changing their policies to cater for CDM projects. CDM's scalability and additionality challenges could be substantially reduced by discounting emission reductions. There could still be some non-additional projects, but the volume of the overall portfolio of projects would be additional.(Author)

Project finance for renewable energy

International Nuclear Information System (INIS)

Mills, S.J.; Taylor, M.

1994-01-01

This paper is intended to provide general advice to sponsors of renewable energy projects who expect to raise project-based financing from commercial banks to fund the development of their projects. It sets out, for the benefit of such sponsors, how bankers typically approach the analysis of these undertakings and in particular the risk areas on which they concentrate. By doing so it should assist sponsors to maximize their prospects of raising bank finance. The watchword for sponsors approaching banks must be ''Be Prepared'' . (author)

The Japanese approach to financing LNG projects

International Nuclear Information System (INIS)

Aoki, Wataru

1995-01-01

The Japanese approach approach to financing LNG project has been what could be called a combined purchase and finance system which has been arranged mainly at the initiative of japan's Sogo Shosh (general trading companies) with the support of japanese governmental financial agencies and a purchase commitment from japanese utilities. In the QATARGAS project, despite it being the first greenfield LNG project in decade since North West Shelf Australia LNG project, financing for the LNG plant phase has been successfully arranged through Japanese financing. The structuring of the financial facilities for the QATARGAS project seems to have lessons for future development of the next generation of greenfield LNG projects. Discharge of the parties' liability, proper sharing of the risk burden and reconfirmation of the spirit of mutual understanding and trust among the parties concerned are key factors for the success of any new LNG project in the future. (Author)

PROJECT FINANCE AS A TOOL FOR THE IMPLEMENTATION OF INVESTMENT PROJECTS

Directory of Open Access Journals (Sweden)

U. V. Vsyakih

2015-02-01

Full Text Available The article discusses the reasons for the insufficient use of project financing in the Russian Federation, the brief historical background for the project financing in Russia, as well as the main principles, types and stages of project financing. For results was used theoretical methods associated with the study of general and specialized literature, as well as methods of analysis and synthesis.

An Introduction to International Factoring & Project Finance

OpenAIRE

Glinavos, Ioannis

2002-01-01

This work consists of two essays on law and finance in international trade. It addresses the means of raising funds for investment through receivables financing and project finance. The first essay discusses the role of receivables financing and in particular factoring in international trade. It examines the nature of factoring transactions and presents the efforts at regulation on an international level aimed at overcoming the difficulties in enforcement. The second essay discusses project f...

Project financing knits parts of costly LNG supply chain

International Nuclear Information System (INIS)

Minyard, R.J.; Strode, M.O.

1997-01-01

The supply and distribution infrastructure of an LNG project requires project sponsors and LNG buyers to make large, interdependent capital investments. For a grassroots project, substantial investments may be necessary for each link in the supply chain: field development; liquefaction plant and storage; ports and utilities; ships; receiving terminal and related facilities; and end-user facilities such as power stations or a gas distribution network. The huge sums required for these projects make their finance ability critical to implementation. Lenders have become increasingly comfortable with LNG as a business and now have achieved a better understanding of the risks associated with it. Raising debt financing for many future LNG projects, however, will present new and increasingly difficult challenges. The challenge of financing these projects will be formidable: political instability, economic uncertainty, and local currency volatility will have to be recognized and mitigated. Described here is the evolution of financing LNG projects, including the Rasgas LNG project financing which broke new ground in this area. The challenges that lie ahead for sponsors seeking to finance future projects selling LNG to emerging markets are also discussed. And the views of leading experts from the field of project finance, specifically solicited for this article, address major issues that must be resolved for successful financing of these projects

Moving from the CDM to 'various approaches'

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2014-03-01

The Clean Development Mechanism (CDM) facilitated the emergence and deployment of low-cost greenhouse gas (GHG) abatement technologies such as destruction of industrial gases and capturing methane from landfills and coal mines. Some of these technologies are now ripe to 'graduate' from the CDM into other, more mainstream, economic tools. The first such step was taken in September 2013 when the G20 leaders agreed to phase out HFCs - highly potent greenhouse gases - including HFC-23 that was the focus of 19 CDM projects. A potential HFC-23 abatement fund under the Montreal Protocol could reduce up to 1.8 Gt CO 2 e by 2020 at a cost of under US$0.2 per ton of CO 2 e, i.e. much cheaper than the price paid to CDM projects through carbon crediting. The next potential candidate technology to 'graduate' from the CDM is the abatement of nitrous oxide (N 2 O) emissions in the chemical industry, which have already been placed on the agenda of the Montreal Protocol. (authors)

[Project financing in public hospital trusts].

Science.gov (United States)

Contarino, F; Grosso, G; Mistretta, A

2009-01-01

The growing debate in recent years over how to finance public works through private capital has progressively highlighted the role of project finance (PF) and publicprivate partnerships (PPP) in general. More and more European countries are turning to PF to finance their public infrastructure development. The UK, which pioneered the adoption of project finance in this field, has been followed by Italy, Spain, France, Portugal and Germany and more recently by Greece, Czech Republic and Poland. Beginning in the late 1990's, Italy has steadily amplified its use of PF and PPPs in key sectors such as healthcare as an alternative way of funding the modernisation of its health facilities and hospitals. The trend reveal an average annual growth of 10.9% since 2002 with peaks of varying intensity over the five year period. Project finance and PPPs represent an effective response to the country's infrastructure gap and support the competitiveness of local systems and the quality of public services. None of this will transpire, however without energetic new planning efforts and adequate policy at the centre.

EU-MENA energy technology transfer under the CDM: Israel as a frontrunner?

International Nuclear Information System (INIS)

Karakosta, Charikleia; Doukas, Haris; John, Psarras

2010-01-01

The majority of the Middle East and North Africa (MENA) countries possess substantial potential for the implementation of CDM projects. Abatement of Greenhouse Gas (GHG) emissions can mainly be achieved through utilizing the abundant Renewable Energy Sources (RES) in the region and the implementation of Energy Efficiency (ENEF) measures. However, most of the MENA countries have a limited track record as regards CDM projects in the pipeline comparing to the major CDM-players, like Asia-Pacific regions and Latin America. In the above framework, this paper investigates the current status of CDM in the MENA region and the related perspectives for further diffusion of the CDM though the elaboration of a Strengths-Weaknesses-Opportunities and Threats (SWOT) Analysis. Particular emphasis is laid on the case of Israel, which seems to make an exception to the rule, since it hosts most projects in the region and dominates among the MENA countries.

When the Forest was Ours: : Ownership and Partnership in a CDM Forestry Project in Southwestern Ethiopia

OpenAIRE

Gashaw, Aynalem Getachew

2012-01-01

An Afforestation and Reforestation Clean Development Mechanism (A/R CDM) project is a forest conservation project that involves global, national and local actors. The interests and expectations of these actors are different. They have different levels of knowledge and financial as well as technological capacities influencing the project outcomes. There is a clear power asymmetry among these partners and this will have an impact on planning and implementation. The purpose of this study i...

Wind farm investment risks under uncertain CDM benefit in China

International Nuclear Information System (INIS)

Yang, Ming; Nguyen, Francois; T'Serclaes, Philippine de; Buchner, Barbara

2010-01-01

China has set an ambitious target to increase its wind power capacity by 35 GW from 2007 to 2020. The country's hunger for clean power provides great opportunities for wind energy investors. However, risks from China's uncertain electricity market regulation and an uncertain energy policy framework, mainly due to uncertain Clean Development Mechanism (CDM) benefits, prevent foreign investors from investing in China's wind energy. The objectives of this paper are to: (1) quantify wind energy investment risk premiums in an uncertain international energy policy context and (2) evaluate the impact of uncertain CDM benefits on the net present values of wind power projects. With four scenarios, this study simulates possible prices of certified emissions reductions (CERs) from wind power projects. Project net present values (NPVs) have been calculated. The project risk premiums are drawn from different and uncertain CER prices. Our key findings show that uncertain CDM benefits will significantly affect the project NPVs. This paper concludes that the Chinese government needs revising its tariff incentives, most likely by introducing fixed feed-in tariffs (FITs), and re-examining its CDM-granting policy and its wind project tax rates, to facilitate wind power development and enable China to achieve its wind energy target. (author)

Alternative windpower ownership structures: Financing terms and project costs

Energy Technology Data Exchange (ETDEWEB)

Wiser, R.; Kahn, E.

1996-05-01

Most utility-scale renewable energy projects in the United States are developed and financed by private renewable energy companies. Electric output is then sold to investor-owned and public utilities under long-term contracts. Limited partnerships, sale/leaseback arrangements, and project-financing have historically been the dominant forms of finance in the windpower industry, with project-finance taking the lead more recently. Although private ownership using project-finance is still the most popular form of windpower development, alternative approaches to ownership and financing are becoming more prevalent. U.S. public and investor-owned electric utilities (IOUs) have begun to participate directly in windpower projects by owning and financing their own facilities rather than purchasing windpower from independent non-utility generators (NUGs) through power purchase agreements (PPAs). In these utility-ownership arrangements, the wind turbine equipment vendor/developer typically designs and constructs a project under a turnkey contract for the eventual project owner (the utility). The utility will also frequently sign an operations and maintenance (O&M) contract with the project developer/equipment vendor. There appear to be a number of reasons for utility involvement in recent and planned U.S. wind projects. One important claim is that utility ownership and self-finance provides substantial cost savings compared to contracting with private NUGs to supply wind-generated power. In this report, we examine that assertion.

The implementation of clean development mechanism (CDM) in the construction and built environment industry

International Nuclear Information System (INIS)

Mok, Ken L.; Han, Seung H.; Choi, Seokjin

2014-01-01

Greenhouse gas emissions due to human activities are the main contributors to global climate change, a problem that should not be ignored. Through the clean development mechanism (CDM) introduced under the Kyoto Protocol, developing countries are able to earn certified emission reduction (CER) credits through a myriad of emission reduction projects. This study aims to explore the potential of implementing CDM projects in the construction and built environment (C and BE) industry, which has been criticized for not only consuming an enormous amount of resources, but also for contributing to adverse environmental health. In this research, we limit the boundary of the C and BE industry to include the planning, procurement, construction, occupation and refurbishment/demolition phases of a project's life cycle. Surveys and in-depth follow-up interviews with experts have generated useful insights pertaining to CDM potential and its adaptation into the C and BE industry. From this foundation, this paper evaluates the current obstacles to CDM and presents feasible suggestions to increase CDM projects related to the C and BE industry. - Highlights: • We review the development and limitation of CDM relates to the construction and built environment (C and BE) industry. • We obtain experts' opinions on the feasibility of CDM in the C and BE industry. • Validation, monitoring, verification and additionality of CDM projects are crucial. • Experts agreed that most of our suggestions are feasible in principle

Derivatives in energy project finance

International Nuclear Information System (INIS)

Spencer, Lloyd

1999-01-01

This chapter focuses on risk management of merchant power generation projects and describes project finance as balancing risk and reward over time. The historical background to risk management is traced, and the case for derivatives in energy project finance is put forward with the hedging of forward output, and forwards and power purchase agreements discussed. Current and prospective usage, and the implementation issues of market liquidity, margin calls, letters of credit, derivative counterparty credit risk, and accounting policy are considered. A detailed example of a gas-fired plant in the US is presented with details given of the distribution of project earnings before tax. Oil field operating cashflows are examined, with reserved flow models, leverage effects, and price hedging addressed

Manufacturing of nuclear power components in CDM

International Nuclear Information System (INIS)

Krishnan, J.; Jawale, S.B.

2002-01-01

Full text: In the nuclear research programme in India, Dr. H.J. Bhabha, the architecture of the Indian Nuclear programme felt a need for proto-type development and precision manufacturing facility to fulfill the requirements of mechanical components in establishing the manufacturing capability for the successful and self sustained nuclear programme. Centre for Design and Manufacture (CDM) hitherto known as CWS was established in 1964 to cater to the specific requirements of DAE and other associated units like ISRO, DRDO. Since then CDM has made multiple technological achievements and changes towards high quality products. The acquisition of up-to-date machines during High-Tech facility under VIII Plan project and Advance Precision Fabrication facility under IX Plan project has changed the capability of CDM towards CAD, CAM, CAE and CNC machining centres. Considering the rapid growth in the design and manufacturing, it was renamed as Centre for Design and Manufacture in March 2002, with the mission of quality output through group effort and team work

Space Projects: Improvements Needed in Selecting Future Projects for Private Financing

Science.gov (United States)

1990-01-01

The Office of Management and Budget (OMB) and NASA jointly selected seven projects for commercialization to reduce NASA's fiscal year 1990 budget request and to help achieve the goal of increasing private sector involvement in space. However, the efforts to privately finance these seven projects did not increase the commercial sector's involvement in space to the extent desired. The General Accounting Office (GAO) determined that the projects selected were not a fair test of the potential of increasing commercial investment in space at an acceptable cost to the government, primarily because the projects were not properly screened. That is, neither their suitability for commercialization nor the economic consequences of seeking private financing for them were adequately evaluated before selection. Evaluations and market tests done after selection showed that most of the projects were not viable candidates for private financing. GAO concluded that projects should not be removed from NASA's budget for commercial development until after careful screening has been done to determine whether adequate commercial demand exists, development risks are commercially acceptable and private financing is found or judged to be highly likely, and the cost effectiveness of such a decision is acceptable. Premature removal of projects from NASA's budget ultimately can cause project delays and increased costs when unsuccessful commercialization candidates must be returned to the budget. NASA also needs to ensure appropriate comparisons of government and private financing options for future commercialization projects.

Project financing in Latin America: The search for greener pastures

International Nuclear Information System (INIS)

Stark, R.D.

1993-01-01

This paper addresses the basic requisites for inducing private capital to engage in infrastructure project financing. Part 1 of this paper provides an overview of project financing considerations, such as how pricing of project outputs and the credit history of output purchasers can affect the availability of project financing, and explores the use of ''Revolving Funds'' as a stimulus for private investment. Part 2 discusses several areas in which governments can become pro-active participants in establishing a sound framework for project financing of infrastructure. Part 3 briefly addresses project structuring and the contractual risk allocation process which is central to project financing, and highlights some of the key legal arrangements found in project contracts

Nuclear power: Financing big projects

International Nuclear Information System (INIS)

Raabe, G.

1992-01-01

Since the early seventies, the Dresdner Bank AG has been intensively engaged in financing nuclear power plants, e.g., the Muelheim-Kaerlich Nuclear Power Station currently down because of legal technicaltities. The bank has also been involved in other large-scale projects in the energy sector and, in addition, has conceptually accompanied the stages of the nuclear fuel cycle, such as enrichment, fuel element fabrication, and reprocessing. However, for political reasons it has not been possible to carry out these projects and finance them in the Federal Republic. With appropriate modifications, these financial models can also be transferred to international projects; after all, the enrichment sector has always been characterized by trilateral ventures. (orig.) [de

Waste management CDM projects barriers NVivo 10® qualitative dataset

Directory of Open Access Journals (Sweden)

André Luiz Bufoni

2017-12-01

Full Text Available This article contains one NVivo 10® file with the complete 432 projects design documents (PDD of seven waste management sector industries registered as Clean Development Mechanism (CDM under United Nations Framework Convention on Climate Change (UNFCCC Kyoto Protocol Initiative from 2004 to 2014. All data analyses and sample statistics made during the research remain in the file. We coded PDDs in 890 fragments of text, classified in five categories of barriers (nodes: technological, financial, human resources, regulatory, socio-political. The data supports the findings of author thesis [1] and other two indexed publication in Waste Management Journal: “The financial attractiveness assessment of large waste management projects registered as clean development mechanism” and “The declared barriers of the large developing countries waste management projects: The STAR model” [2,3]. The data allows any computer assisted qualitative content analysis (CAQCA on the sector and it is available at Mendeley [4

Financing options for small hydro projects

International Nuclear Information System (INIS)

Shepherd, J.C.

1993-01-01

Examples and techniques used to enhance the ability to finance small hydro projects, or to finance them in non-standard ways, were discussed. It was suggested that factors that motivate investors, namely the maximization of the rate of return on capital, and minimization of risk, should be the primary concern for any would-be developer. A responsible, conservative approach to financial projections was recommended as the best to impress potential investors

Financing arrangements for nuclear power projects in developing countries

International Nuclear Information System (INIS)

1993-01-01

This reference book reviews the main features and problems or difficulties involved in the financing of nuclear power projects with special reference to developing countries. It provides basic information and advice to developing countries interested in nuclear power projects as part of their power sector planning. The book outlines the general characteristics of financing a nuclear power project and presents innovative approaches for power generation financing. It discusses the special conditions and requirements of nuclear power projects and their financing complexities. The focus is on the practical issues that need to be dealt with in order to successfully finance these power projects, as well as the constraints faced by most developing countries. Possible ways and means of dealing with these constraints are presented. 58 refs, figs and tabs

Project Finance for Small and Medium Scale Enterprises (SMEs) in ...

African Journals Online (AJOL)

Project financing is one of the best methods of seeking to acquire capitals Funds and other tools to finance a planned business activity which will yields profit in order to liquidate the procured fund. Financing project for SMES is carried out by Federal, States and some development Institutions. In Nigeria, project financing ...

Risk Assessment of Engineering Project Financing Based on PPP Model

Directory of Open Access Journals (Sweden)

Ma Qiuli

2017-01-01

Full Text Available At present, the project financing channel is single, and the urban facilities are in short supply, and the risk assessment and prevention mechanism of financing should be further improved to reduce the risk of project financing. In view of this, the fuzzy comprehensive evaluation model of project financing risk which combined the method of fuzzy comprehensive evaluation and analytic hierarchy process is established. The scientificalness and effectiveness of the model are verified by the example of the world port project in Luohe city, and it provides basis and reference for engineering project financing based on PPP mode.

Financing strategy for Indonesian Nuclear Power Project

International Nuclear Information System (INIS)

Subki, I.M.; Arbie, B.; Adiwardojo; Seotrisnanto, A.Y.

1998-01-01

In anticipation of the introduction in the early 2000s of a nuclear power plant, the Government of Indonesia (GOI), through the National Atomic Energy Agency (BATAN) , has formulated a Bid Invitation Specification (BIS) in parallel with the completion of the NPP Feasibility Study. This BIS formulation assumed an open international tender for the first unit of the NPP with project financing as a conventional loan. The GOI's recent policy is to minimize government financial support for power development. This paper summarizes a financing strategy for the Indonesian NPP project to make the NPP economically viable, and provides a general discussion on project financing using a conventional approach, Build--Own-Operate (BOO) and a counter-purchase approach. Innovative approaches for financing are still being pursued in order to obtain an optimum solution for investors and owners, to fulfill the Indonesian government's requirements. (author)

The Analysis of Project Finance: a Case Study of Kazakhstan Caspian Transportation System Project

OpenAIRE

Serikbayeva, Aigul

2011-01-01

Although project finance is a large and fast growing field in finance, there has been very little academic research in that area. The main reason for this deficit is that it is a relatively new sphere in finance and it is difficult to access the information about the implementation of projects from the companies that implement them. This project will provide an overview of how companies finance large infrastructure projects through a case study of the Kazakhstan Caspian Transportation System ...

Carbon market risks and rewards: Firm perceptions of CDM investment decisions in Brazil and India

International Nuclear Information System (INIS)

Hultman, Nathan E.; Pulver, Simone; Guimarães, Leticia; Deshmukh, Ranjit; Kane, Jennifer

2012-01-01

The carbon market experiences of Brazil and India represent policy success stories under several criteria. A careful evaluation, however, reveals challenges to market development that should be addressed in order to make the rollout of a post-2012 CDM more effective. We conducted firm-level interviews covering 82 CDM plants in the sugar and cement sectors in Brazil and India, focusing on how individual managers understood the potential benefits and risks of undertaking clean development mechanism (CDM) investments. Our results indicate that the CDM operates in a far more complex way in practice than that of simply adding a marginal increment to a project's internal rate of return. Our results indicate the following: first, although anticipated revenue played a central role in most managers' decisions to pursue CDM investments, there was no standard practice to account for financial benefits of CDM investments; second, some managers identified non-financial reputational factors as their primary motivation for pursuing CDM projects; and third, under fluctuating regulatory regimes with real immediate costs and uncertain CDM revenue, managers favored projects that often did not require carbon revenue to be viable. The post-2012 CDM architecture can benefit from incorporating these insights, and in particular reassess goals for strict additionality and mechanisms for achieving it.

Project finance risks - getting it right first time

International Nuclear Information System (INIS)

Bain, F.

1996-01-01

Bankers seeking to invest in the construction of new power stations by independent power producers, face greater risks than those lending to companies. Independent risk and insurance advisers are used to assess project risk. ''Project finance'' has become increasingly popular as it allows projects to go ahead that could not be supported from sponsors' own resources. In addition, project finance means that various equity partners can join together in a joint venture company and limit their individual risk. Project finance can be delayed by differences between the needs of sponsors, financiers and insurers. The process can be speeded up by foreknowledge of bankers' requirements. (UK)

Project Investment and Project Financing: A study on Business Case and Financing Models

OpenAIRE

Wang, Simiao

2012-01-01

Uncertainty is a very significant factor that must be taken into consideration in project front-end phase management. By taking into uncertainty, the planners can to a great extent make sure that the business case could be accurate between specific intervals, hence business case can be based on to make decision. In a highly uncertain environment; the project sponsors should prefer other means to finance the project rather than using debt. Risk management is extremely important in project fina...

Project Finance and Projects in the Energy Sector in Developing Countries

OpenAIRE

ERMELA KRIPA; HALIT XHAFA

2013-01-01

The purpose of this study is to show the importance of using project finance in infrastructure investments in developing countries. The paper will be focused only on one infrastructure sector, which is energy. Structurally, power project finance has involved largely buildown-transfer (BOT) project structures and long-term contracts. The projects largely reflect a rational allocation of risks among public and private participants. Private sponsors and lenders generally assume risks for complet...

Growth and Project Finance in the Least Developed Countries

DEFF Research Database (Denmark)

la Cour, Lisbeth F.; Müller, Jennifer

2014-01-01

for economic growth in LDCs. We find that a higher regulatory quality, lower government consumption and a higher level of education helps increase growth. The significance of these variables are, however, not as consistently robust as the results for project finance.......This article examines the effects of project finance on economic growth in the least developed countries (LDC). Inspired by the neoclassical growth model we set up an econometric model to estimate the effects of project finance for a sample consisting of 38 of the least developed countries using...... data from the period 1994-2007. The results of our study suggest, that project finance has a significant positive effect on economic growth and therefore constitute an important source of financing in the selected set of countries. Additionally, the project sheds light on other factors of importance...

Project finance and photovoltaic power plants : a theoretical and practical perspective

OpenAIRE

Aasgaard, Anne Kristine

2010-01-01

Project finance is a defined structure for developing new activity which involves establishing the project as a separate unit. The review of literature exhibits the distinctive characteristics of project finance and provides a rationale of this form of financing. Project finance entails financial modelling, risk management, legal aspects and the creation of a financial structure. The thesis explores practical use of project finance in a case study of a photovoltaic power plant and presents a ...

Management and financing of e-Government projects in India: Does financing strategy add value?

Directory of Open Access Journals (Sweden)

Shashank Ojha

2017-06-01

Full Text Available How do managers structure e-government projects and address challenges of risks, lack of technical expertise, and mitigation of strategic error for preventing loss of investments? Our aim was to compare the traditional finance approach and the strategy-driven, innovative financing approaches under the PPP model, to examine their managerial value-addition. We found that e-government projects require a carefully crafted structuring strategy and that innovative financing is more suitable in facilitating flexible decision making, building core capabilities, managing and sharing project risks, providing funds needed for growth and innovation, and customising tailor-made project governance strategy. Based on our findings, we develop five theoretical propositions.

Financing of nuclear power projects in developing countries

International Nuclear Information System (INIS)

1991-06-01

This document is a summary of the ''Topical Seminar on Financing of Nuclear Power Projects in Developing Countries, held in Jakarta between 4-7 September, 1990. The seminar presentations were divided into the following sessions: Keynote session (3 papers), Perspective of Nuclear and Fossil-fired Generation Costs (9 papers), Assessment of Problems and Constraints for the Financing of Large Power Projects, with particular Attention to Nuclear Power Projects (9 papers), Mechanisms for Financing Nuclear Power Projects in Developing Countries (11 papers). A separate abstract was prepared for each of these papers. Refs, figs, tabs and charts

Financing innovative technologies in wind projects

International Nuclear Information System (INIS)

Vaughan, C.

2006-01-01

Methods of market entry and the financing of new technologies were discussed from the perspective of Clipper Windpower, a wind energy company based in the northeastern United States and Canada. Many new technology companies only consider private equity when seeking financing for new product development. However, financing for projects and products is only the first step to market entry. Wind projects are the financial equivalent of a high yield bond with mechanical risk. Many wind power projects with company equity can also be seen as a long term bond with upside in any given year. It is therefore important for wind developers to seek out strategic buyers for both product development and project development, in addition to finding sources of private equity. Clipper Windpower Inc. has developed a partnership with British Petroleum (BP), who hold an equity interest in the company. Both companies are now partnering on projects with Clipper turbines, and firm orders are in place for 2007 and 2008. As a result of the partnership, Clipper now has increased its financial strength in cash flows, balance sheets, and projected revenue. It was concluded that a successful partnership can increase the scale of wind power development, and bring financial sophistication to smaller companies with limited resources. refs., tabs., figs

Diagnosis of social and environmental evaluation of CDM (Clean Development Mechanism) projects; Diagnostico da sustentabilidade socioambiental nas atividades de projetos candidatos ao MDL (Mecanismo de Desenvolvimento Limpo)

Energy Technology Data Exchange (ETDEWEB)

Ziliotto, Marco Aurelio B.; Villa, Alessandra T.; Padilha, Simone L. Vieira; Canaverde, Patricia Margue [Instituto Ecoplan, PR (Brazil); Sanqueta, Carlos Roberto [Universidade Federal do Parana (UFPR), Curitiba, PR (Brazil)

2004-07-01

The Clean Development Mechanism (CDM) contributes to sustainability and to sustainable development in those countries where CDM projects are developed and helps the countries from Annex I to achieve their reduction targets to Greenhouse Gases. This paper presents a proposal of a social and environmental sustainability diagnosis making use of a tool called Social and Environmental Evaluation Matrix - MADSA{sup R}. Its purpose is to establish and measure appropriate sustainable indicators to evaluate projects to ensure development benefits of CDM projects in host countries in consistency with Annex I countries developmental goals. MADSA{sup R} methodology allows a definition of a social and environmental baseline to MDL projects, and provides information to any interested group of people, from stockholders to local community; showing its results. It allows a greater clients', stockholders' and investor's trust as it measures the development so it makes possible the diagnosis and the comparison between all phases of the project. It also contributes to a continuous improvement through the participation of benefit groups in the diagnosis. Besides being an evaluation method and a management tool, this proposal looks for being a reference as an indicator pattern that evaluates the sustainable social and environmental development of CDM projects. (author)

Assessing Usefulness. Do Stakeholders Regard the CDM's SD Tool as Practicial?

DEFF Research Database (Denmark)

Olsen, Karen Holm; Fenhann, Jørgen Villy; Hinostroza, Miriam L.

implementation of this requirement. The independent High-Level Panel on the CDM Policy Dialogue has also considered the need for improvement. Subsequently the Conference of the Parties serving as the meetings of the Parties to the Kyoto Protocol (CMP) 7 at Durban called on the CDM Executive Board to develop...... criteria, superficial examinations and difficult stakeholder consultations. Such new approaches include scoring of indicators, priority sectors, checklists as well as improved documentation requirements for verification, municipal approval or on-site visits by DNA staff. When developing the Sustainable...... contributions, and project developers. Host countries of different size and various levels of experience with CDM and sustainability assessment and project developers with expertise for various types of projects were interviewed in a survey about their experiences. Subjects were the sustainability assessment...

Project finance: a type of financing applied to wind CearÃ

OpenAIRE

Allisson David de Oliveira Martins

2010-01-01

Este trabalho enfatiza a importÃncia da energia eÃlica e demonstra o potencial eÃlico tecnicamente aproveitÃvel no Estado do CearÃ. Investiga-se especificamente a modalidade de financiamento Project Finance, atravÃs de suas definiÃÃes, riscos, vantagens e desvantagens como uma alternativa de crÃdito de longo prazo capaz de viabilizar novos projetos relacionados à diversificaÃÃo da matriz energÃtica brasileira. A estrutura do Project Finance à estudada para projetos eÃlicos no Cearà onde...

Financing the development of renewable energy projects of territorial interest

International Nuclear Information System (INIS)

Regnier, Yannick; Bailleul, Esther; Claustre, Raphael; Bessiere, Patrick; Boumard, Erwan; Peulemeulle, Justine; Causse, Laurent; Coton, Patrice; Djemouai, Nadia; Dubus, Jean-Michel; Duffes, Thomas; Gauduchon, Marie-Veronique; Raguet, Alex; Ghewy, Etienne; Heitz, Philippe; Jedliczka, Marc; Jourdain, Pierre; Julien, Emmanuel; Marcenac, Guillaume; Marillier, Frederic; Massias, Louis; Picot, Roland; Poize, Noemie; Quantin, Jacques; Rabian, Jean; Rocaboy, Dominique; Rumolino, Claudio; Sabin, Patrick; Saultier, Patrick; Tincelin-Salomon, Claire; Trillaud, Nicolas; Vachette, Philippe; Verhaeghe, Laure

2016-11-01

This report highlights the relationship between a territorial project (its autonomous strategy) and projects of renewable energy which could and should be developed. It focuses on large projects of electric power production, notably those based on solar and wind energy for which such a territorial anchoring is not as obvious as for the production of heat or gas (heat networks are necessarily local, and biomass production and supply as well). Thus, its outlines how these projects can be a benefit for a territory, the stakes of participation for the different local actors, and discusses how such a participation is to be organised. It describes different aspects of the way a project development phase is to be financed: stakes (financing needs, risks, peculiarities of local financing, project management and governance), financing typologies, development ease and safety, support of development financing (capital-risk tools, intervention of local public companies, advance payments, subsidies). The last part addresses how to locally finance the other project phases (stakes during construction and exploitation, intervention modes by participation, financial tools or loans)

The economics of the CDM levy: Revenue potential, tax incidence and distortionary effects

International Nuclear Information System (INIS)

Fankhauser, Samuel; Martin, Nat

2010-01-01

A levy on the Clean Development Mechanism and other carbon trading schemes is a potential source of finance for climate change adaptation. An adaptation levy of 2% is currently imposed on all CDM transactions which could raise around $500 million between now and 2012. This paper analyses the scope for raising further adaptation finance from the CDM, the economic costs (deadweight loss) of such a measure and the incidence of the levy, that is, the economic burden the levy would impose on the buyers and sellers of credits. We find that a levy of 2% could raise up to $2 billion a year in 2020 if there are no restrictions on demand. This could rise to $10 billion for a 10% tax. Restrictions on credit demand (called supplementarity limits, the requirement that most emission abatement should happen domestically) curtail trade volumes and consequently tax revenues. They also alter the economic impact of the CDM levy. Without supplementarity restrictions sellers (developing countries) bear two-thirds of the cost of the tax. If there are supplementarity limits they can pass on the tax burden to buyers (developed countries) more or less in full. Without supplementarity restrictions the distortionary effect of the levy (its deadweight loss) rises sharply with the tax rate. With them the deadweight loss is close to zero.

Financing Nuclear Power Plant Projects. A New Paradigm?

International Nuclear Information System (INIS)

Pehuet Lucet, Fabienne

2015-05-01

There are currently 435 operable nuclear power reactors around the world, with a further 71 under construction. Two main proven financing models were applied to nuclear plants in the past: the national model, and the corporate model. The historical model of financing is the national model. It allowed for the most efficient risk allocation model in then-regulated national electricity markets: government or state-owned utilities with government guarantee assumed the risks of building nuclear power plants locally. The national model has proven to be efficient in France, Russia and the USA where it was modified to support private business initiatives. It was then replicated in Japan, Korea and China where significant nuclear programs were developed. In the corporate business model, the owner of the plant assumes most of the risk, but various schemes are used to mitigate the owner's risk by transmitting large areas of risks to others: vendors for construction risk as in Finland, government through loans guarantees etc. As projects became international, a set of common principles were approved by OECD countries concerning financing and the role of Export Credit Agencies. The objective was to provide competition rules whereby exporters compete on the basis of the price and quality of their products rather than the financial terms provided. Various combinations of these models were and still are implemented. Pure Project Finance was not implemented for nuclear power plants, but the model nurtures reflections about new financing models. The context in which nuclear power projects are now decided and financed changed drastically: it is a new paradigm. Risk allocation and financial conditions are at the forefront of competition to win new nuclear projects' tenders insofar as reducing uncertainties is a decisive competition edge. In a context of electricity market deregulation and high construction risks, investors and lenders require more and more securities to

Bankability and Debt Financing for Solar Projects in India

Energy Technology Data Exchange (ETDEWEB)

None

2013-02-15

This report looks at debt financing for solar projects in India from two perspectives: the lender’s point of view and the borrower’s point of view. The lender’s point of view addresses the bankability of solar projects in India by covering all the risks and their respective mitigation strategies. The goal is to help the developer’s understand the steps they need to take to increase their chances of receiving non-recourse financing. From the borrower’s point of view the report covers how the project finances can be structured in an optimum manner. Details are covered on how bridge financing can be used to solve liquidity issues. Also, various sources of financing have been discussed in detail.

Financing wind projects

International Nuclear Information System (INIS)

Manson, J.

2006-01-01

This presentation reviewed some of the partnership opportunities available from GE Energy. GE Energy's ecomagination commitment has promised to double research investment, make customers true partners and reduce greenhouse gases (GHGs). GE Energy's renewable energy team provides a broad range of financial products, and has recently funded 30 wind farms and 2 large solar projects. The company has a diverse portfolio of technology providers and wind regimes, and is increasing their investment in technology. GE Energy recognizes that the wind industry is growing rapidly and has received increased regulatory support that is backed by strong policy and public support. It is expected that Canada will have 3006 wind projects either planned or under construction by 2007. According to GE Energy, successful wind financing is dependent on the location of the site and its wind resources, as well as on the wind developer's power sales agreement. The success of a wind project is also determined by clear financing goals. Site-specific data is needed to determine the quality of wind resource, and off-site data can also be used to provide validation. Proximity to load centres will help to minimize capital costs. Power sales agreements should be based on the project's realistic net capacity factor as well as on the cost of the turbines. The economics of many wind farms is driven by the size of the turbines used. Public consultations are also needed to ensure the success of wind power projects. It was concluded that a good partner will have staying power in the wind power industry, and will understand the time-lines and needs that are peculiar to wind energy developers. refs., tabs., figs

Future restrictions for sinks in the CDM. How about a cap on supply?

International Nuclear Information System (INIS)

Forner, C.; Jotzo, F.

2002-01-01

The first commitment period of the Kyoto Protocol is expected to result in only a small role for the Clean Development Mechanism (CDM), including afforestation and reforestation projects. Wide ranging concerns regarding sinks in the CDM have been reflected in the Marrakech Accords capping the total amount of emission offsets from sinks projects to be used by Annex I countries. Decisions about the second commitment period and beyond are likely to be of far greater importance for these projects. This paper contributes to the discussion on how caps on sinks under the CDM could be used to obtain overall improved outcomes for developing countries. We examine two distinctive ways in which quantitative caps on sinks in the CDM can be implemented: one, restricting the use of sinks CERs to meet targets, as under the Marrakech Accords (a cap on demand); and two, restricting supply of sink CERs using a quota system. We argue in favour of a supply side cap, if Parties are to preserve the idea of limiting sinks in the CDM. Limiting the supply of credits could lead to better financial outcomes for developing countries as a whole, make higher-cost projects viable which may have better sustainability impacts, and provide an alternative to deal with equity concerns between developing countries

Growth and project finance in the least developed countries

OpenAIRE

Lisbeth F. la Cour; Jennifer Müller

2014-01-01

This article examines the effects of project finance on economic growth in the least developed countries (LDC). Inspired by the neoclassical growth model we set up an econometric model to estimate the effects of project finance for a sample consisting of 38 of the least developed countries using data from the period 1994-2007. The results of our study suggest, that project finance has a significant positive effect on economic growth and therefore constitute an important source of ...

Project Financing

OpenAIRE

S. GATTI

2005-01-01

Στην εισαγωγή της παρούσας εργασίας δίνεται ο ορισμός του project financing, τα ιστορικά στοιχεία και οι τάσεις αγοράς του. Στο πρώτο κεφάλαιο αναφέρεται γιατί οι εταιρείες προτιμούν την χρηματοδότηση με project financing. Γίνεται λόγος για τα πλεονεκτήματά του έναντι της άμεσης χρηματοδότησης, καθώς και για τα μειονεκτήματα του project financing. Στο δεύτερο κεφάλαιο παρουσιάζονται τα χρηματοοικονομικά στοιχεία και ο ρόλος του χρηματοοικονομικού συμβούλου. Στην τρίτη ενότητα γίνεται η αναγνώ...

Project finance in Eastern Europe

International Nuclear Information System (INIS)

Hart, R.C.

1993-01-01

A dysfunctional system of commercial, legal, and financial institutions is the primary problem facing the energy sectors in Eastern Europe. Generally, a major systemic transformation is well underway in the area and is already showing signs of success. The empty promise of export credit financing exerts a significant negative influence on this reform process. The discipline of project finance provides the best, if not the only, basis for financing the modernization of the Eastern European energy sector. An example is given of the Cracow Environmental Project, a modernization project. The power plant is a combined heat and power facility with 460 MW of electric capacity and 1450 MW of thermal energy capacity. Located near the center of Cracow, the plant burns hard coal and provides more than seventy percent of the central district heat consumed in the city. The scope of proposed improvements has changed from the addition of capacity to a combination of modernization and environmental retrofit of the existing plant. The total estimated cost of the improvements program is 150 million dollars. The project consists of three major elements. First, it has proposed and is in the process of restructuring the ownership of the power plant. Second, it is engaged in a major restructuring of the commercial arrangements that govern the operation of the plant. Finally, it is in the late stages of selecting an engineering, procurement, and construction consortium with which it will contract to design and make major improvements to the existing plant

CDM potential of bagasse cogeneration in India

International Nuclear Information System (INIS)

Purohit, Pallav; Michaelowa, Axel

2007-01-01

So far, the cumulative capacity of renewable energy systems such as bagasse cogeneration in India is far below their theoretical potential despite government subsidy programmes. One of the major barriers is the high investment cost of these systems. The Clean Development Mechanism (CDM) provides industrialized countries with an incentive to invest in emission reduction projects in developing countries to achieve a reduction in CO 2 emissions at lowest cost that also promotes sustainable development in the host country. Bagasse cogeneration projects could be of interest under the CDM because they directly displace greenhouse gas emissions while contributing to sustainable rural development. This study assesses the maximum theoretical as well as the realistically achievable CDM potential of bagasse cogeneration in India. Our estimates indicate that there is a vast theoretical potential of CO 2 mitigation by the use of bagasse for power generation through cogeneration process in India. The preliminary results indicate that the annual gross potential availability of bagasse in India is more than 67 million tonnes (MT). The potential of electricity generation through bagasse cogeneration in India is estimated to be around 34 TWh i.e. about 5575 MW in terms of the plant capacity. The annual CER potential of bagasse cogeneration in India could theoretically reach 28 MT. Under more realistic assumptions about diffusion of bagasse cogeneration based on past experiences with the government-run programmes, annual CER volumes by 2012 could reach 20-26 million. The projections based on the past diffusion trend indicate that in India, even with highly favorable assumptions, the dissemination of bagasse cogeneration for power generation is not likely to reach its maximum estimated potential in another 20 years. CDM could help to achieve the maximum utilization potential more rapidly as compared to the current diffusion trend if supportive policies are introduced

Annual Report 2011 for the Swedish CDM and JI program; Aarsredovisning 2011 foer Sveriges CDM och JI-program

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-11-01

The report is an annual report of the Swedish CDM [Clean Development Mechanism] and JI [Joint Implementation]program for 2011. The report shows aims and goals of the business and the work of individual CDM and JI projects and multilateral funds which have been performed over the entire duration of life and especially during 2011. The report presents volume orders, deliveries of emission reduction units as well as the volumes expected to be needed for the fulfillment of the national target by 2020. The report also includes information about the average price for the emission reductions as well as alternative costs.

Project finance in Campos Basin; O 'Project Finance' na auto-suficiencia

Energy Technology Data Exchange (ETDEWEB)

D' Almeida, Albino Lopes; Mendonca, Roberto Wagner [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2008-07-01

The present conquest of the self-sufficiency is a result of 3 decades of investments that started with the discovery of the well 1-RJS-9A in 1974. The second leap was the discovery of giant fields in the 1980 including Marlim (1984) and Albacora (1985) among others. This first two conquests were basically technical and were recognized by the OTC in 1991 and 2000. The third leap was the utilization of project finance structures. We examine the role of project finance in the main projects developed by the PETROBRAS E and P - Exploration and Production - segment in the Campos Basin region. These projects allowed PB to invest more than US$ 6 billion dollars in a five year interval increasing production in 12 oil fields by 75% in a 7 years interval which later enabled PB to be self-sufficient in oil production. The financial structures of Albacora, Barracuda, EVM and Marlim are shown and discussed in various aspects which including structure, schedule, conditionalities, warranties, management of the SPEs and relationship with international agencies. Considering the present quest of developing Tupi and Jupiter which might represent investments around US$ 80 billion and it's impacts to the PETROBRAS capital structure and risk this might be a useful discussion. (author)

Exploring the private finance initiative as a route to finance for renewable energy projects

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-07-01

This report reviews the private financing of public sector Renewable Energy projects through the Private Finance Initiative (PFI), and the relevance of such a technique to the renewables industry generally. (author)

Innovative finance : strategic research project.

Science.gov (United States)

2013-08-01

Its time to rethink how we fund transportation infrastructure because most transportation : experts agree: theres a transportation funding and financing crisis looming. : Projected revenues from current sources of transportation funding will am...

CDM and JI in View of the Sustainability Debate

OpenAIRE

Schoot Uiterkamp, A.J.M.

2001-01-01

Clean Development Mechanism (CDM), Joint Implementation (JI) and emissions trading are the three flexible instruments incorporated in the Kyoto Protocol. This paper presents a critical assessment of the sustainability of energy-related technology innovation and transfer in the context of CDM and JI. The rebound effect is discussed by comparing intended and unintended project and process outcomes. Attention is given to the role of nations and key actors like multinationals in achieving sustain...

How to Improve the Likelihood of CDM Approval?

DEFF Research Database (Denmark)

Brandt, Urs Steiner; Svendsen, Gert Tinggaard

2014-01-01

How can the likelihood of Clean Development Mechanism (CDM) approval be improved in the face of institutional shortcomings? To answer this question, we focus on the three institutional shortcomings of income sharing, risk sharing and corruption prevention concerning afforestation/reforestation (A....../R). Furthermore, three main stakeholders are identified, namely investors, governments and agents in a principal-agent model regarding monitoring and enforcement capacity. Developing countries such as West Africa have, despite huge potentials, not been integrated in A/R CDM projects yet. Remote sensing, however...

PPP-PROJECTS INFRASTRUCTURE AND SPECIFICS OF THEIR FINANCING

Directory of Open Access Journals (Sweden)

Dzambolat Valerevich Mrikaev

2014-07-01

Full Text Available The article examines the financing of public–private partnership (PPP infrastructure programs in Russia and analyzes the role of financial credit systems. The object of the study becomes more relevant then ever as the demand in programs support by the government is growing as well as the need in creating an extra initiative for raising an external investment.The study observes the most essential program financing features in Russia, the aims and interests of the partners.Objective: to compare the program financial assurance and specific features of such a public-private partnership form as project financing.  Methodology: We used scientific methods: analysis and synthesis, comparison, generalization, systematic approach.Results: As such “project financing” term doesn't exist in current Russian legislation. However, it is widely spread as a form of financial assurance. As a rule this term is used when talking about the investments in general regardless to specific ways of their execution. Russian governmental financing system under current economical circumstances has it all to use advantages of project financing  and effectively contribute to its further development.DOI: http://dx.doi.org/10.12731/2218-7405-2014-4-4

Developing financeable projects in Central Europe

Energy Technology Data Exchange (ETDEWEB)

Chelberg, R.; Prerad, V. [POWER International, Josefov (Czechoslovakia)

1995-12-01

POWER`s engineering and development experience in the Czech Republic creating financeable projects within the power generation industry will be presented. POWER has been involved in the Czech Republic`s privatization process, environmental legislation as well as formation of the regulatory environment. Strategic methods for accomplishing the development of financeable projects often include ownership and financial restructuring of the projects. This is done by utilizing internal cash flows, external debt and equity placement (provided by international financial institutions) by restructuring the facility`s contractual relationships and operations (providing as least cost solution to engineering) and possibly using existing governmental guarantees. In order to make any recommendations on how to come into compliance with the country`s environmental legislation, it is necessary to begin with an analysis of the existing facility. This involves preparation of technical and economic feasibility study, evaluation of technology and preliminary engineering solutions. It further involves restructuring of power sales agreements, heat sales agreements, and fuel supply agreements. The goal is to provide suitable security for the equity and debt financing participants by mitigating risk and creating a single purpose business unit with predictable life and economics.

TARGET APPROACH TO PROJECT FINANCING TRANCHES OF INNOVATIONS AND INVESTMENTS

Directory of Open Access Journals (Sweden)

Galina G. Balayan

2015-01-01

Full Text Available The article concerns the main provisions of the financing tranches for innovative projects. The article is of methodological nature. It gives theoretically justified, universal for any of the project stages and their characteristics needed to calculate efficiency project financing tranches.

Assessment and financing of electric power projects

International Nuclear Information System (INIS)

Moscote, R.A.

1976-01-01

The aim of the appraisal of a project is to examine the economic need which a project is designed to meet, to judge whether the project is likely to meet this need in an efficient way, and to conclude what conditions should be attached to eventual Bank financing. Bank involvement continues throughout the life of the project helping to ensure that each project is carried out at the least possible cost and that it makes the expected contribution to the country's development. This paper gives an idea about the origin, nature and functions of the World Bank Group, describes the criteria used by the Bank in its power project appraisals, discusses the Bank's views on nuclear power, and concludes with a review of past lending and probable future sources of financing of electrical expansion in the less developed countries. (orig./UA) [de

A Reformed CDM - including new mechanisms for sustainable development

Energy Technology Data Exchange (ETDEWEB)

Holm Olsen, K; Fenhann, J

2009-07-01

The annual CD4CDM Perspectives Series features a topic of pivotal importance to the global carbon market. The series seeks to communicate the diverse insights and visions of leading actors in the carbon market to better inform the decisions of professionals and policymakers in developing countries. The second theme of the series focuses on how the CDM can be reformed in a post-2012 climate regime, including new mechanism for sustainable development. Seventeen contributors from the private sector, Designated National Authorities, the Executive Board, research, and development agencies present their perspective on meeting challenges such as the unequal regional distribution of CDM projects, concerns about environmental integrity and technology transfer, complex governance procedures, and questions about the CDM's contribution to sustainable development. The new ideas and solutions to these challenges proposed by the authors in this edition of Perspectives have been solicited to help professionals and policy makers make the best decisions in the lead-up to COP 15 in Copenhagen and beyond. (au)

A Reformed CDM - including new mechanisms for sustainable development

Energy Technology Data Exchange (ETDEWEB)

Holm Olsen, K.; Fenhann, J.

2009-07-01

The annual CD4CDM Perspectives Series features a topic of pivotal importance to the global carbon market. The series seeks to communicate the diverse insights and visions of leading actors in the carbon market to better inform the decisions of professionals and policymakers in developing countries. The second theme of the series focuses on how the CDM can be reformed in a post-2012 climate regime, including new mechanism for sustainable development. Seventeen contributors from the private sector, Designated National Authorities, the Executive Board, research, and development agencies present their perspective on meeting challenges such as the unequal regional distribution of CDM projects, concerns about environmental integrity and technology transfer, complex governance procedures, and questions about the CDM's contribution to sustainable development. The new ideas and solutions to these challenges proposed by the authors in this edition of Perspectives have been solicited to help professionals and policy makers make the best decisions in the lead-up to COP 15 in Copenhagen and beyond. (au)

Power project financing in the People's Republic of China

International Nuclear Information System (INIS)

Gomm, R.

1998-01-01

The current state of financing and security issues which in the past have constrained the amount of foreign investment and project financing in the electric power market in the Peoples Republic of China (PRC) are reviewed. Past impediments to foreign investment and financing of power projects revolved around the rate of return on investment, the difficulties of obtaining project approvals, conflict of interest issues wherein the Chinese power bureau could act in its interest as a contracted party rather than for the joint venture as an equity investor, and currency convertibility. Recent developments such as the new security law, the new electricity law, and new project financing regulations represent major improvements, but foreign investment and financing is still much less than originally anticipated, the potential of the PRC power market for foreign investments notwithstanding. (For example, in 1997, 13,500 MW of new generation capacity was added to the Chinese grid system. This increased the total installed capacity to 250,000 MW, making China the second largest installed capacity in the world.) Recent trends in the market and the likely future of foreign investment in the PRC are also discussed, the conclusion being that although the size of the IPP and project finance market in China is probably smaller than originally hoped, a sufficient proportion of new generation capacity has been allocated to foreign investors to ensure a steady stream of investment opportunities

Financing considerations for international coalbed methane projects - a case history

International Nuclear Information System (INIS)

Mize, J.S.

1990-01-01

This presentation on financing of international, coalbed methane fueled Cogen projects is intended to provide the reader with some insight into the key steps and issues involved in financing an outside-the-USA project. No claim is made as to whether the strategy employed for the China projects will be suitable for other projects. The presentation is made from the perspective of an entrepreneur seeking a workable financial structure to address the concerns of risk, return, technology transfer to a third world country, and stage-wise development from prefeasibility assessment through complete resource development and gas utilization. The China projects referred to in this paper are not yet fully financed. Final project approvals for financing awaiting a request by the USA group for China to confirm that their 50% funding is available, and that initial funds have been transferred to the USA group's bank account

Review of monitoring uncertainty requirements in the CDM

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2014-10-01

In order to ensure the environmental integrity of carbon offset projects, emission reductions certified under the Clean Development Mechanism (CDM) have to be 'real, measurable and additional', which is ensured through the monitoring, reporting and verification (MRV) process. MRV, however, comes at a cost that ranges from several cents to EUR1.20 and above per ton of CO 2 e depending on the project type. This article analyzes monitoring uncertainty requirements for carbon offset projects with a particular focus on the trade-off between monitoring stringency and cost. To this end, we review existing literature, scrutinize both overarching monitoring guidelines and the 10 most-used methodologies, and finally we analyze four case studies. We find that there is indeed a natural trade-off between the stringency and the cost of monitoring, which if not addressed properly may become a major barrier for the implementation of offset projects in some sectors. We demonstrate that this trade-off has not been systematically addressed in the overarching CDM guidelines and that there are only limited incentives to reduce monitoring uncertainty. Some methodologies and calculation tools as well as some other offset standards, however, do incorporate provisions for a trade-off between monitoring costs and stringency. These provisions may take the form of discounting emissions reductions based on the level of monitoring uncertainty - or more implicitly through allowing a project developer to choose between monitoring a given parameter and using a conservative default value. Our findings support the introduction of an uncertainty standard under the CDM for more comprehensive, yet cost-efficient, accounting for monitoring uncertainty in carbon offset projects. (authors)

Participation of financial institutions in project financing of infrastructure projects

Directory of Open Access Journals (Sweden)

Benković Slađana

2012-03-01

Full Text Available Infrastructure investing makes up a significant part of the financial institutions portfolio, and contributes to creating long-term assets cash flows. In addition, infrastructure assets are relatively inelastic in demand and price, and as such the asset has a good performance during the economic downturn. Properly structured infrastructure investments contribute to the diversification of the portfolio, due to the lack of correlation with the yield on bonds, stocks and real estate, and offer good protection against inflation. Applying the concept of project financing involves the application of the most advanced financial techniques and products that are able to ensure only credible international financial institutions and companies. Paper attempts to indicate the presence of financial institutions in project financing of infrastructure, as well as the benefits of this concept in expected to finance infrastructure in Serbia.

Overcoming barriers to wind project finance in Australia

International Nuclear Information System (INIS)

Kann, Shayle

2009-01-01

The wind power industry in Australia is expected to grow rapidly over the next decade, primarily due to a forthcoming expanded national renewable energy target (RET) which will mandate that renewable sources provide approximately 20% of Australia's electricity production by 2020. However, development of new wind generation in Australia has stalled as a result of several barriers to project finance, the mechanism through which most wind farms have been developed historically. This paper provides an overview of wind power financing in Australia in light of recent political and financial trends. Drawing upon existing literature and a series of stakeholder interviews, it identifies three primary barriers to project finance: regulatory risk surrounding legislation of the RET, semi-privatization of electricity retailers in New South Wales, and limited capital availability resulting from the recent global credit crisis. The paper concludes that the confluence of these barriers limits the availability of long-term contracts that provide revenue certainty for pre-construction wind projects, while simultaneously making these contracts a necessity in order to obtain project finance. In an attempt to mitigate these effects, this paper identifies four alternative development strategies that can be pursued.

Project Finance Model for Small Contractors in USA

Directory of Open Access Journals (Sweden)

Jawahar Nesan

2012-11-01

Full Text Available Construction projects do not require a large capital outlay but a large working capital to start up the project. Unfortunately, for small contractors there are very limited options available from the banks or other lending institutions to cover this large working capital requirement in the absence of sufficient collateral. The “Project Finance” method presented in this paper is recommended as the most effective method for small contractors in the United States. The problems of small and start up contractors in funding their projects have been little addressed in the literature. The current financing practices were observed through both the literature review and interviews with contractors and bankers in the western Michigan area and subsequently a system has been proposed which could help a small start-up company seeking higher growth. The growth rates that can be achieved using the project finance system in contrast to the traditional “line of credit” arrangements as illustrated in this paper show that the project finance model is beneficial.

Directory of financing sources for foreign energy projects

Energy Technology Data Exchange (ETDEWEB)

La Ferla, L. [La Ferla Associates, Washington, DC (United States)

1995-09-01

The Office of National Security Policy has produced this Directory of Financing Sources for Foreign Energy Projects. The Directory reviews programs that offer financing from US government agencies, multilateral organizations, public, private, and quasi-private investment funds, and local commercial and state development banks. The main US government agencies covered are the US Agency for International Development (USAID), the Export-Import Bank of the US (EXIM Bank), Overseas Private Investment Corporation (OPIC), US Department of Energy, US Department of Defense, and the US Trade and Development Agency (TDA). Other US Government Sources includes market funds that have been in part capitalized using US government agency funds. Multilateral organizations include the World Bank, International Finance Corporation (IFC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and various organizations of the United Nations. The Directory lists available public, private, and quasi-private sources of financing in key emerging markets in the Newly Independent States and other developing countries of strategic interest to the US Department of Energy. The sources of financing listed in this directory should be considered indicative rather than inclusive of all potential sources of financing. Initial focus is on the Russian Federation, Ukraine, india, China, and Pakistan. Separate self-contained sections have been developed for each of the countries to enable the user to readily access market-specific information and to support country-specific Departmental initiatives. For each country, the directory is organized to follow the project life cycle--from prefeasibility, feasibility, project finance, cofinancing, and trade finance, through to technical assistance and training. Programs on investment and export insurance are excluded.

Geothermal Money Book [Geothermal Outreach and Project Financing

Energy Technology Data Exchange (ETDEWEB)

Elizabeth Battocletti

2004-02-01

Small business lending is big business and growing. Loans under $1 million totaled $460 billion in June 2001, up $23 billion from 2000. The number of loans under $100,000 continued to grow at a rapid rate, growing by 10.1%. The dollar value of loans under $100,000 increased 4.4%; those of $100,000-$250,000 by 4.1%; and those between $250,000 and $1 million by 6.4%. But getting a loan can be difficult if a business owner does not know how to find small business-friendly lenders, how to best approach them, and the specific criteria they use to evaluate a loan application. This is where the Geothermal Money Book comes in. Once a business and financing plan and financial proposal are written, the Geothermal Money Book takes the next step, helping small geothermal businesses locate and obtain financing. The Geothermal Money Book will: Explain the specific criteria potential financing sources use to evaluate a proposal for debt financing; Describe the Small Business Administration's (SBA) programs to promote lending to small businesses; List specific small-business friendly lenders for small geothermal businesses, including those which participate in SBA programs; Identify federal and state incentives which are relevant to direct use and small-scale (< 1 megawatt) power generation geothermal projects; and Provide an extensive state directory of financing sources and state financial incentives for the 19 states involved in the GeoPowering the West (GPW). GPW is a U.S. Department of Energy-sponsored activity to dramatically increase the use of geothermal energy in the western United States by promoting environmentally compatible heat and power, along with industrial growth and economic development. The Geothermal Money Book will not: Substitute for financial advice; Overcome the high exploration, development, and financing costs associated with smaller geothermal projects; Remedy the lack of financing for the exploration stage of a geothermal project; or Solve

Financing Renewable Energy Projects in Developing Countries: A Critical Review

Science.gov (United States)

Donastorg, A.; Renukappa, S.; Suresh, S.

2017-08-01

Access to clean and stable energy, meeting sustainable development goals, the fossil fuel dependency and depletion are some of the reasons that have impacted developing countries to transform the business as usual economy to a more sustainable economy. However, access and availability of finance is a major challenge for many developing countries. Financing renewable energy projects require access to significant resources, by multiple parties, at varying points in the project life cycles. This research aims to investigate sources and new trends in financing RE projects in developing countries. For this purpose, a detail and in-depth literature review have been conducted to explore the sources and trends of current RE financial investment and projects, to understand the gaps and limitations. This paper concludes that there are various internal and external sources of finance available for RE projects in developing countries.

A Global Review of Sustainable Construction Project Financing: Policies, Practices, and Research Efforts

Directory of Open Access Journals (Sweden)

Ming Shan

2017-12-01

Full Text Available Despite the increasing investment in sustainable development over the past decade, a systematic review of sustainable construction project financing is lacking. The objectives of this paper are to conduct a systematic review to examine the policies, practices, and research efforts in the area of sustainable construction project financing, and to explore the potential opportunities for the future research. To achieve these goals, this paper first reviewed the sustainable construction project financing practices implemented by four representative developed economies including the United Kingdom, the United States, Singapore, and Australia. Then, this paper reviewed the efforts and initiatives launched by three international organizations including the United Nations, the Organization for Economic Co-operation and Development, and International Finance Corporation. After that, this paper reviewed the research efforts of sustainable construction project financing published in peer-review journals and books. This paper identified four major research themes within this area, which are the review of financial stakeholders and market of sustainable construction, benefits and barriers to sustainable construction project financing, financial vehicles for sustainable construction projects, innovative models and mechanisms for sustainable construction project financing. Additionally, this paper revealed five directions for the future research of sustainable construction project financing, which are the identification of financial issues in sustainable construction projects, the investigation of financial vehicles for sustainable construction projects in terms of their strengths, limitations, and performances, the examination of critical drivers for implementing sustainable construction project financing, the development of a knowledge-based decision support system for implementing sustainable construction financing, and the development of best practices for

Viability of biofuel use in CDM (Clean Development Mechanisms) projects; Viabilidade do uso do biodiesel para projetos de MDL (Mecanismo de Desenvolvimento Limpo)

Energy Technology Data Exchange (ETDEWEB)

Fortes, Julio; Lima, Luciana Santana de [Universidade do Estado do Rio de Janeiro (UERJ), RJ (Brazil)

2008-07-01

Biodiesel, renewable energy source, has been adopted by several countries as a possible substitute for fossil fuels. Brazil, by its own, included oil and fat derived biofuel in its energetic matrix through National Politics for Biofuel Use and Production (NPBUP), issue in Law n. 11.097 of 01/13/2005. Many studies demonstrate the contribution of biofuel for Greenhouse Gases reduction, what turns projects using it into possible candidates for Clean Development Mechanism (CDM), instrument described in Kyoto Protocol. With purpose of studying the Brazilian potentiality of the insertion of biofuel into CDM projects, this report approaches many aspects related to CDM, as well the terms for being accepted as so. Through bibliographic review were listed the possibilities and the restraints for including biofuel in carbon market resulted, principally, by the obligation of its use; what goes against the principle of voluntary, for seen in the Protocol. I concluded analyzing the advantages of biofuel comparatively to environmental issues, emphasizing the necessity of making viable its entrance into carbon credits market. (author)

APPROACHES FOR EVALUATING AND FINANCING INVESTMENT PROJECTS

Directory of Open Access Journals (Sweden)

MARIA-LOREDANA POPESCU

2011-04-01

Full Text Available This article presents the financial investment approach and the investment evaluation methods, which are criteria for assessing both investment projects and their funding sources. An important role in the analysis carried out is played by the investment decision and financing decision quality. Making an investment decision implies computing the related investment efficiency indicators. They allow the comparison of several variants of the same investment project as well as their comparison with other projects in the same industry or in other industries. The financing decision concerns the selection between their own sources (share capital, depreciation fund, profits, reserve funds, additional capital, revenues from investments, attracted sources (domestic resource mobilization and borrowed sources (credits.

The anatomy and importance of project finance for oil and gas developments

International Nuclear Information System (INIS)

Whyatt, A.S.

1992-01-01

This paper reports that project financing can be of great benefit to oil and gas projects because by separately identifying and securing assets and cashflows it can provide large sums not otherwise accessible to whole projects or to individual companies. Project financing is of interest to members of the SPE because it routinely requires the expertise of petroleum engineers and other professionals to vouch for the viability of petroleum projects and the recoverability of reserves. its essential attraction is that risk analysis and the application of precise professional criteria enable large projects and amounts to be financed, which otherwise might not occur. This is particularly the case when there are a number of participants in a large project, none of which is on its own able to support the finance. The growth in the average size of projects means that an increasing number of projects must be financed in this way or not be able to go forward

CDM (Clean Development Mechanism) opportunities for the oil and gas sector

Energy Technology Data Exchange (ETDEWEB)

Franco, Joana Chiavari [FEEM - Fondazione Eni Enrico Mattei, Milan (Italy). Eni/Agip Group

2004-07-01

Due to the broad impact of legislation limiting greenhouse gas emissions and the increasing public awareness concerning the environment, the oil industry has been currently incorporating climate change considerations in its corporate strategy. However, compliance in the carbon constrained economy does not merely represent a cost issue; it also represents an opportunity. Projects developed under the Clean Development Mechanism (CDM) in particular represent an incentive both for companies and governments to invest in emission reduction projects in developing countries and earn carbon credits, while promoting sustainable development. The oil industry is characterized by a high emission reduction potential and is able to deliver to the market an amount of credits which is by far higher than the amount that most projects developers are able to offer. However some critical issues, such as the current interpretation of the additionally concept, may represent a barrier for the full utilization of such mechanism, particularly regarding petroleum-sector projects, thus reducing the benefits the CDM can actually produce. Considering that a very large number of CDM projects may be needed for the implementation of a successful climate policy, the engagement of the oil industry on the Kyoto mechanisms is very important and auspicial. (author)

The term structure of credit spreads in project finance

OpenAIRE

Marco Sorge; Blaise Gadanecz

2004-01-01

This paper finds that the term structure of credit spreads in project finance is hump-shaped. This contrasts with other types of debt, where credit risk is shown instead to increase monotonically with maturity ceteris paribus. We emphasize a number of peculiar features of project finance structures that might underlie this finding, such as high leverage decreasing over time, long-term political risk guarantees and the sequential resolution of uncertainty along project advancement stages. Our ...

Financing wind energy projects

International Nuclear Information System (INIS)

Blom, P.

1996-01-01

Triodos Bank has more than 10 years of experience with developing and financing wind projects in the Netherlands. Over 50 Megawatt has been installed with direct involvement of the bank. The experience is both as a bank and as a venture capital fund. In this contribution the perspective will be more from a venture capital point of view than as a bank. The bank's activities in the wind energy sector started in 1986 by forming a joint venture with an engineering bureau, experienced i wind energy but not yet in developing wind projects. From 1989 onwards the joint venture started to build wind farms, both as a private company and in a joint venture with utilities. The European Investment Bank became involved with a long-term debt finance facility (15 years, fixed interest loan). The main difficulties were long-term commitments from landowners (Dike authorities) and utilities with regard to power contracts. The development got really stuck when utilities refused to pay a fair price anymore. Also, site development became more and more difficult. Even the poor technical performance improved drastically and did not frighten developers and banks too much. (author)

Project Management Methods in Projects Co-financed by EU Funds

OpenAIRE

Kostalova, Jana; Tetrevova, Libena; Patak, Michal

2017-01-01

This paper deals with the management of projects co-financed by European Union funds (structural funds and the Cohesion Fund) in the Czech Republic (EU projects). The authors aimed to analyze and assess the scope of familiarity with basic project management methods and their application within the implementation of EU projects in the Czech Republic in the Programming Period 2007–2013. Based on a questionnaire survey of EU project organisers, the authors evaluate their attitudes to project man...

On the Sequencing of Projects, Reputation Building and Relationship Finance

NARCIS (Netherlands)

Egli, D.; Ongena, S.; Smith, D.C.

2001-01-01

We study the decision entrepreneurs face in financing multiple and independent projects.If strategic defaults are assessed likely to occur, for example if judicial efficiency is low, entrepreneurs delay projects to seek sequential financing from a relationship lender.Such commitment-type borrowing

European windpower: project financing examined

International Nuclear Information System (INIS)

Mitchell, Catherine

1993-01-01

In part two of an examination of funding mechanisms for wind-generated electricity, the financing of wind projects in the major producers - Denmark, the Netherlands, Germany and the UK is examined. Part one examined the tariff and subsidy mechanisms available for wind generation in the same countries. (author)

Project of Carbon Capture in Small and Medium Farms in the Brunca Region, Costa Rica

Directory of Open Access Journals (Sweden)

Gilmar Navarrete

2013-12-01

Full Text Available The Clean Development Mechanism (CDM of the Kyoto Protocol, allows the non Annex 1 countries to receive projects that contribute to reducing greenhouse gas emissions and sustainable development in developing countries. The CDM, since its inception, has issued credits equivalent to 1.434.737.562 tons of CO2, distributed across 7.450 projects around the world, from 15 different sectors. Sectors 14 that allow forestry projects (such as reforestation and afforestation have registered 53 projects to date; 19 of which are in Latin America. Nevertheless, the contribution of this sector currently represents less than 1% of CDM Certificates of Emissions Reduction (CERs issued. In September 2013, through their National Forestry Financing Fund (FONAFIFO, Costa Rica registered their first CDM project with the United Nations Framework Convention on Climate Change (UNFCCC, after having complied with all the project cycle processes. The project, known as "Carbon Sequestration in Small and Medium Farms, Brunca Region, Costa Rica" was a project executed by FONAFIFO under their Environmental Services Payment Program. This project was developed in Pérez Zeledón, San José, Costa Rica in partnership with the Cooperative Corporation CoopeAgri RL. The total goal of the project is to reduce the greenhouse gas emission by 176,050 ton of CO2-e, in a period of 20 years and commercialize the CERs in the regulated carbon market.

Havsnaes wind farm - The project financing of a Swedish wind farm

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-07-01

In March 2008 the ground breaking project financing of the 95 MW Havsnaes wind farm was completed. Havsnaes represents one of the cornerstones in portfolio of Venus Vind, controlled by HgCapital, where sustainable Scandinavian strength is build through industrial scale wind farms with local presence. At the time, Havsnaes represented the largest energy project financing in the market, it is also the first true project financing of a major Swedish wind farm. The aim of this study is to highlight the process of project financing and additional lessons learnt from the Havsnaes transaction. Investment in renewable energy projects often includes international investors. We welcome the growing Swedish wind market, banks and other financial institutions, politicians and other relevant decision makers to take part of our findings. Sponsorship provided by the Swedish Energy Agency has enabled the completion of this study.

The Study on Stage Financing Model of IT Project Investment

Directory of Open Access Journals (Sweden)

Si-hua Chen

2014-01-01

Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

The Study on Stage Financing Model of IT Project Investment

Science.gov (United States)

Xu, Sheng-hua; Xiong, Neal N.

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

The study on stage financing model of IT project investment.

Science.gov (United States)

Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

Financing wind power projects : perspectives from the US market

International Nuclear Information System (INIS)

Alam, M.

2005-01-01

This presentation outlined the recent assignments, core competencies and scope of services provided by Alyra Renewable Energy Finance Advisors. Renewable energy developers seek Alyra's assistance in developing strategies to achieve the most competitive solutions in finance and strategy. Alyra has broad finance expertise in renewable energy projects, a deep knowledge of markets and a significant wind industry network. Alyra identifies emerging issues, completes financing solutions and helps with contract negotiations. This presentation outlined the notable features of wind financing, wind assessment, offtake arrangements, equity considerations, US wind debt markets, long term bank financing, and combined bank and private placement financing. It also included recent debt market activity for seven large wind farms in the United States. tabs., figs

Simulation-based valuation of project finance investments. Crucial aspects of power plant projects

Energy Technology Data Exchange (ETDEWEB)

Pietz, Matthaeus

2010-12-15

The liberalization of electricity markets transformed a regulated and stable market to a market with former unknown price volatility. This results in a high uncertainty which is mainly due to the, from an economic point of view, lack of storability of the commodity electricity. Thus investments in power plants are highly risky. This dissertation analyzes crucial aspects within the valuation of a power plant financed via project finance, a popular financing method for projects with high capital requirements. Starting with the development of a valuation model based on stochastic modelling of the future cash flows the focus of the analysis is on the impact of model complexity and electricity prices. (orig.)

Report for fiscal 2000 investigations on Activities Implemented Jointly in China and promotion of transfer to CDM; 2000 nendo Chugoku ni okeru kyodo jisshi katsudo oyobi CDM eno iko suishin chosa hokokusho

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-03-01

It is purposed to promote the Activities Implemented Jointly (AIJ) and the clean development mechanism (CDM) intended of reducing carbon dioxide emission amount in China. Investigations have been performed on China's environment and energy problems, CDM assignments and transfer means, and project candidates. China emits a great amount of CO2 due to coal combustion, and the CO2 emission is anticipated to increase from the coal burning thermal power generation that may continue into the future. Countermeasures for the thermal power department as the object are required. Since 1997, China has been performing the AIJ project with Norway, Japan, and America, wherein such projects have been implemented with Japan as the dry coke fire extinguishing facility model project, the energy saving model project using alloy iron electric furnaces, and the model project to utilize effectively the refuse combustion waste heat. China is one of the countries in which the greenhouse effect gas emission reducing project can be performed at a minimum cost, who will be the important party in the CDM performed by the developed countries to achieve their obligation to reduce the greenhouse effect gas emission. (NEDO)

Strategies for financing energy projects in East Central Europe

Energy Technology Data Exchange (ETDEWEB)

Fortino, S.E. [Texaco Inc., White Plains, NY (United States)

1995-12-01

This paper discusses financing options available for energy (power/steam) projects in East Central Europe. It is intended to be an overview and practical guide to such options in today`s environment. A survey is made of the principal multilateral and other financial institutions providing funding and/or credit support in the region. These include the European Bank for Reconstruction and Development, the World Bank, the International Finance Corporation, the export credit agencies, and the commercial banks. Specific guarantee and other support mechanisms which some of these institutions provide are covered, including the latest developments. In addition to loan financing, potential sources of equity financing are discussed. Next, a description of the credit rating process by such institutions as Standard and Poor`s, and an example of a successful rating effort in the Czech Republic, lead into a discussion of accessing foreign and domestic bond markets to finance energy projects in the region.

Financing small scale wind energy projects in the UK

International Nuclear Information System (INIS)

Mitchell, Catherine

1993-01-01

This paper shows how wind energy projects in the UK have obtained finance. It attempts to list the financing options open to small scale developments and to note any likely problems which may occur. (UK)

Finance and supply management project execution plan

Energy Technology Data Exchange (ETDEWEB)

BENNION, S.I.

1999-02-10

As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes.

Financing of wind energy projects

International Nuclear Information System (INIS)

Harland, S.

1991-01-01

This paper looks at what banks need to know to enable them to consider a wind energy project. The major experiences of banks in financing wind energy have been in the US where governmentally inspired long term sales contracts (PURPA Contracts) have given a security to sponsors and banks not available elsewhere. (Author)

Application of finance project for leverage of small size hydroelectric enterprising; Aplicacao do project finance para alavancagem de empreendimentos hidreletricos de pequeno porte

Energy Technology Data Exchange (ETDEWEB)

Santos, Silvana dos

2003-07-01

In the same way that the majority of the countries, project financing of substructure in Brazil, in project finance modality, depend on a skillful structure of guaranties and contracts to become possible. In the case of projects of centrals of generation of electrical energy, that financial engineering becomes still more complicated. In Brazil, due to particularities of the sectors of electricity, the arrangements of guaranties requested but creditors pass to present levels of complexity and exigency well elevated. The contractual appliances that give support to the project finance, originally projected to developed countries, request an extreme adaptation to these particularities. The development of Brazil is directly related to its capacity in expanding the offer of electric energy in the just measure of the national necessity. In this context, the small central hydroelectric (PCH's) represent, actually, an efficient and fast form to complete the offer of energy in such a way to supply the crescent demand the national market. For its characteristics, that type of undertaking can be developed by small manager, from among which are the owners of the areas in which on can find these hydraulic potentials which, however they do not dispose of capital to integral raising. These undertakings are tasks, normally, of low global cost, at the rate of US$ 1.000,00/k W, and of a smaller ambient impact, compared to the return that they give to the enterprise and to the Brazilian electric system as a whole, by having to receive special attention in the planned politics to the sector and to merit a series of incentives to become business still more attractive. By thinking in the found difficulty by small enterprises in rising undertakings of generation of electric energy of small port through the convectional mechanisms of financing is being proposed in that work a well-founded methodology in the concepts of the modality of financing project finance. (author)

Application of finance project for leverage of small size hydroelectric enterprising; Aplicacao do project finance para alavancagem de empreendimentos hidreletricos de pequeno porte

Energy Technology Data Exchange (ETDEWEB)

Santos, Silvana dos

2003-07-01

In the same way that the majority of the countries, project financing of substructure in Brazil, in project finance modality, depend on a skillful structure of guaranties and contracts to become possible. In the case of projects of centrals of generation of electrical energy, that financial engineering becomes still more complicated. In Brazil, due to particularities of the sectors of electricity, the arrangements of guaranties requested but creditors pass to present levels of complexity and exigency well elevated. The contractual appliances that give support to the project finance, originally projected to developed countries, request an extreme adaptation to these particularities. The development of Brazil is directly related to its capacity in expanding the offer of electric energy in the just measure of the national necessity. In this context, the small central hydroelectric (PCH's) represent, actually, an efficient and fast form to complete the offer of energy in such a way to supply the crescent demand the national market. For its characteristics, that type of undertaking can be developed by small manager, from among which are the owners of the areas in which on can find these hydraulic potentials which, however they do not dispose of capital to integral raising. These undertakings are tasks, normally, of low global cost, at the rate of US$ 1.000,00/k W, and of a smaller ambient impact, compared to the return that they give to the enterprise and to the Brazilian electric system as a whole, by having to receive special attention in the planned politics to the sector and to merit a series of incentives to become business still more attractive. By thinking in the found difficulty by small enterprises in rising undertakings of generation of electric energy of small port through the convectional mechanisms of financing is being proposed in that work a well-founded methodology in the concepts of the modality of financing project finance. (author)

Facilitating the financing of bioenergy projects in sub-Saharan Africa

International Nuclear Information System (INIS)

Hofmann, Michael; Khatun, Kaysara

2013-01-01

The purpose of this paper is to identify and develop potential solutions on how to facilitate the financing of bioenergy projects in Sub-Saharan Africa. We focus on four main areas that have been identified from empirical research in achieving this objective; these are: (i) financing, (ii) markets; (iii) trade and (iv) policy. The sources utilised consist of primary and secondary data compilation and analysis. Of particular relevance are the results of a market survey undertaken on funding opportunities, where the perspectives of both, project developers as well as project financiers are taken into account. Results indicate that the four areas cannot be treated autonomously, as they not only overlap but impact each other. There are a number of difficulties for biofuel ventures, not least the nature of the projects themselves, but also around the financing and political landscape of these enterprises. Common solutions which cross cut the four areas are the need to raise awareness and the skillsets, in areas including, financing opportunities, markets, policy, technical aspects among a range of stakeholders involved in biofuel ventures. There is also a necessity to create a supporting framework for the emerging carbon trading-related activities in Africa. - Highlights: ► We identify and develop potential solutions towards facilitating the financing of bioenergy projects in sub-Saharan Africa. ► We focus on four areas to achieve this objective; these are: (i) financing, (ii) markets; (iii) trade and (iv) policy. ► Common solutions which cross cut the four areas are the need to raise awareness and develop skillsets of stakeholders involved.

Long-term prospects of CDM and JI; Langfristige Perspektiven von CDM und JI

Energy Technology Data Exchange (ETDEWEB)

Cames, Martin; Anger, Niels; Boehringer, Christoph; Harthan, Ralph O.; Schneider, Lambert [Oeko-Institut, Berlin (Germany)

2007-07-15

This study analyses whether Germany should use the flexible mechanisms under the Kyoto protocol or whether it should continue to achieve its greenhouse gas reduction targets by dint of domestic policies and measures. It estimates the future potential of the project-based Kyoto mechanisms (CDM and JI) and the impacts of its use on the German and the global economy, using an integrated-assessment model. In a Delphi survey, the expectations of international experts on the future prospects of the project-based Kyoto mechanisms are assessed. The study finishes with an analysis of options for promoting the use of the flexible mechanisms in Germany and concludes that the Federal Government of Germany should establish a project-based mechanisms fund of 25 to 50 million Kyoto units to cover the compliance uncertainties due to unexpected temperature or business cycle variations. (orig.) [German] Diese Studie untersucht, ob Deutschland die flexiblen Mechanismen unter dem Kyoto-Protokoll nutzen sollte oder weiterhin seine Treibhausgasreduktionsziele durch inlaendische Politiken und Massnahmen erreichen sollte. Das kuenftige Potenzial der projektbezogenen Kyoto-Mechanismen (CDM und JI) wird untersucht und die Auswirkungen von deren Nutzung auf die deutsche und globale Wirtschaft werden mit einem Integrated-Assessment-Modell abgeschaetzt. In einer Delphi-Befragung werden die Erwartungen internationaler Experten in Hinblick auf die kuenftigen Perspektiven der projektbezogenen Kyoto- Mechanismen ermittelt. Abschliessend werden Moeglichkeiten zur Foerderung der Nutzung der flexiblen Mechanismen in Deutschland analysiert, mit der Schlussfolgerung, dass die Bundesregierung einen 25 bis 50 Millionen Kyoto-Einheiten umfassenden Fonds fuer projektbezogene Mechanismen einrichten sollte, um die Unsicherheiten bei der Erfuellung des Kyoto-Ziels infolge unerwarteter Temperaturschwankungen oder einer Aenderung der Konjunkturentwicklung abzudecken. (orig.)

13 CFR 120.801 - How a 504 Project is financed.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false How a 504 Project is financed. 120.801 Section 120.801 Business Credit and Assistance SMALL BUSINESS ADMINISTRATION BUSINESS LOANS Development Company Loan Program (504) § 120.801 How a 504 Project is financed. (a) One or more small...

Financing Nuclear Projects. Case Study: Unit 2 Cernavoda NPP

International Nuclear Information System (INIS)

Chirica, Teodor; Constantin, Carmencita; Dobrin, Marian

2003-01-01

The implementation of a Nuclear Power Plant (NPP) is a major undertaking for all entities involved, due to the necessity of planning work and coordination of the implementation process of the different fields of interest, starting with the governmental authorities and ending with the public. Having in view the specific investment costs (relatively high) for a NPP, finding an adequate financing structure is possible through an iterative process that involves first an assessment of the technical performances of the project and secondly, the mathematical modelling of the financing structure effects on the projects. In this respect, the paper will be focused on the main steps needed in order to promote an investment project in nuclear field, starting with the decision phase, providing the documentation requested by the local and international authorities to promote the project and ending with the negotiation of the contracts (commercial contract, financing contract, purchase contract, etc). The case study will be focused on the phases achieved in order to promote the Unit 2 NPP Cernavoda completion works project. (authors)

Financing nuclear projects. Case study: Unit 2 Cernavoda NPP

International Nuclear Information System (INIS)

Chirica, T.; Pall, S.; Lebedev, A.; Dobrin, M.

2003-01-01

The implementation of a Nuclear Power Plant (NPP) in a country is a major undertaking for all entities involved, due to the necessity of planning work and co-ordination of the implementation process of the different fields of interest, starting with the governmental authorities and ending with the people. Having in view the specific investment cost (relatively high) for a NPP, to find an adequate financing structure is possible through an iterative process that involves first an assessment of the technical performances of the project and second, the mathematical modelling of the financing structure effects on the project. In this respect, the paper proposed will be focused on the main steps needed in order to promote an investment project in nuclear field, starting with the decision phase, providing the documentations requested by the local and international authorities to promote the project and ending with the negotiation of the contracts (commercial contract, financing contract, power purchase contract, etc.) The case study will be focused on the phases achieved in order to promote the Unit 2 Cernavoda NPP completion works project. (author)

Analysis of CDM projects’ potential benefits

Directory of Open Access Journals (Sweden)

José Affonso dos Reis Junior

2015-11-01

Full Text Available Objective – The main goal of this study is to identify and assess, within sustainability reports, information concerning potential carbon credits obtained through projects carried out under Clean Development Mechanism (CDM assumptions, as well as to assess CDM project experts’ perceptions of obstacles to entering carbon credit markets. Design/methodology/approach – exploratory, descriptive, bibliographical and documental research, and interviews. Theoretical basis - Research was based on the concepts of sustainability, especially as to environmental responsibility (CSR; cost-benefit analysis was also considered, since selling carbon credits can be a way of mitigating the trade off between immediate shareholder satisfaction and investment in CSR. Findings – The perceptions of representatives from carbon credit projects’ certifying companies was examined by means of a series of interviews – concluding that savings in costs, business marketing and certifications are even greater motivators than carbon credits themselves. We estimated that, through energy efficiency, the projects discussed in 2011 sustainability reports would be capable of saving approximately 538 million reais in costs. In addition, 40 million reais, considering the rate of the euro and of securities on December 31, 2014, would be gained through the sale of carbon credits. Practical implications – Thus, this research helps to demonstrate the significant potential for further financial gains that companies may obtain through energy efficiency and habitat restructuring, whether by taking advantage of CO2 reduction brought about by such projects, or by developing new projects that continue to benefit economy, society and the environment.

Implementing the Kyoto protocol : why JI and CDM show more promise than international emissions trading

NARCIS (Netherlands)

Woerdman, E.

The Kyoto protocol allows developed countries to achieve cost-effective greenhouse gas emission reductions abroad by means of international emissions trading (IET), joint implementation (JI) and the clean development mechanism (CDM). The article argues that JI and CDM projects will be more

Evaluation Of The Risk Of Financing Projects Of Environmental Protection

Directory of Open Access Journals (Sweden)

Gabriela Cornelia PICIU

2012-03-01

Full Text Available The research project approaches multidimensionally the financing of environmental protection from the perspective of directing, correlating and consolidating the financial flows circumscribed to the regeneration of an economy affected by environmental deterioration due to the very activities defining the economic mechanisms and circuits. The purpose of the project is to identify, by scientific, methodological and empirical analysis of the concepts, principles and arguments imposed by the economic theory, the risks of financing the projects of environmental projects and to evaluate their effects because their neglecting, individual approach or erroneous dimensioning might have unfavourable and unforeseen consequences in terms of the efficiency of the environmental strategies and policies. The objective of the study is the reveal the interdependency and interaction between the flows and circuits financing the environmental projects, showing the necessity for punctual, distributive, correlative and multiplicative financing of the environmental protection. This must be done from an expanded and prospective spatial and temporal vision by a compositional approach of the risk for environmental investments within the complex network of the social, economic and financial risks generated by the global system of the human praxis focused on the binomial of the human-environment interdependence.

The role of Project Finance in the viability of infrastructure projects: case of the petroleum and natural gas sector

International Nuclear Information System (INIS)

Faria, Viviana Cardoso de Sa e; Rodrigues, Adriano Pires

2000-01-01

Project finance represents neither recent news nor a panacea in the fields of long term financing. It is not able to solve the chronicle scarcity of resources applied in big projects financing in developing countries. In fact, underdeveloped markets as the Brazilian one offer, at the beginning, almost no chances to the project finance solution. In this case a path full of barriers overcome the solutions that project finance may offer. The process to adapt this instrument to the Brazilian reality presents the following hindrances: a different law framework, capital market underdevelopment; economical instability; political and regulating risks; incapability of the national insurance companies to insure big projects; cultural differences and lack of know-how in this area, and lastly, the out of date tax system. (author)

Geothermal Small Business Workbook [Geothermal Outreach and Project Financing

Energy Technology Data Exchange (ETDEWEB)

Elizabeth Battocletti

2003-05-01

Small businesses are the cornerstone of the American economy. Over 22 million small businesses account for approximately 99% of employers, employ about half of the private sector workforce, and are responsible for about two-thirds of net new jobs. Many small businesses fared better than the Fortune 500 in 2001. Non-farm proprietors income rose 2.4% in 2001 while corporate profits declined 7.2%. Yet not all is rosy for small businesses, particularly new ones. One-third close within two years of opening. From 1989 to 1992, almost half closed within four years; only 39.5% were still open after six years. Why do some new businesses thrive and some fail? What helps a new business succeed? Industry knowledge, business and financial planning, and good management. Small geothermal businesses are no different. Low- and medium-temperature geothermal resources exist throughout the western United States, the majority not yet tapped. A recent survey of ten western states identified more than 9,000 thermal wells and springs, over 900 low- to moderate-temperature geothermal resource areas, and hundreds of direct-use sites. Many opportunities exist for geothermal entrepreneurs to develop many of these sites into thriving small businesses. The ''Geothermal Small Business Workbook'' (''Workbook'') was written to give geothermal entrepreneurs, small businesses, and developers the tools they need to understand geothermal applications--both direct use and small-scale power generation--and to write a business and financing plan. The Workbook will: Provide background, market, and regulatory data for direct use and small-scale (< 1 megawatt) power generation geothermal projects; Refer you to several sources of useful information including owners of existing geothermal businesses, trade associations, and other organizations; Break down the complicated and sometimes tedious process of writing a business plan into five easy steps; Lead you

Can Maine metropolitan planning organizations (MPOs) finance transportation projects through bond financing?

Science.gov (United States)

2008-12-01

In January 2008 the Maine metropolitan planning organizations (MPOs) requested the Transportation : Research Division of the Maine Department of Transportation to conduct research to determine if it is : possible for MPOs to finance projects through ...

Introduction to biomass energy project financing, funding sources and government strategies

International Nuclear Information System (INIS)

Nordlinger, D.E.; Shaw, F.C.

1995-01-01

Biomass projects can help developing countries to protect their environment as well as to build a modem infrastructure. However, such projects present, in addition to the more typical risks associated with fossil-fuel projects, certain risks relating to the unique technologies and fuels used in such projects. Further, their location in developing countries regularly creates enhanced political and credit risk as well. Biomass power projects, like any other power project, must be financed. To be financeable, a power project should allocate risk in the most efficient way, so as to maximize return on investment. This paper examines the way in which various project documents can be structured to allocate most efficiently the technology and fuel risks unique to biomass projects, as well as the more typical risks, such as construction risk, permitting risk, expropriation risk, currency risk, country risk, sovereign risks, operating risks and credit risk. In addition, this paper summarizes the public financing sources and support that are available to assist in meeting the unique risk profiles of biomass projects. Specifically, it examines some of the principal multilateral and export credit agencies having involvement in this area. Finally, it examines potential strategies available to the developer of a biomass project for soliciting the involvement of, and negotiating with, local governments and public financing agencies. (author)

Introduction to biomass energy project financing, funding sources and government strategies

Energy Technology Data Exchange (ETDEWEB)

Nordlinger, D E [Skadden, Arps, Slate, Meagher and Flom, London (United Kingdom); Shaw, F C [Skadden, Arps, Slate, Meagher and Flom, Washington, D.C. (United States)

1995-12-01

Biomass projects can help developing countries to protect their environment as well as to build a modem infrastructure. However, such projects present, in addition to the more typical risks associated with fossil-fuel projects, certain risks relating to the unique technologies and fuels used in such projects. Further, their location in developing countries regularly creates enhanced political and credit risk as well. Biomass power projects, like any other power project, must be financed. To be financeable, a power project should allocate risk in the most efficient way, so as to maximize return on investment. This paper examines the way in which various project documents can be structured to allocate most efficiently the technology and fuel risks unique to biomass projects, as well as the more typical risks, such as construction risk, permitting risk, expropriation risk, currency risk, country risk, sovereign risks, operating risks and credit risk. In addition, this paper summarizes the public financing sources and support that are available to assist in meeting the unique risk profiles of biomass projects. Specifically, it examines some of the principal multilateral and export credit agencies having involvement in this area. Finally, it examines potential strategies available to the developer of a biomass project for soliciting the involvement of, and negotiating with, local governments and public financing agencies. (author)

PV Project Finance in the United States, 2016

Energy Technology Data Exchange (ETDEWEB)

Feldman, David; Lowder, Travis; Schwabe, Paul

2016-09-01

This brief is a compilation of data points and market insights that reflect the state of the project finance market for solar photovoltaic (PV) assets in the United States as of the third quarter of 2016. This information can generally be used as a simplified benchmark of the costs associated with securing financing for solar PV as well as the cost of the financing itself (i.e., the cost of capital). Three sources of capital are considered -- tax equity, sponsor equity, and debt -- across three segments of the PV marketplace.

The evolution of project financing in the geothermal industry

International Nuclear Information System (INIS)

Cardenas, G.S.; Miller, D.M.

1990-01-01

Sound underlying economics and beneficial contractual relationships are the fundamentals of any project financing. Given these essential elements, the successful transaction must properly allocate the costs, benefits and risks to the appropriate participants in the most efficient manner. In this paper the authors examine four instances in which project financing offered optimal solutions to this problem in a series of transactions for the successive development of the 70 MW Ormesa Geothermal Energy Complex in the Imperial Valley of California

Renewable Energy Project Financing: Impacts of the Financial Crisis and Federal Legislation

Energy Technology Data Exchange (ETDEWEB)

Schwabe, P.; Cory, K.; Newcomb, J.

2009-07-01

Extraordinary financial market conditions have disrupted the flows of equity and debt investment into U.S. renewable energy (RE) projects since the fourth quarter of 2008. The pace and structure of renewable energy project finance has been reshaped by a combination of forces, including the financial crisis, global economic recession, and major changes in federal legislation affecting renewable energy finance. This report explores the impacts of these key market events on renewable energy project financing and development.

CDM pilot project to stimulate market for family-hydro for low-income households

International Nuclear Information System (INIS)

2004-01-01

Over 100,000 low-income households living in rural, rice-farming regions of Vietnam and China rely upon family-hydro (between 100 and 200W) as the only affordable means of obtaining electricity. These systems are used for domestic lighting, radio and, in some cases, televisions. The units are small, cheap and are usually installed and owned by a single family. Funding from the CDM could be utilised in order to reduce the cost of good quality equipment to provide low-income households living in isolated off-grid locations with an affordable and sustainable electricity supply which can meet their needs for lighting, educational, productive and recreational uses. Therefore research was needed to determine the level of carbon emission reductions resulting from their use. The successful acceptance by the Prototype Carbon Fund (PCF) of the methodology of establishing the benchmark developed during this project could then be used as a precedent by other project developers in the future, thus being of long-term support to the emerging family-hydro industry. (author)

PROJECT BONDS IN FINANCING PUBLIC-PRIVATE PARTNERSHIPS IN UKRAINE

Directory of Open Access Journals (Sweden)

I. Ovsiannykova

2014-12-01

Full Text Available The theoretical principles concerning the financing of public private partnership' projects are deepened and practical recommendations for improving the procedure of raising funds for projects of public-private partnerships through the use project bonds are substantiated.

Managing externally financed projects: the Integrated Primary Health Care Project in Bolivia.

Science.gov (United States)

Homedes, N

2001-12-01

Bolivia is one of the poorest countries in Latin America. Health indicators are very poor, communicable diseases are prevalent and, coupled with malnutrition, remain the major killers of children under 5 years old. The Integrated Primary Health Care Project (PROISS) was a US$39 million project executed by the Ministry of Health (MOH), 50% financed by the World Bank and aimed at improving primary health care in the four largest Bolivian municipalities. The implementation of the project started in 1990 and ended in 1997. During implementation it went through three distinct phases: Phase 1 (1990-94) was a period characterized by conflict and confusion; Phase 2 (1995-mid-1996) documented major improvements in coverage and service quality; and Phase 3 (mid-1996-97) witnessed the decline of the project. This paper explores the factors that contributed to the success and the decline of the project, draws lessons for project managers and international agencies involved in the definition and implementation of social sector projects, and discusses the unlikelihood that externally financed projects can have a sustainable impact on the development of the health sector of recipient countries.

Piercing the sovereign ceiling: Issues in oil and gas project financing

International Nuclear Information System (INIS)

Coleman, T.S.

1998-01-01

In the oil and gas sector, corporations and governments face huge capital spending requirements in order to transform large resource discoveries into producing, cash-generating assets. A significant portion of this funding is expected to be done on a project finance basis, where bank lenders or bond investors take a secured position in financing a discrete project, with the expectation of being paid back by the cash flows from that project after completion. This trend is increasing demand for crediting rating services to provide credit ratings for these project financings. A key challenge is to analyze and rate credit-worthy projects in countries that have relatively low foreign currency sovereign ceilings due to economic, political, and financial risks. In most cases, the credit ratings for projects financed in currencies outside the host country are capped at the country''s foreign currency ceiling. However, in a few instances, mainly in the oil and gas sector, Moody''s has pierced the foreign currency ceiling or rated certain projects above the sovereign ratings of the countries where they are domiciled. The purpose of this article is to briefly explain some of the qualitative factors and considerations that have allowed Moody''s to pierce the ceiling in the oil and gas sector, with a focus on two recent and noteworthy projects: Ras Laffan Liquefied Natural Gas in Qatar and Petrozuata in Venezuela

24 CFR 811.110 - Refunding of obligations issued to finance Section 8 projects.

Science.gov (United States)

2010-04-01

... finance Section 8 projects. 811.110 Section 811.110 Housing and Urban Development Regulations Relating to... RELATED AMENDMENTS § 811.110 Refunding of obligations issued to finance Section 8 projects. (a) This... refunding which generate the McKinney Act savings and, if necessary, HUD will finance in refunding bond debt...

Financing the clean development mechanism through debt-for-efficiency swaps? Case study evidence from a Uruguayan wind farm project

DEFF Research Database (Denmark)

Cassimon, Danny; Prowse, Martin; Essers, Dennis

2011-01-01

As one of Kyoto’s three flexibility mechanisms for reducing the cost of compliance, the Clean Development Mechanism (CDM) allows the issuance of Certified Emission Reduction (CER) credits from offset projects in non-Annex I countries. Whilst much attention has focused on the widespread use...... this through analysing the use of a debt swap between Uruguay and Spain within a CDM wind farm project in Uruguay. The paper assesses this transaction according to a simple framework by which debt swaps can be evaluated: whether it delivers additional resources to the debtor country and/or debtor government...

The Financing of Media Projects for Development.

Science.gov (United States)

Spain, Peter L.

1978-01-01

Discusses the financing of Third World media projects that are designed for development, and reports on five main sources of funding--government sources, international agencies, advertising sales, private local support, and self-support. (Author/JEG)

Finance and supply management project execution plan; TOPICAL

International Nuclear Information System (INIS)

BENNION, S.I.

1999-01-01

As a subproject of the HANDI 2000 project, the Finance and Supply Management system is intended to serve FDH and Project Hanford major subcontractor with financial processes including general ledger, project costing, budgeting, and accounts payable, and supply management process including purchasing, inventory and contracts management. Currently these functions are performed with numerous legacy information systems and suboptimized processes

US Clean Development Mechanism: benefits of the CDM for developing countries

Energy Technology Data Exchange (ETDEWEB)

Pearce, D.; Day, B.; Newcombe, J.; Brunello, T.; Bello, T.

1998-11-01

The Kyoto Protocol to the Framework Convention on Climate Change enables countries with mandatory greenhouse gas reduction commitments to offset some of their domestic emissions by reductions in emissions and enhancement of carbon sinks in other countries. One of three types of offsets in the Protocol is the Clean Development Mechanism, a form of joint implementation between Annex 1 and non-Annex 1 countries which stresses the development gains to developing countries (Article 12). This report focuses on the provision of Article 12 and aims to establish a framework for determining the net benefits of such offsets or trades to developing countries. It looks at some estimates of the likely size of the CDM market, addresses the issue of risks, and takes a brief look at the issue of sharing credits between hosts and investors. It addresses how CDM projects might be screened for their contribution to sustainable development in developing countries and introduces the framework for assessing that contribution and then applies that framework to evaluate different types of potential CDM projects (in the energy, transport, forests and agricultural sectors). 63 refs., 8 figs., 387 tabs., 7 apps.

Comparison of Cluster Lensing Profiles with Lambda CDM Predictions

Energy Technology Data Exchange (ETDEWEB)

Broadhurst, Tom; /Tel Aviv U.; Umetsu, Keiichi; /Taipei, Inst. Astron. Astrophys.; Medezinski, Elinor; /Tel Aviv U.; Oguri, Masamune; /KIPAC, Menlo Park; Rephaeli, Yoel; /Tel Aviv U. /San Diego, CASS

2008-05-21

We derive lens distortion and magnification profiles of four well known clusters observed with Subaru. Each cluster is very well fitted by the general form predicted for Cold Dark Matter (CDM) dominated halos, with good consistency found between the independent distortion and magnification measurements. The inferred level of mass concentration is surprisingly high, 8 < c{sub vir} < 15 ( = 10.39 {+-} 0.91), compared to the relatively shallow profiles predicted by the {Lambda}CDM model, c{sub vir} = 5.06 {+-} 1.10 (for = 1.25 x 10{sup 15} M{sub {circle_dot}}/h). This represents a 4{sigma} discrepancy, and includes the relatively modest effects of projection bias and profile evolution derived from N-body simulations, which oppose each other with little residual effect. In the context of CDM based cosmologies, this discrepancy implies some modification of the widely assumed spectrum of initial density perturbations, so clusters collapse earlier (z {ge} 1) than predicted (z < 0.5) when the Universe was correspondingly denser.

Soil carbon sequestration and the CDM. Opportunities and challenges for Africa

Energy Technology Data Exchange (ETDEWEB)

Ringius, Lasse

1999-12-17

The agriculture sector dominates the economies of most sub-Saharan countries, contributing about one-third of the region's GDP, accounting for forty percent of the export, and employing about two-thirds of the economically active population. Moreover, some soils in sub-Saharan Africa could, by providing sinks for carbon sequestration, play an important role in managing global climate change. Improvements in agricultural techniques and land use practices could lead to higher agricultural productivity and accumulate soil carbon. Hence, soil carbon sequestration could produce local economic income as well as social and other benefits in Africa. The Clean Development Mechanism (CDM) established in the 1997 Kyoto Protocol is designed to give developed countries with high domestic abatement cost access to low-cost greenhouse gas abatement projects in developing countries, and to benefit developing countries selling projects to investors in developed countries. It is presently unclear whether the CDM will provide credit for sink enhancement and permit broader sink activities. Unfortunately, few cost estimates of soil carbon sequestration strategies presently exist. While these costs are uncertain and all input costs have not been estimated, manure-based projects in small-holdings in Kenya could increase maize yield significantly and sequester one ton of soil carbon for a net cost of -US$806. Clearly, such projects would be very attractive economically. There is presently an urgent need to launch useful long-term (>10 years) field experiments and demonstration projects in Africa. Existing data are not readily comparable, it is uncertain how large amount of carbon could be sequestered, findings are site-specific, and it is unclear how well the sites represent wider areas. To develop CDM projects, it is important that experimental trials generate reliable and comparable data. Finally, it will be important to estimate local environmental effects and economic benefits

New nuclear projects: structure, supply chain and financing

International Nuclear Information System (INIS)

Keppler, J.H.; Cometto, M.

2015-01-01

In 2015 there were 68 reactors being constructed throughout the world and 159 projects were planned. The projects for the construction of nuclear reactors face challenging issues like financing and management. The NEA (Nuclear Energy Agency) has analysed the feedback experience on a sample of reactor projects and of reactors recently commissioned in order to draw lessons on 3 issues: financing, long-term electricity price, and project management including the supply chain. It is already known that technologies requiring high initial capital like nuclear power or renewable energies, are very sensitive to the long-term price of electricity. The study shows that for a debt ratio below 60%, the risk for the investor is low even if the long-term electricity price drops by 30 %. Because of the complexity of the construction of a nuclear power plant there are mainly 3 types of project management: the turnkey project, the split package approach (a relatively low number of suppliers) and the multi-contract approach. The turnkey approach is favoured by the new entrants in the nuclear world. The harmonization of regulations and the convergence of the safety requirements are necessary to build an efficient and competitive supply chain. (A.C.)

Models of Financing and Available Financial Resources for Transport Infrastructure Projects

Directory of Open Access Journals (Sweden)

O. Pokorná

2001-01-01

Full Text Available A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.

Community Wind: Once Again Pushing the Envelope of Project Finance

Energy Technology Data Exchange (ETDEWEB)

bolinger, Mark A.

2011-01-18

In the United States, the 'community wind' sector - loosely defined here as consisting of relatively small utility-scale wind power projects that sell power on the wholesale market and that are developed and owned primarily by local investors - has historically served as a 'test bed' or 'proving grounds' for up-and-coming wind turbine manufacturers that are trying to break into the U.S. wind power market. For example, community wind projects - and primarily those located in the state of Minnesota - have deployed the first U.S. installations of wind turbines from Suzlon (in 2003), DeWind (2008), Americas Wind Energy (2008) and later Emergya Wind Technologies (2010), Goldwind (2009), AAER/Pioneer (2009), Nordic Windpower (2010), Unison (2010), and Alstom (2011). Thus far, one of these turbine manufacturers - Suzlon - has subsequently achieved some success in the broader U.S. wind market as well. Just as it has provided a proving grounds for new turbines, so too has the community wind sector served as a laboratory for experimentation with innovative new financing structures. For example, a variation of one of the most common financing arrangements in the U.S. wind market today - the special allocation partnership flip structure (see Figure 1 in Section 2.1) - was first developed by community wind projects in Minnesota more than a decade ago (and is therefore sometimes referred to as the 'Minnesota flip' model) before being adopted by the broader wind market. More recently, a handful of community wind projects built over the past year have been financed via new and creative structures that push the envelope of wind project finance in the U.S. - in many cases, moving beyond the now-standard partnership flip structures involving strategic tax equity investors. These include: (1) a 4.5 MW project in Maine that combines low-cost government debt with local tax equity, (2) a 25.3 MW project in Minnesota using a sale/leaseback structure

Establishing a National Authority (NA) for the Clean Development Mechanism (CDM). The Costa Rican Experience

International Nuclear Information System (INIS)

Manso, P.

2003-01-01

The challenge of climate change is now a global issue and part of the international agenda. The Kyoto Protocol (KP) and its provisions for flexible mechanisms have provided a framework for an effective and equitable global response. Among these instruments, the Clean Development Mechanism (CDM) using the market as its driven force has the potential to not only contribute to the ultimate objective of the UN Framework Convention on Climate Change (UNFCCC), but also encourage developing countries to move their economic growth under a less carbon-intensive development path. A flexible mechanism such as the CDM, the surprise on the KP menu, has never been attempted before and it is a clear case where lessons can only be learned by doing and every mistake is a valuable lesson learned. One lesson already learned is that host countries that established national oversight entities during the pilot phase of Activities Implemented Jointly (AIJ) were remarkably more successful in accessing its benefits than countries that had not. Now, setting-up a National Authority (NA) is a compulsory requirement for all developing countries wishing to participate in the CDM. The scope of this paper is to present a guide for those developing countries willing to develop its institutional capacity needed to participate in the CDM. Required framework conditions for CDM projects, roles of the NA in the CDM project cycle, possible structures of and tasks to be performed by the NA, steps in creating a NA and challenges of its institutionalisation, are considered from the perspective of a developing country

The governance of clean energy in India: The clean development mechanism (CDM) and domestic energy politics

International Nuclear Information System (INIS)

Phillips, Jon; Newell, Peter

2013-01-01

This paper explores the ways in which clean energy is being governed in India. It does so in order to improve our understanding of the potential and limitations of carbon finance in supporting lower carbon energy transitions, and to strengthen our appreciation of the role of politics in enabling or frustrating such endeavors. In particular we emphasize the importance of politics and the nature of India's political economy in understanding the development of energy sources and technologies defined as ‘clean’ both by the United Nations Clean Development Mechanism (CDM) and leading international actors. By considering the broad range of institutions that exert formal and informal political influence over how the benefits and costs of the CDM are distributed, the paper highlights shortcomings in the narrow way in which CDM governance has been conceptualized to date. This approach goes beyond analysis of technocratic aspects of governance – often reduced to a set of institutional design issues – in order to appreciate the political nature of the trade-offs that characterize debates about India's energy future and the relations of power which will determine how, and on whose terms, they are resolved. - Highlights: • Clean energy governance in practice is shaped by political power and influence. • Governance of clean energy requires strong institutions from local to global levels. • Un-governed areas of energy policy are often as revealing of the exercise of power as areas where there explicit policy is in place. • Climate and carbon finance interventions need to better understand the landscape of political power which characterises India’s energy sector

Coming on stream: Financing biomass and alternative-fuel projects in the 1990s

International Nuclear Information System (INIS)

Mumford, E.B. Jr.

1993-01-01

Biomass-energy and alternative-fuels projects make environmental sense, but do they make economic sense? In the current project-finance environment, moving ideas off the drawing board and transforming them into reality takes more than vision and commitment; it takes the ability to understand and address the financial markets' perception of risk. This paper examines the state of the project-finance market, both as it pertains to biomass and alternative-fuels projects and in more general terms, focusing on what project sponsors and developers need to dot to obtain both early-state and construction/term financing, and the role a financial adviser can play in helping ensure access to funds at all stages

Summary of a reference book on financing arrangements for nuclear power projects in developing countries

International Nuclear Information System (INIS)

1993-05-01

The IAEA has recently published a reference book entitled Financing Arrangements for Nuclear Power Projects in Developing Countries (Technical Reports Series No. 353). The book reviews comprehensively the main features and problems concerning the financing of such projects in developing countries and presents innovative approaches for power generation financing. It also discusses the special conditions and requirements of nuclear power projects and the complexities of their financing, focusing on the practical issues to be dealt with to achieve successful financing, as well as the constraints encountered by most developing countries. This booklet summarizes the important features of the financing arrangements discussed in the reference book and was prepared with the aim of widely disseminating the results

75 FR 65615 - Conditional Commitment for a Federal Loan Guarantee for Project Financing for Southwest Intertie...

Science.gov (United States)

2010-10-26

... DEPARTMENT OF ENERGY Conditional Commitment for a Federal Loan Guarantee for Project Financing for... based on the analysis in the Final Environmental Impact Statement for Project Financing for Southwest... support of debt financing for transmission infrastructure investment projects located in the United States...

Windpower project ownership and financing: The cost impacts of alternative development structures

Energy Technology Data Exchange (ETDEWEB)

Wiser, R.H. [Lawrence Berkeley National Lab., CA (United States)

1997-12-31

This paper uses traditional financial cash-flow techniques to examine the impact of different ownership and financing structures on the cost of wind energy. While most large-scale wind projects are constructed, operated, and financed by non-utility generators (NUGs) via project financing, investor- and publicly-owned utilities have expressed interest in owning and financing their own facilities rather than purchasing wind energy from independent generators. A primary justification for utility ownership is that, because of financing and tax benefits, windpower may be cheaper when developed in this fashion. The results presented in this paper support that justification, though some of the estimated cost savings associated with utility ownership are found to be a result of shortcomings in utility analysis procedures and implicit risk shifting. This paper also discusses the comparative value of the federal production tax credit and renewable energy production incentive; estimates the financing premium paid by NUG wind owners compared to traditional gas-fired generation facilities; and explores the impact of electricity restructuring on financing.

Real world financing opportunities for energy conservation projects

Energy Technology Data Exchange (ETDEWEB)

Tramonte, D.J.

1988-01-01

Do you have the resources, dollars, people expertise and general know-how to do all the energy conservation measures. If you have the funds, do it yourself. Historically you would save more if you hired a private concern because that is the only job the contractor does for you. You have other hats to wear and fires to put out. Using third-party financing can be a good decision based on your specific needs. Procrastination is not the answer - the cost of delay is extensive. Financing energy conservation measures is no different from financing your automobile or home. If the benefits outweigh the negatives, the answer is obvious. Remember, in any case of using private sector financing, your are joining a partnership arrangement. The only way to succeed is to be honest with each other on the front end. There need not be any surprises. Any reputable company will gladly have your attorney evaluate all agreements, amortization schedules, and attachments. Real world financing alternatives will continue to change as the market matures. It's not too good to be true. It is no more than a vehicle to make the efforts of capital improvements streamlined. The money or financing is the catalyst to the project and makes the other areas meld.

U.S. financing for international independent power production projects: Legal and business issues

International Nuclear Information System (INIS)

Buehler, J.E. Jr.

1990-01-01

Fundamental changes are occurring in the capital and project development markets both domestically and internationally. In the United States, the capital market has undergone dramatic changes recently, characterized by clubbed debt structures, uncertain pricing spreads, and declining leverage ratios. In response, project sponsors and their investment bankers have created innovative debt and equity structures to attract investors while at the same time minimizing project risk and preserving the flexibility for the project to operate optimally. The structure of a project financing, either U.S. or international, will vary depending on (1) the differing project management/control concerns, financial goals and risk profiles of the developer, equipment and fuel suppliers, bank lenders and equity sources, (2) regulatory issues, such as compliance with the Public Utility Holding Company Act (PUHCA) in the U.S. and similar national utility legislation in the host foreign country, and (3) the tax implications of a given structure to the project owner, lender, and equity supplier. In response to these investor-specific goals and/or constraints, various forms of project structures have been developed. The focus of this paper is on legal and business issues which arise in international project finance, using U.S.project finance as a model that expresses the risk profile that U.S. financial institutions are accustomed to and overlaying the unique risks that are added to project financing which are international in nature

Economic Impact of CDM Implementation through Alternate Energy Resource Substitution

Directory of Open Access Journals (Sweden)

K.J. Sreekanth

2013-02-01

Full Text Available Since the Kyoto protocol agreement, Clean Development Mechanism (CDM hasgarnered large emphasis in terms of certified emission reductions (CER not only amidst the globalcarbon market but also in India. This paper attempts to assess the impact of CDM towardssustainable development particularly in rural domestic utility sector that mainly includes lightingand cooking applications, with electricity as the source of energy. A detailed survey has undertakenin the state of Kerala, in southern part of India to study the rural domestic energy consumptionpattern. The data collected was analyzed that throws insight into the interrelationships of thevarious parameters that influence domestic utility sector pertaining to energy consumption byusing electricity as the source of energy. The interrelationships between the different parameterswere modeled that optimizes the contribution of electricity on domestic utility sector. The resultswere used to estimate the feasible extent of CO2 emission reduction through use of electricity as theenergy resources, vis-à-vis its economic viability through cost effectiveness. The analysis alsoprovides a platform for implementing CDM projects in the sector and related prospects withrespects to the Indian scenario.

Financing of Competing Projects with Venture Capital

OpenAIRE

Goldfain, Ekaterina; Kovac, Eugen

2005-01-01

We analyze innovation race in a moral hazard setting. We develop a model in which two competing entrepreneurs work independently on the same project. The entrepreneurs do not possess any wealth of their own and their research is financed by a venture capitalist. The project, if successful, generates a prize, which is to be shared between the winning entrepreneur and the venture capitalist. The venture capitalist cannot observe the allocation of funds he provides, which creates a moral hazard ...

CRAUDFUNDING AS A PERSPECTIVE MODEL OF FINANCING BUSINESS IDEAS AND PROJECTS

OpenAIRE

Vyacheslav Riznyk; Nadiya Riznyk

2018-01-01

The subject of research is crowdfunding as an alternative model of attracting financing for the implementation business ideas and projects based on the use of crowdfunding Internet platforms. The purpose of the article is to clarify the possibilities of crowdfunding as a new financial instrument and a promising source of funding. The aim of the article is to consider crowdfunding as an alternative model for financing author's business ideas and projects, to analyze the main types and mo...

A correction in the CDM methodological tool for estimating methane emissions from solid waste disposal sites.

Science.gov (United States)

Santos, M M O; van Elk, A G P; Romanel, C

2015-12-01

Solid waste disposal sites (SWDS) - especially landfills - are a significant source of methane, a greenhouse gas. Although having the potential to be captured and used as a fuel, most of the methane formed in SWDS is emitted to the atmosphere, mainly in developing countries. Methane emissions have to be estimated in national inventories. To help this task the Intergovernmental Panel on Climate Change (IPCC) has published three sets of guidelines. In addition, the Kyoto Protocol established the Clean Development Mechanism (CDM) to assist the developed countries to offset their own greenhouse gas emissions by assisting other countries to achieve sustainable development while reducing emissions. Based on methodologies provided by the IPCC regarding SWDS, the CDM Executive Board has issued a tool to be used by project developers for estimating baseline methane emissions in their project activities - on burning biogas from landfills or on preventing biomass to be landfilled and so avoiding methane emissions. Some inconsistencies in the first two IPCC guidelines have already been pointed out in an Annex of IPCC latest edition, although with hidden details. The CDM tool uses a model for methane estimation that takes on board parameters, factors and assumptions provided in the latest IPCC guidelines, while using in its core equation the one of the second IPCC edition with its shortcoming as well as allowing a misunderstanding of the time variable. Consequences of wrong ex-ante estimation of baseline emissions regarding CDM project activities can be of economical or environmental type. Example of the first type is the overestimation of 18% in an actual project on biogas from landfill in Brazil that harms its developers; of the second type, the overestimation of 35% in a project preventing municipal solid waste from being landfilled in China, which harms the environment, not for the project per se but for the undue generated carbon credits. In a simulated landfill - the same

Sources of project financing in health care systems.

Science.gov (United States)

Smith, D G; Wheeler, J R; Rivenson, H L; Reiter, K L

2000-01-01

Through discussions with chief financial officers of leading health care systems, insights are offered on preferences for project financing and development efforts. Data from these same systems provide at least anecdotal evidence in support of pecking-order theory.

Hydropower projects financing through the public private partnership a future powered by hydro

International Nuclear Information System (INIS)

Oprea, Traian; Teleanu, Mihai; Dobrescu, Dan

2004-01-01

/////In the frame of economy type that characterized Romania before 1990, the infrastructure and public utilities development, from which the hydropower sector is integral part, was ensured from public funds. The power generation belongs to the public services, which make profits on an average or long terms, in the benefit of the society. The demand for these services is increasing because of both economical increasing and the private sector weight in economy increasing. But, the quality increasing of these services needs investments, that is access to the long-term loans. Romanian banks are not prepared for long-run loans, and the international agencies don't have sufficient investment funds for all necessary projects. One of the options is or, could be, the transfer of entirely responsibility for infrastructure in the private sector hands, but this is not feasible in many cases. For this reason the government can choose a middle way realizing a private public partnership for solving the problem of the investment funds. In a general manner, this scenario consists in the fact of appealing to the private sector to finance, build and operate, for a limited period, an infrastructure, power or tourism project, necessary to the development. The impact zone between the public sector interest and private sector interest defined the concept of 'private public partnership' in its multiple alternatives (BOT, BOO, BOOT, ROT, etc.). The first official mentioning of a project in private public development under the name of BOOT 'Build, Own, Operate, Transfer' has been used in Turkey, in 1984, by the prime-minister ever since, Turgut Ozal, as part of a huge development program through the privatization in the power sector, infrastructure and tourism. The 'private public partnership' concept was studied and promoted, beginning with '95 years by the European Community too, with the view of this financing model utilization to the infrastructure projects development. One of the most

Technology transfer to Africa: constraints for CDM operations

International Nuclear Information System (INIS)

Karani, Patrick

2002-01-01

It is practically difficult to design, implement and manage Clean Development Mechanism (CDM) projects in Africa without a provision for capacity building that will enable the application of modern technologies and techniques. Existing institutions need strengthening, human capacity needs to be developed and new markets need to be promoted. The author outlines institutional and market constraints in relation to technology transfer (e.g renewable energy technologies) and development in Africa. (Author)

Ownership options, financing structures, and regulatory considerations affecting independent power production projects

International Nuclear Information System (INIS)

Knapp, G.M.

1990-01-01

In this paper is a framework for analysis of the legal, financing, and policy differences between independent power production projects (IPPs) and projects with qualifying facility status (QFs) under the Public Utility Regulatory Policies Act (PURPA). At a basic level, there is no fundamental difference in types of ownership and financing structures available to IPPs and QFS. The key consideration, though, is the regulatory and legal implications to project participants. Significant issues arise for equity participants, lenders, developers, and project operators that are considering IPP projects. Of course, many of these same issues apply to certain types of QF projects that are not fully exempt from the Public Utility Holding Company Act (PUHCA) and the Federal Power Act (FPA)

Projects financing in the hydrocarbons sector: a necessary help in some cases

International Nuclear Information System (INIS)

Musset, O.; Salles, E.

2003-01-01

French banks are in the forefront of the financing of international projects of the petroleum industry. Among these banks, the most active one is certainly Societe Generale, which ranks second at the world scale and first in the Middle-East area for 2002. With a significant presence in the hydrocarbons sector, it participates also to the development of projects as huge as the BTC pipeline between Bakou and Ceyhan and the ELNG gas liquefaction project in Egypt in association with Gaz de France company. This paper reprints an interview of O. Musset, director of project and sectorial finance of Societe Generale. (J.S.)

Contribution of the clean development mechanism to sustainable energy production. The energy sector in the West African Economic and Monetary Union - Case study: Benin, Burkina Faso, Niger and Togo

Energy Technology Data Exchange (ETDEWEB)

Satoguina, H.

2007-07-01

This study assesses the contribution of the CDM to Sustainable Development in energy sectors in the West African Economic and Monetary Union, concentrating on Benin, Burkina Faso, Niger and Togo. Through a cross-sectional survey of different stakeholder groups, the prospective sustainable development criteria for the CDM are examined and prospective small-scale CDM projects are analysed. One efficient option to reduce transaction costs to small scale CDM projects is the creation of a regional centre for capacity building and project pre-validation. This study analyses how the WAEMU could be used as a vehicle to attract CDM financing. (orig.)

Investigating Appropriate Financing Methods in Collaborative Projects of Water and Wastewater with AHP Approach

Directory of Open Access Journals (Sweden)

V. Vosoughi

2017-10-01

Full Text Available A mix of public and private funding is employed worldwide to enable the construction of large public projects and even, in some cases, the work of public services. In this study, the selected methods of financing of participatory projects of water and water wastes were studied and prioritized. Questionnaires and comments of experts were used along with AHP decision-making and Expert Choice software. Different financing methods include: BOT and BOO and its types, the publication of bonds, foreign direct investment, the method of buyback, internal financing, current financing, development banks, Barter transactions, new tax resources and foreign financing. Results are shown and discussed and a final ranking is provided.

Analysis of CDM Projects' Portfolio in West African Economic and Monetary Union - Regional Baseline Assessment in Energy Sector. Case Study: Benin, Burkina Faso, Niger and Togo

OpenAIRE

Satoguina, Honorat

2006-01-01

This study analyses current energy projects in Benin, Burkina Faso, Niger and Togo. Based on the size of these projects, the study shows that currently, only small scale CDM projects can be developed in these countries in energy sectors. Moreover, baseline emissions factors are assessed for the different electricity grids. These baselines are very low in interconnected grids in cities, while they are relatively high for isolated and non-connected utilities in remote areas. Consequently, count...

The Rise, the Fall, and ... : The Emerging Recovery of Project Finance in Transport

OpenAIRE

Estache, Antonio; Strong, John

2000-01-01

Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will...

The rise, the fall, and ... : the emerging recovery of project finance transport

OpenAIRE

Estache, Antonio; Strong, John

2000-01-01

Recent developments in emerging financial markets have dramatically changed the appetite for (and terms of) transport infrastructure projects. As a result of defaults in Asia and Russia and devaluations in Asia, Brazil, and Russia, political and currency and exchange risk premia have increased dramatically. Given large needs for sovereign debt financing, infrastructure project finance will be seeking guarantees at the same time as governments are issuing primary securities. Large portfolio ou...

Toward an effective implementation of clean development mechanism projects in China

International Nuclear Information System (INIS)

Zhang Zhongxiang

2006-01-01

With the already huge and growing amount of greenhouse gas emissions and a great deal of low-cost abatement options available, China is widely expected as the world's number one host country of clean development mechanism (CDM) projects. But, making this potential a reality represents a significant challenge for China, because there has been a general lack of awareness by both the Chinese government and business communities, clear institutional structure, and implementation strategy. This has raised great concern about China's ability to compete internationally for CDM projects and exploit fully its CDM potential. This paper aims to address how CDM projects will be effectively implemented in China by examining the major CDM capacity building projects in China with bilateral and multilateral donors, the treatment of low-cost, non-priority CDM projects, and how a system for application, approval, and implementation of CDM projects is set up in China and what roles the main institutional actors are going to play in the system. We conclude that these capacity building assistances, the establishment of streamlined and transparent CDM procedures and sound governance, and the lessons learned and experience gained from the implementation of the CDM project in Inner Mongolia and the two Prototype Carbon Fund' projects will help China to take advantage of CDM opportunities. Moreover, in order to further capitalize on its CDM potential, there is a pressing need for the Chinese government to amend its current interim CDM regulations, in particular those controversial provisions on the eligibility to participate in CDM projects in China and the distribution of the revenues derived from CDM project between the project developer and the Chinese government. We believe that taking these capacity building projects and the recommended actions to clearly define the sustainable development objective of the CDM and disseminate CDM knowledge to local authorities and project developers as

Effectiveness evaluation of the R&D projects in organizations financed by the budget expenses

Science.gov (United States)

Yakovlev, D.; Yushkov, E.; Pryakhin, A.; Bogatyreova, M.

2017-01-01

The issues of R&D project performance and their prospects are closely concerned with knowledge management. In the initial stages of the project development, it is the quality of the project evaluation that is crucial for the result and generation of future knowledge. Currently there does not exist any common methodology for the evaluation of new R&D financed by the budget. Suffice it to say, the assessment of scientific and technical projects (ST projects) varies greatly depending on the type of customer - government or business structures. An extensive methodological groundwork was formed with respect to orders placed by business structures. It included “an internal administrative order” by the company management for the results of STA intended for its own ST divisions. Regretfully this is not the case with state orders in the field of STA although the issue requires state regulation and official methodological support. The article is devoted to methodological assessment of scientific and technical effectiveness of studies performed at the expense of budget funds, and suggests a new concept based on the definition of the cost-effectiveness index. Thus, the study reveals it necessary to extend the previous approach to projects of different levels - micro-, meso-, macro projects. The preliminary results of the research show that there must be a common methodological approach to underpin the financing of projects under government contracts within the framework of budget financing and stock financing. This should be developed as general guidelines as well as recommendations that reflect specific sectors of the public sector, various project levels and forms of financing, as well as different stages of project life cycle.

Financing the Ranger uranium project

International Nuclear Information System (INIS)

Hodge, S.J.; Miskelly, N.

1983-01-01

Construction of the Ranger uranium project located 230 km east of Darwin in the Northern Territory commenced in January 1979. Energy Resources of Australia Ltd was incorporated in February 1980 to acquire all the rights in the project. The total cost to ERA of these rights was $407 million. In October 1980 ERA'S cash requirements were estimated to be $553 million. Overseas participants (power utilities who had agreed to purchase uranium yellowcake under contract) arranged to take up 25% of the equity capital, Peko-Wallsend Ltd and EZ Industries Ltd were allotted 30.5% each and 14% was issued to Australian residents. The loan and equity financing arrangements required the successful resolution of many complex and interlocking factors, including technical and economic feasibility, agreement with aboriginal interests, compliance with Government policies and securing of sales contracts

Assessment of CO2 emission reduction and identification of CDM potential in a township

Energy Technology Data Exchange (ETDEWEB)

Misra, R.; Aseri, Tarun Kumar; Jamuwa, Doraj Karnal [Department of Mechanical Engineering, Government Engineering College, Ajmer, Rajasthan (India); Bansal, V. [Department of Mechanical Engineering, Government Mahila Engineering College, Ajmer, Rajasthan (India)

2012-11-15

This paper presents the theoretical investigation of CDM opportunity in a township at Jaipur, India. The purpose of study is to identify and analyze the various opportunities viz., installation of solar water heater, energy efficient lighting, energy efficient air conditioners, and energy efficient submersible water pumps in desert coolers and thus achieve a considerable (65.7 %) reduction in GHG emissions. Out of the various opportunities considered, the retrofitting with solar water heater can be recommended for CDM. Though, the retrofitting with energy efficient lighting, energy efficient air conditioners and energy efficient submersible water pumps in desert coolers claimed CO2 emission reduction of 104.84, 25.92, and 36.94 tons per annum, respectively, but the only opportunity which got through CDM was retrofitting with solar water heater claiming 115.70 tCO2 (100 %) emission reductions per annum which could result into net earnings of 115.70 CERs. The simple and discounted payback period for all four project activities are also calculated with and without CDM and tax benefits.

Privatization Financing Alternatives: Blending Private Capital and Public Resources for a Successful Project

Energy Technology Data Exchange (ETDEWEB)

BT Oakley; JH Holbrook; L Scully; MR Weimar; PK Kearns; R DiPrinzio

1998-10-19

The U.S. Department of Energy (DOE) launched the Contract Reform Initiative in 1994 in order to improve the effectiveness and effkiency of managing major projects and programs. The intent of this initiative is to help DOE harness both technical and market forces to reduce the overall cost of accomplishing DOE's program goals. The new approach transfers greater risk to private contractors in order to develop incentives that align contractor performance with DOE's objectives. In some cases, this goal can be achieved through public-private partnerships wherein the govermhent and the contractor share risks associated with a project in a way that optimizes its economics. Generally, this requires that project risks are allocated to the party best equipped to manage and/or underwrite them. While the merits of privatization are well documented, the question of how privatized services should be financed is often debated. Given the cost of private sector equity and debt, it is difficult to ignore the lure of the government's "risk free" cost of capital. However, the source of financing for a project is an integral part of its overall risk allocation, and therefore, participation by the government as a financing source could alter the allocation of risks in the project, diminishing the incentive structure. Since the government's participation in the project's financing often can be a requirement for financial feasibility, the dilemma of structuring a role for the government without undermining the success of the project is a common and difficult challenge faced by policymakers around the world. However, before reverting to a traditional procurement approach where the government enters into a cost-plus risk profile, the government should exhaust all options that keep the private entity at risk for important aspects of the project. Government participation in a project can include a broad range of options and can be applied with precision to bridge a

Appraisal and financing of electric power projects

International Nuclear Information System (INIS)

Sheehan, R.H.

1975-01-01

This paper starts with the origin, nature and functions of the World Bank Group, reviews the past lending, describes the criteria used by the Bank in its power project appraisals, discusses the Bank's views on nuclear power, and concludes with a look at the probable future sources of financing of electrical expansion in the less developed countries. (orig./UA) [de

7 CFR 4280.29 - Supplemental financing required for the Ultimate Recipient Project.

Science.gov (United States)

2010-01-01

... 7 Agriculture 15 2010-01-01 2010-01-01 false Supplemental financing required for the Ultimate Recipient Project. 4280.29 Section 4280.29 Agriculture Regulations of the Department of Agriculture... AND GRANTS Rural Economic Development Loan and Grant Programs § 4280.29 Supplemental financing...

The money game [Klohn Crippen project finance

International Nuclear Information System (INIS)

Power, W.; Shaw, J.

1997-01-01

Klohn Crippen Project Finance (KCPF) were formed in 1996 with the objective of providing development and financial advisory services mainly for hydropower and water related infrastructure projects in the light of the increasing trend by governments and utilities to privatise or offer concessions to private developers to build, own and operate such projects. The company becomes involved in the project at a very early stage and so can integrate the technical, commercial and financial aspects to ensure that the fundamental of its design concept, construction risk and methods, capital costs, contractual framework and sponsors are aligned to maximise its financial prospects. The development of the Asahan No. 1 180MW hydropower plant in the North Sumatra region of Indonesia is described as a clear illustration of the role that KCPF can play. (UK)

PROJECT FINANCE THE ROLE OF EXPORT CREDIT AGENCIES IN PROJECT FINANCE

OpenAIRE

Fatma Ceren YALCIN

2013-01-01

The functions of Export Credit Agencies have an important place in the economies of countries in terms of contribution to economic growth. The developed countries follow various policies and constitute institutions for the development and support of export and export financing. Every country develops its own export-financing mechanism, according to its own economic situation within the existing legal framework. However, the privatization and economic deregulation actions in the approaches to ...

LULUCF-based CDM. Too much ado for a small carbon market

International Nuclear Information System (INIS)

Bernoux, M.; Feller, C.; Eschenbrenner, V.; Cerri, C.C.; Melillo, J.M.

2002-01-01

The Bonn agreement reached in July at the sixth conference of the parties (COP) to the FCCC states 'that for the first commitment period, the total of additions to and subtractions from the assigned amount of a party resulting from eligible LULUCF activities under Article 12 (i.e. CDM), shall not exceed 1% of base-year emissions of that party, times five'. The most probable size of this LULUCF-CDM (land use, land-use change and forestry - clean development mechanism) market is analyzed in light of each Annex I party's actual and projected emissions and policies. Results show that the market size would be only about 110 Mt CO2 eq. for 2000-2012, representing a maximum global market value of about US$ 876 million

The Clean Development Mechanism: benefits of the CDM for developing countries. Executive summary

Energy Technology Data Exchange (ETDEWEB)

Pearce, D.; Day, B.; Newcombe, J.; Brunello, T.; Bello, T.

1998-11-01

This report is a summarized version of a 169 page report under the same title and authorship. The Kyoto Protocol to the Framework Convention on Climate Change enables countries with mandatory greenhouse gas reduction commitments to offset some of their domestic emissions by reductions in emissions and enhancement of carbon sinks in other countries. One of three types of offsets in the Protocol is the Clean Development Mechanism, a form of joint implementation between Annex 1 and non-Annex 1 countries which stresses the development gains to developing countries (Article 12). This report focuses on the provision of Article 12 and aims to establish a framework for determining the net benefits of such offsets or trades to developing countries. It looks at some estimates of the likely size of the CDM market, addresses the issue of risks, and takes a brief look at the issue of sharing credits between hosts and investors. It addresses how CDM projects might be screened for their contribution to sustainable development in developing countries and introduces the framework for assessing that contribution and then applies that framework to evaluate different types of potential CDM projects (in the energy, transport, forests and agricultural sectors). 10 tabs.

Financing School Capital Projects in New York State.

Science.gov (United States)

Howe, Edward T.

1990-01-01

Financing school capital projects in New York State is a responsibility involving both local school districts and the state government. State building aid is provided through an aid ratio and approved expenditure formula. This formula has an equalizing effect among districts by explicitly providing an aid amount inversely proportional to property…

Analysis of CDM experience in Morocco and lessons learnt for West African Economic and Monetary Union. Case study: Benin, Burkina Faso, Niger and Togo

OpenAIRE

Satoguina, Honorat

2006-01-01

This study assesses the CDM potential in Benin, Burkina Faso, Niger and Togo. Morocco has been used as an example, as it is quite advanced in developing an impressive CDM project portfolio. The study focuses not only on the absolute greenhouse gas abatement potential of these countries, but also assesses the comparative CDM endowment on the basis of an holistic analysis of each country, thereby highlighting the relative position of Benin, Burkina Faso, Niger and Togo in the global CDM market....

Understanding the CDM's contribution to technology transfer

International Nuclear Information System (INIS)

Schneider, Malte; Holzer, Andreas; Hoffmann, Volker H.

2008-01-01

Developing countries are increasingly contributing to global greenhouse gas emissions and, consequently, climate change as a result of their rapid economic growth. In order to reduce their impact, the private sector needs to be engaged in the transfer of low-carbon technology to those countries. The Clean Development Mechanism (CDM) is currently the only market mechanism aimed at triggering changes in the pattern of emissions-intensive activities in developing countries and is likely to play a role in future negotiations. In this paper, we analyse how the CDM contributes to technology transfer. We first develop a framework from the literature that delineates the main factors which characterise technology transfer. Second, we apply this framework to the CDM by assessing existing empirical studies and drawing on additional expert interviews. We find that the CDM does contribute to technology transfer by lowering several technology-transfer barriers and by raising the transfer quality. On the basis of this analysis, we give preliminary policy recommendations

Topology in two dimensions. IV - CDM models with non-Gaussian initial conditions

Science.gov (United States)

Coles, Peter; Moscardini, Lauro; Plionis, Manolis; Lucchin, Francesco; Matarrese, Sabino; Messina, Antonio

1993-02-01

The results of N-body simulations with both Gaussian and non-Gaussian initial conditions are used here to generate projected galaxy catalogs with the same selection criteria as the Shane-Wirtanen counts of galaxies. The Euler-Poincare characteristic is used to compare the statistical nature of the projected galaxy clustering in these simulated data sets with that of the observed galaxy catalog. All the models produce a topology dominated by a meatball shift when normalized to the known small-scale clustering properties of galaxies. Models characterized by a positive skewness of the distribution of primordial density perturbations are inconsistent with the Lick data, suggesting problems in reconciling models based on cosmic textures with observations. Gaussian CDM models fit the distribution of cell counts only if they have a rather high normalization but possess too low a coherence length compared with the Lick counts. This suggests that a CDM model with extra large scale power would probably fit the available data.

Private Finance Initiative (PFI for Road Projects in UK: Current Practice with a Case Study

Directory of Open Access Journals (Sweden)

Rifat Akbiyikli

2011-05-01

Full Text Available The long-term sustainable provision of new and high quality maintained road stock is vitally important, especially in times of economic constraint such as Europe is currently experiencing. The Private Finance Initiative (PFI is one method of financing such large-scale, capital intensive projects. An important aspect of this form of financing projects is that the risks are borne not only by the sponsors but are shared by different types of investors such as equity holders, debt providers, and quasi-equity investors. Consequently, a comprehensive and heuristic risk management process is essential for the success of the project. The proposition made within this paper is that the PFI mechanism provides a Value-for-Money and effective mechanism to achieve this. The structure of this PFI finance and investment on a particular road project therefore enables all project stakeholders to take a long-term perspective. This long-term perspective is reflected in the mechanism of a case study of UK – Class A trunk roads which are examined in detail. This paper presents a novel solution to a modern dilemma.

Dynamic CDM strategies in an EHR environment.

Science.gov (United States)

Bieker, Michael; Bailey, Spencer

2012-02-01

A dynamic charge description master (CDM) integrates information from clinical ancillary systems into the charge-capture process, so an organization can reduce its reliance on the patient accounting system as the sole source of billing information. By leveraging the information from electronic ancillary systems, providers can eliminate the need for paper charge-capture forms and see increased accuracy and efficiency in the maintenance of billing information. Before embarking on a dynamic CDM strategy, organizations should first determine their goals for implementing an EHR system, include revenue cycle leaders on the EHR implementation team, and carefully weigh the pros and cons of CDM design decisions.

The EPSA Project Finance Mapping Tool

Energy Technology Data Exchange (ETDEWEB)

Hadley, Stanton W. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Chinthavali, Supriya [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2016-07-01

The Energy Policy and Systems Analysis Office of DOE has requested a tool to compare the impact of various Federal policies on the financial viability of generation resources across the country. Policy options could include production tax credits, investment tax credits, solar renewable energy credits, tax abatement, accelerated depreciation, tax-free loans, and others. The tool would model the finances of projects in all fifty states, and possibly other geographic units like utility service territories and RTO/ISO territories. The tool would consider the facility s cost, financing, production, and revenues under different capital and market structures to determine things like levelized cost of energy, return on equity, and cost impacts on others (e.g., load-serving entities, society.) The tool would compare the cost and value of the facility to the local regional alternatives to determine how and where policy levers may provide sufficient incremental value to motivate investment. The results will be displayed through a purpose-built visualization that maps geographic variations and shows associated figures and tables.

O Impacto do project finance nas empresas portuguesas no setor têxtil

OpenAIRE

Ribeiro, Sónia Patrícia dos Santos

2012-01-01

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira A presente dissertação desenvolvida no âmbito do Mestrado em Contabilidade e Finanças pretende analisar o impacto do Project Finance nas empresas portuguesas no setor têxtil. O Project Finance é uma forma de financiamento de projetos inovadora, muito utilizada nos Estados Unidos e na Europa e que se aplica essencialmente a projetos de grande esc...

Terms, Trends, and Insights: PV Project Finance in the United States, 2017

Energy Technology Data Exchange (ETDEWEB)

Feldman, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Schwabe, Paul D [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2017-10-23

This brief is a compilation of data points and market insights that reflect the state of the project finance market for solar photovoltaic (PV) assets in the United States as of the third quarter of 2017. This information can generally be used as a simplified benchmark of the costs associated with securing financing for solar PV as well as the cost of the financing itself (i.e., the cost of capital). This work represents the second DOE sponsored effort to benchmark financing costs across the residential, commercial, and utility-scale PV markets, as part of its larger effort to benchmark the components of PV system costs.

Doing business internationally : what makes a project financeable?

International Nuclear Information System (INIS)

Megaw, L.

2002-01-01

This presentation described the work of the Export Development Corporation (EDC), the only Canadian financial institution that is dedicated exclusively to finance and insurance services to support international trade. EDC supports Canadian exporters, foreign buyers and Canadian investors in international projects in North America as well as in Asia, South America, Europe, the Middle East and Africa. 5 figs

Export development financing

International Nuclear Information System (INIS)

Balint, J.

1995-01-01

The main activities of the Export Development Corporation (EDC) were described, as well as some of the changes currently being implemented. EDC is Canada's official export credit agency, providing risk management services such as insurance, loans, guarantees, equity and leasing. EDC's project finance initiative started in 1991, and focused mainly on the up-front process. It has established itself as a recognized leader in project financing. It has over 15 years experience in a variety of sectors and countries. Energy projects financed to date include hydro projects in India, Argentina and Pakistan, and thermal projects in Thailand, China, Indonesia and Egypt. Lending criteria used to select projects were outlined, along with the risks endemic to project financing

Stakeholder views on financing carbon capture and storage demonstration projects in China.

Science.gov (United States)

Reiner, David; Liang, Xi

2012-01-17

Chinese stakeholders (131) from 68 key institutions in 27 provinces were consulted in spring 2009 in an online survey of their perceptions of the barriers and opportunities in financing large-scale carbon dioxide capture and storage (CCS) demonstration projects in China. The online survey was supplemented by 31 follow-up face-to-face interviews. The National Development and Reform Commission (NDRC) was widely perceived as the most important institution in authorizing the first commercial-scale CCS demonstration project and authorization was viewed as more similar to that for a power project than a chemicals project. There were disagreements, however, on the appropriate size for a demonstration plant, the type of capture, and the type of storage. Most stakeholders believed that the international image of the Chinese Government could benefit from demonstrating commercial CCS and that such a project could also create advantages for Chinese companies investing in CCS technologies. In more detailed interviews with 16 financial officials, we found striking disagreements over the perceived risks of demonstrating CCS. The rate of return seen as appropriate for financing demonstration projects was split between stakeholders from development banks (who supported a rate of 5-8%) and those from commercial banks (12-20%). The divergence on rate alone could result in as much as a 40% difference in the cost of CO(2) abatement and 56% higher levelized cost of electricity based on a hypothetical case study of a typical 600-MW new build ultrasupercritical pulverized coal-fired (USCPC) power plant. To finance the extra operational costs, there were sharp divisions over which institutions should bear the brunt of financing although, overall, more than half of the support was expected to come from foreign and Chinese governments.

工程项目的融资风险管理研究%Financing risk management research project

Institute of Scientific and Technical Information of China (English)

王永嘉; 陈璐

2014-01-01

The project financing risk management is a very important aspect of project management,in order to strengthen the management of the project financing risk,the paper detailed the financing risk management process describes the project,and the risk financing process analyzed simultaneously to find the financing process problems,and for the emergence of the problem,a project to promote the development of the main financing risk management measures,thus contributing to strengthen risk management and financing of the project.%工程项目的融资风险管理是工程项目管理的一个非常重要的方面，为了加强对工程项目融资风险的管理，本文详细的介绍工程项目的融资风险管理过程，并对融资过程中的风险进行了分析，同时找出了融资过程中出现的问题，并针对出现的问题，提出了促进工程项目融资风险管理发展的主要对策。

Financing green energy projects in Malaysia

International Nuclear Information System (INIS)

Eddynor Manshor; Yvonne Lunsong; Norhayati Kamaruddin

2000-01-01

Kyoto Protocol is the first global commitment to reduce greenhouse gas (GHG) emissions. Malaysia, which signed the Protocol on 12 March 1999, must also take steps to address the climate change concerns. The use of renewable energy sources is seen as a feasible way to address the issue. Despite their environment-friendliness, these sources of energy are grossly under-utilised even though Malaysia is amply endowed with renewable energies, particularly biomass and solar. As a unique domestic resource, recurring energy savings from energy efficiency could also qualify as renewable energy. At present, the contribution of renewable energy in the country's energy mix is very small compared to its large potential. The Malaysian Government recognizes the potential of this form of energy. As part of its fuel diversification policy, the government plans to expand the four-fuel strategy to include renewable energy as the fifth fuel. Due to all year constant sunshine and vast oil palm cultivation, both solar and palm oil residues are identified as the most promising green energy option. Efforts are underway to embark on programs to demonstrate and evaluate the viability of these emerging green technologies. A few organizations are given grants to undertake pre-feasibility studies of pre-commercialization demonstration projects. When approved, viable projects could also qualify for technical and financial assistance from foreign partners. However, grants are limited and under World Trade Organization rules such subsidies should not exceed 30 percent in most cases. Commercialization of green energy projects must therefore involve full participation of private developers and financial institutions. Yet, virtually no attempt is made to promote financing of such projects in Malaysia. In most cases, financial institutions are not aware of the economic potential of these unique and under exploited sources. This paper will discuss problems in financing green energy projects and then

Classifying carbon credit buyers according to their attitudes towards and involvement in CDM sustainability labels

Energy Technology Data Exchange (ETDEWEB)

Parnphumeesup, Piya, E-mail: pp66@hw.ac.uk [International Centre for Island Technology (ICIT), Institute of Petroleum Engineering, Heriot-Watt University, Old Academy, Back Road, Stromness, Orkney KW16 3AW, Scotland (United Kingdom); Kerr, Sandy A. [International Centre for Island Technology (ICIT), Institute of Petroleum Engineering, Heriot-Watt University, Old Academy, Back Road, Stromness, Orkney KW16 3AW, Scotland (United Kingdom)

2011-10-15

Carbon markets are increasingly conscious of the social and environmental 'quality' of credits delivered by CDM projects. Consequently carbon credits are no longer viewed as a homogenous good and buyers now differentiate between credits supplied by different types of CDM project. The objective of this paper is to classify CER buyers according to their attitudes towards and preferences for CDM sustainability labels. K-means clustering was used to segment a sample of buyers into two clusters. The results indicate that two clear clusters exist with distinct profile patterns. Moreover, the results of discriminant analysis confirmed that the two-cluster solution was valid. Finally, the results of the chi-square analysis and a cross-tabulation showed that these two clusters were significantly different in: organization type; level of paid up capital; perception of sustainable development benefits; perception of return on investment; perception of image of the sustainability labeling; participation in the voluntary market; the project priority; knowledge in the sustainability label; attitude towards the host country's duty; and their willingness to pay. - Highlights: > The K-means clustering was used to classify CER buyers in the primary market. > The carbon market is divided into two: the premium market; and the normal market. > Governments tend to be members of the premium market. > 82% of members in the premium market are willing to pay a price premium for CERs.

Classifying carbon credit buyers according to their attitudes towards and involvement in CDM sustainability labels

International Nuclear Information System (INIS)

Parnphumeesup, Piya; Kerr, Sandy A.

2011-01-01

Carbon markets are increasingly conscious of the social and environmental 'quality' of credits delivered by CDM projects. Consequently carbon credits are no longer viewed as a homogenous good and buyers now differentiate between credits supplied by different types of CDM project. The objective of this paper is to classify CER buyers according to their attitudes towards and preferences for CDM sustainability labels. K-means clustering was used to segment a sample of buyers into two clusters. The results indicate that two clear clusters exist with distinct profile patterns. Moreover, the results of discriminant analysis confirmed that the two-cluster solution was valid. Finally, the results of the chi-square analysis and a cross-tabulation showed that these two clusters were significantly different in: organization type; level of paid up capital; perception of sustainable development benefits; perception of return on investment; perception of image of the sustainability labeling; participation in the voluntary market; the project priority; knowledge in the sustainability label; attitude towards the host country's duty; and their willingness to pay. - Highlights: → The K-means clustering was used to classify CER buyers in the primary market. → The carbon market is divided into two: the premium market; and the normal market. → Governments tend to be members of the premium market. → 82% of members in the premium market are willing to pay a price premium for CERs.

TARGETED APPROACH TO MANAGING THE FINANCING OF INNOVATIVE PROJECTS

Directory of Open Access Journals (Sweden)

G. G. Balayan

2014-01-01

Full Text Available The variant of financing the innovative project that allows you to structure any project on the standard stages, regardless of the content of the project. For decision makers, in the management system information is narrowed to a necessary and sufficient by the correct selection of data. The necessity of timely forecast of problem situations and liquidation of not bringing to the state of the problem. It is proposed to organize the state structure, the Bank of innovations, concentrating innovations and connecting inventors with investors and customers.

Istota finansowania na zasadach project finance i jego zastosowanie w rozwoju gospodarczym Polski w perspektywie przystąpienia do Unii Europejskiej

OpenAIRE

Bujnowicz, Iwona

2004-01-01

Project finance has been used for decades in Western countries to found major resource and infrastructure projects in a manner which is satisfactory and beneficial to the sponsors and financiers alike. Central and Eastern Europe represents the next frontier for successful project finance transactions. Project finance refers to the financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt ...

Addressing carbon Offsetters’ Paradox: Lessons from Chinese wind CDM

International Nuclear Information System (INIS)

He, Gang; Morse, Richard

2013-01-01

The clean development mechanism (CDM) has been a leading international carbon market and a driving force for sustainable development. But the eruption of controversy over offsets from Chinese wind power in 2009 exposed cracks at the core of how carbon credits are verified in the developing economies. The Chinese wind controversy therefore has direct implications for the design and negotiation of any successor to the Kyoto Protocol or future market-based carbon regimes. In order for carbon markets to avoid controversy and function effectively, the lessons from the Chinese wind controversy should be used to implement key reforms in current and future carbon policy design. The paper examines the application of additionality in the Chinese wind power market and draws implications for the design of effective global carbon offset policy. It demonstrates the causes of the wind power controversy, highlights underlying structural flaws, in how additionality is applied in China, the Offsetters' Paradox, and charts a reform path that can strengthen the credibility of global carbon markets. - Highlights: • We investigated 143 Chinese wind CDM projects by the eruption of the additionality controversy. • We examined the application of additionality in the Chinese wind power market. • We drew implications for the design of effective global carbon offset policy. • The underlying structural flaws of CDM, the Offsetters′ Paradox, was discussed. • We charted a reform path that can strengthen the credibility of global carbon markets

Potential of wind power projects under the Clean Development Mechanism in India

Directory of Open Access Journals (Sweden)

Michaelowa Axel

2007-07-01

Full Text Available Abstract Background So far, the cumulative installed capacity of wind power projects in India is far below their gross potential (≤ 15% despite very high level of policy support, tax benefits, long term financing schemes etc., for more than 10 years etc. One of the major barriers is the high costs of investments in these systems. The Clean Development Mechanism (CDM of the Kyoto Protocol provides industrialized countries with an incentive to invest in emission reduction projects in developing countries to achieve a reduction in CO2 emissions at lowest cost that also promotes sustainable development in the host country. Wind power projects could be of interest under the CDM because they directly displace greenhouse gas emissions while contributing to sustainable rural development, if developed correctly. Results Our estimates indicate that there is a vast theoretical potential of CO2 mitigation by the use of wind energy in India. The annual potential Certified Emissions Reductions (CERs of wind power projects in India could theoretically reach 86 million. Under more realistic assumptions about diffusion of wind power projects based on past experiences with the government-run programmes, annual CER volumes by 2012 could reach 41 to 67 million and 78 to 83 million by 2020. Conclusion The projections based on the past diffusion trend indicate that in India, even with highly favorable assumptions, the dissemination of wind power projects is not likely to reach its maximum estimated potential in another 15 years. CDM could help to achieve the maximum utilization potential more rapidly as compared to the current diffusion trend if supportive policies are introduced.

Financing Options and Development Projects in the Nigerian Local ...

African Journals Online (AJOL)

This study is an investigation into the impact of Nigerian local government financing options on successful execution of development projects. Through the ordinary least square regression analysis, the study proved that though there is an established case of underfunding in the entire Nigerian local government system, the ...

Financing arrangements for nuclear power projects - past and present experience and future expectations

International Nuclear Information System (INIS)

Ispas, G.

2004-01-01

The intent of the author of the present paper is to demonstrate, in a practical manner, the role of the past experience and the new approaches of the nuclear projects financing, especially as nuclear generation financing in developing countries involves complex issues that need to be fully understood and dealt with by all the parties involved, namely: high investment costs, generally long construction periods, a high degree of uncertainty with respect to costs and schedule and to public acceptance, particularly because of safety, waste disposal and non-proliferation issues. Moreover, as many associations whose activities consist of ensuring and facilitating at different levels the exchange of knowledge between generations, i.e.: European Nuclear Society (ENS) Young Generation, North American Young Generation in Nuclear (NA-YGN), the goal of the paper is also to outline the importance of the education in nuclear field, i.e. training a young team of specialists to be ready to take over the movement and responsibility in continuing the further development of nuclear program in Romania, mainly with view to the Financing Arrangements for Nuclear Power Projects. The first part of the paper is referring to general financing procedures, while the second part is focusing on a case study related to the: past experience the financing scheme of Cernavoda NPP Unit 1, present or actual experience ongoing financing issues for Cernavoda NPP Unit 2 and potential future shared contribution to the financing of the next Cernavoda NPP units.(author)

PREMISES FOR A MODEL OF DECISION – MAKING ON THE FINANCING OF A PROJECT

Directory of Open Access Journals (Sweden)

Popovici Ioana

2010-07-01

Full Text Available The classical theory of finance is based on the premises of rationality and maximizing profits that accompany economic decision-making. Complementarily, the modern theory of behavioral finance studies the effect of emotional and psychological factors of decision- maker on the choice of financing sources for economic activities. In opposition with the classical perspective, the contemporary theory of finance brings up to the stage various aspects of decision making, including elements of strategic behavior towards risk. All these contradictory elements are used as premises for modeling the decision making process of financing a project.

Carbon credit of renewable energy projects in Malaysia

Science.gov (United States)

Lim, X.; Lam, W. H.; Shamsuddin, A. H.

2013-06-01

The introduction of Clean Development Mechanism (CDM) to Malaysia improves the environment of the country. Besides achieving sustainable development, the carbon credit earned through CDM enhances the financial state of the nation. Both CDM and renewable energy contribute to the society by striving to reduce carbon emission. Most of the CDM projects are related to renewable energy, which recorded 69% out of total CDM projects. This paper presents the energy overview and status of renewable energies in the country. Then, the renewable energy will be related to the CDM.

Carbon credit of renewable energy projects in Malaysia

International Nuclear Information System (INIS)

Lim, X; Lam, W H; Shamsuddin, A H

2013-01-01

The introduction of Clean Development Mechanism (CDM) to Malaysia improves the environment of the country. Besides achieving sustainable development, the carbon credit earned through CDM enhances the financial state of the nation. Both CDM and renewable energy contribute to the society by striving to reduce carbon emission. Most of the CDM projects are related to renewable energy, which recorded 69% out of total CDM projects. This paper presents the energy overview and status of renewable energies in the country. Then, the renewable energy will be related to the CDM.

Evaluating experience with electricity generating GHG mitigation projects

Energy Technology Data Exchange (ETDEWEB)

Ellis, J.

2003-07-01

Several programmes have been initiated to encourage the development of projects that mitigate emissions of greenhouse gases. Recent programmes have been undertaken at the national level, such as the Dutch five-track approach, including contracts with multilateral institutions, regional development banks, private banks, bilateral contracts with countries, participation in carbon funds and the ERUPT and CERUPT tenders, Japanese Clean Development Mechanism (CDM) feasibility studies, and the more recent Finnish, Austrian and Italian JI/CDM programmes. International programmes, such as the World Bank's Prototype Carbon Fund (and other WB carbon funds), have also been initiated. Individual projects not belonging to particular programmes have also been initiated under the pilot phase of 'activities implemented jointly' (AIJ) under the United Nations Framework Convention on Climate Change (UNFCCC), or developed as CDM or Joint Implementation (JI) projects. Some CDM project activities have been formally submitted to the CDM's Executive Board (EB), who approved the first set of baseline and monitoring methodologies for CDM project activities in July 2003. There is a large variety in the type of projects that have been put forward. These include energy, industry, forestry and waste projects. This paper will focus on CDM-type projects that generate grid-connected electricity for several reasons: demand for electricity is growing rapidly in many potential host countries; many projects in the electricity sector have been developed as potential CDM and JI projects; assessing additionality and baselines is arguably more difficult for projects in the electricity sector (where a range of project types may occur as part of business-as-usual activities) than for end-of-pipe projects such as landfill gas capture and flaring or decomposition of F-gases; much work has been done on assessing appropriate methods to determine baselines in the electricity sector, at the

Adequate Education: Issues in Its Definition and Implementation. School Finance Project, Working Papers.

Science.gov (United States)

Tron, Esther, Ed.

Section 1203 of the Education Amendments of 1978 mandated the undertaking of studies concerning the adequate financing of elementary and secondary education in the 1980s. Created to carry out this mandate, the School Finance Project established as one of its goals reporting to Congress on issues implicit in funding educational adequacy. Several…

Financing of energy-efficient productive industrial projects. Situation and first ideas for the future. Synthesis

International Nuclear Information System (INIS)

Billard, Yannael; Julien, Emmanuel; Blaisonneau, Laurent; Streiff, Frederic; Padilla, Sylvie; Benazzi, Eric; Domergue, Bruno; Fraysse, Sebastien; Gaussens, Jean-Pierre; Packeu, Paris; Bodino, Didier; Randimbivololona, Prisca; Verbbrughe, Gregory; Bissonnier, Alain; Dantec, Caroline

2016-11-01

Based on in-depth interviews with decision makers and experts belonging to energy consuming industrial groups, or involved in technological offer or in financing, this study addressed the issue of energy efficiency in the industrial sector, and of its financing. Interviewed persons represented 11 large companies, 5 medium-sized companies, and 14 industrial sectors, and 3 main professional profiles (from technical to financial). The authors thus explored current financing models implemented to finance energy efficiency, by analysing existing decision-making processes, brakes on energy efficiency in industry, levers favourable to energy efficiency in industry, operational and functional organisations addressing issues related to energy efficiency, the risk management policy implemented for the assessment and follow-up of investments in energy efficiency, and existing and envisaged financial packages to make these investments possible. As far as financing is concerned, the authors analyse present practices, difficulties faced, good and repeatable practices, and discuss some lines of thought to mobilise actors in order to structure and promote energy efficiency in industrial projects, to reduce the risk for an easier financing of such projects, to structure financing tools, to promote incentive taxes and aids

Mobilizing Public Markets to Finance Renewable Energy Projects: Insights from Expert Stakeholders

Energy Technology Data Exchange (ETDEWEB)

Schwabe, P.; Mendelsohn, M.; Mormann, F.; Arent, D. J.

2012-06-01

Financing renewable energy projects in the United States can be a complex process. Most equity investment in new renewable power production facilities is supported by tax credits and accelerated depreciation benefits, and is constrained by the pool of potential investors that can fully use these tax benefits and are willing to engage in complex financial structures. For debt financing, non-government lending has largely been provided by foreign banks that may be under future lending constraints due to economic and regulatory conditions. To discuss renewable energy financing challenges and to identify new sources of capital to the U.S. market, two roundtable discussions were held with renewable energy and financing experts in April 2012. This report summarizes the key messages of those discussions and is designed to provide insights to the U.S. market and inform the international conversation on renewable energy financing innovations.

Distinguishing CDM dwarfs from SIDM dwarfs in baryonic simulations

Science.gov (United States)

Strickland, Emily; Fitts, Alex B.; Boylan-Kolchin, Michael

2017-06-01

Dwarf galaxies in the nearby Universe are the most dark-matter-dominated systems known. They are therefore natural probes of the nature of dark matter, which remains unknown. Our collaboration has performed several high-resolution cosmological zoom-in simulations of isolated dwarf galaxies. We simulate each galaxy in standard cold dark matter (ΛCDM) as well as self-interacting dark matter (SIDM, with a cross section of σ/m ~ 1 cm2/g), both with and without baryons, in order to identify distinguishing characteristics between the two. The simulations are run using GIZMO, a meshless-finite-mass hydrodynamical code, and are part of the Feedback in Realistic Environments (FIRE) project. By analyzing both the global properties and inner structure of the dwarfs in varying dark matter prescriptions, we provide a side-by-side comparison of isolated, dark-matter-dominated galaxies at the mass scale where differences in the two models of dark matter are thought to be the most obvious. We find that the edge of classical dwarfs and ultra-faint dwarfs (at stellar masses of ~105 solar masses) provides the clearest window for distinguishing between the two theories. At these low masses, our SIDM galaxies have a cored inner density profile, while their CDM counterparts have “cuspy” centers. The SIDM versions of each galaxy also have measurably lower stellar velocity dispersions than their CDM counterparts. Future observations of ultra faint dwarfs with JWST and 30-m telescopes will be able to discern whether such alternate theories of dark matter are viable.

Climate Change Policy Measures in Japan: NEDO's Activities to Promote CDM/JI

International Nuclear Information System (INIS)

Fukasawa, Kazunori; Seki, Kazuhiko; Sakurai, Takeshi

2004-01-01

The Kyoto Protocol, which obliges developed countries to reduce emissions of greenhouse gases (GHG), was adopted at the third session of the conference of the parties to the United Nations Framework Convention on Climate Change (UNFCCC) in Kyoto, Japan, on I I December 1997. Japan subsequently ratified the Kyoto Protocol in 2002 and is required thereunder to reduce GHG emissions by 6% below 1990 levels by 2008-2012. Japan, having already tackled development and promotion of energy conservation technologies after the second oil crisis, emits the lowest level of CO 2 of developed countries approximately 9.4 tons per capita in the year 2000. Consequently, Japan is able to contribute to CO 2 emissions reduction in developing economies as well as in economies in transition by application of Japan's energy conservation technologies. Because the Clean Development Mechanism (CDM) and Joint implementation (JI) of the Kyoto Mechanisms are efficient tools, the Japanese government's policy towards emission reduction makes active use of CDM/JI, thereby supporting domestic efforts in realizing Japan's reduction commitment. The Ministry of Economy, Trade and Industry (METI) of Japan is one of the key ministries to administer Governmental policy making on climate change, and is undertaking establishment of a system to facilitate the Kyoto Mechanisms. The New Energy and Industrial Technology Development Organization (NEDO), under the jurisdiction of METI, supports CDM and JI project activities implemented by Japanese private sector enterprises. In this report, the authors briefly introduce climate change policy measures in Japan and NEDO's activities to promote CDM/Jl. (Author)

Teaching empirical finance courses: A project on portfolio management

OpenAIRE

Morley, Bruce

2016-01-01

The aim of this article was to assess the use of a group-based project for an empirical finance type of course. It examines the outline of the project, the methodology the students are encouraged to follow and how the course is assessed. This approach enables the students to apply many of the techniques learnt on this course and other courses such as econometrics, to determine an optimal portfolio of assets given their view on the risks in the economy. The emphasis is on risk management throu...

Risk reduction of international mining projects by means of investor consortia and diversification of external financing

International Nuclear Information System (INIS)

Kirchner, C.

1982-01-01

Investors and creditors of international mining projects bear specific risks which may be reduced by means of forming investor and financing consortia. Risk is defined for each actor separately. Project risk and investor risk respectively credit risk are useful categories in order to analyze risk reduction. In each case formation of consortia has a positive influence on the economic viability of the project, and thus reduces the project risk. Furthermore, formation of consortia leads to better compliance of the host country of the mining project with the project and financing agreements. Thus, investor and credit risk may be reduced. (orig.) [de

The Clean Development Mechanism Re-engineered

DEFF Research Database (Denmark)

Lütken, Søren

2016-01-01

for engineering such mechanism, or indeed reengineering the CDM itself, to make it a viable mitigation financing tool, providing receipts for payments in the form of certified emission reductions (CER). Two solutions are presented, both of which secure new financing for projects that deliver real and measurable...... emissions reduction benefits on the basis of prospective revenues from emissions reduction: one introduces up-front securitization of the emissions reductions; the other builds on a defined value of the CERs without the need for a carbon price or a market for trading. Most of us use simple heuristics...... time. Simply put CERs are not project finance and do not address project capital needs when most needed — upfront. CER based returns are available only after a project is operational. That is why only one third of registered CDM projects went as far as to get their carefully calculated CERs issued...

Finance structure and public enlightenment program of the first Turkish nuclear power plant project (a case study)

International Nuclear Information System (INIS)

Lutfi Sarici, E.

2000-01-01

This paper deals with four closely related subjects. These are: the positioning of nuclear energy in Turkey's energy planning by presenting supply and demand figures of electricity, giving emphasis to resource availability, pointing out the necessity of diversification of resources; the ongoing situation for realization of the Akkuyu Project with its updated milestones, alternative offers requested for the Akkuyu Nuclear Power Plant and member companies of the consortiums who already have submitted the three bids; the financing of big-scale energy investment projects in developing countries by giving special emphasis to the Akkuyu Nuclear Power Plant Project including the financing requirements in the Bid Specifications, OECD rules for financing, the requirements of financial agents, and financing means of domestic participation; public enlightenment during establishment of nuclear power in Turkey. (author)

Comparison of selected approaches to finance renewable energy projects in European countries

International Nuclear Information System (INIS)

Langniss, O.

1999-01-01

A large number of proven technical solutions exists for the use of renewable energies. However, their dissemination is still too slow to meet the political goal of substituting for 8-15% of the primary energy demand in the European Union by the year 2010. Even renewable energy systems (RES) with an economic potential are only partly exploited. The FIRE research project financed partly in the JOULE program analyses and compares the means of financing RES in Austria, Denmark, Germany, the Netherlands, Spain, Sweden and the United Kingdom to put forward best practice recommendations so that renewable energy depolyments will occur at a faster rate. FIRE addresses to politicians, to potential investors and to project-developers. (orig./RHM)

78 FR 32250 - CDM Smith and Dynamac Corp; Transfer of Data

Science.gov (United States)

2013-05-29

... ENVIRONMENTAL PROTECTION AGENCY [EPA-HQ-OPP-2013-0036; FRL-9387-5] CDM Smith and Dynamac Corp... the submitter, will be transferred to CDM Smith and its subcontractor, Dynamac Corp, in accordance with 40 CFR 2.307(h)(3) and 2.308(i)(2). CDM Smith and its subcontractor, Dynamac Corp, have been...

Impact of Research and Development, Analysis, and Standardization on PV Project Financing Costs

Energy Technology Data Exchange (ETDEWEB)

Feldman, David J [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Margolis, Robert M [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Jones-Albertus, Rebecca [U.S. Department of Energy

2018-04-02

The technical report discusses how R and D efforts focused on removing perceived risk from cash flows to investors have the potential to lower the cost of capital and increase the amount of leverage in a solar project. It also discusses how creating business efficiencies that allow financing transactions to occur more quickly with less effort can reduce the upfront costs associated with arranging financing for a solar project or group of projects. The paper then assesses the impact that these R and D activities might have on the volatility of PV asset cash flows and asset value, as well as the upfront costs of arranging a financial transaction. Finally, we insert these assumptions into financial models to analyze their impacts on the cost of capital for equity and debt investors, project leverage, and upfront financial transaction costs.

Financing petroleum agreements

International Nuclear Information System (INIS)

Robson, C.J.V.

1994-01-01

This chapter describes the typical type of financing agreements which are currently used to finance North Sea petroleum projects whether they are in the cause of development or have been developed and are producing. It deals with the agreements which are entered into to finance borrowings for petroleum projects on a non-resource or limited resource basis. (UK)

CDM and JI in View of the Sustainability Debate

NARCIS (Netherlands)

Schoot Uiterkamp, A.J.M.

2001-01-01

Clean Development Mechanism (CDM), Joint Implementation (JI) and emissions trading are the three flexible instruments incorporated in the Kyoto Protocol. This paper presents a critical assessment of the sustainability of energy-related technology innovation and transfer in the context of CDM and JI.

Geothermal Financing Workbook

Energy Technology Data Exchange (ETDEWEB)

Battocletti, E.C.

1998-02-01

This report was prepared to help small firm search for financing for geothermal energy projects. There are various financial and economics formulas. Costs of some small overseas geothermal power projects are shown. There is much discussion of possible sources of financing, especially for overseas projects. (DJE-2005)

Using commodity-indexed financing to fund OPEC/Alaska's development projects

International Nuclear Information System (INIS)

Essayyad, Musa

1992-01-01

An impediment to the process of economic diversification in OPEC and Alaska is the lack of favourable access to local and international capital markets to finance development projects, particularly mineral resource development. This paper highlights the importance of commodity-indexed bonds, including oil- and gold- indexed bonds, as a financing alternative to supplement the supply shortage of loanable funds from conventional, local and international commercial banks. The indexation concept is discussed, features of different bonds issued to date are contrasted and the benefits and risks for borrowers and investors are highlighted. An analysis is made of the experience of OPEC and Alaska in using commodity-indexed bonds and the feasibility of Alaska and some OPEC countries entering into commodity-linked-financed joint ventures is examined. Future prospects for commodity-linked bonds are explored. Not withstanding the fact that the immediate market timing is unfavourable, the long-term benefits of commodity-indexed securities are recognized. (U.K.)

Arrangement of financing for highway infrastructure projects under the conditions of Public–Private Partnership

Directory of Open Access Journals (Sweden)

Vialeta Khmel

2016-03-01

Full Text Available This study focused on the mechanism of attracting funds to finance projects in the field of highway infrastructure construction through Public–Private Partnership (PPP. The basis and principles for development of the financial strategy of a project company were defined in this paper. The proposed financial strategy was developed on the basis of diversification of sources of funds and financing instruments with regard to the stages of the project life cycle. The parameters for development of the financial strategy were defined to improve the mechanisms of attraction of the capital for the project and increase the capacity of the project company to pay debts. The proposed financial strategy can be taken as a basis for development of the financial strategy for any project implemented through PPP. The capital market is not stable; therefore, in addition, an algorithm was proposed for more precise selection of sources of financial resources.

Explaining the differential distribution of Clean Development Mechanism projects across host countries

International Nuclear Information System (INIS)

Winkelman, Andrew G.; Moore, Michael R.

2011-01-01

The Clean Development Mechanism (CDM) of the Kyoto Protocol represents an opportunity to involve all developing countries in the effort to reduce greenhouse gas emissions while also promoting sustainable development. To date, however, the majority of CDM projects have gone to emerging markets such as China, India, Brazil, and Mexico, while very few least developed countries have hosted projects. This paper investigates the differential distribution of CDM activities across countries. We develop a conceptual model for project profitability, which helps to identify potential country-level determinants of CDM activity. These potential determinants are employed as explanatory variables in regression analysis to explain the actual distribution of projects. Human capital and greenhouse gas emission levels influenced which countries have hosted projects and the amount of certified emission reductions (CER) created. Countries that offered growing markets for CDM co-products, such as electricity, were more likely to be CDM hosts, while economies with higher carbon intensity levels had greater CER production. These findings work against the least developed countries and help to explain their lack of CDM activity. - Research Highlights: → Regression models are used to explain the inter-country distribution of CDM projects. → Emissions and human capital are significant for hosting projects and CER creation. → An economy's emissions intensity is significant in determining CERs created. → Capacity building and electricity sector growth are significant in hosting projects. → The experience level for host countries in the CDM is significant for CER creation.

Economic and financial feasibility of wind energy - Case study of Philippines

Energy Technology Data Exchange (ETDEWEB)

Painuly, J. P. [Risoe National Lab., DTU, UNEP Risoe Centre, Roskilde (Denmark)

2007-05-15

The financial viability of a 30 MW wind farm proposed to be set-up in St. Ana in Philippines was examined. It was found that project is viable if established by a company with a low hurdle rate (8.68%) and good reach to avail low cost financing from domestic financial institutions, who may have such packages for low-risk customers. Most of the private sector investors however have higher discount rates due to high financing costs, and higher risk premiums charged by financers. The viability was an issue at risk adjusted discount rate of 13.2%, a typical rate for private sector investors in Philippines. Scenarios for variation in base parameters as well for a variety of financial packages, including revenues from CDM were run. Although CDM revenues improve attractiveness of the project, viability remains an issue. A financing package, that may have a grant component (as with the Danida package in the past), can help project make viable in this case. (au)

CDM Convective Forecast Planning guidance

Data.gov (United States)

National Oceanic and Atmospheric Administration, Department of Commerce — The CDM Convective Forecast Planning (CCFP) guidance product provides a foreast of en-route aviation convective hazards. The forecasts are updated every 2 hours and...

The role of the Industrial Bank of Japan in financing gas projects

International Nuclear Information System (INIS)

Kajiwara, Yasushi

1991-01-01

This paper concerns liquefied natural gas projects, or LNG projects for short, and more specifically, how the Industrial Bank of Japan, IBJ, as a private bank has been involved in many projects, and how the bank has solved a range of problems encountered in the process of financing such projects. After that, the author's personal views are expressed on how to tackle the future development of LNG, an energy source that will become increasingly important in the future

The Role of Public-Private Partnerships in Local Infrastructure: the Case of Carbon Offset Projects

International Nuclear Information System (INIS)

Teichmann, Dorothee

2011-01-01

Investment in low carbon infrastructure is considered as an important component of the fight against climate change. The mechanisms of climate regulation (such as carbon offsets) transfer to project developers the risks associated with reducing emissions of greenhouse gas (GHG) emissions, i.e. operational and technological risk, or risks associated with the environmental monitoring and the regulatory mechanism itself. The success of projects - and thus their ability to attract private capital - depends importantly on the risk sharing arrangements between the private and public partners involved in the project. We show that the delegation of tasks between the partners can create risks that affect the environmental effectiveness and economic efficiency of the project. Contracts need to be well designed to mitigate those risks. For a sample of landfill gas flaring projects financed under the Clean Development Mechanism, it is shown that the out-sourcing of the provision of technology creates additional risks. The out-sourcing of the development of the Project Design Documents as required by UNFCCC and the separation of the operation of the landfill and the CDM project appear to be manageable by risk sharing arrangements between partners. In the latter case, each partner should bear the risk associated with his own responsibility. In fact, if carbon revenues are the only income stream for the CDM project developer, the incentive to reduce GHG emissions is maintained. (author)

Constraints on deviations from ΛCDM within Horndeski gravity

Energy Technology Data Exchange (ETDEWEB)

Bellini, Emilio; Cuesta, Antonio J. [ICCUB, University of Barcelona (IEEC-UB), Martí i Franquès 1, E08028 Barcelona (Spain); Jimenez, Raul; Verde, Licia, E-mail: emilio.bellini@icc.ub.edu, E-mail: ajcuesta@icc.ub.edu, E-mail: rauljimenez@g.harvard.edu, E-mail: liciaverde@icc.ub.edu [Institució Catalana de Recerca i Estudis Avançats (ICREA), 08010 Barcelona (Spain)

2016-02-01

Recent anomalies found in cosmological datasets such as the low multipoles of the Cosmic Microwave Background or the low redshift amplitude and growth of clustering measured by e.g., abundance of galaxy clusters and redshift space distortions in galaxy surveys, have motivated explorations of models beyond standard ΛCDM. Of particular interest are models where general relativity (GR) is modified on large cosmological scales. Here we consider deviations from ΛCDM+GR within the context of Horndeski gravity, which is the most general theory of gravity with second derivatives in the equations of motion. We adopt a parametrization in which the four additional Horndeski functions of time α{sub i}(t) are proportional to the cosmological density of dark energy Ω{sub DE}(t). Constraints on this extended parameter space using a suite of state-of-the art cosmological observations are presented for the first time. Although the theory is able to accommodate the low multipoles of the Cosmic Microwave Background and the low amplitude of fluctuations from redshift space distortions, we find no significant tension with ΛCDM+GR when performing a global fit to recent cosmological data and thus there is no evidence against ΛCDM+GR from an analysis of the value of the Bayesian evidence ratio of the modified gravity models with respect to ΛCDM, despite introducing extra parameters. The posterior distribution of these extra parameters that we derive return strong constraints on any possible deviations from ΛCDM+GR in the context of Horndeski gravity. We illustrate how our results can be applied to a more general frameworks of modified gravity models.

Energy efficiency and CDM (Clean Development Mechanism): an attractive combination?; Eficiencia energetica e MDL (Mecanismo de Desenvolvimento Limpo): uma combinacao atrativa?

Energy Technology Data Exchange (ETDEWEB)

Aragao Neto, Raymundo Moniz de; Silva, Pedro Paulo [Programa GERBI - Reducao da Emissao de Gases Causadores do Efeito Estufa na Industria Brasileira, CE (Brazil); Almeida, Jose Ricardo Uchoa Cavalcanti [PETROBRAS S.A., Pojuca, BA (Brazil). Unidade de Negocios de Gas Natural (UNGN)

2004-07-01

The agreements that defined associated practices to the CDM (Clean Development Mechanism) include energy efficiency in end users as a possible candidate to CDM eligibility. Worldwide, the experience of using 'carbon credits' resulted from reduced emissions in end users, as consequence of increased energy efficiency in processes, is limited. The paper presents preliminary conclusions of case studies developed by GERBI, evaluating the emissions reduction potential achieved by energy efficiency improvements in industrial processes, as well as financial impacts due to emissions reduction certificates traded. The paper considers a simplified methodology for feasibility analysis, but with necessary information to demonstrate how CDM and Energy Efficiency combination can support the decision for project implementation. (author)

Implications of applying solar industry best practice resource estimation on project financing

International Nuclear Information System (INIS)

Pacudan, Romeo

2016-01-01

Solar resource estimation risk is one of the main solar PV project risks that influences lender’s decision in providing financing and in determining the cost of capital. More recently, a number of measures have emerged to mitigate this risk. The study focuses on solar industry’s best practice energy resource estimation and assesses its financing implications to the 27 MWp solar PV project study in Brunei Darussalam. The best practice in resource estimation uses multiple data sources through the measure-correlate-predict (MCP) technique as compared with the standard practice that rely solely on modelled data source. The best practice case generates resource data with lower uncertainty and yields superior high-confidence energy production estimate than the standard practice case. Using project financial parameters in Brunei Darussalam for project financing and adopting the international debt-service coverage ratio (DSCR) benchmark rates, the best practice case yields DSCRs that surpass the target rates while those of standard practice case stay below the reference rates. The best practice case could also accommodate higher debt share and have lower levelized cost of electricity (LCOE) while the standard practice case would require a lower debt share but having a higher LCOE. - Highlights: •Best practice solar energy resource estimation uses multiple datasets. •Multiple datasets are combined through measure-correlate-predict technique. •Correlated data have lower uncertainty and yields superior high-confidence energy production. •Best practice case yields debt-service coverage ratios (DSCRs) that surpass the benchmark rates. •Best practice case accommodates high debt share and have low levelized cost of electricity.

Consistency of the Planck CMB data and ΛCDM cosmology

Energy Technology Data Exchange (ETDEWEB)

Shafieloo, Arman [Korea Astronomy and Space Science Institute, Daejeon, 34055 (Korea, Republic of); Hazra, Dhiraj Kumar, E-mail: shafieloo@kasi.re.kr, E-mail: dhiraj.kumar.hazra@apc.univ-paris7.fr [AstroParticule et Cosmologie (APC)/Paris Centre for Cosmological Physics, Université Paris Diderot, CNRS/IN2P3, CEA/lrfu, Observatoire de Paris, Sorbonne Paris Cité, 10, rue Alice Domon et Leonie Duquet, Paris Cedex 13, 75205 France (France)

2017-04-01

We test the consistency between Planck temperature and polarization power spectra and the concordance model of Λ Cold Dark Matter cosmology (ΛCDM) within the framework of Crossing statistics. We find that Planck TT best fit ΛCDM power spectrum is completely consistent with EE power spectrum data while EE best fit ΛCDM power spectrum is not consistent with TT data. However, this does not point to any systematic or model-data discrepancy since in the Planck EE data, uncertainties are much larger compared to the TT data. We also investigate the possibility of any deviation from ΛCDM model analyzing the Planck 2015 data. Results from TT, TE and EE data analysis indicate that no deviation is required beyond the flexibility of the concordance ΛCDM model. Our analysis thus rules out any strong evidence for beyond the concordance model in the Planck spectra data. We also report a mild amplitude difference comparing temperature and polarization data, where temperature data seems to have slightly lower amplitude than expected (consistently at all multiples), as we assume both temperature and polarization data are realizations of the same underlying cosmology.

Financing Build, Operate and Transfer (BOT) Projects: The Case of Islamic Instruments

OpenAIRE

Khan, Tariqullah

2002-01-01

Several member countries of the Islamic Development Bank have embarked upon a program of developing and maintaining infrastructure projects by the private sector in the framework of build operate and transfer (BOT) mechanism and its various variants. The present paper reviews these experiences and the peculiar risks associated with investments in these projects as compared to the risks of traditional manufacturing sector and offers a framework for Islamic instruments to finance BOT projects.

Financing of nuclear projects

International Nuclear Information System (INIS)

Diel, R.

1983-01-01

Delays in the completion of nuclear power plants aggravate the financing of such ventures because the contractual sums to be paid for interest and amortization are not generated. Moreover, economic feasibility analyses by the banks are rendered ineffective by changes in the underlying data, such as the structure of electricity rates and the supply monopoly held by utilities. The German nuclear power plants at present in operation or under construction were financed mainly through subsidiares of the participating utilities outside the balance sheets of the parent companies. The banks have developed a number of financing concepts to adapt funding to the specific needs of practice. Future nuclear power plants make-up one third of the present capacity of the participating utilities. However, they will require three to four times the previous volume of capital investments. Yet it is certain that the expansion of nuclear power in the Federal Republic of Germany will not be hampered by financial problems. The funding models developed for nuclear power plants have already proved their qualities. However, the problems of nuclear power have not become less. Attention must also be drawn to some weak spots in the financial sector. (orig.) [de

Tendances Carbone no. 75 'The CDM: let's not discard a tool that raised over US$ 200 billion'

International Nuclear Information System (INIS)

Shishlov, Igor

2012-01-01

Among the publications of CDC Climat Research, 'Tendances Carbone' bulletin specifically studies the developments of the European market for CO 2 allowances. This issue addresses the following points: Everyone wonders which miraculous instrument will enable the Green Climate Fund to mobilize the pledged US$100 billion per year in climate finance by 2020. Developing countries are now asking for interim targets to quench their mounting skepticism that this level of commitment can be reached. In the meantime paradoxically, the Clean Development Mechanism (CDM) - a tool that managed to leverage over US$200 billion of mostly private investment for climate change mitigation - is left dying without much regret

A MCDM approach for project finance selection: An application in the renewable energy sector

Directory of Open Access Journals (Sweden)

García-Bernabeu, Ana

2015-05-01

Full Text Available Renewable energy (RE is emerging as a solution in order to replace fossil fuels and become the primary source of energy consumption. Investments in the RE sector involve huge amounts of capital but also many risks. Public sector plays an important role in promoting RE projects but due to the need for reducing public expenditure the private sector becomes essential in financing this type of projects. Project Finance is widely used in RE projects and is especially attractive to the private sector because it can fund major projects off balance sheet. The objective of this paper is to present a decision making tool for helping the private sector on the selection process of RE projects to be funded. The problem could be considered as a multiple criteria decision-making problem where both, financial and non-financial criteria have to be taken into account. Objective aggregation weights for those criteria are obtained using the Moderate Pessimism Decision Making approach and a final ranking of the projects is obtained.

The clean development mechanism (CDM) an international perspective and implications for the LAC region

International Nuclear Information System (INIS)

2004-08-01

This paper addresses activity a) an analysis of international CDM experiences and its potential contribution to the LAC region. The paper begins with a section describing the basic principles of the CDM and retrieves the lessons learned from the first two years of the CDM operation. This is followed by a more detailed review in section 2 of the on-going baseline and monitoring methodology approval process. In section 3, the development value of the CDM is explored. Section 4 describes the current CDM markets, while section 5 reviews the response of host countries to the CDM outside the LAC region. Section 6 describes the various capacity building programs established by Annex 1 countries to support the CDM. In each of the first 6 sections, implications for the LAC region are identified. Section 7 brings these conclusions together into a concise summary. (The author)

Financing Distributed Generation

International Nuclear Information System (INIS)

Walker, A.

2001-01-01

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market

Assessing Discount Rate for a Project Financed Entirely with Equity Capital

Directory of Open Access Journals (Sweden)

Nicoleta Vintila

2007-09-01

Full Text Available Estimating discount rate for an investment project is one of the most challenging tasks incapital budgeting. In this paper we discuss different kind of models for cost of equity capital proposed infinance literature (static CAPM, conditional CAPM, APT, build-up model, focusing especially on advantagesand disadvantages of using each of them. In the final section, we estimate the discount rate fora certain project financed entirely with equity capital, using a version of build-up model.

CDM in sub-Saharan Africa and the prospects of the Nairobi Framework Initiative

NARCIS (Netherlands)

Byigero, Alfred D.; Clancy, Joy S.; Skutsch, Margaret

2010-01-01

To what extent can capacity-building activities under the Nairobi Framework (NF) Initiative overcome barriers to the Clean Development Mechanism (CDM) in sub-Saharan Africa and, in particular, the East African region? The level of CDM penetration into sub-Saharan Africa is compared with CDM market

Third party financing of renewable energy sources

International Nuclear Information System (INIS)

1994-01-01

The Institut of Energy Saving and Diversification (IDAE) hosted the third party on financing Renewable Energy Sources in Spain. The main aspects were : 1) Experiences in renewable energy. 2) Financing of small hydro-power projects. 3) Third party financing of biomass projects. 4) Financing of wind energy projects

ALTERNATIVE MODELS OF FINANCING REGIONAL DEVELOPMENT

Directory of Open Access Journals (Sweden)

Cristina, GRADEA

2013-12-01

Full Text Available Public financing of infrastructure proved under performing at uneconomic prices, and because of political interference in the management of funds, understanding the problem leading to the adoption of private funding variant, an effective way of private funding being the financing of the project. Project financing is a concept that assessed by means of financing a specific technique. In this context, those granting funds usually through loans typically are only interested in cash flows and project profit, which are a source of funds for repayment of loans; they are less interested in the creditworthiness of those employed in the project (organizations, governments, communities and so on. This approach has led to the emergence of new ways of financing projects, new types of projects, such as regional and rural development.

Financing Distributed Generation

Energy Technology Data Exchange (ETDEWEB)

Walker, A.

2001-06-29

This paper introduces the engineer who is undertaking distributed generation projects to a wide range of financing options. Distributed generation systems (such as internal combustion engines, small gas turbines, fuel cells and photovoltaics) all require an initial investment, which is recovered over time through revenues or savings. An understanding of the cost of capital and financing structures helps the engineer develop realistic expectations and not be offended by the common requirements of financing organizations. This paper discusses several mechanisms for financing distributed generation projects: appropriations; debt (commercial bank loan); mortgage; home equity loan; limited partnership; vendor financing; general obligation bond; revenue bond; lease; Energy Savings Performance Contract; utility programs; chauffage (end-use purchase); and grants. The paper also discusses financial strategies for businesses focusing on distributed generation: venture capital; informal investors (''business angels''); bank and debt financing; and the stock market.

Evaluating The Financial Consequences of Different Financing Structure for Nuclear Power Project under Malaysian Market

International Nuclear Information System (INIS)

Muhammed Zulfakar Zolkaffly; Faisal Izwan Abdul Rashid; Siti Syarina Mat Sali; Fairuz Suzana Mohd Chachuli; Mohd Azmi Sidid Omar

2016-01-01

Full text: In 2010, Malaysia through the Economic Transformation Programme (ETP) has initiated an effort to explore nuclear energy as an option for electricity generation post-2020 in order to meet country's growing energy demand and diversify its energy mix. To date, Malaysia is focusing its efforts on the preparatory activities, pending to make decision to embark on nuclear power project. The development of nuclear power plants is a major undertaking for any country which that requires huge financial implications and commitments. On this note, this paper aims at evaluating the financial consequences of different financing structure for nuclear power project under Malaysian market condition, based on two key financial indicators, namely, Net Present Value (NPV) and Internal Rate of Return (IRR). The computer model FINPLAN developed by the IAEA was used to perform this study. The result shows that different financing structure significantly affect the sensitivity of NPV and IRR, that may be of interest to the investors in exploring viable financing structure for nuclear power project development. (author)

Trojan horse or horn of plenty? Reflections on allowing CCS in the CDM

International Nuclear Information System (INIS)

Coninck, Heleen de

2008-01-01

The discussion around allowing CO 2 capture and geological storage (CCS) into the Kyoto Protocol's Clean Development Mechanism (CDM) is important, as the CDM is currently the only structural incentive for reducing greenhouse gas emissions in the developing world. Without the potential incentives given by the CDM, CCS in developing countries will only take place sporadically in niche sectors. The debate around CCS in the CDM has developed into a highly polarised discussion, with a deep divide between proponents and opponents and no view on reconciliation between the various perspectives. Environmental organisations and several developing-country parties in the climate negotiations are increasingly vehemently opposed against CCS in the CDM, and industrialised countries, several large fossil-fuel-dependent developing countries and industry view CCS as a natural option under the CDM, provided some surmountable technical and procedural barriers are taken care of. This paper argues that the efforts of those trying to bring the discussion to a close by solving technical and procedural issues around CCS in the CDM will not lead to agreement because of underlying convictions of all stakeholders. Six convictions are identified and discussed. Based on the discussion of the convictions of both opponents and proponents, research needs and a potential negotiation package are suggested. The research needs are primarily in the field of the CDM market impacts of CCS, the issue of enhanced oil emission accounting, and sustainable development aspects, and particularly whether developing countries could actually benefit from technological leadership in the field of CCS, or whether they will be worse off. Devoting attention to the identified convictions could provide information for a more acceptable negotiation package on CCS in the CDM. (author)

Capital budgeting under relational contracting: optimal ranking and duration criteria for schemes of concession, project-financing and public-private partnership

OpenAIRE

Biondi, Yuri

2009-01-01

International audience; Project-financing and public-private partnership schemes are joint projects of investment that are generally submitted to investment valuation criteria based on compound discounting. However, the theoretical basis of these criteria is at issue nowadays. According to recent studies on relational contracting economics and behavioral finance, joint projects of investment can be considered as special relational environments where the project's returns improve on alternativ...

Decision Model on Financing a Project Using Knowledge about Risk Areas

OpenAIRE

Ioana POPOVICI; Emil SCARLAT; Francesco RIZZO

2011-01-01

The research presents an alternative to the classical method of measuring financial risk in funding a project. The goal of the model described in the paper implies identifying "risky areas" within the financial balance of the project. The model analysis the financial risk behavior studied along four scenarios by varying only the cost of financing source used according to the specific type of funding. The model introduces the time factor into the analysis of financial risk due to the specific ...

Third party financing of renewable energy sources

International Nuclear Information System (INIS)

IDAE.

1994-01-01

IDAE (Institute of Energy Saving and Diversification) Hosted the Third party on financing renewable energy sources. The meeting was articulated into chapters: 1.- Experiences in the renewable energy field. 2.- Third party financing of small hydro-power projects. 3.- Third party financing of biomass projects. 4.- Third party financing of wind energy projects

Power project finance outside the U.S.: S and P's rating perspective

International Nuclear Information System (INIS)

Chew, William

1994-01-01

The growing prevalence of capital market debt financing for power projects outside the U.S. highlights the importance of understanding the risks this type of project poses, both for sponsors and potential investors. Based on its initial review of non-U.S. projects, S and P believes the stronger among them clearly have the potential to achieve ratings equal to or higher than those of U.S. projects. Nevertheless, sponsors still will need to address some of the risks such projects entail. S and P has established criteria that apply to power projects in all markets; however, it also has identified additional risks for projects outside the U.S. that should be addressed. (author)

Why the CDM can reduce carbon leakage

International Nuclear Information System (INIS)

Kallbekken, S.

2006-04-01

Carbon leakage is an important concern because it can reduce the environmental effectiveness of the Kyoto Protocol. The Clean Development Mechanism, one of the flexibility mechanisms allowed under the protocol, has the potential to reduce carbon leakage significantly because it reduces the relative competitive disadvantage to Annex B countries of restricting greenhouse gas emissions. The economic intuition behind this mechanism is explored in a theoretical analysis. It is then analyzed numerically using a CGE model. The results indicate that, assuming appropriate accounting for leakage and under realistic assumptions on CDM activity, the CDM has the potential to reduce the magnitude of carbon leakage by around three fifths

Financing of LNG projects in developing countries and the role of the World Bank

International Nuclear Information System (INIS)

Levitsky, M.; Nore, P.

1992-01-01

The future quantities of capital required by the LNG industry will be very large. However, the continued rapid development of the industry is justified by the economic and environmental benefits of increased natural gas use. It is likely that the World Bank will continue to play a modest absolute role in supplying capital to the industry. The Bank can, however, play a crucial role in assisting governments in formulating appropriate energy policies and project development strategies and thereby creating the right policy and financial climate. The Bank can also provide a relatively modest amount of financial backing to projects, which nonetheless can help to generate larger volumes of finance from other sources. In the long run, LNG projects which are well structured and which operate within an appropriate policy environment should succeed in attracting financing even in today's more competitive environment

Nuclear New Build: Insights into Financing and Project Management

International Nuclear Information System (INIS)

Horst Keppler, Jan; Cometto, Marco; Kim, Sang-Baik; Sozoniuk, Vladislav; Rothwell, Geoffrey; Thompson, Orme; Savage, Chris; Mancini, Mauro; Leigne, Philippe; Bickford, Erica; Crozat, Matt

2015-01-01

Nuclear new build has been progressing steadily since the year 2000, with the construction of 94 new reactors initiated and 56 completed reactors connected to the grid. Among these new reactors are some of the first generation III/III+ reactors of their kind. Drawing on a combination of conceptual analysis, expert opinion and seven in-depth case studies, this report provides policy makers and stakeholders with an overview of the principal challenges facing nuclear new build today, as well as ways to address and overcome them. It focuses on the most important challenges of building a new nuclear power plant, namely assembling the conditions necessary to successfully finance and manage highly complex construction processes and their supply chains. Different projects have chosen different paths, but they nonetheless share a number of features. Financing capital-intensive nuclear new build projects requires, for example, the long-term stabilisation of electricity prices whether through tariffs, power purchase agreements or contracts for difference. In construction, the global convergence of engineering codes and quality standards would also promote both competition and public confidence. In addition, change management, early supply chain planning and 'soft issues' such as leadership, team building and trust have emerged over and again as key factors in the new build construction process. This report looks at ongoing trends in these areas and possible ways forward. (authors)

Ready to Retrofit: The Process of Project Team Selection, Building Benchmarking, and Financing Commercial Building Energy Retrofit Projects

Energy Technology Data Exchange (ETDEWEB)

Sanders, Mark D. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Parrish, Kristen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Mathew, Paul [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2012-05-01

This guide presents a process for three key activities for the building owner in preparing to retrofit existing commercial buildings: selecting project teams, benchmarking the existing building, and financing the retrofit work. Although there are other essential steps in the retrofit process, the three activities presented in this guide are the critical elements where the building owner has the greatest influence on the outcome of the project.

Financing R&D Projects in Southern Italy: The “Technological Vouchers and Cooperative Research” Program

Directory of Open Access Journals (Sweden)

Gianpaolo Iazzolino

2013-09-01

Full Text Available The paper deals with the evaluation and financing of research and innovation projects. The paper analyzes and discusses the “Technological Vouchers and Cooperative Research” program in the Calabria Region (Southern Italy, as a program for financing R&D projects in a geographical area far behind in development. Three real cases of R&D projects are described. The program was effective as regards the stimulus to realizing R&D activities by Calabrian SMEs and furthermore in relation to the improvement of cooperation between SMEs, research centers, universities and technological laboratories. The weak points of the program mainly regard the evaluation phase that made it impossible to get a feedback useful for policy and for driving future agenda.

Etude Climat no. 32 'Financing climate actions in developing countries: what role is there for NAMAs?'

International Nuclear Information System (INIS)

Morel, Romain; Delbosc, Anais

2012-01-01

financed. They can also make it possible to correct some of the defects in the current mechanisms, such as the unbalanced geographical distribution of the CDM projects or the traceability of the aid given to developing countries. Access to quality information in order to monitor the progress and the results of the measures is also central to the implementation of NAMAs and the search for financing for them

24 CFR 884.114 - Financing.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Financing. 884.114 Section 884.114... HOUSING PROJECTS Applicability, Scope and Basic Policies § 884.114 Financing. (a) Types. Eligible projects... contract as security for financing. (1) An Owner may pledge, or offer as security for any loan or...

Principals of the Islamic finance:A focus on project finance

OpenAIRE

Elasrag, hussein

2011-01-01

Islamic finance is one of the fastest growing segments of global financial industry. In some countries, it has become systemically important and, in many others, it is too big to be ignored.Islamic finance is based on shariah, an Arabic term that often is translated to “Islamic law.”Shariah provides guidelines for aspects of Muslim life, including religion, politics, economics,banking, business, and law.The basic sources of Shari’ah are the Qur’an and the Sunna, which are followed by the cons...

Options for utilizing the CDM for global emission reductions

Energy Technology Data Exchange (ETDEWEB)

Butzengeiger-Geyer, Sonja; Castro, Paula; Harthan, Ralph O.; Hayashi, Daisuke; Healy, Sean; Maribu, Karl Magnus; Michaelowa, Axel; Okubo, Yuri; Schneider, Lambert; Storroe, Ingunn [Zuerich Univ. (Switzerland); Oeko-Institut e.V., Berlin (Germany); Perspectives GmbH, Hamburg (Germany); Point Carbon A/S, Oslo (Norway)

2010-11-15

The study describes and discusses in detail how four CDM reform alternatives, namely discounting of emission reductions, ambitious baselines, purchase and cancellation of CERs and reinvestment of CER levies, could be integrated in a Post-2012 climate regime. The study assesses these alternatives, according to their impacts on GHG emission reductions, contribution to sustainable development, cost-efficiency, technical feasibility, incentives and distributional effects as well as negotiability. The study shows that the introduction of discounting and ambitious baselines is technically feasible but politically a massive challenge. With the help of an economic model the study shows that the introduction of reform alternatives increases the amount of emission reductions but in comparison to the current CDM the impact is rather limited. But a CDM reform can in any case increase the credibility and improve the environmental integrity of the mechanism. (orig.)

REAL OPTIONS IN PROJECT FINANCE: AN OIL INDUSTRY APPLICATION

OpenAIRE

RAFAEL MACHADO MENDES

2012-01-01

As estruturas do tipo Project Finance, cada vez mais, vêm sendo utilizadas para o financiamento de projetos de investimento, principalmente, quando se trata de obras infraestruturais. Para tanto, uma grande estruturação jurídica é utilizada de forma a garantir uma adequada alocação de riscos às partes interessadas do projeto. Esta gestão riscos do projeto é de fundamental importância para garantir a viabilidade financeira e sucesso de um financiamento estruturado, como o Projec...

Sovereign cat bonds and infrastructure project financing.

Science.gov (United States)

Croson, David; Richter, Andreas

2003-06-01

We examine the opportunities for using catastrophe-linked securities (or equivalent forms of nondebt contingent capital) to reduce the total costs of funding infrastructure projects in emerging economies. Our objective is to elaborate on methods to reduce the necessity for unanticipated (emergency) project funding immediately after a natural disaster. We also place the existing explanations of sovereign-level contingent capital into a catastrophic risk management framework. In doing so, we address the following questions. (1) Why might catastrophe-linked securities be useful to a sovereign nation, over and above their usefulness for insurers and reinsurers? (2) Why are such financial instruments ideally suited for protecting infrastructure projects in emerging economies, under third-party sponsorship, from low-probability, high-consequence events that occur as a result of natural disasters? (3) How can the willingness to pay of a sovereign government in an emerging economy (or its external project sponsor), who values timely completion of infrastructure projects, for such instruments be calculated? To supplement our treatment of these questions, we use a multilayer spreadsheet-based model (in Microsoft Excel format) to calculate the overall cost reductions possible through the judicious use of catastrophe-based financial tools. We also report on numerical comparative statics on the value of contingent-capital financing to avoid project disruption based on varying costs of capital, probability and consequences of disasters, the feasibility of strategies for mid-stage project abandonment, and the timing of capital commitments to the infrastructure investment. We use these results to identify high-priority applications of catastrophe-linked securities so that maximal protection can be realized if the total number of catastrophe instruments is initially limited. The article concludes with potential extensions to our model and opportunities for future research.

A method of predicting the reliability of CDM coil insulation

International Nuclear Information System (INIS)

Kytasty, A.; Ogle, C.; Arrendale, H.

1992-01-01

This paper presents a method of predicting the reliability of the Collider Dipole Magnet (CDM) coil insulation design. The method proposes a probabilistic treatment of electrical test data, stress analysis, material properties variability and loading uncertainties to give the reliability estimate. The approach taken to predict reliability of design related failure modes of the CDM is to form analytical models of the various possible failure modes and their related mechanisms or causes, and then statistically assess the contributions of the various contributing variables. The probability of the failure mode occurring is interpreted as the number of times one would expect certain extreme situations to combine and randomly occur. One of the more complex failure modes of the CDM will be used to illustrate this methodology

Report on a survey in fiscal 1999. Survey and study on the 'measures for promoting discharge right transaction/joint implementation (JI) / clean development mechanism (CDM) project'; 1999 nendo 'haishutsuken torihiki / JI / CDM project suishin hosaku' ni kansuru chosa kenkyu hokokusho

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

The third conference (COP3) of the United Nations Framework Convention on Climate Change held in December 1997 in Kyoto has adopted the Kyoto mechanisms (the 'discharge right transaction', the 'joint implementation (JI)' among advanced countries, and the 'clean development mechanism (CDM)' applied to developing countries). The Kyoto mechanisms are intended to provide flexibility to the methods to achieve the greenhouse effect gas reduction targets established in the Kyoto Protocol. The Kyoto mechanisms are considered to be implemented even during the year 2000, whose details are scheduled to be decided at COP6. Since the advanced countries have established the targets for reduction of greenhouse effect gas emission, governments and research institutes are taking various approaches. In addition, since the targets for reduction of greenhouse effect gas emission have been established, discussions are indispensable on methodology to establish the quantity of discharge and absorption of greenhouse effect gases (the so-called base line) when no project exists, as required to calculate the discharge reduction quantity as a result of implementing the project. The present survey has held study meetings attended by learned people, and compiled the results of the discussions. (NEDO)

Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, M.; Feldman, D.

2013-04-01

This paper explores the possibility of financing renewable energy projects through raising capital in the public markets. It gives an overview of the size, structure, and benefits of public capital markets, as well as showing how renewable energy projects might take advantage of this source of new funds to lower the cost of electricity.

Project Mechanisms and Technology Diffusion in Climate Policy - Kyoto project mechanisms and technology diffusion

International Nuclear Information System (INIS)

Glachant, M.; Meniere, Y.

2010-01-01

The paper deals with the diffusion of GHG mitigation technologies in developing countries. We develop a model where an abatement technology is progressively adopted by firms and we use it to compare the Clean Development Mechanism (CDM) with a standard Cap and Trade scheme (C and T). In the presence of learning spillovers, we show that the CDM yields a higher social welfare than C and T if the first adopter receives CDM credits whereas the followers do not. This result lends support to the policy proposal of relaxing the CDM additionality constraint for projects which generate significant learning externalities. (authors)

Teaching empirical finance courses: A project on portfolio management

Directory of Open Access Journals (Sweden)

Bruce Morley

2016-12-01

Full Text Available The aim of this article was to assess the use of a group-based project for an empirical finance type of course. It examines the outline of the project, the methodology the students are encouraged to follow and how the course is assessed. This approach enables the students to apply many of the techniques learnt on this course and other courses such as econometrics, to determine an optimal portfolio of assets given their view on the risks in the economy. The emphasis is on risk management through portfolio diversification and the use of a simple hedge strategy. The overall aim was to introduce the students to the basics of portfolio management, as many work in this industry for their industrial placements and when they graduate. The main contribution to the literature is through the analysis of an empirically based portfolio management project. The feedback from the students suggests they felt that they had learnt useful concepts and information, in an enjoyable exercise.

Islamic Public Infrastructure Financing: An Analysis of Alternative Financing Instruments with Application in Developing Countries

National Research Council Canada - National Science Library

Islam, Saiful

2004-01-01

This project examines the structure of public infrastructure financing in Indonesia and examines whether financing based on Islamic principles is a feasible alternative to current financing mechanisms...

The H II galaxy Hubble diagram strongly favours Rh = ct over ΛCDM

Science.gov (United States)

Wei, Jun-Jie; Wu, Xue-Feng; Melia, Fulvio

2016-12-01

We continue to build support for the proposal to use H II galaxies (HIIGx) and giant extragalactic H II regions (GEHR) as standard candles to construct the Hubble diagram at redshifts beyond the current reach of Type Ia supernovae. Using a sample of 25 high-redshift HIIGx, 107 local HIIGx, and 24 GEHR, we confirm that the correlation between the emission-line luminosity and ionized-gas velocity dispersion is a viable luminosity indicator, and use it to test and compare the standard model ΛCDM and the Rh = ct universe by optimizing the parameters in each cosmology using a maximization of the likelihood function. For the flat ΛCDM model, the best fit is obtained with Ω _m= 0.40_{-0.09}^{+0.09}. However, statistical tools, such as the Akaike (AIC), Kullback (KIC) and Bayes (BIC) Information Criteria favour Rh = ct over the standard model with a likelihood of ≈94.8-98.8 per cent versus only ≈1.2-5.2 per cent. For wCDM (the version of ΛCDM with a dark-energy equation of state wde ≡ pde/ρde rather than wde = wΛ = -1), a statistically acceptable fit is realized with Ω _m=0.22_{-0.14}^{+0.16} and w_de= -0.51_{-0.25}^{+0.15} which, however, are not fully consistent with their concordance values. In this case, wCDM has two more free parameters than Rh = ct, and is penalized more heavily by these criteria. We find that Rh = ct is strongly favoured over wCDM with a likelihood of ≈92.9-99.6 per cent versus only 0.4-7.1 per cent. The current HIIGx sample is already large enough for the BIC to rule out ΛCDM/wCDM in favour of Rh = ct at a confidence level approaching 3σ.

Mobilizing private and public resources to combat climate change

International Nuclear Information System (INIS)

Payton, O.T.

2000-01-01

The Prototype Carbon Fund (PCF) of the World Bank was established in July 1999 to finance projects that reduce greenhouse gas emissions in World Bank client countries. In return, participants expect to earn emission reductions that can be used under terms of the Kyoto Protocol. During its initial term of 2000 to 2012 the Fund is targeted at about $100 to 150 million (from governments and the private sector) , with a portfolio of about 15 to 20 projects, JI and CDM. Project selection and portfolio criteria are defined, aiming at a broad balance between CDM and JI , with initial emphasis on CDM. The Fund also emphasizes renewable energy technology, but no more than 25 per cent of the Fund's assets in any one technology. Currently there are over 25 projects in the pipeline, five of which have been endorsed by host country as CDM or JI. Initial portfolio development attempts to respond to Latin America and the Caribbean, and developing projects in Africa, while waiting for demand to develop in Asia. The limit for Latin America and the Caribbean is $20 million, although the total number of Latin American projects currently in the pipeline is about $50 million, including mini-hydro and wind power projects in Costa Rica ($10 million), Bagasse cogeneration project in Guyana ($6 million), and biomass, geothermal projects in other Central American countries ($10 million). Other potential projects are in Brazil and Mexico. Ideally, PCF would prefer smaller project where PCF financing would not exceed $2.9 million. Biomass, geothermal projects and projects designed to generate emission reductions at or below $10 per tonne of carbon, would be considered most favorably

Point Climat no. 20 'CDM Policy Dialogue: a traditional 'treatment' coupled with new 'prescriptions' '

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2012-01-01

Among the publications of CDC Climat Research, 'Climate Briefs' presents, in a few pages, hot topics in climate change policy. This issue addresses the following points: As the Clean Development Mechanism (CDM) reached the milestone billionth CER issued and the secondary CER price tipped below 2 euros, the recommendations of the High Level Panel on the CDM Policy Dialogue published on 11 September 2012 could not be timelier. By focusing on the current supply-demand disequilibrium that threatens the very survival of the CDM, the Panel extended its recommendations beyond the traditional scope of CDM reform. The Panel's ambition to pro-actively engage with other climate initiatives such as the Green Fund and regional markets is also innovative. Indeed, the CDM toolbox enriched by 10-years of experience stands to apply to or be partly recycled through new mechanisms. Along the 51 recommendations from the Policy Dialogue, there are calls for further standardization and streamlining, together with both old and new ideas on governance and contribution of the CDM to sustainable development

Etude Climat no. 37 '10 lessons from 10 years of the CDM'

International Nuclear Information System (INIS)

Shishlov, Igor; Bellassen, Valentin

2012-01-01

Among the publications of CDC Climat Research, 'Climate Reports' offer in-depth analyses on a given subject. This issue addresses the following points: The Clean Development Mechanism (CDM) is the first and by far the largest carbon offset instrument in the world. To date, it is the only market based on an environmental commodity which managed to attract several billions of euros of private capital on an annual basis. Being the first-of-a-kind climate change mitigation instrument, the CDM followed a 'learning by doing' pattern undergoing numerous reforms throughout its more than 10-year history. Although the post-2012 fate of the mechanism remains uncertain, one should not 'throw out the baby with the bath water' as the lessons from the CDM experience may be useful not only for the CDM reform but also for new market instruments

EVALUATION OF EFFICIENCY OF FINANCING TRANSPORT INFRASTRUCTURE PROJECTS REALIZED IN THE FRAMEWORK OF PUBLIC PRIVATE PARTNERSHIP

Directory of Open Access Journals (Sweden)

S. B. Vasiliev

2015-01-01

Full Text Available The article examines the basic approach to evaluating efficiency of financing transport infrastructure projects realized in the framework of public private partnership. The main ways of the project realization are identified, and their main advantages and disadvantages are described. Detailed elaboration and structuring of infrastructure projects are grounded.

Guidebook to Geothermal Finance

Energy Technology Data Exchange (ETDEWEB)

Salmon, J. P.; Meurice, J.; Wobus, N.; Stern, F.; Duaime, M.

2011-03-01

This guidebook is intended to facilitate further investment in conventional geothermal projects in the United States. It includes a brief primer on geothermal technology and the most relevant policies related to geothermal project development. The trends in geothermal project finance are the focus of this tool, relying heavily on interviews with leaders in the field of geothermal project finance. Using the information provided, developers and investors may innovate in new ways, developing partnerships that match investors' risk tolerance with the capital requirements of geothermal projects in this dynamic and evolving marketplace.

Link About It: Information Asymmetry, Knowledge Pooling and Syndication in Project Finance Lending

NARCIS (Netherlands)

Contreras, Gaby; Bos, Jaap; Kleimeier, Stefanie

2018-01-01

In a collaborative setting, banks have an additional way to deal with asymmetric information between themselves and their borrowers: by pooling information. We explore the extent to which lead arrangers in the project finance syndicated lending market strategically choose their new partners in order

International energy financing

International Nuclear Information System (INIS)

Vedavalli, Rangaswamy

1994-01-01

Some of the innovative financing options being considered by developing countries and economies in transition as ways of mobilizing international energy financing are discussed. Build-Own-Operate (BOO) and Transfer (BOOT) is the most commonly adopted approach. This involves limited resource financing of a project on the basis of the associated cash flow and risks and not on the credit of the project owners. The World Bank has set up the Multilateral Investment Guarantee Agency to provide, on a fee basis, guarantees against certain non-commercial forms of risk in order to promote international capital flow to developing countries. In 1989, the World Bank introduced the Expanded Co-financing Operations (ECO) programme as an instrument to catalyze the flow of private finance into developing countries and to improve their access to international financial markets. Other financial instruments currently being established include: leasing of equipment or whole plants by foreign investors; private ownership or operation of generation and distribution facilities; exchange of specific export goods for energy imports; developing instruments to finance local costs; revenue bonds; tax-exempt bonds; sale of electricity futures to those seeking more stable, longer term electricity price contracts. (UK)

Trends in renewable energy strategy development and the role of CDM in Bangladesh

International Nuclear Information System (INIS)

Noim Uddin, Sk; Taplin, Ros

2009-01-01

This article analyses and discusses trends in renewable energy strategy development in Bangladesh and the prospective role of the clean development mechanism (CDM) under the Kyoto Protocol. Use of renewables for electricity generation results in less greenhouse gas emissions compared with fossil fuel energy systems and often offers additional synergistic benefits. Despite the large potential for development of renewable energy sources in Bangladesh, currently their contribution to electricity generation remains insignificant. Existing policies and programs on renewable energy in Bangladesh are reviewed in relation to the specific requirements needed for CDM. A number of barriers are identified that impede the implementation of the CDM mechanism. Overall, it is recommended that more appropriate energy strategies, including a new national renewable energy strategy, need to be formulated and implemented and more suitable institutional settings need to be provided to promote energy sustainability for Bangladesh. Also, the suggestion is made that incorporation of objectives for CDM promotion in the new national renewable energy strategy to tie in with Bangladesh's CDM strategy should assist in advancement of renewables

Project Financing Strategy and Risk Control%项目融资策略及风险防范探讨

Institute of Scientific and Technical Information of China (English)

张军

2013-01-01

　　文章对项目融资模式的各种风险进行分析，并提出相应的风险防范对策。为此，在项目融资过程中，要根据项目战略决定其融资策略，继而选择适合自己的最佳资本结构和融资方式，防范项目风险。%This paper analyzes the various risks of project financing mode, And proposes the corresponding risk prevention measures. Therefore, in the process of financing, according to firms' own development strategy to determine their financing strategy, th us choose the appropriate optimal capital structure and financing mode, to prevent the project risk.

Financing offshore projects: The banker's approach to risk

International Nuclear Information System (INIS)

Beldam, R.A.

1994-01-01

The author has attempted to consider why companies chose to share risks with banks and looked in particular at the unique risk sharing aspect of project financing and how this may be reflected in the loan documentation. He also has considered the current market place and examined some trends for the future. The future challenge in the North Sea is going to be to use existing and new technology to reduce capital and operating costs, balanced with optimal recovery and safety. From a bank perspective, this type of work is extremely satisfying, if challenging, and the author has no doubt banks will continue to play their part in the future of offshore development wherever it occurs around the world

Financing biotechnology projects: lender due diligence requirements and the role of independent technical consultants.

Science.gov (United States)

Keller, J B; Plath, P B

1999-01-01

An increasing number of biotechnology projects are being brought to commercialization using conventional structured finance sources, which have traditionally only been available to proven technologies and primary industries. Attracting and securing competitive cost financing from mainstream lenders, however, will require the sponsor of a new technology or process to undergo a greater level of due diligence. The specific areas and intensity of investigation, which are typically required by lenders in order to secure long-term financing for biotechnology-based manufacturing systems, is reviewed. The processes for evaluating the adequacy of prior laboratory testing and pilot plant demonstrations is discussed. Particular emphasis is given to scale-up considerations and the ability of the proposed facility design to accommodate significant modifications, in the event that scale-up problems are encountered.

NEW ATTRACTION MECHANISM OF INVESTMENT RESOURCES FOR FINANCING INFRASTRUCTURE PROJECTS

Directory of Open Access Journals (Sweden)

A. S. Popkova

2013-01-01

Full Text Available The paper analyzes revenue-yielding bonds as an efficient tool of governmental and municipal management. Conditions required for issue of  security papers have considered in the paper. The paper describes main  stages of the infrastructure bonded loan implementation. The global experience in financing construction and upgrading of infrastructure facilities through the bond issue has been investigated in the paper. The contains an analysis of risks while executing infrastructure projects and proposes methods for their minimization.

Optimal sampling plan for clean development mechanism energy efficiency lighting projects

International Nuclear Information System (INIS)

Ye, Xianming; Xia, Xiaohua; Zhang, Jiangfeng

2013-01-01

Highlights: • A metering cost minimisation model is built to assist the sampling plan for CDM projects. • The model minimises the total metering cost by the determination of optimal sample size. • The required 90/10 criterion sampling accuracy is maintained. • The proposed metering cost minimisation model is applicable to other CDM projects as well. - Abstract: Clean development mechanism (CDM) project developers are always interested in achieving required measurement accuracies with the least metering cost. In this paper, a metering cost minimisation model is proposed for the sampling plan of a specific CDM energy efficiency lighting project. The problem arises from the particular CDM sampling requirement of 90% confidence and 10% precision for the small-scale CDM energy efficiency projects, which is known as the 90/10 criterion. The 90/10 criterion can be met through solving the metering cost minimisation problem. All the lights in the project are classified into different groups according to uncertainties of the lighting energy consumption, which are characterised by their statistical coefficient of variance (CV). Samples from each group are randomly selected to install power meters. These meters include less expensive ones with less functionality and more expensive ones with greater functionality. The metering cost minimisation model will minimise the total metering cost through the determination of the optimal sample size at each group. The 90/10 criterion is formulated as constraints to the metering cost objective. The optimal solution to the minimisation problem will therefore minimise the metering cost whilst meeting the 90/10 criterion, and this is verified by a case study. Relationships between the optimal metering cost and the population sizes of the groups, CV values and the meter equipment cost are further explored in three simulations. The metering cost minimisation model proposed for lighting systems is applicable to other CDM projects as

Utilising Planning and Financing Strategies in the Management of Community Development Projects in Enugu State, Nigeria

Science.gov (United States)

Obetta, Chukwuemeka K.; Oreh, Catherine I.

2017-01-01

Utilisation of community management strategies is an approach to governance that is based on community and organisational involvement. Communities with development projects have formed community projects management committees (CPMCs) that are encouraged to adopt the community management strategy in the planning and financing of community…

Bond financing for renewable energy in Asia

International Nuclear Information System (INIS)

Ng, Thiam Hee; Tao, Jacqueline Yujia

2016-01-01

Addressing the financing gap for renewable energy (RE) projects in Asia is critical to ensure that the rapidly increasing energy needs could be met sustainably. This paper explores the cause of the financing gap in Asia and proposes the use of bond financing to address the financing gap. Specifically, three fixed income instruments, namely local currency denominated (LCY) corporate bonds, asset backed project bonds and financial green bonds, will be assessed. Whilst the potential for these three instruments to mobilize large flows of private sector financing is great, key supportive policies aimed at reducing the capital market bias for conventional power generation technologies and supportive RE policies are required. Another key aspect would be the necessary deepening of local and regional fixed income markets before such capital market instruments are able to play a big role. - Highlights: •This study looks at the current financing gap and RE financing landscape in developing Asia. •LCY corporate bonds, asset backed projects bonds and financial green bonds could help to address the financing gap for RE in the region. •Policy recommendations for building the fixed income market for RE projects are provided.

13 CFR 120.890 - Source of interim financing.

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Source of interim financing. 120... Development Company Loan Program (504) Interim Financing § 120.890 Source of interim financing. A Project may use interim financing for all Project costs except the Borrower's contribution. Any source (including...

CLUMP-3D: Testing ΛCDM with Galaxy Cluster Shapes

Science.gov (United States)

Sereno, Mauro; Umetsu, Keiichi; Ettori, Stefano; Sayers, Jack; Chiu, I.-Non; Meneghetti, Massimo; Vega-Ferrero, Jesús; Zitrin, Adi

2018-06-01

The ΛCDM model of structure formation makes strong predictions on the concentration and shape of dark matter (DM) halos, which are determined by mass accretion processes. Comparison between predicted shapes and observations provides a geometric test of the ΛCDM model. Accurate and precise measurements needs a full three-dimensional (3D) analysis of the cluster mass distribution. We accomplish this with a multi-probe 3D analysis of the X-ray regular Cluster Lensing and Supernova survey with Hubble (CLASH) clusters combining strong and weak lensing, X-ray photometry and spectroscopy, and the Sunyaev–Zel’dovich effect (SZe). The cluster shapes and concentrations are consistent with ΛCDM predictions. The CLASH clusters are randomly oriented, as expected given the sample selection criteria. Shapes agree with numerical results for DM-only halos, which hints at baryonic physics being less effective in making halos rounder.

78 FR 33757 - Rural Determination and Financing Percentage

Science.gov (United States)

2013-06-05

... Agency for determining what percentage of a project is eligible for RUS financing if the Rural Percentage... defined as rural. As the Agency investigates financing options for projects owned by entities other than... inability to fund 100 percent of the financing needs of a given project has undermined the Agency's effort...

Specialized financing techniques

International Nuclear Information System (INIS)

Shepherd, J.

1992-01-01

Specific financing techniques applicable to wind energy projects in Canada are discussed. A limited partnership is the classic Canadian approach to tax-advantaged financing. For a typical wind project, the limited partners would get an internal rate of return of around 8% over 20 years as well as income tax deductions on Class 34 investments. This rate can be improved if the investors borrow some of the money; they get tax-free cash flow while having deductible loan interest, raising their rate of return after taxes to ca 9-10%. Special situation investors can get to take all of the Class 34 deduction right away, raising their return up to the 12% range. These investors include principal business corporations (such as utilities or oil companies), or companies who have sold their business. A second type of financing structure is related to inflation-indexed debt. The loan is structured like a mortgage, with the annual payments indexed to inflation but nevertheless low enough to provide an early positive cash flow from the project. Other possible financing structures are the immigrant investor fund and the provincial incentive corporations

Compendium on Financing of Higher Education: Final Report of the Financing the Students' Future Project

Science.gov (United States)

Payne, Bethan; Charonis, George-Konstantinos; Haaristo, Hanna-Stella; Maurer, Moritz; Kaiser, Florian; Siegrist, Rahel; McVitty, Debbie; Gruber, Angelika; Heerens, Nik; Xhomaqi, Brikena; Nötzl, Tina; Semjonov, Meeli; Primožic, Rok

2013-01-01

Higher education plays a vital role in society and the quality, accessibility, and form of higher education is highly dependent on financing. Financing of higher education is conceived to be of central importance for the future creation and dissemination of knowledge and research. Therefore, the financing of higher education is a topic that has…

Structuring and financing new nuclear power plant projects in Europe: selected remarks

International Nuclear Information System (INIS)

Belchev, A.

2004-01-01

Project financing in the field of nuclear energy is discussed taking into account the changes and new challenges in Europe. Bringing a project to maturity under 'revised' assumptions is likely to be a complex task for all parties involved, but there is a real potential for an enhanced role for stake holders from the private sector. There is a more realistic understanding about how the public and the private sectors can work together. Successfully combining public and private, national and foreign stake holders is likely to be a critical factor of success. The alignment of interest over the long term best serves a projects business case. In that context, a Governments policies are increasingly under the spotlight

The International Finance Corporation and financing of sustainable energy

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-01

The International Finance Corporation (IFC), a member of the World Bank Group, is the largest multilateral source of loan and equity financing for private sector projects in the developing world. IFC participates in an investment only when it can make a special contribution that complements the role of market operators. Since its founding 40 years ago, IFC has provided more than $18.8 billion in financing for 1,706 companies in developing countries. Its share capital is provided by its 170 member countries, which collectively determine its policies and activities. Strong shareholder support and a substantial paid-in capital base have allowed IFC to raise funds for its lending activities through its triple-A rated bond issues in international financial markets. IFC created an Infrastructure Department in 1992 in response to the growing demand for its services in this area. During fiscal 1996 IFC approved 33 projects for new investments of $715 million of which 27% were in the power sector. In recognition of the continuing demand growth for private power investments an expanded Power Department has been formed to handle IFC`s investments in electric power generation projects using renewable resources such as: run-of-the-river hydro, geothermal, biomass cogeneration, wind energy, and solar (photovoltaic, solar thermal, etc.), as well as conventional thermal generation projects, transmission and distribution projects, and energy efficiency investments.

Optimal sampling plan for clean development mechanism lighting projects with lamp population decay

International Nuclear Information System (INIS)

Ye, Xianming; Xia, Xiaohua; Zhang, Jiangfeng

2014-01-01

Highlights: • A metering cost minimisation model is built with the lamp population decay to optimise CDM lighting projects sampling plan. • The model minimises the total metering cost and optimise the annual sample size during the crediting period. • The required 90/10 criterion sampling accuracy is satisfied for each CDM monitoring report. - Abstract: This paper proposes a metering cost minimisation model that minimises metering cost under the constraints of sampling accuracy requirement for clean development mechanism (CDM) energy efficiency (EE) lighting project. Usually small scale (SSC) CDM EE lighting projects expect a crediting period of 10 years given that the lighting population will decay as time goes by. The SSC CDM sampling guideline requires that the monitored key parameters for the carbon emission reduction quantification must satisfy the sampling accuracy of 90% confidence and 10% precision, known as the 90/10 criterion. For the existing registered CDM lighting projects, sample sizes are either decided by professional judgment or by rule-of-thumb without considering any optimisation. Lighting samples are randomly selected and their energy consumptions are monitored continuously by power meters. In this study, the sampling size determination problem is formulated as a metering cost minimisation model by incorporating a linear lighting decay model as given by the CDM guideline AMS-II.J. The 90/10 criterion is formulated as constraints to the metering cost minimisation problem. Optimal solutions to the problem minimise the metering cost whilst satisfying the 90/10 criterion for each reporting period. The proposed metering cost minimisation model is applicable to other CDM lighting projects with different population decay characteristics as well

Money for nothing: How firms have financed R&D-projects since the Industrial Revolution.

Science.gov (United States)

Bakker, Gerben

2013-12-01

We investigate the long-run historical pattern of R&D-outlays by reviewing aggregate growth rates and historical cases of particular R&D projects, following the historical-institutional approach of Chandler (1962), North (1981) and Williamson (1985). We find that even the earliest R&D-projects used non-insignificant cash outlays and that until the 1970s aggregate R&D outlays grew far faster than GDP, despite five well-known challenges that implied that R&D could only be financed with cash, for which no perfect market existed: the presence of sunk costs, real uncertainty, long time lags, adverse selection, and moral hazard. We then review a wide variety of organisational forms and institutional instruments that firms historically have used to overcome these financing obstacles, and without which the enormous growth of R&D outlays since the nineteenth century would not have been possible.

Money for nothing: How firms have financed R&D-projects since the Industrial Revolution

Science.gov (United States)

Bakker, Gerben

2013-01-01

We investigate the long-run historical pattern of R&D-outlays by reviewing aggregate growth rates and historical cases of particular R&D projects, following the historical-institutional approach of Chandler (1962), North (1981) and Williamson (1985). We find that even the earliest R&D-projects used non-insignificant cash outlays and that until the 1970s aggregate R&D outlays grew far faster than GDP, despite five well-known challenges that implied that R&D could only be financed with cash, for which no perfect market existed: the presence of sunk costs, real uncertainty, long time lags, adverse selection, and moral hazard. We then review a wide variety of organisational forms and institutional instruments that firms historically have used to overcome these financing obstacles, and without which the enormous growth of R&D outlays since the nineteenth century would not have been possible. PMID:24910477

Complications in financing new nuclear power plants

International Nuclear Information System (INIS)

Rubow, L.; Bataklieva, L.

2011-01-01

Historical Financing Approach; Recent Financing Complexities; Typical NPP Project Structure; Project Funding; Technical Developments; Financing Drivers; Conflicting Goals; Different Motivation/ Values: Public vs. Private and other financial aspects are discussed. Some suggestions for consideration are given, such as: Stronger involvement of Government. Stronger involvement of off takers as investors: – Large industrial entities – Utilities/ Distribution companies – Smaller, aggregated industrial entities. Return to corporate finance model (e.g. balance sheet based on existing operating assets), More creative BOO(T) structures, EPCM project execution structures; Better communication with outside stake holders, i.e., why nuclear is best option

Global climate change policies. An analysis of CDM policies with an adapted GTAP model

International Nuclear Information System (INIS)

Wang, Shunli

2004-01-01

In the context of the relationships between spatial-economic interaction and global warming just discussed, this study aims to analyze the Clean Development Mechanisms (CDM) policies from an economic point of view. The research question of this study is formulated as follows: What will be the impacts of clirnate change policies, in particular CDM policies, on the economic performance of (groups of) countries in our global economic system, taking spatial interaction and general equilibrium effects into account? The purpose of addressing the issue of economic performance for (groups of) countries in the economic system is not just to identify winners and losers from international treaties. Rather, winning or losing may even determine the implementation and willingness of individual countries to participate in international environmental treaties, as illustrated by the recent withdrawal of the US from the Kyoto Protocol. By analyzing the economic impacts of an international environmental treaty for individual (groups of) countries, the framework that will be used to analyze this research question may be useful to determine the attractiveness of some global environmental policies, both for the world as a whole and for individual (groups of) countries. The research question will be answered by dividing it into six subquestions: (1) What is the position of CDM policies in the broad context of climate policy regimes?; (2) How should the relationship between human behavior and the physical environment be ideally modeled from an economic perspective? (3) How should the spatial dimension be incorporated in this framework of interaction between the economic and ecological system?; (4) How can climate change issues be incorporated in general equilibrium models in general, and in GTAP-E (extension of the Global Trade Analysis Project) in particular?; (5) How can CDM policies be implemented in the GTAP-E model?; and (6) What are the impacts of these climate change policies on

Unlocking Land Values to Finance Urban Infrastructure : Land-Based Financing Options for Cities

OpenAIRE

George E. Peterson

2008-01-01

Raising capital to finance urban infrastructure is a challenge. One solution is to 'unlock' urban land values - such as by selling public lands to capture the gains in value created by investment in infrastructure projects. Land-based financing techniques are playing an increasingly important role in financing urban infrastructure in developing countries. They complement other capital fina...

Financing renewable energy: Obstacles and solutions

Energy Technology Data Exchange (ETDEWEB)

Brown, M.H.

1994-06-01

The majority of renewable energy technology projects now being developed use long term project financing to raise capital. The financial community scrutinizes renewables more closely than some conventionally fueled electric generation facilities because it perceives renewables as risky and expensive. Renewables pay for this perceived risk through higher interest charges and other more restrictive loan covenants. Risks that are not eliminated in the power sales agreement or through some other means generally result in higher project costs during financing. In part, this situation is a product of the private placement market and project finance process in which renewable energy facilities must function. The project finance process attracts banks and institutional lenders as well as equity investors (often pension funds) who do not want to place their capital at great risk. Energy project finance exists on the basis of a secure revenue stream and a thorough understanding of electric generation technology. Renewables, like all energy projects, operating in uncertain regulatory environments are often difficult to finance. In the uncertain regulatory environment in which renewables now operate, investors and lenders are nervous about challenges to existing contracts between independent power producers and utilities. Challenges to existing contracts could foretell challenges to contracts in the future. Investors and lenders now look to state regulatory environments as an indicator of project risk. Renewable energy technology evolves quickly. Yet, often the information about technological evolution is not available to those who invest in the energy projects. Or, those who have invested in new renewable energy technology in the past have lost money and are nervous about doing so in the future - even though technology may have improved. Inadequate or unfavorable information is a barrier to the development of renewables.

Innovative financing techniques for nuclear power exports

International Nuclear Information System (INIS)

Mercaldo, E.L.

1983-06-01

The author makes general comments regarding the possible conflict between project risks, sponsors' ability to assume these risks, and the requirements and objectives of all project benficiaries: sponsors, lenders, consumers and government. To reconcile these conflicts there is an increasing use of project finance techniques to finance large capital projects

GDINA and CDM Packages in R

Science.gov (United States)

Rupp, André A.; van Rijn, Peter W.

2018-01-01

We review the GIDNA and CDM packages in R for fitting cognitive diagnosis/diagnostic classification models. We first provide a summary of their core capabilities and then use both simulated and real data to compare their functionalities in practice. We found that the most relevant routines in the two packages appear to be more similar than…

Paiton II financing locked up

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-04-01

The 2 x 610 MW Paiton II coal-fired independent power project in Indonesia became a reality last week with the completion of a 1.36 billion dollars commercial financing for the 1.65 billion dollar undertaking. Details of the financing are given. A table lists Indonesia`s independent power projects and their current status.

'Show me the money': energy projects financing

International Nuclear Information System (INIS)

Ball, C.

2006-01-01

This paper describes the business and business model of Corpfinance International (CFI). CFI consists of three businesses: structured financing, private equity/corporate finance advisory and securitization. Furthermore, CFI is the lender of record acting on behalf of and based on strong relationship with various Life Insurance Companies, Pension Funds and International Banks. CFI has in-house expertise in support of its lending advisory and investing activities

ESD full chip simulation: HBM and CDM requirements and simulation approach

Directory of Open Access Journals (Sweden)

E. Franell

2008-05-01

Full Text Available Verification of ESD safety on full chip level is a major challenge for IC design. Especially phenomena with their origin in the overall product setup are posing a hurdle on the way to ESD safe products. For stress according to the Charged Device Model (CDM, a stumbling stone for a simulation based analysis is the complex current distribution among a huge number of internal nodes leading to hardly predictable voltage drops inside the circuits.

This paper describes an methodology for Human Body Model (HBM simulations with an improved ESD-failure coverage and a novel methodology to replace capacitive nodes within a resistive network by current sources for CDM simulation. This enables a highly efficient DC simulation clearly marking CDM relevant design weaknesses allowing for application of this software both during product development and for product verification.

Capital financing in prospective payment.

Science.gov (United States)

Oszustowicz, R J; Dreachslin, J L

1984-03-01

In the era of prospective payment, arranging financing for hospital capital projects is expected to become even more complicated than under cost-based reimbursement systems. This article outlines the information needed for a bond issue in the prospective payment environment, defines the roles and duties of several external persons and organizations involved with planning a major capital financing, and provides an overview of the entire process. This article assumes for illustrative purposes that a tax-exempt bond issue is going to be used to finance a facility expansion. This method was chosen since over 70% of all major capital financing for hospitals use the tax-exempt bond as the principal vehicle for attracting the necessary debt to finance a major construction project. The tax-exempt bond issue also requires the most detail in documentation and legal provisions.

Case history of MSW-to-energy financings

International Nuclear Information System (INIS)

Barrett, D.L.

1993-01-01

The development of solid waste treatment facilities is dependent upon the developer having sufficient resources to fund the development of a project and the ability of the project to be financed. The access to capital to develop, construct and operate a facility is the key component of the development process. The author is not diminishing the need for long-term waste agreements, the advantages of a superior technology or the benefit of experience. However, without capital, a project will never be initiated and the other components are immaterial. This paper reviews development financing with a case study of an environmental development company with a new technology and project financing with a comparison of four financings of Waste to Energy (WTE) facilities. Prior to reviewing the financings, the components of a project including the participants, agreements, and cash flows are discussed to establish a foundation for the later discussion. The analysis is not intended to be directly applicable to material recovery and composting facilities, however, many issues are common to all environmental facilities

房地产项目融资风险评价分析%Analysis of Real Estate Project Financing Risk Evaluation

Institute of Scientific and Technical Information of China (English)

王军; 杨光

2016-01-01

项目融资作为一种重要的国际金融工具应用于商业房地产领域,是一种全新的探索.随着我国经济体质改革的不断发展和深入,我国房地产行业不断发展,已经逐渐成为我国经济发展的重要支柱之一,也越来越受到国内外的关注.目前,我国房地产项目融资方式众多,但仍然存在许多融资风险问题.这些风险可能最后导致整个项目的失败,给我国经济带来很大损失.房地产项目融资风险大且复杂,但是可以通过对房地产项目融资风险进行总结,并建立模糊评价模型进行风险分析.运用模糊综合评价方法对商业房地产项目融资风险进行评价是一个多目标、多层次、结构复杂和因素众多的大系统,能够对房地产项目融资风险做一个很好的诠释和解析,作为房地产项目选择融资方案的重要依据,可为房地产项目融资减少不必要的损失.%The project financing was a kind of important international financial tools,used in commercial real estate field,and was a kind of brand-new exploration.With the continuous development and deepening of economic restructuring,the develop-ment of China's real estate industry gradually became an important pillar of China's economic development,and was paid close attention by domestic and foreign personnel.Currently,there were many financing ways of the real estate project,but there were still many problems in financing risks which finally led to the entire project failure and brought great loss to China's economy.The real estate project financing risks were large and complex,but the fuzzy evaluation model could be established to analyze the risks through the summary on the financing risk of real estate project.The use of It was a large system of a multi-objective,multi-level,complex structure and factors to use fuzzy comprehensive evaluation method to evaluate the financing risk of commercial real estate project,and the system could do a very

Financing rail capital projects : historical lessons, contemporary cases.

Science.gov (United States)

2012-11-01

Two large questions informed the research for this article: first, how and why did the mid20th century shift from private to public ownership, financing and operation of : passenger railways affect the subsequent financing and development of high ...

Finance and the nuclear industry

International Nuclear Information System (INIS)

Radtke, G.G.

1983-01-01

The subject is discussed under the headings: the energy situation today; energy investment and capital requirements (finding the necessary funds); further possibilities; future financing (project financing); summary. (U.K.)

Participatory financing for green growth

International Nuclear Information System (INIS)

Laville, Dorine; Phantharangsi, Maryvonne; Monnoyer-Smith, Laurence; Demeulenaere, Laurence; Lequeux, Typhaine; Cuny, Alicia

2017-01-01

As for the French Ministry of the Environment, participatory financing can be an innovating and mobilising tool to finance projects related to the energy and ecological transition, and as such a financing is promoted by the law on energy transition for a green growth, this publication presents this type of financing. It evokes its legal framework, its different forms (loan to companies, loan to individuals, gift, capital investment), its safe legal framework (definition of different types of status). It outlines how it can be a lever for energy and ecological transition even if green projects are difficult to quantify. It evokes the future introduction of a label, and the introduction of legal and regulatory measures to develop the renewable energy sector

Water Finance Webinars and Forums

Science.gov (United States)

The Center hosts a series of water finance forums. These forums bring together communities with drinking water, wastewater, and stormwater project financing needs in an interactive peer-to-peer networking format.

Conference on 'How to finance wind energy?'

International Nuclear Information System (INIS)

Metzler, Vincent; Weiler, Sibylle; Mous, Dirk; Hodges, Charlie; Talagrand, Romain; Soerensen, Hans Chr.; Feddersen, Hans; Dosdall, Bjoern; Jourdain, Pierre; Duval, Jocelyn

2010-01-01

The French-German office for Renewable energies (OFAEnR) organised a conference on wind energy financing. In the framework of this French-German exchange of experience, more than 150 participants exchanged views on the existing financing solutions for wind energy projects in France, Germany, UK and Denmark. This document brings together the available presentations (slides) made during this event: 1 - How to go on with wind energy projects financing? What evolution of the senior wind energy debt? (Vincent Metzler); 2 - Financing of wind energy projects - Legal aspects (Sibylle Weiler); 3 - Current and future trends in offshore wind financing in Germany (Dirk Mous); 4 - Financing offshore wind: a UK perspective (Charlie Hodges); 5 - Financing the UK Offshore Wind Sector - Transverse analysis of French and European Offshore Wind energy financing (Romain Talagrand); 6 - Cooperative ownership of Danish Wind Turbines (Hans Chr. Soerensen); 7 - Development and financing of a citizen's wind farm - Buergerwindpark (Hans Feddersen); 8 - Citizens' wind farms in Germany - as seen by a project developer (Bjoern Dosdall); 9 - Wind turbines in Vilaine region - A cooperative and pedagogical wind farm: a unique experience in France (Pierre Jourdain); 10 - Status of French participative models (Jocelyn Duval)

Financing Vidalia

International Nuclear Information System (INIS)

Lagassa, G.

1991-01-01

This article examines the innovative techniques the participants in the Vidalia, Mississippi hydropower project used to overcome the numerous obstacles to the financing of the project. The topics of the article are early obstacles, funding and permitting, hydrology questions, matching income to debt, unorthodox provisions and a tough closing

Another Lost Decade? Effects of the Financial Crisis on Project Finance for Infrastructure

OpenAIRE

James Leigland; Henry Russell

2009-01-01

Rapid growth in project finance, driven by huge increases in liquidity, helped fuel the gains in private participation in infrastructure (PPI) in developing countries in the past decade. But when the financial crisis hit, the excess liquidity began to dry up as lenders backed away from practices that had helped generate it. The effects are already apparent in greater delays in financial cl...

基于UML的PPP项目融资管理信息系统的分析%Analysis of PPP Project Financing Management Information System Based on UML

Institute of Scientific and Technical Information of China (English)

郭卫萍; 何楠

2012-01-01

PPP项目融资过程中，为便于各主体之间以及主体与外部环境之间信息的流通与传递，实现PPP项目融资过程中的信息化管理，运用UML可视化建模语言对PPP项目融资管理信息系统进行功能分析，创建用例图、类图和顺序图等，从而为后期开发PPP项目融资管理信息系统奠定基础。%In the process of PPP project financing, in order to facilitate the circulation and transmission of information between the main bodies and between the subject and external environment, and realize the process of information management of the PPP project fi- nancing, this paper uses the visualized modeling language UML throughout the whole process of the design of the PPP project financing management information system, and introduces the concept and features of PPP financing model and the related concepts of UML mod- eling firstly, then analyses the function of the PPP project financing management information system, and finally, analyses PPP project financing management information system with the UML modeling. It creates the use case diagram, the class diagram and the sequence diagram for the PPP project financing management information system. Thus it lays foundation for the later development of PPP project financing management information system.

New directions in electric power financing