CURRENT INVESTMENT AND FINANCING MODELS FOR RENEWABLE ENERGY PROJECTS: AN EVALUATION ON SELECTED COUNTRY EXAMPLES

Year 2019, Volume: 2 Issue: 2, 138 - 172, 31.12.2019

Vedat Akdağ , Mustafa Gözen

Abstract

Renewable energy has different characteristics from
other types of energy in terms of continuity and inexhaustibility. In addition,
these resources are now seen as an important component of energy policy today
and are preferred in terms of reducing carbon emissions and dependence on
imported energy as they are a domestic resource. However, considering the
development level, competitiveness, and cost of existing technologies, special
investment and financing models are required to bring these resources into the
economy. 

In this
study, these models are examined through selected country examples. Although
different policies are implemented in each country, it is noteworthy that
feed-in tariff is often a preferred model. However, considering the burden of
this model to the end consumer and its negative impact on the security of electricity supply, it
is considered appropriate to gradually switch to market-based models such as
premium guarantee, green certificate, and tender/auction model. For this
purpose, firstly premium guarantee and tender/auction models may be preferred,
after taking necessary measures for security of electricity supply and system
operation in the market, the green certificate model may be adopted in the final
stage considering the effective functioning of the market. Market-based model
has been implemented in Turkey since 2016 and positive results have been
achieved in practice in terms of investor interest and price level. 

Keywords

Electricity market, renewable energy, Turkish electricity market, project finance, investment model

YENİLENEBİLİR ENERJİ PROJELERİNE YÖNELİK GÜNCEL YATIRIM VE FİNANSMAN MODELLERİ: SEÇİLMİŞ ÜLKE ÖRNEKLERİ ÜZERİNDEN BİR DEĞERLENDİRME

Abstract

Yenilenebilir
enerji, süreklilik göstermesi ve tükenmemesi bakımından diğer enerji
türlerinden farklı özelliklere sahiptir. Ayrıca bu kaynaklar, günümüzde enerji
politikasının önemli bir bileşeni olarak görülmekte ve bu çerçevede karbon salınımının
ve yerli kaynak olduğu için enerjide ithalata bağımlılığın azaltılması
açısından tercih edilmektedir. Ancak, mevcut teknolojilerin gelişmişlik düzeyi,
piyasada rekabet edebilirliği ve maliyeti dikkate alındığında, bu kaynakların
ekonomiye kazandırılması için özel yatırım ve finansman modelleri gerekli
olmaktadır. Bu çalışmada, söz konusu modeller seçilmiş ülke örnekleri üzerinden
incelenmiştir. Her ülkede farklı politika uygulanmakla birlikte sabit fiyat
garantisinin çoğunlukla tercih edilen bir model olduğu dikkati çekmektedir. Ancak
bu modelin nihai tüketiciye getirdiği yük ve elektrik arz güvenliğine olumsuz
etkisi dikkate alındığında, aşamalı olarak prim garantisi, yeşil sertifika ve
ihale/açık eksiltme gibi piyasa bazlı modellere geçilmesinin uygun olacağı
değerlendirilmektedir. Bu amaçla; öncelikle prim garantisi ve ihale/açık
eksiltme modelleri tercih edilebilir, piyasada elektrik arz güvenliği ve sistem
işletmeciliği için gerekli tedbirler alındıktan sonra piyasanın etkin işleyişi
gözetilerek nihai aşamada yeşil sertifika modeline geçilebilir. Türkiye’de 2016
yılında piyasa bazlı modele geçilmiş ve uygulamada yatırımcı ilgisi ve fiyat
seviyesi bakımından olumlu sonuçlara ulaşılmıştır.

Keywords

Elektrik piyasası, yenilenebilir enerji, Türkiye elektrik piyasası, proje finansmanı, yatırım modeli

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