Araştırma Makalesi
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Current Investment and Financing Models for Renewable Energy Projects: A Comparative Assessment

Yıl 2020, Cumhuriyet Armağan Sayısı, 139 - 156, 28.10.2020
https://doi.org/10.18026/cbayarsos.637375

Öz

In many countries of the world, various investment and financing models are applied to support renewable energy investments and increase the share of renewable energy resources in total electricity generation. Examples of these models are feed-in tariff, feed-in premium, green certificate, tender and auctioning, the design based on meter measurement, project finance, third party ownership, energy cooperative, equity crowdfunding, green bonds, and renewable energy fund. In this article, these models are examined in a comparative manner, considering their structure and functioning. Among these models, feed-in tariff, feed-in premium, and green certificate models can be solely applied or in combination with other models. Equity crowdfunding and green bonds are noteworthy as the models that can be implemented in an effectively functioning market independent from the previous three models. Tender and auction models are increasingly being used in place of feed-in tariff and feed-in premium. In addition, the design based on meter measurement is preferred for small-scale plants.

Kaynakça

  • Abdmouleh, Z., Alammari, R.A.M., & Gastli, A. (2015). Recommendations on renewable energy policies for the GCC countries. Renewable & Sustainable Energy Reviews, 50, 1181-1191. DOI:10.1016/j.rser.2015.05.057Abolhosseini, S., & Heshmati, A. (2014). The main support mechanisms to finance renewable energy development, IZA Discussion Paper No. 8182. Retrieved from https://papers.ssrn.com/sol3/ papers.cfm?abstract_id=2441478Bahar, H., Jagoda, E., & Steenblik, R. (2013). Domestic incentive measures for renewable energy with possible trade implications, OECD Trade and Environment Paper No. 2013/01. Retrieved from http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote= COM/TAD/ENV/JWPTE(2011)46/FINAL&docLanguage=EnBanerjee, A. (2019). Financing the climate change through green (climate sustainable) bonds, 2019 Advances in Science and Engineering Technology International Conferences, 1-4. DOI:10.1109/ICASET.2019.8714408Beck, F., & Martinot, E. (2004). Renewable energy policies and barriers, Encyclopedia of Energy, 5, 267. Retrieved from http://www.martinot.info/Beck_Martinot_AP.pdfCiarreta, A., Espinosa, M.P., & Pizarro-Irızar, C. (2017). Optimal regulation of renewable energy: A comparison of feed-in tariffs and tradable green certificates in the Spanish electricity system, Energy economics, 67(2017): 387-399. DOI:10.1016/j.eneco.2017.08.028Comello, S., & Reichelstein, S. (2017). Cost competitiveness of residential solar PV: The impact of net metering restrictions. Renewable and Sustainable Energy Reviews, 75 (May 2016), 46–57. DOI:10.1016/j.rser.2016.10.050Couture, T.D., Cory, K., Kreycik, C., & Williams, E. (2010). A policymaker’s guide to feed-in tariff policy design, Technical Report NREL/TP-6A2-44849. Retrieved from https://www.nrel.gov/docs/fy10osti/44849.pdfDeutsche Bank AG (2010). Global energy transfer feed-in tariffs for developing countries. Retrieved from https://institutional.dws.com/content/media/GET_FIT-_042610_FINAL.pdfDIE (2016). Green bonds: Taking off the rose-coloured glasses. Briefing paper 24/2016. Retrieved from https://www.die-gdi.de/briefing-paper/article/green-bonds-taking-off-the-rose-coloured-glassesDonastorg, A., Renukappa, S., & Suresh, S. (2017). Financing renewable energy projects in developing countries: A critical review. IOP Conference Series Earth and Environmental Science, 83(1). DOI:10.1088/1755-1315/83/1/012012DSIRE (2019). Database of State Incentives for Renewables & Efficiency. Retrieved from http://www.dsireusa.org/solar/solarpolicyguide/?id=17Eid, C., Guillén, J.R., Marín, P.F., & Hakvoort, R. (2014). The economic effect of electricity net-metering with solar PV: Consequences for network cost recovery, cross subsidies and policy objectives. Energy Policy, 75, 244-254. DOI:10.1016/j.enpol.2014.09.011
  • Energypedia (2019a). Feed-in tariffs (FIT). Retrieved from https://energypedia. info/wiki/Feed-in_Tariffs_(FIT)Energypedia (2019b). Feed-in premiums (FIP). Retrieved from https://energypedia.info/wiki/ Feed-in_Premiums_(FIP)Energypedia (2019c). Renewable energy quota and certificate schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Quota_and_Certificate_SchemesEnergypedia (2019ç). Renewable energy tendering schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Tendering_SchemesEnergypedia (2019d). Renewable energy quota and certificate schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Quota_and_Certificate_SchemesEuropean Commission (2013). Commission staff working document European Commission guidance for the design of renewables support schemes. Retrieved from https://ec.europa.eu/energy/sites/ener/files/documents/com_2013_public_intervention_swd04_en.pdfGianfrate, G., & Peri, M. (2019). Exploring the convenience of issuing green bonds. Journal of cleaner production, 219(2019): 127-135. DOI:10.1016/j.jclepro.2019.02.022Gierczak, M.M., Bretschneider, U., Haas, P., Blohm, I., & Leimeister, J.M. (2016). Crowdfunding: Outlining the new era of fundraising. Eds. Brüntje, D. & Gajda, O., Crowdfunding in Europe: State of the art in theory and practice. New York: Springer, 7-24.Gözen, M., & Durak, S. (2003). Yenilenebilir Enerji Kaynaklarından Elektrik Üretimine Yönelik Piyasa Düzenlemeleri ve Teşvik Uygulamaları, Retrieved from http://www.emo.org.tr/ ekler/6dce5f2f0e61edbek.pdfHagerman, S., Jaramillo, P., & Morgan, M.G. (2016). Is rooftop solar PV at socket parity without subsidies? Energy Policy, 89, 84-94. DOI:10.1016/j.enpol.2015.11.017IEA (2014). Net metering code: for connecting renewable energy generating systems to the distribution system in Ghana. Retrieved from https://www.iea.org/media/pams/ghana/ NetMeteringCodeGhanaAug.2014.pdfKandır, S.Y., & Yakar, S. (2017). Yenilenebilir enerji yatırımları için yeni bir finansal araç: Yeşil tahviller. Maliye Dergisi, 172: 85-110.Karasayar, C. (2017). Güneş enerjisinde çatı uygulamalarının dünya genelinde incelenmesi ve Türkiye'de gelişimini sağlamak için öneriler (Enerji uzmanlık tezi, Enerji Piyasası Düzenleme Kurumu, Ankara).Lind, A., & Rosenberg, E. (2014). How do various risk factors influence the green certificate market of Norway and Sweden? Energy Procedia, 58(2014): 9-15. DOI:10.1016/j.egypro. 2014.10.402Liptow, H., & Remler, S. (2012). Legal frameworks for renewable energy - Policy analysis for 15 developing and emerging countries. Bonn, Eschborn Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. Retrieved from https://www.icafrica.org/ fileadmin/documents/Knowledge/GIZ/Legal%20Frameworks%20for%20Renewable%20Energy.pdfLucas, H., Ferroukhi, R., & Hawila, D. (2013). Renewable energy auctions in developing countries. Abu Dhabi: IRENA Publications.NREL, National Renewable Energy Laboratory, (2019). Simple Levelized Cost of Energy (LCOE) Calculator Document. Retrieved from http://www.nrel.gov/analysis/tech_lcoe documentation.htmlOverholm, H. (2015). Spreading the rooftop revolution: What policies enable solar-as-a-service? Energy Policy, 84, 69-79. DOI:10.1016/j.enpol.2015.04.021REN21 (2018). Renewables 2018 global status report. Retrieved from http://www.ren21.net/ gsr-2018Rickerson, W., Laurent, C., Jacobs, D., Dietrich, C., & Hanley, C. (2012). Feed in tariffs as a policy instrument for promoting renewable energies and green economies in developing countries. Retrieved from https://unfccc.int/files/documentation/submissionsfromparties/ adp/application/pdf/unep_us_ws2.pdfTicaret Bakanlığı, 2019). Yenilenebilir Enerji Kooperatifleri. Erişim adresi: https://www. ticaret.gov.tr/kooperatifcilik/bilgi-bankasi/kooperatiflerhakkinda/yenilenebilir-enerji-koo peratifleriTongsopit, S., Moungchareon, S., Aksornkij, A., & Potisat, T. (2016). Business models and financing options for a rapid scale-up of rooftop solar power systems in Thailand. Energy Policy, 95: 447-457. DOI:10.1016/j.enpol.2016.01.023

Yenilenebilir Enerji Projelerine Yönelik Güncel Yatırım ve Finansman Modelleri: Karşılaştırmalı Bir Değerlendirme

Yıl 2020, Cumhuriyet Armağan Sayısı, 139 - 156, 28.10.2020
https://doi.org/10.18026/cbayarsos.637375

Öz

Dünyanın pek çok ülkesinde yenilenebilir enerji yatırımlarının ve toplam elektrik üretiminde yenilenebilir enerji kaynaklarının payının artırılması amacıyla çeşitli yatırım ve finansman modelleri uygulanmaktadır. Bu modellere örnek olarak sabit fiyat garantisi, prim garantisi, yeşil sertifika, ihale ve açık eksiltme, sayaç ölçümüne dayalı tasarım, proje finansmanı, üçüncü taraf sahipliği, enerji kooperatifi, paya dayalı kitle fonlaması, yeşil tahvil ve yenilenebilir enerji fonu verilebilir. Bu makalede bu modeller, yapısı ve işleyişi dikkate alınarak karşılaştırmalı olarak incelenmiştir. Söz konusu modellerden sabit fiyat garantisi, prim garantisi ve yeşil sertifika tek başına ya da diğer modeller ile birlikte uygulanabilen modellerdir. Paya dayalı kitle fonlaması ve yeşil tahvil, etkin işleyen bir piyasada söz konusu üç modele bağımlı olmaksızın uygulanabilecek modellerdir. Sabit fiyat garantisi ve prim garantisi yerine ihale ve açık eksiltme modelleri giderek artan bir şekilde kullanılmaktadır. Bunun yanında, küçük ölçekli tesisler için sayaç ölçümüne dayalı tasarım tercih edilmektedir.

Kaynakça

  • Abdmouleh, Z., Alammari, R.A.M., & Gastli, A. (2015). Recommendations on renewable energy policies for the GCC countries. Renewable & Sustainable Energy Reviews, 50, 1181-1191. DOI:10.1016/j.rser.2015.05.057Abolhosseini, S., & Heshmati, A. (2014). The main support mechanisms to finance renewable energy development, IZA Discussion Paper No. 8182. Retrieved from https://papers.ssrn.com/sol3/ papers.cfm?abstract_id=2441478Bahar, H., Jagoda, E., & Steenblik, R. (2013). Domestic incentive measures for renewable energy with possible trade implications, OECD Trade and Environment Paper No. 2013/01. Retrieved from http://www.oecd.org/officialdocuments/publicdisplaydocumentpdf/?cote= COM/TAD/ENV/JWPTE(2011)46/FINAL&docLanguage=EnBanerjee, A. (2019). Financing the climate change through green (climate sustainable) bonds, 2019 Advances in Science and Engineering Technology International Conferences, 1-4. DOI:10.1109/ICASET.2019.8714408Beck, F., & Martinot, E. (2004). Renewable energy policies and barriers, Encyclopedia of Energy, 5, 267. Retrieved from http://www.martinot.info/Beck_Martinot_AP.pdfCiarreta, A., Espinosa, M.P., & Pizarro-Irızar, C. (2017). Optimal regulation of renewable energy: A comparison of feed-in tariffs and tradable green certificates in the Spanish electricity system, Energy economics, 67(2017): 387-399. DOI:10.1016/j.eneco.2017.08.028Comello, S., & Reichelstein, S. (2017). Cost competitiveness of residential solar PV: The impact of net metering restrictions. Renewable and Sustainable Energy Reviews, 75 (May 2016), 46–57. DOI:10.1016/j.rser.2016.10.050Couture, T.D., Cory, K., Kreycik, C., & Williams, E. (2010). A policymaker’s guide to feed-in tariff policy design, Technical Report NREL/TP-6A2-44849. Retrieved from https://www.nrel.gov/docs/fy10osti/44849.pdfDeutsche Bank AG (2010). Global energy transfer feed-in tariffs for developing countries. Retrieved from https://institutional.dws.com/content/media/GET_FIT-_042610_FINAL.pdfDIE (2016). Green bonds: Taking off the rose-coloured glasses. Briefing paper 24/2016. Retrieved from https://www.die-gdi.de/briefing-paper/article/green-bonds-taking-off-the-rose-coloured-glassesDonastorg, A., Renukappa, S., & Suresh, S. (2017). Financing renewable energy projects in developing countries: A critical review. IOP Conference Series Earth and Environmental Science, 83(1). DOI:10.1088/1755-1315/83/1/012012DSIRE (2019). Database of State Incentives for Renewables & Efficiency. Retrieved from http://www.dsireusa.org/solar/solarpolicyguide/?id=17Eid, C., Guillén, J.R., Marín, P.F., & Hakvoort, R. (2014). The economic effect of electricity net-metering with solar PV: Consequences for network cost recovery, cross subsidies and policy objectives. Energy Policy, 75, 244-254. DOI:10.1016/j.enpol.2014.09.011
  • Energypedia (2019a). Feed-in tariffs (FIT). Retrieved from https://energypedia. info/wiki/Feed-in_Tariffs_(FIT)Energypedia (2019b). Feed-in premiums (FIP). Retrieved from https://energypedia.info/wiki/ Feed-in_Premiums_(FIP)Energypedia (2019c). Renewable energy quota and certificate schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Quota_and_Certificate_SchemesEnergypedia (2019ç). Renewable energy tendering schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Tendering_SchemesEnergypedia (2019d). Renewable energy quota and certificate schemes. Retrieved from https://energypedia.info/wiki/Renewable_Energy_Quota_and_Certificate_SchemesEuropean Commission (2013). Commission staff working document European Commission guidance for the design of renewables support schemes. Retrieved from https://ec.europa.eu/energy/sites/ener/files/documents/com_2013_public_intervention_swd04_en.pdfGianfrate, G., & Peri, M. (2019). Exploring the convenience of issuing green bonds. Journal of cleaner production, 219(2019): 127-135. DOI:10.1016/j.jclepro.2019.02.022Gierczak, M.M., Bretschneider, U., Haas, P., Blohm, I., & Leimeister, J.M. (2016). Crowdfunding: Outlining the new era of fundraising. Eds. Brüntje, D. & Gajda, O., Crowdfunding in Europe: State of the art in theory and practice. New York: Springer, 7-24.Gözen, M., & Durak, S. (2003). Yenilenebilir Enerji Kaynaklarından Elektrik Üretimine Yönelik Piyasa Düzenlemeleri ve Teşvik Uygulamaları, Retrieved from http://www.emo.org.tr/ ekler/6dce5f2f0e61edbek.pdfHagerman, S., Jaramillo, P., & Morgan, M.G. (2016). Is rooftop solar PV at socket parity without subsidies? Energy Policy, 89, 84-94. DOI:10.1016/j.enpol.2015.11.017IEA (2014). Net metering code: for connecting renewable energy generating systems to the distribution system in Ghana. Retrieved from https://www.iea.org/media/pams/ghana/ NetMeteringCodeGhanaAug.2014.pdfKandır, S.Y., & Yakar, S. (2017). Yenilenebilir enerji yatırımları için yeni bir finansal araç: Yeşil tahviller. Maliye Dergisi, 172: 85-110.Karasayar, C. (2017). Güneş enerjisinde çatı uygulamalarının dünya genelinde incelenmesi ve Türkiye'de gelişimini sağlamak için öneriler (Enerji uzmanlık tezi, Enerji Piyasası Düzenleme Kurumu, Ankara).Lind, A., & Rosenberg, E. (2014). How do various risk factors influence the green certificate market of Norway and Sweden? Energy Procedia, 58(2014): 9-15. DOI:10.1016/j.egypro. 2014.10.402Liptow, H., & Remler, S. (2012). Legal frameworks for renewable energy - Policy analysis for 15 developing and emerging countries. Bonn, Eschborn Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. Retrieved from https://www.icafrica.org/ fileadmin/documents/Knowledge/GIZ/Legal%20Frameworks%20for%20Renewable%20Energy.pdfLucas, H., Ferroukhi, R., & Hawila, D. (2013). Renewable energy auctions in developing countries. Abu Dhabi: IRENA Publications.NREL, National Renewable Energy Laboratory, (2019). Simple Levelized Cost of Energy (LCOE) Calculator Document. Retrieved from http://www.nrel.gov/analysis/tech_lcoe documentation.htmlOverholm, H. (2015). Spreading the rooftop revolution: What policies enable solar-as-a-service? Energy Policy, 84, 69-79. DOI:10.1016/j.enpol.2015.04.021REN21 (2018). Renewables 2018 global status report. Retrieved from http://www.ren21.net/ gsr-2018Rickerson, W., Laurent, C., Jacobs, D., Dietrich, C., & Hanley, C. (2012). Feed in tariffs as a policy instrument for promoting renewable energies and green economies in developing countries. Retrieved from https://unfccc.int/files/documentation/submissionsfromparties/ adp/application/pdf/unep_us_ws2.pdfTicaret Bakanlığı, 2019). Yenilenebilir Enerji Kooperatifleri. Erişim adresi: https://www. ticaret.gov.tr/kooperatifcilik/bilgi-bankasi/kooperatiflerhakkinda/yenilenebilir-enerji-koo peratifleriTongsopit, S., Moungchareon, S., Aksornkij, A., & Potisat, T. (2016). Business models and financing options for a rapid scale-up of rooftop solar power systems in Thailand. Energy Policy, 95: 447-457. DOI:10.1016/j.enpol.2016.01.023
Toplam 2 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Vedat Akdağ Bu kişi benim 0000-0001-9346-8339

Mustafa Gözen 0000-0002-5195-757X

Yayımlanma Tarihi 28 Ekim 2020
Yayımlandığı Sayı Yıl 2020 Cumhuriyet Armağan Sayısı

Kaynak Göster

APA Akdağ, V., & Gözen, M. (2020). Yenilenebilir Enerji Projelerine Yönelik Güncel Yatırım ve Finansman Modelleri: Karşılaştırmalı Bir Değerlendirme. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(Armağan Sayısı), 139-156. https://doi.org/10.18026/cbayarsos.637375