Redefining RES project capital structure

Stefanatos, Christos; Στεφανάτος, Χρήστος

dc.contributor.author	Stefanatos, Christos	en
dc.contributor.author	Στεφανάτος, Χρήστος	el
dc.date.accessioned	2019-04-15T09:24:40Z
dc.date.issued	2019-04-15
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/48631
dc.identifier.uri	http://dx.doi.org/10.26240/heal.ntua.15976
dc.rights	Default License
dc.subject	Finance	en
dc.subject	RES	en
dc.subject	Project	en
dc.subject	Bond	en
dc.subject	Equity	en
dc.subject	Χρηματοδότηση	el
dc.subject	Ενέργεια	el
dc.subject	Ανανεώσιμες	el
dc.subject	Έργο	el
dc.subject	Επένδυση	el
dc.title	Redefining RES project capital structure	en
heal.type	bachelorThesis
heal.classification	Finance	en
heal.classification	Renewable energy	en
heal.classification	Project finance	en
heal.classificationURI	http://id.loc.gov/authorities/subjects/sh2002007885
heal.classificationURI	http://zbw.eu/stw/descriptor/18024-3
heal.classificationURI	http://zbw.eu/stw/descriptor/19557-5
heal.dateAvailable	2020-04-14T21:00:00Z
heal.language	el
heal.language	en
heal.access	campus
heal.recordProvider	ntua	el
heal.publicationDate	2019-10-01
heal.abstract	Renewable projects are capital intensive projects that involve long investment horizons. Before 2008, renewable energy projects in Europe were financed by commercial lenders to up to 80% loan/ value ratios. Recent changes in international regulatory framework for banks, including Basel III accord, prevent banks from allocating high amounts of capital to less liquid assets, like project finance loans. This generates a shortfall in new project financing, that can only be counterbalanced with participation of Capital Markets to energy infrastructure project finance. This thesis examines some of the main attractions for non-bank financiers like institutional and retail investors to energy infrastructure assets. Holding shares in renewable Energy generation asset Investing enables investors to add a steady income stream. Another benefit is further diversification of their portfolio with the addition of an asset class with low correlation to other investments. However, there some challenges confining investors out of this asset class. Namely difficulty sourcing project to finance, complex deal flow and low volumes in secondary market transactions are some of the current drawbacks of energy infrastructure finance offerings. Based on these findings, the business plan and functional application demo for an equity crowd-financing platform is developed and presented. Research, design thinking and user experience design process for the platform is presented. This thesis supports that the platform alleviates key obstacles and issues for investors in infrastructure finance. Namely, deal flow and participation for individual investors is streamlined through the online platform, eliminating need for one-to-one meetings between each individual investor and project company representatives. Liquidity of the assets is enhanced, as multiple offerings and investors of the same field are aggregated in a single platform. At the same time, transactions between users are enabled, creating an active secondary market. In conclusion, this thesis supports that a thematic investing platform for the green energy assets will help accelerate projects essential for economic growth, promote alignment with EU guidelines and attract more investors to sustainable investing.	en
heal.advisorName	Αραβώσης, Κώνσταντίνος	el
heal.committeeMemberName	Αραβώσης, Κωνσταντίνος	el
heal.committeeMemberName	Πόνης, Σταύρος	el
heal.committeeMemberName	Παναγιώτου, Νικόλαος	el
heal.academicPublisher	Εθνικό Μετσόβιο Πολυτεχνείο. Σχολή Μηχανολόγων Μηχανικών. Τομέας Βιομηχανικής Διοίκησης και Επιχειρησιακής Έρευνας	el
heal.academicPublisherID	ntua
heal.numberOfPages	122 σ.
heal.fullTextAvailability	true