Redefining RES project capital structure

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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 http://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

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