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Renewable Energy and Capital Markets
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Renewable Energy and Capital Markets

A special issue of Energies (ISSN 1996-1073). This special issue belongs to the section "C: Energy Economics and Policy".

Deadline for manuscript submissions: closed (30 September 2021) | Viewed by 9340

Special Issue Editors

Prof. Dr. Betty J. Simkins

E-Mail Website
Guest Editor
Department of Finance, Spears School of Business, Oklahoma State University, Stillwater, OK 74078-4011, USA
Interests: energy finance; energy policy; risk management; commodity risk management; corporate finance
Prof. Dr. David Carter

E-Mail Website
Guest Editor
Department of Finance, Spears School of Business, Oklahoma State University, Stillwater, OK 74078-4011, USA
Interests: risk management; corporate governance; energy issues; behavioral finance

Special Issue Information

Dear Colleagues,

Concerns about climate change have renewed interest in renewable energy sources. Renewable energy sources are those energy sources that are naturally replenished on a continuous, or near continuous, basis. Primary examples of renewable energy sources include solar energy, wind power, geothermal energy, hydropower, bioenergy, and tidal power. While most of these renewable energy sources are primarily useful for electrical energy generation, others are utilized for transportation and heating. Over the next 20–30 years, demand for energy provided by renewable energy sources is expected to grow significantly. In particular, the ExxonMobil Outlook for Energy projects a tripling in the demand for solar and wind energy power, from around 17 quadrillion BTUs in 2017 to 41 quadrillion BTUs in 2040. The U.S. Energy Information Administration projects that by 2050, almost 50% of electrical generation will be from renewable energy sources, primarily solar, wind, and hydropower. The increase in demand for renewable energy sources will require a significant infusion of capital from a variety of sources. Capital will be required for the production/generation, transmission/transportation, and storage of renewable energy. For example, electrical storage is an important issue with respect to wind and solar power due to their intermittent nature and will require capital to develop and deploy the necessary capacity. Further, the adoption of electric powered vehicles will require a significant increase in the capacity of the power grid necessary to charge the vehicles. Capital can come from many sources, including traditional stock issuance, private equity, and debt markets. Research is necessary to better understand how the growth in renewable energy sources will be financed, as well as the implications for capital structure and corporate control.

Prof. Dr. Betty J. Simkins
Prof. Dr. David A. Carter
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Energies is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • investment in renewable energy projects
  • capital markets and renewable energy projects
  • sources of capital for renewable energy projects
  • private equity and renewable energy projects
  • the use of debt and hybrid securities for renewable energy projects
  • financing for electrical storage development
  • stock market reactions to regulatory or policy changes for firms engaged in renewable energy projects.

Published Papers (3 papers)

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Research

10 pages, 1073 KiB  
Communication
Financing Energy Transition with Real Estate Wealth
by Jussi Vimpari
Energies 2020, 13(17), 4289; https://doi.org/10.3390/en13174289 - 19 Aug 2020
Cited by 9 | Viewed by 2373
Abstract
Transition to a low carbon energy system requires extensive private investment and novel financing instruments. Corporate power purchase agreements (PPAs) have been proven effective in increasing renewables financing. The challenge is to scale this corporate model to smaller energy consumers that form a [...] Read more.
Transition to a low carbon energy system requires extensive private investment and novel financing instruments. Corporate power purchase agreements (PPAs) have been proven effective in increasing renewables financing. The challenge is to scale this corporate model to smaller energy consumers that form a significant part of the global total energy demand and carbon dioxide emissions. This paper examines collateral strength and global potential of the real estate sector as an offtaker for PPAs. The strength is evaluated by constructing a detailed energy and economic model for 90,000 buildings in the Helsinki Metropolitan Area (HMA), Finland. The global potential is evaluated by creating country-level profiles with global data of interest rates, energy consumption, and energy costs. The results suggest that real estate is a strong offtaker as the HMA’s value of real estate collateral compared to required wind power capital expenditures (that could cover electricity demand of the buildings) is approximately 100:1, and for cash flows, the ratio is 70:1 between gross rents and PPA costs. Analysis of global data suggests that the majority of buildings’ energy consumption in OECD countries as well as a large part of China’s energy consumption could fall into low access finance under the presented concept. Full article
(This article belongs to the Special Issue Renewable Energy and Capital Markets)
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22 pages, 2047 KiB  
Article
From “Coal to Gas” to “Coal to Biomass”: The Strategic Choice of Social Capital in China
by Qiang Wang, Thomas Dogot, Yueling Yang, Jian Jiao, Boyang Shi and Changbin Yin
Energies 2020, 13(16), 4171; https://doi.org/10.3390/en13164171 - 12 Aug 2020
Cited by 9 | Viewed by 2598
Abstract
Currently, the Chinese government is promoting the transformation of clean energy in rural areas to reduce the consumption of coal to cope with the smog. It is mainly based on “coal to gas”. The development of biomass resources in agricultural areas is an [...] Read more.
Currently, the Chinese government is promoting the transformation of clean energy in rural areas to reduce the consumption of coal to cope with the smog. It is mainly based on “coal to gas”. The development of biomass resources in agricultural areas is an alternative means of energy supply. In order to improve rural energy structure, we propose to upgrade “coal to gas” to “coal to biomass” derived from centralized biogas production (CBP) and straw-briquetting fuel (SBF). This study deals with the question of financing such projects. The public–private partnership (PPP) model is seen as a response that can mobilize social capital to finance investments in these new modes of production and energy supply in rural areas. Based on an analysis of the strengths, weaknesses, opportunities and threats (SWOT) of the two projects considered above, an analytic hierarchy process (AHP) was carried out with the assistance of experts in order to clarify the strategic choices which are more suitable for investors. First, we built a PPP strategic-decision model. The decision model was divided into four strategies (pioneering strategy, struggling strategy, conservative strategy and striving strategy) and two development intensities (conservative and proactive). We used this method to construct a SWOT–AHP model of the PPP strategy for CBP and SBF based on the investigation from the experts. The strategic-decision model identified that a pioneering strategy based on opportunity type is promised for SBF, while a more aggressive type strategy in struggling strategy is essential for the CBP. In order to encourage investors to adopt a positive and optimistic attitude towards the two projects, the public authorities have a role of guidance to ensure the mobilization of the social capital necessary for the construction of the projects. Full article
(This article belongs to the Special Issue Renewable Energy and Capital Markets)
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Graphical abstract

18 pages, 1303 KiB  
Article
Economics of Distributed Power Generation via Gasification of Biomass and Municipal Solid Waste
by Natarianto Indrawan, Betty Simkins, Ajay Kumar and Raymond L. Huhnke
Energies 2020, 13(14), 3703; https://doi.org/10.3390/en13143703 - 18 Jul 2020
Cited by 29 | Viewed by 3822
Abstract
More than one billion people worldwide still lack access to electricity. Rural electrification via gasification has the potential to satisfy electricity access and demand. This study conducts an economic evaluation of rural electrification through gasification of biomass and municipal solid waste (MSW) using [...] Read more.
More than one billion people worldwide still lack access to electricity. Rural electrification via gasification has the potential to satisfy electricity access and demand. This study conducts an economic evaluation of rural electrification through gasification of biomass and municipal solid waste (MSW) using a 60 kW downdraft gasifier, developed at Oklahoma State University. The effects of feedstock cost, electricity selling price, feed-in-tariff, tipping fee, tax rate, and the output power are evaluated using major financial parameters: the net present value, internal rate of return, modified internal rate of return, simple payback period, and discounted payback period, and sensitivity analysis. Results show that the downdraft gasification power system offers a payback period of 7.7 years, while generating an internal rate of return, modified internal rate of return, and net present value of 10.9%, 7.7%, and $84,550, respectively. Results from a sensitivity analysis indicate that the feed-in-tariff has the greatest positive contribution to the project’s net present value. Using MSW, the gasification power system potentially reduces carbon dioxide, nitrogen oxides, and sulfur dioxide emissions as compared to direct combustion and landfill. The technology provides a promising future for rural electrification utilizing biomass and MSW whilst offering economic and environmental benefits for local communities. Full article
(This article belongs to the Special Issue Renewable Energy and Capital Markets)
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