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Risk assessment and allocation is at the centre of project finance. Accordingly, project structuring and expected return are directly related to the risk profile of the project. The four main risk factors to consider when investing in renewable energy assets are: • Regulatory risks refer to adverse changes in laws and regulations, unfavourable tariff setting and change or breach of contracts. As long as renewable energy relies on government policy dependent tariff schemes, it will remain vulnerable to changes in regulation. However a diversified investment across regulatory jurisdictions, geographies, and technologies can help mitigate those risks. • Construction risks relate to the delayed or costly delivery of an asset, the default of a contracting party, or an engineering/design failure. Construction risks are less prevalent for renewable energy projects because they have relatively simple design, however, construction risks can be mitigated by selecting high-quality and experienced turnkey partners, using proven technologies and established equipment suppliers as well as agreeing on retentions and construction guarantees. figure 3.3: investment stages of renewable energy projects image A LARGE SOLAR SYSTEM OF 63M2 RISES ON THE ROOF OF A HOTEL IN CELERINA, SWITZERLAND. THE COLLECTOR IS EXPECTED TO PRODUCE HOT WATER AND HEATING SUPPORT AND CAN SAVE ABOUT 6,000 LITERS OF OIL PER YEAR. THUS, THE CO2 EMISSIONS AND COMPANY COSTS CAN BE REDUCED. • Financing risks refer to the inadequate use of debt in the financial structure of an asset. This comprises the abusive use of leverage, the exposure to interest rate volatility as well as 3 the need to refinance at less favourable terms. • Operational risks include equipment failure, counterparty default and reduced availability of the primary energy source (e.g. wind, heat, radiation). For renewable assets a lower than forecasted resource availability will result in lower revenues and profitability so this risk can damage the business case. For instance, abnormal wind regimes in Northern Europe over the last few years have resulted in some cases in breach of coverage ratios and in the inability of some projects to pay dividends to shareholders. figure 3.2: overview risk factors for renewable energy projects DEVELOPMENT REGULATORY RISKS FINANCING RISKS SWISS RE PRIVATE EQUITY PARTNERS. source CONSTRUCTION RISKS OPERATIONAL RISKS Lower OPERATIONS • Operations • Maintenance • Refinancing • Refurbishment/Repowering BROWNFIELD Higher Stage RISKS CONSTRUCTION • Financing close • Equipment procurement • Engineering • Construction • Commissioning LATE-STAGE GREENFIELD • Site identification • Approval & permitting process • Land procurement • Technical planning Strategy EARLY-STAGE GREENFIELD source SWISS RE PRIVATE EQUITY PARTNERS. 51 implementing the energy [r]evolution | RENEWABLE ENERGY FINANCING BASICS © DAVIS / GREENPEACE © DAVIS / GREENPEACE © LANGROCK / GREENPEACE © GP/EX-PRESS/HEIKEPDF Image | SUSTAINABLE WORLD ENERGY OUTLOOK
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