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show report investment growth in 2012, compared with 2011, with a 17 percent increase in investment to $7.6 billion.57 The World Bank and other global development banks are important sources for financing both small and large hydropower projects in emerging markets (table 5.9). As of March 2013, the World Bank Group had $6 billion of lending to hydropower projects under development; one-fourth of these were projects to rehabilitate existing hydropower plants.58 The World Bank often funds hydropower projects as part of financing syndicates that involve funding from one or more development banks, commercial banks, and local governments.59 Most development banks have programs focused on funding sustainable development and renewable energy projects, including hydropower projects. Much of the related services work, including resource assessment, feasibility studies, environmental impact statements, engineering design, construction management, and quality control, is carried out by firms from the United States and other developed countries that can meet the qualification requirements of the funding entities.60 In addition to funding capital costs for particular projects, some global development banks also contribute equity financing to companies based in developing countries. In one example, in 2013 the Asian Development Bank announced its first equity investment of $30 million in a private, India-based renewable energy company—India-based NSL Renewable Power Private Ltd. The company will use the funds toward construction of the 100 MW Tidong run-of-river hydropower project in Himachal Pradesh and a 75 MW Chilarewadi wind plant in Maharashtra.61 A representative of one development bank noted that hydropower projects can be particularly difficult to finance due to their social and environmental impacts; run-of-river projects were easier than others, presumably because they tend to have the lowest impacts.62 Trade Barriers There are very few barriers specifically targeting hydropower service providers, though more general restrictions on investment or movement of workers may affect a firm’s ability to operate in a given market. One of the barriers to exporting hydropower services reported by U.S. industry representatives was difficulty matching the financing terms that some foreign firms are able to offer to project developers. 63 A U.S. industry representative working on small hydropower projects in India also reported that in his experience, U.S. firms face particular scrutiny from the Indian government, compared with local firms, including frequent tax audits, difficulty moving money out of the country, and high tariffs (22 percent) on imported equipment. This situation has led at least one company to rely much more extensively on Indian-made equipment than they 57 As noted, this refers to projects of 50MW or less, including both greenfield and refurbishment projects. BNEF, “New Investment in Clean Energy Fell 11%,” January 14, 2013. 58 World Bank website, n.d. http://water.worldbank.org/node/84059 (accessed March 19, 2013). 59 Industry representative, interview with USITC staff, Tokyo, March 10, 2013; industry representative, interview with USITC staff, Beijing, May 17, 2013. 60 Environmental Business Journal, “Multilateral Development Banks Push Ahead,” 2012, 33. 61 BNEF Newswatch, “Asian Development Bank Invests in Indian Renewable Power Company,” May 2, 2013. 62 Government representative, interview with USITC staff, Tokyo, May 13, 2013. 63 Industry representative, telephone interview with USITC staff, May 14, 2013. 5-19PDF Image | Renewable Energy and Related Services: Recent Developments
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