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Financing renewable energy projects via closed-end funds—a German case study

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  • Enzensberger, N.
  • Fichtner, W.
  • Rentz, O.

Abstract

During recent years, closed-end funds have become one of the dominant financing schemes for wind farms in Germany. Having evolved out of the traditional model of local citizen-financed wind farms (‘Bürgerwindpark’), closed-end wind funds can be seen as a logical consequence of the increasing professionalism and specialisation trend within the wind business as a whole. This article illustrates the basic market mechanisms behind the project development and financing approach based on closed-end funds and gives an overview on recent market developments in Germany. Finally, the transferability of this approach to other technologies or other regional markets is discussed.

Suggested Citation

  • Enzensberger, N. & Fichtner, W. & Rentz, O., 2003. "Financing renewable energy projects via closed-end funds—a German case study," Renewable Energy, Elsevier, vol. 28(13), pages 2023-2036.
    • Handle: RePEc:eee:renene:v:28:y:2003:i:13:p:2023-2036
    DOI: 10.1016/S0960-1481(03)00080-6
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    References listed on IDEAS

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    1. N. Enzensberger, M. Wietschel, O. Rentz, 2002. "Green IPP projects - reflections on risk structure," International Journal of Global Energy Issues, Inderscience Enterprises Ltd, vol. 17(3), pages 250-265.
    2. Enzensberger, N. & Wietschel, M. & Rentz, O., 2002. "Policy instruments fostering wind energy projects--a multi-perspective evaluation approach," Energy Policy, Elsevier, vol. 30(9), pages 793-801, July.
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    Cited by:

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    2. Benavides-Franco, Julián & Gómez, Juan M. & Pérez-Uribe, Miguel A., 2023. "Determinants of Project Finance success for renewable energy," Renewable Energy, Elsevier, vol. 211(C), pages 188-201.
    3. Fuentes González, Fabián & Webb, Janette & Sharmina, Maria & Hannon, Matthew & Braunholtz-Speight, Timothy & Pappas, Dimitrios, 2022. "Local energy businesses in the United Kingdom: Clusters and localism determinants based on financial ratios," Energy, Elsevier, vol. 239(PB).
    4. Wu, Jing & Zuidema, Christian & de Roo, Gert, 2022. "Collaborative efforts on energy transition in urban China: Institutional enabling and constraining conditions," Renewable and Sustainable Energy Reviews, Elsevier, vol. 168(C).
    5. Benjamin HUYBRECHTS & Sybille MERTENS, 2014. "The Relevance Of The Cooperative Model In The Field Of Renewable Energy," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 85(2), pages 193-212, June.
    6. Egli, Florian, 2020. "Renewable energy investment risk: An investigation of changes over time and the underlying drivers," Energy Policy, Elsevier, vol. 140(C).
    7. Dimitrios Angelopoulos & Robert Brückmann & Filip JirouÅ¡ & Inga KonstantinaviÄ iÅ«tÄ— & Paul Noothout & John Psarras & Lucie Tesnière & Barbara Breitschopf, 2016. "Risks and cost of capital for onshore wind energy investments in EU countries," Energy & Environment, , vol. 27(1), pages 82-104, February.
    8. Bhatnagar, S. & Sharma, D., 2022. "Evolution of green finance and its enablers: A bibliometric analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 162(C).
    9. Boccard, Nicolas, 2009. "Capacity factor of wind power realized values vs. estimates," Energy Policy, Elsevier, vol. 37(7), pages 2679-2688, July.
    10. Yildiz, Özgür & Rommel, Jens & Debor, Sarah & Holstenkamp, Lars & Mey, Franziska & Müller, Jakob R. & Radtke, Jörg & Rognli, Judith, 2014. "Research Perspectives on Renewable Energy Cooperatives in Germany: Empirical Insights and Theoretical Lenses," MPRA Paper 55931, University Library of Munich, Germany.
    11. Yildiz, Özgür, 2014. "Financing renewable energy infrastructures via financial citizen participation – The case of Germany," Renewable Energy, Elsevier, vol. 68(C), pages 677-685.
    12. Steffen, Bjarne, 2018. "The importance of project finance for renewable energy projects," Energy Economics, Elsevier, vol. 69(C), pages 280-294.
    13. Barbara Breitschopf & Martin Pudlik, 2013. "Basel Iii and Solvency Ii: Are the Risk Margins for Investments in Pv and Wind Adequate?," Energy & Environment, , vol. 24(1-2), pages 171-194, February.

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