Implementation Models of RECs in Public-Private Partnerships: The Distribution of Risks and Benefits among the Participants in the Operation

The aim of this work is to study possible models for the development of renewable energy communities (RECs) in public private partnership (PPP), aimed at supporting the transition of energy consumption of Italian public administrations towards renewable sources and the sharing of any energy-economic benefits with the community of reference. In particular, the research work analyses the correct balance of interests of the main protagonists of the operation: public concessionary authorities, private Concessionaire and the energy community as the subject that aggregates the interests of the reference community. Moreover, the work aims to highlight the main advantages and risks for each of the actors involved and examine in depth the system of rules and incentives that enhance the actors’ interest in these operations. The economic–financial balance of PPP operations has been investigated in order to quantify the residual economic benefits, after the amortization of the investments and the absorption of management costs. The results highlight that the sustainability of the investments for REC establishment is achieved only under certain conditions with rather modest returns and, in some cases, with the necessity of public capital contributions.