Determinants of Credit Allocation for Photovoltaic Projects : Research Outline and Preliminary Findings from Conjoint Experiments with German Financing Experts

摘要: An increasing concern for photovoltaic (PV) projects is a shortage of capital in the medium term. PV project financing an urgent topic due to fundamental lack knowledge about how debt providers evaluate this class infrastructure projects. Moreover, after recent turbulences on financial markets it unclear availability renewable energy will develop. In context models are decisive especially medium- and large-scale projects, since large shares needed: Practitioners assume ratios up 80% or even 90%. As there only limited academic research characteristics their impact credit allocations, focus lenders’ preferences different types. The explorative approach therefore addresses following question: Which types do lenders prefer finance? We try answer question by conducting Adaptive Choice Based Conjoint experiment (ACBC) with German experts (banks, savings banks, consultants, developers). To get robust relevant results we clearly define our scope: scale ground-mounted installations being subject Renewable Energy Sources Act (EEG) as 2009. Initially, supposed that from lender’s perspective two attributes might be utmost importance: First, Debt Service Cover Ratio (DSCR), indicating security loan repayment. Second, hardly discerned but assumingly important aspect initiator who central stakeholder during development. This attribute conceptualized referring possible initiators’ business models. Examples vertically integrated manufacturers, investors, service providers, regional multinational utilities. provide authentic conjoint experiment, six 22 levels total were developed through literature studies expert interviews. are: DSCR, system capacity, brand/low cost technology, initiator, maintenance concept, equity ratio. Our survey, taking place January March 2010, still online working paper written; thus, preliminary. report sample size 1.240 choice tasks conducted 30 interviewees; 40 50 expected participate end. So far, empirical data not support assumptions regarding outstanding importance DSCR initiator. Instead, preliminary suggestive “brand bias” decisions.