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Renewable energy projects (REPs) are critical to providing a clean and sustainable environmental perspective alongside the economic prosperity of any country. Unfortunately, recent trends in renewable energy projects (REPs) are not positive enough regarding their successful completion within the budgeted cost, planned time, proposed quality, and other necessary constraints. Although the pertinent literature has discussed the critical success factors (CSFs) for such projects, their influencing mechanism with respect to the role of key stakeholders is still overlooked. This study recognizes several critical success factors (CSFs) and their influencing mechanisms onto renewable energy projects (REPs) in order to evaluate direct influences onto project success as well as indirect influences through stakeholders’ satisfaction (SS) as mediation on the project success of small and medium-sized renewable energy projects (REPs) in Pakistan’s energy sector. A sample of about 272 respondents working with renewable energy projects (REPs), including key stakeholders, has been collected to perform data analysis and draw inferences. A structural equation modeling (SEM) approach was used for data analysis and inference drawing. The results show that though there is a positive and direct association between critical success factors (CSFs) and project success, a partial mediating role of stakeholders’ satisfaction (SS) between CSFs and project success was still determined. Hence, it was found that CSFs significantly contribute to renewable energy projects (REPs) through mediating influences of stakeholders’ satisfaction (SS). The findings confirmed that stakeholders’ satisfaction (SS) is a key determinant for critical success factors (CSFs) in renewable energy projects (REPs). Moreover, stakeholders’ satisfaction (SS) emerged to be a crucial element for the completion of such projects. The empirical findings of this study might have a useful effect on academicians and the practitioners engaged with renewable energy projects (REPs).

Οι Ανανεώσιμες Πηγές Ενέργειας (ΑΠΕ) αποτελούν σήμερα το σημαντικότερο εργαλείο για την αντιμετώπιση της κλιματικής αλλαγής και την επίτευξη των ενωσιακών στόχων για ταχεία μετάβαση στην πράσινη ενέργεια. Οι μελέτες χωροθέτησης των έργων ΑΠΕ πρέπει να λαμβάνουν υπόψη τους τη φέρουσα ικανότητα των περιοχών και τις πιθανές περιβαλλοντικές επιπτώσεις που μπορεί να προκύψουν. Σκοπός της διπλωματικής εργασίας είναι να εξεταστεί η φέρουσα ικανότητα της Περιφέρειας Δυτικής Μακεδονίας ως προς την εγκατάσταση μονάδων παραγωγής ηλεκτρικής ενέργειας από ανανεώσιμες πηγές. Με αφετηρία αυτόν τον σκοπό, παρουσιάζεται στην παρούσα εργασία μια μεθοδολογία εφαρμογής κριτηρίων αποκλεισμού θεσμικού, τεχνικού και περιβαλλοντικού χαρακτήρα όσον αφορά τη χωροθέτηση τέτοιων έργων με αποτέλεσμα τη δημιουργία δύο περιπτώσεων επιτρεπόμενων περιοχών χωροθέτησης, μέσω των οποίων μπορούμε να ελέγξουμε τις επιπτώσεις προσθήκης νέων κριτηρίων αποκλεισμού περιοχών και της αυστηροποίησης των ήδη υπαρχόντων από την νομοθεσία ως προς τη φέρουσα ικανότητα της περιοχής σε έργα ΑΠΕ. Για τη σωστή εφαρμογή κριτηρίων αποκλεισμού, βάση αποτέλεσαν παραδείγματα και τρόποι προσέγγισης χωρών του εξωτερικού και η μελέτη και ο σχολιασμός της ισχύουσας ελληνικής νομοθεσίας ως προς την χωροθέτηση έργων ΑΠΕ. Για την οπτικοποίηση των αποτελεσμάτων της μεθοδολογίας σε χάρτες το βασικό εργαλείο που χρησιμοποιήθηκε είναι τα γεωγραφικά συστήματα πληροφοριών, μέσω των οποίων έγινε η εφαρμογή των κριτηρίων και ο διαχωρισμός τους σε κλίμακες καταλληλότητας και τέλος η ανάλυση των παραπάνω για την ανάδειξη των κατάλληλων περιοχών. Τα αποτελέσματα της εργασίας και οι χάρτες με τις προτεινόμενες περιοχές χωροθέτησης που προέκυψαν μπορούν να χρησιμοποιηθούν ως εργαλείο αξιολόγησης των υφιστάμενων και των υπό αδειοδότηση μελλοντικών έργων της περιφέρειας. Τα κριτήρια αποκλεισμού και οι περιοχές χωροθέτησης που προτείνονται μπορούν να χρησιμοποιηθούν σε μελλοντικές μελέτες που αφορούν την ανάπτυξη έργων ΑΠΕ στην περιοχή και να συμβάλλουν στην αρμονική ένταξη τους στον περιβάλλον., Renewable Energy Sources (RES) are currently the most important tool for tackling climate change and achieving the EU 's goals for a rapid transition to green energy. Spatial planning for RES projects must consider the bearing capacity of the area and the potential environmental impacts that may occur. The purpose of this dissertation is to examine the load-bearing capacity of the Region of Western Macedonia for the installation of electricity generation units from renewable sources. With this in mind, this paper presents a methodology for applying institutional, technical and environmental exclusion criteria for site selection of such projects, resulting in the creation of two scenarios of permitted sites, through which we can examine the effects of adding new exclusion criteria and tightening already existing ones regarding the load-bearing capacity of the area in RES projects. For the correct application of exclusion criteria, the basis were the examples and the way of approach of foreign countries on such matters as well as the study and the commentary of the current Greek legislation regarding the site selection of RES projects. For the visualization of the results of the methodology on maps, the main tool used is the geographical information systems (GIS), through which the criteria were applied and divided into scales of suitability and finally the analysis of all the above to highlight the appropriate areas. The results of the study and the maps with the proposed siting areas that emerged can be used as a tool to evaluate the existing and future licensed projects of the region. The proposed exclusion criteria and sites can be used in future studies concerning the development of RES projects in the area and contribute to their harmonious integration to the environment.

Глобальні кліматичні зміни, проблематика наслідків аварій на електростанціях, підвищення цін на енергоносії, зростання потреб в енергетичних ресурсах зумовлюють необхідність коригування енергетичної політики багатьох країн у напрямі розвитку відновлювальних джерел енергії. Стратегію України в цій сфері спрямовано на вирішення основних проблемних питань щодо збільшення частки енергії з відновлюваних джерел у структурі загального первинного постачання енергії та пошуку й використання вмілих підходів до управління проєктами відновлювальної енергетики. Проведено дослідження стану та проблем розвитку відновлювальної енергетики України. Виходячи з результатів проведеного аналізу робіт вітчизняних та зарубіжних вчених і дослідників області управління проєктами відновлюваних джерел енергії зроблено висновок, що цей аспект є досліджено частково та фрагментарно, означені проблеми існуючого управління. Визначено, що для забезпечення стійкого розвитку напряму відновлювальної енергетики й здійснення прогнозів потрібне правильне та вміле управління проєктами відновлюваних джерел енергії, яке враховує їхні специфічні особливості та направлене на підвищення ефективності таких проєктів. Розкрито, що до відновлюваних джерел енергії належать періодичні або сталі потоки енергії, що розповсюджуються в природі і обмежені лише стабільністю Землі як космопланетарного елемента: променева енергія Сонця, вітру, гідроенергія, природна теплова енергія тощо. Виявлені види проєктів відновлюваних джерел енергії та їхні особливості, які розглянуті в рамках категорій. Проведено класифікацію проєктів відновлюваних джерел енергії. Виділені відмінні ознаки проєктів відновлюваних джерел енергії та особливості управління ними. Визначено, що проєкти відновлюваних джерел енергії володіють ризиками, є екологічно чистими й залежними від великої кількості стейкхолдерів. Global climate change, the consequences of accidents at power plants, rising energy prices, rising demand for energy resources necessitate the adjustment of energy policy of many countries in the direction of development of renewable energy sources. Ukraine's strategy in this area is aimed at solving the main problems of increasing the share of energy from renewable sources in the structure of the overall primary energy supply and the search for and use of skilful approaches to the management of renewable energy projects. A study of the state and problems of development of renewable energy in Ukraine. Based on the results of the analysis of the work of domestic and foreign scientists and researchers in the field of renewable energy project management, it is concluded that this aspect is studied in part and in fragments, identified problems of existing management. It is determined that to ensure the sustainable development of renewable energy and the implementation of forecasts requires proper and skillful management of renewable energy projects, which takes into account their specific features and aims to improve the efficiency of such projects. It is revealed that renewable energy sources include periodic or constant energy flows that propagate in nature and are limited only by the stability of the Earth as a cosmoplanetary element: radiant energy of the Sun, wind, hydropower, natural heat and more. The types of renewable energy projects and their features are identified, which are considered within the categories. The classification of renewable energy projects is carried out. Distinctive features of renewable energy projects and features of their management are highlighted. Renewable energy projects have been identified as being at risk, environmentally friendly and dependent on a large number of stakeholders.

In Chapter 9, Karin Buhmann and her colleagues examine social implication of how climate change has spurred projects in Arctic countries to shift to low-carbon renewable energy sources. Several of these projects have been met by protests by local communities including Indigenous groups concerned with environmental and social impacts. These tensions underscore the need for stronger and meaningful involvement of communities and Indigenous groups and peoples in impact assessments and consultation processes in order to identify and address concerns from the local perspective. Based on cases from Sápmi, Greenland and Canada this chapter shows that renewable energy projects can have perversely negative impacts on community health and safety as well as the traditions and income-generating activities of Arctic Indigenous groups. The authors argue that the need for energy justice highlights the importance of approaching climate change responses and renewable energy transitions in ways that adequately address local concerns, needs and rights in a manner that is meaningful to those who may be adversely affected.

Résumé Cet article traite l’importance des «sukuks» verts sous l’angle de sa contribution à la mise en place de l’Accord de Paris. Dans un premier point nous donnerons un bref aperçu sur le rôle de la finance islamique dans la promotion du développement durable. Le deuxième focalisera sur les réponses que cette finance alternative propose aux questions environnementales et sociales. Enfin, nous évoquerons les principales conclusions et les recommandations pour une gestion saine de l’environnement. Nous proposerons dans ce dernier point une feuille de route qui conduirait les décideurs à créer un marché vert de «sukuk» au Maroc. Mots clés: Finance verte, RSE, ESG, Finance Islamique, Finance Conventionnelle, les projets d’énergie renouvelable, développement durable, obligations vertes, «sukuks» verts. Abstract This article discusses the importance of green «sukuks» and its role in achieving the Sustainable Development Goals (SDGs). In a first point we will give a brief overview on the role of Islamic finance in promoting sustainable development. The second will focus on the answers that this alternative finance offers to environmental and social issues. Finally, we will discuss the main conclusions and recommendations for sound environmental management. We will propose in this last point a roadmap that would lead the decision makers to create a green market of «sukuk» in Morocco. Keywords: Green Finance, CSR, ESG, Islamic Finance, Conventional Finance, Renewable Energy Projects, Sustainable Development, Green Bonds, Green «sukuks».

R��sum�� Cet article traite l���importance des �� sukuks �� verts sous l���angle de sa contribution �� la mise en place de l���Accord de Paris. Dans un premier point nous donnerons un bref aper��u sur le r��le de la finance islamique dans la promotion du d��veloppement durable. Le deuxi��me focalisera sur les r��ponses que cette finance alternative propose aux questions environnementales et sociales. Enfin, nous ��voquerons les principales conclusions et les recommandations pour une gestion saine de l���environnement. Nous proposerons dans ce dernier point une feuille de route qui conduirait les d��cideurs �� cr��er un march�� vert de �� sukuk �� au Maroc. Mots cl��s : Finance verte, RSE, ESG, Finance Islamique, Finance Conventionnelle, les projets d�����nergie renouvelable, d��veloppement durable, obligations vertes, �� sukuks �� verts. Abstract This article discusses the importance of green �� sukuks �� and its role in achieving the Sustainable Development Goals (SDGs). In a first point we will give a brief overview on the role of Islamic finance in promoting sustainable development. The second will focus on the answers that this alternative finance offers to environmental and social issues. Finally, we will discuss the main conclusions and recommendations for sound environmental management. We will propose in this last point a roadmap that would lead the decision makers to create a green market of �� sukuk �� in Morocco. Keywords: Green Finance, CSR, ESG, Islamic Finance, Conventional Finance, Renewable Energy Projects, Sustainable Development, Green Bonds, Green �� sukuks ��.

In order to mitigate climate change and its impacts, it is crucial to replace fossil fuels with renewable energy sources. The extent to which renewable energy projects can be implemented largely depends on public acceptability. We studied how public acceptability is influenced by people’s trust in agents responsible for renewable energy projects and the influence that people have over decisions regarding these projects. As expected, higher trust and having influence over major decisions regarding the project led to higher project acceptability. Public acceptability was lowest when people had low trust in responsible agents and when people could only influence minor decisions regarding the project. We found a similar pattern of results in our samples in the Netherlands and China, providing initial evidence that trust in responsible agents and public influence over decisions may have similar effects on public acceptability of renewable energy projects across different countries and cultures.

Project finance in renewable energy remains complex regarding the risk allocation between parties and sophisticated financial modeling of the renewable energy power plants. This paper aims to address and evaluate these risks quantitatively by building a financial model of renewable energy projects and performing sensitivity analysis on key risk and success factors and demonstrate how investors value and decide to invest in renewable energy projects and/or companies. We mainly find that the effects of macroeconomics such as (interest rates and inflation) and lender’s (such as loan margins and the debt-service-coverage-ratio “DSCR”) factors on project’s prospect are relatively smaller when compared to those of project’s characteristics from revenue (such as plant’s capacity, energy generation, PPA price, and plant’s lifetime) and cost (such as CAPEX and O&M costs) factors. The outcome of this thesis will be useful for project developers and investors. Particularly, on the one hand, this thesis can help the developers identify and manage key risk factors of the project. On the other hand, it can help assist the investors to make a proper investment decision EMJMD STEPS Consortium

Construction projects are highly risk-prone due to both internal factors (e.g., organizational, contractual, project, etc.) and external factors (e.g., environmental, economic, political, etc.). Construction risks can thus have a direct or indirect impact on project objectives, such as cost, time, safety, and quality. Identification of these risks is crucial in order to fulfill project objectives. Many tools and techniques have been proposed for risk identification, including literature review, questionnaire surveys, and expert interviews. However, the majority of these approaches are highly reliant on expert knowledge or prior knowledge of the project. Therefore, the application of such tools and techniques in risk identification for renewable energy projects (e.g., wind farm and solar power plant projects) is challenging due to their novelty and the limited availability of historical data or literature. This paper addresses these challenges by introducing a new risk identification framework for renewable energy projects, which combines case-based reasoning (CBR) with fuzzy logic. CBR helps to solve problems related to novel projects (e.g., renewable energy projects) based on their similarities to existing, well-studied projects (e.g., conventional energy projects). CBR addresses the issue of data scarcity by comparing novel types of construction projects to other well-studied project types and using the similarities between these two sets of projects to solve the different problems associated with novel types of construction projects, such as risk identification of renewable energy projects. Moreover, the integration of fuzzy logic with CBR, to develop fuzzy case-based reasoning (FCBR), increases the applicability of CBR in construction by capturing the subjective uncertainty that exists in construction-related problems. The applicability of the proposed framework was tested on a case study of an onshore wind farm project. The objectives of this paper are to introduce a novel framework for risk identification of renewable energy projects and to identify the risks associated with the construction of onshore wind farm projects at the work package level. The results of this paper will help to improve the risk management of renewable energy projects during the construction phase.

[EN] The problem of financing renewable energy (RE) projects has become a crucial issue for private and public decision-makers worldwide. Based on the European experience, the lack of credit makes it difficult for commercial banks to fund RE projects with traditional loans. In recent years, Project Finance has been widely used as a mechanism for funding RE projects. Project Finance decisions from lenders are made in a traditional way including quantitative financial criteria and qualitative risk assessment for non-financial criteria. In this paper, we show how the VIKOR method is applied to the selection of RE projects to be funded by commercial banks when using Project Finance. The method is combined with the AHP method for weighting the importance of the different criteria. We propose a multicriteria approach to select RE projects in which the decision maker takes into consideration financial criteria and a set of non-financial criteria regarding the technological, political-legal and socio-environmental risks of RE projects. In order to gain insight into the RE financial decision-making process, the paper makes a contribution to research in the financial field of RE investments and proposes some suggestions for managerial and practical decision making.

MSc (Environmental Management), North-West University, Potchefstroom Campus The concept of sustainability is the principal objective of Environmental Impact Assessment (EIA), but the uncertainty that sparks the EIA and sustainability debate has resulted in the EIA process being criticized. The EIA process is criticised for overlooking some aspects of the environment while others are prioritized. Sustainability Assessment is a more holistic process that can better integrate the objectives of sustainability as opposed to project-level EIA. Gibson (2006) advocates sustainability principles as a preferred approach to Sustainability Assessment since the principles allow for a specific project to be evaluated based on the requirements of the principles of sustainability. These principles include “Socio-ecological system integrity”, “Livelihood sufficiency and opportunity”, “Intragenerational equity”, “Intergenerational equity”, “Resource maintenance and efficiency”, “Socio-ecological civility and democratic governance”, “Precaution and adaptation” as well as “Immediate and long-term integration”. This study makes a contribution to the EIA and sustainability debate by investigating how the EIRQ of Renewable Energy Projects corresponds to Gibson’s (2006) Principles of Sustainability. This would outline the extent to which EIRQ represents EIA in Sustainability Assessment and reveal how much of Sustainability Assessment is currently being achieved through EIA. The results indicate that the quality of the EIRs of Renewable Energy Projects is satisfactory with 2Bs (Generally complete and satisfactory with only a few exclusions and weaknesses) and 4Cs (Has weaknesses and omissions but is considered satisfactory). Review Areas 1 (Description of the development, local environment and baseline conditions) and 4 (Communication of results) were the best performing while most of the weaknesses can be ascribed to Review Areas 2 (Identification and evaluation of key impact) and 3 (Alternatives and Mitigation). The sustainability principles were satisfactorily contemplated (C grades) in three of the reports while the other three were just unsatisfactory (D grades). The requirements of Review Areas 1 (Socio-ecological system integrity) and 5 (Resource maintenance and sufficiency) were the most well contemplated while weaknesses were observed in Review Areas 3 (Intragenerational equity), 7 (Precaution and adaptation) and 8 (Immediate and long-term integration). The comparison between the EIRQ requirements and the sustainability principles requirements indicates that a part of Sustainability Assessment is achieved through EIA. However, not all of 5/140 the sustainability principles requirements were considered in the EIRQ criteria and this suggests imbalances in EIA. This study confirms that project-level EIA achieves a part of Sustainability Assessment whereas Sustainability Assessment provides an all-inclusive alternative to achieving sustainability where all biophysical, social and economic impacts are contemplated. It is concluded that the correspondence between the EIRQ of Renewable Energy Projects and Gibson’s (2006) principles of sustainability is poor, since the EIRQ criteria are not fully reflective of the sustainability principles requirements. Therefore, to move closer toward Sustainability Assessment in Renewable Energy Projects, the formulated sustainability principles criteria should be integrated into the EIRQ review criteria of Solar CSP projects. Masters

Projects in the energy sector in Africa suffer from a number of barriers. Especially the combination of political instability and an unclear regulatory framework hampers the private sector to realize the investment possibilities in the field of decentralized rural electrification. For debt based projects these barriers result in prohibitively high interest rates – roughly 15% while the return on investment does not exceed the low 10% area. This situation leads to strong reluctance from private investors to provide equity. A possibility to encourage private investors to step in could be a separation of the different risks, especially separating the typical high sovereign risk of a country from the commercial risk of the energy project. As a result, the separated risks can be clearly allocated to different investor groups looking for investment opportunities going along with distinct risks. A structured approach is proposed through which private international investors are exposed only to the general political risk while international development banks cover mainly the regulatory risk. Finally, the newly invented financial instrument convertible grant by the electriFI initiative of the EU provides an equity substitute to take over the commercial risk. With this additional financial support, decentralized electrification projects in Africa have the possibility to be implemented and the potential to be scaled up.

Autonomous systems based on the use of renewable energy (RE) have proven suitable for providing energy and sanitation services to isolated communities. However, most of these projects fail due to managerial weaknesses. Designing an appropriate management model is a key issue for sustainability and it is especially complex when includes different RE technologies. This paper is aimed at developing a novel management model for RE projects to provide energy and sanitation services with any kind of technology. Moreover, a new method to evaluate the sustainability is proposed regarding technical, economic, social/ethical, environmental and institutional/organisational dimensions. The case study of Pucara (Peru) is presented, in which a RE project with six different technologies was implemented and the integral community management model was designed in 2011. The project sustainability was evaluated in 2013 and results showed that the management model has succeeded to strengthen sustainability, especially in the institutional/organisational aspects., The authors would like to thank the anonymous reviewers for their valuable comments, which have helped to enhance this paper. The authors are grateful for all the assistance and support provided by Practical Action-ITDG from Peru.

Acceptability of renewable energy projects depends on the trust people have in agents responsible for those projects. Two dimensions of trust are relevant in this respect: competence-based and integrity-based trust. Yet, the unique and interaction effects of these two dimensions of trust on project acceptability are not well understood. We conducted two experimental studies to test these effects in China and the Netherlands. As expected, higher integrity-based trust in responsible agents led to higher project acceptability in both countries. Notably, these effects were independent of the level of competence-based trust. Competence-based trust enhanced project acceptability only in China and only when integrity-based trust was low. Mediation analyses further showed that (part of) the effects of both dimensions of trust on project acceptability could be explained by people's perceptions of how the decisions were made, in both countries. Results suggest that integrity-based trust has a more profound effect on project acceptability.

Purpose The purpose of this study is to investigate the relationship between renewable energy and economic growth of Bulgaria. Design/methodology/approach This study analyzes the relationship between renewable energy and economic growth of Bulgaria for the period 1990-2016, based on annual data, by using the Toda–Yamamoto analysis and Autogressive Distrubuted Lag (ARDL) bound test. This period is characterized by the democratization of the Balkans and several crisis cycles in Bulgaria. Renewable energy consumption (REC, percentage of total final energy consumption), renewable electricity output (REO, percentage of total electricity output) and economic growth (GDP constant 2010 US$) were used. The levels or differences of the variables that are stationary were investigated using the augmented Dickey–Fuller (ADF), Philips–Perron (PP) and Kwiatkowski-Philips-Schmidt-Shin (KPSS) unit root tests. Findings Three different results were obtained from this study. One showed that renewable energy consumption and renewable electricity output are the causes of economic growth. Another result of this study is that economic growth and renewable electricity output are the causes of renewable energy consumption. The last result is that economic growth and renewable energy consumption are not causes of renewable electricity output. There was no long-term relationship between variables. Research limitations/implications The ARDL and Toda–Yamamoto tests were used because of lack of data sets. Thus, it is estimated that there is no long-term relationship. Originality/value This study is an original work for Bulgaria, showing the results of the relationship between renewable energy and economic growth. In line with the results of this study, renewable energy projects related to Bulgaria can be predicted.

This study aims to explore how and to what extent planning and decision-making processes of renewable energy projects (RE) in Brazil and South Africa are inclusive on behalf of the local affected communities. In particular, the study focuses on wind projects procured through the renewable energy auction (REA) systems in the countries. Based on a content analysis of primary and secondary documents, these systems are compared to discuss how they affect the provision for public participation. The analysis of each case is based on a division of the planning and decision-making process within three phases; 1) political-administrative 2) procurement and 3) implementation. This is followed by a comparative discussion of the extent and type of this participation and influence, reflecting both how it is promoted and what are the main obstacles. The analytical framework consists of theories on public participation, procedural and distributive justice and principles of environmental and climate justice. The thesis argues that the opportunity to participate in planning and decision-making of the RE projects is influenced by the way that the REA systems are organised. Both the organisation and the provision of public participation opportunities are further affected by the institutional and political environment in the countries. A result of this, it will be argued, is that planning and decision-making processes provides varying degrees of participation and opportunity to exercise influence. The main causes for this, is that project development is outsourced to the private sector, while the environmental licensing (EL) and environmental impact assessment (EIA) that largely provide for public participation in these processes, is increasingly subject to streamlining. The outsourcing through the REA systems causes different development objectives to be incorporated and promoted, but lack of guidance on community interaction results in variable efforts to engage the locals. Masteroppgave i administrasjon og organisasjonsvitenskap AORG350 MASV-AORG

A Research Thesis submitted in total fulfilment of the requirements for the award of the Degree of Doctor of Philosophy in Finance at Strathmore University Carbon finance has been advanced as a strong financial mechanism to help the world transition to low carbon development, in the face of ravaging climate change. Projects that sequester greenhouse gases from the atmosphere are eligible to accrue carbon finance, either through sale of carbon credits in the designated carbon markets or through other flexible mechanisms. This thesis analyzed the determinants of carbon finance accrual in renewable energy projects, in the context of a low and middle income country, Kenya. The aim was to explore the role played by carbon finance in promoting the deployment of renewable energy, as envisaged in the international climate agreements, for a country with a reportedly enormous renewable energy potential. While carbon finance use in renewable energy has been extensively analyzed in developed countries, low and middle income countries, especially those in Africa, have received considerably less attention. In an attempt to address this gap, the thesis analyzed the determinants of carbon finance uptake in renewable energy projects registered under the Feed-in-Tariff scheme of the Kenyan government. Renewable energy projects were selected because prior evidence shows that a significant percentage of carbon finance is targeted to these projects, because of their emission reducing abilities. Triangulation of methodology, including the use of questionnaires, interviews and analysis of policy documents, was used to collect and analyze qualitative and quantitative data from renewable energy projects and other carbon business stakeholders on their understanding, uptake and determinants of carbon finance accrual in renewable energy projects. In addition to analyzing the determinants of carbon finance uptake, the study uncovered the constraints of accessing carbon finance and the challenges renewable energy developers face in the country. The evidence and analyses presented reveal that the size of the renewable energy project, the carbon market affiliation of the project and the level of low carbon technology employed in the project are significant determinants of carbon finance flows into the projects. At the same time, lack of capital to develop renewable projects to completion, primarily the absence of financial instruments from local banks and high transaction costs to meet carbon credits generation were identified as the main constraints in accessing carbon finance by the developers. The analyses also reveal low levels of understanding and awareness of the carbon finance uptake, suggestive of the low levels of uptake that were uncovered by the study. Based on these findings, the research recommends for the creation of a framework to educate and create awareness to local renewable energy developers on the existence and processes of accessing carbon funds from international carbon markets. There is also need to develop financial instruments to cater for risk investments with environmental benefits like those in renewable energy in the Kenyan capital market.

Projektų vertinimas – tai vienas svarbiausių projekto raidos ciklo etapų, kurio pagrindinis tikslas yra priimti galutinį investicinį sprendimą arba palyginti planinius su faktiniais įgyvendinto projekto rezultatais. Analizuojant viešojo sektoriaus problematiką labai dažnai pasitaiko tokių projektų, kurie nors ir skirti visuomeniniams poreikiams tenkinti, tačiau ekonomiškai yra nuostolingi ir negeneruoja tiesioginių grynųjų pajamų, o finansiniu požiūriu yra nepatrauklūs investicijų finansinės grąžos siekiantiems investuotojams. Darbo tikslas – ištirti prielaidas ir kriterijus vertinant atsinaujinančių energijos išteklių projektus., The project appraisal is one of the most important stages in project development phase, which aims at investigation and evaluation of many factors that could have possible effects on the decision making regarding the initiation phase.In the global warming context, renewable energy projects are widely discussed in mass media in respect of their ambitions on the creation of value added. This paper aims to investigate the critical assessment criteria of renewable energy projects.

Renewable energy projects (REPs) are viewed as a resource for the development of rural, peripheral communities. Going beyond the simplistic understanding of renewable energy technology as an independent variable, the current study looks into what the interaction between renewables and host communities brings in terms of innovation and development. Relying on a combination of primary and secondary data, both qualitative and quantitative, we observed that for the case of northwest Romania the fast development of REPs had no impact on classic economic indicators such as employment or revenue to the local budget. Looking closely at the impact on innovation as an important explanatory factor of peripheralization, in the majority of researched cases we saw no technical nor policy-related innovation associated with REPs. The presence of a privately-owned project in the territory of the community acted as a possible catalyst for considering developing their own REPs however. Owning a renewable energy project at the same time proved to have a positive impact on policy-related innovation. Moreover, communities that developed and manage their own REPs seem also to be more interested in changing the existing technological arrangements as well.

Tesis Doctoral: Programa de Doctorado en desarrollo Local y Cooperación Internacional., [ES]: La energía es crucial para erradicar la pobreza, mejorar el bienestar y aumentar los estándares de vida de las personas. En este sentido, para lograr procesos de desarrollo es esencial dotar a la población de modernos servicios básicos energéticos, adecuados y fiables, utilizando tecnologías seguras y ecológicamente racionales, de conformidad con las necesidades socioeconómicas y los valores culturales. Para ello, los sistemas autónomos basados en el uso de las energías renovables (EERR) han demostrado ser adecuados para proporcionar servicios de energía y saneamiento en comunidades rurales aisladas. Tomando esto en consideración, los objetivos de esta tesis son investigar los aportes del enfoque de Desarrollo Humano Sostenible (DHS) al análisis de proyectos de EERR en zonas rurales aisladas de países en vías de desarrollo y entender cómo se deben desarrollar proyectos de EERR para el acceso a la energía en zonas rurales empobrecidas de acuerdo con el paradigma de DHS. En relación al primer objetivo, cabe considerar que, generalmente, este tipo de proyectos tecnológicos se han diseñado, implementado y evaluado siguiendo estrategias acordes con enfoques de cariz utilitarista, centrados en la generación de nuevos recursos. En cambio, para analizar el impacto de este tipo de proyectos en la vida de la personas, en esta tesis se promueve el uso de un enfoque que nos permita ampliar el análisis sobre varias dimensiones clave del desarrollo que deben ser consideradas en el proceso de estos proyectos. En particular, se ha utilizado el enfoque de DHS, según el cual los proyectos tecnológicos en las zonas rurales no sólo deben estar dirigidos a aumentar los niveles de acceso a una energía asequible, fiable, segura y de alta calidad, y a mejorar la calidad del medio ambiente, incluido el entorno inmediato en los hogares, sino también a fortalecer la autonomía y el empoderamiento de las personas, ampliando sus oportunidades y libertades. Este enfoque ha sido empleado en seis estudios de proyectos de acceso a la energía en comunidades rurales andinas del Perú, llevados a cabo por la ONG Practical Action, los cuales cuentan íntegramente con EERR y modelos de gestión comunitarios. Para realizar el análisis de estos proyectos en base a los preceptos del DHS se ha diseñado una metodología ad hoc, incorporando herramientas para obtener datos relativos al contexto y a los factores de conversión individual que afectan a las capacidades de las personas, haciendo especial hincapié a la componente de género. En relación al segundo objetivo, en base a los resultados de los análisis realizados, se han presentado una serie de recomendaciones con las que se pueden superar las barreras y dificultades identificadas para que este tipo de proyectos sean verdaderamente catalizadores del DHS. Además, se ha diseñado un modelo de gestión capaz de gestionar cualquier número de tecnologías distintas, considerando los aprendizajes adquiridos en las investigaciones anteriores, el cual ha sido puesto en práctica en un proyecto que incorpora 6 tipos de tecnologías simultáneamente, y cuya sostenibilidad ha demostrado ser satisfactoria., [CA]: L'energia és crucial per a eradicar la pobresa, millorar el benestar i augmentar els estandards de vida de les persones. En aquest sentit, dotar la població de moderns serveis basics energetics, adequats i fiables, utilitzant tecnologies segures i ecologicament racionals, de conformitat amb les necessitats socioeconomiques i els valors culturals, és essencial per aconseguir processos de desenvolupament. Per a aixo, els sistemes autonoms basats en l'ús de les energies renovables (EERR) han demostrat ser adequats per proporcionar serveis d'energia i sanejament en comunitats rurals alllades. Prenent aixo en consideració, els objectius d'aquesta tesi són investigar les aportacions de l'enfocament de Desenvolupament Huma Sostenible (DHS) a l'anaJisi de projectes d'EERR en zones rurals alllades de palsos en vies de desenvolupament i entendre com s'han de desenvolupar projectes d'EERR per a l'accés a l'energia en zones rurals empobrides d'acord amb el paradigma de DHS. En relació al primer objectiu, cal considerar que, generalment, aquest tipus de projectes tecnologics s'han dissenyat, implementat i avaluat seguint estrategies acords amb enfocaments de caire utilitarista, centrats en la generació de nous recursos. En canvi, per analitzar l'impacte d'aquest tipus de projectes en la vida de les persones, en aquesta tesi es promou l'ús d'un enfocament que ens permeta ampliar l'analisi sobre diverses dimensions clau del desenvolupament que han de ser considerades en el procés d'aquests projectes. En particular, s'ha utilitzat l'enfocament de DHS, segons el qual els projectes tecnologics a les zones rurals no només han d'estar dirigits a augmentar els nivells d'accés a una energía assequible, fiable, segura i d'alta qualitat, i a millorar la qualitat del medi ambient, indos l'entorn immediat a les llars, sinó també a enfortir l'autonomía i l'empoderament de les persones, ampliant les seves oportunitats i llibertats. Aquest enfocament ha estat emprat en sis estudis de projectes d'accés a l'energía en comunitats rurals andines del Perú, portats a terme per l'ONG Practical Action, els quals compten íntegrament amb EERR i models de gestió comunitaris. Per realitzar l'analisi d'aquests projectes en base als preceptes del DHS s'ha dissenyat una metodología ad hoc, incorporant eines per obtenir dades relatives al context i als factors de conversió individual que afecten les capacitats de les persones, fent especial emfasi a la component de genere. En relació al segon objectiu, en base als resultats de les analisis realitzades, s'han presentat un seguit de recomanacions amb les que es poden superar les barreres i dificultats identificades perque aquest tipus de projectes siguen veritablement catalitzadors del DHS. A més, s'ha dissenyat un model de gestió capaç de gestionar qualsevol nombre de tecnologies diferents, considerant els aprenentatges adquirits en les investigacions anteriors, el qual ha estat posat en practica en un projecte que incorpora 6 tipus de tecnologies simultaniament, i la sostenibilitat del qual ha demostrat ser satisfactoria., [EN]: Energy services are crucial for eradicating poverty, improving human welfare and raising living standards. Thus, providing appropriate and reliable modern energy and sanitation services using secure and environmentally sound technologies, in conformity with socioeconomic needs and cultural values, is essential in the race for sustainable development. Autonomous systems based on the use of renewable energies (RE) have proven suitable for providing affordable, reliable, safe, and high-quality energy and sanitation services to isolated communities. Taking this into consideration, the objectives of this thesis are to investigate the contributions of the Human and Sustainable Development (HSD) approach to the analysis of RE projects in isolated rural areas in developing countries and understand how these projects to provide access to energy in impoverished rural areas should be developed according to the paradigm of HSD. Regarding the first objective, it is considered that, generally, these types of technology projects are designed, implemented and evaluated following strategies consistent with utilitarian approaches, focused on the generation of new resources. However, to analyze the impact of these projects on the lives of the people, in this thesis we use an approach that allows us to extend the analysis on several key dimensions of development that should be considered in the process of these projects. In particular, we have used the HSD approach, which considers that technological projects in rural areas should not only be aimed at increasing levels of access to affordable, reliable, secure and high quality energy, as well as improving the quality of the environment, including the immediate environment in homes, but also at strengthening the autonomy and empowerment of people, expanding their opportunities and freedoms. This approach has been used in six projects to provide access to energy in Andean communities in Peru, carried out by the NGO Practical Action, which consider only RE and community management models. To analyse these projects against the precepts of HSD approach, a special methodology has been designed, incorporating tools to collect data related to the context and individual conversion factors affecting people's capabilities, with particular emphasis on the gender component. Regarding the second objective, based on the results of the analyses, recommendations have been made to overcome barriers and difficulties identified for such projects to truly be catalysts of HSD. Additionally, a management model has been designed to handle any number of different technologies, considering the lessons learned from this research, which has been implemented in a project that includes 6 types of technologies simultaneously, and whose sustainability has proven satisfactory.

This Energy Sector Policy Note is intended to support the Government of Mozambique in determining priorities for policy decisions with the aim of delivering efficiently produced, technically and financially sustainable electricity supply to the Mozambican population. To support the development of recommendations, this Note includes simulation analysis based on the current finances of the sector. Electricidade de Macambique’s (EDM) corporate financial model was adapted for this work. Targets for electrification are based on discussions with government officials. EDM’s current generation pipeline and its timing was taken as a given in order to simulate investment needs and evolution of sector finances under various tariff and funding availability assumptions. The various simulations and the broader sector quantitative and qualitative discussion should support policy formulation and prioritization going forward. The power sector in Mozambique faces three key challenges: i) to provide reliable and efficient electricity supply to its customers; ii) to cope with the increase in the electricity demand from its current (and future) customer base by expanding its generation and transmission capacity; and, iii) to provide access to electricity to the vast majority of the population. The importance of the timing of new generation to export power to South Africa also points to the importance of the backbone transmission project to evacuate the power from the center of the country – thereby enabling exports. Increasing access in line with Government targets will require major investments. The Government needs to consider the trade-offs between the ambition of the access targets imposed upon EDM and the sector’s broader financial viability for carrying out operations, maintenance and investment. Relaxation of the access target so that the 50 percent target is achieved by 2030 instead of 2023 gives EDM more liquidity in the first years.

These guidelines are directed to the economic analysis of power sector policy analysis and the appraisal of power sector investment projects. The general guidance is complemented by an Annex Volume that contains relevant technical notes, a glossary, and an extended Bibliography. In this first edition, the focus of the technical notes is on grid-connected renewable energy projects. In FY16 the scope of the technical notes will be extended to cover transmission & distribution, rural electrification, off-grid, energy efficiency, and thermal projects.

The World Bank Group has committed to achieving universal access to electricity by 2030 under the Sustainable Energy for All (SE4All) initiative. This is a daunting challenge: more than 1 billion people do not have access, and another 1 billion have chronically inadequate or unreliable service. Most of those without access are poor, and the largest share is in Sub-Saharan Africa. Achieving universal access within 15 years for the low-access countries (those with under 50 percent coverage) requires a quantum leap from their present pace of 1.6 million connections per year to 14.6 million per year until 2030. The investment needed would be about $37 billion per year, including erasing generation deficits and meeting demand from economic growth. By comparison, in recent years, low-access countries received an average of $3.6 billion per year for their electricity sectors from public and private sources, including $1.5 billion per year from the World Bank Group. Development outcomes of the Bank Group’s assistance were generally favorable compared with other infrastructure sectors. However, performance in improving financial viability of country electricity sectors was below expectations. There were significant gaps in the Bank Group’s coverage of low-access countries, mostly in Sub-Saharan Africa. Median implementation time of World Bank investment projects was nine years, with time overruns attributable to inadequate project design and borrower capacity. Support for off-grid electrification was low and sporadic, with a few notable exceptions. The Bank Group’s growing non-conventional renewable energy portfolio is dealing with technology and regulatory challenges. Tracking welfare and gender impacts in World Bank projects has improved, and International Finance Corporation (IFC) has made a beginning in addressing these issues. The Bank made some significant pilot contributions to addressing the affordability of electricity connections. Collaboration grew among World Bank, IFC, and MIGA through joint projects, which helps break ground for the private sector in some high-risk and fragile countries, and supports a few large and complex projects. The scale of the SE4All challenge requires the Bank Group to reposition itself as a global solutions provider in the sector, going well beyond the confines of its own direct support for access. This evaluation points to the urgency for the Bank Group‘s energy practice to adopt a new and transformative strategy to help country clients orchestrate a national, sustained sector-level engagement for universal access. A major challenge in this effort is to deploy the Bank Group units’ individual and collective strengths beyond Bank Group–led projects and transactions to stimulate private sector investments for closing the financing gap, especially in generation, for low-access countries.

With an installed capacity greater than 137 gigawatts (GWs) worldwide and annual additions of about 40 GWs in recent years, solar photovoltaic (PV) technology has become an increasingly important energy supply option. A substantial decline in the cost of solar PV power plants (80 percent reduction since 2008) has improved solar PV’s competitiveness, reducing the needs for subsidies and enabling solar to compete with other power generation options in some markets. The World Bank Group (including the International Bank for Reconstruction and Development, the International Development Association, International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency) helps client countries secure the affordable, reliable, and sustainable energy supply needed to end extreme poverty and promote shared prosperity. The approach mirrors the objectives of the sustainable energy for all initiative - achieving universal access, accelerating improvements in energy efficiency, and doubling the global share of renewable energy by 2030. The World Bank Group recognizes that each country determines its own path for achieving its energy aspirations, and that each country’s transition to a sustainable energy sector involves a unique mix of resource opportunities and challenges, prompting a different emphasis on access, efficiency, and renewable energy. The objective of this guidebook is to enhance the reader’s understanding of how to successfully develop, finance, construct, and operate utility-scale solar PV power plants. The guidebook focuses on aspects of project development that are specific to solar. From this perspective it covers all aspects of the overall project development process including site identification, plant design, energy yield, permits and licenses, contractual arrangements, and financing, giving sparser coverage to general project development basics that are not specific to solar. This guide covers the key building blocks to developing a successful utility-scale solar power project (the threshold for utility-scale depends on the market, but generally at least 5 megawatt (MW).

Worldwide, hydropower is a crucial power supply option for several reasons. First, it is a renewable energy resource that can contribute to sustainable development by generating local, typically inexpensive power. Second, hydropower reduces reliance on imported fuels that carry the risks of price volatility, supply uncertainty and foreign currency requirements. Third, hydro systems can offer multiple co-benefits including water storage for drinking and irrigation, drought-preparedness, flood control protection, aquaculture and recreational opportunities, among others. Finally, hydro can allow more renewables, especially wind and solar, to be added to the system by providing rapid-response power when intermittent sources are off-line, and pumped energy storage when such sources are generating excess power. For more publications on IFC Sustainability please visit www.ifc.org/sustainabilitypublications.