Investments in the Dutch onshore wind energy industry: A review of investor profiles and the impact of renewable energy subsidies

RENEWABLE & SUSTAINABLE ENERGY REVIEWS

卷:81

Review

Niesten, Eva^1,4  Jolink, Albert²  Chappin, Maryse^3,5 

[1] Univ Manchester, Alliance Manchester Business Sch, Denmark Bldg Off G-3, Manchester M13 9NG, Lancs, England

[2] Coventry Univ, Sch Business, Priory St, Coventry CV1 5FB, W Midlands, England

[3] Univ Utrecht, Copernicus Inst Sustainable Dev, Heidelberglaan 2, NL-3584 CS Utrecht, Netherlands

[4] Booth St East, Manchester M13 9SS, Lancs, England

[5] POB 80115, NL-3508 TC Utrecht, Netherlands

关键词: Onshore wind energy;    Investors;    Renewable energy policy;    Perceived risk;    Expected return;   

DOI  :  10.1016/j.rser.2017.06.056

来源: Elsevier

【 摘 要 】

The 2020 renewable energy targets have stimulated the debate on the efficacy of policy schemes. Discussion on the efficacy of these schemes has largely been on the growth in the share of renewable energy, and less on the alignment of policies to the needs of investors. However, research in this field has emphasized that 'who is investing' is as relevant as 'how much is invested'. This study aims to identify and better understand 'who is investing', by researching more than 1000 investments by 646 firms that produce electricity with Dutch onshore wind energy. These firms received renewable energy subsidies under Dutch policy schemes between 1996 and 2013. The regression results highlight the type of investors that invest more in wind energy. The results show that firms with a higher wind energy capacity are firms that have more investment experience; are latecomers to the wind industry; have an industrial background in the electricity or wind industry; are medium- or large-sized and are limited liability companies. Data on investments, combined with a document analysis, show that changes in policy schemes affect the perceived risks and expected returns of investors, and that these changes influence the amounts invested and the type of investors in wind energy.

【 授权许可】

Free