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The Role of Project Initiators’ Business Models for PV Project Financing – Empirical Evidence from Choice Experiments with Debt Investors

Florian Lüdeke Freund & Moritz Loock

abstract It is crucial for Photovoltaic project managers to understand lenders’ preferences to succeed in raising debt capital. We assume that besides traditional project evaluation criteria (such as Debt Service Cover Ratio) the project initiator’s business model is important in this regard. We propose five project initiator’s business models within the PV industry, those are: vertical integrated manufacturers, regional utilities, multinational utilities, financial investors and service providers. However, research neither elaborates on the relevance of different PV project characteristics in general, nor on the special role of the initiator’s business model. Thus, within an explorative research set-up we ask: What kinds of PV projects do debt capital providers prefer to finance? We contribute to that question by reporting from an Adaptive Choice Based Conjoint experiment with 30 German bank managers who are responsible for PV project financing. Results from the experiment are expected by the end of January 2010. This paper discusses theoretical background, specifics of photovoltaic projects, and research methodology. Our findings will contribute to project management practice and research.
   
keywords business models, photovoltaic projects, financing, debt, decision-making
   
partner
type applied research project
status completed
start of project 2009
end of project 2010
additional informations
topics div.
methods ACBC
contact Moritz Loock