{"id":9160,"date":"2017-08-08T12:45:10","date_gmt":"2017-08-08T12:45:10","guid":{"rendered":"https:\/\/climatepolicyinitiative.org\/?post_type=cpi_publications&#038;p=9160"},"modified":"2026-04-13T14:51:36","modified_gmt":"2026-04-13T14:51:36","slug":"clean-energy-investment-trust-financial-innovation-renewables","status":"publish","type":"cpi_publications","link":"https:\/\/www.climatepolicyinitiative.org\/pt-br\/publication\/clean-energy-investment-trust-financial-innovation-renewables\/","title":{"rendered":"Clean Energy Investment Trust: financial innovation for pension funds &amp; insurers"},"content":{"rendered":"<p><em>This week we launch our design for an investment-grade financing vehicle targeted at institutional investors that reduces the cost of energy from renewables by 17%.<\/em><\/p>\n<p><iframe loading=\"lazy\" title=\"CPI Webinar  Structuring the Clean Energy Investment Trust\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/6WOg-2XIbrY?start=15&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Large-scale wind and solar energy projects are com\u00adpletely different businesses from coal- or gas-fired generation. There are no fuel costs, operating costs are lower and more predictable, the initial investment rep\u00adresents a far larger share of the total cost of the energy, and prices for output are often fixed for much of a proj\u00adect&#8217;s life. In recent years, close to half of all new elec\u00adtricity generation investment has gone into renewable energy in many electricity markets. Gradually, financial markets have started to adapt their approaches to the differences between renewable energy and conven\u00adtional generation.<\/p>\n<p>However, these adjustments have mainly been incre\u00admental based on the common investor-owned utility (IOU), independent power producer (IPP) and project finance models that have served the conventional gen\u00aderation businesses so well. As discussed in a compan\u00adion paper, Beyond YieldCos, the creation \u2013 often by the IOUs or IPPs themselves &#8211; of so-called YieldCos has turned out to be neither as novel or successful as once thought.<\/p>\n<p>Climate Policy Initiative (CPI), with the support of the Rockefeller Foundation, has taken a different approach. Starting with the investment fundamentals, and working with a wide range of financial investors CPI has sought to develop new finance and business models with the aim of reducing finance costs and, therefore, the cost of energy from wind or solar. The model we present here, based on those fundamentals, could reduce the cost of renewable energy 15-17% from existing practices.<\/p>\n<p><strong>The fundamentals<\/strong><\/p>\n<p>Wind and solar projects have four distinct cashflows:<\/p>\n<ol>\n<li>Asset development and construction \u2013 Develop\u00aders and investors spend time and cash developing, building and commissioning the renewable energy project.<\/li>\n<li>Predictable cashflows during operation under a fixed-price regime &#8211; The projects generate predict\u00adable cashflows when operating under a long-term, fixed-price tariff or contract.<\/li>\n<li>Less predictable \u201csurplus\u201d cashflows during a fixed-price regime \u2013 The projects also generate less predictable cashflows, even when the energy price is fixed. These occur if, for instance, there is more wind or sunshine than investors deem \u201cpredictable\u201d, or if plant performance is higher or costs lower than expected.<\/li>\n<li>Tail-end cashflows after the fixed-price regime expires \u2013 When the fixed-price period expires the projects can continue to generate electricity but revenues are less certain because prices may depend on volatile wholesale energy prices or regulation that is 20 years in the future. Operating costs are likely to rise and become less predictable after the original contracting period is finished.<\/li>\n<\/ol>\n<p><em><a href=\"https:\/\/climatepolicyinitiative.org\/publication\/beyond-yieldcos\/\">Beyond YieldCos<\/a>,<\/em>&nbsp;<em>Mobilising Low-Cost Institutional Investment in Renewable Energy<\/em>: <a href=\"https:\/\/climatepolicyinitiative.org\/publication\/overcoming-barriers-institutional-investments-renewables\/\"><em>Major barriers and the solutions to overcome them <\/em><\/a>and <em><a href=\"https:\/\/climatepolicyinitiative.org\/publication\/clean-energy-investment-trust-financial-innovation-renewables\/\">Structuring the Clean Energy Investment Trust<\/a> have been supported by the Rockefeller Foundation&#8217;s <a href=\"https:\/\/www.rockefellerfoundation.org\/our-work\/initiatives\/innovative-finance\/\">Zero Gap programme<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week we launch our design for an investment-grade financing vehicle targeted at institutional investors that reduces the cost of energy from renewables by 17%. Large-scale wind and solar energy projects are com\u00adpletely different businesses from coal- or gas-fired generation. There are no fuel costs, operating costs are lower and more predictable, the initial investment [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":29777,"template":"","format":"standard","meta":{"_acf_changed":false},"programs":[480],"regions":[118,392,334],"topics":[1197,1194,842,161,238,264,304,346],"collaborations":[],"class_list":["post-9160","cpi_publications","type-cpi_publications","status-publish","format-standard","has-post-thumbnail","hentry","programs-energy-finance","regions-europe","regions-global","regions-united-states","topics-electricity-market-reform","topics-energy-transitions","topics-financial-innovation","topics-institutional-investment","topics-private-finance","topics-renewable-energy","topics-solar-pv","topics-wind"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Clean Energy Investment Trust: financial innovation for pension funds &amp; insurers - CPI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.climatepolicyinitiative.org\/id\/publication\/clean-energy-investment-trust-financial-innovation-renewables\/\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clean Energy Investment Trust: financial innovation for pension funds &amp; insurers - CPI\" \/>\n<meta property=\"og:description\" content=\"This week we launch our design for an investment-grade financing vehicle targeted at institutional investors that reduces the cost of energy from renewables by 17%. 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