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ABSTRACT Rainer Kistner DLR EN-PSA Apart. 649, E-04080 Almeria, Spain Rainer.Kistner@psa.es Henry Price National Renewable Energy Laboratory 1617 Cole Blvd., Golden, CO 80401-3393, USA henry_price@nrel.gov similar in nature. On the other hand, if one project is capital intensive and the other is not, or a grant or low-interest rate financing is available for only one technology, then the financing structure can have a significant effect on the conclusions and must be included. Whereas a conventional power plant depends on fuel that is purchased as a continuous string of payments during the lifetime of the plant, a solar power plant needs to finance its “fuel costs” through capital investment at the beginning of the project. This investment for the solar equipment must be repaid through principal and interest payments on the loan during the operation of the plant. In a typical parabolic trough SEGS-type plant, the solar field represents approximately 50% of the total plant’s investment costs (Figure 1). Due to real and perceived technology risk, the interest rate and financing costs for the solar capital investment can be significant. As a result the cost of power from solar power projects is particularly sensitive to financing conditions and schedules, and it can vary dramatically with a simple change in the project ownership or financing structure. In addition to the financing cost penalty, the capital investment in a solar field is typically taxed differently than expenditures for fossil fuels. As a result, solar power facilities must typically bear an inequity in taxes as well (Trieb, 1996). Jenkins and Reilly (1995) found that appropriately developed tax policy could be used to eliminate this burden. The lifetime of solar plants is comparable to that of conventional plants (i.e., 25–30 years). For fossil plants, the risk of significant fuel price variations during this period must be also considered. However, for a solar plant once it is built the “solar fuel” is free, resulting in less uncertainty in the cost of power over the life of the project. An additional barrier is that it is in developing countries where this type of generation seems to be possible, and these countries do not have sufficient budgetary resources to pay for the high up-front investment characteristic of solar power The commercialization of concentrating solar power technology took a major step forward in the mid 1980s and early 1990s with the development of the SEGS plants in California. Over the years they have proven that parabolic trough power technologies are the most cost-effective approach for commercial scale solar power generation in the sunbelt countries of the world. However, the question must be asked why no additional solar power plants have been build following the bankruptcy of the developer of the SEGS projects, LUZ International Limited. Although many believe the SEGS projects were a success as a result of parabolic trough technology they employ, in truth, the SEGS projects were developed simply because they represented an attractive opportunity for investors. Simply stated, no additional projects have been developed because no one has been able to put together a similarly attractive financial package to potential investors. More than $1.2 billion in private capital was raised in debt and equity financing for the nine SEGS plants. Investors and bankers who make these investments are the real clients for solar power technologies. They are not interested in annual solar to electric efficiencies, but in risk, return on investments, and coverage ratios. This paper will take a look at solar power projects from the financier’s perspective. The challenge in moving forward is to attract private investors, commercial lenders, and international development agencies and to find innovative solutions to the difficult issues that investment in the global power market poses for solar power technologies. INTRODUCTION TO SOLAR POWER INVESTMENTS A widespread belief among the solar community is that financing alternatives will not affect the outcome and thus do not need to be included in an economic analysis when comparing different technologies. This is true when various alternatives have a similar financial structure and are very ASME Renewable and Advanced Energy Systems for the 21 st FINANCING SOLAR THERMAL POWER PLANTS Proceedings of the Century Conference April 11-14, 1999, Maui, Hawaii Copyright © 1999 by ASMEPDF Image | Financing Solar Thermal Power Plants
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