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there will sufficient revenues generated from the project to service the debt for the lenders and decent dividends for the feasibility. For instance, the internal rate of return can increase dramatically by reducing the equity share slightly. One reason for this is an inequity between conventional power projects and renewable power projects due to the higher up-front investment of solar projects. As a result, the “solar community” has to open its horizon to consider renewable energy projects not only as environmentally friendly and high-tech, but also as cash- generating opportunities. On the other side, one could obviously see that IPP structures such as BOOT contain a large cobweb of contracts and agreements, the establishment and maintenance of which can be daunting. One of the basic ideas of all IPP structures is an equal allocation of the project risk among all participants which makes each IPP project a large challenge, especially for the involved equipment suppliers. REFERENCES Anderson, J., Burr, M.T., 1997, “Making Strides – 1997 State of the Industry Report” Independent Energy Magazine Jan./Feb. 1997. Backhaus, K., Sandrock, O., Schill, J., Ueckermann, H., 1990, ”Projektfinanzierung”, ISBN 3-7910-0531-6, C.E. Poeschel Verlag, Stuttgart, Germany. Brealey, R., Myers, S. , 1991, “Principle of Corporate Finance”, ISBN 0-07-100756–3, Fourth Edition, McGraw-Hill, Inc., New York, USA. Bur, M.T, 1998, “The New Model,” Independent Energy, June 1998. Flachglas Solartechnik GmbH, 1994, “Pre-Feasibility Study on Solar Thermal Trough Power Plants for Spain,” Köln, Germany. IEA, 1991, “Guidlines for the Economic Analysis of Renewable Energy Technology Application,” Quebec, Canada. Jenkins, A., Reilly, H., 1995, “Tax Barriers to Solar Central Receiver Generation Technology,” Proceedings of the 1995 ASME/JSME/JESE International Solar Energy Conference, March 19-24, 1995, Maui, Hawaii, USA. Meinecke, W., Trieb, F., Langniß, O., 1997, “Guidance for Solar Thermal Power Systems Performance and Costs, to Permit Comparative Assessment for Different Technologies”, in SolarPACES Technical Report No. III-3/97 “Introductory Guidelines for Preparing Reports on Solar Thermal Power Systems.” Navitt, P., Fabozzi, F., 1995, “Project Finance,” ISBN 1-855- 642999, Sixth Edition, Euromoney Publication, Rochester, Great Britain. Pilkington Solar International, 1996, “Status Report on Solar Thermal Power Plants”, ISBN 3-9804901-0-6, Köln, Germany. '# & $&!!# #% !&#$ #% # %#% # "&!% $&!!# $# # % # ! #% &#% $&## #% # !740.9 425,3 !% !#% # Figure 3: The BOOT Web of Participants and Contracts equity investors. (7) Lenders normally require a long-term “fuel agreement” to assure that the plant will actually be operable. (8) In a “concession agreement” the host government will set out the obligations and the benefits that will be received by the project company. One major concern of the private sector parties in the BOO/BOOT model is the high expenditures at the front end coupled with no assurance that they will win the contract and no assurance that the project actually will be built. The project sponsors/equipment suppliers, therefore, require that the risk will be balanced by decent rewards. In addition, the equipment supplier is exposed to a greater responsibility for the performance of their products, extending the normal guarantee period to the economic lifetime of the project. On the other hand, a BOOT mode allows equipment suppliers additional income during the operation period through spare part and maintenance contracts. And an early involvement in the project helps the project developer/equipment supplier to optimize selection of plant and equipment. CONCLUSION The aim of this paper is to demonstrate the strong correlation between the financial structure of a concentrating solar power project and its financial feasibility, hence its successful development. In general, the larger the capital investment of the project, the stronger the correlation. The deregulation of the power market in almost all countries of the world led to the emergence of independent power producers and project finance techniques. By means of a cash-flow model, an IPP case study was performed and demonstrated the impact of financing on project financial Copyright © 1999 by ASMEPDF Image | Financing Solar Thermal Power Plants
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