ECONOMIC ANALYSIS OF A LARGE SCALE PV-SYSTEM IN ITALY: PARTICIPATION SCHEMES AND INVESTMENT DECISION

摘要

This paper investigates whether citizen-participation schemes are applicable for the realisation of PV Systems in Italy. There for in a first step the existing participation schemes in the German PV market are analyzed and their factors for success are highlighted. The feasibility of these citizen-participation schemes is proved with special attention to the Italian financial market regulations, the company law and the newly adopted feed-in law. Furthermore this paper aims to give support for an investment decision of a large scale PV System in Northern Italy (Bolzano) under the national incentive programme. The method used for the investment analysis is the Discounted Cash Flow. Along with some monetary values that derive from German experiences, also special conditions caused by the Italian feed-in law, have been considered. The investment analysis considers not only all future cash flows, but also the cost of capital for such an investment. Therefore the valuation of aspects such us the risk level of the investment was necessary. Finally the paper provides an approach to find the lowest feed-in tariff that can be subject to the bidding mechanism of the Italian feed-in law.