DEBT AND EQUITY ISSUES IN STRUCTURING MERCHANT WIND POWER PROJECTS - (PPT)

摘要

Traditionally, wind projects have been developed and financed against a long-term PPA with a creditworthy counterparty. As a result of the RPS mandates, many offtakers prefer or require "bundled" PPAs (both power and RECs contracted). All-in tariffs offered by utilities are typically quite low (still $35-40/MWh in Texas) and do not adequately reflect the value of RECs and power. Potentially valuable future environmental attributes (e.g., carbon offsets or credits) would be bundled with power/RECs on a long-term basis. As a result, developers are increasingly considering merchant wind projects.