Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:49:29am WEST
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Daily Overview |
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Egg-Timer: Trade and Climate Policy Location: D-112 Session Chair: Renfang Tian, King's University College at Western University | |
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Scale economies in renewable energy project finance: what types of investors matter? 1: University of Massachusetts Amherst, United States of America; 2: University of Greenwich; 3: University College London Diffusing new technologies depends on overcoming financing constraints. We study scale economies in financing renewable energy projects using a dataset of 52,364 investment transactions spanning eight technologies in 73 between 2004 and 2017. A Bayesian hierarchical model shows that a 1\% increase in project scale is associated with a capital efficiency (Megawatt installed per dollar) increase of 0.18%. Leveraging transaction-specific investor data we find that banks (both private and state-owned) invest in larger-scale projects, compared with institutional investors. We causally identify that the absence of state bank participation reduces project size by 48-54%. We further show that greater state bank involvement coincides with lower state bank financing shares, implying that state banks enable larger projects primarily by mobilizing private co-investment rather than by directly financing them. Our findings imply that state-owned banks can play a role in reducing the financing needs for renewable energy and other risky infrastructure with scale economies by enabling larger-scale projects. | |