A MCDM approach for project finance selection: An application in the renewable energy sector

• ANA GARCIA-BERNABEU ^[1] ; FERNANDO MAYOR-VITORIA ^[1] ; FRANCISCO MAS-VERDU ^[1]
  1. [1] Universidad Politécnica de Valencia

     Universidad Politécnica de Valencia

     Valencia, España

     
• Localización: Rect@: Revista Electrónica de Comunicaciones y Trabajos de ASEPUMA, ISSN-e 1575-605X, Vol. 16, Nº. 1, 2015, págs. 13-26
• Idioma: inglés
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    Las Energías Renovables se están convirtiendo en una alternativa cada vez mas importante para reemplazar a los combustibles fósiles como fuente de energía. Los proyectos en el sector de las energías renovables implican grandes inversiones y también muchos riesgos. El sector público desempeña un importante papel para promover los proyectos de energías renovables pero debido a la necesidad de reducir el gasto público ha de recurrir al sector privado. Project Finance es un método de financiación ampliamente utilizado en este tipo de proyectos y resulta especialmente atractivo al sector privado porque permite financiar proyectos fuera de balance. El objetivo de este artículo es proponer un modelo de decisión multicriterio para ayudar el sector privado en el proceso de selección de proyectos de energías renovables que han de ser financiados con Project Finance. El método conocido como Moderate Pessimism Decision Making (MPDM ) permite clasificar fácilmente alternativas desde varios criterios tanto financieros como no financieros de una manera objetiva .

  • English

    Renewable energy (RE) is emerging as a solution in order to replace fossil fuels and become the primary source of energy consumption. Investments in the RE sector involve huge amounts of capital but also many risks. Public sector plays an important role in promoting RE projects but due to the need for reducing public expenditure the private sector becomes essential in financing this type of projects. Project Finance is widely used in RE projects and is especially attractive to the private sector because it can fund major projects off balance sheet. The objective of this paper is to present a decision making tool for helping the private sector on the selection process of RE projects to be funded. The problem could be considered as a multiple criteria decision-making problem where both, financial and non-financial criteria have to be taken into account. Objective aggregation weights for those criteria are obtained using the Moderate Pessimism Decision Making approach and a final ranking of the projects is obtained.

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