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Photovoltaic power purchase agreement valuation under real options approach

dc.contributor.authorIsaza Cuervo F
dc.contributor.authorArredondo-Orozco C.A
dc.contributor.authorMarenco-Maldonado G.C.
dc.date.accessioned2022-09-14T14:33:57Z
dc.date.available2022-09-14T14:33:57Z
dc.date.created2021
dc.identifier.issn17550084
dc.identifier.urihttp://hdl.handle.net/11407/7536
dc.descriptionRenewable energies are an alternative to explore new business models in Colombia, especially when the new regulation associated with Law 1715 is considered. In this work the financial feasibility of a power purchase agreement (PPA) that uses photovoltaic energy is analyzed from the perspective of a non-traditional investor. In this paper, the financial feasibility of a PPA business was analyzed considering some of the benefits offered by Law 1715 through the use of discounted cash flows and real option analysis. The results show that tax benefits (included on Law 1715) improve the feasibility of this business models in Colombia, nevertheless, the defer option value suggest the convenience of delaying the investment. This work contributes to the analysis of the effect of the renewable energy policy incentives and the development of new business models based on renewable energies and the analysis of decisions that help include photovoltaic energy in Colombia. © 2020 Elsevier Ltdeng
dc.language.isoeng
dc.publisherElsevier Ltd
dc.relation.isversionofhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-85100105363&doi=10.1016%2fj.ref.2020.12.006&partnerID=40&md5=edba2591220a1a012c31701d41dc1a77
dc.sourceRenewable Energy Focus
dc.titlePhotovoltaic power purchase agreement valuation under real options approach
dc.typeArticle
dc.rights.accessrightsinfo:eu-repo/semantics/restrictedAccess
dc.publisher.programIngeniería Financiera
dc.type.spaArtículo
dc.identifier.doi10.1016/j.ref.2020.12.006
dc.relation.citationvolume36
dc.relation.citationstartpage96
dc.relation.citationendpage107
dc.publisher.facultyFacultad de Ingenierías
dc.affiliationIsaza Cuervo, F., Universidad de Medellín, GINIF Research Group, Financial Engineering Program, Carrera 87 No. 30-65, B4-104, Medellín, Colombia
dc.affiliationArredondo-Orozco, C.A., Universidad de Medellín, GRINEN Research Group, Energy Engineering Program, Carrera 87 No. 30-65, B4-104, Medellín, Colombia
dc.affiliationMarenco-Maldonado, G.C., Conexo Inmobiliario, Financial and Accountant Department, Calle 7 #39-215 Oficina 501, Edificio BBVA, Medellín, Colombia
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dc.type.coarhttp://purl.org/coar/resource_type/c_6501
dc.type.versioninfo:eu-repo/semantics/publishedVersion
dc.type.driverinfo:eu-repo/semantics/article
dc.identifier.reponamereponame:Repositorio Institucional Universidad de Medellín
dc.identifier.repourlrepourl:https://repository.udem.edu.co/
dc.identifier.instnameinstname:Universidad de Medellín


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