Cómo financiar las energías renovables

NUEVA YORK – Hay suficiente dinero en el sector privado para construir la infraestructura renovable del mundo, siempre y cuando las cifras cuadren, y los inversionistas privados en busca de ganancias se las pueden arreglar para hacerlo sin financiamiento gubernamental de ningún tipo.

No obstante, las cifras no cuadran sin algún tipo de subsidio. Por ejemplo, la energía eólica, es de 1,5 a 2 veces más cara que la electricidad producida por plantas que utilizan carbón como combustible. A pesar de que el viento es gratis y hay que pagar por el carbón, los costos de capital iniciales de una turbina eólica y sus cables de transmisión son mucho más altos que los de las plantas de energía convencionales. Los inversionistas necesitan aplicar tarifas por sobre las del mercado para las energías renovables, o compensaciones similares que reflejen los beneficios sociales de las fuentes energéticas que no generan emisiones.

El caso de mi propia firma, Christofferson, Robb & Company (CRC), ilustra cómo los mercados de capitales privados pueden financiar las energías renovables cuando el subsidio es el correcto. En 2005-2006, mi firma adquirió proyectos costeros de 330 megavatios en Alemania y Francia. Nuestro fondo contribuyó con el capital social, y un banco prestó el dinero necesario para financiar la construcción. Una vez que se formó la cartera, vendimos los proyectos a un vehículo creado para este fin, CRC Breeze Finance, que emitió € 470.000.000  de valores respaldados por activos.

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