How Is Resources Limited in Energy Project Finance Deals - Research Proposal Example

HOW IS RESOURCES LIMITED IN ENERGY PROJECT FINANCE DEALS? List of Abbreviations CMI: Carbon Mitigation Initiatives FIT: Feet in Tariff FMCG: Fast Moving Consumer Goods IT: Information Technology LED: Light Emitting Diode UN: United Nations US: United States of America USD: United States Dollar (US Currency) VC: Venture Capital Abstract The capital intensive energy production start-ups are something that the market is aware of and thus the venture capital firms and investors tend to stay away from long term lock in of resources. In the US market, the source of finance for such radical and innovative ventures were always funded by the venture capital as do other such new emerging sectors like IT, Pharmaceuticals, Biotechnology is been funded by such public equity offerings. However, the capital intensive power sector has made the sector a long term profit generator where most of the investors or venture capital firms are not keen to block the money for such long time where other sectors those need lesser infrastructure cost. This seems more viable investment options for them. The new power generation projects or old traditional technique need a longer ‘lock in’ of capital to give viable returns in a long term manner. However, the trends are been the most of the energy start-ups venture capital with lesser internal cash flow in the infrastructure building phase. The time consumed between the market options opening to investment shift from one business to another had been the ‘Valley of Death’ for many such new start ups of energy producing companies. The need of the clean energy with no carbon footprint is one aspect, the other is maturity of a technology in terms of commercial viability. Therefore a private public partnership and changes in legislation is essential for the new start-ups to mature successfully as viable energy production source. Table of Contents Table of Contents 4 Introduction 5 Research and Findings 7 Venture Capital Investments for Clean Energy 10 The Managerial Concept of ‘Valley of Death’ in Funding Gaps 11 Conclusion 14 Reference List 14 Introduction The energy infrastructure of a nation is the element that would show how much the Government and its all stakeholders are keen upon its industrial and social development. The resources that an industry of any size and sector would need, finances, energy, place, and people like elements as common resources. The energy drives the growth and development along with production indicators for an economist to access. However, the energy production and generation needs vast infrastructures with a supply chain of multiple resources like Fossil Fuel to burn and convert the energy into electricity for various domestic and industrial operations. For major industrial output, the use of mechanical and electrical equipments in any sector that is there, from farming to Software is a common practice today. The strategic planning of a business is done to see that all the assets that the business have are used to its fullest for the objective earning. The optimization and use of tools and techniques like Water storage devises, fertilizers, water management and plant growth management is standing upon a high ground where the maximum utility of the industrial inputs are needed to form the desired amount of output required. The focus of the paper is upon the energy derived from power generation in any given market and its direct effect upon the economy in a global scale. Therefore the social infrastructure considers electricity generation and subsequent distribution to be the utmost need for any economy for its overall growth of global economy. For example, the more the technology is used by a farmer, the more crop cycle he can generate out of the field giving him edge over other competing farmers of similar economy. The use of technical inputs like water management too requires a continuous generation and distribution of electricity (Nagayama, 2010)1. Energy sector needs a large amount of funding at its very initial stages where the infrastructure is developed in a way to produce and keep producing the electricity for a long run with no major fault and breakages and with all environmental and economy constrains at the back of the investors mind. The non renewable sources have its own life and limit, while energy needs a continuous flow for a national industrial infrastructure to foster. The electricity production is just not an end to meet the social and economical demands but must also engage in replenishing the environmental damages that they do in such period. The renewable sources of energy are something that the very local or units like a domestic home may produce for itself independently that may need a very big initial investment to start off with. The energy infrastructure however has two major environmental dimensions that make the use and distribution of it guided by environment norms. One would be responsible sourcing of fuel to generate the energy from non renewable sources like fossil fuel or secondly from renewable sources like wind, water, light etc. The alternatives of the Fossil Fuel has just come to the forefront with the growing effects of the environmental concerns along with the imbalances created by unwise mining of those resources by mankind since last 2 centuries for energy production. The domestic use of energy is now being looked into from 2 different scopes again. One is the social scope of power generation where the government plays a huge role in developing the infrastructure for larger social good and with economic lesser benefits for itself while the industries are sold the energy to let them run their industrial functions for profit making. However, the production is just one part distribution and sustained continuity of such services is another. Since the production of the energy is an industrial process involving heavy infrastructural cost thus the initial energy cost for such project is capital intensive and also needs to have the environmental and socio-ecological balance maintenance in its primary core. For developing nations, the government takes up the projects to build dams and energy generating stores for larger social benefits. However, nuclear energy is a source of environmentally sustainable renewable source but the social concerns for such production in case of a Fukushima or Chernobyl like massive radiation burst due to improper handling and it’s after effects are huge. Hence governments which have this source of energy and technologies available do not share it with others due to clauses of UN’s Non-proliferation treaty. Nevertheless, the Global Powers that have the nuclear technology feels that the after effect of such project makes it unviable due to the after effects in case of damage or accidents (Forbes, 2013)2. Research and Findings The research would focus upon the different sources of information available in a Post- Positivism research philosophy. Various secondary sources of different economies around the globe would be accessed to find the deductive reason about where is the deficiency of funds in energy production projects, from different secondary sources. The capital intensive energy projects is the first slab that the project developers has to cross over prior to project establishment followed by different hurdles in fuel for generation procurement and distribution issues for those projects. This is interesting to see that in the US alone the Venture Capital firms and individuals still find the investment in the clean energy generation a big pocket to invest for the future benefits. The market capital was 460 Million USD in 2001 and has grown to 6.6 Billion USD as on 2011 but this is not actually the picture that would suggest the growth of the sector in a larger perspective, due to its capital intensive investments. Again the risks are too high for venture capitalist as the US market history projects (Streimikiene and Siksnelyte, 2014)3. Capital Intensive, in its definition, suggests that the industry or sector needs a high amount of capital for goods production. The Capital intensive industries the proportion of the capital invested is much more than the labour or proportion of it. This is due to the major infrastructural cost and high value capital intensive business making it a high fixed cost venture increasing the amount of risks undertaken by the investor in case the project fail to deliver the targeted returns. The fallacy is that the time required having those investments at place prior to see a return was not actually applied in the market, as the venture capitalist say IT giants like Google, Amazons, Apple, Cisco perceived to be better venture over Clean Energy players like Exxon, Duke. As these later projects require higher cost inputs and along with it enough time to mature to see outputs from the industry the intent to invest in those funds becomes scarce among the investors (Upadhyay, 2015)4. The requirement of the industrial infrastructure along with term locking of capital before the actual production makes it an unattractive venture for the Investors. Thus, Tomain (2011)5 suggested that the trillions of dollars invested in the infrastructure building have failed to generate the desired return where an estimated 60% of the projects failed due to investment natures of term capital locking. The idea of the investment venture firms is traditionally to invest upon the low capital intensive ventures with high risks and give a 10 times of the returns in a 10 years period to the investor. Hence, the low time locking tendency along with transformative technology of the solar energy or bio fuel projects is more preferred by investors over other energy infrastructure projects. The need for alternate sources for the bio-fuel energy is dependent on the continuously depleting rainforest resources along with rising carbon emissions as depicted in the Wedge Theory. In accordance to the theory, the global effect of bio fuel consumptions is increasing the Carbon Dioxide emissions and thus significant biohazards and global warming tendencies would come forth as the biggest challenge to human kind. Therefore, the alternative is to produce energy without effecting the environment. Reducing the carbon emission by 8billion tons per year by 2060 would keep away nearly 200 billion tons of carbon emission from entering the atmosphere, helping in making the globe a more sustainable place to live and stabilize. Therefore, the idea is to move from low to no carbon in this period. However, the technologies available can reduce the emission by 1 million tons per year. The listed reduction techniques make the 8 Wedges for stabilization of the emitted carbon to the atmosphere (Willems and Morbee, 2010)6. The new environmental laws and guidelines of UK formed by the Government authority like the Department of energy and climate change has also taken up public knowledge and awareness development processes. Efficiency increments in cars from 30 to 60 miles per gallon would be one along with reduction of car dependency while travelling among the users is one way. Along with, renewed vigour in domestic practices of utilities and fixtures those consume lesser energy like the LED lamps needs to be done to decrease the energy consumptions and thus emissions. Again increasing the efficiency of production to get twice the output per unit of fuel consumed is also proposed in the Wedges theory. Doubling upon the current efficiency would be considered 1 Wedge in unit out of 8 proposed Wedges. Wind energy is the a renewable source of clean and renewable energy thus the Wedges advise to increase the capacity by 10times of present capacity with addition of 2 million more wind mills. Fuel Switching is in terms of use of carbon fuel to natural gas powered sources and facilities. Carbon capture and storage is another way where the emitted carbon-di-oxide is trapped prior to emission making the Carbon content lesser. Solar energy use increment was proposed by the theory where the installations for powering the car cells with up to 40,000 Sq kilometres of solar cell implantation. Again, Biomass or bio-fuel Ethanol was proposed to have a 12 times increment in its production volume, however this would need 1/6 of all cultivable land as available on date. Production and burning of ethanol gives Oxygen and Water with energy as the end product, reducing the emitted CO2 in the air. Doubling the current Nuclear energy production to its current capacity can reduce the coal based plant to nil as projected. Reduction in deforestation and repletion of lands deforested, conservation of land for agriculture worldwide, technology use and to have more production in terms of food grains are few ways that the clean energy can sustain the global needs for lower carbon emission and CMI (Carbon Mitigation initiatives) of British Petroleum and Ford Motors is a way forward to find solutions to green house gas problems. US based US Steel Corporation introduced the first carbon filter on their blast furnace exit in 2001 and thereafter has taken Research and Development into the field and has reduced the emission by 60% in 2013 (USSTEEL, 2014)7. Comparing private public partnership (PPP) with traditional investments globally suggests the demand of private public partnership funding, contribution of potential investors and points out to the higher private infrastructure investments. The recent trends of Europe suggest that the private investments for Power generation are double to that of the government funding. The long term funding however suggest that government investments for infrastructure development is as, Germany with 55%, Japan 77%, 54% in France and USA (Eib.org, 2015)8. OECD Survey of 2013 suggests that the 2030 targets of Global infrastructure for the business would need 1.5% of the total global GDP to sustain energy needs. Again the European Commission in 2011 suggests that the European need for energy infrastructure would need 1100 Billion Euros of the 1500 to 2000 billion Euros of all Infrastructure investments. Furthermore the Infrastructure Investment GAP is suggested to be 1.25% of the global GDP or about a 1.05 Trillion USD, globally. The most common financing instruments used are through equity or debt markets. Mush of the infrastructural investments on such private infrastructure was on equity funding and that the total volume of money collected from the Debt market was only 10% of the required funding (Wbi.org, 2014)9. Therefore the needed funds for the Infrastructure projects for power generation are not very lucrative for investors for its long term objectives. However, the PPP can be added with certain value drivers like retention of risks by the government, integration and development under one single part preferably government. Further predictability and transparency along with mobilization of additional funds for suitable operations is sorted by the public investors from the government’s part. The aforesaid funding gaps for developed and developing economies have lead them to venture in to the PPP model of funding for power infrastructure and maximum utilization of assets are planned. Nevertheless, the projection observes that the PPP model takes it into the consideration that the public private infrastructure risks are to be absorbed by the Government. Even then the PPP model may face certain disadvantage like improper planning for further improvements, poor management styles as the bureaucratic structures are very much inelastic at times and that the PPP model have a more Social service in mind over financial benefits making the risks on returns higher10. However, the public private ventures are coming up where the government is taking the liability clause upon themselves with lesser space to subsidy11. Venture Capital Investments for Clean Energy The clean energy source is a necessity of the day for a sustained ecology and mankind existence for the next decades. The problem of green house gas emission has already made the various participating nations closer to form the UN pack to go for alternative source of electricity. However, the positive part is that the capital intensive industries are thought to be a positive factor in terms of long term capital investment funds those can deploy a large amount of money in such sector for predictable long term returns that matches the capital invested and locked in proportions of the other short term investments and returns thereof (Jin et al. 2014)12. However, the aspect of having the green sustainable source of energy is still lower to the expected level of Venture Capital to be invested; only 30 US Venture capital firms have a large share of their investments in energy sector. The maximum capitals invested in the alternative form of energy generation are the one those are proven technologies like wind energy, solar and water energy. MaRS (2015)13 report suggests that between 2007 and 2009, 50% of all energy sector investments went for clean energy generation which were pretested in the US. Although few investments like Sun Tech and First Solar had a continuous phase wise investments while the others or the new entrants are not as successful as them. Nevertheless, the investments for technologies those produce the alternative energy like solar panel manufacturing or such less risky business those have lesser turnover time gets a large share of those investments. Again, the traditional energy source ancillary production and support services also got an investment boost like General Electric or Toshiba to produce Wind mills and turbines for green energy production. Therefore, the traditional sweet spot or investment return guarantee is something that the Venture Capital seeks making the investments of the US market 24% of 2008 to 32% in 2009 in energy efficiency deals while the energy production fell from 30 to 18% in the same period and more the alternative fuel investments fell from 13% to 8% in the period (Businessweek, 2014)14. This justifies the deduction of the market psychology to have a more stable investment into component manufacturing units than full industrial scale energy production due to its long term lock and untested nature of innovations. Ghosh and Nanda (2014)15 observed that a technology may well work in the lab but in actual it may not have the economy in large scale production making the investments uncertain in nature to come by. This also comes with an alternative risk as perceived by the market like the necessity of risk capital in the initial business life while it also needs to demonstrate that the energy production is viable in a longer period of time fetching incomes as desired. The Managerial Concept of ‘Valley of Death’ in Funding Gaps The dry up or pre- Commercial phase Valley of Death Established in Equity The Managerial Concept of the Valley of Death (Source: Ghosh and Nanda 2014) The investment sources have its own time and investment pattern gaps where the investors invest to have returns which the sector processes to materialize its plans. Therefore, since the innovation in new source of energy is unproved therefore the role of venture capital is limited in financing such start-ups and its ancillary and supportive services where the capital invested starts drying up as the investors finds better options to invest in for a short term return. This period is called Valley of Death where the investments needed is more lucrative for pharmaceuticals, IT or already existing power generation industries for a more dynamic short term return. This is a gap in investment where the actual cost is needed to scale up the production, the funding gaps or the withdrawal of funds for better short term ventures seems to be the trend where the firms may give a better short term return like IT, Pharmaceuticals, FMCG etc (Emeksiz, 2014)16. Furthermore, the lack of exit routes also makes the barriers for the investors to venture into such fields of energy production and distribution makes the area non-lucrative for many. The added incentive for the generation of alternative form of energy is low and the capacity of production and storage is another factor that is still to mature to sustain off-peak hour supplies as stored energy for future consumption. The attitude of the oil producing companies in terms of production of alternative bio fuel gets evident from the Shell’s Executive Vice President, David Pierret’s remarks. He suggests that the amount of bio fuel they can generate in one year is equal to their daily wastage of crude traditional fuel in the process of drilling, that the business undertakes (Dooley, 2008)17. The major bio-fuel users may get into the business of renewable energy in terms of capital. However, the chances are that the funding drought in keeping up to the competency and price of renewable energy in balance to traditional energy prices that they offer to the consumers may lead to the ‘cannibalizing’ the major business by the alternate new start ups. Thus the majors in the energy sector as like other VC stay undetermined to enter the green-energy sector. The globe today needs more energy for industrial and domestic consumption for a better, stronger and active economy. However, in terms of economics the energy is regarded as a commodity that has the basis in the very investment that they receive during the start-ups. Therefore the business depends upon the best utilization of the resources to produce energy to meet the end users demand. However, the end user or the domestic or industrial users are not very concerned from which source the electricity comes from, so the new alternate use of energy production that is sustainable is the fuel that leads new ventures to come forth to try and generate energy from alternate sources. The rise of fuel prices in the international market on commodities like coal or bio-fuel or crude oil is another factor. The change in approach is however being dragged by the growth in international prices for crude oil post 2007 era (Bassein, 2014)18. The other problem stays with the infrastructural setup where the solution is in getting integrated ‘smart grids’ to support the effective distribution of electricity a vast space based upon peak and lows of consumption volumes. The global need for clean environment and carbon free energy sources has made the government to come together to decide upon the future of energy production and use of it along with smart grid distribution systems. The one step that the government is undertaking is to make the businesses pay for the amount of carbon they generate to encourage them take up more sustainable production ways. Some international policies also focus on setting up clean energy plants with a subsidy from the government’s part that encourages new entrants to focus more into business than upon taxes. However, Ahmed (2011)19 observes that the production and distribution of the clean energy is the mix of factors to be successful. In having clean energy start-ups subsidy, credits, the extent to which the emissions are taxed, prices of the alternative energy producing substitutes prices, fuel cost like factors gives a basis for the energy producing companies to venture in alternative source of energy. The policy parameters, uncertainty of political, economic factors, government’s long term plans are few that encourage or discourage a private player to invest into alternative form of energy. Again the viability of the investment cycles and its commercial viability are mandatory for the private players to have an idea prior to investments to test and trial the commercial viability of them in a particular market. Therefore, the interest of investors of the new project is lower towards those untested ventures which get clarified and more viable to attract venture capital from the market if the project has a prior viability demonstrated. The Spanish example of the recent past is a big example of what may happen if the regulatory regimes are affected, the entire market eco systems gets effected. The Spanish declaration of heavy subsidy for the new ventures for solar energy production was one that the government couldn’t keep its commitment towards, shaking off many new firms out of Spain and making others feel the reinvestigation into the venture of the same fields. This happened when the government could not keep its promises of subsidies making the investors keen in dissolving the investments making a stark example for the others in the international markets to venture before actually declaring a subsidy pricing policy for alternative form of energy (Cmi.princeton.edu, 2014)20. The contrast in the US market is that the investors seek a larger grant for such project due to uncertainty of long term government policies. The grant helps the investors to have a big capital to buff the risks for the short term gains, to reduce long time volatility of the government’s long term policy exposures. The possible solutions are concentrated in and around the government grants and policy changes to encourage investors to invest into the new emerging sectors like energy, which requires a heavy capital resource for initial commissioning. The process also needs to address time to time updating and improvement of efficiency of production with technology inputs from time to time. The entrepreneurs or venture capitalist in such a case seeks the assistance of the long term investors potential and expectations. The loans and bonds realized are the secondary long term instruments that the infrastructure may use in further inputs additions. The speed of transition with sustainable growth is the futuristic approach that the US government has declared in its recent statements (Economywatch.com, 2015)21. The markets of the US is thus investing upon the different methodologies of energy production from renewable sources like the Compresses Air energy storage of Light Sail Energy that has gathered 42 million worth of Risk capital from the market (Forbes, 2015)22. However, the business is in a lab-testing phase has very little viability commercially but had enough ability to encourage investors to invest in such projects. While Hydrostor gathered the infrastructure capital and made the differentiating factor between the two producers by a long limit of sustainability and decline in such a market of capital investments. Therefore the ability to gather and build the infrastructure for actual production of the commodity, in this case ‘energy’ makes the gap between the Capital resource collection from investors or institutions. The credential of the future is primary in the debt and equity markets so to have‘long term value’ perceptions in the debt markets. The green-energy sector or existing bio-fuel based technologies needs the capital support to build and maintain the technology in operations. The physical footprint in the energy sector is huge due to its large scale systems and multilevel investment needs. The production is one, the distribution and grid supply for end users is another that needs the capital open and flowing to supports infrastructure development for the phases. This helps to create the market as big as possible to develop the pressure and capacity from time to time that keeps the price competent on a scale of economy. Dooley (2008)23observes that the start up energy projects should focus more on the investor’s in terms of raising the money from the selected funding sources. Thus the focus is lesser on how much the business had drawn from the market in terms of market capital while more upon the sources and their aspirations from the returns on investments and the long term impact that the investments have. Further, the green energy is something where the Nuclear energy is also a major player in the field that stays in the hands of the government while the other aspects have the level playing field options for other such renewable sources to act in such a market of demand for energy. Conclusion The funds in US like the Kleiner Perkin’s 500 million USD and Khosla Ventures 750 million USD may add impetus to develop the green-energy segment among the existing energy producing companies (Emeksiz, 2014). However, the scale of production that is required to have the Wager’s 8 points as suggested needs more such massive investments, strategic partnership development with venture capital firms to bring in more of such funding for the longer run in a continuous flow from the markets. Therefore, the resources in terms of financial resources are required to have a longer time of locked up funds to be invested to see the projects actually take its profitable state. Therefore, the needs are based on the legislation and encouragement from the Government’s side where the Venture Capitalists needs to have suitable exposure to longer investments prior to return of the individual venture partners. The exit opportunities and policies in terms of shifting the investment portfolio also needs radical transitions in the policies to have a sustained green energy venture to see actual success commercially and also add to the demands of the growing energy needs of human kind. The industry would also need to have a buffer period for emergence of such sector with continuous experiments and additions and changes to reach the level of sustained returns of investments made. The public-private partnership model along with the tariff plans for the users, FIT or Fit in Tariffs that have direct influence on the commercial viability is needed in place. Improvements in competencies with new technologies and industry to have a more competitive pricing for such a proven technology need to be designed. Since the Carbon footprint along with increasing demands for energy have created space for sustainable clean energy needs that can only be brought in by the viable investment resource provision from investors and government alike to see growth and improvement in such sector start-ups, globally. Reference List Books Tomain, J., 2011. Ending dirty energy policy. Cambridge [England]: Cambridge University Press. Dooley, J., 2008. Trends in U.S. venture capital investments related to energy, 1980-2007. Richland, Wash.: Pacific Northwest National Laboratory. Journals Ahmed, S., 2011. Electricity sector in Tunisia: Current status and challenges: An example for a developing country. Renewable and Sustainable Energy Reviews, 15(1), pp.737-744. Emeksiz, S., 2014. Energy Challenges and Risk Management for Transportation Sector in Maritime Industry. 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