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Financing Corporate Growth in the Renewable Energy Industry

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Christoph Ettenhuber

Financing constraints have been central to the political and economic debate about renewable energy development. This book addresses four related corporate finance questions. The first chapter reviews theoretical considerations and empirical evidence on so-called funding gaps. Chapters two and three analyze the genuine structures of equity and convertible debt offerings in the industry. The final part investigates to what extent business combinations are perceived as a valuable means to company growth. The analysis contains a variety of empirical findings that are novel to existing emerging industry and corporate finance research. It shows that many investors perceive the level of asymmetric information and regulatory risk, as well as the industry’s structure, to be detrimental to renewable energy finance.

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Figure 2.1: Cressy’s theoretical equity gap ....................................................... 17 Figure 2.2: Survey results of perceived expansion constraints of cleantech companies ........................................................................................ 39 Figure 3.1: Exemplary SEO timing of Nordex SE ............................................ 46 Figure 3.2: Logit regression variable illustration .............................................. 52 Figure 4.1: CDO conversion probability distribution at issue .......................... 75 Figure 4.2: Event study estimation period and event window lengths ............. 76 Figure 5.1: Consolidation of renewable energy systems manufacturers by sub-sector ........................................................................................ 90 Figure 5.2: Short-term announcement effects of M&A transactions ................ 97

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