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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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List of Abbreviations

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Bn Billion BNEF Bloomberg New Energy Finance BMU Bundesministerium für Umwelt, Naturschutz und Reaktorsicherheit BVK Bundesverband Deutscher Kapitalbeteiligungsgesellschaften CapEx Capital expenditures CAR Cumulative abnormal return CAAR Cumulative average abnormal return CDO Convertible debt offering EEG Erneuerbare-Energien-Gesetz EUR Euro currency GW Gigawatt IPCC Intergovernmental Panel on Climate Change KWh Kilowatt hour M Million MTBV Market-to-book value M&A Mergers and acquisitions Na Not available NEX WilderHill New Energy Global Innovation Index OLS Ordinary least squares PV Photovoltaics R&D Research and development REPN Renewable Energy Network for the 21st Century RoW Rest of World SEO Seasoned equity offering SIC Standard Industrial Classification SME Small- and medium-sized enterprise StEG Stromeinspeisegesetz TA Total assets TWh Terawatt hour XVI U.S. United States U.K. United Kingdom USD U.S. Dollar currency WCX Wilcoxon test

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