Publication: Mena ülkeleri̇ndeki̇ güneş enerji̇ yatırımlarının fi̇nansman mali̇yetleri̇ni̇n, farklı fi̇nansman modelleri̇ne göre anali̇zi̇
Abstract
Fosil yakıtların tükenmesi ve çevreye verdiği zarardan dolayı alternatif enerji kaynaklarının önemi her geçen gün artmaktadır. Alternatif enerji kaynaklarından olan güneş enerjisinin hem temiz enerji kaynağı olması hem de sürekli olması bu enerji kaynağını önemli kılmıştır. Ayrıca bu enerji kaynağı sera gazı salınımı yapmadan, ilave bir maliyet gerektirmeden, dünyanın her yerinde ve şebekeden bağımsız üretilebilmektedir. Bu çalışma ile farklı MENA ülkerinde Belirli Bir Tarife ile Şebeke Besleme finansman modeli kullanılarak, farklı finansman yöntemler ile yapılacak Güneş Enerji Santrali yatırımlarının 20 yıllık getiri ve alternatif maliyetlerinin hesaplanması amaçlanmaktadır. Çalışmada, MENA bölgesinde bulunan 18 ülke (Cezayir, Mısır, Libya, Fas, Tunus, Bahreyn, İran, Irak, İsrail, Ürdün, Kuveyt, Lübnan, Umman, Katar, Suudi Arabistan, Suriye, Birleşik Arap Emirlikleri (BAE), Yemen) incelenmiş, verilerine ulaşılabilen 14 (Cezayir, Mısır, Fas, Tunus, Bahreyn, İran, Irak, İsrail, Ürdün, Kuveyt, Lübnan, Katar, Suudi Arabistan, BAE) ülkeler analiz edilmiş ve bu ülkelerdeki alım garantisi düzeyleri, finansman faizleri ve alternatif getiri oranları gibi değişkenlerin her birinin finansman maliyetine etkisi incelenmiştir. Bunlara ek olarak; yurtiçi ve yurtdışı (Dünya Bankası) borçlanma seçenekleri göz önüne alındığında hangi borçlanma türünün yatırım getirisinin daha fazla olduğu ortaya konmuş, değişen oranlarda özsermaye ya da kredi kullanım seçeneklerinin 20 yıllık periyottaki yatırım getirisi miktarı belirlenmiştir. Son olarak alternatif yatırım seçeneklerinin değerlendirilmesi ve bu bölgeye yatırım yapmak yerine farklı oranlarda faiz seçenekleri göz önüne alınarak ilgili giderin bankaya yatırılması ile elde edilecek alternatif geliri ortaya konulmuştur. Yapılan analizler sonucuda; 20 yıllık bir güneş enerjisi yatırım projesinden en yüksek getiriyi Cezayir’in sağladığı ortaya konmuş ayrıca Cezayir, Fas, Ürdün ve Lübnan haricinde diğer bütün ülkerin yatırım geri dönüş süresinin 20 yıldan uzun olduğu belirlenmiştir. Bunlara ek olarak yatırım dönüş süresinin en uzun olduğu ülkenin Suudi Arabistan olduğu söylenebilir.
The importance of alternative energy sources are increasing day by day due to the depletion of fossil fuels and the damage they cause to the environment. The fact that solar energy, which is one of the alternative energy sources is both a clean energy source and continuous has made this energy source important. In addition, this energy source can be produced anywhere in the world and off-grid without emitting greenhouse gases, without requiring any additional cost. This study aims to calculate the 20-year return and alternative costs of the Solar Power Plant investment to be made with different financing methods by using the Grid Feed-in tariff financing model in different MENA countries. In the study, 18 countries in the MENA region (Algeria, Egypt, Libya, Morocco, Tunisia, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates (UAE), Yemen) have been analyzed and 14 countries (Algeria, Egypt, Morocco, Tunisia, Bahrain, Iran, Iraq, Israel, Israel, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, UAE) have been analyzed and the impact of each of the variables such as purchase guarantee levels, financing interest rates and alternative rates of return on the cost of financing in these countries have been examined. In addition, when domestic and foreign (World Bank) borrowing options are considered, which type of borrowing has a higher return on investment has been revealed, and the amount of return on investment over a 20-year period has been determined for varying rates of equity or loan utilization options. Finally, the evaluation of alternative investment options and the alternative income to be obtained by investing the relevant expense in the bank by considering interest options at different rates instead of investing in this region were revealed. As a result of the analyzes, it has been revealed that Algeria provides the highest return from a 20-year solar energy investment project, and it has been determined that the return on investment period of all other countries except Algeria, Morocco, Jordan and Lebanon is longer than 20 years. In addition, it can be said that the country with the longest return on investment is Saudi Arabia.
The importance of alternative energy sources are increasing day by day due to the depletion of fossil fuels and the damage they cause to the environment. The fact that solar energy, which is one of the alternative energy sources is both a clean energy source and continuous has made this energy source important. In addition, this energy source can be produced anywhere in the world and off-grid without emitting greenhouse gases, without requiring any additional cost. This study aims to calculate the 20-year return and alternative costs of the Solar Power Plant investment to be made with different financing methods by using the Grid Feed-in tariff financing model in different MENA countries. In the study, 18 countries in the MENA region (Algeria, Egypt, Libya, Morocco, Tunisia, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates (UAE), Yemen) have been analyzed and 14 countries (Algeria, Egypt, Morocco, Tunisia, Bahrain, Iran, Iraq, Israel, Israel, Jordan, Kuwait, Lebanon, Qatar, Saudi Arabia, UAE) have been analyzed and the impact of each of the variables such as purchase guarantee levels, financing interest rates and alternative rates of return on the cost of financing in these countries have been examined. In addition, when domestic and foreign (World Bank) borrowing options are considered, which type of borrowing has a higher return on investment has been revealed, and the amount of return on investment over a 20-year period has been determined for varying rates of equity or loan utilization options. Finally, the evaluation of alternative investment options and the alternative income to be obtained by investing the relevant expense in the bank by considering interest options at different rates instead of investing in this region were revealed. As a result of the analyzes, it has been revealed that Algeria provides the highest return from a 20-year solar energy investment project, and it has been determined that the return on investment period of all other countries except Algeria, Morocco, Jordan and Lebanon is longer than 20 years. In addition, it can be said that the country with the longest return on investment is Saudi Arabia.