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San Giorgio Group Case Study: Jädraås Onshore Windfarm
The Jädraås Onshore Windfarm, the largest in Scandinavian Europe at its May 2013 commissioning, was financed through a total of EUR 360 million in private investment. To overcome limited commercial bank lending capacity during the economic recession, a 'Synthetic Loan' structure was created: the Danish export credit agency (EKF) provided an AAA-rated state-backed guarantee that enabled the pension fund PensionDanmark to provide EUR 120 million in debt. The project's viability was further secured by the Swedish renewable electricity certificate scheme, providing a 15-year revenue stream. Risk was managed through hedging contracts for power and certificates and a 15-year operations and maintenance contract with turbine provider Vestas. The report argues that this model is replicable for other green infrastructure projects if simple structures and risk-coverage mechanisms are employed.
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Document type: Case study
Environmental Impacts of Wind Power
The document examines the environmental footprint of wind power, noting that while it is a clean energy source, it has specific impacts on land use, wildlife, and local communities. It highlights that land-based facilities in the US use between 30 and 141 acres per megawatt, though permanent disturbance is less than 1 acre per megawatt. Wildlife impacts, particularly bird and bat collisions, are described as relatively low and manageable through better siting and operational adjustments. Public health concerns regarding sound and vibration have not been found to have adverse effects in studies from Canada and Australia. Finally, the document notes that wind power's life-cycle global warming emissions (0.02 to 0.04 pounds of CO2e/kWh) are significantly lower than those of natural gas or coal.
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Document type: Fact sheet
Public-Private Partnership Health Check: Managing partnerships during their lifetime
The document argues that the long-term nature of PPPs often makes it difficult for governments to adapt contracts to evolving sustainability priorities. It proposes a 'health check' framework based on a triple bottom line—economic, environmental, and social sustainability—to guide the review and renegotiation of existing agreements. Using the UK's transition from PFI to PF2 as a context, it suggests mechanisms like 'invest to save' and gain-share provisions to enhance value-for-money and environmental performance. It also highlights the importance of life-cycle assessments (LCA) and ethical labor standards in ensuring the long-term viability and social acceptance of infrastructure projects.
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Document type: Briefing
Climate Change & Energy Public Attitudes, Behaviors & Policy Support
A 2013 survey of Maryland residents reveals high levels of concern about climate change, with 86% believing it is happening and a majority supporting state-level sustainability policies. While residents prefer renewable energy sources like solar and wind, there is significant uncertainty regarding the state's actual energy mix. The report also highlights a gap between public support for climate action and individual behaviors, noting that home energy conservation is more common than transportation-related reductions.
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Document type: Report
Public Health, Energy & Climate Change
A survey of Maryland residents in 2013 found that air pollution is viewed as the top personal health risk and that a majority of residents believe climate change is already harming people in the United States. The study highlights a strong public preference for renewable energy sources over fossil fuels and nuclear power due to health concerns. It also reveals that residents with multiple pre-existing medical conditions are more likely to perceive themselves as vulnerable to climate-related health impacts. Additionally, the report notes high public support for government prioritisation of protecting public water supplies and human health from environmental threats.
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Document type: Report
Effective Green Financing: What have we learned so far?
The report analyzes how public resources and well-articulated policies can mitigate risks and costs to attract private capital for green investments. Using case studies from Tunisia, the UK, and Morocco, it demonstrates that targeted public interventions—such as credit guarantees, feed-in tariffs, and concessional lending—can overcome market inertia and perceived risks. It highlights the importance of emerging economies, particularly the role of National Development Banks in China and Brazil, and suggests innovative risk mitigation tools like policy risk insurance and first-loss protection to address gaps in the current financial landscape.
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Document type: Report
San Giorgio Group Case Study: Walney Offshore Windfarms
The Walney Offshore Windfarms project, the world's largest installed offshore windfarm at the start of 2012, overcame significant investment barriers through a dual approach. First, the UK government provided a robust policy framework centered on green tradable certificates (ROCs), which provided approximately 60% of expected project revenues. Second, the developer, DONG Energy, employed extensive financial engineering to 'de-risk' the investment for non-utility investors, such as the Dutch pension fund PGGM and Ampère Equity Fund. By using Power Purchase Agreements (PPAs), construction management agreements, and vendor financing, DONG Energy reallocated construction, operation, and price risks away from these institutional investors, effectively transforming their equity stakes into quasi-fixed income positions. The project attracted GBP 1.3 billion in private investment and is projected to avoid 8.3 MtCO2 and 193,000 tons of SO2 over its lifetime.
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Document type: Case study
Decarbonizing the EU Power Sector
The paper examines the EU power sector's transition toward a low-carbon future, highlighting the critical role of the electricity sector in decarbonizing transport and buildings. It identifies significant risks in current investment trends, such as carbon lock-in from new gas and coal plants, and argues that the EU Emissions Trading System (ETS) fails to provide a credible long-term signal for post-2020 investments. The authors recommend establishing post-2020 emissions caps and calibrating the ETS to ensure carbon scarcity after accounting for energy efficiency and renewable energy objectives.
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Document type: Research paper
Big Risks, Better Alternatives
The report argues that the Levy and Vogtle nuclear projects carry significant financial risks for ratepayers and taxpayers due to potential cost escalations and delays. It finds that both Florida and Georgia could meet their projected energy demand growth more cost-effectively through aggressive energy efficiency targets and the development of renewable energy resources, which are presented as lower-risk and lower-cost alternatives to the Westinghouse AP1000 reactor design.
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Document type: Report
The ImpacTs of polIcy on The fInancIng of Renewable pRojecTs: a case sTudy analysIs
The report analyzes six case studies—onshore wind in the U.S. and Spain, solar PV in the U.S. and Italy, a solar power tower in the U.S., and offshore wind in Denmark—to determine how policy impacts the cost of finance. It identifies seven policy impact pathways, finding that the duration of revenue support and revenue certainty are the most critical factors in reducing financing costs. The analysis shows that while most projects' costs and returns align with benchmarks, the Italian PV case experienced inflated costs and returns due to a rush to qualify for a Feed-in-Premium. The report concludes that policies reducing risk and providing revenue certainty are essential for attracting institutional investors and scaling innovative technologies.
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Document type: Report
An Assessment of the Impact of Policy on the Financing of Clean Energy
The document describes a project to assess the impact of policy on clean energy financing, focusing on whether policies encourage a sustainable and cost-effective mix of investments. It highlights the role of risk allocation and the importance of project financing eligibility in determining the overall cost of energy projects. The project aims to analyze debt, equity, venture capital, and mezzanine finance across different technology maturity levels and global regions.
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Document type: Briefing
Royal Dutch Shell and its sustainability troubles
The report details 12 sustainability cases involving Royal Dutch Shell, highlighting systemic issues such as oil spills and gas flaring in Nigeria, toxic pesticide contamination in Brazil, and the high carbon intensity of Canadian tar sands. It examines the company's expansion into unconventional gas through fracking and its influence on political processes in the UK, Netherlands, and other host countries. The document argues that Shell's business strategy prioritizes profit over environmental and human rights, often employing a 'double standard' in its operational safety and reporting.
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Document type: Report
A Snapshot of Renewable Energy Deployment
The document provides a comparative analysis of U.S. renewable energy resources—including hydropower, wind, biomass, geothermal, and solar—alongside conventional coal, natural gas, and nuclear power. It details installed capacities, capital costs per kilowatt, and carbon displacement estimates as of 2009-2010, noting that renewables are generally lower in carbon emissions, more flexible in scale, and faster to construct than conventional plants.
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Document type: Fact sheet
Offshore Wind Energy
The document examines the technology and global status of offshore wind energy, noting that while Europe leads in operational capacity, the United States has significant untapped potential. It details the technical requirements for different water depths, the regulatory frameworks in countries like Denmark, and the specific siting and permitting complexities in the U.S. The text also addresses public concerns regarding tourism, wildlife, and military radar, while highlighting the economic benefits in terms of job creation and greenhouse gas reduction.
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Document type: Fact sheet
Dear Senator
A coalition of environmental organizations urges the U.S. Senate to reject expanded offshore oil and gas drilling, citing the Deepwater Horizon disaster as evidence of the inherent risks to marine ecosystems and coastal economies. The group argues that offshore reserves are insufficient to achieve energy independence and instead calls for a transition to carbon-free energy technologies and a national renewable electricity standard.
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Document type: Statement
Connecticut’s Dependence on Imported Coal
In 2008, Connecticut imported all the coal used by its power plants, spending $130 million on these imports, a significant portion of which came from Indonesia. While coal accounts for only 14.4% of the state's electricity mix, the state spent $37 per person on imported coal in 2007, exceeding the $27 per person spent on electricity efficiency programs. To reduce this dependence, Connecticut has implemented energy efficiency resource standards and renewable electricity standards, requiring utilities to source at least 23% of in-state power demand from renewables by 2020. The document notes that land-based renewables could technically meet 37% of the state's 2008 electricity needs, and offshore wind resources in New England could potentially supply over 24 times the region's power requirements.
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Document type: Fact sheet
Delaware’s Dependence on Imported Coal
In 2008, Delaware imported all the coal used by its power plants, resulting in over $161 million leaving the state. While coal provided 70 percent of in-state power generation, the state has implemented an energy efficiency resource standard requiring a 2.5 percent annual reduction in electricity use from 2010 to 2015 and a renewable electricity standard targeting 20 percent of power from renewable resources by 2019.
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Document type: Fact sheet
Florida’s Dependence on Imported Coal
Florida imported all the coal used by its power plants in 2008, resulting in over $1.56 billion leaving the state economy. The document argues that investing in energy efficiency and homegrown renewables, such as biomass, solar, and offshore wind, can reduce this dependence and stimulate local economic growth.
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Document type: Fact sheet
Georgia’s Dependence on Imported Coal
In 2008, Georgia was the highest spender on net coal imports in the United States, sending $2.62 billion out of state. The state's electricity generation relied on coal for 62.7% of its power despite having no internal coal supplies. The document argues that investing in energy efficiency and homegrown renewables, such as biomass from the forestry industry, solar, and wind, could improve energy independence and local economic development.
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Document type: Fact sheet
Burning Coal, Burning Cash
In 2008, Massachusetts imported all the coal used by its power plants, primarily from Colombia, resulting in $252 million leaving the state economy. The state relies on coal for 24.5% of its in-state electricity generation despite having no domestic coal supplies. To reduce this dependence, Massachusetts has implemented aggressive energy efficiency targets, including a $1.7 billion investment from 2010 to 2012, and is expanding renewable energy through programs like Commonwealth Solar and the first US offshore wind facility in Nantucket Sound.
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Document type: Fact sheet