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Financing remains big challenge in local PV projects, say players

Players in the photovoltaic industry say that getting projects financed remains one of the biggest hurdles in their field.

September 2012 - From the Print Edition

"Romania has an enormous potential in photovoltaic energy, and the investors were the first to understand this. We've noticed that an increasing number of investors with projects already launched preferred to finance their investments from their own sources." This was one of the statements made by Ciprian Glodeanu, president of the Romanian Photovoltaic Industry Association (RPIA) during the conference Financing PV in Romania, organized by the association.
During the event the limited access to financing was extensively debated. Investors present were able to feel the pulse of financing in the photovoltaic field directly from the top representatives of the most active banking and leasing institutions in Romania.
Gabriel Mihai, head of corporate for UniCredit Leasing, said financing institutions examine the bankability of a project starting from the three important stages of any PV project, namely development, construction and operation stage. These are all important for the financial institution and the result of the examination must indicate the project's ability to generate cash flow.
He added that during the development stage, "the situation of the approvals, and the manner in which these are obtained, of the ready-to-build stage of the project, as well as the realistic value of the investment value" are important. Romulus Andrei, head of the structured finance department at Volksbank Romania, added that the approvals, "must be similar for projects which resemble each other from the point of view of the execution conditions."
Bankers also say that special attention is given to the investor's relevant experience on similar projects. Such experience comforts the financer because the investor will know how to turn the energy produced and the green certificates obtained into cash flow. A project with an efficient operational solution has a better chance of receiving financing.



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