Environmental and Resource Economics

, Volume 62, Issue 1, pp 163–188 | Cite as

Renewable Energy Policies and Private Sector Investment: Evidence from Financial Microdata

  • Miguel Cárdenas Rodríguez
  • Ivan Haščič
  • Nick Johnstone
  • Jérôme Silva
  • Antoine Ferey


This paper analyses the effect of government policies and other determinants on private finance investment in renewable energy. A unique dataset of financial transactions for renewable energy projects is constructed using the Bloomberg New Energy Finance database. The dataset covers 87 countries, six renewable energy sectors (wind, solar, biomass, small hydropower, marine and geothermal) and the 2000–2011 time-span. In a first set of models undertaken at the level of the financial deal we find that, in contrast to quota-based schemes, price-based support schemes are positively correlated with private finance contributions. This result holds for complementary analyses undertaken at the level of the project. However, for those projects in which public finance complements private finance (co-financed projects) neither quota-based measures nor price-based support schemes have a significant effect on private finance flows.


Renewable energy Finance Investment Policy instrument choice Technology deployment 

JEL Classification

Q42 Q48 Q54 Q55 Q58 G3 H23 L94 O3 

Supplementary material

10640_2014_9820_MOESM1_ESM.docx (12 kb)
Supplementary material 1 (docx 12 KB)


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Copyright information

© Springer Science+Business Media Dordrecht 2015

Authors and Affiliations

  • Miguel Cárdenas Rodríguez
    • 1
  • Ivan Haščič
    • 1
  • Nick Johnstone
    • 2
  • Jérôme Silva
    • 1
  • Antoine Ferey
    • 3
  1. 1.Environment DirectorateOECDParisFrance
  2. 2.Directorate for Science, Technology and InnovationOECDParisFrance
  3. 3.ENSAE ParisTechMalakoffFrance

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