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Investment and financing perspectives for a solar photovoltaic project

Marchioni, Andrea and Magni, Carlo Alberto and Baschieri, Davide (2020): Investment and financing perspectives for a solar photovoltaic project. Published in: MIC2020 Management International Conference, Ljubljana, Slovenia, 12-15 November 2020, Book of Proceedings

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Abstract

In this work we illustrate a simple logical framework serving the purpose of measuring value creation in a real-life solar photovoltaic project, funded with a lease contract, a loan contract and internal financing (i.e., withdrawal from liquid assets). We use the projected accounting data to compute the value created. We assess the project from both an investment perspective (operating assets and liquid assets) and a financing perspective (debt and equity). Furthermore, focusing on value creation for equityholders, we calculate the expected contribution on shareholders’ wealth increase of operating and financing activity. In particular, we highlight the role of the distribution policy in financial modeling by describing the strict logical connections between estimated data and financial decisions.

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