1. Financing the new energy economy; The evolution of renewable energy; Renewable energy in the global energy economy; Financing a low carbon energy future; The role of project finance; Organization of this book
2. Public policy mechanisms to support renewable energy; Support renewable energy or tax conventional energy?; Direct subsidies; Quantity-based mechanisms; Price-based mechanisms; Impact of public policies on renewable energy finance
3. Basic project finance concepts

Project finance definedHistorical development of project finance; Comparing project finance with traditional corporate finance
4. Modeling project cash flows and debt service; Modeling project cash flows; Debt sizing for a fully contracted project
5. Renewable project finance structures and risk allocation; Basic project finance structure; Risk allocation; Assessment of project risks
6. Tax structures for financing renewable energy projects in the U.S.; Overview of renewable energy tax incentives in the US; Depreciation benefits; Tax equity financing structures

The partnership flip structureThe sale/leaseback structure; The inverted lease structure; A critical assessment of tax credits as an incentive mechanism
7. Financing distributed generation projects; Introduction to distributed generation; Net metering; Business models for distributed generation and financing structures; Rooftop solar installations for commercial and industrial applications
8. Renewable energy in power markets; Basics of power market design; Transmission congestion and LMP; Zonal markets in Europe and elsewhere; Capacity and ancillary services markets

The future of energy markets
9. Managing transmission costs and risks for renewable projects; Connecting new generation projects to the grid; Continuing transmission costs
10. Alternative off-take strategies and managing merchant risks; Corporate PPAs; Commodity hedges; The proxy revenue swap; Comparing project off-take options; Quantifying and managing merchant price risk exposures; Approaches to developing merchant price forecasts
11. Project development and valuation; The renewable energy project lifecycle; Valuation of renewable energy companies


12. Energy storage financing: opportunities and challengesTypes of energy storage; Value of storage
13. Renewable energy finance in the international context; Recent global experience in private renewables finance; Chile; India; Germany; China; Lessons from the international experience
Appendix A: glossary of terms and energy units; Appendix B: Levelized Cost of Electricity; Glossary; Appendix C: Sample term sheets; 1. Construction loan term sheet for a utility-scale wind project; 2. Tax equity term sheet for a utility-scale solar project