A cluster analysis of investment strategies in the offshore wind energy market

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dc.contributor.authorIoannou, Anastasia
dc.contributor.authorVaienti, Claudio
dc.contributor.authorAngus, Andrew
dc.contributor.authorBrennan, Feargal P.
dc.date.accessioned2017-11-09T16:18:03Z
dc.date.available2017-11-09T16:18:03Z
dc.date.issued2017-08-18
dc.description.abstractThis paper maps different investor strategies in the offshore wind energy market based on data from existing wind farms in the UK. This is realized through the employment of cluster analysis, which classifies offshore wind energy investors - who have purchased equity stakes-in terms of the entry timing, exit timing, purchase timing and stake purchased. We, then, perform a SWOT analysis to identify the major strengths, weaknesses, opportunities and threats encountered by each cluster of stakeholders. Cluster analysis revealed the existence of three distinct investment strategy profiles: i) Late entry investors, ii) Pre-commissioning investors, and iii) Own-build-transfer investors. Corporate and institutional investors tend to be late entry investors, whose strategy is based on buying assets while they are fully operational avoiding construction risks, retaining a risk aversion profile. The exit timing of OEMs and EPCI contractors usually takes place before or right after the commissioning of the wind farm. Finally, major Utilities tend to keep the operating assets on their balance sheet and divest only part of them (mostly minority stakes) during the operating stage; Independent energy companies are found in both 2nd and 3rd cluster; however, exceptions may be observed.en_UK
dc.identifier.citationA. Ioannou, C. Vaienti, A. Angus, and F. Brennan. A cluster analysis of investment strategies in the offshore wind energy market. 2017 6th International Conference on Clean Electrical Power (ICCEP), 27-29 June 2017, Santa Margherita Ligure, Italy.en_UK
dc.identifier.isbn9781509046829
dc.identifier.issn2474-9664
dc.identifier.urihttp://dx.doi.org/10.1109/ICCEP.2017.8004841
dc.identifier.urihttp://dspace.lib.cranfield.ac.uk/handle/1826/12710
dc.language.isoenen_UK
dc.publisherInstitute of Electrical and Electronics Engineersen_UK
dc.rightsAttribution-NonCommercial 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/
dc.subjectequity capital investorsen_UK
dc.subjectoffshore winden_UK
dc.subjectcluster analysisen_UK
dc.subjectentry and exit timingsen_UK
dc.subjectinvestment strategiesen_UK
dc.subjectSWOTen_UK
dc.titleA cluster analysis of investment strategies in the offshore wind energy marketen_UK
dc.typeConference paperen_UK

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