Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UNESP |
Texto Completo: | http://dx.doi.org/10.3390/su15053960 http://hdl.handle.net/11449/248509 |
Resumo: | With the growing demand for investment projects in renewable energy, it is essential for the economic feasibility analysis to consider the inherent uncertainties of these projects and enable more accurate investment decisions. In this way, we analyze whether investment projects in photovoltaic panels to produce electrical energy in a forest nursery are economically viable through the analysis of real options. We consider the energy demand of a forest nursery with an initial investment of USD 90,417 in photovoltaic panels. The managerial flexibilities of deferral, expansion of 30.0% of the energy production capacity, and the project’s abandonment were inserted into the binomial model of the decision tree, built in discrete time. The project’s expanded net present value was 79.2% higher than the traditional net present value, capturing the value of flexibilities for managers. The deferral option was the one that most impacted the expanded net present value. Investment projects in photovoltaic panels to produce electricity in a forest nursery are economically viable when analyzed through real options. |
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Repositório Institucional da UNESP |
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Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options AnalysiscuttingsEucalyptusmanagerial flexibilitiesnet present valuephotovoltaic panelsrenewable energyWith the growing demand for investment projects in renewable energy, it is essential for the economic feasibility analysis to consider the inherent uncertainties of these projects and enable more accurate investment decisions. In this way, we analyze whether investment projects in photovoltaic panels to produce electrical energy in a forest nursery are economically viable through the analysis of real options. We consider the energy demand of a forest nursery with an initial investment of USD 90,417 in photovoltaic panels. The managerial flexibilities of deferral, expansion of 30.0% of the energy production capacity, and the project’s abandonment were inserted into the binomial model of the decision tree, built in discrete time. The project’s expanded net present value was 79.2% higher than the traditional net present value, capturing the value of flexibilities for managers. The deferral option was the one that most impacted the expanded net present value. Investment projects in photovoltaic panels to produce electricity in a forest nursery are economically viable when analyzed through real options.School of Agriculture São Paulo State University (Unesp)São Paulo State University (Unesp), Campus of ItapevaSchool of Agriculture São Paulo State University (Unesp)São Paulo State University (Unesp), Campus of ItapevaUniversidade Estadual Paulista (UNESP)Rocha, Qüinny Soares [UNESP]Munis, Rafaele Almeida [UNESP]da Silva, Richardson Barbosa Gomes [UNESP]Aguilar, Elí Wilfredo Zavaleta [UNESP]Simões, Danilo [UNESP]2023-07-29T13:46:00Z2023-07-29T13:46:00Z2023-03-01info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://dx.doi.org/10.3390/su15053960Sustainability (Switzerland), v. 15, n. 5, 2023.2071-1050http://hdl.handle.net/11449/24850910.3390/su150539602-s2.0-85149905258Scopusreponame:Repositório Institucional da UNESPinstname:Universidade Estadual Paulista (UNESP)instacron:UNESPengSustainability (Switzerland)info:eu-repo/semantics/openAccess2023-07-29T13:46:00Zoai:repositorio.unesp.br:11449/248509Repositório InstitucionalPUBhttp://repositorio.unesp.br/oai/requestopendoar:29462024-08-05T17:08:20.867063Repositório Institucional da UNESP - Universidade Estadual Paulista (UNESP)false |
dc.title.none.fl_str_mv |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
title |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
spellingShingle |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis Rocha, Qüinny Soares [UNESP] cuttings Eucalyptus managerial flexibilities net present value photovoltaic panels renewable energy |
title_short |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
title_full |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
title_fullStr |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
title_full_unstemmed |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
title_sort |
Photovoltaic Solar Energy in Forest Nurseries: A Strategic Decision Based on Real Options Analysis |
author |
Rocha, Qüinny Soares [UNESP] |
author_facet |
Rocha, Qüinny Soares [UNESP] Munis, Rafaele Almeida [UNESP] da Silva, Richardson Barbosa Gomes [UNESP] Aguilar, Elí Wilfredo Zavaleta [UNESP] Simões, Danilo [UNESP] |
author_role |
author |
author2 |
Munis, Rafaele Almeida [UNESP] da Silva, Richardson Barbosa Gomes [UNESP] Aguilar, Elí Wilfredo Zavaleta [UNESP] Simões, Danilo [UNESP] |
author2_role |
author author author author |
dc.contributor.none.fl_str_mv |
Universidade Estadual Paulista (UNESP) |
dc.contributor.author.fl_str_mv |
Rocha, Qüinny Soares [UNESP] Munis, Rafaele Almeida [UNESP] da Silva, Richardson Barbosa Gomes [UNESP] Aguilar, Elí Wilfredo Zavaleta [UNESP] Simões, Danilo [UNESP] |
dc.subject.por.fl_str_mv |
cuttings Eucalyptus managerial flexibilities net present value photovoltaic panels renewable energy |
topic |
cuttings Eucalyptus managerial flexibilities net present value photovoltaic panels renewable energy |
description |
With the growing demand for investment projects in renewable energy, it is essential for the economic feasibility analysis to consider the inherent uncertainties of these projects and enable more accurate investment decisions. In this way, we analyze whether investment projects in photovoltaic panels to produce electrical energy in a forest nursery are economically viable through the analysis of real options. We consider the energy demand of a forest nursery with an initial investment of USD 90,417 in photovoltaic panels. The managerial flexibilities of deferral, expansion of 30.0% of the energy production capacity, and the project’s abandonment were inserted into the binomial model of the decision tree, built in discrete time. The project’s expanded net present value was 79.2% higher than the traditional net present value, capturing the value of flexibilities for managers. The deferral option was the one that most impacted the expanded net present value. Investment projects in photovoltaic panels to produce electricity in a forest nursery are economically viable when analyzed through real options. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-07-29T13:46:00Z 2023-07-29T13:46:00Z 2023-03-01 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://dx.doi.org/10.3390/su15053960 Sustainability (Switzerland), v. 15, n. 5, 2023. 2071-1050 http://hdl.handle.net/11449/248509 10.3390/su15053960 2-s2.0-85149905258 |
url |
http://dx.doi.org/10.3390/su15053960 http://hdl.handle.net/11449/248509 |
identifier_str_mv |
Sustainability (Switzerland), v. 15, n. 5, 2023. 2071-1050 10.3390/su15053960 2-s2.0-85149905258 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Sustainability (Switzerland) |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
Scopus reponame:Repositório Institucional da UNESP instname:Universidade Estadual Paulista (UNESP) instacron:UNESP |
instname_str |
Universidade Estadual Paulista (UNESP) |
instacron_str |
UNESP |
institution |
UNESP |
reponame_str |
Repositório Institucional da UNESP |
collection |
Repositório Institucional da UNESP |
repository.name.fl_str_mv |
Repositório Institucional da UNESP - Universidade Estadual Paulista (UNESP) |
repository.mail.fl_str_mv |
|
_version_ |
1808128760713576448 |