N. Grković: Legal aspects of state driven renewable energy investments and the role of private capital
This is a final thesis written by Nikolina Grković, under the mentorship of Prof. Dr. Edita Čulinović Herc, in the course of the Postgraduate Specialist Study in Corporate Finance Law at the Faculty of Law of the University of Rijeka. It examines legal aspects of financing renewable energy projects which have recently been influenced by the energy-environmental objectives of the EU and financing innovation issues. The development of renewable energy, in parallel with the process of integration and liberalization of the energy market, entails a review of support schemes which Member States have adopted in order to promote RES in regard to the realization of the first group of targets, from the standpoint of both the provisions on state aid and the free movement of goods. In order to identify potential limitations in creation of these support schemes, the relevant case-law of the CJEU is analyzed. Since those projects are typically high-tech and high-risk projects, project holders usually have difficulties to access traditional sources of financing. Therefore, the paper also examines financing through venture capital and crowdfunding. The last one, despite being recently emerging business practice, already caught significant attention of the legislators and regulators, at both EU and Member States level.
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