The recent rise of auctions to allocate support payments for renewable energy projects creates new uncertainties during project development and causes a decrease in support levels. We investigate the effects of the shift to auctioning on costs of capital (CoC) and financing conditions through semi-structured and focus group interviews with 40 experts in onshore and offshore wind project development and financing in Europe. We find that auctions create a competitive environment that pressures the industry into accepting higher risks and lower returns. Banks have reduced debt margins, while large investors decreased hurdle rates and equity returns, despite additional risks from auctions, such as uncertainty about future award prices, allocation and qualification risks. The risk of being awarded support and incurring sunk costs makes smaller bidders averse to participating in auctions. Competitive bidding may also decrease secured revenues and increase offtaker risks, especially when combined with sliding premiums. Despite increased price risk, the competitive pressure driven by project sponsors, seems to lower financing costs and hurdle rates, thus decreasing CoC for offshore projects. To reduce negative impacts on CoC and financing, policymakers can minimise additional risks, by adopting remuneration schemes that stabilise revenues, and supporting smaller actors through removing participation hurdles.

最近拍卖为可再生能源项目分配支持款项的活动增加，在项目开发过程中带来了新的不确定性，并导致支持水平下降。我们通过与欧洲40家陆上和海上风能项目开发和融资专家进行半结构化和焦点小组访谈，调查了拍卖向资本成本（CoC）和融资状况的影响。我们发现拍卖创造了一个竞争环境，迫使行业接受更高的风险和更低的回报。尽管拍卖带来了额外的风险，例如未来奖励价格的不确定性，分配和资格风险，但银行降低了债务利润率，而大投资者降低了门槛利率和股权收益。获得支持和沉没成本的风险使较小的竞标者不愿参加拍卖。竞争性竞标也可能减少有担保的收入并增加欺诈风险，尤其是在与保费相结合的情况下。尽管价格风险增加，但项目发起人带来的竞争压力似乎降低了融资成本和门槛，从而降低了离岸项目的CoC。为了减少对CoC和融资的负面影响，决策者可以通过采用稳定收入的薪酬计划并通过消除参与障碍来支持较小的参与者来最大程度地降低其他风险。项目发起人带来的竞争压力似乎降低了融资成本和门槛，从而降低了离岸项目的CoC。为了减少对CoC和融资的负面影响，决策者可以通过采用稳定收入的薪酬计划并通过消除参与障碍来支持较小的参与者来最大程度地降低其他风险。项目发起人带来的竞争压力似乎降低了融资成本和门槛，从而降低了离岸项目的CoC。为了减少对CoC和融资的负面影响，决策者可以通过采用稳定收入的薪酬计划并通过消除参与障碍来支持较小的参与者来最大程度地降低其他风险。