ABSTRACT As energy transitions are progressing and economies of scale are kicking in, renewable-electricity generation begins to include, and be dominated by, large-scale operations. This shift is accompanied by far-reaching changes in the ownership and financing structures of renewable-energy projects, involving connections and (inter)dependencies between international and domestic investors and policies. With growing sizes and maturity, renewable-energy projects are also increasingly taken to capital markets and have become subject to financialization. Until recently these processes have only been observed in the Global North but not in the Global South. So far there has been little research on renewable-energy financialization in the Global South, especially in Sub-Saharan Africa. In our paper we address this gap by exploring the international connections and (possible) financialization of two large-scale renewable-energy projects in Kenya. Based on case-study analyses of geothermal and wind projects in Kenya, we argue that due to their complex risk structure, public investment and support, both from domestic sources and development finance institutions (DFIs), are and will remain key to facilitate or even enable such projects. In contrast to Baker’s (2015) case study on South Africa, we neither see nor expect financialization of large-scale renewable-energy projects in Kenya and most other Sub-Saharan African countries any time soon.

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为肯尼亚的大型可再生能源项目融资：投资者类型、国际关系和金融化

摘要 随着能源转型的进展和规模经济的开始，可再生能源发电开始包括并由大规模运营主导。这种转变伴随着可再生能源项目所有权和融资结构的深远变化，涉及国际和国内投资者和政策之间的联系和（相互）依赖。随着规模和成熟度的增长，可再生能源项目也越来越多地进入资本市场，并已成为金融化的对象。直到最近，这些过程仅在全球北部观察到，而在全球南部未观察到。迄今为止，在全球南方，尤其是在撒哈拉以南非洲，很少有关于可再生能源金融化的研究。在我们的论文中，我们通过探索肯尼亚两个大型可再生能源项目的国际联系和（可能的）金融化来解决这一差距。基于对肯尼亚地热和风能项目的案例研究分析，我们认为，由于其复杂的风险结构，来自国内资源和发展金融机构 (DFI) 的公共投资和支持，现在并将继续是促进甚至促进发展的关键。启用此类项目。与 Baker (2015) 对南非的案例研究相比，我们既没有看到也没有预期肯尼亚和大多数其他撒哈拉以南非洲国家的大型可再生能源项目会在短期内实现金融化。我们认为，由于其复杂的风险结构，来自国内资源和发展金融机构 (DFI) 的公共投资和支持现在并将仍然是促进甚至实现此类项目的关键。与 Baker (2015) 对南非的案例研究相比，我们既没有看到也没有预期肯尼亚和大多数其他撒哈拉以南非洲国家的大型可再生能源项目会在短期内实现金融化。我们认为，由于其复杂的风险结构，来自国内资源和发展金融机构 (DFI) 的公共投资和支持现在并将仍然是促进甚至实现此类项目的关键。与 Baker (2015) 对南非的案例研究相比，我们既没有看到也没有预期肯尼亚和大多数其他撒哈拉以南非洲国家的大型可再生能源项目会在短期内实现金融化。