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A transição energética tem impulsionado o desenvolvimento das Comunidades de Energia Renovável (CER) como uma solução capaz de promover a produção e utilização de energia mais descentralizada, sustentável e participativa. Apesar da evolução do enquadramento jurídico e da crescente maturidade tecnológica, a implementação destes projetos continua condicionada por desafios económicos, financeiros e organizacionais, evidenciando a necessidade de desenvolver modelos que garantam não apenas a sua viabilidade económica, mas também a sua financiabilidade.
A presente dissertação tem como objetivo desenvolver um modelo de financiamento aplicável a uma CER, recorrendo a um estudo de caso desenvolvido na Frontrow, Lda. Para esse efeito foi adotada uma metodologia que integra a caraterização técnica e regulamentar do projeto, a construção de um modelo económico-financeiro, a avaliação da viabilidade através dos indicadores Valor Atual Líquido (VAL), Taxa Interna de Rentabilidade (TIR) e o período de recuperação do investimento, bem como a avaliação da financiabilidade através dos indicadores Cash Flow Available for Debt Service (CFADS) e Debt Service Coverage Ratio (DSCR). Complementarmente, foram realizadas análises de sensibilidade e um stress test associado ao risco regulatório decorrente da evolução da Tarifa de Acesso às Redes.
Os resultados demonstram que o projeto apresenta viabilidade económica e uma estrutura financeira compatível com os critérios habitualmente exigidos pelas entidades financiadoras. Paralelamente, evidenciam que a integração da análise da financiabilidade, da governança e da gestão do risco permite reforçar a robustez da tomada de decisão e criar condições para uma evolução das CER para modelos de gestão integrada da energia, orientados para a otimização dos recursos disponíveis e para uma maior eficiência económica.
The energy transition has fostered the development of Renewable Energy Communities (REC) as a means of promoting a more decentralised, sustainable, and participatory approach to energy generation and consumption. Despite advances in the regulatory framework and increasing technological maturity, the implementation of such projects continues to face economic, financial, and organisational challenges, highlighting the need for financing models that ensure not only their economic viability but also their bankability. This dissertation aims to develop a financing model for a REC, based on a case study of Frontrow, Lda. To achieve this, a methodology was adopted that integrates the project's technical and regulatory characterization, the development of an economic and financial model, the assessment of economic feasibility using Net Present Value, Internal Rate of Return, and the payback period, as well as an evaluation of bankability through the Cash Flow Available for Debt Service (CFADS) and Debt Service Coverage Ratio (DSCR) indicators. In addition, sensitivity analyses and a stress test were conducted to assess the regulatory risk associated with changes to the Network Access Tariff. The results demonstrate that the proposed project is economically viable and supported by a financial structure that is consistent with the criteria typically required by lenders. Furthermore, they show that integrating economic and financial assessment with governance and risk management considerations enhances the robustness of decision-making and creates the conditions for REC to evolve toward integrated energy management models focused on optimising available resources and improving economic efficiency.
The energy transition has fostered the development of Renewable Energy Communities (REC) as a means of promoting a more decentralised, sustainable, and participatory approach to energy generation and consumption. Despite advances in the regulatory framework and increasing technological maturity, the implementation of such projects continues to face economic, financial, and organisational challenges, highlighting the need for financing models that ensure not only their economic viability but also their bankability. This dissertation aims to develop a financing model for a REC, based on a case study of Frontrow, Lda. To achieve this, a methodology was adopted that integrates the project's technical and regulatory characterization, the development of an economic and financial model, the assessment of economic feasibility using Net Present Value, Internal Rate of Return, and the payback period, as well as an evaluation of bankability through the Cash Flow Available for Debt Service (CFADS) and Debt Service Coverage Ratio (DSCR) indicators. In addition, sensitivity analyses and a stress test were conducted to assess the regulatory risk associated with changes to the Network Access Tariff. The results demonstrate that the proposed project is economically viable and supported by a financial structure that is consistent with the criteria typically required by lenders. Furthermore, they show that integrating economic and financial assessment with governance and risk management considerations enhances the robustness of decision-making and creates the conditions for REC to evolve toward integrated energy management models focused on optimising available resources and improving economic efficiency.
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Comunidades de energia renovável Modelo de financiamento Financiabilidade Gestão integrada da energia Renewable energy communities Financing model Bankability Integrated energy management