Project finance in renewable energy
: risk mitigation matrixes with proposed application to Hydrogen investment

  • Mariana Costa Rebelo Padrão (Student)

Student thesis: Master's Thesis


The decarbonization goals set for 2050 in Europe are ambitious and private investment, together with public incentives, will be crucial to achieve them. However, as agreed by researchers, private investors are more risk averse, especially in large, long-term and capital-intensive infrastructure projects. Therefore, Project Finance structures along successful risk management techniques will be of utmost importance for rapidly captivating the capital needed. This study aims, then, to learn from knowledge and experience developed on Risk Management on PF in Renewable Energy projects, propose best courses of action and analyze the challenges ahead of Hydrogen investment. It questions the position of Risk Identification/Mitigation in PF, the key risks and underlying mitigants on RE investments through PF, while evaluating their similarity to the investment risks in current Hydrogen investment. The research develops on a collection of current knowledge (both academic and from industry) on PF and RE Risk, separately, later supporting the proposal of a Risk Mitigation Matrix. The test against a case study highlights the importance of Risk Management, as well as due diligence, reinforcing each other. Moreover, the Risk Matrix is demonstrated to cover the key risks and common mitigators under PF structures in RE. This beneficial application is then proposed to Hydrogen investment, where it was possible to match generic risks identified for Hydrogen investments, and validate the merits of the matrixes. Governments are also invited to use the Risk Matrixes, understanding how to mitigate the key risks to capture private investment and allow sustainable maintenance of Hydrogen momentum.
Date of Award9 Jul 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJyoti Gupta (Supervisor)


  • Project finance
  • Renewable energy
  • Hydrogen momentum
  • Risk management
  • Risk identification
  • Risk mitigation
  • European decarbonization
  • Energy transition
  • Due diligence


  • Mestrado em Gestão e Administração de Empresas

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