Leading factors of market profitability of the renewable energy companies

Global investment into renewable energy sources (RES) development is setting new records in terms of volume. For several years, investment in new RES capacities have exceeded funds invested in conventional energy capacity. As a result, it is becoming a relevant task to know what reasons investors have for investing in renewable energy. The article presents the findings of a comprehensive analysis of the global renewable energy market from an investment perspective. The analysis enabled the author to identify the types of RES and countries with the maximum investment potential in this market. This paper presents a methodology for studying the dependence of RES companies' market profitability on a number of quantitative and qualitative indicators which constitute the leading factors of their development and growth. The methodology assesses a combination of companies' financial characteristics using econometric analysis methods. Expert estimation is used for assessing a number of specific risks of the industry. The practical evaluation was carried out on the basis of official data from 30 RES companies that hold leading positions in the market. The results of the study will be used in the development of a comprehensive model for assessing the investment potential of RES companies taking into account their regional peculiarities, the development of a methodology for studying the dependence of the return on investment in renewable energy, as well as for the purposes of the practical assessment of investment efficiency in this sector.