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For the second consecutive year, the wind power, represents the first energy source at European level with the 39% of the new power installed, followed by gas source (26%) and the solar source (16%) (1).
 Wind power In this scenario, the Italian market has shown to be a very mature power market, by installing energy for 1,114 MW (with an increase of 11%), placing itself as third player in the European Union, after Spain (with an increase of 24% and 2,459 MW installed) and Germany (with an increase of 19% and 1,917 MW installed). Good performances have been registered also for France (increase of 10% and 1,077 MW installed). The European Union has reached, therefore, an overall power capacity of 74,767 MW against the 64,719 MW registered at the end of 2008, still having Germany, at the top of the list, followed by Spain, Italy, France and United Kingdom. The Italian renewable energy source market is well placed also at world level, being the sixth player either for the new power installed and the new power capability, after big players such as USA, China, Germany and Spain (please, refer to endnote no. 3). Notwithstanding these positive results, to finance wind projects is still difficult; this, event if the feed-in-tariff system, which may be subject to decrease in the near future, remains very appealing for new financial investors, attracting a huge number of players. Indeed, the development of a renewable energy source project still has to face up a number of critical issues under a financial, administrative, technological and environmental point of view. It must be reminded, indeed, that to have a project reaching its goal, a very complex and burdensome administrative proceeding iter set forth under Legislative Decree no. 387/2003 has to be accomplished. Indeed, only once the project, through its developer, has obtained all the necessary authorizations, the same is deemed bankable and as such may be financed through the so-called project financing system. The main advantage of the project financing, compared to the traditional forms of financing, is represented by the possibility to impute all the risks, burdens and benefits to a special purpose vehicle company, which follows all the phases of the construction, development and management of the plant, by limiting the warranties and securities requested and issued by the sponsors. On the contrary, the disadvantage of this system is represented by the high costs relating to the transaction, as financial, technical, tax and legal consultancy, which makes this option followed in practice only with respect to thise projects over a certain threshold (approximately equal to € 25-30 million). For those projects having a value lower than the one indicated above, which would be not profitable if financed through the project financing, the operators are used nowadays to avail the leasing structure, through leasing companies specialized in this sector, instead of using the traditional financing structure. Once all the requirements under a technical, environmental, legal, administrative and financial stand point are met, the project may benefit of the very complex incentive system set forth under law December 24, 2007 no. 244 (Budget Law 2008) and by law November 29, 2007 no. 222 (Annex to the Budget Law 2008) determined also for the wind farm projects. Such regulation varies on the basis of the power of the plant, lower or higher than 1 MW; whereby, only the second ones may choose between the green certificates and the feed-in-tariff system. The Feed - in Tariffs System for plants having power lower than 1MW provides that the operators can obtain, for a 15-year period, a fixed tariff, which varies on the basis of the energy source (i.e., wind, biomasses etc.) and which may be amended by the Ministry of Economic Development, on a three-year basis. On the other hand, the green certificates are issued by the Gestore dei Servizi Elettrici for a 15-year period as of the date when the plant becomes operational and therefore when the energy produced is fed to the grid. They have a value equal to 1MWh each, and are issued for a quantity equal to the net RES production by the plant, multiplied for the coefficients applicable to each renewable source, which can be further amended, on a three-year basis, through decrees to be issued by the Ministry the Economic Development Decree. It must be in any event pointed out that, even if many issues have to be considered in order to develop and operate a wind farm project and also in a financial crisis scenario, the fast, continue and uninterrupted growth of the wind power market at world level, gives evidence of the high interest triggered by this technology, which has the strength to be clear, reliable, fast to install and innovative. The above triggers that wind energy market plays a very important role in the world power market, even if recently the markets' focus seems to be driven to the solar energy sector. Let's only think that last year the wind turbine generators' market has approximately reached the amount of 45 millions Euro and that approximately half million people are employed in the world wind power industry. And, don't forget that the wind power gives a significant help to the reduction of the so called gas serra emissions, by producing green energy, which shall allow to avoid tons and tons of CO2 at yearly basis and on a world scale. Avv. Giulia Paola Police Data source: EWEA, European Wind Energy Association.
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