ESG Risk Assessment for Renewable Energy Projects: Impact on Financing

Romario Zoga

absolventská práce studenta CŽV

Anotace:

This thesis examines how Environmental, Social and Governance risk assessment influences financing conditions for renewable energy projects. The research focuses on ESG not only as a sustainability or reporting requirement, but as a financial risk management and value creation tool. The thesis analyses how ESG risks affect project bankability, lender confidence, project timelines, stakeholder acceptance, operational resilience and long-term business value. The research applies a qualitative methodology based on literature review, analysis of international lender frameworks, comparative case study assessment and semi-structured expert interviews. The selected case studies are Čibuk 1 Wind Farm in Serbia and Benban Solar Park in Egypt. These projects were selected because they represent different renewable energy technologies, financing structures and ESG risk profiles. The findings show that ESG risk assessment can increase project costs through additional studies, due diligence, monitoring, stakeholder engagement, contractor management and lender reporting. However, these costs can also create value when they reduce uncertainty, protect project timelines, improve lender confidence and strengthen stakeholder trust. The thesis concludes that ESG risk assessment is financially material in renewable energy project finance and should be integrated into investment decision-making, project governance and long-term business strategy

Abstract:

This thesis examines how Environmental, Social and Governance risk assessment influences financing conditions for renewable energy projects. The research focuses on ESG not only as a sustainability or reporting requirement, but as a financial risk management and value creation tool. The thesis analyses how ESG risks affect project bankability, lender confidence, project timelines, stakeholder acceptance, operational resilience and long-term business value. The research applies a qualitative methodology based on literature review, analysis of international lender frameworks, comparative case study assessment and semi-structured expert interviews. The selected case studies are Čibuk 1 Wind Farm in Serbia and Benban Solar Park in Egypt. These projects were selected because they represent different renewable energy technologies, financing structures and ESG risk profiles. The findings show that ESG risk assessment can increase project costs through additional studies, due diligence, monitoring, stakeholder engagement, contractor management and lender reporting. However, these costs can also create value when they reduce uncertainty, protect project timelines, improve lender confidence and strengthen stakeholder trust. The thesis concludes that ESG risk assessment is financially material in renewable energy project finance and should be integrated into investment decision-making, project governance and long-term business strategy

Klíčová slova

Environmental, Social and Governance, ESG risk assessment, business value

Keywords

Environmental, Social and Governance, ESG risk assessment, Renewable energy, Project finance, sustainable finance, lender due diligence, bankability, wind energy, solar energy

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 13. 5. 2026

Obhajoba závěrečné práce

• Vedoucí: Ing. Josef Horák, Ph.D.
• Oponent: Romana Čižinská, doc. Ing.

Škoda Auto Vysoká škola z.ú.

celoživotní:
Master of Business Administration