L'évaluation des projets d'investissement a été réalisée principalement grâce à l'analyse des flux de trésorerie actualisés (DCF), dont les mesures de faisabilité financière ont été fondamentalement fondées sur des approches telles que la valeur actuelle nette (NPV) et le taux de rendement interne (IRR), qui sont largement discutées dans le domaine de l'évaluation des projets énergétiques. Despite this, the classical methods have a limitation when perceiving relevant characteristics for decision-making in high-risk investments, such as the uncertainty of the cash flows and the quantification of risk. An alternative to the use of these methods is the technique known as Decoupled Net Present Value (DNPV), which decouples the risk associated with the project from the value of money over time. Cette méthodologie d'évaluation a été appliquée à un projet d'auto-génération d'énergie solaire photovoltaïque en Colombie. Dans cette étude, les résultats obtenus grâce au DNPV ont été équivalents à 2.3-fold the value obtained by means of NPV. Thus, many renewable energy projects can become undervalued since traditional methods mistakenly associated a discount rate that includes a very high risk premium and that in many occasions it is more related to the sources of financing of the project instead of representing the risk component that it has. Keywords : Decoupled net present value (DNPV), Renewable energy projects, Solar energy investments JEL Classifications : Q2, Q4 DOI : https://doi.org/10.32479/ijeep.10577

The evaluation of investment projects has been carried out mainly through the analysis of Discounted Cash Flow (DCF), whose financial feasibility measures have been based fundamentally on approaches such as the Net Present Value (NPV) and the Internal Rate of Return (IRR), which are widely discussed in the field of energy project valuation. Despite this, the classical methods have a limitation when perceiving relevant characteristics for decision-making in high-risk investments, such as the uncertainty of the cash flows and the quantification of risk. An alternative to the use of these methods is the technique known as Decoupled Net Present Value (DNPV), which decouples the risk associated with the project from the value of money over time. This valuation methodology was applied to a photovoltaic solar energy self-generation project in Colombia. In this study, the results obtained through the DNPV were equivalent to 2.3-fold the value obtained by means of NPV. Thus, many renewable energy projects can become undervalued since traditional methods mistakenly associated a discount rate that includes a very high risk premium and that in many occasions it is more related to the sources of financing of the project instead of representing the risk component that it has. Keywords: Decoupled net present value (DNPV), Renewable energy projects, Solar energy investments JEL Classifications: Q2, Q4 DOI: https://doi.org/10.32479/ijeep.10577

The evaluation of investment projects has been carried out mainly through the analysis of Discounted Cash Flow (DCF), whose financial feasibility measures have been based fundamentally on approaches such as the Net Present Value (NPV) and the Internal Rate of Return (IRR), which are widely discussed in the field of energy project valuation. Despite this, the classical methods have a limitation when perceiving relevant characteristics for decision-making in high-risk investments, such as the uncertainty of the cash flows and the quantification of risk. An alternative to the use of these methods is the technique known as Decoupled Net Present Value (DNPV), which decouples the risk associated with the project from the value of money over time. This valuation methodology was applied to a photovoltaic solar energy self-generation project in Colombia. In this study, the results obtained through the DNPV was equivalent to 2.3-fold the value obtained by means of NPV. Thus, many renewable energy projects can become undervalued since traditional methods mistakenly associated a discount rate that includes a very high risk premium and that in many occasions it is more related to the sources of financing of the project instead of representing the risk component that it has. Keywords: Decoupled net present value (DNPV), Renewable energy projects, Solar energy investments JEL Classifications: Q2, Q4 DOI: https://doi.org/10.32479/ijeep.10577

The evaluation of investment projects has been carried out mainly through the analysis of Discounted Cash Flow (DCF), whose financial feasibility measures have been based fundamentally on approaches such as the Net Present Value (NPV) and the Internal Rate of Return (IRR), which are widely discussed in the field of energy project valuation. Despite this, the classical methods have a limitation when perceiving relevant characteristics for decision-making in high-risk investments, such as the uncertainty of the cash flows and the quantification of risk. An alternative to the use of these methods is the technique known as Decoupled Net Present Value (DNPV), which decouples the risk associated with the project from the value of money over time. This valuation methodology was applied to a photovoltaic solar energy self-generation project in Colombia. In this study, the results obtained through the DNPV was equivalent to 2.3-fold the value obtained by means of NPV. Thus, many renewable energy projects can become undervalued since traditional methods mistakenly associated a discount rate that includes a muy high risk premium and that in many occasions it is more related to the sources of financing of the project instead of representing the risk component that it has. Keywords: Decoupled net present value (DNPV), Renewable energy projects, Solar energy investments JEL Classifications: Q2, Q4 DOI: https://doi.org/10.32479/ijeep.10577

تم تقييم المشاريع الاستثمارية بشكل أساسي من خلال تحليل التدفقات النقدية المخصومة، والتي استندت تدابير جدواها المالية بشكل أساسي إلى مناهج مثل صافي القيمة الحالية ومعدل العائد الداخلي، والتي تمت مناقشتها على نطاق واسع في مجال تقييم مشاريع الطاقة. على الرغم من ذلك، فإن الطرق الكلاسيكية لها قيود عند إدراك الخصائص ذات الصلة لصنع القرار في الاستثمارات عالية المخاطر، مثل عدم اليقين في التدفقات النقدية وتحديد كمية المخاطر. بديل لاستخدام هذه الأساليب هو التقنية المعروفة باسم صافي القيمة الحالية المنفصلة (DNPV)، والتي تفصل المخاطر المرتبطة بالمشروع عن قيمة المال بمرور الوقت. تم تطبيق منهجية التقييم هذه على مشروع التوليد الذاتي للطاقة الشمسية الكهروضوئية في كولومبيا. في هذه الدراسة، كانت النتائج التي تم الحصول عليها من خلال صافي القيمة الحالية تعادل 2.3 ضعف القيمة التي تم الحصول عليها عن طريق صافي القيمة الحالية. وبالتالي، يمكن أن تصبح العديد من مشاريع الطاقة المتجددة مقومة بأقل من قيمتها لأن الطرق التقليدية ربطت عن طريق الخطأ معدل خصم يتضمن علاوة مخاطر عالية جدًا وأنه في كثير من الأحيان يكون أكثر ارتباطًا بمصادر تمويل المشروع بدلاً من تمثيل عنصر المخاطر الذي يحتوي عليه. الكلمات المفتاحية: صافي القيمة الحالية المنفصلة (DNPV)، مشاريع الطاقة المتجددة، استثمارات الطاقة الشمسية تصنيفات JEL: Q2، Q4 DOI: https://doi.org/10.32479/ijeep.10577