288 Energy Project Financing: Resources and Strategies for Success
harvested fuel crops, waste-to-energy, landfill gas), and geothermal
energy. Strategies for M&V of renewables are important in designing,
commissioning, serving as basis for financing payments, and providing
ongoing diagnostics. In addition, good M&V can help reduce transac-
tion costs by providing developers, investors, lenders, and customers
with confidence regarding the value of projects and the allocation of
risk. The section describes how the different M&V Options can be ap-
plied to renewable energy systems, and provides several examples.
Characteristics unique to renewable energy systems require M&V
techniques distinct from those applied to energy efficiency projects.
Renewable energy is generally capital-intensive and some sources, such
as wind, rely on intermittent resources requiring special procedures
to measure effects on the integrated energy system—including proper
valuation of increased capacity and redundancy. Many of the benefits
of renewables are external to conventional evaluation and accounting
techniques. A sound protocol for measuring the performance and quan-
tifying benefits unique to renewable energy systems can be a valuable
part of recognizing real benefits of renewables that are often not part
of current evaluation and accounting techniques.
The section represents a consensus effort of 65 committee members
from 20 countries.
FUTURE WORK
The IPMVP is maintained with the sponsorship of the U.S. Depart-
ment of Energy by a broad international coalition of facility owners/op-
erators, financiers, contractors or Energy Services Companies (ESCOs) and
other stakeholders. Continued international development and adoption
of IPMVP will involve increasingly broad international participation
and management of the document as well as its translation and adop-
tion into a growing number of languages and application in a growing
number of countries.
As a living document, every new version of IPMVP incorporates
changes and improvements reflecting new research, improved method-
ologies and improved M&V data. At the same time, the protocol reflects
a broad international consensus, and the vast majority of its work is
accomplished by individual experts who volunteer their time to serve
on committees. Please let us know how the IPMVP can be improved or
expanded—it is updated and republished every two years.
Individuals interested in reviewing IPMVP progress and related