Banca de DEFESA: ROBSON AMARAL SANTOS

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
DISCENTE : ROBSON AMARAL SANTOS
DATA : 16/04/2021
HORA: 17:00
LOCAL: Videoconferência
TÍTULO:

Analysis of the Use of Convertible Debentures to Finance Solar Energy Projects

PALAVRAS-CHAVES:

Convertible bonds; Solar Energy; Energy Financing

PÁGINAS: 84
GRANDE ÁREA: Ciências Sociais Aplicadas
ÁREA: Administração
RESUMO:

This paper analyzes the use of convertible debentures to finance the power generation from solar sources. The research compares the funding of convertible bonds with the issuance of conventional debentures and discusses how the first instrument remunerates the risks inherent in energy projects in such a way that the energy producer can raise funds at a lower cost, as long as it grants to the lender the right to participate in the project if the project's success exceeds expectations of return to the level of risk incurred. From a description of the performance of the securities market, exploration of issuance documents and design of a convertible issue, it was concluded that the issue has greater advantages for both involved. However, the creditor must stick to the issuance objective for a better design that benefits the issuance, while the subjectivity of the conversion criteria can be mitigated by defining parameters for exercising this right. This research evidenced the need for the design of the convertible debenture to be done in such a way that there is an adequate division of risks and remuneration between the borrower and the lender, so that the instrument has attractiveness, in a context where the sources of public financing are scarce and where there is a need to improve the Brazilian capital market, so that financial intermediation can support sustainable development.

MEMBROS DA BANCA:
Externo(a) à Instituição - ANDRÉ LUIS ROCHA DE SOUZA - IFBA
Presidente - 2003461 - ANTONIO FRANCISCO DE ALMEIDA DA SILVA JUNIOR
Externo(a) à Instituição - ANTÔNIO VINICIUS SILVA CALDAS - UFS