The ownership and associated financial structure of wind energy projects has a significant effect on their levelized cost of energy. A U.S.-based cash flow analysis found that the most expensive option is independent power producer ownership with project financing. Public utility ownership with project financing is slightly (1%) less expensive, while public utility ownership with internal financing is 12% less expensive, and investor-owned utility ownership with corporate financing is the least expensive option (29% less expensive than IPP). The factors responsible for these differences are the cost of debt and equity capital, the fraction of debt in the capital structure, and the amortization period.^* While the numerical results will differ, these ownership and finance structures are likely to have a similar effect on the relative cost of renewables in developing countries.

* Ryan H. Wiser, "Renewable Energy Finance and Project Ownership," Energy Policy.