Review and Comparison of Financing Methods for Large-Scale Renewable and Clean Energy Projects
Quarterly Journal of Securities Exchange

Quarterly Journal of Securities Exchange

Review and Comparison of Financing Methods for Large-Scale Renewable and Clean Energy Projects

Document Type : Original Article

Authors
Afshar Bazyar 1
Hassan Torabi 2
Fatemeh Akrami 3
Masoud Haghghi 4
1 Assistant Professor, Faculity of Management and Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
2 Assistant Professor, Industrial Engineering Department, Faculty of Management & Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
3 MBA, Engineering Department, Faculty of Management & Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
4 Industrial Engineering Department, Faculty of Management & Industrial Engineering, Malek Ashtar University of Technology, Tehran, Iran
10.22034/jse.2026.12569.2362
Abstract
This study examines the major challenges involved in financing large scale national renewable energy projects and identifies the most effective financing methods for reducing reliance on government resources while supporting sustainable development and environmental protection. The research employs a mixed method design that integrates qualitative techniques, including semi structured interviews, focus group discussions, systematic observation, and theoretical coding with MAXQDA software, together with quantitative procedures such as social network analysis, machine learning algorithms, and Monte Carlo simulation. The sample consisted of experienced academic and industry experts selected through snowball sampling, maximum variation sampling, and stratified sampling. The results show that Islamic securities, known as Sukuk, are the most efficient financing method due to their lower currency risk, faster execution process, and compliance with religious and regulatory requirements. Although other methods such as green bonds, public private partnerships, and indirect foreign investment also have potential, their effectiveness is limited by institutional, legal, and market constraints. The findings provide a context specific framework suited to the economic and policy environment of Iran and offer practical insights for macro level financial decision making in the energy sector. Overall, the study demonstrates that a diversified and sustainable financing structure centered on Islamic Sukuk can significantly improve the feasibility of renewable energy investments, enhance domestic capital attraction, and support the national transition toward clean and resilient energy systems.
Keywords
Financing
New Energies
Islamic Securities
Sustainable Development
Subjects
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Quarterly Journal of Securities Exchange
Volume 19, Issue 74
Summer 2026
Pages 37-68