Avaliação de projeto empírico com opções reais: estudo de caso com parque eólico cearense

Abstract

In the energetic scope of the country, the potential of clean energy sources stands out wind energy that due to its characteristics, with strong winds, mainly in the northeast region. Thus, this paper develops a "greenfield" wind farm project using two methodologies: traditional cash flow model (NPV) and theory of real options (TOR), in order to present whether or not the construction of the plant is feasible. Furthermore, the paper aims to compare the two methodologies, presenting advantages and disadvantages of each one. TOR stands out because, due to a certain level of risk in the business model, it gives the administrators or managers the possibility of flexibility in development, such as the option of postponing, abandoning, contracting, among others, offering a higher premium than traditional cash flow.