Abstract:
Introduction to the problem – governrnments thrhroughout the world are seeking
to generate more of their domestic power from renewable energy sources. Power generation from wind energy is one of the most mature and important
renewable energy technologies. On average, projects are steadily growing in size; the trend is towards large-scale wind power plants. Such wind power megaprojects, however, are often marked by high complexity, poor design, and poor delivery, which can diminish their attractiveness to investors.
Purpose – This paper aims to shed light on investors’ willingness to finance wind power megaprojects and illuminate the ways in which not only risk and return factors of wind power megaprojects, but also behavioral
and social factors influence this attitude, which we call investor acceptance. In addition, this paper examines ways in which megaproject
managers can enhance and manage their project’s attractiveness to investors.
Design/methodology/approach – This paper develops a conceptual model of investor acceptance of wind power megaprojects and its management
based on insights from literature on behavioral finance, social acceptance of wind power projects, megaproject management and stakeholder
management.
Findings – The paper concludes that investor acceptance of wind power megaprojects is theoretically prone to behavioral and social effects and that megaproject managers can influence investor acceptance through two different approaches: (1) indirectly (with respect to tactical project management) and (2) directly (related to stakeholder management).
Research implications – This paper broadens the scope of the research on investor acceptance by applying and further developing this concept in the context of megaprojects in the wind power industry and by discussing
implications on megaproject management in a wind power context.
Keywords: Megaproject, Investor Acceptance, Behavioral Finance, Project Management, Wind Power
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