Description of investment instrument

This report will contain a detailed description of the investment instrument to be fostered by the consortium and the characteristics that make it especially suited for promoting on-farm RES. This report will be the result of the orientated dialogue to be held by the members of the consortia and other actors considered relevant for the promotion of on-farm RES. On the basis of all the information and analysis provided by RESFARM, a investment instrument will be defined for further development and ultimately for being applied in order to finance on-farm RES. The report will follow the rational process followed by the consortium in order to choose a given set of alternatives among the available options. Hereby the pros and cons of every option will be highlighted and the different elements composing the financial instrument described. Among the elements that will comform the financial instrument described in this report will be the Special Purpose Vehicle that will centralize the cash flows, the market to be targeted by the SPV, the type of bond to be issued, the structure of relations between farmers, originators, SPV, issuers, investors, regulators, and all the different agents included.