Research-Thesis L'influence de la gourvernance coopérative sur les modèles économiques de financement des projets éoliens: une analyse comparative des REScoops selon leur taille en Belgique

Abstract

This thesis examines how the size of renewable energy cooperatives (REScoops) influences their business models and financing structures in cooperative wind farm development. While REScoops are widely recognized for their social and institutional role in the energy transition, their financial organization and compatibility with project finance principles remain underexplored. This research addresses this gap by analyzing how cooperative scale shapes capital structure choices, access to bank debt, and financial risk exposure. The study is based on a comparative case analysis of Belgian wind energy REScoops of different sizes. It combines qualitative data from semi-structured interviews with cooperative managers and stakeholders with quantitative data derived from publicly available financial statements and institutional sources. Financial ratios are used to assess solvency, leverage, liquidity, and profitability, enabling a structured comparison across REScoops. Particular attention is given to the composition of financing structures, including citizen equity, subordinated instruments, and bank debt. The results indicate that REScoop size is a key determinant of financing strategies. Large REScoops benefit from strong equity bases and economies of scale, reducing their reliance on bank financing but increasing organizational complexity and fixed costs. Smaller REScoops rely more heavily on debt and are therefore more exposed to financial risk, yet they mitigate this exposure through strict financial discipline, low overhead costs, and strong voluntary engagement. Intermediate-sized REScoops appear to be the most compatible with a project finance logic, combining access to bank debt with effective risk-sharing mechanisms. These findings contribute to the literature on sustainable energy finance by highlighting the role of cooperative scale in shaping capital structure decisions. They also offer practical insights for project developers, financial institutions, and policymakers seeking to support citizen-led renewable energy projects. The study faces limitations related to restricted access to confidential data and its focus on a specific regulatory context. Future research could extend this analysis to other countries, renewable technologies, or hybrid ownership models.