1. Characterise risk for renewables
2. Explain implications of risk for SWF and private investor, which are the risks they worry about and why, how do they manage this risk together. (in theory)
For 3 here we talk about cost reductions and risk reductions: key drivers technological learning and institutional learning. Explain for solar how much is each. Which is more important, which for KSA? Jubinger very relevant. Link this back again to risk.
For 5 then reflect on the WACC, does this fall if the risks fall, theory says it should. What are the implications in theory for the PPP and the different enteties. Are we seeing this in the KSA. We tease out the factors that affect the WACC locally, show the results, discuss these and then come back at these issues in the discussion.

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