Economic Effectiveness of Investment in Bioenergetic Culture Growingin the Zones of Forest of Ukraine

Introduction. One of the most promising areas of renewable energy development is the use of biomass energy. It contributes to the economy of traditional fuels and does not increase the global greenhouse effect. However, insufficient economic efficiency of obtaining energy from biomass under the current conditions necessitates the state's "paternalism" to the bioenergy industry. Purpose. The article aims to carry out an economic assessment of the effectiveness of investing in the cultivation of highly productive energy crops (giant miscanthus and energy willow) using modern technologies under the conditions of the Ukrainian forest-steppe. Method. The research was conducted during 2012-2016 on the basis of experimental energy plantations in Ternopil, Volyn and Kyiv oblasts. The assessment of the effectiveness of investment in bioenergy crops is based on a set of criteria: net discounted profit (NPV), investment profitability index (PI), internal rate of return (IRR), discounted payback period (DPP). Results. It has been established that on plantations of willow, the volume of dry biomass on average over the five-year period of research amounted to 27,3 t · ha-1, and to the miscanthus - 25,3 t · ha-1. Accordingly, the energy output per unit area was somewhat higher in energy willow (573.3 GJ · ha-1 versus 516.2 GJ · ha-1). Willow and miscanthus are characterized by high-energy coefficients compared with other bioenergy crops, which can reach values 54.3 and 55. It indicates the significant energy efficiency of investing in the cultivation of these crops. The analysis of the sensitivity of bioenergy projects has found out that the most significant NPV investment in the plantation of the miscanthus can be influenced by the volatility of the productivity of the crop, the price of biofuels and planting material, and for the willow plantation - fluctuations in the yield of biomass, its price and discount rate. The estimation of the investment efficiency in the bio-energy plantations of the miscanthus and willows has revealed the need to work out state programs of financial support for the creation of plantations of bioenergy crops and legislative mechanisms for their implementation.