The study is dedicated to analyzing the relationship between the Renewable Energy Country Attractiveness Index (RECAI) and technology-specific indices of renewable energy technologies to identify key technological drivers of investment attractiveness in renewable energy markets. The methodology is based on applying General Regression Models for 40 countries, where RECAI serves as the dependent variable, and eight technology-specific indices (onshore wind, offshore wind, solar photovoltaics, concentrated solar power, biomass, geothermal, hydro, battery energy storage systems) serve as independent predictors. The results of the regression analysis demonstrate a statistically significant impact of four technologies on RECAI formation. Solar photovoltaics show the most powerful effect, followed by onshore wind, battery energy storage systems, and offshore wind in terms of impact magnitude. The technologies of concentrated solar power, geothermal, hydro, and biomass proved to be statistically insignificant predictors. Three-dimensional visualization confirmed the synergistic nature of the impact of key technologies and the importance of a diversified technological portfolio for maximizing market attractiveness. The practical value of the study lies in creating an empirically grounded tool that provides a foundation for strategic planning by investors and policymakers of investments in renewable energy at the national level.
Keywords
Renewable EnergyRenewable Energy Country Attractiveness IndexTechnology-Specific IndicesRegression AnalysisInvestment Attractiveness.
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