This study proposes an investment evaluation and incentive allocation model for public-private partnerships (PPPs) in renewable energy development projects (REDPs). A hybrid multicriteria decision-making (MCDM) and bi-level optimization model are proposed to evaluate investment opportunities and allocate government financial incentives (GFIs) to REDPs. The best-worst method (BWM) is used to weigh the evaluation criteria. VIKOR and grey relational analysis (GRA) rank and allocate GFIs to the private sector companies selected to participate in the REDPs. The government uses the PPP to persuade digital services companies in the private sector to invest in underdeveloped REDPs using financial incentives with minimal risk and maximum return. An iterative full-enumeration-based heuristic model is developed to handle the computational intractability in the bi-level model. The computational results show that political and financial support and land use are the most and the least important criteria, respectively. Moreover, we show that the government prefers to allocate a significant portion of its GFIs to waste heat recovery and hydropower in partnership with digital services companies. The results from the bi-level model help government agencies and policymakers offer equitable incentive programs in the energy sectors. © 2024 Elsevier B.V., All rights reserved.

Many studies are available on the relationship between natural resources, economic growth, and sustainable development; however, studies on the influence of debt servicing and its role in sustainable economic growth in poor economies are missing. This study explores the influence of natural resources and debt servicing on the economic growth of highly indebted poor economies between 1988 and 2021, including the role of renewable electricity output. Various time-series approaches were employed, including unit root tests (ADF with and without break years, DF-GLS) and Bayer-Hanck cointegration. The empirical evidence indicates a positive contribution of natural resource rents, like natural gas and coal, to economic growth. Preliminary findings were offered by utilizing FMOLS, DOLS, and CCR, and to ascertain the precision, robustness techniques varied from parametric to nonparametric analyses were employed. Conversely, renewable electricity output reduces long-term economic growth. These outcomes were confirmed by robust regression analysis, structural breaks, simple least squares, and quantile regression. The research provides policy implications for the prudent use of external debts, natural resources, and renewable electricity output for sustainable economic growth. © 2024 Elsevier B.V., All rights reserved.