Onshore wind projects, for example, will enjoy a smaller spread over LIBOR11 than offshore projects and solar PV a smaller spread than solar thermal. Before the financial crisis, renewable energy project debt was reported to be at a premium of approximately 200-300 basis points (Chadboume and Parke, 2009) above a public financial indicator, such as LIBOR. For instance, large public subsidies for all energy forms distort investment cost decisions. The World Bank and International Energy Agency estimate global annual subsidies for fossil fuels to be still veiy significant ranging between US$100-200 billion.