Test ability to apply real‑options valuation to determine optimal investment timing and capacity expansion for renewable energy projects under stochastic electricity prices and regulatory policy uncertainty. Scope includes formulating price dynamics (GBM, mean‑reversion, regime‑switching), modeling policy risk (regime shifts, jumps, stochastic thresholds), building and solving valuation frameworks (binomial/trinomial trees, PDE/HJB, Monte Carlo/LSM, compound options), deriving investment triggers and expansion rules, comparing to NPV, calibrating models, running sensitivity/scenario analyses, and interpreting managerial implications for project design and policy responsiveness.