Renewables financing is moving from single projects to managed platforms. In the market’s early stages, a wind or solar park could be financed through its own project company: Revenues were often secured by long-term feed-in tariffs, and the main risks could be assessed at site level. That model will not disappear overnight. But looking at each project in isolation is increasingly insufficient in a market where assets are becoming larger; government-backed revenues are becoming less important; and repowering, hybridization and battery storage are gaining importance.
Financing itself also has changed. Banks today have far more experience with renewable energy than they did during the market’s pioneering phase. At the same time, assets have become larger, revenue models more diverse and structures more complex — in some cases combining several generation technologies. Project development, repowering, storage and revenues based on spot-market exposure or power-purchase agr
