Analysis
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Fundraising for infrastructure funds globally was challenging in H1 2024, with data from sister publication IJInvestor revealing that $57.85 billion was raised by 40 funds that hit final close. North America-focused funds too have not been popular among investors over the last 2 half years, representing just 11% of capital raised.
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Spanish renewables developer Grenergy reached financial close in July 2024 for the first 2 phases of its Oasis de Atacama solar-plus-storage project in Chile, the largest storage project in the world according to the company.
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Tax credit transferability has dramatically altered the tax equity market since it was introduced in 2023 under the Inflation Reduction Act. From bringing in more would-be investors and facilitating the creation of online platforms to sell credits, transferability immediately expanded the traditional $20 billion (or so) tax equity market. In 2023 it added around $9 billion of new deals and is expected to double the market by the end of 2024.
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The energy transition in the US has been turbo-charged in recent years by sweeping federal government tax reform and state-level emissions targets. Despite the gigawatts of renewables being built across the nation, getting power connected to load markets remains a problem – transmission infrastructure is the hold up.
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Mexico’s renewables market had been described by some industry professionals as at “rock bottom” but with a change at the political top the market is bracing for a rebound.
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For more than 7 months the government of Alberta paused the approval of new renewable energy projects causing a multi-gigawatt logjam with upwards of $25 billion of investment sat idle.
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The tax equity market was changed forever with the introduction of the Inflation Reduction Act (IRA). As the last of the guidelines for these renewables tax breaks – specifically transferability rules – are ironed out the market has already found innovative ways to take advantage of the new regime.
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A stalled bill to extend tax breaks for data centres in Michigan has been touted as the bellwether for a co-generation comeback.
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As the Lone Star State begins to face the climbing summer temperatures, intense weather events, specifically Winter Storm Uri, remain at the top of Texans' minds.
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Clean hydrogen projects across the US are generating enormous interest but many struggle to reach bankability as many risks, such as technology, supply chain, regulation and offtake, are halting progress.
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