Financing European Solar and Storage Through the Volatility Cycle

Synopsis

In 2025 we saw negative prices, curtailment, manufacturing risk, and policy instability which all made underwriting harder across the full capital stack. This session examines how debt providers, equity investors, and hybrid capital structures are adapting and what projects must now demonstrate to get financed.

• What has changed in credit modelling: capture rates, P90 assumptions, and grid risk?
• How the debt-equity split is shifting as lenders tighten and sponsors absorb more first-loss risk
• Which revenue structures (tolls, CfDs, floors, hybrid stacks) are moving transactions and which are stalling them?
• Storage: how co-location changes bankability and credit metrics
• Where institutional capital is concentrating and what it has stopped backing