European renewables markets are undergoing a structural reset, with volatile power prices, declining capture rates, and rising return expectations now the new baseline. The market is not in retreat but recalibrating. Capital remains available, but it is far more selective; valuations have reset, tenors shortened, and bankability standards have tightened. Those who adapt will secure capital and close deals; the critical question is what now makes projects bankable. 

• Structural Reset: What has driven the reset in return expectations and how durable are capture rates and volatility assumptions as a new baseline? How has the perception and pricing of merchant exposure, negative pricing, and capture risk changed? 

• Capital Repricing: How is this repricing reshaping what capital will finance? Where are return, valuation, and revenue expectations now misaligned between developers, investors, and lenders? 

• Redefining Bankability: What level of revenue visibility and downside protection do projects now need to secure financing? What now differentiates projects that clear financing committees and reach FID from those that don’t? 

• Positioning for the Upside: How are developers and IPPs changing how they structure, finance, and monetise projects to secure capital and protect returns? Who is best positioned to deploy capital, acquire assets, and capture value as the market reprices, and how decisive is balance sheet strength in determining who wins?