Capital is available for European renewables, but fewer projects are securing financing as investment committees tighten underwriting standards. Merchant exposure, grid access, capture price compression, and export constraints now determine whether projected returns are considered bankable. This session examines how investment committees are actually making decisions in 2026, how debt and equity are sizing and pricing risk, and what developers must demonstrate to ensure projects align with capital requirements and clear financing. 

• Revenue quality: How are committees determining which contracted, merchant, hybrid, and storage revenues are sufficiently durable to support leverage and equity investment, and what revenue is being discounted or excluded? How are grid connection risk, curtailment exposure, export constraints, negative pricing, and route-to-market assumptions affecting confidence in projected value per megawatt hour? 

• Risk allocation: Where unclear or evolving risk allocation between sponsor, contractor, operator, optimiser, and offtaker is emerging, how is this affecting financing terms and investment approval? How are performance guarantees, degradation assumptions, dispatch control, and operational accountability affecting whether projects are considered bankable? 

• Sponsor & execution credibility: How decisive are sponsor balance sheet strength, execution track record, and delivery capability in determining whether projects secure investment? How are committees assessing whether commercial strategy, grid feasibility, export rights, and route-to-market decisions demonstrate credible and executable project delivery? 

• Structural protections: How are insurance coverage, contractual protections, and covenants being structured to ensure financing remains resilient under downside scenarios? Where gaps in guarantees, insurance, or contractual protections exist, how are these affecting leverage, financing terms, and investment approval?