Europe’s renewable market has reached an inflection point, as support frameworks are reduced or redesigned and rising merchant exposure, shorter PPAs, and capture compression test the limits of fully commercial underwriting. These changes are reshaping how projects are financed, but without a clear consensus on what revenue mix will support investment at the scale required. This session examines where the balance between contracted support and market exposure is now settling, and what this means for financing costs, capital allocation, and the pace of Europe’s next phase of deployment. 

• Revenue Frameworks: How are redesigned CfDs, indexed feed-in regimes, and hybrid auction contracts changing revenue visibility and risk allocation for new renewable projects? What contract tenor, indexation, and revenue stabilisation mechanisms are now required for projects to secure financing on acceptable terms? 

• Merchant Exposure: Where is merchant exposure constraining financing today, particularly in relation to leverage, cost of capital, and investment decisions? How are capture rate compression, negative pricing, and forward market liquidity changing the financing outlook for projects with significant merchant risk? 

• Policy Design Risk: How are differences between the UK CfD regime, German EEG evolution, Italian auctions, and Nordic merchant markets affecting capital allocation and financing conditions? What have recent auction outcomes revealed about weaknesses in strike price setting, indexation, and risk allocation, and how are governments responding? 

• Investment Framework: What balance between contracted support and merchant exposure is proving financeable at scale, and is Europe converging toward a durable investment model or fragmenting into jurisdiction-specific regimes? What changes to revenue support and market design are now needed to ensure renewable investment can continue at the scale required?