How is the clean energy lending market evolving in 2025?

Project finance lending to clean energy technologies grew by 7.6% in the first half of 2025 compared to the same period last year. Our research estimates that more than $86 billion in debt financing went to support both mature technologies such as wind and solar as well as an expanding list of newly eligible and emerging technologies, such as advanced manufacturing, nuclear, clean fuels, and geothermal.

The growth in project lending reflects a growing and maturing market, driven by rapid load growth, investor demand for clean energy project exposure, tax credit availability, and an evolution among lenders to serve more technologies and sponsor types.

H2-The cost of capital by debt type

In this episode of Crux Connects, Matthew shares how Schneider Electric approaches the market, what differentiates prepared buyers, and why a disciplined strategy matters as demand continues to outpace supply. The discussion also explores how corporate tax teams are thinking about timing, uncertainty, and long-term participation in the clean energy tax credit market.

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H3-Pre-NTP development capital

Project finance lending to clean energy technologies grew by 7.6% in the first half of 2025 compared to the same period last year. Our research estimates that more than $86 billion in debt financing went to support both mature technologies such as wind and solar as well as an expanding list of newly eligible and emerging technologies, such as advanced manufacturing, nuclear, clean fuels, and geothermal.

The growth in project lending reflects a growing and maturing market, driven by rapid load growth, investor demand for clean energy project exposure, tax credit availability, and an evolution among lenders to serve more technologies and sponsor types.

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H2- Key Takeaways

• The market remains active, but many buyers are moving more carefully.
• Strong internal alignment and transaction readiness continue to matter.
• Competition has increased, making buyer strategy more important than ever.
• Policy uncertainty is influencing how some participants time their entry into the market.

Despite ongoing market complexity, the opportunity remains significant. This report outlines the trends, challenges, and strategic considerations shaping the next phase of growth in the clean economy.

‍On this show, I talk with the people deploying capital, shaping policy, and laying the foundation of the modern economy. Together we unpack how progress is actually made, how risk is priced, how incentives work, and how institutions respond when things change. Join me for conversations about the critical infrastructure shaping our world. Follow the show anywhere you get podcasts.
<author>Alfred Johnson</author>

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