Texas Clean Energy 2026

Clean energy financing in Texas is transitioning from an incentive-driven to a market-based framework, requiring developers, financiers, and investors to adapt. Many well-capitalized developers have enough safe harbored equipment and robust pipelines for the next 4 years, but eventually the industry must face the reality of an end to solar and wind tax incentives, juggling the haves and have-nots in their pipelines. Financiers and investors must incorporate market changes and new tax incentive compliance challenges into their assessments. This session will examine how financing strategies are evolving, where capital is flowing, and what risks and opportunities will define project development in 2026 and beyond.

• What’s the current dealmaking activity, what are lenders looking to fund, and who’s funding at what stage? Is more debt feasible for everyone? Is accreditation problematic? What about private credit market, is this distress affecting renewables finance?

• Has FEOC, interest rates, tariffs, or other factors changed valuation? Where are the risks, and what makes a project financeable today? Will the answer be different in 5 years?
• What are the biggest drivers for deals in Texas, and how do they compare in ERCOT, SPP, and MISO? What do the forward curves say? Are LMP and basis risk being evaluated effectively? Are lenders and investors concerned about portfolio concentration in ERCOT?
• How are financiers crystal-balling new renewables compared to other assets? What happens when projects in origination today actively need financing? Is storage the big winner here?
• The current tax incentive market: What do today’s deals look like and how are TE investors assessing returns? How much of the market is going towards storage? Is uncertainty causing transferability bridge loan (TRABL) lenders to pull back from non-safe harbored deals?
• Is taking longer to get to NTP changing when a project is de-risked from a lender perspective? What’s with futures, zero and negative offer curves?