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Soleos Energy Files Draft Papers for Initial Public Offering

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EU Solar-Storage Jobs Near 1 Million Mark, Manufacturing Employment Dips

PetroGreen Subsidiaries Secure $20 Million for 40 MW Solar Project

Fengate Asset Management Closes Acquisition of Accelergen Energy

Kanpur Packaging Manufacturer Installs Rooftop Solar to Cut Power Costs

TERI Announces Winner of 115 MWh Battery Storage Auction

Power Ministry Revises RoW Compensation Rules for Transmission Lines


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					</table><p>The value of crystalline silicon (c-Si) solar module imports into the U.S. fell 78% between the first half (1H) of 2024 and 1H 2026, as trade enforcement measures and domestic manufacturing incentives reshaped the country’s solar supply chain, according to a white paper by <a href="https://www.crux.com/" target="_blank" rel="noopener">Crux</a>.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-106295 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1.png" alt="" width="865" height="310" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1.png 865w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1-300x108.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1-768x275.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1-650x233.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1-624x224.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/dhart1-600x215.png 600w" sizes="auto, (max-width: 865px) 100vw, 865px" /></a></p>
<p>Module import value fell from $7.6 billion in 1H 2024 to $1.7 billion in 1H1 2026. Southeast Asian countries covered by U.S. trade measures accounted for 86% of c-Si module import customs value in 1H 2024, but their share dropped to less than 2% two years later.</p>
<p>Imports from India, Indonesia, and Laos fell to 19% by H1 2026, according to later petitions filed in July 2025.</p>
<p>The Philippines (35%), Ethiopia (17%), and Nigeria, Kenya, and Djibouti (19%) emerged as alternative module import countries.</p>
<p>The shift followed several years of trade enforcement and industrial policies aimed at encouraging domestic manufacturing.</p>
<p>U.S. solar module manufacturing capacity increased roughly eightfold to 75.3 GW as of September 2026 since the 45X tax credit took effect under the Inflation Reduction Act (IRA). However, the C-Si technology dominates most of the capacity.</p>
<p>Between the first quarter (Q1) of 2022 and Q2 2026, investments in solar, batteries, and critical minerals received investment amounting to roughly $185 billion in announced investments against about $17.5 billion in canceled investments.</p>
<p><strong>Solar Upstream Supply Chain</strong></p>
<p>The Crux whitepaper observed that China continues to dominate global silicon production; however, Brazil, Canada, and Norway led as silicon import origins between 2021 and 2024.</p>
<p>The U.S. still depends heavily on China for solar wafers; China accounts for about 95% of global manufacturing capacity.</p>
<p>The value of cell imports increased 50% between 1H 2024 and 1H 2026, even as module import value declined sharply.</p>
<p>Domestic manufacturers identified solar glass as one of the most significant remaining components without domestic supply at scale or a dedicated manufacturing incentive.</p>
<p><strong>Energy Storage</strong></p>
<p>Domestic lithium iron phosphate (LFP) module and storage system manufacturing capacity of approximately 75 GWh annually is sufficient to meet current demand. However, cathode active material (CAM) and anode active material (AAM) remain major bottlenecks.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-106293 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2.png" alt="" width="898" height="598" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2.png 898w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2-300x200.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2-768x511.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2-650x433.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2-624x416.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/10/chart2-600x400.png 600w" sizes="auto, (max-width: 898px) 100vw, 898px" /></a></p>
<p>China accounted for 98% of global LFP cathode material manufactured in 2025, compared with 67% for nickel-based cathode material.</p>
<p>Battery imports have also shifted away from China, though not entirely onshore. China accounted for 72% of lithium-ion battery import customs value in 1H 2024, falling to 40% in 1H 2026.</p>
<p>Over the same period, Japan, South Korea, and Malaysia&#8217;s combined share increased from 14% to 40%.</p>
<p>Chinese graphite import customs value fell by 90%, taking China from 67% of the category total to 6%, while Indonesia rose from no recorded shipments to 53% of the category in 1H 2026.</p>
<p><strong>Grid Equipment</strong></p>
<p>U.S. manufacturers supplied approximately 30% of domestic large power transformer (LPT) demand as of 2023.</p>
<p>Mexico, South Korea, and Canada accounted for between 54% and 55% of grid equipment import customs value in both 1H 2024 and 1H 2026. Total import value rose from $4.6 billion to $7 billion in 1H 2026.</p>
<p>Import dependence is particularly high for critical inputs and larger equipment. The U.S. relies on imports for nearly 90% of high-grade grain-oriented electrical steel used in transformers, while approximately 80% of finished LPTs with power-handling capacity exceeding 100 MVA are imported.</p>
<p>Deployment of transmission infrastructure was also constrained by permitting and construction timelines. Transmission infrastructure can take more than five years to permit, site, and construct, while electricity demand from data centers can come online within months.</p>
<p><strong>Critical Minerals</strong></p>
<p>Half of the surveyed companies sourcing critical minerals reported less than 25% domestic content.</p>
<p>U.S. Geological Survey data shows net import reliance of 100% for natural graphite, 79% for cobalt, and 67% for rare earth metals and compounds. China was either the leading or a major supplier for 14 of the 31 critical minerals for which U.S. net import reliance exceeded 50% in 2025.</p>
<p>Refined copper cathodes accounted for nearly all of the customs value growth over the two-and-a-half-year period, as the total rose from $4.4 billion to $12.9 billion. Chile accounted for 52% of total critical mineral import customs value in 1H 2024 and 44% in 1H 2026.</p>
<p>The average period between mineral discovery and production increased to about 17.9 years during 2020-2023, up from 12.7 years during 2005-2009.</p>
<p>Meanwhile, 89% of the surveyed companies said at least some of their most tariff-exposed inputs lacked a domestic substitute available at a competitive price. Forty-seven percent said the absence of a domestic producer, or insufficient domestic manufacturing scale, was the biggest barrier to securing their most constrained inputs.</p>
<p><strong>Manufacturing Incentives</strong></p>
<p>Industry respondents favored combining trade measures with incentives rather than relying on tariffs alone.</p>
<p>The findings also highlighted the importance of sequencing trade restrictions with domestic manufacturing incentives, as restricting foreign supplies before domestic or allied alternatives reach sufficient scale could increase costs and affect project financing.</p>
<p>The U.S. <a href="https://www.mercomindia.com/us-imposes-15-tariff-on-polysilicon-derivatives-sets-solar-import-prices" target="_blank" rel="noopener">announced</a> a 15% additional tariff on certain polysilicon products and set minimum import prices (MIP) for polysilicon, wafers, and solar cells and modules, effective December 4, 2026, regardless of the country of origin. The MIP and tariffs aim to increase domestic polysilicon production.</p>
<p>Despite strong growth in the domestic solar sector, the U.S. clean energy sector <a href="https://www.mercomindia.com/us-clean-energy-sector-lost-nearly-37000-jobs-in-2025-report" target="_blank" rel="noopener">lost</a> 36,949 jobs in 2025, reversing four consecutive years of employment growth, according to E2&#8217;s Clean Jobs America 2026 analysis.</p>


US Solar Module Imports Plunge 78% as Domestic Manufacturing Expands: Crux


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					</table><p><a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a>, a privately held independent power producer and developer of energy infrastructure projects in North America, has secured a $215 million tax equity investment through a Crux-managed vehicle for its 240 MW Pleasant Prairie Solar Energy Center in Franklin County, Ohio.</p>
<p>According to Crux, the hybrid tax equity investment is structured to monetize the project’s federal investment tax credits and support the deployment of the solar project. Crux provides capital raising and deployment services for clean energy and critical infrastructure through advisory, investment, technology, and intelligence offerings.</p>
<p>The Pleasant Prairie Solar Energy Center is under construction and expected to begin commercial operations in 2027.</p>
<p>The project&#8217;s construction will support approximately 300 jobs. The project is also expected to generate more than $230 million in local economic investment over its operating life.</p>
<p>A third-party offtaker will receive the clean energy credits associated with the facility’s new generation capacity.</p>
<p>“Having worked alongside Invenergy for many years, it’s been a pleasure to support another important financing,” said Yonette Chung McLean, Chief Capital Officer of Crux. “As projects and capital markets become more sophisticated, success increasingly depends on bringing together the right mix of capital, structuring expertise, and execution. That’s exactly the role Crux fills: helping leading developers access efficient financing so they can keep building.”</p>
<p>In July, Nadara, an independent power producer, <a href="https://mercomcapital.com/nadara-secures-1-4billion-refinancing-for-renewable-portfolio/" target="_blank" rel="noopener">closed</a> a pan-European refinancing valued at approximately €1.2 billion (~$1.4 billion) for a 1.5 GW portfolio of operating wind and solar assets. The transaction covers 47 renewable energy projects in Italy, the U.K., France, Spain, Sweden, Norway, and Finland.</p>
<p>Announced large-scale solar project funding increased by 71% in the first half of 2026 compared with the funding raised in the same period in 2025, according to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2026-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.</p>


Invenergy Secures $215 Million for 240 MW Ohio Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-crux-secures-500-million-debt-facility/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Crux, a clean energy finance platform, has <a href="https://mercomcapital.com/crux-secures-500m-debt-facility-clean-energy-tax-investments/" target="_blank" rel="noopener">closed</a> a $500 million debt financing facility</strong> with Nuveen Energy Infrastructure Credit, Nuveen’s infrastructure credit investment platform. Skadden, Arps, Slate, Meagher &amp; Flom served as Crux’s legal adviser. Milbank served as legal adviser to Nuveen. Crux said it will use the facility to finance Crux-led tax-driven investments. These investments include hybrid tax equity transactions. The financing expands Crux’s role as a general partner in tax-driven investment strategies.</p>
<p><strong>MN8 Energy, a U.S.-based renewable independent power producer, <a href="https://mercomcapital.com/mn8-energy-expands-corporate-credit-facility-to-650-million/" target="_blank" rel="noopener">closed</a> an upsizing and extension of its corporate credit facility</strong>, increasing it from $350 million to $650 million. The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030. The upsized facility provides up to $550 million in revolving borrowing capacity and an additional $100 million in new capacity for performance letters of credit. MN8 said the letters of credit will support development-stage requirements, including power purchase agreements and interconnection security deposits.</p>
<p><strong>Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and EVs, announced the <a href="https://mercomcapital.com/elong-power-holding-closes-6-million-public-offering/" target="_blank" rel="noopener">closing</a> of its $6 million underwritten public offering</strong>. The company issued 4,615,500 units at $1.30 per unit. Each unit consisted of one Class A ordinary share, or a pre-funded warrant instead of a share, and one common warrant to purchase one Class A ordinary share, carrying a par value of $0.0128 per share.</p>
<p><strong>Nextpower, a solar PV solutions provider, has entered into a definitive agreement to <a href="https://mercomcapital.com/nextpower-to-acquire-zigors-power-conversion-assets-and-apex-power/" target="_blank" rel="noopener">acquire</a></strong><strong> complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power</strong>. The transaction is expected to expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion. It would also support its entry into the battery energy storage and data center markets. Nextpower said the transaction is expected to support the scale-up of inverter manufacturing capacity in the U.S., with production expected to ramp in 2027.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-nyobolt-raises-60-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Crux Secures $500 Million Debt Facility


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					</table><p><a href="https://www.cruxclimate.com/" target="_blank" rel="noopener">Crux</a>, a clean energy finance platform, has closed a $500 million debt financing facility with <a href="https://www.nuveen.com/en-us/" target="_blank" rel="noopener">Nuveen Energy Infrastructure Credit</a>, Nuveen&#8217;s infrastructure credit investment platform.</p>
<p>Skadden, Arps, Slate, Meagher &amp; Flom served as Crux&#8217;s legal adviser. Milbank served as legal adviser to Nuveen.</p>
<p>Crux said it will use the facility to finance Crux-led tax-driven investments. These investments include hybrid tax equity transactions.</p>
<p>The financing expands Crux&#8217;s role as a general partner in tax-driven investment strategies. The company said it expects to continue committing capital alongside institutional partners as the U.S. clean energy tax equity market grows.</p>
<p>The financing follows Crux&#8217;s expansion beyond transferable tax credits into debt, preferred equity, and tax equity. The company said it has executed over $1 billion in signed term sheets since launching its tax and preferred equity offering. It has also issued more than $9 billion in indications of interest.</p>
<p>&#8220;We founded Crux to unlock bottlenecks in the financing of clean and critical infrastructure, and this facility marks a major milestone in that mission,&#8221; said Alfred Johnson, co-founder and CEO of Crux. &#8220;Our multi-disciplinary team, market-leading data, and AI-powered platform give us advantages in underwriting and executing deals across a growing, diversified pipeline. With this facility, we are well-positioned to invest at the speed and volume the current moment demands.&#8221;</p>
<p>Crux said its publicly announced transactions include a $340 million tax equity investment for a 413 MWdc utility-scale solar project in Texas. The company said its transactions are typically structured as hybrid partnership flips to monetize tax credits.</p>
<p>Announced debt financing in the solar sector came to $8.9 billion in the first quarter of 2026, 154% higher compared to $3.5 billion in Q1 2025, according to Mercom&#8217;s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.</p>
<p>In February 2025, MN8 Energy <a href="https://mercomcapital.com/mn8-energy-secures-612-million-financing-for-517-mw-solar-projects/" target="_blank" rel="noopener">closed</a> $612 million in construction bridge financing with Natixis Corporate &amp; Investment Banking to support the development and construction of three solar projects totaling 517 MW across North Carolina, Kentucky, and Illinois.</p>


Crux Secures $500 Million Debt Facility for Clean Energy Tax Investments


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					</table><p>Clean energy finance across clean power, fuels, and manufacturing in the U.S. hit $120 billion in 2025, according to the <a href="https://www.cruxclimate.com/" target="_blank" rel="noopener">Crux</a> “2025 Market Intelligence Report.”</p>
<p>The financing included pre-notice-to-proceed capital, bridge lending, and construction debt, representing a 5.8% increase over 2024. The capital deployment remained resilient in 2025 despite policy uncertainty, tariffs, permitting reversals, and legislative changes.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-91325 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png" alt="Crux Clean Energy Finance" width="883" height="443" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png 883w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-300x151.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-768x385.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-650x326.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-624x313.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-600x301.png 600w" sizes="auto, (max-width: 883px) 100vw, 883px" /></a></p>
<p>Investment activity was heavily front-loaded during the first half of 2025, as investors accelerated deployment to secure eligibility under existing policy frameworks and mitigate anticipated regulatory changes.</p>
<p>This safe harbor strategy allowed developers to lock in credit eligibility and protect project economics against future policy revisions. However, financing conditions became less favorable in the second half of 2025, with softer pricing, smaller deal sizes, and increased buyer hesitancy toward newer tax credits.</p>
<p>Despite these constraints, approximately $8 billion to $10 billion of 2025-vintage tax credits remained available as of 2026, suggesting continued transaction activity and potential pricing recovery, depending on buyer demand.</p>
<p><strong>Tax Credits and Hybrid Equity</strong></p>
<p>Tax credit monetization expanded significantly, reaching $63 billion, up 27% year-on-year, while transferable tax credit sales accounted for approximately $42 billion, marking a 48% increase.</p>
<p>Tax-equity investment totaled $36.6 billion, up 22% from the previous year. These financing channels, including tax equity, preferred equity, and transferable credits, have become central mechanisms supporting project deployment and capital formation.</p>
<p>Hybrid tax equity structures emerged as the dominant monetization mechanism, accounting for 68% of tax equity transactions in 2025, up from 58% in 2024. These hybrid structures integrate tax equity, preferred equity, and transferable credits, allowing sponsors to optimize capital costs and maximize tax credit utilization.</p>
<p>Long-dated production tax credit strips also gained traction, with $8.8 billion transacted during the year. Corporate participation increased significantly, with nearly 25% of Fortune 1000 companies purchasing transferable tax credits.</p>
<p>These purchases reduced corporate effective tax rates by approximately three percentage points on average, demonstrating the growing importance of tax credit markets beyond traditional energy investors.</p>
<p>Technology-neutral credits were priced approximately $0.01 to $0.02 lower than legacy credits in transferable credit markets, reflecting regulatory uncertainty and compliance risks. Credits associated with clean fuels under Section 45Z traded between $0.85 and $0.93, lower than other production tax credit categories.</p>
<p><strong>Storage Growth</strong></p>
<p>Energy storage deployment increased sharply to approximately 19 GW during the year, up from about 11 GW in 2024, representing a 72% increase.</p>
<p>Storage financing was supported by both traditional project finance lenders and private credit investors, although lenders showed a stronger preference for contracted projects rather than merchant exposure.</p>
<p>Declining storage costs, which fell 8% in 2025 and approximately 16% annually since 2010, contributed to the rapid expansion of battery deployment.</p>
<p>Safe harbor provisions also preserved eligibility for an estimated 170 GW of wind and solar projects, including 147 GW of solar and 23 GW of wind capacity, ensuring stable deployment pipelines through the end of the decade.</p>
<p>In contrast, clean energy manufacturing and fuel sectors faced tighter capital conditions. Investment in advanced manufacturing, including projects supported by Section 45X credits, declined in 2025, particularly among smaller manufacturers and critical mineral producers.</p>
<p>Hydrogen projects supported under Section 45V also faced shortened eligibility timelines, with construction required to begin by the end of 2027.</p>
<p>According to Mercom Capital’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage, corporate funding for energy storage companies, including venture capital funding, debt, and public market financing, <a href="https://www.mercomindia.com/energy-storage-sees-increased-vc-investment-momentum-in-2025" target="_blank" rel="noopener">reached</a> $16.2 billion in 119 deals in 2025, a 19% decrease year-over-year compared to $19.9 billion in 116 deals in 2024.</p>
<p><strong>Grid Constraints</strong></p>
<p>Interconnection delays remained a major bottleneck, with some projects facing delays of up to seven years before securing grid connections.</p>
<p>These delays forced some large energy users, particularly data center operators, to bypass traditional interconnection processes and invest directly in dedicated generation capacity.</p>
<p>Natural gas remained the dominant generation source for these capacity-driven projects, despite corporate renewable energy commitments, due to its reliability and faster deployment timelines.</p>
<p><strong>Regional Demands</strong></p>
<p>Capacity market costs at PJM Interconnection increased sharply to approximately $16.4 billion in recent auctions, compared with historical averages of around $6 billion, reflecting increased demand and supply constraints.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-91326 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png" alt="Crux Clean Energy Finance Regional" width="863" height="527" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png 863w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-768x469.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-650x397.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-624x381.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-600x366.png 600w" sizes="auto, (max-width: 863px) 100vw, 863px" /></a></p>
<p>&nbsp;</p>
<p>Meanwhile, the Electric Reliability Council of Texas projected annual retail demand growth of approximately 11% through 2026, driven primarily by data center expansion and industrial electrification.</p>
<p>These demand increases contributed to greater reliance on bring-your-own-capacity strategies, in which large electricity consumers directly procure or develop generation capacity to secure a reliable supply.</p>
<p><strong>Policy Uncertainty</strong></p>
<p>Policy changes introduced new compliance and timing pressures across clean energy markets. Wind and solar projects must begin construction by July 4, 2026, to qualify for safe harbor protection under existing credit frameworks.</p>
<p>Safe harbor provisions allowed developers to preserve eligibility under prior rules and mitigate change-in-law risks, supporting medium-term deployment stability.</p>
<p>Capital availability remained strong overall but became increasingly selective. Financing conditions depended heavily on sponsor strength, interconnection progress, and development maturity.</p>
<p>Larger, more experienced developers secured better financing terms, while smaller developers faced higher capital costs and reduced access to funding.</p>
<p><strong>Outlook</strong></p>
<p>The safe-harbored pipeline of approximately 170 GW of wind and solar capacity is expected to experience sustained deployment over the next several years, even as legacy credits phase out and technology-neutral credits gradually gain adoption.</p>
<p>Battery storage, hybrid financing structures, and transferable tax credit markets are expected to remain the fastest-growing segments.</p>
<p>Last December, a Crux survey <a href="https://www.mercomindia.com/feoc-compliance-emerges-as-key-risk-for-us-clean-energy-credits-report" target="_blank" rel="noopener">suggested</a> the U.S. clean energy market is moving quickly on Foreign Entity of Concern compliance, but many firms still don’t feel ready for what is in store for 2026.</p>


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