Catalyst with Shayle Kann Frontier Forum: Why clean energy capital boomed in a volatile year [partner content]
4 snips
Apr 6, 2026 
Katie Bays, Head of Research at Crux, breaks down evolving financing tools and compliance workarounds. Alfred Johnson, CEO of Crux, explains booming transferable tax credit markets and manufacturing-driven capital flows. They discuss why capital kept moving, how deal structures broadened, and which players benefited in a volatile 2025.
AI Snips
Chapters
Transcript
Episode notes
Clean Economy Capex And Financing Diverge
- Total clean economy capex reached about $120 billion in 2025, with total financing activity north of $200 billion.
- That gap reflects multiple financing rounds per project (development, construction, tax equity, transfers) and takeouts that push financing volume well above capex.
Tax Credit Market Exploded In Three Years
- Transferable tax credit market scaled from ~$9 billion in 2023 to about $42 billion in 2025, while tax equity grew from ~$20 billion (2022) to ~$36 billion (2025).
- Hybrid tax equity and transfers broadened who can monetize credits and diversified supply into manufacturing, storage, clean fuels, nuclear and minerals.
New Financing Structures Broaden Capital Pools
- Financing structures adapted rapidly: hybrid tax equity, preferred equity products, and expanded bridge lending increased available capital and flexibility.
- These tools let developers return capital faster and allowed non-tax investors (private credit, family offices) to back projects previously excluded.