Adam Barber, Chief Executive of Tamarindo, opens the day and frames the conversation ahead.

•  Europe's €690bn a year investment gap through the 2030s and where the capital needs to flow across generation, storage, grid and industrial demand 

• What this means for investors, developers and lenders 

• How rising interest rates, supply-chain pressures, grid constraints and permitting are altering energy transition risk profiles

A senior perspective from MUFG on how project finance and lending markets are evolving across EMEA: where capital is flowing, how risk allocation is shifting, and how lenders are adapting their financing strategies to support the next phase of the energy transition.

• Key trends in project finance and lending across EMEA - what is working, what isn't

• How risk allocation and capital structures are shifting

• How financial institutions are adapting to support net-zero objectives at scale

As project risk profiles evolve, the question is no longer whether capital is available, but what lenders and investors now consider to be a bankable project.

•  The ingredients a project needs to be investable/bankable in 2026, and how they have changed in the past decade 

• How projects are valued at each stage of development and where financing gaps remain

• Which risk is doing the most work in the re-rating: merchant, offtake, technology

• The gap between investment assumptions and operational reality: what actually drives asset performance, and where value can be created in the years after COD

Capital is increasingly favouring integrated platforms over single-technology developers, as investors place greater value on diversified revenue streams, trading capability and operational scale.

• What defines the next-generation IPP: technology mix, revenue stack, trading capability, balance sheet

• The role of utilities, oil-and-gas majors and mega-funds in the coming wave of consolidation

• Which business models continue attracting investment, and who emerges as the natural consolidators

Increasingly, project financing conversations include a storage component, yet the market has yet to converge on a standard financing model. Merchant tail, blended PPAs, floor prices, capacity payments and ancillary revenue are all live in different combinations. This panel examines which storage projects are attracting capital, how lenders assess risk, and the financing structures proving most bankable.

• The revenue stack for merchant-tail BESS in 2026: what lenders will and will not underwrite

• Blended PPAs, capacity payments and the search for a debt-financeable structure

• The sustainability of ancillary services revenue, and the risk of market saturation

• Route to market strategy: how balancing, forecasting and trading shape realised returns 

As traditional financing structures come under pressure, hybrid capital solutions are becoming an increasingly important source of funding for renewable energy projects. Credit providers are taking on greater risk through preferred equity and payment-in-kind structures, while equity investors are adopting new mechanisms to improve downside protection.

• The preferred, mezzanine and structured equity deals being executed on European renewables in 2026

• The capital pools writing the cheques: specialist credit funds, insurance, family offices, sovereign wealth

• Are hybrid structures here to stay?

Rapid growth in electricity demand is reshaping investment priorities across the energy transition. While data centres and hyperscalers dominate the conversation, industrial electrification, transport and heat are also creating new opportunities and new financing requirements. Together these trends are redefining where capital is deployed across generation, storage and grid infrastructure.

• Behind the demand-growth headlines: industrial electrification, transport, heat, and the wider re-tooling of European industry

• The segments driving the fastest load growth, and how they vary by geography

• How changing demand is reshaping investment decisions across generation, storage, offtake and network infrastructure

• How is the regulatory environment adapting or failing to adapt to the evolving generation mix?

Data centres are reintroducing long-term contracted cash flows into renewable energy investment, creating attractive financing opportunities but also new forms of concentration risk.

• The value of a hyperscaler PPA to a lender, and the counterparty rating question

• Concentration risk when the off-taker, landlord and equity partner are the same name

• The trajectory of hyperscaler direct ownership of generation

Investor due diligence has traditionally focused on project economics and contracted revenues. Increasingly, geopolitical considerations, supply-chain resilience and industrial policy are becoming equally important determinants of investment decisions. Emerging industrial policy in Europe and the US is changing supply-chain assumptions, technology choices and jurisdictional risk, with important implications for project valuation and financing. The pace is quickening in the EU in particular, where the ban on high-risk-country inverters in EU-funded energy projects, the Cyber Resilience Act and the draft Industrial Accelerator Act mark a decisive shift.

• Markets moving fastest on sovereign supply-chain rules, and the geographies of stranded-asset risk. What evolutions are expected in EU/UK?

• How is the sovereignty question changing project valuation and bankability today?

• What does a due diligence framework that takes sovereignty seriously look like?

• How is the supply chain evolving to adapt to those evolutions?

•  What role do government-related financing (NWF, EIB, EBRD) play in this context? 

As capital becomes more selective, the European renewables market increasingly favours buyers over sellers. Larger funds are seeking platform-scale opportunities capable of absorbing significant amounts of capital. But the platform M&A pipeline everyone is talking about has not yet cleared. This fireside conversation looks at where valuation expectations currently sit and what will be required for transaction activity to accelerate.

• The platform transactions closing in European renewables in 2026

• Utilities, oil-and-gas majors and Middle Eastern capital as the emerging aggregators

• The point at which mid-tier developers accept the market-clearing price

Reflecting on the day's discussions, we will look at which assumptions have been challenged, which investment themes have gained momentum, and which questions remain unresolved.

• The most surprising signal from the day's discussions

• The single most important question left unanswered

• The takeaway the audience should carry into their own investment decisions

Alongside the main-stage agenda, we are proposing to run two to three 30-minute sessions during the coffee and lunch breaks, in a breakout rooms adjacent to the main stage. Format is a 20-minute case study or presentation, followed by 10 minutes of open conversation with the audience. The idea is to give the audience something practical and usable to take away, alongside the strategic conversations the main stage is designed for.

AI is moving from pilot projects into day-to-day asset management, helping owners optimise generation forecasting, curtailment prediction, ancillary market bidding and dispatch across merchant and hybrid portfolios. This session explores how AI-driven optimisation can be used to improve revenue capture, reduce operational risk and strengthen investment performance.

Grid capacity has become one of the defining constraints on renewable energy investment. This session explores the broader economics of grid access in 2026, navigating increasingly competitive connection queues, pricing congestion and curtailment risk, thinking through co-location and hybrid strategies, and how investors are actually underwriting grid risk. Built around real project experience, the session examines the commercial decisions that unlock a financeable grid connection.

Every acquisition tells a different story. This session takes delegates inside a renewable energy M&A process: from the initial investment thesis through due diligence, valuation, negotiation and completion. Rather than discussing market trends, the session explores how a deal was actually structured, where value was created, what almost derailed the transaction, and why the buyer ultimately proceeded.