Additionally, the recently released “ Build Back Better Act” includes numerous proposals intended to further incent renewable energy development, including incentives for carbon sequestration and wind and solar power generation, storage and transmission.Īs a result, many players entering the industry – whether traditional power suppliers looking to diversify asset portfolios with renewable investments, vertically integrated utilities looking to demonstrate their commitment to decarbonization and cleaner energy to their customers and regulators, companies looking to offset their carbon footprint, and/or private equity investors gravitating toward sustainable finance - hold renewable energy in their portfolio. According to the International Renewable Energy Association, “The United States of America installed 29 GW of renewables last year, nearly 80 per cent more than in 2019, including 15 GW of solar and around 14 GW of wind.” And the Biden Administration has made renewable energy a priority, including $73 billion in the infrastructure bill, passed by the Senate in August, to expand the nation’s power transmission grid and better equip it to carry renewable energy. Renewable energy has been the fastest growing energy source in the U.S.
The renewable energy industry is increasingly resembling the “Wild Wild West.” Current market forces, prioritization of environmental, social and governance (ESG) frameworks and differing renewable energy policies across states have driven more opportunity seekers into this new frontier.
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