2026 Renewable Energy Cost of Capital Survey
ArticleGrant Thornton's cost of capital survey 2026 in conjunction with Clean Energy Pipeline
Turning policy ambition into projects that get funded, built and delivered
We sit between government and the market. Whether you are designing a support scheme or trying to raise against one, we make sure the policy and the investment case hold up together.
Most energy transition projects do not fail on technology. They fail because the policy, the funding route and the commercial model were designed separately and never quite met.
Our team includes former senior civil servants alongside corporate financiers, economists and modellers. We have written government guidance and we have raised money against it, so we can tell you early whether an idea will survive contact with the market.
Expert financial guidance for reducing costs and securing funding to deliver public and private heat network projects.
Helping the public and private sector invest in innovative decarbonisation solutions to deliver Net Zero ambitions
Facilitate the electric-vehicle transition by building the right private-sector partnerships
Empowering private and public sector clients to develop and manage marine renewables and transmission assets.
Helping the public and private sector drive efficiency, innovation and Net Zero outcomes through waste management.
Expert financial guidance for reducing costs and securing funding to deliver public and private heat network projects.
Empowering private and public sector clients to develop and manage marine renewables and transmission assets.
Helping the public and private sector invest in innovative decarbonisation solutions to deliver Net Zero ambitions
Helping the public and private sector drive efficiency, innovation and Net Zero outcomes through waste management.
Facilitate the electric-vehicle transition by building the right private-sector partnerships
We help departments, regulators and public bodies design markets, support schemes and auction mechanisms, and help investors and developers work out what those frameworks mean for them. Recent work includes the design of Floating Offshore Wind Leasing Round 5 for The Crown Estate and an industry-led task force on multipurpose interconnectors chaired by National Grid and RenewableUK.
Public funding rarely covers the whole cost and private capital rarely covers the whole risk. We advise on funding strategy, subsidy and grant applications, blended finance structures and the commercial models that bring the two together. This includes Green Heat Network Fund applications, LEVI and rapid charging programmes, and business cases for government investment decisions.
We support clients through competitive processes on both sides: designing tenders and evaluating bids for public bodies, and preparing and negotiating for bidders and investors. Our work covers procurement strategy, commercial structuring, payment mechanism design, contract negotiation and due diligence, including major waste and environmental services procurements.
We run financial modelling and energy system modelling in house, so appraisal and analysis sit in one place. We build and review project and programme models, run scenario and sensitivity analysis, and quantify economic impact, including work for DESNZ on the value generated by each additional gigawatt of offshore renewable capacity.
We have worked on the other side of the desk. Members of the team have written government financial guidance on heat networks, sat inside departments, and designed the schemes that others now bid into.
We are technology-agnostic. We are not selling a delivery model or an asset class, so our advice on whether a project stacks up is genuinely independent.
We keep modelling in house. Financial modelling and energy system modelling sit with the same team as the policy and commercial advice, so the analysis reflects the argument rather than arriving late to it.
We will tell you when it does not work. Most projects we look at need reshaping before they are fundable. We would rather say so at the start.
Grant Thornton's cost of capital survey 2026 in conjunction with Clean Energy Pipeline