In a year marked by unprecedented policy uncertainty, the clean energy finance market defied expectations in 2025. While policy whiplash signaled capital would flee the sector, the data tells a strikingly different story: lending hit record highs in Q1, tax credit transfers grew 30% year-over-year to reach $42 billion, and investors showed remarkable resilience by prioritizing fundamentals over political noise.
What drove this unexpected growth? And what do these trends signal for the year ahead?
In this Frontier Forum, Crux unveils findings from its State of Clean Energy Finance: 2025 Market Intelligence Report, providing in-depth analysis of proprietary market data. Drawing on transaction data representing an estimated 85% of all market activity, the report provides unprecedented visibility across the full clean energy capital stack. It reveals which capital sources and technologies thrived, which struggled, and why flexibility became the defining characteristic of success in 2025.
Alfred Johnson, CEO of Crux, and Katie Bays, Policy and Research Strategist at Crux, join Latitude’s Stephen Lacey to unpack the forces that shaped 2025 financing — from record-breaking first-half lending to the tailwinds of load growth to the reshaping of tax credits. They’ll discuss what 2025’s unexpected resilience signals for 2026.
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