In 2025, the clean energy market navigated a mix of shifting tariffs, evolving FEOC compliance rules, and uncertainty around tax policy. On the surface, it looked like a year defined by instability. And yet, capital continued to move. Total capital expenditures across the clean economy reached roughly $120 billion, with total financing activity exceeding $200 billion across the full stack of project capital. The transferable tax credit market scaled to about $42 billion, growing rapidly in just a few years. So why are the underlying dynamics so strong? In this episode, recorded live as part of a Frontier Forum, Stephen Lacey speaks with Alfred Johnson, CEO of Crux, and Katie Bays, Managing Director and Head of Research at Crux, about what actually happened beneath the surface of the market. They discuss how developers and investors navigated uncertainty, how financing structures evolved to provide more flexibility, and why underlying demand continued to pull capital into the sector. Read the full Crux market intelligence report. And watch the full video of the Frontier Forum here, which features even more depth on tax credit pricing, safe harbor strategies, evolving deal structures.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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