Introduction: In this episode of Unlocking the Energy Trilemma, hosts Ravi Krishnan and Jose A. Martinez talk to Heiko Ludwig, Global Head of Structured Finance at NORD/LB, to explore how renewable energy financing is evolving in today’s shifting economic and political landscape.
As interest rates rise and investor expectations shift, Heiko offers insight into the changing dynamics of project finance—from Europe’s traditional bank-led models to the U.S.'s tax-credit-driven approach. The conversation is around production tax credits, market volatility, capital structures, and the role of political tools like the European Hydrogen Bank.
This episode is where money meets energy—and reveals what it will really take to fund a sustainable future. Listen to the full podcast now.
What key figure would you share that highlights the current challenges or progress related to the energy trilemma?
Do you think investor expectations for renewable projects have shifted recently, especially following setbacks in sustainability perspectives since the Trump administration?
Do you see a shift in the types of investors entering the renewable space, and how does that affect project finance structures?
How would you define the typical evaluation process for shortlisting projects, especially when you have a wide variety of projects between Asia, Europe, and North America? What is the typical capital structure for these projects? What is the equity participation from the developers, and what is typically the debt component?
How are increased volatility and frequent negative electricity prices in high-code countries like Germany impacting refinancing opportunities for renewable assets?
Given their variability and uncertainty in different markets, how important are production tax credits or incentives when evaluating the viability and bankability of renewable energy projects?
Are you seeing any divergence or convergence around investor expectations between the US and Europe, and have you seen any recent changes?
Do you think the European Hydrogen Bank proposal will effectively support the hydrogen sector’s development? As someone from a bank, do you see it as fair competition or a complement to existing financing options? What are your thoughts on this tool?
If you had a magic wand to unlock the energy trilemma, what would you do with it?