Benchmarking

Financing Terms Benchmarking

Debt margins, tenor analysis, and gearing ratios for European renewable energy projects

Median Debt Margin

155 bps

Average: 159 bps

Median Tenor

15.0 years

Average: 15.8 years

Median Gearing

75.0%

Average: 71.2%

Verified Pricing Data

242

454 financings total (53% coverage)

Percentile Reference Points

P10

Margin: 131 bps

Tenor: 15.0 yrs

Gearing: 69.2%

P25

Margin: 145 bps

Tenor: 15.0 yrs

Gearing: 70.0%

Median

Margin: 155 bps

Tenor: 15.0 yrs

Gearing: 75.0%

P75

Margin: 175 bps

Tenor: 17.0 yrs

Gearing: 75.0%

P90

Margin: 185 bps

Tenor: 18.0 yrs

Gearing: 75.0%

Debt Margin Distribution

Distribution of debt margins across all deals (basis points)

Debt Tenor by Technology

Average debt tenure (years) by technology type

Debt Margin Trends Over Time

Historical trend of debt margins showing average, min, and max by year

Gearing Ratio Analysis

Debt/Total Investment ratio by deal size, colored by technology

Solar PV
Onshore Wind
Offshore Wind
Battery Storage
Hybrid
Hydropower

Debt Margin by Technology

Median margin with 25th-75th percentile range

Offshore Wind
165 bps median (66 deals)
100 bps150 bps200 bps
Onshore Wind
150 bps median (70 deals)
100 bps150 bps200 bps
Solar PV
150 bps median (85 deals)
100 bps150 bps200 bps
Battery Storage
185 bps median (15 deals)
100 bps150 bps200 bps
Hybrid
148 bps median (6 deals)
100 bps150 bps200 bps

Average Gearing by Technology

Mean debt/total investment ratio by technology

Solar PV
74.4%

82 deals

Onshore Wind
72.5%

69 deals

Battery Storage
68.3%

15 deals

Offshore Wind
66.0%

69 deals

Hybrid
65.1%

6 deals