offtake

3 pieces

46 megawatts. That is what Europe connected in the first half of 2026.

Against 177 MWel in the same period of 2025, and with the average commissioned project falling from 18 MWel to 5 MWel. This is not a slowdown in growth. It is a change of scale downwards, and the diagnosis of why has moved from cost to something harder to fix.

19 Oct 202610 min read6 sources

demandofftakebankability

What a hydrogen buyer can pay is below USD 2/kg. For steel it is negative.

The offtake conversation usually stops at 'buyers are slow to commit'. The IEA has now computed what they could commit to, and published the boundary it used. The answer changes which projects are worth developing.

30 Aug 20269 min read7 sources

bankabilityproject-financeofftake

What a lender actually underwrites, and why it is not your LCOH

The most authoritative paper on hydrogen bankability is co-written by an ING energy director. It declines to publish a DSCR threshold, and says doing so would be misleading. What it does quantify is the price of a short contract: roughly 50% equity.

2 Aug 202611 min read12 sources