project-finance

5 pieces

Spain is fast-tracking 234 km of hydrogen pipeline, and for once the dates attach to named electrolysers

Four sections, €389 million, and an administrative procedure that halves its own deadlines. What makes this worth a project analyst's attention is not the money: it is that a connection date is finally tied to three specific plants, with three specific grant awards behind them.

11 Oct 20266 min read4 sources

riskcancellationsproject-finance

The biggest cancellation risk is not in your model

The largest single cause of cancelled green hydrogen capacity is not cost, financing or demand. It is the sponsor changing its mind — and no techno-economic model has a line for that.

23 Aug 20269 min read13 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

gridpermittingproject-finance

Your electrolyser is queuing behind 270 GW of batteries and data centres

Project schedules are built around the electrolyser's lead time. In February 2026 Germany's four transmission operators abandoned first-come-first-served because 717 applications for 270 GW had arrived — and electrolysers are named in the same sentence as batteries and data centres.

26 Jul 202610 min read6 sources

storagecostproject-finance

Three countries hold 77% of Europe's hydrogen storage potential. Yours may not be one.

The storage line in a hydrogen model is usually one number. It is not a number. It is a question about the rock under the site, a question about how often the cavern is cycled, and a nine-year permitting timeline that does not fit inside a project schedule.

28 Jun 20269 min read4 sources