Report: Renewables Executives Express Positive Outlook for 2023

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New Firmex survey looks at renewables project financing successes, challenges, sentiment.

Firmex, a global provider of virtual data rooms, announced this week the release of a new survey report on the renewable energy sector. The Firmex Survey: Renewable Energy details successes and challenges with project financing in 2022, as well as insight from renewable industry finance executives on their outlooks for 2023.

While 2022 included significant challenges, renewable energy executives are optimistic about their access to capital in the year ahead, with 60% expecting investor interest in this sector to increase.

“The renewable energy sector has seen economic challenges largely offset by equally if not more impactful tailwinds, and this trend is expected to continue in 2023,” said Mark Wright, Firmex’s General Manager. “The larger, systemic shifts we are seeing toward clean energy – and the important role that these projects have in meeting growing demand – made the renewables sector a clear choice for Firmex’s first project financing survey initiative.”

Additional key survey findings include:

  • Funding goals: while executives noted development has increased in the past 12 months, just over half of companies are meeting more than 50% of their project financing goals.
  • Project pipeline: More than half of surveyed executives have four or more projects in development, but almost all (96%) have experienced delays in the past year.
  • Looking forward: renewables executives have broad plans for spending capital in 2023, and the top focuses for new projects are in their current energy sectors (39%), in new geographic regions (36%), and in new energy sectors (35%).

The Firmex Survey: Renewable Energy is a survey of 100 senior finance executives at renewable energy companies in the U.S. and Canada. The survey was conducted by Rabin Research Company, an independent market research firm, in October 2022.

The full report can be downloaded on the Firmex website.

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Edward Stephen
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