As we pass the first anniversary of the Inflation Reduction Act, the project finance markets are beginning to coalesce around novel financing structures designed to make optimal use of the new tax credit subsidies that the US Congress enacted. This article examines some of the key structural changes implemented under the ira, with a focus on how these changes are shaping the way us renewable energy and energy transition projects are capitalised, and the way project financing for these projects is evolving.

Originally published in Project Finance International - September 20, 2023.