The Resilient Capital Series
Renewables Platform Performance
Market conditions have shifted since the peak investment cycle, putting pressure on legacy platforms. To improve returns, owners should focus action on capital allocation, overhead, and pipeline discipline.
Harry Owen · September 2026 · 13 min read
Three findings stand out
69%
Fall in disposal proceeds at pure-play large caps, from ~40% of operating cash flow to ~10%
$19bn
Renewables project impairments disclosed by listed developers over three years
2.1x
Faster growth in overhead than revenue at 13 of 19 listed developers
From the paper
Disposals dropped, CAPEX rose
Disposal proceeds have fallen from 40% of operating cash flow in 2021 to 10% two years later, yet CAPEX commitments increased. Across twelve large-cap pure-play developers the aggregate annual funding shortfall has widened by 122%.
Inside the report
The paper addresses five questions owners ask when deciding where to intervene, each with the tests and benchmarks used to answer it.
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Download the PDF
The full paper, formatted for print and sharing. The complete text is also available online.
Discuss the analysis
This paper draws on a proprietary dataset covering 27 listed and 35 private mid-market developers over 2020–2025. To discuss the methodology, the underlying series, or how the findings apply to a specific platform, contact the team.