🌐 $2 Trillion Invested in Clean Energy in 2024: Where’s the Money Coming From?

In 2024, the world invested $2 trillion in clean energy projects, a staggering figure equivalent to roughly $250 per person on the planet.

Cash is flowing into investments in solar, wind, hydro, geothermal, EV, battery storage, and other low-carbon technology projects.

Last June, the International Energy Agency (IEA) projected 2024 as the first year clean energy investments would double fossil fuels.

Even amidst high interest rates and a pullback in venture capital, climate tech startups had a banner fundraising year. Where VC investments lagged, growth in non-dilutive grants and debt kept innovation on track.

Total climate tech startup funding hovered just below $100 billion in 2024, more than double the amount from just four years earlier.

As Eric Roston, Sustainability Editor at Bloomberg, once told me, the clean energy transition is the most remarkable story of innovation in the history of the world.

But now, the next chapter must be even more ambitious. To reach net-zero emissions by 2050, global investment must double again, hitting $4.5 trillion annually by 2030.

The question isn’t if the money will flow—it’s how.

This week, we dive into the world of clean energy finance to understand:

• Who’s writing the checks?

• How are deals structured?

• Can the pace of investment accelerate fast enough?

Britta von Oesen, Partner and Managing Director at CRC-IB, one of North America’s leading investment banks specializing in the clean energy transition, takes us behind the heady press releases and into the Boardroom where deals are solidified.

CRC-IB Highlights:

✅  350+ clean energy deals worth $72 billion since its founding in 2008

✅  #1 ranked in North America for deal count every year since 2019

✅ 123 gigawatts of clean energy projects advised

 ✅170 million tons of carbon dioxide emissions offset

CRC-facilitated projects announced in just the past two months:

⚡ 200MW of grid-scale battery storage in Texas

☀️ 31 community solar projects across five states

🌵 A $1.24B solar + battery storage project in Arizona

To get a picture of where clean energy investments are heading and the role CRC-IB plays, here’s a glimpse into those deals:

1. Key Capture Energy Completes Construction and ITC Transfer for 200MW of Battery Energy Storage in Texas

Texas is leading the charge in grid-scale battery storage, and a 200MW project is no small feat. These batteries capture and store low-cost, intermittent energy from solar and wind, releasing it during peak demand periods.

The impact? More clean energy, less reliance on costly natural gas peaker plants, and reduced need to build new fossil fuel infrastructure.

What makes this project even more interesting is the successful completion of the Investment Tax Credit (ITC) transfer.

So, what is an ITC transfer, and why does it matter?

For years, renewable energy projects relied on tax credits, but only companies with sufficient taxable income could use them. ITC transfers allow companies to sell those credits to fund their projects.

Thanks to the Inflation Reduction Act, battery storage projects are now eligible for these credits. As Britta explained, completing an ITC transfer is a complex, lucrative process. Pulling it off signals to investors and the energy community that Key Capture’s projects are rock-solid—building trust, generating buzz, and paving the way for future deals.

2. Walmart and Nexamp Accelerate Community Solar Development Across Five States

Community solar offers affordable, renewable energy to households that can’t afford or install rooftop solar. Walmart is financing 31 Nexamp-developed projects across five states, delivering 110 MW of solar energy and saving thousands of households over $2 million annually on energy bills.

The scale is what makes this deal work. Walmart needed a project big enough to offset a meaningful portion of its tax liability and justify an equity stake. That’s where CRC-IB stepped in, connecting Walmart with Nexamp, a developer capable of navigating the rules and regulations across multiple states to deliver a large-scale project.

The result? Walmart funding clean energy for communities nationwide.

3. Copia Power, a Carlyle Portfolio Company, Closes $1.24 billion construction loan for Centennial Flats

Centennial Flats is the next generation of utility-scale solar projects in Arizona and the Southwest. Spanning 4,772 acres, it combines 500 MW of solar with 1,069 MWh of battery storage to maximize on-site energy use.

CRC-IB advised Copia Power on the $1.24 billion all-debt financing backed by CIBC, Crédit Agricole, KeyBanc, Natixis, and Wells Fargo. Once completed next year, it will rank among the largest solar projects in the U.S.

Get more insights from Britta von Oesen into the financial innovation accelerating the low-carbon economy in this week’s podcast on Apple, Spotify, YouTube, and all other platforms.

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Number of the week: $51.3 Billion

That’s the record-breaking amount of debt raised by commercial-ready, hard-tech climate startups in 2024—making up 56.9% of their total funding. This surge highlights the growing importance of non-dilutive financing in advancing the low-carbon economy.

Below is the full picture:

Quote of the week:

“The growth of Community Solar, which is really a state policy-driven industry, has been transformative to both the distributed generation and the residential space. You no longer have to have solar on your roof.

“There are a lot of states leading the way on this and improving policy. It is a slightly fragmented market because each state has slightly different policies. Folks like Nexamp have done such a good job of figuring out how to navigate all of these different channels.

“So it takes a really strong developer like Nexamp. And then you partner with somebody like Walmart. And Walmart is making amazing commitments in the sustainability and renewable energy space.

“And they're doing that both from a tax and equity perspective. They're able to come in and utilize some of the tax benefits, which is wonderful.

“These projects don't get built without a corporate partner doing that.”

- Britta von Oesen, Partner and Managing Director at CRC-IB

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