This article was originally published in the Project Finance International Yearbook 2021 and is reproduced here with permission.

The year 2020 started with the expectation that volume records would be set for tax equity. By late in the first quarter, the pandemic was in full swing, construction crews were sidelined and banks and law firms had to work from home to put orders in place. The renewable energy finance industry was braced for a downturn with various participants adopting austerity measures.

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