The Pexapark Podcast

Welcome back to The Pexapark Podcast!
In the first part of the episode, Luca Pedretti speaks with Domenico Tripodi, Partner and Co-Head of Investments at AIP Management, about how financial investors are navigating a renewables market shaped by merchant exposure, changing valuations, and shifting value pools. The conversation explores how private capital is adapting as the sector moves beyond the growth expectations of previous years toward a more complex investment environment.
Enjoy their conversation on topics including:
Why equity valuations and growth assumptions in parts of renewables were overstated between 2019 and 2023
How financial structuring helped investors stay defensive through that period
Why value is increasingly shifting from greenfield development toward aggregation and brownfield assets
How IPPs may need to move downstream and build new commercial capabilities
Why enterprise value in renewables is becoming more tied to portfolio and revenue management
How investors are thinking about flexibility, ancillary services, and risk-adjusted returns in renewable-heavy systems
In the second part of the episode, Luca turns to Pexapark market intelligence, looking at the anticipated overhaul of Germany’s Renewable Energy Act (EEG). The discussion focuses on the proposed shift to a two-sided CfD system, what it could mean for auction dynamics, and how the changes may affect both the German PPA market and developer strategies.
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Welcome back to The Pexapark Podcast!
In the first part of the episode, Luca Pedretti sits down with Francesco Jimenez, Partner at EY, to break down a topic that has quickly become front-of-mind for many offtakers and developers: IFRS and PPA accounting. With new rules applying from January 1, 2026, the conversation looks at what has actually changed, why it matters, and how companies can prepare – especially when PPAs may trigger derivative accounting, fair value movements, and earnings volatility.
Enjoy their conversation on topics including:
What IFRS is – and why the January 1, 2026 amendments matter for PPAs
Which PPAs are more likely to be treated as derivatives (and why)
How the changes affect the “own-use” exemption for certain physical, pay-as-produced PPAs
What hedge accounting can (and can’t) solve when fair value moves hit reporting
How fair value is determined in practice (Level 1 / 2 / 3 inputs) when PPA markets aren’t fully liquid
Practical steps companies can take now: contract assessment, valuation inputs, and process readiness
In the second part of the episode, Luca turns to recent Pexapark market intelligence – starting with the first-ever Pexapark leaderboard for the European BESS offtake market, focused on Flexibility Purchase Agreements (FPAs) such as floors, tolls, and swaps (and excluding optimization agreements). The episode then shifts to Italy, where leaked details of a proposed New Energy decree reportedly triggered sharp moves in forward power prices and spillover into PPA pricing – highlighting how policy risk can quickly translate into market risk for offtake and investment decisions.
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Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast!
In the first part of the episode, Luca Pedretti is joined by Dominique Hischier, VP – Editorial & Analysis at Pexapark, to unpack the big theme of Pexapark’s Market Outlook 2026: “The Big Repricing – how volatility and BESS reshape clean energy markets.”
Enjoy their discussion on topics including:
What it means to operate in a renewables-dominated power system
Why price volatility is becoming structural, not cyclical
How lower capture rates, negative prices, and curtailment are reshaping revenues
Why value is shifting from generation toward flexibility and BESS
How offtake is evolving as PPA volumes fell ~15% in 2025
The rise of FPAs and merchant optimization as core routes to market for batteries
In the second part of the episode, Luca turns to recent Pexapark market intelligence on the world’s largest power market, PJM, and how it is being reshaped by rapid data center demand growth and thermal retirements. Capacity auction prices have cleared at the regulatory ceiling again, reserve margins are razor-thin, and new procurement models are emerging – from behind-the-meter and co-located strategies to regulatory changes enabling faster interconnection. The episode also looks at proposals for a one-time auction offering 15-year revenue certainty for new dispatchable generation, signaling a major potential shift in market design.
 
Pexapark’s Renewables Market Outlook 2026 is now available.
The Big Repricing examines how record renewable deployment, rising volatility, and the rapid scale-up of BESS are reshaping how value is created and captured across clean energy markets.
Download the full report
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Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >

Welcome back to The Pexapark Podcast! In the first part of the episode, Luca Pedretti is joined by Niels Jakeman, Head of Energy Origination Europe at NORD/LB, to explore how battery storage is being financed today and what lenders look for as the market matures. With around 30 GWh of storage financed globally and decades of experience across renewables and infrastructure finance, Niels offers a lender’s perspective on bankability, risk allocation, and how storage fits into the broader evolution of renewable project finance.
The discussion cuts straight to the issues shaping the future of storage finance, including:
How renewable financing has evolved from feed-in tariffs to merchant exposure – and what that means for storage
What makes a storage project bankable, from location and stakeholders to contracts and warranties
How lenders assess merchant risk, arbitrage, ancillaries, and battery degradation
The shift from simple tolling agreements toward more complex optimization and hedging structures
Why hybrid portfolios combining renewables and storage are increasingly attractive from a financing perspective
In the second part of the episode, the focus turns to recent Pexapark market intelligence, with a closer look at France’s new power market regime following the expiry of the ARENH mechanism. The episode explains how the new nuclear clawback framework and long-term industrial supply agreements with EDF are reshaping price formation – and why these changes are setting important benchmarks for PPAs and private offtake in the French market heading into 2026.
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Welcome back to The Pexapark Podcast!
In the first part of the episode, Luca Pedretti is joined by Jim Boyle, CEO and Founder of Sustainability Roundtable, for a wide-ranging conversation on how corporate renewable procurement is evolving across the US and Europe. Drawing on nearly two decades of buyer-side experience, Jim offers a nuanced perspective on how policy shifts, accounting standards, and market design are influencing deal flow and buyer behaviour. Enjoy their conversation on themes including:
Why the withdrawal of US clean energy tax credits appears to be accelerating near-term PPA activity
How reduced subsidies could, over time, slow deployment and potentially ease cannibalisation in more mature renewable markets
The growing significance of the “hourly debate” and proposed changes to the Greenhouse Gas Protocol
Why mandating 24/7, in-grid matching could materially limit broader corporate participation in PPAs
The case for keeping 24/7 procurement optional, while exploring ways to better value storage and flexibility beyond carbon accounting
In the second part of the episode, we turn to recent Pexapark market intelligence. We look at the EU’s upcoming Carbon Border Adjustment Mechanism (CBAM) and why its strict requirements around physical, hourly-matched PPAs may limit near-term uptake in Southeast Europe and Turkey. The episode closes with a more constructive signal from German onshore wind, where oversubscribed auctions and improving price dynamics suggest that shovel-ready projects could increasingly turn to the PPA market after years dominated by subsidy schemes.
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Register for your free Pexapark account to stay updated on the latest energy transition trends. Learn more >