Crux Mid‑Year 2026 Report: Clean Energy Finance Market Accelerates into a New Growth Phase

In the first half of 2026, tax credit transfers, lending, and preferred equity all increased, pushing total clean‑energy and manufacturing capital expenditure toward $180 billion by year‑end.

After market participants adapted to new requirements of the One Big Beautiful Bill Act (OBBBA) in the second half of 2025 and Q1 2026, activity accelerated in Q2. Tax credit transfer volumes reached a record quarterly high, manufacturing investment rose for the first time in six quarters, and preferred‑equity deal structures doubled as investors targeted underserved areas such as clean fuels.

Crux estimates that clean‑energy and manufacturing capital expenditure reached roughly $74 billion in the first half of the year, on track to total $180 billion for the full year. This follows a record‑breaking 2025, when clean‑energy and manufacturing investment climbed to $155 billion and tax‑credit monetisation grew 27 percent, surpassing $63 billion.

Alfred Johnson, co‑founder and CEO of Crux, noted, “After a period of significant policy change, capital markets are doing what they do best: adapting. Investors and lenders are becoming increasingly sophisticated in assessing risk and opportunity. Their ability to incorporate risk into deal structures and continue efficiently deploying capital to energy infrastructure is essential for meeting today’s rapidly growing energy demand.”

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