Tax credit transfers, lending, and preferred equity all grew in the first half of 2026, with total clean energy and manufacturing capital expenditure (capex) on pace to reach $180 billion by year’s end.
After the second half of 2025 and Q1 2026 saw market participants adjust to new requirements under the One Big Beautiful Bill Act (OBBBA), activity accelerated in Q2 with tax credit transfer volume reaching its highest quarterly level on record. Manufacturing investment also increased for the first time in six quarters, and preferred equity investment deal structures doubled in volume as investors looked for underserved segments of the market, like clean fuels.
Crux estimates that total clean energy and manufacturing capex reached approximately $74 billion in the first half of the year, on track for $180 billion by year’s end. This momentum builds on a blockbuster 2025, when investment in clean energy and manufacturing reached a record $155 billion and tax credit monetisation rose 27 percent to exceed $63 billion.
“Following a period of significant policy change, we’re seeing capital markets do what they do best: adapt” said Alfred Johnson, co-founder and CEO of Crux. “Investors and lenders are becoming more sophisticated in how they assess risk and opportunity. This ability to adjust, absorb risk into deal terms, and continue the efficient deployment of capital to our energy infrastructure is essential in meeting today’s booming energy demand.”
For additional information:
2026 Mid-Year Market Intelligence Report: The State of Clean Energy Finance
