Rob Sternthal and russ bates on the clean energy edge
"Capital will flow, provided projects hurdle. that could be as high as 9-10% unlevered."
First aired February 5, 2026
Clean energy projects don’t usually fail because the technology doesn’t work. They struggle because the financing assumptions break.
In this episode of The Clean Energy Edge Podcast, host Russ Bates sits down with Rob Sternthal, Managing Partner at Expedition Infrastructure Partners (XIP), to break down what’s really happening in clean energy project finance right now — and why more projects are becoming stalled, stressed, or distressed in today’s market.
With capital tightening, higher return thresholds, policy uncertainty following the Big Billionaire Bill, and shifting tax credit dynamics, even solid clean energy projects are facing new risks. This conversation cuts through the noise and explains, in plain terms, how capital is actually evaluating projects today. Listen in to understand what’s fixable (and what isn’t) before projects reach a breaking point.
What’s covered:
- Why clean energy projects fail financially (not technically)
- How rising interest rates and ITC uncertainty are reshaping project economics
- What “project distress” really means in clean energy
- Early warning signs developers and C&I project owners often miss
- How capital evaluates stressed or underperforming projects
- Why execution risk matters more than ever The difference between distressed projects vs. distressed platforms
- How developers can think more clearly about exits, valuation, and capital stacks
- Where advisory firms like XIP can help; and when to engage
Click here to listen to the episode.
Thank you to Russ Bates and the team at The Clean Energy Edge Podcast.
About Rob Sternthal, Managing Partner
For the last 20+ years, Rob has been a leading investment banking executive and recognized platform builder across the renewable power, energy, ESG and real assets sectors, advising on more than $25 billion of transactions.
Whether it be with regard to engaging an advisor, looking for a capital partner, or seeking out a thought partner as you contemplate the evolution of private investment in critical infrastructure, we would welcome the opportunity to connect with you.
Securities Products and Investment Banking Services are offered through BA Securities, LLC. Member FINRA SIPC. Expedition Infrastructure Partners, LLC and BA Securities, LLC are separate, unaffiliated entities. To learn more about the professional background of Expedition Infrastructure Partners, LLC and our Registered Representatives, please visit FINRA BrokerCheck. Past performance, awards, or testimonials are not indicative of future results. No guarantee of future performance or success is implied.
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