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Episode 52: Why Clean Energy Deals Break
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.
🔍 Topics covered in this episode include:
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
Rob brings a rare perspective from the intersection of infrastructure, power markets, capital, and restructuring, helping developers, sponsors, and investors understand what’s fixable — and what isn’t — before projects reach a breaking point.
🏗️ About Expedition Infrastructure Partners (XIP)
According to the XIP–Gordian joint advisory overview, XIP was launched in 2025 as a mission-driven merchant capital firm, backed by The Hunt Companies, with a focus on bespoke advisory services across clean energy and infrastructure. XIP and Gordian Group have formed a joint platform to support companies facing market disruption, valuation compression, liquidity constraints, and delayed pipelines — challenges now affecting a wide range of renewable energy stakeholders
XIP-Gordian_JV-Tearsheet_202601…
.
Their advisory services include:
Strategic and capital advisory
Refinancing and restructuring support
M&A and asset sales
Creative deal structuring
Capital raising and balance-sheet solutions
🔗 Connect with Rob Sternthal
LinkedIn: https://www.linkedin.com/in/robert-sternthal-548b287/
Firm: Expedition Infrastructure Partners (XIP)
Website: https://xipllc.com/
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By russbpClean 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.
🔍 Topics covered in this episode include:
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
Rob brings a rare perspective from the intersection of infrastructure, power markets, capital, and restructuring, helping developers, sponsors, and investors understand what’s fixable — and what isn’t — before projects reach a breaking point.
🏗️ About Expedition Infrastructure Partners (XIP)
According to the XIP–Gordian joint advisory overview, XIP was launched in 2025 as a mission-driven merchant capital firm, backed by The Hunt Companies, with a focus on bespoke advisory services across clean energy and infrastructure. XIP and Gordian Group have formed a joint platform to support companies facing market disruption, valuation compression, liquidity constraints, and delayed pipelines — challenges now affecting a wide range of renewable energy stakeholders
XIP-Gordian_JV-Tearsheet_202601…
.
Their advisory services include:
Strategic and capital advisory
Refinancing and restructuring support
M&A and asset sales
Creative deal structuring
Capital raising and balance-sheet solutions
🔗 Connect with Rob Sternthal
LinkedIn: https://www.linkedin.com/in/robert-sternthal-548b287/
Firm: Expedition Infrastructure Partners (XIP)
Website: https://xipllc.com/