With that increased scale comes new challenges in a tax equity market that is already seeing widespread shortages, particularly for mid-sized and smaller developers.

Susgen and BNRG wouldn’t go through the effort of breaking into the U.S. renewable project market if they didn’t see opportunity. For Maguire, the key aspect of the U.S. market is its scale.

With the solar ITC scheduled to decline and the makeup of the U.S. Senate still up in the air heading into 2021, many industry analysts, lenders, and developers are considering whether tax equity may be a sunset industry.