Renewable Energy Finance Tracking Initiative (REFTI)

New REFTI Reports

NREL's Finance Analysis Team has recently released two REFTI reports: one on solar (PV and CSP) and the other on geothermal technologies. The reports present REFTI data during the five quarterly periods from the fourth quarter of 2009 to the second half of 2011.

Renewable Energy Finance Tracking Initiative (REFTI) Solar Trend Analysis

Renewable Energy Finance Tracking Initiative (REFTI): Snapshot of Recent Geothermal Financing Terms, Fourth Quarter 2009 — Second Half 2011

Project Status and Information

Quarter Reporting Status Supporting Spreadsheets Presentations
2H 2011 Finalized 2H 2011 Spreadsheet 2H 2011 Presentation
1H 2011 Finalized 1H 2011 Spreadsheet 1H 2011 Presentation
Q4 2010 Finalized Q4 2010 Spreadsheet Q4 2010 Presentation
Q3 2010 Finalized Q3 2010 Spreadsheet Q3 2010 Presentation
Q2 2010 Finalized Q2 2010 Spreadsheet Q2 2010 Presentation
Q1 2010 Finalized Q1 2010 Spreadsheet Q1 2010 Presentation
Q4 2009 Finalized Q4 2009 Spreadsheet Q4 2009 Presentation
Q3 2009 Finalized Q3 2009 Spreadsheet Q3 2009 Presentation

Trend Analysis

An analysis of cumulative trend data for all quarters to date is available here.

Project Background

Launched in December 2009, the REFTI project is an initiative designed to track renewable energy project financing terms. Information tracked through the project includes debt interest rates, equity returns, financial structure applied, PPA duration, and other information. All information gathered is released on an aggregated basis to ensure confidentiality.

The primary goal of the REFTI project is to help developers, new investors, utilities and regulators understand project financing terms by technology and project size. The intelligence gathered is also intended to inform models developed at NREL and elsewhere.

In addition to collecting quantitative data on financing terms, NREL also polls industry participants on barriers to financing and development, and the importance and/or effectiveness of policies, renewable energy certificates (RECs), and other support structures. By doing so, NREL hopes to collect the data critical for national labs and policymakers to assess the costs and benefits of various project finance support mechanisms.

For those who have participated in the REFTI project directly, thanks for providing your insight into the difficult threshold of renewable energy project finance.  If you wish to participate, or have other questions or comments, please contact Michael Mendelsohn, Senior Financial Analyst at NREL: (303) 384-7363.


This is a community-driven data collection effort. Your continued participation ensures the success of the initiative. Please consider investing a few minutes to enter information about your projects that have reached financial closure in the last quarter. A user manual (attached below) has been developed to help you respond accurately. By participating in this initiative, you will be playing an important role in promoting renewable energy development.

REFTI has been designed in a manner to maximize confidentiality. REFTI's results will only be used in a fully aggregated manner. Also for your protection, a Non Disclosure Agreement (NDA) between NREL and your company can be signed for up to 12 months (attached below).

Thank you!