Financial advisory firm Capcora and trading optimisation provider suena energy have published a joint whitepaper examining how battery storage projects can be structured to secure debt financing. The publication, titled “Bankability by Design: Financing and Offtake Models for Battery Storage Projects”, is available for download from 15 July 2026.
Battery storage is becoming a central building block of the European energy transition, and with a growing pipeline of developments, the question of how such projects can be financed is increasingly decisive for developers, investors and lenders. The whitepaper analyses how banks and other debt providers assess battery storage projects, and what influence offtake strategies, risk allocation and financing structures have on a project’s bankability. Key factors examined include the reliability of future revenues, the contractual design of projects and the handling of market price risk.
A central finding is that identical battery storage assets can produce markedly different financing outcomes depending on their commercial structure. A case study in the publication shows how different forms of revenue hedging affect the capital requirement, debt share and overall financeability of the same storage project. The analysis concludes that financing requirements need to be considered at an early stage of development.
“The battery storage market is developing into an asset class in its own right. For banks and other capital providers, the focus is not on theoretical revenue potential but on how reliable and predictable a project’s future cash flows are. This is where offtake strategy and risk allocation gain importance,” said Alexander Kuhn, Managing Partner at Capcora. Lennard Wilkening, CEO and co-founder of suena energy, added that storage projects are increasingly viewed as critical infrastructure, but that their financing “is decided not by the technology alone, but by the quality of the project structure.”
The findings are relevant beyond the German market: battery storage is increasingly paired with wind projects across the Baltic Sea region, where merchant price risk and hybrid revenue models are shaping how new capacity is financed. Frankfurt-based Capcora has advised on renewable energy transactions since 2015, while suena energy provides algorithmic trading optimisation for storage and renewable assets.
