Generation capacity is being added faster than the transmission to carry it, and that gap is where the capital is going.
The bottleneck moved
Five years ago the constraint was the cost of turbines and panels. Today it is interconnection queues, permitting timelines, and transformers nobody can source quickly. Sponsors who understood that early are structuring around it.
How the capital stacks up
A mix of long-dated private placements, green bonds, and infrastructure funds takes construction risk off the balance sheet. The cost of that capital is increasingly a function of queue position rather than technology.