Why Higher Interest Rates May Be Good for Clean Energy EP. 302

This week on Energy Unplugged, Oliver Kerr, Aurora Energy Research's Managing Director for North America, is joined by Declan Flanagan, CEO of Blue Star Energy Capital. 

For much of the past decade, renewable energy development was shaped by abundant capital, falling technology costs, and ever-growing pipelines. Today, the industry is operating in a very different environment. 

Demand growth is back, driven in part by AI and data centres. Project costs are rising. Capital is more expensive. And developers are being forced to rethink some of the assumptions that defined the industry's last growth cycle. 

Drawing on more than two decades of experience building renewable energy businesses, Declan shares his perspective on where capital is flowing, why the US remains the standout market for renewables, and how project development is evolving as the sector matures. 

The conversation also explores the realities of greenfield development, the growing importance of execution and transmission infrastructure, and why Declan believes higher interest rates and a gradual move away from tax credits could ultimately be healthy for the energy transition. 

Main topics include: 

• How renewable energy development has evolved over the past 20 years 

• AI, data centres and the return of electricity demand growth 

• Capital discipline, rising project costs and changing market dynamics 

• Why execution may become the industry's greatest competitive advantage