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For mid‑market sponsors, capital is still available, but the bar is higher. Lenders and private credit are laser‑focused on five areas: absorption, pre‑leasing, cost overrun protection, equity (25–35%), and sponsor strength, with Canada adding a decisive sixth: CMHC program eligibility.

The paradox of 2025 is that hotel financing is both more competitive and more available than in recent years. But this availability is conditional. Projects that demonstrate strong fundamentals, disciplined budgeting, thoughtful operator selection and comprehensive feasibility analysis are attracting more interest than ever.

The renewable energy sector remains highly bankable in 2025, but it is no longer operating on the assumptions of earlier cycles. Lenders expect more maturity, more data, more discipline, and more resilience. For developers prepared to meet these expectations, the capital is available - and often competitively priced.

If 2024 was a year of adjustment and 2025 is a year of selective growth, 2026 is shaping up to be a sorting mechanism: the projects and platforms that are genuinely aligned with the new rules of the game will scale rapidly; the rest will struggle for attention.