Generation and storage assets driving the decarbonisation of the power system: onshore and offshore wind, solar, battery storage, hydrogen, nuclear, and pumped hydro.
Energy-transition assets sit on a spectrum from contracted to merchant. A wind or solar project on a long CfD or PPA behaves like a regulated annuity (predictable, financeable, low-return); the same asset selling into the spot market carries full price risk and prices for it. Storage and hydrogen add a further layer, earning on spreads and arbitrage rather than steady output.
Underwriting the class is therefore about how much of the revenue is contracted, for how long, and what happens when the support runs off. The references below cover wind, solar, batteries, hydrogen, nuclear and pumped hydro, each showing the merchant-versus-contracted trade-off explicitly.