Hindsight is 2020: 2020 emerged as the hockey stick moment for the sector where multiple expansions were driven by resilient demand despite COVID lockdowns, supportive policies and consumer demand for renewable energy, strong pricing and lower cost of capital across sub-sectors, push for sustainable technologies to balance renewables (battery storage and hydrogen), secular demand roadmap for renewables, and as terminal value rotates from traditional energy sectors to sustainable ESG-compliant alternatives. 

More policy tailwinds in store for 2021: In addition to the factors above, we expect more focus on growth and profitability in 2021, and more importantly new policies under President Biden that could potentially accelerate renewable demand by 2x vs current runrate for the next 15 years. We expect Democrats and Biden to propose longer tax credits and other green policies (maybe a Clean Power Plan 2.0) in late spring or summer. We also await new power market rules by September 2021 that allow distributed solar and storage to participate in wholesale power markets (FERC 2222 ruling).