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The document examines how Spain's Feed-in Tariffs and Feed-in Premiums successfully drove the deployment of 2.3 GW of CSP and fostered a world-leading domestic industry, but later shattered investor confidence through retroactive cost-cutting measures. It highlights that the lack of deployment caps and failure to drive cost reductions led to unsustainable public costs, resulting in a market standstill since 2012 and increased financing costs due to heightened risk aversion.

The report assesses Thailand's renewable energy incentives, highlighting the success of the ENCON fund and the 'adder' (feed-in premium) scheme, while identifying persistent barriers such as transmission constraints and high import duties on technology.

The report analyzes six case studies—onshore wind in the U.S. and Spain, solar PV in the U.S. and Italy, a solar power tower in the U.S., and offshore wind in Denmark—to determine how policy impacts the cost of finance. It identifies seven policy impact pathways, finding that the duration of revenue support and revenue certainty are the most critical factors in reducing financing costs. The analysis shows that while most projects' costs and returns align with benchmarks, the Italian PV case experienced inflated costs and returns due to a rush to qualify for a Feed-in-Premium. The report concludes that policies reducing risk and providing revenue certainty are essential for attracting institutional investors and scaling innovative technologies.