From USD 1bn of insurance offered to over USD 3bn: What Two Years Tells Us About the Energy Transition

Two years ago, at the end of 2022, early on in our development of Tierra, we had offered just under US$1bn of insurance to our clients across 16 countries, mostly to support solar, wind and battery energy storage projects. Today, having reviewed over 1,000 deals, for 33 clients in 21 countries that figure stands at $3.1bn and the green industries we are looking to support have broadened significantly.

That’s not just headline growth — it's structural. Despite rising interest rates, political volatility and the occasional question mark over long-term policy direction (especially across the Atlantic), demand for insurance and financing to back the energy transition is rising. Fast. What we’re seeing isn't speculative capital chasing quick returns — it’s grounded investment in real assets, backed by serious counterparties, who are looking to the insurance industry to support them at scale.

What’s driving it?

Solar PV remains the centre of gravity, no surprise there. Wind power — onshore and offshore — keeps on scaling impressively. But what’s encouraging is the growing share of our portfolio that is now in sectors that were once labelled “nascent”: storage is now mainstream, the electrification of transport and hard to abate industrial sectors are pushing through the project finance bottleneck. Even as some governments flirt with rollback rhetoric, the pipeline of real, shovel-ready infrastructure keeps growing.

A broader map

The US has dominated in volume over the last couple of years — and even with political uncertainty on the horizon, the renewable industry there will continue to grow, although maybe at a slower pace. But we’re also underwriting meaningful volumes across Europe, Latin America, and parts of Asia. Broad based global growth is the key to unlock a successful energy transition.  

What does that mean for us?

We’re now supporting projects across 8 technology sectors in over 20 countries — and we're not slowing down. The shift to a lower-carbon economy is happening, and risk capital, when deployed wisely, can help make that shift faster, deeper, and more resilient.

Over 1,000 deals in, and the story is one of momentum — of steady progress, despite real-world headwinds.

A big thanks all our many partners who are supporting Tierra in its mission to help decarbonise the world via insurance – step by step.