Deal Disruption or Market Opportunity? The Impact of Texas Senate Bill 6 on Project Finance

Demand for electricity is surging in America, driven largely by AI data centers and other energy-intensive users powering the digital economy. This rapid growth has heightened concerns among businesses and consumers over rising costs and grid reliability. In response, Texas lawmakers passed Senate Bill 6 (SB6), a sweeping overhaul of how the state regulates large power users and behind-the-meter projects such as solar, battery storage, and data centers. These changes could significantly influence the state’s energy future. But what does SB6 mean for renewable energy project financing in Texas? How might it affect solar, storage, and other emerging projects? And how can investors position themselves to take advantage of the new opportunities?In the eighth episode of Accelerating Energy, host and Sidley partner Ken Irvin welcomes Chris Panaro, Executive Director and Assistant General Counsel at Nomura, a global leader in wealth management, investment management, and investment banking. Together, they discuss how SB6 is reshaping the financing and infrastructure development landscape in Texas. Their conversation examines the structural shifts investors are seeing in project financing, the evolving allocation of risk to developers, and whether these policy changes are encouraging new capital to flow into Texas energy projects. Executive Producer: John Metaxas, WallStreetNorth Communications, Inc.