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Prospects for energy markets in Europe for the winter 2023‑2024. Renewable energy projects financing

October 19, 2023 | 10:00 - 11:00 CET


Oriol Saltó i Bauzà
Associate Partner
at AleaGreen
Carlos Milans del Bosch
Partner of Financial Advisory
at Deloitte
Álvaro Antón Azcoiti
Director, Financial Advisory
at Deloitte
Ricardo Benito Pascual
Director, Financial Advisory
at Deloitte
Bárbara Cueto-Felgueroso Rato
Director Corporate Treasury Advisory Services
at Deloitte


  • Evolution and prospects of European energy markets for the winter 2023‑2024
  • Financing of renewable energy projects
  • Importance of forecasting in audits and portfolio valuation

For the fourth time, the webinar of October will have the participation of speakers from Deloitte, who, as on previous occasions, will share their vision and experience on the status and trends of renewable energy projects financing and the importance of forecasting in audits and portfolio valuation:

Vision of investment and financing needs

  • Huge capital needs (equity and debt) until 2030 to comply with the NECP, in an environment with high volatility and uncertainty
  • Diversity among capital providers in terms of their tolerance for risk, especially by merchant
  • PPA needed as merchant risk mitigants, updated illustration of the financing conditions of projects with and without PPA
  • Sensitivity analysis of returns expected by projects shareholders in different scenarios

Risks and difficulty of preparing financial information

  • Complexity in the presentation of financial information on price hedges
  • Challenges of accounting estimates; impairment test, fair value…
  • Complexity of hedge accounting given the diversity of PPA

In addition, in the webinar the usual analysis of European energy markets will be carried out, paying special attention to prospects for the winter 2023­‑2024.


Oriol Saltó i Bauzà, is Associate Partner at AleaGreen. He is PhD in Physics from the Autonomous University of Barcelona. He has 20 years of experience in data analysis and modelling both in the context of scientific research and in energy markets. At AleaSoft, for more than ten years, he has been at the forefront of the development of forecasting models for the European energy markets: electricity, gas, oil, CO2, among others.

Carlos Milans del Bosch, is Partner of Financial Advisory at Deloitte. He has more than 25 years of experience in the field of Structured Financing, originating and executing non‑recourse financing operations, M&A and financial advisory services in the energy and infrastructure sectors, focusing on debt structuring and PPA in the renewable energy sector. Throughout his professional career he has worked with numerous multidisciplinary teams, leading pioneering project financing and leveraged finance transactions for corporate and institutional clients, both in Spain and abroad.

Álvaro Antón Azcoiti, is Director, Financial Advisory at Deloitte since 2018. He previously worked for 19 years at HSBC Global Banking and Markets as Director Project & Export Finance and as Director Infraestructure and Real Estate Group.

Ricardo Benito Pascual, is Director, Financial Advisory at Deloitte. He has more than 18 years of experience at Deloitte, in which he has provided financial advice to companies in the energy sector, mainly in the renewable energy sector.

Bárbara Cueto-Felgueroso Rato, is Director Corporate Treasury Advisory Services at Deloitte. She has more than eleven years of experience in capital markets and corporate treasury. Her professional career has always been linked to capital markets. She has carried out advisory activities and strategies with financial derivatives of interest rate, exchange rate and raw materials and has developed solutions for the comprehensive management of financial risks. She has directed corporate debt operations at MARF and has managed numerous debt restructurings with financial derivatives problems. She has also led projects developing and implementing corporate treasury strategies and financial risk management for large companies, collaborating with Deloitte’s international network.