An onshore wind project right is being offered for two ...
Investment in project rights
Your exclusive access to vetted early-stage wind projects. Secure the increase in value before anyone else!
The German wind energy market will be under new auspices in 2026. The project pipeline is growing, while at the same time the willingness to invest in late-stage assets is declining. Capital flows more selectively, risks are priced more sharply. And the question of what a project is worth is increasingly answered by future scenarios instead of the previous development effort. For investors with an early-stage appetite, this shifts the window: project rights in the development phase become the strategically relevant entry point.
The buyer landscape in the German wind market is reorganizing. Municipal utilities and classic developers are reaching budget and regional limits. Instead, institutional investors are increasingly stepping in – with depth of capital, professional risk modelling and the will to invest early in the project cycle. Instead of looking for individual projects, they build portfolios. To do this, they are increasingly looking into the early phase, and for a simple reason: the RTB market is getting tight.
More approved projects mean more competition among bidders, sharper risk haircuts and thinner margins. Those who only get in when they are ready for construction pay the price dictated by the market. On the other hand, there is hardly any room for manoeuvre when it comes to entry.
In comparison, the development phase is exactly the stage in the project cycle where valuations are lowest and return potential is highest. Provided that you are willing to consciously bear this development risk.
Project rights increase in value by reducing risk. This sounds abstract, but in essence it is simple: A wind project in the early development phase still bears all the uncertainties – whether the areas will be secured, whether the permit will be granted, whether a grid connection is available. With every hurdle that falls in the course of the project, a piece of the risk is also removed, which in turn increases the market value. In short, the price per MW increases with each completed development step because the remaining implementation risk decreases.
Project rights typically experience the largest jump in valuation between the early phase and the granting of approval. In this section, the central uncertainty that causes most projects to fail falls away. Those who get on board before this milestone and share the approval risk will position themselves where the value creation is steepest. After approval, the project value continues to rise – but the big leaps are behind this point, not before it.
The decisive factor here is that the increase in value depends on the progress of the project itself, not primarily on external market factors. Whether electricity prices rise or fall, whether interest rates move – the difference between an unapproved and an approved project remains a fundamental value lever. This makes early-stage project rights an investment whose return can be controlled more strongly by project quality than by market timing.
Anyone who wants to invest in wind energy has three entry points on wind-turbine.com – and each serves a different investor profile.
Existing wind farms provide cash flow from day one. The plants are in place, the feed-in contracts are running, and the yield history is documented. On the other hand, the entry prices are correspondingly high and the return expectations moderate. Anyone who buys here buys stability – and pays a premium that the market has priced in for years.
Ready-to-build projects are one step ahead. The permit has been granted, the grid connection has been secured, and financing can begin. The development risk has largely been reduced, which is reflected in the price. RTB assets are in high demand in 2026, which intensifies competition among bidders. RTB remains attractive for investors who prioritize planning security – but the entry price per MW is above the level of the early stage.
Project rights in the development phase are the counterpart. Much is still open here, and therefore the capital input per MW is a fraction of the other two options. Those who want to take the development risk and have the necessary patience will tap into potential returns that are simply no longer achievable in the RTB or existing market. However, this presupposes that projects can be evaluated.
Not every project is ready for construction. Rejections, requirements or legal objections can affect the project value.
Project rights require patience. Capital is tied up for several years, and there is no current income at first.
Changes in spatial planning, environmental regulations or local resistance can extend schedules and increase costs.
Success depends largely on the quality of the project development and the partners involved.
The valuation of early-stage project rights is fundamentally different from that of an existing wind farm. There is no earnings history, no secured cash flows, often not even a final approval. What does exist, however, are indicators that experienced investors systematically check before making a decision.
Approval status is the most obvious value lever. The decisive factor is not so much whether a permit has been obtained, but how likely it is.
The further the approval process progresses, the more reliable the valuation becomes – and the lower the discount that an investor has to calculate.
The quality of the regional contracts is at least as relevant. Terms, extension options, exclusivity, withdrawal clauses – all of these determine how stable the foundation of the project actually is. A project right without long-term secured land rights is basically an option on an option.
The grid connection is increasingly becoming a bottleneck in many regions of Germany. Investors therefore not only check whether a grid connection request has been made, but also whether capacities are realistically available. A project with excellent wind conditions, but no foreseeable grid connection, loses massive value.
After all, the macroeconomic conditions will play a greater role in the assessment in 2026 than in previous years. Electricity price scenarios, construction cost development and financing conditions determine how the later project value will develop when approved or ready for construction. Investors who acquire project rights take these factors into account when they enter the market – and adjust their bids accordingly.
Project rights in wind energy are not an investment for everyone – but for investors who can assess development risks, want to get in early and have a longer time horizon, they are among the most interesting entry points in the market in 2026. wind-turbine.com bundles current project rights from early phase to ready-to-build on one platform.
Define your investment criteria now or get an overview of the project rights already available here on wind-turbine.com!
