From Blueprint to Reality 2026

While the cluster’s “halo” effect can boost the attractiveness of investment, there are rarely blanket or pooled financing structures. Individual projects within clusters still face their own due diligence and risk thresholds. As demonstrated by the financing blueprints in the following chapter, a wide spectrum of capital types and financing structures – including project finance, capex investment, equity, grants and contracts for difference (CfDs) – can be leveraged to support large-scale transition projects. Additionally, the diversity of operating models – such as joint ventures, partnership agreements and sole operators – underscores the adaptability required to effectively balance project risks, stakeholder interests and shifting market dynamics. Speed to market often emerges as the most critical determinant, shaping both financing and operational choices. It is important to note that project-on-project construction risk, where the financial viability of one project is dependent on successful completion of another, presents a particular challenge. The scale and complexity of projects often require multiple contractors to develop infrastructure, given the extent of delivery risk and technical expertise needed. As discussed above, in this context, the presence of a cluster administrator with strong coordinating and convening power is pivotal.Each project needs to clear investment hurdles independently –In the UK, by contrast, private organizations in both HyNet North West and Humber clusters have led project development and financing, under a government-backed regulatory framework and clear business models that provide long-term revenue certainty. –In the Cartagena industrial cluster in Colombia, private organizations are leveraging their own balance sheets to pilot and build hydrogen facilities, while relying on government for non-capital support such as permitting, regulatory clarity and strategic policy signals. This illustrates a model where the public sector enables and coordinates, with private developers carrying a larger share of the upfront investment. As public sector budgets become increasingly constrained, it is essential that government de- risking is used as efficiently as possible and focused on risks that markets cannot reasonably absorb. In this context, non-capital measures – such as streamlined permitting and clearer, more predictable regulation – will play a growing role. It is essential that government de-risking is used as efficiently as possible and focused on risks that markets cannot reasonably absorb. Speed to market often emerges as the most critical determinant, shaping both financing and operational choices. From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 17