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Winter is coming

If you're a solar or battery developer, especially in utility-scale or C&I, you're likely feeling it already: capital has tightened, exits have dried up, and project timelines are stretching longer than ever. Sound familiar?

Rob Sternthal, co-founder of XIP and a two-decade veteran of clean energy finance, joins Nico to deliver a tactical wake-up call. This isn’t just another “market update”—it’s a field guide for navigating what could be the most turbulent season the industry has faced in most of your careers. Rob breaks down the myths developers are clinging to, the real risks of mid-stage assets, and how to avoid ceding your entire platform to creditors.

“The era of easy money is over. If you're still developing like it’s 2018, you're already in trouble.” - Rob Sternthal

You’ll hear why Rob believes the “build and flip” model is on life support, what capital providers are really thinking, and how XIP is helping developers get scrappy, strategic, and solvent in a capital-constrained world.

🧭 Expect to Learn:

🔹 Why the capital markets have gone from firehose to faucet
🔹 The red flags of a distressed developer (and how to know if it’s you)
🔹 Strategies to stay liquid and avoid a fire sale
🔹 What kind of investors to seek (and which ones to run from)

If you’re feeling the pressure to sell early, raise expensive credit, or just keep your team afloat, this episode could be a lifeline. 

And if you’re looking for the Linkedin Article that prompted this episode, it’s here: https://bit.ly/RobSternthal-LI-Post

RESOURCES:

Connect with Rob Sternthal:

Check out XIP (Expedition Infrastructure Partners):

“Know your exit before you enter. That’s the only way to avoid financial distress.” - Rob Sternthal

Noteworthy Quotes:

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Nico Johnson

Entrepreneur & Podcaster

In my 20 year career, I've worked with dozens of entrepreneurs, intrapreneurs and professionals in transition to clarify their mission, set or stretch their goals, and work through the barriers to their growth.

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