Clean Energy Developers Announced 12 GW, $18B in Q1 Generation Investments Before Tax Credit Cliff — But Project Losses Are Mounting

• Cancellations and project losses accelerated sharply in early 2026
• 45 projects, 41,000 jobs, $14B in investments cancelled in Q1 2026
• 54 announced generation projects in Q1 is 2X total projects announced in 2025

WASHINGTON – Clean energy developers announced more than 50 new utility-scale generation and storage projects totaling over 12 gigawatts (GW) and $18 billion in investment during the first quarter of 2026, according to E2’s latest Clean Economy Works analysis tracking clean energy project announcements and cancellations nationwide.

The surge in new projects came as companies raced to begin construction before federal clean energy tax credits for solar and wind phase out under recently enacted federal policy changes. The first quarter alone saw more than double the number of generation projects and investment announced during all of 2025.

At the same time, however, project cancellations and downsizing continued to accelerate across the clean energy sector. Nearly 8 GW of generation capacity and more than $14 billion in planned investments were canceled, closed, or downsized through March—already more than half of all generation capacity losses recorded during all of 2025.

Following is a statement from MICHAEL TIMBERLAKE, E2 COMMUNICATIONS DIRECTOR:

“Developers are clearly rushing to get projects moving before federal tax credits expire, but the sharp rise in cancellations shows how much uncertainty is still hanging over the market.

“Federal policies designed to stifle clean energy are killing jobs, investments, and projects at an increasing rate.  What’s more, these mounting project cancellations mean we are losing badly needed new electricity sources that could power millions of homes and help reduce rising power bills.”

Overall, more than $19 billion in investments tied to 66 manufacturing and generation projects were announced in the first quarter, while $14 billion in investments and 45 projects were canceled.

Generation + Manufacturing projects announced by year 2022-Q1 2026

*Generation projects are tracked from the beginning of 2022 due to limitation in historical EIA data. Manufacturing

projects are tracked since August 2022

Generation + Manufacturing projects canceled, closed, downsized by year 2022-Q1 2026

*Generation projects are tracked from the beginning of 2022 due to limitation on historical EIA data. Manufacturing

projects are tracked since August 2022

According to the analysis—which incorporates a major methodology update using federal U.S. Energy Information Administration data to improve tracking of large-scale generation and storage projects—the more than 12 GW of generation and storage capacity announced in the first quarter would produce enough electricity to power more than 2 million homes annually.

Still, the pace of new project development remains well below the boom years immediately following passage of clean energy policies in 2022. Between 2022 and 2024, developers announced more than 720 utility-scale generation and storage projects nationwide. Since the start of 2025, only 82 new projects have been announced.

Manufacturing investment also continued to slow in early 2026. Companies canceled or downsized roughly $1.4 billion in manufacturing projects during the quarter while announcing just $750 million in new investments—far below the pace seen in 2022 through 2024.

Since mid- 2022, clean energy companies have announced $400 billion in investments in 1,200 generation and manufacturing projects. A total of 332 projects and over $120 billion in planned investments have been canceled.

To download the analysis memo with table totals by state, sector, industry, congressional district, and year, click here.

An interactive map and searchable list of projects is available at e2.org/project-tracker/.

Sector Highlights

Electric vehicle and battery manufacturing remained the most volatile segment of the clean manufacturing sector. Four of the seven manufacturing facilities canceled or downsized in the first quarter were tied to EV or battery production. Since 2025, the EV and battery sector alone has accounted for 38 canceled, closed, or downsized projects—more than any other clean energy industry tracked by E2.

Grid and transmission equipment manufacturing remained the sector’s most resilient area. Despite more than $6.4 billion in active investment across 58 projects, E2 has tracked only one grid-related project cancellation since 2022.

On the generation side, solar developments accounted for the majority of both new announcements and cancellations. Solar or solar-plus-storage projects represented 37 of the 54 new generation projects announced in the first quarter, while 25 of the 38 generation projects canceled were solar-related developments.

Geographic Highlights

Republican-held congressional districts continued to see the largest share of both clean energy investment and project losses.

In manufacturing, Republican-held districts lost nearly 2,000 jobs and $1.3 billion in planned investments during the first quarter while Democratic-held districts lost over 6,000 jobs and $27 million in manufacturing investments.

In generation, 31 of the 38 projects canceled in the quarter were in GOP-held districts, representing nearly 28,000 lost construction jobs and more than $10 billion in canceled investments. Democratic-held districts lost over 5,000 jobs and $2.1 billion in investments by comparison.

Since the start of 2025, Republican-held congressional districts have attracted more than $21 billion in announced clean energy investments while also losing more than $49 billion to project cancellations and downsizing. Democratic-held districts attracted $16 billion in new projects while losing $16 billion to canceled projects in the same time period

Texas remained the nation’s dominant market for clean energy generation development (10 new projects), leading the country in new projects, investment, and generation capacity announced during the quarter. Texas also recorded 12 of the quarter’s 38 generation project cancellations, including several of the nation’s largest canceled solar and storage developments.

Updated Methodology

Beginning with the 2026 Clean Economy Works updates, E2 is using data analyzed by Atlas Public Policy from the U.S. Energy Information Administration’s Preliminary Monthly Electric Generator Inventory (Form EIA-860M) as the primary source for tracking utility-scale clean energy generation and storage projects 10 MW and larger.

The updated methodology improves the comprehensiveness and consistency of E2’s tracking by relying on standardized federal infrastructure data rather than solely on public announcements and media reports. The updated methodology has been applied retroactively to all tracked generation projects dating back to 2022.

E2’s manufacturing project tracking methodology remains unchanged and continues to rely on company announcements, media reporting, public filings, and direct project verification.

For more on this methodology change, see the methodology update section in the report.

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About E2’s Analysis

Announcements 

Manufacturing projects that began development, were proposed, or applied for local and state approval before the passage of the 2022 clean energy tax credits are not included. Generation projects are tracked since the beginning of 2022 due to limitations of historical EIA data. This analysis also does not include investments in which the federal government has provided financial resources for the complete project, lease sales, projects in which an announcement was made but lacked specific geographic information, etc. Details on manufacturing projects came from news reports on new and related projects; press releases from companies announcing new developments; and government announcements. Details on generation projects come from calculated estimates based on the size, location, and technology of the project announced.

Cancellations, Closures, Downsizes 

This tracking includes all manufacturing projects, plants, operations, or expansions that were canceled or closed since passage of the clean energy tax credits in August 2022. For generation, all project cancelations that occurred in 2022 are included due to limitations in historical EIA data. Tracking does not include announced layoffs that are not associated with a project downsizing unless there is a stated decrease in production output. This list also does not include the transfer of project ownership, if production continues under the new ownership, power purchasing agreements, or other similar type of announcements. Project delays or idling of facilities are not included unless there is an announced decrease in production or investment or unless the project will need to be restarted to proceed in the future. Details on manufacturing projects came from news reports on new and related projects; press releases from companies announcing new developments; and government announcements. Details on generation projects come from estimates based on the size, location, and technology of the project announced.

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Additional Resources:

• E2: Clean Jobs America 2025 | Interactive Jobs Map & Full Data Tables
• E2: Clean Economy Works Tracker

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E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and managed more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on X/Twitter at @e2org and Bluesky at @e2.org.