Currents Podcast Ep315: Developing Smarter Energy Platforms in Europe

Host: Todd Alexander (A)
Guest: Adrian Pinsard (B), CEO & Founder, Telis Energy
Date: September 11, 2025

Episode Overview

This episode of Currents delves deep into the evolving landscape of green energy platforms in Europe, highlighting Telis Energy's innovative mix of organic development and strategic acquisitions to drive the continent’s energy transition. Todd Alexander speaks with Adrian Pinsard, who shares a candid, insider view on Telis Energy's market strategy, regulatory opportunities, responses to US market changes, and the future impacts of data center demand on energy infrastructure.

Key Discussion Points & Insights

1. What is a Green Energy Investment Platform?

• Telis Energy’s Vision & Structure
  • Founded 3 years ago with Carlyle backing; operates as a bridge between large US infrastructure capital and local European expertise.
  • Decentralized, with local CEOs leading subsidiaries in Germany, France, UK, and Italy for tailored, market-specific execution.
  • Ambitious goal: build a 10GW pipeline by 2030.
  • “We’ve set up Telis 3 years ago very organically and one of our differentiating factor is the way we set up. We're very decentralized, so we've got a relatively lean team at group level...” (B, 01:11)

2. Development Model: Organic Growth and M&A

• Early focus was fully organic, in-house project development.
  • Local teams find and secure land, manage planning, and deliver projects, ensuring cost competitiveness.
  • “What it translates into... is a fairly competitive cost per megawatt developed because we've got our own teams, they develop our own projects.” (B, 03:56)
• Recent addition of M&A to complement pipeline due to more rational asset valuations.
  • Now opportunistically acquiring late-stage projects in the four core countries.
  • Group-level commercial and local due diligence teams work “hand in hand.”
  • “...originally we were spending zero time on looking at acquisition opportunities because we didn't really see value... we think that the valuations now are a lot more rational.” (B, 05:10)

3. Changing Market Dynamics: Returns, Costs, and Revenue

• Downward shift in battery costs, especially in Europe in the past year.
  • “Between last year and this year the price of batteries has really come down a lot in Europe.” (B, 08:08)
• PV (solar) under pressure from negative prices and low capture rates as renewables saturate the grid, reducing returns.
  • “We’ve seen increasing instances of negative prices and low capture rate for PV... that's been detrimental to return.” (B, 08:39)
• Batteries now outpacing PV in returns due to price volatility and improved economics; typical returns are double digits for batteries, single digits for PV.
  • “...battery returns increasing quite a bit this year, especially when you combine that with lower CapEx.” (B, 09:34)

4. US Market Influence and Capital Allocation (FIAC Rules & Tax Credits)

• US market was more attractive previously; volatility now benefits Europe.
  • European transition enjoys strong political and fiscal support, attracting capital and talent as US market sees more uncertainty.
  • “It was difficult to compete with the US attractiveness, I'd say a few years back. Now with more volatility in the US, I think it's an opportunity for Europe.” (B, 11:00)
  • Lower CapEx benefits for European projects as supply chain allocations shift.

5. Country-Focused Regulatory Context and Strategic Approaches

• France: Focused on agri-PV, with clear regulations enabling combined solar and agricultural land use.
  • “We had started a bit before the regulation came out because we anticipated that. So we took a bit of a lead in that market...” (B, 13:07)
• Italy: Early mover on long-duration storage (up to 8 hours), aligning with government incentives and grid realities.
  • “...the transmission system operator has done is to come out with a big plan for incentivizing long duration storage...” (B, 14:04)
• UK: Tackling grid connection bottlenecks via green energy hubs (500 MW PV co-located with batteries); CP30 initiative welcomed.
  • “There was a very low barrier to entry to secure grid historically in the UK... the government... come up with a plan, CP30, to rationalize the grid queue...” (B, 15:13)
• Overall: Telis designs its portfolio to anticipate and address regulatory shifts and market bottlenecks.

6. Data Centers: The Next Energy Demand Frontier

• Increasing demand and complexity driven by data centers.
  • Backing from Carlyle enabled Telis to anticipate the data center-driven energy demand early; skillsets in grid analysis and land planning are directly applicable.
  • “We've got very similar skill sets to what is required to develop data centers in that we know how to read the grid, we know where to anticipate... where they could be grid capacity.” (B, 17:34)
• Synergies and portfolio auditing: Actively matching renewable project locations with potential data center sites to maximize pipeline value.
• Excitement and innovation: Data center-driven growth seen as a core new opportunity.

7. What Excites Telis Energy Most about Europe's Growth Potential

• Combination of strong financial backing and proven, innovative team.
  • Telis’s ability to blend organic development with M&A, supported by experienced people and a stable sponsor, positions it to lead in Europe’s accelerating transition.
  • “...having such a strong team that we've built around the last three years that has showed time and time again that they can really deliver around our projects and strong values and having that team continuing to innovate...” (B, 21:18)
• Batteries and data centers cited as growth pillars alongside traditional renewables.

Notable Quotes & Memorable Moments

• On building the platform differently:
  “...really building on a Carlyle mantra of build, not buy a platform. So really building a platform in the way you want to see it.” (B, 01:04)
• Cost discipline:
  “...a fairly competitive cost per megawatt developed because we've got our own teams, they develop our own projects.” (B, 03:56)
• Market shift to rationality:
  “We did see valuations coming to a more rational point and what we've done in the last six to 12 months is add M&A to what we do.” (B, 05:07)
• On European opportunity amid US volatility:
  “There is a very strong momentum here in Europe for the energy transition to continue... opportunities are there.” (B, 11:04)
• On anticipating regulatory shifts:
  “...we really tried to position our portfolio to solve the bottlenecks and anticipate the regulation.” (B, 15:59)
• Data center opportunity:
  “We see very strong synergies between what we do and data center development...” (B, 18:11)
• What excites him most:
  “...having Carlyle as a sponsor and seeing all these opportunities to not only... develop our pipeline, but also opportunistically acquire projects... and strong values and having that team continuing to innovate...” (B, 21:02, 21:18)

Timestamps for Key Segments

• [00:31] – Telis Energy’s vision, structure, and market footprint
• [03:30] – Organic vs. acquisitive development strategies
• [07:29] – Return expectations and market dynamics for PV and batteries
• [10:12] – Impact of US market changes on European opportunities
• [12:17] – Regulatory/regional strategies: France, Italy, UK
• [16:19] – Data center energy demand and relevance to Telis’s approach
• [20:51] – What most excites Telis Energy about European growth and their future role

Conclusion

Adrian Pinsard’s conversation with Todd Alexander paints a comprehensive picture of the evolving energy investment landscape in Europe. Telis Energy’s decentralized, locally driven approach, coupled with timely diversification into M&A and embracing future trends like data center demand, reflects a platform built for both resilience and opportunism in Europe’s green transition. Pinsard’s confidence in his team, regulatory anticipation, and the twin advantages of capital and innovative culture puts Telis at the heart of smarter energy development in Europe.