Renewables valuations have gotten out of hand

Literally what the topic title says, it is getting beyond out of hand at this point. I came into this sector to value REAL Assets not an imaginary pipeline that is 60% "it might reach COD 5+ years from now", every major investor wants a platform for their ESG targets and that's great, COP 2069 for the fellas right...but what used to be a precise and safe bet to value with confidence that a teacher in Australia will have a reliable pension income stream in her late years has become something more akin to a venture capital play where the upside is simply not there given some serious compression in PPA pricing, and its got me concerned at this point.

Interested to hear others thoughts on how the past ~2 years of increasingly aggressive valuations in the space will end up playing out.

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"You can't have a conscience in the sell-side game" - ur boi at the PE shop that owns it