Capital Structure for Techno-Economic Analysis of Hydrogen Projects

Michael Penev, Andrew Gilbert, Neha Rustagi, Jamie Kee, Mariya Koleva, Mark Chung

Research output: NRELTechnical Report


This report provides updated generally accepted accounting principles (GAAP) parameter estimates of assumptions that may be used to reflect the cost of financing hydrogen infrastructure deployment. The report also provides parameter estimation for more streamlined financial analysis frameworks such as discounted cash flow and annualized financial models. Parameter values are derived from industry feedback and are reflective of current macro-economic factors such as higher interest rates and higher risk profile of emerging hydrogen technologies, given a myriad of factors such as projects’ construction inexperience, capital costs, and rising inflation, among others.
Original languageAmerican English
Number of pages15
StatePublished - 2024

NREL Publication Number

  • NREL/TP-5400-90103


  • capital structure
  • financial performance parameters
  • hydrogen
  • infrastructure
  • technoeconomic analysis


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