If sustained, this trend could increase the risk of refinancing and pose challenges for the financial viability even of existing projects. Power-purchasing agreements may for instance be changed to reflect increased use of refinancing as a result. Additionally, market uncertainty may lead banks to adopt a more conservative stance, potentially reducing their portfolio of projects they perceive as risky (e.g. renewable energy and energy efficiency investments, and smaller-scale projects in general). This context may also induce higher loan market concentration. All of these factors combined could likely lead to a higher cost of lending. With reduced access to long-term loans, clean energy infrastructure developers may therefore increasingly have to rely on loans with shorter maturities - and thus bear higher refinancing risks.