Tilt Renewables – the clean energy investment company owned by Queensland Investment Corporation, the Future Fund and AGL Energy – recorded a $64 million loss after tax from operations last year, and a $1.045 billion bottom-line profit – thanks to a huge increase in its revaluation reserve.

That illustrates a paradox facing investors in the energy transition: long-term confidence that the shift to clean energy is inevitable and urgent, even as short-term headwinds such as high-interest rates, costs, volatile electricity prices and planning and connection delays bruise profits and stall projects.