That’s pretty close to the truth, read Brett Christophers: The Price is Wrong - Why capitalism won’t save the planet. It’s hard to make renewable energy a better investment than others because despite the unit cost of solar panels being low, thanks to china, the land cost of building a solar farm where demand is (close to cities) is high, so solar farms end up being built AWAY from where energy is most demanded, which means there are transmission costs for the energy, which means when an entrepeneur is asking for a loan for a solar project he doesn’t even know how much he’ll sell the energy for. It’s also a VERY competitive market and there’s no OPEC-like cartel to bring up prices and therefore profits. That’s why private solar projects are not delivering the scale that is needed for real transition and to the extent that there even are these projects they are 100% depended on state subsidies to de-risk the whole deal for investors so they don’t lose money, it’s not REALLY treated as a state project basically.

In China it is, the author makes clear