This expert report presents the findings and recommendations regarding the financing of first-of-a-kind commercial demonstration projects as prioritised in the roadmaps of the Strategic Energy Technology (SET) Plan. The authors comprised representatives of financial organisations, i.e. the European Investment Bank, The European Private Equity and Venture Capital Association, Insurance Europe, the World Bank, and the Climate Change Capital. Six hearings with key stakeholders representing the SET Plan European Industrial Initiatives (EIIs), as well as the Fuel Cells and Hydrogen Joint Undertaking were held. These provided information about the main barriers to implementation and the gaps regarding access to finance.The report concludes that a new financial instrument at EU level is not needed since existing financial instruments already provide equity, loans, or guarantees. However, until now, those instruments have not provided the financing required. As a response to that problem, a set of recommended changes to the existing financial instruments and their utilisation is proposed. One of these recommendations is to set up a dedicated facility for providing risk financing for the SET Plan.