For a financial institution providing debt capital for renewable energy projects may provide economic benefit but it may also provide benefit to the financing institution itself as this could raise its social acceptance to a higher level through its engagement in ecological matters. Project finance as such and project finance for renewable energy projects in particular is highly complex and requires for financial institutions specific and detailed expertise in both financial modelling and technological issues related to the technology which is used for wind and solar photovoltaic (PV) projects. The core questions raised within this thesis are whether there are differences in risks and mitigations between PV and wind power projects, at what phase of the project they occur and what the basic tools and mechanisms are to mitigate such risks. The objective of this master thesis is to provide an overview of risks which banks need to assess when approaching project financing of wind and solar projects. The risks are identified and compared one with each other according to the phases of projects. As both power production methods depend on natural resources the general approach for wind and solar project financing is definitively comparable. The similarities and the differences will be elaborated within this thesis.