When not per tenant you still have this problem, and typically resolve by releasing database migrations separately to the code that uses changes (ensuring backwards compatibility).
I guess per-tenant you would handle similarly but build some tooling to monitor the state of migrations. It might even be easier in some ways, as you might be more able to take table locks when migrating per-tenant.
The lenders will come out alright. Even if the utilities end up being renationalised their debt will be converted into government bonds. The mugs here are the public, which end up paying to service the debt that has been used to issue dividends.
With an ageing nuclear fleet built mostly in the 70s and 80s France has the cleanest electricity of any country in Europe (except those with abundant hydro).
I guess per-tenant you would handle similarly but build some tooling to monitor the state of migrations. It might even be easier in some ways, as you might be more able to take table locks when migrating per-tenant.