Project Finance
Finance the asset on its own cash flows.
Project finance funds a single asset on its contracted revenue, non-recourse to the sponsor. The debt is ring-fenced in a project company and sized to the cash flows the offtake produces, not to the parent balance sheet. We structure the financing and place it with the lenders that lead infrastructure deals.
01 / What It Is
Non-recourse debt against one project.
Project finance is non-recourse or limited-recourse debt underwritten against a single project and its contracted offtake. The asset, its contracts, and its cash flows are ring-fenced in a dedicated project company. Leverage is set by the debt-service coverage ratio the revenue supports, not by the sponsor balance sheet, and the debt is structured to carry the asset from construction through its operating term.
Typical structure
Non-recourse, ring-fenced.
Held in a project company, secured on the asset and its contracts, sized to a debt-service coverage ratio, and repaid from the cash flows of the project itself.
02 / When You Use It
When it is the right instrument.
When a single asset carries contracted revenue that can stand on its own, project finance funds it without encumbering the parent.
A leased data center
A campus with a signed hyperscale lease, financed on the offtake rather than the developer balance sheet.
A contracted power project
A generation or renewable asset with a long-term power purchase agreement carrying the debt.
Grid and battery assets
Transmission, interconnection, and storage with contracted or regulated revenue to size against.
An off-balance-sheet build
A sponsor that wants the asset funded without encumbering the parent or its other facilities.
A construction-to-term raise
A single project that needs the construction facility and the long-term debt structured together.
A capital-intensive expansion
A new phase or unit added to an operating asset, ring-fenced and financed on its own economics.
03 / How We Run It
We run a process, not an introduction.
We build the project company and the security package, size the debt to the contracted cash flows, take it to the desks that lead infrastructure deals, and hold them in competition through to financial close.
- 01
We structure the project company
The special-purpose vehicle, the security package, and the contracts that ring-fence the asset and its cash flows from the sponsor.
- 02
We size the debt to the cash flows
Leverage set by the contracted offtake and the debt-service coverage ratio, not by the parent balance sheet.
- 03
We take it to project lenders
Placed privately with the infrastructure debt funds, project finance banks, and institutional investors that lead these deals.
- 04
We create competition
Multiple term sheets, compared on tenor, coverage, margin, and the certainty of funding both phases.
- 05
We close construction and term
The construction facility and the long-term debt documented and funded, managed through to financial close.
04 / The Capital
Where the funding comes from.
Project finance is led by a defined set of infrastructure lenders and investors. We know which of them lead each asset class, and we take the mandate to them privately, under NDA, and in competition.
- 01
Infrastructure debt funds
Dedicated pools that hold project risk to maturity and lead senior facilities.
- 02
Project finance banks
The desks that underwrite construction and term debt against contracted cash flows.
- 03
Institutional infrastructure investors
Long-dated capital seeking stable, contracted returns from operating assets.
- 04
Export credit agencies
Cover and direct lending that supports cross-border equipment and construction.
- 05
Insurance and pension allocations
Infrastructure mandates that match long liabilities to long project debt.
05 / In The AI Supply Chain
The assets project finance funds.
The AI build-out is an infrastructure build-out. These are the contracted assets it turns on.
Data centers
Financed on hyperscale leases, the anchor asset of the AI supply chain.
Power generation
Baseload and firm capacity underwritten against long-term offtake.
Renewable energy
Solar and wind sized to a power purchase agreement and its coverage.
Grid infrastructure
Transmission and interconnection carrying regulated or contracted revenue.
Battery storage
Standalone and co-located storage with contracted capacity and ancillary revenue.
06 / Contact
Have a project to finance?
Tell us the asset, the offtake, and the sponsor. We will tell you how we would structure the project company and place the debt.