We provide lender-ready capital raise packaging and debt or equity placement support for business owners and buyers looking to secure serious term sheets and close funding on a defined timeline.
For business owners and acquirers pursuing private debt or equity, submit your deal for review. We revert within one working day with next steps and either a quote for our services.
Solar Project Finance
Having little to no equity does not automatically kill a solar financing plan. It changes your role. You are raising capital around project rights, de-risking, and execution, not around a balance sheet story.
If you want reference frameworks for what lenders and investors expect, start with solar project financing and the practical guide on raising debt for a solar project.
In solar finance, people say “sponsor” and “developer” interchangeably. Capital providers do not. The distinction matters because it determines who is expected to fund overruns, sign support undertakings, and carry governance risk.
| Role | What you control | What you are expected to provide |
|---|---|---|
| Sponsor | Capital decisions and governance at the project company level | Equity checks, completion support logic, decision rights, credible capacity to clear conditions |
| Developer | Origination and de-risking work before and into financial close | Site control, interconnection progress, permits path, EPC readiness, revenue plan, a lender-grade data room |
Blunt reality: if you have little to no equity, you can still be the developer of record. The “sponsor” seat is usually held by the majority equity partner, a strategic owner, or a platform investor.
Capital follows bankability. That means contractability (PPA or credible merchant strategy), constructability (EPC terms and schedule), and enforceable controls (step-in rights, reporting, reserves).
With little equity, you must show execution credibility and alignment. Your compensation should be tied to milestones, delivery, and ongoing performance, not vague promises.
These are the structures that show up in real solar project financings. The right choice depends on stage, jurisdiction, revenue profile, and who is willing to sit in the sponsor seat.
A fund, IPP, or strategic investor writes most of the equity and becomes the sponsor. You keep a small common slice and a promote tied to IRR hurdles. Your main monetization is usually a development fee plus ongoing asset management fees.
For a view of how we run investor and lender decisioning, see How It Works.
You take the project to ready-to-build or notice-to-proceed, then sell to an owner. You negotiate to retain a minority equity piece funded by your development fee conversion, deferred fees, or later back leverage.
If common equity is scarce, preferred equity can sit above common and below senior debt. It comes with tighter controls and priority economics, but it can bridge the missing equity check without giving away 100% of upside.
Specialist investors fund late-stage development costs (studies, interconnection deposits, engineering, legal). Their money is repaid at financial close from the construction capital stack, with a premium for risk and time.
In certain markets, tax credits can support tax equity structures that reduce the amount of cash equity required at the project level. This is jurisdiction specific and rules change. If you are working in the U.S., start with official tax credit guidance here.
In practice, tax equity investors still demand bankable contracts, clean structure, and strong counterparties. If you have little equity, tax equity often becomes easier once a sponsor-grade equity partner is already committed.
Back leverage is debt raised against distributions from your minority equity interest (often at a holding company level). It can fund your retained equity check or recycle capital into the next project. It only works once cash flows are contracted and the senior debt documents allow the structure.
| Stage | What investors expect to see | Typical capital at that stage |
|---|---|---|
| Early development | Site control, interconnection plan, permits roadmap, initial design, credible sponsor path | Development capital, sponsor seed equity, strategic partner LOI |
| Late development (RTB) | Permits advanced, interconnection milestones, EPC term sheet, revenue plan, model and sensitivities | Majority equity partner, preferred equity, takeout commitment discussions |
| NTP to COD | Executed EPC and O&M, finalized revenue docs, insurances, reserves, lender package and counsel | Construction debt plus equity close, possible tax equity where applicable |
| Operating | Stable generation and billing, compliance and reporting track record | Refinancing, back leverage, portfolio aggregation capital |
If you accept that a partner will hold the sponsor seat, your job becomes negotiating economics and control rights that match your contribution. Focus on terms that cannot be hand-waved away later.
Low equity can be workable if the file is tight. Lenders and equity partners move faster when underwriting is about credit, not archaeology. If you want a benchmark for how solar mandates are presented, reference our broader project finance advisory and the utility-scale capital stack overview here.
Minimum pack: site control summary, interconnection status and milestones, permitting matrix, EPC and O&M path, revenue strategy (PPA or hedge assumptions), capex and contingency logic, base case model with sensitivities, KYC and ownership disclosure, and a clear sources and uses schedule.
The fastest path is to position yourself correctly. With little to no equity, you are selling a de-risked project and a controlled process. Your pitch should read like this: “Here is what is bankable, here is what still needs to be cleared, here is the timeline, and here is how governance is protected.”
Common failure mode: trying to raise construction equity on a story while the project is still missing basic bankability items. In that setup, you are not negotiating terms. You are asking for belief.
We run low-equity solar raises as a structured underwriting and decisioning process. We help you separate developer economics from sponsor obligations, build the lender-grade package, and run controlled outreach to matched capital providers.
Share your project stage, location, size (MW), revenue plan (PPA or merchant), EPC status, and the equity you can commit. We will revert with a practical capital stack, the raise sequence, and the decision gates to reach financial close.
This page is for general information only and does not constitute legal, tax, investment, or regulatory advice. Financely is not a bank and does not custody client funds. All outcomes are subject to diligence, compliance screening including KYC, AML, and sanctions, investor and lender approvals, and definitive documentation.
Financely advises growth-focused businesses on accessing capital by introducing their opportunities to professional investors. Financely is not a securities broker or dealer. Where appropriate, engagements are coordinated with regulated broker-dealers, investment banks, legal counsel, and other specialists.
Financely does not solicit, offer, or accept orders to buy or sell securities and makes no assurance regarding capital-raising outcomes.
Services are strictly business-to-business. Financely does not provide personal finance, consumer credit, or retail advisory services.
Advisory services are reserved for post-revenue companies that recognize the time and resources required for professional underwriting.
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All mandates start with an RFQ. We review submissions, issue a brief Go/No-Go memo, and where bankable, release a Term Sheet that leads to funding. We arrange capital across Senior Secured, Unitranche, Second Lien/Mezzanine, Preferred Equity, and Gap Solutions. We do not process deals by email or chat.
Letters of Credit, Standby LCs, Confirmations, Receivables Finance, and Inventory Lines with control.
Funding arranged for trade flows with instruments sized to your cycle and aligned to delivery and settlement.
Move forward to secure working capital and keep goods moving. Submit the RFQ to start underwriting for funding.
Limited or non-recourse structures for energy and infrastructure with lender-ready materials.
Funding solutions aligned to project cash flows with credible covenants and conditions to reach notice to proceed.
Advance the file to termable status. Submit the RFQ so we can underwrite and secure funding.
Debt and Preferred solutions anchored on cash flow, Quality of Earnings, and clear closing mechanics.
Funding across senior, unitranche, and preferred to match stable cash flows and acquisition timelines.
Get financed on workable terms for closing. Submit the RFQ to start underwriting.
Acquisition, development, bridge, and refinance with lender-ready packs and third-party reports managed.
Funding calibrated to DSCR, leverage, and tenancy with terms designed to close.
Move to a financeable package. Submit the RFQ to initiate underwriting for funding.
KYC and Source of Funds required. Engagements are best-efforts and subject to underwriting. Preference for operating companies with meaningful revenue. See our FAQ and Procedure.
Financely Inc. (“Financely”) provides corporate-finance advice and is wholly owned by Aurora Bay Trust, a trust formed under Bahamian law, together with its authorized affiliates. Depending on deal structure, jurisdiction, and local rules, engagements may be carried out through Financely Group LLC, a non-deposit-taking, non-banking financial company; Ashford Capital Advisory LLC; or another related entity.
Financely and its affiliates are not registered as securities broker-dealers and do not execute securities transactions or hold client funds or securities. When a mandate involves the purchase or sale of securities and a registered intermediary is required, any orders are introduced to and executed by one or more independent U.S. broker-dealers registered with the SEC and FINRA. Those broker-dealers are solely responsible for trade execution, custody, and related regulatory obligations. Nothing in this material constitutes an offer, solicitation, or recommendation to buy or sell any security or to engage in any specific transaction. Before engaging Financely Group LLC, Ashford Capital Advisory LLC, or any affiliate, you are responsible for confirming that such engagement complies with your own legal, regulatory, tax, and other requirements. In the United States, certain advisory activities may be conducted in reliance on exemptions available under the Investment Advisers Act of 1940, including the “foreign private adviser” exemption where applicable. Our services and regulatory status may vary by jurisdiction and by transaction type.
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