Solar Project Debt Placement
Multi-Tranche Debt Placement For Solar Projects
Most commercial and utility-scale solar projects do not close with a single loan. They close with a layered capital stack combining senior debt, mezzanine or junior debt, and sponsor equity.
Financely structures and places multi-tranche debt stacks for solar developers and sponsors. We package projects to lender decision standard and route each tranche to the capital providers that actually finance that risk layer.
This is not consulting. This is transaction-led debt placement.
What “Multi-Tranche” Means In Solar Finance
Multi-tranche financing separates risk into layers so each lender prices what they are comfortable underwriting:
- Senior secured project debt
- Mezzanine or junior subordinated debt
- Optional bridge or construction tranche
Key reality:
if a sponsor tries to force one lender to take all the risk, leverage collapses. Proper layering increases total proceeds.
Typical Solar Capital Stack We Place
| Tranche |
Position |
Underwriting Focus |
| Senior Debt |
First lien |
PPA strength, DSCR, EPC & O&M contracts, cash flow stability |
| Mezzanine Debt |
Second lien / structural subordination |
Sponsor strength, downside case, equity cushion |
| Junior / Holdco Debt |
Behind project-level debt |
Residual cash flow, exit strategy |
| Construction / Bridge |
Short-term |
Permits, budget, completion risk, take-out path |
What Senior Solar Lenders Underwrite
Revenue Contract
- PPA tenor and credit quality
- Price escalators
- Termination provisions
Technical Package
- EPC contract and liquidated damages
- Equipment specs and warranties
- Independent engineer report
Financial Model
- Base case and downside DSCR
- Operating cost assumptions
- Reserve accounts
Collateral
Senior lenders require a comprehensive security package, typically structured as All-Asset Lien Packages
at the project company level.
What Mezzanine And Junior Lenders Care About
- Sponsor track record
- Equity contribution and cash at risk
- Subordination terms and intercreditor agreement
- Exit or refinance path
Mezz lenders do not replace senior lenders. They sit on top of a bankable senior tranche.
How Financely Runs Multi-Tranche Debt Placement
Financely is a transaction-led capital advisory desk. We package and place projects to produce lender decisions.
If you want firm-level context, review What We Do.
1) Lender-Ready Project Package
- Sources and uses and capital stack
- Financial model and sensitivities
- Contract summary (PPA, EPC, O&M)
- Risk matrix and mitigants
Our packaging follows memo-grade standards similar to Trade Finance Underwriting Memo.
2) Tranche-By-Tranche Placement
- Senior lenders first
- Mezz and junior once senior sizing is defined
- Intercreditor coordination
Submit A Solar Project For Multi-Tranche Debt Placement
If you have a defined project, site control, and preliminary model, submit your deal. We will assess feasibility and define a multi-tranche financing path.
Submit Your Deal
FAQ
Can you place only mezzanine or junior debt?
Yes, but only when a senior tranche already exists or is clearly financeable.
Do you guarantee financing?
No. We structure and place. Lender outcomes depend on diligence and credit committee approval.
Do you work on success fee only?
No. Packaging and placement require upfront work and paid engagement.
What size projects fit?
Typically USD 5M+ total capital stack, with complete documentation.
Important:
This page is for general information only and does not constitute legal, tax, or investment advice.
Financely is not a lender and does not guarantee outcomes.