• 1 credit = 1 tCO₂e reduced or removed after third-party verification and registry issuance.
• VCM or Article 6 pathways. Title transfers on delivery inside the registry.
• Use cases: offset claims, contributions, compliance-linked corporate programs.

• 1 REC = 1 MWh of renewable electricity generated and tracked by an issuer.
• Scope 2, market-based accounting. Not a GHG reduction credit.
• Includes I-REC. Labels like D-REC and P-REC can add an impact premium.

Buyer commits to volumes over time and prepays a portion upfront. Pricing can be fixed, indexed to a benchmark, or a floor with revenue share above a strike. Draws are milestone-based. Title moves only on issuance and delivery in the registry.

Investor advances cash for a fixed percentage of future issuances until a cap or end date. Works for portfolios and early pipelines. Security is still built around delivery of units and control of accounts.

Debt with a charge over project assets, assignment of proceeds, and tight registry controls. Amortizes through deliveries and sales. Often paired with trade or credit insurance on the offtaker.

Buyer prepays for future RECs, sometimes stripped from energy under a PPA. Settlement relies on metering and the REC issuer’s tracking data. Suits utility-scale and distributed assets.

• Forecast issuance: 1,000,000 t over 5 years.
• Registry buffer: 15% → sellable 850,000 t.
• Forward price curve: 7–12 USD/t. PV at 12% ≈ 7.2m USD.
• Risk haircuts across execution, methodology, country: 20%–40%.
• Typical upfront: 30%–60% of PV for credible assets → ~2.2m to 4.3m USD here.

• Forecast: 200,000 MWh over 4 years.
• Forward REC price: 2.5–5.0 USD/MWh by market and label.
• Metered generation reduces delivery risk.
• Typical upfront: 40%–70% of PV for operating plants.

• Clear additionality tied to a recognized methodology.
• Permits, land tenure, and community consent already in hand.
• Credible EPC or restoration partner and budget.
• Validator engaged with a timetable.
• Article 6 path: host-country LoA and adjustments roadmap where relevant.

• Vague baselines and disputed rights.
• Optimistic yield with no MRV detail.
• No registry plan or unclear vintage timing.
• Double-claim risk across VCM, compliance, and NDCs.

• PDD or feasibility memo with methodology reference.
• Issuance model with monthly or quarterly phasing and all haircuts.
• Permits, land rights, FPIC or community agreements.
• Budget, use-of-proceeds, sources and uses.

• Validation and verification engagement letters and calendars.
• For RECs: metering plan, interconnection or DRE documentation, issuer enrollment.
• SPV cap table, shareholder KYC, and governance.

Share a summary, model, and key documents. We confirm fit and buyer appetite.

Indicative price, volumes, covenants, security, and timetable.

Legal, technical, and credit review with clear conditions precedent.

Documents executed, funds scheduled, and draw mechanics set against milestones.

• Operating or near-COD assets with reliable metering.
• Strong Scope 2 demand in your geography.
• Labels like D-REC or P-REC that command a premium.

• High-quality removals with tight MRV and premium buyers.
• Nature-based projects with strong co-benefits and permanence design.
• Clear Article 6 path for buyers that require it.

Term sheet in 2–4 weeks if documents are ready. Closing in 6–12 weeks driven by diligence and registry setup.

Carbon: 30%–60% of conservative PV for strong assets. RECs: 40%–70% for metered plants. Early-stage or complex land tenure pushes advances down.

Yes. Many structures strip and pre-sell RECs while the PPA handles power. Settlement relies on metering and issuer data.

It helps where it is real. Political risk for land-use projects, credit insurance on offtakers, and targeted performance covers can lift advances or compress pricing.

No host-country LoA path, unclear corresponding adjustments, and shifting national rules without a mitigation plan.