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.
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Finance your next trade, project or acquisition.
Debt structuring, targeted lender outreach and negotiation support through closing.
Paid advisory. Upfront retainer applies.
Solar transactions do not fail on irradiance. They fail on debt sizing, offtake tenor, interconnection risk, or a tax equity structure that does not survive diligence. Those are structuring problems, and they are learned by building the model and the documents rather than reading about them.
This is a 12-month training program for developers, independent power producers and sponsors who need their teams to structure solar assets to a lender and investor standard. One annual fee of USD 10,000 covers the whole team.
A solar asset generates a predictable but thin revenue stream, and almost every structuring decision is about matching that stream to the claims placed on it. Senior debt service, reserve accounts, tax equity distributions, sponsor cash sweep and back-leverage interest all draw on the same cash flow. Get the ranking or the timing wrong and the model shows a healthy equity return that no lender will fund.
The discipline sits in the sequencing. Debt is sized to a DSCR that holds at the downside case, often P90 rather than P50, and sculpted so annual debt service tracks the production profile rather than sitting level against a declining curve. Offtake tenor sets the debt tenor ceiling. Interconnection and curtailment assumptions set the downside. The tax structure sets how much capital can be raised without recourse to the sponsor.
USD 10,000 per annum is a capability budget, not a course fee. Priced against a single financing that closes late, or a back-leverage structure that cannot be upsized because the model was never built to support it, the program pays for itself on the first transaction.
The curriculum follows the sequence in which a solar transaction is actually financed, and each module produces a working document.
| Module | What it covers | Working output |
|---|---|---|
| Project and cash flow model | Production assumptions, P50 and P90 cases, degradation, availability, O&M costs, reserve funding, terminal value | Auditable operating model with sensitivity cases |
| Debt sizing and sculpting | DSCR and debt yield tests, sculpted versus level repayment, cash sweep, DSRA, distribution lock-up | Debt sizing model with downside covenant testing |
| Offtake and revenue risk | PPA structure and tenor, counterparty credit, merchant exposure, basis and nodal risk, curtailment, RECs | Revenue risk map tied to debt tenor and covenant headroom |
| Construction and completion | EPC contract terms, liquidated damages, performance guarantees, independent engineer review, completion support | Construction risk allocation matrix |
| Tax and capital recycling | Investment tax credit mechanics, tax equity partnership flip and sale-leaseback structures, credit transferability, back-leverage | Sources and uses with tax and leverage layers mapped |
The program also covers the recurring failure patterns: offtake tenor shorter than the debt tenor, aggressive P50-based sizing that fails the P90 covenant, curtailment assumptions that ignore the interconnection queue position, EPC liquidated damages capped below the funding gap, and back-leverage sized against a base case with no distribution lock-up headroom.
| Structure | How it works | Structuring question it answers |
|---|---|---|
| Project company SPV | Bankruptcy-remote entity holding the asset, the PPA and the debt, ring-fenced from the sponsor | How the sponsor ring-fences project risk |
| Non-recourse construction loan | Drawn against EPC milestones, converting to a term loan at commercial operation | How construction risk is funded and converted |
| Sculpted term debt | Repayment shaped to the production and revenue curve, with DSCR held above a covenant floor | How much leverage the cash flow supports |
| Tax equity partnership flip | Investor allocates tax attributes first, then the allocation flips to the sponsor after a return threshold | How tax capacity is monetised without recourse |
| Back-leverage | Debt raised at the sponsor or holdco level against distributions from the project SPV | How sponsor equity is recycled into the next asset |
| Merchant or hybrid offtake | Partial contracted revenue with merchant exposure, hedged or carried | What a lender will accept with no long-term PPA |
The program is designed for teams that originate, underwrite, finance or acquire solar assets. That includes developers moving from origination into financing, independent power producers building a portfolio, sponsors preparing lender and investor materials, finance and treasury teams responsible for debt sizing, and investment teams underwriting acquisitions of operating assets.
Participants should already be comfortable with project cash flow modelling and basic debt metrics. The program moves from there into structure selection, downside sizing, tax capacity and capital recycling.
One annual fee covers the whole team for twelve months. That includes live cohort sessions, recorded modules, the model and document library, and quarterly case workshops built around real solar structures.
Live cohort sessions. Sessions run through the year with time reserved for the team's own projects. Participants bring a live or recent asset and work the financing structure against it.
Model and document library. The program includes the operating model, debt sizing and sculpting model, sources and uses template, risk allocation matrix, and lender-facing financing memorandum.
Quarterly case workshops. Each quarter focuses on a different structure: utility-scale with a long-term PPA, distributed generation with a portfolio of smaller offtakers, merchant or hybrid revenue, and operating asset acquisitions with back-leverage.
Annual renewal, updated curriculum. Tax rules, lender appetite and offtake market terms move. The curriculum is updated each year rather than sold once and left static.
The measure of the program is whether the next financing package is stronger than the last one. That means a model that holds at the downside case, a debt structure sized to a covenant rather than to a target leverage ratio, an offtake position that matches the debt tenor, and a capital stack that shows clearly how sponsor equity is recovered.
Teams leave with a repeatable financing process and a set of documents that can be applied to the next asset, rather than a set of slides that stay in a folder.
| Decision | What it determines | Failure if handled poorly |
|---|---|---|
| Production case | The cash flow that every downstream test is run against | Debt sized on a case that fails the downside covenant |
| Debt sizing | Leverage, tenor and repayment profile | A financing that cannot be refinanced or back-levered |
| Offtake structure | Revenue certainty and the debt tenor ceiling | Merchant exposure a lender will not underwrite |
| Tax structure | How much capital is raised without sponsor recourse | Tax capacity left unused or poorly allocated |
| Back-leverage | How quickly sponsor equity is recycled | Capital trapped in one asset while the pipeline stalls |
Solar project finance training is useful when it changes what a team produces, not just what it understands. The USD 10,000 annual program is built around that test: every module ends in a model or document the team would otherwise have assembled under deadline pressure on a live financing, and every case is drawn from structures that actually reach lenders and tax investors.
For a developer or sponsor building a portfolio, the practical question is not whether the team can model a solar asset. It is whether the team can build a financing structure that closes, holds through its covenants, and releases capital for the next project.
The fee covers twelve months of access for the whole team, including live cohort sessions, recorded modules, the model and document library, and quarterly case workshops. It is a corporate training subscription, not a per-seat course fee.
Debt sculpting shapes scheduled repayments to match the project's expected cash flow, so debt service tracks production and revenue rather than sitting level. It allows more leverage to be raised within the same DSCR covenant, provided the downside case still passes.
Yes. The tax and capital recycling module covers investment tax credit mechanics, partnership flip and sale-leaseback structures, credit transferability and back-leverage. Rules vary by jurisdiction and change over time, so participants are taught to work from current guidance with tax counsel rather than from fixed assumptions.
Participants should already be comfortable with project cash flow modelling and basic debt metrics such as DSCR and leverage. The program starts from that baseline and moves into structure selection, downside sizing, offtake risk, tax capacity and capital recycling.
Delivery combines live cohort sessions, recorded modules and quarterly case workshops. Participants work on their own live or recent projects, so the output is a usable model or financing document rather than a theoretical exercise.
This page is for general information only and does not constitute financial, legal, tax or investment advice. Tax credit rules, incentive programmes and lending terms vary by jurisdiction and change over time. Program content, delivery format and pricing are indicative and subject to confirmation in the relevant engagement terms. Readers should consult qualified legal, tax and financial professionals before entering into any transaction.