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.
Project Finance Structuring
Project finance lenders do not want to underwrite your entire corporate group. They want to underwrite one asset, one cash flow engine, one contract stack, and one controlled set of accounts. That is why bankable project finance almost always sits inside an SPV.
An SPV is not a formality. It is the legal and operational chassis that makes ring-fencing possible, enables security perfection, and gives lenders a clean enforcement path if things go wrong.
In project finance, an SPV is a dedicated project company, typically a limited liability entity, formed to own the project assets and enter into the project contracts. The SPV is the borrower. It signs the EPC, O&M, offtake, supply, land, permit, insurance, and financing documents. Equity is invested into the SPV, debt is lent to the SPV, and the project’s revenues and expenses move through SPV-controlled accounts.
Key concept: lenders lend against project cash flows, not corporate balance sheets. The SPV isolates those cash flows and makes them controllable.
The SPV is designed to be insulated from unrelated liabilities in the sponsor group. In a stress scenario, lenders do not want a corporate creditor of the sponsor to attach project cash flows. Proper ring-fencing is supported by governance restrictions, limited activities, and separateness covenants.
Lenders need a security package they can perfect and enforce. If the borrower is a diversified operating company, the collateral set becomes messy. With an SPV, security can be cleanly granted over the project and its contract rights.
Project finance is governed by a cash waterfall. Revenues go into controlled accounts and flow through a prioritised sequence: operating costs, taxes, debt service, reserve top-ups, then distributions. Lenders need that discipline and visibility.
Project finance is a contract stack. The SPV is the contracting nexus. That structure allows risk to be allocated and enforced through direct agreements, step-in rights, and termination compensation mechanics.
Ring-fencing is not marketing language. It is a set of legal, governance, and operational constraints that keep the SPV clean. Lenders typically require that the SPV does not do anything except own and operate the project and service the project debt.
| Ring-Fence Mechanism | What It Prevents | Why Lenders Care |
|---|---|---|
| Single-Purpose Covenant | SPV taking on unrelated business activities or liabilities | Keeps the SPV a pure credit and collateral box |
| Limitations On Additional Debt | New debt ranking ahead of or pari passu to lenders | Preserves priority and covenant integrity |
| Restricted Payments And Distribution Tests | Cash leakage to sponsors during stress | Ensures DSCR and reserves are protected before dividends |
| Separateness Undertakings | Substantive consolidation with sponsor or affiliates | Strengthens bankruptcy remoteness and enforcement clarity |
| Account Control And Waterfall | Unmonitored cash movements and weak reporting | Enables monitoring, lock-up triggers, and repayment discipline |
Sponsors sometimes view SPVs as lender bureaucracy. That is a mistake. SPVs also protect the sponsor and improve capital formation. When the SPV is structured correctly, it can reduce recourse, isolate project risk, and make the asset financeable by institutional capital.
The SPV is the hub. The “spokes” are the contracts that make cash flow and controls enforceable. Without the right spokes, the SPV is a shell with no bankability.
No. An SPV does not fix weak contracts, weak sponsors, or weak economics. It makes a good project financeable by making cash flows and rights controllable.
Tax is one variable. The core driver is credit architecture: ring-fencing, security perfection, covenant perimeter, and enforcement.
Financely supports project finance structuring and lender decisioning. We help sponsors package the SPV and the contract stack to lender standards, align the cash waterfall and controls, and route the project to matched lenders. If licensing is required for execution, we coordinate execution through appropriately licensed partners under their approvals.
If you are raising project finance and you want a lender-grade structure, start with the SPV and contract stack. Submit your draft contracts, model, and permits status, and we will revert with a checklist and a bankability gap view.
SPVs are used because project finance is fundamentally about control: control of contracts, control of cash flows, control of collateral, and control of enforcement. If your SPV is not ring-fenced and your cash waterfall is not enforceable, the financing will price wider, require more recourse, or fail.
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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