Project Finance & Structured Finance

Contractual & Financial Architecture

Project Finance is fundamentally a structured contractual negotiation, not a financial product. We lead the design and negotiation of the full ecosystem of agreements that define risk allocation, cash‑flow certainty, and long‑term project resilience.

• EPC Contracts: LDs, performance guarantees, completion tests, availability metrics.
• O&M Agreements: KPIs, reliability guarantees, cost predictability.
• Feedstock / Raw Material Supply: volume, quality, pricing, indexation, delivery risk.
• Offtake / Take‑or‑Pay / Throughput Agreements: revenue certainty and minimum payments.
• Logistics & Delivery Contracts: transport, storage, export logistics, demurrage risk.
• Insurance Programs: construction, operational, business interruption, political risk.
• Regulatory & Permitting Frameworks: compliance, timelines, conditions precedent.

Loan Contract Negotiation & Covenant Engineering

We negotiate loan agreements and covenant packages that align lender requirements with sponsor value creation, ensuring both financeability and attractive equity returns. Our approach integrates commercial logic, risk allocation, and long‑term operational realities into a coherent financing structure.

• Term Sheet Negotiation: commercial banks, multilaterals, DFIs, ECAs, EXIM banks, foreign funds, institutional investors.
• Loan Agreement Negotiation: LMA‑style or jurisdiction‑specific frameworks.
• Covenant Engineering: DSCR, LLCR, PLCR calibration to balance lender comfort and equity IRR.
• Cash Flow Waterfalls: cash sweeps, priority of payments, reserve logic.
• Reserve Accounts: DSRA sizing, maintenance reserves, O&M reserves.
• Conditions Precedent & Subsequent: compliance, documentation, and operational triggers.
• Security Packages: collateral structures, intercreditor agreements, lender oversight mechanisms.

Debt Structuring, Syndication & Capital Markets Solutions

We design and execute debt structures tailored to the project's risk profile, sponsor objectives, and lender appetite. Our approach integrates traditional project finance, multilateral and DFI participation, ECA and EXIM support, and capital markets instruments when appropriate, ensuring the optimal mix of cost, tenor, and flexibility.

• Senior & Mezzanine Debt Structuring: tailored to project risk and sponsor strategy.
• Commercial Bank Syndication: structuring, negotiation, and lender coordination.
• Multilateral, DFI, ECA & EXIM Financing: blended structures, guarantees, and political risk coverage.
• Project Bonds & Private Placements: institutional investor access for long‑tenor capital.
• Hybrid Structures: combining bank debt, capital markets, and alternative instruments.
• Debt Sizing & Coverage Analysis: DSCR, LLCR, PLCR, and stress‑tested financial modeling.
• Financial Model Validation: lender‑ready assumptions, sensitivities, and risk calibration.

Equity Capital Raising & SPV Structuring

We structure equity investments and project vehicles that align sponsors and investors, ensuring clean ownership, clear governance, and investor‑ready documentation. Our approach integrates financial, legal, and operational considerations to create efficient and transparent investment structures.

• Private Placement of Project Equity: targeted outreach to strategic and financial investors.
• Co‑Investment Structures: frameworks that align multiple equity participants.
• SPV Design: cross‑border vehicles, holding structures, and jurisdictional optimization.
• Private Fund Structures: when appropriate for multi‑asset or multi‑investor strategies.
• Equity Waterfall Design: distribution logic, preferred returns, and carried interest.
• Governance Frameworks: shareholder agreements, voting rights, and exit mechanisms.

Trust & Cash‑Flow Control Structures

We design and implement trust and cash‑flow control mechanisms that protect lenders, ensure transparency, and maintain operational flexibility for sponsors. These structures are essential for bankability, especially in emerging markets or complex multi‑party project environments.

• Trust Structures: administration, payment, collateral, and oversight trusts.
• Cash‑Flow Waterfall Implementation: priority of payments, reserve logic, and automated controls.
• Escrow Arrangements: construction, operational, and contingency accounts.
• Reserve Accounts: DSRA, MRA, O&M reserves, and replenishment mechanisms.
• Bank Account Architecture: multi‑bank, multi‑currency, and cross‑border structures.
• Monitoring & Reporting Frameworks: lender reporting, compliance, and audit mechanisms.

Financial Modeling, Sensitivity Analysis & Bankability Testing

We build and validate financial models that reflect the true operational, contractual, and market realities of each project. Our models are designed for lenders, investors, and sponsors, integrating stress testing, sensitivities, and bankability criteria to ensure robust decision‑making.

• Project Finance Models: construction, operations, debt sizing, and equity returns.
• Bankability Testing: DSCR, LLCR, PLCR, breakeven analysis, and covenant calibration.
• Sensitivity Analysis: price, volume, cost, CAPEX, OPEX, and macroeconomic variables.
• Scenario Modeling: downside, base, upside, and lender‑driven stress cases.
• Equity & Debt Waterfalls: distribution logic, cash sweeps, and reserve mechanisms.
• Model Validation: audit‑ready structure, transparent assumptions, and error‑free logic.

Risk Allocation, Mitigation & Insurance Strategy

We identify, quantify, and allocate project risks across all contractual, operational, and financial dimensions. Our approach ensures that risks are assigned to the parties best positioned to manage them, supported by insurance programs and mitigation tools that enhance bankability and protect long‑term project value.

• Comprehensive Risk Mapping: construction, operational, market, regulatory, and financial risks.
• Risk Allocation Frameworks: assigning risks to EPC, O&M, suppliers, offtakers, or sponsors.
• Mitigation Strategies: contractual protections, guarantees, performance securities.
• Insurance Program Design: construction all‑risk, operational all‑risk, BI/DSU, political risk.
• Market & Price Risk Management: indexation, hedging, and long‑term supply/offtake structures.
• Regulatory & Permitting Risk: compliance pathways, timelines, and contingency planning.

Project Execution, Monitoring & Lender Coordination

We support project execution with structured monitoring, lender coordination, and compliance oversight to ensure that construction, operations, and financing obligations remain aligned. Our role bridges sponsors, lenders, contractors, and operators to maintain transparency, discipline, and timely delivery.

• Construction Monitoring: progress tracking, milestone verification, and variance analysis.
• Lender Coordination: reporting, compliance, and communication with banks, DFIs, and multilaterals.
• Disbursement Management: documentation, approvals, and drawdown sequencing.
• Operational Readiness: testing, commissioning, and transition to steady‑state operations.
• Performance Monitoring: KPIs, availability, reliability, and financial performance.
• Compliance Oversight: covenants, reporting obligations, and regulatory requirements.

Cross‑Border Structuring, Regulatory Strategy & Jurisdictional Optimization

We design cross‑border structures that align regulatory, tax, financial, and operational requirements across multiple jurisdictions. Our approach ensures clean capital flows, compliant investment vehicles, and efficient project execution in complex international environments.

• Jurisdictional Analysis: evaluating legal, regulatory, and tax environments for project SPVs.
• Cross‑Border Structuring: holding companies, operating companies, and multi‑layered structures.
• Regulatory Strategy: compliance pathways, licensing, and sector‑specific requirements.
• Capital Flow Optimization: repatriation, dividends, intercompany loans, and FX considerations.
• Tax‑Efficient Structuring: treaty benefits, withholding optimization, and investor alignment.
• International Contract Alignment: harmonizing EPC, O&M, supply, offtake, and financing agreements across borders.

Sector Expertise & Multi‑Industry Experience

Our project finance and structured finance experience spans multiple sectors, each with its own operational, contractual, and regulatory complexities. We adapt our frameworks to the realities of each industry, ensuring bankability, resilience, and long‑term value creation regardless of sector.

• Energy & Power: solar, wind, hydro, thermal, transmission, distributed generation.
• Oil & Gas: midstream, downstream, LNG, storage, logistics, and processing.
• Infrastructure: ports, airports, roads, logistics hubs, water treatment.
• Industrial Projects: manufacturing, processing plants, agro‑industrial facilities.
• Natural Resources: mining, minerals processing, and commodity‑linked projects.
• Real Assets & Logistics: warehousing, cold chain, distribution, and export platforms.
• Specialized Assets: data centers, telecom infrastructure, and digital platforms.