Most sponsors structure capital stacks one provider at a time. Senior debt gets sized first, tax equity gets sized to the gap, sponsor equity takes what's left. The result is a stack no individual provider designed, optimized for the path of least resistance rather than the lowest blended cost. We design the stack as a single problem from the start, run term sheets in parallel, and negotiate against benchmarks rather than the bank's first offer.
The bank's structure benefits the bank.
Senior lenders price for the position they want to hold, not the position the project should give them. The cheapest borrower is the one who knows what every other lender would offer.
Familiarity is comfortable. It's also expensive.
The bank that closed your last deal is not running a competition for your next one. We benchmark every provider against the live market before any term sheet gets countersigned.
A stack designed in series misses optimization in parallel.
Senior debt sized in isolation locks in a DSCR floor that constrains tax equity sizing. Tax equity sized first locks in a basis position that constrains debt. The optimal stack is solved as one problem.
Standard structures leave money on the table for non-standard projects.
C-PACE for behind-the-meter, mezz for tight DSCR projects, construction-to-perm for smaller deals. The right structure is project-specific. The standard structure rarely is.
Sponsor equity, mezz, senior debt, tax equity, C-PACE, sponsor equity. Modeled as a single optimization problem with sensitivities on every layer. The blended cost of capital is the output, not the input.
Term loan, construction-to-perm, mini-perm. Sculpted vs level amortization. Hard mini-perm vs soft. DSCR floor analysis at P50, P90, and stress case. The sizing the lender's IE will actually accept.
Bridge loan against tax equity commitment. Sizing, tenor, take-out conditions, intercreditor with the senior. Pricing benchmarked against current market rather than relationship pricing.
Commercial Property Assessed Clean Energy. Long-tenor, low-cost financing tied to property tax assessment. Where eligible, useful for behind-the-meter and certain front-of-meter structures. Lien priority and senior consent are the deal points.
Senior debt, tax equity, mezz, C-PACE, all in flight at the same time on a common information memorandum. Comparable terms, comparable timelines, comparable benchmarks. The leverage that lender-led processes don't give you.
Credit agreement, intercreditor, security package, hedge documentation where applicable. Lender's counsel produces the first draft. Owner's counsel marks it. We sit in the middle and decide which markups are essential, which are nice to have, and which to give up to close.
Conditions precedent across all providers tracked in one register. Simultaneous close coordination, funds flow memo, post-closing covenant monitoring framework. The mechanical work that determines whether close happens on schedule or slips a month.
The cheapest capital and the one with the most discipline. Term loan, construction-to-perm, mini-perm. DSCR-sized at P90, sculpted to projected cash flow.
Indicative cost: SOFR + 175 to 250 bps depending on structure.Second cheapest capital but constrains the structure. TE flip locks in a partner; transferability locks in a credit price. Modeled side by side on after-tax NPV.
Indicative cost: 6 to 8 percent IRR on TE; 6 to 8 cents per credit dollar on transferability.Long tenor (20 to 30 years), modest cost, but tied to property tax assessment. Lien priority and senior consent are the practical deal points.
Indicative cost: 6 to 8 percent fixed, jurisdiction-dependent.Most expensive capital and last loss. The residual after senior, TE, and any structured layers. Sponsor IRR is what's left over, which is why every other layer needs to be optimized first.
Indicative cost: 12 to 18 percent unlevered IRR target depending on risk profile.A complete project finance file: stack design through financial close. Every artifact ready for the credit committee, the rating agency review where applicable, and the lender's IE diligence call.
Initial scoping calls are complimentary. Engagements range from stack design only through full financial close advisory. We don't take placement fees from lenders or success fees from any capital provider, full stop.