Project Finance
Advisory for sponsors financing an asset on the strength of its own cash flows — from first feasibility test through to financial close and into operations.
Where sponsors lose value
Project financings are rarely lost on the headline economics. They are lost on the detail: a model that cannot be interrogated, risk sitting with the party least able to price it, or a base case that has never been tested against the downside a credit committee will insist on running.
We work on the sponsor's side of that table — building the analysis first so the negotiation is conducted from evidence rather than optimism.
What we do
- Feasibility and bankability review. An early, honest read on whether the project can carry debt at all, and on what terms — before advisory and legal costs accumulate.
- Financial modelling. A fully-linked, auditable model: construction drawdown, operations, tax and accounting treatment, debt service and equity returns, built to a lender-review standard with a documented input log.
- Debt sizing and structuring. Sculpted repayment profiles, DSCR and LLCR testing, tenor and gearing optimisation, and analysis of senior, mezzanine and sponsor-support layers.
- Risk allocation. A risk matrix mapping each construction, operating, offtake, supply, regulatory and macro risk to the contract that carries it — and to the line in the model where it shows up.
- Sensitivity and scenario analysis. Downside cases, break-even switching values, and combined-stress runs of the kind a credit committee applies.
- Lender and investor process. Information memorandum support, term sheet comparison, Q&A management, and coordination of technical, legal and insurance advisers.
- Close and post-close. Conditions precedent tracking, model audit liaison, and conversion of the financial model into the operating and covenant-reporting model.
Sectors
Renewable and conventional energy, infrastructure and transport, social infrastructure, real estate development, industrial and processing facilities, and other contracted or concession-based revenue assets.
What you receive
- An auditable base-case model with full sensitivity suite
- A debt capacity and structuring paper
- A risk allocation matrix tied to contract positions
- Lender-facing materials and a term sheet comparison
Have a project at feasibility stage?
An early bankability read is inexpensive relative to the cost of discovering the answer later.