2024
Energy · Australia
- Climate
- Energy access
Utility-scale solar + storage
$140M
Structure: 18-year project finance, PPA-backed
Outcome: 220 MW online, powering ~90,000 homes.
Related productProject
Project Finance
SecuredLimited and non-recourse structures backed by project cash flows.
- Indicative rate
- 6.5% – 11%*
- Amount
- $1M – $200M
- Tenor
- up to 25 yrs
*Indicative APR range. Subject to credit approval. Not an offer of credit.
- Amount
- $1,000,000 – $200,000,000
- Indicative APR*
- 6.5% – 11%
- Representative rate
- 8.25%
- Max tenor
- 300 months (25 yrs)
*Indicative only. Subject to credit approval.
6.5% – 11% · up to 25 yrs · Arrangement fee 1% – 0.75%
Calculate repaymentsProject Finance is designed for ring-fenced special-purpose vehicles whose debt is repaid from the cash flows of a single asset — a plant, a concession, a development.
We act as arranger and lender of record, often anchoring a syndicate alongside development-finance and institutional co-lenders.
Key features
- SPV-based structuring
- Construction draw schedules
- Up to 25-year tenors
Eligibility
- SPV with clear sponsor equity commitment (typically 25–35%)
- Bankable feasibility study and independent technical review
- Contracted or highly visible revenues (PPA, offtake, concession)
- EPC contract with creditworthy contractor
Use of proceeds
- Greenfield construction
- Brownfield expansion
- Refinancing post-COD
- Capitalised interest during construction
Typical covenants
- Minimum ADSCR 1.30x; lock-up at 1.15x
- Debt service reserve account of 6 months
- Restrictions on distributions until completion test
- Independent engineer sign-off on each draw
Draw schedule
Monthly or milestone-based draws against certified construction progress, with retention released at completion.
Indicative term sheet
Indicative terms — Project Finance
- Borrower
- [Project SPV] Ltd.
- Amount
- Up to USD 85,000,000 senior secured
- Tenor
- 18 years incl. 30-month construction period
- Pricing
- SOFR + 3.75% (indicative)
- Fees
- Arrangement 1.5%; commitment 0.75% on undrawn
- Security
- Share pledge, assignment of project contracts and accounts
- Repayment
- Sculpted to forecast CFADS after grace period
Selected transactions · Project
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