Renewable Energy Project Finance

We assist renewable energy project developers and operators with the structuring and funding of complete-stack project financing including tax and non-tax equity, construction and term debt, and project sales.  Additionally, we support developers with post-PPA/pre-construction capital via structured debt facilities.  Our clients and other developers who have secured this type of debt have found it to be cost-effective as compared to selling projects early or raising equity capital at either the project or corporate level.

Solar Sector Projects

In the solar subsector, our client focus is on mid-size project developers with portfolios of advanced projects in the 1-10 MW+ size range, and active pipelines of new development.  Our objective is to identify financial partners that are interested in establishing long term relationships with developers through which multiple project financing’s or sales can occur via streamlined due diligence, negotiation, and funding cycles.

Waste-to-energy Projects

In the waste-to-energy subsector, our client focus is on mid to large-size municipal anaerobic digestion (AD) project developers.  Our bankers have developed very unique expertise in this financially underserved subsector, having analyzed or worked on almost every municipal AD project under development in the US in the past five years.  Given the typically lengthy development cycles in this specialized industry, we are able to arrange project financing for a single large project.  However, ideally the developer has a pipeline of subsequent projects that can result in the same streamlined funding process as in the solar sector.

The Knowledge and Tenacity to Get it Done

We bring domain expertise, institutional relationships, and transactional experience to our assignments.  Our clients benefit from having a dedicated senior banker leading the effort, from conducting due diligence to assisting with the structuring of the capital raise or the project sale.  We then select and introduce well-targeted sources and stay involved all the way through negotiations to bring a deal to a successful closing.

Recent Clients

Hecate Energy, LLC

Hecate delivers power projects, from planning and development through construction and operations, specializing in: solar, wind, natural gas, and energy storage. Hecate currently has over 30 projects that are either operational or under development, totaling approximately 2,000MW.

Unique Solutions

With an active development and construction portfolio of projects in the US and abroad, Hecate frequently needs to secure capital for construction financing, long term debt, and in some cases late stage development activities. The original TerraNova mandate resulted in the establishment of a structured debt facility with a private equity firm to finance capital-intensive late stage development expenditures. TerraNova continues to support the company and its owners with project-specific tax efficient capitalization strategies.

Blue Sphere Corporation

Blue Sphere is an international independent power producer that transforms millions of tons of municipal, industrial, and agricultural waste into sustainable clean energy through the development, construction, and operation of anaerobic digestion (AD) facilities. The company currently owns and operates seven AD facilities in the US and Italy totaling 13.4MW. It is developing more than a dozen new projects around the world, including its flagship Sterksel project in the Netherlands, currently the largest AD project under development in Europe.

Consultative Approach

Since reaching operational status at its first seven projects during 2016 and early 2017, Blue Sphere has been laser focused on driving value for its shareholders. In the first half of 2107 Blue Sphere achieved approximately $4.1M in positive net income and continued to strengthen its balance sheet with an increase to $6.5M in stockholder’s equity, as compared to deficiencies in prior periods. TerraNova’s mandate with Blue Sphere dates back to 2014, under which the company obtained TerraNova’s advisory and investment banking assistance to position its projects for construction financing through strategic and structural advice and early introduction to potential financial partners. TerraNova has continued to provide investment banking services periodically to Blue Sphere on a project by project basis.