Capital forenergy projects

What we finance

Questions we start with

The project doesn’t have grid connection terms yet.

Then we are talking about financing the development stage, not construction. We look at whether and when a grid connection is achievable. Until that point the project carries a different risk profile from a shovel-ready investment, and that shows in both the availability and the price of capital.

Do we need a signed energy offtake contract?

Not in every structure, but the way the energy will be sold has to stand up in the model. An offtake contract gives predictable revenue; we then also review its terms and the buyer’s standing, because a contract is worth what the counterparty is worth.

Do you finance individual projects or portfolios?

Both. A portfolio spreads part of the risk across locations, but only where the projects do not depend on the same contractor, the same decision and the same grid connection. We check that for each one separately.

What about biogas and bio-LNG infrastructure?

We analyse them by looking at feedstock first, not installed capacity. Without secured input, proven technology and operating costs that have actually been calculated, megawatts tell you nothing.