Project Bankability Assessment
Assessment of project maturity, sponsor capability, contractual structure, permitting status, construction readiness, revenue visibility, technical assumptions and financing constraints.
Full-Scope Project Finance Advisory
Project Finance
Financial modelling, capital structuring, debt placement, transaction preparation, due diligence and execution through financial close.
Independent Sponsor-Side Advisory
From Project Bankability To Financial Close
We advise project sponsors, developers, asset owners, corporates, concessionaires and investors across the complete project finance lifecycle, from feasibility and financing strategy through project finance financial modelling, debt structuring, lender engagement, due diligence, documentation and financial close.
Our role extends beyond capital introduction. We work across the commercial, contractual, technical and financing interfaces of the transaction to build an institutional credit proposition capable of progressing through lender underwriting, independent due diligence and credit committee approval.
Mandates may involve greenfield development, brownfield expansion, acquisitions of operating assets, construction finance, refinancing, non-recourse or limited-recourse debt, private credit, export-credit support, development finance, mezzanine capital, preferred capital and equity bridge structures.
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Full-Scope Project Finance Advisory
Project finance is fundamentally a credit-structuring exercise. Lenders must be satisfied that the project has an identifiable repayment source, acceptable risk allocation, sufficient debt-service capacity, credible sponsors, a financeable contractual framework and an enforceable security package.
We therefore work across the entire financing architecture rather than treating debt placement as a standalone exercise. Our mandate can cover the project company, sources and uses, sponsor equity, development expenditure, construction drawdown mechanics, interest during construction, reserve accounts, cash waterfalls, covenant framework, amortisation, debt tail, contractual protections and lender case.
Where institutional capital is required, we can also support targeted structured debt placement across commercial banks, infrastructure lenders, private credit funds, development finance institutions, export-credit channels and other suitable sources of project capital.
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Project Finance Advisory Services
Financial Feasibility
Review of CAPEX, OPEX, contingencies, development expenditure, operating assumptions, production or utilisation forecasts, project revenues, lifecycle costs and economic break-even points.
Project Finance Financial Modelling
Integrated modelling of construction, operating performance, revenue, tax, financing, debt service, reserve accounts, cash waterfalls, distributions and sponsor returns.
Debt Sizing
Sizing based on CFADS, DSCR, LLCR, PLCR, leverage, contract life, debt tail, minimum coverage requirements, amortisation profile and lender downside assumptions.
Project Finance Debt Structuring
Structuring of senior secured facilities, construction debt, term loans, mini-perms, bridge facilities, private credit, subordinated facilities and other project-level debt.
Non-Recourse & Limited-Recourse Finance
Structures centred on ProjectCo cash flows, project assets, contractual rights, reserve accounts and defined sponsor support rather than unrestricted corporate recourse.
Capital Structure Optimisation
Optimisation of sponsor equity, senior debt, subordinated debt, shareholder loans, preferred equity, mezzanine capital, vendor finance and other capital-stack components.
Equity Bridge & Mezzanine
Solutions for delayed sponsor equity, late-stage development needs, cost overruns, construction gaps and projects where senior leverage alone does not complete the capital stack.
Construction Finance
Draw schedules, equity contribution mechanics, interest during construction, contingency, completion support, cost-overrun arrangements and conversion into operating-period debt.
Contract Bankability Review
Financing analysis of EPC agreements, O&M agreements, PPAs, concessions, offtake agreements, take-or-pay structures, supply contracts and other material project agreements.
Risk Allocation
Allocation and mitigation of development, completion, construction, technology, operating, volume, market, counterparty, regulatory, political and currency risks.
Security Package Analysis
Analysis of share pledges, asset security, assignment of material contracts, account security, direct agreements, insurance assignments, guarantees and lender step-in rights.
Cash Waterfalls & Reserve Accounts
Structuring of revenue accounts, operating accounts, debt-service accounts, DSRA, maintenance reserves, cash sweeps, cash traps and distribution lock-up mechanics.
Credit Enhancement Strategy
Review of sponsor support, guarantees, completion undertakings, reserve mechanisms, political-risk cover, insurance, subordinated capital and other lender protections.
Lender Materials
Preparation of lender-facing financial analysis, financing memoranda, transaction summaries, sources and uses, risk matrices and requested financing terms.
Virtual Data Room Preparation
Organisation of corporate, financial, technical, contractual, environmental, insurance, regulatory and legal materials into a lender-ready diligence environment.
Due Diligence Coordination
Coordination with independent engineers, model auditors, legal counsel, insurance advisers, environmental consultants, tax advisers and other specialists appointed to the financing.
Debt Placement
Capital-provider screening, lender outreach, information distribution, management presentations, Q&A coordination, indicative proposals and financing-process management.
Bank & Private Credit Process
Positioning across commercial banks, project finance lenders, infrastructure debt funds, private credit providers, insurance capital and specialist institutional lenders.
ECA & Development Finance Strategy
Assessment of export-credit support, development finance, multilateral capital, supplier credit and political-risk mitigation where relevant to the transaction.
Term-Sheet Analysis
Comparison of margins, fees, tenor, amortisation, cash sweeps, reserve requirements, covenants, distribution tests and mandatory prepayment provisions.
Financing Documentation Support
Commercial coordination around facility agreements, common terms agreements, intercreditor arrangements, security documentation, direct agreements and account structures.
Financial Close Coordination
Coordination of KYC, legal opinions, technical sign-offs, insurance certificates, account opening, equity evidence, conditions precedent and closing deliverables.
Refinancing & Recapitalisation
Refinancing construction facilities, repricing operational debt, extending tenor, releasing trapped equity, upsizing facilities and recapitalising mature projects.
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Project Finance Transaction Architecture
ProjectCo / SPV
Ring-fenced legal entity holding project assets, financing obligations, permits, material contracts and cash flows.
Contracted Cash Flow
PPA, offtake, concession, availability-payment, take-or-pay, capacity-payment or other project revenue framework.
EPC & Completion
Construction contract, budget, programme, performance security, liquidated damages, contingency and completion testing.
O&M Framework
Operating responsibilities, availability standards, lifecycle maintenance, operating expenditure and performance requirements.
Senior & Subordinated Capital
Senior facilities, mezzanine debt, shareholder loans, preferred capital and sponsor equity structured around the project.
Lender Protections
Security assignments, account control, reserve accounts, direct agreements, step-in rights and covenant protections.
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Debt Sizing, Coverage & Credit Metrics
Project lenders underwrite the project's ability to service debt under expected and stressed operating conditions. Financing capacity is therefore primarily driven by project cash flow rather than by asset value alone.
Our models can incorporate base case, lender case and downside scenarios covering construction delays, operating underperformance, price, volume, interest rates, foreign exchange, cost overruns and refinancing assumptions.
This analysis is closely linked to how project finance lenders size debt and determine sustainable leverage.
CFADS
Cash Flow Available For Debt Service
DSCR
Debt Service Coverage Ratio
LLCR
Loan Life Coverage Ratio
PLCR
Project Life Coverage Ratio
Debt Tail
Contract Life Beyond Loan Maturity
IRR
Project & Equity Internal Rate Of Return
NPV
Discounted Project Value
Leverage
Debt Relative To Total Capital
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Industries We Cover
Energy & Power
Power generation, independent power projects, renewable energy, utility-scale solar, storage and related energy infrastructure.
PPA · IPP · CfD · Capacity Payments · Merchant Exposure · DSCR
Infrastructure & PPP
Concessions, PPPs, utilities, social infrastructure and availability-based infrastructure projects.
Concession · Availability Payment · VGF · Direct Agreement · Step-In
Mining & Natural Resources
Development-stage and operating mining assets, processing facilities and resource projects supported by reserves, production economics and offtake arrangements.
BFS · Reserve Life · Offtake · Streaming · Commodity Sensitivity
Industrial & Manufacturing
Greenfield manufacturing plants, processing facilities, industrial expansions and other capital-intensive operating assets.
Greenfield · Brownfield · EPC · Feedstock · Capacity Ramp-Up · Offtake
Transport & Logistics
Ports, terminals, rail, fleet-linked infrastructure, logistics facilities and assets supported by throughput or contracted revenues.
Throughput · Tariff · Concession · Utilisation · Minimum Volume
Digital Infrastructure
Data centres, fibre, telecommunications infrastructure and other capital-intensive digital assets supported by contracted or recurring revenues.
Capacity · SLA · Anchor Tenant · Utilisation · Contracted Revenue
Climate & Environmental
Carbon, environmental infrastructure and selected climate-linked projects requiring development capital or long-duration financing.
ERPA · Carbon Offtake · Article 6 · Development Capital · Prepayment
Other Real Assets
Selected project-backed assets where predictable cash flows, contractual rights, collateral and a clearly identifiable repayment source can support structured financing.
SPV · Secured Debt · Contracted Cash Flow · Refinancing · Asset-Backed
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Financing Structures & Capital Sources
Commercial Bank Project Finance
Infrastructure Debt Funds
Private Credit
Construction Facilities
Mini-Perm Loans
Long-Term Amortising Debt
Non-Recourse Debt
Limited-Recourse Debt
Subordinated Debt
Mezzanine Capital
Preferred Equity
Equity Bridge Facilities
Shareholder Loans
ECA-Supported Finance
DFI Financing
Multilateral Capital
Green & Sustainable Debt
Supplier Finance
Political-Risk Supported Finance
Refinancing & Recapitalisation
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What Project Finance Lenders Underwrite
CAPEX, OPEX, lifecycle expenditure, operating margins, cash generation and downside resilience.
Financial capacity, relevant experience, development record and ability to support the project through completion.
Contracted revenues, volume exposure, price exposure, counterparty credit and termination provisions.
EPC terms, contractor strength, contingency, schedule, performance guarantees and completion tests.
O&M arrangements, technology performance, maintenance requirements and lifecycle assumptions.
Permits, concessions, security enforceability, project rights and material contractual protections.
Environmental approvals, social impact, land rights and lender-specific ESG or sustainability requirements.
CFADS, DSCR, LLCR, PLCR, debt tail, reserve accounts and distribution restrictions.
Balloon exposure, mini-perm maturity, realistic refinancing assumptions and take-out risk.
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Our Project Finance Procedure
Assess
Review project status, sponsor profile, financial assumptions, contracts, permits, technical materials, capital requirement and financing readiness.
Structure
Build the lender case, financial model, debt capacity, capital stack, cash-flow controls and proposed financing structure.
Execute
Prepare lender materials, organise the data room, approach appropriate capital providers and coordinate diligence and transaction Q&A.
Close
Support proposal evaluation, term-sheet selection, documentation, conditions precedent and financial close.
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Typical Advisory Deliverables
Bankability Report
Financing-readiness and transaction-gap analysis.
Financial Model
Integrated sponsor and lender-case model.
Debt Sizing Analysis
Coverage ratios, leverage and debt capacity.
Sources & Uses
Project cost and funding requirement.
Capital Structure
Senior, subordinated and equity capital stack.
Risk Matrix
Principal project risks and proposed mitigants.
Financing Memorandum
Institutional lender-facing transaction presentation.
Financial Sensitivities
Base, lender, downside and stress scenarios.
Virtual Data Room
Organised lender and diligence documentation.
Lender Process
Capital-provider engagement and Q&A management.
Term-Sheet Comparison
Commercial evaluation of financing proposals.
Closing Workplan
Conditions precedent and closing coordination.
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Project Finance Workstreams We Understand
ProjectCo
SPV
Sources & Uses
CFADS
DSCR
LLCR
PLCR
Debt Sculpting
Debt Tail
Cash Waterfall
DSRA
Maintenance Reserve
Cash Sweep
Cash Trap
Distribution Lock-Up
Interest During Construction
Completion Support
Completion Test
Longstop Date
Cost Overrun
EPC
O&M
PPA
CfD
Offtake Agreement
Take-Or-Pay
Availability Payment
Concession Agreement
Direct Agreement
Step-In Rights
Common Terms Agreement
Intercreditor Agreement
Security Trustee
Account Bank
Independent Engineer
Model Audit
Conditions Precedent
Conditions Subsequent
Mini-Perm
Balloon Maturity
Political Risk Insurance
ECA Support
DFI Financing
Viability Gap Funding
Advisory scope:
FG Capital Advisors provides project finance advisory,
financial analysis, transaction preparation, structuring,
lender materials and execution coordination. Where an engagement
involves regulated lending, securities placement or another
regulated activity, execution is undertaken directly by the
relevant licensed institution or through an appropriate regulated channel.
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Frequently Asked Questions
What does a full-scope project finance advisor do?
A full-scope advisor works across the financing transaction rather than only making lender introductions. The mandate may include feasibility, bankability analysis, financial modelling, debt sizing, capital structuring, lender materials, debt placement, diligence coordination, term-sheet analysis, documentation support and financial close.
What types of projects can use project finance?
Project finance can be appropriate where a project has identifiable assets, contractual rights and sufficiently predictable cash flows. Common applications include energy, power, infrastructure, PPPs, transport, industrial facilities, mining, digital infrastructure, environmental assets and other capital-intensive real assets.
What is the difference between project finance and corporate finance?
Corporate debt is primarily underwritten against the overall credit profile and balance sheet of a company. Project finance is structured primarily around a specific project's cash flows, contracts, assets and risk allocation, commonly through a dedicated ProjectCo or SPV.
Can project finance be non-recourse?
Yes. In a non-recourse or limited-recourse financing, lenders rely principally on project cash flows, project assets, security, contractual rights and reserve mechanisms. Sponsor exposure is generally limited to specifically agreed obligations. See our non-recourse project finance structuring overview.
Do you build project finance financial models?
Yes. Our modelling work can include construction expenditure, operating assumptions, revenue, OPEX, tax, debt schedules, reserve accounts, cash waterfalls, CFADS, DSCR, LLCR, PLCR, sensitivities and sponsor returns. Read more about project finance financial modelling.
How do lenders size project finance debt?
Debt capacity is typically constrained by project cash flow, coverage ratios, leverage, tenor, contract life, downside assumptions, reserves and lender-specific credit criteria. DSCR and LLCR are core metrics, although the methodology differs by sector and transaction.
Can you advise before the project is construction-ready?
Yes. Earlier-stage work can include financing readiness, development capital strategy, financial feasibility, commercial contract review, sponsor-equity analysis, capital-stack planning and identifying the work required before a formal lender process begins.
Do you advise on construction finance?
Yes. Construction finance work can include sources and uses, drawdown scheduling, sponsor equity mechanics, IDC, contingency, completion tests, cost-overrun support, longstop dates and conversion into operating-period debt. See our construction finance advisory workstream.
Can you help with senior debt, mezzanine and equity bridge capital?
Yes. We can advise on the structure and financing process across senior project debt, private credit, subordinated debt, mezzanine capital and selected equity bridge requirements. See our equity bridge and mezzanine solutions page.
Do you work with banks and private credit funds?
Yes. The appropriate capital source depends on project stage, sector, geography, risk profile, leverage, tenor and financing requirement. A process may involve commercial banks, specialist project lenders, infrastructure debt funds, private credit, DFIs, ECAs and other institutional sources.
Can you advise on PPP and concession projects?
Yes. PPP and concession work can include project-company economics, concession analysis, availability-payment modelling, debt sizing, risk allocation, lender materials and financing execution. See our PPP and project finance advisory page.
Can you advise on mining project finance?
Yes. Mining project finance requires additional focus on technical studies, resource and reserve life, production, processing, commodity price assumptions, infrastructure, jurisdiction, offtake and operating costs. See our mining project finance workstream.
What documents are normally required before approaching lenders?
Requirements differ by sector, but a lender-ready process generally requires a detailed financial model, project summary, sponsor information, development budget, permits, technical studies, material contracts, EPC and O&M documentation, financial statements, insurance information and relevant environmental or regulatory materials.
What happens during project finance due diligence?
Lenders may appoint independent legal, technical, insurance, environmental, tax and model advisers. The diligence process tests whether the project's assumptions, contracts, security, permits, construction plan and operating economics support the requested financing.
What is financial close?
Financial close occurs when financing documents have been executed and the required conditions precedent have been satisfied or appropriately waived, allowing the debt facilities to become available for utilisation. Our project finance closing checklist covers common closing workstreams.
How long does project finance take?
Timing depends on project maturity, transaction size, lender appetite, sector, jurisdiction, contractual complexity, due diligence readiness, permitting and the number of financing parties involved. Institutional project finance should generally be treated as a structured transaction process rather than a conventional corporate loan application.
How do we start?
Submit the project through our client intake with the project location, sector, total project cost, financing requirement, development stage, sponsor contribution, revenue model and available documentation. We will assess the transaction and determine the appropriate advisory scope.
