Notice. Educational and marketing content only. FG Capital Advisors provides advisory and project finance debt structuring services and may act as advisor and placement agent through regulated partners. We are not a bank, broker dealer, or direct investor. Any transaction that involves securities depends on KYC and AML checks, sanctions screening, technical and legal review, lender and investor appetite, and definitive documentation with regulated entities.
Project Finance Debt Structuring For Sponsors And Lenders
We help sponsors, lenders, and funds structure non recourse and limited recourse debt for energy and infrastructure projects. That means clear leverage ranges, tenor and amortisation profiles, covenants, reserve accounts, security packages, and term sheets that link back to the model and contracts instead of fighting them.
Share your project, financing objectives, and current position in the process. We respond with a realistic debt structuring route, the type of lenders that are likely to engage, and how our work can sit alongside your project finance model and capital raise through regulated partners.
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Who This Project Finance Debt Structuring Service Is For
Target Client Profile
- Project sponsors and developers raising non recourse or limited recourse debt for energy, renewables, digital infrastructure, transport, and social infrastructure assets.
- Companies refinancing existing project finance loans, mini perm structures, or bridge facilities that now need long term take out.
- Funds and credit managers that want an arranger style partner to structure terms with banks, DFIs, ECAs, and private credit providers.
- Public sector counterparties and state owned entities working on PPP or concession based projects that require private lenders.
Situations That Sit Outside This Service
- Generic corporate loans, overdrafts, or working capital lines that do not rely on project level security and ring fenced cash flows.
- Early concept projects with no clear revenue framework, no feasibility work, and no sponsor equity at risk.
- Requests for near 100 percent debt funding or structures that ignore basic bankability standards on risk allocation and ratios.
- Personal borrowing, small real estate portfolios, or trading strategies that are not project financed and do not involve long term contracted cash flows.
What FG Capital Advisors Does On Project Finance Debt
Capital Structure Design And Term Sheets
- Translate sponsor objectives, project cash flows, and risk profile into leverage ranges, tenors, and debt sizing approaches that fit lender appetite.
- Draft or refine term sheets that cover pricing, margins, fees, covenants, cash sweeps, reserves, and security so the structure can be traced line by line.
- Set DSCR, LLCR, and PLCR levels, distribution tests, and lock up triggers that protect lenders while still leaving a rational equity story.
- Shape intercreditor and waterfall mechanics across senior, mezzanine, holdco, and ancillary facilities so rights and cures are clear when something breaks.
Lender, ECA, And DFI Engagement
- Map banks, DFIs, ECAs, and private credit providers that are active in your sector and region at the ticket sizes you need.
- Prepare financing cases, talking points, and lender packs built on model outputs, contracts, and risk allocation rather than marketing language.
- Support negotiations on pricing, covenants, reserve accounts, and security so the final structure remains bankable and still workable for sponsors.
- Coordinate feedback from multiple lenders so the final term sheet set is consistent and can be documented without endless rework.
Capital Stack And Products We Work On
Senior And Term Debt For New Builds
- Senior non recourse term loans for greenfield and brownfield projects across power, renewables, storage, transport, and social infrastructure.
- Mini perm structures that rely on refinancing or take out events after construction and ramp up periods.
- Structures with construction, term, and working capital tranches that share security and cash flows under one set of agreed rules.
Refinancing, Amendments, And Restructuring
- Refinancing of operational assets to lock in longer tenors, improved pricing, or new lenders on the back of performance or de risked cash flows.
- Amendment packages that reset covenants, tenors, and cash sweep levels following stress, delays, or changes in market conditions.
- Restructuring plans that balance lender recovery, sponsor options, and asset continuity when the original structure no longer works.
Hybrid, ECA, And Private Credit Solutions
- ECA covered loans and DFI participation that can stretch tenor and support higher leverage on eligible contracts and equipment.
- Project bonds and private placements that sit alongside or replace bank debt where term and depth of capital are needed.
- Mezzanine, holdco loans, and preferred equity style instruments that fill gaps between senior debt and common equity.
Where We Do Not Focus
- Unsecured corporate or shareholder loans with no link to project cash flows or security packages.
- Highly speculative merchant projects with no contracted or regulated revenue frame and no clear risk mitigation.
- Arrangements that rely on hidden leverage or structures designed to disguise risk from lenders or rating analysts.
Project Finance Debt Structuring Engagement Process
| Stage 1: Project Review And Objectives | We review the project, revenue framework, sponsor objectives, and existing model. We clarify whether you are pursuing new money, refinancing, amendments, or a mix, and what success looks like in terms of leverage, tenor, and covenant headroom. |
| Stage 2: Financing Plan And Target Lenders | We propose a capital structure outline, lender types, possible ECA or DFI roles, and a realistic funding route. Together we agree a mandate, work scope, fee structure, and timetable, then define a first list of banks, DFIs, ECAs, and private credit providers. |
| Stage 3: Debt Sizing And Term Sheet Calibration | We work with your model team or our own modelling scope to size debt against DSCR, LLCR, PLCR, and other constraints. We then translate this into term sheet detail on pricing, fees, covenants, reserves, and security that fits both the cash flows and lender credit criteria. |
| Stage 4: Lender Outreach And Feedback | Through regulated partners we approach selected lenders and capital providers with a clear financing case, model outputs, and term sheet. We gather feedback on structure, pricing, and risk issues and refine the package where that improves the chance of approval without destroying the equity story. |
| Stage 5: Documentation And Intercreditor Terms | Once term sheets are agreed, we support commercial points in documentation and intercreditor negotiations. We check that covenants, events of default, cure rights, and cash flow waterfalls in the documents still match what was agreed in the structuring phase. |
| Stage 6: Closing And Post Close Support | We assist with closing mechanics, conditions precedent, and funds flow. After close we can stay involved to help with waiver requests, waivers, and further refinancings that build on the structure put in place. |
Timelines depend on sector, jurisdiction, sponsor readiness, and the number of lenders involved. Clean projects with clear data, contracts, and models move faster than situations that require heavy restructuring.
Financing Readiness And Information Requirements
Baseline Readiness
- A defined project or portfolio with a clear revenue framework such as a PPA, concession, availability payment, tolling agreement, or regulated tariff.
- Technical and commercial work sufficient to support lender review, for example feasibility or higher level studies, basic design, and cost estimates.
- A funding plan that includes sponsor equity and realistic expectations on leverage rather than a request for full debt.
- A project finance model or willingness to commission one so that ratios, covenants, and cash waterfalls can be grounded in numbers.
Core Information Package
- Corporate and project information, sponsor profile, ownership charts, and any existing financing arrangements.
- Key project contracts such as PPA or offtake, concession, EPC, O and M, land, interconnection, supply, and any relevant government support agreements.
- Project finance model or detailed inputs on capex, opex, volumes, tariffs, FX, and tax, together with any rating or internal risk parameters.
- ESG, permitting, and legal information that lenders will test during credit review and conditions precedent.
Indicative Deal Parameters
| Typical Debt Size | Most mandates involve project or portfolio debt in the range of 50 million dollars to several billion dollars. Smaller transactions are considered where the structure still calls for a full project finance approach. |
| Sectors | Power generation, renewables, storage, midstream and pipelines, LNG and terminals, transport assets such as roads, ports, and airports, digital infrastructure including data centres and fibre, and social infrastructure with contracted or regulated income. |
| Leverage And Tenor | Target leverage usually spans 50 to 80 percent of project cost depending on sector, contracts, and risk profile, with tenors that may reach from seven to more than twenty years where supported by revenue life and lender appetite. |
| Capital Providers | Commercial banks, DFIs, ECAs, local and regional banks, infrastructure debt funds, and other private credit providers that operate with project finance style security and covenant packages. |
| Geography | Projects in jurisdictions where lenders can get comfortable with legal systems, enforcement, and currency risk. Higher risk markets are assessed case by case with a clear view on mitigants and sponsor strength. |
| Fee Approach | Debt structuring mandates are usually priced on a fixed or staged work fee for analysis and term sheet work. Where we are also engaged with regulated partners to arrange and place the debt, a success based fee applies on drawn amounts, agreed before work begins. |
If you are preparing a project finance or infrastructure transaction and need independent debt structuring support, send us a note on the asset, jurisdiction, funding need, and current status with lenders. We will respond with a proposal that sets out scope, timelines, and fee ranges, and where relevant how structuring work can connect with modelling and capital raising through our regulated partners.
Request A Debt Structuring ProposalFAQ
Do you only advise on structure or also help raise the debt?
We advise on capital structure and term sheets and, where agreed, we also support lender outreach and placement through regulated partners. Some clients engage us for pure structuring, others for a combined mandate that covers both structure and sourcing of lenders.
Can you work alongside our existing financial adviser or relationship banks?
Yes. We often sit alongside existing advisers, technical teams, and relationship banks. In those cases our role is to tighten the debt structure, test what the market will accept, and bring in additional lenders or capital providers where needed, without cutting across existing relationships.
At what stage should we engage you on debt structuring?
The best time is once you have a clear project, early studies, and a view on tariffs or revenue, but before you lock in binding term sheets. We can also add value later in the process, including during lender selection, credit approval, and documentation, if the structure is still open for discussion.
Can you help on refinancings and stressed situations?
Yes. We work on refinancings, amendment packages, and stressed deals where the original debt structure is no longer fit for purpose. In those cases we focus on what lenders will realistically support and what sponsors can live with, then build a plan that can be taken to credit committees.
How do you charge for project finance debt structuring work?
We price mandates based on deal size, sector, complexity, and whether we are only structuring or also arranging debt with regulated partners. Most engagements use a fixed or staged work fee for structuring, and where placement is in scope a success based fee on drawn debt is added with clear terms at the start.
Disclosures. FG Capital Advisors provides advisory, debt structuring, and arranging services through regulated partners. Nothing on this page is an offer or solicitation to buy or sell securities or to invest in any project or fund. Any engagement is subject to internal approval, conflict checks, KYC and AML and sanctions screening where required, independent legal and tax advice on your side, and the terms of a formal mandate, term sheet, and final transaction documentation.
