USA Solar Project Finance | Capital Raising for Sponsors

Notice. Advisory and arranging services only. We are not a lender. Proposals depend on KYC/AML, technical diligence, eligibility, controls, and definitive documentation.

USA Solar Project Finance

Capital raising for sponsors active in utility scale, community solar, and C&I. We arrange development and construction debt, tax equity, tax credit transfers, back leverage, mini-perm, mezzanine, and HoldCo or OpCo lines. Clear requirements. Fast path to approvals.

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Sponsor Needs USA Market Factors Eligibility & Data Room Products & Indicative Terms Execution Approach FAQ

Request A Proposal

Send site control, interconnection status, offtake plan, and model. We reply with limits, covenants, and a route to first draw.

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Sponsor Needs We Solve In The USA

Pre-NTP & Development

  • Site control, interconnection deposits, network upgrades
  • Environmental, geotech, and permitting budgets
  • Hedge or PPA term sheet support and credit screens

Construction To COD

  • EPC-backed construction lines with IDC and contingency
  • Module and transformer procurement with supply controls
  • Test protocols through COD and punch list closeout

Capital Stack Completion

  • Tax equity or ITC transfer buyers and pricing
  • Back leverage sized to contracted cash flows
  • Mini-perm and term refinancings, HoldCo liquidity
Bank-grade models. P50 and P90 DSCR cases, curtailment and basis sensitivities, reserve waterfalls, and covenant tests.
IRA-aware underwriting. ITC eligibility, prevailing wage and apprenticeship, domestic content and energy community adders reflected in terms.
Faster cycles. Lender-ready data rooms reduce back-and-forth and cut approval time.

USA Market Factors We Underwrite

Offtake & Revenue

  • Utility PPAs, CCA/muni contracts, community solar offtake
  • Fixed-shape hedge, proxy generation, or VPPA structures
  • Credit of buyer, step-in rights, and settlement mechanics

Grid & Deliverability

  • ISO queue position and milestones in PJM, MISO, SPP, ERCOT, CAISO, NYISO, ISO-NE
  • LGIA, AFSAs, network upgrade risk and timing
  • Congestion, basis, and curtailment modeling with reserves

Evidence moves pricing. Keep your site control , interconnection , and offtake files current.

Eligibility And Data Room For The USA

Baseline Profile

  • Late-stage development or NTP-ready preferred
  • EPC and O&M shortlist with track record
  • Interconnection studies, LGIA, and upgrade plan
  • Offtake via PPA, hedge, community solar, or C&I

Core Documents

  • Site control and permits list with status
  • Queue position, SIS/FIS, LGIA, AFSAs, upgrade budget
  • Resource report, PR, availability and degradation
  • Financial model with DSCR/LLCR cases and sensitivities

For ITC or transfer: include eligibility memo, labor compliance plan, domestic content evidence, and energy community mapping.

Products And Indicative Terms

Development Capital USD 2m to USD 15m for site control, studies, permits, and interconnection deposits. Milestone draws. Partial recourse until NTP.
Construction Facility Up to 70% to 85% of eligible EPC and soft costs. IDC and contingency lines. Tenor through COD with buffer to final completion.
Tax Equity Partnership flip or sale-leaseback. Pricing linked to ITC value and production profile. Step-in and indemnities for IRA compliance.
ITC Transfer Transfer of clean energy credits at negotiated cents-per-dollar. Escrowed settlements and indemnity package for recapture risks.
Back Leverage Senior term debt at HoldCo sized to contracted cash flows after tax equity distributions. DSCR-led sizing with sweep mechanics.
Mini-Perm / Term 3 to 12 years. Reprice after operating track record. Cash sweeps and distribution tests. Hedging where exposure is material.
Mezzanine / HoldCo Contracted cash flow based with intercreditor alignment. PIK options during ramp. Used for equity gap coverage and portfolio roll-ups.
Standalone Storage ITC-eligible storage with augmentation and warranty terms aligned to dispatch profile. Revenue stacking reflected in covenants.
Security Package Share pledges, account control, assignment of material contracts, site rights and improvements, step-in via direct agreements.
Key Covenants DSCR and LLCR thresholds, budget and change order controls, PR and availability KPIs, distribution locks on test breach.
Facility Size USD 20m to USD 1.0bn per project or tranche. Portfolio lines for active sponsors.
Pricing SOFR plus margin by risk band. Commitment and arrangement fees. Third-party costs pass through.
Documentation Credit agreement, intercreditor, direct agreements, security, hedging, insurance endorsements, tax equity or transfer docs, and CP schedule.

Illustrative only. Final terms are set after underwriting and approvals.

Execution Approach In The USA

Workstreams

  • Screening for interconnection, offtake, and site control
  • Indicative terms and lender or buyer shortlist
  • Technical, legal, ESG, and credit diligence
  • Approvals, CPs, first draw, and monitoring

Risk Controls

  • Account control and reserve waterfalls
  • Milestones at NTP, MC, COD, and final completion
  • Insurance coverage and change order governance
  • Tripwires on delays, congestion, or payment slippage

Send Your USA Pack

Upload site control, queue and LGIA status, offtake documents, and model. We respond with an indicative structure and closing plan.

Open Client Intake

FAQ

What evidence do lenders and tax equity want to see first?

Site control and permits list, queue and LGIA status with upgrade budget, offtake or hedge term sheet, resource report with PR and availability, and a working model with DSCR cases and sensitivities.

How is basis, congestion, and curtailment risk handled?

We size reserves and hedges off ISO data and model P50 and P90 downside cases. Where exposure is material, covenants add sweeps or distribution locks on breach.

Do you arrange tax credit transfers as an alternative to tax equity?

Yes. We source buyers, negotiate cents-per-dollar pricing, and structure escrow and indemnities for recapture and compliance risks.

What DSCR ranges are typical in the USA?

Contracted utility or community solar portfolios can support tighter DSCR. Merchant or hedge-exposed projects require higher headroom and larger reserves.

Can you finance solar-plus-storage?

Yes. We align augmentation, warranty, and performance guarantees with the revenue stack and update covenants for round-trip efficiency and dispatch profile.

What is the usual timeline to first draw?

Screening in week 1, indicative terms by weeks 2 to 3, full approvals in weeks 4 to 8 depending on data room completeness, with first draw after CPs and account control.

What documentation is essential at term sheet stage?

EPC and O&M drafts, offtake or hedge term sheet, interconnection pack, insurance schedule, and a model with sensitivity outputs and reserve waterfall.

How do IRA labor rules and domestic content affect terms?

Compliance affects ITC value and buyer appetite. We require a labor compliance plan and domestic content evidence or exceptions to size pricing, reserves, and indemnities.

Request Your Proposal

Share your USA pipeline and documents today. We come back with indicative limits, covenants, and a target closing timeline.

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Disclosures. FG Capital Advisors provides advisory and arranging services. No guarantee of approvals, pricing, timing, or capacity. All proposals are subject to eligibility, documentation, and counterparty approvals.