Solutions / Offtake & Revenue Structuring
No Bankable Revenue, No Debt.
Clean-fuel, hydrogen, and circular-economy projects often reach the market before their offtake markets are ready. We build the revenue certainty lenders require — so a young market stops being a reason your project can’t borrow.
The Revenue Question
A lender doesn’t finance a plant. It finances the revenue that plant will earn.
For established power projects, revenue is easy to model: megawatts times a contracted price. For much of the energy transition, it isn’t. The offtake markets for sustainable aviation fuel, hydrogen, recycled materials, and carbon removal are often young, thin, or partly voluntary. Buyers may be creditworthy but unwilling to sign long; or willing to sign but not investment-grade. Either way, the developer arrives at the lender without the one thing debt is built on — bankable, contracted, durable revenue.
Our Solutions
What we structure.
Offtake Floors & Revenue Puts
Structures that establish a minimum revenue level for a project’s output, insulating the financing from a young market’s price volatility and giving lenders a downside they can model.
Counterparty Credit Support
Where an offtaker is commercially willing but not investment-grade, we credit-wrap or otherwise enhance the contract so it becomes bankable — transferring counterparty risk to a stronger balance sheet.
Environmental Attribute Monetization
Many climate projects generate value beyond their primary product: carbon credits, low-carbon fuel credits, renewable attributes. We help structure these into a contracted, insurable revenue leg rather than an uncertain upside — strengthening the whole financing.
The Effect on Your Financing
Turn uncertain revenue into a contracted floor, and a project becomes borrowable.
Lenders size debt against downside, not upside. By building a defensible revenue floor — whether through offtake structuring, credit enhancement, or attribute monetization — we change the number a lender is willing to advance, and the terms on which they’ll advance it. The market may still be young. The project’s revenue no longer has to be.
A 250 MWh grid-scale storage project sought roughly $85M in senior debt, but with more than half its revenue coming from merchant arbitrage and grid services, lenders were sizing the debt at barely 40% of cost.
We placed a multi-year floor beneath the merchant revenue and credit-strengthened the contracted tolling leg with an investment-grade offtaker.
With a modelable downside in place, lenders advanced a debt quantum that closed the financing.
Is a thin or unproven offtake market holding up your financing?
We build the revenue certainty that gets projects funded.