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CardinalEnergy
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Project Finance & Capital Structuring

Bridge the gap between project development and institutional capital.

Cardinal structures the capital stack around what the project can actually support, then prepares and coordinates the process through diligence and closing.

The financing problem

Capital providers underwrite the project, not the pitch.

Lenders and tax equity investors underwrite real economics: contracts, sizing, contingency, permitting and interconnection status, schedule, and the assumptions behind them. Gaps between development reality and financial presentation surface in diligence and cost time.

Capital strategy

Structure first, then run the process.

Cardinal evaluates debt capacity, tax credit value, and sponsor economics together, sets the structure the project can support, then supports the financing process through diligence and closing.

Capital stack

How project value and capital sources come together

Cardinal structures sponsor capital, tax-credit value, incentives, and debt as one integrated financing framework.

Illustrative capital stackTotal project funding: $13.7M
ITC Transfer$3.7M27.0%
Depreciation Value$2.2M16.4%
Incentives$1.7M12.2%
Debt$4.9M35.6%
Sponsor Equity$1.2M8.9%
  • ITC Transfer$3.7M · 27.0%
  • Depreciation Value$2.2M · 16.4%
  • Incentives$1.7M · 12.2%
  • Debt$4.9M · 35.6%
  • Sponsor Equity$1.2M · 8.9%

Illustrative structure — actual capital stacks vary by project, tax structure, lender requirements, and sponsor objectives.

Capabilities

From structuring through closing support

01

Capital Structure

  • Capital stack design
  • Construction debt
  • Term debt
  • Back leverage
  • Partnership structures

02

Tax Equity & Incentives

  • Tax equity
  • ITC monetization
  • Tax credit transfers
  • Sale-leaseback analysis
  • Partnership flip analysis

03

Investor & Lender Economics

  • Investor economics
  • Debt sizing
  • Investor return cash flow waterfalls
  • Term sheet analysis
  • Transaction modeling

04

Transaction Execution

  • Lender materials
  • Investor materials
  • Financial diligence
  • Data room support
  • Financing process coordination
  • Closing support

Capital-provider readiness

Lender and investor materials that survive diligence.

Transaction models, sizing analysis, sensitivities, data room structure, and diligence responses — prepared and maintained through the process.

Explore Tax Equity Execution
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Transaction process

  1. 01

    Project Economics

  2. 02

    Capital Structure

  3. 03

    Modeling & Underwriting

  4. 04

    Lender / Investor Materials

  5. 05

    Diligence

  6. 06

    Term Sheet

  7. 07

    Closing

Representative experience

Financing execution

Debt Financing

Renewable-energy portfolio lender process

Challenge

A renewable-energy portfolio required lender underwriting support.

Cardinal Role

  • —Project financial modeling
  • —Debt sizing and DSCR analysis
  • —Cash flow analysis
  • —Development assumption validation
  • —Lender diligence support

Outcome

Supported financing and closing for a multi-project portfolio.

Tax Equity Monetization & Transaction Execution

Sponsor-side transaction management

Challenge

A sponsor required hands-on management of a tax equity monetization process across multiple counterparties.

Cardinal Role

  • —Transaction economics and monetization support
  • —Diligence coordination
  • —Data room management
  • —Coordination with attorneys and accountants
  • —Conditions precedent and funding mechanics

Outcome

Supported the sponsor through execution to closing and funding.

Start a conversation

What is standing between your project and its capital stack?

Whether the constraint is development capacity, project economics, financing strategy, tax equity, or transaction execution, Cardinal can help identify the path forward and provide the capability to execute it.

Discuss Your Portfolio

Start with a conversation about your active projects, portfolio priorities, and financing constraints.