Non-Recourse Project Funding
Raise project debt that is repaid from the project's own cash flows, secured on the project's assets and kept off your corporate balance sheet. We structure it, package it and take it to lenders.
Request an EstimateNon-recourse lenders do not underwrite the sponsor. They underwrite the project: its contracts, its cash flows and how well its risks are allocated. That makes preparation everything.
Most projects that fail to raise non-recourse debt are not bad projects. They are projects whose offtake, construction and operating risks have not been structured and documented the way lenders need to see them. Our project finance advisory closes that gap before a single lender is approached.
Projects we finance
What makes a project bankable on a non-recourse basis
Contracted revenue. A long-term offtake, PPA or concession with a creditworthy counterparty gives lenders a predictable repayment source.
A ring-fenced SPV. The project sits in a dedicated special purpose vehicle whose assets, contracts and accounts are pledged to lenders.
Construction risk transferred. A fixed-price, date-certain EPC contract with liquidated damages and security, or a sponsor completion guarantee during construction.
Adequate equity and coverage. Sufficient sponsor equity and debt service coverage that holds up under lender sensitivity cases.
Where a project falls short on one of these, credit enhancement can often bridge the gap.
Engagement terms
| Mandate | Assess, structure, package and place non-recourse or limited-recourse debt for the client's project, through to financial close. |
|---|---|
| Scope | Bankability assessment, financing structure, financial model review, risk matrix, contract review, information memorandum, data room, lender outreach, term sheet comparison and close support. Full list on our deliverables page. |
| Target lenders | Commercial banks, development finance institutions, export credit agencies, infrastructure debt funds and private credit providers. |
| Fee | Fixed, one-off retainer quoted in your written estimate and payable on signing. No success fee is charged to the client. |
| Exclusions | Financely is not a lender and does not provide equity, bank guarantees or proof of funds. |
Find out if your project is bankable
Tell us about your project, its contracts and the debt you need. We reply with a written estimate covering scope, fee and timeline.
Request an EstimateFrequently asked questions
What does non-recourse mean?
Lenders are repaid only from the project's cash flows and assets. If the project fails, they cannot pursue the sponsor's other assets, apart from any specific guarantees the sponsor agreed to give.
Is non-recourse debt fully non-recourse?
Rarely. Most deals are limited recourse, with sponsors providing completion support or equity commitments during construction, after which recourse falls away.
What size of project qualifies?
Non-recourse structures carry significant legal and diligence costs, so they suit larger projects. The bankability assessment confirms whether your project is the right size and shape.
General information only, not legal, tax or investment advice or an offer of finance. Financely is an independent advisory and arranging firm, not a bank, lender or broker-dealer. Financing is subject to lender underwriting, due diligence, approval, documentation and conditions precedent. No outcome, pricing or timeline is guaranteed.
