Tobay Capital

We provide creative solutions for hard to solve financial problems

Tobay Capital Renewables Debt Fund

 

Tobay Capital announces the formation of a fund to finance debt of renewable projects in the United States.  We have developed an approach that enables us to economically review and close smaller transactions.  We believe there is an under served market for smaller projects and we therefore are looking for a minimum deal size of at least $15 mm with no stated maximum.  Qualified projects will include those ready for construction to start or in late stages of development. 

Technology Types—The fund will finance a broad range of technology types including solar, wind, biomass, efficiency, landfill gas, manufacturers of green products and in some cases biofuels.

Debt Structures—The debt fund will provide only senior secured debt.  Typical non-recourse financing structures are expected.

Locations—Only transactions based in the US will be considered.

Equity—Generally at least 20% of project costs must be covered by equity.  Additional amounts may be required.

Taxes—The debt fund has no tax appetite and expects that tax benefits if any will be used by equity investors.

Debt Tenor—Debt terms of up to 20 years are expected.

Other Terms—Terms and covenants will be based on project characteristics.

Project Revenues—For most loans considered a power purchase agreement or an off take agreement are expected to maintain project marginal revenue.

 

To be considered send a very short summary (one to two pages) to l.siegel@tobay-capital.com.