Project Developer Financing Pre-NTP

We Provide Development Capital

We know early stage development can get expensive. That’s why SolRiver Capital invests Development Capital in early-stage projects (“Pre-NTP“) that have a clear path to success.

SolRiver invests in clean energy projects across the US. We bring the full capital stack, with flexible options, and a streamlined process

What is Development Capital?

Development Capital is a term referring to the capital invested in a renewable energy project before the project has achieved full NTP status, for use on things like paying site lease options, interconnection deposits, permit fees, and equipment deposits.

Below we discuss

  • Our Pre-NTP investment criteria for developers
  • Examples of early-stage development expenses we finance
  • How SolRiver structures project financing

Criteria for Early-Stage Project Development Funding

In order for a project to qualify for development capital, it needs to have a clear path to NTP. In short, we can invest development capital when a project reaches the limited notice to proceed (“LNTP”) phase. Furthermore, we can provide full project financing or construction financing once the project reaches full NTP.

What is Full NTP Project Financing vs Limited Notice To Proceed

“Notice To Proceed” or “NTP Project Financing” means the project, typically, has:

  1. An executed Power Purchase Agreement (“PPA“) or Energy Service Agreement (“ESA“).
  2. A fully executed Site Lease or Site Lease Option Agreement.
  3. An Interconnection Agreement or permission to interconnect from the applicable utility.
  4. The Conditional Use Permit, along with ancillary permits, tentatively approved by the local permitting authority.
  5. The Site has clean title, meaning all easements locus to the project site have been addressed.
  6. The EPC and O&M agreements are in place.
  7. If applicable, a REC Purchase Agreement and other rebate awards have been finalized.

Limited Notice To Proceed or “LNTP”

  1. Requires a strong indication that an energy revenue contract will be executed. For example: An offtaker has begun negotiating a PPA, the project was shortlisted in an RFP, or a Feed-In-Tariff program (or equivalent) is available.
  2. The local utility completed a preliminary impact study. Full Interconnect approval and cost estimates are not required.
  3. Site Control is in place, with at least a Lease Option or Easement. Clean title is not required at this point.

In addition to the items above, other outstanding issues
we can accept at the LNTP Project Financing stage are:

  • CUP or other permits in progress.
  • EPC and O&M providers not yet finalized.
  • Technical issues such as system configuration, equipment selection, are still in flux

How We Structure Development Capital

SolRiver provides early stage development capital as part of a permanent investment in the project’s long term ownership. We structure our Pre-NTP investment in a variety of ways depending on the project needs.

The duration of time from financing the project until the commercial operation date

The risk the project may not reach Notice to Proceed

The enhancement offered by working on a portfolio of project opportunities with our partner

Do you need Development Capital?

Give us a quick overview of your project below. We’ll email you back with next steps.

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Let’s Discuss Your Project

We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.

Send Email

You can always email us about your project. Just include some basic information like system size, location, and offtaker.

Submit via Form

You can also use our online project intake form. Answer a handful of questions about the project, and our team will be notified immediately. 

Use Excel Sheet

Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.