MYD Capital Partners advises energy, infrastructure and climate companies with €50M–€500M in annual revenue on project finance, public-private partnerships, M&A, capital raising and preparing for a transaction. Our work spans renewable generation — solar, wind and hydro — storage, carbon capture, and infrastructure platforms with ESG-linked capital requirements.
This is the sector where structure matters more than in any other. A project's economics are set by its contracts, its permits and its financing structure, and two otherwise identical assets can be bankable and unbankable depending on how those three were built. Most of the value in this sector is created before construction begins.
Where we focus
- Solar generation. Utility-scale and distributed solar, from development pipeline through operating portfolio.
- Wind generation. Onshore and offshore wind, where grid connection position and resource assessment quality drive bankability.
- Hydro. Conventional and pumped storage hydro, with long concession horizons and distinctive permitting profiles.
- Energy storage. Battery and long-duration storage, standalone and co-located, where revenue stacking across multiple markets complicates the financing case.
- Carbon capture. Capture, transport and storage projects, where offtake and regulatory framework determine financeability.
- Transmission and grid infrastructure. Connection, transmission and distribution assets.
- Public-private partnerships. Social and economic infrastructure delivered under long-term public-sector concession.
- ESG-linked corporate financing. Industrial and infrastructure borrowers raising capital against transition commitments.
What lenders and investors look for
Contracted revenue first. A power purchase agreement or concession with a creditworthy counterparty, of sufficient tenor, at a price that supports the debt — this is the foundation of every financing in the sector, and everything else is secondary to it.
Then: grid connection secured rather than applied for; permits and consents obtained with outstanding conditions identified; a resource assessment prepared to a standard lenders recognize, with the production estimate stated at the probability level financiers actually use; an EPC contract with a contractor of adequate covenant strength, with meaningful liquidated damages and performance security; an O&M arrangement with availability guarantees; and a financial model built to lender standards, with the debt service coverage ratio tested against downside cases rather than the base case alone.
For merchant or partially merchant assets, the analysis turns on price risk and how it is mitigated — hedges, floors, revenue stacking and the depth of the market being relied on.
What blocks a financing
Grid connection that has been applied for and presented as secured. Permits subject to outstanding conditions, appeal periods or challenge. Resource assessments prepared to developer standard rather than lender standard. Offtake counterparties whose credit does not support the tenor of the debt. EPC contractors without the balance sheet to stand behind their warranties.
At the corporate level: a development pipeline valued as though every project will reach financial close, and a group structure in which project-level and corporate-level risk are not properly separated. Structural separation is not a formality here — it determines whether one project's difficulty becomes every project's difficulty.
Also frequent: a financial model that cannot be audited, and a capital structure in which construction risk and operating risk have been financed on the same terms.
Cross-border interest
Infrastructure and energy attract the deepest cross-border capital pool available to companies of this size: development finance institutions, infrastructure funds, sovereign and pension capital, utilities seeking pipeline, and industrial strategics seeking generation or storage capability. Climate-linked mandates have widened that pool further.
What varies across borders is not appetite but structure: currency mismatch between local-currency revenue and hard-currency debt, repatriation, political risk cover, and the enforceability of the concession or offtake in the relevant jurisdiction. These determine which capital can participate, and they belong in the structuring work from the beginning.
Preparing for a financing or transaction
A structured readiness process, aligned with The Goldsmith™ at corporate level and carried into The Confluence™ at project level, typically covers:
- Offtake or concession agreement with counterparty credit analysis and tenor matched to the debt
- Grid connection agreement with capacity, timing and conditions confirmed
- Permit and consent register with outstanding conditions, appeal status and expiry dates
- Independent resource assessment at the probability level lenders require
- EPC contract with contractor covenant analysis, liquidated damages and performance security
- O&M agreement with availability guarantees and cost escalation terms
- Financial model built to lender standard, with downside and sensitivity cases
- Debt service coverage ratio tested across scenarios, not only base case
- Land rights, easements and access secured for the full asset life
- Environmental and social impact assessment to the applicable international standard
- Insurance programme covering construction and operating phases
- Corporate structure separating project-level from group-level risk
- Development pipeline stated with an honest probability of reaching financial close
Our Readiness Assessment benchmarks companies in this sector against these dimensions before a process begins.
How we work with energy and infrastructure companies
Engagements in this sector usually run through The Confluence™, which covers project finance and public-private partnerships alongside M&A and capital raising. The work is the same discipline applied to a different counterparty universe: lenders, development finance institutions, infrastructure funds and strategic investors, mapped and scored before anything is approached.
At corporate level, The Goldsmith™ prepares the platform rather than the project — the group structure, the pipeline valuation, the financial architecture and the documentation an institutional investor in a development platform will require. Where an existing portfolio is constrained by facilities arranged project by project over years, The Dawn™ consolidates and restructures. Where the requirement is a development partner, a technology partner or a co-investment structure, The Polarity™ builds it.
Frequently asked questions
Can a project be financed before the offtake is signed?
Rarely on project finance terms. Some development capital will take that risk, priced accordingly. The practical sequence is almost always to secure the offtake and the grid connection first, because those two determine what the project can borrow.
How is a development pipeline valued?
On risk-adjusted probability of reaching financial close, stage by stage, not on installed capacity. A pipeline presented at face value is discounted heavily, and usually by more than an honest probability weighting would have cost.
What is different about financing storage?
Revenue stacking. A storage asset earns across several markets with different durations and certainties, which makes the revenue case harder to underwrite than a contracted generation asset. The financing structure has to reflect that rather than treat it as a generation asset with a battery.
Do public-private partnerships follow the same process?
The same discipline, a different counterparty. Public-sector processes are more procedurally constrained and considerably longer, which makes preparation before entry more important rather than less.