Debt and equity fundraising.

Read the common questions about this service

What the work involves

A fundraising succeeds when the debt case and the equity case describe the same project. Lenders read for downside protection and investors read for return, and both test the story against the same costs, revenues, programme and contracts. Where the two cases diverge, a careful counterparty finds the gap early and prices it.

We work as an extension of the sponsor’s team: sizing the requirement, preparing the materials, approaching capital providers and managing the process through term sheets to commitment. Commitments remain subject to each provider’s own diligence and approvals.

Selected experience

• 360 MW CCGT, Senegal, developed and financed to close, including term sheet negotiation, documentation and modelling
• 500 MW battery storage pipeline, United Kingdom, full fundraising process for a build-and-operate platform
• 300 km urban transit railway, DRC, Phase 1 of 25 km, equity fundraising and lender due diligence
• Hydropower portfolio, multiple African markets, 156 MW and $482.5m, fundraising and contract negotiation
• 30,000 sqm innovation campus, Nigeria, investment materials and transaction management for a phased raise
• Corporate refinancing, Turkey, $38m of existing facilities with $10m to $15m of new capital expenditure funding

Funding requirement and capital structure

The first task is establishing how much is needed, when, and in what form. Development capital, construction equity, senior debt, mezzanine and concessional tranches each carry a different cost and a different set of conditions. We size the requirement from the financial model, test how much debt the cash flows will support under lender cover ratios, and show what each structure leaves for equity.

Which capital providers, and in what order

Commercial banks, development finance institutions, export credit agencies, infrastructure funds and strategic investors have different mandates, ticket sizes, country limits and approval cycles. Approaching the wrong party costs months, and approaching the right party too early can close a door. We map the realistic universe for the asset, jurisdiction and stage, and sequence the approach so that early commitments strengthen later conversations.

The financial model

Financial models are built to the FAST Standard, to which GIA is a signatory. One model serves both audiences, with debt sizing, cover ratios and equity returns drawn from the same inputs, so that a change requested by a lender shows its effect on the investor case immediately.

Investor and lender materials

A teaser, an information memorandum, a management presentation and a data room organised around the questions a credit or investment committee will ask. Each claim in the materials traces to a document in the data room. Assumptions are labelled as assumptions, and open items are listed with an owner and a date.

Running the process

We manage the approach, non-disclosure agreements, information requests and management meetings, and keep a record of every question and answer so that responses stay consistent across parties. Competitive tension matters, and so does discretion: the number of parties approached is agreed with the sponsor in advance.

Term sheets and comparison of offers

Equity term sheets vary on valuation, governance rights, preferred returns, anti-dilution and exit provisions. Debt term sheets vary on tenor, cover ratios, lock-up tests, reserve accounts and security. We set offers side by side on a common basis and show what each term costs in cash and in control. See our term sheet support.

Specialist and local advisers

Legal, tax and technical advice is provided by appointed specialists, with local counsel covering licensing, security and foreign exchange rules in the project jurisdiction. We coordinate their inputs so that the materials, the model and the legal position agree.

Debt and equity financing preparation: common questions

Answers from Global Infrastructure Advisors. Meet our team and explore our published infrastructure experience.

What does debt and equity financing preparation involve?

GIA helps sponsors define funding requirements and prepare the business case, financial model and supporting information for potential capital providers. The work can include funding scenarios, financing materials and responses to information requests, with scope agreed for the project and market.

Why should the equity case and debt case be developed together?

Both rely on the project's costs, revenues, development programme and risks, but capital providers assess them differently. GIA makes the assumptions consistent and shows how proposed debt terms affect equity requirements and returns.

Does preparing financing materials guarantee investment?

No. Financing depends on investor and lender appetite, due diligence, approvals and the terms ultimately agreed. GIA's work strengthens the information and commercial preparation supporting those discussions; it is not a commitment of capital.

What should a sponsor prepare before approaching capital providers?

A sponsor should assemble the project description, ownership and equity plan, financial model, development status, principal contracts and proposed use of funds. GIA helps organise the materials and identify gaps that could prevent a meaningful financing discussion.

Related expertise

• Project finance advisory
• Term sheet support
• Financial modelling
• Sell-side advisory
• Due diligence