Control Investments – more than 25%
- Equity
- Secure asset contribution
- Loans (Term and LOC)
- “Same as Cash Loans” for residential customer financing
Affiliate Investments – 10 to 25%
- Preferred or convertible Equity
- Equipment Term Loans
- “Same as Cash Loans” for residential customers financing
Tax Equity Investments
- Equity in Tax favorable projects
- Purchase of Accelerated Depreciation of ITC projects
- Preferred or convertible Equity
- Equipment Term Loans
- “Same as Cash Loans” for residential customers financing
Real Estate Investments
- 100% Equity in Real Estate mainly for use in ITC projects
Senior Secured Credit Facilities
- Revolvers
- Provide Working Capital
- Asset Based
- Availability of cash grows with asset levels
- Committed Structures
- Accommodates growth over next 2-4 years
Term Loans
- Multiple take-downs or fully-funded
- “Quasi-Equity” facility
- Structured to cash flows of company
- Accommodates growth over next 2-4 years
Equity Participations
- Warrants required where applicable
- Equity based on Investment to Enterprise Values
- Less dilutive and costly compared to Equity Raise