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THE MAKINGS OF A GREAT GREEN DEAL
Alexandria Ocasio-Cortez has made the news advocating for climate change and positioning legislation around her “Green New Deal.” Several states have also offered up legislation and mandates for the utilization of renewable energy. But what will it really take to get these technologies and renewable resources successfully funded and implemented? Here, I talk about the makings of a Great Green Deal and best practices Project Developers should have when seeking financing.
As CFO of ConservGeo I see no shortage of green deals, but are they great? Are they worth the time and effort it takes to secure financing so that the projects can be implemented? Most projects that cross my desk are not financeable for many reasons. For the projects that do past muster and ultimately move towards financial close, there are noticeable commonalities among them.
They have the right Project Components...
When submitting a green project for funding consideration, it is important for Project Developers to ensure they submit the right project components for review. Incomplete files and expired or outdated information shows poorly and it becomes easy to question whether or not the project is viable or owned by the submitter. Project components should be clearly labeled and the contents therein should be relevant to the file type. Below, I list the most common project components that should be submitted for review.
Project Brief or Executive Summary
LOI’s if applicable
They are ready to invest more...
Project Developers often invest hundreds of thousands if not millions of dollars to get their projects finance ready. But a Project Developer’s investments do not stop there. A Great Green Deal is often determined by the continued commitment of the Project Developer to work towards a successful financial close. Even if all of the components are there and the deal appears to forecast profitable returns, due diligence is still required before money can be dispersed. Due Diligence fees can vary in cost so it is important to have sufficient capital readily available to cover these costs.
Response time can be an overlooked sign of a Great Green Deal but it is critical not only to the financial close but also to the experience. For Project Developers, the goal should be to secure financing as quickly as possible so that construction can commence and revenue can be generated. So, it is important to prioritize responses, provide substantive feedback, and always meet any deadlines given. This ensures a great experience for all that are involved. So, response time is key. The only way to secure financing is to have every T crossed and I dotted. The longer it takes to get a response the further away the close date.
If you are a project developer and have a green project that needs financing, debt or equity or both, contact ConservGeo today by visiting www.conservgeo.com for more information.
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