Our Process

The 6-stage framework — from concept to Financial Close.

Most African infrastructure projects stall not because the idea is bad — but because a development stage was skipped. Our gated framework ensures every investable milestone is met.

Overview

A structured, gated development path.

Typical timeline for a well-prepared project is 18–30 months. Each stage carries a defined deliverable, a funder-grade quality bar, and a gate that must be passed before the next stage begins.

Stage 01

Concept

Define the project and test the 6 foundational questions.

Stage 02

Feasibility

DFI-quality feasibility across six components.

Stage 03

Structuring

SPV, offtake, EPC and financial model build.

Stage 04

IM

Information Memorandum — 7 DFI components.

Stage 05

Engagement

DFI and investor engagement through term sheet.

Stage 06

Close

Conditions precedent, sign, first drawdown.

Stage 01

Concept Development

Answer the six foundational questions before spending development capital: What? Why here? Who pays? Who builds? Who funds? What are the risks?

  • • Concept note & opportunity assessment
  • • Sponsor team validation
  • • Preliminary regulatory screening
  • • Go/No-go gate review
Stage 02

Feasibility Study

DFI-quality feasibility covering six components — technical, market, financial, legal/regulatory, ESG, and risk allocation.

  • • Technical feasibility & site diligence
  • • Market and offtake analysis
  • • Indicative financial model
  • • ESIA scoping & IFC PS alignment
Stage 03

Structuring & Financial Modelling

SPV formation, offtake agreements, EPC selection and the full financial model — built to the metrics DFIs require.

  • • SPV jurisdiction & security package
  • • DSCR 1.30x · IRR · LLCR · PLCR · NPV
  • • Offtake (PPA/WPA) term sheet
  • • EPC scope of work & procurement
Stage 04

The Information Memorandum

The 7 IM components DFIs require — executive summary, market, technical, ESG, financial, risk and legal.

  • • Teaser and full IM
  • • Management presentation deck
  • • Data room structure
  • • Investor Q&A handbook
Stage 05

DFI & Investor Engagement

Six gates from concept screen to term sheet — managed as a structured, milestone-driven process.

  • • Target list & engagement plan
  • • Concept screen → credit committee
  • • Due diligence coordination
  • • Term sheet negotiation
Stage 06

Financial Close

Sequenced conditions precedent, documentation, signing and first drawdown — the definition of a bankable project.

  • • CP tracker & satisfaction
  • • Common terms & security
  • • Effective date & first drawdown
  • • Post-close covenant compliance
Budget & Timeline

What it costs to reach Financial Close.

A realistic development budget and 18–30 month timeline are the single biggest predictors of whether a project will close. We help sponsors plan both at the outset.

Development capital is typically recovered at Financial Close through a development fee or sponsor equity carry — structured transparently with funders at term-sheet stage.

18–30Months to CloseConcept to first drawdown, project-dependent.
7IM ComponentsExecutive, market, technical, ESG, financial, risk, legal.
6Feasibility PillarsTechnical · market · financial · legal · ESG · risk.
1.30xDSCR ThresholdMinimum debt service coverage for most DFI lenders.
Failure Modes

Seven reasons projects stall before Financial Close.

Each failure mode has a known preventative — and a defined workstream in our methodology to neutralise it.

01Weak sponsor team
Insufficient track record, capacity or credibility to pass DFI sponsor due diligence.
Mitigated by JV
02No credible offtake
PPA/offtake agreement absent, unbankable or mispriced — revenue uncertainty kills the deal.
Offtake scaffold
03Financial model gaps
Model fails sensitivities, or lacks DSCR, LLCR, PLCR and tax scenarios required by lenders.
Model rebuild
04ESG / IFC PS non-compliance
Absent or inadequate ESIA, stakeholder engagement, resettlement or biodiversity planning.
ESG remediation
05Sovereign / regulatory risk
Absence of required licences, permits, or government support letters.
Regulatory plan
06Insufficient risk mitigation
PRI, sovereign guarantees and partial risk guarantees not sized to lender requirements.
Risk matrix
07Underfunded development
Sponsor runs out of development capital before Financial Close — the most common failure.
Dev budget
Start the Process

Discuss your project at Stage 01.

Confidential initial consultation · NDA on request · structured assessment within 10 business days.

"Most projects don't fail from bad ideas — they fail from skipped stages."
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