Beyond C&I Solar: Expanding Our  Role in Infrastructure Finance

Energetic Capital has made its name—and built its brand—around enabling the financing of commercial and industrial (C&I) solar assets. We've become a trusted partner for many of the largest developers, independent power producers (IPPs), aggregators, and sponsors in that space. This foundation in C&I solar has been a meaningful part of our pipeline, and it's played a critical role in validating our model.

But that’s no longer the full picture.

The truth is: Energetic Capital enables financing across renewable energy and infrastructure—well beyond the bounds of traditional C&I solar. This shift isn’t about walking away from our past; it’s about recognizing the breadth of opportunity where our expertise creates value.

What unites these opportunities isn’t the technology. It’s not whether a project involves solar, storage, fuel cells, microgrids, or even data centers. The common thread is this: contracted cash flows.

Regardless of the asset class, scale, or market segment, projects are financed based on the credibility, durability, and structure of their long-term cash flows. That’s where Energetic Capital plays a critical role; we specialize in enhancing those contracted cash flows, so that capital providers can lend, invest, or underwrite with greater confidence.

Infrastructure Means Many Things—But It All Comes Down to Cash Flow

"Renewable energy and infrastructure" can mean very different things to different people. To some, it's solar and wind. To others, it's grid-scale storage, microgrids, fuel cells, or even edge computing infrastructure like data centers. Definitions vary across technologies, sectors, and stakeholders. But beneath that diversity, there's a common denominator: contracted cash flows.

No matter the asset class, most infrastructure transactions are fundamentally structured around a predictable, contracted revenue stream. Whether it’s a power purchase agreement for solar, a tolling agreement for battery storage, or a hosting contract for a data center—these long-term obligations form the basis for financing. The role of the contract is central: it defines how value is created, monetized, and protected over time.

While some projects may incorporate speculative or merchant components, the bulk of third-party capital deployment flows toward assets where the cash flow is secured, contracted, and creditworthy. These aren't side considerations—they're the axis around which most deals revolve.

Where Projects Get Stuck: Risks to Cash Flow

And yet, this is where the bottlenecks emerge. When financiers hesitate, it’s rarely because of uncertainty around the solar module’s efficiency or the control system on a microgrid. It's due to friction in the cash flow itself. Common risk factors include:

• Contract Risk – Is the agreement bankable and enforceable?

• Offtaker Risk – Is the counterparty creditworthy and willing/able to pay?

• Term Risk – Is the contract long enough to support repayment?

• Legal Risk – Can the lender rely on the contract in default scenarios?

The capital markets price these risks—explicitly or implicitly—into every transaction. The result is higher cost of capital, reduced leverage, or deals that simply stall.

While the technical design and physical construction of a project are undeniably complex and critical to its success, they are rarely the root cause of financing friction. Engineering teams, developers, and EPCs have developed mature processes to deliver high-quality infrastructure. What tends to introduce uncertainty for capital providers is not the project’s ability to be built—but the reliability of its cash flows once it is.

Lenders and investors aren’t just looking at hardware specs—they’re assessing the strength, structure, and enforceability of the revenue contracts. The economic viability of the asset often hinges on who is obligated to pay, under what terms, and for how long. In this sense, capital is not flowing to physical infrastructure alone—it’s flowing to the agreements that make that infrastructure valuable.

At the Center of the Deal: Enhancing Confidence Across the Stack

Energetic Capital holds a unique position in the renewable infrastructure ecosystem—we operate at the intersection of all key participants in a transaction. Today, we work with many of the largest developers, sponsors, independent power producers (IPPs), leading project finance banks, top-tier advisors, brokers, and investment bankers. Our role isn’t to replace or compete with these players. Instead, it’s to enhance the credibility and bankability of contracted cash flows—so that everyone in the capital stack is more comfortable moving forward.

Our product—credit insurance—is often misunderstood as a niche solution for C&I solar. In reality, it is an infrastructure-enabling product. It strengthens the foundation on which most infrastructure projects are financed: long-term contracted cash flow.

We integrate seamlessly into deal structuring, working alongside sponsors, lenders, and advisors without overstepping or introducing unnecessary complexity. Our goal is simple: to improve the economics, reduce the friction, and accelerate the timelines of infrastructure transactions by addressing risk where it matters most—at the contract level.

This isn’t theoretical. It’s already happening across a wide range of asset types and contract structures:

• Standalone storage backed by multi-year tolling agreements

• Microgrids serving school districts, municipalities, and large corporates

• Fuel cells paired with long-term commercial lease agreements

• Data centers anchored by hyperscaler service contracts

• Community solar portfolios with both commercial and residential subscribers

• Virtual power purchase agreements (VPPAs) with corporate offtakers across wind and solar

• And of course, C&I solar, where our model was first proven and scaled

In each of these cases, we’re not reinventing the project. We’re strengthening its financial DNA by supporting the reliability of its cash flows—making it easier for capital to flow into the energy transition.

Serving the Transaction, Not One Specific Party

People who’ve worked closely with Energetic Capital over the years understand something fundamental about our approach: we don’t serve one party in a transaction—we serve the transaction itself.

We are often brought in by any of the core stakeholders:

A developer or sponsor who wants to strengthen their financing package to attract better terms from lenders or investors.

A project finance banker with a transaction they believe in, but that needs a final layer of credit support to clear committee.

An advisor, broker, or investment banker preparing a deal for market, aiming to make the cash flows as credible and compelling as possible for institutional capital.

In every case, our role is the same: to enhance the structure and contracted revenue profile in a way that benefits everyone. We’re not  aligned with just one participant, but with the success of the deal.

That’s why we take pride in working across the capital stack, across asset classes, and across counterparties. Whether we’re enhancing a corporate PPA on a utility-scale wind project or a behind-the-meter tolling agreement on a battery storage system, our job is to bring credibility, flexibility, and bankability to the core financial structure—so capital can flow with confidence.

Our clients include:

• Developers and asset owners monetizing long-term infrastructure cash flows

• Lenders and institutional investors who need to mitigate offtake risk

• Advisors and brokers tasked with getting their clients to close

• Infrastructure funds, aggregators, and utilities executing on complex portfolios

We often describe ourselves as the bridge between complex infrastructure realities and the capital markets that require de-risked, durable cash flows. In that way, we aren't just enabling individual projects—we're enabling an entire ecosystem of stakeholders to transact more efficiently and at greater scale.

The Broader Opportunity: Infrastructure’s Next Chapter

While the fundamentals of infrastructure finance remain grounded in contracted cash flows, the market around those fundamentals is evolving. Rapidly.

Today’s infrastructure landscape includes new asset classes, new offtake structures, and an increasingly complex capital stack. We’re seeing a surge in bespoke agreements, hybrid models, and new types of counterparties—requiring greater flexibility and deeper expertise across all deal participants.

The capital stack, too, has become more layered and diverse. It’s no longer just senior lenders and tax equity. Today’s transactions involve:

• Senior financiers with tightened underwriting criteria

• Mezzanine and structured credit providers bridging capital gaps

• Credit funds stepping into all parts of the capital stack

• New tax equity investors, particularly on the transfer or buy side post-IRA

• Bridge products designed to advance on future tax equity commitments

• Hybrid financing structures combining multiple layers of capital

What continues to tie these moving parts together is the same constant: cash flows that need to be understood, de-risked, and enhanced to support investment.

Energetic Capital’s Place: Inside the Stack, Not Adjacent to It

As this landscape grows more complex, Energetic Capital’s model has only become more relevant. We’re a structural enabler that fits directly inside the capital stack, helping to harmonize evolving deal formats by focusing on their one constant: the contract that underpins value.

Whether it's a utility-scale solar project with a blended VPPA and merchant tail, a battery storage project with capacity payments, or a community infrastructure project with multiple offtakers—we provide a flexible mechanism to improve confidence in the revenue layer, regardless of how that revenue is structured.

Our approach isn’t optimized for one structure, but for any that hinges on long-term payments. That’s what makes us durable across cycles and scalable across asset types.

Reframe the Deal. Rethink the Risk. Reinforce the Revenue.

Financiers, developers, advisors, brokers, and investment bankers who truly understand what we do don’t see Energetic Capital as a product tied to a single technology. They use us as a platform—a tool that expands beyond asset class and sector, built to strengthen the credibility of contracted cash flows wherever they appear.

In one moment, we may be deep in the weeds on a C&I solar portfolio. In the next, we’re helping structure the financing of a hyperscaler-backed data center or a tolling agreement on standalone storage. With many of our project finance bank partners, these conversations are no longer siloed by technology—they’re unified by contract quality, cash flow reliability, and structure.

That’s where the market is going. And that’s where we’ve already been.

As the energy transition scales, and infrastructure becomes more distributed, digital, and hybridized, we believe it’s time for everyone at the table to think beyond technology verticals. The real innovation isn’t just in the asset—it’s in how we protect, value, and enable the cash flows that those assets generate.

Energetic Capital is the platform that enables the next wave of infrastructure finance by elevating trust in the contract—not just the asset. When we do that, capital can flow more quickly, more cost-effectively, and more confidently across every structure in the market.

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