Projects

Project Description & Status
RLR Consultants’ Activity
55 MW Geothermal Portfolio
Portfolio Cost, $300 million
Ongoing
Advise sponsor on their PPA bidding strategy

Responsibilities include:
  • Model the plant operations, capital structure, partnership accounts, back leverage and tax
  • Update for impact of the Tax Cut and Jobs Act (TCJA)
  • Model multiple valuation scenarios at different PPA rates and structures
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    5 MW Solar Facility
    Project Cost, $8 million
    Completed    		Structured and advised a client on bidding for an island solar facility

    Responsibilities included:
  • Model the plant operations, capital structure and credit scenarios
  • Carried out due diligence on the economics and contracts supporting the project
  • Marketed sale to strategic equity investors interested in exposure to the U.S. market
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    400 MW Wind Farms
    Ongoing    		Advise minority sponsor investor on the potential sale of the portfolio.
    Ongoing responsibilities include:
  • Review partnership documentation
  • Model the plant operations, capital structure, partnership accounts, and flip-yield calculations
  • Update for impact of the TCJA
  • Model multiple valuation scenarios at different sale prices and structures
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    Municipal Solid Waste Processing Facility
    Project Cost, $780 million
    Capital Raise, $780 million
    Ongoing
    		Advise a start-up company in the development and financing of a Municipal Solid Waste-to-energy/liquids processing facility.

    Responsibilities include:
  • Assisting in structuring and pricing of an ethanol off-take agreement
  • Structuring and modeling long term debt and equity financings for the project
  • Assisting the sponsor in preparing a Confidential Information Memorandum
  • Assisting in the marketing of the transaction to investors and lenders
     
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    25 MW Commercial Solar PV Portfolio
    Project Cost, $40 million
    Capital Raise, $23 million
    Ongoing
    		Consult with a commercial solar developer on structuring a tax equity partnership for a solar project to monetize accelerated depreciation and investment tax credits.

    Responsibilities include:
  • Modeling the plant operations, capital structure and partnership accounts
  • Participating in site visits with investors
  • Reviewing indicative proposals from investors
  • Commenting on transaction term sheets and documentation, ensuring model compatibility
     
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    50 MW Geothermal Plant
    Project Cost, $400 million
    Ongoing
    		Assist the client in maintaining a “tracking model.” Developed a valuation model for multiple tier partnership ownership interests.

    Responsibilities include:
  • Verifying input of actual performance over time to update “tracking model”
  • Modeling the plant operations, capital structure, partnership accounts, tax and GAAP results
  • Modeling multiple valuation scenarios at various ownership levels
  • Evaluating “change of control” issues
  • Evaluating remedial allocation impact on equity valuation
     
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    140 MW Commercial Solar PV Portfolio
    Project Cost, $255 million
    Capital Raise, $120 million
    Ongoing
    		Work with a commercial solar developer on structuring a tax equity partnership for a solar project to monetize accelerated depreciation and investment tax credits.

    Responsibilities include:
  • Modeling the plant operations, capital structure and partnership accounts
  • Reviewing term sheet from investor
  • Commenting on transaction term sheets and documentation, ensuring model compatibility
     
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    Truck Fleet CNG Stations
    Project Cost, $100 million
    Completed Q1 2016    		Consulted with a start-up company in the development and financing of a series of strategically located CNG stations for refueling truck fleets.

    Responsibilities included:
  • Structuring and modeling long-term equity financing for a project YieldCo
  • Assisting the sponsor in preparing a Confidential Information Memorandum
  • Assisting in the marketing of the transaction to investors and lenders
     
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    Harbor Dredge Material Processing Facility
    Project Cost, $95 million
    Completed Q3 2014
    		Advised with a start-up company in the development and financing of a facility to process harbor dredge material into light weight aggregate.

    Responsibilities included:
  • Assisting in structuring and pricing of tipping fees and off-take agreements
  • Structuring and modeling long term debt and tax equity financings for the project
  • Assisting the sponsor in preparing a Confidential Information Memorandum
     
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    27 MW Commercial Solar PV Portfolio
    Project Cost, $75 million
    Capital Raised, $26 million
    Closed Q4 2014
    		Consulted with a commercial solar developer on structuring a tax equity partnership for a solar project to monetize accelerated depreciation and investment tax credits.

    Responsibilities included:
  • Modeling the plant operations, capital structure and partnership accounts
  • Site visits with investors
  • Reviewing indicative proposals from investors
  • Commenting on transaction term sheets and documentation, ensuring model compatibility
     
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    35 MW Geothermal Plant
    Project Cost, $170 million
    Capital Raised, $140 million
    Closed Q2 2014
    		Worked with borrower for a second phase borrowing under the DOE 1705 LGP “FIPP” program.

    Responsibilities included:
  • Developing project models and assisting in debt structure and pricing
  • Providing in-depth transaction support through closing
     
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    210 MW Geothermal Portfolio
    Project Cost, $738 million
    Capital Raised, $47 million
    Closed Q1 2013    		Assisted with the sponsor in structuring the sale of membership interests in a tax partnership (PTC monetization).

    Responsibilities included:
  • Modeling the plant operations and capital structure
  • Consulting with the client on the Confidential Information Memorandum for marketing the transaction
  • Reviewing indicative proposals from investors
  • Commenting on transaction documentation and term sheets, ensuring model compatibility
  • Assisting the sponsor in preparing a tracking & forecast model to compare prior project performance to expectations
     
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    50 MW Geothermal Plant
    Project Cost, $400 million
    Capital Raised, $99 million
    Closed Q3 2012    		Consulted with the client on the tax equity (depreciation monetization) financing of a geothermal power plant.

    Responsibilities included:
  • Modeling the plant operations, capital structure, partnership accounts, HLBV accounting results
  • Consulting with the client on the Confidential Information Memorandum for marketing the transaction
  • Participating in site visits with various investors
  • Reviewing indicative proposals from investors
  • Commenting on transaction term sheets and documentation, ensuring model compatibility
     
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    Construction & Demolition Waste Processing Facility
    Completed Q2 2012    		Worked with a start-up company in the development and financing of a Construction & Demolition waste processing facility
    11 MW Biomass Plant
    Project Cost, $57 million
    Completed Q1 2012    		Assisted the project developer in evaluating an indicative proposal for a tax equity investment, comparing the market after tax cost of capital for tax equity to an indicative proposal and to an outright sale of the project to a tax efficient third party
    Residential Solar Developer
    Project Cost, $281 million
    Completed Q3 2011
    		Structured and modeled an inverted lease pass-through structure for a start-up company.

    Responsibilities included:
  • Modeling an inverted lease pass-through structure and tie in with corporate & venture capital funding models
  • Assisting in modeling venture capital and project sponsor equity
     
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    120 MW Geothermal Portfolio
    Project Cost, $610 million
    Capital Raised, $350 million
    Closed Q3 2011    		Consulted with borrower through the DOE 1705 LGP “FIPP” program.

    Responsibilities included:
  • Evaluating proposals from FIPP participating institutions and recommended the most suitable partner
  • Developing project models and assist in developing application materials (Part 1 and Part 2 submissions)
  • Providing in-depth transaction support through closing
     
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    845 MW Wind Farm Portfolio
    Project Cost, $1,900 million
    Capital Raised, $208 million
    Closed Q1 2011    		Worked with a corporate tax-equity investor evaluating the acquisition of membership interests in a syndicated tax-partnership (Cash Grant monetization).

    Responsibilities included:
  • Modeling the plant operations, capital structure, partnership agreement and HLBV accounting results
  • Analyzing and stress-testing the developer’s model and assumptions
     
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    54 MW Geothermal Portfolio
    Project Cost, $160 million
    Capital Raised, $25 million
    Closed Q1 2011
    		Advised with the sponsor in structuring the sale of membership interests in a tax partnership (PTC monetization).

    Responsibilities included:
  • Developing a base case model for the investor
  • Reviewing mandate letter and purchase and sale agreement
  • Assisting the sponsor in preparing a tracking & forecast model to compare prior project performance to expectations
     
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    152 MW Wind Farm
    Project Cost, $319 million
    Capital Raised, $75 million
    Closed Q4 2010
    		Consulted with a corporate tax-equity investor evaluating the acquisition of membership interests in a syndicated tax-partnership (PTC monetization).

    Responsibilities included:
  • Modeling the plant operations, capital structure, partnership agreement and HLBV accounting results
  • Evaluating the potential tax risks associated with a leveraged partnership and stress-testing the developer’s model
     
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    50 MW Geothermal Plant
    Project Cost, $285 million
    Capital Raised, $98 million
    Closed Q3 2010    		Assisted with the sponsor in determining the optimal financing package for this facility.

    Responsibilities included:
  • Evaluating and modeling for the lowest after-tax cost of capital structure comparing a lease, tax partnership, bank debt and DOE 1705 LGP debt
  • Consulting on structuring a $98.5 million debt package backed by a Department of Energy Loan Guarantee under Section 1705
     
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