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Stirling Infrastructure raises capital for project sponsors. The firm provides a comprehensive corporate finance function to finance infrastructure projects.

Equity Finance

Stirling Infrastructure raises equity for infrastructure projects. This includes equity capital raises on direct investments and for co-investments. 

The firm’s analysts spend time researching and understanding the investment proposals and appraise the opportunities for an equity capital raise. All investments presented to the firm are benchmarked against a range of infrastructure KPI metrics. Our sector analysts determine, on an objective basis, how and whether the investment is expected to perform against comparable transactions and funds. Once the analysts have formed an opinion on the investment proposal, this analysis is presented to the firm’s Investment Board.

The Investment Board consists of infrastructure executives who have substantive experience in reviewing such investments by sector and geography. After the Investment Board meets to discuss the proposal, they will either:

  1. Accept the mandate to act as the project sponsor’s corporate finance advisor or an advisor to the asset manager for an equity raise; or 
  2. Require the project sponsor or asset manager to take further action for an equity raise to be suitable for institutional investors or strategic investors; or
  3. Decline the mandate for an equity raise by the firm as the investment opportunity did not meet this firm’s benchmarks to pass for a capital raise to institutional investors. 

The Investment Board accepts mandates that will meet the investment criteria of institutional investors. The Investment Board is satisfied that if a mandate is accepted, Stirling Infrastructure, the firm, is confident that it will achieve a successful capital raise.  

Debt Finance / Refinance

Stirling Infrastructure facilitates both debt raises and refinancing arrangements for infrastructure assets. This may relate to project finance or to operating assets. As a specialist infrastructure financier, Stirling Infrastructure can finance projects with debt from local, national, and international banks, and private debt funds. The firm uses its relationships from prior transactions to bring cooperative lenders together so that the provision of structured debt is delivered quickly and at competitive rates. 

The cost of capital, tenor, and conditions that the facility will be lent on, can be altered depending on the lender’s appetite towards risk in the specific country, subsector, borrower’s experience, borrower’s balance sheet, or forecasted cash flows, among other factors.  

What makes Stirling Infrastructure unique is the market knowledge the firm has and the relationships it maintains with mainstream and specialist infrastructure lenders ‑ some of which are not commonly known in the market. The firm does not have a specified restriction on any jurisdiction. Stirling Infrastructure has expertise in: 

  • Sourcing the lowest cost of capital, with favourable lending terms, from a range of lenders for refinancing or non-complex transactions. 
  • Offering more complex capital structures access to specialist lenders, who have an appetite for unique infrastructure financing and special situations. This allows us to offer more bespoke solutions.

The transactions team reviews the debt requirement and supports the client in preparing the business case appropriately before it is presented to the selected, appropriate lenders. The transactions team manages the entire process in consultation with the client. 

Co-Investments

Co-investments can be an effective way for investors to allocate into infrastructure projects. Co-investments have several benefits, which include: 

  • Added value. Each investor brings a separate value to the transaction. One co-investor’s value-add may be market knowledge and operational expertise of the asset, whereas another co-investor’s value-add may be the allocation of equity into the project or the strength of its balance sheet to secure a lower cost of capital. 
  • Co-investments allow for the diversification of risk across multiple parties which should mitigate risk and achieve more stable returns. 
  • Returns on the investment may be allocated proportionally to the value added and or equity allocated towards realising the investment. 

Stirling Infrastructure has the expertise to originate, conduct due diligence, and appraise and present co-investment opportunities to project sponsors that have been approved by our Investment Board. Only projects presented by project sponsors, which can convey a co-investment demonstrating bankability, are approved by the Investment Board.  

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