What is project finance relevance amid interest rate cycles? With central banks pausing hikes, refinancing risk for long-term projects is reduced, which helped infrastructure ETFs gain 2.8% over the last 30 days. Most of the new Trump administration’s SBA rules have tightened credit compared with the Biden years. Borrowers face tougher checks, higher down payments, and stricter debt coverage standards. Against that backdrop, this clarification is a small step in the other direction. It makes it easier for proven operators to grow inside their industry without tying up more capital. Elina represents clients in numerous cutting-edge transactions in the development, financing, acquisition, workout and disposition of energy and infrastructure projects, with a particular emphasis on renewable and alternative energy sectors such as solar, wind, and energy storage. Her clients consist of sponsors, developers, lenders, investors and other participants in a broad variety of complex asset-based financings at all levels of the capital stack, including development, construction, back-leverage, warehouse and mezzanine financings, tax equity, preferred equity and cash equity transactions, tax credit transfer transactions, capital market securitizations, and forward flow financings. Elina is also experienced with the geothermal, nuclear, energy efficiency, water, and distributed energy resources industries, as well as with joint ventures and the disposition and acquisition of energy and infrastructure assets. What is project finance and market valuations? Investors often price predictable project cash flows into long-term valuations, pushing EV/EBITDA multiples higher in some infrastructure sectors, currently averaging 10.7 vs 9.5 industry-wide.
