Field Note · Energy · Project Delivery

The risk that lives between financial close and energization

Capital treats financial close as the finish line. Procurement, interconnection sequencing, and contractor capacity treat it as the starting point.

May 2025

Workers installing solar panels at a utility scale site

The interval between financial close and commercial operation is where a well-structured deal can still fail: equipment lead times, interconnection study slippage, weather windows, and constrained EPC contractor capacity in a given region and season. Institutional capital increasingly wants this delivery risk underwritten before commitment, not discovered mid-construction.

Project readiness work now includes a formal delivery-risk review alongside financial and legal diligence: contractor track record, procurement lead times against the interconnection timeline, and seasonal construction windows specific to the site's climate. A project that is bankable on paper still has to be buildable on a schedule that survives contact with reality.

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