Equity governance for solar, wind & cleantech developers
Project-finance structures, long-gestation capital, and state-level power agreements - where investor governance rights need to be airtight.
Long capital cycles, project-level financing.
Renewable energy projects typically raise project-specific debt and equity years before revenue starts, often through a special-purpose entity tied to a single power purchase agreement. Investors in this space expect detailed governance rights - board seats, reserved matters, and information rights - well beyond a typical early-stage SHA.
EGF structures these rights clearly from the first term sheet, so they don't have to be renegotiated at every subsequent financing round.
are the standard structure for solar and wind assets, one per site
revenue depends on long-term power purchase agreements with discoms
vary significantly across states for land, grid connectivity and clearances
investor governance rights are typically far more detailed than at early-stage startups
Utility-scale and rooftop solar developers structured around per-site project SPVs.
Wind asset developers facing similar state nodal-agency and PPA processes as solar.
Vehicle and battery manufacturers blending hardware IP with standard startup equity structures.
Municipal and industrial waste-processing projects, often government-contract dependent.
Emerging-technology projects with long-gestation capital and evolving regulatory frameworks.
Software and advisory platforms serving carbon credit and ESG reporting needs.
Governance built for project-finance investors.
Start, Grow or Scale - the framework covers this industry at every stage.
From incorporation to grid connection.
SPICe+ filing structured around lender and PPA counterparty documentation needs.
Land allotment, evacuation infrastructure and connectivity approvals from the state renewable energy agency.
Power purchase agreement with the discom or corporate offtaker, underpinning project financing.
AOC-4, MGT-7, plus periodic state regulator and lender compliance certificates.
Where developers actually get stuck.
Multiple investors across financing rounds with overlapping or conflicting veto rights.
Dozens of project SPVs, each with a slightly different ownership structure to track.
Land and grid-connectivity approvals varying widely in timeline across states.
Equity documents and debt covenants drafted separately, occasionally contradicting each other.
Renewable energy founders ask us this.
Lenders and PPA counterparties typically require project-level ring-fencing, so risk and cash flow at one site don't affect financing at another - it's the standard structure across the sector.
Decisions that require investor board approval regardless of ownership percentage - typically major capex, additional debt, or a change in PPA terms. We draft these to be specific and non-overlapping across investors.
We maintain a consolidated group cap table alongside each SPV's own records, giving you and your investors one accurate view of the whole portfolio at any time.
Yes - a shareholders' agreement that conflicts with debt covenants is a common and avoidable diligence issue. We review both together rather than in isolation.
Inconsistent reserved-matter clauses across SPVs, and a group-level cap table that hasn't kept pace with new project entities being added.
Developing renewable energy projects? Let's get the governance right.
One conversation is enough to scope the engagement.
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