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Fundamental Renewables

Flexible financing solutions for clean, affordable energy

$5B+

Loans Originated

1,300+

Projects Financed

7GW+

Solar Capacity Financed

What We Do

Fundamental Renewables (“FR”) is the clean energy investment arm of Fundamental that is focused on providing specialty finance solutions for the development, construction and operation of renewable energy projects across the United States. FR’s strategy seeks to provide consistent current income, downside protection, and attractive risk-adjusted returns, while delivering inherent environmental benefits. With a flexible approach and streamlined process, we can lend across all stages of the project lifecycle and deliver customized solutions to an underserved segment of the market.

Meet Our Team

The team brings its specialized knowledge and project finance expertise to address itself to a wide range of opportunities in renewable energy, primarily ranging from smaller scale commercial and community solar projects to larger utility-scale projects. In addition to development and construction loans, we seek to meet the evolving needs of renewable energy developers, owners and operators through complementary solutions, including battery storage, term and mini-perm financing.

Key Features

Structuring bespoke solutions and delivering speed, certainty of execution and flexibility results in repeat business and attracts new customers.

Providing shorter duration loans (primarily 12 to 24 months) for projects in the earlier stages of their lifecycles (i.e., development & construction), an underserved segment of the market.

Leveraging Fundamental’s institutional-grade platform, project finance expertise and proven ability to stabilize underlying projects in the event of stress or distress.

Expanding clean energy access to communities around the country through our partnership with high-quality developers that are spearheading the energy transition to a lower carbon economy.

Financing Solutions*

Development

Providing capital necessary to move projects through development and into their construction phase. Projects financed are typically in their late-stage development phase and require capital to fund development costs, which include site lease options, interconnection deposits, permit fees and equipment deposits.

$2B+

Loans
Originated

650+

Projects Financed

6K+

Annual Gigawatt Hours Financed

 
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Portfolio Development Loan: A revolving facility to fund development and initial construction costs (e.g., interconnection deposits, PPA deposits and other project expenses) for a 1GW+ portfolio of utility-scale solar projects across the U.S.

Construction

Providing capital to finance the construction phase of projects and place them into service. In most cases, construction loans are periodically drawn from during system construction by the developer or EPC contractor. Often, the solar developer (or sponsor equity) contributes the first 10-15% of costs before drawing on the construction loan.

$3B+

Loans
Originated

400+

Projects Financed

4K+

Annual Gigawatt Hours Installed

 
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Community Solar: Provided a 16-month construction loan to an experienced solar developer focused on community solar. Projects are designed to reduce retail electricity costs by aggregating residential and small commercial customers to provide them with access to larger scale renewable energy generation.

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Single offtake: Loan to fund the construction of 75MW project with an executed offtake agreement from an investment grade utility. The funding took place prior to commitment of tax equity and permanent debt, which enabled the developer to begin construction and deliver the project prior to any cliff dates.

Battery Storage

Providing both late-stage development and construction financing for solar plus battery storage along with standalone battery storage projects. Battery energy storage systems capture energy produced from solar photovoltaic systems at one time for use at a later time. This allows for the deployment of stored energy at night, or in less than sunny conditions, as well as the sale to utilities that provide the electric grid stability and reliability during certain times of high energy use. While still in a relatively nascent stage, we expect significant growth in the battery storage market given its ability to reduce imbalances between energy demand and energy production.

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Standalone Battery Storage: Loan to fund the construction of a 4MW standalone battery storage system in New York. Loan proceeds were advanced prior to commitment of permanent debt, which expedited the developer’s ability to start construction.

Term Lending & Operating Assets

For completed projects, we can supply traditional, first-position project term debt or own the operating project itself. We also provide mini-perm debt and mezzanine financing, as well as bespoke financing solutions for a variety of project-level and corporate needs.

$500M+

Originated

240+

Projects Financed

6K+

Gigawatts of Capacity

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Term Lending: Back leverage financing provided to a 100MW project in the Southwest used to refinance a construction loan. The loan has a five-year term and was structured to align with the project’s anticipated revenue stream.

Our Footprint &
Environmental Impact

Colorado

14

# of
projects

27,514,920

Total Loan
Commitments ($)

54,000

Total Size
(kWp)

Georgia

41

# of
projects

140,500,000

Total Loan
Commitments ($)

1,143,770

Total Size
(kWp)

South Carolina

99

# of
projects

432,180,016

Total Loan
Commitments ($)

4,454,000

Total Size
(kWp)

North Carolina

190

# of
projects

882,897,030

Total Loan
Commitments ($)

5,757,502

Total Size
(kWp)

Kentucky

3

# of
projects

15,000,000

Total Loan
Commitments ($)

221,370

Total Size
(kWp)

Virginia

8

# of
projects

62,724,630

Total Loan
Commitments ($)

712,349

Total Size
(kWp)

Puerto Rico

1

# of
projects

15,000,000

Total Loan
Commitments ($)

750

Total Size
(kWp)

Pennsylvania

15

# of
projects

52,000,000

Total Loan
Commitments ($)

739,063

Total Size
(kWp)

New York

14

# of
projects

72,930,000

Total Loan
Commitments ($)

42,478

Total Size
(kWp)

Maine

11

# of
projects

139,785,000

Total Loan
Commitments ($)

26,786

Total Size
(kWp)

Massachusetts

79

# of
projects

242,945,320

Total Loan
Commitments ($)

280,901

Total Size
(kWp)

Rhode Island

1

# of
projects

1,000,000

Total Loan
Commitments ($)

3,670

Total Size
(kWp)

New Jersey

11

# of
projects

65,627,000

Total Loan
Commitments ($)

59,910

Total Size
(kWp)

Louisiana

1

# of
projects

72,000,000

Total Loan
Commitments ($)

75,000

Total Size
(kWp)

Texas

30

# of
projects

1,545,671,836

Total Loan
Commitments ($)

3,856,664

Total Size
(kWp)

Utah

1

# of
projects

15,000,000

Total Loan
Commitments ($)

30,000

Total Size
(kWp)

Arizona

12

# of
projects

34,000,000

Total Loan
Commitments ($)

708,440

Total Size
(kWp)

California

3

# of
projects

3,000,000

Total Loan
Commitments ($)

21,000

Total Size
(kWp)

Oregon

33

# of
projects

325,742,000

Total Loan
Commitments ($)

419,700

Total Size
(kWp)

Minnesota

203

# of
projects

194,604,000

Total Loan
Commitments ($)

376,266

Total Size
(kWp)

Illinois

48

# of
projects

352,387,500

Total Loan
Commitments ($)

115,206

Total Size
(kWp)

Missouri

20

# of
projects

70,000,000

Total Loan
Commitments ($)

1,263,490

Total Size
(kWp)

Wisconsin

5

# of
projects

19,387,500

Total Loan
Commitments ($)

22,300

Total Size
(kWp)

Hawaii

1

# of
projects

2,540,000

Total Loan
Commitments ($)

500

Total Size
(kWp)

Washington, DC

158

# of
projects

12,000,000

Total Loan
Commitments ($)

23,000

Total Size
(kWp)

Maryland

31

# of
projects

173,698,000

Total Loan
Commitments ($)

90,594

Total Size
(kWp)

Mississippi

20

# of
projects

70,000,000

Total Loan
Commitments ($)

1,263,490

Total Size
(kWp)

Northeast

Maine

11

# of
projects

139,785,000

Total Loan
Commitments ($)

26,786

Total Size
(kWp)

Maryland

31

# of
projects

173,698,000

Total Loan
Commitments ($)

90,594

Total Size
(kWp)

Massachusetts

79

# of
projects

242,945,320

Total Loan
Commitments ($)

280,901

Total Size
(kWp)

New Jersey

11

# of
projects

65,627,000

Total Loan
Commitments ($)

59,910

Total Size
(kWp)

New York

14

# of
projects

72,930,000

Total Loan
Commitments ($)

42,478

Total Size
(kWp)

Pennsylvania

15

# of
projects

52,000,000

Total Loan
Commitments ($)

739,063

Total Size
(kWp)

Rhode Island

1

# of
projects

1,000,000

Total Loan
Commitments ($)

3,670

Total Size
(kWp)

Southeast

Georgia

41

# of
projects

140,500,000

Total Loan
Commitments ($)

1,143,770

Total Size
(kWp)

Kentucky

3

# of
projects

15,000,000

Total Loan
Commitments ($)

221,370

Total Size
(kWp)

Louisiana

1

# of
projects

72,000,000

Total Loan
Commitments ($)

75,000

Total Size
(kWp)

North Carolina

190

# of
projects

882,897,030

Total Loan
Commitments ($)

5,757,502

Total Size
(kWp)

South Carolina

99

# of
projects

432,180,016

Total Loan
Commitments ($)

4,454,000

Total Size
(kWp)

Virginia

8

# of
projects

62,724,630

Total Loan
Commitments ($)

712,349

Total Size
(kWp)

Washington, DC

158

# of
projects

12,000,000

Total Loan
Commitments ($)

23,000

Total Size
(kWp)

Puerto Rico

1

# of
projects

15,000,000

Total Loan
Commitments ($)

750

Total Size
(kWp)

Mississippi

20

# of
projects

70,000,000

Total Loan
Commitments ($)

1,263,490

Total Size
(kWp)

Midwest

Illinois

48

# of
projects

352,387,500

Total Loan
Commitments ($)

115,206

Total Size
(kWp)

Kentucky

203

# of
projects

194,604,000

Total Loan
Commitments ($)

376,266

Total Size
(kWp)

Minnesota

20

# of
projects

70,000,000

Total Loan
Commitments ($)

1,263,490

Total Size
(kWp)

Missouri

5

# of
projects

19,387,500

Total Loan
Commitments ($)

22,300

Total Size
(kWp)

Wisconsin

Southwest

Arizona

12

# of
projects

34,000,000

Total Loan
Commitments ($)

708,440

Total Size
(kWp)

Texas

30

# of
projects

1,545,671,836

Total Loan
Commitments ($)

3,856,664

Total Size
(kWp)

West

California

3

# of
projects

3,000,000

Total Loan
Commitments ($)

21,000

Total Size
(kWp)

Colorado

14

# of
projects

27,514,920

Total Loan
Commitments ($)

54,000

Total Size
(kWp)

Hawaii

1

# of
projects

2,540,000

Total Loan
Commitments ($)

500

Total Size
(kWp)

Oregon

33

# of
projects

325,742,000

Total Loan
Commitments ($)

419,700

Total Size
(kWp)

Utah

1

# of
projects

15,000,000

Total Loan
Commitments ($)

30,000

Total Size
(kWp)

10M+

Annual
Kilowatt Hours
Installed

7M+

Metric Tons of
Carbon Dioxide
Offset Annually

1M+

Passenger Vehicles
Removed From The Road
For One Year

900K+

Homes
Energy Use
For One Year

*Sample transactions highlighted above were selected based on non-performance based criteria and are provided for illustrative purposes only to show Fundamental’s investment process with respect to such investments. There is no guarantee that any investment vehicle managed by Fundamental Advisors will find similar opportunities in the future.

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