NuclearUK and Europe£415mFunding and investment structuring
Small modular reactor development phase, fully funded
A first-of-a-kind SMR programme needed capital to complete concept design and build a target operating model for global deployment. We built a scalable target operating model with the supporting corporate structure, sourced funders including public-sector participation, and negotiated aligned terms.
Outcome
The three-year development phase was fully funded, the operating model was agreed with government and regulators, and the programme entered Generic Design Assessment.
Pulp and paperEurope and Nordics€2bnStructured fund raising
€2bn of trapped forestry assets released
Two European producers held around €2bn of forestry assets on balance sheet, dragging on return on equity and starving core manufacturing of investment. We created a new SPV with the sponsors as minority owners, off balance sheet, funded by a consortium of local and international banks and underpinned by long-term offtake contracts.
Outcome
Around €2bn released and redeployed into the sponsors' core operations, with institutional equity added and lenders comfortable on offtake.
Renewable energyZambiaUSD 200mStructuring and DFI navigation
A 200 MWp solar programme steered away from an unbankable structure
A 200 MWp utility-scale solar project in four phases targeted a regional power deficit of more than 800 MW and diversification away from drought-exposed hydro. DFIs were unwilling to accept the state utility as an unbacked offtaker, and the proposed 80:20 leverage was too aggressive for the market. We engaged European DFIs, commercial banks and national institutions, restructured leverage to a realistic 70:30 to 65:35 model, and structured a pivot to private mining offtake. Mining consumes roughly 55% of national power.
Outcome
360 degree risk vetting protected investor capital from an over-leveraged structure, and the private offtake model removed sovereign guarantee dependency and bypassed DFI grid-risk hesitation.
NuclearUK and Europe£18bnPMO and project controls
Integrated project controls stood up for a new UK market entrant
A new entrant bringing unfamiliar reactor technology into the UK and European markets needed an integrated project controls function, with compliance against demanding UK regulatory requirements. We ran a full controls maturity assessment across governance, performance measurement baseline, cost, risk, schedule, earned value and reporting, upskilled stakeholders on UK regulation, and stood up the controls and reporting systems.
Outcome
Measurable maturity gains year on year with lower cost and rework, and controls maturity that underpinned Generic Design Assessment and strengthened regulator confidence.
Energy and defenceUK£1.2bnStrategic advisory and assurance
Programme assurance that released further government funding
Before releasing further funding on a £1.2bn project, the sponsoring authority required pre-assurance that engineering maturity had been reached. We ran a comprehensive Level 2 programme analysis, testing quality, alignment to the delivery strategy and feasibility, and pinpointed gaps in work summarisation, milestone use and the integration of project interfaces.
Outcome
Corrective actions demonstrated sufficient maturity, releasing additional funding and setting a more robust execution baseline.
HealthcareSouthern AfricaUSD 50m targetBankability Gate Review
An honest "not yet ready" verdict that saved a costly funding process
A consortium developing a 130-bed specialised general hospital, a priority project under a national economic transformation programme, was seeking to raise USD 50m and needed an independent view on whether it was ready to approach funders. Our gate review tested commercial viability, capital structure, risk, deliverability and DFI fit.
Outcome
The verdict was not yet ready to fund. We recommended a feasibility study to build the bankability case before progressing, avoiding a premature and costly funding process.
TransportEurope€2bn+Technical and commercial due diligence
Lenders assured across €2bn+ of airport financings
Lenders and concessionaires across a portfolio of European airports needed independent technical and cost due diligence before committing capital, spanning a refinancing of more than €2bn, a new terminal programme of more than €1bn, and a major hub terminal development. We delivered construction cost reviews, unit-rate and international benchmarking, value engineering and alternative order-of-magnitude estimates, and tracked the drivers of cost change.
Outcome
Lenders gained comfort that overruns were contained and debt remained serviceable, with cost savings identified and stronger governance established for future works.
Nuclear and transportUK and Europe£3bn + €1bnPMO and cost assurance
PMO build and cost assurance across a £3bn nuclear and €1bn transport programme
A £3bn nuclear programme had no PMO, limited systems integration and scarce controls expertise. Separately, an airport expansion of more than €1bn needed end-to-end cost assurance across all design phases. We ran programme and controls maturity assessments and built the PMO structure and technical capability for the first, and provided full cost consultancy and value engineering from preliminary design to tender for the second.
Outcome
Baselined maturity and data-driven decisions with up to 20% PMO headcount efficiency, and improved delivery performance and cost certainty on the transport programme.
