How a C&I developer unlocked $500+ million in financing in less than 60 days
Our client is a solar and storage developer with an aggressive growth pipeline of distributed generation projects. Since 2024, Euclid has helped their team break through a financing bottleneck that was stalling their pipeline. Projects sat at or before mechanical completion, unable to turn on and generate revenue. Teams operated in silos across multiple systems, which meant priorities drifted, versions diverged, and decisions were made on stale assumptions. Those gaps created avoidable delays and put financier relationships at risk.
Working with Euclid, our client has closed over $400M in construction financing and $170M in tax equity (2025 & 2026 portfolios), enabling 125 MW across 45+ projects to move from stalled construction to revenue-generating operation — freeing funds to develop new projects.
Our client builds a high volume of 1-10 MW distributed generation (DG) projects across the US. In DG C&I, thin margins and investor appetite make one-off financings tough to justify. To keep deals financeable and cost-effective, developers bundle projects into diversified portfolios and use repeatable facility structures to avoid duplicating legal and transaction costs. But when documents and project status are spread across multiple systems, it slows diligence, creates avoidable cost leakage, and puts critical investor relationships at risk.
How capital markets teams work with Euclid
Our client's capital markets team is responsible for securing financing to move projects from through development, construction, and into operation.
Euclid's team helps them to do three things consistently:
- Quarterback cross-functional coordination between capital markets, legal, accounting, development, and construction teams to keep everyone aligned on project status and financing deliverables.
- Manage the full financing lifecycle from initial project readiness and proactive red flag review/diligence through facilities closings, subsequent fundings, and ultimate tax equity funding and debt term conversion (from construction to permanent financing).
- Maintain single source of truth for internal teams and third-party stakeholders (e.g. appraiser, independent engineer, custodian), organizing documents and managing multi-team coordination so that lenders can track progress without constant manual updates.
As a result, our client has unlocked financing across their three-year development pipeline, enabling monthly project fundings as milestones are hit, accelerating time to revenue, and maximizing their ability to monetize tax incentives ahead of regulatory deadlines.
A single financing transaction, end to end
Here's what Euclid's financing support process looks like for a typical tax equity funding at our client, from initial baselining through final funding.
Euclid starts by ingesting projects into a structured system, identifies financial risks and document gaps, coordinates deliverables across internal teams and external stakeholders, manages the closing checklist for each funding milestone, and maintains real-time visibility for all parties involved.
While every project and financing structure is different, the workflow stays consistent so our client's capital markets team can unlock capital on a monthly cadence without losing track of deliverables or risking financier relationships.
1. Import project documents into Euclid’s platform
When Euclid first engaged with our client, projects were scattered across Procore, SharePoint, internal proprietary systems, and even personal folders. The development team tracked site conditions in one place, legal had contracts elsewhere, and capital markets was trying to assemble a coherent picture for financiers from fragmented sources. Euclid onboarded projects into a structured system to perform diligence and flag development risks that threaten financing. This created a foundation for understanding where each project stood and what gaps needed to be closed before financing could proceed. For many projects, this revealed a critical issue: development was stalled without the necessary funding to proceed, with certain assets sitting at mechanical completion, essentially built and ready to operate, but unable to turn on because tax equity wasn’t in place to monetize the tax credits.
2. Organize documents with consistent structure and taxonomy
For each financing transaction, Euclid structures a centralized project data room and transaction checklist for each funding milestone, with tailored views for each stakeholder.
This lets financiers work in their preferred structure while our client's team keeps its internal organization, all while maintaining a single source of truth on what is required, what is complete, and what is still outstanding. Critical deliverables include:
- Independent engineer reports (coordinated and managed by Euclid)
- Fair market value appraisals (client-led, with the appraiser reviewing source docs in Euclid)
- Geotechnical and environmental site reports
- Revenue contracts and off-taker agreements
- Construction and development documentation
Euclid then maintains a single transaction workspace that pairs the funding checklist with stakeholder-specific views, so financiers can review diligence in their preferred format while our client keeps its workflow. The same source of truth tracks what is required, what is complete, and what remains open.
3. Coordinate across teams to bridge silos
Euclid runs a weekly planning call that brings together capital markets, legal, and development to align on deliverables for upcoming fundings and set the priorities for the week.
Euclid prepares a checklist of open items before the call and walks through:
- Current status of each deliverable
- Updates on progress made throughout the previous week
- Red flags or concerns about meeting upcoming deadlines
- Next steps and ownership for open items
- Associated deadlines and potential timeline risks
Throughout the week, Euclid also holds focused stand-ups with specific teams (e.g., legal, development) to drill down on deliverables and risks, ensuring risks are escalated in a timely manner.
This cadence replaced a reality where teams were working off different versions of the same documents and prioritizing projects further out in the pipeline over the ones closest to funding. The result was avoidable fire drills, increased slippage risk, and unnecessary funding and relationship risk.
4. Maintain closing checklists for each funding milestone
For each funding milestone—from facility closing through each funding tranche, final funding, and debt term conversion—Euclid manages a transaction checklist of all conditions precedent to funding, as defined in the financing agreements.
- Required document & process deliverables (per the conditions precedent laid out in the financing agreement)
- Status of each item (not started, in progress, complete)
- Document upload confirmation
- File path and links to attachments
- Date uploaded, expected delivery date, and responsible individual(s)
This checklist is updated daily or weekly as information comes in from client teams. It reduces the number of status-check calls by giving financiers self-serve visibility, while still preserving the key touchpoints that matter for framing, decision-making, and relationship management.
For monthly fundings under tax equity agreements and debt facility, this creates a repeatable rhythm where our client can draw capital as projects hit milestones — avoiding preventable delays caused by misaligned deliverables and last-minute diligence scrambles.
5. Manage independent engineer and third-party coordination
Tax equity and debt financiers require third-party validation before committing capital. Euclid coordinates directly with independent engineers, appraisers, and site consultants to ensure reports are completed on schedule and meet financier requirements. Euclid became the ‘Project Expert.’
This is where Euclid’s end-to-end partnership matters most. Euclid keeps internal teams and external advisors aligned in one place, manages timelines across all parties, and ensures each deliverable lands with the right stakeholder at the right time, reducing last-minute fire drills and protecting critical financier relationships. This also enables internal teams to stay focused on other critical workflows.
6. Enable monthly fundings at scale
Our client can now draw down capital monthly as individual projects accrue spend and hit funding milestones.
This transformed their model. Instead of losing time to preventable slowdowns—financing not lined up to match construction progress, conflicting information across teams, and priorities drifting away from the projects closest to funding—our client's team now runs a continuous financing engine that unlocks capital as projects move from NTP through final completion and into operation.
The infrastructure Euclid built—organized data rooms, coordinated teams, real-time checklists, managed third parties—enables this monthly cadence without overwhelming our client's lean capital markets team or risking the critical investor relationships that make C&I-scale projects economically viable.
