Gridlines

Congratulations to 85 Degrees Renewable, Rabobank and ING Nederland for reaching financial close on a geothermal heat infrastructure platform. This financing will enable 34 greenhouse growers to benefit from reliable renewable baseload heat. It marks an important step for the Dutch greenhouse horticulture sector in reducing natural gas dependence, providing a scalable framework for the future. We are proud to have supported this pioneering geothermal project in reaching this milestone. 

CPP Investments | Investissements RPC is committing C$1 billion to Tarchon, a 1.4 GW subsea interconnector linking Germany and the UK, alongside Elia Group and WindGrid. The project will provide a high-voltage direct current link between two of Europe’s largest markets, strengthening cross-border electricity flows and supporting the integration of renewable energy across both systems. It was a privilege to support CPP Investments with the model audit. Congratulations to everyone involved on reaching this milestone.

Congratulations to Field and Elgar Middleton Infrastructure & Energy Finance LLP on reaching financial close on 1GWh of UK battery storage across two transactions. The Keith project in Scotland is a 39MW, 5-hour system and is the longest-duration BESS asset to reach financial close in GB to date, with debt from ING and Rabobank extending the facility Elgar Middleton arranged in early 2025. Hartmoor is a 200MW, 4-hour asset in North East England, positioned to add grid flexibility near the Hartlepool nuclear station and the Dogger Bank offshore wind farm. It was financed through a term loan, LC facility and DSRF from ABN Amro and Rabobank. Two closes, two structures, one week. It was a privilege to assist with the full financial model audit for both projects, working closely with sponsors, lenders and advisors to help deliver another milestone for the UK's rapidly evolving energy storage sector. Well done to everyone involved.

Gridlines' Kenny Whitelaw-Jones (co-founder of @Project Finance Institute) & Dan Wilcockson (Founder of Cellori) are presenting a webinar on AI goes mainstream, this Wednesday 29 Jul 2026. They've compiled the four most common AI workflows seen deployed in practice, and will show how AI agents handle them on real transactions. What you’ll learn Audit: ensuring model integrity and alignment with project commercials Rebuild: consolidating and conforming models into a single unified standard across the desk Analysis: configuring, running and reporting on model scenarios Alignment: modifying existing templates to align with project documentation Register here: https://lnkd.in/d6Qhb6ME

How do you price a placement when the market has nothing to price it against? This is the reality of bringing structured finance products to markets where: - the rating agencies don't operate; - no benchmark exists; - and buyers are encountering the product for the first time. The usual route to funding beyond bank lending then runs into obstacles. Diana Capetillo Delgado sets out what they are from her experience, and an approach that works for structured products in a non-sophisticated market. Read Diana’s full article here: https://lnkd.in/dbfMquXT

128 people have already registered for tomorrow's webinar: Is your infrastructure valuation ready to be challenged? The real test of a valuation isn't the model, it's whether the assumptions, methodology and narrative behind it hold up to investors, lenders, boards, regulators and auditors. Isha Gupta will walk through where valuations break down under scrutiny, and how to fix them before they cost your deal: benchmarking assumptions, stress testing discount rates, checking ESG is in the numbers and not just the narrative. Wednesday 22 July, 10:00 BST. Don’t miss out, register today.  https://lnkd.in/dqMKvuBw

Congratulations to the Masdar (Abu Dhabi Future Energy Company) and EWEC teams on reaching financial close for the world’s first gigascale 24/7 renewable energy project, a landmark milestone. Gridlines is proud to have supported Masdar from the conceptual stage through to financial close.   Masdar secured $5.1 billion from a consortium of 13 banks for the Round-the-Clock project, developed jointly with EWEC in Abu Dhabi. The world’s first gigascale 24/7 renewable energy project pairs a 5.2GW solar plant with 19GWh of battery storage, delivering baseload power from a renewable source, at a total capital investment of $6.1 billion, including $1 billion of equity from Masdar. The banks behind the deal include Abu Dhabi Commercial Bank, BNP Paribas, HSBC, Standard Chartered and Societe Generale, among others, confirming that solar-plus-storage at gigascale is bankable.

Infralogic's H1 2026 rankings are out. Gridlines' model audit team is now 2nd globally. A year ago, we were 7th. Rankings like this move for one reason. More clients choosing to bring you their next transaction. Credit to Bert Van Pol, PhD and Jasmeen Chawla and the wider audit team for earning that trust, deal after deal. Same trend, one year on. We expect H2 to keep it going.

A 50-basis-point assumption can move an infrastructure valuation by tens of millions. In most DCF analyses, the discount rate is the single most powerful input. But, in our experience, small changes, that clients often think of as immaterial, can significantly shift value depending on the asset’s cash flow profile and leverage. And, that level of sensitivity leaves no room for approximation. Every component of the discount rate needs to be explicit, evidenced, and defensible. The risk-free rate must align with currency and tenor. Equity risk premiums should be grounded in recognised data sources. Beta requires a transparent peer set and methodology. Risk premia (country, regulatory, construction) must be separated and justified, not bundled. Even the capital structure matters. WACC should reflect market or target weights, not accounting values. And critically, valuations must be stress-tested. A model that does not test at least ±100 basis points around the base case is incomplete. If you’re interested in finding out whether your infrastructure valuation is ready to be challenged, Isha will be hosting a webinar presenting her readiness checklist, 22 Jul 2026 10AM BST. Register for the webinar here: https://lnkd.in/dqMKvuBw

Does your deal structure reflect the whole risk? Asia Pacific is the centre of global renewable growth.  Adding generation is the easier part of the story. Whether the grid can carry it is the big financing question which most deals aren't reflecting that yet.