Projective
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Middle market renewables are broken.

Demand for power is outrunning the grid, and the projects that could relieve it are too small for infrastructure desks to fund. Projective is the capital stack built for them.

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The projects the grid needs most are the hardest to fund.

Home rooftop solar is financed off a credit score. Desert mega farms get infrastructure desks. But financing a $5 million energy project can require much of the same legal work, underwriting and negotiation as a $1 billion one. Institutional capital follows the larger deals, leaving everything in between, from school rooftops to regional solar farms, facing expensive financing or none at all.

Meanwhile, the grid is struggling to keep up. Data centers are adding demand to an already constrained system, while large power projects often depend on long-distance transmission and years of infrastructure upgrades. Generation built closer to demand can relieve some of that pressure, but the projects best positioned to deliver it are often the hardest to finance.

Projective changes the economics of financing those projects. By standardizing underwriting, documentation and loan administration, we make smaller infrastructure loans viable for institutional lenders. Local builders gain direct access to capital, with closings measured in weeks instead of months, lower transaction costs and continuous visibility into every loan through repayment.

Meet Projective OS.

Builders upload their project documents and we review them against our underwriting standards. Deals that clear get terms in 15 to 20 days.

Builders bring us their whole pipeline and we fund it through one vehicle. The builder gets one close and one set of fees. Investors get many sites under one operator and one credit to underwrite.

DealsDocumentationCapital
Solar City Inc
Document review
5 of 6
Upload documents Request term sheet
Uploaded documents
Agent status
Power Purchase AgreementApproved
Lease / Site Control AgreementApproved
Interconnection ApplicationApproved
EPC AgreementApproved
Construction BudgetApproved
EPC Builders Risk InsuranceIn review
Drop files here or click to upload · PDF, XLSX, DWG · Projective documents are signed in app
Agent review
Running
Interconnection applicationFiled
Offtake tenor vs. loan termMatched
DSCR at base caseWithin policy
Site controlVerified
Builders risk insuranceChecking coverage
EPC agreementExecuted
Construction budgetWithin estimate
Tax agreementReviewed
Lien searchClear
Pool allocationConstruction Pool I
Finance a project

Proven on Illinois school solar.

Econergy uploaded its documents and had committed capital four weeks later, with the State of Illinois as guarantor.

Read the case study
$12 million
Construction capital funded
4 weeks
From upload to committed capital
Municipal credit
State of Illinois guarantor

The Projective Process.

PPA · 25 YR INTERCONNECT OFFTAKER · EPC TAX AGREEMENT INTAKE · 5 FILES · HASHED
Documentation

Turn your documents into a financeable deal.

Upload the PPA, site control, interconnection, EPC agreement and budget. Projective OS builds the deal file and tells you exactly what is still missing.

One intake, every document.

Permits, agreements, drawings and the model go to one place, hashed and stored, with a status you can check at any time.

Sign Projective documents in app.

Tax credit pledge, developer guarantee and material purchase terms are signed on the platform, not emailed around.

4.2 MW DC · 20 STRINGS OFFTAKE 25Y ≥ TERM 20Y · PASS PERMITS · IN REVIEW SITE CONTROL · 30Y LEASE · PASS INTERCONNECTION FEASIBILITY BACK UP GRID CONNECTIVITY
Underwriting

Agents screen the deal against our credit standards.

Our agents read every document, pull out the terms that matter and test each one against policy. An underwriter then reviews the result, and nothing moves without a human sign off.

Every check, written down.

Offtake tenor against loan term, site control, interconnection status, DSCR at base and downside. You can read exactly why a deal cleared.

Approved in 15 to 20 days.

Once a deal clears, we draft the term sheet and send it to credit for signature.

SUB INTEREST PAYMENT SENT 98% UPTIME
Loan servicing

Software runs the loan for the life of the asset.

After closing on Projective, every repayment, covenant and report lives on one ledger. Lenders see positions and cashflows without having to ask.

Every covenant, monitored.

DSCR tests, reserve balances and interest dates are tracked automatically and flagged before they slip.

Closing is the start of the record.

Projective OS holds positions, obligations and lender records for every pool. Capital moves on schedule, and your accountants and counsel work on the same record.

Projective vs a traditional lender.

Traditional lender
Projective
Upfront capital
Traditional lender20 to 40% of project cost from your own balance sheet
ProjectiveNone required. Up to 100% of construction financed.
Position
Traditional lenderSenior debt sized to part of the cost, with sponsor equity and partners filling the rest
ProjectiveFirst lien senior construction facility covering up to 100% of cost. The builder keeps full ownership and the full return.
Underwriting process
Traditional lenderLawyers, spreadsheets and months of back and forth
ProjectiveUpload your documents. Our underwriting agents review them and we get back to you.
Time to close
Traditional lender3 to 6 months
ProjectiveTerms in 15 to 20 days, close in 3 to 6 weeks
Interest payment schedule
Traditional lenderPeriodic interest under bespoke loan terms, reconciled by the servicer after the fact
ProjectiveInterest paid monthly on a fixed schedule. Lenders see each payment on the ledger as it lands.
Lender transparency
Traditional lenderPeriodic servicer reports and PDFs
ProjectiveEvery position live on one ledger, for the life of the loan
Multi-project pipelines
Traditional lenderOne project, one deal, one set of legal fees
ProjectiveFull pipeline in one lending vehicle

Open facilities.

From the earliest pre construction development capital to revolving back leverage, Projective has a fully vetted facility ready. Each card shows current terms. Request the term sheet for the full package.

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Capital Structure Snapshot As of 4 Nov 2026
Lone Star Compute Pool IDevelopment capital
Open
Target net yield 18%
Annualized, net of fees, paid at maturity
InstrumentSenior secured development loans
SeniorityFirst lien · 100% of pool
CouponFixed · bullet at maturity
Tenor · Maturity18 months · Jul 2028
Collateral60 MW of solar and storage powering an off grid data center campus · Texas
Advance rate≤ 50% of development budget · escrow-released on study milestones
CovenantsIndependent feasibility study by month 6 · land under contract · power supply LOI by month 9
ReportingMonthly reporting
Commitments$1.1M of $2.5M
44% committedNext: Closing 30 Jan 2027
PCP-1 · Illinois School SolarConstruction lending
Open
Target net yield 15%
Annualized, net of fees, paid at maturity
InstrumentSenior secured construction loans
SeniorityFirst lien · 100% of pool
CouponFixed · bullet at maturity
Tenor · Maturity18 months · May 2028
Collateral4 commercial solar projects · 18.6 MW
Advance rate≤ 75% of project cost
CovenantsDSCR ≥ 1.30× at conversion · completion guaranty
ReportingMonthly reporting
Commitments$4.8M of $7.5M
64% committedNext: Closing 30 Nov 2026
Upstate Michigan Muni Solar FacilitiesPermanent debt
Open
Target net yield 12%
Annualized, net of fees, paid monthly
InstrumentSenior secured term loans
SeniorityFirst lien · 100% of pool
CouponFixed · monthly in arrears
Tenor · Maturity60 months · Oct 2031
Collateral6 operating solar assets · 24.1 MW
Advance rate≤ 70% loan to value
CovenantsDSCR ≥ 1.25× T12M · cash sweep below 1.10×
ReportingMonthly reporting
Commitments$3.1M of $7.5M
41% committedNext: Interest 1 Dec 2026
Scroll for the next facility → 01 / 03

US infrastructure lending, open to qualified investors worldwide.

The simplest way into US infrastructure deal flow, at any ticket size. One account, with every position visible from the day you fund it.

Open
Open an account from anywhere

Identity checks take minutes.

Fund
Fund in any currency

Wire from your bank in the currency you hold. Projective settles it into your chosen pool in USD, with no FX fees in either direction, and pays you out in your local currency.

Choose
Choose your position

Take a single allocation or anchor an entire facility, from development capital through to permanent debt. Take interest monthly or at maturity. Every position sits on one auditable ledger.

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Availability subject to eligibility and local regulations.

What builders and investors ask.

What types of projects does Projective finance?

Projective lends to renewable energy projects in the United States: commercial and community solar, battery storage and municipal projects such as schools. We offer development capital, construction loans and permanent debt, with capital needs from about $500,000 to $25 million.

What are the sponsor equity requirements?

Often none. For projects with investment-grade municipal or utility offtake, Projective can fund up to 100% of construction cost through a senior first-lien facility. The builder keeps full ownership and the full project economics after debt service. Advance rates depend on offtaker credit, contract structure, and track record.

How are projects evaluated and underwritten?

Projective OS reads every document, pulls out the terms that matter and tests each one against policy: offtake tenor against loan term, site control, interconnection status and debt service coverage at base and downside cases. An underwriter reviews the result and nothing moves without a human sign off. Every check is written down.

How are renewable energy incentives incorporated into financing?

Projective packages RECs and state and federal tax credits and sells them through our brokerage partners, so the builder never has to find buyers or manage filings. Every sale complies with the relevant state and federal agencies.

Why does Projective prioritize municipal-backed projects?

Projects backed by municipal or public offtake carry rated, often state-guaranteed credit. Underwriting against that credit rather than a developer’s balance sheet lets us move faster, offer higher advance rates, and place the paper with institutional lenders more efficiently.