AFI Solar Capital Solutions

AFI Solar Capital Solutions leads the wave of the burgeoning renewable energy market in the United States. The company is a prominent leader in developing, advising, and financing solar projects. The AFI team’s broad range of experiences allows the firm to efficiently navigate vital bottlenecks such as lengthy lead times, high costs, and the necessity for specialized knowledge, thereby facilitating the efficient deployment of renewable energy assets.

“Our benefit is the ability to bring tax equity, which lowers clients’ cost of capital. We can also bring offtake agreements, which increase their revenue to further lower their cost of capital,” states Kevin Adler, founder, CEO, and Head of Structuring at AFI Solar Capital Solutions.

Tax equity constitutes a significant part of the capital needed for the ventures, which has increased over time and now can account for more than 50 percent of the capital stack due to the Inflation Reduction Act’s Investment Tax Credit adders. The tax advantages lower a project’s cost of capital, thereby enhancing clients’ competitiveness, but structuring these transactions efficiently can be highly complex. AFI Solar Capital Solutions undertakes projects of various sizes, from small-scale commercial and industrial to large utility projects. Its current projects include developing a 683-megawatt solar plant in Deaf Smith County, Texas, with Blue Planet Funding and both financing and advising on a 125-megawatt solar project in the US Virgin Islands.

AFI Solar Capital Solutions employs a mathematical approach to provide tailored financing solutions. This process includes examining total energy and revenue production, considering archaeological and environmental factors, and inspecting land topography. AFI Solar Capital Solutions utilizes advanced modeling techniques to estimate production figures while remaining grounded in reality. This method assists clients in identifying opportunities with high risk-reward ratios and avoiding investments that may not deliver satisfactory returns. Given the regional nature of solar projects, the firm leverages local knowledge and connections to secure faster and more effective approvals and offtake agreements.

Formed from the leadership of Blue Planet, AFI Solar Capital Solutions negotiates offtake agreements by liaising with project owners and utility or corporate bodies. These agreements significantly affect a project’s revenue and long-term financial projection. Given the substantial role of tax equity in driving the US solar industry, the company assists clients in accessing and proficiently using it. Experts at AFI Solar Capital Solutions understand that while a robust structure is integral to a project’s success, its advancement can only be improved if the execution is protracted and unduly costly. As such, the team adopts a streamlined project structuring approach, making tax equity more accessible.

Distinct from firms that concentrate solely on their areas of expertise, AFI Solar Capital Solutions diligently follows a comprehensive checklist that encompasses every aspect of a project. Throughout the process, the company continuously improves and refines its performance, handling the fundamentals meticulously and efficiently. It engages proactively in independent and collaborative ventures, ensuring careful planning and thorough execution.

In initial discussions with partners, AFI Solar Capital Solutions assesses project objectives and appraises their requirements and design criteria. The team analyzes and delegates roles and responsibilities to each member’s strengths and expertise. This ensures that the most suited and qualified team manages each project element for optimal efficiency. The company’s adaptability and willingness to collaborate have been key in forming successful partnerships with construction/EPC companies and achieving remarkable results. In other instances, the company takes complete responsibility for greenfield projects, investing its capital and leveraging its network of service providers.

The firm’s commitment to treating people respectfully is a vital component of this collaborative approach. AFI Solar Capital Solutions cultivates friendly and respectful relationships with landowners, securing their support and cooperation for future projects.

“We build positive, enduring relationships, promoting an environment that benefits all parties involved,” says Michael Oppenheim, VP of Finance and Development at AFI Solar Capital Solutions.

AFI Solar Capital Solutions excels in providing efficient development and financing solutions thanks to its team with diverse experience. The team, considered experts in finance, tax-investment structuring, engineering, construction, asset management, and tax equity, can address complex financial challenges.

Adler, with his financial prowess and background in Morgan Stanley and Merrill Lynch, where he structured and developed partner structure products, is a highly respected figure. His expertise as a former tax advisor in tax equity is unparalleled. He served as the head of structured finance at a private equity firm with assets exceeding $7 billion. Adler successfully raised over $300 million in tax equity and invested over $100 million.

COO Allen Funk, a Harvard Business School and Stanford University alumnus, has a strong background in finance and leadership. He’s handled over 20 financial audits, prepared consolidated financial pro formas, and successfully guided IPO SEC S-1 registrations. Miles Draycott, Executive Vice President, boasts a versatile finance and risk management background. He held positions at NYC pension systems, Merrill Lynch, and Deutsche Bank’s Asian OTC derivative and Fixed Income trading businesses. Additionally, he conducted asset exposure analysis for the US Department of Justice and Verum Capital.

Bill Heck, Head of Engineering, Ops, and Technical Review, has over 20 years of experience in utility generation and transmission. Before Blue Planet, he played a similar role at Sol-Wind, leading IPO-related portfolio due diligence. He also served as VP at SolFocus, Inc., and as Development Director of Renewable Energy at Nevada Power. Oppenheim has been pivotal in underwriting at Split Rock Real Estate Partners since its 2020 launch, overseeing acquisitions of 250,000+ square feet worth over $20 million in the industrial and office sectors. Previously, he developed quantitative models and strategic recommendations at The Cambridge Group for major clients.

The AFI Solar Capital Solutions team combines their expertise and unique perspectives to steer a project toward successful completion.

The synergy within the AFI Solar Capital Solutions team fosters innovation and creates opportunities to view solar projects from fresh perspectives. With a focus on launching successful projects alongside partners, the company stands poised to lead a significant change in the US solar industry.