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Arbor Energy financed a 9 MW C&I pipeline on milestone evidence

A developer's lender was releasing tranches on a monthly certification cycle. Tying disbursement to milestone evidence the lender could verify moved working capital weeks earlier.

RSRohit ShahCommercial Analytics
5 September 20261 min read
Arbor Energy financed a 9 MW C&I pipeline on milestone evidence

The situation

Arbor Energy develops commercial and industrial rooftop under a 9 MW facility. Drawdown required a lender's engineer to certify progress, and the engineer visited monthly — so a milestone completed on the third of the month waited four weeks to be paid.

Arbor was carrying that gap on its own balance sheet across six concurrent sites.

23 days
faster median drawdown
9 MW
facility size
₹4.1 cr
working capital released

What changed

The milestone definitions did not change. What changed was that each one now closes with evidence the lender's engineer had already agreed was sufficient — a fixed set of photographs, the commissioning record, and the goods-received note, captured against the milestone rather than filed separately.

Agree the evidence, not the process

The negotiation that mattered was not about faster visits. It was a one-page agreement on what a completed milestone looks like in evidence.

Our engineer still visits monthly. He just is not the reason the money moves any more.

Finance director, Arbor Energy
The short version
  • Certification cadence, not project progress, was setting the cash cycle.
  • Lenders accept evidence they specified; the work is specifying it once.
  • Capital released across six sites funded the seventh.
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RS
Rohit Shah
Commercial Analytics

Rohit builds the financial models behind ReDesk's portfolio tooling and has spent a decade on the asset-owner side of solar.

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