Transmission How to finance batteries: Debt financing vs joint ventures with Conrad Purcell (Haynes Boone)
Dec 16, 2025
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Conrad's Two Decades Of Project Finance Experience
- Conrad Purcell has 20 years' project finance experience across EMEA including desalination, wind, hydropower and digital infrastructure.
- He worked in-house at RES as a wind farm lawyer and now advises BESS, data centers and complex infrastructure from Haynes Boone's London office.
Check Covenant Strength Before Lending
- For lenders, assess borrower creditworthiness and covenant strength before lending.
- Check balance sheet, P&L and assets or use credit ratings as a quick proxy when evaluating corporate borrowers.
Project Finance Relies On Future Revenues
- Project finance sizes loans against contracted future revenues rather than asset resale value.
- For a BESS SPV lenders focus on the revenue stream from offtakers and market trading rather than just containerised equipment value.