Service · Project finance
Project finance and investment
Access to long-term structured financing aligned with German public financing authorities — for asset-based industrial projects between €20 million and €350 million.
Overview
Overview
Through official approval and alignment with German public financing authorities, Glorinda has secured access to long-term, structured investment solutions for international projects. That lets us act not only as a technical partner but as a financial enabler for bankable projects.
We invite partnerships with industrial project owners, municipal authorities, EPC contractors, developers, and investors and asset operators.
The framework is characterised by long-term tenors, typically 7 to 15 years and beyond; competitive interest rates below commercial market levels; currency options, primarily EUR with others possible depending on the structure; sovereign, municipal or project-level participation; and clear compliance with German content and eligibility rules. Together these significantly reduce the financial barriers facing project owners and partners.
Financing is subject to authority approval throughout, and nothing on this page is an offer. Final terms depend on the country, the project type, the counterparty profile and the risk structure.
Thresholds
Eligibility at a glance
total project volume
total project volume
of eligible export-related value
of eligible contract value
medium to long term
subject to country risk policy
Project size limits are defined under the applicable German financing framework and apply to the total project volume, not only the financed portion. Coverage applies exclusively to the eligible German-origin scope.
Scope
Eligible project types
The framework applies to real-economy, asset-based projects. Projects must demonstrate clear technical scope, measurable outputs and long-term operation.
Water and wastewater
Industrial wastewater treatment plants, municipal water and sewage systems, desalination and water reuse facilities, and zero liquid discharge systems.
Read moreEnergy and environment
Renewable energy including solar, wind, geothermal and biomass; energy efficiency and recovery solutions; and waste-to-energy and circular economy projects.
Read moreIndustrial infrastructure
Utility plants covering water, steam, cooling and compressed air; environmental compliance facilities; and process optimisation and retrofitting projects.
Read moreCosts
Eligible and non-eligible costs
| Eligible for financing | Not eligible for financing |
|---|---|
| Export-related CAPEX including equipment, machinery and technology | Operating costs unrelated to exports |
| EPC services within the export-linked scope | Speculative financial costs |
| Engineering and feasibility studies directly linked to the export scope | VAT (normally excluded) |
| Installation and commissioning | Land acquisition (usually) |
| Training linked to exported equipment | Guarantees, commercial bank loans, buyer/supplier credits |
| Grid connection where part of the export scope | Local content exceeding allowed limits (local content max. 30%) |
Source: Glorinda financing framework documentation. Indicative — final eligibility is determined by the financing authority.
Process
How a financing runs
Project definition and feasibility validation
Establishing that the project is technically sound and that the scope is definable — which is also where our engineering practice contributes.
Technical scope and German content identification
Identifying the eligible German-origin portion, which must be clearly identifiable, contractually documented and traceable through invoices and procurement documents.
Financial structuring and repayment modelling
Cash flow model, income statement model, balance sheet model, debt service coverage ratio and a project finance model assessing debt repayment capacity and returns. Where the company's balance sheet is sufficiently strong, no additional guarantees may be required.
Authority review and approval
Assessment against financial criteria (40–50% weighting: bankability, repayment capacity, financial structure, buyer creditworthiness), technical criteria (30–40%: feasibility, technology maturity, implementation capability, project readiness) and environmental and sustainability criteria (10–20%).
Contracting and financial close
Alignment on structure and terms, contractual execution, and completion of all contractual, legal and financial prerequisites.
Project execution and disbursement
Disbursement against defined milestones as the project is delivered.
Operation and repayment
Repayment from operating revenues or agreed payment mechanisms.
Disbursement milestones
Disbursement starts after contract signing and fulfilment of agreed conditions precedent. Further disbursements are linked to progress in engineering and production of eligible export-related equipment, then to delivery of equipment — which is the preferred trigger — then to installation and commissioning, with the final disbursement after successful completion and acceptance of the eligible scope.
Interest
The rate is determined by the financing bank. A floating option uses a market-based rate such as EURIBOR or SOFR plus a margin; a fixed option uses CIRR, the OECD fixed reference rate. The rate must comply with applicable OECD rules.
Repayment
Repayment begins after completion of delivery and commissioning, following any agreed grace period, which may apply during manufacturing, delivery and commissioning. Payments are made by the buyer or project owner from operating revenues or agreed payment mechanisms, typically in semi-annual instalments over a medium to long-term tenor, usually in the financing currency.
Timeline
For large projects a two-stage process applies, beginning with a concept note. Evaluation and due diligence — technical, commercial and eligibility assessment — takes 1 to 8 weeks depending on complexity. Negotiation and signing takes 2 to 4 weeks. Conditions fulfilment is project-specific. First disbursement typically follows 2 to 6 months after due diligence completion.
Structure
Scope allocation: Glorinda and the local partner
German content must be clearly identifiable, contractually documented and traceable. This is how the scope normally divides.
| Scope area | Glorinda GmbH (German-origin / finance-eligible) | Local partner (in-country / non-financed) |
|---|---|---|
| Banking and guarantees | — | Bank guarantees (advance payment, performance, retention) |
| Local legal and regulatory compliance | — | Full compliance with local rules |
| Basic and detailed engineering | Core and process engineering | Local adaptations |
| Technology and know-how | Proprietary technology | — |
| Equipment supply | German-origin equipment | Local equipment and materials |
| Civil and structural works | — | Full civil works |
| Installation and erection | — | Mechanical and electrical installation |
| System integration | Process and system integration | Site coordination |
| Commissioning | Technical commissioning supervision | Local commissioning and manpower |
| O&M support | Technical support and training | Daily operation |
| Financing eligibility | Fully eligible | Not financed |
Source: Glorinda financing framework documentation.
Models
Three partnership models
Subcontracting / defined scope
The local partner holds the main EPC or project contract and Glorinda is contracted for a clearly defined package — technology packages, key equipment supply, specialised engineering services and performance-critical systems. The financed portion is limited to the eligible Glorinda scope as documented contractually.
EPC consortium
Local partner and Glorinda form a consortium. The eligible Glorinda scope covers engineering and design, process and system integration, supply of German-origin equipment and technology, and technical supervision.
Project company (SPV) participation
The project is implemented through a special purpose vehicle in which Glorinda participates as technical partner, EPC contractor for a defined scope, and technology and equipment supplier. Eligible scope covers German-origin goods and services contracted to the SPV and engineering and technology contributions linked to long-term operation.
Worked example
Illustrative financial model
Illustrative only. The figures below are a worked example from our financing documentation, published so that you can see the shape of a bankable structure. They are not a quotation, a forecast or a representation about any actual project.
| Source of funds | Amount (EUR m) | Share |
|---|---|---|
| German authority-backed debt | 32.5 | 65% |
| Sponsor equity | 12.5 | 25% |
| Local / other financing | 5.0 | 10% |
| Total | 50.0 | 100% |
| Item | Assumption |
|---|---|
| Loan type | Project-based, long-term |
| Currency | EUR |
| Interest rate | CIRR fixed (example: 3.5%) |
| Tenor | 12 years |
| Grace period | 2 years (construction) |
| Repayment | Semi-annual, sculpted |
| Coverage | Up to 85% of eligible export value |
| Item | EUR m |
|---|---|
| Revenue | 9.0 |
| OPEX | (3.5) |
| EBITDA | 5.5 |
| Debt service | (3.8) |
| Cash to equity | 1.7 |
| Metric | Value |
|---|---|
| Minimum DSCR | 1.30x |
| Average DSCR | 1.45x |
| Lender requirement | ≥ 1.20x |
| Project IRR | 12.8% |
| Equity IRR | 16.5% |
| NPV (8% discount) | EUR 9.6 million |
| Payback period | ~6.5 years |
The case
Why partner with Glorinda on financing
Access to authority-backed financing
Official approval and alignment with German public financing authorities, giving access to structures not available on commercial terms.
International infrastructure experience
Experience delivering industrial and infrastructure projects across Europe, the CIS and MENA.
Engineering and project management capability
The technical scope is not outsourced — it is the same practice that delivers our engineering and industrial services.
Transparent, compliant, bankable structures
German content clearly identifiable, contractually documented and traceable through invoices and procurement documents.
Technology, finance and execution together
The combination is the point. Financing without technical delivery, or technical delivery without a funding route, is where projects stall.
FAQ
Frequently asked questions
What size project qualifies?
The minimum total project value eligible for financing is EUR 20 million and the maximum is EUR 350 million. These limits apply to the total project volume, not only the financed portion.
How much of the project can be financed?
Maximum financing coverage is 85% to 95% of the eligible export-related contract value, with a minimum buyer contribution of 15% of the eligible contract value. Coverage applies exclusively to the eligible German-origin scope, not the total project value.
Which countries are eligible?
Both OECD and non-OECD countries, subject to country risk policy and authority approval.
What is 'German content' and why does it matter?
A defined portion of the project value must be German-origin — technology, engineering, equipment and services. It must be clearly identifiable, contractually documented and traceable through invoices and procurement documents. Glorinda ensures compliance through structured procurement, German supplier integration and transparent documentation.
How long does it take?
Evaluation and due diligence takes 1 to 8 weeks depending on complexity, negotiation and signing 2 to 4 weeks, and conditions fulfilment is project-specific. First disbursement typically follows 2 to 6 months after due diligence completion. Large projects begin with a concept note in a two-stage process.
Do we need to provide guarantees?
The local partner normally holds local banking credit lines to issue required bank guarantees — advance payment, performance and retention. However, if the company's balance sheet is sufficiently strong, no additional guarantees may be required.
What do you need from us to start?
Send your questions first. Then an initial project discussion, a preliminary eligibility assessment, technical and financial concept development, authority pre-alignment, a structuring proposal and, if it works, a partnership agreement.
Conversion
Take this further
Send us the stream data, the discharge limit or the equipment list you are working from. An engineer reads every enquiry and replies with the questions that actually decide the solution — not a brochure.
Next steps
Send us the project, not the funding request
Eligibility is decided by the technical scope, the measurable outputs and the repayment source. Describe those three and we can give you a preliminary read quickly.