Segue invests in renewable energy power plants, energy storage projects, and the infrastructure that enables them. However, unlike most capital providers in the market – who want shovel-ready or operating assets – we focus on the development stage. Why?
Net Impact of Learning Curve

Today’s market is starved of this capital, and too many promising ideas/projects “die on the vine.”

We enjoy helping creative, hard-working, experienced developers turn their ideas into power plants; it’s stimulating and fulfilling for us, with each project being a fresh challenge to confront.

We believe that most of the value is added to these assets during the development stage; this has not always been the case, but the medium/long term penetration of renewable energy and storage depends mostly on getting the right assets “plugged-in” in the right places…and less on squeezing more blood from the stones of financing and construction.

Other capital providers in the space can not make “small” investments – huge pools of capital rely on scale; Segue is built to inject the right amount of capital, when it’s needed. We intentionally operate where others cannot, but also have the flexibility to partner with other capital providers to tackle unique financing challenges.

Underwriting early-stage risk is hard, and the capital providers in the sector – many of whom have migrated from adjacent industries - are still learning how to do it. Investing in assets with binary (fatal flaw) risk is tricky and subjective; it requires pattern recognition skills cultivated over many years of developing and investing in sustainable infrastructure. We are not “just passing through” – we’ve been here a long time and will be here for years to come.

Many developers struggle to optimally monetize their projects, and it pains us to watch the folks who truly created value left without much to show for it. The Segue team has monetized over 15 GW of renewable energy and storage assets to-date and take pride in aligning with developers to maximize project value.

Who

Project Developers Profile:

  • Experienced real asset developers
  • Local knowledge and relationships
  • Autonomous and nimble
  • Value partners who want to be helpful where they can be.
  • Pragmatic and realistic

What

We… i) Capitalize, ii) De-risk, iii) Optimize, iv) Monetize:

  • Projects, not companies
  • Renewable energy, energy storage, and supporting infrastructure
  • Utility-scale, community solar, and distributed-scale
  • Projects with clear intrinsic value; no shiny objects, only investments that fundamentally “make sense”

Where

United States and Canada:

  • Wherever good projects with intrinsic value exist
  • Where there are multiple avenues to derive value and monetize
  • We like market pockets overlooked by industry behemoths

When

  • Segue typically invests anywhere between i) Greenfield and ii) pre-NTP; sweet spot is after a hypothesis is validated yet there remains much to do
  • Often the first outside capital invested
  • Flexibility and an open mind are crucial to maximizing risk-adjusted value
  • Segue has no prescribed monetization approach - we simply want to work with our partners to maximize risk-adjusted value

FAQ

Segue specializes in equity partnerships with developers where we mature assets together and sell them pre- or at NTP
Development loans are not our typical investment structure but we have provided such loans in the past for certain situations for more mature projects
We collaborate on ideas and together decide how to capitalize and mature assets. We are partners from day one.
We prefer to invest as early as possible, from greenfield phase; we are typically pre-NTP
Segue can post security deposits; we typically do this for projects where we are also investing standard devex
Segue works with development partners to make prudent decisions about capital allocation and asset strategy throughout the partnership
In our typical partnership, Segue leads the commercial aspect of project sales, with the developer closely involved
We do have an LC facility, but it is typically reserved for projects in our traditional equity partnerships