Commercial capital
Institutional investors · pension · insurance
Sovereign & Infrastructure Advisory
Sovereign programmes and infrastructure delivered with institutional discipline
Contact our specialists
Sovereign guarantee capacity limited by debt sustainability commitments
Tariff and affordability constraints that cap project revenues
We advise governments, state entities, and their delivery partners on the financing and governance of infrastructure — from PPP frameworks to individual projects and the concessional capital that supports them.
African infrastructure programmes are built under real fiscal constraint: sovereign guarantee capacity is limited by debt sustainability commitments, tariffs are politically constrained, and offtakers are often state utilities whose own balance sheets are the risk being financed. Bankability has to be engineered rather than assumed.
Sovereign advisory, PPP frameworks, and infrastructure structuring for African governments and their delivery partners.
Sovereign & Infrastructure Advisory
Advisory for sovereign programmes and the infrastructure that carries them
Capital architecture
Blended finance layer stack
How concessional, guarantee-backed, and commercial capital combine in bankable project and fund structures.
Guarantee layer
Partial credit · political risk · first-loss
Concessional finance
DFI · ECA cover · blended tranches
Sponsor equity
Government · corporate · project equity
Layered by payment seniority — commercial capital sits senior, concessional and guarantee layers absorb structured risk, and sponsor equity takes first loss.
Services & capabilities
What we deliver
Discuss this advisory pillar with our South African team.
Capability detail
Sovereign programme advisory
Structuring and sequencing within national infrastructure programmes, from framework to individual project.
- €2B+
Programs advised
Sovereign and infrastructure capital pathways
- PPP
Depth
Transport, energy, social infrastructure
How we've helped
Sovereign infrastructure
PPP structuring for a state utility programme
We advised on financing structure and risk allocation for a utility PPP — reconciling tariff constraints and offtaker credit with the cover and tenor lenders required to participate.
Read moreOur approach
A disciplined approach to capital advisory
We work between the programme and the market — translating national objectives into structures lenders and guarantors can underwrite within the fiscal space actually available, and documenting them to international standards.
Assess
Evaluate policy objectives, delivery options, fiscal impact, and market appetite for public or PPP structures.
Structure
Design risk allocation, payment mechanisms, guarantee layers, and governance for bankable project or program delivery.
Mobilize
Run lender, DFI, and investor processes — term sheets, due diligence, and financial close coordination.
Transition
Support operations handover, covenant monitoring, and refinancing planning through the asset lifecycle.
Client outcomes
- Programmes translated into projects lenders and offtakers can underwrite
- PPP frameworks with risk allocation the private sector will accept
- Structures that respect sovereign debt sustainability constraints
- Governance and reporting that satisfy development and commercial financing partners
Latest insights
Sovereign & Infrastructure Advisory
Analysis on capital and policy
February 17, 2026 · Capital mobilization
Blended Finance and the Additionality Test
CAPITALMarch 3, 2026 · Risk advisory
Currency Mismatch: The Risk That Decides African Financings
RISKJanuary 13, 2026 · Policy & markets
Mining Fiscal Regimes and What Stability Agreements Are Worth
POLICYApril 14, 2026 · ESG & impact
ESG Integration Across the Investment Lifecycle in European Markets
IMPACTSector application
Industries we serve
Infrastructure
Core mandate: structuring bankable infrastructure investments
Public Sector
Bridging policy objectives with private sector investment capability
Electric Power & Natural Gas
Infrastructure finance for energy transition and grid modernization
Engineering, Construction & Building Materials
Bankable structures for EPC contracts and construction megaprojects
Related expertise
Explore other advisory pillars
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Funding & Capital Mobilization
Mobilizing capital for bankable projects, sovereign programmes, and African investment
Risk Management Advisory
Risk intelligence and mitigation for capital-intensive African mandates
Fund Management & Investment Structuring
Investment vehicles built for governance, institutional subscription, and scale
Guarantees & Credit Enhancement
Risk-sharing instruments that unlock African capital and improve terms
Legal, Securities & Escrow Advisory
Legal, securities, and escrow architecture for African and cross-border investment
Wealth & Asset Management
Preserving and deploying private African capital with institutional discipline
Private Equity Advisory
Deal, holding, and capital structures for African private equity and co-investment
Contact us
Discuss your mandate
Discuss this advisory pillar with our South African team.