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The Digest’s 2026 Multi-Slide Guide to Mezzanine Debt for Retrofits

July 9, 2026 |

Biorefinery retrofits, such as converting ethanol plants to sustainable aviation fuel, face a critical financing gap: senior lenders limit brownfield exposure while equity demands prohibitively high returns. Mezzanine debt effectively bridges this divide, providing essential subordinated capital tailored to conversion risks. Because strong brownfield assets mitigate technology risks, they can secure mezzanine pricing 200 to 400 basis points lower than greenfield projects. Sponsors must engage specialized credit lenders early at the term-sheet stage to optimize this structure.

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Category: Multi-Slide Guides

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