Step 5 · IC Memo
1-page memo, every figure traceable
This memo composes signal score + risk + ESG + team narrative into a single decision record. 20 citations back it.
Executive summary
NorthLight Solar-Storage Series B is a mid-stage climate-infrastructure opportunity in a low-risk jurisdiction with a signal score of 78/100. Diligence is audit-grade: every figure below traces to a document and a lineage record.
Thesis
80 MW solar-plus-storage Series B with a contracted 15-year PPA, investment-grade offtaker, and a team that has closed two comparable deals within 36 months. Permitting is the critical path — base case is unblocked closure within the quarter.
Risks
- Permitting exposure — regional authority review pending (medium).
- PPA counterparty concentration (low — step-in rights mitigate).
- Battery OEM track record short (low — warranty wrap mitigates).
Recommendation
proceed