Read time: ~7 min Standfirst: When an EPC contractor joins an infrastructure consortium, the question that actually determines its exposure is not how much capital it commits, but where in the capital stack that capital sits. Senior debt, mezzanine debt, and sponsor equity are not just different pools of money, they carry different priority, different … Continue reading Sponsor Equity vs. Mezzanine Tranches: Capital Stack Design for EPC-Led Consortia