R11 Capital · Clean-Energy Finance
Clean-energy tax credits, and the working capital behind them.
R11 Capital places transferable tax credits with institutional buyers, arranges bridge financing against them before they monetize, and finances the receivables that fund clean-energy projects. We work with developers, platforms, tax-credit buyers, and lenders.
Focus
Clean-energy finance is the only thing R11 does. Tax credits, the bridges against them, and the receivables behind clean-energy projects. One sector, underwritten by people who work in it every day.
What we do
Three products for clean-energy companies.
R11 sits between the companies that originate clean-energy assets and the institutions that fund them. We place tax credits with buyers, arrange bridge financing against those credits before they monetize, and finance the working capital behind construction.
R11 originates and diligences transferable clean-energy tax credits and places them with institutional buyers. Recapture and eligibility indemnities run from the seller, backed by tax-credit insurance where warranted.
View → Tax Credit BridgeSecured advance · arrangerR11 arranges bridge financing secured against tax credits that have not yet monetized. The advance is secured by the credits and the underlying assets and repaid when they are sold.
View → Invoice & Working-Capital FinancingReceivables Facility · lenderR11 finances invoices and working capital for residential-solar third-party-ownership platforms and their EPCs, purchasing receivables so they can fund installation and operations.
View →Approach
Discipline before capital.
R11 diligences eligibility and counterparties itself, states who carries recapture risk on every transaction, and works both sides of the trade.
Underwriting
We diligence the projects and counterparties behind each credit and confirm eligibility ourselves, rather than relying on a seller's representations.
Risk allocation
Every transaction states who carries recapture risk. Indemnities run from the seller; insurance is arranged where the structure warrants.
Both sides of the trade
R11 works with originators and with capital providers, which gives it a real read on where each side clears.
The R11 Inc platform
R11 originates and services on the R11 Inc platform. Embedded financing and monitoring across a network of clean-energy contractors generate R11's pipeline and give loan-level visibility into the assets it funds.
Execution
Clear terms and a defined path to close.
Contact
Discuss a transaction with R11.
Whether you are deploying capital or raising it, start with a conversation.
Tax Credit Sale
Arranging the sale of clean-energy tax credits.
R11 originates and diligences transferable clean-energy tax credits (ITC, PTC, and §48E) and places them with institutional buyers. Recapture and eligibility indemnities run from the seller, backed by tax-credit insurance where warranted.
Structure
How it works
Originate
Source credits from developers and platforms across the R11 network.
Diligence
Verify eligibility, basis, and the underlying projects.
Structure
Document terms, recapture indemnity, and insurance where warranted.
Place
Match to an institutional buyer and manage the transfer to close.
Discuss a credit sale.
Bridge Financing
Bridging the gap before credits monetize.
R11 arranges bridge financing secured against tax credits that have not yet monetized. The advance is secured by the credits and the underlying assets and repaid when they are sold.
Structure
How it works
Assess
Size an advance against the pipeline of earned and forecast credits.
Structure
Set terms secured by the credits and assets, sized to the build schedule.
Advance
Capital is advanced against the credits, secured by them and the underlying assets.
Settle
The bridge repays from the eventual credit sale.
Discuss a bridge.
Invoice & Working Capital
Financing the receivables behind residential solar.
R11 finances invoices and working capital for residential-solar TPO platforms and their EPCs, purchasing receivables so they can fund installation and operations.
Structure
How it works
Onboard
Review receivables, counterparties, and the milestone schedule.
Set a facility
Put a working-capital line in place, sized to volume.
Purchase
Purchase receivables and invoices as installation proceeds.
Recycle
Payments repay the line; capacity refreshes with volume.
Discuss a facility.
Approach
Discipline before capital.
R11 diligences eligibility and counterparties itself, states who carries recapture risk on every transaction, and works both sides of the trade.
What we assess
How we allocate risk
Process
The same discipline on every transaction.
Originate
Source and scope the transaction with the developer, platform, or buyer.
Diligence
Assess eligibility, basis, recapture, compliance, and counterparty credit.
Structure
Document terms, indemnity, insurance, and security appropriate to the risk.
Close
Execute and settle, with a defined takeout where financing is arranged.
Discuss a transaction.
About R11 Capital
An independent capital firm for clean energy.
Clean-energy finance is R11's sole focus.
The clean-energy build-out is capital-intensive. Tax credits and receivables pay out on their own timelines, and the companies building projects are often short of working capital when demand is highest. R11 Capital addresses those gaps: it arranges the sale of tax credits, arranges bridge financing against them before they monetize, and purchases the receivables behind residential solar.
The R11 Inc platform
R11 Capital is the capital arm of R11 Inc, the technology company for financing in the energy sector. R11 Inc embeds financing and monitoring across a network of clean-energy contractors. That network is R11 Capital's origination pipeline, and R11 Inc serves as its servicing arm, giving R11 Capital loan-level visibility into the assets it funds.
Leadership
Experience before R11.
R11's principals come from prior roles structuring and underwriting tax-credit, energy, and asset-backed transactions.
Work with R11.
Contact
Discuss a transaction.
Tell us which side you are on and what you are working on. We will route you to the right desk.
Legal
Disclosures
Important information about R11 Capital, this website, and the transactions described on it.
General
This website is provided by R11 Capital LLC, a Delaware limited liability company and subsidiary of R11 Inc. (together with its affiliates, "R11"). The content of this site is for general informational purposes only. It is not, and should not be construed as, an offer, solicitation, commitment, or recommendation of any kind.
No securities offering; regulatory status
Nothing on this site constitutes an offer to sell or a solicitation of an offer to buy any security or other financial instrument in any jurisdiction. R11 Capital is not registered as a broker-dealer or investment adviser with the U.S. Securities and Exchange Commission or any state securities regulator, and no content on this site constitutes investment advice or a recommendation regarding any security or investment strategy.
No tax, legal, or accounting advice
R11 is not a law firm or an accounting firm and does not provide tax, legal, or accounting advice. Any diligence, eligibility analysis, or structuring R11 performs is conducted for its own underwriting and transaction purposes. The federal income tax treatment of clean-energy tax credits, including qualification, eligible basis, transferability under Section 6418 of the Internal Revenue Code, and recapture, depends on facts specific to each project and taxpayer and on laws and guidance that may change. Each party to any transaction must rely solely on its own tax, legal, and accounting advisors.
No commitment to lend
Descriptions of bridge financing, receivables, and working-capital products are summaries of transaction types R11 may pursue and do not constitute a commitment, term sheet, or offer of financing. Any financing is subject to R11's underwriting, due diligence, credit approval, internal authorizations, and execution of definitive documentation, and may be modified or withdrawn at any time. R11 provides financing to businesses for commercial purposes only and does not extend consumer credit.
Insurance
R11 is not a licensed insurance producer or broker. References to tax-credit insurance describe risk-allocation features that may be incorporated into transactions through appropriately licensed third parties.
Illustrative content; no performance representation
Engagements described on this site are anonymized and simplified, may be in progress rather than completed, and are provided to illustrate the types of transactions R11 pursues. R11 makes no representation regarding completed transaction volume or performance. Any figures, pricing indications, or timelines are illustrative only and are not indicative of terms available in any actual transaction.
No reliance; no warranty
Information on this site is provided "as is," may be incomplete or become outdated, and may be changed without notice. R11 makes no representation or warranty, express or implied, as to its accuracy or completeness and accepts no liability for any loss arising from reliance on it.
Confidentiality
Do not submit confidential or proprietary information through this site. No advisory, lending, or other relationship is created by contacting R11, and information submitted before execution of a written agreement is not subject to any duty of confidentiality unless separately agreed.
Intellectual property
All content, marks, and logos are the property of R11 or its licensors and may not be used without permission.
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