Executing complex circular economy infrastructure projects
Creating value through the considered execution of complex projects.
OUR FOCUS
Private Capital + Complex Projects + Circular Economy + Energy
About us
CIRC Partners create investible real assets from early-stage concepts.
We work with private capital and project sponsors to develop projects and arrange delivery and capital solutions for capital-intensive greenfield real assets in sectors where decarbonisation intersects with the circular economy (biomethane, advanced recycling and energy from waste) and in the energy transition (hydrogen, pumped hydro and distributed energy resources).
We work with greenfield projects from an early stage on development management and delivery solution procurement – enabling consistency of focus on the bankability thresholds of private capital before such capital markets are formally engaged. We engage early to accelerate and de-risk the development cycle and provide the greatest opportunity to create value from project development.
Our approach
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Deep Expertise
We believe in having a deep understanding of the interconnected technical, economic and commercial factors which impact on success of our projects; aligning of technoeconomic drivers to generate maximum value.
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Strategic Mindset
We consider that a strategic mindset to development and financing is critical to ensure value is created for our private capital and project sponsor clients.
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Persistance
We are there when the going gets tough – through persistence we believe we can find solutions to any project setback or challenge.
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Collaboration
We believe in working in a respectful and collaborative manner with our clients, partners and the advisers & consultants on our projects.
Our passion is unlocking project and enterprise value uplift created by joined-up thinking across the traditional technical, commercial and financial silos that so often dominate the structuring of complex infrastructure projects. Working closely with proponents and investors, we lean in when the going gets tough to drive development and close processes.
— CIRC Partners
Our capabilities
Delivery Solution Procurement
Procurement of a viable delivery solution can be challenging for project sponsors where the contractor market isn’t familiar with deploying a particular technology locally, where the inputs differ from prior projects due to local market structures, or where the technology is being deployed at a scale different to that at which it has been successfully deployed before.
We play a central role in defining delivery solutions for projects – from working with technical specialists to define output specification; to proactively engaging with technology providers and balance of plant contractors to ensure alignment of capability, scope & risk; and working with sponsors, technology providers and contractors to align incentives through procurement processes.
We have held senior leadership roles in crafting delivery solutions for projects including the $5bn+ Snowy Hydro 2.0 pumped hydro energy storage project, the $8bn+ North-East Link Tunnels Public Private Partnership and the $500m+ Cultana Hydro pumped hydro energy storage project, amongst others.
Development Management
Developing projects – particularly those to be funded by private capital – mandates that rigour be applied to every development work-stream to ensure that viability criteria of capital are met and optimised. We have been involved in many challenging project situations where development streams have not been given required focus, and this has cost project sponsors time and resources.
We proactively identify, understand and manage every aspect of execution risk in a project – specification development, procurement and delivery approach, operating solution, feedstock, fuel & energy supply, primary and secondary revenues, by-product management, consents and approvals, energy network connections and other utility connections, amongst others.
We have had senior leadership roles – such as development project director or lead technical adviser – on large greenfield real asset project developments including the $700m Kwinana energy from waste project, the $500m East Rockingham energy from waste project and a number of ongoing projects at the intersection of decarbonisation and the circular economy.
Capital Arranging
Arranging and optimising capital solutions requires structured risk and reward to be implemented across delivery solution procurement and development management. We have been involved in many challenging project situations where capital has been assumed to be independent of an appropriately structured risk allocation, and this has cost project sponsors time and resources.
We integrate the capital arranging function into our delivery solution procurement and development management functions – enabling a seamless interface which acknowledges the interconnectedness between the project solution formed from early-stage delivery solution procurement and development management choices and the cost of capital achieved in late-stage capital arranging. Focus on risk alignment reduces the likelihood of ‘risk on risk’ provisioning
We have executed capital raisings across the capital structure – including leading competitive equity raising processes which secured $450m+ of private equity capital and commercial leadership roles in teams which have secured $750m+ of senior debt, $50m+ of subordinated debt and $40m+ of recoupable grant funding for sustainable real assets.
Our team
Blake Almond
Executive Director
Blake has extensive experience in the development and financing of sustainable real assets from which significant value has been created for project participants. He is skilled in the strategic execution of development and financing through his development project director and lead advisory roles on greenfield projects.
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Blake has 14+ years of experience in project development & financing and M&A – including 10 years with Macquarie Capital until March 2019 where he was most recently focused on EfW and renewable energy project development & financing.
In the last 4+ years Blake has primarily focused on the development and financing of energy from waste projects – having had leadership roles on the $700m Kwinana EfW and $500m East Rockingham EfW projects, and more recently on a co-developer’s entry into the $550m+ Maryvale EfW project.
Blake has led processes which have secured $450m+ of equity capital for EfW projects and a wind farm, and had commercial leadership roles in processes which have secured $40m+ of grant funding from ARENA, $750m+ of senior debt, and $50m+ of concessional subordinated debt.
Blake’s professional qualifications include a Bachelor of Commerce (Honours) from the University of Sydney and a Masters of Finance (Distinction) from INSEAD.
Get in touch
If you would to find out more about our approach and capabilities or would like to discuss a project at any stage then get in touch.