Wolf Summit
Construction Financing
Unlocking project financing when traditional construction and lending models broke down
Problem
Wolf Summit was unable to engage a traditional Engineering, Procurement and Construction (EPC) provider under reasonable terms and costs. Without an EPC solution, there was no way to secure project financing for the project. Given the significant increase in new build natural gas-fired generation facilities in the US, EPC providers were already operating at maximum capacity. The US Project Finance Bank market had never funded a non-recourse, EPC Management natural gas-fired project.
Solution
Kindle challenged its Engineering and Construction teams to put together a plan to:
Manage the construction of the Wolf Summit plant via a small number of vendor contracts and utilizing Kindle’s procurement team
Maintain the original economics of the project
Achieve COD consistent with the long-term customer contract
The Kindle team then identified 4 key contractors who could provide the services of an EPC provider, but under an EPC Management model overseen by Kindle EPCM, and negotiated contracts with each of the providers.
The Engineering and Construction team then:
Negotiated contracts with three vendors that will hand off responsibilities from one vendor to the next seamlessly
Launched RFPs for the key equipment that needed to be purchased
Developed a schedule to demonstrate how all the vendors and equipment will be available to achieve completion by December 2028
Explained to the independent engineer (Lenders’ advisor) how our EPCM schedule, procurement, construction and commercialization will work
Provided written materials, held calls with Lenders to describe Kindle’s EPCM plans and how risk will be mitigated during construction, and answered more than 200 questions submitted by Lenders
Impact
Power Supply
Wolf Summit
Wolf Summit achieved financial close in November 2025, securing sufficient debt and equity capital to construct the plant. The final credit agreement maintained terms and economics that were modeled under an EPC approach.
Successfully constructing Wolf Summit under an EPCM model will demonstrate to potential customers and lenders Kindle's ability to continue developing and building projects independently.
Enables Kindle to continue to be a solution provider to entities pursuing new power supply during a time or rising costs and limited alternatives for the construction of new plants.
More Case Studies
Magnolia
Modernizing a cooperative's power portfolio with efficient, long-term generation
Mountain Peak
Delivering reliable, cost-predictable power when traditional construction models fell short
Magnolia
Building a self-managed operations model aligned with long-term asset performance
Big Cajun II
Environmental Liability Transfer (“ELT”) Transferring legacy environmental risk to protect long-term asset value
Initiate Your Project
Whether you need new power generation, want to optimize existing assets, or need to structure power investments, we'll work with you every step of the way and create a customized solution that delivers results.