The thesis
Guatemala has a liberalized electricity market, and there's a quiet sweet spot in it: sub-5 MW solar projects. Small enough to face less competition and faster permitting, large enough to matter, with per-project tax incentives and cash flows that are effectively dollarized — which strips out a lot of the currency risk that scares international capital away from the region. The idea is to aggregate a pipeline of these smaller projects — originated and built by independent local developers — into one well-structured vehicle that connects that pipeline to investor capital. We structure and aggregate; the developers build.
What I do here
I'm the operator on the structuring side. That means building the financial model, designing the vehicle and its governance, drafting the institutional-grade legal framework, preparing the investor materials, running the developer and sponsor pipeline, and negotiating the agreements that turn a project into part of the fund. I do the analytical work and the relationship work — the model and the table.
What's built
- ◦An institutional financial model — a multi-tab SPV model that's been through several generations, covering capital-call scheduling, production stress-testing (P50 / P90 / P99 with degradation and soiling), debt sculpting, the distribution structure, a terminal-value exit engine, sensitivity analysis, and a built-in audit panel. It earned its credibility by fixing its own weak spots version over version.
- ◦An interactive companion dashboard — a React app with live negotiation-lever sliders so the model isn't just a spreadsheet, it's a tool you can reason with in a meeting.
- ◦A document framework — the structured legal and offering architecture, designed compliance-first so the public-facing layer carries no offering content by design.
- ◦A fund-specific AI toolkit — purpose-built skills for screening inbound projects, drafting investment-committee memos, tracking the sponsor pipeline, managing investor relationships, and running the weekly meeting-to-action loop.
- ◦A gated LP platform — a progressive-disclosure web funnel (on Vercel, behind access control) built so the right information reaches the right tier at the right time.
Where it stands
The structuring phase — model, materials, market analysis — is done. The active work now is running developer negotiations and investor conversations in parallel and finalizing the legal frameworks. Pre-first-close, and deliberately so: two earlier energy vehicles got killed to focus everything here.
Nearby stars
Sister effort to El Trejo on the energy side — same operator, same tooling, different country and counterparties. Both run on Alpicat's brains and AI infrastructure.