Independent infrastructure advisory.

Smordin Capital provides hands-on, independent advisory to sponsors, developers, and investors on the financing of infrastructure assets—from capital structure through financial close.

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Focus

Capital Structuring & Debt Advisory

Sectors

Energy Transition, Digital Infrastructure, Power, Traditional Energy, Transportation & Securitization

Engagement

Hands-On Advisory, Direct to the Principal

What We Do

Advisory across the capital structure, from term sheet to financial close.

From inception to close, we provide transaction-specific, end-to-end advisory services dedicated to delivering a successful outcome.

Capital Structuring & Debt Sizing

Designing the senior, mezzanine, and equity stack against project cash flows, including sculpted amortization, reserve accounts, and coverage sensitivity.

Lender & Investor Process Management

Preparing lender materials, managing diligence, and negotiating terms across a syndicate, club, or targeted investor process.

Documentation & Risk Allocation Review

Reviewing credit agreements, offtake, EPC, and commercial terms to flag off-market risk and align documentation with the financing structure.

Financial Modeling

Building and auditing project finance models covering DSCR, LLCR, PLCR, downside cases, refinancing, and recapitalization scenarios.

Ratings Advisory

Coordinating rating agency engagement to secure construction- and operations-phase credit ratings.

Market Entry & Strategic Advisory

Supporting developers entering new geographies, technologies, or capital markets with financeability assessment and lender positioning.

Where We Work

Cross Sector, One Financing Logic.

Different assets, similar questions: construction risk, offtake structure, cash-flow resilience, and lender appetite.

Energy Transition

Geothermal
Wind & Solar
Battery Storage & Hybrid

Digital Infrastructure

Data Centers
Fiber Networks
Hyperscaler-Backed Assets

Power Generation

Merchant & Contracted IPPs
Combined-Cycle Gas
Transmission-Connected Assets

Traditional Energy

LNG & Gas Storage
Gas & Liquids Pipelines
Midstream Assets

Transportation

Toll Roads & Concessions
Airports & Ports
Rail & Transit Assets

Why Independent

Advice priced on the work, not the balance sheet behind it.

Objective, project-centric advice designed to align with your specific needs and optimize long-term owner returns.

Most financing advice arrives bundled with an institution's own product, whether that is a balance sheet, placement fee, or preferred outcome.

Independent advisory removes that layer. The capital stack gets sized for project cash flows, not for what any one lender needs to put to work.

Tranche ASenior Debt

Tranche BMezzanine / Holdco

Tranche CSponsor Equity

Illustrative capital stack, sized and sculpted against project-level cash flow.

Principal

Hands-On Independent Advisory From Mandate to Close.

Dax Smordin

Project Finance & Infrastructure Debt Advisory

Dax Smordin has advised on project finance, capital markets, and infrastructure transactions across power, renewables, energy, digital infrastructure, transportation, LNG, and emerging infrastructure platforms.

Smordin Capital was founded to deliver hands-on, independent project finance judgment directly to sponsors, developers, and investors—without the layers or product incentives of a larger institution.

$40B+

Transaction Experience

Infrastructure Sectors

1:1

Hands-On Advisory

Transaction Experience

Experience across project finance and infrastructure.

Drawn from prior investment banking experience. Reflects deal teams on which Dax served.

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