For solar projects, it makes sense to rank the debt first in relation to the life cycle of the project. Basically, there are three categories of debt for solar projects, which are subject to further examination: (i) development debt for the pre-construction period, (ii) construction debt to finance the work of the CPE and (iii) permanent debts for the post-construction period when a project is operational and development work is completed. The back-leverage structure also provides an enhanced opportunity for a lender to diversify its exposure to several solar projects and to record cash flows from a higher-class holding company that indirectly holds equity in a portfolio of projects. The back-leverage portfolio structure is necessarily part of a portfolio tax structure that, combined, is a valuable tool for large-scale financing. This financing structure has been widely used by independent electricity producers to facilitate growth and effectively reduce the costs of implementing a single project through large portfolios. Project financing risks can be taken into account in many respects, but overall the main risk categories include: (a) construction risk – the likelihood that the project will reach commercial operation without going through the budget or delay date or without having insurmountable construction problems; b) technological risk – if the technology built into the project works functionally and has been tested and demonstrated; (c) counterparty risk – each project participant remains solvent, solvent and capable of fulfilling his or her specific contractual obligations when necessary, such as the ability of the EPC contractor to pay his subcontractors, to procure equipment when needed, or to fulfil a guarantee right; (d) revenue risk – a particular type of counterparty risk that focuses on the security of payments received by the purchaser or, in the case of distributed production or portfolio transactions, by customers under the electricity supply contract (“AAE”); (e) operational risk – the project can be implemented to achieve the level of performance and performance expected in the project design and design plan, and what other factors (e.g. B weather) can affect these performance; and (f) regulatory risk – the risk of state intervention in the project, including the denial of assessment authorizations, changes to state programs that authorize a solar program, and changes in tax legislation applicable to the project. “significant negative effects”: any change, effect, event or event that is significantly detrimental or adverse to the business, assets, real estate, results of operations, conditions or prospects of the acquired business, 14 projects or projects, and that affects the general economy or the solar electromenics industry on a sectoral basis; 2. New leverage debts. We have already indicated that tax private equity investors do not want to take construction risks.