Hokulea Group

Infrastructure Finance & Independent Underwriting

We don't source deals. We decide whether they survive.

Single-principal. Independent judgment. No conflicts of interest.

The Position

Infrastructure capital allocation sits between three layers. We operate at the seam between financing and capital — where projects either clear the bar or don't.

EPC / Contractors

Build. Deliver on time and spec.

We assess whether the project's cash flows survive construction risk, delay, and cost overrun.

Sponsors / Developers

Originate. Structure. Raise capital.

We pressure-test their models, challenge assumptions, and tell you what they won't.

Lenders / Banks

Provide debt. Secure covenants.

We underwrite from the equity holder's side — your downside, not theirs.

Family Offices / Allocators

Deploy capital. Need judgment.

This is our client. We are their independent underwriting mind.

We are not a broker. Not a placement desk. Not an EPC. We are the person who tells you when not to invest — and why.

Services

Four pillars. One mandate: protect capital through independent technical and financial judgment.

01 Independent Underwriting & Model Challenge

We build or review project finance models from the equity holder's perspective. Not to sell a deal. To test whether it holds.

  • CFADS waterfall reconstruction (revenue → opex → tax → WC → maintenance capex → debt service)
  • DSCR profile across base / downside / stress cases
  • Sensitivity matrix: construction delay, offtaker payment lag, input cost escalation, FX devaluation, P50→P90 resource variance
  • Red-flag memo: three specific reasons we would kill this deal
Deliverable: 7-page underwriting memo per project. Model file on request under NDA.

02 Bankability & Structuring Review

For developers and sponsors preparing for financial close — we act as a pre-lender reality check.

  • PPA / tolling agreement term review (reopener risk, take-or-pay vs. take-and-pay, termination compensation)
  • Debt sculpt feasibility under conservative assumptions
  • EPC contract alignment with lender requirements (LD caps, completion guarantee, performance guarantees)
  • Identification of structural gaps between project documents and bankability
Deliverable: Bankability letter (5–10 pages). Follow-up session with sponsor's advisory team.

03 Pipeline Monitoring for Family Offices

Ongoing retainer engagement. We sit on your pipeline and screen deals before they reach your investment committee.

  • Monthly: 2 project pre-screens (3-page memo each: structure, key risks, go/no-go recommendation)
  • Quarterly: 1 deep-dive model review (full CFADS → DSCR → covenant analysis)
  • Ad-hoc: urgent deal review within 72 hours
  • Direct access via WhatsApp / email (response within 24 hours)
Retainer: Trial 3 months at USD 4,500/mo → Standing at USD 8,500–12,000/mo depending on pipeline depth.

04 Governance & Investment Oversight

For family offices and allocators who have already deployed capital — we provide independent monitoring and governance support across the holding period.

  • Quarterly CFADS vs. projection tracking: actual vs. model variance analysis, flagging deviations before they breach covenants
  • Covenant headroom monitoring: DSCR, LLCR, PLCR trends; early warning on breach risk
  • Independent Investment Committee participation: attend IC meetings as an external vote; challenge internal sponsor assumptions without organizational politics
  • Succession & transition governance: for multi-generational family offices, document investment theses and risk parameters so decisions survive principal transitions
  • Related-party & conflict review: assess connected-party transactions, related-party service agreements, and fee structures for fairness
Why this matters: Most FOs have no one independent watching a deal 3 years after close. We do. We are the person who tells you in Year 4 that the project you backed in Year 1 is drifting — before the bank calls it.
Deliverable: Quarterly governance memo (4–6 pages). Ad-hoc covenant alerts. IC meeting attendance (virtual or in-person).

Method — A Demonstration

Composite anonymised case. Not a live deal. For methodology demonstration only.

35 MW Waste-to-Energy, Southeast Asia

Offtaker: State utility, single-buyer PPA (20-year tenor) · Structure: Project finance, 70/30 debt/equity, DFI participation

Assumption Base Stress
Annual availability 88% 76% (P90 resource)
COD delay 0 months 6 months
Offtaker payment lag 30 days 90 days
Min DSCR (base) 1.31× 1.08× (stress)

Red flags identified:

  • → LD cap under EPC turnkey contract excludes force majeure and change-in-law — unhedged for new waste classification regulation
  • → PPA tariff reopener at Year 8; no pre-agreed formula; offtaker unilateral discretion
  • → CFADS in Year 3 drops below debt service requirement under 90-day payment lag scenario; DSRA depleted by Month 4
Verdict: Structurally bankable at 70/30 with DFI cover, but equity return compressed to 8.2% IRR in downside. Recommend: negotiate LD carve-out for regulatory change, or require offtaker payment guarantee. Without these, pass.

This is an illustrative composite based on anonymised project characteristics. Not a representation of any actual client engagement or live transaction.

Retainer Engagement

We don't charge on AUM. We don't take brokerage fees. We charge for judgment.

Trial

USD 4,500/mo

3 months. No lock-in.

  • 2 pre-screens per month
  • 1 underwriting memo per month
  • Email/WhatsApp access

Project-Specific

USD 8,000–25,000

Per engagement. No retainer.

  • Single-deal underwriting
  • Bankability review
  • Model challenge

Trial period converts to standing only by mutual agreement. We can end it too.

About

Hokulea Group is a single-principal infrastructure finance advisory.

We exist because family offices deploying capital into energy transition and digital infrastructure face a gap: they need someone independent, technically fluent in project finance, and unafraid to say no.

The principal brings regulated asset management experience (SFC Type 9 responsible officer), cross-border M&A, and infrastructure project finance advisory across Asia and emerging markets. The firm does not employ engineers — we translate technical risk into cash flow impact, and we bring in independent engineers where specialist validation is required.

One person. Independent judgment. No conflicts of interest.