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  "documentTitle": "Financing Sustainable Aviation Fuels (with Kearney)",
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  "notes": "Part of a series on project phases; focuses on the transition from construction to active production.",
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      "text": "In the commissioning and operation phase, fundraising challenges persist as the project shifts from construction to active production. Investors at this stage seek assurance that the facility can operate efficiently and meet its production targets. Any technical difficulties or delays during commissioning and operation can raise concerns about the project's ability to generate consistent revenue, which in turn could result in late-stage plant closures. Bankable process guarantees from the process licensors and EPC contractors are essential to progressing past this stage. Scaling-up production to meet market demand also requires additional capital, particularly to address any gaps in the supply chain, such as feedstock procurement or logistical capabilities. This need for further investment can be challenging if previous phases have already strained financial resources. Investors will be closely scrutinizing the facility's initial performance, and any early operational issues could hinder the ability to raise additional funds needed for scale-up. Moreover, the ongoing high costs of SAF production compared to conventional fuels can exacerbate fundraising difficulties, as investors may question the long-term profitability and sustainability of the project at scale. High costs could also limit the scaling-up opportunities once demand by higher-paying first movers is met.",
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