Follow the money, understand the risk, and measure the impact.
Lyrios decodes infrastructure finance, development capital and policy choices with primary sources and direct numbers — so you can see who pays, who takes the risk and what the money actually builds.
V0: two deals, zero filler. Every material number points back to a source.
Lyrios traces every layer of capital, what it gets paid for, the risk it absorbs and why it is there.
Why it matters: ELMED is not simply 'aid to Tunisia'. It is simultaneously Tunisian grid investment, European energy-security policy and a cross-border market-integration project.
Open dealWhy it matters: This is the opposite of a pure aid project: private sponsors own the asset and revenues come from a long-term PPA. Yet DFIs remain central because they provide long tenor, anchor the syndication and help commercial banks enter a riskier market.
Open dealEvery source of capital, its amount, rank and role.
If the project goes wrong, who actually loses money?
From tender and approvals through financial close and COD.
Revenue, counterparty, construction, country, FX and financing — no magic score.
Lyrios does not stop at financial close. We follow the mechanism: what gets built, which costs fall, which incomes or services appear — and which policy conditions make that outcome possible.
Read the visionHealth, education, skills.
Energy, transport, water, digital.
Process locally, produce, export.
Public capital corrects risk without needlessly replacing private money.
Clear rules, execution, transparency.
Climate grant, energy security or industrial policy? In practice: all three.
8 min readEXPLAINER · SUEZ WINDDFIs do not always subsidise. Sometimes they make the market.
9 min readDEBATE · DEVELOPMENT FINANCEThe promise of blended finance — and the risk of socialising losses.
Read the thesis