Cover
Purpose, scope, limitations and colour convention.
Downloadable public model
Solar IPP project-finance model
A formula-driven public workbook showing how a utility-scale solar project moves from operating assumptions to funding, debt service, lender ratios, equity cash flow, sensitivities and audit checks.
Asset50 MWac / 58.5 MWdc solar PV
Total usesUS$58.46m
Senior debtUS$39.60m
Project IRR10.63%
Equity IRR16.21%
Minimum DSCR / LLCR1.33x / 1.50x
Model viewer
Inspect the workbook before downloading it
The tables below reproduce the core public outputs. The Excel download contains formulas, scenario controls and all nine sheets.
Project IRR10.63%10.00% public hurdle
Equity IRR16.21%15.00% public hurdle
Minimum DSCR1.33x1.30x target
Minimum LLCR1.50x1.25x floor
Debt-service profile
Coverage remains above the base threshold
Finance interpretation
Debt is constrained by the agreed leverage cap
- Cost-cap debt
- US$39.60m
- DSCR capacity
- US$50.14m
- Selected debt basis
- Cost cap
- Debt / total uses
- 67.7%
Input discipline: editable assumptions are separated from calculations and each public assumption has a source or limitation note.
| Section | Assumption | Base case | Unit |
|---|---|---|---|
| Energy | P90 Year 1 gross generation | 124,780 | MWh |
| Energy | Degradation / availability / losses / curtailment | 0.5% / 98.5% / 1.5% / 1.0% | Annual / operating |
| Revenue | PPA tariff and escalation | US$0.070 / 1.5% | per kWh / p.a. |
| CAPEX | EPC, grid, development and contingency | US$56.58m | Base uses |
| Debt | Cap / interest / tenor / grace | 70% / 6.5% / 15 years / 2 years | Senior debt |
| Credit | Target DSCR / LLCR / DSRA | 1.30x / 1.25x / 6 months | Lender metrics |
| Tax | Tax rate / holiday / depreciation | 30% / 5 years / 20 years | Public placeholders |
Uses
| EPC cost | US$50.00m |
|---|---|
| Grid connection | US$1.50m |
| Development cost | US$2.50m |
| Contingency | US$2.58m |
| Financing fee | US$0.59m |
| Initial DSRA | US$1.29m |
| Total uses | US$58.46m |
Sources
| Senior debt | US$39.60m |
|---|---|
| Equity requirement | US$18.85m |
| Debt / base uses | 70.0% |
| Debt / total uses | 67.7% |
| Funding surplus / gap | US$0 |
| Sources equal uses | PASS |
| Year | Opening debt | Interest | Principal | Debt service | CFADS | DSCR | LLCR |
|---|---|---|---|---|---|---|---|
| 1 | US$39.60m | US$2.57m | — | US$2.57m | US$7.43m | 2.88x | 1.60x |
| 3 | US$39.60m | US$2.57m | US$2.03m | US$4.61m | US$7.47m | 1.62x | 1.50x |
| 6 | US$33.11m | US$2.15m | US$2.45m | US$4.61m | US$6.12m | 1.33x | 1.69x |
| 10 | US$22.29m | US$1.45m | US$3.16m | US$4.61m | US$6.18m | 1.34x | 2.53x |
| 15 | US$4.32m | US$0.28m | US$4.32m | US$4.61m | US$6.25m | 1.36x | 11.22x |
The public model uses an interest-only grace period followed by level annual debt service. A live mandate can replace this with repayment sculpting, cash sweeps, multiple facilities, construction-period debt and covenant-specific distribution tests.
| Scenario | Project IRR | Equity IRR | Minimum DSCR | Interpretation |
|---|---|---|---|---|
| Base | 10.63% | 16.21% | 1.33x | Passes the public model hurdles |
| Tariff -10% | 9.61% | 13.58% | 1.23x | Coverage falls below target |
| Yield -10% | 9.61% | 13.58% | 1.23x | Same revenue effect in this simplified case |
| CAPEX +10% | 9.93% | 14.39% | 1.26x | Returns and headroom weaken |
| Interest +200 bps | 11.03% | 14.33% | 1.22x | Debt service becomes binding |
| Combined downside | 7.25% | 6.46% | 1.22x | Requires re-pricing or re-structuring |
| Upside | 14.25% | 29.33% | 1.74x | Strong equity and lender headroom |
Sources equal usesPASS
Debt repaid by maturityPASS
Debt within cost capPASS
Debt within DSCR capacityPASS
Minimum DSCRPASS
Minimum LLCRPASS
No negative debt balancePASS
No client namesPASS
Overall model statusREADY FOR PUBLIC REVIEW
Workbook architecture
Nine linked sheets with a clear review path
The workbook is deliberately compact enough to inspect while retaining the main mechanics expected in a project-finance review.
Dashboard
Investment, debt and model-status outputs.
Inputs
Separated technical, commercial, cost, debt, tax and scenario assumptions.
Operations
Generation, losses, degradation, revenue and OPEX.
Funding
Sources and uses, financing fees, DSRA and debt-cap selection.
Debt
Opening balance, interest, principal, DSCR, LLCR and lock-up.
Cashflow
CFADS, reserve movement, distributions, IRR and NPV.
Sensitivities
Tariff, yield, CAPEX, interest and combined cases.
Checks
Funding, debt, covenant and public-disclosure integrity tests.
Live mandate
What changes when this is built for an actual transaction
- Verified energy study with P50, P75, P90 and, where required, P99 cases.
- Monthly construction schedule, drawdown, IDC, commitment fees and construction contingencies.
- Jurisdiction-specific tax, VAT, duties, incentives, loss carryforwards and withholding taxes.
- Contract-specific tariff, indexation, curtailment, deemed energy, payment delay and termination treatment.
- Sculpted repayment, cash sweep, reserve waterfalls, lock-up and default covenants.
- FX, inflation, interest-rate, refinancing and distribution scenarios.
- Documented model audit trail, issue register and lender or investment-committee memo.
Public Excel file
Review formulas, links and sensitivities directly
The workbook is synthetic and may be used to assess modelling approach. It should not be relied on for an investment or lending decision.
.xlsx · approximately 44 KB
Model build or review
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