Revenue
Generation and tariff
Energy yield, degradation, availability, curtailment, PPA tariff, indexation and merchant or residual revenue where relevant.
Solar PV · BESS · project finance
Solar and BESS financial modelling that holds up under scrutiny.
Build, review or stress-test the commercial and financing logic behind utility-scale and C&I solar, battery storage and solar-plus-storage projects.
Model purpose
A model should answer a financing question, not just calculate returns.
I structure modelling work around the decision the project team, lender or investor needs to make. That means tracing assumptions through revenue, operating cash flow, debt service and equity returns, then testing how quickly the answer changes when the project is stressed.
The result is a model that is easier to review, explain and use in management, lender and investment conversations.
Model modules
What the analysis can cover
Built or reviewed to match the project stage.
Costs
CAPEX and OPEX
EPC cost, development cost, contingencies, fixed and variable OPEX, land, insurance, replacement costs and escalation.
Debt
Debt sizing and repayment
Debt quantum, tenor, interest, fees, grace period, repayment sculpting, CFADS, DSCR, LLCR, PLCR and covenant headroom.
Reserves
Cash waterfall and accounts
DSRA, maintenance or replacement reserves, restricted cash, distributions and lock-up logic where required.
Storage
BESS assumptions
Battery capacity, duration, round-trip efficiency, degradation, cycling, augmentation and how storage assumptions affect revenue and debt capacity.
Returns
IRR and downside cases
Project and equity returns, valuation logic and sensitivities to tariff, yield, CAPEX, OPEX, debt pricing, delay and combined stresses.
Examples
Relevant portfolio work
Public examples show the model logic without exposing private project data.
120 MW solar + 6-hour BESS
FAST-style investment model testing PPA pricing, US$184m CAPEX, storage assumptions, debt capacity and downside resilience.
DSCR1.57x
Project IRR10.37%
58.5 MW Zambia solar IPP
Lender-style review covering PPA revenue, CAPEX/OPEX, debt sizing, DSCR, LLCR, PLCR, reserves and repayment structure.
Project costc. US$59m
TechnologySolar PV
Public 50 MW solar IPP model
A transparent sample showing revenue, debt, cover ratios, cash flow and downside logic.
FormatPublic sample
UseModel review
Model QA
What I test when reviewing an existing model.
- Are the key commercial assumptions visible, consistent and traceable?
- Does the debt schedule reconcile to cash available for debt service and covenant logic?
- Are reserve accounts, fees, tax and distribution restrictions treated correctly?
- Do storage, curtailment, degradation and availability assumptions flow through revenue realistically?
- Do downside cases expose the assumptions that genuinely threaten bankability or investor returns?
- Can another analyst or decision-maker understand the model without reverse-engineering it?
Related services
Model work rarely sits alone
Connect the spreadsheet to the wider project.
Project finance
Project finance support
Debt, risk, PPA and decision support around the model.
PPA
PPA & wheeling analysis
Delivered cost, grid charges, savings and returns.
Markets
Market due diligence
Regulation, tariffs, grids, buyers and project pipelines.
Next step
Have a model that needs building or testing?
Share the project type, current model status, decision and deadline.