Reverse-finance working paper
What must the project support?
Instead of stopping at a forward DSCR or IRR, solve backwards for the boundary conditions: price, cost, debt and tenor. The numbers matter; the practical interpretation matters more.
Method boundary
These are financing thresholds, not final conclusions.
The public logic uses annual revenue, annual OPEX, level debt service and a simplified equity cash flow. It does not model tax, reserves, sculpting, construction timing, PPA protections or lender-specific covenants.
A mathematically sufficient tariff, CAPEX or tenor can still be commercially unavailable. The useful question is which boundary is economically meaningful and actually negotiable.
From threshold to negotiation
When the reverse answer matters, test the full financing case.
The next step is to determine whether tariff, CAPEX, leverage, tenor or another contract or risk item is actually the best lever in the live market.