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Detailed cash flow models covering construction and operational phases, based on technical and financial assumptions. Through scenario and sensitivity analysis, they assess equity returns and debt service capacity using project cash flows. Designed to meet banking requirements and support financial close.
A European fund was bidding for a portfolio of wind and PV plants in Italy, totaling 65MW.
A model was built that projected 55 years for each of the 50 plants individually, with detailed P&L, B/S and CF statements at SPV level. It included regulated as well as market revenue, repowering option and various types of financing.
The model aggregated the SPVs into various holdings and calculated a valuation using discounted equity cash flows per holding.
An investor was bidding fora concession of a 300k sqm logistics development in a large european airport.
The model calculates P&L, Balance Sheet and Cash Flow projections and return rate. Produces outputs forms compliant to airport authority bid specifications. Built up from urbanization and construction costs. Operations forecast through rent roll detailed calculations.
The client used the model to prepare their bid for the concession.
A Spanish group actively pursuing growth by acquisition wanted to present an offer for a 20MW PV portfolio located in Spain and Portugal.
Near identical models were built for each operating company, forecasting market and regulated revenue, opex and existing financing. Post deal refinancing options were also simulated, in order to optimize the structure.
Multiple scenarios were evaluated and an aggregated model with financial statements for all companies and for the group was then used to derive the bid value that would deliver the required shareholder return.
A Spanish fund needed to refinance the senior debt of a 10MW PV plant with a bank syndicate due to a regulatory change with strong negative impact on revenues.
A semi-annual model was built that forecast the regulated revenues under the novel and highly complex regime. Various refinancing scenarios were forecast including swap rate break clauses and repayment profiles optimized to match future cash flow generation.
The analysis for refinancing negotiations was made using a highly flexible debt dashboard to continuously refine the options available and choose the most suitable deal for the company.
A European industrial conglomerate wanted to build an arbitration case for losses incurred on a 750MW portfolio of wind, solar, biomass and hydro plants in Spain.
A highly complex model was developed to calculate multiple scenarios based on the impact of successive regulatory changes on each plant’s cash flows and valuation.
The company’s lawyers used the outputs of the model to back up the claim presented to the arbitration court.