08 · Financial model

A model you can break

Construction draw over 4 years, capitalized interest, sculpted debt after grace, 25-year operations, 5-year tax holiday then 30% CIT. Move the sliders. The printed 28.7% IRR is not a case in this engine — it only appears if you type it on a slide. Holding P&L for Markets / Jewels / Labs lives in engines, not here.

Credit screen

Fails simple screen

Min DSCR below 1.30× — lenders will not close.

Project IRR

500.0%

Equity IRR

500.0%

NPV @ 10%

−$1.59B

Min DSCR

-0.16×

Plant

CSP MW200 MWPV MW30 MWGeothermal MW20 MWCSP capacity factor48.0%PV capacity factor26.0%Geo capacity factor85.0%

Money

PPA energy tariff$0.085/kWhTotal CAPEX$1.88BYear-1 OPEX$27.0MDebt share of (CAPEX − grant)60%Grant share of CAPEX10%Debt interest7.5%

Sources & uses

CAPEX

$1.88B

Equity

$676M

Debt

$1.01B

Grants

$188M

Y1 revenue

$13.1M

Y1 EBITDA

−$13.9M

Generation

1,058 GWh

48% blended CF · 250 MW

LCOE (10%)

$0.278/kWh

Payback

beyond model

Avg DSCR

-0.13×

Operating cash (first 12 years after COD)

Yr	Rev	OPEX	EBITDA	DS	DSCR	Eq CF
1	13.1	27.0	-13.9	142.5	-0.10	-156.3
2	13.2	27.7	-14.5	142.5	-0.10	-156.9
3	13.3	28.4	-15.1	142.5	-0.11	-157.5
4	13.4	29.1	-15.7	142.5	-0.11	-158.2
5	13.4	29.8	-16.4	142.5	-0.11	-158.8
6	13.5	30.5	-17.0	142.5	-0.12	-159.5
7	13.6	31.3	-17.7	142.5	-0.12	-160.2
8	13.7	32.1	-18.4	142.5	-0.13	-160.8
9	13.8	32.9	-19.1	142.5	-0.13	-161.6
10	13.9	33.7	-19.8	142.5	-0.14	-162.3
11	14.0	34.6	-20.6	142.5	-0.14	-163.0
12	14.1	35.4	-21.4	142.5	-0.15	-163.8

Figures in US$ million. Model is a screening tool, not a bank model.