Loading...
Preparing your dashboard
Full project finance cash flow model with debt service, reserves, and equity distributions
Project IRR
7.4%
Equity IRR
8.2%
Min DSCR
1.30x
Avg DSCR
1.30x
Min LLCR
1.31x
NPV
$4.7M
Gearing
70.0%
Payback Period
13.6 yrs
Implied LCOE: $48.5/MWhWithin IRENA range
IRENA benchmark (Onshore Wind): $25-55/MWh
Source: IRENA Renewable Power Generation Costs in 2024
50 periods (semi-annual) — All amounts in USD thousands
| Line Item | 2026-H1 | 2026-H2 | 2027-H1 | 2027-H2 | 2028-H1 | 2028-H2 | 2029-H1 | 2029-H2 | 2030-H1 | 2030-H2 | 2031-H1 | 2031-H2 | 2032-H1 | 2032-H2 | 2033-H1 | 2033-H2 | 2034-H1 | 2034-H2 | 2035-H1 | 2035-H2 | 2036-H1 | 2036-H2 | 2037-H1 | 2037-H2 | 2038-H1 | 2038-H2 | 2039-H1 | 2039-H2 | 2040-H1 | 2040-H2 | 2041-H1 | 2041-H2 | 2042-H1 | 2042-H2 | 2043-H1 | 2043-H2 | 2044-H1 | 2044-H2 | 2045-H1 | 2045-H2 | 2046-H1 | 2046-H2 | 2047-H1 | 2047-H2 | 2048-H1 | 2048-H2 | 2049-H1 | 2049-H2 | 2050-H1 | 2050-H2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Production | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gross Production (MWh) | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 | 106,829 | 155,971 |
| Total Losses (MWh) | 6,796 | 9,922 | 6,996 | 10,214 | 7,195 | 10,505 | 7,395 | 10,796 | 7,593 | 11,086 | 7,792 | 11,376 | 7,990 | 11,665 | 8,188 | 11,954 | 8,385 | 12,242 | 8,582 | 12,529 | 8,778 | 12,816 | 8,974 | 13,103 | 9,170 | 13,388 | 9,365 | 13,674 | 9,560 | 13,958 | 9,755 | 14,242 | 9,949 | 14,526 | 10,143 | 14,809 | 10,336 | 15,091 | 10,529 | 15,373 | 10,722 | 15,654 | 10,914 | 15,934 | 11,106 | 16,215 | 11,297 | 16,494 | 11,488 | 16,773 |
| Net Production (MWh) | 100,034 | 146,049 | 99,834 | 145,757 | 99,634 | 145,466 | 99,435 | 145,175 | 99,236 | 144,884 | 99,037 | 144,595 | 98,839 | 144,305 | 98,642 | 144,017 | 98,444 | 143,729 | 98,247 | 143,441 | 98,051 | 143,154 | 97,855 | 142,868 | 97,659 | 142,582 | 97,464 | 142,297 | 97,269 | 142,013 | 97,074 | 141,729 | 96,880 | 141,445 | 96,686 | 141,162 | 96,493 | 140,880 | 96,300 | 140,598 | 96,107 | 140,317 | 95,915 | 140,036 | 95,723 | 139,756 | 95,532 | 139,477 | 95,341 | 139,198 |
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
| PPA Revenue | 6,223 | 9,085 | 6,335 | 9,249 | 6,448 | 9,415 | 6,564 | 9,584 | 6,682 | 9,756 | 6,802 | 9,931 | 6,924 | 10,110 | 7,049 | 10,291 | 7,175 | 10,476 | 7,304 | 10,664 | 7,435 | 10,856 | 7,569 | 11,051 | 7,705 | 11,249 | 7,843 | 11,451 | 7,984 | 11,657 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Merchant Revenue | 1,010 | 1,475 | 1,022 | 1,492 | 1,034 | 1,510 | 1,047 | 1,528 | 1,059 | 1,546 | 1,072 | 1,565 | 1,084 | 1,583 | 1,097 | 1,602 | 1,110 | 1,620 | 1,123 | 1,639 | 1,136 | 1,658 | 1,149 | 1,678 | 1,162 | 1,697 | 1,176 | 1,717 | 1,189 | 1,736 | 6,014 | 8,781 | 6,083 | 8,881 | 6,152 | 8,982 | 6,222 | 9,083 | 6,292 | 9,186 | 6,362 | 9,289 | 6,433 | 9,393 | 6,505 | 9,497 | 6,577 | 9,602 | 6,650 | 9,708 |
| Other Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Revenue | 7,233 | 10,560 | 7,357 | 10,741 | 7,483 | 10,925 | 7,611 | 11,112 | 7,741 | 11,302 | 7,874 | 11,496 | 8,009 | 11,693 | 8,146 | 11,893 | 8,285 | 12,096 | 8,427 | 12,303 | 8,571 | 12,514 | 8,718 | 12,728 | 8,867 | 12,946 | 9,019 | 13,168 | 9,173 | 13,393 | 6,014 | 8,781 | 6,083 | 8,881 | 6,152 | 8,982 | 6,222 | 9,083 | 6,292 | 9,186 | 6,362 | 9,289 | 6,433 | 9,393 | 6,505 | 9,497 | 6,577 | 9,602 | 6,650 | 9,708 |
| Operating Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed O&M | -972 | -972 | -991 | -991 | -1,011 | -1,011 | -1,031 | -1,031 | -1,052 | -1,052 | -1,073 | -1,073 | -1,095 | -1,095 | -1,117 | -1,117 | -1,139 | -1,139 | -1,162 | -1,162 | -1,185 | -1,185 | -1,209 | -1,209 | -1,233 | -1,233 | -1,257 | -1,257 | -1,283 | -1,283 | -1,308 | -1,308 | -1,334 | -1,334 | -1,361 | -1,361 | -1,388 | -1,388 | -1,416 | -1,416 | -1,444 | -1,444 | -1,473 | -1,473 | -1,503 | -1,503 | -1,533 | -1,533 | -1,563 | -1,563 |
| Variable O&M | -216 | -315 | -220 | -321 | -224 | -327 | -228 | -333 | -232 | -339 | -236 | -345 | -240 | -351 | -245 | -357 | -249 | -364 | -254 | -370 | -258 | -377 | -263 | -384 | -268 | -391 | -272 | -398 | -277 | -405 | -282 | -412 | -287 | -419 | -292 | -427 | -298 | -435 | -303 | -442 | -308 | -450 | -314 | -458 | -320 | -467 | -325 | -475 | -331 | -484 |
| Insurance | -324 | -324 | -330 | -330 | -337 | -337 | -344 | -344 | -351 | -351 | -358 | -358 | -365 | -365 | -372 | -372 | -380 | -380 | -387 | -387 | -395 | -395 | -403 | -403 | -411 | -411 | -419 | -419 | -428 | -428 | -436 | -436 | -445 | -445 | -454 | -454 | -463 | -463 | -472 | -472 | -481 | -481 | -491 | -491 | -501 | -501 | -511 | -511 | -521 | -521 |
| Land Lease | -270 | -270 | -275 | -275 | -281 | -281 | -287 | -287 | -292 | -292 | -298 | -298 | -304 | -304 | -310 | -310 | -316 | -316 | -323 | -323 | -329 | -329 | -336 | -336 | -342 | -342 | -349 | -349 | -356 | -356 | -363 | -363 | -371 | -371 | -378 | -378 | -386 | -386 | -393 | -393 | -401 | -401 | -409 | -409 | -417 | -417 | -426 | -426 | -434 | -434 |
| Grid Charges | -162 | -162 | -165 | -165 | -169 | -169 | -172 | -172 | -175 | -175 | -179 | -179 | -182 | -182 | -186 | -186 | -190 | -190 | -194 | -194 | -197 | -197 | -201 | -201 | -205 | -205 | -210 | -210 | -214 | -214 | -218 | -218 | -222 | -222 | -227 | -227 | -231 | -231 | -236 | -236 | -241 | -241 | -246 | -246 | -250 | -250 | -255 | -255 | -261 | -261 |
| Asset Management | -216 | -216 | -220 | -220 | -225 | -225 | -229 | -229 | -234 | -234 | -238 | -238 | -243 | -243 | -248 | -248 | -253 | -253 | -258 | -258 | -263 | -263 | -269 | -269 | -274 | -274 | -279 | -279 | -285 | -285 | -291 | -291 | -297 | -297 | -302 | -302 | -309 | -309 | -315 | -315 | -321 | -321 | -327 | -327 | -334 | -334 | -341 | -341 | -347 | -347 |
| Total OpEx | -2,160 | -2,259 | -2,203 | -2,304 | -2,246 | -2,349 | -2,291 | -2,396 | -2,336 | -2,443 | -2,383 | -2,491 | -2,430 | -2,540 | -2,478 | -2,590 | -2,527 | -2,641 | -2,577 | -2,694 | -2,628 | -2,747 | -2,680 | -2,801 | -2,733 | -2,856 | -2,787 | -2,912 | -2,842 | -2,970 | -2,899 | -3,028 | -2,956 | -3,088 | -3,014 | -3,149 | -3,074 | -3,211 | -3,135 | -3,274 | -3,197 | -3,339 | -3,260 | -3,405 | -3,325 | -3,472 | -3,391 | -3,541 | -3,458 | -3,610 |
| EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 5,073 | 8,301 | 5,154 | 8,437 | 5,236 | 8,576 | 5,320 | 8,716 | 5,405 | 8,859 | 5,491 | 9,005 | 5,579 | 9,152 | 5,668 | 9,302 | 5,758 | 9,455 | 5,850 | 9,610 | 5,943 | 9,767 | 6,038 | 9,927 | 6,134 | 10,090 | 6,232 | 10,255 | 6,331 | 10,423 | 3,116 | 5,753 | 3,127 | 5,793 | 3,138 | 5,833 | 3,147 | 5,872 | 3,157 | 5,911 | 3,165 | 5,950 | 3,173 | 5,988 | 3,180 | 6,025 | 3,186 | 6,062 | 3,192 | 6,098 |
| Tax & Working Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | 3,510 | - | - | - | - | - | - | - | - | - | - |
| Tax Expense | -391 | -457 | - | -196 | - | -313 | - | -457 | - | -617 | - | -785 | -15 | -944 | -102 | -1,045 | -190 | -1,152 | -282 | -1,264 | -378 | -1,381 | -482 | -1,504 | -590 | -1,645 | -680 | -1,686 | -705 | -1,728 | - | -462 | - | -475 | - | -488 | - | -500 | - | -512 | -791 | -1,487 | -793 | -1,497 | -795 | -1,506 | -797 | -1,515 | -798 | -1,524 |
| Working Capital Change | 651 | 527 | -508 | 533 | -517 | 545 | -526 | 554 | -535 | 564 | -544 | 570 | -554 | 583 | -563 | 593 | -573 | 603 | -582 | 610 | -592 | 624 | -603 | 635 | -613 | 645 | -623 | 653 | -634 | 668 | -1,186 | 426 | -422 | 431 | -427 | 433 | -432 | 440 | -437 | 445 | -441 | 450 | -446 | 452 | -451 | 459 | -456 | 464 | -461 | 469 |
| CFADS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| CFADS | 4,031 | 7,317 | 5,662 | 7,709 | 5,754 | 7,718 | 5,846 | 7,705 | 5,940 | 7,679 | 6,036 | 7,649 | 6,117 | 7,626 | 6,129 | 7,664 | 6,141 | 7,700 | 6,150 | 7,736 | 6,157 | 7,762 | 6,159 | 7,789 | 6,157 | 7,800 | 6,175 | 7,916 | 6,260 | 8,027 | 4,301 | 4,864 | 3,549 | 4,887 | 3,564 | 4,912 | 3,579 | 4,932 | 3,593 | 4,954 | 2,815 | 4,013 | 2,826 | 4,039 | 2,836 | 4,059 | 2,846 | 4,082 | 2,855 | 4,104 |
| Senior Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opening Balance | 98,280 | 98,143 | 95,425 | 93,947 | 90,820 | 89,133 | 84,321 | 82,367 | 77,356 | 75,103 | 69,906 | 67,296 | 61,947 | 58,984 | 53,412 | 50,191 | 44,315 | 40,818 | 34,622 | 30,835 | 24,305 | 20,208 | 13,324 | 8,905 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest | -2,964 | -2,911 | -2,878 | -2,802 | -2,739 | -2,644 | -2,543 | -2,443 | -2,333 | -2,228 | -2,108 | -2,007 | -1,868 | -1,750 | -1,611 | -1,489 | -1,336 | -1,211 | -1,044 | -920 | -733 | -599 | -402 | -264 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Principal | -137 | -2,717 | -1,478 | -3,128 | -1,687 | -3,293 | -1,954 | -3,483 | -2,237 | -3,679 | -2,535 | -3,877 | -2,837 | -4,116 | -3,104 | -4,406 | -3,388 | -4,712 | -3,687 | -5,031 | -4,004 | -5,372 | -4,336 | -5,727 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Service | -3,101 | -5,629 | -4,356 | -5,930 | -4,426 | -5,937 | -4,497 | -5,927 | -4,569 | -5,907 | -4,643 | -5,884 | -4,705 | -5,866 | -4,715 | -5,895 | -4,724 | -5,923 | -4,731 | -5,951 | -4,736 | -5,971 | -4,737 | -5,991 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Closing Balance | 98,143 | 95,425 | 93,947 | 90,820 | 89,133 | 84,321 | 82,367 | 77,356 | 75,103 | 69,906 | 67,296 | 61,947 | 58,984 | 53,412 | 50,191 | 44,315 | 40,818 | 34,622 | 30,835 | 24,305 | 20,208 | 13,324 | 8,905 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Coverage Ratios | ||||||||||||||||||||||||||||||||||||||||||||||||||
| DSCR | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | 1.30x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| LLCR | 1.31x | 1.33x | 1.36x | 1.38x | 1.41x | 1.43x | 1.49x | 1.52x | 1.60x | 1.64x | 1.74x | 1.79x | 1.91x | 1.98x | 2.14x | 2.25x | 2.50x | 2.67x | 3.08x | 3.40x | 4.20x | 4.91x | 7.09x | 10.26x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| PLCR | 1.53x | 1.54x | 1.56x | 1.58x | 1.60x | 1.62x | 1.67x | 1.70x | 1.77x | 1.80x | 1.89x | 1.94x | 2.05x | 2.12x | 2.27x | 2.38x | 2.60x | 2.77x | 3.15x | 3.45x | 4.20x | 4.91x | 7.09x | 10.26x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| DSRA | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opening | - | 930 | 2,619 | 3,926 | 4,426 | 5,754 | 4,497 | 5,846 | 4,569 | 5,907 | 4,643 | 5,884 | 4,705 | 5,866 | 4,715 | 5,895 | 4,724 | 5,923 | 4,731 | 5,951 | 4,736 | 5,971 | 4,737 | 5,991 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Target | 5,629 | 4,356 | 5,930 | 4,426 | 5,937 | 4,497 | 5,927 | 4,569 | 5,907 | 4,643 | 5,884 | 4,705 | 5,866 | 4,715 | 5,895 | 4,724 | 5,923 | 4,731 | 5,951 | 4,736 | 5,971 | 4,737 | 5,991 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Contribution | -930 | -1,689 | -1,307 | -500 | -1,328 | - | -1,349 | - | -1,337 | - | -1,241 | - | -1,160 | - | -1,181 | - | -1,199 | - | -1,220 | - | -1,235 | - | -1,254 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Release | - | - | - | - | - | 1,257 | - | 1,277 | - | 1,264 | - | 1,179 | - | 1,151 | - | 1,171 | - | 1,192 | - | 1,214 | - | 1,234 | - | 5,991 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Closing | 930 | 2,619 | 3,926 | 4,426 | 5,754 | 4,497 | 5,846 | 4,569 | 5,907 | 4,643 | 5,884 | 4,705 | 5,866 | 4,715 | 5,895 | 4,724 | 5,923 | 4,731 | 5,951 | 4,736 | 5,971 | 4,737 | 5,991 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Sweep | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweep Amount | - | - | - | - | - | -1,519 | - | -1,527 | -17 | -1,518 | -76 | -1,472 | -126 | -1,456 | -117 | -1,470 | -109 | -1,484 | -100 | -1,500 | -93 | -1,512 | -84 | -3,177 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Lock-up Status | Locked | Locked | Locked | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open | Open |
| Equity Distribution | - | - | - | 1,279 | - | 1,519 | - | 1,527 | 17 | 1,518 | 76 | 1,472 | 126 | 1,456 | 117 | 1,470 | 109 | 1,484 | 100 | 1,500 | 93 | 1,512 | 84 | 4,611 | 6,157 | 7,800 | 6,175 | 7,916 | 6,260 | 8,027 | 4,301 | 4,864 | 3,549 | 4,887 | 3,564 | 4,912 | 3,579 | 4,932 | 3,593 | 4,954 | 2,815 | 4,013 | 2,826 | 4,039 | 2,836 | 4,059 | 2,846 | 4,082 | 2,855 | 4,104 |
| Cash Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |