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Full project finance cash flow model with debt service, reserves, and equity distributions
Project IRR
7.2%
Equity IRR
9.0%
Min DSCR
1.30x
Avg DSCR
1.30x
Min LLCR
1.29x
NPV
€2.0M
Gearing
70.0%
Payback Period
12.8 yrs
Implied LCOE: €49.1/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 EUR 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 | 5,762 | 8,412 | 5,865 | 8,564 | 5,971 | 8,717 | 6,078 | 8,874 | 6,187 | 9,033 | 6,298 | 9,195 | 6,411 | 9,361 | 6,527 | 9,529 | 6,644 | 9,700 | 6,763 | 9,874 | 6,885 | 10,051 | 7,008 | 10,232 | 7,134 | 10,416 | 7,262 | 10,603 | 7,393 | 10,793 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Merchant Revenue | 935 | 1,366 | 947 | 1,382 | 958 | 1,398 | 969 | 1,415 | 981 | 1,432 | 992 | 1,449 | 1,004 | 1,466 | 1,016 | 1,483 | 1,028 | 1,500 | 1,040 | 1,518 | 1,052 | 1,536 | 1,064 | 1,553 | 1,076 | 1,571 | 1,089 | 1,590 | 1,101 | 1,608 | 5,569 | 8,131 | 5,632 | 8,223 | 5,696 | 8,317 | 5,761 | 8,411 | 5,826 | 8,505 | 5,891 | 8,601 | 5,957 | 8,697 | 6,023 | 8,794 | 6,090 | 8,891 | 6,157 | 8,989 |
| Other Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Revenue | 6,697 | 9,778 | 6,812 | 9,945 | 6,929 | 10,116 | 7,047 | 10,289 | 7,168 | 10,465 | 7,291 | 10,644 | 7,415 | 10,827 | 7,542 | 11,012 | 7,671 | 11,200 | 7,803 | 11,392 | 7,936 | 11,587 | 8,072 | 11,785 | 8,210 | 11,987 | 8,351 | 12,192 | 8,494 | 12,401 | 5,569 | 8,131 | 5,632 | 8,223 | 5,696 | 8,317 | 5,761 | 8,411 | 5,826 | 8,505 | 5,891 | 8,601 | 5,957 | 8,697 | 6,023 | 8,794 | 6,090 | 8,891 | 6,157 | 8,989 |
| Operating Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Fixed O&M | -900 | -900 | -918 | -918 | -936 | -936 | -955 | -955 | -974 | -974 | -994 | -994 | -1,014 | -1,014 | -1,034 | -1,034 | -1,054 | -1,054 | -1,076 | -1,076 | -1,097 | -1,097 | -1,119 | -1,119 | -1,141 | -1,141 | -1,164 | -1,164 | -1,188 | -1,188 | -1,211 | -1,211 | -1,236 | -1,236 | -1,260 | -1,260 | -1,285 | -1,285 | -1,311 | -1,311 | -1,337 | -1,337 | -1,364 | -1,364 | -1,391 | -1,391 | -1,419 | -1,419 | -1,448 | -1,448 |
| Variable O&M | -200 | -292 | -204 | -297 | -207 | -303 | -211 | -308 | -215 | -314 | -219 | -319 | -223 | -325 | -227 | -331 | -231 | -337 | -235 | -343 | -239 | -349 | -243 | -355 | -248 | -362 | -252 | -368 | -257 | -375 | -261 | -381 | -266 | -388 | -271 | -395 | -276 | -402 | -281 | -410 | -286 | -417 | -291 | -424 | -296 | -432 | -301 | -440 | -307 | -448 |
| Insurance | -300 | -300 | -306 | -306 | -312 | -312 | -318 | -318 | -325 | -325 | -331 | -331 | -338 | -338 | -345 | -345 | -351 | -351 | -359 | -359 | -366 | -366 | -373 | -373 | -380 | -380 | -388 | -388 | -396 | -396 | -404 | -404 | -412 | -412 | -420 | -420 | -428 | -428 | -437 | -437 | -446 | -446 | -455 | -455 | -464 | -464 | -473 | -473 | -483 | -483 |
| Land Lease | -250 | -250 | -255 | -255 | -260 | -260 | -265 | -265 | -271 | -271 | -276 | -276 | -282 | -282 | -287 | -287 | -293 | -293 | -299 | -299 | -305 | -305 | -311 | -311 | -317 | -317 | -323 | -323 | -330 | -330 | -336 | -336 | -343 | -343 | -350 | -350 | -357 | -357 | -364 | -364 | -371 | -371 | -379 | -379 | -386 | -386 | -394 | -394 | -402 | -402 |
| Grid Charges | -150 | -150 | -153 | -153 | -156 | -156 | -159 | -159 | -162 | -162 | -166 | -166 | -169 | -169 | -172 | -172 | -176 | -176 | -179 | -179 | -183 | -183 | -187 | -187 | -190 | -190 | -194 | -194 | -198 | -198 | -202 | -202 | -206 | -206 | -210 | -210 | -214 | -214 | -219 | -219 | -223 | -223 | -227 | -227 | -232 | -232 | -237 | -237 | -241 | -241 |
| Asset Management | -200 | -200 | -204 | -204 | -208 | -208 | -212 | -212 | -216 | -216 | -221 | -221 | -225 | -225 | -230 | -230 | -234 | -234 | -239 | -239 | -244 | -244 | -249 | -249 | -254 | -254 | -259 | -259 | -264 | -264 | -269 | -269 | -275 | -275 | -280 | -280 | -286 | -286 | -291 | -291 | -297 | -297 | -303 | -303 | -309 | -309 | -315 | -315 | -322 | -322 |
| Total OpEx | -2,000 | -2,092 | -2,040 | -2,133 | -2,080 | -2,175 | -2,121 | -2,218 | -2,163 | -2,262 | -2,206 | -2,307 | -2,250 | -2,352 | -2,294 | -2,398 | -2,340 | -2,446 | -2,386 | -2,494 | -2,433 | -2,543 | -2,481 | -2,593 | -2,531 | -2,644 | -2,581 | -2,697 | -2,632 | -2,750 | -2,684 | -2,804 | -2,737 | -2,859 | -2,791 | -2,916 | -2,846 | -2,973 | -2,903 | -3,032 | -2,960 | -3,092 | -3,019 | -3,153 | -3,079 | -3,215 | -3,140 | -3,278 | -3,202 | -3,343 |
| EBITDA | ||||||||||||||||||||||||||||||||||||||||||||||||||
| EBITDA | 4,697 | 7,686 | 4,772 | 7,812 | 4,849 | 7,940 | 4,926 | 8,071 | 5,005 | 8,203 | 5,085 | 8,338 | 5,166 | 8,474 | 5,248 | 8,613 | 5,332 | 8,755 | 5,417 | 8,898 | 5,503 | 9,044 | 5,591 | 9,192 | 5,680 | 9,343 | 5,770 | 9,496 | 5,862 | 9,651 | 2,885 | 5,327 | 2,895 | 5,364 | 2,905 | 5,401 | 2,914 | 5,437 | 2,923 | 5,473 | 2,931 | 5,509 | 2,938 | 5,544 | 2,944 | 5,579 | 2,950 | 5,613 | 2,955 | 5,646 |
| Tax & Working Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | 3,250 | - | - | - | - | - | - | - | - | - | - |
| Tax Expense | -362 | -603 | - | -544 | - | -652 | - | -777 | -46 | -866 | -108 | -944 | -171 | -1,025 | -240 | -1,109 | -311 | -1,195 | -384 | -1,285 | -459 | -1,379 | -539 | -1,486 | -607 | -1,523 | -630 | -1,561 | -653 | -1,600 | - | -428 | - | -440 | - | -451 | - | -463 | - | -474 | -733 | -1,377 | -734 | -1,386 | -736 | -1,395 | -738 | -1,403 | -739 | -1,412 |
| Working Capital Change | 603 | 488 | -471 | 493 | -479 | 505 | -487 | 513 | -495 | 522 | -504 | 528 | -513 | 540 | -521 | 549 | -530 | 559 | -539 | 565 | -549 | 578 | -558 | 588 | -568 | 598 | -577 | 605 | -587 | 618 | -1,098 | 395 | -391 | 399 | -395 | 401 | -400 | 408 | -404 | 412 | -409 | 416 | -413 | 419 | -418 | 425 | -422 | 430 | -427 | 434 |
| CFADS | ||||||||||||||||||||||||||||||||||||||||||||||||||
| CFADS | 3,733 | 6,595 | 5,243 | 6,774 | 5,327 | 6,784 | 5,413 | 6,781 | 5,454 | 6,815 | 5,480 | 6,866 | 5,507 | 6,910 | 5,529 | 6,956 | 5,551 | 7,001 | 5,572 | 7,048 | 5,593 | 7,087 | 5,610 | 7,119 | 5,640 | 7,222 | 5,717 | 7,330 | 5,796 | 7,433 | 3,983 | 4,504 | 3,286 | 4,525 | 3,300 | 4,548 | 3,314 | 4,567 | 3,327 | 4,587 | 2,607 | 3,715 | 2,617 | 3,740 | 2,626 | 3,759 | 2,635 | 3,780 | 2,643 | 3,800 |
| Senior Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opening Balance | 91,000 | 90,152 | 87,051 | 84,953 | 81,610 | 79,272 | 74,477 | 71,871 | 66,934 | 64,120 | 58,981 | 55,977 | 50,612 | 47,405 | 41,799 | 38,385 | 32,532 | 28,902 | 22,791 | 18,936 | 12,558 | 8,465 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest | -2,023 | -1,972 | -1,935 | -1,868 | -1,814 | -1,734 | -1,656 | -1,572 | -1,488 | -1,402 | -1,311 | -1,231 | -1,125 | -1,037 | -929 | -840 | -723 | -632 | -507 | -416 | -279 | -185 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Principal | -848 | -3,101 | -2,098 | -3,343 | -2,284 | -3,485 | -2,508 | -3,644 | -2,707 | -3,840 | -2,904 | -4,050 | -3,111 | -4,278 | -3,324 | -4,511 | -3,547 | -4,753 | -3,780 | -5,005 | -4,023 | -5,267 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Service | -2,871 | -5,073 | -4,033 | -5,211 | -4,098 | -5,219 | -4,164 | -5,216 | -4,196 | -5,242 | -4,216 | -5,281 | -4,236 | -5,315 | -4,253 | -5,351 | -4,270 | -5,385 | -4,287 | -5,421 | -4,302 | -5,452 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Closing Balance | 90,152 | 87,051 | 84,953 | 81,610 | 79,272 | 74,477 | 71,871 | 66,934 | 64,120 | 58,981 | 55,977 | 50,612 | 47,405 | 41,799 | 38,385 | 32,532 | 28,902 | 22,791 | 18,936 | 12,558 | 8,465 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| LLCR | 1.29x | 1.32x | 1.35x | 1.38x | 1.42x | 1.46x | 1.54x | 1.59x | 1.68x | 1.75x | 1.88x | 1.96x | 2.13x | 2.26x | 2.51x | 2.70x | 3.12x | 3.47x | 4.30x | 5.10x | 7.49x | 10.80x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| PLCR | 1.50x | 1.52x | 1.55x | 1.58x | 1.62x | 1.65x | 1.73x | 1.77x | 1.87x | 1.93x | 2.05x | 2.13x | 2.30x | 2.42x | 2.66x | 2.85x | 3.26x | 3.60x | 4.40x | 5.17x | 7.49x | 10.80x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| DSRA | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Opening | - | 861 | 2,383 | 3,593 | 4,098 | 5,219 | 4,164 | 5,216 | 4,196 | 5,242 | 4,216 | 5,281 | 4,236 | 5,315 | 4,253 | 5,351 | 4,270 | 5,385 | 4,287 | 5,421 | 4,302 | 5,452 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Target | 5,073 | 4,033 | 5,211 | 4,098 | 5,219 | 4,164 | 5,216 | 4,196 | 5,242 | 4,216 | 5,281 | 4,236 | 5,315 | 4,253 | 5,351 | 4,270 | 5,385 | 4,287 | 5,421 | 4,302 | 5,452 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Contribution | -861 | -1,522 | -1,210 | -505 | -1,121 | - | -1,052 | - | -1,047 | - | -1,066 | - | -1,079 | - | -1,097 | - | -1,115 | - | -1,135 | - | -1,150 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Release | - | - | - | - | - | 1,055 | - | 1,020 | - | 1,027 | - | 1,045 | - | 1,062 | - | 1,080 | - | 1,099 | - | 1,119 | - | 5,452 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Closing | 861 | 2,383 | 3,593 | 4,098 | 5,219 | 4,164 | 5,216 | 4,196 | 5,242 | 4,216 | 5,281 | 4,236 | 5,315 | 4,253 | 5,351 | 4,270 | 5,385 | 4,287 | 5,421 | 4,302 | 5,452 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Sweep | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Sweep Amount | - | - | - | - | -54 | -1,310 | -99 | -1,293 | -106 | -1,300 | -100 | -1,315 | -96 | -1,328 | -89 | -1,343 | -83 | -1,357 | -76 | -1,373 | -70 | -3,198 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| 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 | - | - | - | 1,059 | 54 | 1,310 | 99 | 1,293 | 106 | 1,300 | 100 | 1,315 | 96 | 1,328 | 89 | 1,343 | 83 | 1,357 | 76 | 1,373 | 70 | 3,889 | 5,610 | 7,119 | 5,640 | 7,222 | 5,717 | 7,330 | 5,796 | 7,433 | 3,983 | 4,504 | 3,286 | 4,525 | 3,300 | 4,548 | 3,314 | 4,567 | 3,327 | 4,587 | 2,607 | 3,715 | 2,617 | 3,740 | 2,626 | 3,759 | 2,635 | 3,780 | 2,643 | 3,800 |
| Cash Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Balance | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |