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Multi-Tranche Debt Calculator

Model senior/mezzanine/subordinated debt with payment priority waterfall

Project Parameters

Technology

Country

Capacity (MW)

Capex per MW (EUR)

Total Capex: €119.4M

Revenue per MWh (EUR)

Debt Tranches

Configure each tranche's size, pricing, and structure

Priority 1

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €83.6M

Priority 2

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €23.9M

Priority 3

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €11.9M

Total Gearing100%

Total Debt

€119.4M

Blended CoD

6.65%

Min Senior DSCR

0.51x

Risk Status

Shortfall Risk

Tranche Summary

Tranche	Amount	% Capex	Rate	Tenor	Min DSCR	Cum. LTV
Senior Debt	€83.6M	70%	4.50%	18yr	0.51x	70%
Mezzanine Debt	€23.9M	20%	10.00%	10yr	-	90%
Subordinated Debt	€11.9M	10%	15.00%	7yr	-	100%
Total	€119.4M	100%	6.65%	-	0.16x	100%

Payment Priority Waterfall

Cash flow allocation by debt seniority (EUR millions)

Intercreditor & Risk Analysis

Payment Block Events

Senior blocks junior payments in years:

Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10

Default/Shortfall Risk

Cash shortfall in years:

Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14

Acceleration could trigger in Year 1

LTV by Seniority (Market Typical Limits)

Senior Debt

70%

/ 70% max

Mezzanine Debt

90%

/ 85% max

Subordinated Debt

100%

/ 95% max

Single-Tranche Comparison

Comparison if all debt was structured as single senior tranche at blended cost

€119.4M

Multi-Tranche Debt

6.65%

Blended Cost

100%

Total Gearing

+30%

vs 70% Senior Only

Leverage Benefit Analysis

Senior-only max debt (at 1.25x):€83.6M

Multi-tranche total debt:€119.4M

Additional leverage achieved:+€35.8M

Min Senior DSCR:0.51x

Min Total DSCR:0.16x

Equity contribution:€0

Annual Waterfall Detail

Year	CFADS	Senior DS	Mezz DS	Sub DS	Equity	Sr DSCR	Tot DSCR
1	€4.3M	€8.4M	€2.4M	€1.8M	€0	0.51x	0.34x
2	€4.4M	€8.2M	€2.4M	€1.8M	€0	0.54x	0.36x
3	€4.5M	€8.0M	€2.4M	€1.8M	€0	0.56x	0.37x
4	€4.6M	€7.8M	€2.4M	€1.8M	€0	0.59x	0.38x
5	€4.7M	€7.6M	€2.4M	€1.8M	€0	0.62x	0.40x
6	€4.8M	€7.4M	€2.4M	€1.8M	€0	0.65x	0.41x
7	€4.9M	€7.2M	€2.4M	€13.7M	€0	0.68x	0.21x
8	€5.0M	€6.9M	€2.4M	-	€0	0.71x	0.53x
9	€5.1M	€6.7M	€2.4M	-	€0	0.75x	0.55x
10	€5.2M	€6.5M	€26.3M	-	€0	0.79x	0.16x
11	€5.3M	€6.3M	-	-	€0	0.83x	0.83x
12	€5.4M	€6.1M	-	-	€0	0.88x	0.88x
13	€5.5M	€5.9M	-	-	€0	0.93x	0.93x
14	€5.6M	€5.7M	-	-	€0	0.98x	0.98x
15	€5.7M	€5.5M	-	-	€212K	1.04x	1.04x
16	€5.8M	€5.3M	-	-	€535K	1.10x	1.10x
17	€5.9M	€5.1M	-	-	€860K	1.17x	1.17x
18	€6.0M	€4.9M	-	-	€1.2M	1.24x	1.24x
19	€6.2M	€0	-	-	€6.2M	-	-
20	€6.3M	€0	-	-	€6.3M	-	-

Multi-Tranche Debt Calculator

Model senior/mezzanine/subordinated debt with payment priority waterfall

Project Parameters

Technology

Country

Capacity (MW)

Capex per MW (EUR)

Total Capex: €119.4M

Revenue per MWh (EUR)

Debt Tranches

Configure each tranche's size, pricing, and structure

Priority 1

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €83.6M

Priority 2

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €23.9M

Priority 3

Tranche Type

% of Capex

All-in Rate (%)

Tenor (years)

Structure

Amount: €11.9M

Total Gearing100%

Total Debt

€119.4M

Blended CoD

6.65%

Min Senior DSCR

0.51x

Risk Status

Shortfall Risk

Tranche Summary

Tranche	Amount	% Capex	Rate	Tenor	Min DSCR	Cum. LTV
Senior Debt	€83.6M	70%	4.50%	18yr	0.51x	70%
Mezzanine Debt	€23.9M	20%	10.00%	10yr	-	90%
Subordinated Debt	€11.9M	10%	15.00%	7yr	-	100%
Total	€119.4M	100%	6.65%	-	0.16x	100%

Payment Priority Waterfall

Cash flow allocation by debt seniority (EUR millions)

Intercreditor & Risk Analysis

Payment Block Events

Senior blocks junior payments in years:

Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10

Default/Shortfall Risk

Cash shortfall in years:

Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10Year 11Year 12Year 13Year 14

Acceleration could trigger in Year 1

LTV by Seniority (Market Typical Limits)

Senior Debt

70%

/ 70% max

Mezzanine Debt

90%

/ 85% max

Subordinated Debt

100%

/ 95% max

Single-Tranche Comparison

Comparison if all debt was structured as single senior tranche at blended cost

€119.4M

Multi-Tranche Debt

6.65%

Blended Cost

100%

Total Gearing

+30%

vs 70% Senior Only

Leverage Benefit Analysis

Senior-only max debt (at 1.25x):€83.6M

Multi-tranche total debt:€119.4M

Additional leverage achieved:+€35.8M

Min Senior DSCR:0.51x

Min Total DSCR:0.16x

Equity contribution:€0

Annual Waterfall Detail

Year	CFADS	Senior DS	Mezz DS	Sub DS	Equity	Sr DSCR	Tot DSCR
1	€4.3M	€8.4M	€2.4M	€1.8M	€0	0.51x	0.34x
2	€4.4M	€8.2M	€2.4M	€1.8M	€0	0.54x	0.36x
3	€4.5M	€8.0M	€2.4M	€1.8M	€0	0.56x	0.37x
4	€4.6M	€7.8M	€2.4M	€1.8M	€0	0.59x	0.38x
5	€4.7M	€7.6M	€2.4M	€1.8M	€0	0.62x	0.40x
6	€4.8M	€7.4M	€2.4M	€1.8M	€0	0.65x	0.41x
7	€4.9M	€7.2M	€2.4M	€13.7M	€0	0.68x	0.21x
8	€5.0M	€6.9M	€2.4M	-	€0	0.71x	0.53x
9	€5.1M	€6.7M	€2.4M	-	€0	0.75x	0.55x
10	€5.2M	€6.5M	€26.3M	-	€0	0.79x	0.16x
11	€5.3M	€6.3M	-	-	€0	0.83x	0.83x
12	€5.4M	€6.1M	-	-	€0	0.88x	0.88x
13	€5.5M	€5.9M	-	-	€0	0.93x	0.93x
14	€5.6M	€5.7M	-	-	€0	0.98x	0.98x
15	€5.7M	€5.5M	-	-	€212K	1.04x	1.04x
16	€5.8M	€5.3M	-	-	€535K	1.10x	1.10x
17	€5.9M	€5.1M	-	-	€860K	1.17x	1.17x
18	€6.0M	€4.9M	-	-	€1.2M	1.24x	1.24x
19	€6.2M	€0	-	-	€6.2M	-	-
20	€6.3M	€0	-	-	€6.3M	-	-

Modeling & Analysis

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Multi-Tranche Debt Calculator

Project Parameters

Debt Tranches

Advanced Settings

Tranche Summary

Payment Priority Waterfall

Intercreditor & Risk Analysis

Payment Block Events

Default/Shortfall Risk

LTV by Seniority (Market Typical Limits)

Single-Tranche Comparison

Leverage Benefit Analysis

Annual Waterfall Detail

Multi-Tranche Debt Calculator

Project Parameters

Debt Tranches

Advanced Settings

Tranche Summary

Payment Priority Waterfall

Intercreditor & Risk Analysis

Payment Block Events

Default/Shortfall Risk

LTV by Seniority (Market Typical Limits)

Single-Tranche Comparison

Leverage Benefit Analysis

Annual Waterfall Detail

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Project Parameters

Debt TranchesAdd Tranche

Advanced Settings

Tranche Summary

Payment Priority Waterfall

Intercreditor & Risk Analysis

Payment Block Events

Default/Shortfall Risk

LTV by Seniority (Market Typical Limits)

Single-Tranche Comparison

Leverage Benefit Analysis

Annual Waterfall Detail

Project Parameters

Debt TranchesAdd Tranche

Advanced Settings

Tranche Summary

Payment Priority Waterfall

Intercreditor & Risk Analysis

Payment Block Events

Default/Shortfall Risk

LTV by Seniority (Market Typical Limits)

Single-Tranche Comparison

Leverage Benefit Analysis

Annual Waterfall Detail

Debt Tranches

Debt Tranches