Model Build

VSB

We prepared a bankable project finance model for two Finnish Wind Farm Projects with debt sizing automation, which could be effectively used by both sponsors

Finnish Taxation

We delivered comprehensive corporate taxation modelling for Finnish tax regimes including capital allowances, interest deductibility, tax losses etc.

Operating Costs Automation

A fully automated functionality was added to the financial model to allow any number of operating costs to be calculated.

Scenario Manager

Our model enabled both users and stakeholders to consider the potential impact of a variety of scenarios to which multiple sensitivities could be applied.

Challenge

The client required a one-stop solution to optimise funding for its various assets, which are spread across multiple geographies. This solution was to be used by various stakeholders such as lenders, investors and asset managers.

The solution needed to not only include detailed revenue and cost modelling for windfarms and PV assets on a monthly level, but also feature funding optimisation, with all the flexibilities for multiple tranches of senior debt.

Numeritas were also given the task of adding debt sizing automation, which would generate the most optimised result for both project gearing and distribution to shareholders.

Solution

We held detailed discussions with management teams on key input elements and drivers, and adopted a broad approach which followed industry standards. It was also important to provide a thorough level of flexibility and sophistication for categories including revenue, cost, and debt.

The model we created was able to address projects across different geographies with minimal modification.

Results

The solution provided by Numeritas was a bankable financial model which could be used by sponsors, investors and lenders simultaneously. Detailed calculations for various contracted and uncontracted revenue sources and operating costs were included, allowing the client to consider multiple scenarios.

Our solution also had the functionality of adding any number of operating costs using a VBA macro. A user would only be asked to input the assumptions for these operating costs, and the model could include those calculations automatically and report them in financial statements.

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