Project Finance Modeling: Cash Flow Waterfall, DSCR & Debt Sculpting
Model a 48 MW wind farm the way lenders do: sources and uses, CFADS, debt sizing from a target DSCR, sculpted repayment, DSCR and LLCR, the cash flow waterfall with DSRA and lock-up, equity IRR and sensitivities, every cell checked live.
The first lesson is free — no account needed.
About this course
A project finance modeling course that builds a 48 MW wind farm model the way lenders look at it, one block per lab. You complete the construction budget and split sources and uses between senior debt and sponsor equity, build 15 years of CFADS from production, an indexed PPA price, escalating opex and a simplified tax, size the debt as the present value of the debt service CFADS can carry at a target DSCR, capped by maximum gearing, sculpt the repayment so that principal = CFADS ÷ DSCR − interest, test an annuity alternative with the yearly DSCR, the minimum DSCR and the LLCR, run a windy and a calm year through the cash flow waterfall with a DSRA and a lock-up test, measure the equity IRR against the project IRR and stress production and opex to see how far the minimum DSCR falls. The first lab is free.
Lessons
- Construction Budget, Sources & Uses and GearingFree
- CFADS Build-up: Revenue, Opex & Simplified Tax Pro
- Debt Sizing from a Target DSCR Pro
- Sculpted Repayment: Principal = CFADS ÷ DSCR − Interest Pro
- DSCR & LLCR: Testing an Annuity Repayment Pro
- Cash Flow Waterfall: Debt Service, DSRA & Lock-up Pro
- Equity IRR & NPV: What the Sponsor Earns Pro
- Sensitivities: Production −10 %, Opex +10 % and the Minimum DSCR Pro