Solar PV Project Finance Model
Solar PV project finance model: DSCR-sculpted debt with a gearing cap, PPA then merchant revenue, project and equity IRR, verified cell by cell.
Choose the licence on the Gumroad page. Payment and VAT are handled by Gumroad, the merchant of record. Also sold on Flevy ($49, single user, same file). Also on Eloquens (ELQ-75143-1, same file).
A single-asset solar PV project finance model built the way lenders and sponsors expect, with nothing hidden: 30 operating years, PPA revenue with escalation followed by merchant pricing, degradation and availability, escalated opex, straight-line tax depreciation, DSCR-sculpted debt with a gearing cap, and project and equity returns.
- Inputs sheet: capacity, yield, degradation, availability, capex per Wp plus fixed costs and financing fees, PPA price, term and escalation, merchant price and inflation, O&M and fixed opex with escalation, target DSCR, maximum gearing, interest rate, tenor, tax rate, depreciation period, discount rates, and three scenario multipliers (price, capex, yield) for quick stress cases.
- Operations sheet: generation, price, revenue, opex, EBITDA, depreciation, unlevered tax and CFADS for every year.
- Debt sheet: service sculpted to the target DSCR, debt capacity as the present value of that service, the gearing cap, pro rata scaling when the cap binds, the full schedule (opening, interest, service, principal, closing), actual tax with the interest deduction, equity cash flow, achieved DSCR each year, minimum and average DSCR, LLCR, and a check that the balance reaches zero at the end of the tenor.
- Returns sheet: unlevered and levered cash flows, project IRR and NPV, equity IRR and NPV, payback year, headline figures.
Design choices are written on the Guide sheet: debt sizing uses unlevered tax to avoid a circular reference (conservative for lenders), construction is a single point at year 0, one tranche, no DSRA or cash sweep. Every default is an example value, not market data, and the Inputs sheet says so. The model was rebuilt independently in Python and matched cell by cell (debt capacity, schedule, taxes, DSCRs, both IRRs and NPVs) before listing. Live formulas, no macros, no locked cells. Excel and Google Sheets.
Who it is for: developers sizing debt before a term sheet, investors screening a project, students learning how sculpting and DSCR work with a model that shows every step. Wind and battery storage versions follow the same structure.
What is inside
1 Excel workbook (.xlsx), sheets: Returns, Inputs, Operations, Debt, Guide
Use it if
You are sizing debt, screening a project or learning project finance and want a model with no hidden steps.
Not for
You need a construction draw schedule, multiple tranches, a DSRA or a cash sweep; those are not in this version.
Who you are buying from
Bindler is the trading name of Neil Sangwaiya, one person in Dubai. There is no company behind that name, no sales team and no reviews, and this page is not going to pretend otherwise. What there is instead is a record. Gumroad takes the payment and is the merchant of record, so your card details never reach Bindler. Where a figure could not be verified the cell is left blank rather than filled. When something was found wrong it was written down and dated in the change log with the old figure named. And there is a 30-day money back guarantee, no reason needed, handled by Gumroad.
What you actually download
One spreadsheet file. No macros and no VBA, because the .xlsx format cannot carry them. No locked cells and no hidden sheets. If your IT will not let you open a spreadsheet from outside, upload it to Google Sheets and it opens there. And yes, an AI built it: that is exactly why every figure is recalculated against a replica worked out by hand first, rather than trusted.
Sheet previews
How buying works
- Choose a licenceSingle user for one person, team for up to 10, consultancy to use with clients. The buttons above go to the Gumroad page.
- Pay on GumroadCard or PayPal; Gumroad is the merchant of record and handles VAT and the receipt.
- Download the fileThe .xlsx arrives on the receipt page and by email. It opens in Excel and Google Sheets; nothing to install.
- Use itYellow cells are inputs, blue cells are formulas, every figure names its source. Questions: reply to the receipt; every reply is read and answered, usually the same day.
Advisers and accountants who recommend these workbooks to clients can earn 30% of each sale as a Gumroad affiliate: sign up on the store, no approval wait.
Search terms this page answers: solar project finance model excel, dscr sculpting debt sizing template, solar ppa financial model.