Onshore Wind Project Finance Model
Onshore wind project finance model: P50 and P90 cases, debt sculpted on the lender case with a gearing cap, equity and project IRR on P50, 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-53386-1, same file).
A single-asset onshore wind project finance model built the way lenders and sponsors expect, with the one thing solar models do not need: two energy cases. P50 is the expected yield and drives the equity view; P90 is the one-year exceedance case lenders size debt on. The model carries both through generation, revenue, EBITDA and tax, sizes debt on the case you choose, and reports DSCR on both.
- Inputs sheet: installed capacity, net capacity factor (P50), P90 to P50 ratio from the resource assessment, curtailment, availability, degradation, operating life, capex per MW plus grid, roads, land and development, financing fees, PPA price, term and escalation, merchant price and inflation, O&M per MW and fixed costs with escalation, target DSCR, maximum gearing, interest rate, tenor, tax rate, depreciation period, discount rates, the debt sizing case switch (P50 or P90), and three scenario multipliers (price, capex, energy).
- Operations sheet: P50 and P90 generation, price, revenue in both cases, opex, EBITDA in both cases, depreciation, unlevered tax in both cases, CFADS for sizing on the chosen case, and the unlevered P50 project cash flow, for every year.
- Debt sheet: service sculpted to the target DSCR on sizing-case CFADS, 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, DSCR achieved on P50 and on P90 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, both minimum DSCRs, year 1 generation in both cases, 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, P90 applied as a constant ratio to P50. 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, both DSCR series, both IRRs) 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 wind project, students learning why lenders look at P90 and equity looks at P50. Pairs with the Bindler Solar PV Project Finance Model, which shares the structure.
Checked, not asserted. This workbook was recalculated cell by cell through a formula engine and matched against an independent replica written separately: 13 checks, all passing, last run 2026-10-17. Each check compares the figure the workbook produces against one worked out separately by hand before the run, so a figure lost in packaging fails the check rather than reaching you. Read the verification report for the UAE Corporate Tax workbook, or how Bindler verifies.
What was checked: all 13, by name
Each line is one figure recalculated and matched against a value worked out by hand before the run. The figures themselves are in the workbook.
- Debt drawn
- Gearing
- Equity
- Closing bal at tenor e-08 0
- Min DSCR P50
- Min DSCR P90
- Equity IRR
- Project IRR
- Year1 gen P50
- Year1 gen P90
- Year1 EBITDA P50
- Avg DSCR P50
- Capex
What is inside
1 Excel workbook (.xlsx), sheets: Returns, Inputs, Operations, Debt, Guide
Use it if
You are sizing debt, screening a wind project or learning how P50 and P90 cases drive debt capacity.
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: wind farm project finance model excel, p90 debt sizing dscr sculpting, onshore wind financial model template.