INVESTMENT STRUCTURING
Most energy project financial models fail in the same place: the technical inputs. Yield figures taken from a supplier's brochure, construction costs quoted per megawatt without a scope definition, operating expenses estimated as a percentage of capital cost.
Our models are built on our own engineering. The yield comes from our resource modelling, the equipment costs from our specifications, the construction estimate from our own bill of quantities. Every line has an engineering document behind it, and every assumption is stated rather than embedded.
Financial Modelling
Full project financial models covering construction period, debt service and the operating life of the asset.
Revenue modelling reflects how the asset will actually sell — day-ahead market exposure, power purchase agreement structures, self-consumption offset, or a combination. Where storage is present, we model the charge and discharge profile against the actual price curve rather than applying a flat spread.
Outputs cover levelised cost of energy, project and equity internal rate of return, payback period, debt service coverage ratio and sensitivity analysis across the variables that matter: electricity price, yield, capital cost and financing terms.
Capital Structure
Preparation of the lender documentation package: financial model, technical report, permit and title register, offtake documentation and risk assessment.
We work with regional and international lenders active in Balkan energy financing, and with development finance institutions where the project profile fits their mandate. Our role is to prepare the project so that it survives credit review, and to respond to the technical and financial queries that follow.
Debt Arrangement Support
Debt and equity structuring against the project's cash flow profile and the lender's coverage requirements.
Gearing, tenor and grace period are not preferences; they are constrained by the debt service coverage ratio the asset can support. We establish that constraint first and structure within it, which avoids the common outcome of a term sheet being withdrawn after months of negotiation.
Transaction Support
For acquisitions and divestments: valuation, due diligence coordination, data room preparation, and technical and commercial input through negotiation.
On the buy side we conduct the review that establishes what is actually being purchased. On the sell side we prepare the documentation package that allows a buyer to complete diligence without discovering surprises late in the process.
Offtake and Revenue Structuring
Assessment of the available routes to market: merchant sale, corporate or utility power purchase agreements, self-consumption arrangements, and where applicable, support schemes and capacity mechanisms.
Each carries a different risk and return profile. A fixed-price PPA lowers revenue and raises bankability. Merchant exposure does the opposite. The right answer depends on the capital structure, and the two decisions must be made together.
Investment Presentation
Investor teasers, information memoranda and financial summaries prepared for the audience they are intended for — investors, lenders or acquirers.
We present ranges rather than single figures, and we state what each case depends on. A projection that cannot be interrogated is not a projection.
Independence
We do not take positions in the projects we model, and we do not adjust an output to match a target.
Where a project does not support the returns being sought, we report that before the investment is committed rather than after. This is the least comfortable part of our service and the most valuable.