Transparent, flexible project finance models for renewable energy and oil and gas infrastructure – supporting investment appraisal, financing, transactions and ongoing asset performance.
FAB Analytics builds custom Excel-based project finance models for capital-intensive assets. Our current sector experience is focused on renewable energy projects, including solar, wind and energy storage, as well as selected midstream and downstream oil and gas infrastructure such as pipelines and storage terminals.
The models integrate technical assumptions, revenue mechanisms, construction and operating costs, financing, taxes, covenants and investor return requirements within a transparent structure. This helps sponsors, investors, asset managers and financing stakeholders assess project viability, debt capacity, covenant headroom and equity returns under different scenarios.
Where support continues beyond the transaction, the model can also be used for actual performance tracking, revised forecasting, covenant monitoring and portfolio reporting—supporting decisions through the full project lifecycle.
Our models are designed to help answer questions such as:
FAB Analytics has experience building renewable energy financial models for investors, funds and asset managers evaluating and managing solar, wind and energy storage projects. The models can support project appraisal, acquisition analysis, financing assessment and portfolio-level decision-making.
The model architecture is tailored to the technology, commercial structure and available technical data. It can incorporate contracted and merchant revenue, generation or dispatch assumptions, construction and operating costs, debt capacity, tax and investor returns. For portfolios, the structure can be designed to add assets and consolidate project-level outputs without rebuilding the core model each time.
FAB Analytics has experience modelling selected midstream and downstream oil and gas infrastructure, including pipelines, storage terminals and integrated infrastructure networks. These models help evaluate commercial viability, optimise the funding structure and test project returns under different volume, tariff and cost assumptions.
The model can be structured around the relevant contractual framework, including throughput-based, ship-or-pay and regulated asset base mechanisms. It can also assess tariff requirements, capacity utilisation, operating costs, financing, covenant performance and equity returns over the project life.
The model should remain useful after investment approval or financial close. FAB Analytics can develop project and portfolio reporting models that compare actual performance with the original case, budget and latest forecast, while retaining the operating and financing logic required to understand future cash flows.
For asset managers and funds, individual project models can be connected to a consolidated portfolio view. This supports recurring performance monitoring, covenant reporting, liquidity planning, distributions and scenario analysis without losing the detail behind each asset.
Our project finance modelling services are relevant to:
| Model Module | What It Covers |
|---|---|
| Modelling Scope | Project scope, technical inputs, contractual terms, macroeconomic assumptions, timeline and scenario controls. |
| Construction and Capital Costs | Development costs, EPC or construction phasing, contingency, lifecycle capex, commissioning and sources and uses. |
| Operations and Performance | Capacity, output or throughput, availability, degradation, efficiency, downtime, losses and operating assumptions. |
| Revenue | PPA, merchant, tolling, throughput, ship-or-pay, capacity, tariff, regulated and other agreed revenue mechanisms. |
| Operating Costs and Working Capital | Fixed and variable operating costs, maintenance, insurance, working capital and other project expenses. |
| Funding and Debt | Equity, shareholder funding, debt drawdown, interest, fees, repayment, reserves, refinancing and multiple facilities where relevant. |
| Tax and Accounting | Tax, depreciation, tax losses, applicable incentives and integrated financial statements where required. |
| Project Cash Flow | Cash flow waterfall, CFADS, debt service, reserve movements, distributions and closing cash balances. |
| Covenants and Credit Metrics | DSCR, LLCR, PLCR, gearing, reserve requirements, distribution tests and covenant headroom. |
| Valuation and Returns | Project IRR, equity IRR, NPV, cash yield, payback, entry and exit value and distribution analysis. |
| Scenarios and Sensitivities | Construction delay, cost overrun, lower output or throughput, pricing, operating cost, financing, tax and exit cases. |
| Reporting and Controls | Executive dashboards, transaction outputs, actual-versus-forecast reporting, checks, flags and data reconciliation. |
Project finance models influence investment, debt and asset management decisions over many years. They may be reviewed by sponsors, investors, lenders, advisers, finance teams and management committees. The model therefore needs to be technically robust, commercially relevant and understandable to the people who will operate or review it.
Experience across renewable energy, including solar, wind and energy storage, and selected midstream and downstream oil and gas infrastructure.
Each Model is tailored to the technical assumptions, revenue mechanism, cost structure, financing terms, tax and cash waterfall that define the project rather than forcing the requirement into a generic template.
Models are developed using structured financial modelling practices aligned with the FAST Standard, supporting consistency, transparency and ease of review.
Models are stress-tested and subject to structured quality-control procedures covering formulas, cash flows, debt, covenants, taxes, returns and scenario functionality.
Models can be designed for continued use after financial close, including actual performance tracking, revised forecasting, covenant monitoring, refinancing and portfolio reporting.
We begin by understanding the project, sector, lifecycle stage, stakeholders and the investment, financing, transaction or reporting decisions the model needs to support.
Where an existing model is available, we use it as a reference when rebuilding the model. Otherwise, we request the commercial, technical, financing, tax and operational information required to develop the model.
We develop the new model in Excel using a transparent and structured approach. The model outputs are aligned and reconciled with the reference model (in case it is available), while incorporating the required improvements.
We prepare a log of potential errors, inconsistencies and areas requiring clarification in the existing model. These findings are discussed and agreed with the client and reflected in the final model.
We test formulas, balances, debt repayment, covenants, reserve accounts, taxes, return calculations and scenario functionality. The model is also stress-tested and subject to FAB Analytics’ quality-control software checks.
We walk the client team through the completed model and provide supporting guidance where required. We can also assist with future transactions, financing, actual-performance, forecasting or reporting updates.
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