Deal Lab: Battery (BESS) Project Finance Modeling
Build an institutional-grade Battery Energy Storage System (BESS) project finance model and stress-test contracted, merchant, and hybrid revenue structures using real lender and investor assumptions.
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Start Here – Project Pulse Downloads & How This Deal Lab Works
Energy vs. Power: What’s the Difference?
Energy vs Power: Test Your Understanding
What is an Energy System?
Knowledge Check: What Is an Energy System?
Keeping the Lights On: Why Grid Balance Is Essential
Why Balance Matters: Frequency and the Real-Time Grid Challenge
Grid Frequency and Balance – Check Your Understanding.
AC vs. DC: How Electricity Actually Moves Through the Grid
AC vs. DC & Grid Pathways – Check Your Understanding
Download: Classic Merit-Order Dispatch Console (Excel Model)
The Merit Order — How Power Prices Emerge (Pre-Renewables Grid)
Knowledge Check: Merit Order, Power Plant Roles & Price Formation
Download: Duck Curve (Net Load) Simulator — Excel File
The Duck Curve — How Solar & Wind Reshape Net Load and Prices
Understanding the Duck Curve and Net Load Dynamics
Download: Duck Curve + BESS (Battery Storage) Simulator — Excel File
Flattening the Duck Curve — BESS Charging/Discharging & Price Effects
Knowledge Check: Flattening the Duck Curve with BESS
BESS Power & Energy Capacity: Availability, Losses, and Degradation Modeling
Download: Model Checkpoint 1
AC–DC Conversion & Deliverable Duration: From Usable DC Energy to AC-Deliverable MWh
Download: Model Checkpoint 2
BESS Capacity Augmentation: Trigger Test, Headroom Breach & Augmentation Sizing
Download: Model Checkpoint 3
Modeling Capacity Tolling Agreement (CTA) Revenue: Contracted Capacity & Adjustments
Download: Model Checkpoint 4
Modeling Resource Adequacy (RA) Revenue: ELCC, Net Qualifying Capacity (NQC) & RA Cash Flows
Download: Model Checkpoint 5
Modeling Merchant Energy Arbitrage: Price Spreads, Cycles & Annual BESS Profit
Download: Model Checkpoint 6
Modeling Ancillary Services Contract (ASC) Capacity Revenue
Download: Model Checkpoint 7
Modeling Merchant Ancillary Services (AS) Revenue: Prices, Cleared Hours & Reserved Capacity
Download: Model Checkpoint 8
Modeling Revenue Put Option (RPO): Hedged Capacity, Strike Price & Annual Settlement
Download: Model Checkpoint 9
Total BESS Revenue: Stack Overview, Average Unit Revenue & Contracted vs. Merchant Split
Download: Model Checkpoint 10
Modeling BESS Operating Expenditures (OpEx)
Download: Model Checkpoint 11
BESS Project CapEx: EPC Costs, Development Costs & Acquisition Premium
Download: Model Checkpoint 12
BESS Augmentation CapEx & Major Maintenance Reserve Account (MMRA)
Download: Model Checkpoint 13
Pre-Tax Free Cash Flow & Unlevered Project IRR for BESS
Download: Model Checkpoint 14
Depreciation & Amortization for BESS: MACRS Schedules on Initial & Augmentation CapEx
Download: Model Checkpoint 15
Unlevered Taxes & After-Tax IRR: PP&E Account, Deferred Fees & Tax Loss Carryforwards
Download: Model Checkpoint 16
CFADS for Senior Debt: Cash Flow Available for Debt Service & Contracted vs Merchant Split
Download: Model Checkpoint 17
Levered Taxes for BESS: Interest Tax Shield & Levered Tax Loss Carryforward Modeling
Download: Model Checkpoint 18
Term Loan Sizing: DSCR-Based Target Debt Service & Sculpting Setup
Download: Model Checkpoint 19
Interest Rate Assumptions & Loan Sizing: Swaps, Hedging Ratio, PV of Debt Service & Final Term Loan Size
Download: Model Checkpoint 20
Term Loan Account & Debt Schedule: Drawdowns, Amortization & Interest
Download: Model Checkpoint 21
Debt Service Coverage Ratio (DSCR): Calculating DSCR, Lock-Up DSCR & Cash Sweep Impact
Download: Model Checkpoint 22
Cash Sweep Modeling: Cash Available for Sweep, Timing Flags & Sweep Macro Application
Download: Model Checkpoint 23
Loan Life Coverage Ratio (LLCR): NPV of CFADS and LLCR Calculation
Download: Model Checkpoint 24
Debt Service Reserve Letter of Credit (DSR LC): Sizing, Draws, Repayments & Fees
Download: Model Checkpoint 25
Equity Cash Flows & Dividends: Free Cash Flow to Equity (FCFE) & Share Capital Account
Download: Model Checkpoint 26
Return KPIs: Equity IRR, NPV, Cash-on-Cash Yield & Payback Period
Download: Model Checkpoint 27
Download: Final Model File – Dashboard & Scenario Analysis
Full Toll Scenarios – Debt & Equity Base Cases, Interest Rate Shock and Faster Degradation
Download: Model Checkpoint 28
Resource Adequacy + Merchant Energy Arbitrage (Merchant Haircut & ELCC Stress Test)
Download: Model Checkpoint 29
Ancillary Services Contract + Merchant Energy Arbitrage
Download: Model Checkpoint 30
Pure Merchant Price Scenarios – 1-Hour vs 2-Hour BESS, Merchant Haircut & Breakeven Analysis
Download: Model Checkpoint 31
Merchant Price Floor Strategies – Revenue Put Option & Cash Sweep
Download: Model Checkpoint 32
Capacity Tolling + Merchant Revenue Scenario – OpEx Sensitivity & Cash Sweep
Download: Final Monthly Model + User Guide (Construction + Operations)
Download: Final Monthly Model + User Guide (Construction + Operations)
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As someone with over a decade of experience in the renewable energy sector, I highly recommend the Renewables Valuation Analyst Certification Program by RVI. The program offers a comprehensive and practical approach to financial modeling, designed specifically for renewable energy projects. Its depth and clarity make it an invaluable resource for analysts and teams working on real renewable energy transactions.
With many years of experience in infrastructure investing, I highly recommend the RVA Certification Program to anyone working seriously in renewable energy finance. The courses go far beyond Excel mechanics and focus on how project finance models are actually built, structured, and used in real transactions. The models are intuitive, flexible, and immediately applicable — exactly what analyst teams need in practice.
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Hi, I work in the Solar and BESS space as an Investment Associate and I would highly recommend the RVI courses. - Great best practice content in terms of layouts - Great styles that are downloadable - Easy to follow videos (definitely use 2 screens) and a very well structured course - More complex concepts are well explained and structured (debt sizing and circularity) - Good value for money (I bought the lifetime access).
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