Renewable Energy Finance Resources

Explore our library of expert-written articles, case studies, and modeling lessons — tailored for renewable energy finance professionals.

Top Project Finance Modeling Shortcuts (Windows and Mac)

Top Project Finance Modeling Shortcuts (Windows and Mac)

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

In project finance modeling, efficiency and precision are key. Whether you're using a Windows PC or a Mac, mastering the most commonly used project finance modeling shortcuts can significantly speed up...

Renewable Energy Financing: The Art of Asset Structuring

Renewable Energy Financing: The Art of Asset Structuring

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 12 minute read

The renewable energy sector, a rapidly evolving landscape of innovation and sustainability, also presents unique challenges and opportunities in the realm of financing. This in-depth article delves into...

Understanding KPIs for Renewable Energy Projects

Understanding KPIs for Renewable Energy Projects

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

In the renewable energy sector, evaluating project viability and performance hinges on understanding Key Performance Indicators - KPIs for renewable energy projects. These metrics are vital for...

Pay-as-produced PPA vs. Baseload PPA

Pay-as-produced PPA vs. Baseload PPA

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

In the evolving landscape of renewable energy, Power Purchase Agreements (PPAs) play a critical role. Understanding the nuances between different PPA structures, such as a pay-as-produced PPA and a...

ITC vs PTC: How to Choose the Right Credit for Your Project

ITC vs PTC: How to Choose the Right Credit for Your Project

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 12 minute read

Renewable energy projects depend on federal tax incentives to drive down capital costs and improve project returns. The debate of ITC vs PTC is a crucial one for developers and finance professionals alike....

Tax Equity in U.S. Renewables: ITC, PTC & Structures

Tax Equity in U.S. Renewables: ITC, PTC & Structures

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 8 minute read

The U.S. renewable energy market relies on innovative financing tools to unlock the full potential of federal incentives. Tax Equity is one such tool that monetizes federal tax credits and depreciation...

How to Model a Debt Service Reserve Facility (DSRF)

How to Model a Debt Service Reserve Facility (DSRF)

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

In the world of project finance, accurately modeling financial mechanisms is critical to ensuring the long-term success of a project. One such mechanism is the Debt Service Reserve Facility (DSRF),...

Revolving Credit Facility in Renewable Energy Finance

Revolving Credit Facility in Renewable Energy Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 10 minute read

In the evolving landscape of renewable energy project finance, a deep understanding of financing instruments is crucial for both aspiring analysts and seasoned professionals. One such instrument known...

What Is an Energy System? A Beginner’s Guide.

What Is an Energy System? A Beginner’s Guide.

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

Introduction: What Is an Energy System — and Why Should You Care?What is an energy system? It’s a question that often goes unanswered in many business and finance discussions around electricity,...

Busbar PPA: How It Works, Key Risks, and Market Differences

Busbar PPA: How It Works, Key Risks, and Market Differences

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 11 minute read

Imagine securing a long-term power purchase agreement for a new wind or solar project, only to discover that your actual revenue fluctuates wildly due to unpredictable grid congestion costs and transmission...

Mini-Perm Loans: The Game-Changer for Project Finance

Mini-Perm Loans: The Game-Changer for Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 15 minute read

Mini-perm ("MP") loans play a strategic role in project finance, particularly for large-scale infrastructure and energy projects. These loans offer a shorter-term financing solution that bridges the initial...

Letter of Credit (LoC) in Renewable Energy Project Finance

Letter of Credit (LoC) in Renewable Energy Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 14 minute read

A Letter of Credit (LoC) is a financial commitment issued by a bank on behalf of its client, guaranteeing payment to a seller under specified conditions. Serving as a cornerstone of global trade, it...

Who does what in a Project Finance Deal?

Who does what in a Project Finance Deal?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 19 minute read

A project finance deal is a complex transaction that brings together a diverse array of stakeholders, each playing a crucial role in ensuring the project's success. Whether you're a finance...

What is a Power Purchase Agreement (PPA)?

What is a Power Purchase Agreement (PPA)?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 8 minute read

A Power Purchase Agreement (PPA) is a foundational instrument in the energy sector, especially within the realm of renewable energy. PPAs serve as crucial contracts between electricity generators and...

Revolving Credit Facility vs. Term Loan in Project Finance

Revolving Credit Facility vs. Term Loan in Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

In renewable energy project finance, structuring debt is crucial to optimizing a project's return and attractiveness to investors. Two commonly used financing structures are term loans and revolving...

Energy vs Power: Understanding the Key Differences

Energy vs Power: Understanding the Key Differences

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

When diving into the world of electricity, renewable energy, or grid systems, one fundamental distinction often causes confusion: energy vs power. Although many use the terms interchangeably, from a...

Financial Model User Guide - Advanced Renewable Energy Model

Financial Model User Guide - Advanced Renewable Energy Model

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 151 minute read

This Financial Model User Guide supplements the underlying financial model and video courses by Renewables Valuation Institute.Students and users of the financial model can gain maximum value from using...

Green Bonds: Revolutionizing Renewable Energy Financing

Green Bonds: Revolutionizing Renewable Energy Financing

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 12 minute read

The world of renewable energy financing is witnessing a significant transformation thanks to the advent of green bonds. These financial instruments are not only reshaping how investments are made in...

Financial Modeling and Valuation of Renewables

Financial Modeling and Valuation of Renewables

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

Financial modeling and valuation of a wind farm or solar plant - is the fair valuation simply the price paid for the asset, or do investors view the value of a renewable energy asset differently? When...

Debt Sizing with Target DSCR - Project Finance

Debt Sizing with Target DSCR - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

Debt sizing with a target debt service coverage ratio (DSCR) is a method used in project finance to determine the appropriate amount of debt financing that a project can support while maintaining a...

Internal Rate of Return (IRR) - Project Finance

Internal Rate of Return (IRR) - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

The Internal Rate of Return (IRR) is a financial metric used in project finance to evaluate the profitability of an investment. It represents the discount rate at which the net present value (NPV) of the...

DSRA | Debt Service Reserve Account

DSRA | Debt Service Reserve Account

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 8 minute read

DSRA stands for Debt Service Reserve Account, which is a financial mechanism used in project finance to ensure that a borrower can make debt service payments on a loan. In a project finance transaction,...

Solar Project Finance Modeling

Solar Project Finance Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 8 minute read

Solar project finance is the process of obtaining funding for the development, construction, and operation of a solar energy project. It involves creating a solar project finance model that outlines the...

Renewable Energy Project Finance Modeling

Renewable Energy Project Finance Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 7 minute read

Renewable energy project finance modeling is a financial analysis technique used to evaluate the feasibility and profitability of renewable energy projects such as wind, solar, hydro, geothermal, and biomass....

ESG Analyst | Financial Modeling | Renewable Energy

ESG Analyst | Financial Modeling | Renewable Energy

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

An ESG (Environmental, Social, and Governance) analyst is responsible for analyzing and evaluating companies or investments based on ESG criteria. The primary goal of an ESG analyst is to determine the...

How to Build a Financial Model in Excel?

How to Build a Financial Model in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 7 minute read

How to build a financial model in Excel? Building a financial model in Excel can be a challenging but rewarding experience that will enhance your financial modeling skills and set you apart from your...

Loan Life Coverage Ratio (LLCR) - Project Finance

Loan Life Coverage Ratio (LLCR) - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

The Loan Life Coverage Ratio (LLCR) is a financial ratio that is commonly used in project finance to evaluate the ability of a project to generate enough cash flow to repay the outstanding loan balance...

YEARFRAC Function - Financial Modeling

YEARFRAC Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

The YEARFRAC function in Excel calculates the fractional number of years between two dates. This function can be useful when dealing with financial calculations or when you need to determine the amount...

Project Finance Deal - Contractual Relations

Project Finance Deal - Contractual Relations

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

In the center of a project finance deal, there is typically a Special Purpose Vehicle (SPV), which is a separate legal entity established solely for the purpose of the project. The SPV is created to...

Levered vs. Unlevered Return - Project Finance

Levered vs. Unlevered Return - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

In project finance, the concept of levered vs. unlevered return refers to the difference in returns when a project is financed with debt (levered) versus when it is financed solely with equity...

Net Present Value (NPV) - Project Finance

Net Present Value (NPV) - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

The Net Present Value (NPV) is a financial concept used in project finance to evaluate the profitability of a project. It takes into account the time value of money and estimates the present value of all...

Payback Period - Project Finance

Payback Period - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

The equity payback period is a financial metric used in project finance to measure the amount of time it takes for an investor to recoup their initial equity investment in a project. It represents the...

Project Finance Modeling in Excel

Project Finance Modeling in Excel

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

Building an advanced project finance model in Excel can be a challenging but rewarding experience that will enhance your financial modeling skills and set you apart from your peers. By reading and applying...

Cash on Cash Return (CoC) - Project Finance

Cash on Cash Return (CoC) - Project Finance

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

Equity Cash on Cash return (CoC), technically defined as the free cash flow to equity over the invested equity, is a financial metric used in project finance to measure the cash income earned on the...

Sources and Uses of Funds - Project Finance Modeling

Sources and Uses of Funds - Project Finance Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

Sources and Uses of Funds: In the context of project finance, sources of funds refer to the various means by which a project can raise capital, while uses of funds refer to the different capital, financing,...

MATCH Function - Financial Modeling

MATCH Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

The MATCH function in Excel is used to find the position of a value within a range of cells. Here's how you can use the MATCH function in Excel: Arguments: ·      ...

How to model an interest rate barrier?

How to model an interest rate barrier?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

In a tax-related context, an interest barrier is a mechanism used to limit the amount of tax deductions that a company can claim on its interest expenses. An interest barrier provision specifies a...

What are Guarantees of Origin (GoOs)?

What are Guarantees of Origin (GoOs)?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

Guarantees of Origin (GoOs or GOs) are electronic certificates that provide information about the source of electricity generation. They are used in many countries as a means of verifying and tracking the...

How to build a project finance model from scratch?

How to build a project finance model from scratch?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

Building an advanced project finance model in Excel can be a challenging but rewarding experience that will enhance your financial modeling skills and set you apart from your peers. By reading and applying...

LOOKUP Function - Financial Modeling

LOOKUP Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

The LOOKUP Function in Microsoft Excel is a versatile function that can retrieve data from a table or range of cells based on a specified value. There are three types of LOOKUP functions in Excel: the...

OFFSET Function - Financial Modeling

OFFSET Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

The OFFSET function in Excel returns a reference to a range that is offset by a certain number of rows and columns from another cell or range of cells. How to use the OFFSET function in Excel? The OFFSET...

What is Project Finance - Financial Modeling?

What is Project Finance - Financial Modeling?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

What is project finance? Project finance is a financing structure that provides funding for a specific project, typically a large-scale infrastructure or capital-intensive project. In project finance, the...

EPCM vs EPC agreement - what's the difference?

EPCM vs EPC agreement - what's the difference?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

EPC stands for Engineering, Procurement, and Construction, and an EPC agreement in a renewable energy context refers to a contract between a developer and a contractor in which the contractor agrees to...

What is renewable energy and how to model it?

What is renewable energy and how to model it?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

Renewable energy refers to energy sources that are replenished naturally and can be sustained indefinitely, such as wind, solar, hydro, and geothermal energy. What exactly is renewable energy? Renewable energy...

How to model seasonality of renewable energy revenues?

How to model seasonality of renewable energy revenues?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

In a project finance deal, the seasonality of renewable energy revenues has a significant impact on monthly cashflows. Consequently, seasonality needs to be considered in a best-practice financial model...

AC vs DC - what's the difference?

AC vs DC - what's the difference?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

AC vs DC - for renewable energies, the difference between AC (Alternating Current) and DC (Direct Current) lies in their respective suitability for different stages of the energy generation,...

How to model a Major Maintenance Reserve Account (MMRA)?

How to model a Major Maintenance Reserve Account (MMRA)?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

The Major Maintenance Reserve Account (MMRA) ensures that during certain operational years with lumpy capital expenditures, a project can be maintained without raising further capital. This requires...

INDEX Function - Financial Modeling

INDEX Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

INDEX Function in Excel: Returns a value or the reference to a value from within a table or range. Learn how to apply the INDEX function for financial modeling purposes. What is the INDEX function? INDEX...

NORMINV Function - Financial Modeling

NORMINV Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

NORMINV Function in Excel: Returns the inverse of the normal cumulative distribution considering two inputs - the specified mean and standard deviation. What is the NORMINV function? The NORM.INV function...

What is degradation and how to model it?

What is degradation and how to model it?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

Degradation reduces the electricity output of solar panels over time. These losses must be considered when building a financial model for a solar plant. What exactly is degradation? Nowadays, high-quality solar...

How to use flags in financial models?

How to use flags in financial models?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

Using flags in Excel is a powerful tool for improving financial modeling timelines. Best practice financial models for project finance, such as renewable energy financial models, require a financial...

Debt Service Coverage Ratio (DSCR)

Debt Service Coverage Ratio (DSCR)

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

The debt service coverage ratio (DSCR) determines how much the cash flow available for debt service (CFADS) exceeds the total scheduled debt service, i.e., debt principal and interest, in any given...

How to model a Debt Service Reserve Account (DSRA)?

How to model a Debt Service Reserve Account (DSRA)?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

The Debt Service Reserve Account (DSRA) protects a lender against an unexpected decrease in cash flow available for debt service (CFADS). The DSRA ensures that the debt provider receives the debt service...

EOMONTH Function - Financial Modeling

EOMONTH Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

EOMONTH Function - returns the last day of the month, which depends on the number of months before or after a particular start date. What is the EOMONTH function? The EOMONTH function returns the serial...

How to use the Name Manager in Excel?

How to use the Name Manager in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

The Name Manager in Excel is a powerful tool for creating references to certain cells and ranges. Using the Name Manager to create different macros in VBA, i.e., to break circular references, is best...

What's the purpose of a shareholder loan?

What's the purpose of a shareholder loan?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

What's the benefit of using a shareholder loan when financing a renewable energy project? It's simple - saving taxes! Learn how to properly integrate a shareholder loan into a financial model for renewable...

How to break a circular reference in Excel?

How to break a circular reference in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

Circular Reference Warning: "There are one or more circular references where a formula refers to its own cell either directly or indirectly. This might cause them to calculate incorrectly. Try removing or...

Goal Seek in VBA: How to automate Goal Seek in Excel?

Goal Seek in VBA: How to automate Goal Seek in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

Goal Seek in VBA: Goal Seek is a handy Excel function that helps to determine the required input value needed to achieve a targeted output value - and this process can be automated using a VBA macro!Goal...

How to use the Goal Seek Function in Excel

How to use the Goal Seek Function in Excel

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

Goal Seek is a handy Excel function that helps to determine the required input value needed to achieve a targeted output value. What is the Goal Seek function? One of the functions of the What-If-Analysis...

How to value a wind farm or solar plant?

How to value a wind farm or solar plant?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

How to value a wind farm or solar plant - is the fair valuation simply the price paid for the asset, or do investors view the value of a renewable energy asset differently? When approaching 100 different...

XNPV Function - Financial Modeling

XNPV Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

XNPV function - determining the Net Present Value (NPV) of an investment with non-periodic cashflows. What is the XNPV function? The Excel XNPV function returns the Net Present Value (NPV) of an...

XIRR Function - Financial Modeling

XIRR Function - Financial Modeling

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

XIRR function - determining the Internal Rate of Return (IRR) for a series of periodically uneven cashflows. What is the XIRR function? The Excel XIRR function returns the Internal Rate of Return (IRR)...

How to Land a Financial Modeling Job?

How to Land a Financial Modeling Job?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

A financial modeling job typically involves building financial models to support business decision-making. Financial models are mathematical representations of a company's financial performance, and...

Top Financial Modeling Interview Questions

Top Financial Modeling Interview Questions

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 13 minute read

Financial modeling interview questions can vary depending on the specific role and industry. However, is it worthwhile to interview for a financial modeling position? Financial Modeling as a Career Choice...

How to become a Finance Project Manager?

How to become a Finance Project Manager?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 7 minute read

A finance project manager is a professional who is responsible for overseeing financial projects within an organization. They are typically responsible for the planning, coordination, and execution of...

How to become a Project Finance Analyst?

How to become a Project Finance Analyst?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

A project finance analyst is a professional who specializes in analyzing and evaluating financial data related to large-scale projects, such as infrastructure, energy, or real estate developments....

Building a Financial Model in Excel

Building a Financial Model in Excel

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

Building a financial model in Excel can be a challenging but rewarding experience that will enhance your financial modeling skills and set you apart from your peers. By reading and applying the concepts of...

What companies are in the finance field?

What companies are in the finance field?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

What companies are in the finance field? There is a multitude of companies in the finance field, ranging from large banks to small financial technology startups. Some examples of the largest companies in...

How to Consider Seasonality in Excel?

How to Consider Seasonality in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 7 minute read

How to consider seasonality in Excel? In project finance, seasonality refers to the impact of seasonal variations on the cash flows generated by a project. This is particularly relevant for projects in...

How to find a circular reference in Excel?

How to find a circular reference in Excel?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 7 minute read

Excel circular references occur when a formula refers back to its own cell or a cell that directly or indirectly depends on it. Finding and fixing circular references is important because they can cause...

CFADS| Project Finance | Renewable Energy

CFADS| Project Finance | Renewable Energy

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 6 minute read

CFADS stands for Cash Flow Available for Debt Service. It is a financial metric that calculates the amount of cash generated by a business or investment after deducting all operating expenses, taxes, and...

Detriments of the Merit Order - Surging Electricity Prices

Detriments of the Merit Order - Surging Electricity Prices

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

Since the end of 2021, electricity prices in Europe are surging to highs never seen before - is it all to be blamed on rising gas prices, or may there be a systemic failure in how electricity prices are...

How to model PPA offtake agreements?

How to model PPA offtake agreements?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 4 minute read

Bilaterally concluded power purchase agreements ("PPAs") are becoming increasingly popular in the renewables industry; thus, knowing how to model PPA offtake agreements becomes critical. In addition, many...

How to model sculpted debt financing with DSCR target?

How to model sculpted debt financing with DSCR target?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

Sculpted debt according to a target debt service coverage ratio (DSCR) is essential to maximizing project financing and thus equity return. While traditional debt repayment structures like an annuity or a...

How to model P50, P75, and P90 energy yield?

How to model P50, P75, and P90 energy yield?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 9 minute read

How to model P50, P75, and P90 energy yield? When estimating future cash flows for wind or solar investments, forecasting the energy yield is one of the most critical steps in building a reliable...

What are full load hours and what is a capacity factor?

What are full load hours and what is a capacity factor?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 3 minute read

What are full load hours? First of all, there are 8,760 hours in one year. This is a very important number within the renewables industry. If we go back to our solar plant in California, you might think...

What's the difference between kW and kWh?

What's the difference between kW and kWh?

Lukas Duldinger, CFA, RVA

Lukas Duldinger, CFA, RVA 5 minute read

While the units kW and kWh may seem very similar, they are two fundamentally different things, especially when it comes down to modeling a renewable energy investment. Still, many people in the renewables...

Renewables Valuation Analyst (RVA) Certification

Become a world-class financial modeler within the renewable energy sector and push your career to the next level.