Private Equity Renewables Case Study (Real Case Study)

This is an actual private equity renewables modelling test: a live, three-hour financial modelling exercise for a 300 MW solar project. Most people never see what one of these tests actually looks like, let alone a full worked solution. You get the blank exercise and the completed model in one download.

WHAT YOU GET

Blank template (Excel): the exercise exactly as issued - instructions brief, empty statements tab, and debt tab ready to build, with the live macro-driven debt-sizing mechanism intact.

Worked solution (Excel): the fully built model - integrated 3 financial statements, dynamic debt sizing solved to the target DSCR, DSRA, scenario switching, and returns. Trace every formula.

WHAT IT TESTS

Dynamic, macro-driven debt sizing to a DSCR covenant. Fully integrated 3-statement modelling. DSRA mechanics and cash waterfall. P50/P75/P90 scenario architecture. Levered and unlevered IRR, and the judgement to pick the right output metrics under time pressure.

THE EXERCISE

Build a project finance model for a 300 MW (ac) solar project, all figures in USD: development start Jan 2025, financial close Dec 2026, 28-month construction, 1.45x DC:AC, 732,000 MWh p.a. P50 yield. Size debt dynamically to a 1.40x DSCR over contracted cash flow, capped at 70% of project cost; 20-year tenor, 6-monthly repayments, 30/360 interest, 6% margins, 1.0% commitment fee, 1.5% upfront fee, 6-month DSRA funded at financial close, P50/P75/P90 revenue cases.

WHO THIS IS FOR

Candidates targeting renewables and infrastructure developers with in-house investment teams, energy-transition private equity, and project or structured finance desks at banks (Macquarie, MUFG, SMBC, NAB, CBA). Advanced: comfort with circular references, DSCR debt sizing, DSRA logic, and 3-statement integration is assumed.

This is a worked example. It includes the completed model so you can see the full solution, not just the question.

LICENCE

Single-user licence. For your own preparation. Do not redistribute, resell, or post in shared drives, Discord servers, or Notion pages.