Notice. Educational and marketing content only. FG Capital Advisors provides advisory and financial modelling services and may act as advisor and placement agent through regulated partners where capital raising is in scope. We are not a bank, broker dealer, or direct investor. Any transaction that involves securities depends on KYC and AML checks, sanctions screening, technical and legal review, investor appetite, and definitive documentation with regulated entities.
Project Finance Financial Modelling For Sponsors And Lenders
We build and review project finance models for energy and infrastructure transactions so sponsors, lenders, and funds can underwrite risk on a clear, consistent cash flow view. That includes DSCR, LLCR, and PLCR profiles, covenant and lock up mechanics, cash waterfalls, and sponsor return analysis that match term sheets and contracts instead of fighting them.
Share your project, capital structure, and model needs. We respond with a practical modelling scope, how the work can support credit approval or investment committee decisions, and how it fits alongside our capital advisory work through regulated partners.
Request A Modelling ProposalOn This Page
Who This Project Finance Modelling Service Is For
Target Client Profile
- Project sponsors and developers preparing non recourse or limited recourse financings for energy, renewables, digital infrastructure, transport, or social infrastructure assets.
- Lenders, credit funds, and DFIs that need an independent builder or reviewer of the project finance model to support underwriting, waivers, or refinancing.
- Platforms and holdcos with multiple projects that require a consistent portfolio model for back leverage, stapled equity, or programmatic financings.
- Financial advisers and boutique firms that want a specialist project finance modelling bench without building an internal team.
Situations That Sit Outside This Service
- Generic corporate budgeting or startup three statement models that are not tied to a specific project finance structure.
- Projects without any defined revenue mechanism, such as no PPA, concession, availability payment, tolling, or tariff framework.
- Requests that seek to present the model as independent while reserving control over core assumptions in a way that undermines credibility with lenders.
- Personal finance, small landlord portfolios, or trading strategies that are not structured as project or infrastructure financings.
What FG Capital Advisors Does On Project Finance Models
Model Build And Structuring Support
- Translate term sheets, financing plans, and key contracts into a time based model structure with construction and operating periods, cash waterfalls, and debt service schedules.
- Set up DSCR, LLCR, and PLCR metrics that drive debt sizing, covenants, and distribution tests in line with lender expectations and rating logic.
- Model multiple tranches of debt, reserve accounts, cash sweeps, sculpted amortisation, and refinancing events in a way that can be traced and audited.
- Build sponsor equity return analysis, including project IRR, equity IRR, NPV, and payback metrics linked directly to the same cash flows used for lenders.
Lender And Investment Committee Readiness
- Align model outputs with information memoranda, credit papers, and investment committee materials so numbers match across all documents.
- Prepare scenario and sensitivity packs on tariffs, volumes, capex, delays, opex, FX, and interest rates so stakeholders can see how headroom moves.
- Support Q and A sessions with banks, DFIs, funds, and rating advisers on model logic, covenant calibration, and downside cases.
- For operational assets, incorporate historical data, seasonality, outages, and actual performance to bridge from past results to forecast cases.
Modelling Scope And Workstreams
New Build Project Finance Models
- Greenfield projects across power generation, renewables, storage, pipelines, terminals, data centres, fibre, roads, ports, and social infrastructure.
- Structures that include non recourse term loans, mini perm loans, mezzanine pieces, and project bonds with associated fees and covenants.
- Multiple cases for sponsors and lenders, including base, lender, downside, rating, and equity cases, built off a single controlled set of assumptions.
Refinancing, Amendments, And Restructurings
- Refresh or rebuild existing models to reflect revised capital structures, new pricing, amended covenants, or extended tenors.
- Assess the impact of waiver requests and amendment packages on DSCR, LLCR, PLCR, and equity distributions over the remaining life of the asset.
- Prepare clear scenario outputs that support lender negotiations and sponsor decisions on reset packages.
Portfolio And Holdco Models
- Portfolio models that track staggered construction, ramp up, and operations across multiple assets, jurisdictions, and currencies.
- Structures with holding company debt, back leverage, or stapled equity commitments that depend on project level distributions.
- Consolidated covenant and distribution tests at project and holdco level so sponsors and lenders can see where pressure builds first.
Where We Do Not Focus
- Pure trading books, hedge funds, or complex derivatives platforms that require specialised quantitative engines rather than project cash flow models.
- Generic FP and A and budgeting tools that do not involve project level security, ring fencing, and long term non recourse debt.
- One page or high level spreadsheets that try to replace proper project finance models without time series, covenants, or full cash waterfall logic.
Project Finance Modelling Engagement Process
| Stage 1: Scope And Objectives | We review the project, target capital structure, and where the model sits in your process, for example lender selection, credit approval, investment committee, or refinancing. We agree whether the work is a fresh build, a rebuild, or an independent review of an existing file. |
| Stage 2: Engagement Terms And Data Request | Once the scope is clear, we agree a mandate, work scope, fee structure, and timetable. We then issue a data request covering contracts, term sheets, technical studies, historical performance, and any existing models or forecasts to avoid duplication. |
| Stage 3: Model Build Or Review | For new builds we set the model structure, time axis, cash waterfall, debt sizing approach, and key ratio tests, then populate with agreed assumptions. For reviews we perform logic checks, stress the structure, and highlight issues that could affect lender or investor confidence. |
| Stage 4: Iteration, Scenarios, And Covenant Testing | We iterate with your team to refine assumptions, build sponsor and lender cases, and run sensitivities on key drivers. DSCR, LLCR, and PLCR, covenants, and distribution tests are calibrated so the structure can withstand reasonable downside scenarios. |
| Stage 5: Lender And Investment Committee Use | We align model outputs with information memoranda, credit or investment papers, and rating analysis. Where helpful we join calls with lenders, funds, or DFIs to walk through logic, headroom, and scenario results. |
| Stage 6: Handover And Ongoing Support | We deliver the final Excel model, documentation, and output packs, and can run walk through or training sessions for your team. Ongoing support or periodic updates can be agreed if the transaction moves through extended negotiations or into monitoring. |
Timelines depend on sector, contract complexity, model scope, and the quality of source data. Simple single asset projects complete faster than multi asset portfolios or restructurings that involve several classes of stakeholders.
Inputs And Deliverables
Baseline Eligibility
- A defined project or portfolio with a clear revenue framework such as a PPA, concession, availability payment, tolling agreement, capacity contract, or contracted tariff regime.
- Capex, opex, and construction schedule information at least at concept or FEED level, with realistic contingency and risk views.
- A proposed or indicative financing structure including target leverage, expected margins or coupons, tenor, and key covenants.
- A sponsor or lender team with the capacity to engage on assumptions, provide documents, and respond to technical questions during the build.
Core Inputs And Model Outputs
- Corporate and project information, historical financials where assets are already operating, and any previous models or forecasts that exist.
- Key project contracts including PPA or offtake, concession or franchise, EPC, O and M, land and interconnection, and any long term supply or feedstock agreements.
- Financing documents or term sheets that set out interest, fees, covenants, reserve accounts, security structure, and distribution tests.
- Tax, regulatory, and accounting assumptions for relevant jurisdictions, plus any rating or internal risk parameters that drive required headroom.
Fees And Engagement Parameters
| Typical Project Size | Most mandates involve projects or portfolios with total capital costs from around 50 million dollars into the multi billion range. Smaller transactions are considered case by case where the structure still requires a full project finance model. |
| Sectors | Power generation, renewables, storage, midstream and pipelines, terminals, transport and logistics assets, data centres, fibre networks, and social infrastructure with contracted or regulated income. |
| Engagement Types | New build project finance model, independent model review, restructuring and amendment support, portfolio or holdco model, and model refresh ahead of refinancing, sale, or rating review. |
| Core Deliverables | Excel model with clear structure and audit trail, assumption book, summary outputs, ratio and covenant analysis, and agreed scenario packs. Where requested we also prepare lender or investment committee slides that link directly back to model outputs. |
| Stakeholders | Project sponsors and developers, commercial banks, DFIs, export credit agencies, credit funds, infrastructure funds, and co advisers that need a consistent analytical base for decisions. |
| Fee Approach | Fees are usually structured as a fixed or staged work fee based on scope and complexity. Where our modelling supports a capital raise alongside regulated partners, an additional success based component may apply, agreed before work begins. |
If you are preparing a project finance or infrastructure transaction and need a lender grade model or independent review, send us a short note on the asset, jurisdiction, and target capital structure together with any existing model. We will respond with a proposed scope, timeline, and fee range, and where relevant how modelling work can support capital raising through our regulated partners.
Request A Modelling ProposalFAQ
Do you build project finance models from scratch or only review existing ones?
We do both. Some clients ask us to build a fresh model that matches their structure and contracts, while others retain us to review and strengthen an existing model. In many cases we end up rebuilding parts of an old file where that is faster and safer than trying to patch weak logic.
Which software do you use and who owns the final model?
We work in Microsoft Excel because this is still the standard for most lenders and funds. On completion you receive the model file and supporting documentation. You own the model and can adapt it over time, subject to any agreed protection of specific checking tools or templates that we re use across assignments.
Can you support lender and investment committee discussions?
Yes. We often join calls with banks, DFIs, funds, and rating advisers to walk through logic, scenarios, and covenant behaviour. Where a capital raise is in scope this is handled with or through our regulated partners so that advisory, modelling, and placement work remain properly structured.
What size of projects do you focus on for modelling work?
Our work is most relevant where projects or portfolios carry material non recourse or limited recourse debt, typically from tens of millions of dollars upward. For very small deals a full project finance model can still make sense if there are complex structures, but we assess that case by case.
How do you price project finance modelling engagements?
We quote a fee based on sector, complexity, whether the work is a new build or review, and how many scenarios and outputs you require. Most mandates use a fixed or staged work fee so you know the cost up front. Where our modelling supports a live capital raise with regulated partners, a success based component may be added for that part of the work.
Disclosures. FG Capital Advisors provides advisory and financial modelling services and may arrange capital through regulated partners. Nothing on this page is an offer or solicitation to buy or sell securities or to invest in any project or fund. Any engagement is subject to internal approval, conflict checks, KYC and AML and sanctions screening where required, independent legal and tax advice on your side, and the terms of a formal mandate, term sheet, and final transaction documentation.
