Mastia.Consulting
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Financial advisory · Infrastructure & energy

Project finance. Risk in view.

We structure debt and build financial models for sponsors, developers and funds. Clear assumptions. A clear view of what changes the decision.

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Work delivered for
  • Mazars
  • Hyphen (NEOM)
  • Cubico Renewables
  • Medefer
  • Altryx
Illustrative solar asset · 10 contracted years, 5 merchant years

When the contract ends.

Invented data · Simplified model
Minimum debt service coverage1.23x All 15 years pass. Year 8 of 15
Maintenance in year 8 leaves the least coverage headroom.

Threshold 1.20x

ScenarioMinimum debt service coverageCritical year
Base case1.23x8
Price −15%1.16x15
Price −25%0.90x15

Debt: €64.6m. Repayments stay fixed when the price changes. Tax, working capital and reserves are excluded, among other items.

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Services

The work you need.

Three starting points, shaped around the decision ahead.

01

Finance a project

Debt sizing, repayment profiles and sensitivities for working with lenders.

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02

Build or review a model

A new build, a reconstruction or an independent review, with documentation your team can use.

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03

Connect strategy and cash

An integrated income statement, balance sheet and cash flow, with scenarios and tracking for business decisions.

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Inside a model

What the work looks like.

An assumption, a formula, a decision. This fictional extract shows how they connect and where we would focus a review.

Explore the figures in the model
Illustrative spreadsheet showing revenue, costs, cash flow and debt in years 6 to 11. Year 8 is highlighted: maintenance of €0.5m reduces DSCR to 1.23x.View the full-size image ↗
Illustrative extract · Years 6–11 of a 15-year model. Fictional data calculated by this website’s model engine.
  1. 01

    Find the assumptions.

    Prices, costs and the contract term make the starting point visible.

  2. 02

    Follow the calculations.

    From revenue to available cash, and from cash to debt service.

  3. 03

    Understand the review.

    Identifying the tight year and its cause helps decide what to examine next.

A note for the decision

The same minimum. A different exposure.

One tight year and eleven years near the limit can share a minimum DSCR. Seeing the profile changes the question.

Read the comparison
One tight year
DSCR (times)Year 115

Minimum: 1.31x · Threshold: 1.20x

View the values for all 15 years
YearDSCR (times)
11.61x
21.60x
31.31x
41.58x
51.60x
61.62x
71.61x
81.60x
91.59x
101.62x
111.63x
121.61x
131.60x
141.62x
151.64x
Eleven years near the limit
DSCR (times)Year 115

Minimum: 1.31x · Threshold: 1.20x

View the values for all 15 years
YearDSCR (times)
11.60x
21.58x
31.38x
41.36x
51.34x
61.33x
71.31x
81.32x
91.34x
101.35x
111.36x
121.37x
131.38x
141.56x
151.60x
The practice

Mastia Consulting

Financial advisory · Cartagena

A direct connection to the work.

The person who agrees the scope builds the model and answers lenders’ questions.

We work with sponsors, developers and funds. Each engagement includes the file, its documentation and a working session with the team who will use it.

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Next step

Let’s discuss the project.

Tell us about the asset, the decision and the deadline. We will respond about scope and availability.

Emailinfo@mastiaconsulting.com LinkedInin/plarios