One assumption changes. The effect is in view.
An example of how a debt structure responds. All figures are illustrative; definitions and limitations sit beside the calculation.
Assumptions, coverage and repayments.
First size the debt with the coverage targets. Then change the merchant-period price, keeping the repayment schedule fixed.
- Debt sized
- 64.6 €m
- Gearing
- 70.2%
- Binding constraint
- Coverage
- Breakeven merchant price
- 39.8 €/MWh
View all 15 years and formulas
Complete table · 15 years. Scroll horizontally to inspect every period.
| DSCR | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 | Y11 | Y12 | Y13 | Y14 | Y15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12.4 | 12.3 | 12.3 | 12.2 | 12.2 | 12.1 | 12.0 | 12.0 | 11.9 | 11.9 | 8.8 | 8.7 | 8.7 | 8.6 | 8.6 |
| Opex | 2.6 | 2.7 | 2.7 | 2.8 | 2.8 | 2.9 | 2.9 | 3.0 | 3.0 | 3.1 | 3.2 | 3.2 | 3.3 | 3.4 | 3.4 |
| Major maintenance | — | — | — | — | — | — | — | 0.5 | — | — | — | — | — | — | — |
| CFADS | 9.8 | 9.7 | 9.6 | 9.5 | 9.3 | 9.2 | 9.1 | 8.5 | 8.9 | 8.7 | 5.6 | 5.5 | 5.4 | 5.3 | 5.1 |
| Debt service | 7.5 | 7.5 | 7.4 | 7.3 | 7.2 | 7.1 | 7.0 | 6.9 | 6.8 | 6.7 | 3.6 | 3.5 | 3.5 | 3.4 | 3.3 |
| DSCR | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 | 1.30 | 1.23 | 1.30 | 1.30 | 1.55 | 1.55 | 1.55 | 1.55 | 1.55 |
| Covenant test | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS | PASS |
Sizing uses targets of 1.30x during the PPA and 1.55x afterwards. Year 8 maintenance reduces coverage without recalculating repayments. The price sensitivity affects years 11 to 15 only and holds the debt schedule fixed. Debt service includes principal and interest. Taxes, working capital, reserves, construction interest, fees, hedging, cash sweeps and changes in capture prices are excluded. All figures are illustrative.
What this leaves out: tax, working capital, the debt service reserve, interest during construction, fees and hedges inside debt service, a cash sweep, and any decline in capture rate. Debt service here is principal and interest only, which is looser than the definition we publish. Every figure is invented.
Send us the decision
Share the asset, decision and timeframe. We will respond with scope and availability.