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Thabiso KaliEnergy engineer · CEM

Riverbend Solar · Part 10 of 10

One run to the full document set

Project Finance, Renewable Energy, South Africa, Term Sheet

Article

The last mechanic is the one that saves the most time: every output comes from the same run.

One Riverbend run produces:

  • The financial model: a workbook in live formulas, with its Checks tab
  • An investment teaser and an investment summary deck
  • An information memorandum
  • An indicative term sheet
  • A credit approval memorandum and an IC memorandum
  • A lender pack
  • A Model Book: structure, assumptions register, checks
  • A snapshot that reloads the deal in the app

Then every document is read back. The figures in each one are extracted and compared with the model, and the build fails on a mismatch, a missing disclaimer or a real company name.

The timings:

Loading the deal and running the engine0.6 seconds
Workbook and documents25.8 seconds
Converting the Word documents to PDF23.8 seconds
Reading all 15 files back against the model3.2 seconds
Total53.5 seconds

Change an input, and the whole set is rebuilt and re-checked in under a minute. That is the point of building the mechanics carefully once: the term sheet, the credit memo and the workbook can't disagree, because none of them is typed.

Riverbend, as it stands:

Equity IRR 21.6%. Project IRR 14.6%.Minimum DSCR 1.57x, P90 1.45x, LLCR 1.57x.Senior debt R554.9m at 75% gearing. Payback 4.2 years.

That's the series: one ordinary deal, the mechanics a lender tests, every number from one model.

Riverbend Solar is an illustrative case study: a fictional deal with no real counterparty.

All 10 parts of Riverbend Solar