Sponsor Equity BandSponsor drill
Sponsor Equity Economics
TBD
TBD · IE pending · facts before sponsor economics.
Mid scenario · SPLIT mode
MW DCTBD MWdc
MW ACTBD MWac
COD12/31/2026
Sources verifiedTBD timeline sources · last verified TBD
Sponsor Cash Flow (Y0-35)
Y0 DCF Purchase
Y0 Dep Purchase
Y0 Sec.Dep Posted
EBITDA (Y1-35)
Taxes (Y1-35)
Sec.Dep Refunds
ULATIRR (running %IRR)
Component-only view (excludes ITC): running AT-IRR starts at the sale-close component outflow (11/15/2026) and recovers as project cash flows come in. The D-05 all-in buyer headline is shown in the tiles above.
One buyer (D-05): acquires the project at sale close and pays the all-in total consideration: the project component (operating cash flows, depreciation value and security) plus the ITC value. The same Buyer claims the ITC; there is no separate tax-equity investor or credit transferee.
Depreciation Quality
Tier details loading.
⚠️ Tier 6 overlaps with Greenprint's tax-equity role in the current Bravo structure.
⚠️ NPV efficiency ranges are internal planning estimates. Consult tax advisor for actual basis utilization.
Sponsor Valuation (Mid)SPN.3
Sponsor AT-IRR Target
--
Project hurdle
Buyer All-In AT-IRR (headline)
--
one buyer · dated events
All-In Total Consideration
--
component price + ITC value
All-In NPV @ hurdle
--
flat deal hurdle
Component Stream AT-IRR (= Alternative: ITC sold to a separate §6418 transferee — requires tax/legal confirmation; not the base case)
--
vs target
Component Stream NPV
--
After-tax CF + depreciation recovery
Depreciation in Price
--
Scenario tax mode
Sponsor Equity Required
--
All cash at COD
Existing SecDep Return
--
ErthCap / TIL split at COD
| Valuation | Source | Amount |
|---|
| COD Check | Read | Amount |
|---|
Equity bridge:
-- DCF
+ -- depreciation
+ -- security net PV (priced)
+ -- cash security posted
= -- component cash at sale close; + ITC value -- = --.
Component price (excl. posted cash security): --. Existing devOwner SecDep returned at COD: -- (ErthCap -- / TIL --).
Sponsor Pricing & Realized ULATIRR (risk-tier valuation, not a hurdle solve)
Prices the project component at sale close (component only, excludes ITC) on a split-rate after-tax DCF (contracted / pre-contracted / merchant rates) plus the depreciation tax saving at the scenario's own tax mode (Low/Mid self-shield, High max, Custom user-set — default partial), plus the PV of any buyer-posted cash security. Same dated series drives IRR/NPV. Hurdle shown for reference: --; the buyer's implied IRR and NPV@hurdle are computed on the same dated cash-flow stream (see Realized Sponsor AT-IRR).
Cash Flow Stream (Year 0 = sale close; component only, excludes ITC)
| Year | Revenue ($K) | OpEx ($K) | EBIT ($K) | Fed Tax ($K) | Dep TS ($K) | SEC.DEP ($K) | After-Tax CF ($K) | ATIRR ex SEC | ATIRR incl SEC | PV @ -- ($K) |
|---|---|---|---|---|---|---|---|---|---|---|
ULATIRR formula:
0 = -P + Sum t=1..35 after-tax project cash flow / (1+r)^t
r = --; Additional $ = solved price - (DCF + Dep).
Sponsor Valuation Inputs
Placeholder for the core sponsor purchase-price inputs that sit below the valuation and annual cash-flow views.
Sponsor Risk, Security & Exit Profile
| Metric | Read | Value |
|---|---|---|
| COD equity check | DCF + dep + security | -- |
| Security posted | At COD | -- |
| Security refunds | PPA years 1-7 | -- |
| Security floor return | Floor return at year 20 | -- |
| Tail exposure | Extension + merchant years | -- |
| Period | Revenue Source | Risk Level | Discount Rate Applied |
|---|
Rates follow the active scenario and mode.
Cost Allocation
| Item | Who pays? | Amount |
|---|---|---|
| ITC value (Buyer is the ITC claimant; no separate transferee — D-05) | Buyer, inside the all-in acquisition payment | -- |
| Security Deposit Net Value | Bravo / equity holders | -- |
| PPA Ops Security carry cost | Sponsor (going forward) | Deduction from sale value |
PPA security cost is already netted through SEC.DEPOSITS.
Sponsor IRR Bridge
Sale close: DCF -- + dep -- + security PV -- + cash security posted -- = -- (component stream).
Y1-20: Contracted EBITDA --; taxes net of dep shield --.
Security: Y1-7 refunds --; Y20 floor return --.
Tail: Y21-30 uses --; Y31-35 merchant uses --.
Depreciation: Value uses selected tier efficiency.
Component result: pays --, receives -- nominal, realized -- IRR on dated events (--; target hurdle --, a target only).
All-in (headline, one buyer): + ITC value -- at sale close, ITC benefit -- on -- → total consideration --, all-in IRR --, NPV --.
Sponsor Buyer Profile
| Investor Type | Target IRR | Risk Tolerance |
|---|---|---|
| Infrastructure Fund | 8-10% | Low - wants contracted cash flows only |
| Yieldco (US public) | 9-11% | Low - accretion-focused, prefers PPA |
| Strategic Utility / IPP | 10-12% | Medium - willing to take merchant risk for upside |
| Private Equity (energy) | 12-15% | Medium-High - value-add / merchant transition |
Scenario and rate profile loading.
Buyer = long-term project owner and ITC claimant (one buyer, D-05) | Pays component price (DCF + depreciation + security PV) + ITC value | 35-year project life