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
CODTBD
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)
Running AT-IRR starts at the COD outflow and recovers as project cash flows come in.
Sponsor equity buyer: pays for operating cash flows and depreciation value. Tax equity is separate.
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
Realized Sponsor AT-IRR
--
vs target
Sponsor NPV
--
After-tax CF + depreciation recovery
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 deposit
= -- COD check.
Purchase price before security deposit: --. Existing devOwner SecDep returned at COD: -- (ErthCap -- / TIL --).
Sponsor ULATIRR Solver
Solves the COD price that gets the sponsor to -- after-tax IRR over 35 years.
Cash Flow Stream (Year 0 = COD)
| 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.
Excluded Costs
| Item | Who pays? | Amount |
|---|---|---|
| ITC Buyer (§6418 ITC transfer) | ITC Buyer (separate transferee) | -- |
| 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
COD: DCF -- + dep -- + security -- = --.
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.
Result: pays --, receives -- nominal net cash flow, earns -- IRR (--).
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.
Sponsor equity = long-term project owner | Pays for DCF + Depreciation | ITC Buyer is separate via §6418 | 35-year project life