Zero to One Financial Feasibility By Korawin

Quick Adjustments · 5 Critical Levers

0 overrides — click ▶ Run Model

Capacity1.00 MWdc

0.5 MW250500 MW

FiT Tariff (Flat)฿2.50

฿1.50฿2.50฿5.00 /kWh

PPA Term20 y

10 y20 y30 y

CAPEX per MWdc฿18.0 M/MW

฿10M฿30M฿50M /MWdc

D / E Ratio70 / 30

All-equity50/5070/3085% debt

Other parameters (Capacity Factor · Cost of Debt · OPEX · Tax · Macro · CAPEX components · Drawdown · DSRA · BOI ฯลฯ) — see Deep Detail mode for full 45+ fields. Quick mode lets you drive headline scenarios with the 5 most-impactful levers.

Project Snapshot

Capacity	1.00 MWdc / — MWac
CAPEX per MWdc	฿18.0M·MW⁻¹
Total project cost	— pending
Capacity Factor	16.0%
FiT (Flat)	฿2.50 /kWh
PPA Term	20 y
D / E	70 / 30
Cost of Debt	4.50%
Tenor	10 y
Tax (CIT) / BOI	20% / — BOI

Total project cost = CAPEX + IDC + DSRA + WC + Decommission — engine to populate

P&L Profile · Year on X-axis

Stacked bars: Revenue · OPEX · D&A · Interest · Tax · Lines: EBITDA · Net Income

Revenue

—

OPEX

—

EBITDA

—

D&A

—

EBIT

—

Interest

—

Net Income

—

⚠ Annual P&L pending engine run. NI line will render once values populate.

Decision Gate

EIRR ≥ Hurdle 18%✓ 28.68%

PIRR ≥ Hurdle 12%✓ 15.87%

NPV > 0 @ WACC✓ +10.83M

Payback ≤ 8Y✓ 6.40Y

Min DSCR ≥ Covenant— pending

Thresholds (hurdle / covenant / payback target) editable in 1.5 Financing & Tax.

⚡ Preset

1.1 Sale Price

1.2 Sale Volume

1.3 OPEX

1.4 CAPEX & Time

1.5 Financing & Tax

1.6 Macro

⚡ Pre-set Assumption Profiles

เลือก preset แล้วกด Apply — ระบบจะกรอก assumption ทั้งหมดให้อัตโนมัติ

Project Type Select Preset Profile

📋 Assumption Summary — No preset selected

1.1 Sale Price

Tariff Type—

Base Rate—

Escalation—

1.2 Sale Volume

Capacity MWdc—

PR (%)—

Irradiance GHI—

1.4 CAPEX · 1.5 Financing

CAPEX/MWdc—

D/E—

Cost of Debt—

Tenor (y)—

Tax (CIT)—

BOI Holiday—

1.3 OPEX

O&M ฿/kWh—

Insurance %—

OPEX Escalation—

Contract Term

PPA Term (y)

PPA Start Year

Tariff Type

Pricing Mechanism

Tariff Detail (next card) shows parameters relevant to the chosen mechanism.

Tariff Detail — Flat / Escalating FiT

ใช้กับ: fit_fixed · fit_escalating

Base Rate (THB/kWh)

Annual Escalation (%/y)

Y1 Tariff = 2.50 THB/kWh

Tariff Detail — Front-Load

ใช้กับ: front_load

Front-load Initial Rate (THB/kWh)

Front-load Decline (%/y)

Front-load Years

Trailing Rate — post decline (THB/kWh)

Tariff Detail — Adder FiT

ใช้กับ: adder_fit

Base Tariff (THB/kWh)

Adder Rate (THB/kWh)

Adder Years

Post-Adder Rate (THB/kWh)

Tariff Detail — TOU · Peak / Off-Peak + Ft

ใช้กับ: tou · market_ft

Effective Tariff (Y) = (Peak_rate × Peak_gen% + Off_peak_rate × Off_peak%) + Ft − (Customer_discount% × Base)

Peak Rate (THB/kWh) ?

Off-Peak Rate (THB/kWh) ?

Ft Value (THB/kWh) ?

Customer Discount (%) ?

Peak Generation % (Off-peak = 100 − Peak)

Off-peak %: 40 · derived

Effective Y1 tariff = — THB/kWh · pending engine

Tariff Projection · Year on X-axis

⚠ Tariff curve pending engine run.

Revenue Composition (avg over PPA term)

Source	Rate	Volume	Revenue/y	% of total
FiT Energy	—	—	—	—
REC	—	—	—	—
Carbon Credits	—	—	—	—
Merchant	—	—	—	—
Total	—	—	—	100%

Tab-Level Validation

Check	Value	Status
Tariff type parameters consistent	—	Pending
Avg tariff ≥ LCOE	2.50 vs 1.84	Pass
REC + Carbon revenue share	—	Pending
Front-load decline non-positive	—	Pending

REC Revenue

REC Enabled

REC Standard

REC Price (THB/MWh)

REC Volume Cap (MWh/y)

REC Escalation (%/y)

REC Start Year

REC End Year

REC Issuance Cost (THB/MWh)

Merchant Revenue

Merchant Enabled

Merchant Share (%)

Merchant Price (THB/MWh)

Price Escalation (%/y)

Price Volatility (σ %)

Currency

Cannibalization (%/y)

Start Year (post-PPA)

Plant Capacity

Capacity (MWdc)

DC/AC Ratio

Capacity (MWac) derived

Generation Parameters

Capacity Utilization Factor CUF (%) ?

Performance Ratio — PR (%) ?

Energy yield = CUF × 8,760 = 1,402 kWh/kWp/yr

Degradation (Y1 vs steady-state)

Year 1 degradation (%) ?

Steady-state (Y2+) degradation (%/yr) ?

Sale Volume Baseline (user-spec)

Net Sale Volume (Y) = Cap_AC × CUF × Plant_avail × (1 − Aux) × (1 − Loss) × (1 − Curtail) × Degradation(Y)

Plant availability % ?

Auxiliary load % ?

Loss % ?

Grid curtailment % ?

Composite derate: 100.00% (before degradation)

P50 / P90 Resource

P50 (kWh/kWp/yr)

P90 (kWh/kWp/yr)

P50/P90 used for yield band validation only · engine checks CUF vs P50/P90 range

Annual Generation · Year on X-axis

⚠ Generation curve pending engine run (will show MWh with degradation).

Run engine to populate generation curve

Year-by-Year Generation Table (selected)

Year	Gross (MWh)	Degradation	Net (MWh)	Capacity Factor
Y1	—	—	—	—
Y5	—	—	—	—
Y10	—	—	—	—
Y15	—	—	—	—
Y20	—	—	—	—

Tab-Level Validation

Check	Value	Status
Yield within P50/P90 band	1,402 vs P50/P90	Fail (below band)
CF in plausible Thailand range (14–22%)	16.0%	Pass
Degradation non-negative	—	Pending
Availability ≤ 100%	—	Pending

OPEX Line-Item Breakdown

Value (THB) = ตัวเลขตาม Unit type ที่เลือก · Unit type: Cost/MWdc/Year · Fixed THB/yr · THB/kWh · %Revenue · %Gross Margin

Total OPEX (Y) = Σ over items of (Value × Multiplier(Unit type) × Schedule_active(Y) × (1 + Esc%)^(Y − Esc_Start))

Component	Value (THB)	Unit type	Schedule	N Yrs	Yr From	Yr To	Esc %/y	Esc Y₀











+ Add OPEX line item

📊 Counts by category: fix: 9· var_cycle: 3· var_gross_margin_om: 1· var_production: 1

OPEX Breakdown · Year on X-axis

⚠ Annual OPEX stack pending engine run.

Run engine to populate OPEX stack chart

OPEX Summary (avg over 20Y)

Category	Y1	Y10	Y20	Avg	% of total	CAGR %
O&M variable	—	—	—	—	—	—
Insurance	—	—	—	—	—	—
Land lease	—	—	—	—	—	—
Admin	—	—	—	—	—	—
Major maint.	—	—	—	—	—	—
Total	—	—	—	—	100%	—

Derived: Avg OPEX / MWh = —

Tab-Level Validation

Check	Value	Status
OPEX components > 0	—	Pending
OPEX escalation in [0%, 5%]	—	Pending
Inverter replacement year ≤ life	—	Pending

⏱ Time & Construction

COD Date ?

Financial Close Date

PPA Signing Date

Construction Start Date

Development (months)

Construction (months)

📅 Project Timeline

Fill in dates above to see timeline chart

📊 Total Project Cost Summary

Σ Table A — Plant	— MTHB
Σ Table B — Development	— MTHB
IDC (Interest During Construction)	— pending
VAT (refundable)	— pending
Financing Fees	— pending
DSRA (reserve)	— pending
MMRA Reinvestment	— pending
Total Project Cost	— pending
CAPEX per MWdc	— M฿/MW

Total Project Cost = ΣA + ΣB + IDC + VAT + Fees + DSRA + MMRA

📉 CAPEX Drawdown Schedule · Construction Month on X-axis

Bars: monthly draw · Line: cumulative spend

Fill in CAPEX tables to see drawdown chart

Tranche	MTHB	%
Down Payment	—	—
Progress Bills	—	—
Retention	—	—
Total	— MTHB	100%

IDC accrues on cumulative drawn balance

CAPEX Mode

Reverse-Solve TPC ?

Table A — Plant Components

Asset capitalised + depreciated over Dep yr · Payment timing during construction

Σ Table A

— MTHB

Component	Value (MTHB)	Dep (yr)	Payment Schedule	Down Pay (%)	Retention (%)	Esc %







+ Add Plant component

Σ Table A (Plant) = — MTHB · Default payment: Equal/Cons (can override per row)

Table B — Development Components

Pre-COD soft costs · paid during development phase · expensed when Dep=0

Σ Table B

— MTHB

Component	Value (MTHB)	Dep (yr)	Payment Schedule	Down Pay (%)	Retention (%)	Esc %






+ Add Development component

Σ Table B (Development) = — MTHB

Reinvestment / Major Maintenance (MMRA)

เช่น เปลี่ยน Inverter ปีที่ 11 — capitalize เป็น new asset และ depreciate ตาม useful life

Enable MMRA reinvest

Component	Value (THB)	Dep (yr)	Schedule	Start Year	Payment


+ Add MMRA reinvest item

Terminal-Year Cash Flows

รายการเกิดขึ้นปีสุดท้ายของ ops — แยก Inflow / Outflow

Component	Value (THB)	Category


+ Add terminal CF item

Net Terminal Cash Flow

+0.00 MTHB

Drawdown & IDC Reconciliation

Period	EPC	Dev	Land	IDC	Cum
M-6	—	—	—	—	—
M0	—	—	—	—	—
M3	—	—	—	—	—
M6	—	—	—	—	—
M9	—	—	—	—	—
M12 (COD)	—	—	—	—	—
Total	—	—	—	—	18.00

Tab-Level Validation

Check	Value	Status
CAPEX components = Total	—	Pending
IDC reconcile	—	Pending
COD = construction end	—	Pending
PPA term ≤ Useful life	20 ≤ —	Pending

Financing

Capital Structure

Debt % ?

56%

Equity %

44%

Debt input (%)

Equity (derived)

Interest & Loan

Annual interest rate (%)

Sub-fields (informational)

Base rate ?

Loan tenor (years)

Grace period (months)

DSCR & WACC

Target DSCR contracted (x)

Target DSCR merchant (x)

WACC (%)

Cost of Equity Ke (%)

LCOE discount rate (%) ?

Terminal Value Method

Capital Structure Options

Drawdown method ?

Financing Fees

Upfront fee (% of debt) ?

Commitment fee (% of undrawn) ?

Agency fee (THB/yr)

DSRA & MMRA Reserves

DSRA required (months of debt service) ?

Legal reserve cap (% paid-up) ?

Working Capital Debt (W/C revolving line)

Separate from Senior debt — interest expensed in P&L (not capitalized)

W/C debt enabled

Facility size (% of OPEX)

Interest rate (%/yr)

Avg drawn (% of facility)

Shareholder Loan (SHL) — junior debt from sponsors

Phase 2 (FinDetail 2026-05-10): contribution + interest, repays after senior debt fully amortised.

SHL enabled

SHL year-by-year balance — pending engine run

Contribution (MTHB)

Interest rate (%/yr)

Capitalise int. (cons.)

Repay start (yr after senior) ?

DSRF — Debt Service Reserve Facility (LC instead of cash DSRA)

Phase 3 (FinDetail 2026-05-10): contingent line, sponsor pays annual fee on commitment.

DSRF enabled

Target (months debt service)

Fee rate (%/yr on commitment)

Dividend timing

Phase 3 (FinDetail 2026-05-10): delay/frequency override. Defaults preserve existing engine behaviour.

Delay months after COD

Frequency

Debt Sizing Scenario (Dual-DSCR)

Gap #2: lenders typically size debt against a more conservative production scenario than operating.

Debt Sizing Scenario (informational) ?

Refinance Option

Refinance enabled

Refi Year

New Rate (%)

New Tenor (y)

Refi Cost (% Loan)

Corporate Tax (CIT)

CIT Rate (%)

Loss Carry-Forward (y)

NOL Sculpting

Tax Filing Frequency

WHT — Interest Foreign (%)

WHT — Services (%)

BOI Promotion

BOI Enabled

BOI Category

BOI Holiday (years)

BOI Holiday Start

Exemption Cap (% CAPEX)

Post-Holiday CIT (%)

Post-Holiday Reduction (y)

Import Duty Exemption

Depreciation — Tax

Method

Module Life — Tax (y)

Inverter Life — Tax (y)

BOS Life — Tax (y)

Civil Life — Tax (y)

Salvage Value (%)

VAT & Other Taxes

VAT Rate (%)

VAT Treatment

VAT Refund Lag (months)

Specific Business Tax (%)

Stamp Duty (%)

Property/Land Tax (THB/y)

Decision Thresholds

PIRR Hurdle (%)

EIRR Hurdle (%)

NPV Threshold (M฿)

Payback Target (y)

Min DSCR Target

LLCR Target

These power the Decision Gate panel in Quick mode + Executive Summary.

📋 Summary — Financing & Tax

D / E ratio70 / 30

Total Debt— MTHB

Cost of Debt4.50%

Tenor10 y

WACC— %

DSRA (months)—

Tax (CIT)20%

BOI Holiday— y

Min DSCR (covenant)—

Equity IRR target—

DSCR Profile · Year on X-axis

Debt Drawdown & Repayment · Year on X-axis

Run engine to populate debt schedule

Tab-Level Validation

Check	Value	Status
D + E = 100%	70 + 30 = 100	Pass
Min DSCR ≥ Covenant	—	Pending
LLCR ≥ Target	—	Pending
PLCR ≥ Target	—	Pending
BOI holiday ≤ PPA term	—	Pending
Tax useful life ≤ accounting life	—	Pending

Year-by-Year Macro Assumptions · 30 Years

Edit yearly values for each macro variable. Engine reads these 30-year arrays directly for projection.

Avg FX —

Avg TH CPI —

Avg US CPI —

Avg Ft —

Tab-Level Validation

Check	Value	Status
WACC components sum check	—	Pending
Ke ≥ Risk-free	—	Pending
Inflation in plausible range	—	Pending
FX rate > 0	—	Pending
Yearly macro arrays length = 30	30 / 30	Pass

Returns — Headline Metrics

PIRR

15.87%

EIRR

28.68%

NPV @ WACC

10.83M

Payback

6.40y

LCOE

1.84฿/kWh

Expanded Return Metrics

Metric	Value	Reference
Project IRR (PIRR)	15.87%	FCFF / WACC basis
Equity IRR (EIRR)	28.68%	FCFE / Ke basis
EIRR (DDM)	—	Dividend discount model
NPV @ WACC 6.62%	10.83 M฿	Project-level DCF
NPV @ Ke	—	Equity-level DCF
MOIC (Equity)	—	Total equity in/out
Payback (Project)	6.40 y	FCFF cumulative
Payback (Equity)	—	FCFE cumulative
LCOE (Project)	1.84 ฿/kWh	Σ discounted costs / Σ discounted MWh
LCOE (Equity)	—	Equity-discounted

Key Performance Ratios — 4-quadrant view

Profitability

Project IRR	15.87%
Equity IRR	28.68%
EIRR (DDM)	—
MOIC (Equity)	—
NPV @ WACC	10.83 M฿
NPV @ Ke	—

Cost & Pricing

LCOE (Project)	1.84 ฿/kWh
LCOE (Equity)	—
Avg Tariff	2.50 ฿/kWh
Tariff/LCOE Margin	26.4%
CAPEX/MWdc	18.0 M฿
OPEX/MWh	—

Debt Service

Min DSCR	—
Avg DSCR	—
LLCR	—
PLCR	—
Interest Coverage	—
Gearing (D/D+E)	70.0%

Liquidity & Return

Payback (Project)	6.40 y
Payback (Equity)	—
WACC (pre-tax)	—
WACC (after-tax)	6.62%
ROE (Avg)	—
ROIC (Avg)	—

📑 Financial Statements (IFRS/TFRS)

Time = column axis. Cons periods Y(-N+1)..Y0 + Operations Y1..Yn. Values in MTHB.

📌 Summary Financial Performance per Year — quick read

Sale Volume + Revenue + Margins per year (transposed: Year = column per dashboard rule)

Metric	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	…	Y20
Sale Volume (GWh)	—	—	—	—	—	—	—	—	—	—	…	—
Revenue (MTHB)	—	—	—	—	—	—	—	—	—	—	…	—
EBITDA Margin %	—	—	—	—	—	—	—	—	—	—	…	—
Net Income (MTHB)	—	—	—	—	—	—	—	—	—	—	…	—
NI Margin %	—	—	—	—	—	—	—	—	—	—	…	—

Avg EBITDA Margin (Ops)

—

Avg NI Margin (Ops)

—

Total Sale Volume (Ops)

— GWh

Total Revenue (Ops)

— MTHB

P&L · Balance Sheet · Cash Flow — Full Statements (time = column)

Income Statement (P&L)

Balance Sheet (Assets = L + E)

Cash Flow Statement (Indirect)

Income Statement (MTHB)	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	…	Y20
Revenue — PPA Energy	—	—	—	—	—	—	—	—	—	—	…	—
Revenue — REC	—	—	—	—	—	—	—	—	—	—	…	—
Revenue — Carbon	—	—	—	—	—	—	—	—	—	—	…	—
Revenue — Merchant	—	—	—	—	—	—	—	—	—	—	…	—
Total Revenue	—	—	—	—	—	—	—	—	—	—	…	—
− OPEX (breakdown — synced with 1.3 OPEX table)
Insurance PD	—	—	—	—	—	—	—	—	—	—	…	—
Insurance TPL	—	—	—	—	—	—	—	—	—	—	…	—
Insurance BI	—	—	—	—	—	—	—	—	—	—	…	—
O&M Scheduled+Unscheduled	—	—	—	—	—	—	—	—	—	—	…	—
Land lease operation	—	—	—	—	—	—	—	—	—	—	…	—
SG&A operation	—	—	—	—	—	—	—	—	—	—	…	—
Electricity fund	—	—	—	—	—	—	—	—	—	—	…	—
Permit fees	—	—	—	—	—	—	—	—	—	—	…	—
CSR & Env Monitoring	—	—	—	—	—	—	—	—	—	—	…	—
ISO 9001 Certification	—	—	—	—	—	—	—	—	—	—	…	—
ISO Surveillance Audit	—	—	—	—	—	—	—	—	—	—	…	—
ISO Cert Renewal	—	—	—	—	—	—	—	—	—	—	…	—
Decommissioning Opex	—	—	—	—	—	—	—	—	—	—	…	—
18-SSC fees	—	—	—	—	—	—	—	—	—	—	…	—
Other OPEX line items …	—	—	—	—	—	—	—	—	—	—	…	—
− Σ Total OPEX	—	—	—	—	—	—	—	—	—	—	…	—
= EBITDA	—	—	—	—	—	—	—	—	—	—	…	—
− Depreciation	—	—	—	—	—	—	—	—	—	—	…	—
− Amortisation	—	—	—	—	—	—	—	—	—	—	…	—
= EBIT	—	—	—	—	—	—	—	—	—	—	…	—
− Senior Interest	—	—	—	—	—	—	—	—	—	—	…	—
− SHL Interest	—	—	—	—	—	—	—	—	—	—	…	—
+ Interest Income	—	—	—	—	—	—	—	—	—	—	…	—
= EBT (Pre-Tax)	—	—	—	—	—	—	—	—	—	—	…	—
− CIT (statutory)	—	—	—	—	—	—	—	—	—	—	…	—
+ BOI Exemption	—	—	—	—	—	—	—	—	—	—	…	—
− NOL Carry-Forward Use	—	—	—	—	—	—	—	—	—	—	…	—
= Net Income	—	—	—	—	—	—	—	—	—	—	…	—
EBITDA Margin %	—	—	—	—	—	—	—	—	—	—	…	—
NI Margin %	—	—	—	—	—	—	—	—	—	—	…	—
Effective Tax Rate %	—	—	—	—	—	—	—	—	—	—	…	—

Balance Sheet (MTHB)	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	…	Y20
ASSETS
Cash & Equivalents	—	—	—	—	—	—	—	—	—	—	…	—
Accounts Receivable	—	—	—	—	—	—	—	—	—	—	…	—
Inventory / Spares	—	—	—	—	—	—	—	—	—	—	…	—
DSRA Reserve	—	—	—	—	—	—	—	—	—	—	…	—
MMRA Reserve	—	—	—	—	—	—	—	—	—	—	…	—
VAT Recoverable	—	—	—	—	—	—	—	—	—	—	…	—
PP&E — Gross	—	—	—	—	—	—	—	—	—	—	…	—
− Accumulated Depreciation	—	—	—	—	—	—	—	—	—	—	…	—
PP&E — Net	—	—	—	—	—	—	—	—	—	—	…	—
Land	—	—	—	—	—	—	—	—	—	—	…	—
Deferred Tax Asset (NOL)	—	—	—	—	—	—	—	—	—	—	…	—
Total Assets	—	—	—	—	—	—	—	—	—	—	…	—
LIABILITIES
Accounts Payable	—	—	—	—	—	—	—	—	—	—	…	—
Accrued Expenses	—	—	—	—	—	—	—	—	—	—	…	—
Tax Payable	—	—	—	—	—	—	—	—	—	—	…	—
Senior Debt	—	—	—	—	—	—	—	—	—	—	…	—
SHL (Shareholder Loan)	—	—	—	—	—	—	—	—	—	—	…	—
Working Capital Debt	—	—	—	—	—	—	—	—	—	—	…	—
Decommission Provision	—	—	—	—	—	—	—	—	—	—	…	—
Total Liabilities	—	—	—	—	—	—	—	—	—	—	…	—
EQUITY
Paid-up Capital	—	—	—	—	—	—	—	—	—	—	…	—
Retained Earnings	—	—	—	—	—	—	—	—	—	—	…	—
Legal Reserve	—	—	—	—	—	—	—	—	—	—	…	—
Total Equity	—	—	—	—	—	—	—	—	—	—	…	—
Total Liabilities + Equity	—	—	—	—	—	—	—	—	—	—	…	—
BS Check (Assets − L&E)	—	—	—	—	—	—	—	—	—	—	…	—

Cash Flow Statement (Indirect, MTHB)	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	…	Y20
CF from Operating Activities
Net Income	—	—	—	—	—	—	—	—	—	—	…	—
+ Depreciation & Amortisation	—	—	—	—	—	—	—	—	—	—	…	—
+ Interest Expense (add-back)	—	—	—	—	—	—	—	—	—	—	…	—
− Δ Accounts Receivable	—	—	—	—	—	—	—	—	—	—	…	—
+ Δ Accounts Payable	—	—	—	—	—	—	—	—	—	—	…	—
+ Δ Inventory / Spares	—	—	—	—	—	—	—	—	—	—	…	—
= CF from Operations	—	—	—	—	—	—	—	—	—	—	…	—
CF from Investing Activities
− CAPEX	—	—	—	—	—	—	—	—	—	—	…	—
− DEVEX	—	—	—	—	—	—	—	—	—	—	…	—
− Land Purchase	—	—	—	—	—	—	—	—	—	—	…	—
− MMRA Reinvestment	—	—	—	—	—	—	—	—	—	—	…	—
+ Terminal Value	—	—	—	—	—	—	—	—	—	—	…	—
= CF from Investing	—	—	—	—	—	—	—	—	—	—	…	—
CF from Financing Activities
+ Senior Debt Drawdown	—	—	—	—	—	—	—	—	—	—	…	—
+ SHL Drawdown	—	—	—	—	—	—	—	—	—	—	…	—
+ Equity Injection	—	—	—	—	—	—	—	—	—	—	…	—
− Senior Debt Repayment	—	—	—	—	—	—	—	—	—	—	…	—
− SHL Repayment	—	—	—	—	—	—	—	—	—	—	…	—
− Interest Paid (cash)	—	—	—	—	—	—	—	—	—	—	…	—
− Financing Fees Paid	—	—	—	—	—	—	—	—	—	—	…	—
− Δ DSRA (funding)	—	—	—	—	—	—	—	—	—	—	…	—
− Δ MMRA (funding)	—	—	—	—	—	—	—	—	—	—	…	—
− Dividends Paid	—	—	—	—	—	—	—	—	—	—	…	—
= CF from Financing	—	—	—	—	—	—	—	—	—	—	…	—
Net Change in Cash	—	—	—	—	—	—	—	—	—	—	…	—
BoP Cash	—	—	—	—	—	—	—	—	—	—	…	—
EoP Cash	—	—	—	—	—	—	—	—	—	—	…	—

🏦 Debt Schedule (time = column)

Key Metrics — Debt Schedule

Metric	What it is	Pass Criteria	Value	Status
DSCR Min	CFADS ÷ Debt Service (worst year)	≥ 1.20×	—	Pending
DSCR Avg	Average across tenor	≥ 1.35×	—	Pending
LLCR	NPV CFADS (debt period) ÷ Debt	≥ 1.30×	—	Pending
PLCR	NPV CFADS (project life) ÷ Debt	≥ 1.50×	—	Pending
Tenor	Loan duration	12–15 y (PPA 25 y)	10 y	Short
Repayment Profile	Sculpted vs Equal vs Bullet	Sculpted recommended	Equal/Cons	Review
Tail (PPA − Debt)	Debt-free cushion years	≥ 3 y	10 y	Pass

ดูแล้วถาม: ปีไหน DSCR ต่ำสุด แล้วต่ำเพราะอะไร?

	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	Y7	Y8	Y9	Y10	…	Y20
Drawdown	—	—	—	—	—	—	—	—	—	—	—	—	…	—
Repayment	—	—	—	—	—	—	—	—	—	—	—	—	…	—
Interest paid	—	—	—	—	—	—	—	—	—	—	—	—	…	—
Debt service	—	—	—	—	—	—	—	—	—	—	—	—	…	—
Closing balance	—	—	—	—	—	—	—	—	—	—	—	—	…	—
CFADS	—	—	—	—	—	—	—	—	—	—	—	—	…	—
DSCR (x)	—	—	—	—	—	—	—	—	—	—	—	—	…	—

🏦 Financing Detail

Control accounts (BoP / Movement / EoP) + cash-flow waterfall + cost-of-debt summary.

Cash-flow Waterfall

Debt Account

DSRA Account

MMRA Account

Equity & Legal Reserve

Cost of Debt + SHL

Key Metrics — Cash-flow Waterfall

Metric	What it is	Pass Criteria	Value	Status
Revenue	รายได้ขายไฟ (annual)	—	—	Pending
EBITDA Margin	EBITDA ÷ Revenue	≥ 75–85% (Solar)	—	Pending
CFADS	EBITDA − Tax − ΔWC − CAPEX maint.	> Debt Service	—	Pending
DSCR at Waterfall	CFADS ÷ DS รายปี	≥ 1.20×	—	Pending
Cash to Equity (CFE)	เหลือหลัง Reserve เติม	> 0 ทุกปี	—	Pending
Cash Trap Trigger	DSCR < 1.10× → ห้ามจ่ายปันผล	Not triggered	—	Pending

ดูแล้วถาม: ปีไหน Waterfall ใกล้แห้ง? ก่อนถึง Equity เหลือกี่บาท?

Cash-flow Waterfall (MTHB) — sponsors-eye view

Each row signed so column sum reproduces Cash, EoP. Construction columns Y(-N..0); ops columns Y1..Yn.

	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	Y6	…	Y20
Total revenue	—	—	—	—	—	—	—	—	…	—
Total OPEX	—	—	—	—	—	—	—	—	…	—
EBITDA	—	—	—	—	—	—	—	—	…	—
Change in NWC	—	—	—	—	—	—	—	—	…	—
Total DEVEX	—	—	—	—	—	—	—	—	…	—
Total CAPEX	—	—	—	—	—	—	—	—	…	—
Financing fees & IDC	—	—	—	—	—	—	—	—	…	—
MMRA reinvestment	—	—	—	—	—	—	—	—	…	—
Tax	—	—	—	—	—	—	—	—	…	—
CFADS	—	—	—	—	—	—	—	—	…	—
Interest expense	—	—	—	—	—	—	—	—	…	—
Debt repayment	—	—	—	—	—	—	—	—	…	—
Dividends	—	—	—	—	—	—	—	—	…	—

Key Metrics — Debt Account

Metric	What it is	Pass Criteria	Value	Status
Peak Debt	ยอดหนี้สูงสุด (จบช่วงก่อสร้าง)	= Senior Debt Facility	—	Pending
IDC	Interest During Construction	< 8% ของ CAPEX	—	Pending
Drawdown Curve	จังหวะเบิกตามแผน CAPEX	ตรง S-curve ก่อสร้าง	—	Pending
Outstanding Balance	ยอดคงค้างรายปี	ลด smooth → 0 ปี Final	—	Pending
Reconcile	เปิด + Drawdown − Repay = ปิด	= Debt Schedule	—	Pending

ดูแล้วถาม: Drawdown ตรงกับ CAPEX schedule ไหม? Balance ตรง Schedule ไหม?

Debt Account — BoP / Drawdown / Interest accrued / Capitalised / Cash paid / Repayment / EoP · time = column

	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	…	Y10
BoP	—	—	—	—	—	—	—	…	—
Drawdown	—	—	—	—	—	—	—	…	—
Interest accrued	—	—	—	—	—	—	—	…	—
− Capitalised (IDC)	—	—	—	—	—	—	—	…	—
− Cash paid (interest)	—	—	—	—	—	—	—	…	—
− Principal repayment	—	—	—	—	—	—	—	…	—
EoP	—	—	—	—	—	—	—	…	—

Key Metrics — DSRA Account

Metric	What it is	Pass Criteria	Value	Status
Required DSRA	6 เดือนของ Debt Service ถัดไป	ตามสัญญาเงินกู้	—	Pending
Funded Balance	ยอดจริงในบัญชี	= Required ทุกปี	—	Pending
Shortfall	ขาดเท่าไร	= 0 (ห้ามขาด)	—	Pending
Top-up Source	CFADS หรือ Equity	จาก CFADS ก่อน	—	Pending
Release Schedule	เริ่ม release ปีท้าย ๆ	ปีสุดท้าย = 0	—	Pending

ดูแล้วถาม: มีปีไหน DSRA ขาดไหม? ถ้าขาด ใช้ Cash Trap หรือ Equity injection?

DSRA Account — BoP / Funding / Withdrawal / Release / EoP · time = column

	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	…	Y10
Required (6mo DS)	—	—	—	—	—	—	—	…	—
BoP balance	—	—	—	—	—	—	—	…	—
+ Funding (top-up)	—	—	—	—	—	—	—	…	—
− Withdrawal (DS gap)	—	—	—	—	—	—	—	…	—
− Release at terminal	—	—	—	—	—	—	—	…	—
EoP balance	—	—	—	—	—	—	—	…	—
Shortfall (Req − Funded)	—	—	—	—	—	—	—	…	—

Key Metrics — MMRA Account

Metric	What it is	Pass Criteria	Value	Status
Required Reserve	ตามรอบ Major Maintenance	ครอบคลุม Inverter replace	—	Pending
Funding Pattern	Build-up รายปีก่อนใช้	linear / sculpted	—	Pending
Major Outflow Year	ปีเปลี่ยน Inverter	Y10–12, Y20–22 (Solar)	Y11	Aligned
% of CAPEX	ค่า Inverter replace	~8–12% of total CAPEX	—	Pending
Coverage	Funded ÷ Required	≥ 100%	—	Pending

ดูแล้วถาม: ปี 10–12 มีเงินพอเปลี่ยน Inverter ไหม? กระทบ DSCR ปีนั้นเท่าไร?

MMRA Account — BoP / Funding / Drawdown for reinvestment / EoP · time = column

	Y1	Y2	Y3	…	Y10	Y11	Y12	…	Y20
Required (Inv replace)	—	—	—	…	—	—	—	…	—
BoP balance	—	—	—	…	—	—	—	…	—
+ Build-up funding	—	—	—	…	—	—	—	…	—
− Drawdown (replace)	—	—	—	…	—	—	—	…	—
EoP balance	—	—	—	…	—	—	—	…	—
Coverage %	—	—	—	…	—	—	—	…	—

Key Metrics — Equity & Legal Reserve

Metric	What it is	Pass Criteria (Solar PPA)	Value	Status
Equity IRR (post-tax)	IRR ฝั่งผู้ถือหุ้น	≥ 12–15%	28.68%	Pass
Project IRR (pre-tax)	IRR ทั้งโครงการ	≥ 8–10%	15.87%	Pass
Equity Payback	กี่ปีคืนทุน	≤ 7–10 ปี	6.40 y	Pass
NPV @ WACC	มูลค่าปัจจุบันสุทธิ	> 0	+10.83 M฿	Pass
D/E Ratio	หนี้ : ทุน	70:30 to 80:20	70 : 30	Pass
Legal Reserve	สำรองตามกฎหมาย 5%	จนถึง 10% ของทุน	—	Pending
Dividend Capacity	จ่ายปันผลได้กี่บาท/ปี	จาก กำไรสะสม + cash จริง	—	Pending
MOIC	เงินคืน ÷ เงินลงทุน	≥ 2.0–2.5×	—	Pending

ดูแล้วถาม: Equity IRR > Hurdle Rate ไหม? ปันผลปีไหนเริ่มจ่าย?

Equity & Legal Reserve — Paid-up / Retained earnings / Legal reserve / Available for dividend · time = column

	Y(-1)	Y0	Y1	Y2	Y3	Y4	Y5	…	Y20
Paid-up Capital	—	—	—	—	—	—	—	…	—
+ Net Income (transferred)	—	—	—	—	—	—	—	…	—
− Legal Reserve (5%)	—	—	—	—	—	—	—	…	—
− Dividend declared	—	—	—	—	—	—	—	…	—
Retained Earnings (EoP)	—	—	—	—	—	—	—	…	—
Legal Reserve (cum.)	—	—	—	—	—	—	—	…	—
Available for Dividend	—	—	—	—	—	—	—	…	—

Key Metrics — Cost of Debt + SHL

Metric	What it is	Pass Criteria (Thai 2026)	Value	Status
Senior Debt Rate	MLR/THBFIX + Margin	5.5–7.5%	5.49%	In range
SHL Rate	ดอก Shareholder Loan	8–12% (เพื่อ tax shield)	6.00%	Low
Pre-tax Kd	ดอกก่อนภาษี	= Senior Rate	5.49%	Match
Post-tax Kd	Kd × (1 − Tax)	× (1 − 0.20 BOI ปกติ)	4.39%	OK
Cost of Equity (Ke)	CAPM หรือ Hurdle	12–18%	10.17%	Low
WACC	Blended cost	7–10%	8.18%	In range
BOI Tax Holiday	ลด Tax 0% กี่ปี	5–8 ปี (Solar ปกติ)	—	Pending

ดูแล้วถาม: Ke เหมาะกับความเสี่ยงไหม? SHL rate สูงพอเป็น tax shield หรือยัง?

Cost of Debt + SHL — All-in cost summary, SHL accumulation, repay schedule · time = column

	Y(-1)	Y0	Y1	Y2	Y3	…	Y10	Y11	Y12	…	Y20
Senior interest expense	—	—	—	—	—	…	—	—	—	…	—
SHL interest accrued	—	—	—	—	—	…	—	—	—	…	—
SHL principal balance	—	—	—	—	—	…	—	—	—	…	—
SHL repayment (after senior)	—	—	—	—	—	…	—	—	—	…	—
Effective Kd (post-tax)	—	—	—	—	—	…	—	—	—	…	—
WACC (period)	—	—	—	—	—	…	—	—	—	…	—

🌡️ Sensitivity Analysis

1️⃣ Tornado (1-variable sensitivity)

Scenario	Δ PIRR (pp)	Δ EIRR (pp)
Tariff −10%	—	—
Tariff +10%	—	—
CAPEX −10%	—	—
CAPEX +10%	—	—
OPEX +10%	—	—
OPEX −10%	—	—
Debt +7pp	—	—
Debt −7pp	—	—

Sensitivity Tornado (Delta from base)

Horizontal tornado chart · pending engine run

2️⃣ IRR Matrix: CAPEX (MTHB/MWdc) × Tariff (THB/kWh)

Absolute axes — CAPEX intensity in MTHB/MWdc vs Tariff in THB/kWh. IRR shown to 2 decimals.

EIRR (%) Matrix — heatmap

2D heatmap CAPEX × Tariff → EIRR · pending engine run

PIRR (%) — table only

CAPEX (MTHB/MWdc) ↓ / Tariff (THB/kWh) →	1.25	1.50	1.75	2.00	2.25	2.50	2.75	3.00
15.0	—	—	—	—	—	—	—	—
16.5	—	—	—	—	—	—	—	—
18.0	—	—	—	—	—	—	—	—
19.5	—	—	—	—	—	—	—	—
21.0	—	—	—	—	—	—	—	—

3️⃣ Scenario Compare

Saved scenarios (manage from + New scenario) — each scenario re-runs engine with overrides.

Scenario	PIRR	EIRR	NPV (M฿)	Min DSCR	LCOE
Base Case (Locked)	15.87%	28.68%	10.83	—	1.84
+ Tenor 12Y	—	—	—	—	—
− CAPEX 10%	—	—	—	—	—
+ Tariff 5%	—	—	—	—	—
− Yield 10%	—	—	—	—	—

🛡️ Validation (Deep Identity Checks) — by Tab + Category

สรุปสถานะ validation แยกตาม card หมวด — ทุก check ต้อง Pass ก่อนส่ง IC

⚠X/30 pass · refresh after engine run

1.1 Sale Price (2 checks)

Category	Check	Value	Status
Revenue	Revenue = PPA + REC + Carbon + Merchant (per year)	—	Pending
PPA Share	0 ≤ share ≤ 1	—	Pending
Tariff	Front-load decline ≤ 0 (declines, not rises)	—	Pending
Tariff	TOU peak + off-peak gen % = 100%	60% + 40%	Pass
Margin	Avg tariff ≥ LCOE	2.50 vs 1.84	Pass

1.2 Sale Volume (4 checks)

Category	Check	Value	Status
Production	Lifetime avg yield in plausible range 500–3500 kWh/kWp/yr	1,402	Pass
Production	Energy non-negative every year	—	Pending
Derate	Composite derate (Plant_avail × ...) ≤ 100%	100.00%	Pass
Degradation	Y1 + Y2+ degradation non-negative	0.20% + 0.40%	Pass
CF Sanity	CF in plausible Thailand range (14–22%)	16.0%	Pass

1.3 OPEX (3 checks)

Category	Check	Value	Status
Breakdown	Σ components = total OPEX (per year)	—	Pending
Sanity	OPEX non-negative every year	—	Pending
Escalation	OPEX escalation in [0%, 5%]	—	Pending

1.4 CAPEX (4 checks)

Category	Check	Value	Status
Funding	Sources = Uses (Y0)	—	Pending
Depreciation	Σ lifetime dep = CAPEX + MMRA − Land	—	Pending
Reconcile	Table A + Table B + IDC + VAT = Total CAPEX	—	Pending
Time	PPA Term ≤ Useful Life ≤ Tax Life	20 ≤ — ≤ —	Pending
Time	COD = Construction Start + Construction Months	—	Pending

1.5 Financing (6 checks)

Category	Check	Value	Status
Capital Struct	D + E = 100%	56% + 44%	Pass
Debt	Σ repayments = total debt	—	Pending
Debt	Final debt balance = 0	—	Pending
DSCR	DSCR min > 1.0 (covenant safe)	—	Pending
DSCR	DSCR avg > 1.20 (typical lender)	—	Pending
DSCR	LLCR ≥ 1.30× · PLCR ≥ 1.50×	—	Pending
Reserves	DSRA released at terminal (≈ 0)	—	Pending
Reserves	DSRA never short	—	Pending

1.5 Tax & Acc. (3 checks)

Category	Check	Value	Status
Tax	Eff. tax rate ≤ statutory (BOI/NOL never > stat.)	—	Pending
BOI	BOI holiday ≤ PPA term	—	Pending
BOI	BOI cumulative cap ≤ % CAPEX	—	Pending
Depreciation	Tax useful life ≤ accounting life	—	Pending

1.6 Macro (3 checks)

Category	Check	Value	Status
WACC	WACC components sum correctly	—	Pending
WACC	Ke ≥ Risk-free rate	10.17% vs Rf	Pending
Macro	Inflation in plausible range (0–10%/y)	—	Pending
Macro	FX rate > 0	—	Pending

2. Returns (3 checks)

Category	Check	Value	Status
IRR	PIRR ≥ Hurdle 12%	15.87%	Pass
IRR	EIRR ≥ Hurdle 18%	28.68%	Pass
NPV	NPV > 0 @ WACC	+10.83	Pass
Payback	Payback ≤ 8 y	6.40 y	Pass

3. Financial Statements (4 checks)

Category	Check	Value	Status
BS Balance	Assets = Liabilities + Equity (per year)	—	Pending
BS Balance	Final cash matches CF closing	—	Pending
P&L Identity	NI = EBITDA − D&A − Interest − Tax + BOI	—	Pending
CF Identity	CF Ops + CF Invest + CF Fin = Δ Cash	—	Pending

4. Debt & Financing (3 checks)

Category	Check	Value	Status
Reconcile	CFADS = EBITDA + ΔNWC − Tax − DEVEX − CAPEX − Fees	—	Pending
Waterfall	Σ Waterfall row = ΔCash (per year)	—	Pending
Sweep	Cash sweep applied correctly (if enabled)	—	Pending

5. Sensitivity (2 checks)

Category	Check	Value	Status
Tornado	Symmetric deltas for linear inputs (±%)	—	Pending
IRR Matrix	EIRR monotonically decreasing with CAPEX, increasing with Tariff	—	Pending

Engine (2 checks)

Category	Check	Value	Status
Warnings	No SHORTFALL warning	—	Pending
Warnings	No IMBALANCE warning	—	Pending
Convergence	Iterative IDC converged (Δ < 0.01)	—	Pending

🏦 Bankability Gate (5 checks)

Category	Check	Value	Status
DSCR	Min DSCR throughout tenor ≥ covenant (1.20×)	—	Pending
DSCR	Avg DSCR ≥ 1.35× (lender comfort)	—	Pending
LLCR	LLCR ≥ 1.40× at financial close	—	Pending
Gearing	Gearing D/(D+E) ≤ 80% (senior lender cap)	70.0%	Pass
Tenor	Loan tenor ≤ PPA term − 1 year	—	Pending

📈 Investment Returns Gate (4 checks)

Category	Check	Value	Status
IRR	Project IRR ≥ hurdle (12%)	15.87%	Pass
IRR	Equity IRR ≥ Ke hurdle (18%)	28.68%	Pass
NPV	NPV @ WACC ≥ 0	10.83 M฿	Pass
Payback	Equity payback ≤ PPA term ÷ 2	—	Pending

⚖️ Regulatory & BOI Compliance (4 checks)

Category	Check	Value	Status
PPA	PPA term within FiT/VSPP contract period (≤ 25 y)	20 y	Pass
BOI	BOI holiday ≤ PPA term	—	Pending
BOI	BOI exemption cap not exceeded	—	Pending
VAT	VAT refund cycle plausible (< 12 months)	—	Pending

Year	Gross (MWh)	Degradation	Net (MWh)	Capacity Factor
Y1	—	—	—	—
Y5	—	—	—	—
Y10	—	—	—	—
Y15	—	—	—	—
Y20	—	—	—	—

Year	Gross (MWh)	Degradation	Net (MWh)	Capacity Factor
Y1	—	—	—	—
Y5	—	—	—	—
Y10	—	—	—	—
Y15	—	—	—	—
Y20	—	—	—	—

Year	Gross (MWh)	Degradation	Net (MWh)	Capacity Factor
Y1	—	—	—	—
Y5	—	—	—	—
Y10	—	—	—	—
Y15	—	—	—	—
Y20	—	—	—	—