Solar Project Finance Modeling Test – Excel Case Study Template (Includes Basic Tariff Solver and Circularity Breaker)

Model Description

This downloadable Excel-based modeling test replicates a realistic solar project finance case. It challenges users to build a complete annual financial model from the ground up using a full set of assumptions and determine the base PPA tariff needed to achieve a target post-tax equity IRR of 8%.

Whether you're a finance student, aspiring analyst, or a hiring manager assessing candidates, this template offers a practical way to test and demonstrate core modeling skills.

What’s Included

• Model instructions and editable Word version
  

• Structured Excel test (annual timeline)
  

• Complete assumptions: CAPEX, OPEX, tax, and financing
  

• Built-in tariff solver (GRG Nonlinear)
  

• Circularity break logic with loop resolution
  

• Corkscrew logic for debt and equity
  

• Labeled inputs, outputs, and flows
  

Model Highlights

• 100 MW solar PV plant over a 20-year term
  

• 2-year construction modeled with an S-curve
  

• Indexed PPA revenue and operating costs
  

• Straight-line depreciation and 26% corporate tax
  

• Dividend-friendly cash flow waterfall
  

Best For

• Renewable energy learners
  

• Finance job candidates
  

• Recruiters assessing modeling skills
  

• Analysts polishing Excel techniques
  

Intended Use

This model is designed specifically for Solar PV projects and serves as a basic test to assist with interview preparation or to help solidify core project finance modeling principles. It is ideal for those seeking to build from first principles and demonstrate foundational modeling logic.

Disclaimer

This model is offered strictly for educational purposes and is not intended for use in live transactions or investment decisions. Project Finance Lab will not be held liable for any outcomes, decisions, or analyses based on this model if used beyond its intended scope.

If you are looking for a more advanced, transaction-ready model suitable for real-world deals, please visit the link below to access our premium version:

Advanced Solar PV Project Finance Model with Tariff Optimiser (Brent’s Method Algorithm)