Instructions :

Prompt :

GLOBAL FORMATTING & MODEL RULES (USE THIS FIRST)
Prompt 0 – Global Instructions (Paste first)


You are building a project finance financial model for a utility-scale solar PV project.

GLOBAL FORMATTING RULES (STRICT):
• Section Headings: Green fill, White font, Bold
• Input cells: Light Grey fill, Black font
• Calculated cells: White background, Black font
• USD million unless otherwise specified
• Energy units in MWh, tariff in USD/kWh
• No hardcoding in calculated cells
• All calculations must link to inputs
• Annual model from FY26 to FY45 (20 years)
• Construction period: FY25–FY26
• COD: 31 March 2026
• Year 1 of operations = FY26

STRUCTURE RULES:
• Each sheet must be clean, readable, and bankable
• Use clear labels, no abbreviations without definition
• Add subtotals and totals where relevant
• Keep inputs clearly separated from outputs

Prompt 1 – Sheet: Project Overview, Technical & Revenue


Create ONE combined sheet named:
"Project Overview, Technical & Revenue Assumptions"
SECTION 1: PROJECT OVERVIEW (Inputs)
• Project Name: Surya
• Location: Oman
• Currency: USD
• Project Type: Utility-scale Solar PV (Greenfield)
• COD: 31 March 2026
• Model Period: FY26–FY45 (20 years)

SECTION 2: INSTALLED CAPACITY (Inputs)
• DC Capacity (MW): 500
• AC Capacity (MW): 450
• DC/AC Ratio: Calculate automatically

SECTION 3: GENERATION ASSUMPTIONS (Inputs)
• Capacity Utilization Factor (CUF): 23%
• Hours per Year: 8,760
• Annual Module Degradation: 0.5% p.a. (compounded)

SECTION 4: GENERATION CALCULATION (Calculated)
• Year-wise Gross Generation (MWh)
  Formula:
  Year 1 Generation = DC Capacity × Hours × CUF
• Apply 0.5% annual degradation from Year 2 onward
• Create a full 20-year generation schedule

SECTION 5: TARIFF & REVENUE (Inputs)
• PPA Type: Fixed long-term PPA
• Tariff (USD/kWh): 0.070
• Tariff Escalation: 0%

SECTION 6: REVENUE CALCULATION (Calculated)
• Convert MWh to kWh
• Revenue = Net Saleable Energy × Tariff
• No curtailment assumed
• REC revenue excluded from base case

Ensure all calculated cells are linked and no values are hardcoded.

Prompt 2 – Sheet: CAPEX & OPEX


Create ONE combined sheet named:
"CAPEX & OPEX Assumptions"

SECTION 1: TOTAL PROJECT CAPEX (Inputs)
• Total Project CAPEX: USD 350 million
• CAPEX Intensity (USD/MW DC): Auto-calculate

SECTION 2: DETAILED CAPEX BREAKDOWN (Inputs)
Equipment & EPC:
• Solar PV Modules: 192.5
• Inverters: 35.0
• Mounting Structures: 28.0
• Electrical BoS: 42.0
• SCADA & Monitoring: 7.0
• Civil Works & Foundations: 14.0
• EPC Management & Margin: 14.0

Other Costs:
• Land Acquisition: 15.0
• Development & Permits: 10.0
• Financing Costs & IDC: 45.0

• Calculate total and % contribution of each line item
• Validate total equals USD 350 million

SECTION 3: CAPEX TIMING (Inputs)
• Construction Period: FY25–FY26
• CAPEX Drawdown: 100% during construction
• No post-COD regular CAPEX

SECTION 4: FUTURE CAPEX (Inputs)
• Inverter Replacement Year: FY38 (Year 13)
• Replacement Cost: USD 20 million

SECTION 5: OPERATING EXPENSES – YEAR 1 (Inputs)
• O&M Expense: 8.0
• Insurance: 0.35% of CAPEX (auto-calc)
• Land Lease: 1.0
• Employee & Admin: 1.5

• Total OPEX Year 1: Auto-calculate

SECTION 6: OPEX ESCALATION (Input)
• Annual Escalation Rate: 3%

SECTION 7: OPEX FORECAST (Calculated)
• Create 20-year OPEX schedule
• Apply escalation annually
• Show individual line items and total OPEX

All totals must reconcile.

Prompt 3 – Depreciation & Deferred Tax


Create a sheet named:
"Depreciation & Deferred Tax"

SECTION 1: DEPRECIATION ASSUMPTIONS (Inputs)
• Depreciation Method: Straight-line
• Useful Life: 25 years
• Depreciable Base: USD 350 million
• Salvage Value: Nil
• Book Depreciation = Tax Depreciation (Base Case)

SECTION 2: DEPRECIATION CALCULATION (Calculated)
• Annual Depreciation = Depreciable Base ÷ Useful Life
• Start depreciation from COD year (FY26)
• Create year-wise depreciation schedule for FY26–FY45

SECTION 3: ACCUMULATED DEPRECIATION (Calculated)
• Opening Accumulated Depreciation
• Add: Current Year Depreciation
• Closing Accumulated Depreciation

SECTION 4: NET BLOCK CALCULATION (Calculated)
• Gross Block
• Less: Accumulated Depreciation
• Net Fixed Assets

SECTION 5: DEFERRED TAX (Calculated)
• Temporary difference = Book depreciation – Tax depreciation
• Since equal, deferred tax = 0 in base case
• Keep structure flexible for future tax differences

Ensure depreciation links to CAPEX sheet.

Prompt 4 – Debt Schedule


Create a sheet named:
"Debt & Interest Schedule"

SECTION 1: DEBT FACILITY INPUTS (Inputs)

Facility 1 – Senior Term Loan:
• Loan Amount: 210
• Interest Rate (Fixed): 6.25%
• Tenure: 18 years
• Repayment: Equal semi-annual installments
• Moratorium: 1 year post COD

Facility 2 – Floating Rate Loan:
• Loan Amount: 35
• Base Rate: SOFR
• Credit Spread: 2.75%
• Total Interest Rate: Base + Spread
• Tenure: 10 years
• Repayment: Sculpted to DSCR
• Rate Reset: Quarterly

Facility 3 – Revolving Credit Facility:
• Limit: 20
• Interest Rate: 7.5%
• Purpose: Working capital

SECTION 2: SENIOR TERM LOAN SCHEDULE (Calculated)
• Opening Balance
• Drawdown
• Principal Repayment
• Closing Balance
• Interest Expense (based on average balance)
• Semi-annual repayment converted to annual

SECTION 3: FLOATING RATE LOAN SCHEDULE (Calculated)
• Opening Balance
• Drawdown
• Principal Repayment (DSCR sculpted placeholder)
• Interest Expense
• Closing Balance

SECTION 4: RCF SCHEDULE (Calculated)
• Opening Balance
• Utilization
• Repayment
• Interest Expense
• Closing Balance

SECTION 5: TOTAL DEBT SUMMARY (Calculated)
• Total Opening Debt
• Total Principal Repayment
• Total Interest Cost
• Total Closing Debt

Ensure all interest flows to P&L and cash flow.

Prompt 5 – Working Capital


Create a sheet named:
"Working Capital Schedule"

SECTION 1: WORKING CAPITAL ASSUMPTIONS (Inputs)
• Accounts Receivable: 60 days of revenue
• Accounts Payable: 45 days of OPEX
• Inventory: Nil
• Minimum Cash Balance: 3 months of OPEX

SECTION 2: ACCOUNTS RECEIVABLE (Calculated)
• AR = (Annual Revenue ÷ 365) × 60

SECTION 3: ACCOUNTS PAYABLE (Calculated)
• AP = (Annual OPEX ÷ 365) × 45

SECTION 4: NET WORKING CAPITAL (Calculated)
• Net WC = AR – AP

SECTION 5: CHANGE IN WORKING CAPITAL (Calculated)
• Year-on-year movement
• Link change to Cash Flow from Operations

Prompt 6 – Income Statement


Create a sheet named:
"Profit & Loss Statement"

SECTION 1: REVENUE (Linked)
• Gross Generation (MWh)
• Net Saleable Power
• PPA Revenue
• Other Income (Nil)

SECTION 2: OPERATING EXPENSES (Linked)
• O&M
• Insurance
• Land Lease
• Employee & Admin
• Total OPEX

SECTION 3: EBITDA (Calculated)

SECTION 4: DEPRECIATION (Linked)

SECTION 5: EBIT (Calculated)

SECTION 6: FINANCE COSTS (Linked)
• Interest – Senior Loan
• Interest – Floating Loan
• Interest – RCF
• Total Finance Costs

SECTION 7: PROFITABILITY (Calculated)
• Profit Before Tax
• Current Tax @15%
• Deferred Tax
• Profit After Tax

All line items must reconcile with source schedules.

Prompt 7 – Cash Flow


Create a sheet named:
"Cash Flow Statement"

SECTION 1: CASH FLOW FROM OPERATING ACTIVITIES
• Profit After Tax
• Add: Depreciation
• Add / (Less): Deferred Tax
• Change in Working Capital
• Net Operating Cash Flow

SECTION 2: CASH FLOW FROM INVESTING ACTIVITIES
• Initial Project CAPEX
• Inverter Replacement CAPEX
• Net Investing Cash Flow

SECTION 3: CASH FLOW FROM FINANCING ACTIVITIES
• Equity Infusion
• Debt Drawdowns
• Principal Repayments
• Interest Paid
• Dividends Paid
• Net Financing Cash Flow

SECTION 4: NET CASH MOVEMENT
• Net Change in Cash
• Opening Cash Balance
• Closing Cash Balance

Ensure minimum cash balance is maintained.

Prompt 8 – Balance Sheet


Create a sheet named:
"Balance Sheet"

ASSETS
• Net Fixed Assets
• Cash & Cash Equivalents
• Accounts Receivable
• Other Current Assets
• Total Assets

LIABILITIES
• Senior Loan – Long Term
• Floating Loan – Long Term
• Senior Loan – Current
• Floating Loan – Current
• RCF Outstanding
• Accounts Payable
• Deferred Tax Liability
• Total Liabilities

EQUITY
• Share Capital
• Retained Earnings
• Current Year Profit
• Dividends
• Total Equity

Balance Sheet must balance each year.

Prompt 9 – DSCR & Cash Waterfall


Create a sheet named:
"DSCR & Cash Waterfall"

SECTION 1: CASH AVAILABLE FOR DEBT SERVICE (CFADS)

SECTION 2: DEBT SERVICE
• Senior Loan Principal + Interest
• Floating Loan Principal + Interest
• Total Debt Service

SECTION 3: DSCR CALCULATION
• DSCR = CFADS ÷ Debt Service
• Annual DSCR
• Minimum DSCR

SECTION 4: CASH WATERFALL
1. Operating Cash Flow
2. Maintenance of Minimum Cash
3. Debt Service
4. Reserve Accounts (if any)
5. Dividends

SECTION 5: DIVIDEND POLICY
• Payout Ratio: 80%
• Dividend Start: Year 3

Prompt 10 – Valuation


Create a sheet named:
"Valuation"

SECTION 1: VALUATION INPUTS (Inputs)
• Cost of Equity: 13.5%
• WACC (Post-tax): 8.4%
• Terminal Growth Rate: 2.0%
• Exit Multiple: 10× EBITDA

SECTION 2: FREE CASH FLOW TO FIRM (Calculated)

SECTION 3: DISCOUNTED CASH FLOW (Calculated)
• Discount FCFF using WACC
• Terminal Value using Gordon Growth
• Enterprise Value

SECTION 4: EQUITY VALUE (Calculated)
• Enterprise Value
• Less: Net Debt
• Equity Value

SECTION 5: RETURNS (Calculated)
• Project IRR
• Equity IRR
• NPV

Notes :

SOLAR PROJECT FINANCIAL & TECHNICAL ASSUMPTIONS

(Model-Ready Version)

1. Project Overview

Project Name: Surya
Project Location: Oman
Currency: USD
Commercial Operation Date (COD): 31 March 2026
Project Life / Model Period: 20 years (FY26–FY45)
Project Type: Utility-scale solar photovoltaic (PV), greenfield project

2. Solar Project – Technical Assumptions

Installed Capacity

Installed Capacity (DC): 500 MW
Installed Capacity (AC): 450 MW
DC/AC Ratio: 1.11
(Conservative and appropriate for utility-scale solar projects)

Generation Assumptions

Capacity Utilization Factor (CUF): 23%
(Typical for high-irradiance regions such as Oman)
Hours per Year: 8,760

Year 1 Expected Generation

500×8,760×23%=1,007,400 MWh

Annual Generation (Year 1): 1,007,400 MWh

Degradation

Annual Module Degradation: 0.5% per annum
Degradation applied on a compounded annual basis over project life

3. Revenue Assumptions

Tariff Structure

PPA Type: Fixed long-term Power Purchase Agreement (PPA)
Initial Tariff (Year 1): USD 0.070 per kWh
Tariff Escalation: 0% (Flat tariff)
(Consistent with Middle East utility-scale solar PPAs)

Incentives

Renewable Energy Certificates (RECs): Generated annually
REC Monetization: Considered optional upside; not included in base-case revenue

4. Capital Expenditure (CAPEX)

Total Initial CAPEX

Total Project CAPEX: USD 350 million
CAPEX Intensity: ~USD 0.70 million per MW (DC)
(Realistic for large utility-scale solar projects in the Middle East)

Detailed CAPEX Breakdown

Equipment & EPC Costs:

Solar PV Modules: USD 192.5 million (≈55%)
Inverters: USD 35.0 million (≈10%)
Mounting Structures / Racking: USD 28.0 million (≈8%)
Electrical Balance of System (BoS): USD 42.0 million (≈12%)
(Cables, wiring, transformers, switchgear)
SCADA & Monitoring Systems: USD 7.0 million (≈2%)
Civil Works & Foundations: USD 14.0 million (≈4%)
EPC Management & Margin: USD 14.0 million (≈4%)

Other Project Costs:

Land Acquisition: USD 15.0 million
Development & Permits: USD 10.0 million
Financing Costs & IDC: USD 45.0 million

Total CAPEX: USD 350.0 million

CAPEX Timing

Construction Period: FY25–FY26
CAPEX Drawdown: 100% incurred during construction

Future CAPEX

Inverter Replacement:

Year: FY38 (Year 13)
Cost: USD 20 million

5. Operating Expenses (OPEX)

Annual OPEX – Year 1

Operations & Maintenance: USD 8.0 million
Insurance: 0.35% of CAPEX ≈ USD 1.2 million
Land Lease: USD 1.0 million
Employee & Admin Costs: USD 1.5 million
Total OPEX (Year 1): USD 11.7 million

OPEX Escalation

Annual Escalation Rate: 3% per annum

6. Depreciation Assumptions

Depreciation Method: Straight-line
Useful Life: 25 years
Depreciable Base: USD 350 million

Annual Depreciation=35025=USD 14.0 million

Book Depreciation = Tax Depreciation (Base case)

7. Working Capital Assumptions

Accounts Receivable: 60 days of revenue
Accounts Payable: 45 days of OPEX
Inventory: Nil
Prepaid / Accrued Items: Ignored (immaterial)

8. Debt Structure

Debt Facility 1 – Senior Term Loan (Fixed Rate)

Loan Amount: USD 210 million
Interest Rate: 6.25%
Tenure: 18 years
Repayment: Equal semi-annual installments
Moratorium: 1 year post COD

Debt Facility 2 – Floating Rate Loan

Loan Amount: USD 35 million
Interest Rate: SOFR + 2.75%
Tenure: 10 years
Repayment: Sculpted to DSCR
Rate Reset: Quarterly

Debt Facility 3 – Revolving Credit Facility

Limit: USD 20 million
Interest Rate: 7.5%
Purpose: Working capital & liquidity buffer

9. Equity & Financing Structure

Total Project Cost: USD 350 million
Total Debt: USD 245 million
Total Equity: USD 105 million
Debt-to-Equity Ratio: 70:30

Dividend Policy

Payout Ratio: 80% of surplus cash
Dividend Start: From Year 3 (post stabilization)

10. Tax Assumptions

Corporate Tax Rate (Oman): 15%
MAT: Not applicable
Tax Holidays: None assumed
Deferred Tax: Arising from timing differences

11. Other Key Assumptions

Minimum Cash Balance: 3 months of OPEX
Short-term Debt Rate: 7.5%
Interest on Surplus Cash: 4.0%
Forex Exposure: USD-denominated, fully hedged
Other Income: Nil
Stock-based Compensation: Not applicable

12. Financial Statements

1. Profit & Loss Statement (Income Statement) – Topics

Revenue

Gross Electricity Generation (MWh)
Net Saleable Power (MWh)
Solar Power Revenue (PPA Tariff × Units Sold)
Other Operating Income (if any)
Total Revenue

Operating Expenses

Operations & Maintenance (O&M)
Insurance Expense
Land Lease Expense
Employee & Administrative Expenses
Other Operating Costs
Total Operating Expenses

Earnings

EBITDA
Depreciation & Amortization
EBIT

Finance Costs

Interest on Senior Term Loan
Interest on Floating Rate Loan
Interest on Revolving Credit Facility
Commitment / Facility Fees
Total Finance Costs

Profitability

Profit Before Tax (PBT)
Current Tax Expense
Deferred Tax
Profit After Tax (PAT)

2. Cash Flow Statement – Topics

Cash Flow from Operating Activities

Profit After Tax
Add: Depreciation & Amortization
Add / (Less): Deferred Tax Movement
Change in Accounts Receivable
Change in Accounts Payable
Change in Working Capital
Net Cash from Operations

Cash Flow from Investing Activities

Initial Project CAPEX
Inverter Replacement CAPEX
Other Capital Expenditure
Net Cash from Investing Activities

Cash Flow from Financing Activities

Equity Infusion
Senior Term Loan Drawdown
Floating Rate Loan Drawdown
Revolving Credit Facility Utilization
Senior Loan Principal Repayment
Floating Loan Principal Repayment
Revolving Credit Facility Repayment
Interest Paid
Dividends Paid
Net Cash from Financing Activities

Net Movement

Net Increase / (Decrease) in Cash
Opening Cash Balance
Closing Cash Balance

3. Balance Sheet – Topics

Assets

Non-Current Assets

Property, Plant & Equipment (Gross Block)
Accumulated Depreciation
Net Fixed Assets
Capital Work in Progress (during construction)
Deferred Tax Asset

Current Assets

Cash & Cash Equivalents
Accounts Receivable
Prepaid Expenses (if any)
Other Current Assets
Total Current Assets
Total Assets

Liabilities

Non-Current Liabilities

Senior Term Loan (Long-Term Portion)
Floating Rate Loan (Long-Term Portion)
Deferred Tax Liability
Other Long-Term Liabilities
Total Non-Current Liabilities

Current Liabilities

Senior Term Loan (Current Maturity)
Floating Rate Loan (Current Maturity)
Revolving Credit Facility Outstanding
Accounts Payable
Accrued Expenses
Total Current Liabilities
Total Liabilities

Equity

Equity Share Capital
Share Premium
Retained Earnings
Current Year Profit
Dividends Declared
Total Equity

4. Project Finance Control Schedules (Optional but Recommended Topics)

Debt Amortization Schedule
Interest Calculation Schedule
Working Capital Schedule
Depreciation Schedule
Deferred Tax Schedule
DSCR Calculation
Cash Waterfall
Dividend Distribution Schedule

13. Valuation Inputs

Cost of Equity: 13.5%
Post-tax WACC: ~8.4%
Explicit Forecast Period: 20 years
Terminal Growth Rate: 2.0%
Terminal Exit Multiple: 10× EBITDA

14. Historical Financial Data

Project Type: Greenfield
Historical Financials: Not applicable

I will be making a Financial Model with the help of the AI called ShortCut and you can help me write the prompt for that one by one for each sheet.

Sheet that need to be together are : 1& 2& 3, 4&5

Formatting take Blue as heading colour fill and white bold as text fill

Inputs in Light Grey Fill with Black Font

Others in White Background and Black Fill

Font Times New Roman

Font Size 11

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