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Modelling P50 and P90 wind profiles is generally poorly done in the models I am sent. This is maybe one reason we are producing so many financial models for wind projects at the moment!

The debt service reserve account (DSRA) is a key component in almost every project finance term sheet and financial model. The primary purpose of the DSRA is to protect a lender against unexpected volatility, or interruption, in the cash flow available to service the debt (CFADS). These funds, essentially put aside for a rainy day, are usually established at the end of a construction period, once the loan becomes repayable.

The OFFSET( ) function returns a cell (or range of cells) that is a specified number of rows and/or columns from the reference cell. In this tutorial we will explain the most common OFFSET( ) applications, and mistakes that are often made using this function in Microsoft Excel.

There are two different ways to calculate the average debt service coverage ratio that could result in different numerical outcomes. What are the methods? What are the limitations that we should be aware of? And which one should be used?