This document provides a project finance management plan for a utility-scale solar PV power plant. It outlines the plan's methodology, including objectives, scope, roles and responsibilities, sources and uses of funds, debt financing terms, repayment schedules, equity and drawdown schedules, cashflow statements, and levelized cost of electricity calculations. It also establishes guidelines for achieving bankability, including requirements around lenders, structure, loans, gearing and coverage ratios. Finally, it discusses the project's risk management approach and governance.

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© 2018 Fadi Maalouf
Project Finance Management Plan
Utility Scale Solar PV Power Plant
Project Finance Management Plan
for
Utility Scale Solar PV Power Plant
Doc. Date: 18-May-2018
Doc. Ref.: Finance-Plan-F2M2-fm180518-rev2
Contact:
Fadi Maalouf
CTO – Director IPP & EPC
+971 50 624 6126

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© 2018 Fadi Maalouf
Project Finance Management Plan
Utility Scale Solar PV Power Plant
DOCUMENT CLASSIFICATION
Strictly Confidential & Controlled Distribution – Proprietary Information - Not for Public Release
DOCUMENT CHANGE HISTORY RECORD SHEET
This document is to be issued and completed by Author only:
Document Title / Number Rev.
No.
Description of Change Effective
Date
Project Finance Management Plan
for
Utility Scale Solar PV Power Plant
Finance-Plan-F2M2-fm180429-rev1
1 Internal Release (Draft) 29-Apr-2018
Project Finance Management Plan
for
Utility Scale Solar PV Power Plant
Finance-Plan-F2M2-fm180518-rev2
2 Updated and Issued 18-May-2018
Category Name Designation Signature Date
Author Fadi Maalouf CTO - Director IPP & EPC F2M2 18-May-2018
Strictly Confidential - Controlled Distribution – Not for Public Release
Recipient Name Designation Company Date

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© 2018 Fadi Maalouf
Project Finance Management Plan
Utility Scale Solar PV Power Plant
Table of Contents
1. INTRODUCTION...................................................................................................................................................... 5
1.1 Overview............................................................................................................................................................... 5
1.2 Synopsis............................................................................................................................................................... 6
2. PROJECT FINANCE MANAGEMENT PLAN .......................................................................................................... 7
2.1 Background .......................................................................................................................................................... 7
2.2 Plan Methodology............................................................................................................................................... 10
2.2.1 Objective......................................................................................................................................................... 10
2.2.2 Scope ............................................................................................................................................................. 10
2.2.3 Roles & Responsibilities................................................................................................................................. 10
2.2.4 Uses and Sources of Funds........................................................................................................................... 12
2.2.5 Debt Financing Sources and T&Cs................................................................................................................ 14
2.2.6 Repayment Schedule & Interest Margins....................................................................................................... 15
2.2.7 Monthly Disbursement Schedule for Total Project Budget ............................................................................ 15
2.2.8 Monthly Drawdown Schedule Prior to PCOD................................................................................................. 16
2.2.9 Monthly Equity Disbursement Schedule for Total Project Budget ................................................................. 16
2.2.10 Monthly Net Operating Cash Flow Prior to PCOD ......................................................................................... 16
2.2.11 Quarterly Cashflow Statement and Debt Service Coverage Ratio ................................................................ 16
2.2.12 Levelized Cost of Electricity (LCOE) .............................................................................................................. 17
2.2.13 Financial Model .............................................................................................................................................. 18
2.2.14 Financing Term Sheet.................................................................................................................................... 21
2.2.15 Financial Close............................................................................................................................................... 22
3. GUIDELINE AND BANKABLE BENCHMARKS..................................................................................................... 24
3.1 Lenders............................................................................................................................................................... 24
3.2 Structure............................................................................................................................................................. 25
3.3 Loans.................................................................................................................................................................. 25
3.4 Gearing Ratio ..................................................................................................................................................... 25
3.5 Loan Tenor ......................................................................................................................................................... 25
3.6 Loan Profile ........................................................................................................................................................ 25
3.7 Soft Mini Perm.................................................................................................................................................... 26

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© 2018 Fadi Maalouf
Project Finance Management Plan
Utility Scale Solar PV Power Plant
3.8 Debt Service Coverage Ratio (DSCR)............................................................................................................... 27
3.9 Loan Life Coverage Ratio (LLCR)...................................................................................................................... 27
3.10 Project Life Coverage Ratio (PLCR) .................................................................................................................. 28
3.11 Debt Service Reserve Account (DSRA)............................................................................................................. 28
3.12 Major Maintenance Reserve Account (MMRA).................................................................................................. 28
3.13 ECA’s & Public Finance Institutions ................................................................................................................... 29
3.14 Security............................................................................................................................................................... 29
4. RISK MANAGEMENT ............................................................................................................................................ 30
4.1 Approach ............................................................................................................................................................ 30
4.2 Risk and Opportunity Register ........................................................................................................................... 31
4.3 Project Risks and Opportunities......................................................................................................................... 32
5. COMPLIANCE........................................................................................................................................................ 33
6. GOVERNANCE...................................................................................................................................................... 33
6.1 Responsibility ..................................................................................................................................................... 33
6.2 Communication .................................................................................................................................................. 33
7. Glossary ................................................................................................................................................................. 34