Finance professional · Wiesbaden, Germany
Igor Sabodakha
Audit, transaction advisory, valuation and financial modelling — more than 15 years of international experience, seven of them at Grant Thornton.
This site publishes an open project-finance model of a German onshore wind farm. Every input has a public source or a documented assumption, every formula is documented, and the whole calculation runs in your browser.
Featured model
Wind Farm Investment Calculator
Fictional wind farm “Musterhöhe” · 5 × 6.3 MW · Hesse, Germany · base case at the tender price of August 2026
- Equity IRR
- 3.09%
- Project IRR after tax
- 3.67%
- LCOE (real)
- 7.25 ct/kWh
- Minimum DSCR
- 1.44x
What the base case shows
At the average award of the August 2026 tender, 4.79 ct/kWh, a site of average Hessian quality earns 3.1% a year on equity — well below a typical 8% cost of equity. The model’s lender sizes the loan on the guaranteed EEG floor — a conservative view — so debt covers only 35% of the investment. An equity return of 8% would need an award of about 7.41 ct/kWh — above the 2026 ceiling of 7.25 ct/kWh.
What the model covers
Revenue under EEG 2023
Sliding market premium on the annual market value, the § 36h correction factor, no premium at negative prices, advances and final settlement under § 26, market sales or a PPA after support ends — and a simplified two-sided premium stress as a switch.
Debt sized like a KfW project loan
KfW programme 270 at the current rate, quarterly instalments after the grace years, DSCR targets for P50 and one-year P90 on the EEG floor — a conservative lender view — a gearing cap, a debt service reserve and a lock-up.
German taxes
Trade tax with add-backs, allowance and loss carry-forward; corporate tax and solidarity surcharge for a GmbH; 16-year depreciation and a tax provision for decommissioning.
Construction and funding
Monthly capex with payment profiles, a VAT bridge loan, upfront and commitment fees, interest during construction and start-up liquidity. Sources equal uses to the cent.
Risk views
The lender’s one-year P90 stress, a ten-year P90 and a downside case with the loan held fixed, a tornado of twelve drivers and a bid calculator that checks whether a price is financeable and within the ceiling.
Open and checked
Every input has a unit, a hint and a dated public source or a documented assumption. Checks on the calculation, funding, covenant and model scope run on every recalculation, and the model downloads as an Excel workbook with live formulas.
Also built by me: Storywell
Illustrated stories and audiobooks for children in eight languages. I designed, built and published the app from scratch.