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Worked examples
Thirteen models, rebuilt in Rufineer
Each example rebuilds a real kind of project finance workbook in Rufineer: solar and storage, a toll road and a border post, tax equity, an oil field, a PPP road, a tanker. Company and deal names are fictional. Where a workbook has hundreds of similar rows, the example shows the mechanism once. The examples are written in the planned language, so most don't compile yet; the tutorials do.
Models built for deals
| Model | What it is | Rebuild shown |
|---|---|---|
| Kestrel Energy 45 MWac solar | 26 sheets, 146 period columns | 16 files, 304 lines |
| Wind farm training model | 15 sheets, quarterly, values only (no formulas or macros in the sample) | 11 files, 264 lines |
| Mbira toll road | 27 sheets: monthly construction sheets (ConTime, ConCost, ConFin), quarterly for the rest | 10 files, 187 lines, plus the shared concession package |
| Mbira border post | 26 sheets, same ruler and layout as the toll road | 4 files, 55 lines, plus the shared concession package |
| Mbira combined | 15 sheets: Toll_*, Brdr_* and Cmbnd_* (Metrics, S&U, FS Qtr, FS Ann, Output) | 1 files, 29 lines |
| Aluminium cable plant | 8 sheets plus a Claude Log, annual, 20 operating years from June 2027 | 5 files, 146 lines |
| Coral Bay Solar 94 MWp | 10 sheets; the model is one sheet of 505 rows by 209 columns | 8 files, 166 lines |
| Oriole solar and storage, Mozambique | 14 sheets: three copies of a 450-row phase model, a Parallel Model driven by a VBA function, EPC quotes in English and Chinese | 6 files, 181 lines |
Models from the training library
Five families chosen while mapping the language against a library of 741 training and sector workbooks. See Coverage for the rest.
| Model | Library folder | Rebuild shown |
|---|---|---|
| Tax equity partnership flip | F. Tax Equity Structures / Tax Equity Course (63 files in the folder) | 6 files, 106 lines |
| Upstream oil: PSC and reserve-based loan | A. Featured Models / D. Upstream Oil (33 files): Production Payment, Nigeria Oil Examples | 5 files, 116 lines |
| PPP road with climate adaptation | A. Featured Models / D. Infrastructure – PPP Models (20 files) | 5 files, 113 lines |
| Solar notes over six project loans | E. Consolidating Separate Projects / Consolidated Debt Issues (6 files) | 5 files, 80 lines |
| Aframax tanker on time charter | A. Featured Models / L. Shipping (6 files) | 4 files, 74 lines |
FC 31 Dec 2026Kestrel Energy 45 MWac solarA lender-grade solar IPP model for Kestrel Power in Zimbabwe.Construction Jan 2020 to Jun 2021 (6 quarters)Wind farm training modelA 30-turbine merchant wind project with a scenario manager, macro-based debt sizing, MACRS tax depreciation, a DSRA, a shareholder loan with cash sweep and lock-up tests.Rulers start Oct 2024Mbira toll roadA 25-year road concession with toll gates that open as each road section is finished, six vehicle classes, DSCR-based sizing with a year-by-year DSCR profile, and DSRA and MMRA reserves.6 vehicle classesMbira border postThe border post was built by copying the toll road workbook and rewriting the revenue sheets, so 22 of its 26 sheets match the toll model.Project costMbira combinedA portfolio view that puts the toll road and border post side by side and adds them up.7 conductor lines (Fig 8 AIRDACAluminium cable plantAn annual corporate-style model for a manufacturing plant: a product mix per stock turn, raw material tonnages, power from grid and generator, a 10-year annuity loan, and valuation at key dates.Development from Jan 2018 (12 months)Coral Bay Solar 94 MWpA Mexican solar project with a peso or dollar loan, an FX forecast built from inflation differentials, lenders who size debt on P50 and P99 at the same time, and returns shown in dollars, pesos and real dollars.Rulers from Jan 2019Oriole solar and storage, MozambiqueA 50 MWp build-out in three phases, the first with 7.5 MW of battery storage.13 months constructionTax equity partnership flipA US renewable project financed by a tax equity investor.53 MMbbl reserves; profit share 55% → 10% on cumulative productionUpstream oil: PSC and reserve-based loanTwo workbooks from the upstream folder combined into one model.34 months constructionPPP road with climate adaptationA 38-year road concession, bid on a target equity return, modelled with and without climate adaptation works.Six loans (PeruSolar notes over six project loansA securitisation.36 months to deliveryAframax tanker on time charterA 70,000-tonne tanker bought for USD 60m and chartered out by the day.