Project finance

Project finance is debt lent to a special purpose vehicle (SPV) and repaid solely from the project's cash flows. Security is the SPV's assets and contracts, not the sponsor's balance sheet.

Lenders assess debt capacity mainly through DSCR, revenue stability (e.g. a PPA) and documentation quality. The Enedeal calculator marks project finance as unavailable when minimum DSCR is below 1.20.