VerdeGO — Utility-Scale BESS Feasibility & Bankability (Spain)

Overview

Bankability-grade feasibility model for a 250 MW / 1,000 MWh Spanish battery — sizing debt on P90 cashflows and back-solving the max-safe CAPEX that makes an offtake structure financeable.

VerdeGO is a parameter-driven, bankability-grade feasibility model for a utility-scale LFP battery in Spain, built for a long-term financing decision rather than a headline IRR. It underwrites the whole asset life — spread compression, degradation and augmentation — and sizes debt the way a lender does: on P90 cashflows, with DSCR and LLCR covenants tested every year and the binding constraint (gearing vs DSCR) reported explicitly. The model compares four offtake structures — merchant, hybrid stack, tolling and floor-PPA — to show how contracting unlocks debt, then back-solves the maximum-safe CAPEX each structure can bear and maps it against live vendor pricing (CATL, BYD, CLOU, Sungrow), turning the cell-price negotiation into a hard procurement guardrail. An IFRS layer — IAS 36 impairment headroom, IAS 37 decommissioning provisions, and revenue recognition by contract type — flags the audit issues a merchant book faces under spread compression. The framework's decisive insight is that the identical asset is financeable for a utility and unfinanceable for a private fund: a cost-of-capital divergence, not an engineering one, which reframes the utility as both competitor and most likely offtaker or exit.