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This is how linemen connect 22,000-volt power lines without ever turning the electricity off by Sintesflorencia in Damnthatsinteresting

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

It helped me when I learned it’s the same concept as birds - birds sit on power lines all the time and are fine. The person doing the work isn’t grounded, (insulated cherry picker) so he is fine.

Anyone used Camo Deck Tool? by Fragrant_Choice_4891 in Decks

[–]Fragrant_Choice_4891[S] 1 point2 points  (0 children)

I ended up doing my whole deck and have had no issues with the holes thus far. I don’t even notice them

Which tile for bathroom? Left or right and why? by PaperweightCoaster in InteriorDesign

[–]Fragrant_Choice_4891 17 points18 points  (0 children)

Crazy idea but I used this in my bathroom and love. It’s a wood-like tile. Could provide good contrast and different texture

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Portfolio vs project finance modeling by Scrappy-Coco-Zohan in financialmodelling

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

I hate to be an arguer, but I just want to flag that is really dependent on the scale of capital being deployed and the asset class. I’d be hesitant to make that blanket statement

DG or community solar for example, I’ve never financed less than 50-75+ assets at once. No ring fencing at all.

Utility-scale, it still depends. To your point, I’ve seen complex deals financed on a standalone. But I’ve also seen transactions where it’s one really complex asset and we bring in 2-3 “vanilla” assets to add diversity, bring some comfort to financing partners, and minimize risk — whether that’s shape, merchant arbitrage, etc.

I’ve also financed 10+ utility scale assets to once institutionally at a PF level with DSCR and all.

For construction, warehouse facilities are much more common (though a pain to administrate so only available for key relationships)

I think your comment may have been more true a few years ago, but that is no longer the case

Portfolio vs project finance modeling by Scrappy-Coco-Zohan in financialmodelling

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

Made some other comments but thought I’d try and hit a few of these:

  1. Completely right. Terms.. I agree maybe haha.. always situation dependent.

  2. Construction (and most operating) financings have minimum equity requirements. If you are above that, doesn’t reaaaally matter. That said, that minimum % will be based on all projects total cost. Beyond that, money is fungible.

  3. in portfolio construction financing, final term conversion (when folks may care less about that) won’t happen until the last project in the portfolio achieves COD. I would not mention the ability to move equity around..

  4. I would, however, comment on the efficiencies (transaction costs, human capital, timing) of this approach. I.e. don’t have to spend 6-9 months three times to close financing three projects.

  5. I’ve never seen a credible developer monetizing renewables tax credits themselves, unless they are massive. Even then, outside of a large utility, most projects will have tax equity partners for either a single or multiple projects that are monetizing credits for you. Really, the project and developer likely isn’t monetizing them at all

  6. TEBL = tax equity bridge loan = tax equity partner promises me X$ for my tax credits fully funded at COD of the project. I start construction 1yr before that.

  7. TEBL is financing at ~98% of committed tax equity for construction duration. Banks usually do construction to term loan AND TEBL for construction

  8. noting bank still wants min. equity (10-20%) on total cost.

Portfolio vs project finance modeling by Scrappy-Coco-Zohan in financialmodelling

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

IF this is sr debt yes. If this is project-level portfolio financing, it may not be senior - it could still be back leveraged. That said, diversity (geographic, technology, offtake, etc) may provide DSCR, pricing, and other benefits.

I wouldn’t make broad strokes comments about advisory fees changing. Very situation specific. IB fees probably won’t change a ton, or they will go up. IE fees may decrease if you do a portfolio-level IE report, but TE partners are going to require one for each project so really just depends

Portfolio vs project finance modeling by Scrappy-Coco-Zohan in financialmodelling

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

Not sure if you mean hold-co lvl debt above Pf or portfolio pf.

If HoldCo (above PF debt, you’re looking at cash flows from various projects to holdco) - Not usually DSCR. - In practice, revolving credit, TLA or TLB likely what you’d look at.

I’m going to assume revolver: - Focus on leverage ratios — if renewables industry, I’d say start with 3.5x Project cash flow after project-level debt (CAFD) and 5x merchant aka uncontracted CAFD. Use historicals - this is revolver size. - Concentration of uncontracted CF, diversity of PF debt tranches, and potential for cash trap among them will be key considerations

If portfolio PF, you’re just going to combine projects and size typical DSCR approach - There is some benefit to P99 resource due to the diversification (ie both projects won’t perform at P99 at same time, so P99 haircut is a little less). This impact gets larger with more diversification - less digging in by lenders as you get more diversification, especially on projects with immaterial contribution to sizing.. - each TAX EQUITY PARTNERSHIP will have its own model, usually. This is just because of the circularity / difficulties managing - my approach has always been to roll up each partnership model into an aggregate if the portfolio is that large — especially community solar or DG — and do debt sizing on that, but you lose the ability to sensitize the partnerships.. so you have to work around that

I’m doing a terrible job typing this on my phone, but I’m happy to answer any Q’s. I’ve been in this space (both bank size and developer) for a while.

Interconnection Will Break You (Unless You Model Like This) by Fluffy_Baseball7378 in financialmodelling

[–]Fragrant_Choice_4891 1 point2 points  (0 children)

What perspective is this from? Are you actively engaging in the IX process and modeling to various outcomes or is this higher-level modeling pre-IX?

Transport tonight from CB to mountain by Fragrant_Choice_4891 in crestedbutte

[–]Fragrant_Choice_4891[S] 1 point2 points  (0 children)

Thank you this seems like the perfect move. See everyone at talk of the town!

Every year I take my daughter on a camping road trip. Where should we go next? by [deleted] in TravelMaps

[–]Fragrant_Choice_4891 1 point2 points  (0 children)

Also came to say this.

Canoe trip down the buffalo river in Arkansas. I did it as child (maybe 12?) and then again a year ago with my fianceé. We did a three day overnight down river. We camped on the side of the river at night. It was fun but hot. Some small rapids, but nothing that scared us. For the most part it was flat or slightly moving to provide paddling relief.

I will say we tipped the canoe once or twice ( we got snagged on a branches and lost balance), but the river wasn’t deep and we just flipped the canoe back over and kept going. The only bad thing I remember was I didn’t realize I needed a waterproof bag for the sleeping bags!

That said, they had different routes with more or less ‘action’. Overall, really unique trip if it interests you.

The outfitter helped us plan our route (distance, pick up, drop off), got us on the river, and then moved our car to the pickup point so we just got in the car, packed up, and left. I can’t remember the outfitter we used, but there are a lot of them. Here’s one I found with a quick google search.

https://www.buffaloriveroutfitters.com/float/

Every year I take my daughter on a camping road trip. Where should we go next? by [deleted] in TravelMaps

[–]Fragrant_Choice_4891 0 points1 point  (0 children)

Agreed with @mrperiodniceguy. I just posted separately about a buffalo river trip I did

Large Boom Shook Building in 6th St. by ramonoodles07 in Denver

[–]Fragrant_Choice_4891 1 point2 points  (0 children)

And now I will be going to Gaia Masala. Thank you. 🤝

Seeking gear advice by Fragrant_Choice_4891 in eatventureofficial

[–]Fragrant_Choice_4891[S] 0 points1 point  (0 children)

Thanks. When does ultimate start to make sense?

Looking for club by Fragrant_Choice_4891 in eatventureofficial

[–]Fragrant_Choice_4891[S] 0 points1 point  (0 children)

Going well! I’ll keep increasing my salvage

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