Solar Portfolio Acquisition and Valuation Model
A multi-asset valuation model for buying or selling solar portfolios: asset-level cash flows rolled into a portfolio DCF, with production haircuts, assumed liabilities and a bid price solved at your target return.
What it answers
Built around the decisions investors, independent power producers and acquisition teams actually make.
- Bid price. What to pay for the portfolio at your target return.
- Asset by asset. Which assets carry the value and which drag it down.
- Underperformance. How production shortfalls and equipment issues move price.
- Liabilities. The value effect of assumed debt, payables and open EPC obligations.
- Hold or sell. Value to a buyer against value of holding.
What's inside
- Asset register
- Up to 25 assets: size, COD, offtake, rate, escalator, production, opex.
- Asset cash flows
- Annual cash flow for each asset over its remaining life.
- Adjustments
- Production haircuts, degradation, downtime and repair reserves.
- Liabilities
- Assumed debt, payables and outstanding obligations netted from value.
- Valuation
- Portfolio DCF, value per watt, value by asset.
- Bid solve
- Purchase price that hits a target unlevered return.
- Sensitivities
- Discount rate, production and merchant tail.
- Checks
- Balance and tie-out flags.
Built for
- Investors and IPPs pricing acquisitions
- Owners preparing to sell a portfolio
- Lenders and advisors testing a seller's valuation
Not built for
- Single-project development pro formas (see the Community Solar or C&I models)
Build it, hire it, or buy it
| Build from scratch | Hire a consultant | Hillcrest model | |
|---|---|---|---|
| Cost | Your time | $5,000 to $15,000 | $799, or tailored from $2,500 |
| Time to first answer | 1 to 3 weeks | 2 to 6 weeks | Same day |
| Documentation | Rarely | Varies | Full user guide and sample case |
| You can audit every formula | Yes | Sometimes | Yes, fully unlocked |
Questions
Which versions of Excel does it work in?
Microsoft 365 and Excel 2019 or later, on Windows or Mac. There are no macros. It is built for Excel; Google Sheets is not supported.
What tax credit assumptions does it use?
None. Version 1.0 values operating assets on an unlevered, pre-tax basis, so tax credits are not modeled. For after-tax or levered pricing, use the Community Solar Project Pro Forma or ask about an Institutional build.
Can I use it for more than one project?
Yes: unlimited projects within one company, for up to three named users. Larger teams are covered by a Professional engagement, which includes an organization-wide license.
Do I get updates?
Yes, free for 12 months. We email a new version when inputs or structure change.
What if something is wrong?
Email us. If there is an error we cannot fix within 14 days of purchase, we refund you in full. See the terms.
Can you tailor it to my deal?
Yes. Professional engagements set the model up on your first deal and train your team, from $2,500. Institutional builds tailored to your structure start at $7,500. See team and institutional options.
Would rather have it run for you?
Hillcrest advises buyers and sellers of solar portfolios. If the model says the deal is worth pursuing, we can underwrite it, set bid strategy, and carry diligence through close.
Solar Portfolio Acquisition and Valuation Model
Value a portfolio of up to 25 operating assets and set your bid.