About Us
Adelgate Finance Briefly
Financial Modelling and Analysis Services
As an independent consultancy services provider, Adelgate Finance offers high-quality professional financial modelling and analysis services tailored to the needs of clients to support project developments, new business ventures and operating assets related transactions.
Adelgate Finance has in-depth experience across a large variety of project types and industry sectors, gained within consulting and industry environments in particular related to energy and infrastructure projects and transactions focusing on the following areas:
- Project Finance
- Private Equity
- Acquisition
- Corporate finance
- Cash flow forecasting and business planning
- Valuations modelling
- Refinancing and restructuring
Sector Focus
Adelgate Finance provides financial modelling and analysis support for project developers and investors to pursue greenfield / brownfield project developments and operating asset related transactions particularly focusing on the following areas in energy and infrastructure sector:
Power Generation - Thermal
- Combined/open cycle gas turbine (CCGT/OCGT)
- Integrated gasification combine cycle (IGCC)
- Coal fired power plants (sub/super critical, oxy-fuel combustion)
- Combined heat and power (CHP) - process steam, district heat
- Fuels: gas, coal, peat, diesel, heavy fuel oil (HFO)
Power Generation - Renewables
- Solar (PV, CSP)
- On/offshore Wind
- Hydro
- Biomass
- Waste to energy (WtE)
Energy / New Technologies
- Carbon capture and storage/usage (CCS/CCU), technology base: pre/post-combustion capture, oxy-fuel combustion capture
- Energy storage (cryogenic compressed air)
- Advanced conversion technologies (ACT), gasification
Oil & Gas
- Exploration & production (E&P)
- Liquefied natural gas (LNG)
- Enhanced oil recovery (EOR)
Infrastructure
- Pipelines (gas, oil, CO2)
- Interconnector (High Voltage Direct Current (HVDC) cables)
Our Services
Adelgate Finance provides financial modeling and analysis advisory services building transparent, user-friendly financial models for complex transactions mainly focusing on Energy and Infrastructure sectors.
Well-prepared financial model provides the following benefits:
- Clarity – focused and relevant analysis of operational and financial performance and key performance indicators.
- Confidence – robust, transparent and logically designed and structured financial model will properly reflect underlying business fundamentals.
- Capability – flexible to quickly cope with evolving business needs, with the ability to provide meaningful sensitivity and scenario analysis.
- Communication – demonstrating and explaining business performance to provide valuable management/developer insight to an organisation’s key stakeholders (Sponsors, Lenders).
- Flexibility - functionality to keep the model nimble and structured in such a way that the model can be easily adapted in future.
- Usability - designed to be user-friendly: easy to read, understood and adopt by the users.
- Auditability - following best practise rules ensuring models be easily auditable.
Modelling Advisory and Consulting Services
Transaction and Deal Modelling
Developing financial models to support:
- Early stage project development: origination, feasibility, Front End Engineering Design (FEED) evaluation
- Projects’ commercial structuring, fund raising and investor valuations
- Seed capital and private equity fund raising for new business ventures
- Optimise the project's capital structure and debt capacity.
- Operating assets and projects acquisition valuation and (re)-financing planning (sell/buy side)
- Technology concept evaluations
Restructuring Models
Developing financial models to demonstrate the financial interactions behind the restructuring process.
- Assessment of deliverable options for business based on current performance and situation.
- Analyse operational re-organisation plans impact on business viability (EBITDA improvement).
- Analyse financing requirements and capital structure scenarios impact on the shareholders and lenders.
- Valuation pre/post restructuring (operating business, equity investors).
Operational Models
Developing spreadsheet tools to support:
- To quantify and forecast business operations: budgeting, management and financial reporting, cash flow forecasting
Modelling Assurance Services
Reducing modelling risks using detailed analysis focusing on material issues.
- Model audits: providing independent assurance checking on the accuracy, robustness and reliability of financial models
- A structured approach to reviewing a complex financial models
- Bespoke testing and model validation: focusing on specific areas of concern or high risk aspects of financial model ensuring that a model has been built in accordance with its objectives and is free from material errors.
Modelling Training
Modelling training by experienced industry expert.
- Principles of financial modelling: Providing financial modelling training to financial model users to gain an understanding of best practice approaches towards financial modelling to improve modelling capability and knowledge of Excel functionality in order to build models that are robust and user-friendly in nature
Adelgate Finance is well positioned to help the clients by designing, developing and operating the financial models and analysis as required.
Experience - References
Adelgate Finance has worked on a wide range of projects with numerous companies. Projects involved covers the following:
- Developed a flexible screening financial model to evaluate integration of large scale solar photovoltaic (PV), lithium iron (Li-ion) battery and liquid air energy storage (LAES) project schemes technical configurations optimisation, commercial and financing structures for net zero carbon emission projects feasibility and development stages. Subsequently the model's key objective is to provide analytical foundation for indicative terms and conditions to negotiate a power purchase agreement (PPA) between projects joint development parties.
- Developed a screening model for Advanced Thermal Conversion (ATC) Technology Developer to evaluate various different technical concepts (WtE, BECCS-H2), analyse different commercial and financing structures for projects based on ATC gasification process to efficiently convert a wide range of both residual waste and/or low-grade biomass feedstocks directly into a range of high-value energy vectors such as hydrogen, distillates and liquefied petroleum gas (LPG) alternatives (e.g. dimethyl-ether (rDME), sustainable aviation fuel (SAF)) with option to capture of CO₂ for utilisation or sequestration.
- Developed detailed business planning & investment model for partnering / raising investment capital for ATC technology and project developer - HoldCo.
- Developed a detailed equity model for 1,400 MW interconnector project (UK-FRA). Assisting in various development phase tasks – evaluation of Cap & Floor scheme, preparation Ofgem’s cost assessment (IPA/FPA) submission, quantification of EPC liquidated damages (LDs).
- Developed a corporate operational model covering various midstream gas processing assets to undertake periodic valuation, performance tracking, and evaluating growth and different funding options (at individual SPV and Group level) for the equity fund shareholder's and management team's business plan forecasting purposes.
- Developed a detailed and flexible Project Finance model to support all areas of commercial structuring and construction phase fundraising (third party equity, limited/non-recourse debt, capital grant) and re-financing the world’s first commercial grid scale hybrid cryogenic long duration energy storage system (Cryogenic Energy Storage - CES) supporting power generation, providing stabilisation services to transmission grids and distribution networks, and acting as a source of back-up power to end users.
- Assisted developing and running a Bid Model to submit a cryogenic energy storage project developer's proposal (RFO) to US based utility company.
- Revised and amended the original Project Finance model of an operating 425 MW combined cycle gas turbine (CCGT) project for the Lenders to cope with refinancing the existing senior loan tranche and other debt facilities.
- Providing financial modeling and analysis services to a major consulting firm:
- Amending a renewable portfolio Asset Co's Banking Finance model by combining and integrating solar assets portfolio acquisition based on the vendor's financial model to demonstrate the robustness of revised group’s existing financing structure for the lenders.
- Development of working capital and refinancing model for acquisition of European mineral company.
- Rebuilt corporate finance model for refinancing European mining and metals company.
- Providing financial modeling and commercial analysis services to a low carbon energy projects advisory firm:
- Developed a detailed financial model for a biomass fired combined heat and power (CHP) carbon capture and storage (CCS) project’s concept study evaluation purpose: to establish economic viability and financial subsidy scenarios assessment as a part of zero carbon project proposal to a local district heat network operator and the host government authority.
- Developed a detailed financial models to compare carbon capture and storage (CCS) projects based on pre/post and oxy-fuel combustion technologies (incl. gas/coal and biomass fuel options) economics to support financial subsidy and risk allocation negotiations with host government authority as a part of project's initial commercial planning and financial structuring.
- Responsible for providing detailed financial analysis to various pre-FEED studies / concept evaluations for EU based CCS/U project schemes.
- Providing financial modeling and commercial analysis services to a zero carbon energy projects (hydrogen/green ammonia) development company:
- Developed a detailed financial model to support a zero carbon power and energy conversion project fund raising (seed capital during development phase and non-recourse financing for project construction).
- Responsible for preparing technical and commercial concepts financial evaluations for various green ammonia and hydrogen production project development schemes.
- Providing financial modeling and commercial analysis services to a gas fired power project development company:
- Developed a comprehensive Project Finance model to support developments of two large scale CCGT power projects (+3,000 MW). Providing financial analysis and modelling to support commercial structuring and raising non-recourse debt and third party equity financing.
- Reviewed Project Finance model for European 1,900 MW CCGT power project.
- Long term contract assignment with Japanese conglomerate to provide detailed financial analysis and modelling, capital structure optimisation support (equity capital reduction, debt re-financing), valuation and asset management service related to a large scale European CCGT power plant asset until successful divestment.
- Developed an industrial carbon capture and storage (ICCS) financial framework cascading model for UK CCS policy proposal purpose.
- Reviewed Project Finance model for 1,100 MW CCGT power project ($1.58bn) located in New York, US. Project reached FC in Jan-17.
- Developed a project screening financial model to evaluate different types of gas fired power and carbon capture and storage projects technical concepts (post-combustion capture).
- Long term contract assignment with CCS development company to assist development of an integrated 448 MW Oxy-fuel power plant and carbon capture and storage project:
- Responsible for developing and operating of a detailed project financial model to support all areas of the CCS project development: technical concept evaluation, risk assessment/allocation, commercial structuring (incl. bespoke CfD, CO2 offtake), raising multi-facility non-recourse project debt, third party equity and capital grant funding.
- The project was unexpectedly cancelled just weeks before the Final Bid submission due to Government removing all committed support schemes for the CCS Competition subsequently changing the nature of assignment to assist Project’s wind up and developing a generic ‘light’ version of CCS project finance model for Knowledge Transfer purposes.
- Long term assignment with a privately owned oil exploration and production company:
- Developed and run bespoke financial models to assist various offshore exploration and production (E&P) vessel and jack-up portfolios acquisition targets analysis, valuation and initial acquisition due diligence process.
- Developed HoldCo business plan & portfolio model for offshore drilling business segment forecasting purpose and evaluation of various financing options (existing fleet, organic growth, acquisitions and JV partnering).
- Developed a financial model to support a hydrocarbon processing facility and pipeline acquisition valuation.
- Provided financial model training - introduction to financial modelling.