Investor & Equity Story
Group · base case · exit 2041
Shareholder · Board · Sponsor view

The equity story, told straight.

What a shareholder, board member or sponsor banker wants in one screen: how much capital went in, what it earns, how the balance sheet de-levers, and what the returns are once measured against the cost of capital — not just accounting profit.

Project IRR · lifetime
—
unlevered · vs WACC —
Equity IRR · to 2041 exit
—
vs cost of equity —
Equity money multiple
—
exit equity ÷ capital invested
Equity NPV
—
at cost of equity, net of capital in
Capital invested
—
equity calls 2023–2028
Exit equity value · 2041
—
enterprise value − net debt
The honest read

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Returns by scenario
Lifetime project & equity returns · the central case plus stresses
Scenario Project IRR Project NPV @7% Equity IRR Equity NPV @8% MOIC
De-leveraging & equity build
Net debt vs total equity · 2026–2041
Net debt Total equity
Capital structure · 2041
Total equity —
Net debt —
Net debt / EBITDA —
Cash & equivalents —

Peak gearing during construction (ND/EBITDA 28.6× Dec 2025) normalizes as the assets reach COD and project debt amortizes — the deleveraging the equity story rests on.

Equity funding programme
Calls drawn 2023–2028 · cumulative capital at risk
How to read these returns

IRR (internal rate of return) is the annual return the cash flows actually earn. Compare it to the WACC (the blended cost of the money funding the project): an IRR above WACC creates value, below destroys it.

NPV is the same idea in euros today — discount every future cash flow at the cost of capital and net off what was invested. Positive = value created.

MOIC (money multiple) is simply exit equity value ÷ capital invested, ignoring timing.

Which cash flows. The project IRR runs on FCFF — free cash flow to the whole project, before financing: FCFF = EBITDA − tax on operating profit (EBIT × 25%) − capex. Taxing operating profit (not profit after interest) keeps it independent of how the project is funded, so a change in the cost of debt moves only the equity return, not the project return. The equity IRR runs on FCFE — what's actually left for shareholders: capital calls go out, distributions come back as the assets generate cash, plus the 2041 exit value (net of debt). Cash flows run the full asset life (to ~2056), since most of the value lands after the 2041 model horizon.

The Jutland CfD. A contract-for-difference fixes the price on most of the offshore farm's output (88% at €90/MWh) instead of selling everything at the volatile wholesale price. It trades upside for certainty — which, together with a current-market build cost (€3.0M/MW), is what lets the asset carry 80% debt and earn a return above its cost of capital. Without it the offshore plant is not bankable.

Key assumptions
WACC (project)—
Cost of equity—
Terminal salvage—
Exit year—
Last asset retires—

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Indicative returns analysis. Cash flows beyond the 2041 model horizon are projected to each asset's end-of-life on the stated assumptions; figures are sensitive to the discount rate and terminal treatment. Fictional demonstration portfolio — not investment advice.