“In the xFigure team we met true partners who stood firmly behind us and together we went through the long process of attracting an investor to support the growth of euShipments.com. The team worked hard, dedicated and we were able to make important strategic decisions as well as raise EUR 7.5 million from investment funds in the country.”

Project FLASH
When the client, a production company with export activity, inquired about our services, only the land plot for the 20 MWP solar project has been secured.
We immediately liked the project and the plan for the solar plant to supply the nearby energy-intensive manufacturing plant with part of the generated electricity.
Thus, the factory would be able to drastically reduce its emissions, energy costs, and retain employees in a geographical area with a high level of unemployment and limited opportunities. The project also used an industrial zone, which would otherwise be difficult and economically non -viable to repurpose.
As a financial advisor with experience in the renewable energy sector, the role of xFigure is to prepare and structure RES projects in a way that meets the requirements of investors and financing institutions. In addition to providing capital, we are able to increase the overall return on investment. Here’s what we achieved for the owners of the FLASH.

Analysis and preparation
Our first meeting with the management of the company continued for more than 4 hours where we discussed the stage of project development, schedule of implementation, next steps, key moments and partners.
We started off with analysis and developed a preliminary financial model. Speaking of financial models, xFigure is able to draw upon an extensive library of insights and lessons learned from our numerous recent projects. Thus, even at the preliminary stage and in the absence of detailed information, we can provide adequate input and benchmarks on key assumptions like capital expenditures, solar yield, operating expenses, market price curves and debt structure. In this way, we achieve forecasts close to actual results.
Our financial model turned into an instrument for investment decisions. From the very beginning our client was able to see the effect of key decisions (capital structure, terms for delivery of equipment, prices and construction terms, electricity sales strategy, operation and maintenance of the plant) on the expected overall returns.
“We have already decided to enter into the RES sector and invest in a solar power plant. Thanks to the work with xFigure team, we realized which decisions are key and have major impact on the project, what return to expect and how to secure it.”

Stage 1:
Analysis and preparation
Our first meeting with the management of the company continued for more than 4 hours where we discussed the stage of project development, schedule of implementation, next steps, key moments and partners.
We started off with analysis and developed a preliminary financial model. Speaking of financial models, xFigure is able to draw upon an extensive library of insights and lessons learned from our numerous recent projects. Thus, even at the preliminary stage and in the absence of detailed information, we can provide adequate input and benchmarks on key assumptions like capital expenditures, solar yield, operating expenses, market price curves and debt structure. In this way, we achieve forecasts close to actual results.
Our financial model turned into an instrument for investment decisions. From the very beginning our client was able to see the effect of key decisions (capital structure, terms for delivery of equipment, prices and construction terms, electricity sales strategy, operation and maintenance of the plant) on the expected overall returns.
“We have already decided to enter into the RES sector and invest in a solar power plant. Thanks to the work with xFigure team, we realized which decisions are key and have major impact on the project, what return to expect and how to secure it.”

Critical decisions
Getting into the investment in detail, we noticed that the payment schedules and deadlines could be significantly improved. Payments with project partners preceded access to funding due to neglected commitment to obtain licensing for the produced electricity.
At this point, the role of xFigureFinance was to propose solutions for dealing with the issue and secure capital as quickly as possible, so as not to jeopardize the realization of the project. Knowing the strategy and goals of our client and choosing between multiple financing options, mezzanine, green bonds, we proposed a limited recourse project financing structure.
We presented the final version of our financial model to several financial institutions. After reviewing their initial proposals, we narrowed down our choice to two lenders and after several iterations, we were able to reach a conclusive offer with the preferred one.
The tipping point occurred at the loan approval, when the lender set as a condition for loan utilization the approval for electricity production license issued by the State Energy and Water Commission (SEWC). As we have worked on the project from the very beginning and already had a detailed financial model, we were able to react quickly and prepare the necessary information for the licensing request in days.



Stage 2:
Critical decisions
Getting into the investment in detail, we noticed that the payment schedules and deadlines could be significantly improved. Payments with project partners preceded access to funding due to neglected commitment to obtain licensing for the produced electricity.
At this point, the role of xFigureFinance was to propose solutions for dealing with the issue and secure capital as quickly as possible, so as not to jeopardize the realization of the project. Knowing the strategy and goals of our client and choosing between multiple financing options, mezzanine, green bonds, we proposed a limited recourse project financing structure.
We presented the final version of our financial model to several financial institutions. After reviewing their initial proposals, we narrowed down our choice to two lenders and after several iterations, we were able to reach a conclusive offer with the preferred one.
The tipping point occurred at the loan approval, when the lender set as a condition for loan utilization the approval for electricity production license issued by the State Energy and Water Commission (SEWC). As we have worked on the project from the very beginning and already had a detailed financial model, we were able to react quickly and prepare the necessary information for the licensing request in days.
Structuring RES projects in a way to attract investors or project financing, apart from deep expertise in the sector, requires the ability to lead and close complex transactions, thorough knowledge of bank requirements and regular presence on the lending market.


What we have achieved
We successfully secured limited recourse bank financing, partial utilization of the loan before construction permit to be able to prepay the equipment at favorable prices, approval for full distribution of dividends after annual review on the loan facility.
The results for our client beyond complex financial documentation show:
- the importance of having the necessary funding on time so that the realization of the project is not jeopardized;
- a repayment plan based only on the cash flows of the project and no need to subsidize the investment apart from the initial equity contribution;
- possibility to receive dividends even during the first years of operation of the plant.
The combination of optimal terms and capital structure provides double-digit return on investment.


We successfully secured limited recourse bank financing, partial utilization of the loan before construction permit to be able to prepay the equipment at favorable prices, approval for full distribution of dividends after annual review on the loan facility.
The results for our client beyond complex financial documentation show:
- the importance of having the necessary funding on time so that the realization of the project is not jeopardized;
- a repayment plan based only on the cash flows of the project and no need to subsidize the investment apart from the initial equity contribution;
- possibility to receive dividends even during the first years of operation of the plant.
The combination of optimal terms and capital structure provides double-digit return on investment.
Our shared successes
“xFigure helped me to make a decision whether to develop a large photovoltaic project and how to approach it. Even at the Idea stage, I was able to answer key questions related to the productivity and return of the project on the local market. The team’s knowledge of financing opportunities and conditions and the preparation of information for banks and investors was extremely useful.”
Bozhidar Draganov
BODD Solar
“We are extremely happy to have another member join APSTE – Association for Production, Storage and Trading of Electricity – xFigureFinance!
We believe that with your expertise and experience we will be able to work towards best practices in financial structuring and modelling of renewable energy investments.”
Mariyana Yaneva
APSTE
“xFigure performed a complete analysis of the company and the industry in which our business is conducted, arriving at a valuation that was key to a subsequent completed transaction with DHH for the purchase of a 60% interest in the company. The outstanding commitment and results presented were highly appreciated by DHH, as a result of which Ms. Chopeva was invited to join the Board of Directors for a long-term partnership.”
Svetoslav Hristov
Evolink SA
“We turned to xFigureFinance to develop a model for analysis of the cashflows and profits of our business. This allowed us to identify and expand the most profitable activities very clearly, as well as to optimize expenses that do not bring the desired result. This project has become a long-term partnership and we have been working with the team for two years now. xFigureFinance are able to listen, analyze and ask the right questions and are invaluable partner in our business and in validation of our new investments.”
Boris Sekulski
Endeavour Constructions
“Working with xFigure helped us make a strategically important investment decision. The analysis of the team showed us clearly what the key risks are and how to structure the deal. Our partnership with xFigure is valuable for us because they build on our expectations and give us confidence with a multispectral view of each project.”
Todor Dimitrov
Sofiiska banica
Other projects