Valuation & investment analysis
Developing financial models, business plans and valuations grounded in project fundamentals and market conditions. We assess returns, test key assumptions and identify the factors that drive value and risk.
Services
Financial advisory built around your investment objectives
At xFigure Finance, we provide independent financial advisory services to investors, developers, businesses and financial institutions across Bulgaria and Southeast Europe, with a particular focus on renewable energy and infrastructure.
Our expertise spans M&A advisory, project finance, commercial and contract structuring, and financial modelling and valuation. We support clients on individual assignments or throughout the entire transaction process, from initial investment assessment and financial structuring to negotiations, financing and closing.
M&A Advisory
Successful transactions in the energy and infrastructure sectors require deep industry insight and disciplined execution. We advise international funds, family offices and strategic investors on acquisitions of assets, companies and portfolios across wind, solar and BESS. We also support developers and asset owners on sell-side mandates.
Target identification & investor outreach
Identifying acquisition opportunities for investors and connecting developers and asset owners with suitable buyers. We prepare transaction materials and manage targeted, confidential outreach.
Due diligence coordination
Serving as a central hub to coordinate legal, technical, tax, and insurance workstreams. We manage data rooms efficiently.
Transaction structuring & negotiation
Leading negotiations on key deal terms. We optimise transaction structures to balance financial and operational risk allocations.
Our experience working with xFigure has been highly positive, marked by well-structured, focused reports that directly supported strategic investment decisions. Their work consistently brought valuable market insights that enhanced clarity and confidence in our decision-making.
Elena KalogeropoulouBusiness Development Manager, Optimus Energy
Project Finance
Securing financing for renewable energy and infrastructure projects requires a capital structure tailored to each project’s needs. Our advice combines senior debt, junior debt and mezzanine financing to optimise leverage, financial flexibility and equity returns. With established lender relationships and hands-on execution, we guide developers and asset owners from bankability assessment and lender outreach through negotiation, signing and drawdown.
Bespoke financial modelling
Fully audited, multi-scenario models built from the ground up - integrated debt sizing, cash sweep mechanisms and comprehensive stress-testing.
Debt arrangement & syndication
Direct engagement with commercial banks and institutional lenders, steering the process from initial term sheet to final credit committee approval.
Bankability & financing structure
Assessing project risks, revenue arrangements and debt capacity to shape a bankable financing structure aligned with project cash flows and the owner’s objectives.
Financing execution & coordination
Coordinating lenders and external advisors through due diligence and financing documentation. Supporting clients through signing, satisfaction of conditions precedent and drawdown.
I sincerely share that it is a real pleasure to work with the xFigure team, which consists of exceptionally competent experts who are responsible and committed to their work. The team’s efforts were clearly visible in ensuring that the financing of the project progressed quickly in all of its aspects.
Diana PetkovaExecutive Director, Long Man Holding
Contract Structuring
Bankable projects depend on well-structured contracts that balance commercial objectives with clear risk allocation. Our role spans the structuring and negotiation of construction, offtake, operations and financing agreements. Working alongside legal and technical advisors, we assess commercial terms and quantify their financial impact to support bankability and long-term project value.
EPC & construction contracts
Negotiation of turnkey EPC terms - scope, liquidated damages, performance guarantees and completion risk aligned to bankability standards.
Offtake & PPA agreements
Structuring of power purchase and offtake arrangements that secure predictable revenue and meet lender requirements on tenor, pricing and counterparty credit.
Finance & security documentation
Review of facility agreements and security packages that balance borrower flexibility with lender protection.
O&M & direct agreements
Alignment of operations, maintenance and direct agreements to safeguard availability, step-in rights and long-term asset value.
xFigure played a pivotal role in structuring and coordinating the PPA process, combining robust financial analysis with strong project leadership. Their strategic clarity and disciplined execution were instrumental to the successful completion of the transaction.
Spartak YovchevManaging Partner, CasePro
Financial Modelling & Valuation
Sound investment and financing decisions start with a model that reflects the project’s specifics. Our bespoke financial models bring together technical, commercial and financing assumptions to assess value, returns and debt capacity. Tailored to investors and lenders, they allow clients to compare structures, test scenarios and understand the risks and opportunities driving financial performance.
Standalone & co-located modelling
Integrated models for solar, wind, hydro, biomass, biogas and storage - standalone or co-located - capturing merchant revenue optimisation and regional grid-constraint risk.
Scenario & sensitivity testing
Flexible cash-flow scenarios across IRR, LCOE, LCOS and covenants - testing equipment specifications, operating modes (annual battery cycles) and debt sizing.
Bank-grade validation
Models audited and validated by leading banks and investment funds, built to the standards lenders and equity investors demand.
Assumptions & analysis pack
Every model is paired with a presentation setting out assumptions and analysing the project - tailored for banks, developers and investors.
xFigure helped us comprehensively assess the project’s investment potential and delivered the key insights needed to support well-informed decision-making regarding the market, project structure, and overall investment viability.
John TamaresisExecutive Director, Terna Energy