BESS feasibility
How to read early-stage solar + storage project logic before committing to EPC or financing work.
Project notes
Thinking on industrial solar + BESS project intelligence
Three long-form notes on the questions that decide early-stage industrial solar + BESS projects — revenue structure, financing logic, EaaS contract design, and the practical realities of weak-grid and diesel-exposed sites.
What these are
These are analytical notes on project logic, not formal research publications or investment advice. They are intended to help developers, site owners and investors think more clearly about early-stage project decisions.
Published notes
Three notes, one connected thread
How an industrial solar + BESS idea becomes — or fails to become — a financeable project. Each note covers a distinct part of that question.
EaaS · bankability · project finance
Revenue, bankability, and why early BESS projects fail the lender test
Customer savings are not bankable revenue. The S1/S2/S3 framework, why carbon value must not be double-counted, and what “financing structure requires optimisation” actually means.
Read note → BESS feasibility · EaaS · project financeThe five questions that decide early-stage industrial BESS projects
Why IRR is not the first question, how value must flow from customer to lender without breaking, and what makes an EaaS contract bankable rather than just commercially attractive.
Read note → Weak-grid mining · diesel displacement · industryWeak-grid mines, diesel displacement, and the industrial energy transition
Why diesel is reliability infrastructure, not just fuel — and why industrial decarbonisation storage is a fundamentally different market from residential, C&I or utility-scale BESS.
Read note →Themes
What these notes keep coming back to
EaaS and contract revenue
How customer savings become — or fail to become — stable, bankable SPV revenue.
Project finance logic
DSCR, debt sizing, cash flow coverage and the structural reasons projects fail the lender test.
Carbon value
Why it should be visible to the customer but not double-counted as project company revenue.
Weak-grid and diesel sites
The practical realities of mining and industrial sites where diesel is backup, peak support and reliability insurance.
Early decision-making
Why the goal of early screening is a clearer decision — proceed, optimise, redesign or stop — not a precise forecast.
Apply the thinking
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