What a DSCR tells you, and what it hides

DSCR says whether this year's cash covers this year's debt. It does not say whether the contract, the volume, or the reserve will be there next year.

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A larger debt quantum can make equity returns look healthier while making the project easier to break. Read the sculpting, not the headline leverage.

A concession is a right to operate for a term, with obligations that can hand the asset back. Read the handback and the penalties first.

Nameplate is what the plant was designed to be. Availability is what it is when you need the revenue. Underwrite the second.

Storage is a spread and a degradation curve, not a power plant with a fixed output. Underwrite the revenue stack one contract at a time.

A lease, an option, and a title do not authorize construction. Land control and permission are separate underwritings.

De-risked should mean a named permit, a named buyer, and a named contractor. It should not mean a narrative.