Cloud Infrastructure Model

The model's operating results are driven by capacity ramp, occupancy, and pricing. Phase 1 (10 MW) begins operation in Year 2, while Phase 2 comes online in Year 5 after construction in Years 3–4.

• Occupancy ramps separately for each phase, and billed capacity equals online capacity multiplied by occupancy. Revenue comes from space rent (billed kW times a blended rent per kW per month), power pass-through (billed kW times hours, PUE, electricity rate, and a markup), cross-connects (billed kW divided by kW per cross-connect times a monthly fee), and non-recurring charges on new leases.
• Costs include power as a direct COGS line, facility opex per MW, property tax and insurance, and SG&A as a percentage of revenue. PUE and power rates escalate annually.

The model calculates cash available for debt service (CFADS) as EBITDA minus tax payable minus maintenance capex. Debt is sculpted to a target DSCR: the debt service ceiling is CFADS divided by the target DSCR.

• Debt is drawn in tranches aligned with construction spending, and interest during construction is capitalised onto the loan balance. A debt service reserve account (DSRA) is funded from equity and provides a forward-looking buffer.
• The waterfall then allocates CFADS to debt service, DSRA transfers, and distributions. Equity cash flows for IRR include equity injections during construction and, in the terminal year, distributions plus exit equity value.

The exit value is computed as Year 7 EBITDA times an exit multiple, less outstanding debt, and it flows into the IRR stream.

The model produces project IRR, equity IRR, equity multiple, and exit valuation. It also reports DSCR by year, EBITDA margin, and balance sheet balances.

• A checks sheet validates that the balance sheet balances, cash remains non-negative, DSCR meets the minimum covenant, EBITDA margin stays within bounds, and that exit value is included in the terminal cash flow. These checks help ensure the model's integrity and that the returns are not overstated.
• The outputs are driven by the assumptions and operating drivers, so users can trace how changes in occupancy, rent, or costs affect returns.

This template is useful for understanding the financial mechanics of a phased data centre project and for testing how changes in key assumptions affect returns. It is not a live model—the public download is a values-only preview, so formulas do not recalculate automatically.

• Users can review the structure and logic, but must rebuild or obtain the full model to perform their own analysis. The model focuses on wholesale/colocation data centres with project finance debt, a seven-year hold, and an exit.
• It does not cover other infrastructure types or financing structures. Assumptions shown are illustrative and should be replaced with case-specific data.