Utility solar fields
€55.8bn
Capital and P&L
€184.7 billion on the P&L. The loan is 9.9%.
Staged investment and the rollover alternative sit inside the 2027–2062 P&L. Do not raise the leverage.
Loan
€18.2bn
2% · 20 years · 5-year grace · draw 2027–31
Owner / partnership
€0.9bn
€300m / €600m. The rest is reinvested profit.
Loan / capital
9.9%
Hold near 10%. ECA and DFI by phase.
Where the capital sits
Manufacturing cluster
€34.7bn
Deferred inside the P&L
€90.0bn
Transport
€3.0bn
Sustainable community
€1.1bn
Works and roads
€0.12bn
Storage at full load
€149bn
167.6 GW hybrid · about €149bn, reviewed in FEED.
Sales and net, € billion
Year 5
€16.5bn
net €4.4bn
Year 10
€35.3bn
net €8.4bn
Year 17 peak
€61.1bn
net €6.7bn
Year 50
€53.8bn
net €10.5bn
Fifty-year distribution
€421bn · 17.7% of sales
Lifetime net
€421bn
Tax 20%
€112bn
Sustainability fund 5%
€28bn
Owner profit 30%
€126bn
Partnership profit 30%
€126bn
Retained 15%
€168bn
Return multiple 11.9× · revenue / capital 12.9×
What this is — and is not
An internally consistent P&L under the study rates. Base sales and capital totals stand.
FEED adds discounting, cost of capital, currency, ramp timing, and three green-steel premium cases.
Feasibility Study G and the P&L. September 2026. Planning figures. Payback is simple revenue payback, not a discounted cash flow. The 64→30 pound path is a model assumption, not a forecast.