Project ID JZ-SOL-042 · Version v1.2 · Generated 2026-06-03 · NDA Status: Pre-NDA
本報告由 Joule 從 Project Workspace、PVSYST、Revenue Model、Document Readiness、Equipment Validation、Risk Matrix 與 Missing Evidence 整理而成。每一個亮點、假設、風險與缺件都保留來源、版本與信心等級；最終工程、法律、財務與投資判斷仍由各自專業團隊完成
本提案報告（Investment Review Package）基於開發方上傳的官方 PVSYST 報告生成；快速預估可另用 PVGIS 模擬
Pre-installation empty rooftop status · PV blocks are proposed design areas, not installed modules.
| Design item | Value | Review point |
|---|---|---|
| DC capacity | 4.20 MWp | Matches Investment Snapshot and PVSYST boundary |
| AC capacity | 3.60 MWac | DC / AC ratio 1.17× for C&I rooftop profile |
| Interconnection | 22 kV | Final approval remains a DD condition |
| Transformer | 2 × 2,000 kVA | To be checked against single-line diagram and utility letter |
Source available: roof survey, preliminary layout, module datasheet, inverter datasheet, PVSYST design boundary. This page separates current roof status from proposed PV configuration.
A 4.2 MWp rooftop C&I portfolio with corporate PPA offtake and CPI-linked tariff.
穩定的 C&I 自發自用 + 餘電躉售結構，搭配 CPI 連動電價，提供可預期的長期現金流；主要報酬風險集中於併網時程與購電方信用，兩者皆可在 NDA 後盡調中關閉
| Metric | Value | Basis |
|---|---|---|
| Capacity | 4.2 MWp | Equipment layout |
| Expected annual generation | 6.1 GWh | Official PVSYST |
| CAPEX | US$ 3.9 M | EPC quote v2 |
| Equity IRR (P50) | 12.7% | Revenue Model v3 |
| Payback | 6.95 yr | Model |
| LCOE | $0.062 / kWh | Model |
| Min DSCR | 1.45× | Debt sizing |
| Target COD | 2026-09-15 | EPC schedule |
| Assumption | Value | Source | Confidence |
|---|---|---|---|
| Expected generation | 6.1 GWh/yr | Official PVSYST | High |
| Yield assumption | 1,450 kWh/kWp | Revenue Model v3 | Medium |
| Tariff logic | PPA + CPI cap | PPA draft v2 | Medium |
| Availability | 99.0% | Developer input | Needs review |
| Degradation | 0.45% / yr | Model assumption | Needs review |
| O&M | 1.2% of CAPEX | O&M plan | High |
| Currency | USD | Financial Model | High |
Assumptions requiring confirmation: degradation basis, availability evidence, tariff adjustment mechanics. 完整投資敏感度分析見下一頁
Equity IRR across tariff and generation; key driver swings, DSCR and breakeven.
| Tariff \ Generation | −10% | Base | +10% |
|---|---|---|---|
| −10% | 8.1% | 9.8% | 11.4% |
| Base | 10.3% | 12.7% | 15.0% |
| +10% | 12.6% | 15.4% | 18.0% |
| Driver | Downside | Base | Upside | Swing |
|---|---|---|---|---|
| Tariff (±10%) | 9.8% | 12.7% | 15.4% | 5.6 pp |
| Generation (±10%) | 10.3% | 12.7% | 15.0% | 4.7 pp |
| CAPEX (±10%) | 14.6% | 12.7% | 11.1% | 3.5 pp |
| O&M (±10%) | 13.1% | 12.7% | 12.3% | 0.8 pp |
| Degradation (±0.2%/yr) | 13.0% | 12.7% | 12.4% | 0.6 pp |
數值依模型版本與盡調結果更新，敏感度分析用來呈現收益假設變動對投資判斷的影響
| Risk area | Level | Evidence on file | Missing | Suggested follow-up |
|---|---|---|---|---|
| Grid & interconnection | Medium | Initial schedule | Final approval | Confirm grid timeline vs COD |
| Roof lease | Medium | Draft lease | Term alignment | Match term to PPA tenor |
| Offtaker credit | Medium | Company profile | Payment history | Request records after NDA |
| EPC & equipment | Low | Datasheets, quote v2 | Fire / lightning docs | Upload certificates |
| Legal & permit | Low | Core docs | NDA-stage contracts | Open after NDA |
| Question | Owner | Status | Due |
|---|---|---|---|
| Roof lease term vs PPA tenor | Developer | Open | 2026-06-12 |
| Grid approval schedule | EPC | Pending | 2026-06-18 |
| Offtaker payment history | Developer | Missing | After NDA |
| Availability assumption basis | Advisor | Review | 2026-06-20 |
| Year | Revenue | O&M | Net CF | DSCR |
|---|---|---|---|---|
| Y1 | 612K | 47K | 418K | 1.45× |
| Y3 | 641K | 49K | 441K | 1.52× |
| Y5 | 671K | 51K | 465K | 1.60× |
| Y10 | 752K | 57K | 528K | 1.78× |
| Y15 | 843K | 64K | 598K | 2.01× |
| Pre-NDA (visible) | Post-NDA (unlocked) |
|---|---|
| Project type · capacity · region · key risks · readiness | Customer identity · exact address · contracts · financial model · original files |
Boundary — This package organises review evidence and a suggested review path. It is not investment advice. Final decision remains with the investing team.
JZ-SOL-042 · Fund-internal · v1.0 · Risk-first
| Area | Level | Concern | Mitigation path |
|---|---|---|---|
| Site / roof | Medium | Lease term vs PPA tenor | Confirm renewal clause |
| Grid | Medium | Approval timeline | Formal grid letter |
| Offtaker | Medium | Credit unverified | Payment history after NDA |
| EPC cost | Low | Quote validity | Confirm validity date |
| Equipment | Low | Safety docs | Certificates upload |
| Legal | Low | Contract pack | Open post-NDA |
| Question | Owner | Status |
|---|---|---|
| Roof lease term vs PPA tenor | Developer | Open |
| Grid approval schedule | EPC | Pending |
| Payment history evidence | Developer | Missing |
| Availability basis | Advisor | Review |
| Fire / lightning safety | EPC | Missing |
| Workstream | Status |
|---|---|
| Commercial / revenue | In progress |
| Technical / equipment | Awaiting documents |
| Legal / contracts | Not started |
Boundary — This report organises review evidence and a suggested review path. Final investment decision remains with the Fund. Internal notes and reject reasons are not shared with the developer.
Rooftop Solar PPA · Vietnam C&I · JZ-SOL-042 · For IC discussion
| Area | Level | Mitigation |
|---|---|---|
| Grid | Medium | Approval timeline confirmation |
| Offtaker | Medium | Payment history |
| EPC cost | Low | Quote valid |
| Legal | Low | Core docs in |
| Member | Vote | Note |
|---|---|---|
| Member A | Approve (cond.) | Conditions tracked |
| Member B | Abstain | Pending credit |
| Member C | Approve (cond.) | — |
Decision and conditions are logged with timestamp and owner. Final decision by the Investment Committee.
案件 JZ-SOL-042 · 目標客戶（最終購電方）███ Manufacturing Co. · 報告日期 2026-06-03
本報告由 Joule 根據使用者授權提供的資料與可合法查閱的公開紀錄，整理公司登記、法院公告、財報、招標、新聞、ESG 與裁罰紀錄等來源，並以來源可追溯方式形成初步 DD 摘要。每一項結論皆附來源、擷取時間、信心等級與人工確認狀態；最終法律、財務、信用與投資判斷仍由專業團隊完成。
這份 AI DD 報告協助縮短初步資料整理與風險掃描時間，讓專業團隊更快進入人工覆核與追問。
███ Manufacturing Co. 為案場主要購電方。整體信用與營運基礎穩健，但偵測到 3 項需人工確認的紅旗：一筆未結商業訴訟、近 12 個月應收帳款週轉走弱、以及一則勞動條件相關負面輿情。建議列為 Screening（可進一步追問），尚未達到融資方審查準備度。
| 面向 | 發現 | 嚴重度 | 建議追問 |
|---|---|---|---|
| Legal | 1 筆未結商業糾紛（合約爭議） | Medium | 取得和解/進度文件 |
| Financial | 應收帳款週轉天數上升 47 → 63 天 | Medium | 近 2 年完整財報 |
| Reputational | 1 則勞動條件負面新聞（已澄清） | Low | 確認後續處置 |
| Operational | 單一大客戶營收占比 38% | Medium | 客戶集中度說明 |
| 項目 | 狀態 | 說明 | 來源 | Conf. |
|---|---|---|---|---|
| 商業訴訟 | 1 open | 合約爭議，金額中等，審理中 | court.gov › | High |
| 行政裁罰 | None 24m | 近 24 個月無重大裁罰 | reg-db › | High |
| 工廠/用電許可 | Valid | 主要許可在效期內 | permit › | Medium |
| 智財/商標 | Clean | 無重大爭議 | ip-office › | Medium |
| 制裁/名單 | No hit | 未命中國際制裁名單 | sanctions › | High |
| 項目 | 觀察 | 風險 | 來源 |
|---|---|---|---|
| 客戶集中度 | 前一大客戶占營收 38% | Medium | annual › |
| 供應鏈 | 關鍵原料雙源供應 | Low | filings › |
| 產能利用率 | 近 4 季 78% → 84% | Low | industry › |
| 管理層異動 | 12 個月內 CFO 換任 1 次 | Medium | news › |
| 工安事件 | 無重大公開紀錄 | Low | labor › |
| 指標 | FY-2 | FY-1 | TTM | 趨勢 |
|---|---|---|---|---|
| 營收 (USD m) | 118 | 126 | 131 | ↑ |
| 毛利率 | 22.4% | 21.1% | 20.6% | ↓ |
| 淨負債/EBITDA | 2.1× | 2.4× | 2.6× | ↑ |
| 流動比 | 1.5× | 1.4× | 1.3× | ↓ |
| 應收週轉 (天) | 47 | 55 | 63 | ↑ |
財務數據彙整自公開財報與產業資料庫；非經查核之審計意見。
| 面向 | 近 12 個月 | 情緒 | 風險 | 來源 |
|---|---|---|---|---|
| 媒體輿情 | 正面 64% · 中性 28% · 負面 8% | Net positive | Low | news › |
| 勞動條件 | 1 則負面報導（已澄清） | Mixed | Low | labor › |
| 環保紀錄 | 無重大裁罰 | Clean | Low | env › |
| ESG 揭露 | 有年度永續報告 | Disclosed | Low | esg › |
| 來源類別 | 範例 | 筆數 | 最後擷取 | Conf. |
|---|---|---|---|---|
| 公司登記/申報 | 商業登記、年報、公開說明書 | 26 | 06-03 02:08 | High |
| 法院/裁判 | 判決書系統、執行紀錄 | 19 | 06-03 02:09 | High |
| 主管機關/裁罰 | 環保、勞動、稅務裁罰庫 | 21 | 06-03 02:10 | Medium |
| 財務/信用 | 財報、信用評等、產業基準 | 23 | 06-03 02:11 | Medium |
| 新聞/輿情 | 新聞索引、社群提及 | 34 | 06-03 02:12 | Medium |
| 制裁/名單 | 國際制裁、PEP 名單 | 11 | 06-03 02:13 | High |
| ESG/永續 | 永續報告、環境資料庫 | 8 | 06-03 02:14 | High |
每一筆結論都連回上述來源；信心等級反映來源權威性與交叉驗證程度。可一鍵展開原始連結與來源快照。
| 標籤 | 意義 | 本案 |
|---|---|---|
| 可進入融資方審查 | 風險可控，可進入融資方審查 | — |
| Screening | 可進一步追問，補件後再評估 | 本案 |
| Data Required | 關鍵資料不足，暫不評估 | — |
邊界 — 本報告彙整公開資訊作為盡職調查初篩，不構成投資建議；最終法律、財務與投資判斷由專業團隊負責。