A financial modelling solution for renewable energy projects

The project

The team at Exceedence recognised there was huge inconsistency with the financial models on the market and there was a need for standardisation. They identified the need for consistent, reliable financial models to help de-risk renewable energy projects and accelerate their route to market. This was the genesis for their cloud-based software, EXFIN.

EXFIN helps to financially model very complex projects in wind, wave, and tidal energy.

Launched in early 2023, following a significant development phase, the team overcame several challenges including:

• Resource shortages both in terms of people and funding
• Sector development – delays in policy changes meant the market wasn’t ready for the product
• Software development can be a complicated industry and the team had to constantly innovate

Exceedence worked with over 40 leading technology and energy developers to get an in-depth understanding of their workflows and identify the pain points. All this engagement is incorporated in EXFIN, a best fit solution for renewable energy financial modelling.

Results

EXFIN can manage extremely complicated projects where you're looking at integrated energies that could be wave with offshore or wind with floating solar. The software has been designed with plenty of scope in mind.

It enables teams to collaborate in real time and gain actionable insights about renewable energy project. It optimises tasks through Levelised Cost of Energy (LCOE), bid prices, and margins, and allows analysis of unlimited project scenarios.

The product is already being used in several national and EU projects, which is testament to it success, according to Georgina Foley, CCO, Exceedence.

“It all comes down to cost and that's what we're trying to do both technically and financially. We want to optimise these projects, make sure the best ones get built and make sure that we can deliver way more renewable projects than we're currently doing,” says Raymond Alcorn, CEO, Exceedence.

What’s next?

Exceedence’s plans for 2023-2024 included crowd funding to:

1. increase marketing, sales, and customer services

2. undertake pilot projects in new sectors (solar)

3. work on integrations with other software solutions across ORE

“We need to do more, we need to do it faster and we need to do it better,” says Georgina. “Climate change isn’t waiting for anyone.”