# The Infrastructure Asset Manager: companion files

Julian R. Sterling

## What is here

- **Infrastructure_Asset_Manager_Model.xlsx**: the workbook that rebuilds the Aldmere case and reproduces the figures of the book with live formulas. Sheets: Read Me, Inputs, Water, Solar, Schools, Holdco and Returns, Checks.
- **Infrastructure_Asset_Manager_Toolkit.docx**: the checklists and templates of Appendix B (day one, 100-day plan, board pack, monthly pack, covenant calendar, LP report, exit readiness), in editable form.

## Which sheet answers which chapter

- Chapter 3: Holdco and Returns, entry block (enterprise value, debt, equity invested)
- Chapters 7 and 9: Schools (unitary charge, deductions, debt service, DSCR) and Solar (output, PPA revenue, outage, insurance)
- Chapters 8 and 10: Water (RAB roll-forward, allowed revenue, opex sharing, budget versus actual 2025)
- Chapter 11: Solar (DSCR, lock-up and release) and Holdco and Returns (holding company interest cover)
- Chapter 12: Holdco and Returns (refinancing, recapitalization, cash to Fund III)
- Chapters 13 and 15: Holdco and Returns (NAV convention, exit, multiple and IRR)

## Two inputs to change first

1. On Inputs, set the output lost in the outage year to 10 percent: watch the 2026 DSCR on the Solar sheet and the holding company interest cover.
2. On Inputs, change the exit premium on RAB: the exit value, the multiple and the IRR move with it. Reset the inputs afterwards: the Checks sheet compares the workbook with the figures printed in the book.

Blue type on a light blue background is an input, black type a formula. No macro, no circular reference, no external link. The Checks sheet should read ALL CHECKS OK on the default inputs.

Ferrand Capital, its funds, Aldmere Infrastructure and its businesses are fictional; the water regulation is a teaching simplification; all case figures are illustrative assumptions, not market data or forecasts. Provided as is, without warranty. Not investment, legal, tax or accounting advice.