Stage 3 (2021) “FMWC Classics”

Professional Excel Templates for your Business

Stage 3 (2021) "FMWC Classics"

This is an actual case from the Financial Modeling World Cup 2021, Stage 3 (Mar 26-29) competition. This case provides you with the company’s financials. Using the given data and assumptions, you will have to build a 3-way financial statement forecast and perform a company valuation.

Case description:

The objectives in this case are creating a 3-statement financial model for Story Trading, Plc to construct a wind power plant in Storeland, after determining the optimal technological solution for the project. Finally, you are required to determine the Equity IRR and required equity funding under each scenario.

You have to create a 27-year monthly model (2 years of construction + 25 years of operations) with a dynamic structure, for both scenarios, with and without storage. Also, you have to find the daily energy generation (in MWh) and revenue (in $) by calculating the hourly generation of energy (in MWh).

The downloadable file consists of the following:
-Task: Excel file with given case assumptions; PDF file with Case Materials; PDF file with Questions
-Solution: 2 Excel files with full Solution Models for different scenarios; PDF file with correct Answers in Bold

This model awarded 600 points, while the whole 2h Stage allowed to earn 1,000 points in total.

For your questions/suggestions/consideration please reach out to the Organizing Committee of the Financial Modeling World Cup at
You can also buy tickets to participate in the future FMWC Stages at


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