Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA RD Instruction 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. More than 4,000 studies since 1998 covering $40.2 billion in evaluated project value.
Infrastructure-class projects — data centers, solar and storage, telecom assets, utility-adjacent facilities — are underwritten on contracted revenue and counterparty credit rather than market absorption. The feasibility study evaluates the revenue contract or interconnection position, the capacity and demand fundamentals behind it, capital and operating cost benchmarks against the technology class, and the residual risk where merchant exposure remains. For renewable energy under USDA REAP, the analysis additionally documents the energy production basis, incentive stack, and payback arithmetic the program requires.
The methodology draws on interconnection queue and utility data, NREL and EIA production and cost benchmarks for energy assets, market capacity studies for data and telecom infrastructure, and engineering inputs supplied by the project team — independently tested rather than accepted. Financial models carry contracted and merchant cases separately, with coverage tested under the program standard.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10, and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP, and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. The firm prepares REAP-compliant studies under USDA RD Instruction 5001, B&I studies for rural energy and infrastructure, and conventional lender studies for data center and telecom assets; green-field carbon and biofuel projects are evaluated under the same evidentiary discipline.
Representative work includes a $52,688,000 green carbon project evaluation and renewable-energy feasibility within the firm's USDA program practice. Independence is non-negotiable: determinations follow the evidence and are not revised under pressure, and studies are built to pass lender, agency, and third-party review without exception items.
Qualify a project. Tell us about the project and the program. We will tell you the truth about it — scope, timeline, and fee confirmed before work begins.
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