"5 MWac projects are guaranteed connection to the grid and the grid will purchase the project's full electricity output (ie. no curtailment)"
I think you need to check your facts here as this is certainly not what we have experienced, read your connection contract in detail.
If you decide to put your 5MW solar system in crowded transmission line space your curtailment will make the project unviable.
Without a PPA agreement in place you have to trade at merchant rates, these vary greatly as do the project returns. The benefit of starting out on a merchant basis is that if you haven't secured a PPA for your proposed farm, it may be easier get one if you have one up and running.
I'd be very surprised if debt funding to even 50% would be attractive to a lender to an organisation with a weak balance sheet trading on a merchant basis.
Might be worthwhile going through some of NEW Energy's reports.
All in my opinion, you need to do some more research.
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