The paper presents preliminary outcomes of financial risk analysis for planned construction of a lignite mine and a power station near Legnica. Based on quality and quantitative data from the deposit exploration and parameters of the planned mine and the power station from the Foresight project the model of their operation has been built in the Excel spreadsheet. It has been used to generate cash flows in following years of operation of this system. Uncertain parameters (quality, cost and price) were treated as random variables with selected probability distributions and the @Risk program was used for generating many variants of the project development by application of Monte Carlo simulations. The results show the financial risk, which can be measured as the probability of losses. This risk increases together with the increase of variability of cash flows although the expected NPV value remains constant. The important outcome from the analysis is the substantial reduction of risk of losses when the investment is treated as joint operation instead of separate enterprises of building the mine and the power plant separately. The outcomes have only general character and can not be used for profitability evaluation of considered project due to the objective of the approach was presentation of the methodology of risk analysis based on cash flows variability but not the precise prognosis.