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{"sheet":"Video Points","index":0,"n_rows":27,"n_cols":13,"rows_kept":27,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Stucturing Analysis"]
[]
[null,"Debt Structuring Model"]
[null," Basic Sculpting and Re-finance Sculpting"]
[null," Meaning of LLCR and PLCR using Cash Sweep"]
[null," Debt to Capital Constraint with Alternative Methods for Debt Repayment"]
[]
[null," Data Tables and Scenario analysis with goal seek and circular reference"]
[null,"  Presentation of Scenario analysis with LCOE and Candlestick Chart"]
[null,"  Real and Nominal Carrying Charge Rate"]
[]
[null,"Balloon Payment"]
[null,"  Structuring as two facilities",null,null,null,"DSCR=CFADS/(DS + Balloon DS)",null,null,"DS + Balloon DS = CFADS/DSCR",null,null,null,"DS Sculpting  = CFADS/DSCR - Ballon DS"]
[null,"  Percent and Circular Reference",null,null,null,"Balloon % of Sculpt = Ballon % of Total/(1-Sculpt %)"]
[null,"  Only include the interest expense in the analysis because the final ballon payment is after sculpt"]
[]
[]
[null,"  Cash Sweep and Reserve Account",null,null,null,"Model like defatult if no sweep"]
[null,"  Analysis of Importance and Carring Change Rate"]
[]
[null,"Funding Analysis"]
[null,"  Circular Reference easily resolved"]
[null,"  EBL and circular reference"]
[null,"  Analysis of EBL"]
[]
[null,"Circularity from LC Fees and Balloon Reserve"]

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[null,null,null,null,null,null,null,null,null,null,null,null,null,"Project IRR (Cap Exp)",{"$f":"'Scenario & Sensitivity'!$E$5","v":5.4223334176080273E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"DSCR - Min",{"$f":"'Scenario & Sensitivity'!E42","v":1.1000000000000001}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Balloon Percent",{"$f":"'Scenario & Sensitivity'!J2","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Sweep for Balloon",{"$f":"'Scenario & Sensitivity'!J3","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Years Before Sweep",{"$f":"'Scenario & Sensitivity'!J4","v":5}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Max Debt to Cap",{"$f":"'Scenario & Sensitivity'!$F$42","v":0.85}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Developer Fee",{"$f":"'Scenario & Sensitivity'!$K$40","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"LIBOR",{"$f":"'Scenario & Sensitivity'!$J$42","v":1.55E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Credit Spread"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Tenure (Years)",{"$f":"'Scenario & Sensitivity'!G42","v":18}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Constraint Method"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Structure Scenario"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"EBITDA Trend"]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Note: The constraint method refers the method of sculpting when the debt to cap"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"constraint is in place.  True means the sculpting continues at a lower level.  False"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"means that the same DSCR is used and the debt term becomes shorter."]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"DSCR Result",{"$f":"'Debt Structuring'!E218","v":1.1296092596124099}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt/Cap Resuult",{"$f":"1-'Debt Structuring'!F69","v":0.84999999999999987}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Equity IRR Result",{"$f":"'Debt Structuring'!G148","v":9.780892689963494E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt IRR Result",{"$f":"'Debt Structuring'!G198","v":3.2999999999998808E-2}]

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[]
["Period",null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,"Construction Switch",null,null,"Eq IRR",{"$f":"G148","v":9.780892689963494E-2},{"$f":"F8","v":1},{"$f":"H2<$G$3","v":true},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Operating Switch",null,null,null,{"$f":"COUNTIF(H4:AV4,TRUE)=G4","v":true},{"$f":"F9","v":25},{"$f":"AND(H2>=$G$3,H2<=$G$4)","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Assumptions"]
[null,"Timing "]
[null,null,"Construction Period",null,"Years",1]
[null,null,"Operating Period",null,"Years",25]
[]
[null,"Operating Assumptions"]
[null,null,"Capex",null,"USD m",1600]
[null,null,"Dev Fee & Others",null,"USD m",{"$f":"'Scenario & Sensitivity'!K42","v":0}]
[null,null,"Year",null,null,null,null,{"$f":"'Scenario & Sensitivity'!F78","v":0},{"$f":"'Scenario & Sensitivity'!G78","v":1},{"$f":"'Scenario & Sensitivity'!H78","v":2},{"$f":"'Scenario & Sensitivity'!I78","v":3},{"$f":"'Scenario & Sensitivity'!J78","v":4},{"$f":"'Scenario & Sensitivity'!K78","v":5},{"$f":"'Scenario & Sensitivity'!L78","v":6},{"$f":"'Scenario & Sensitivity'!M78","v":7},{"$f":"'Scenario & Sensitivity'!N78","v":8},{"$f":"'Scenario & Sensitivity'!O78","v":9},{"$f":"'Scenario & Sensitivity'!P78","v":10},{"$f":"'Scenario & Sensitivity'!Q78","v":11},{"$f":"'Scenario & Sensitivity'!R78","v":12},{"$f":"'Scenario & Sensitivity'!S78","v":12},{"$f":"'Scenario & Sensitivity'!T78","v":13},{"$f":"'Scenario & Sensitivity'!U78","v":14},{"$f":"'Scenario & Sensitivity'!V78","v":15},{"$f":"'Scenario & Sensitivity'!W78","v":16},{"$f":"'Scenario & Sensitivity'!X78","v":17},{"$f":"'Scenario & Sensitivity'!Y78","v":18},{"$f":"'Scenario & Sensitivity'!Z78","v":19},{"$f":"'Scenario & Sensitivity'!AA78","v":20},{"$f":"'Scenario & Sensitivity'!AB78","v":21},{"$f":"'Scenario & Sensitivity'!AC78","v":22},{"$f":"'Scenario & Sensitivity'!AD78","v":23},{"$f":"'Scenario & Sensitivity'!AE78","v":24},{"$f":"'Scenario & Sensitivity'!AF78","v":25},{"$f":"'Scenario & Sensitivity'!AG78","v":26},{"$f":"'Scenario & Sensitivity'!AH78","v":27},{"$f":"'Scenario & Sensitivity'!AI78","v":28},{"$f":"'Scenario & Sensitivity'!AJ78","v":29},{"$f":"'Scenario & Sensitivity'!AK78","v":30}]
[null,null,"EBITDA",null,"USD m",null,null,null,{"$f":"'Scenario & Sensitivity'!G84","v":80},{"$f":"'Scenario & Sensitivity'!J84","v":85},{"$f":"'Scenario & Sensitivity'!K84","v":90},{"$f":"'Scenario & Sensitivity'!L84","v":95},{"$f":"'Scenario & Sensitivity'!M84","v":100},{"$f":"'Scenario & Sensitivity'!N84","v":100},{"$f":"'Scenario & Sensitivity'!O84","v":100},{"$f":"'Scenario & Sensitivity'!P84","v":100},{"$f":"'Scenario & Sensitivity'!Q84","v":130},{"$f":"'Scenario & Sensitivity'!R84","v":130},{"$f":"'Scenario & Sensitivity'!S84","v":130},{"$f":"'Scenario & Sensitivity'!T84","v":130},{"$f":"'Scenario & Sensitivity'!U84","v":140},{"$f":"'Scenario & Sensitivity'!V84","v":140},{"$f":"'Scenario & Sensitivity'!W84","v":140},{"$f":"'Scenario & Sensitivity'!X84","v":140},{"$f":"'Scenario & Sensitivity'!Y84","v":140},{"$f":"'Scenario & Sensitivity'!Z84","v":150},{"$f":"'Scenario & Sensitivity'!AA84","v":150},{"$f":"'Scenario & Sensitivity'!AB84","v":150},{"$f":"'Scenario & Sensitivity'!AC84","v":150},{"$f":"'Scenario & Sensitivity'!AD84","v":150},{"$f":"'Scenario & Sensitivity'!AE84","v":150},{"$f":"'Scenario & Sensitivity'!AF84","v":150},{"$f":"'Scenario & Sensitivity'!AG84","v":150},{"$f":"'Scenario & Sensitivity'!AH84","v":150},{"$f":"'Scenario & Sensitivity'!AI84","v":150},{"$f":"'Scenario & Sensitivity'!AJ84","v":150},{"$f":"'Scenario & Sensitivity'!AK84","v":150},{"$f":"'Scenario & Sensitivity'!AL84","v":150},{"$f":"'Scenario & Sensitivity'!AM84","v":150}]
[]
[null,"Financing Assumptions"]
[null,null,"Debt Size"]
[null,null,null,"Debt to Capital - Max",null,{"$f":"'Scenario & Sensitivity'!F42","v":0.85}]
[null,null,null,"DSCR - Min",null,{"$f":"'Scenario & Sensitivity'!E42","v":1.1000000000000001}]
[]
[null,null,null,"Balloon Size",null,{"$f":"G22/100","v":0},0]
[null,null,null,"Sculpt Size",null,{"$f":"1-F22","v":1},null,null,"Equity IRR",null,{"$f":"G148","v":9.780892689963494E-2}]
[null,null,null,"Balloon Factor -- Percent of Sculpted NPV",null,{"$f":"F22/(1-F22)","v":0}]
[]
[null,null,null,"Sculpted Debt",{"$f":"F26/F28","v":1},{"$f":"G117","v":1359.9999999999998}]
[null,null,null,"Ballon Debt",{"$f":"F27/F28","v":0},{"$f":"IF(G186,G188,H30)","v":0}]
[null,null,null,"Total Debt",{"$f":"F28/F28","v":1},{"$f":"SUM(F26:F27)","v":1359.9999999999998}]
[]
[null,null,"Citcular Reference Results",null,null,null,null,{"$f":"Balloon(100:100,54:54,84:84,G164,F22)","v":0},1359.9999999999995,0,0]
[]
[null,null,"Repayment"]
[null,null,null,"Repayment Tenor","Years",{"$f":"'Scenario & Sensitivity'!G42","v":18},null,null,null,null,"Total Debt",null,"LLCR = PV CF/Debt"]
[null,null,null,"Balloon Tenor","Years",{"$f":"F33","v":18},null,null,null,null,"Total LLCR",null,"LLCR 1 = PV CF/(Debt + Balloon)"]
[]
[null,null,null,"Constrained Debt to Capital with DSCR Adjustment",null,false]
[null,null,null,"Debt to capital constraint with Tenor Adjustment",null,{"$f":"NOT(F36)","v":true}]
[]
[null,null,"Interest Rate"]
[null,null,null,"Fixed Margin Switch",true,{"$f":"G41-F41","v":1},{"$f":"H41-G41","v":4},{"$f":"I41-H41","v":5},10,{"$f":"F33-J41","v":-2},0]
[null,null,null,"Year",null,0,1,5,10,20]
[null,null,null,"SIBOR Rate",null,{"$f":"'Scenario & Sensitivity'!J42","v":1.55E-2},{"$f":"F42","v":1.55E-2},{"$f":"G42","v":1.55E-2},{"$f":"H42","v":1.55E-2},{"$f":"I42","v":1.55E-2}]
[null,null,null,"Applied Margin",{"$f":"E40","v":true},{"$f":"'Scenario & Sensitivity'!F72","v":1.7500000000000002E-2},{"$f":"'Scenario & Sensitivity'!G72","v":1.7500000000000002E-2},{"$f":"'Scenario & Sensitivity'!H72","v":1.7500000000000002E-2},{"$f":"'Scenario & Sensitivity'!I72","v":1.7500000000000002E-2},{"$f":"'Scenario & Sensitivity'!J72","v":1.7500000000000002E-2}]
[null,null,null,"Total",null,{"$f":"SUM(F42,F43)","v":3.3000000000000002E-2},{"$f":"SUM(G42,G43)","v":3.3000000000000002E-2},{"$f":"SUM(H42,H43)","v":3.3000000000000002E-2},{"$f":"SUM(I42,I43)","v":3.3000000000000002E-2},{"$f":"SUM(J42,J43)","v":3.3000000000000002E-2}]
[]
[null,null,null,"Weighted Average Margin",null,{"$f":"SUMPRODUCT(F43:J43,F40:J40)/F33","v":1.7500000000000002E-2}]
[]
[null,null,"Credit Enhancements"]
[null,null,null,"Cash Sweep",null,{"$f":"F33-F50","v":13}]
[null,null,null,"Sweep Before Ballon","Year",{"$f":"H50","v":5},null,5]
[null,null,null,"Sweep Percentage","%",{"$f":"H51/100","v":0},null,0]
[]
["Operating Cash Flows"]
[null,"CFADS",null,null,null,null,null,{"$f":"interpolate_look_up(H2,14:14,15:15)*H4","v":0},{"$f":"interpolate_look_up(I2,14:14,15:15)*I4","v":80},85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Capex",null,null,null,null,{"$f":"F12","v":1600},{"$f":"$G$55*H3","v":1600},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project Cash Flow",null,null,null,null,null,{"$f":"H54-H55","v":-1600},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project IRR",null,null,null,{"$f":"IRR(56:56)","v":5.4223334176080273E-2}]
[]
["Summary Sources and Uses"]
[null,"Sources and Uses "]
[null,null,"Uses of Funds"]
[null,null,null,"Capital Expenditure",{"$f":"F12","v":1600}]
[null,null,null,"Development Fee",{"$f":"F13","v":0}]
[null,null,null,"Total",{"$f":"SUM(E62:E63)","v":1600}]
[]
[null,null,"Sources"]
[null,null,null,"Ballon Debt",{"$f":"G83","v":0},{"$f":"E67/$E$64","v":0}]
[null,null,null,"Scuplted Debt",{"$f":"G117","v":1359.9999999999998},{"$f":"E68/$E$64","v":0.84999999999999987}]
[null,null,null,"Equity",{"$f":"E64-E67-E68","v":240.00000000000023},{"$f":"E69/E64","v":0.15000000000000013}]
[null,null,null,"Total",{"$f":"SUM(E67:E69)","v":1600}]
[]
[null,null,null,"Total Debt",{"$f":"E68+E69","v":1600},{"$f":"E72/E70","v":1}]
[null,null,null,"Debt to Capital Constraint",{"$f":"G186","v":true}]
[]
["Debt Schedule"]
[]
[null,"Balloon Switch",null,null,null,null,{"$f":"F34","v":18},{"$f":"$G$77=H2","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Sweep Switch",null,null,null,{"$f":"F49","v":13},{"$f":"G77","v":18},{"$f":"AND(H2>=$F$78,H2<=$G$78)","v":false},{"$f":"AND(I2>=$F$78,I2<=$G$78)","v":false},false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Balloon Tranche"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G83","v":0},{"$f":"H83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment (with Switch at Maturity)",null,null,null,null,{"$f":"(H81)*H77","v":0},{"$f":"(I81)*I77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"IFERROR(F27,0)","v":0},{"$f":"H81-H82","v":0},{"$f":"I81-I82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate on Balloon",null,null,null,null,{"$f":"H118","v":3.3000000000000002E-2},{"$f":"I118","v":3.3000000000000002E-2},3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2]
[null,null,"Interest Expense on Balloon Tranche",null,null,null,null,{"$f":"H81*H84*H100","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Balloon Reserve"]
[null,null,"Required Balance (Amount of Balloon)",null,null,null,{"$f":"G83","v":0},{"$f":"$G$88","v":0},{"$f":"$G$88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Accumlated Amount (Opening Balance)",null,null,null,null,{"$f":"H92","v":0},{"$f":"I92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Required Funding",null,null,null,null,{"$f":"H88-H89","v":0},{"$f":"I88-I89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G95","v":0},{"$f":"H95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Swept Cash (From Cash Flow with Test)",null,null,null,null,{"$f":"H138","v":0},{"$f":"I138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Released to Pay Balloon Pmt (Opening Balance)",null,null,null,null,{"$f":"(H92+H93)*H77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H92+H93-H94","v":0},{"$f":"I92+I93-I94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Income Rate"]
[null,null,"Interest Income "]
[]
[null,"Debt Sizing"]
[null,null,"Debt Repayment Switch",null,null,null,{"$f":"F33","v":18},{"$f":"AND(H4,H2<=$G$100)","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Post Repayment Switch",null,null,null,{"$f":"G100","v":18},{"$f":"H2>$G$101","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,null,"CFADS",null,null,null,null,{"$f":"H54","v":0},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Target Debt Service Ignoring Balloon",null,null,{"$f":"G184","v":1.1296092596124099},null,{"$f":"IF(H100,H103/$F$104)","v":false},{"$f":"IF(I100,I103/$F$104)","v":70.820949208091207},75.24725853359692,79.673567859102619,84.099877184608317,88.526186510114016,88.526186510114016,88.526186510114016,88.526186510114016,115.08404246314822,115.08404246314822,115.08404246314822,115.08404246314822,123.93666111415962,123.93666111415962,123.93666111415962,123.93666111415962,132.78927976517102,132.78927976517102,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Target Debt Service with Balloon Interest",null,null,{"$f":"F104","v":1.1296092596124099},null,{"$f":"(H103/$F$105-H85)*H100","v":0},{"$f":"(I103/$F$105-I85)*I100","v":70.820949208091207},{"$f":"(J103/$F$105-J85)*J100","v":75.24725853359692},79.673567859102619,84.099877184608317,88.526186510114016,88.526186510114016,88.526186510114016,88.526186510114016,115.08404246314822,115.08404246314822,115.08404246314822,115.08404246314822,123.93666111415962,123.93666111415962,123.93666111415962,123.93666111415962,132.78927976517102,132.78927976517102,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G107*(1+H118*H4)","v":1},1.0329999999999999,1.0670889999999997,1.1023029369999997,1.1386789339209995,1.1762553387403925,1.2150717649188254,1.2551691331611465,1.2965897145554643,1.3393771751357946,1.3835766219152756,1.4292346504384796,1.4763993939029494,1.5251205739017466,1.5754495528405041,1.6274393880842406,1.6811448878910205,1.7366226691914239,1.7939312172747408,1.853130947444807,1.9142842687104855,1.9774556495779314,2.0427116860140031,2.110121171652465,2.1797551703169962,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567,2.2516870909374567]
[null,null,"NPV of Debt Service Ignoring Balloon",null,null,null,{"$f":"SUMPRODUCT(H104:AV104/H107:AV107)","v":1359.9999999999998}]
[null,null,"NPV of Debt Service with Balloon Interest",null,null,null,{"$f":"SUMPRODUCT(H105:AV105/H107:AV107)","v":1359.9999999999998}]
[]
[null,"Debt Size from Max Debt to Capital",null,null,null,null,{"$f":"(F12+F13)*F19","v":1360}]
[null,"Debt to capital constraint with tenor adj",null,null,null,null,{"$f":"F37","v":true}]
[]
[null,"Sculpted Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H117","v":1359.9999999999998},1334.0590507919085,1302.8357409344446,1266.1557525261787,1223.8390151749343,1175.6995161655932,1125.9714136889438,1074.6022838305648,1021.5379726868595,940.16468332237764,856.10607540886792,769.27353343421237,679.57551757439319,578.06484854018856,473.20432742785516,364.88340911881477,252.98790050557602,128.54722145708899,1.9042545318370685E-12,1.9670949313876917E-12,2.0320090641234855E-12,2.0990653632395605E-12,2.168334520226466E-12,2.2398895593939394E-12,2.3138059148539394E-12,2.3901615100441194E-12,2.4690368398755754E-12,2.5505150555914694E-12,2.6346820524259881E-12,2.7216265601560456E-12,2.8114402366411952E-12,2.9042177644503548E-12,3.0000569506772165E-12,3.0990588300495645E-12,3.2013277714412E-12,3.3069715878987597E-12,3.4161016502994189E-12,3.5288330047592997E-12,3.6452844939163566E-12,3.7655788822155966E-12]
[null,null,"Less Repayments",null,null,null,null,{"$f":"H105-H119","v":0},{"$f":"I105-I119","v":25.940949208091212},31.223309857463938,36.679988408265942,42.31673735124442,48.139499009341186,49.72810247664944,51.369129858378869,53.064311143705375,81.373289364481849,84.058607913509761,86.832541974655584,89.698015859819208,101.51066903420464,104.8605211123334,108.32091830904039,111.89550861323873,124.44067904848701,128.54722145708709,-6.2840399550623269E-14,-6.4914132735793827E-14,-6.7056299116075023E-14,-6.92691569869055E-14,-7.1555039167473381E-14,-7.3916355459999999E-14,-7.6355595190180007E-14,-7.8875329831455938E-14,-8.1478215715893994E-14,-8.416699683451849E-14,-8.6944507730057607E-14,-8.9813676485149512E-14,-9.2777527809159452E-14,-9.5839186226861711E-14,-9.9001879372348144E-14,-1.0226894139163564E-13,-1.0564381645755961E-13,-1.0913006240065907E-13,-1.1273135445988083E-13,-1.1645148915705691E-13,-1.2029438829923978E-13,-1.2426410311311469E-13]
[null,null,"Closing Balance",null,null,null,{"$f":"IF(G186,G108,G109)","v":1359.9999999999998},{"$f":"G117","v":1359.9999999999998},{"$f":"I115-I116","v":1334.0590507919085},1302.8357409344446,1266.1557525261787,1223.8390151749343,1175.6995161655932,1125.9714136889438,1074.6022838305648,1021.5379726868595,940.16468332237764,856.10607540886792,769.27353343421237,679.57551757439319,578.06484854018856,473.20432742785516,364.88340911881477,252.98790050557602,128.54722145708899,1.9042545318370685E-12,1.9670949313876917E-12,2.0320090641234855E-12,2.0990653632395605E-12,2.168334520226466E-12,2.2398895593939394E-12,2.3138059148539394E-12,2.3901615100441194E-12,2.4690368398755754E-12,2.5505150555914694E-12,2.6346820524259881E-12,2.7216265601560456E-12,2.8114402366411952E-12,2.9042177644503548E-12,3.0000569506772165E-12,3.0990588300495645E-12,3.2013277714412E-12,3.3069715878987597E-12,3.4161016502994189E-12,3.5288330047592997E-12,3.6452844939163566E-12,3.7655788822155966E-12,3.8898429853287115E-12]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H2,41:41,44:44)","v":3.3000000000000002E-2},3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2,3.3000000000000002E-2]
[null,null,"Interest",null,null,null,null,null,{"$f":"I118*I115","v":44.879999999999995},44.023948676132981,42.993579450836677,41.783139833363897,40.38668750077283,38.798084033464576,37.157056651735147,35.461875366408641,33.710753098666366,31.025434549638465,28.251500488492642,25.386026603329011,22.425992079954977,19.076140001826225,15.615742805119222,12.041152500920887,8.3486007166840093,4.2420583080839371,6.2840399550623269E-14,6.4914132735793827E-14,6.7056299116075023E-14,6.92691569869055E-14,7.1555039167473381E-14,7.3916355459999999E-14,7.6355595190180007E-14,7.8875329831455938E-14,8.1478215715893994E-14,8.416699683451849E-14,8.6944507730057607E-14,8.9813676485149512E-14,9.2777527809159452E-14,9.5839186226861711E-14,9.9001879372348144E-14,1.0226894139163564E-13,1.0564381645755961E-13,1.0913006240065907E-13,1.1273135445988083E-13,1.1645148915705691E-13,1.2029438829923978E-13,1.2426410311311469E-13]
[]
[null,null,"Sum of Closing Balance After Repayment",null,null,null,{"$f":"ROUND(SUMIF(101:101,TRUE,117:117),3)=0","v":true}]
[]
[null,"Refinanced Balloon"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G127","v":0},{"$f":"H127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Refinancing",null,null,null,null,{"$f":"H143","v":0},{"$f":"I143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repaid from Sweep",null,null,null,null,{"$f":"H144","v":0},{"$f":"I144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H124+H125-H126","v":0},{"$f":"I124+I125-I126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest on Refinanced Balloon",null,null,null,null,{"$f":"H124*H118","v":0},{"$f":"I124*I118","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall",null,null,null,"Balloon",{"$f":"'Scenario & Sensitivity'!J2","v":0}]
[null,"CFADS",null,null,null,null,null,{"$f":"H54","v":0},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Interest Income"]
[null,"Less: Interest Expense on Sculpted Debt",null,null,null,null,null,{"$f":"H119","v":0},{"$f":"I119","v":44.879999999999995},44.023948676132981,42.993579450836677,41.783139833363897,40.38668750077283,38.798084033464576,37.157056651735147,35.461875366408641,33.710753098666366,31.025434549638465,28.251500488492642,25.386026603329011,22.425992079954977,19.076140001826225,15.615742805119222,12.041152500920887,8.3486007166840093,4.2420583080839371,6.2840399550623269E-14,6.4914132735793827E-14,6.7056299116075023E-14,6.92691569869055E-14,7.1555039167473381E-14,7.3916355459999999E-14,7.6355595190180007E-14,7.8875329831455938E-14,8.1478215715893994E-14,8.416699683451849E-14,8.6944507730057607E-14,8.9813676485149512E-14,9.2777527809159452E-14,9.5839186226861711E-14,9.9001879372348144E-14,1.0226894139163564E-13,1.0564381645755961E-13,1.0913006240065907E-13,1.1273135445988083E-13,1.1645148915705691E-13,1.2029438829923978E-13,1.2426410311311469E-13]
[null,"Less: Interest Expense on Balloon",null,null,null,null,null,{"$f":"H116","v":0},25.940949208091212,31.223309857463938,36.679988408265942,42.31673735124442,48.139499009341186,49.72810247664944,51.369129858378869,53.064311143705375,81.373289364481849,84.058607913509761,86.832541974655584,89.698015859819208,101.51066903420464,104.8605211123334,108.32091830904039,111.89550861323873,124.44067904848701,128.54722145708709,-6.2840399550623269E-14,-6.4914132735793827E-14,-6.7056299116075023E-14,-6.92691569869055E-14,-7.1555039167473381E-14,-7.3916355459999999E-14,-7.6355595190180007E-14,-7.8875329831455938E-14,-8.1478215715893994E-14,-8.416699683451849E-14,-8.6944507730057607E-14,-8.9813676485149512E-14,-9.2777527809159452E-14,-9.5839186226861711E-14,-9.9001879372348144E-14,-1.0226894139163564E-13,-1.0564381645755961E-13,-1.0913006240065907E-13,-1.1273135445988083E-13,-1.1645148915705691E-13,-1.2029438829923978E-13,-1.2426410311311469E-13]
[null,"Less: Interest on Refinanced Balloon",null,null,null,null,null,{"$f":"H128","v":0},{"$f":"I128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment Payment of Sculpted Debt",null,null,null,null,null,{"$f":"H85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow After Scheduled Debt Service",null,null,null,null,{"$f":"H131-H133-H134-H136-H135","v":0},{"$f":"I131-I133-I134-I136-I135","v":9.1790507919087929},9.75274146640308,10.326432140897381,10.900122815391683,11.473813489885984,11.473813489885984,11.473813489885984,11.473813489885991,14.915957536851778,14.915957536851778,14.915957536851778,14.915957536851778,16.06333888584038,16.06333888584038,16.06333888584038,16.06333888584038,17.210720234828969,17.210720234828983,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Cash Sweep",null,null,null,{"$f":"F51","v":0},null,{"$f":"MIN(MAX(H137,0)*$F$138*H78,H90)","v":0},{"$f":"MIN(MAX(I137,0)*$F$138*I78,I90)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Cash Released",null,null,null,null,null,{"$f":"H94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow After Sweep",null,null,null,null,{"$f":"H137-H138+H139","v":0},{"$f":"I137-I138+I139","v":9.1790507919087929},9.75274146640308,10.326432140897381,10.900122815391683,11.473813489885984,11.473813489885984,11.473813489885984,11.473813489885991,14.915957536851778,14.915957536851778,14.915957536851778,14.915957536851778,16.06333888584038,16.06333888584038,16.06333888584038,16.06333888584038,17.210720234828969,17.210720234828983,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Balloon Payment",null,null,null,null,null,{"$f":"H82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow After Balloon",null,null,null,null,{"$f":"H140-H141","v":0},{"$f":"I140-I141","v":9.1790507919087929},9.75274146640308,10.326432140897381,10.900122815391683,11.473813489885984,11.473813489885984,11.473813489885984,11.473813489885991,14.915957536851778,14.915957536851778,14.915957536851778,14.915957536851778,16.06333888584038,16.06333888584038,16.06333888584038,16.06333888584038,17.210720234828969,17.210720234828983,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Refinancing",null,null,null,null,null,{"$f":"MAX(-H142,0)","v":0},{"$f":"MAX(-I142,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Refinancing",null,null,null,null,null,{"$f":"MIN(H124,MAX(H142,0))","v":0},{"$f":"MIN(I124,MAX(I142,0))","v":0},{"$f":"MIN(J124,MAX(J142,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow to Equity - Dividends",null,null,null,null,{"$f":"H142+H143-H144","v":0},{"$f":"I142+I143-I144","v":9.1790507919087929},9.75274146640308,10.326432140897381,10.900122815391683,11.473813489885984,11.473813489885984,11.473813489885984,11.473813489885991,14.915957536851778,14.915957536851778,14.915957536851778,14.915957536851778,16.06333888584038,16.06333888584038,16.06333888584038,16.06333888584038,17.210720234828969,17.210720234828983,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity Cash Flows",null,null,null,null,null,{"$f":"H56+H83+H117","v":-240.00000000000023},{"$f":"I145","v":9.1790507919087929},{"$f":"J145","v":9.75274146640308},10.326432140897381,10.900122815391683,11.473813489885984,11.473813489885984,11.473813489885984,11.473813489885991,14.915957536851778,14.915957536851778,14.915957536851778,14.915957536851778,16.06333888584038,16.06333888584038,16.06333888584038,16.06333888584038,17.210720234828969,17.210720234828983,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Overall Equity IRR",null,null,null,{"$f":"IRR(H147:AV147)","v":9.780892689963494E-2}]
[null,null,"NPV using Target IRR",null,{"$f":"'Scenario & Sensitivity'!J7","v":0.08},null,{"$f":"NPV(E149,147:147)","v":67.790782374769663}]
[]
[]
[null,null,"Project Partners"]
[null,null,null,"Partner 1",0.51,null,null,{"$f":"(-F12+H117)*E153+H155","v":-122.40000000000012},{"$f":"I147*$E$153","v":4.6813159038734842},4.9738981478655706,5.266480391857665,5.5590626358497586,5.8516448798418521,5.8516448798418521,5.8516448798418521,5.8516448798418557,7.6071383437944071,7.6071383437944071,7.6071383437944071,7.6071383437944071,8.1923028317785942,8.1923028317785942,8.1923028317785942,8.1923028317785942,8.7774673197627742,8.7774673197627813,76.5,76.5,76.5,76.5,76.5,76.5,76.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Partner 2",{"$f":"1-E153","v":0.49},null,null,{"$f":"(-F12+H117)*E154-H155","v":-117.60000000000011},{"$f":"I147-I153","v":4.4977348880353087},4.7788433185375094,5.0599517490397163,5.3410601795419241,5.6221686100441319,5.6221686100441319,5.6221686100441319,5.6221686100441355,7.3088191930573707,7.3088191930573707,7.3088191930573707,7.3088191930573707,7.8710360540617863,7.8710360540617863,7.8710360540617863,7.8710360540617863,8.4332529150661948,8.4332529150662019,73.5,73.5,73.5,73.5,73.5,73.5,73.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Dev Fee",null,null,null,{"$f":"F13*E154","v":0}]
[]
[null,null,"IRRs"]
[null,null,null,"Partner 1",null,null,{"$f":"IRR(H153:AV153)","v":9.780892689963494E-2}]
[null,null,null,"Partner 2",null,null,{"$f":"IRR(H154:AV154)","v":9.780892689963494E-2}]
[]
[null,"LLCR"]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H54*H100","v":0},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H162:AV162/H107:AV107)","v":1536.2685930728774}]
[null,null,"LLCR",null,null,null,{"$f":"G163/G108","v":1.1296092596124101}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G164-1)/G164","v":0.11473813489886002}]
[]
[null,"PLCR"]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H54","v":0},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H168:AV168/H107:AV107)","v":2051.3755548062422}]
[null,null,"PLCR",null,null,null,{"$f":"G169/G117","v":1.508364378534002}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G170-1)/G170","v":0.33703022013028949}]
[]
[null,"LLCR with Maximum Debt to Capital constraint"]
[null,null,"PV of CFADS of Loan Life",null,null,null,{"$f":"G163","v":1536.2685930728774}]
[null,null,"Project Cost",null,null,null,{"$f":"F12+F13","v":1600}]
[null,null,"Debt to Capital constraint",null,null,null,{"$f":"G175*F19","v":1360},{"$f":"G176/G175","v":0.85}]
[null,null,"Debt from DSCR",null,null,null,{"$f":"G108","v":1359.9999999999998}]
[]
[null,null,"Constraint Applied:",null,null,null,{"$f":"IF(G164>F20,\"Debt to Capital Constraint Drives Debt\",\"DSCR Drives Debt\")","v":"Debt to Capital Constraint Drives Debt"}]
[]
[null,null,"Debt without Balloon",null,null,null,{"$f":"G176*(1-F22)","v":1360}]
[null,null,"LLCR with Max Debt to Capital constraint",null,null,null,{"$f":"G174/G181","v":1.1296092596124099}]
[null,null,{"$f":"D36","v":"Constrained Debt to Capital with DSCR Adjustment"},null,null,null,{"$f":"F36","v":false}]
[null,null,"DSCR applied",null,null,null,{"$f":"MAX(G182,F20)","v":1.1296092596124099}]
[]
[null,null,"Debt to Cap Constraint",null,null,null,{"$f":"G182>F20","v":true}]
[null,null,"Total Debt ",null,null,null,{"$f":"G176","v":1360}]
[null,null,"Balloon with Max Debt to Cap",null,null,null,{"$f":"G187*F22","v":0}]
[]
["IRR Calculation"]
[null,"Equity Cash Flow without Dev Fees",null,null,null,null,null,{"$f":"H147","v":-240.00000000000023},{"$f":"I147","v":9.1790507919087929},{"$f":"J147","v":9.75274146640308},{"$f":"K147","v":10.326432140897381},{"$f":"L147","v":10.900122815391683},{"$f":"M147","v":11.473813489885984},{"$f":"N147","v":11.473813489885984},{"$f":"O147","v":11.473813489885984},{"$f":"P147","v":11.473813489885991},{"$f":"Q147","v":14.915957536851778},{"$f":"R147","v":14.915957536851778},{"$f":"S147","v":14.915957536851778},{"$f":"T147","v":14.915957536851778},{"$f":"U147","v":16.06333888584038},{"$f":"V147","v":16.06333888584038},{"$f":"W147","v":16.06333888584038},{"$f":"X147","v":16.06333888584038},{"$f":"Y147","v":17.210720234828969},{"$f":"Z147","v":17.210720234828983},{"$f":"AA147","v":150},{"$f":"AB147","v":150},{"$f":"AC147","v":150},{"$f":"AD147","v":150},{"$f":"AE147","v":150},{"$f":"AF147","v":150},{"$f":"AG147","v":150},{"$f":"AH147","v":0},{"$f":"AI147","v":0},{"$f":"AJ147","v":0},{"$f":"AK147","v":0},{"$f":"AL147","v":0},{"$f":"AM147","v":0},{"$f":"AN147","v":0},{"$f":"AO147","v":0},{"$f":"AP147","v":0},{"$f":"AQ147","v":0},{"$f":"AR147","v":0},{"$f":"AS147","v":0},{"$f":"AT147","v":0},{"$f":"AU147","v":0},{"$f":"AV147","v":0}]
[null,"Equity IRR",null,null,null,null,{"$f":"IRR(H191:AV191)","v":9.780892689963494E-2}]
[]
[null,"Debt Cash Flow",null,null,null,null,null,{"$f":"H133+H134+H135+H136+H138-H139+H141","v":0},{"$f":"I133+I134+I135+I136+I138-I139+I141","v":70.820949208091207},{"$f":"J133+J134+J135+J136+J138-J139+J141","v":75.24725853359692},{"$f":"K133+K134+K135+K136+K138-K139+K141","v":79.673567859102619},{"$f":"L133+L134+L135+L136+L138-L139+L141","v":84.099877184608317},{"$f":"M133+M134+M135+M136+M138-M139+M141","v":88.526186510114016},{"$f":"N133+N134+N135+N136+N138-N139+N141","v":88.526186510114016},{"$f":"O133+O134+O135+O136+O138-O139+O141","v":88.526186510114016},{"$f":"P133+P134+P135+P136+P138-P139+P141","v":88.526186510114016},{"$f":"Q133+Q134+Q135+Q136+Q138-Q139+Q141","v":115.08404246314822},{"$f":"R133+R134+R135+R136+R138-R139+R141","v":115.08404246314822},{"$f":"S133+S134+S135+S136+S138-S139+S141","v":115.08404246314822},{"$f":"T133+T134+T135+T136+T138-T139+T141","v":115.08404246314822},{"$f":"U133+U134+U135+U136+U138-U139+U141","v":123.93666111415962},{"$f":"V133+V134+V135+V136+V138-V139+V141","v":123.93666111415962},{"$f":"W133+W134+W135+W136+W138-W139+W141","v":123.93666111415962},{"$f":"X133+X134+X135+X136+X138-X139+X141","v":123.93666111415962},{"$f":"Y133+Y134+Y135+Y136+Y138-Y139+Y141","v":132.78927976517102},{"$f":"Z133+Z134+Z135+Z136+Z138-Z139+Z141","v":132.78927976517102},{"$f":"AA133+AA134+AA135+AA136+AA138-AA139+AA141","v":0},{"$f":"AB133+AB134+AB135+AB136+AB138-AB139+AB141","v":0},{"$f":"AC133+AC134+AC135+AC136+AC138-AC139+AC141","v":0},{"$f":"AD133+AD134+AD135+AD136+AD138-AD139+AD141","v":0},{"$f":"AE133+AE134+AE135+AE136+AE138-AE139+AE141","v":0},{"$f":"AF133+AF134+AF135+AF136+AF138-AF139+AF141","v":0},{"$f":"AG133+AG134+AG135+AG136+AG138-AG139+AG141","v":0},{"$f":"AH133+AH134+AH135+AH136+AH138-AH139+AH141","v":0},{"$f":"AI133+AI134+AI135+AI136+AI138-AI139+AI141","v":0},{"$f":"AJ133+AJ134+AJ135+AJ136+AJ138-AJ139+AJ141","v":0},{"$f":"AK133+AK134+AK135+AK136+AK138-AK139+AK141","v":0},{"$f":"AL133+AL134+AL135+AL136+AL138-AL139+AL141","v":0},{"$f":"AM133+AM134+AM135+AM136+AM138-AM139+AM141","v":0},{"$f":"AN133+AN134+AN135+AN136+AN138-AN139+AN141","v":0},{"$f":"AO133+AO134+AO135+AO136+AO138-AO139+AO141","v":0},{"$f":"AP133+AP134+AP135+AP136+AP138-AP139+AP141","v":0},{"$f":"AQ133+AQ134+AQ135+AQ136+AQ138-AQ139+AQ141","v":0},{"$f":"AR133+AR134+AR135+AR136+AR138-AR139+AR141","v":0},{"$f":"AS133+AS134+AS135+AS136+AS138-AS139+AS141","v":0},{"$f":"AT133+AT134+AT135+AT136+AT138-AT139+AT141","v":0},{"$f":"AU133+AU134+AU135+AU136+AU138-AU139+AU141","v":0},{"$f":"AV133+AV134+AV135+AV136+AV138-AV139+AV141","v":0}]
[null,"Debt Issue",null,null,null,null,null,{"$f":"H83+H117","v":1359.9999999999998}]
[null,"Net Cash Flow",null,null,null,null,null,{"$f":"H194-H195","v":-1359.9999999999998},{"$f":"I194-I195","v":70.820949208091207},75.24725853359692,79.673567859102619,84.099877184608317,88.526186510114016,88.526186510114016,88.526186510114016,88.526186510114016,115.08404246314822,115.08404246314822,115.08404246314822,115.08404246314822,123.93666111415962,123.93666111415962,123.93666111415962,123.93666111415962,132.78927976517102,132.78927976517102,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Debt IRR",null,null,null,null,{"$f":"IRR(196:196)","v":3.2999999999998808E-2}]
[]
[null,"Average Debt Life"]
[null,null,"Debt Period Counter",null,null,null,null,{"$f":"G201+H100","v":0},{"$f":"H201+I100","v":1},{"$f":"I201+J100","v":2},{"$f":"J201+K100","v":3},{"$f":"K201+L100","v":4},{"$f":"L201+M100","v":5},{"$f":"M201+N100","v":6},{"$f":"N201+O100","v":7},{"$f":"O201+P100","v":8},{"$f":"P201+Q100","v":9},{"$f":"Q201+R100","v":10},{"$f":"R201+S100","v":11},{"$f":"S201+T100","v":12},{"$f":"T201+U100","v":13},{"$f":"U201+V100","v":14},{"$f":"V201+W100","v":15},{"$f":"W201+X100","v":16},{"$f":"X201+Y100","v":17},{"$f":"Y201+Z100","v":18},{"$f":"Z201+AA100","v":18},{"$f":"AA201+AB100","v":18},{"$f":"AB201+AC100","v":18},{"$f":"AC201+AD100","v":18},{"$f":"AD201+AE100","v":18},{"$f":"AE201+AF100","v":18},{"$f":"AF201+AG100","v":18},{"$f":"AG201+AH100","v":18},{"$f":"AH201+AI100","v":18},{"$f":"AI201+AJ100","v":18},{"$f":"AJ201+AK100","v":18},{"$f":"AK201+AL100","v":18},{"$f":"AL201+AM100","v":18},{"$f":"AM201+AN100","v":18},{"$f":"AN201+AO100","v":18},{"$f":"AO201+AP100","v":18},{"$f":"AP201+AQ100","v":18},{"$f":"AQ201+AR100","v":18},{"$f":"AR201+AS100","v":18},{"$f":"AS201+AT100","v":18},{"$f":"AT201+AU100","v":18},{"$f":"AU201+AV100","v":18}]
[]
[null,null,"Method 1 - Weighted Avg of Repayments",null,null,null,{"$f":"SUMPRODUCT(H201:AV201,H116:AV116)","v":15927.50826258873}]
[null,null,null,"Average Life",null,null,{"$f":"G203/G117","v":11.711403134256422}]
[]
[null,null,"Method 2 - Opening Balance Method",null,null,null,{"$f":"SUM(H115:AV115)","v":15927.508262588859}]
[null,null,null,"Average Life",null,null,{"$f":"G206/G117","v":11.711403134256516}]
[]
[]
[]
["GRAPHS"]
[null,null,null,null,null,null,null,{"$f":"IF(H4,H2,NA())","v":{"$error":"#N/A"}},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,"CFADS",null,null,null,{"$f":"H54","v":0},80,85,90,95,100,100,100,100,130,130,130,130,140,140,140,140,150,150,150,150,150,150,150,150,150,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Sculpted Debt Service",null,null,null,{"$f":"H104","v":false},{"$f":"I116+I119","v":70.820949208091207},75.24725853359692,79.673567859102619,84.099877184608317,88.526186510114016,88.526186510114016,88.526186510114016,88.526186510114016,115.08404246314822,115.08404246314822,115.08404246314822,115.08404246314822,123.93666111415962,123.93666111415962,123.93666111415962,123.93666111415962,132.78927976517102,132.78927976517102,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Cash to Sweep",null,null,null,{"$f":"H138","v":0},{"$f":"I138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest on Balloon",null,null,null,{"$f":"H85","v":0},{"$f":"I85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Sculpted DSCR",{"$f":"G184","v":1.1296092596124099},"Interest Rate",{"$f":"F44","v":3.3000000000000002E-2},"Debt to Capital",{"$f":"G117/(F12+F13)","v":0.84999999999999987}," \n","Equity IRR",{"$f":"G192","v":9.780892689963494E-2},"Dev Fees",{"$f":"F13","v":0},"Debt from DSCR"]
[null,null,null,null,null,null,null,null,null,"\n\n"]
[null,null,null,"NPV of Sculpted Debt Service",{"$f":"G117","v":1359.9999999999998},null,{"$f":"D220&TEXT(E220,\" #,###\")","v":"NPV of Sculpted Debt Service 1,360"},null,null,"\n"]
[]
[null,null,null,"Equity IRR",{"$f":"G148","v":9.780892689963494E-2},null,{"$f":"G179","v":"Debt to Capital Constraint Drives Debt"}]

{"sheet":"Scenario & Sensitivity","index":3,"n_rows":104,"n_cols":40,"rows_kept":104,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,"Scenario Number",28,null,null,null,"Balloon pct",{"$f":"'Debt Structuring'!F22","v":0},null,"Scenarios",{"$f":"COUNT(L13:L49)","v":28}]
[null,null,null,null,null,null,null,null,"Sweep %",{"$f":"'Debt Structuring'!F51","v":0},null,"Start Row",{"$f":"ROW(M13)","v":13}]
[null,null,null,"EBITDA Trend",3,null,null,null,"Years before Sweep",{"$f":"'Debt Structuring'!F50","v":5},null,"Start Col",{"$f":"COLUMN(M13)","v":13}]
[null,null,null,"Project IRR",{"$f":"'Debt Structuring'!$F$57","v":5.4223334176080273E-2},null,null,null,null,null,null,"Result Row",{"$f":"ROW(M48)","v":48}]
[null,null,null,null,null,null,null,null,"Conputed ROE",{"$f":"M48","v":9.780892689963494E-2}]
[null,null,null,"Inflation",0,null,null,null,"Target Equity IRR",{"$f":"L7/100","v":0.08},null,8]
[null,null,null,"Credit Spread",{"$f":"I42","v":"Fixed Margin"},null,null,null,"Difference",{"$f":"'Debt Structuring'!G149","v":67.790782374769663}]
[null,null,null,null,null,null,null,null,"LCOE",{"$f":"LCOE","v":98.017091168358704}]
[]
[null,null,null,null,1,2,3,4,null,5,6]
[null,null,null,null,"DSCR","Debt to Capital","Tenor","Credit Spread Code","Credit Spread Description","LIBOR","Dev Fee",null,"Equity IRR","Avg Debt Life","NPV Debt Amt","Constraint","Weighted Average Margin","LCOE","CCR",null,"LCOE"]
[null,null,null,"Base Case",1.25,0.85,22,1,{"$f":"INDEX($D$68:$D$70,H13)","v":"Increasing Marrgin"},2.5000000000000001E-2,50,1,0.10000000000000053,13.194506105710667,873.25304021807187,"Debt from DSCR",2.3409090909090904E-2,80.952678803300756,null,null,74.808318226081852,{"$f":"U13/R13-1","v":-7.5900645513516607E-2}]
[null,null,null,"Aggressive Case",1.2,0.88,24,2,"Fixed Margin",1.4999999999999999E-2,100,2,0.10000000000000009,14.017653903353724,932.1500848235147,"Debt from DSCR",1.7500000000000002E-2,67.840659813112239,null,null,61.308529685883563,{"$f":"U14/R14-1","v":-9.6286359024564616E-2}]
[null,null,null,"Conservative Case",1.3,0.7,18,3,"Conservative Margin",0.04,0,3,0.10000000000000009,11.1770171176469,728,"Debt to Capital constraint",3.0000000000000002E-2,99.477310830196458,null,null,102.00278241564175,2.5387413113289403E-2]
[null,null,1,{"$f":"TRANSPOSE(E12:K12)&\" \"&D14","v":"DSCR Aggressive Case"},{"$f":"IF(E$11=$C16,E$14,E$13)","v":1.2},{"$f":"IF(F$11=$C16,F$14,F$13)","v":0.85},22,1,"Increasing Marrgin",2.5000000000000001E-2,50,4,0.10000000000000009,13.194506105710712,898.65066042609828,"Debt from DSCR",2.3409090909090904E-2,79.974815915457739,null,null,73.375652304766163,-8.2515521106889755E-2]
[null,null,2,"Debt to Capital Aggressive Case",{"$f":"IF(E$11=$C17,E$14,E$13)","v":1.25},0.88,22,1,"Increasing Marrgin",2.5000000000000001E-2,50,5,0.10000000000000009,13.194506105710666,873.25304021807165,"Debt from DSCR",2.3409090909090904E-2,80.952678803300728,null,null,74.808318226081838,-7.5900645513516496E-2]
[null,null,3,"Tenor Aggressive Case",1.25,0.85,24,1,"Increasing Marrgin",2.5000000000000001E-2,50,6,0.10000000000000031,14.508170613866129,891.09862196169183,"Debt from DSCR",2.3749999999999997E-2,78.815290567902252,null,null,72.088936675666147,-8.534326072732179E-2]
[null,null,4,"Credit Spread Code Aggressive Case",1.25,0.85,22,2,"Fixed Margin",2.5000000000000001E-2,50,7,0.10000000000000009,13.152271824299511,879.52717910592355,"Debt from DSCR",1.7500000000000002E-2,77.90669613099395,null,null,71.841843036995328,-7.7847648471718656E-2]
[null,null,5,"Credit Spread Description Aggressive Case",1.25,0.85,22,1,"Increasing Marrgin",1.4999999999999999E-2,50,8,0.10000000000000009,12.829111922283507,885.99345178498027,"Debt from DSCR",2.3409090909090904E-2,74.767435925429623,null,null,68.797577046646055,-7.984570829388471E-2]
[null,null,6,"LIBOR Aggressive Case",1.25,0.85,22,1,"Increasing Marrgin",2.5000000000000001E-2,100,9,0.10000000000000031,13.194506105710719,873.2530402180721,"Debt from DSCR",2.3409090909090904E-2,80.952678803300785,null,null,74.808318226081852,-7.590064551351694E-2]
[null,null,1,{"$f":"TRANSPOSE(E12:K12)&\" \"&D15","v":"DSCR Conservative Case"},{"$f":"IF(E$11=$C22,E$15,E$13)","v":1.3},{"$f":"IF(F$11=$C22,F$15,F$13)","v":0.85},22,1,"Increasing Marrgin",2.5000000000000001E-2,50,10,9.9999999999999867E-2,13.19450610571069,849.2515356151481,"Debt from DSCR",2.3409090909090904E-2,81.876788243923585,null,null,76.181346542313506,-6.9561127442401394E-2]
[null,null,2,"Debt to Capital Conservative Case",{"$f":"IF(E$11=$C23,E$15,E$13)","v":1.25},0.7,22,1,"Increasing Marrgin",2.5000000000000001E-2,50,11,0.10000000000000009,13.194506105710721,797.99999999999966,"Debt to Capital constraint",2.3409090909090904E-2,83.850082364101794,null,null,82.980844247562686,-1.0366574391240557E-2]
[null,null,3,"Tenor Conservative Case",1.25,0.85,18,1,"Increasing Marrgin",2.5000000000000001E-2,50,12,0.10000000000000009,10.638715880605766,823.60272581593904,"Debt from DSCR",2.2499999999999999E-2,86.011520743949163,null,null,81.707639277975304,-5.0038430070155848E-2]
[null,null,4,"Credit Spread Code Conservative Case",1.25,0.85,22,3,"Conservative Margin",2.5000000000000001E-2,50,13,0.10000000000000031,13.46154586593838,863.5655322047329,"Debt from DSCR",3.0909090909090917E-2,85.655791385586127,null,null,71.841843036995343,-0.1612727887412333]
[null,null,5,"Credit Spread Description Conservative Case",1.25,0.85,22,1,"Increasing Marrgin",0.04,50,14,9.9999999999999867E-2,13.72214421392315,853.79522145101203,"Debt from DSCR",2.3409090909090904E-2,90.399103223407579,null,null,84.088357526410505,-6.9809826336451941E-2]
[null,null,6,"LIBOR Conservative Case",1.25,0.85,22,1,"Increasing Marrgin",2.5000000000000001E-2,0,15,0.10000000000000009,13.194506105710666,873.25304021807165,"Debt from DSCR",2.3409090909090904E-2,80.952678803300728,null,null,77.544623329678089,-4.2099353894187397E-2]
[null,null,1,{"$f":"D16","v":"DSCR Aggressive Case"},{"$f":"IF(E$11<=$C28,E$14,E$13)","v":1.2},{"$f":"IF(F$11<=$C28,F$14,F$13)","v":0.85},22,1,{"$f":"IF(I$11<=$C28,E$8,I$13)","v":"Fixed Margin"},2.5000000000000001E-2,50,16,0.10000000000000009,13.194506105710712,898.65066042609828,"Debt from DSCR",2.3409090909090904E-2,79.974815915457739]
[null,null,2,{"$f":"D17","v":"Debt to Capital Aggressive Case"},{"$f":"IF(E$11<=$C29,E$14,E$13)","v":1.2},0.88,22,1,"Fixed Margin",2.5000000000000001E-2,50,17,0.10000000000000009,13.194506105710712,898.65066042609828,"Debt from DSCR",2.3409090909090904E-2,79.974815915457739]
[null,null,3,"Tenor Aggressive Case",1.2,0.88,24,1,"Fixed Margin",2.5000000000000001E-2,50,18,0.10000000000000009,14.508170613866101,916.31162520282521,"Debt from DSCR",2.3749999999999997E-2,77.803500760484425]
[null,null,4,"Credit Spread Code Aggressive Case",1.2,0.88,24,2,"Fixed Margin",2.5000000000000001E-2,50,19,0.10000000000000053,14.461916710537277,921.70531042699702,"Debt from DSCR",1.7500000000000002E-2,74.410719562342024]
[null,null,5,"Credit Spread Description Aggressive Case",1.2,0.88,24,2,"Fixed Margin",1.4999999999999999E-2,50,20,0.10000000000000009,14.017653903353732,932.15008482351448,"Debt from DSCR",1.7500000000000002E-2,67.840659813112225]
[null,null,6,"LIBOR Aggressive Case",1.2,0.88,24,2,"Fixed Margin",1.4999999999999999E-2,100,21,0.10000000000000009,14.017653903353732,932.15008482351448,"Debt from DSCR",1.7500000000000002E-2,67.840659813112225]
[null,null,1,"DSCR Conservative Case",{"$f":"IF(E$11<=$C34,E$15,E$13)","v":1.3},{"$f":"IF(F$11<=$C34,F$15,F$13)","v":0.85},22,1,"Conservative Margin",2.5000000000000001E-2,50,22,0.10000000000000009,13.194506105710669,849.25153561514844,"Debt from DSCR",2.3409090909090904E-2,81.876788243923599]
[null,null,2,"Debt to Capital Conservative Case",{"$f":"IF(E$11<=$C35,E$15,E$13)","v":1.3},0.7,22,1,"Conservative Margin",2.5000000000000001E-2,50,23,0.10000000000000009,13.194506105710664,797.99999999999966,"Debt to Capital constraint",2.3409090909090904E-2,83.85008236410178]
[null,null,3,"Tenor Conservative Case",1.3,0.7,18,1,"Conservative Margin",2.5000000000000001E-2,50,24,0.10000000000000009,10.638715880605741,798.00000000000011,"Debt to Capital constraint",2.2499999999999999E-2,86.899446024242465]
[null,null,4,"Credit Spread Code Conservative Case",1.3,0.7,18,3,"Conservative Margin",2.5000000000000001E-2,50,25,9.9999999999999867E-2,10.821613379599762,788.67139265690901,"Debt from DSCR",3.0000000000000002E-2,90.789330864645734]
[null,null,5,"Credit Spread Description Conservative Case",1.3,0.7,18,3,"Conservative Margin",0.04,50,26,0.10000000000000075,11.177017117646963,766.8512028005681,"Debt from DSCR",3.0000000000000002E-2,98.671602832566023]
[null,null,6,"LIBOR Conservative Case",1.3,0.7,18,3,"Conservative Margin",0.04,0,27,0.10000000000000009,11.1770171176469,728,"Debt to Capital constraint",3.0000000000000002E-2,99.477310830196458]
[null,null,null,"Analysis and Spinner Case",{"$f":"E44/100","v":1.1000000000000001},{"$f":"F44/100","v":0.85},{"$f":"G44","v":18},{"$f":"H44","v":2},{"$f":"IF(I$11<=$C40,E$8,I$13)","v":"Fixed Margin"},{"$f":"J44/100000","v":1.55E-2},{"$f":"K44","v":0},28,0.10000000000000009,13.194506105710666,873.25304021807165,"Debt from DSCR",2.3409090909090904E-2,80.952678803300728,null,null,74.119594576372535,-8.4408376942426533E-2]
[]
[null,null,null,{"$f":"INDEX(D13:D41,$E$2)","v":"Analysis and Spinner Case"},{"$f":"INDEX(E13:E41,$E$2)","v":1.1000000000000001},{"$f":"INDEX(F13:F41,$E$2)","v":0.85},{"$f":"INDEX(G13:G41,$E$2)","v":18},{"$f":"INDEX(H13:H41,$E$2)","v":2},{"$f":"INDEX(I13:I15,H42)","v":"Fixed Margin"},{"$f":"INDEX(J13:J41,$E$2)","v":1.55E-2},{"$f":"INDEX(K13:K41,$E$2)","v":0}]
[]
[null,null,null,"Spinner",110,85,18,2,null,1550,0]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Result Row"]
[null,null,null,null,"Agg vs Base","Cons vs Base",null,"Base Case",{"$f":"M13","v":0.10000000000000053},null,null,null,{"$f":"'Debt Structuring'!G148","v":9.780892689963494E-2},{"$f":"'Debt Structuring'!G204","v":11.711403134256422},{"$f":"'Debt Structuring'!G117","v":1359.9999999999998},{"$f":"'Debt Structuring'!G179","v":"Debt to Capital Constraint Drives Debt"},{"$f":"'Debt Structuring'!F46","v":1.7500000000000002E-2},{"$f":"J9","v":98.017091168358704},{"$f":"E104","v":0.05}]
[null,null,null,"DSCR",{"$f":"M16-$M$13","v":-4.4408920985006262E-16},{"$f":"M22-$M$13","v":-6.6613381477509392E-16},null,{"$f":"D49","v":"DSCR"},{"$f":"M28-M13","v":-4.4408920985006262E-16}]
[null,null,null,"Debt to Capital",-4.4408920985006262E-16,-4.4408920985006262E-16,null,{"$f":"D50","v":"Debt to Capital"},{"$f":"M29-M28","v":0}]
[null,null,null,"Tenor",-2.2204460492503131E-16,-4.4408920985006262E-16,null,{"$f":"D51","v":"Tenor"},{"$f":"M30-M29","v":0}]
[null,null,null,"Credit Spread",-4.4408920985006262E-16,-2.2204460492503131E-16,null,"Credit Spread",4.4408920985006262E-16]
[null,null,null,"SIBOR",-4.4408920985006262E-16,-6.6613381477509392E-16,null,"SIBOR",-4.4408920985006262E-16]
[null,null,null,"Dev Fee",-2.2204460492503131E-16,-4.4408920985006262E-16,null,"Dev Fee",0]
[null,null,null,null,null,null,null,"Aggressive case"]
[null,null,null,null,{"$f":"E48","v":"Agg vs Base"},{"$f":"F48","v":"Cons vs Base"}]
[null,null,null,{"$f":"D49","v":"DSCR"},{"$f":"R16-$R$13","v":-0.97786288784301689},{"$f":"R22-$R$13","v":0.92410944062282852}]
[null,null,null,{"$f":"D50","v":"Debt to Capital"},{"$f":"R17-$R$13","v":0},{"$f":"R23-$R$13","v":2.8974035608010382}]
[null,null,null,"Tenor",-2.1373882353985039,5.0588419406484064]
[null,null,null,"Credit Spread",-3.0459826723068062,4.703112582285371]
[null,null,null,"SIBOR",-6.1852428778711328,9.4464244201068226]
[null,null,null,"Dev Fee",0,0]
[]
["Credit Spread Sensitivity"]
[]
[null,null,null,"Credit Spread Scenario Number",{"$f":"H42","v":2}]
[]
[null,null,null,"Increasing Marrgin",null,1.7500000000000002E-2,{"$f":"F68+0.25%","v":0.02},{"$f":"G68+0.25%","v":2.2499999999999999E-2},{"$f":"H68+0.25%","v":2.4999999999999998E-2},{"$f":"I68+0.25%","v":2.7499999999999997E-2}]
[null,null,null,"Fixed Margin",null,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[null,null,null,"Conservative Margin",null,2.5000000000000001E-2,{"$f":"F70+0.25%","v":2.75E-2},{"$f":"G70+0.25%","v":0.03},{"$f":"H70+0.25%","v":3.2500000000000001E-2},{"$f":"I70+0.25%","v":3.5000000000000003E-2}]
[]
[null,null,null,{"$f":"INDEX(D68:D70,$E$66)","v":"Fixed Margin"},null,{"$f":"INDEX(F68:F70,$E$66)","v":1.7500000000000002E-2},1.7500000000000002E-2,1.7500000000000002E-2,{"$f":"INDEX(I68:I70,$E$66)","v":1.7500000000000002E-2},{"$f":"INDEX(J68:J70,$E$66)","v":1.7500000000000002E-2}]
[]
[]
["EBITDA Sensitivity"]
[null,null,null,"EBITDA Scenario Number",1,null,"Inflation Rate",null,{"$f":"E7","v":0}]
[]
[null,null,null,"Year",null,0,1,{"$f":"G78+1","v":2},{"$f":"H78+1","v":3},4,5,6,7,8,{"$f":"N78+1","v":9},{"$f":"O78+1","v":10},11,12,{"$f":"Q78+1","v":12},{"$f":"S78+1","v":13},14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33]
[null,null,null,"Increasing",null,null,80,{"$f":"G79","v":80},{"$f":"H79","v":80},85,90,95,100,{"$f":"M79","v":100},{"$f":"N79","v":100},100,130,{"$f":"Q79","v":130},{"$f":"Q79","v":130},{"$f":"S79","v":130},140,{"$f":"U79","v":140},{"$f":"V79","v":140},140,140,150,{"$f":"Z79","v":150},{"$f":"AA79","v":150},150,150,150,150,150,150,150,150,150,150,150,{"$f":"AM79","v":150}]
[null,null,null,"Flat (LCOE)",null,null,98.017091168358704,{"$f":"LCOE","v":98.017091168358704},98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704]
[null,null,null,"Increasing (CCR)",null,null,98.017091168358704,98.017091168358704,{"$f":"H81*(1+$I$76)","v":98.017091168358704},98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,{"$f":"Q81*(1+$I$76)","v":98.017091168358704},{"$f":"S81*(1+$I$76)","v":98.017091168358704},98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704,98.017091168358704]
[null,null,null,"Decreasing ",null,null,95,{"$f":"G82*0.98","v":93.1},{"$f":"H82*0.98","v":91.238},89.413240000000002,87.624975199999994,85.872475695999995,84.155026182079993,82.471925658438394,80.822487145269619,79.206037402364231,77.621916654316948,76.069478321230605,{"$f":"Q82*0.98","v":76.069478321230605},{"$f":"S82*0.98","v":74.548088754805988},73.057126979709864,71.595984440115672,70.164064751313362,68.760783456287086,67.385567787161349,66.03785643141812,64.717099302789762,63.422757316733964,62.154302170399284,60.911216126991299,59.692991804451474,58.499131968362441,57.329149328995193,56.182566342415285,55.058915015566981,53.957736715255642,52.878581980950528,51.821010341331515,50.784590134504882,49.768898331814782]
[]
[null,null,null,{"$f":"INDEX(D79:D82,$E$76)","v":"Increasing"},null,null,{"$f":"INDEX(G79:G82,$E$76)","v":80},{"$f":"INDEX(H79:H82,$E$76)","v":80},80,85,90,95,100,100,100,100,130,130,{"$f":"INDEX(S79:S82,$E$76)","v":130},130,140,140,140,140,140,150,150,150,150,150,150,150,150,150,150,150,150,150,150,150]
[]
[]
[]
[null,null,null,null,"Data Table"]
[]
[null,null,null,null,{"$f":"'Debt Structuring'!G148","v":9.780892689963494E-2},1.4999999999999999E-2,1.7499999999999998E-2,0.02,null,2.2499999999999999E-2,2.5000000000000001E-2,2.75E-2,0.03,3.2500000000000001E-2,3.5000000000000003E-2,3.7499999999999999E-2,0.04]
[null,null,null,null,15,5.2282939230345216E-2,5.0849285462380989E-2,4.9488178586086784E-2,null,4.8194232506272749E-2,4.6962600980838376E-2,4.5788909387683985E-2,4.4669196825087853E-2,4.3599866736281578E-2,4.2577644617846744E-2,4.1599541579140586E-2,4.0662822929591336E-2]
[null,null,null,null,16]
[null,null,null,null,17]
[null,null,null,null,18]
[null,null,null,null,19]
[null,null,null,null,20]
[null,null,null,null,21]
[null,null,null,null,22]
[null,null,null,null,23]
[null,null,null,null,24]
[null,null,null,null,25]
[]
[]
[null,null,null,"Carrying Charge Rate",{"$f":"'Debt Structuring'!I103/'Debt Structuring'!F12","v":0.05}]

{"sheet":"Refinancing","index":6,"n_rows":138,"n_cols":48,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
[]
["Period",null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,"Construction Switch",null,null,null,{"$f":"F39","v":23},{"$f":"F8","v":1},{"$f":"H2<$G$3","v":true},{"$f":"I2<$G$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Operating Switch",null,null,null,null,{"$f":"F9","v":25},{"$f":"AND(H2>=$G$3,H2<=$G$4)","v":false},{"$f":"AND(I2>=$G$3,I2<=$G$4)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Assumptions"]
[null,"Timing "]
[null,null,"Construction Period",null,"Years",1]
[null,null,"Operating Period",null,"Years",25]
[]
[null,"Operating Assumptions"]
[null,null,"Capex",null,"SAR m",1380]
[null,null,"Dev Fee & Others",null,"SAR m",0]
[null,null,"Year",null,null,null,null,0,1,4,6,10,20]
[null,null,"EBITDA",null,"SAR m",null,null,null,80,85,90,95,100]
[]
[null,"Financing Assumptions"]
[null,null,"Debt Size"]
[null,null,null,"Debt to Capital",null,0.85]
[null,null,null,"DSCR",null,{"$f":"H20/100","v":1.26},null,126]
[]
[null,null,"Repayment"]
[null,null,null,"Repayment Tenor","Years",22]
[null,null,null,"Tail",null,{"$f":"F9-F23","v":3}]
[]
[null,null,null,"Constrained Debt to Capital with DSCR Adj",null,true]
[null,null,null,"Debt to capital constraint with tenor adj",null,{"$f":"NOT(F26)","v":false}]
[]
[null,null,"Interest Rate",null,1610]
[null,null,null,"Fixed Margin Switch",false]
[null,null,null,"Year",null,0,1,5,10,20]
[null,null,null,"SIBOR Rate",null,{"$f":"E29/100000","v":1.61E-2},{"$f":"F32","v":1.61E-2},{"$f":"G32","v":1.61E-2},1.61E-2,1.61E-2]
[null,null,null,"Margin",null,1.7500000000000002E-2,{"$f":"F33+0.25%","v":0.02},{"$f":"G33+0.25%","v":2.2499999999999999E-2},2.4999999999999998E-2,2.7499999999999997E-2]
[null,null,null,"Fixed Margin",null,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2,1.7500000000000002E-2]
[null,null,null,"Applied Margin",{"$f":"E30","v":false},{"$f":"IF($E$35,F34,F33)","v":1.7500000000000002E-2},{"$f":"IF($E$35,G34,G33)","v":0.02},2.2499999999999999E-2,2.4999999999999998E-2,2.7499999999999997E-2]
[null,null,null,"Total",null,{"$f":"SUM(F32,F35)","v":3.3600000000000005E-2},{"$f":"SUM(G32,G35)","v":3.61E-2},{"$f":"SUM(H32,H35)","v":3.8599999999999995E-2},{"$f":"SUM(I32,I35)","v":4.1099999999999998E-2},{"$f":"SUM(J32,J35)","v":4.36E-2}]
[]
[null,"Refinancing"]
[null,null,"Refinancing Year",null,null,23]
[null,null,"Refinancing Tale",null,null,{"$f":"F24","v":3}]
[null,null,"Final Year of Refinancing",null,null,{"$f":"F23","v":22}]
[]
["Operating Cash Flows"]
[null,"CFADS",null,null,null,null,null,{"$f":"LOOKUP(H2,14:14,15:15)*H4","v":0},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Capex",null,null,null,null,{"$f":"F12","v":1380},{"$f":"$G$45*H3","v":1380},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project Cash Flow",null,null,null,null,null,{"$f":"H44-H45","v":-1380},{"$f":"I44-I45","v":80},80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project IRR",null,null,null,{"$f":"IRR(46:46)","v":4.2816936089856261E-2}]
[]
[null,"Debt Sizing"]
[null,null,"Debt Repayment Switch",null,null,null,{"$f":"F23","v":22},{"$f":"AND(H4,H2<=$G$50)","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Post Repayment Switch",null,null,null,{"$f":"G50","v":22},{"$f":"H2>$G$51","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"Refinancing Switch",null,null,null,{"$f":"F39","v":23},{"$f":"H2=$G$52","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Target Debt Service",null,null,{"$f":"G108","v":1.26},null,{"$f":"IF(H50,H44/$F$53)","v":false},{"$f":"IF(I50,I44/$F$53)","v":63.492063492063494},63.492063492063494,63.492063492063494,67.460317460317455,67.460317460317455,71.428571428571431,71.428571428571431,71.428571428571431,71.428571428571431,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,79.365079365079367,79.365079365079367,79.365079365079367,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G54*(1+H65*H4)","v":1},1.0361,1.0735032100000002,1.1122566758810002,1.1524091418803044,1.1968921347568842,1.2430921711584999,1.291075528965218,1.3409110443832755,1.3926702106964699,1.4499089563560947,1.5095002144623302,1.5715406732767319,1.6361309949484053,1.7033759788407847,1.7733847315711408,1.8462708440387146,1.9221525757287055,2.0011530465911549,2.083400436806051,2.1742366958507948,2.2690334157898895,2.3679632727183288,2.471206471408848,2.578951073562274,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895,2.6913933403695895]
[null,null,"NPV of Debt Service",null,null,null,{"$f":"SUMPRODUCT(H53:AV53/H54:AV54)","v":1051.4646168088557}]
[]
[null,"Debt Size from Max Debt to Capital",null,null,null,null,{"$f":"(F12+F13)*F19","v":1173}]
[null,"Debt to capital constraint with tenor adj",null,null,null,null,{"$f":"F27","v":false}]
[]
[null,"First Debt Issue"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H64","v":1051.4646168088557},{"$f":"I64","v":1025.9304259835919},999.4744508695361,972.06341505386285,939.69458687698989,908.50648047012419,872.14625918769957,834.38253336377329,795.16112772304348,754.42577582458148,710.03584981414633,663.82149784468231,615.70773600927339,565.61649856242911,513.46651125651954,459.17315947233709,402.64835092982474,343.80037275621515,282.53374267967018,218.74905410697923,148.92143350096416,76.049328636526823,2.8421709430404007E-14,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less Repayments",null,null,null,null,null,{"$f":"MIN(I53-I66,I61)","v":25.534190825263806},26.455975114055825,27.411035815673237,32.368828176873009,31.18810640686565,36.360221282424639,37.763725823926229,39.221405640729785,40.735351898461957,44.38992601043509,46.214351969463976,48.113761835408951,50.091237446844261,52.149987305909555,54.293351784182441,56.524808542512339,58.847978173609597,61.266630076544949,63.784688572690946,69.827620606015074,72.872104864437333,76.049328636526795,-1.2391865311656147E-15,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less Repayment of Refi Debt",null,null,null,null,null,{"$f":"(I61-I62)*I52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,2.9660895961569625E-14,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,{"$f":"IF(AND(G55>G57,G58),G57,G55)","v":1051.4646168088557},{"$f":"G64","v":1051.4646168088557},{"$f":"I61-I62-I63","v":1025.9304259835919},{"$f":"J61-J62-J63","v":999.4744508695361},972.06341505386285,939.69458687698989,908.50648047012419,872.14625918769957,834.38253336377329,795.16112772304348,754.42577582458148,710.03584981414633,663.82149784468231,615.70773600927339,565.61649856242911,513.46651125651954,459.17315947233709,402.64835092982474,343.80037275621515,282.53374267967018,218.74905410697923,148.92143350096416,76.049328636526823,2.8421709430404007E-14,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H2,31:31,36:36)","v":3.3600000000000005E-2},3.61E-2,3.61E-2,3.61E-2,3.61E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2]
[null,null,"Interest",null,null,null,null,null,{"$f":"I65*I61","v":37.957872666799688},37.036088378007669,36.081027676390256,35.091489283444446,36.272211053451805,35.068350146146791,33.664845604645201,32.207165787841646,30.693219530109474,31.006899386390298,29.182473427361412,27.283063561416441,25.305587949981135,23.246838090915837,21.103473612642951,18.872016854313053,16.548847223215795,14.130195320280443,11.612136824134444,9.537458759064295,6.4929745006420374,3.3157507285525694,1.2391865311656147E-15,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Refinanced Debt Schedule"]
[null,null,"Refinancined Debt Repayment Switch",null,null,{"$f":"F39+1","v":24},{"$f":"F41","v":22},{"$f":"AND(H2>=$F$69,H2<=$G$69)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"CFADS",null,null,null,null,{"$f":"H44","v":0},{"$f":"I44","v":80},80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Target Debt Service for Refinanced Loan",null,null,null,{"$f":"F20","v":1.26},{"$f":"H44/$G$71*H69","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate Index",null,null,null,1,{"$f":"G72*(1+H65*H69)","v":1},{"$f":"H72*(1+I65*I69)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"NPV at the Refinancing Date",null,null,null,{"$f":"SUMPRODUCT(H71:AV71/H72:AV72)","v":0}]
[]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G78","v":0},{"$f":"H78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Drawdown",null,null,{"$f":"G73","v":0},{"$f":"$G$76*H52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less Repayments",null,null,null,{"$f":"H71-H80","v":0},{"$f":"I71-I80","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,{"$f":"G78","v":0},{"$f":"I75+I76-I77","v":0},{"$f":"J75+J76-J77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest Rate",null,null,null,{"$f":"H65","v":3.3600000000000005E-2},{"$f":"I65","v":3.61E-2},3.61E-2,3.61E-2,3.61E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2]
[null,null,null,"Interest",null,null,null,{"$f":"H79*H75","v":0},{"$f":"I79*I75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Sum of Closing Balance After Repayment",null,null,null,{"$f":"ROUND(SUMIF(51:51,TRUE,64:64),3)=0","v":true}]
[]
[null,"Equity Cash Flows",null,null,null,null,null,null,{"$f":"I46-I62-I66-I63+I76-I77-I80","v":16.507936507936506},16.507936507936506,16.507936507936506,17.539682539682545,17.539682539682545,18.571428571428569,18.571428571428569,18.571428571428569,18.571428571428569,19.603174603174612,19.603174603174612,19.603174603174608,19.603174603174605,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,20.634920634920633,20.634920634920629,20.634920634920636,99.999999999999972,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"LLCR"]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H44*H50","v":0},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H87:AV87/H54:AV54)","v":1324.8454171791582}]
[null,null,"LLCR",null,null,null,{"$f":"G88/G55","v":1.26}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G89-1)/G89","v":0.20634920634920637}]
[]
[null,"PLCR"]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H44","v":0},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H93:AV93/H54:AV54)","v":1441.2424117399685}]
[null,null,"PLCR",null,null,null,{"$f":"G94/G64","v":1.3706998682600178}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G95-1)/G95","v":0.27044568752354842}]
[]
[null,"LLCR with Maximum Debt to Capital constraint"]
[null,null,"PV of CFADS of Loan Life",null,null,null,{"$f":"G88","v":1324.8454171791582}]
[null,null,"Project Cost",null,null,null,{"$f":"F12+F13","v":1380}]
[null,null,"Debt to Capital constraint",null,null,null,{"$f":"G100*F19","v":1173}]
[null,null,"Debt from DSCR",null,null,null,{"$f":"G55","v":1051.4646168088557}]
[]
[null,null,null,null,null,null,{"$f":"IF(G101>G102,C102,C101)","v":"Debt from DSCR"}]
[]
[null,null,"LLCR with Max Debt to Capital constraint",null,null,null,{"$f":"G99/G101","v":1.129450483528694}]
[null,null,{"$f":"D26","v":"Constrained Debt to Capital with DSCR Adj"},null,null,null,{"$f":"F26","v":true}]
[null,null,"DSCR applied",null,null,null,{"$f":"IF(G107,MAX(G106,F20),F20)+G5","v":1.26}]
[]
["IRR Calculation"]
[null,"Equity Cash Flow without Dev Fees",null,null,null,null,null,{"$f":"H46+H64","v":-328.53538319114432},{"$f":"I84","v":16.507936507936506},{"$f":"J84","v":16.507936507936506},16.507936507936506,17.539682539682545,17.539682539682545,18.571428571428569,18.571428571428569,18.571428571428569,18.571428571428569,19.603174603174612,19.603174603174612,19.603174603174608,19.603174603174605,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,19.603174603174608,20.634920634920633,20.634920634920629,20.634920634920636,99.999999999999972,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Equity IRR",null,null,null,null,{"$f":"IRR(H111:AV111)","v":5.2084668614056584E-2}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["GRAPHS"]
[null,null,null,null,null,null,null,{"$f":"IF(H4,H2,NA())","v":{"$error":"#N/A"}},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,"CFADS",null,null,null,{"$f":"H44","v":0},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Service",null,null,null,{"$f":"H53","v":false},{"$f":"I62+I66","v":63.492063492063494},{"$f":"J62+J66","v":63.492063492063494},63.492063492063494,67.460317460317455,67.460317460317455,71.428571428571431,71.428571428571431,71.428571428571431,71.428571428571431,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,75.396825396825392,79.365079365079367,79.365079365079367,79.365079365079367,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Refinanced Debt Service",null,null,null,{"$f":"H80+H77","v":0},{"$f":"I80+I77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,null,"Sculpted DSCR",{"$f":"G108","v":1.26},"Interest Rate",{"$f":"F36","v":3.3600000000000005E-2},"Debt to Capital",{"$f":"G64/(F12+F13)","v":0.76193088174554757}," \n","Equity IRR",{"$f":"G112","v":5.2084668614056584E-2},"Dev Fees",{"$f":"F13","v":0},"Debt from DSCR"]
[null,null,null,null,null,null,null,null,null,"\n\n"]
[null,null,null,"NPV of Debt Service",{"$f":"G64","v":1051.4646168088557},null,{"$f":"D138&TEXT(E138,\" #,###\")","v":"NPV of Debt Service 1,051"},null,null,"\n"]

{"sheet":"Credit Analysis","index":7,"n_rows":62,"n_cols":48,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[]
["Period",null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,"Construction Switch",null,null,null,null,{"$f":"F8","v":1},{"$f":"H2<$G$3","v":true},{"$f":"I2<$G$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Operating Switch",null,null,null,null,{"$f":"F9","v":25},{"$f":"AND(H2>=$G$3,H2<=$G$4)","v":false},{"$f":"AND(I2>=$G$3,I2<=$G$4)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Assumptions"]
[null,"Timing "]
[null,null,"Construction Period",null,"Years",1]
[null,null,"Operating Period",null,"Years",25]
[]
[null,"Operating Assumptions"]
[null,null,"Capex",null,"SAR m",1200]
[null,null,"Dev Fee & Others",null,"SAR m",300]
[null,null,"Year",null,null,null,null,0,1,4,6,10,20]
[null,null,"EBITDA",null,"SAR m",null,null,null,{"$f":"Refinancing!I15","v":80},{"$f":"Refinancing!J15","v":85},{"$f":"Refinancing!K15","v":90},{"$f":"Refinancing!L15","v":95},{"$f":"Refinancing!M15","v":100}]
[]
[null,"Financing Assumptions"]
[null,null,"Interest Rate"]
[null,null,null,"Year",null,{"$f":"Refinancing!F31","v":0},{"$f":"Refinancing!G31","v":1},{"$f":"Refinancing!H31","v":5},{"$f":"Refinancing!I31","v":10},{"$f":"Refinancing!J31","v":20}]
[null,null,null,"Total",null,{"$f":"Refinancing!F36","v":3.3600000000000005E-2},{"$f":"Refinancing!G36","v":3.61E-2},{"$f":"Refinancing!H36","v":3.8599999999999995E-2},{"$f":"Refinancing!I36","v":4.1099999999999998E-2},{"$f":"Refinancing!J36","v":4.36E-2}]
[]
[null,null,"Credit Enhancements"]
[null,null,null,"Cash Sweep",1]
[]
["Operating Cash Flows"]
[null,"CFADS",null,null,null,null,null,{"$f":"LOOKUP(H2,14:14,15:15)*H4","v":0},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Reduced CFADS",null,null,{"$f":"Refinancing!G96","v":0.27044568752354842},{"$f":"1-E27","v":0.72955431247645164},null,{"$f":"H26*$F$27","v":0},{"$f":"I26*$F$27","v":58.364344998116131},58.364344998116131,58.364344998116131,62.012116560498391,62.012116560498391,65.659888122880645,65.659888122880645,65.659888122880645,65.659888122880645,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capex",null,null,null,null,{"$f":"F12","v":1200},{"$f":"$G$29*H3","v":1200},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project Cash Flow",null,null,null,null,null,{"$f":"H26-H29","v":-1200},80,80,80,85,85,90,90,90,90,95,95,95,95,95,95,95,95,95,95,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project IRR",null,null,null,{"$f":"IRR(30:30)","v":5.6119511812235068E-2}]
[]
["Debt Schedule/ Cash Sweep"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H36","v":1051.4646168088557},{"$f":"I36","v":1031.0581444775391},1009.9149984950622,988.00858494261774,961.6635782985478,936.77167586037331,907.27117442570307,876.63195363565455,844.8100589231102,811.75983907466161,775.81550877536733,738.39386650077199,699.43419472869084,658.87328044677713,616.64531258787679,572.68177524997566,526.91133652748681,479.25973277350363,429.64964810523173,378.00058895709384,321.52598338797799,262.58908501604867,201.08253787510324,136.89430527881257,69.907465741323634,1.8474111129762605E-13,1.9279582375020255E-13,2.0120172166571139E-13,2.0997411673033642E-13,2.1912898821977907E-13,2.2868301210616142E-13,2.3865359143399006E-13,2.4905888802051205E-13,2.5991785553820638E-13,2.7125027403967217E-13,2.8307678598780186E-13,2.9541893385687001E-13,3.0829919937302956E-13,3.2174104446569364E-13,3.357689540043979E-13]
[null,null,"Cash Sweep",null,null,null,null,null,{"$f":"I46","v":20.406472331316444},{"$f":"MIN(J46,J34)","v":21.143145982476966},21.906413552444384,26.34500664406989,24.891902438174448,29.500501434670241,30.639220790048512,31.821894712544385,33.050219848448592,35.944330299294315,37.421642274595314,38.95967177208118,40.560914281913711,42.227967858900371,43.963537337901172,45.770438722488905,47.651603753983196,49.610084668271909,51.64905914813788,56.474605569115873,58.936898371929324,61.506547140945443,64.188232596290661,66.986839537488933,69.907465741323449,-8.0547124525764953E-15,-8.405897915508831E-15,-8.772395064625017E-15,-9.1548714894426675E-15,-9.5540238863823682E-15,-9.9705793278286372E-15,-1.0405296586521967E-14,-1.0858967517694326E-14,-1.1332418501465797E-14,-1.1826511948129707E-14,-1.2342147869068162E-14,-1.2880265516159532E-14,-1.3441845092664089E-14,-1.4027909538704243E-14,-1.4639526394591748E-14]
[null,null,"Closing Balance",null,null,null,{"$f":"Refinancing!G64","v":1051.4646168088557},{"$f":"G36","v":1051.4646168088557},{"$f":"I34-I35","v":1031.0581444775391},1009.9149984950622,988.00858494261774,961.6635782985478,936.77167586037331,907.27117442570307,876.63195363565455,844.8100589231102,811.75983907466161,775.81550877536733,738.39386650077199,699.43419472869084,658.87328044677713,616.64531258787679,572.68177524997566,526.91133652748681,479.25973277350363,429.64964810523173,378.00058895709384,321.52598338797799,262.58908501604867,201.08253787510324,136.89430527881257,69.907465741323634,1.8474111129762605E-13,1.9279582375020255E-13,2.0120172166571139E-13,2.0997411673033642E-13,2.1912898821977907E-13,2.2868301210616142E-13,2.3865359143399006E-13,2.4905888802051205E-13,2.5991785553820638E-13,2.7125027403967217E-13,2.8307678598780186E-13,2.9541893385687001E-13,3.0829919937302956E-13,3.2174104446569364E-13,3.357689540043979E-13,3.5040848039898963E-13]
[null,null,"Interest Rate",null,null,null,null,{"$f":"LOOKUP(H2,19:19,20:20)","v":3.3600000000000005E-2},3.61E-2,3.61E-2,3.61E-2,3.61E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,3.8599999999999995E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.1099999999999998E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2,4.36E-2]
[null,null,"Interest",null,null,null,null,null,{"$f":"I37*I34","v":37.957872666799688},37.221199015639165,36.457931445671747,35.667109916428501,37.120214122323944,36.159386688210404,35.020667332832133,33.83799341033626,32.609668274432053,33.363329385968591,31.886017410667595,30.347987913181726,28.746745403349191,27.079691826362538,25.344122347361736,23.537220962773997,21.656055931279706,19.697575016990999,17.658600537125022,16.480825678529293,14.01853287571584,11.448884106699722,8.7671986513545015,5.968591710156228,3.0479655063217104,8.0547124525764953E-15,8.405897915508831E-15,8.772395064625017E-15,9.1548714894426675E-15,9.5540238863823682E-15,9.9705793278286372E-15,1.0405296586521967E-14,1.0858967517694326E-14,1.1332418501465797E-14,1.1826511948129707E-14,1.2342147869068162E-14,1.2880265516159532E-14,1.3441845092664089E-14,1.4027909538704243E-14,1.4639526394591748E-14]
[]
[null,"Match of column when debt is Zero",null,null,null,null,{"$f":"MATCH(0,36:36,0)","v":{"$error":"#N/A"}},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"COLUMN()","v":31}]
[null,"Index to find here",null,null,null,null,{"$f":"INDEX(2:2,G40)","v":{"$error":"#N/A"}}]
[]
["Cash Flow Waterfall"]
[null,"CFADS",null,null,null,null,null,{"$f":"H27","v":0},58.364344998116131,58.364344998116131,58.364344998116131,62.012116560498391,62.012116560498391,65.659888122880645,65.659888122880645,65.659888122880645,65.659888122880645,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less Interest Expense",null,null,null,null,null,{"$f":"H38","v":0},37.957872666799688,37.221199015639165,36.457931445671747,35.667109916428501,37.120214122323944,36.159386688210404,35.020667332832133,33.83799341033626,32.609668274432053,33.363329385968591,31.886017410667595,30.347987913181726,28.746745403349191,27.079691826362538,25.344122347361736,23.537220962773997,21.656055931279706,19.697575016990999,17.658600537125022,16.480825678529293,14.01853287571584,11.448884106699722,8.7671986513545015,5.968591710156228,3.0479655063217104,8.0547124525764953E-15,8.405897915508831E-15,8.772395064625017E-15,9.1548714894426675E-15,9.5540238863823682E-15,9.9705793278286372E-15,1.0405296586521967E-14,1.0858967517694326E-14,1.1332418501465797E-14,1.1826511948129707E-14,1.2342147869068162E-14,1.2880265516159532E-14,1.3441845092664089E-14,1.4027909538704243E-14,1.4639526394591748E-14]
[null,null,"Cash Flow After Interest",null,null,null,null,{"$f":"H44-H45","v":0},{"$f":"I44-I45","v":20.406472331316444},21.143145982476966,21.906413552444384,26.34500664406989,24.891902438174448,29.500501434670241,30.639220790048512,31.821894712544385,33.050219848448592,35.944330299294315,37.421642274595314,38.95967177208118,40.560914281913711,42.227967858900371,43.963537337901172,45.770438722488905,47.651603753983196,49.610084668271909,51.64905914813788,56.474605569115873,58.936898371929324,61.506547140945443,64.188232596290661,66.986839537488933,69.907465741323449,-8.0547124525764953E-15,-8.405897915508831E-15,-8.772395064625017E-15,-9.1548714894426675E-15,-9.5540238863823682E-15,-9.9705793278286372E-15,-1.0405296586521967E-14,-1.0858967517694326E-14,-1.1332418501465797E-14,-1.1826511948129707E-14,-1.2342147869068162E-14,-1.2880265516159532E-14,-1.3441845092664089E-14,-1.4027909538704243E-14,-1.4639526394591748E-14]
[null,"Less Cash Sweep",null,null,null,null,null,{"$f":"MIN(H34,H46)","v":0},20.406472331316444,21.143145982476966,21.906413552444384,26.34500664406989,24.891902438174448,29.500501434670241,30.639220790048512,31.821894712544385,33.050219848448592,35.944330299294315,37.421642274595314,38.95967177208118,40.560914281913711,42.227967858900371,43.963537337901172,45.770438722488905,47.651603753983196,49.610084668271909,51.64905914813788,56.474605569115873,58.936898371929324,61.506547140945443,64.188232596290661,66.986839537488933,69.907465741323449,-8.0547124525764953E-15,-8.405897915508831E-15,-8.772395064625017E-15,-9.1548714894426675E-15,-9.5540238863823682E-15,-9.9705793278286372E-15,-1.0405296586521967E-14,-1.0858967517694326E-14,-1.1332418501465797E-14,-1.1826511948129707E-14,-1.2342147869068162E-14,-1.2880265516159532E-14,-1.3441845092664089E-14,-1.4027909538704243E-14,-1.4639526394591748E-14]
[null,null,"Dividends",null,null,null,null,{"$f":"H46-H47","v":0},{"$f":"I46-I47","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"LLCR"]
[null,null,"Loan Life Switch",null,null,null,null,{"$f":"Refinancing!H50","v":false},{"$f":"Refinancing!I50","v":true},{"$f":"Refinancing!J50","v":true},{"$f":"Refinancing!K50","v":true},{"$f":"Refinancing!L50","v":true},{"$f":"Refinancing!M50","v":true},{"$f":"Refinancing!N50","v":true},{"$f":"Refinancing!O50","v":true},{"$f":"Refinancing!P50","v":true},{"$f":"Refinancing!Q50","v":true},{"$f":"Refinancing!R50","v":true},{"$f":"Refinancing!S50","v":true},{"$f":"Refinancing!T50","v":true},{"$f":"Refinancing!U50","v":true},{"$f":"Refinancing!V50","v":true},{"$f":"Refinancing!W50","v":true},{"$f":"Refinancing!X50","v":true},{"$f":"Refinancing!Y50","v":true},{"$f":"Refinancing!Z50","v":true},{"$f":"Refinancing!AA50","v":true},{"$f":"Refinancing!AB50","v":true},{"$f":"Refinancing!AC50","v":true},{"$f":"Refinancing!AD50","v":true},{"$f":"Refinancing!AE50","v":false},{"$f":"Refinancing!AF50","v":false},{"$f":"Refinancing!AG50","v":false},{"$f":"Refinancing!AH50","v":false},{"$f":"Refinancing!AI50","v":false},{"$f":"Refinancing!AJ50","v":false},{"$f":"Refinancing!AK50","v":false},{"$f":"Refinancing!AL50","v":false},{"$f":"Refinancing!AM50","v":false},{"$f":"Refinancing!AN50","v":false},{"$f":"Refinancing!AO50","v":false},{"$f":"Refinancing!AP50","v":false},{"$f":"Refinancing!AQ50","v":false},{"$f":"Refinancing!AR50","v":false},{"$f":"Refinancing!AS50","v":false},{"$f":"Refinancing!AT50","v":false},{"$f":"Refinancing!AU50","v":false},{"$f":"Refinancing!AV50","v":false}]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H51*H27","v":0},{"$f":"I51*I27","v":58.364344998116131},58.364344998116131,58.364344998116131,62.012116560498391,62.012116560498391,65.659888122880645,65.659888122880645,65.659888122880645,65.659888122880645,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,72.955431247645166,72.955431247645166,72.955431247645166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate Index",null,null,null,null,{"$f":"Refinancing!H54","v":1},{"$f":"Refinancing!I54","v":1.0361},{"$f":"Refinancing!J54","v":1.0735032100000002},{"$f":"Refinancing!K54","v":1.1122566758810002},{"$f":"Refinancing!L54","v":1.1524091418803044},{"$f":"Refinancing!M54","v":1.1968921347568842},{"$f":"Refinancing!N54","v":1.2430921711584999},{"$f":"Refinancing!O54","v":1.291075528965218},{"$f":"Refinancing!P54","v":1.3409110443832755},{"$f":"Refinancing!Q54","v":1.3926702106964699},{"$f":"Refinancing!R54","v":1.4499089563560947},{"$f":"Refinancing!S54","v":1.5095002144623302},{"$f":"Refinancing!T54","v":1.5715406732767319},{"$f":"Refinancing!U54","v":1.6361309949484053},{"$f":"Refinancing!V54","v":1.7033759788407847},{"$f":"Refinancing!W54","v":1.7733847315711408},{"$f":"Refinancing!X54","v":1.8462708440387146},{"$f":"Refinancing!Y54","v":1.9221525757287055},{"$f":"Refinancing!Z54","v":2.0011530465911549},{"$f":"Refinancing!AA54","v":2.083400436806051},{"$f":"Refinancing!AB54","v":2.1742366958507948},{"$f":"Refinancing!AC54","v":2.2690334157898895},{"$f":"Refinancing!AD54","v":2.3679632727183288},{"$f":"Refinancing!AE54","v":2.471206471408848},{"$f":"Refinancing!AF54","v":2.578951073562274},{"$f":"Refinancing!AG54","v":2.6913933403695895},{"$f":"Refinancing!AH54","v":2.6913933403695895},{"$f":"Refinancing!AI54","v":2.6913933403695895},{"$f":"Refinancing!AJ54","v":2.6913933403695895},{"$f":"Refinancing!AK54","v":2.6913933403695895},{"$f":"Refinancing!AL54","v":2.6913933403695895},{"$f":"Refinancing!AM54","v":2.6913933403695895},{"$f":"Refinancing!AN54","v":2.6913933403695895},{"$f":"Refinancing!AO54","v":2.6913933403695895},{"$f":"Refinancing!AP54","v":2.6913933403695895},{"$f":"Refinancing!AQ54","v":2.6913933403695895},{"$f":"Refinancing!AR54","v":2.6913933403695895},{"$f":"Refinancing!AS54","v":2.6913933403695895},{"$f":"Refinancing!AT54","v":2.6913933403695895},{"$f":"Refinancing!AU54","v":2.6913933403695895},{"$f":"Refinancing!AV54","v":2.6913933403695895}]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H52:AV52/H53:AV53)","v":966.54668746771824}]
[null,null,"LLCR",null,null,null,{"$f":"G54/G36","v":0.91923843372032887}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G55-1)/G55","v":-8.785703830160152E-2}]
[]
[null,"PLCR"]
[null,null,"CFADS over Loan Life",null,null,null,null,{"$f":"H27","v":0},{"$f":"I27","v":58.364344998116131},58.364344998116131,58.364344998116131,62.012116560498391,62.012116560498391,65.659888122880645,65.659888122880645,65.659888122880645,65.659888122880645,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,69.307659685262905,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,72.955431247645166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"PV of CFADS over Loan Life",null,null,null,{"$f":"SUMPRODUCT(H59:AV59/H53:AV53)","v":1051.4646168088555}]
[null,null,"PLCR",null,null,null,{"$f":"G60/G36","v":0.99999999999999978}]
[null,null,"% reduction before loan cannot be repayed",null,null,null,{"$f":"(G61-1)/G61","v":-2.2204460492503136E-16}]

{"sheet":"LCOE","index":9,"n_rows":36,"n_cols":24,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
[null,"CapEx",null,1000]
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[]
[null,"Generation",null,null,100,{"$f":"E8*0.99","v":99},{"$f":"F8*0.99","v":98.01},97.029899999999998,96.059601000000001,95.099004989999997,94.148014940099998,93.206534790698996,92.274469442792011,91.351724748364092,90.438207500880452,89.53382542587164,88.638487171612923,87.752102299896791,86.874581276897828,86.00583546412885,85.145777109487554,84.294319338392683,83.451376145008751,82.616862383558669]
[]
[null,null,null,null,0.2]
[null,"Price",null,null,1.2,{"$f":"E11*(1+$E$10)","v":1.44},{"$f":"F11*(1+$E$10)","v":1.728},2.0735999999999999,2.4883199999999999,2.9859839999999997,3.5831807999999996,4.2998169599999994,5.1597803519999994,6.1917364223999991,7.4300837068799988,8.9161004482559978,10.699320537907196,12.839184645488634,15.407021574586361,18.488425889503631,22.186111067404358,26.62333328088523,31.947999937062274,38.337599924474731]
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[]
[null,"Revenues",null,null,{"$f":"E11*E8","v":120},{"$f":"F11*F8","v":142.56},169.36127999999999,201.20120064,239.02702636031998,283.96410731606011,337.34935949147945,400.77103907587752,476.11599442214253,565.62580137350528,671.96345203172439,798.29258101368839,948.37158624426172,1126.6654444581827,1338.4785480163212,1590.1125150433893,1889.0536678715464,2244.1957574313974,2666.1045598285,3167.3322170762581]
[null,"Operating Cost",null,null,{"$f":"E6","v":50},{"$f":"F6","v":51},52.02,53.060400000000001,54.121608000000002,55.204040160000005,56.308120963200004,57.434283382464002,58.582969050113284,59.754628431115549,60.949720999737863,62.168715419732621,63.412089728127278,64.680331522689826,65.973938153143621,67.293416916206496,68.639285254530634,70.012070959621255,71.412312378813681,72.840558626389949]
[null,"CapEx",null,{"$f":"D5","v":1000}]
[null,"Project CF",null,{"$f":"D14-D15-D16","v":-1000},{"$f":"E14-E15-E16","v":70},91.56,117.34127999999998,148.14080064000001,184.90541836031997,228.7600671560601,281.04123852827945,343.33675569341352,417.53302537202927,505.87117294238976,611.01373103198648,736.12386559395577,884.95949651613444,1061.9851129354929,1272.5046098631776,1522.8190981271828,1820.4143826170157,2174.1836864717761,2594.6922474496864,3094.4916584498683]
[null,"Project IRR",null,{"$f":"IRR(17:17)","v":0.25285463078703785}]
[null,"Average",null,{"$f":"AVERAGE(E11:X11)","v":11.20127997734242}]
[null,"SEC LCOE",null,{"$f":"NPV(D18,E14:X14)/NPV(D18,E8:X8)","v":3.212669764928247}]
[]
["LCOE Engineer Method"]
[null,"EPC",null,{"$f":"D5","v":1000}]
[null,"PV of O&M",null,{"$f":"NPV(D18,D6:X6)","v":211.21165090982882}]
[null,"Total",null,{"$f":"D23+D24","v":1211.2116509098289}]
[null,"PV of Generation",null,{"$f":"NPV(D18,D8:X8)","v":377.01094091165857}]
[null,"LCOE",null,{"$f":"D25/D26","v":3.2126697649170897}]
[]
[]
[null,"Generation",null,null,{"$f":"E8","v":100},{"$f":"F8","v":99},98.01,97.029899999999998,96.059601000000001,95.099004989999997,94.148014940099998,93.206534790698996,92.274469442792011,91.351724748364092,90.438207500880452,89.53382542587164,88.638487171612923,87.752102299896791,86.874581276897828,86.00583546412885,85.145777109487554,84.294319338392683,83.451376145008751,82.616862383558669]
[null,"Discount Rate",null,null,{"$f":"1/(1+$D$18)^E3","v":0.79817719903529771},{"$f":"1/(1+$D$18)^F3","v":0.63708684105983338},0.50850819033938366,0.40587964305159729,0.32396387663637044,0.25858057964223485,0.20639312278376276,0.16473828464369206,0.13149034261078174,0.10495259336526541,8.3770767003778127E-2,6.6863916168114157E-2,5.3369253323596329E-2,4.2598121132433366E-2,3.4000849009651994E-2,2.7138702427346107E-2,2.1661493488911551E-2,1.7289710199900762E-2,1.3800252459488807E-2,1.1015046854094754E-2]
[null,"Generation Weight",null,null,{"$f":"E30/SUM(30:30)","v":5.4916974145237558E-2},{"$f":"F30/SUM(30:30)","v":5.4367804403785185E-2},5.3824126359747336E-2,5.3285885096149857E-2,5.2753026245188357E-2,5.2225495982736472E-2,5.1703241022909109E-2,5.1186208612680015E-2,5.067434652655322E-2,5.0167603061287688E-2,4.9665927030674809E-2,4.9169267760368063E-2,4.8677575082764379E-2,4.8190799331936734E-2,4.7708891338617367E-2,4.7231802425231194E-2,4.6759484400978879E-2,4.6291889556969092E-2,4.5828970661399397E-2,4.5370680954785407E-2]
[null,"Discount Weight",null,null,{"$f":"E31/SUM(31:31)","v":0.20407064872191974},{"$f":"F31/SUM(31:31)","v":0.16288453880217807},0.13001072494727875,0.10377159628296746,8.2828122060560699E-2,6.6111518467652078E-2,5.2768706634480904E-2,4.2118778458225301E-2,3.361824861657451E-2,2.683331951724971E-2,2.1417743813097564E-2,1.709515476639379E-2,1.3644962748515116E-2,1.0891098147550772E-2,8.6930262138305969E-3,6.9385753144957252E-3,5.5382126098196573E-3,4.420475028567821E-3,3.5283223767077409E-3,2.8162264719341491E-3]
[null,"Combined",null,null,{"$f":"E33*E32","v":1.1206942539663523E-2},{"$f":"F33*F32","v":8.8556747459975754E-3},6.997713687684687E-3,5.5295613557782555E-3,4.3694340969004236E-3,3.4527068421449716E-3,2.728313157589749E-3,2.1559005806739734E-3,1.7035827800121152E-3,1.3461633223580871E-3,1.0637321013829905E-3,8.4055624211374865E-4,6.6420369869236756E-4,5.248507253330472E-4,4.147346430393963E-4,3.2772141836684849E-4,2.5896396613816678E-4,2.0463214181180134E-4,1.6169938268609805E-4,1.2777411275454519E-4]
[null,"Combined Weight",null,null,{"$f":"E34/SUM(34:34)","v":0.21171194584040662},{"$f":"F34/SUM(34:34)","v":0.16729381145387631},0.13219480478377227,0.10445973021923602,8.2543601129588945E-2,6.5225576144423106E-2,5.1540951995694986E-2,4.0727424572541193E-2,3.2182624652539973E-2,2.5430562830740983E-2,2.0095114456030676E-2,1.5879067549100203E-2,1.2547566563036757E-2,9.9150297186537013E-3,7.8348111426948808E-3,6.1910319367182729E-3,4.8921251250839855E-3,3.8657349023730448E-3,3.0546860420232157E-3,2.4137989414647668E-3]
[null,"LCOE with Weighted Average",null,{"$f":"SUMPRODUCT(35:35,11:11)","v":3.2126697649282479}]

{"sheet":"LC Fees ","index":10,"n_rows":34,"n_cols":26,"rows_kept":34,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,"CFADS",null,null,null,null,100,{"$f":"G5*1.02","v":102},{"$f":"H5*1.02","v":104.04},106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799]
[null,"Interest Rate",null,null,0.05]
[null,"Fee %",null,null,0.01]
[null,"Target DSCR",null,null,1.3]
[]
[null,"Target DS",null,null,null,null,{"$f":"G5/$E$8","v":76.92307692307692},{"$f":"H5/$E$8","v":78.461538461538453},80.030769230769238,81.631384615384619,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.644177568819416,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376]
[null,"Target DS - Fees",null,null,null,null,{"$f":"G10-G20","v":66.848491653033008},{"$f":"H10-H20","v":68.551708844496645},70.310965221533763,72.128700058431491,74.007480524401487,75.950008988040864,77.959130752674668,80.037842248284818,82.189299707270081,84.416828352912844,86.723932131158648,89.11430401814728,91.591836937877645,94.160635326448912,96.825027381503759,99.589578037813908,102.45910271240237,105.43868186519683,108.53367642396546,111.74974412520821]
[null,"NPV of DS",null,null,{"$f":"NPV(E6,11:11)","v":1037.2030564353367}]
[null,"NPV of Fees"]
[null,null,null,null,{"$f":"E12-E13","v":1037.2030564353367}]
[]
[null,"Opening Balance",null,null,null,null,{"$f":"E18","v":1037.2030564353367},{"$f":"G18","v":1022.2147176040705},1004.7737446397774,984.70146665023253,961.8078399243127,935.8907513961268,906.73527997789233,874.11291322411228,837.78071663703304,797.48045276161463,752.93764704678256,703.86059726796304,649.93932311321396,590.844452330997,526.22603962109793,455.71231422064909,378.90835189386763,295.39466677615866,204.72571824976978,106.42832773829281]
[null,"Less: Repayment",null,null,null,null,{"$f":"G10-G19-G20","v":14.988338831266164},{"$f":"H10-H19-H20","v":17.440972964293124},20.072277989544894,22.893626725919852,25.917088528185847,29.155471418234519,32.622366753780049,36.332196587079203,40.300263875418423,44.542805714832113,49.077049778819529,53.921274154749135,59.094870782216937,64.618412709899061,70.513725400448863,76.803962326781445,83.513685117708988,90.668948526388888,98.297390511476976,106.42832773829358]
[null,"Closing Balance",null,null,{"$f":"E14","v":1037.2030564353367},null,{"$f":"G16-G17","v":1022.2147176040705},{"$f":"H16-H17","v":1004.7737446397774},984.70146665023253,961.8078399243127,935.8907513961268,906.73527997789233,874.11291322411228,837.78071663703304,797.48045276161463,752.93764704678256,703.86059726796304,649.93932311321396,590.844452330997,526.22603962109793,455.71231422064909,378.90835189386763,295.39466677615866,204.72571824976978,106.42832773829281,-7.673861546209082E-13]
[null,"Interest",null,null,null,null,{"$f":"G16*$E$6","v":51.860152821766839},{"$f":"H16*$E$6","v":51.110735880203528},50.238687231988877,49.235073332511632,48.090391996215637,46.794537569806344,45.336763998894618,43.705645661205615,41.889035831851658,39.874022638080731,37.646882352339126,35.193029863398152,32.496966155660701,29.54222261654985,26.311301981054896,22.785615711032456,18.945417594693382,14.769733338807933,10.236285912488491,5.3214163869146409]
[null,"Fees",null,null,null,null,10.074585270043917,9.9098296170418028,9.7198040092354692,9.5026845569531346,9.2565317832908285,8.9792835658052876,8.6687476522484115,8.3225937247367181,7.938344985211895,7.5133692334187732,7.0448694068995881,6.5298735506721304,5.9652241823181713,5.3475670161508155,4.6733390079479618,3.9387556794268517,3.1397976791832169,2.2721965342204884,1.3314195434402043,0.3126537615455463]
[null,"Total DS",null,null,null,null,{"$f":"G17+G19+G20","v":76.92307692307692},{"$f":"H17+H19+H20","v":78.461538461538467},80.030769230769238,81.631384615384633,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.64417756881943,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376]
[]
[null,"DSCR Computed",null,null,null,null,{"$f":"G5/G21","v":1.3},{"$f":"H5/H21","v":1.2999999999999998},1.3,1.2999999999999998,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.2999999999999998,1.3,1.3,1.3,1.3,1.3,1.3,1.3,1.3]
[]
[]
[null,"Required DSRA",null,null,1,{"$f":"SUM(OFFSET(F21,0,1,1,$E$26))","v":76.92307692307692},{"$f":"SUM(OFFSET(G21,0,1,1,$E$26))","v":78.461538461538467},80.030769230769238,81.631384615384633,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.64417756881943,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376,0]
[null,"Amount in Reserve",null,null,null,{"$f":"F30","v":0},{"$f":"G30","v":76.92307692307692},78.461538461538467,80.030769230769238,81.631384615384633,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.64417756881943,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376]
[null,"Required Deposit to DSRA",null,null,null,{"$f":"F26-F27","v":76.92307692307692},{"$f":"G26-G27","v":1.5384615384615472},1.5692307692307708,1.600615384615395,1.632627692307679,1.6652802461538414,1.6985858510769276,1.7325575680984571,1.7672087194604416,1.8025528938496365,1.8386039517266255,1.8753760307611884,1.9128835513763818,1.9511412224039191,1.9901640468519872,2.0299673277890378,2.0705666743448319,2.1119780078317234,2.1542175679883542,2.1973019193480923,-112.06239788675376]
[]
[null,"Opening Balance",null,null,null,null,{"$f":"F33","v":76.92307692307692},{"$f":"G33","v":78.461538461538467},80.030769230769238,81.631384615384633,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.64417756881943,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376]
[null,"Add: Scheduled Changes",null,null,null,{"$f":"F28","v":76.92307692307692},{"$f":"G28","v":1.5384615384615472},{"$f":"H28","v":1.5692307692307708},1.600615384615395,1.632627692307679,1.6652802461538414,1.6985858510769276,1.7325575680984571,1.7672087194604416,1.8025528938496365,1.8386039517266255,1.8753760307611884,1.9128835513763818,1.9511412224039191,1.9901640468519872,2.0299673277890378,2.0705666743448319,2.1119780078317234,2.1542175679883542,2.1973019193480923,-112.06239788675376]
[null,"Less: DSRA used for deficit"]
[null,"Closing Balance",null,null,null,{"$f":"F30+F31-F32","v":76.92307692307692},{"$f":"G30+G31-G32","v":78.461538461538467},{"$f":"H30+H31-H32","v":80.030769230769238},81.631384615384633,83.264012307692312,84.929292553846153,86.627878404923081,88.360435973021538,90.127644692481979,91.930197586331616,93.768801538058241,95.64417756881943,97.557061120195812,99.508202342599731,101.49836638945172,103.52833371724076,105.59890039158559,107.71087839941731,109.86509596740567,112.06239788675376,0]
[null,"LC Fees"]

{"sheet":"Debt Funding","index":11,"n_rows":109,"n_cols":88,"rows_kept":109,"cut":false,"hidden":false,"merged":[]}
["Period",null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50,50]
[null,"Construction Phase",null,null,null,null,{"$f":"F8","v":36},{"$f":"H1<=$G$2","v":true},{"$f":"I1<=$G$2","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BF1<=$G$2","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,null,1,12,{"$f":"IF(H2,$F$3,$G$3)","v":1},{"$f":"IF(I2,$F$3,$G$3)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BF2,$F$3,$G$3)","v":12},{"$f":"IF(BG2,$F$3,$G$3)","v":12},{"$f":"IF(BH2,$F$3,$G$3)","v":12},{"$f":"IF(BI2,$F$3,$G$3)","v":12},{"$f":"IF(BJ2,$F$3,$G$3)","v":12},{"$f":"IF(BK2,$F$3,$G$3)","v":12},{"$f":"IF(BL2,$F$3,$G$3)","v":12},{"$f":"IF(BM2,$F$3,$G$3)","v":12},{"$f":"IF(BN2,$F$3,$G$3)","v":12},{"$f":"IF(BO2,$F$3,$G$3)","v":12},{"$f":"IF(BP2,$F$3,$G$3)","v":12},{"$f":"IF(BQ2,$F$3,$G$3)","v":12},{"$f":"IF(BR2,$F$3,$G$3)","v":12},{"$f":"IF(BS2,$F$3,$G$3)","v":12},{"$f":"IF(BT2,$F$3,$G$3)","v":12},{"$f":"IF(BU2,$F$3,$G$3)","v":12},{"$f":"IF(BV2,$F$3,$G$3)","v":12},{"$f":"IF(BW2,$F$3,$G$3)","v":12},{"$f":"IF(BX2,$F$3,$G$3)","v":12},{"$f":"IF(BY2,$F$3,$G$3)","v":12},{"$f":"IF(BZ2,$F$3,$G$3)","v":12},{"$f":"IF(CA2,$F$3,$G$3)","v":12},{"$f":"IF(CB2,$F$3,$G$3)","v":12},{"$f":"IF(CC2,$F$3,$G$3)","v":12},{"$f":"IF(CD2,$F$3,$G$3)","v":12},{"$f":"IF(CE2,$F$3,$G$3)","v":12},{"$f":"IF(CF2,$F$3,$G$3)","v":12},{"$f":"IF(CG2,$F$3,$G$3)","v":12},{"$f":"IF(CH2,$F$3,$G$3)","v":12},{"$f":"IF(CI2,$F$3,$G$3)","v":12},{"$f":"IF(CJ2,$F$3,$G$3)","v":12}]
[null,"Start Date",null,null,null,null,"2017-04-01",{"$f":"EDATE(G4,H3)","v":"2017-05-01"},{"$f":"EDATE(H4,I3)","v":"2017-06-01"},"2017-07-01","2017-08-01","2017-09-01","2017-10-01","2017-11-01","2017-12-01","2018-01-01","2018-02-01","2018-03-01","2018-04-01","2018-05-01","2018-06-01","2018-07-01","2018-08-01","2018-09-01","2018-10-01","2018-11-01","2018-12-01","2019-01-01","2019-02-01","2019-03-01","2019-04-01","2019-05-01","2019-06-01","2019-07-01","2019-08-01","2019-09-01","2019-10-01","2019-11-01","2019-12-01","2020-01-01","2020-02-01","2020-03-01","2020-04-01","2021-04-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01","2028-04-01","2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01",{"$f":"EDATE(BE4,BF3)","v":"2035-04-01"},{"$f":"EDATE(BF4,BG3)","v":"2036-04-01"},{"$f":"EDATE(BG4,BH3)","v":"2037-04-01"},{"$f":"EDATE(BH4,BI3)","v":"2038-04-01"},{"$f":"EDATE(BI4,BJ3)","v":"2039-04-01"},{"$f":"EDATE(BJ4,BK3)","v":"2040-04-01"},{"$f":"EDATE(BK4,BL3)","v":"2041-04-01"},{"$f":"EDATE(BL4,BM3)","v":"2042-04-01"},{"$f":"EDATE(BM4,BN3)","v":"2043-04-01"},{"$f":"EDATE(BN4,BO3)","v":"2044-04-01"},{"$f":"EDATE(BO4,BP3)","v":"2045-04-01"},{"$f":"EDATE(BP4,BQ3)","v":"2046-04-01"},{"$f":"EDATE(BQ4,BR3)","v":"2047-04-01"},{"$f":"EDATE(BR4,BS3)","v":"2048-04-01"},{"$f":"EDATE(BS4,BT3)","v":"2049-04-01"},{"$f":"EDATE(BT4,BU3)","v":"2050-04-01"},{"$f":"EDATE(BU4,BV3)","v":"2051-04-01"},{"$f":"EDATE(BV4,BW3)","v":"2052-04-01"},{"$f":"EDATE(BW4,BX3)","v":"2053-04-01"},{"$f":"EDATE(BX4,BY3)","v":"2054-04-01"},{"$f":"EDATE(BY4,BZ3)","v":"2055-04-01"},{"$f":"EDATE(BZ4,CA3)","v":"2056-04-01"},{"$f":"EDATE(CA4,CB3)","v":"2057-04-01"},{"$f":"EDATE(CB4,CC3)","v":"2058-04-01"},{"$f":"EDATE(CC4,CD3)","v":"2059-04-01"},{"$f":"EDATE(CD4,CE3)","v":"2060-04-01"},{"$f":"EDATE(CE4,CF3)","v":"2061-04-01"},{"$f":"EDATE(CF4,CG3)","v":"2062-04-01"},{"$f":"EDATE(CG4,CH3)","v":"2063-04-01"},{"$f":"EDATE(CH4,CI3)","v":"2064-04-01"},{"$f":"EDATE(CI4,CJ3)","v":"2065-04-01"}]
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[]
["Assumptions"]
[null,"Construction Period",null,null,"Months",36,{"$f":"LOOKUP(F8+1,1:1,4:4)","v":"2021-04-01"}]
[null,"Operating Period",null,null,"Years",25,{"$f":"EDATE(G8,F9*12)","v":"2046-04-01"}]
[]
[null,"CAPEX",null,null,"MM",1000]
[null,"Operating CF",null,null,"MM",79.572037014444305]
[]
[null,"Funding Assumptions"]
[null,null,"Debt/Capital",null,"%",0.8]
[]
[null,1,null,"Equity 1st",null,{"$f":"B17=$F$20","v":false}]
[null,2,null,"Pro Rata",null,{"$f":"B18=$F$20","v":true}]
[]
[null,null,null,"Pro Rata",null,{"$f":"MATCH(D20,D17:D18,0)","v":2}]
[]
[null,null,"EBL",null,true]
[]
[null,"Repayment Tenor",null,null,"Years",23]
[null,"Repayment Date",null,null,"Date",{"$f":"EDATE(G8,F24*12)","v":"2044-04-01"}]
[]
[null,"Interest Rate",null,null,"% p.a.",0.04]
[null,"EBL Interest Rate",null,null,null,1.4999999999999999E-2]
[]
["Operating CF"]
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[null,"CFADS",null,null,null,{"$f":"F12","v":79.572037014444305},null,{"$f":"$F$32*H5","v":0},{"$f":"$F$32*I5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,0,0,0,0,{"$f":"$F$32*BU5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Project CF",null,null,null,null,null,{"$f":"H32-H31","v":-27.777777777777779},{"$f":"I32-I31","v":-27.777777777777779},-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,-27.777777777777779,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,79.572037014444305,0,0,0,0,{"$f":"BU32-BU31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Project IRR",null,null,null,{"$f":"XIRR(H33:CJ33,H4:CJ4)","v":5.3721073269844058E-2}]
["Debt Sizing",null,null,null,null,"Total"]
[null,"Uses of Fund"]
[null,null,"Project Cost",null,null,{"$f":"SUM(H31:BE31)","v":1000.0000000000008},"Computed","Function","Diff."]
[null,null,"IDC/Loan",null,null,{"$f":"H39","v":49.156361638911989},{"$f":"SUM(H51:BE51)","v":49.156361638911989},{"$f":"H42","v":49.156361638911989},{"$f":"H39-G39","v":0}]
[null,null,"IDC/EBL",null,null,{"$f":"H40","v":4.1942449092013598},{"$f":"SUM(H52:CJ52)","v":4.1942449092013598},{"$f":"I42","v":4.1942449092013598},{"$f":"H40-G40","v":0}]
[null,null,null,"Total",null,{"$f":"SUM(F38:F40)","v":1053.3506065481142}]
[null,null,null,null,null,null,null,{"$f":"IDCaccum(2:2,50:50,F85,56:56,E44,F94)","v":49.156361638911989},4.1942449092013598,43,1000.0000000000008]
[null,"Sources of Fund"]
[null,null,"Debt",null,{"$f":"F15","v":0.8},{"$f":"E44*F41","v":842.68048523849143}]
[null,null,"Equity",null,null,{"$f":"F41-F44","v":210.6701213096228}]
[null,null,null,"Total",null,{"$f":"SUM(F44:F45)","v":1053.3506065481142}]
[]
["Funding During Construction"]
[null,"Funding Needs Analysis"]
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[null,null,"Periodic IDC",null,null,null,null,{"$f":"H86","v":0},{"$f":"I86","v":7.8025970855415877E-2},0.15605194171083175,0.23407791256624763,0.31210388342166351,0.39012985427707941,0.46815582513249526,0.54618179598791117,0.62420776684332702,0.70223373769874287,0.78025970855415883,0.85828567940957468,0.93631165026499052,1.0143376211204065,1.0923635919758223,1.1703895628312382,1.248415533686654,1.3264415045420699,1.4044674753974857,1.4824934462529016,1.5605194171083177,1.6385453879637335,1.7165713588191494,1.7945973296745654,1.872623300529981,1.9506492713853967,2.0286752422408125,2.1067012130962279,2.1847271839516438,2.2627531548070596,2.340779125662475,2.4188050965178909,2.4968310673733067,2.5748570382287221,2.652883009084138,2.7309089799395538,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Periodic EBL Interest",null,null,null,null,{"$f":"H94","v":0},{"$f":"I94","v":5.4624831514412707E-3},1.1029326870391114E-2,1.6700661607558915E-2,2.2476617976717447E-2,2.8357326754906695E-2,3.4342918882637949E-2,4.043352546409814E-2,4.662927776735442E-2,5.2930307224559048E-2,5.9336745432154447E-2,6.5848724151078619E-2,7.2466375306970698E-2,7.9189830990376922E-2,8.6019223456956673E-2,9.2954685127688924E-2,9.9996348589078854E-2,0.1071443465933648,0.11439881205872537,0.1217598780694869,0.12922767787633116,0.13680234489650325,0.14448401271401981,0.15227281507987755,0.16016888591226189,0.16817235929675597,0.17628336948654993,0.1845020509026504,0.19282853813409026,0.20126296593813869,0.20980546924051147,0.21845618313558149,0.22721524288658959,0.23608278392585572,0.24505894185499022,0.2541438524451054,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Funding Needs",null,null,null,{"$f":"SUM(H50:H52)","v":27.777777777777779},{"$f":"SUM(I50:I52)","v":27.861266231784636},27.944859046359003,28.028556351951586,28.11235827917616,28.196264958809767,28.28027652179291,28.36439309922979,28.448614822388461,28.532941822701083,28.617374231764092,28.701912181338432,28.786555803349739,28.871305229888563,28.956160593210559,29.041122025736708,29.126189660053512,29.211363628913215,29.296644065233988,29.382031102100168,29.467524872762425,29.553125510638015,29.638833149310948,29.724647922532224,29.810569964220022,29.896599408459931,29.982736389505142,30.068981041776659,30.155333499863513,30.241793898522975,30.328362372680765,30.415039057431251,30.501824088037676,30.588717599932355,30.675719728716906,30.762830610162435,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(BF50:BF52)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Pro Rata Funding"]
[null,null,"Pro Rata Funding %",null,null,null,null,{"$f":"H50/$F$31","v":2.777777777777778E-2},{"$f":"I50/$F$31","v":2.777777777777778E-2},2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,2.777777777777778E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF50/$F$31","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Funded",null,null,{"$f":"F44","v":842.68048523849143},null,{"$f":"$F$58*H56","v":23.407791256624762},{"$f":"$F$58*I56","v":23.407791256624762},23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$58*BF56","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity ",null,null,null,null,{"$f":"H53-H58","v":4.3699865211530167},{"$f":"I53-I58","v":4.4534749751598746},4.5370677897342411,4.6207650953268242,4.704567022551398,4.788473702185005,4.8724852651681481,4.9566018426050285,5.0408235657636986,5.1251505660763215,5.2095829751393303,5.2941209247136705,5.3787645467249767,5.4635139732638009,5.5483693365857967,5.6333307691119465,5.7183984034287505,5.8035723722884534,5.8888528086092258,5.974239845475406,6.0597336161376631,6.1453342540132532,6.2310418926861857,6.3168566659074621,6.4027787075952602,6.488808151835169,6.5749451328803801,6.6611897851518975,6.7475422432387511,6.8340026418982127,6.9205711160560028,7.0072478008064891,7.094032831412914,7.1809263433075934,7.2679284720921444,7.3550393535376735,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF53-BF58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity 1st Funding"]
[null,null,"Total Equity Commitment"]
[null,null,"Equity already Funded"]
[null,null,"Remaining Equity to Fund"]
[]
[null,null,"Opening Balance of Equity"]
[null,null,"Add: Equity Funded Min"]
[null,null,"Closing Balance"]
[]
[null,null,"Debt Funded"]
[]
[null,"Final Funding"]
[null,null,"Debt Funding"]
[null,null,"Equity Funding"]
[]
["Debt Balance"]
[null,"Repayment"]
[null,null,"Repayment Switch",null,{"$f":"G8","v":"2021-04-01"},{"$f":"F25","v":"2044-04-01"},{"$f":"COUNTIF(H78:CJ78,TRUE)","v":23},{"$f":"AND(H4>=$E$78,H4<$F$78)","v":false},{"$f":"AND(I4>=$E$78,I4<$F$78)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,{"$f":"AND(BU4>=$E$78,BU4<$F$78)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Total Payment",null,null,null,{"$f":"PMT(F27,G78,-F44)","v":56.720028665800299},{"$f":"$G$79*H78","v":0},{"$f":"$G$79*I78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,56.720028665800299,0,0,0,0,0,0,{"$f":"$G$79*BU78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Opening Debt Balance",null,null,null,null,null,{"$f":"G83","v":0},{"$f":"H83","v":23.407791256624762},46.815582513249524,70.223373769874286,93.631165026499048,117.03895628312381,140.44674753974857,163.85453879637333,187.2623300529981,210.67012130962286,234.07791256624762,257.48570382287238,280.89349507949714,304.3012863361219,327.70907759274667,351.11686884937143,374.52466010599619,397.93245136262095,421.34024261924571,444.74803387587048,468.15582513249524,491.56361638912,514.97140764574476,538.37919890236958,561.78699015899429,585.19478141561899,608.6025726722437,632.0103639288684,655.41815518549311,678.82594644211781,702.23373769874252,725.64152895536722,749.04932021199193,772.45711146861663,795.86490272524134,819.27269398186604,842.68048523849075,819.66767598223009,795.73435435571901,770.84369986414742,744.95741919291299,718.03568729482924,690.0370861208221,660.91854089985463,630.63525387004847,599.14063535905007,566.38623210761182,532.32165272611599,496.89449016936032,460.05024111033447,{"$f":"BE83","v":421.73222208894754},{"$f":"BF83","v":381.88148230670515},{"$f":"BG83","v":340.43671293317306},{"$f":"BH83","v":297.33415278469965},{"$f":"BI83","v":252.50749023028735},{"$f":"BJ83","v":205.88776117369855},{"$f":"BK83","v":157.40324295484618},{"$f":"BL83","v":106.97934400723972},{"$f":"BM83","v":54.538489101729006},{"$f":"BN83","v":-2.1316282072803006E-12},{"$f":"BO83","v":-2.2168933355715126E-12},{"$f":"BP83","v":-2.3055690689943732E-12},{"$f":"BQ83","v":-2.3055690689943732E-12},{"$f":"BR83","v":-2.3055690689943732E-12},{"$f":"BS83","v":-2.3055690689943732E-12},{"$f":"BT83","v":-2.3055690689943732E-12},{"$f":"BU83","v":-2.3055690689943732E-12},{"$f":"BV83","v":-2.3055690689943732E-12},{"$f":"BW83","v":-2.3055690689943732E-12},{"$f":"BX83","v":-2.3055690689943732E-12},{"$f":"BY83","v":-2.3055690689943732E-12},{"$f":"BZ83","v":-2.3055690689943732E-12},{"$f":"CA83","v":-2.3055690689943732E-12},{"$f":"CB83","v":-2.3055690689943732E-12},{"$f":"CC83","v":-2.3055690689943732E-12},{"$f":"CD83","v":-2.3055690689943732E-12},{"$f":"CE83","v":-2.3055690689943732E-12},{"$f":"CF83","v":-2.3055690689943732E-12},{"$f":"CG83","v":-2.3055690689943732E-12},{"$f":"CH83","v":-2.3055690689943732E-12},{"$f":"CI83","v":-2.3055690689943732E-12}]
[null,"Add: Drawdowns",null,null,null,null,null,{"$f":"H58","v":23.407791256624762},{"$f":"I58","v":23.407791256624762},23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,23.407791256624762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayments",null,null,null,null,null,{"$f":"H79-H87","v":0},{"$f":"I79-I87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,23.012809256260667,23.933321626511095,24.890654491571539,25.886280671234402,26.921731898083777,27.998601174007128,29.118545220967416,30.283287029806115,31.494618510998361,32.754403251438298,34.064579381495825,35.427162556755661,36.844249059025884,38.318019021386917,39.8507397822424,41.444769373532097,43.102560148473373,44.826662554412309,46.61972905658881,48.484518218852358,50.423898947606453,52.440854905510712,54.538489101731138,8.5265128291212022E-14,8.8675733422860506E-14,0,0,0,0,{"$f":"BU79-BU87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,null,{"$f":"H80+H81-H82","v":23.407791256624762},{"$f":"I80+I81-I82","v":46.815582513249524},70.223373769874286,93.631165026499048,117.03895628312381,140.44674753974857,163.85453879637333,187.2623300529981,210.67012130962286,234.07791256624762,257.48570382287238,280.89349507949714,304.3012863361219,327.70907759274667,351.11686884937143,374.52466010599619,397.93245136262095,421.34024261924571,444.74803387587048,468.15582513249524,491.56361638912,514.97140764574476,538.37919890236958,561.78699015899429,585.19478141561899,608.6025726722437,632.0103639288684,655.41815518549311,678.82594644211781,702.23373769874252,725.64152895536722,749.04932021199193,772.45711146861663,795.86490272524134,819.27269398186604,842.68048523849075,819.66767598223009,795.73435435571901,770.84369986414742,744.95741919291299,718.03568729482924,690.0370861208221,660.91854089985463,630.63525387004847,599.14063535905007,566.38623210761182,532.32165272611599,496.89449016936032,460.05024111033447,421.73222208894754,{"$f":"BF80+BF81-BF82","v":381.88148230670515},340.43671293317306,297.33415278469965,252.50749023028735,205.88776117369855,157.40324295484618,106.97934400723972,54.538489101729006,-2.1316282072803006E-12,-2.2168933355715126E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12,-2.3055690689943732E-12]
[null,"Interest Rate",null,null,null,{"$f":"F27","v":0.04},null,{"$f":"$F$84/12*H3","v":3.3333333333333335E-3},{"$f":"$F$84/12*I3","v":3.3333333333333335E-3},3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,3.3333333333333335E-3,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,{"$f":"$F$84/12*BU3","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04]
[null,"Interest Cost",null,null,null,{"$f":"F27/12","v":3.3333333333333335E-3},null,{"$f":"H80*H84","v":0},{"$f":"I80*I84","v":7.8025970855415877E-2},0.15605194171083175,0.23407791256624763,0.31210388342166351,0.39012985427707941,0.46815582513249526,0.54618179598791117,0.62420776684332702,0.70223373769874287,0.78025970855415883,0.85828567940957468,0.93631165026499052,1.0143376211204065,1.0923635919758223,1.1703895628312382,1.248415533686654,1.3264415045420699,1.4044674753974857,1.4824934462529016,1.5605194171083177,1.6385453879637335,1.7165713588191494,1.7945973296745654,1.872623300529981,1.9506492713853967,2.0286752422408125,2.1067012130962279,2.1847271839516438,2.2627531548070596,2.340779125662475,2.4188050965178909,2.4968310673733067,2.5748570382287221,2.652883009084138,2.7309089799395538,33.707219409539633,32.786707039289205,31.829374174228761,30.833747994565897,29.798296767716522,28.721427491793172,27.601483444832883,26.436741635994185,25.225410154801938,23.965625414362002,22.655449284304474,21.292866109044638,19.875779606774412,18.402009644413379,16.869288883557903,15.275259292268206,13.617468517326923,11.893366111387987,10.100299609211493,8.2355104469479414,6.2961297181938471,4.2791737602895887,2.1815395640691602,-8.5265128291212022E-14,-8.8675733422860506E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,{"$f":"BU80*BU84","v":-9.2222762759774927E-14},-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14,-9.2222762759774927E-14]
[null,"Interest allocated to Construction",null,null,null,null,null,{"$f":"H85*H2","v":0},7.8025970855415877E-2,0.15605194171083175,0.23407791256624763,0.31210388342166351,0.39012985427707941,0.46815582513249526,0.54618179598791117,0.62420776684332702,0.70223373769874287,0.78025970855415883,0.85828567940957468,0.93631165026499052,1.0143376211204065,1.0923635919758223,1.1703895628312382,1.248415533686654,1.3264415045420699,1.4044674753974857,1.4824934462529016,1.5605194171083177,1.6385453879637335,1.7165713588191494,1.7945973296745654,1.872623300529981,1.9506492713853967,2.0286752422408125,2.1067012130962279,2.1847271839516438,2.2627531548070596,2.340779125662475,2.4188050965178909,{"$f":"AN85*AN2","v":2.4968310673733067},2.5748570382287221,2.652883009084138,2.7309089799395538,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BF85*BF2","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Interest allocated to Operating Expense after Construction",null,null,null,null,null,{"$f":"H85*H5","v":0},{"$f":"I85*I5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,33.707219409539633,32.786707039289205,31.829374174228761,30.833747994565897,29.798296767716522,28.721427491793172,27.601483444832883,26.436741635994185,25.225410154801938,23.965625414362002,22.655449284304474,21.292866109044638,19.875779606774412,18.402009644413379,16.869288883557903,15.275259292268206,13.617468517326923,11.893366111387987,10.100299609211493,8.2355104469479414,6.2961297181938471,4.2791737602895887,2.1815395640691602,-8.5265128291212022E-14,-8.8675733422860506E-14,0,0,0,0,{"$f":"BU85*BU5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["EBL Balance"]
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[]
[]
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["Equity IRR W/O EBL",null,null,null,null,{"$f":"XIRR(H97:CJ97,H4:CJ4)","v":9.050585925579073E-2}]
[]
["Equity CF W/ EBL",null,null,null,null,null,null,{"$f":"H97+H91-H92-0.00000001","v":-1E-8},{"$f":"I97+I91-I92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-210.67012130962198,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,22.852008348644006,79.572037014444305,79.572037014444305,0,0,0,0,{"$f":"BU97+BU91-BU92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Equity IRR W/ EBL",null,null,null,null,{"$f":"XIRR(H100:CJ100,H4:CJ4)","v":0.10428237318992617}]
[]
["Target Equity IRR",null,null,null,null,0.09]
["IRR Computed",null,null,null,null,{"$f":"IF(F107,F101,F98)","v":9.050585925579073E-2}]
["Difference",null,null,null,null,{"$f":"F104-F103","v":5.0585925579073321E-4}]
[]
["With EBL",null,null,null,null,false]
[]
["Bid Price",null,null,null,null,{"$f":"F12","v":79.572037014444305}]

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