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[]
["Valuation"]
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[]
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[null,null,null,"Total Interest",{"$f":"SUM(81:81)","v":128.3677285953072}]
[]
[null,null,null,"Total Sum",{"$f":"SUM(G80:AU80)","v":1406.7730024782916}]
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[]
[]
[null,null,null,"Market Loan"]
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[]
[]
[]
[null,null,null,"Cash Flow Benefit from Concessional Loan",null,null,null,{"$f":"H80-H111","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Value",{"$f":"NPV(E16,105:105)","v":0}]
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[]
[null,null,null,"Switch for Repayment",null,{"$f":"E10","v":0},{"$f":"E10","v":0},{"$f":"H2<=$E$12","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
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["Timeline"]
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[null,null,null,null,"Cash Sensitivity",{"$f":"G3/100","v":1},100]
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["Operating Assumptions"]
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[null,"EPC",null,null,"USD",{"$f":"Scenarios!E12","v":18434766}]
[null,"Cost per KW",null,null,"USD",{"$f":"F8/F6/1000","v":1843.4766000000002}]
[null,null,null,null,null,null,2018,2019,2022,2025,2030]
[null,"O&M cost",null,null,"USD/KWP year",null,null,10,12,14,16]
[]
[null,null,null,null,null,null,2018,2019,{"$f":"2019+10","v":2029}]
[null,"PPA price",null,null,"USD/MW hour",null,null,130,110]
[null,"Hours",null,null,"Hours",8760]
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["Financing"]
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[null,null,"Repayment",null,"years",10,{"$f":"F21+H2","v":2028}]
[null,null,"Interest rate",null,"%",0.13]
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[null,"GCF Concessional debt"]
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[null,"GCF Grant"]
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[null,null,"Target IRR",null,null,{"$f":"H33/100","v":0.16},null,16]
[null,null,"Realised IRR",null,null,{"$f":"E116","v":0.13855353204504683}]
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["Operating model"]
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[null,null,"Capacity factor",null,"%",{"$f":"F7","v":0.17599999999999999},null,null,{"$f":"$F$40","v":0.17599999999999999},{"$f":"$F$40","v":0.17599999999999999},0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999,0.17599999999999999]
[null,null,"Hours in a period",null,"Hours",{"$f":"F15","v":8760},null,null,{"$f":"$F$41","v":8760},{"$f":"$F$41","v":8760},8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760,8760]
[null,null,null,"Energy generated","MWh",null,null,null,{"$f":"I39*I40*I41","v":15417.599999999999},{"$f":"J39*J40*J41","v":15417.599999999999},15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999,15417.599999999999]
[]
[null,"Revenues, Expenses and Cap Exp"]
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[]
[null,null,"O&M contract",null,"USD/KW year",null,null,null,{"$f":"LOOKUP(I2,10:10,11:11)","v":10},10,10,12,12,12,14,14,14,14,14,16,16,16,16,16,16,16,16,16,16,16,16,16,16]
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[]
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[null,"Project IRR Pre-tax",null,null,"%",{"$f":"IRR(53:53)","v":8.4030975553319287E-2}]
[]
["Sources and uses of funds"]
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[null,"Sources of funds"]
[null,null,"Conventional debt",null,null,null,{"$f":"F20","v":0.29999999999999993},{"$f":"$H$58*G61","v":5530429.7999999989}]
[null,null,"GCF concessional debt",null,null,null,{"$f":"F25","v":0.4},{"$f":"$H$58*G62","v":7373906.4000000004}]
[null,null,"GCF Grant",null,null,null,{"$f":"F31","v":0},0]
[null,null,"Investor Equity",null,null,null,null,{"$f":"H58-H61-H62-H63","v":5530429.8000000007}]
[null,null,null,"Total",null,null,null,{"$f":"SUM(H61:H64)","v":18434766}]
[]
["Debt schedule"]
[null,"Conventional debt",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]
[null,null,"Repayment switch",null,null,null,{"$f":"F21","v":10},null,{"$f":"I68<=$G$69","v":true},{"$f":"J68<=$G$69","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Repayment",null,null,{"$f":"H61","v":5530429.7999999989},null,null,{"$f":"$F$70/$G$69*I69","v":553042.97999999986},{"$f":"$F$70/$G$69*J69","v":553042.97999999986},553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H75","v":5530429.7999999989},{"$f":"I75","v":4977386.8199999994},4424343.84,3871300.86,3318257.88,2765214.9,2212171.92,1659128.94,1106085.96,553042.9800000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add debt disbursment"]
[null,null,"Less debt repayment",null,null,null,null,null,{"$f":"I70","v":553042.97999999986},{"$f":"J70","v":553042.97999999986},553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H61","v":5530429.7999999989},{"$f":"I72-I74","v":4977386.8199999994},{"$f":"J72-J74","v":4424343.84},3871300.86,3318257.88,2765214.9,2212171.92,1659128.94,1106085.96,553042.9800000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest",null,null,{"$f":"F22","v":0.13},null,null,{"$f":"I72*$F$76","v":718955.87399999984},647060.28659999999,575164.69920000003,503269.11180000001,431373.52439999999,359477.93699999998,287582.34960000002,215686.7622,143791.17480000001,71895.587400000019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"GCF concessional debt"]
[null,null,"Repayment switch",null,null,{"$f":"F26","v":7},{"$f":"F27","v":20},null,{"$f":"AND(I68>=$F$79,I68<=$G$79)","v":false},{"$f":"AND(J68>=$F$79,J68<=$G$79)","v":false},false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false]
[null,null,"Repayment",null,null,{"$f":"H62","v":7373906.4000000004},{"$f":"COUNTIF(79:79,TRUE)","v":14},null,{"$f":"$F$80/$G$80*I79","v":0},{"$f":"$F$80/$G$80*J79","v":0},0,0,0,0,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,0,0,0,0,0]
[]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H85","v":7373906.4000000004},{"$f":"I85","v":7373906.4000000004},7373906.4000000004,7373906.4000000004,7373906.4000000004,7373906.4000000004,7373906.4000000004,6847198.8000000007,6320491.2000000011,5793783.6000000015,5267076.0000000019,4740368.4000000022,4213660.8000000026,3686953.2000000025,3160245.6000000024,2633538.0000000023,2106830.4000000022,1580122.8000000021,1053415.200000002,526707.60000000207,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9]
[null,null,"Add debt disbursment"]
[null,null,"Less debt repayment",null,null,null,null,null,{"$f":"I80","v":0},{"$f":"J80","v":0},0,0,0,0,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,0,0,0,0,0]
[null,null,"Closing balance",null,null,null,null,{"$f":"H62","v":7373906.4000000004},{"$f":"I82-I84","v":7373906.4000000004},{"$f":"J82-J84","v":7373906.4000000004},7373906.4000000004,7373906.4000000004,7373906.4000000004,7373906.4000000004,6847198.8000000007,6320491.2000000011,5793783.6000000015,5267076.0000000019,4740368.4000000022,4213660.8000000026,3686953.2000000025,3160245.6000000024,2633538.0000000023,2106830.4000000022,1580122.8000000021,1053415.200000002,526707.60000000207,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9]
[null,null,"Interest",null,null,{"$f":"F28","v":7.4999999999999997E-3},null,null,{"$f":"$F$86*I82","v":55304.298000000003},{"$f":"$F$86*J82","v":55304.298000000003},55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,51353.991000000002,47403.684000000008,43453.377000000008,39503.070000000014,35552.763000000014,31602.45600000002,27652.149000000019,23701.842000000019,19751.535000000018,15801.228000000016,11850.921000000015,7900.614000000015,3950.3070000000153,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11]
[]
[null,"Default"]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H92","v":0},{"$f":"I92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Default",null,null,null,null,null,{"$f":"I108","v":0},{"$f":"J108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment of Default",null,null,null,null,null,{"$f":"I109","v":0},{"$f":"J109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I89+I90-I91","v":0},{"$f":"J89+J90-J91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Conventional Percent",null,null,{"$f":"F76","v":0.13},null,null,{"$f":"IF(I72,I72/(I72+I82))","v":0.42857142857142849},{"$f":"IF(J72,J72/(J72+J82))","v":0.40298507462686567},0.375,0.34426229508196721,0.31034482758620685,0.27272727272727271,0.23076923076923075,0.19504643962848295,0.14893617021276592,8.7136929460580909E-2,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"GCF Percent",null,null,{"$f":"F86","v":7.4999999999999997E-3},null,null,{"$f":"1-I94","v":0.57142857142857151},{"$f":"1-J94","v":0.59701492537313428},0.625,0.65573770491803285,0.68965517241379315,0.72727272727272729,0.76923076923076927,0.804953560371517,0.85106382978723405,0.91286307053941906,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"Weighted Interest Rate",null,null,null,null,null,{"$f":"I94*$F$94+I95*$F$95","v":0.06},{"$f":"J94*$F$94+J95*$F$95","v":5.6865671641791044E-2},5.3437499999999999E-2,4.9672131147540988E-2,4.5517241379310347E-2,4.0909090909090909E-2,3.5769230769230768E-2,3.1393188854489162E-2,2.5744680851063826E-2,1.8174273858921161E-2,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3,7.4999999999999997E-3]
[null,null,"Default Interest",null,null,null,null,null,{"$f":"I96*I89","v":0},{"$f":"J96*J89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cashflow waterfall"]
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[null,"Less Interest on conventional debt",null,null,null,null,null,null,{"$f":"I76","v":718955.87399999984},{"$f":"J76","v":647060.28659999999},575164.69920000003,503269.11180000001,431373.52439999999,359477.93699999998,287582.34960000002,215686.7622,143791.17480000001,71895.587400000019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less repayment on conventional debt",null,null,null,null,null,null,{"$f":"I74","v":553042.97999999986},{"$f":"J74","v":553042.97999999986},553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,553042.97999999986,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Default Interest",null,null,null,null,null,null,{"$f":"I97","v":0},{"$f":"J97","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net cashflow",null,null,null,null,null,{"$f":"I100-I101-I102-I103","v":652289.14600000007},{"$f":"J100-J101-J102-J103","v":724184.73339999991},796080.32079999999,851975.90819999983,923871.49559999991,995767.08299999998,1051662.6703999997,1123558.2577999998,1195453.8451999999,1267349.4325999999,1583935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[null,"Less Interest on GCF concessional debt",null,null,null,null,null,null,{"$f":"I86","v":55304.298000000003},{"$f":"J86","v":55304.298000000003},55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,51353.991000000002,47403.684000000008,43453.377000000008,39503.070000000014,35552.763000000014,31602.45600000002,27652.149000000019,23701.842000000019,19751.535000000018,15801.228000000016,11850.921000000015,7900.614000000015,3950.3070000000153,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11]
[null,"Less repayment on GCF concessional debt",null,null,null,null,null,null,{"$f":"I84","v":0},{"$f":"J84","v":0},0,0,0,0,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,526707.6,0,0,0,0,0]
[null,null,"Net cashflow",null,null,null,null,null,{"$f":"I104-I105-I106","v":596984.84800000011},{"$f":"J104-J105-J106","v":668880.43539999996},740776.02280000004,796671.61019999988,868567.19759999996,940462.78500000003,469650.77239999978,545496.66679999989,621342.5612,697188.45559999987,1017725.3299999997,1005675.6369999998,1009625.9439999998,1013576.2509999998,1017526.5579999998,1021476.8649999999,1025427.1719999997,1029377.4789999997,1033327.7859999997,1037278.0929999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[null,"Add: Default",null,null,null,null,null,null,{"$f":"MAX(-I107,0)","v":0},{"$f":"MAX(-J107,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Repayment of Default",null,null,null,null,null,null,{"$f":"MIN(I89,MAX(I107,0))","v":0},{"$f":"MIN(J89,MAX(J107,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash After Default",null,null,null,null,null,{"$f":"I107+I108-I109","v":596984.84800000011},{"$f":"J107+J108-J109","v":668880.43539999996},740776.02280000004,796671.61019999988,868567.19759999996,940462.78500000003,469650.77239999978,545496.66679999989,621342.5612,697188.45559999987,1017725.3299999997,1005675.6369999998,1009625.9439999998,1013576.2509999998,1017526.5579999998,1021476.8649999999,1025427.1719999997,1029377.4789999997,1033327.7859999997,1037278.0929999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[null,null,"Dividends",null,null,null,null,null,{"$f":"I110","v":596984.84800000011},{"$f":"J110","v":668880.43539999996},740776.02280000004,796671.61019999988,868567.19759999996,940462.78500000003,469650.77239999978,545496.66679999989,621342.5612,697188.45559999987,1017725.3299999997,1005675.6369999998,1009625.9439999998,1013576.2509999998,1017526.5579999998,1021476.8649999999,1025427.1719999997,1029377.4789999997,1033327.7859999997,1037278.0929999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[]
[]
["Financial ratios"]
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[null,"Equity IRR",null,null,{"$f":"IRR(115:115)","v":0.13855353204504683}]
[]
[]
[null,"CFADS",null,null,null,null,null,null,{"$f":"I100","v":1924287.9999999998},{"$f":"J100","v":1924287.9999999998},1924287.9999999998,1908287.9999999998,1908287.9999999998,1908287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1583935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[null,"Debt service",null,null,null,null,null,null,{"$f":"I101+I102+I105+I106","v":1327303.1519999998},{"$f":"J101+J102+J105+J106","v":1255407.5645999997},1183511.9771999998,1111616.3897999998,1039720.8023999998,967825.21499999985,1422637.2275999999,1346791.3331999998,1270945.4387999999,1195099.5443999998,566210.67000000004,562260.36300000001,558310.05599999998,554359.74899999995,550409.44200000004,546459.13500000001,542508.82799999998,538558.52099999995,534608.21400000004,530657.90700000001,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11]
[null,null,"DSCR (Min)",null,{"$f":"MIN(I121:AG121)","v":1.3301268681069907},null,null,null,{"$f":"IF(I120>0.1,I119/I120)","v":1.4497727946328272},{"$f":"IF(J120>0.1,J119/J120)","v":1.5327994304488042},1.6259134145414882,1.7166785390267014,1.8353850337466329,1.9717279219678112,1.3301268681069907,1.4050342865690191,1.4888821677401498,1.5833727063715213,2.7974322702184322,2.7886297935606033,2.8083606647414565,2.8283727359866453,2.8486720618430081,2.8692648719286207,2.8901575773067418,2.9113567771402877,2.9328692656413238,2.9547020393309618,false,false,false,false,false]
[]
[null,"Debt Cash Flow",null,null,null,null,null,{"$f":"-H61-H62","v":-12904336.199999999},{"$f":"I120","v":1327303.1519999998},{"$f":"J120","v":1255407.5645999997},1183511.9771999998,1111616.3897999998,1039720.8023999998,967825.21499999985,1422637.2275999999,1346791.3331999998,1270945.4387999999,1195099.5443999998,566210.67000000004,562260.36300000001,558310.05599999998,554359.74899999995,550409.44200000004,546459.13500000001,542508.82799999998,538558.52099999995,534608.21400000004,530657.90700000001,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11]
[null,"Debt IRR",null,null,{"$f":"IRR(123:123)","v":3.9270370325251935E-2}]
[]
[null,"PLCR"]
[null,null,"NPV of Cash Flow",null,{"$f":"NPV(E124,119:119)","v":27463798.515397239}]
[null,null,"NPV of Debt Service",null,{"$f":"NPV(E124,120:120)","v":12904336.200000007}]
[null,null,"Ratio",null,{"$f":"E127/E128","v":2.1282612363584597}]
[]
[null,"LLCR (loan life coverage ratio) for Conventional",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]
[null,null,"Debt Life Conventional",null,null,null,{"$f":"F21","v":10},null,{"$f":"I131<=$G$132","v":true},{"$f":"J131<=$G$132","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"CFADS over Debt Life",null,null,null,null,null,{"$f":"I132*I119","v":1924287.9999999998},{"$f":"J132*J119","v":1924287.9999999998},1924287.9999999998,1908287.9999999998,1908287.9999999998,1908287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service",null,null,null,null,{"$f":"H123","v":-12904336.199999999},{"$f":"I132*I120","v":1327303.1519999998},{"$f":"J132*J120","v":1255407.5645999997},1183511.9771999998,1111616.3897999998,1039720.8023999998,967825.21499999985,1422637.2275999999,1346791.3331999998,1270945.4387999999,1195099.5443999998,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt IRR for Conventional Debt",null,{"$f":"IRR(H134:AG134)","v":-1.1176568141179621E-2}]
[null,null,"PV of CFADS",null,{"$f":"NPV(E135,I133:AG133)","v":20289006.691119496}]
[null,null,"PV of Debt Service",null,{"$f":"-H134","v":12904336.199999999}]
[null,null,null,"Ratio",{"$f":"E136/E137","v":1.5722627167075434}]
[]
[null,"LLCR for GCF Concessional"]
[null,null,"Maximum Debt Life",null,null,null,{"$f":"G79","v":20},null,{"$f":"I131<=$G$141","v":true},{"$f":"J131<=$G$141","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false]
[null,null,"CFADS over Debt Life",null,null,null,null,null,{"$f":"I141*I119","v":1924287.9999999998},{"$f":"J141*J119","v":1924287.9999999998},1924287.9999999998,1908287.9999999998,1908287.9999999998,1908287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1583935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,0,0,0,0,0]
[null,null,"Debt Service",null,null,null,null,{"$f":"H134","v":-12904336.199999999},{"$f":"I141*I120","v":1327303.1519999998},{"$f":"J141*J120","v":1255407.5645999997},1183511.9771999998,1111616.3897999998,1039720.8023999998,967825.21499999985,1422637.2275999999,1346791.3331999998,1270945.4387999999,1195099.5443999998,566210.67000000004,562260.36300000001,558310.05599999998,554359.74899999995,550409.44200000004,546459.13500000001,542508.82799999998,538558.52099999995,534608.21400000004,530657.90700000001,0,0,0,0,0]
[null,null,"Debt IRR",null,{"$f":"IRR(143:143)","v":3.9270370325251935E-2}]
[null,null,"PV of CFADS",null,{"$f":"NPV(E144,I142:AG142)","v":24226476.183198027}]
[null,null,"PV of Debt Service",null,{"$f":"-H143","v":12904336.199999999}]
[null,null,null,"Ratio",{"$f":"E145/E146","v":1.877390344433062}]
[]
[null,"LCOE (USD cents/MGWh)",null,null,null,null,0.05,{"$f":"NPV(G149,47:47)/NPV(G149,42:42)","v":120.95752135677915}]
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[null,"EBITDA",null,null,null,null,null,null,{"$f":"I100","v":1924287.9999999998},1924287.9999999998,1924287.9999999998,1908287.9999999998,1908287.9999999998,1908287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1892287.9999999998,1583935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998,1567935.9999999998]
[null,"Conventional debt service",null,null,null,null,null,null,{"$f":"I101+I102","v":1271998.8539999998},1200103.2665999997,1128207.6791999999,1056312.0917999998,984416.50439999986,912520.9169999999,840625.32959999982,768729.74219999986,696834.1547999999,624938.56739999983,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"GCF concessional debt service",null,null,null,null,null,null,{"$f":"I106+I105","v":55304.298000000003},55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,55304.298000000003,582011.89799999993,578061.59100000001,574111.28399999999,570160.97699999996,566210.67000000004,562260.36300000001,558310.05599999998,554359.74899999995,550409.44200000004,546459.13500000001,542508.82799999998,538558.52099999995,534608.21400000004,530657.90700000001,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11,1.5716068446636201E-11]
[null,"DSCR",null,null,null,{"$f":"MIN(I155:AG155)","v":1.3301268681069907},null,null,{"$f":"IF(I153>0.1,I152/(I153+I154))","v":1.4497727946328272},{"$f":"IF(J153>0.1,J152/(J153+J154))","v":1.5327994304488042},1.6259134145414882,1.7166785390267014,1.8353850337466329,1.9717279219678112,1.3301268681069907,1.4050342865690191,1.4888821677401498,1.5833727063715213,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Equity IRR",null,null,null,null,{"$f":"IRR(115:115)","v":0.13855353204504683},"Grant %",{"$f":"G63","v":0},"Concessional debt",{"$f":"F25","v":0.4},"DSCR",{"$f":"F155","v":1.3301268681069907},"LCOE",{"$f":"H149","v":120.95752135677915}]
[]
[null,null,null,null,null,null,null,{"$f":"IF(F25,G141,G132)","v":20},{"$f":"I131","v":1},{"$f":"J131","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25]
[null,null,null,null,null,null,null,null,{"$f":"IF(I159<=$H$159,I151,NA())","v":2019},{"$f":"IF(J159<=$H$159,J151,NA())","v":2020},2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,"Conventional Debt",null,null,null,null,null,null,{"$f":"I75","v":4977386.8199999994},{"$f":"J75","v":4424343.84},3871300.86,3318257.88,2765214.9,2212171.92,1659128.94,1106085.96,553042.9800000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"GCF Concesssional Debt",null,null,null,null,null,null,{"$f":"I85","v":7373906.4000000004},{"$f":"J85","v":7373906.4000000004},7373906.4000000004,7373906.4000000004,7373906.4000000004,7373906.4000000004,6847198.8000000007,6320491.2000000011,5793783.6000000015,5267076.0000000019,4740368.4000000022,4213660.8000000026,3686953.2000000025,3160245.6000000024,2633538.0000000023,2106830.4000000022,1580122.8000000021,1053415.200000002,526707.60000000207,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9,2.0954757928848267E-9]
[null,"Default",null,null,null,null,null,null,{"$f":"I92","v":0},{"$f":"J92","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]

{"sheet":"Scenarios","index":3,"n_rows":12,"n_cols":7,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Scenario number",null,1]
[]
[]
[null,null,null,"Capacity factor","Capex","PPA price 2","O&M "]
[null,null,"Company case",0.17599999999999999,18434766,110,0.8]
[null,null,"Base case",{"$f":"D7","v":0.17599999999999999},{"$f":"E7*1.05","v":19356504.300000001},90,0.9]
[null,null,"Downside case",0.16,{"$f":"E7*1.1","v":20278242.600000001},50,1.2]
[null,null,"Worst case",0.15,{"$f":"E7*1.2","v":22121719.199999999},30,1.3]
[]
[null,null,{"$f":"INDEX(C7:C10,$E$3)","v":"Company case"},{"$f":"INDEX(D7:D10,$E$3)","v":0.17599999999999999},{"$f":"INDEX(E7:E10,$E$3)","v":18434766},{"$f":"INDEX(F7:F10,$E$3)","v":110},{"$f":"INDEX(G7:G10,$E$3)","v":0.8}]

{"sheet":"Implied PD","index":4,"n_rows":36,"n_cols":24,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[]
[]
["Risk Free Loan"]
[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,null,"risk free (20 year German)",2.5499999999999998E-2]
[null,null,"Loan Amount",1000]
[null,null,"total repayment ",{"$f":"PMT(D5,X4,-D6)","v":64.45049089335015},{"$f":"D7","v":64.45049089335015},{"$f":"E7","v":64.45049089335015},64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015]
[null,null,"total cashflow",{"$f":"-D6","v":-1000},{"$f":"E7","v":64.45049089335015},{"$f":"F7","v":64.45049089335015},64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015,64.45049089335015]
[null,null,"IRR",{"$f":"IRR(8:8)","v":2.5499999999732514E-2}]
[]
[null,"Risk Free Loan Balance"]
[null,null,"Opening Balance",null,{"$f":"D14","v":1000},{"$f":"E14","v":961.04950910664979},921.10578069551923,880.14348720990483,838.13665524040721,795.0586490556874,750.88215371325725,705.57915773959519,659.12093536860471,611.47802832715399,562.62022715614626,512.51655205527788,461.13523323933731,408.44369079359024,354.40851401547661,298.99544022952114,242.16933306202378,183.89416016175522,124.13297035252984,62.847870203169201]
[null,null,"Loan Repayment",null,{"$f":"E7-E15","v":38.95049089335015},39.943728411130579,40.96229348561441,42.006831969497583,43.078006184719769,44.176495342430123,45.302995973662092,46.45822237099047,47.642907041450727,48.857801171007722,50.103675100868422,51.381318815940567,52.691542445747046,54.035176778113602,55.413073785955497,56.826107167497362,58.275172900268544,59.761189809225392,61.285100149360638,62.847870203169336]
[null,null,"Closing Balance",{"$f":"D6","v":1000},{"$f":"E12-E13","v":961.04950910664979},{"$f":"F12-F13","v":921.10578069551923},880.14348720990483,838.13665524040721,795.0586490556874,750.88215371325725,705.57915773959519,659.12093536860471,611.47802832715399,562.62022715614626,512.51655205527788,461.13523323933731,408.44369079359024,354.40851401547661,298.99544022952114,242.16933306202378,183.89416016175522,124.13297035252984,62.847870203169201,-1.3500311979441904E-13]
[null,null,"Interest",null,{"$f":"E12*$D$5","v":25.5},{"$f":"F12*$D$5","v":24.506762482219568},23.48819740773574,22.443658923852571,21.372484708630381,20.273995550920027,19.147494919688057,17.992268522359677,16.80758385189942,15.592689722342426,14.346815792481729,13.069172077409585,11.758948447603101,10.41531411523655,9.0374171073946528,7.6243837258527885,6.175317993081606,4.6893010841247582,3.1653907439895108,1.6026206901808144]
[null,null,"fees"]
[]
["Risky Loan"]
[null,null,"Loan Amount",{"$f":"D6","v":1000}]
[null,null,"Risk Free Rate",{"$f":"D5","v":2.5499999999999998E-2}]
[null,null,"Credit Spread",0.06]
[null,null,"Total Interest Rate",{"$f":"SUM(D20:D21)","v":8.5499999999999993E-2}]
[]
[null,null,"total repayment ",{"$f":"PMT(D22,20,-D19)","v":106.05600460603711}]
[null,null,"probability of default (PD)",0.64014290969726129]
[null,null,"loss given default (LGD)",0.7]
[null,null,"time of default (year #)",3]
[null,null,"recovery rate",{"$f":"1-D26","v":0.30000000000000004}]
[]
[null,null,"default switch",null,{"$f":"E4>=$D$27","v":false},{"$f":"F4>=$D$27","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[null,null,"scenario 1: no default",{"$f":"1-D25","v":0.35985709030273871},{"$f":"$D$31*$D$24","v":38.165005226662366},{"$f":"$D$31*$D$24","v":38.165005226662366},38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366,38.165005226662366]
[null,null,"scenario 2: default",{"$f":"D25","v":0.64014290969726129},{"$f":"IF(E30,$D$32*$D$24*$D$28,$D$24*$D$25)","v":67.890999379374733},{"$f":"IF(F30,$D$32*$D$24*$D$28,$D$24*$D$25)","v":67.890999379374733},20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423,20.367299813812423]
[null,null,"average",null,{"$f":"SUM(E31:E32)","v":106.05600460603711},{"$f":"SUM(F31:F32)","v":106.05600460603711},58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789]
[null,null,"cashflow",{"$f":"-D19","v":-1000},{"$f":"E33","v":106.05600460603711},{"$f":"F33","v":106.05600460603711},58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789,58.532305040474789]
[null,null,"IRR",{"$f":"IRR(34:34)","v":2.5466226879767628E-2}]
[null,null,"IRR vs risk free rate",{"$f":"D35-D20","v":-3.377312023237003E-5}]

{"sheet":"DSCR","index":5,"n_rows":5,"n_cols":12,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027]
[null,"Base Case",2.37,1.62,1.67,1.72,1.78,1.84,1.9,1.98,2.06,2.15]
[null,"Low Case",1.76,1.2,1.22,1.24,1.27,1.3,1.33,1.37,1.4,1.45]
[null,"High Case",2.64,1.82,1.88,1.94,2.0099999999999998,2.09,2.1800000000000002,2.27,2.38,2.4900000000000002]

{"sheet":"IRR and Default","index":6,"n_rows":26,"n_cols":30,"rows_kept":26,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Loan"]
[null,null,"Risk-free Loan Interest rate",null,null,0.02]
[null,null,"Loan Amount",null,null,1000]
[null,null,"Total Repayment",null,{"$f":"-F4","v":-1000},{"$f":"PMT(F3,25,F4*(-1))","v":51.220438417394718},{"$f":"F5","v":51.220438417394718},51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718,51.220438417394718]
[null,null,null,"IRR",{"$f":"IRR(5:5)","v":2.0000000000371498E-2}]
[]
[null,null,"Opening Balance",null,null,{"$f":"E10","v":1000},968.77956158260531,936.93471439686266,904.45297026740514,871.3215912553585,837.52758466307091,803.05769793893762,767.89841348032166,732.03594333253341,695.45622378178939,658.14490984003044,620.08736961943634,581.26867859443041,541.67361374892425,501.28664760650804,460.09194214124346,418.0733425666736,375.21437100061235,331.4982200032299,286.90774598589979,241.42546248822308,195.03353332059282,147.71376556960996,99.447602463607438,50.216116095484871]
[null,null,"Repaiment",null,null,{"$f":"F5-F11","v":31.220438417394718},31.844847185742612,32.481744129457468,33.131379012046615,33.794006592287545,34.469886724133303,35.159284458615964,35.862470147788287,36.579719550744045,37.311313941758925,38.057540220594106,38.81869102500599,39.595064845506108,40.386966142416235,41.194705465264555,42.018599574569848,42.858971566061243,43.716150997382471,44.590474017330116,45.482283497676718,46.391929167630252,47.319767750982862,48.266163106002516,49.231486368122567,50.21611609548502]
[null,null,"Closing balance",null,{"$f":"F4","v":1000},{"$f":"F8-F9","v":968.77956158260531},936.93471439686266,904.45297026740514,871.3215912553585,837.52758466307091,803.05769793893762,767.89841348032166,732.03594333253341,695.45622378178939,658.14490984003044,620.08736961943634,581.26867859443041,541.67361374892425,501.28664760650804,460.09194214124346,418.0733425666736,375.21437100061235,331.4982200032299,286.90774598589979,241.42546248822308,195.03353332059282,147.71376556960996,99.447602463607438,50.216116095484871,-1.4921397450962104E-13]
[null,null,"Interest",null,null,{"$f":"+F8*$F$3","v":20},19.375591231652106,18.738694287937253,18.089059405348102,17.426431825107169,16.750551693261418,16.061153958778753,15.357968269606433,14.640718866650669,13.909124475635789,13.16289819680061,12.401747392388728,11.625373571888609,10.833472274978485,10.025732952130161,9.2018388428248699,8.3614668513334713,7.5042874200122469,6.6299644000645985,5.7381549197179957,4.8285092497644619,3.9006706664118567,2.9542753113921991,1.9889520492721489,1.0043223219096975]
[]
[null,null,"Africa Loan Interest rate",null,null,7.0000000000000007E-2]
[null,null,"Loan Amount",null,null,1000]
[null,null,"Total Repayment",null,null,{"$f":"PMT(F13,25,-F14)","v":85.810517220665616},{"$f":"F15","v":85.810517220665616},85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616,85.810517220665616]
[]
[null,null,"Probability of Default",null,0.78660687841060484]
[null,null,"Loss Given Default",null,0.6]
[null,null,"Recovery Rate",null,{"$f":"1-E18","v":0.4}]
[]
[null,null,"Realized Payment"]
[null,null,"No default Scenario",null,{"$f":"1-E17","v":0.21339312158939516},{"$f":"F15*$E$22","v":18.311374134918385},18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385,18.311374134918385]
[null,null,"Default Scenario",null,{"$f":"E17","v":0.78660687841060484},{"$f":"F15*$E$23","v":67.499143085747235},{"$f":"G15*$E$23","v":67.499143085747235},{"$f":"H15*$E$23","v":67.499143085747235},{"$f":"I15*$E$19*$E$23","v":26.999657234298894},26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894,26.999657234298894]
[null,null,null,null,{"$f":"-F14","v":-1000},{"$f":"SUM(F22:F23)","v":85.810517220665616},85.810517220665616,85.810517220665616,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275,45.311031369217275]
[null,null,null,{"$f":"IRR(24:24)","v":2.0134303713685409E-2}]
[null,null,null,{"$f":"D25-E6","v":1.3430371331391022E-4}]

{"sheet":"Sheet3 (2)","index":7,"n_rows":6,"n_cols":3,"rows_kept":6,"cut":false,"hidden":false,"merged":[]}
[" in US SPP                               "]
[" SPP Project Cost                               ",17556920]
[" GCF Loan                                ",8650050,{"$f":"B3/B6","v":0.46922483312237323}]
[" GCF Grant                                ",877846]
[" GCF Total                                ",9527896]
[" Total Financing Amount                               ",18434766]