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[null,"Operation",null,null,null,null,{"$f":"F10","v":"2022-01-01"},{"$f":"F12","v":"2032-01-01"},null,{"$f":"AND(NOT(J3),J2<$H$4)","v":false},{"$f":"AND(NOT(K3),K2<$H$4)","v":false},false,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Assumptions"]
[null,"Timing"]
[null,null,"FC",null,"Date","2019-01-01"]
[null,null,"Construction",null,"Years",3]
[null,null,"COD",null,"Date",{"$f":"EDATE(F8,F9*12)","v":"2022-01-01"}]
[null,null,"Operations",null,"Years",10]
[null,null,"Decommissioning",null,"Date",{"$f":"EDATE(F10,F11*12)","v":"2032-01-01"}]
[]
[null,"Operating",null,null,null,null,0,1,5,12]
[null,null,"EBITDA P50",null,"Euro",true,null,100,120,80]
[null,null,"EBITDA P99",null,"Euro",{"$f":"NOT(F15)","v":false},null,70,80,65]
[null,null,"Applied",null,null,null,null,{"$f":"H15*$F15+H16*$F16","v":100},{"$f":"I15*$F15+I16*$F16","v":120},{"$f":"J15*$F15+J16*$F16","v":80}]
[]
[null,null,"Capital Expenditure",null,"Euro",700]
[]
[null,null,"Tax Rate",null,"Percent",0.21]
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[null,"Financing"]
[null,null,"DSCR - P50",null,"Times",1.35]
[null,null,"DSCR - P99",null,"Times",1]
[null,null,"DSCR Applied",null,null,{"$f":"F24*F15+F25*F16","v":1.35}]
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[null,null,"Up-Front Equity",null,"Percent",0.4]
[]
[null,null,"Tenor",null,"Years",8]
[null,null,null,null,null,1,4,7,11]
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[null,null,"DSRA Percent",null,"Percent",0.5]
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["Operations"]
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[null,"Accumulated Plant",null,null,null,null,null,null,null,{"$f":"I42+J39","v":233.33333333333331},{"$f":"J42+K39","v":466.66666666666663},700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700]
[null,"Accumulated Depreciation",null,null,null,null,null,null,null,{"$f":"I43+J45","v":0},{"$f":"J43+K45","v":0},0,70,140,210,280,350,420,490,560,630,700,700,700,700,700,700,700,700,700,700,700,700,700]
[null,"Net Plant",null,null,null,null,null,null,null,{"$f":"J42-J43","v":233.33333333333331},{"$f":"K42-K43","v":466.66666666666663},700,630,560,490,420,350,280,210,140,70,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Depreciation",null,null,null,{"$f":"1/F11","v":0.1},null,null,null,{"$f":"$F$45*J42*J4","v":0},{"$f":"$F$45*K42*K4","v":0},0,70,70,70,70,70,70,70,70,70,70,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBIT",null,null,null,null,null,null,null,{"$f":"J38-J45","v":0},{"$f":"K38-K45","v":0},0,30,34.66351393921056,39.544511501033213,44.653135064524008,50,43.246646892259761,36.873358602834713,30.858745865708954,25.182623158750886,19.825940959484058,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Taxes on EBIT",null,null,null,{"$f":"F21","v":0.21},null,null,null,{"$f":"J46*$F$47","v":0},{"$f":"K46*$F$47","v":0},0,6.3,7.2793379272342174,8.3043474152169736,9.3771583635500413,10.5,9.0817958473745488,7.7434053065952897,6.4803366317988802,5.2883508633376861,4.1634476014916517,0,0,0,0,0,0,0,0,0,0,0,0]
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["Sources and Uses"]
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[null,null,"Equity Up-front",null,null,{"$f":"F28","v":0.4},null,null,{"$f":"F62*I59","v":84.924397106079965},{"$f":"_xlfn.FORMULATEXT(I62)","v":"=F62*I59"}]
[null,null,"Remaining Equity Pro-Rata",null,null,null,null,null,{"$f":"I59-I62","v":127.38659565911993},{"$f":"_xlfn.FORMULATEXT(I63)","v":"=I59-I62"}]
[null,null,"Total Left Over for Pro-Rata",null,null,null,null,null,{"$f":"I60-I62","v":667.2444695911297},"=I60-I62"]
[null,null,"Equity as Percent of Left Over Pro-Rata",null,null,null,null,null,{"$f":"I63/I64","v":0.19091442711721412},"=I63/I64"]
[null,null,"Debt as Percent of Left Over Pro-Rata",null,null,null,null,null,{"$f":"I58/I64","v":0.80908557288278582},"=I58/I64"]
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["Sculpting"]
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[null,null,"CFADS",null,null,null,null,null,null,{"$f":"J38*J69","v":0},{"$f":"K38*K69","v":0},0,100,104.66351393921056,109.54451150103321,114.65313506452401,120,113.24664689225976,106.87335860283471,100.85874586570895,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Target DSCR",null,null,{"$f":"F26","v":1.35},null,null,null,{"$f":"$F$71","v":1.35},{"$f":"$F$71","v":1.35},1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35]
[null,null,"Total Debt Service",null,null,null,null,null,null,{"$f":"J70/J71","v":0},{"$f":"K70/K71","v":0},0,74.074074074074076,77.528528843859675,81.144082593357936,84.928248195943709,88.888888888888886,83.886405105377591,79.1654508169146,74.710182122747369,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Interest Rate Index",null,null,null,null,null,1,{"$f":"I74*(1+J73*J4)","v":1},{"$f":"J74*(1+K73*K4)","v":1},{"$f":"K74*(1+L73*L4)","v":1},{"$f":"L74*(1+M73*M4)","v":1.04},1.0816000000000001,1.1248640000000001,1.1721082880000002,1.2213368360960002,1.2726329832120322,1.3260835685069376,1.3844312455212429,1.4453462203241776,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414,1.5089414540184414]
[null,null,"PV of Debt Service",null,null,{"$f":"SUMPRODUCT(J72:AH72/J74:AH74)","v":539.85787393200974},{"$f":"_xlfn.FORMULATEXT(F75)","v":"=SUMPRODUCT(J72:AH72/J74:AH74)"}]
["Funding"]
[null,null,"EPC Cap Exp",null,null,null,null,null,null,{"$f":"J39","v":233.33333333333331},{"$f":"K39","v":233.33333333333331},233.33333333333331,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"IDC",null,null,null,null,null,null,{"$f":"J110","v":0},{"$f":"K110","v":4.2026435215923241},10.929186138580214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSRA",null,null,null,null,null,null,{"$f":"J119","v":0},{"$f":"K119","v":0},37.037037037037038,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J77:J79)","v":233.33333333333331},{"$f":"SUM(K77:K79)","v":237.53597685492565},281.29955650895056,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Equity Up-Front",null,null,{"$f":"I62","v":84.924397106079965},null,null,null,{"$f":"$F$82","v":84.924397106079965},{"$f":"$F$82","v":84.924397106079965},84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965]
[null,null,"Less: Opening Balance",null,null,null,null,null,null,{"$f":"J86","v":0},{"$f":"K86","v":84.924397106079965},84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079923,84.924397106079965,84.924397106079923,84.924397106080008,84.924397106068739,84.924397106080605,84.924397106048957,84.924397106081543,84.924397106019583]
[null,null,"Remaining Equity Funding",null,null,null,null,null,null,{"$f":"J82-J83","v":84.924397106079965},{"$f":"K82-K83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.1226575225009583E-11,-6.3948846218409017E-13,3.1008084988570772E-11,-1.5774048733874224E-12,6.0381921684893314E-11]
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[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I88","v":0},{"$f":"J88","v":84.924397106079965},84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079923,84.924397106079965,84.924397106079923,84.924397106080008,84.924397106068099,84.924397106080605,84.92439710604738,84.924397106081543]
[null,null,"Add: Equity Funding",null,null,null,null,null,null,{"$f":"MIN(J84,J80)","v":84.924397106079965},{"$f":"MIN(K84,K80)","v":0},{"$f":"MIN(L84,L80)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-6.3948846218409017E-13,0,-1.5774048733874224E-12,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"SUM(J86:J87)","v":84.924397106079965},{"$f":"SUM(K86:K87)","v":84.924397106079965},84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079965,84.924397106079923,84.924397106079965,84.924397106079923,84.924397106080008,84.92439710606746,84.924397106080605,84.924397106045802,84.924397106081543]
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[null,null,"Left-Over for Pro-Rata",null,null,null,{"$f":"SUM(J90:AH90)","v":667.24446959113459},null,null,{"$f":"J80-J87","v":148.40893622725335},{"$f":"K80-K87","v":237.53597685492565},281.29955650895056,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,6.3948846218409017E-13,0,1.5774048733874224E-12,0]
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[null,null,"Pro-Rata Equity",null,null,{"$f":"I65","v":0.19091442711721412},null,null,null,{"$f":"J$90*$F92","v":28.333407038901239},{"$f":"K$90*$F92","v":45.349044940985962},53.7041436792327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.2208757340594382E-13,0,3.0114934773466145E-13,0]
[null,null,"Pro-Rata Debt ",null,null,{"$f":"I66","v":0.80908557288278582},{"$f":"SUM(J93:AH93)","v":539.85787393201372},null,null,{"$f":"J$90*$F93","v":120.07552918835211},192.18693191393967,227.59541282971784,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5.1740088877814632E-13,0,1.2762555256527609E-12,0]
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[null,"Period by Period Sources"]
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[null,null,"Equity Funding",null,null,null,null,null,null,{"$f":"J92+J87","v":113.25780414498121},{"$f":"K92+K87","v":45.349044940985962},53.7041436792327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5.1740088877814632E-13,0,-1.2762555256527609E-12,0]
[null,null,null,"Total Funding",null,null,null,null,null,{"$f":"SUM(J96:J97)","v":233.33333333333331},{"$f":"SUM(K96:K97)","v":237.53597685492565},281.29955650895056,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
["Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I105","v":0},{"$f":"J105","v":120.07552918835211},312.26246110229181,539.85787393200962,487.37811481521595,429.3447105639649,365.37441639316557,295.79189368573481,219.32626433164677,144.65156232819834,71.561477129068066,-3.1263880373444408E-13,-3.2639491109875962E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4072877497237639E-13,-3.3928563425433822E-13,-3.1502781894232613E-13,-1.4956754057493526E-13,8.6261851257500996E-13,9.4772153118647935E-12,2.0353412244554579E-12,2.6321821665645067E-11,3.4303643902736425E-12]
[null,null,"Add: Funding",null,null,null,null,null,null,{"$f":"J96","v":120.07552918835211},{"$f":"K96","v":192.18693191393967},227.59541282971784,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5.1740088877814632E-13,0,1.2762555256527609E-12,0]
[null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"J72-J109","v":0},{"$f":"K72-K109","v":0},0,52.479759116793687,58.033404251251035,63.970294170799335,69.582522707430755,76.465629354088023,74.674702003448431,73.090085199130272,71.561477129068379,1.3756107364315539E-14,1.4361376088345422E-14,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"J102+J103-J104","v":120.07552918835211},{"$f":"K102+K103-K104","v":312.26246110229181},539.85787393200962,487.37811481521595,429.3447105639649,365.37441639316557,295.79189368573481,219.32626433164677,144.65156232819834,71.561477129068066,-3.1263880373444408E-13,-3.2639491109875962E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4072877497237639E-13,-3.3928563425433822E-13,-3.1502781894232613E-13,-1.4956754057493526E-13,8.6261851257500996E-13,9.9946162006429406E-12,2.0353412244554579E-12,2.7598077191297829E-11,3.4303643902736425E-12]
[null,null,"Interest Rate",null,null,null,null,null,null,{"$f":"LOOKUP(J1,31:31,32:32)","v":3.5000000000000003E-2},{"$f":"LOOKUP(K1,31:31,32:32)","v":3.5000000000000003E-2},3.5000000000000003E-2,0.04,0.04,0.04,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2]
[]
[null,null,"Interest Cost",null,null,null,null,null,null,{"$f":"J106*J102","v":0},{"$f":"K106*K102","v":4.2026435215923241},10.929186138580214,21.594314957280385,19.49512459260864,17.173788422558598,15.345725488512954,12.423259534800863,9.2117031019291655,6.0753656177843309,3.1487049936789946,-1.3756107364315539E-14,-1.4361376088345422E-14,-1.4993276636232619E-14,-1.4993276636232619E-14,-1.4993276636232619E-14,-1.4992066098784559E-14,-1.4928567907190882E-14,-1.3861224033462349E-14,-6.5809717852971511E-15,3.7955214553300438E-14,4.1699747372205088E-13,8.955501387604014E-14,1.1581601532883829E-12,1.5093603317204025E-13]
[null,null,"Interest Expense",null,null,null,null,null,null,{"$f":"J108*J4","v":0},{"$f":"K108*K4","v":0},0,21.594314957280385,19.49512459260864,17.173788422558598,15.345725488512954,12.423259534800863,9.2117031019291655,6.0753656177843309,3.1487049936789946,-1.3756107364315539E-14,-1.4361376088345422E-14,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest During Construction",null,null,null,null,null,null,{"$f":"J108*J3","v":0},{"$f":"K108*K3","v":4.2026435215923241},10.929186138580214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["DSRA"]
[null,"Debt Service",null,null,null,null,null,null,null,{"$f":"J109+J104","v":0},{"$f":"K109+K104","v":0},0,74.074074074074076,77.528528843859675,81.144082593357936,84.928248195943709,88.888888888888886,83.886405105377591,79.1654508169146,74.710182122747369,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Required DSRA",null,null,null,{"$f":"F34","v":0.5},null,null,null,{"$f":"K113*$F$114","v":0},{"$f":"L113*$F$114","v":0},37.037037037037038,{"$f":"N113*$F$114","v":38.764264421929838},{"$f":"O113*$F$114","v":40.572041296678968},42.464124097971855,44.444444444444443,41.943202552688795,39.5827254084573,37.355091061373685,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Opening DSRA Balance",null,null,null,null,null,null,null,{"$f":"J118","v":0},{"$f":"K118","v":0},0,37.037037037037038,38.764264421929838,40.572041296678968,42.464124097971855,44.444444444444443,41.943202552688795,39.5827254084573,37.355091061373685,9.2370555648813024E-14,-2.6858515411731787E-12,2.5409021986888545E-11,-5.0021813422063129E-11,8.4755963598581731E-11,-1.3078124368348653E-10,1.9567723817768231E-10,-3.0185828173663237E-10,4.9628661232768164E-10,-8.5179256379231503E-10,1.4508932490013628E-9,-2.3547018193172468E-9,3.5951605722955156E-9,-5.2676238120846956E-9]
[null,"Net Funding Required",null,null,null,null,null,null,null,{"$f":"J114-J115","v":0},{"$f":"K114-K115","v":0},37.037037037037038,1.7272273848927995,1.8077768747491305,1.8920828012928865,1.9803203464725883,-2.5012418917556474,-2.3604771442314956,-2.2276343470836153,-37.355091061373685,-9.2370555648813024E-14,2.6858515411731787E-12,-2.5409021986888545E-11,5.0021813422063129E-11,-8.4755963598581731E-11,1.3078124368348653E-10,-1.9567723817768231E-10,3.0185828173663237E-10,-4.9628661232768164E-10,8.5179256379231503E-10,-1.4508932490013628E-9,2.3547018193172468E-9,-3.5951605722955156E-9,5.2676238120846956E-9]
[]
[null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"I121","v":0},{"$f":"J121","v":0},0,37.037037037037038,38.764264421929838,40.572041296678968,42.464124097971855,44.444444444444443,41.943202552688795,39.5827254084573,37.355091061373685,0,6.5369931689929217E-13,-1.0516032489249483E-11,2.5409021986888545E-11,-5.0021813422063129E-11,8.4755963598581731E-11,-1.3078124368348653E-10,1.9567723817768231E-10,-3.0185828173663237E-10,4.9628661232768164E-10,-8.5179256379231503E-10,1.4508932490013628E-9,-2.3547018193172468E-9,3.5951605722955156E-9]
[null,"Add: DSRA Funded During Construction",null,null,null,null,null,null,null,{"$f":"J116*J3","v":0},{"$f":"K116*K3","v":0},37.037037037037038,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: DSRA Changes During Operation",null,null,null,null,null,null,null,{"$f":"J116*J4","v":0},{"$f":"K116*K4","v":0},0,1.7272273848927995,1.8077768747491305,1.8920828012928865,1.9803203464725883,-2.5012418917556474,-2.3604771442314956,-2.2276343470836153,-37.355091061373685,-9.2370555648813024E-14,2.6858515411731787E-12,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"J118+J119+J120","v":0},{"$f":"K118+K119+K120","v":0},37.037037037037038,38.764264421929838,40.572041296678968,42.464124097971855,44.444444444444443,41.943202552688795,39.5827254084573,37.355091061373685,0,-9.2370555648813024E-14,3.3395508580724709E-12,-1.0516032489249483E-11,2.5409021986888545E-11,-5.0021813422063129E-11,8.4755963598581731E-11,-1.3078124368348653E-10,1.9567723817768231E-10,-3.0185828173663237E-10,4.9628661232768164E-10,-8.5179256379231503E-10,1.4508932490013628E-9,-2.3547018193172468E-9,3.5951605722955156E-9]
[]
["Profit and Loss"]
[null,null,"IDC Balance Accumulated",null,null,null,null,null,null,{"$f":"I124+J110","v":0},{"$f":"J124+K110","v":4.2026435215923241},15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539,15.131829660172539]
[null,null,"Depreciation Rate",null,null,null,null,null,null,{"$f":"J45/J42","v":0},{"$f":"K45/K42","v":0},0,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation on IDC",null,null,null,null,null,null,{"$f":"J124*J125","v":0},{"$f":"K124*K125","v":0},0,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,1.513182966017254,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Accumulated IDC Depreciation",null,null,null,null,null,null,{"$f":"I127+J126","v":0},{"$f":"J127+K126","v":0},0,1.513182966017254,3.026365932034508,4.5395488980517618,6.052731864069016,7.5659148300862702,9.0790977961035235,10.592280762120778,12.105463728138032,13.618646694155286,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254,15.13182966017254]
[null,null,"Net IDC Balance",null,null,null,null,null,null,{"$f":"J124-J127","v":0},{"$f":"K124-K127","v":4.2026435215923241},15.131829660172539,13.618646694155284,12.10546372813803,10.592280762120776,9.0790977961035217,7.5659148300862684,6.0527318640690151,4.5395488980517609,3.0263659320345067,1.5131829660172524,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J38","v":0},{"$f":"K38","v":0},0,100,104.66351393921056,109.54451150103321,114.65313506452401,120,113.24664689225976,106.87335860283471,100.85874586570895,95.182623158750886,89.825940959484058,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"J126+J45","v":0},{"$f":"K126+K45","v":0},0,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,71.513182966017254,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBIT",null,null,null,null,null,{"$f":"J130-J131","v":0},{"$f":"K130-K131","v":0},0,28.486817033982746,33.150330973193306,38.031328535015959,43.139952098506754,48.486817033982746,41.733463926242507,35.360175636817459,29.3455628996917,23.669440192733632,18.312757993466803,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"J109","v":0},{"$f":"K109","v":0},0,21.594314957280385,19.49512459260864,17.173788422558598,15.345725488512954,12.423259534800863,9.2117031019291655,6.0753656177843309,3.1487049936789946,-1.3756107364315539E-14,-1.4361376088345422E-14,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBT",null,null,null,null,null,{"$f":"J132-J133","v":0},{"$f":"K132-K133","v":0},0,6.8925020767023604,13.655206380584666,20.857540112457361,27.7942266099938,36.063557499181883,32.52176082431334,29.284810019033127,26.196857906012706,23.669440192733646,18.312757993466818,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Opening NOL",null,null,null,null,null,null,{"$f":"I138","v":0},{"$f":"J138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Accrued Tax Loss",null,null,null,null,null,null,{"$f":"MAX(-J134,0)","v":0},{"$f":"MAX(-K134,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: NOL Used",null,null,null,null,null,null,{"$f":"MIN(MAX(J134,0),J135)","v":0},{"$f":"MIN(MAX(K134,0),K135)","v":0},{"$f":"MIN(MAX(L134,0),L135)","v":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 NOL",null,null,null,null,null,null,{"$f":"J135+J136-J137","v":0},{"$f":"K135+K136-K137","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,null,"EBT after NOL",null,null,null,null,null,{"$f":"J134+J136-J137","v":0},{"$f":"K134+K136-K137","v":0},0,6.8925020767023604,13.655206380584666,20.857540112457361,27.7942266099938,36.063557499181883,32.52176082431334,29.284810019033127,26.196857906012706,23.669440192733646,18.312757993466818,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Taxes",null,null,{"$f":"F21","v":0.21},null,null,null,{"$f":"J139*$F$140","v":0},{"$f":"K139*$F$140","v":0},0,1.4474254361074956,2.8675933399227795,4.3800834236160453,5.8367875880986979,7.5733470748281952,6.8295697731058009,6.1498101039969564,5.5013401602626679,4.9705824404740655,3.8456791786280315,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Income",null,null,null,null,null,{"$f":"J139-J140","v":0},{"$f":"K139-K140","v":0},0,5.4450766405948645,10.787613040661887,16.477456688841315,21.957439021895102,28.490210424353688,25.692191051207537,23.134999915036172,20.695517745750038,18.698857752259581,14.467078814838786,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall"]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J130","v":0},{"$f":"K130","v":0},0,100,104.66351393921056,109.54451150103321,114.65313506452401,120,113.24664689225976,106.87335860283471,100.85874586570895,95.182623158750886,89.825940959484058,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Taxes",null,null,null,null,null,null,{"$f":"J140","v":0},{"$f":"K140","v":0},0,1.4474254361074956,2.8675933399227795,4.3800834236160453,5.8367875880986979,7.5733470748281952,6.8295697731058009,6.1498101039969564,5.5013401602626679,4.9705824404740655,3.8456791786280315,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"CFADS",null,null,null,null,null,{"$f":"J144-J145","v":0},{"$f":"K144-K145","v":0},0,98.552574563892506,101.79592059928778,105.16442807741717,108.81634747642531,112.42665292517181,106.41707711915396,100.72354849883776,95.357405705446283,90.212040718276825,85.980261780856026,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"J133","v":0},{"$f":"K133","v":0},0,21.594314957280385,19.49512459260864,17.173788422558598,15.345725488512954,12.423259534800863,9.2117031019291655,6.0753656177843309,3.1487049936789946,-1.3756107364315539E-14,-1.4361376088345422E-14,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"J104","v":0},{"$f":"K104","v":0},0,52.479759116793687,58.033404251251035,63.970294170799335,69.582522707430755,76.465629354088023,74.674702003448431,73.090085199130272,71.561477129068379,1.3756107364315539E-14,1.4361376088345422E-14,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,null,null,{"$f":"J146-J147-J148","v":0},{"$f":"K146-K147-K148","v":0},0,24.47850048981843,24.267391755428115,24.020345484059234,23.888099280481597,23.537764036282923,22.530672013776368,21.558097681923158,20.647223582698913,90.212040718276825,85.980261780856026,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Change in DSRA",null,null,null,null,null,null,{"$f":"J120","v":0},{"$f":"K120","v":0},0,1.7272273848927995,1.8077768747491305,1.8920828012928865,1.9803203464725883,-2.5012418917556474,-2.3604771442314956,-2.2276343470836153,-37.355091061373685,-9.2370555648813024E-14,2.6858515411731787E-12,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Flow Sweep"]
[null,null,"Net Dividends",null,null,null,null,null,null,{"$f":"J149-J150-J151","v":0},{"$f":"K149-K150-K151","v":0},0,22.75127310492563,22.459614880678984,22.128262682766348,21.907778934009009,26.03900592803857,24.891149158007863,23.785732029006773,58.002314644072598,90.21204071827691,85.98026178085334,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"DSRA",null,null,null,null,null,null,{"$f":"J121","v":0},{"$f":"K121","v":0},37.037037037037038,38.764264421929838,40.572041296678968,42.464124097971855,44.444444444444443,41.943202552688795,39.5827254084573,37.355091061373685,0,-9.2370555648813024E-14,3.3395508580724709E-12,-1.0516032489249483E-11,2.5409021986888545E-11,-5.0021813422063129E-11,8.4755963598581731E-11,-1.3078124368348653E-10,1.9567723817768231E-10,-3.0185828173663237E-10,4.9628661232768164E-10,-8.5179256379231503E-10,1.4508932490013628E-9,-2.3547018193172468E-9,3.5951605722955156E-9]
[null,null,"Gross Plant",null,null,null,null,null,null,{"$f":"J42","v":233.33333333333331},{"$f":"K42","v":466.66666666666663},700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700,700]
[null,null,"Less: Accumulated Depreciation",null,null,null,null,null,null,{"$f":"-J43","v":0},{"$f":"-K43","v":0},0,-70,-140,-210,-280,-350,-420,-490,-560,-630,-700,-700,-700,-700,-700,-700,-700,-700,-700,-700,-700,-700,-700]
[null,null,"IDC Net Plant",null,null,null,null,null,null,{"$f":"J128","v":0},{"$f":"K128","v":4.2026435215923241},15.131829660172539,13.618646694155284,12.10546372813803,10.592280762120776,9.0790977961035217,7.5659148300862684,6.0527318640690151,4.5395488980517609,3.0263659320345067,1.5131829660172524,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Assets",null,null,null,null,null,{"$f":"SUM(J156:J159)","v":233.33333333333331},{"$f":"SUM(K156:K159)","v":470.86931018825896},752.16886669720964,682.3829111160851,612.67750502481704,543.0564048600927,473.52354224054795,399.50911738277512,325.63545727252637,251.89463995942549,143.02636593203451,71.513182966017141,3.2969182939268649E-12,-1.0459189070388675E-11,2.5465851649641991E-11,-5.0022208597511053E-11,8.4810380940325558E-11,-1.3073986337985843E-10,1.9565504771890119E-10,-3.0183855415089056E-10,4.9624304665485397E-10,-8.5174178821034729E-10,1.4508714230032638E-9,-2.3546817828901112E-9,3.5951188692706637E-9]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I166","v":0},{"$f":"J166","v":113.25780414498121},158.60684908596716,212.31099276519984,195.00479630086909,183.33279446085197,177.68198846692692,177.73164855481303,180.18285305112815,180.98389494432783,180.33316283035722,143.02636593203465,71.513182966018093,-1.0331291377951857E-11,2.5622171051509213E-11,-4.9865889195643831E-11,8.4867224359186366E-11,-1.3065459825156722E-10,1.9585399968491402E-10,-3.0190960842446657E-10,4.9527670853422023E-10,-8.6118164412934309E-10,1.4487397947959835E-9,-2.3808309632883594E-9,3.5916087881560088E-9]
[null,null,"Add: Funding",null,null,null,null,null,null,{"$f":"J97","v":113.25780414498121},{"$f":"K97","v":45.349044940985962},53.7041436792327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5.1740088877814632E-13,0,-1.2762555256527609E-12,0]
[null,null,"Add: Net Income",null,null,null,null,null,null,{"$f":"J141","v":0},{"$f":"K141","v":0},0,5.4450766405948645,10.787613040661887,16.477456688841315,21.957439021895102,28.490210424353688,25.692191051207537,23.134999915036172,20.695517745750038,18.698857752259581,14.467078814838786,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Dividends",null,null,null,null,null,null,{"$f":"J152","v":0},{"$f":"K152","v":0},0,22.75127310492563,22.459614880678984,22.128262682766348,21.907778934009009,26.03900592803857,24.891149158007863,23.785732029006773,58.002314644072598,90.21204071827691,85.98026178085334,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"J162+J163+J164-J165","v":113.25780414498121},{"$f":"K162+K163+K164-K165","v":158.60684908596716},212.31099276519984,195.00479630086909,183.33279446085197,177.68198846692692,177.73164855481303,180.18285305112815,180.98389494432783,180.33316283035722,143.02636593203465,71.513182966017325,3.5385028240852989E-12,-1.0331291377951857E-11,2.5622171051509213E-11,-4.9865889195643831E-11,8.4867224359186366E-11,-1.3065459825156722E-10,1.9585399968491402E-10,-3.0190960842446657E-10,4.9527670853422023E-10,-8.6169904501812127E-10,1.4487397947959835E-9,-2.3821072188140122E-9,3.5916087881560088E-9]
[null,null,"Debt Balance",null,null,null,null,null,null,{"$f":"J105","v":120.07552918835211},{"$f":"K105","v":312.26246110229181},539.85787393200962,487.37811481521595,429.3447105639649,365.37441639316557,295.79189368573481,219.32626433164677,144.65156232819834,71.561477129068066,-3.1263880373444408E-13,-3.2639491109875962E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4075628718710503E-13,-3.4072877497237639E-13,-3.3928563425433822E-13,-3.1502781894232613E-13,-1.4956754057493526E-13,8.6261851257500996E-13,9.9946162006429406E-12,2.0353412244554579E-12,2.7598077191297829E-11,3.4303643902736425E-12]
[null,null,null,"Total Liabilities and Capital",null,null,null,null,null,{"$f":"J166+J167","v":233.33333333333331},{"$f":"K166+K167","v":470.86931018825896},752.16886669720952,682.3829111160851,612.67750502481681,543.05640486009247,473.52354224054784,399.50911738277489,325.6354572725262,251.89463995942529,143.02636593203434,71.513182966016998,3.197746536898194E-12,-1.0672047665138962E-11,2.5281414764322109E-11,-5.0206645482830935E-11,8.4526495584213992E-11,-1.3099388388582157E-10,1.955389718659717E-10,-3.0205917596504152E-10,4.9613932704679525E-10,-8.5170442881747837E-10,1.4507751360204389E-9,-2.3545091416227144E-9,3.5950391525462825E-9]
[]
[null,null,null,"Difference",null,null,null,null,null,{"$f":"J168-J160","v":0},{"$f":"K168-K160","v":0},0,0,0,0,0,0,0,0,0,-1.4210854715202004E-13,-9.9171757028670867E-14,-2.128585947502877E-13,-1.8443688531988208E-13,-1.8443688531988208E-13,-2.8388535611156585E-13,-2.5402050596313539E-13,-1.1607585292948929E-13,-2.2062181415095734E-13,-1.0371960805872317E-13,3.7359392868929063E-14,-9.6286982824848752E-14,1.7264126739681258E-13,-7.9716724381170467E-14]
["Outputs"]
[null,"CFADS",null,null,null,null,null,null,null,{"$f":"J146","v":0},{"$f":"K146","v":0},0,98.552574563892506,101.79592059928778,105.16442807741717,108.81634747642531,112.42665292517181,106.41707711915396,100.72354849883776,95.357405705446283,90.212040718276825,85.980261780856026,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Debt Service",null,null,null,null,null,null,null,{"$f":"J147+J148","v":0},{"$f":"K147+K148","v":0},0,74.074074074074076,77.528528843859675,81.144082593357936,84.928248195943709,88.888888888888886,83.886405105377591,79.1654508169146,74.710182122747369,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR",null,null,null,null,null,null,{"$f":"IF(J173,J172/J173)","v":false},{"$f":"IF(K173,K172/K173)","v":false},false,1.3304597566125489,1.3130124112673667,1.2960209138654484,1.2812738963526924,1.2647998454081828,1.2685854994676846,1.2723169950965154,1.2763642517799774,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Equity Cash Flow",null,null,null,null,null,null,null,{"$f":"-J163+J165","v":-113.25780414498121},{"$f":"-K163+K165","v":-45.349044940985962},-53.7041436792327,22.75127310492563,22.459614880678984,22.128262682766348,21.907778934009009,26.03900592803857,24.891149158007863,23.785732029006773,58.002314644072598,90.21204071827691,85.98026178085334,0,0,0,0,0,0,0,0,5.1740088877814632E-13,0,1.2762555256527609E-12,0]
[null,"Equity IRR",null,null,null,null,null,null,null,{"$f":"IRR(176:176)","v":8.1655764363828265E-2}]