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{"sheet":"Course Follow-up and Resources","index":0,"n_rows":60,"n_cols":13,"rows_kept":60,"cut":false,"hidden":false,"merged":[]}
[]
["General ideas on structuring models and spreadsheet style."]
[]
[null,"Website Link Describing Modelling Crimes"]
[]
[null,"Video Describing Modelling Philosophy"]
[]
[null,"Powerpoint Slides Reference (beginning through 111)"]
[]
[null,"Chapter in Book Describing Modelling Structure",null,null,null,null,null,null,"Chapter 4 & Chapter 5",null,null,null,"Find the Book in Chapter 2 of the USB Drive"]
[]
["Project IRR Concepts and Calculations"]
[]
[null,"Website Link Describing IRR Concepts"]
[]
[null,"Video Describing IRR Problems and Issues"]
[]
[null,"Powerpoint Slides Reference (beginning on slide 112)"]
[]
[null,"Link to Relevant Page on this Workbook"]
[]
["Developer and Sponsor IRR Flip and Dividends"]
[]
[null,"Website Link Describing Upside Incentives"]
[]
[null,"Video Describing Mechanics of Hurdle Rates"]
[]
[null,"Powerpoint Slides Reference (beginning on slide 312)"]
[]
[null,"Link to Relevant Part of this Workbook"]
[]
[null,"Chapter in Book Describing Flip Modelling",null,null,null,null,null,null,"Chapter 10",null,null,null,"Find the Book in Chapter 2 of the USB Drive"]
[]
["Debt Sizing with P50, P90 and Maximum Debt to Capital"]
[]
[null,"Website Link Describing Upside Incentives"]
[]
[null,"Video Describing Mechanics of Hurdle Rates"]
[]
[null,"Powerpoint Slides Reference (beginning on slide 312)"]
[]
[null,"Link to Relevant Part of this Workbook"]
[]
[null,"Chapter in Book Describing Flip Modelling",null,null,null,null,null,null,"Chapter 10",null,null,null,"Find the Book in Chapter 2 of the USB Drive"]
[]
["Cash Sweep, Re-Financing and Merchant Prices"]
[]
[null,"Website Link Describing IRR Concepts"]
[]
[]
[null,"Video Describing IRR Problems and Issues"]
[]
[]
[null,"Chapter in Book Describing Modelling Structure",null,null,null,null,null,null,"Chapter 4 & Chapter 5",null,null,null,"Find the Book in Chapter 2 of the USB Drive"]
[]
[]
[null,"Powerpoint Slides Reference"]
[]
[]
["Models for Evaluation of Existing Project"]

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[]
[null,null,null,null,"IRR","Discount Rate","Value to Investment ratio","NPV","Weighted Average ROIC"]
[null,null,"Pre tax project ",null,{"$f":"FM!E77","v":0.11999999880790704},{"$f":"FM!F53","v":7.6999999999999999E-2},{"$f":"FM!F81","v":1.2572290335130052},{"$f":"FM!F80","v":1257.2290335130051},{"$f":"FM!E101","v":0.14762671813641093},null,"Cost per KW",null,null,null,null,"Target IRR",{"$f":"target_irr","v":0.12}]
[null,null,"After tax Project ",null,{"$f":"FM!E106","v":0.11999999880790704},{"$f":"FM!F54","v":5.6000000000000001E-2},{"$f":"FM!H114","v":1.5448397087120285},{"$f":"FM!H113","v":1544.8397087120284},null,null,"Capacity factor"]
[null,null,"Pre tax Debt ",null,{"$f":"FM!F236","v":false},null,null,null,null,null,"Levelized O&M per KW"]
[null,null,"After tax debt "]
[null,null,"Equity ",null,{"$f":"FM!F235","v":0.12489260380142642},{"$f":"FM!F55","v":9.7000000000000003E-2},null,null,null,null,"Uses of funds",null,null,null,null,"Debt Structure"]
[null,null,"Tax Rate",null,null,null,null,null,null,null,null,"CAPEX",null,{"$f":"FM!I130","v":1000},null,"Sculpting",{"$f":"FM!F33","v":true}]
[null,null,null,null,null,null,null,null,null,null,null,"Developer fee",null,{"$f":"FM!I131","v":0},null,"DSCR",{"$f":"FM!$F$30","v":1.3}]
[null,null,null,null,null,null,null,null,null,null,null,"IDC",null,{"$f":"FM!I132","v":0},null,"Tenure",{"$f":"FM!$F$32","v":15}]
[null,null,null,null,null,null,null,null,null,null,null,"FDC",null,{"$f":"FM!I133","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"DSRA",null,{"$f":"FM!I134","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Total uses",{"$f":"FM!I135","v":1000}]
[]
[null,null,null,null,null,null,null,null,null,null,"Sources of Funds"]
[null,null,null,null,null,null,null,null,null,null,null,"Debt funding",null,{"$f":"FM!I138","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"Developer",null,{"$f":"FM!I139","v":30}]
[null,null,null,null,null,null,null,null,null,null,null,"Sponsor",null,{"$f":"FM!I140","v":970}]
[null,null,null,null,null,null,null,null,null,null,null,null,"Total sources",{"$f":"FM!I141","v":1000}]

{"sheet":"FM","index":2,"n_rows":323,"n_cols":50,"rows_kept":323,"cut":false,"hidden":false,"merged":[]}
["Timeline"]
[null,"Time  Period",null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41]
[null,"Start date",null,null,null,null,{"$f":"EDATE(F8,-12)","v":"2019-01-20"},null,{"$f":"EDATE(G3,12)","v":"2020-01-20"},{"$f":"EDATE(I3,12)","v":"2021-01-20"},{"$f":"EDATE(J3,12)","v":"2022-01-20"},"2023-01-20","2024-01-20","2025-01-20","2026-01-20","2027-01-20","2028-01-20","2029-01-20","2030-01-20","2031-01-20","2032-01-20","2033-01-20","2034-01-20","2035-01-20","2036-01-20","2037-01-20","2038-01-20","2039-01-20","2040-01-20","2041-01-20","2042-01-20","2043-01-20","2044-01-20","2045-01-20",{"$f":"EDATE(AH3,12)","v":"2046-01-20"},"2047-01-20","2048-01-20","2049-01-20","2050-01-20","2051-01-20","2052-01-20","2053-01-20","2054-01-20","2055-01-20","2056-01-20","2057-01-20","2058-01-20","2059-01-20","2060-01-20","2061-01-20"]
[null,"Construction period",null,null,null,null,{"$f":"F10","v":"2021-01-20"},null,{"$f":"I3<$G$4","v":true},{"$f":"J3<$G$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AI3<$G$4","v":false},false,false,false,false,false,false,false,false,{"$f":"AR3<$G$4","v":false},false,false,false,false,false,false]
[null,"Operation Period",null,null,null,{"$f":"F10","v":"2021-01-20"},{"$f":"F12","v":"2051-01-20"},null,{"$f":"AND(I3>=$F$5,I3<$G$5)","v":false},{"$f":"AND(J3>=$F$5,J3<$G$5)","v":true},{"$f":"AND(K3>=$F$5,K3<$G$5)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AI3>=$F$5,AI3<$G$5)","v":true},true,true,true,true,false,false,false,false,{"$f":"AND(AR3>=$F$5,AR3<$G$5)","v":false},false,false,false,false,false,false]
[]
["Inputs"]
[null,null,"Financial close",null,"date","2020-01-20"]
[null,null,"Construction period",null,"Years",1]
[null,null,"COD",null,"date",{"$f":"EDATE(F8,F9*12)","v":"2021-01-20"}]
[null,null,"Operation Period",null,"years",30]
[null,null,"Decommissioning date",null,null,{"$f":"EDATE(F10,F11*12)","v":"2051-01-20"}]
[]
[null,"Operational inputs"]
[null,null,"EPC Capital Expenditures",null,"Euros",1000]
[null,null,"Development Fee",null,"%",0]
[]
[null,null,"EBITDA",null,"Euros",108.59678538424477]
[null,null,"Inflation rate",null,"% p.a.",0.02]
[null,null,"Target IRR",null,"% p.a.",{"$f":"G20/1000","v":0.12},120]
[]
[null,"Depreciation and Taxes"]
[null,null,"Tax rate",null,"%",0]
[null,null,"Depreciation life",null,25,30]
[null,null,"Percent Depreciation in Last Year",null,"%",0]
[]
[null,"Financing assumptions"]
[null,null,"Debt size"]
[null,null,null,"Debt/capital","%",0]
[null,null,null,"Min DSCR","x",1.3]
[null,null,"Debt Repayment"]
[null,null,null,"Debt repayment","tenure",{"$f":"'Debt Structure'!D13","v":15}]
[null,null,null,"Sculpting","switch",true]
[null,null,null,"Leveled repayments","switch",{"$f":"NOT(F33)","v":false}]
[null,null,"Interest Rate and Fees"]
[null,null,null,"Base interest rate","%",1.4999999999999999E-2]
[null,null,null,"Interest Rate Date",null,{"$f":"F8","v":"2020-01-20"},{"$f":"F10","v":"2021-01-20"},{"$f":"EDATE(G37,2*12)","v":"2023-01-20"},{"$f":"EDATE(H37,2*12)","v":"2025-01-20"}]
[null,null,null,"Credit spread","%",{"$f":"'Debt Structure'!D9","v":1.6E-2},{"$f":"'Debt Structure'!E9","v":1.6E-2},{"$f":"'Debt Structure'!F9","v":1.6E-2},{"$f":"'Debt Structure'!G9","v":1.6E-2}]
[null,null,null,"Up-Front Fee","%",1.4999999999999999E-2]
[null,null,null,"Cash Sweep","%",0.3]
[]
[null,"Re-Financing"]
[null,null,"Date of Re-financing",null,"Period",50]
[null,null,"DSCR for Re-financing",null,"x",1.2]
[null,null,"Interest Rate for Re-financing",null,"%",0.03]
[null,null,"Tail for Re-financing",null,"Period",2]
[null,null,"End Date for Re-financing",null,"Period",{"$f":"F11-F46","v":28}]
[]
[null,"Valuation",null,null,null,0,1,4,7]
[null,null,{"$f":"Scenarios!B11","v":"Flat discount rate"},null,null,{"$f":"Scenarios!F11","v":7.0000000000000007E-2},{"$f":"Scenarios!G11","v":7.0000000000000007E-2},{"$f":"Scenarios!H11","v":7.0000000000000007E-2},{"$f":"Scenarios!I11","v":7.0000000000000007E-2}]
[null,null,"Holding period",null,"period",15]
[]
[null,null,"Simple Pre-tax Discount Rate",null,null,{"$f":"G53/1000","v":7.6999999999999999E-2},77]
[null,null,"Simple After-tax Discount Rate",null,null,{"$f":"G54/1000","v":5.6000000000000001E-2},56]
[null,null,"Equity Discount Rate",null,null,{"$f":"G55/1000","v":9.7000000000000003E-2},97]
[]
[null,"Developer Bouns - Ungeared"]
[null,null,"Ownership Percent",null,null,0.15]
[]
[null,null,"Cash Investment by Developer",null,null,0.03]
[null,null,"Dividends to Developer % pre Hurdle",null,null,0]
[]
[null,null,"Hurdle rate for Sponsor from:",null,{"$f":"K63/100","v":0},{"$f":"L63/100","v":7.0000000000000007E-2},0.09,0.11,null,null,0,7,9,11]
[null,null,"Hurdle rate for Sponsor to:",null,{"$f":"F63-0.01%","v":6.9900000000000004E-2},{"$f":"G63-0.01%","v":8.9899999999999994E-2},0.1099]
[]
[null,null,"Sharing Percent Post Hurdle to Developer",null,{"$f":"K66/100","v":0.01},{"$f":"L66/100","v":7.0000000000000007E-2},0.33,0.31,null,null,1,7,33,31]
[]
["Operations"]
[null,null,"CAPEX",null,null,null,{"$f":"F15","v":1000},null,{"$f":"$G$69*I4","v":1000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"EBIDTA",null,null,null,{"$f":"F18","v":108.59678538424477},null,{"$f":"$G$71*I5","v":0},108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,108.59678538424477,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Inflation index",null,null,{"$f":"F19","v":0.02},null,1,{"$f":"H72*(1+$F$72*I5)","v":1},{"$f":"I72*(1+$F$72)","v":1.02},{"$f":"J72*(1+$F$72)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,{"$f":"AH72*(1+$F$72)","v":1.6734181143540252},1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151]
[null,null,"Inflated EBITDA",null,null,null,{"$f":"G71*H72","v":108.59678538424477},null,{"$f":"I71*I72","v":0},{"$f":"J71*J72","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,{"$f":"AI71*AI72","v":181.72782782261166},185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,{"$f":"AR71*AR72","v":0},0,0,0,0,0,0]
[]
[null,null,"Pre-Tax Free Cash Flow",null,null,null,null,null,{"$f":"I73-I69","v":-1000},{"$f":"J73-J69","v":110.76872109192966},{"$f":"K73-K69","v":112.98409551376825},115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,{"$f":"AI73-AI69","v":181.72782782261166},185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,{"$f":"AR73-AR69","v":0},0,0,0,0,0,0]
[]
[null,null,"Pre-Tax Project IRR",null,{"$f":"XIRR(I75:AH75,I3:AH3)","v":0.11999999880790704},{"$f":"IRR(I75:AX75)","v":0.12489260380142642}]
[]
[null,null,"PV of CAPEX",null,null,{"$f":"G69","v":1000}]
[null,null,"PV of OCF at Pre-tax Discount Rate",null,{"$f":"F53","v":7.6999999999999999E-2},{"$f":"XNPV(E80,I71:AX71,I3:AX3)","v":1257.2290335130051}]
[null,null,"Value to Investment Pre-tax",null,null,{"$f":"F80/F79","v":1.2572290335130052}]
[]
["Taxes, Depreciaiton and After-tax Project IRR"]
[null,null,"Plant Balance",null,null,null,null,null,{"$f":"H84+I69","v":1000},1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,"Last Year",null,null,{"$f":"EDATE(G5,-12)","v":"2050-01-20"},null,null,{"$f":"I3=$F$85","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Depreciation Base",null,null,{"$f":"F25","v":0},null,null,{"$f":"$F$86*I84*OR(I4,I5)","v":0},{"$f":"$F$86*J84*OR(J4,J5)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation Last",null,null,null,null,null,{"$f":"I85*I86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Remaining Base",null,null,{"$f":"1-F86","v":1},null,null,{"$f":"I84*$F$89","v":1000},1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,"Depreciation expense",null,null,{"$f":"1/$F$24","v":3.3333333333333333E-2},null,null,{"$f":"MIN(I89*$F$90*I5,H92)","v":0},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333332916,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Accumulated Depreciation",null,null,null,null,null,{"$f":"H91+I90","v":0},{"$f":"I91+J90","v":33.333333333333336},66.666666666666671,100,133.33333333333334,166.66666666666669,200.00000000000003,233.33333333333337,266.66666666666669,300,333.33333333333331,366.66666666666663,399.99999999999994,433.33333333333326,466.66666666666657,499.99999999999989,533.33333333333326,566.66666666666663,600,633.33333333333337,666.66666666666674,700.00000000000011,733.33333333333348,766.66666666666686,800.00000000000023,833.3333333333336,{"$f":"AH91+AI90","v":866.66666666666697},900.00000000000034,933.33333333333371,966.66666666666708,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,"Net Plant",null,null,null,null,null,{"$f":"I89-I91+I86","v":1000},966.66666666666663,933.33333333333337,900,866.66666666666663,833.33333333333326,800,766.66666666666663,733.33333333333326,700,666.66666666666674,633.33333333333337,600,566.66666666666674,533.33333333333348,500.00000000000011,466.66666666666674,433.33333333333337,400,366.66666666666663,333.33333333333326,299.99999999999989,266.66666666666652,233.33333333333314,199.99999999999977,166.6666666666664,133.33333333333303,99.999999999999659,66.666666666666288,33.333333333332916,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"EBIT",null,null,null,null,null,{"$f":"I73-I90","v":0},77.435387758596335,79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Return on Investment - Pre-tax",null,null,null,null,null,{"$f":"IF(H92,I94/H92)","v":false},{"$f":"IF(I92,J94/I92)","v":7.7435387758596333E-2},8.2397340186656814E-2,8.7761190097189593E-2,9.3572577376879074E-2,9.988418388304808E-2,0.10675714226313739,0.11426279698791682,0.12248492479409581,0.13152256071224946,0.14149363154204178,0.15253967938152671,0.16483207680963924,0.17858031380948935,0.19404320950248377,0.21154432829831679,0.23149356252190201,0.2544179647560787,0.28100681051667725,0.312179192287595,0.34918848305456029,0.39378947798721681,0.44851696394106805,0.51717321612237555,0.60573334907979803,0.72415601873829316,{"$f":"IF(AH92,AI94/AH92)","v":0.8903669669356713},1.1402178828429816,1.5573629873331236,2.3927653706196845,4.9012413560642027,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Compound  interest factor",null,null,null,{"$f":"F53","v":7.6999999999999999E-2},1,{"$f":"H97*(1+$G$97*I5)","v":1},1.077,1.159929,1.249243533,1.3454352850410001,1.4490338019891571,1.5606094047423222,1.6807763289074811,1.8101961062333571,1.9495812064133256,2.0996989593071516,2.2613757791738021,2.4355017141701847,2.6230353461612888,2.8250090678157078,3.0425347660375173,3.276809943022406,3.5291243086351312,3.8008668804000361,4.0935336301908389,4.4087357197155335,4.7482083701336295,5.1138204146339188,5.5075845865607302,5.9316685997259064,6.3884070819048011,6.8803144272114709,7.4100986381067537,7.9806762332409731,8.5951883032005281,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687,9.2570178025469687]
[null,null,"PV of the Investment",null,null,null,null,null,{"$f":"H92/H97","v":0},{"$f":"I92/I97","v":1000},897.55493655215105,804.64695109212153,720.43598884093637,644.15336531051082,575.09585503759627,512.620260757746,456.13842453683679,405.11264542450482,359.05147100171359,317.50583278216709,280.06549781156804,246.35581100563087,216.03470479189752,188.78995448524557,164.33665954495609,142.41493244378739,122.78777833726197,105.23915006407711,89.572164245190962,75.607465388023087,63.181725950994213,52.146271289379307,42.365819292671205,33.717325342356695,{"$f":"AH92/AH97","v":26.088923972730335},19.378959311220289,13.495097013384589,8.3535109955955171,3.8781388094686449,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Weighting",null,null,null,{"$f":"SUM(I100:AX100)","v":1.0000000000000002},null,{"$f":"I98/SUM(98:98)","v":0},{"$f":"J98/SUM(98:98)","v":0.11646696590414565},0.10453550019251699,9.3714789017720873E-2,8.3906993748456796E-2,7.5022588034659943E-2,6.6979669340279213E-2,5.9703326431446657E-2,5.3125058338102486E-2,4.718224066199405E-2,4.1817635430989923E-2,3.6978941001008028E-2,3.2618378784547472E-2,2.8692313840680963E-2,2.5160906597110101E-2,2.1987793192078307E-2,1.9139792124023593E-2,1.6586635081171794E-2,1.4300719993051684E-2,1.2256884502294138E-2,1.0432198199105191E-2,8.805772093445758E-3,7.3585839220995175E-3,6.0733180002884692E-3,4.9342184310607337E-3,3.9269545810272435E-3,{"$f":"AI98/SUM(98:98)","v":3.0384978188078321E-3},2.2570085933577193E-3,1.5717330037310008E-3,9.7290808030392896E-4,4.5167506049392867E-4,0,0,0,0,{"$f":"AR98/SUM(98:98)","v":0},0,0,0,0,0,0]
[null,null,"Weighted ROIC (Proof of IRR)",null,{"$f":"SUMPRODUCT(100:100,95:95)","v":0.14762671813641093}]
[]
[null,null,"Taxes on EBIT",null,null,null,{"$f":"F23","v":0},null,{"$f":"I94*$G$103","v":0},{"$f":"J94*$G$103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI94*$G$103","v":0},0,0,0,0,0,0,0,0,{"$f":"AR94*$G$103","v":0},0,0,0,0,0,0]
[null,null,"After Tax Cash Flow",null,null,null,null,null,{"$f":"I75-I103","v":-1000},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project IRR",null,{"$f":"XIRR(I104:AH104,I3:AH3)","v":0.11999999880790704},null,{"$f":"F11","v":30}]
[null,null,"NPV at Target IRR",null,{"$f":"target_irr","v":0.12},{"$f":"XNPV(E107,I104:AH104,I3:AH3)","v":1.1297629498585593E-12}]
[]
[null,null,"Operating Cash Flow",null,null,null,null,null,{"$f":"I73-I103","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Valuation from After Tax Free Cash Flow"]
[null,null,"PV of CAPEX",null,null,null,{"$f":"F50","v":7.0000000000000007E-2},{"$f":"XNPV(G112,I69:AH69,I3:AH3)","v":1000}]
[null,null,"PV of OCF",null,null,null,{"$f":"G112","v":7.0000000000000007E-2},{"$f":"XNPV(G113,I109:AH109,I3:AH3)","v":1544.8397087120284}]
[null,null,"Bruno ratio",null,null,null,null,{"$f":"H113/H112","v":1.5448397087120285}]
[]
[null,"Value of plant for buyer"]
[null,null,"Buyer's discount rate",null,null,null,null,null,{"$f":"LOOKUP(I2,49:49,50:50)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"Buyer's discount rate (Interpolate)",null,null,null,null,null,{"$f":"interpolate_look_up(I2,49:49,50:50)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[]
[null,"Value of Project in Future Years",null,null,null,null,null,null,{"$f":"NPV(I117,I104:AH104)","v":510.00968752729483},1577.0030785600177,1608.5431401312185,1640.7140029338423,1673.5282829925193,1706.99884865237,1706.5891420260609,1703.7527634152707,1698.2718859306731,1689.9124756036802,1678.4231377069548,1663.5338819336796,1644.9548007480191,1622.3746548209426,1595.4593590393815,1563.850362120731,1527.1629123767466,1484.9842016488346,1436.8713788780829,1382.3494241756555,1320.9088736195799,1252.003384319612,1175.0471285595791,1089.4120050430963,994.42465443014623,889.36326545497036,773.45415695582653,645.86812012012285,505.7165041494676,352.04702737328512,183.83929458143703,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Holding period",null,null,{"$f":"F51","v":15},null,null,{"$f":"I2<=$F$122","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Terminal Period",null,null,{"$f":"F122","v":15},null,null,{"$f":"I2=$F$123","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Holding period CF",null,null,null,null,null,{"$f":"I122*I104+I123*I120","v":-1000},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,1710.0073372131667,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"After Tax Project IRR",null,null,null,{"$f":"XIRR(I125:AH125,I3:AH3)","v":0.1353324353694916}]
[]
["Uses & Sources of Funds"]
[null,"Uses of funds"]
[null,null,"EPC Capital Expenditures",null,null,null,null,null,{"$f":"SUM(I69:AH69)","v":1000}]
[null,null,"Developer fee",null,null,null,{"$f":"F16","v":0},null,{"$f":"G131*I135","v":0}]
[null,null,"Interest During Construction"]
[null,null,"Fees During Construction"]
[null,null,"DSRA"]
[null,null,null,"Total uses",null,null,null,null,{"$f":"I130/(1-G131)","v":1000}]
[]
[null,"Sources of Funds"]
[null,null,"Debt funding",null,{"$f":"F33","v":true},{"$f":"F29","v":0},null,null,{"$f":"I135*F138","v":0}]
[null,null,"Developer",null,null,{"$f":"F60","v":0.03},null,null,{"$f":"I135*$F$139","v":30}]
[null,null,"Sponsor",null,null,null,null,null,{"$f":"I135-I139-I138","v":970}]
[null,null,null,"Total sources",null,null,null,null,{"$f":"SUM(I138:I140)","v":1000}]
[]
["Debt section"]
[null,"Repayment - Initial Debt"]
[null,null,"Operating period",null,null,null,null,null,{"$f":"H145+I5","v":0},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,30,30,30,30,30,30,30,30,30,30,30]
[null,null,"Debt repayment flag",null,null,{"$f":"F32","v":15},null,null,{"$f":"AND(I145>0,I145<=$F$146)","v":false},{"$f":"AND(J145>0,J145<=$F$146)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Leveled repayment",null,null,{"$f":"I138","v":0},{"$f":"F32","v":15},null,{"$f":"$F$147/$G$147*I146","v":0},{"$f":"$F$147/$G$147*J146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Sculpted repayment"]
[null,null,"CFADS",null,null,null,null,null,{"$f":"I227","v":0},{"$f":"J227","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service",null,null,null,null,null,{"$f":"I224*I146","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"I164","v":3.1E-2},{"$f":"J164","v":3.1E-2},3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2]
[null,null,"Compound Interest Rate",null,null,null,null,1,{"$f":"H153*(1+I152*I146)","v":1},{"$f":"I153*(1+J152*J146)","v":1.0309999999999999},1.0629609999999998,1.0959127909999997,1.1298860875209997,1.1649125562341507,1.2010248454774093,1.2382566156872088,1.2766425707735121,1.3162184904674907,1.3570212636719827,1.3990889228458141,1.4424606794540342,1.4871769605171092,1.5332794462931394,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266,1.5808111091282266]
[]
[null,null,"Opening balance",null,null,null,null,null,{"$f":"H160","v":0},{"$f":"I160","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,"Add Debt draws",null,null,null,null,null,{"$f":"I138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less Debt repayments",null,null,{"$f":"F33","v":true},null,null,{"$f":"IF($F$157,I149,I147)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less prepayment from sweep"]
[null,null,"Less: Re-financed Debt"]
[null,null,"Closing balance",null,null,null,null,null,{"$f":"I155+I156-I157-I158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Base rate",null,null,{"$f":"F36","v":1.4999999999999999E-2},null,null,{"$f":"$F$162","v":1.4999999999999999E-2},{"$f":"$F$162","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,null,"Credit spread",null,null,null,null,null,{"$f":"LOOKUP(I3,37:37,38:38)","v":1.6E-2},1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2,1.6E-2]
[null,null,"Interest rate",null,null,null,null,null,{"$f":"SUM(I162:I163)","v":3.1E-2},{"$f":"SUM(J162:J163)","v":3.1E-2},3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2,3.1E-2]
[null,null,"Interest expense",null,null,null,null,null,{"$f":"I164*I155","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"IDC"]
[]
[null,"Re-Financing"]
[null,null,"Re-Finance Period Flag",null,null,{"$f":"F43","v":50},null,null,{"$f":"$F$169=I2","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Re-finance Repayment Flag",null,{"$f":"F169","v":50},{"$f":"F47","v":28},null,null,{"$f":"AND(I2>$E$170,I2<=$F$170)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"CFADS",null,null,null,null,null,{"$f":"I210*I170","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR and Debt Service",null,null,{"$f":"F44","v":1.2},null,null,{"$f":"I172/$F$173","v":0},{"$f":"J172/$F$173","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,{"$f":"F45","v":0.03},null,null,{"$f":"$F$174","v":0.03},{"$f":"$F$174","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Compound Interest Rate",null,null,null,null,1,{"$f":"H175*(1+I174*I170)","v":1},{"$f":"I175*(1+J174*J170)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"PV of Debt Service",null,null,{"$f":"SUMPRODUCT(I173:AX173/I175:AX175)","v":0}]
[]
[null,null,"Opening Balance",null,null,null,null,null,{"$f":"H181","v":0},{"$f":"I181","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,"Add: Re-financing Proceeds",null,null,{"$f":"F176","v":0},null,null,{"$f":"$F$179*I169","v":0},{"$f":"$F$179*J169","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Re-financing Repayment",null,null,null,null,null,{"$f":"I173-I184","v":0},{"$f":"J173-J184","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I178+I179-I180","v":0},{"$f":"J178+J179-J180","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Interest Rate",null,null,null,null,null,{"$f":"I174","v":0.03},{"$f":"J174","v":0.03},0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03,0.03]
[null,null,"Interest Expense",null,null,null,null,null,{"$f":"I183*I178","v":0},{"$f":"J183*J178","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sponsor tracking account - First Hurdle"]
[null,null,"Openning balance",null,null,null,null,null,{"$f":"H191","v":0},{"$f":"I191","v":970},928.23896611898977,881.36143918868845,828.96540028209347,770.61981185904074,705.86256891751839,634.19830637465634,555.09605260645219,467.98671837018509,372.26040957900494,267.26355159090031,152.29581181045566,26.606806477543756,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AH191","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus cost of capital of tracking",null,"1st Hurdle ",{"$f":"F63","v":7.0000000000000007E-2},null,null,{"$f":"(I187)*$F$188","v":0},{"$f":"(J187)*$F$188","v":67.900000000000006},{"$f":"(K187)*$F$188","v":64.976727628329286},61.6953007432082,58.027578019746549,53.943386830132859,49.41037982422629,44.393881446225947,38.856723682451658,32.759070285912962,26.058228670530347,18.708448611363025,10.660706826731897,1.8624764534280631,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus Investment",null,null,null,null,null,{"$f":"I140","v":970},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less Dividends First Tranch",null,null,null,null,null,{"$f":"I239","v":0},109.66103388101037,111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,28.469282930971819,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I187+I189+I188-I190","v":970},928.23896611898977,881.36143918868845,828.96540028209347,770.61981185904074,705.86256891751839,634.19830637465634,555.09605260645219,467.98671837018509,372.26040957900494,267.26355159090031,152.29581181045566,26.606806477543756,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sponsor tracking account - Second Hurdle"]
[null,null,"Openning balance",null,null,null,null,null,{"$f":"H198","v":0},{"$f":"I198","v":970},947.63896611898963,921.07221851106806,889.87737852726093,853.59317615191515,811.71593223393222,763.69572376789779,708.93220369257847,646.77004410619179,576.49396899865587,497.32333954989986,408.40625171758325,308.81310221252193,204.23305521922831,89.35325878114989,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus: cost of capital of tracking",null,"2nd Hurdle",{"$f":"G63","v":0.09},null,null,{"$f":"I194*$F$195","v":0},{"$f":"J194*$F$195","v":87.3},85.287506950709059,82.896499665996117,80.088964067453475,76.823385853672363,73.054433901053898,68.732615139110806,63.803898332332061,58.209303969557261,51.884457209879024,44.759100559490989,36.756562654582488,27.793179199126971,18.380974969730548,8.0417932903034899,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus: Investment",null,null,null,null,null,{"$f":"I189","v":970},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Dividends to Second Tranche",null,null,null,null,null,{"$f":"I243","v":0},{"$f":"J243","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,97.395052071453378,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I194+I195+I196-I197","v":970},{"$f":"J194+J195+J196-J197","v":947.63896611898963},921.07221851106806,889.87737852726093,853.59317615191515,811.71593223393222,763.69572376789779,708.93220369257847,646.77004410619179,576.49396899865587,497.32333954989986,408.40625171758325,308.81310221252193,204.23305521922831,89.35325878114989,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sponsor tracking account - Third Hurdle"]
[null,null,"Openning balance",null,null,null,null,null,{"$f":"H205","v":0},{"$f":"I205","v":970},967.03896611898972,961.55899783344807,953.23914794532413,941.7222877765106,926.6111096602715,907.46368935581302,883.78855997052233,855.03924364856107,820.60818137280967,779.81999466518369,731.92400568654625,676.08593415242251,618.08216071676839,552.81042698780391,487.6370541565002,438.411851043659,381.71457000700417,316.68213636328812,242.3557142918736,157.67015665117594,61.442293945745448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus: cost of capital of tracking",null,"3rd Hurdle",{"$f":"H63","v":0.11},null,null,{"$f":"$F$202*I201","v":0},106.7,106.37428627308887,105.77148976167929,104.85630627398565,103.58945165541617,101.92722206262987,99.821005829139438,97.216741596757458,94.054316801341713,90.266899951009066,85.780199413170209,80.511640625520087,74.369452756766478,67.989037678844525,60.809146968658432,53.640075957215025,48.225303614802492,41.988602700770457,34.835034999961692,26.659128572106095,17.343717231629356,6.7586523340319991,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"plus: Investment",null,null,null,null,null,{"$f":"I196","v":970},{"$f":"J196","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Dividends to Second Tranche",null,null,null,null,null,{"$f":"I248","v":0},109.66103388101037,111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,125.98251979996212,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,68.20094627977744,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,{"$f":"I201+I202+I203-I204","v":970},{"$f":"J201+J202+J203-J204","v":967.03896611898972},961.55899783344807,953.23914794532413,941.7222877765106,926.6111096602715,907.46368935581302,883.78855997052233,855.03924364856107,820.60818137280967,779.81999466518369,731.92400568654625,676.08593415242251,618.08216071676839,552.81042698780391,487.6370541565002,438.411851043659,381.71457000700417,316.68213636328812,242.3557142918736,157.67015665117594,61.442293945745448,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Profit and Loss"]
[null,"Revenues"]
[null,"Less: Operating Expenses"]
[null,null,"EBITDA",null,null,null,null,null,{"$f":"I73","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Depreciation Expense",null,null,null,null,null,null,{"$f":"I90","v":0},33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333333336,33.333333333332916,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBIT",null,null,null,null,null,{"$f":"I210-I211","v":0},{"$f":"J210-J211","v":77.435387758596335},79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Interest",null,null,null,null,null,null,{"$f":"I165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,null,{"$f":"I212-I213","v":0},{"$f":"J212-J213","v":77.435387758596335},79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[null,"Opening NOL",null,null,null,null,null,null,{"$f":"H218","v":0},{"$f":"I218","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add NOL Created",null,null,null,null,null,null,{"$f":"MAX(-I214,0)","v":0},{"$f":"MAX(-J214,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less NOL Used",null,null,null,null,null,null,{"$f":"MIN(I215,MAX(I214,0))","v":0},{"$f":"MIN(J215,MAX(J214,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing NOL",null,null,null,null,null,null,{"$f":"I215+I216-I217","v":0},{"$f":"J215+J216-J217","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT After NOL",null,null,null,null,null,{"$f":"I214+I216-I217","v":0},{"$f":"J214+J216-J217","v":77.435387758596335},79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Taxes Paid",null,null,null,{"$f":"F23","v":0},null,null,{"$f":"I219*$F$220","v":0},{"$f":"J219*$F$220","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Income",null,null,null,null,null,{"$f":"I219-I220","v":0},{"$f":"J219-J220","v":77.435387758596335},79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash flow waterfall"]
[null,"EBITDA",null,null,null,null,null,null,{"$f":"I73","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,"less Taxes",null,null,null,null,null,null,{"$f":"I220","v":0},{"$f":"J220","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,"less WC changes"]
[null,null,"CFADS",null,null,null,null,null,{"$f":"I224-I225-I226","v":0},{"$f":"J224-J225-J226","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,{"$f":"AI224-AI225-AI226","v":181.72782782261166},185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,{"$f":"AR224-AR225-AR226","v":0},0,0,0,0,0,0]
[null,"Less Interest",null,null,null,null,null,null,{"$f":"I165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less principal repayment",null,null,null,null,null,null,{"$f":"I157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net cash flow",null,null,null,null,null,{"$f":"I227-I228-I229","v":0},{"$f":"J227-J228-J229","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,{"$f":"AI227-AI228-AI229","v":181.72782782261166},185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,{"$f":"AR227-AR228-AR229","v":0},0,0,0,0,0,0]
[null,"Less cash trapped"]
[null,"Less cash sweeped"]
[null,null,"Total Cash to Equity holders",null,null,null,null,null,{"$f":"I230-I231-I232","v":0},{"$f":"J230-J231-J232","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,{"$f":"AI230-AI231-AI232","v":181.72782782261166},185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,{"$f":"AR230-AR231-AR232","v":0},0,0,0,0,0,0]
[]
[null,"Net cash flow to equity Including Development Fee",null,null,null,{"$f":"IRR(I235:AX235)","v":0.12489260380142642},null,null,{"$f":"-I139-I140","v":-1000},{"$f":"-J140+J233","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net cash flow to debt",null,null,null,{"$f":"IFERROR(IRR(I236:AX236),FALSE)","v":false},null,null,{"$f":"-I138+I228+I229","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity Cash Flow Allocation"]
[null,null,"Sponsor Cash Flow to First Hurdle",null,"Sr %",{"$f":"1-E66","v":0.99},null,null,{"$f":"MIN($F$239*I233,I187+I188)","v":0},{"$f":"MIN($F$239*J233,J187+J188)","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,{"$f":"MIN($F$239*Q233,Q187+Q188)","v":125.96605791871872},128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,28.469282930971819,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Basis for Developer Allocation (Total Cash)",null,"Sr %",{"$f":"F239","v":0.99},null,null,{"$f":"I239/$F$240","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,28.756851445426079,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Developer Cash to First Hurdle",null,"Dev %",{"$f":"E66","v":0.01},null,null,{"$f":"I240*$F$241","v":0},1.1076872109192966,1.1298409551376825,1.1524377742404361,1.175486529725245,1.1989962603197499,1.222976185526145,1.2474357092366679,1.2723844234214012,1.2978321118898293,1.3237887541276261,1.3502645292101785,1.377269819794382,0.28756851445426079,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow to Second Hurdle",null,null,null,null,null,{"$f":"I233-I240","v":0},0,0,0,0,0,0,0,0,0,0,0,0,111.72467017360087,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow to Senior for 2nd Hurdle",null,"Sr %",{"$f":"1-F66","v":0.92999999999999994},null,null,{"$f":"MIN(I242*$F$243+I239,I194+I195)","v":0},{"$f":"MIN(J242*$F$243+J239,J194+J195)","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,97.395052071453378,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flowt to Senior 2nd Hurdle",null,null,null,null,null,{"$f":"I243-I239","v":0},{"$f":"J243-J239","v":0},0,0,0,0,0,0,0,0,0,0,0,103.9039432614488,133.26077140780896,97.395052071453378,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow Basis for Developer Allocation",null,"Sr %",{"$f":"F243","v":0.92999999999999994},null,null,{"$f":"I244/$F$245","v":0},{"$f":"J244/$F$245","v":0},0,0,0,0,0,0,0,0,0,0,0,111.72467017360087,143.29115205140749,104.72586244242299,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Developer Cash Second Hurdle",null,"Dev %",{"$f":"F66","v":7.0000000000000007E-2},null,null,{"$f":"I245*$F$246","v":0},0,0,0,0,0,0,0,0,0,0,0,0,7.8207269121520619,10.030380643598525,7.3308103709696102,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow to Third Hurdle",null,null,null,null,null,{"$f":"I242-I245","v":0},{"$f":"J242-J245","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,41.431112650012665,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Sponsor Cash to Third Hurdle (Total)",null,"Sr %",{"$f":"1-H66","v":0.69},null,null,{"$f":"MIN(I247*$F$248+I243,I201+I202)","v":0},{"$f":"MIN(J247*$F$248+J243,J201+J202)","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,125.98251979996212,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,68.20094627977744,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow to Senior for 3rd Hurdle",null,null,null,null,null,{"$f":"I248-I243","v":0},{"$f":"J248-J243","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,28.587467728508742,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,68.20094627977744,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow for Developer Allocation",null,"Sr %",{"$f":"F248","v":0.69},null,null,{"$f":"I249/$F$250","v":0},{"$f":"J249/$F$250","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,41.431112650012672,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,98.841951130112236,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Developer Cash Flow Third Hurdle",null,"Dev %",{"$f":"1-F248","v":0.31000000000000005},null,null,{"$f":"I250*$F$251","v":0},{"$f":"J250*$F$251","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,12.84364492150393,46.214835524228164,47.139132234712733,48.081914879406987,49.043553176995125,50.024424240535026,51.024912725345736,30.641004850334799,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Cash Flow",null,null,null,null,null,{"$f":"I247-I250","v":0},{"$f":"J247-J250","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,69.046471385541466,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow to Sponsor",null,null,{"$f":"F248","v":0.69},null,null,{"$f":"I252*$F$253","v":0},{"$f":"J252*$F$253","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,47.642065256023606,118.15987176651704,120.52306920184741,122.93353058588434,125.39220119760203,127.90004522155407,130.45804612598516,133.06720704850486,135.72855118947496,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Incremental Cash Flow to Developer",null,null,{"$f":"F251","v":0.31000000000000005},null,null,{"$f":"I252*$F$254","v":0},{"$f":"J252*$F$254","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,21.404406129517859,53.086319199449697,54.148045583438702,55.231006495107472,56.335626625009624,57.462339157509817,58.611585940660014,59.783817659473215,60.979494012662677,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Total Cash Flow to Developer and Sponsor"]
[null,null,"Total Cash to Sponsor",null,null,{"$f":"IRR(I257:AX257)","v":0.11890435822589485},null,null,{"$f":"I248+I253-I140","v":-970},{"$f":"J248+J253-J140","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,125.98251979996212,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,115.84301153580105,118.15987176651704,120.52306920184741,122.93353058588434,125.39220119760203,127.90004522155407,130.45804612598516,133.06720704850486,135.72855118947496,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Cash to Developer",null,null,{"$f":"IRR(I258:AX258)","v":0.18172708904471757},0.12,{"$f":"NPV(G258,I258:AX258)","v":43.517410110864461},{"$f":"-I139","v":-30},{"$f":"J241+J246+J251+J254","v":1.1076872109192966},1.1298409551376825,1.1524377742404361,1.175486529725245,1.1989962603197499,1.222976185526145,1.2474357092366679,1.2723844234214012,1.2978321118898293,1.3237887541276261,1.3502645292101785,1.377269819794382,8.1082954266063219,10.030380643598525,20.174455292473539,46.214835524228164,47.139132234712733,48.081914879406987,49.043553176995125,50.024424240535026,51.024912725345736,52.045410979852662,53.086319199449697,54.148045583438702,55.231006495107472,56.335626625009624,57.462339157509817,58.611585940660014,59.783817659473215,60.979494012662677,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Cash Flow",null,null,{"$f":"IRR(I259:AX259)","v":0.12489260380142619},null,null,{"$f":"I257+I258","v":-1000},{"$f":"J257+J258","v":110.76872109192966},112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101781,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Check",null,null,null,null,null,null,{"$f":"J259=J233","v":true},{"$f":"K259=K233","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true]
[]
[null,"Tests"]
[null,null,"Sponsor Cash Flow First Hurdle",null,null,{"$f":"IRR(I263:AX263)","v":7.0000000000035145E-2},null,null,{"$f":"-I140","v":-970},{"$f":"J239","v":109.66103388101037},{"$f":"K239","v":111.85425455863057},114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,28.469282930971819,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sponsor Cash Flow Second Hurdle",null,null,{"$f":"IRR(I264:AX264)","v":8.9999999998113367E-2},null,null,{"$f":"I263+I243","v":-970},{"$f":"J243","v":109.66103388101037},111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,97.395052071453378,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sponsor Cash Flow Third Hurdle",null,null,{"$f":"IRR(I265:AX265)","v":0.1099999999908734},null,null,{"$f":"I264","v":-970},{"$f":"J248","v":109.66103388101037},{"$f":"K248","v":111.85425455863057},114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,125.98251979996212,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,68.20094627977744,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["Balance"]
[null,"Gross Plant",null,null,null,null,null,null,{"$f":"I84","v":1000},1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,"Less: Accumulated Depreciation",null,null,null,null,null,null,{"$f":"I91","v":0},{"$f":"J91","v":33.333333333333336},66.666666666666671,100,133.33333333333334,166.66666666666669,200.00000000000003,233.33333333333337,266.66666666666669,300,333.33333333333331,366.66666666666663,399.99999999999994,433.33333333333326,466.66666666666657,499.99999999999989,533.33333333333326,566.66666666666663,600,633.33333333333337,666.66666666666674,700.00000000000011,733.33333333333348,766.66666666666686,800.00000000000023,833.3333333333336,866.66666666666697,900.00000000000034,933.33333333333371,966.66666666666708,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000]
[null,null,"Net Plant",null,null,null,null,null,{"$f":"I269-I270","v":1000},{"$f":"J269-J270","v":966.66666666666663},933.33333333333337,900,866.66666666666663,833.33333333333326,800,766.66666666666663,733.33333333333326,700,666.66666666666674,633.33333333333337,600,566.66666666666674,533.33333333333348,500.00000000000011,466.66666666666674,433.33333333333337,400,366.66666666666663,333.33333333333326,299.99999999999989,266.66666666666652,233.33333333333314,199.99999999999977,166.6666666666664,133.33333333333303,99.999999999999659,66.666666666666288,33.333333333332916,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Base Debt Balance"]
[null,"Re-financed Debt Balance"]
[]
[null,"Opening Equity"]
[null,"Add: Funding"]
[null,"Add: Net Income"]
[null,"Less: Dividends"]
[null,"Closing Balance"]
[null,null,"Total Liabilites and Capital"]
[]
[null,null,"Difference"]
[null,null,"Test"]
[]
[]
[]
[]
[null,"Tax Shield on Interest"]
[null,"After Tax Cash to Debt"]
[]
[null,"DSCR",null,null,null,null,null,null,{"$f":"IF(I5,I3,NA())","v":{"$error":"#N/A"}},"2021-01-20","2022-01-20","2023-01-20","2024-01-20","2025-01-20","2026-01-20","2027-01-20","2028-01-20","2029-01-20","2030-01-20","2031-01-20","2032-01-20","2033-01-20","2034-01-20","2035-01-20","2036-01-20","2037-01-20","2038-01-20","2039-01-20","2040-01-20","2041-01-20","2042-01-20","2043-01-20","2044-01-20","2045-01-20","2046-01-20","2047-01-20","2048-01-20","2049-01-20","2050-01-20",{"$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,"CFADS",null,null,null,null,null,{"$f":"I227","v":0},110.76872109192966,112.98409551376825,115.24377742404361,117.54865297252449,119.89962603197499,122.29761855261449,124.74357092366678,127.23844234214012,129.78321118898293,132.3788754127626,135.02645292101784,137.72698197943819,140.48152161902695,143.29115205140749,146.15697509243566,149.08011459428437,152.06171688617007,155.10295122389348,158.20501024837134,161.36911045333878,164.59649266240558,167.8884225156537,171.24619096596675,174.67111478528611,178.16453708099181,181.72782782261166,185.36238437906388,189.06963206664517,192.85102470797807,196.70804520213764,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt Service",null,null,null,null,null,{"$f":"I228+I229","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR",null,null,{"$f":"MIN(I295:AX295)","v":0},null,null,{"$f":"IF(I294>0.1,I293/I294)","v":false},{"$f":"IF(J294>0.1,J293/J294)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"PLCR"]
[null,null,"Coumpound Interest Factor",null,null,null,null,{"$f":"H175","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,"PV of CFADS over Project Life at Debt IRR",null,{"$f":"F236","v":false}]
[null,null,"PV of Debt Service (Debt at COD"]
[null,null,"PLCR"]
[]
[null,"LLCR"]
[null,null,"Debt Repayment Flag",null,null,null,null,null,{"$f":"I146","v":false},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,false,false,false,false]
[null,null,"CFADS over Debt Life"]
[null,null,"PV of CFADS over Debt Life Life at Debt IRR"]
[null,null,"PV of Debt Service (Debt at COD"]
[null,null,"LLCR"]
[]
[null,"Economics"]
[null,null,"Sponsor Net Cash Flow",null,null,null,null,null,{"$f":"-I140+I257","v":-1940},109.66103388101037,111.85425455863057,114.09133964980317,116.37316644279925,118.70062977165524,121.07464236708834,123.49613521443011,125.96605791871872,128.48537907709311,131.05508665863496,133.67618839180764,136.34971215964381,132.37322619242062,133.26077140780896,125.98251979996212,102.8652790700562,104.92258465145734,107.02103634448649,109.16145707137622,111.34468621280375,113.57157993705984,115.84301153580105,118.15987176651704,120.52306920184741,122.93353058588434,125.39220119760203,127.90004522155407,130.45804612598516,133.06720704850486,135.72855118947496,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sponsor IRR",null,null,{"$f":"IRR(I311:AX311)","v":4.609664937373914E-2}]
[null,null,"Sponsor Bruno Ratio"]
[null,null,null,"NPV of Cash Flow"]
[null,null,null,"NPV of Investment"]
[]
[]
[null,"ROIC",null,null,null,null,null,null,{"$f":"IF(I5,I3,NA())","v":{"$error":"#N/A"}},{"$f":"IF(J5,J3,NA())","v":"2021-01-20"},"2022-01-20","2023-01-20","2024-01-20","2025-01-20","2026-01-20","2027-01-20","2028-01-20","2029-01-20","2030-01-20","2031-01-20","2032-01-20","2033-01-20","2034-01-20","2035-01-20","2036-01-20","2037-01-20","2038-01-20","2039-01-20","2040-01-20","2041-01-20","2042-01-20","2043-01-20","2044-01-20","2045-01-20","2046-01-20","2047-01-20","2048-01-20","2049-01-20","2050-01-20",{"$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,"Net Operating Income",null,null,null,null,null,{"$f":"I94","v":0},{"$f":"J94","v":77.435387758596335},79.650762180434924,81.910444090710286,84.215319639191165,86.566292698641661,88.964285219281152,91.410237590333452,93.905109008806789,96.449877855649589,99.045542079429254,101.69311958768449,104.39364864610485,107.14818828569361,109.95781871807415,112.82364175910232,115.74678126095102,118.72838355283673,121.76961789056014,124.87167691503799,128.03577712000543,131.26315932907224,134.55508918232036,137.9128576326334,141.33778145195276,144.83120374765846,148.39449448927832,152.02905104573054,155.73629873331183,159.51769137464473,163.37471186880472,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Investment",null,null,null,null,null,{"$f":"H92","v":0},{"$f":"I92","v":1000},966.66666666666663,933.33333333333337,900,866.66666666666663,833.33333333333326,800,766.66666666666663,733.33333333333326,700,666.66666666666674,633.33333333333337,600,566.66666666666674,533.33333333333348,500.00000000000011,466.66666666666674,433.33333333333337,400,366.66666666666663,333.33333333333326,299.99999999999989,266.66666666666652,233.33333333333314,199.99999999999977,166.6666666666664,133.33333333333303,99.999999999999659,66.666666666666288,33.333333333332916,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"ROIC",null,null,null,null,null,{"$f":"I95","v":false},{"$f":"J95","v":7.7435387758596333E-2},8.2397340186656814E-2,8.7761190097189593E-2,9.3572577376879074E-2,9.988418388304808E-2,0.10675714226313739,0.11426279698791682,0.12248492479409581,0.13152256071224946,0.14149363154204178,0.15253967938152671,0.16483207680963924,0.17858031380948935,0.19404320950248377,0.21154432829831679,0.23149356252190201,0.2544179647560787,0.28100681051667725,0.312179192287595,0.34918848305456029,0.39378947798721681,0.44851696394106805,0.51717321612237555,0.60573334907979803,0.72415601873829316,0.8903669669356713,1.1402178828429816,1.5573629873331236,2.3927653706196845,4.9012413560642027,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Pre-tax IRR",null,null,{"$f":"E106","v":0.11999999880790704},"Cost of Capital",{"$f":"G97","v":7.6999999999999999E-2},"Weighted Average ROIC",null,{"$f":"E101","v":0.14762671813641093}]

{"sheet":"Debt Structure","index":3,"n_rows":28,"n_cols":11,"rows_kept":28,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Credit Spread Code",1]
[]
[null,null,"Credit Spread",{"$f":"FM!F37","v":"2020-01-20"},{"$f":"FM!G37","v":"2021-01-20"},{"$f":"FM!H37","v":"2023-01-20"},{"$f":"FM!I37","v":"2025-01-20"}]
[null,null,"Flat",1.6E-2,1.6E-2,1.6E-2,1.6E-2]
[null,null,"Increasing",0.01,1.7500000000000002E-2,1.9500000000000003E-2,2.1500000000000005E-2]
[null,null,"Low Spread",0.01,1.4E-2,{"$f":"E7+0.01%","v":1.41E-2},{"$f":"F7+0.01%","v":1.4199999999999999E-2}]
[]
[null,null,{"$f":"INDEX(C5:C7,$D$2)","v":"Flat"},{"$f":"INDEX(D5:D7,$D$2)","v":1.6E-2},{"$f":"INDEX(E5:E7,$D$2)","v":1.6E-2},{"$f":"INDEX(F5:F7,$D$2)","v":1.6E-2},{"$f":"INDEX(G5:G7,$D$2)","v":1.6E-2}]
[]
[]
[null,null,"Credit spread",1.7500000000000002E-2]
[null,null,"Tenure",15,null,null,{"$f":"FM!F235","v":0.12489260380142642},10,12,15,20]
[null,null,"Debt to Capital ratio",0.8,null,null,0.01,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,1.2E-2,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,1.4999999999999999E-2,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,1.7000000000000001E-2,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.02,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,2.5000000000000001E-2,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.03,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[]
[]
[null,null,null,null,null,null,{"$f":"G13","v":0.12489260380142642},10,12,15,20]
[null,null,null,null,null,null,0.6,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.65,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.7,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.75,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]
[null,null,null,null,null,null,0.8,0.12489260380142642,0.12489260380142642,0.12489260380142642,0.12489260380142642]

{"sheet":"Scenarios","index":4,"n_rows":11,"n_cols":9,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Code",null,null,null,null,null,2]
[]
[]
["Valuation",null,null,null,null,0,1,3,5]
[null,"Base case",null,null,"%",0.1,0.08,0.06,0.05]
[null,"Flat discount rate",null,null,null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,"Small risk reduction",null,null,null,0.1,0.09,0.08,7.4999999999999997E-2]
[null,"Big risk reduction",null,null,null,0.11,7.0000000000000007E-2,0.06,0.04]
[]
[null,{"$f":"INDEX(B6:B9,$H$2)","v":"Flat discount rate"},null,null,null,{"$f":"INDEX(F6:F9,$H$2)","v":7.0000000000000007E-2},{"$f":"INDEX(G6:G9,$H$2)","v":7.0000000000000007E-2},{"$f":"INDEX(H6:H9,$H$2)","v":7.0000000000000007E-2},{"$f":"INDEX(I6:I9,$H$2)","v":7.0000000000000007E-2}]

{"sheet":"Table VBA","index":5,"n_rows":50,"n_cols":13,"rows_kept":50,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,"Developer Performance Incentive Analysis"]
[null,null,null,null,null,null,null,null,null,null,null,"Start row",{"$f":"ROW(E11)","v":11}]
[null,null,null,"From",{"$f":"FM!E63","v":0},{"$f":"FM!F63","v":7.0000000000000007E-2},{"$f":"FM!G63","v":0.09},{"$f":"FM!H63","v":0.11},null,null,null,"End row",{"$f":"ROW(E23)","v":23}]
[null,null,null,"To",{"$f":"F4-0.0001","v":6.9900000000000004E-2},{"$f":"G4-0.0001","v":8.9899999999999994E-2},0.1099,null,null,null,null,"Start col",{"$f":"COLUMN(F11)","v":6}]
[null,null,null,null,null,null,null,null,null,null,null,"End col",{"$f":"COLUMN(H11)","v":8}]
[null,null,null,"Developer %",{"$f":"FM!E66","v":0.01},{"$f":"FM!F66","v":7.0000000000000007E-2},{"$f":"FM!G66","v":0.33},{"$f":"FM!H66","v":0.31}]
[null,null,null,"Sponsor %",{"$f":"1-E7","v":0.99},{"$f":"1-F7","v":0.92999999999999994},0.66999999999999993,0.69]
[null,null,null,null,"Overall IRR"]
[null,null,null,null,null,"IRR to Sponsor","IRR to Developer","NPV to Developer"]
[null,null,null,null,0.06,7.064571957540422E-2,-4.625090180322422E-4,-21.247900000000001]
[null,null,null,null,6.5000000000000002E-2,7.5047126769077099E-2,2.6451782470285012E-2,-20.200199999999999]
[null,null,null,null,6.9999999999999993E-2,7.9494860882531659E-2,4.1029967259467837E-2,-19.030999999999999]
[null,null,null,null,7.4999999999999997E-2,8.3980241816564494E-2,5.1866164728370689E-2,-17.7456]
[null,null,null,null,0.08,8.8497263246606561E-2,6.0913250577028455E-2,-16.350999999999999]
[null,null,null,null,8.4999999999999992E-2,9.2289885396770854E-2,8.7207259569389572E-2,-11.815300000000001]
[null,null,null,null,0.09,9.58340965483504E-2,0.10811415442335259,-5.2464000000000004]
[null,null,null,null,9.5000000000000001E-2,9.949416573401626E-2,0.12368662407075504,1.8575999999999999]
[null,null,null,null,0.1,0.10324715949490382,0.13696820033742485,9.4306999999999999]
[null,null,null,null,0.105,0.10707564183264773,0.14903278721985869,17.427399999999999]
[null,null,null,null,0.11,0.11096848052400188,0.16032973172763487,25.789000000000001]
[null,null,null,null,0.11499999999999999,0.114913751959838,0.17118252863464001,34.498800000000003]
[null,null,null,null,0.12,0.11890435822589485,0.18172708904471757,43.517400000000002]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,"Start Row"]
[null,null,null,null,null,null,null,null,"End Row"]
[]
[null,null,null,null,null,"IRR"]
[null,null,null,null,2,5.7000741362571716E-2,null,null,null,null,"Holding_period","=FM!$F$33"]
[null,null,null,null,3,6.7582622170448303E-2,null,null,null,null,"IRR_HoldP","=FM!$G$81"]
[null,null,null,null,4,8.791190683841707E-2]
[null,null,null,null,5,8.6917141079902657E-2]
[null,null,null,null,6,8.6305209994316109E-2]
[null,null,null,null,8,8.8083001971244815E-2]
[]
[null,null,null,null,"Max IRR",{"$f":"MAX(F36:F41)","v":8.8083001971244815E-2}]
[]
[null,null,null,null,null,null,"ebitda"]
[null,null,null,null,null,7.0000000000000007E-2,89.199380346489264]
[null,null,null,null,null,7.4999999999999997E-2,93.686043607643256]
[null,null,null,null,null,0.08,98.268430543805238]
[null,null,null,null,null,8.5000000000000006E-2,102.94428322533068]
[null,null,null,null,null,0.09,107.71126161846389]

{"sheet":"IRR Flip Instructions","index":6,"n_rows":19,"n_cols":3,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Performance"]
[null,null,"Principles:"]
[null,null,"1. Set-up Initial Account with Cost of Capital Tracker"]
[null,null,"2. Include Basis for Develpoper Cash Flow as Senior/Senior Pct"]
[null,null,"3. Once you have the Developer basis, the allocation is easy"]
[]
[null,null,"4. For subsequent tranches, start with incremental cash flow that is the basis for allocations.  This is total less the developer basis (Total equicy cash - basis from part 2)"]
[null,null,"5. Compute total to senior with MIN function and include cash flow from prior tranche"]
[null,null,"6. Compute Incremental senior as well as total senior. Incremental is senior from this tranche - senior from prior tranche"]
[null,null,"7. Use the Incremental Senior to compute basis for developer allocation as incemental/senior Incemental percent"]
[null,null,"8. Compute the developer amount as the basis x Developer percent"]
[]
[null,null,"Re-start from point 4 for incremental tranche"]
[]
[]
[null,null,"ROI with Different depreciation rates"]
[null,null,"Put in small Depreciation at end year"]

{"sheet":"IRR Theory","index":8,"n_rows":217,"n_cols":29,"rows_kept":217,"cut":false,"hidden":false,"merged":[]}
[null,null,"Period",0,1,2,3,4,5]
["Simple Case -- 25 Cash Flow"]
[null,null,"Cash Flow",-10,5,5,5,5,5]
[null,null,"Operating",0,{"$f":"E3","v":5},{"$f":"F3","v":5},{"$f":"G3","v":5},{"$f":"H3","v":5},{"$f":"I3","v":5}]
[]
[null,null,"Invested capital",null,10,8,6,4,2]
[null,null,"ROIC",null,{"$f":"(E3-2)/E6","v":0.3},{"$f":"(F3-2)/F6","v":0.375},{"$f":"(G3-2)/G6","v":0.5},{"$f":"(H3-2)/H6","v":0.75},{"$f":"(I3-2)/I6","v":1.5}]
[null,null,"PV of Inv Capital",null,{"$f":"E6/(1+$D$13)^E$1","v":8.6956521739130448},{"$f":"F6/(1+$D$13)^F$1","v":6.049149338374292},{"$f":"G6/(1+$D$13)^G$1","v":3.9450973945919303},{"$f":"H6/(1+$D$13)^H$1","v":2.2870129823721337},{"$f":"I6/(1+$D$13)^I$1","v":0.99435347059657975}]
[null,null,"Weight Inv Capital",null,{"$f":"E8/SUM(8:8)","v":0.39577384513338792},{"$f":"F8/SUM(8:8)","v":0.27532093574496552},{"$f":"G8/SUM(8:8)","v":0.17955713200758625},{"$f":"H8/SUM(8:8)","v":0.10409109101889058},{"$f":"I8/SUM(8:8)","v":4.525699609516981E-2}]
[]
[null,null,"WROIC",{"$f":"SUMPRODUCT(7:7,9:9)","v":0.45770988285509417}]
[null,null,"IRR",{"$f":"IRR(D3:K3)","v":0.41041496500867924}]
[null,null,"WACC",0.15]
[null,null,"NPV",{"$f":"NPV(D13,3:3)","v":5.8789352087452285}]
[null,null,"MIRR",{"$f":"MIRR(D3:K3,0,D13)","v":0.27513645527774666}]
[]
[null,null,"NPV Operating",{"$f":"NPV(D13,D4:I4)","v":14.574587382658274}]
[null,null,"Bruno Ratio",{"$f":"-D17/D3","v":1.4574587382658275}]
[]
["Simple Case - 50 One Time Cash Flow"]
[null,null,"Cash Flow",-10,0,0,0,0,50]
[null,null,"Operating",0,{"$f":"E21","v":0},{"$f":"F21","v":0},{"$f":"G21","v":0},{"$f":"H21","v":0},{"$f":"I21","v":50}]
[]
[null,null,"Invested capital",null,10,8,6,4,2]
[null,null,"ROIC",null,{"$f":"(E21-2)/E24","v":-0.2},{"$f":"(F21-2)/F24","v":-0.25},{"$f":"(G21-2)/G24","v":-0.33333333333333331},{"$f":"(H21-2)/H24","v":-0.5},{"$f":"(I21-2)/I24","v":24}]
[null,null,"PV of Inv Capital",null,{"$f":"E24/(1+$D$13)^E$1","v":8.6956521739130448},{"$f":"F24/(1+$D$13)^F$1","v":6.049149338374292},{"$f":"G24/(1+$D$13)^G$1","v":3.9450973945919303},{"$f":"H24/(1+$D$13)^H$1","v":2.2870129823721337},{"$f":"I24/(1+$D$13)^I$1","v":0.99435347059657975}]
[null,null,"Weight IC",null,{"$f":"E26/SUM(26:26)","v":0.39577384513338792},{"$f":"F26/SUM(26:26)","v":0.27532093574496552},{"$f":"G26/SUM(26:26)","v":0.17955713200758625},{"$f":"H26/SUM(26:26)","v":0.10409109101889058},{"$f":"I26/SUM(26:26)","v":4.525699609516981E-2}]
[]
[null,null,"WROIC",{"$f":"SUMPRODUCT(25:25,27:27)","v":0.82628498047584908}]
[null,null,"IRR",{"$f":"IRR(21:21)","v":0.37972966146120202}]
[null,null,"WACC",{"$f":"D13","v":0.15}]
[null,null,"NPV",{"$f":"NPV(D31,21:21)","v":12.920727621664778}]
[null,null,"CAGR",{"$f":"(-I21/D21)^(1/5)-1","v":0.3797296614612149}]
[null,null,"MIRR",{"$f":"MIRR(D21:I21,0,D31)","v":0.3797296614612149}]
[]
[null,null,"NPV Operating",{"$f":"NPV(D31,D22:I22)","v":21.616379795577821}]
[null,null,"Bruno Ratio",{"$f":"-D36/D21","v":2.1616379795577823}]
[]
["Shorter Depreciation Life"]
[null,"Period",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]
[null,"Depreciation Life",null,10,{"$f":"E40<=$D$41","v":true},{"$f":"F40<=$D$41","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Operating Cash",null,null,100,{"$f":"E43*1.02","v":102},{"$f":"F43*1.02","v":104.04},106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,160.84372494752262]
[null,"Capital Cost",null,500]
[null,"Net Cash Flow",null,{"$f":"D43-D44","v":-500},{"$f":"E43-E44","v":100},102,104.04,106.1208,108.243216,110.40808032000001,112.61624192640001,114.868566764928,117.16593810022657,119.5092568622311,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,160.84372494752262]
[null,"Project IRR",null,{"$f":"IRR(45:45)","v":0.21761039792918591}]
[]
[null,"Percent for Base for Depreciation",null,0.99]
[null,"Base Depreciation",null,{"$f":"D44*D48","v":495},{"$f":"$D$49/$D$41*E41","v":49.5},{"$f":"$D$49/$D$41*F41","v":49.5},49.5,49.5,49.5,49.5,49.5,49.5,49.5,49.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"End",null,{"$f":"AC40","v":25},{"$f":"E40=$D$50","v":false},{"$f":"F40=$D$50","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true]
[null,"Other Depreciation",null,{"$f":"D44-D49","v":5},{"$f":"$D$51*E50","v":0},{"$f":"$D$51*F50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5]
[]
[null,"Depreciation",null,{"$f":"D44","v":500},{"$f":"E49+E51","v":49.5},{"$f":"F49+F51","v":49.5},49.5,49.5,49.5,49.5,49.5,49.5,49.5,49.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,5]
[null,"Accumulated Depreciation",null,null,{"$f":"D54+E53","v":49.5},{"$f":"E54+F53","v":99},148.5,198,247.5,297,346.5,396,445.5,495,495,495,495,495,495,495,495,495,495,495,495,495,495,495,500]
[]
[null,"EBIT",null,null,{"$f":"E43-E53","v":50.5},{"$f":"F43-F53","v":52.5},54.540000000000006,56.620800000000003,58.743216000000004,60.90808032000001,63.116241926400008,65.368566764928005,67.665938100226569,70.009256862231098,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537965,131.94787630628724,134.58683383241299,137.27857050906127,140.02414191924251,142.82462475762736,145.6811172527799,148.59473959783551,151.56663438979223,154.59796707758807,157.68992641913982,155.84372494752262]
[]
[null,"Investment",null,{"$f":"D53","v":500},{"$f":"$D$58-E54","v":450.5},{"$f":"$D$58-F54","v":401},351.5,302,252.5,203,153.5,104,54.5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,0]
[]
[null,"ROIC",null,null,{"$f":"E56/D58","v":0.10100000000000001},{"$f":"F56/E58","v":0.11653718091009989},0.13600997506234416,0.16108335704125179,0.19451396026490067,0.24122012007920796,0.3109174479133005,0.42585385514611079,0.65063402019448624,1.2845735204079101,24.379888399895144,24.867486167893048,25.364835891250912,25.87213260907593,26.389575261257448,26.917366766482598,27.455714101812255,28.004828383848501,28.564924951525473,29.136223450555981,29.718947919567103,30.313326877958445,30.919593415517614,31.537985283827965,31.168744989504525]
[]
[null,"Discount Rate",null,0.06]
[]
[null,"PV of Investment",null,null,{"$f":"D58/(1+$D$62)^E40","v":471.69811320754712},400.94339622641502,336.68733249595294,278.42092262816419,225.67196820554918,178.00253646101825,135.00659406533421,96.307799000970363,61.557440207122603,30.432515341873923,2.6339376269581027,2.4848468178850025,2.3441951112122661,2.2115048218983646,2.0863253036777016,1.9682314185638701,1.856822092984783,1.7517189556460215,1.6525650524962465,1.5590236344304214,1.4707770136136047,1.3875254845411364,1.3089863061708833,1.2348927416706448,1.1649931525194763]
[null,"Weighting",null,null,{"$f":"E64/SUM(64:64)","v":0.21040621493182604},{"$f":"F64/SUM(64:64)","v":0.17884528269205213},0.15018314736144933,0.12419276407459992,0.10066350345025141,7.9400020683457695E-2,6.0221200070023947E-2,4.295917004716366E-2,2.7458384149130485E-2,1.3574763571549449E-2,1.1748973144841135E-3,1.108393692909541E-3,1.0456544272731516E-3,9.8646644082372808E-4,9.3062871775823367E-4,8.779516205266359E-4,8.2825624577984513E-4,7.8137381677343873E-4,7.3714511016362131E-4,6.9541991524869938E-4,6.560565238195276E-4,6.1892124888634679E-4,5.838879706474969E-4,5.5083770815801604E-4,5.1965821524341141E-4]
[]
[null,"Weighted ROIC",null,{"$f":"SUMPRODUCT(65:65,60:60)","v":0.52584515981035007}]
[]
["Economic Depreciation"]
[null,"Period",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]
[null,"EconomicLife",null,25,{"$f":"E70<=$D$41","v":true},{"$f":"F70<=$D$41","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Year",null,null,1,6,12,17,22]
[null,"Flat Growth",null,1,0.02,0.02,0.02,0.02,0.02,null,null,"Need a number to compare to"]
[null,"Chaning Growth",null,2,0.1,0.1,0.02,0.02,0.02,null,null,"Comparing IRR does not do the trick because over life"]
[null,"Zero Growth",null,3,0.1,0.1,0.1,0.1,0.1]
[]
[null,{"$f":"INDEX(B74:B76,$D$78)","v":"Flat Growth"},null,1,{"$f":"INDEX(E74:E76,$D$78)","v":0.02},{"$f":"INDEX(F74:F76,$D$78)","v":0.02},0.02,0.02,0.02]
[]
[]
[null,"Growth Rate",null,null,{"$f":"LOOKUP(E70,73:73,78:78)","v":0.02},{"$f":"LOOKUP(F70,73:73,78:78)","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[null,"Growth Index",null,1,{"$f":"D82*(1+E81)","v":1.02},{"$f":"E82*(1+F81)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307]
[null,"Operating Cash",null,100,{"$f":"$D$83*E82","v":102},{"$f":"$D$83*F82","v":104.03999999999999},106.12079999999999,108.243216,110.40808032,112.61624192640001,114.868566764928,117.16593810022657,119.50925686223111,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537962,131.94787630628724,134.58683383241299,137.27857050906124,140.02414191924248,142.82462475762733,145.68111725277987,148.59473959783548,151.5666343897922,154.59796707758807,157.68992641913982,160.84372494752262,164.06059944647308]
[null,"Compound Growth",null,{"$f":"($AC$83/D83)^(1/($D$71-D1))-1","v":2.0000000000000018E-2},{"$f":"($AC$83/E83)^(1/($D$71-E70))-1","v":2.0000000000000018E-2},{"$f":"($AC$83/F83)^(1/($D$71-F70))-1","v":2.0000000000000018E-2},2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,2.0000000000000018E-2,{"$error":"#DIV/0!"}]
[null,"Index with Compound Growth",null,1,{"$f":"D85*(1+D84)","v":1.02},{"$f":"E85*(1+E84)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307]
[]
[null,"Capital Cost",null,1400]
[null,"Net Cash Flow",null,{"$f":"-D87","v":-1400},{"$f":"E83-E87","v":102},104.03999999999999,106.12079999999999,108.243216,110.40808032,112.61624192640001,114.868566764928,117.16593810022657,119.50925686223111,121.89944199947573,124.33743083946524,126.82417945625456,129.36066304537962,131.94787630628724,134.58683383241299,137.27857050906124,140.02414191924248,142.82462475762733,145.68111725277987,148.59473959783548,151.5666343897922,154.59796707758807,157.68992641913982,160.84372494752262,164.06059944647308]
[null,"Project IRR",null,{"$f":"IRR(88:88)","v":7.1681838860326641E-2},{"$f":"$D$89","v":7.1681838860326641E-2},{"$f":"$D$89","v":7.1681838860326641E-2},7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2,7.1681838860326641E-2]
[]
[null,"Percent for Base for Depreciation",null,1]
[null,"Straight Line Depreciation",null,{"$f":"D87*D91","v":1400},{"$f":"$D$49/$D$41*E71","v":49.5},{"$f":"$D$49/$D$41*F71","v":49.5},49.5,49.5,49.5,49.5,49.5,49.5,49.5,49.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"PPMT Function with IRR (No Growth)",null,null,{"$f":"PPMT($D$89,E70,$D$71,$D$88)","v":21.60589800911459},{"$f":"PPMT($D$89,F70,$D$71,$D$88)","v":23.154648508636594},24.814416291900173,26.59315928194923,28.499405840384917,30.542295657450438,32.731623573192252,35.077886539802691,37.592333950309651,40.287021574919336,43.174869363615201,46.269723392153516,49.586422248461758,53.140868177736102,56.950103327350448,61.032391457140534,65.407305506831648,70.095821440460512,75.120418817737843,80.505188574551184,86.275948529372357,92.460367169376667,99.088096309778564,106.19091326243262,113.80287319534125]
[null,"Real Rate",null,{"$f":"(1+D89)/(1+D84)-1","v":5.0668469470908528E-2},{"$f":"(1+E89)/(1+E81)-1","v":5.0668469470908528E-2},{"$f":"(1+F89)/(1+F81)-1","v":5.0668469470908528E-2},5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2,5.0668469470908528E-2]
[]
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[null,"PMT with Growth Rate",null,{"$f":"D96","v":100.00000000000013},{"$f":"$D$97*E82","v":102.00000000000013},{"$f":"$D$97*F82","v":104.04000000000013},106.12080000000013,108.24321600000013,110.40808032000014,112.61624192640015,114.86856676492815,117.16593810022673,119.50925686223125,121.89944199947588,124.33743083946541,126.82417945625471,129.36066304537979,131.94787630628741,134.58683383241316,137.27857050906141,140.02414191924265,142.82462475762753,145.68111725278007,148.59473959783568,151.5666343897924,154.59796707758827,157.68992641914002,160.84372494752282,164.06059944647328]
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[null,"Opening Balance",null,null,{"$f":"D101","v":1400},{"$f":"E101","v":1398.3545744044573},1394.5512016765181,1388.394396197569,1379.6738435803836,1368.16332139572,1353.6195422082171,1335.7809133460476,1314.3662074289921,1289.0731372511445,1259.576828155281,1225.5281805438437,1186.5521146441222,1142.2456890800422,1092.1760841972932,1035.878440439413,972.85354137681611,902.56533024524447,824.43824805117401,737.85438044548823,642.15039964913217,536.61428673108321,420.4818184851016,292.93280202230773,153.08703898625194]
[null,"Less: Economic Depreciation",null,null,{"$f":"E97-E102","v":1.6454255955428323},{"$f":"F97-F102","v":3.8033727279391911},6.1568054789490816,8.7205526171854899,11.510522184663571,14.543779187502864,17.838628862169614,21.4147059170554,25.293070177847582,29.496309095863609,34.048647611437218,38.976065899721604,44.306425564080001,50.069604882749061,56.297643757880252,63.024899062596944,70.2882111315716,78.127082194070425,86.583867605685811,95.703980796356049,105.53611291804896,116.13246824598164,127.54901646279386,139.84576303605579,153.08703898625623]
[null,"Closing Balance of Investment",null,{"$f":"D87","v":1400},{"$f":"E99-E100","v":1398.3545744044573},{"$f":"F99-F100","v":1394.5512016765181},1388.394396197569,1379.6738435803836,1368.16332139572,1353.6195422082171,1335.7809133460476,1314.3662074289921,1289.0731372511445,1259.576828155281,1225.5281805438437,1186.5521146441222,1142.2456890800422,1092.1760841972932,1035.878440439413,972.85354137681611,902.56533024524447,824.43824805117401,737.85438044548823,642.15039964913217,536.61428673108321,420.4818184851016,292.93280202230773,153.08703898625194,-4.2916781239910051E-12]
[null,"Carrying Cost - Nominal",null,{"$f":"D89","v":7.1681838860326641E-2},{"$f":"E99*$D$102","v":100.3545744044573},{"$f":"F99*$D$102","v":100.23662727206094},99.963994521051049,99.522663382814642,98.897558135336567,98.072462738897286,97.029937902758533,95.751232183171325,94.216186684383672,92.403132903612274,90.288783228028194,87.848113556533107,85.054237481299793,81.878271423538351,78.289190074532911,74.253671446464466,69.735930787671052,64.697542563557107,59.097249647094259,52.890758801479635,46.030521471743448,38.465498831606624,30.140909956346167,20.99796191146703,10.973560460217055]
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[null,"EBIT with Economic Depreciation",null,null,{"$f":"E88-E100","v":100.35457440445717},{"$f":"F88-F100","v":100.2366272720608},99.963994521050907,99.522663382814514,98.897558135336425,98.072462738897144,97.029937902758391,95.751232183171169,94.21618668438353,92.403132903612118,90.288783228028024,87.848113556532951,85.054237481299623,81.87827142353818,78.28919007453274,74.253671446464296,69.735930787670881,64.697542563556908,59.09724964709406,52.890758801479436,46.030521471743242,38.465498831606425,30.140909956345965,20.997961911466831,10.973560460216845]
[null,"Invested Capital with Economic Depreciation",null,null,{"$f":"E99","v":1400},{"$f":"F99","v":1398.3545744044573},1394.5512016765181,1388.394396197569,1379.6738435803836,1368.16332139572,1353.6195422082171,1335.7809133460476,1314.3662074289921,1289.0731372511445,1259.576828155281,1225.5281805438437,1186.5521146441222,1142.2456890800422,1092.1760841972932,1035.878440439413,972.85354137681611,902.56533024524447,824.43824805117401,737.85438044548823,642.15039964913217,536.61428673108321,420.4818184851016,292.93280202230773,153.08703898625194]
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[null,"ROIC with Economic Depreciation",null,null,{"$f":"E104/E105","v":7.1681838860326544E-2},{"$f":"F104/F105","v":7.1681838860326544E-2},7.1681838860326544E-2,7.1681838860326544E-2,7.1681838860326544E-2,{"$f":"J104/J105","v":7.168183886032653E-2},7.168183886032653E-2,7.168183886032653E-2,7.168183886032653E-2,7.1681838860326516E-2,7.1681838860326502E-2,7.1681838860326516E-2,7.1681838860326502E-2,7.1681838860326488E-2,7.1681838860326488E-2,7.1681838860326474E-2,7.1681838860326474E-2,7.1681838860326419E-2,7.1681838860326405E-2,7.1681838860326363E-2,7.1681838860326322E-2,7.1681838860326266E-2,7.1681838860326155E-2,7.1681838860325961E-2,7.1681838860325281E-2]
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[null,null,7.1681838860353064E-2,24,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,-153.08703898625194,164.06059944647308]
[null,null,{"$error":"#NUM!"},25,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,4.2916781239910051E-12]
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[]
[]
[]
[]
[null,"Investment",null,null,{"$f":"E99","v":1400},{"$f":"F99","v":1398.3545744044573},1394.5512016765181,1388.394396197569,1379.6738435803836,1368.16332139572,1353.6195422082171,1335.7809133460476,1314.3662074289921,1289.0731372511445,1259.576828155281,1225.5281805438437,1186.5521146441222,1142.2456890800422,1092.1760841972932,1035.878440439413,972.85354137681611,902.56533024524447,824.43824805117401,737.85438044548823,642.15039964913217,536.61428673108321,420.4818184851016,292.93280202230773,153.08703898625194]
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[]
[null,"Discount Rate",null,0.1]
[]
[null,"PV of Investment",null,null,{"$f":"E140/(1+$D$62)^E70","v":1320.7547169811321},1244.5305930975944,1170.8920801034728,1099.738403303272,1030.9725555049674,964.50115446086932,900.23430568378478,838.08547043559452,777.9713386930066,719.811706902624,663.52936034454694,609.04995993055343,556.30193326946551,505.21636983862669,455.72692010648819,407.76969845715905,361.28318977339154,316.20815953990126,272.4875673341204,230.06648357650639,188.89200941734669,148.91319964164853,110.08098847816579,72.348118202918357,35.669070431693122]
[null,"Weighting",null,null,{"$f":"E145/SUM(145:145)","v":8.8044237338071332E-2},{"$f":"F145/SUM(145:145)","v":8.2962979805689854E-2},7.805408443555148E-2,7.3310833378313123E-2,6.8726759934194498E-2,6.4295639049691683E-2,6.0011478172619155E-2,5.586850845195563E-2,5.1861176269478851E-2,4.7984135090665909E-2,4.4232237622807986E-2,4.0600528268743274E-2,3.7084235865049303E-2,3.3678766693957085E-2,3.0379697758654393E-2,2.7182770312035743E-2,2.4083883629331275E-2,2.1079089015408382E-2,1.8164584037886664E-2,1.5336706977541529E-2,1.2591931487793171E-2,9.9268614553872543E-3,7.3382260546714225E-3,4.8228749881584409E-3,2.3777739063423954E-3]
[]
[null,"Weighted ROIC",null,{"$f":"SUMPRODUCT(146:146,141:141)","v":7.1681838860326488E-2}]
[]
[]
[null,null,"Period",0,1,2,3]
[null,null,"Investment",1000]
[null,null,"Expected Cash Flow",null,300,400,500]
[null,null,"Net Cash Flow",{"$f":"D153-D152","v":-1000},{"$f":"E153-E152","v":300},400,500]
[null,null,"Nominal IRR",{"$f":"IRR(D154:G154)","v":8.8963394693349906E-2}]
[]
[null,null,"Prospective IRR",null,-788.96339469334998,{"$f":"F154","v":400},{"$f":"G154","v":500}]
[null,null,"NPV",{"$f":"D155","v":8.8963394693349906E-2},{"$f":"NPV(D158,E157:G157)","v":0}]
[]
[null,null,"Depreciation",null,{"$f":"-D154+E157","v":211.03660530665002}]
[]
[null,null,"Prospective IRR",null,null,-459.15225657405966,{"$f":"G157","v":500}]
[null,null,"NPV",{"$f":"D155","v":8.8963394693349906E-2},{"$f":"NPV(D163,E162:G162)","v":0}]
[]
[null,null,"Depreciation",null,null,{"$f":"-E157+F162","v":329.81113811929032}]
[]
[null,null,"Total Depreciation",null,{"$f":"E160","v":211.03660530665002},{"$f":"F165","v":329.81113811929032},{"$f":"-F162","v":459.15225657405966}]
[null,null,"EBIT",null,{"$f":"E154-E167","v":88.963394693349983},{"$f":"F154-F167","v":70.18886188070968},40.847743425940337]
[]
[null,null,"Net Investment",{"$f":"D152","v":1000},{"$f":"D170-E167","v":788.96339469334998},{"$f":"E170-F167","v":459.15225657405966},0,0]
[]
[null,null,"ROIC",null,{"$f":"E168/D170","v":8.896339469334999E-2},{"$f":"F168/E170","v":8.8963394693349879E-2},8.8963394693349906E-2]
[]
["Case 1"]
[null,null,"Period",0,1,2,3]
[null,null,"Actual Cash Flow",null,250]
[null,null,"Actual and Expected",null,{"$f":"E176","v":250},{"$f":"F153","v":400},{"$f":"G153","v":500}]
[null,null,"Cash Flow",{"$f":"D154","v":-1000},{"$f":"E177","v":250},{"$f":"F177","v":400},500]
[null,null,"IRR",{"$f":"IRR(D178:G178)","v":6.5649905704504796E-2}]
[]
[null,null,"Depreciation",null,{"$f":"E167","v":211.03660530665002},{"$f":"F167","v":329.81113811929032},459.15225657405966]
[null,null,"EBIT",null,{"$f":"E178-E181","v":38.963394693349983},{"$f":"F178-F181","v":70.18886188070968},40.847743425940337]
[]
[null,null,"Investment",{"$f":"D170","v":1000},{"$f":"D184-E181","v":788.96339469334998},{"$f":"E184-F181","v":459.15225657405966},0]
[]
[null,null,"ROIC",null,{"$f":"E182/D184","v":3.896339469334998E-2},{"$f":"F182/E184","v":8.8963394693349879E-2},8.8963394693349906E-2]
[]
["Case 1"]
[null,null,"Period",0,1,2,3]
[null,null,"Actual Cash Flow",null,250]
[null,null,"Actual and Expected",null,{"$f":"E190","v":250},350,450]
[null,null,"Cash Flow",{"$f":"D178","v":-1000},{"$f":"E191","v":250},{"$f":"F191","v":350},{"$f":"G191","v":450}]
[null,null,"IRR",{"$f":"IRR(D192:G192)","v":2.25973050753705E-2}]
[]
[null,null,"Depreciation without write-off",null,{"$f":"E181","v":211.03660530665002},{"$f":"F181","v":329.81113811929032},459.15225657405966]
[null,null,"EBIT",null,{"$f":"E192-E195","v":38.963394693349983},{"$f":"F192-F195","v":20.18886188070968},{"$f":"G192-G195","v":-9.1522565740596633}]
[]
[null,null,"Investment",{"$f":"D184","v":1000},{"$f":"D198-E195","v":788.96339469334998},{"$f":"E198-F195","v":459.15225657405966},0]
[]
[null,null,"ROIC",null,{"$f":"E196/D198","v":3.896339469334998E-2},{"$f":"F196/E198","v":2.5589098323828545E-2},-1.9932944775985079E-2]
[]
[null,null,"Impariment Analysis",{"$f":"D163","v":8.8963394693349906E-2}]
[null,null,"Cash Flow",null,-700.8840100925338,{"$f":"F191","v":350},{"$f":"G191","v":450}]
[null,null,"NPV",{"$f":"NPV(D202,E203:G203)","v":0}]
[]
[null,null,"New Depreciation",null,{"$f":"-D192+E203","v":299.1159899074662}]
[]
[null,null,"Cash Flow for period 2",null,null,-413.23703091665368,{"$f":"G203","v":450}]
[null,null,"NPV",{"$f":"NPV(D202,F208:G208)","v":0}]
[]
[null,null,"New Depreciation",null,null,{"$f":"-E203+F208","v":287.64697917588012}]
[]
[null,null,"Total Depreciation",null,{"$f":"E206","v":299.1159899074662},{"$f":"F211","v":287.64697917588012},{"$f":"-F208","v":413.23703091665368}]
[null,null,"Net Invetment",{"$f":"D198","v":1000},{"$f":"D214-E213","v":700.8840100925338},{"$f":"E214-F213","v":413.23703091665368},0]
[]
[null,null,"EBIT",null,{"$f":"E192-E213","v":-49.115989907466201},{"$f":"F192-F213","v":62.353020824119881},36.76296908334632]
[null,null,"ROIC",null,{"$f":"E216/D214","v":-4.9115989907466198E-2},{"$f":"F216/E214","v":8.8963394693349851E-2},8.8963394693349962E-2]

{"sheet":"Dev Fee","index":9,"n_rows":9,"n_cols":5,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[null,null,null,null,"development fee = total * percent"]
[null,null,null,null,"total = development fee + other"]
[null,null,null,null,"total = total * percent + other "]
[null,null,null,null,"total * (1-percent) = other"]
[null,null,null,null,"total = other/(1-percent"]

{"sheet":"Debt Sizing Analysis","index":11,"n_rows":64,"n_cols":39,"rows_kept":64,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Time period",null,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]
[null,"Debt Repayment Period",null,null,"flag","Comparative Test","Maturity",{"$f":"H19","v":12},null,{"$f":"J2<=$H$3","v":true},true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Inputs"]
[null,"Operations",null,null,null,null,null,null,null,null,null,null,null,"Summary"]
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[null,null,"Cost Adders",null,"Euro",null,null,0,null,null,null,null,null,"Debt P99",{"$f":"G46","v":299.63923661425616}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Debt to Cap",{"$f":"H38","v":480}]
[null,null,"Base CFADS",null,"Euro",null,null,38]
[null,null,"CFADS Growth",null,"% p.a.",null,null,0.02,null,null,null,null,null,"Selected",{"$f":"MIN(O7:O9)","v":299.63923661425616}]
[null,null,"P99 Divisor",null,"Factor",null,null,{"$f":"J12/100","v":1.4},null,140]
[]
[null,"Financing"]
[null,null,"DSCR P50",null,"x","See Term Sheet",null,1.35]
[null,null,"DSCR P99",null,"x","See Term Sheet",null,1]
[null,null,"Maximum Debt to Capital",null,"%",null,null,0.8]
[]
[null,null,"Debt Maturity",null,"years",null,null,12]
[]
[null,null,"Year of Debt",null,null,null,null,1,3,5,8]
[null,null,"Interest Rate",null,"%","Use Lookup Function",null,0.03,3.2500000000000001E-2,3.5000000000000003E-2,3.7500000000000006E-2]
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["Operations"]
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[null,"CFADS P50 ",null,null,"Euro",null,null,{"$f":"H10","v":38},null,{"$f":"$H$26*J25","v":38.76},{"$f":"$H$26*K25","v":39.535200000000003},40.325903999999994,41.132422079999998,41.9550705216,42.794171932032,43.650055370672639,44.523056478086097,45.413517607647819,46.32178795980078,47.24822371899679,48.193188193376727,49.157051957244263,50.140192996389153,51.142996856316934,52.165856793443275,53.209173929312144,54.273357407898388,55.358824556056355,56.466001047177485,57.595321068121038,58.747227489483464,59.922172039273129,61.120615480058596,62.343027789659764,63.589888345452955,64.861686112362023,66.158919834609264,67.48209823130145,68.83174019592748]
[null,"CFADS P99",null,null,"Euro","CFADS/Factor","Factor",{"$f":"H12","v":1.4},null,{"$f":"J26/$H$27","v":27.685714285714287},{"$f":"K26/$H$27","v":28.239428571428576},28.804217142857141,29.380301485714288,29.967907515428575,30.567265665737146,31.178610979051886,31.802183198632928,32.438226862605589,33.086991399857702,33.748731227854854,34.423705852411949,35.112179969460193,35.814423568849399,36.530712040226383,37.261326281030911,38.006552806651534,38.766683862784568,39.542017540040256,40.332857890841062,41.139515048657884,41.962305349631052,42.801551456623663,43.657582485756144,44.530734135471263,45.421348818180682,46.329775794544304,47.256371310435192,48.201498736643899,49.165528711376773]
[null,"Percent Difference",null,null,null,null,null,null,null,{"$f":"J27/J26","v":0.7142857142857143},{"$f":"K27/K26","v":0.7142857142857143},0.7142857142857143,0.71428571428571441,0.71428571428571441,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.71428571428571441,0.7142857142857143,0.71428571428571441,0.7142857142857143,0.71428571428571441,0.71428571428571441,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.71428571428571441,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.71428571428571441,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.7142857142857143,0.71428571428571441,0.7142857142857143]
[]
[null,"True Outlays for Project Cost",null,null,"Euro",null,null,null,{"$f":"H7","v":600}]
[null,"Cost Padding (Jean Benard Salary Allocation)",null,null,"Euro",null,null,null,{"$f":"H8","v":0}]
[null,"Project Cost",null,null,"Euro",null,null,null,{"$f":"SUM(I30:I31)","v":600}]
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[null,"Project Cash Flow P50",null,null,"Euro",null,null,null,{"$f":"H26-I32","v":-562},{"$f":"J26-J32","v":38.76},39.535200000000003,40.325903999999994,41.132422079999998,41.9550705216,42.794171932032,43.650055370672639,44.523056478086097,45.413517607647819,46.32178795980078,47.24822371899679,48.193188193376727,49.157051957244263,50.140192996389153,51.142996856316934,52.165856793443275,53.209173929312144,54.273357407898388,55.358824556056355,56.466001047177485,57.595321068121038,58.747227489483464,59.922172039273129,61.120615480058596,62.343027789659764,63.589888345452955,64.861686112362023,66.158919834609264,67.48209823130145,68.83174019592748]
[null,"Project IRR",null,null,"%",null,null,{"$f":"IRR(34:34)","v":7.4497072780683959E-2}]
[]
["Debt Sizing"]
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[]
[null,"P50 Debt Service",null,null,"Euro","CFADS/DSCR","DSCR",{"$f":"H15","v":1.35},null,{"$f":"J26/$H$40*J3","v":28.711111111111109},29.285333333333334,29.871039999999994,30.468460799999995,31.077830015999997,31.699386616319998,32.333374348646394,32.980041835619332,33.639642672331718,34.312435525778355,34.998684236293919,35.698657921019795,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Interest Rate",null,null,"%","Recher/Lookup",null,null,null,{"$f":"LOOKUP(J2,21:21,22:22)","v":0.03},0.03,3.2500000000000001E-2,3.2500000000000001E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2,3.7500000000000006E-2]
[null,"Compound Interest ",null,null,null,null,null,1,null,{"$f":"H42*(1+J41)","v":1.03},{"$f":"J42*(1+K41)","v":1.0609},1.0953792499999999,1.1309790756249998,1.1705633432718747,1.2115330602863903,1.2539367173964138,1.3009593442987795,1.3497453197099838,1.4003607691991082,1.452874298044075,1.507357084220728,1.5638829748790055,1.6225285864369683,1.6833734084283547,1.7464999112444182,1.811993657916084,1.8799434200879372,1.9504412983412351,2.0235828470290316,2.0994672037926203,2.1781972239348439,2.2598796198324007,2.344625105576116,2.4325485470352204,2.5237691175490413,2.6184104594571305,2.7166008516867732,2.8184733836250273,2.924166135510966]
[null,"NPV Debt Service",null,null,"Euro",null,{"$f":"SUMPRODUCT(J40:AM40/J42:AM42)","v":310.73698611848789}]
[]
[null,"P99 Debt Service",null,null,null,null,null,{"$f":"H16","v":1},null,{"$f":"J27*J3/$H$45","v":27.685714285714287},28.239428571428576,28.804217142857141,29.380301485714288,29.967907515428575,30.567265665737146,31.178610979051886,31.802183198632928,32.438226862605589,33.086991399857702,33.748731227854854,34.423705852411949,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"NPV of Debt Service",null,null,"Euro","Sumproduct",{"$f":"SUMPRODUCT(J45:AM45/J42:AM42)","v":299.63923661425616}]
[]
[null,"P50 Proof"]
[null,null,"Debt Service",null,null,null,null,null,null,{"$f":"J40","v":28.711111111111109},{"$f":"K40","v":29.285333333333334},29.871039999999994,30.468460799999995,31.077830015999997,31.699386616319998,32.333374348646394,32.980041835619332,33.639642672331718,34.312435525778355,34.998684236293919,35.698657921019795,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Opening Balance",null,"Euro",null,null,null,null,{"$f":"H52","v":310.73698611848789},{"$f":"J52","v":291.34798459093145},270.80309079532606,249.73315124617415,227.38101786167482,204.26152347083345,179.71129017599262,153.66781098350597,126.45031205976812,97.552556089677708,66.898341417262259,34.408344984115672,2.1316282072803006E-13,2.2115642650533118E-13,2.2944979249928108E-13,2.380541597180041E-13,2.4698119070742928E-13,2.5624298535895788E-13,2.658520973099188E-13,2.7582155095904076E-13,2.8616485912000481E-13,2.9689604133700497E-13,3.0802964288714268E-13,3.1958075449541055E-13,3.3156503278898844E-13,3.439987215185755E-13,3.568986735755221E-13,3.7028237383460417E-13,3.8416796285340181E-13,3.9857426146040439E-13]
[null,null,"Less: Repayment",null,"Euro",null,null,null,null,{"$f":"J49-J53","v":19.389001527556474},{"$f":"K49-K53","v":20.54489379560539},21.069939549151897,22.352133384499336,23.119494390841378,24.550233294840826,26.04347919248665,27.217498923737857,28.897755970090412,30.654214672415442,32.489996433146587,34.408344984115459,-7.9936057773011287E-15,-8.2933659939499213E-15,-8.6043672187230412E-15,-8.9270309894251547E-15,-9.2617946515285996E-15,-9.6091119509609226E-15,-9.9694536491219564E-15,-1.034330816096403E-14,-1.0731182217000182E-14,-1.1133601550137688E-14,-1.1551111608267851E-14,-1.1984278293577897E-14,-1.2433688729587068E-14,-1.2899952056946583E-14,-1.338370025908208E-14,-1.3885589018797658E-14,-1.4406298607002569E-14,-1.4946534804765166E-14]
[null,null,"Closing Balance",null,"Euro",null,null,{"$f":"G43","v":310.73698611848789},null,{"$f":"J50-J51","v":291.34798459093145},{"$f":"K50-K51","v":270.80309079532606},249.73315124617415,227.38101786167482,204.26152347083345,179.71129017599262,153.66781098350597,126.45031205976812,97.552556089677708,66.898341417262259,34.408344984115672,2.1316282072803006E-13,2.2115642650533118E-13,2.2944979249928108E-13,2.380541597180041E-13,2.4698119070742928E-13,2.5624298535895788E-13,2.658520973099188E-13,2.7582155095904076E-13,2.8616485912000481E-13,2.9689604133700497E-13,3.0802964288714268E-13,3.1958075449541055E-13,3.3156503278898844E-13,3.439987215185755E-13,3.568986735755221E-13,3.7028237383460417E-13,3.8416796285340181E-13,3.9857426146040439E-13,4.1352079626516957E-13]
[null,null,"Interest",null,"Euro",null,null,null,null,{"$f":"J50*J41","v":9.3221095835546368},{"$f":"K50*K41","v":8.7404395377279425},8.8011004508480966,8.1163274155006597,7.958335625158619,7.1491533214791714,6.2898951561597425,5.762542911881475,4.7418867022413052,3.6582208533629146,2.508687803147335,1.2903129369043378,7.9936057773011287E-15,8.2933659939499213E-15,8.6043672187230412E-15,8.9270309894251547E-15,9.2617946515285996E-15,9.6091119509609226E-15,9.9694536491219564E-15,1.034330816096403E-14,1.0731182217000182E-14,1.1133601550137688E-14,1.1551111608267851E-14,1.1984278293577897E-14,1.2433688729587068E-14,1.2899952056946583E-14,1.338370025908208E-14,1.3885589018797658E-14,1.4406298607002569E-14,1.4946534804765166E-14]
[]
[null,null,"Closing Balance Test",null,null,"Recher/Lookup",{"$f":"LOOKUP(H3,2:2,52:52)","v":2.1316282072803006E-13}]
[]
[null,"P99 Proof"]
[null,null,"Debt Service",null,null,null,null,null,null,{"$f":"J45","v":27.685714285714287},{"$f":"K45","v":28.239428571428576},28.804217142857141,29.380301485714288,29.967907515428575,30.567265665737146,31.178610979051886,31.802183198632928,32.438226862605589,33.086991399857702,33.748731227854854,34.423705852411949,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Opening Balance",null,"Euro",null,null,null,null,{"$f":"H61","v":299.63923661425616},{"$f":"J61","v":280.94269942696957},261.13155183835011,240.81411013023933,219.26026722375781,196.96646906116075,173.29302981256424,148.17967487695211,121.93422948620488,94.068536229331983,64.509114938074234,33.179475520397162,1.0658141036401503E-13,1.1057821325266559E-13,1.1472489624964054E-13,1.1902707985900205E-13,1.2349059535371464E-13,1.2812149267947894E-13,1.329260486549594E-13,1.3791077547952038E-13,1.430824295600024E-13,1.4844802066850248E-13,1.5401482144357134E-13,1.5979037724770527E-13,1.6578251639449422E-13,1.7199936075928775E-13,1.7844933678776105E-13,1.8514118691730208E-13,1.9208398142670091E-13,1.9928713073020219E-13]
[null,null,"Less: Repayment",null,"Euro",null,null,null,null,{"$f":"J58-J62","v":18.696537187286602},{"$f":"K58-K62","v":19.811147588619491},20.317441708110763,21.55384290648151,22.293798162597049,23.673439248596519,25.113354935612136,26.245445390747221,27.865693256872905,29.559421291257753,31.329639417677072,33.179475520397055,-3.9968028886505643E-15,-4.1466829969749606E-15,-4.3021836093615206E-15,-4.4635154947125774E-15,-4.6308973257642998E-15,-4.8045559754804613E-15,-4.9847268245609782E-15,-5.1716540804820149E-15,-5.3655911085000909E-15,-5.5668007750688442E-15,-5.7755558041339257E-15,-5.9921391467889485E-15,-6.2168443647935341E-15,-6.4499760284732913E-15,-6.69185012954104E-15,-6.942794509398829E-15,-7.2031493035012846E-15,-7.4732674023825829E-15]
[null,null,"Closing Balance",null,"Euro",null,null,{"$f":"G46","v":299.63923661425616},null,{"$f":"J59-J60","v":280.94269942696957},{"$f":"K59-K60","v":261.13155183835011},240.81411013023933,219.26026722375781,196.96646906116075,173.29302981256424,148.17967487695211,121.93422948620488,94.068536229331983,64.509114938074234,33.179475520397162,1.0658141036401503E-13,1.1057821325266559E-13,1.1472489624964054E-13,1.1902707985900205E-13,1.2349059535371464E-13,1.2812149267947894E-13,1.329260486549594E-13,1.3791077547952038E-13,1.430824295600024E-13,1.4844802066850248E-13,1.5401482144357134E-13,1.5979037724770527E-13,1.6578251639449422E-13,1.7199936075928775E-13,1.7844933678776105E-13,1.8514118691730208E-13,1.9208398142670091E-13,1.9928713073020219E-13,2.0676039813258478E-13]
[null,null,"Interest",null,"Euro",null,null,null,null,{"$f":"J59*J41","v":8.9891770984276853},{"$f":"K59*K41","v":8.4282809828090866},8.4867754347463791,7.8264585792327788,7.6741093528315236,6.8938264171406267,6.0652560434397493,5.556737807885705,4.5725336057326835,3.5275701085999498,2.4190918101777843,1.2442303320148937,3.9968028886505643E-15,4.1466829969749606E-15,4.3021836093615206E-15,4.4635154947125774E-15,4.6308973257642998E-15,4.8045559754804613E-15,4.9847268245609782E-15,5.1716540804820149E-15,5.3655911085000909E-15,5.5668007750688442E-15,5.7755558041339257E-15,5.9921391467889485E-15,6.2168443647935341E-15,6.4499760284732913E-15,6.69185012954104E-15,6.942794509398829E-15,7.2031493035012846E-15,7.4732674023825829E-15]
[]
[null,null,"Closing Balance Test",null,null,"Recher/Lookup",{"$f":"LOOKUP(H3,2:2,61:61)","v":1.0658141036401503E-13}]

{"sheet":"Intermediate Financial Model","index":12,"n_rows":288,"n_cols":107,"rows_kept":288,"cut":false,"hidden":false,"merged":[]}
["Time Line",null,null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,"Start of period",null,null,"Price",{"$f":"price","v":32.913000512910472},null,{"$f":"$F$9","v":"2020-08-01"},{"$f":"EDATE(H2,6)","v":"2021-02-01"},{"$f":"EDATE(I2,6)","v":"2021-08-01"},"2022-02-01","2022-08-01","2023-02-01","2023-08-01","2024-02-01","2024-08-01","2025-02-01","2025-08-01","2026-02-01","2026-08-01","2027-02-01","2027-08-01","2028-02-01","2028-08-01","2029-02-01","2029-08-01","2030-02-01","2030-08-01","2031-02-01","2031-08-01","2032-02-01","2032-08-01","2033-02-01","2033-08-01","2034-02-01","2034-08-01","2035-02-01","2035-08-01","2036-02-01","2036-08-01","2037-02-01","2037-08-01","2038-02-01","2038-08-01","2039-02-01","2039-08-01","2040-02-01","2040-08-01","2041-02-01","2041-08-01","2042-02-01","2042-08-01","2043-02-01","2043-08-01","2044-02-01","2044-08-01","2045-02-01","2045-08-01","2046-02-01","2046-08-01","2047-02-01","2047-08-01","2048-02-01","2048-08-01","2049-02-01","2049-08-01","2050-02-01","2050-08-01","2051-02-01","2051-08-01","2052-02-01","2052-08-01","2053-02-01",{"$f":"EDATE(BU2,6)","v":"2053-08-01"},"2054-02-01","2054-08-01","2055-02-01","2055-08-01","2056-02-01","2056-08-01","2057-02-01","2057-08-01","2058-02-01","2058-08-01","2059-02-01","2059-08-01","2060-02-01","2060-08-01","2061-02-01","2061-08-01","2062-02-01","2062-08-01","2063-02-01","2063-08-01","2064-02-01","2064-08-01","2065-02-01","2065-08-01","2066-02-01","2066-08-01","2067-02-01","2067-08-01","2068-02-01","2068-08-01","2069-02-01","2069-08-01","2070-02-01"]
[null,"End of period",null,null,"Equity IRR",{"$f":"E268","v":7.5000002980232253E-2},null,{"$f":"EDATE(H2,6)-1","v":"2021-01-31"},{"$f":"EDATE(I2,6)-1","v":"2021-07-31"},"2022-01-31","2022-07-31","2023-01-31","2023-07-31","2024-01-31","2024-07-31","2025-01-31","2025-07-31","2026-01-31","2026-07-31","2027-01-31","2027-07-31","2028-01-31","2028-07-31","2029-01-31","2029-07-31","2030-01-31","2030-07-31","2031-01-31","2031-07-31","2032-01-31","2032-07-31","2033-01-31","2033-07-31","2034-01-31","2034-07-31","2035-01-31","2035-07-31","2036-01-31","2036-07-31","2037-01-31","2037-07-31","2038-01-31","2038-07-31","2039-01-31","2039-07-31","2040-01-31","2040-07-31","2041-01-31","2041-07-31","2042-01-31","2042-07-31","2043-01-31","2043-07-31","2044-01-31","2044-07-31","2045-01-31","2045-07-31","2046-01-31","2046-07-31","2047-01-31","2047-07-31","2048-01-31","2048-07-31","2049-01-31","2049-07-31","2050-01-31","2050-07-31","2051-01-31","2051-07-31","2052-01-31","2052-07-31","2053-01-31",{"$f":"EDATE(BU2,6)-1","v":"2053-07-31"},"2054-01-31","2054-07-31","2055-01-31","2055-07-31","2056-01-31","2056-07-31","2057-01-31","2057-07-31","2058-01-31","2058-07-31","2059-01-31","2059-07-31","2060-01-31","2060-07-31","2061-01-31","2061-07-31","2062-01-31","2062-07-31","2063-01-31","2063-07-31","2064-01-31","2064-07-31","2065-01-31","2065-07-31","2066-01-31","2066-07-31","2067-01-31","2067-07-31","2068-01-31","2068-07-31","2069-01-31","2069-07-31","2070-01-31","2070-07-31"]
[null,"Construction phase",null,null,null,{"$f":"F11","v":"2021-02-01"},null,{"$f":"H2<$F$4","v":true},{"$f":"I2<$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BU2<$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,"Operating phase",null,null,null,{"$f":"F11","v":"2021-02-01"},{"$f":"F13","v":"2051-02-01"},{"$f":"AND(H2>=$F$5,H2<$G$5)","v":false},{"$f":"AND(I2>=$F$5,I2<$G$5)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,{"$f":"AND(BU2>=$F$5,BU2<$G$5)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
["Non-Financing Inputs"]
[null,"Timing Inputs"]
[null,null,"Construction Start",null,"Date","2020-08-01"]
[null,null,"Construction Period",null,"Periods",1]
[null,null,"Commercial Operation",null,"Date",{"$f":"EDATE(F9,F10*6)","v":"2021-02-01"}]
[null,null,"Operating Period",null,"Years",30]
[null,null,"Decommissioning",null,"Date",{"$f":"EDATE(F11,F12*12)","v":"2051-02-01"}]
[]
[null,"Operation Inputs"]
[null,null,null,"Capacity","MW",{"$f":"'Wind Study Back-up (2)'!C2","v":94}]
[null,null,null,"P50 Capacity Factor","% p.a.",{"$f":"'Wind Study Back-up (2)'!C11/100","v":0.41299999999999998}]
[]
[null,null,null,null,null,"1-yr","10-yr","20-yr"]
[null,null,null,"Uncertainty Percent",null,{"$f":"'Wind Study Back-up (2)'!D23","v":0.1084},{"$f":"'Wind Study Back-up (2)'!D24","v":7.4346165148398466E-2},{"$f":"'Wind Study Back-up (2)'!D25","v":7.2289156626506021E-2}]
[null,null,null,"Curtailment Percent"]
[]
[null,null,null,"Case applied (P50=1, P90=2, P99=3)","Code",1,null,null,null,"P50"]
[null,null,null,null,null,null,null,null,null,"P90"]
[null,"EPC, O&M and PPA contracts",null,null,null,null,null,null,null,"P99"]
[null,null,"EPC and Development"]
[null,null,null,"EPC Cost","Euro/kW",1200]
[null,null,null,"Development Cost","Euro/kW",{"$f":"F27*3%","v":36}]
[null,null,null,"Owners Cost","Euro/kW",46]
[null,null,null,"Total Cost","Euro/kW",{"$f":"SUM(F27:F29)","v":1282}]
[]
[null,null,"General Inflation Rate",null,"%",2.5000000000000001E-2]
[]
[null,null,"O&M Cost",null,null,"Euro/kW/yr","Fixed","Variable","Euro/MWh"]
[null,null,null,"Contracted Turbine O&M ($/MWh)","Euro/kW-yr",18.538413786371649,false,{"$f":"NOT(G35)","v":true},{"$f":"F35*1000/(8760*$F$17)","v":5.1241096405551456}]
[null,null,null,"BOP O&M","Euro/kW-yr",4.2114485490599849,false,{"$f":"NOT(G36)","v":true},{"$f":"F36*1000/(8760*$F$17)","v":1.1640652948853984}]
[null,null,null,"BOP O&M Fee","Euro/kW-yr",1.3468218690022433,false,true,0.37226825350819914]
[null,null,null,"Operation Expenses","Euro/kW-yr",1.4493419496706936,false,true,0.4006053129652431]
[null,null,null,"Maintenance Expenses","Euro/kW-yr",1.4152847303870475,false,true,0.3911917284119561]
[null,null,null,"G&A","Euro/kW-yr",0.76835803447560747,false,true,0.21237797673654393]
[null,null,null,"Asset Management","Euro/kW-yr",0,false,true,0]
[null,null,null,"Community Support","Euro/kW-yr",4.3906173398606134E-2,false,true,1.2135884384945365E-2]
[null,null,null,"3rd Party Professional Services","Euro/kW-yr",0.72445186107700144,false,true,0.20024209235159859]
[null,null,null,"Landowner and Easement Royalties","Euro/kW-yr",3.5126506024096393,false,true,0.97091407189006806]
[null,null,null,"Royalties - based on % Revenues","Euro/kW-yr",2.3731857344211744,false,true,0.65596032328910148]
[null,null,null,"Property Taxes","Euro/kW-yr",10.694090110983936,false,true,2.9558996182803017]
[null,null,null,"Environmental Monitoring","Euro/kW-yr",0,false,true,0]
[null,null,null,"Insurance","Euro/kW-yr",1.5674503903302388,false,true,0.43325107254254952]
[null,null,null,"Annual Insurance Cash Premium & Origination Fee","Euro/kW-yr",7.4635451047889045,false,true,2.0629609342457198]
[null,null,null,"Total Operating Expenses","Euro/kW-yr",{"$f":"SUM(F35:F49)","v":54.108948896376724},null,null,{"$f":"SUM(I35:I49)","v":14.955982204046771}]
[]
[null,null,"PPA Price"]
[null,null,null,"Starting Price","USD/MWH",32.913000512910472,"Price"]
[null,null,null,"Inflate","Switch",true]
[null,null,null,"Target Equity IRR","%",{"$f":"G55/1000","v":7.4999999999999997E-2},75]
[]
["Financing Inputs"]
[null,"Debt Size"]
[null,null,"DSCR"]
[null,null,null,"P50 Minimum","x",{"$f":"G60/100","v":1.35},135]
[null,null,null,"P90 Minimum","x",{"$f":"G61/100","v":1.1499999999999999},115]
[null,null,null,"P99 Minimum","x",{"$f":"G62/100","v":1},100]
[]
[null,null,"Max Debt to Capital",null,"%",{"$f":"G64/100","v":0.82},82]
[]
[null,"Debt Funding",null,null,"Pro-Rata",true]
[]
[null,"Debt Repayment"]
[null,null,null,"Sculpting (Not True is Level Repayment)","Type",true]
[null,null,null,"Maturity ","Years",{"$f":"G70","v":20},20]
[null,null,null,"Grace Period","Periods",1]
[null,null,null,"Start of Repayment",null,{"$f":"EDATE(F11,F71*6)","v":"2021-08-01"}]
[null,null,null,"End of Repayment",null,{"$f":"EDATE(F11,F70*12)","v":"2041-02-01"}]
[]
[null,"Interest Rate and Fee"]
[null,null,null,"Base Rate","% p.a.",1.4999999999999999E-2]
[null,null,null,"Credit Spread","% p.a.",1.7999999999999999E-2]
[null,null,null,"Annual interest rate","% p.a.",{"$f":"F76+F77","v":3.3000000000000002E-2}]
[]
[null,null,null,"Up-Front and Commitment Fee","%",1.9E-2]
[]
[null,"DSRA, Covenants, Sweeps"]
[]
["Operations and Pre-tax Free Cash Flow"]
[null,"Operations"]
[null,null,"Capacity and Generation"]
[null,null,null,"Capacity","MW",{"$f":"F16","v":94},null,{"$f":"$F87*H$5","v":0},{"$f":"$F87*I$5","v":94},94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,94,0,0,0,0,{"$f":"$F87*BU$5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"P50 Capacity Factor","%",{"$f":"F17","v":0.41299999999999998},null,{"$f":"$F88*H$5","v":0},0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0.41299999999999998,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"1-Year Standard Deviation as Percent","%",{"$f":"F20","v":0.1084},null,0,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0.1084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"P90 Capacity Factor","%",{"$f":"_xlfn.NORM.INV(0.1,F88,F88*F89)","v":0.35562596165182064},null,0,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0.35562596165182064,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"P99 Capacity Factor","%",{"$f":"_xlfn.NORM.INV(0.01,F88,F88*F89)","v":0.30885126675749075},null,0,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,0.30885126675749075,{"$f":"$F91*BP$5","v":0.30885126675749075},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Hours in the period","Hours",null,null,{"$f":"(H3-H2+1)*24","v":4416},4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,{"$f":"(BT3-BT2+1)*24","v":4416},4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344,4416,4344,4416,4368,4416,4344,4416,4344]
[]
[null,null,null,"Generation at P50","MWH",null,null,{"$f":"H$87*H88*H$92","v":0},168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,0,0,0,{"$f":"BT$87*BT88*BT$92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation at P90","MWH",null,null,{"$f":"H$87*H90*H$92","v":0},{"$f":"I$87*I90*I$92","v":145214.88267705782},147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,146017.17484654434,147621.75918551735,145214.88267705782,147621.75918551735,145214.88267705782,147621.75918551735,0,0,0,0,{"$f":"BU$87*BU90*BU$92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation at P99","MWH",null,null,{"$f":"H$87*H91*H$92","v":0},126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,126811.85932049164,128205.39623610143,126115.09086268673,128205.39623610143,126115.09086268673,128205.39623610143,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"MWH Applied ","MWH",{"$f":"F23","v":1},null,{"$f":"INDEX(H94:H96,$F$97)","v":0},168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,169574.49599999998,171437.95199999999,168642.76799999998,171437.95199999999,168642.76799999998,171437.95199999999,0,0,0,{"$f":"INDEX(BT94:BT96,$F$97)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Construction Costs"]
[null,null,null,"EPC Cost","Euro 000's",{"$f":"F27*$F$87","v":112800},null,{"$f":"$F100*H$4","v":112800},{"$f":"$F100*I$4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F100*BU$4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Development Cost","Euro 000's",{"$f":"F28*$F$87","v":3384},null,{"$f":"$F101*H$4","v":3384},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Owners Cost","Euro 000's",{"$f":"F29*$F$87","v":4324},null,4324,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Cost","Euro 000's",{"$f":"F30*$F$87","v":120508},null,120508,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Operations and Maintenance Cost"]
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[null,null,null,"Real Fixed Cost per kW-year","Euro/kW-yr",{"$f":"SUMPRODUCT(G35:G49*F35:F49)","v":0},null,{"$f":"$F$107/2*H5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$107/2*BT5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Inflation Rate","%",{"$f":"F32","v":2.5000000000000001E-2},null,{"$f":"(1+$F$109)^(1/2)-1","v":1.2422836565829209E-2},{"$f":"(1+$F$109)^(1/2)-1","v":1.2422836565829209E-2},1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,{"$f":"(1+$F$109)^(1/2)-1","v":1.2422836565829209E-2},1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2,1.2422836565829209E-2]
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[null,null,null,"Nominal Variable Cost per MWH",null,null,null,{"$f":"H106*H110","v":0},{"$f":"I106*I110","v":15.141777926649095},15.329881759147936,15.520322374815317,15.713128803126631,15.908330434185697,16.105957023204795,16.306038695040336,16.508605948784908,16.713689662416339,16.921321097504528,17.131531903976743,17.344354124942136,17.559820201576159,17.777962978065684,17.998815706615556,18.222412052517321,18.448786099280941,18.677972353830249,18.910005751762956,19.144921662675998,19.382755895557025,19.623544704242892,19.867324792945944,20.114133321848957,20.364007912769587,20.616986654895175,20.87310811058882,21.132411321267547,21.394935813353534,21.66072160429923,21.929809208687363,22.202239644406703,22.478054438904543,22.757295635516865,23.04000579987715,23.326228026404781,23.616005944874072,23.909383727064892,24.206406093495918,24.507118320241506,24.811566245833305,25.119796278247538,25.431855401979135,25.74779118520372,26.067651787028602,26.391485964833805,26.719343081704309,27.05127311395464,27.387326658746908,27.727554941803501,28.072009825215574,28.42074381534858,28.773810070845958,29.131262410732287,29.493155322617099,29.859543971000587,30.230484205682519,30.606032570275598,30.986246310824576,31.371183384532479,0,0,0,0,{"$f":"BU106*BU110","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]
[null,null,null,"Nominal Fixed Cost per kW-year",null,null,null,{"$f":"H107*H110","v":0},{"$f":"I107*I110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU107*BU110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Inflated Variable Cost","Euro 000's",null,null,{"$f":"H97*H106*H110/1000","v":0},2553.5513419914041,2628.1235331904791,2617.3901255411884,2693.8266215202407,2682.8248786797176,2761.1722870582462,2765.0882934679621,2830.2015942347011,2818.6428881628763,2900.9566340905685,2889.1089603669479,2973.4805499428317,2961.3366843761205,3047.8175636914016,3052.1401020462167,3124.0130027836858,3111.2543540226602,3202.113327853277,3189.0357128732257,3282.166161049608,3268.7616056950556,3364.2203150758473,3368.9915886321128,3448.3258229527423,3434.242661983365,3534.5339685265594,3520.0987285329484,3622.8973177397224,3608.1011967462705,3713.469750683214,3718.736343939318,3806.306494450293,3790.7613198315485,3901.4641568115499,3885.5303528273362,3999.0007607318371,3982.6686116480187,4098.9757797501316,4104.7891132758987,4201.4501742438842,4184.2912101126967,4306.4864285999802,4288.8984903655137,4414.1485893149784,4396.1209526246494,4524.5023040478509,4530.9191365310953,4637.6148616490455,4618.6745758512698,4753.5552331902709,4734.1414402475493,4872.3941140200259,4852.4949762537381,4994.2039668705256,5001.2869492825112,5119.0590660422886,5098.152534426581,5247.0355426933438,5225.606347787244,5378.2114312606764,0,0,0,{"$f":"BT97*BT106*BT110/1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflated Fixed Cost","Euro 000's",null,null,{"$f":"H87*H107*H110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT87*BT107*BT110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total O&M Cost","Euro 000's",null,null,{"$f":"SUM(H115:H116)","v":0},{"$f":"SUM(I115:I116)","v":2553.5513419914041},2628.1235331904791,2617.3901255411884,2693.8266215202407,2682.8248786797176,2761.1722870582462,2765.0882934679621,2830.2015942347011,2818.6428881628763,2900.9566340905685,2889.1089603669479,2973.4805499428317,2961.3366843761205,3047.8175636914016,3052.1401020462167,3124.0130027836858,3111.2543540226602,3202.113327853277,3189.0357128732257,3282.166161049608,3268.7616056950556,3364.2203150758473,3368.9915886321128,3448.3258229527423,3434.242661983365,3534.5339685265594,3520.0987285329484,3622.8973177397224,3608.1011967462705,3713.469750683214,3718.736343939318,3806.306494450293,3790.7613198315485,3901.4641568115499,3885.5303528273362,3999.0007607318371,3982.6686116480187,4098.9757797501316,4104.7891132758987,4201.4501742438842,4184.2912101126967,4306.4864285999802,4288.8984903655137,4414.1485893149784,4396.1209526246494,4524.5023040478509,4530.9191365310953,4637.6148616490455,4618.6745758512698,4753.5552331902709,4734.1414402475493,4872.3941140200259,4852.4949762537381,4994.2039668705256,5001.2869492825112,5119.0590660422886,5098.152534426581,5247.0355426933438,5225.606347787244,5378.2114312606764,0,0,0,0,{"$f":"SUM(BU115:BU116)","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]
[]
[null,"Revenues and PPA"]
[null,null,"PPA Contract"]
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[]
["Pre-tax Cash Flow and IRR"]
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[null,null,null,"Total O&M costs","Euro 000's",null,null,{"$f":"H117","v":0},{"$f":"I117","v":2553.5513419914041},2628.1235331904791,2617.3901255411884,2693.8266215202407,2682.8248786797176,2761.1722870582462,2765.0882934679621,2830.2015942347011,2818.6428881628763,2900.9566340905685,2889.1089603669479,2973.4805499428317,2961.3366843761205,3047.8175636914016,3052.1401020462167,3124.0130027836858,3111.2543540226602,3202.113327853277,3189.0357128732257,3282.166161049608,3268.7616056950556,3364.2203150758473,3368.9915886321128,3448.3258229527423,3434.242661983365,3534.5339685265594,3520.0987285329484,3622.8973177397224,3608.1011967462705,3713.469750683214,3718.736343939318,3806.306494450293,3790.7613198315485,3901.4641568115499,3885.5303528273362,3999.0007607318371,3982.6686116480187,4098.9757797501316,4104.7891132758987,4201.4501742438842,4184.2912101126967,4306.4864285999802,4288.8984903655137,4414.1485893149784,4396.1209526246494,4524.5023040478509,4530.9191365310953,4637.6148616490455,4618.6745758512698,4753.5552331902709,4734.1414402475493,4872.3941140200259,4852.4949762537381,4994.2039668705256,5001.2869492825112,5119.0590660422886,5098.152534426581,5247.0355426933438,5225.606347787244,5378.2114312606764,0,0,0,0,{"$f":"BU117","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"CAPEX","Euro 000's",null,null,{"$f":"H103","v":120508},{"$f":"I103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU103","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]
[null,null,null,"Free Cash Flow",null,null,null,{"$f":"H129-H130","v":-120508},{"$f":"I129-I130","v":3065.9416128722032},3155.4773039705478,3142.5901531940071,3234.3642365698111,3221.1549070238561,3315.2233424840551,3319.92512654862,3398.1039260461553,3384.2258741919377,3483.0565241973081,3468.8315210467345,3570.1329373022404,3555.5523090729021,3659.386260734796,3664.5761505941987,3750.8709172531635,3735.5521447197166,3844.6426901844916,3828.9409483377076,3940.7587574391032,3924.6644720461481,4039.2777263750791,4045.0063937028112,4140.2596695344546,4123.350610943482,4243.7661612728152,4226.4343762170674,4349.8603153046333,4332.0952356224934,4458.6068231872487,4464.9302000297012,4570.0719937669292,4551.4075569258803,4684.3237936111,4665.1927458490245,4801.4318884513777,4781.8225644952499,4921.4676856626611,4928.4475105336378,5044.5043778042236,5023.9023318228174,5170.6169872493292,5149.4998901183872,5299.8824119305591,5278.2373873713459,5432.379472228823,5440.0838928957137,5568.1889590345427,5545.4481551070166,5707.3936830104049,5684.0843589846918,5850.0785250856625,5826.1864679593054,5996.3304882128014,6004.834727059716,6146.2387504181197,6121.1371578997423,6299.8947191785737,6274.1655868472344,6457.3920871580367,0,0,0,0,{"$f":"BU129-BU130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Project IRR",{"$f":"XIRR(H131:DC131,H3:DC3)","v":5.5823138356208807E-2}]
[null,null,null,"NPV at target IRR",{"$f":"F55","v":7.4999999999999997E-2},{"$f":"XNPV(E134,H131:DC131,H3:DC3)","v":-24149.826609100783},"npv_out"]
[]
["Debt Sizing"]
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[]
[null,"P50 DSCR"]
[null,null,"Cash flow P50 case"]
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[]
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[null,null,"Cash flow P90 case"]
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[null,null,null,"Opening Balance",null,null,null,{"$f":"G195","v":83356.887704276392},{"$f":"H195","v":83356.887704276392},83356.887704276392,82372.535037702488,81381.577871360685,80305.639059701309,79221.825509860893,78049.78241307335,76854.884498737578,75581.806794823991,74298.101647525371,72919.307444113219,71528.400933542551,70038.788846334777,68535.501901815791,66929.761213019243,65293.64467923186,63565.998934508265,61821.302779069672,59966.238620945129,58092.308041886296,56103.837579248742,54094.593045094312,51966.485446376479,49798.980037991656,47524.47811505758,45225.09190837451,42797.716203962729,40343.249923357056,37755.984083169991,35139.313507621962,32384.859479977207,29580.228188605186,26650.692935683644,23686.778062860503,20574.560657413334,17425.298319342186,14122.190267039858,10779.245252804585,7276.7116880401009,3711.1666396672999,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,{"$f":"BT195","v":1.5779733075760305E-10},1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10,1.5779733075760305E-10]
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[]
[null,null,null,"Min Debt from DSCR",null,{"$f":"MIN(F191,F170,F151)","v":82567.357812579532},{"$f":"MATCH(F198,F:F,0)","v":151},{"$f":"INDEX(G:G,$G$198)","v":1},{"$f":"INDEX(D:D,$G$198)","v":"Size of Debt from P50"}]
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[]
[]
["Project Finance"]
[null,"Uses and Sources Summary"]
[null,null,"Uses of Funds"]
[null,null,null,"EPC Cost",null,null,null,{"$f":"F100","v":112800}]
[null,null,null,"Development Cost",null,null,null,{"$f":"F101","v":3384}]
[null,null,null,"Owners Cost",null,null,null,{"$f":"F102","v":4324}]
[null,null,null,"Fees",null,null,null,{"$f":"H213*F80","v":1568.7797984390111}]
[null,null,null,"Total Cost",null,null,null,{"$f":"SUM(H206:H209)","v":122076.77979843901}]
[]
[null,null,"Sources of Funds",null,null,null,null,null,null,null,"DSCR Min","Debt/Cap","Max Debt/Cap"]
[null,null,null,"Debt",null,null,{"$f":"H213/H210","v":0.67635596178820012},{"$f":"MIN(K213,M213)","v":82567.357812579532},null,null,{"$f":"F198","v":82567.357812579532},{"$f":"F64","v":0.82},{"$f":"SUM(H206:H208)/(1/L213-F80)","v":100380.4880030881},null,{"$f":"MATCH(H213,K213:M213,0)","v":1},{"$f":"CHOOSE(O213,K212&\" \"&I198,,M212)","v":"DSCR Min Size of Debt from P50"}]
[null,null,null,"Equity",null,null,{"$f":"H214/H210","v":0.32364403821179988},{"$f":"H210-H213","v":39509.421985859473}]
[null,null,null,"Total Sources",null,null,null,{"$f":"SUM(H213:H214)","v":122076.77979843901}]
[]
["Debt Repayment, Interest and Schedule"]
[null,"PV of CFADS over Loan Life"]
[null,null,null,"Debt Repayment Switch",null,null,null,{"$f":"H137","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT137","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]
[]
[null,null,null,"P50 CFADS over Loan Life",null,null,null,{"$f":"H146*H219","v":0},0,3155.4773039705478,3142.5901531940071,3234.3642365698106,3221.1549070238566,3315.2233424840556,3319.9251265486205,3398.1039260461548,3384.2258741919372,3483.0565241973077,3468.8315210467345,3570.1329373022395,3555.5523090729016,3659.3862607347955,3664.5761505941982,3750.870917253164,3735.5521447197161,3844.642690184492,3828.9409483377076,3940.7587574391041,3924.6644720461481,4039.2777263750791,4045.0063937028121,4140.2596695344555,4123.350610943482,4243.7661612728152,4226.4343762170674,4349.8603153046342,4332.0952356224934,4458.6068231872478,4464.9302000297012,4570.0719937669282,4551.4075569258785,4684.3237936111,4665.1927458490254,4801.4318884513768,4781.822564495249,4921.4676856626602,4928.4475105336387,5044.5043778042245,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT146*BT219","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]
[null,null,null,"P90 CFADS over Loan Life",null,null,null,{"$f":"H186*H219","v":0},{"$f":"I186*I219","v":0},2359.7413136944683,2350.1039944638883,2418.7348465368291,2408.8565943254853,2479.2032177002493,2482.7193241514869,2541.1832981427547,2530.8049594132112,2604.712880596323,2594.0750833985408,2669.8307026112298,2658.9269604835035,2736.5764701765106,2740.4575938021967,2804.9908819309221,2793.5351378579803,2875.1156539791946,2863.3735163044289,2946.9935453286739,2934.9578542120375,3020.6683839618895,3024.9524182500313,3096.1850935609355,3083.5400955815198,3173.5897208999586,3160.6285979710569,3252.9294639224559,3239.644312920333,3334.2527005205161,3338.9814727916455,3417.6090180335282,3403.6513062619229,3503.0492434843654,3488.7425889184697,3590.6254745714741,3575.96115364143,3680.3911114357593,3685.6107912254624,3772.4008892216525,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU186*BU219","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"P99 CFADS over Loan Life",null,null,null,{"$f":"H186*H219","v":0},{"$f":"I186*I219","v":0},2359.7413136944683,2350.1039944638883,2418.7348465368291,2408.8565943254853,2479.2032177002493,2482.7193241514869,2541.1832981427547,2530.8049594132112,2604.712880596323,2594.0750833985408,2669.8307026112298,2658.9269604835035,2736.5764701765106,2740.4575938021967,2804.9908819309221,2793.5351378579803,2875.1156539791946,2863.3735163044289,2946.9935453286739,2934.9578542120375,3020.6683839618895,3024.9524182500313,3096.1850935609355,3083.5400955815198,3173.5897208999586,3160.6285979710569,3252.9294639224559,3239.644312920333,3334.2527005205161,3338.9814727916455,3417.6090180335282,3403.6513062619229,3503.0492434843654,3488.7425889184697,3590.6254745714741,3575.96115364143,3680.3911114357593,3685.6107912254624,3772.4008892216525,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU186*BU219","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]
[null,null,null,"Applied CFADS",null,{"$f":"F23","v":1},null,{"$f":"INDEX(H221:H223,$F$224)","v":0},{"$f":"INDEX(I221:I223,$F$224)","v":0},3155.4773039705478,3142.5901531940071,3234.3642365698106,3221.1549070238566,3315.2233424840556,3319.9251265486205,3398.1039260461548,3384.2258741919372,3483.0565241973077,3468.8315210467345,3570.1329373022395,3555.5523090729016,3659.3862607347955,3664.5761505941982,3750.870917253164,3735.5521447197161,3844.642690184492,3828.9409483377076,3940.7587574391041,3924.6644720461481,4039.2777263750791,4045.0063937028121,4140.2596695344555,4123.350610943482,4243.7661612728152,4226.4343762170674,4349.8603153046342,4332.0952356224934,4458.6068231872478,4464.9302000297012,4570.0719937669282,4551.4075569258785,4684.3237936111,4665.1927458490254,4801.4318884513768,4781.822564495249,4921.4676856626602,4928.4475105336387,5044.5043778042245,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"INDEX(BU221:BU223,$F$224)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Compound Factor",null,null,null,{"$f":"H190","v":1},1,1.0165,1.03327225,1.0503212421249999,1.0676515426200623,1.0852677930732932,1.1031747116590025,1.1213770944013759,1.1398798164589985,1.1586878334305719,1.1778061826821764,1.1972399846964323,1.2169944444439234,1.2370748527772479,1.2574865878480725,1.2782351165475656,1.2993259959706003,1.3207648749041152,1.342557495340033,1.3647096940131436,1.3872274039643604,1.4101166561297722,1.4333835809559134,1.4570344100416859,1.4810754778073736,1.5055132231911952,1.5303541913738499,1.5556050355315183,1.5812725186177883,1.6073635151749817,1.6338850131753688,1.6608441158927623,1.6882480438049927,1.7161041365277749,1.7444198547804832,1.773202782384361,1.802460628293703,1.8322012286605491,1.8624325489334481,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,{"$f":"BT190","v":1.8931626859908499},1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499,1.8931626859908499]
[null,null,null,"PV of CFADS from Applied Cash Flow",null,{"$f":"SUMPRODUCT(H224:DC224/H226:DC226)","v":111465.93304698236}]
[null,null,null,"Debt Applied in Sources and Uses",null,{"$f":"H213","v":82567.357812579532}]
[null,null,null,"LLCR for Sculpting",null,{"$f":"F227/F228","v":1.3499999999999999}]
[]
[null,null,null,"Tailored Repayment in Max Debt to Capital Case"]
[null,null,null,"Minimum DSCR",null,{"$f":"F224","v":1},{"$f":"CHOOSE(F232,F60,F61,F62)","v":1.35}]
[null,null,null,"Debt Life Target"]
[null,null,null,"Non-Constant Curved DSCR"]
[]
[null,null,null,"Total Debt Service",null,{"$f":"F229","v":1.3499999999999999},null,{"$f":"H224/$F$236","v":0},0,2337.3905955337395,2327.8445579214872,2395.8253604220822,2386.0406718695235,2455.7209944326341,2459.2037974434229,2517.1140192934481,2506.8339808829169,2580.0418697757837,2569.5048304049888,2644.5429165201776,2633.7424511651125,2710.6564894331823,2714.5008522919989,2778.4229016690106,2767.0756627553455,2847.8834742107351,2836.2525543242282,2919.0805610660032,2907.1588681823323,2992.0575750926514,2996.3010323724538,3066.8590144699674,3054.3337858840609,3143.5304898317154,3130.6921305311612,3222.118752077507,3208.95943379444,3302.671720879443,3307.3557037257051,3385.2385139014286,3371.4130051302805,3469.8694767489633,3455.6983302585377,3556.6162136676867,3542.0907885149995,3645.5316190093781,3650.7018596545477,3736.6699094846113,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT224/$F$236","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Schedule"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G242","v":0},{"$f":"H242","v":82567.357812579532},82567.357812579532,81592.328620953354,80610.757485277602,79545.009623362595,78471.461610278551,77310.519732415516,76126.939510556957,74865.919993187694,73594.37369219237,72228.638988337756,70850.906701240339,69375.403745290634,67886.355455922821,66295.82383151236,64675.204072440312,62963.922037966564,61235.751088837664,59398.257507592753,57542.076202143806,55572.439898413177,53582.226288554659,51474.275447223161,49327.299959729891,47074.341394595467,44796.734241722232,42392.349866878933,39961.131509151273,37398.371426974765,34806.485121725411,32078.120405354435,29300.053688317079,26398.266060272883,23462.424445137105,20379.684971732902,17260.251443507957,13988.429378658151,10677.14767489101,7207.7889925173331,3676.0156512393214,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,{"$f":"BT242","v":1.5916157281026244E-10},1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10]
[null,null,null,"Add: Debt Issue",null,{"$f":"H213","v":82567.357812579532},null,{"$f":"$F$240*H4","v":82567.357812579532},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$240*BT4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Repayment",null,null,null,{"$f":"(H236-H243)*H219","v":0},0,975.02919162617718,981.57113567575675,1065.7478619150017,1073.5480130840406,1160.9418778630379,1183.5802218585668,1261.0195173692582,1271.5463009953198,1365.7347038546095,1377.7322870974158,1475.502955949712,1489.048289367817,1590.5316244104556,1620.6197590720449,1711.2820344737454,1728.1709491288973,1837.4935812449137,1856.1813054489476,1969.6363037306303,1990.2136098585147,2107.9508413314998,2146.9754874932714,2252.9585651344241,2277.6071528732355,2404.3843748432982,2431.2183577276587,2562.7600821765109,2591.8863052493562,2728.3647163709738,2778.0667170373567,2901.7876280441969,2935.8416151357778,3082.7394734042009,3119.4335282249449,3271.8220648498054,3311.2817037671402,3469.3586823736764,3531.7733412780117,3676.0156512391623,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT236-BT243)*BT219","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,{"$f":"H239+H240-H241","v":82567.357812579532},{"$f":"I239+I240-I241","v":82567.357812579532},81592.328620953354,80610.757485277602,79545.009623362595,78471.461610278551,77310.519732415516,76126.939510556957,74865.919993187694,73594.37369219237,72228.638988337756,70850.906701240339,69375.403745290634,67886.355455922821,66295.82383151236,64675.204072440312,62963.922037966564,61235.751088837664,59398.257507592753,57542.076202143806,55572.439898413177,53582.226288554659,51474.275447223161,49327.299959729891,47074.341394595467,44796.734241722232,42392.349866878933,39961.131509151273,37398.371426974765,34806.485121725411,32078.120405354435,29300.053688317079,26398.266060272883,23462.424445137105,20379.684971732902,17260.251443507957,13988.429378658151,10677.14767489101,7207.7889925173331,3676.0156512393214,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,{"$f":"BU239+BU240-BU241","v":1.5916157281026244E-10},1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10,1.5916157281026244E-10]
[null,null,null,"Intrest Expense",null,{"$f":"F196","v":1.6500000000000001E-2},null,{"$f":"H239*$F$243","v":0},1362.3614039075624,1362.3614039075624,1346.2734222457304,1330.0774985070805,1312.4926587854829,1294.7791165695962,1275.6235755848561,1256.0945019241899,1235.2876798875971,1214.3071659211741,1191.772543307573,1169.0399605704656,1144.6941617972955,1120.1248650227267,1093.881093219954,1067.1408671952652,1038.9047136264483,1010.3898929658214,980.0712488752805,949.44425733537287,916.94525832381748,884.10673376115187,849.32554487918219,813.90044933554327,776.72663301082525,739.14611498841691,699.47377280350247,659.35866990099601,617.0731285450837,574.30700450846928,529.28898668834825,483.45088585723181,435.57138999450257,387.13000334476226,336.2648020335929,284.79414881788131,230.80908474785952,176.17293663570166,118.928518376536,60.654258245448808,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,{"$f":"BT239*$F$243","v":2.6261659513693304E-12},2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12]
[]
[null,null,"Cash Trap Schedule"]
[null,null,null,"Opening Balance",null,null,null,{"$f":"G249","v":0},{"$f":"H249","v":0},1703.5802089646404,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT249","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]
[null,null,null,"Add: Cash Trapped",null,null,null,{"$f":"H262","v":0},{"$f":"I262","v":1703.5802089646404},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU262","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Cash Released",null,null,null,{"$f":"H246*NOT(H252)","v":0},{"$f":"I246*NOT(I252)","v":0},1703.5802089646404,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU246*NOT(BU252)","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]
[null,null,null,"Closing Balance",null,null,null,{"$f":"H246+H247-H248","v":0},{"$f":"I246+I247-I248","v":1703.5802089646404},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU246+BU247-BU248","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall"]
[null,"Grace Period Switch",null,null,null,{"$f":"F11","v":"2021-02-01"},{"$f":"F72","v":"2021-08-01"},{"$f":"AND(H2<$G$252)","v":true},true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BT2<$G$252)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"EBITDA",null,null,null,{"$f":"F224","v":1},null,{"$f":"CHOOSE($F$254,H145,H164,H185)","v":0},3065.9416128722028,3155.4773039705478,3142.5901531940071,3234.3642365698106,3221.1549070238566,3315.2233424840556,3319.9251265486205,3398.1039260461548,3384.2258741919372,3483.0565241973077,3468.8315210467345,3570.1329373022395,3555.5523090729016,3659.3862607347955,3664.5761505941982,3750.870917253164,3735.5521447197161,3844.642690184492,3828.9409483377076,3940.7587574391041,3924.6644720461481,4039.2777263750791,4045.0063937028121,4140.2596695344555,4123.350610943482,4243.7661612728152,4226.4343762170674,4349.8603153046342,4332.0952356224934,4458.6068231872478,4464.9302000297012,4570.0719937669282,4551.4075569258785,4684.3237936111,4665.1927458490254,4801.4318884513768,4781.822564495249,4921.4676856626602,4928.4475105336387,5044.5043778042245,5023.9023318228183,5170.6169872493283,5149.4998901183872,5299.88241193056,5278.237387371345,5432.379472228823,5440.0838928957137,5568.1889590345418,5545.4481551070166,5707.3936830104039,5684.08435898469,5850.0785250856625,5826.1864679593064,5996.3304882128014,6004.8347270597142,6146.2387504181206,6121.137157899745,6299.894719178571,6274.1655868472353,6457.3920871580358,0,0,0,{"$f":"CHOOSE($F$254,BT145,BT164,BT185)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Other Stuff to Subtract (tax, WC change, DSRA moves, cap exp)"]
[null,null,"CFADS",null,null,null,null,{"$f":"H254-H255","v":0},{"$f":"I254-I255","v":3065.9416128722028},3155.4773039705478,3142.5901531940071,3234.3642365698106,3221.1549070238566,3315.2233424840556,3319.9251265486205,3398.1039260461548,3384.2258741919372,3483.0565241973077,3468.8315210467345,3570.1329373022395,3555.5523090729016,3659.3862607347955,3664.5761505941982,3750.870917253164,3735.5521447197161,3844.642690184492,3828.9409483377076,3940.7587574391041,3924.6644720461481,4039.2777263750791,4045.0063937028121,4140.2596695344555,4123.350610943482,4243.7661612728152,4226.4343762170674,4349.8603153046342,4332.0952356224934,4458.6068231872478,4464.9302000297012,4570.0719937669282,4551.4075569258785,4684.3237936111,4665.1927458490254,4801.4318884513768,4781.822564495249,4921.4676856626602,4928.4475105336387,5044.5043778042245,5023.9023318228183,5170.6169872493283,5149.4998901183872,5299.88241193056,5278.237387371345,5432.379472228823,5440.0838928957137,5568.1889590345418,5545.4481551070166,5707.3936830104039,5684.08435898469,5850.0785250856625,5826.1864679593064,5996.3304882128014,6004.8347270597142,6146.2387504181206,6121.137157899745,6299.894719178571,6274.1655868472353,6457.3920871580358,0,0,0,0,{"$f":"BU254-BU255","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]
[null,"Less: Debt Repayment",null,null,null,null,null,{"$f":"H241","v":0},{"$f":"I241","v":0},975.02919162617718,981.57113567575675,1065.7478619150017,1073.5480130840406,1160.9418778630379,1183.5802218585668,1261.0195173692582,1271.5463009953198,1365.7347038546095,1377.7322870974158,1475.502955949712,1489.048289367817,1590.5316244104556,1620.6197590720449,1711.2820344737454,1728.1709491288973,1837.4935812449137,1856.1813054489476,1969.6363037306303,1990.2136098585147,2107.9508413314998,2146.9754874932714,2252.9585651344241,2277.6071528732355,2404.3843748432982,2431.2183577276587,2562.7600821765109,2591.8863052493562,2728.3647163709738,2778.0667170373567,2901.7876280441969,2935.8416151357778,3082.7394734042009,3119.4335282249449,3271.8220648498054,3311.2817037671402,3469.3586823736764,3531.7733412780117,3676.0156512391623,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU241","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: Interest",null,null,null,null,null,{"$f":"H243","v":0},{"$f":"I243","v":1362.3614039075624},1362.3614039075624,1346.2734222457304,1330.0774985070805,1312.4926587854829,1294.7791165695962,1275.6235755848561,1256.0945019241899,1235.2876798875971,1214.3071659211741,1191.772543307573,1169.0399605704656,1144.6941617972955,1120.1248650227267,1093.881093219954,1067.1408671952652,1038.9047136264483,1010.3898929658214,980.0712488752805,949.44425733537287,916.94525832381748,884.10673376115187,849.32554487918219,813.90044933554327,776.72663301082525,739.14611498841691,699.47377280350247,659.35866990099601,617.0731285450837,574.30700450846928,529.28898668834825,483.45088585723181,435.57138999450257,387.13000334476226,336.2648020335929,284.79414881788131,230.80908474785952,176.17293663570166,118.928518376536,60.654258245448808,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,{"$f":"BU243","v":2.6261659513693304E-12},2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12,2.6261659513693304E-12]
[null,null,"Cash Flow Before Sweep",null,null,null,null,{"$f":"H256-H257-H258","v":0},{"$f":"I256-I257-I258","v":1703.5802089646404},818.08670843680829,814.74559527252018,838.53887614772862,835.11423515433307,859.50234805142145,860.72132910519758,880.9899067527067,877.39189330902059,903.01465442152403,899.3266906417457,925.59002078206186,921.80985790778936,948.72977130161325,950.07529830219937,972.44801558415338,968.47648196437058,996.75921597375691,992.68839401347952,1021.6781963731009,1017.505603863816,1047.2201512824274,1048.7053613303585,1073.4006550644881,1069.0168250594213,1100.2356714411001,1095.7422456859063,1127.7415632271272,1123.1358018280534,1155.9351023078048,1157.5744963039961,1184.8334798654996,1179.994551795598,1214.4543168621367,1209.4944155904877,1244.8156747836902,1239.7317759802493,1275.9360666532821,1277.745650879091,1307.8344683196135,5023.9023318228155,5170.6169872493256,5149.4998901183844,5299.8824119305573,5278.2373873713423,5432.3794722288203,5440.083892895711,5568.188959034539,5545.4481551070139,5707.3936830104012,5684.0843589846872,5850.0785250856597,5826.1864679593036,5996.3304882127986,6004.8347270597114,6146.2387504181179,6121.1371578997423,6299.8947191785683,6274.1655868472326,6457.3920871580331,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,{"$f":"BU256-BU257-BU258","v":-2.6261659513693304E-12},-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12]
[null,"Less: Cash Sweep"]
[null,null,"Cash Flow to Equity",null,null,null,null,{"$f":"H259-H260","v":0},{"$f":"I259-I260","v":1703.5802089646404},818.08670843680829,814.74559527252018,838.53887614772862,835.11423515433307,859.50234805142145,860.72132910519758,880.9899067527067,877.39189330902059,903.01465442152403,899.3266906417457,925.59002078206186,921.80985790778936,948.72977130161325,950.07529830219937,972.44801558415338,968.47648196437058,996.75921597375691,992.68839401347952,1021.6781963731009,1017.505603863816,1047.2201512824274,1048.7053613303585,1073.4006550644881,1069.0168250594213,1100.2356714411001,1095.7422456859063,1127.7415632271272,1123.1358018280534,1155.9351023078048,1157.5744963039961,1184.8334798654996,1179.994551795598,1214.4543168621367,1209.4944155904877,1244.8156747836902,1239.7317759802493,1275.9360666532821,1277.745650879091,1307.8344683196135,5023.9023318228155,5170.6169872493256,5149.4998901183844,5299.8824119305573,5278.2373873713423,5432.3794722288203,5440.083892895711,5568.188959034539,5545.4481551070139,5707.3936830104012,5684.0843589846872,5850.0785250856597,5826.1864679593036,5996.3304882127986,6004.8347270597114,6146.2387504181179,6121.1371578997423,6299.8947191785683,6274.1655868472326,6457.3920871580331,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,{"$f":"BU259-BU260","v":-2.6261659513693304E-12},-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12,-2.6261659513693304E-12]
[null,"Less: Cash Trapped",null,null,null,null,null,{"$f":"H261*H252","v":0},{"$f":"I261*I252","v":1703.5802089646404},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU261*BU252","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Add: Cash Released from Trap",null,null,null,null,null,{"$f":"H248","v":0},{"$f":"I248","v":0},1703.5802089646404,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU248","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]
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{"sheet":"Summary (2)","index":13,"n_rows":24,"n_cols":17,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Tariff (Euro/MWH)",null,{"$f":"'Intermediate Financial Model'!F2","v":32.913000512910472}]
[null,null,"Inflated Tariff",null,{"$f":"'Intermediate Financial Model'!F54","v":true},null,null,null,null,null,null,null,null,null,null,"DSCR (Min)",{"$f":"MIN('Intermediate Financial Model'!278:278)","v":1.3499999999999996}]
[null,null,"Project IRR",null,{"$f":"'Intermediate Financial Model'!E133","v":5.5823138356208807E-2},null,null,null,null,null,null,null,null,null,null,"PLCR",{"$f":"'Intermediate Financial Model'!G288","v":1.9688564157440995}]
[null,null,"Equity IRR",null,{"$f":"'Intermediate Financial Model'!E268","v":7.5000002980232253E-2},null,null,null,null,null,null,null,null,null,null,"LLCR",{"$f":"'Intermediate Financial Model'!G284","v":1.3499999999999999}]
[null,null,"Target IRR",null,{"$f":"'Intermediate Financial Model'!F55","v":7.4999999999999997E-2}]
[]
[null,null,"O&M Expense",null,"Total"]
[null,null,"In Fixed Terms (USD/kW-yr)",null,{"$f":"'Intermediate Financial Model'!F50","v":54.108948896376724}]
[null,null,"In Variable Terms (USD/kW-yr)",null,{"$f":"'Intermediate Financial Model'!I50","v":14.955982204046771}]
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[null,null,"1-Year Uncertainty",null,{"$f":"'Intermediate Financial Model'!F20","v":0.1084}]
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[null,null,null,null,"Cap Fac","vs P50","Debt","EBITDA/P50"]
[null,null,"P50 DSCR/Amount",{"$f":"'Intermediate Financial Model'!F60","v":1.35},{"$f":"'Intermediate Financial Model'!F88","v":0.41299999999999998},{"$f":"E15/$E$15","v":1},{"$f":"'Intermediate Financial Model'!F151","v":82567.357812579532},1,null,"Uses of Funds",null,"Euro","Cost/kW"]
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[null,null,"P99 DSCR/Amount",{"$f":"'Intermediate Financial Model'!F62","v":1},{"$f":"'Intermediate Financial Model'!F91","v":0.30885126675749075},{"$f":"E17/$E$15","v":0.74782389045397279},{"$f":"'Intermediate Financial Model'!F191","v":83356.887704276392},{"$f":"'Intermediate Financial Model'!I200","v":1.3372132299664048},null,null,"Development Cost",{"$f":"'Intermediate Financial Model'!H207","v":3384},{"$f":"L17/$Q$16","v":36},null,"Capacity Factor (P50)",null,{"$f":"'Intermediate Financial Model'!F88","v":0.41299999999999998}]
[null,null,null,null,null,null,null,null,null,null,"Owners Cost",{"$f":"'Intermediate Financial Model'!H208","v":4324},46,null,"Capacity Factor (P90)",null,{"$f":"'Intermediate Financial Model'!F90","v":0.35562596165182064}]
[null,null,"Max Debt to Capital",{"$f":"'Intermediate Financial Model'!$F$64","v":0.82},null,null,{"$f":"'Intermediate Financial Model'!M213","v":100380.4880030881},null,null,null,"Fees",{"$f":"'Intermediate Financial Model'!H209","v":1568.7797984390111},16.689146791904374,null,"Capacity Factor (P99)",null,{"$f":"'Intermediate Financial Model'!F91","v":0.30885126675749075}]
[null,null,null,null,null,null,null,null,null,null,"Total Cost",{"$f":"'Intermediate Financial Model'!H210","v":122076.77979843901},1298.6891467919042]
[null,null,"Final Criteria:",null,{"$f":"'Intermediate Financial Model'!P213","v":"DSCR Min Size of Debt from P50"},null,null,null,null,"Sources of Funds",null,null,"Percent",null,"Levelised O&M (Euro/MWH)",null,{"$f":"'Intermediate Financial Model'!I50","v":14.955982204046771}]
[null,null,"Debt Tenure",{"$f":"'Intermediate Financial Model'!$F$70","v":20},null,null,null,null,null,null,"Debt",{"$f":"'Intermediate Financial Model'!H213","v":82567.357812579532},{"$f":"L22/$L$20","v":0.67635596178820012}]
[null,null,null,null,null,null,null,null,null,null,"Equity",{"$f":"L20-L22","v":39509.421985859473},{"$f":"L23/$L$20","v":0.32364403821179988},null,"Owners Cost",null,{"$f":"'Intermediate Financial Model'!F29","v":46}]
[null,null,null,null,null,null,null,null,null,null,"Total Sources",{"$f":"SUM(L22:L23)","v":122076.77979843901},1,null,"Equity IRR Adj Owners Cost",null,{"$f":"'Intermediate Financial Model'!E272","v":8.2917770743370062E-2}]

{"sheet":"Wind Study Back-up (2)","index":14,"n_rows":78,"n_cols":10,"rows_kept":78,"cut":false,"hidden":false,"merged":[]}
[]
[null," Wind Farm Rated Power1  MW                            ",94]
[null," Gross Energy Output  GWh/annum                             ",416.5]
[null," Wake effect                                ",94.8]
[null," Availability                                 ",95.3]
[null," Electrical efficiency                                ",97.7]
[null," Turbine performance                                ",95.3]
[null," Environmental                                 ",97.6]
[null," Curtailment                                 ",99.5]
[null," Net Energy Output  GWh/annum                             ",340.3]
[null," Net Capacity Factor1                               ",41.3]
[]
[null,"Production"]
[null,null,null,null,null,null,null,"1-year Probability Case"]
[null,"Probability of Exceeding","1 yr","10 yr","20 yr","1-p","Check","Cap Fac","vs P50","DSCR"]
[null,99,256.10000000000002,281.5,283.2,{"$f":"1-B16/100","v":1.0000000000000009E-2},{"$f":"_xlfn.NORM.INV(F16,$C$20,$C$23)","v":256.08620695972155},{"$f":"G16/8760/$C$2*1000","v":0.31099558797207028},{"$f":"H16/$H$20","v":0.75253072865037196},{"$f":"1/I16","v":1.3288493903676897}]
[null,95,280.8,298.7,299.89999999999998,{"$f":"1-B17/100","v":5.0000000000000044E-2},{"$f":"_xlfn.NORM.INV(F17,$C$20,$C$23)","v":280.75629870435671},{"$f":"G17/8760/$C$2*1000","v":0.34095538072519754},{"$f":"H17/$H$20","v":0.82502585572834752},{"$f":"1/I17","v":1.2120832250974514}]
[null,90,293.89999999999998,307.89999999999998,308.89999999999998,9.9999999999999978E-2,293.90783332728546,0.35692683538240244,0.86367273972167347,1.157845968743044]
[null,75,315.89999999999998,323.3,323.8,0.25,315.88347104290182,0.38361443583369986,0.92824998837173622,1.0772960005678234]
[null,50,340.3,340.3,340.3,0.5,340.3,0.41326629748372679,1,1]
[]
[null,"Standard Deviation"]
[null," In any one year period  GWh/annum                           ",36.200000000000003,{"$f":"F23/10000","v":0.1084},null,1084,10.64]
[null," In any ten year period  GWh/annum                           ",25.3,{"$f":"C24/$C$20","v":7.4346165148398466E-2}]
[null," In any twenty year period  GWh/annum                           ",24.6,7.2289156626506021E-2]
[]
[]
[null,"Diameter m",null,100]
[null,"Hub height m",null,80]
[null,"Rotor speed to rpm",6,16]
[null,"Air Density kg/m",null,1.18]
[null,"Turbulence intensity to",10,15]
[null,"Peak Cp",null,0.51]
[null,"Operational temperature range °C to °C",-30,40]
[null,"Cut out ten minute"]
[null,"mean wind speed m/s",null,25]
[null,"Restart five minute"]
[null,"mean wind speed m/s",null,22]
[]
[]
[]
[null,null,"Energy uncertainty"]
[null,null,"%","GWH"]
[null,"Anemometer accuracy",3.1000000000000003E-2,10.6]
[null,"Variability of the year period",1.9E-2,6.5]
[null,"Synthesis from Mast at m",9.0000000000000011E-3,3]
[null,"Correlation to long term reference stations",6.9999999999999993E-3,2.4]
[null,"Extrapolation to m",1.3000000000000001E-2,4.3]
[null,"Overall historical wind speed",0.04,13.7]
[null,"Substation metering",3.0000000000000001E-3,1]
[null,"Wake and topographic calculation",5.5E-2,18.7]
[null,"Wind rose representative of long term",4.0000000000000001E-3,1.3]
[null,"Energy loss factor assumptions",1.4999999999999999E-2,5.0999999999999996]
[null,"Future energy variability year 1",0.08,27.3]
[null,"Future energy variability year 10",2.5000000000000001E-2,8.6]
[null,"Future energy variability year 20",1.8000000000000002E-2,6.1]
[null,"Overall energy uncertainty year",0.106,36.200000000000003]
[null,"Overall energy uncertainty year",7.400000000000001E-2,25.3]
[null,"Overall energy uncertainty year",7.2000000000000008E-2,24.6]
[]
[]
[]
[]
[null,null,null,"kW"]
[null,null,3,4]
[null,null,4,93]
[null,null,5,271]
[null,null,6,509]
[null,null,7,810]
[null,null,8,1189]
[null,null,9,1472]
[null,null,10,1596]
[null,null,11,1620]
[null,null,12,1620]
[null,null,13,1620]
[null,null,14,1620]
[null,null,15,1620]
[null,null,16,1620]

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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,"BOP Fee","Operation","Maintenance","Community","3rd Party","Insurance"]
[null,null,2,313652,337527,322343,10225,168713,365033]
[null,null,35,653638,703393,686864,21308,351590,760713]
[null,null,null,{"$f":"D36/D35","v":2.0839592924642596},{"$f":"E36/E35","v":2.0839606905521633},2.1308481958658945,2.0839119804400976,2.0839532223361568,2.0839567929474869]
[null,null,null,{"$f":"D37^(1/33)-1","v":2.249998436767342E-2},{"$f":"E37^(1/33)-1","v":2.2500005154800773E-2},2.318964595530737E-2,2.249928091246689E-2,2.249989411530473E-2,2.2499947204187354E-2]
[null,null,null,{"$f":"D35/249.9/1000","v":1.2551100440176068},{"$f":"E35/249.9/1000","v":1.3506482593037215},1.2898879551820728,4.0916366546618649E-2,0.67512204881952775,1.4607162865146057]

{"sheet":"O&M Cost","index":16,"n_rows":22,"n_cols":26,"rows_kept":22,"cut":false,"hidden":false,"merged":[]}
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[]
[null,"SWECO Contracted Turbine O&M ($/MWh)",null,{"$f":"SUM(O3:Z3)","v":4616.0650328065403},{"$f":"D3/249","v":18.538413786371649},360.86505970158407,396.64688059663314,362.96556225726204,360.85956372096763,360.68252805782998,396.44614836961063,362.78187523182828,360.67694248426676,360.49999641407607,396.64688059663314,362.96556225726204,360.85956372096763,373.81916931136294,417.68213052169483,382.21460136425679,379.99691606646269,379.81049172638865,418.315622125115,382.79429995075475,380.57325112621976,380.38654403942161]
[null,"BOP O&M",null,{"$f":"SUM(O4:Z4)","v":1048.6506887159362},{"$f":"D4/249","v":4.2114485490599849},92.379768089583337,81.731220010140618,81.731220010140618,81.731220010140618,81.731220010140618,83.570172460368781,83.570172460368781,83.570172460368781,83.570172460368781,85.450501340727072,85.450501340727072,85.450501340727072,85.450501340727072,87.373137620893431,87.373137620893431,87.373137620893431,87.373137620893431,89.339033217363522,89.339033217363522,89.339033217363522,89.339033217363522]
[null,"BOP O&M Fee",null,335.35864538155857,1.3468218690022433,25.5625,26.137656249999996,26.137656249999996,26.137656249999996,26.137656249999996,26.725753515624994,26.725753515624994,26.725753515624994,26.725753515624994,27.327082969726558,27.327082969726558,27.327082969726558,27.327082969726558,27.941942336545402,27.941942336545402,27.941942336545402,27.941942336545402,28.570636039117673,28.570636039117673,28.570636039117673,28.570636039117673]
[null,"Operation Expenses",null,360.88614546800272,1.4493419496706936,27.5083175,28.127254643749996,28.127254643749996,28.127254643749996,28.127254643749996,28.760117873234368,28.760117873234368,28.760117873234368,28.760117873234368,29.40722052538214,29.40722052538214,29.40722052538214,29.40722052538214,30.068882987203239,30.068882987203239,30.068882987203239,30.068882987203239,30.745432854415313,30.745432854415313,30.745432854415313,30.745432854415313]
[null,"Maintenance Expenses",null,352.4058978663748,1.4152847303870475,39.308950589583333,27.466309116390622,27.466309116390622,27.466309116390622,27.466309116390622,28.084301071509408,28.084301071509408,28.084301071509408,28.084301071509408,28.716197845618371,28.716197845618371,28.716197845618371,28.716197845618371,29.362312297144786,29.362312297144786,29.362312297144786,29.362312297144786,30.022964323830539,30.022964323830539,30.022964323830539,30.022964323830539]
[null,"G&A",null,191.32115058442625,0.76835803447560747,14.583333333333334,14.911458333333332,14.911458333333332,14.911458333333332,14.911458333333332,15.246966145833333,15.246966145833333,15.246966145833333,15.246966145833333,15.590022884114584,15.590022884114584,15.590022884114584,15.590022884114584,15.940798399007161,15.940798399007161,15.940798399007161,15.940798399007161,16.299466362984823,16.299466362984823,16.299466362984823,16.299466362984823]
[null,"Asset Management",null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Community Support",null,10.932637176252927,4.3906173398606134E-2,0.83333333333333337,0.85208333333333341,0.85208333333333341,0.85208333333333341,0.85208333333333341,0.87125520833333336,0.87125520833333336,0.87125520833333336,0.87125520833333336,0.89085845052083323,0.89085845052083323,0.89085845052083323,0.89085845052083323,0.9109027656575519,0.9109027656575519,0.9109027656575519,0.9109027656575519,0.93139807788484674,0.93139807788484674,0.93139807788484674,0.93139807788484674]
[null,"3rd Party Professional Services",null,180.38851340817337,0.72445186107700144,13.75,14.059374999999999,14.059374999999999,14.059374999999999,14.059374999999999,14.375710937499999,14.375710937499999,14.375710937499999,14.375710937499999,14.699164433593751,14.699164433593751,14.699164433593751,14.699164433593751,15.029895633349609,15.029895633349609,15.029895633349609,15.029895633349609,15.368068285099975,15.368068285099975,15.368068285099975,15.368068285099975]
[null,"Landowner and Easement Royalties",null,874.6500000000002,3.5126506024096393,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003,72.887500000000003]
[null,"Royalties - based on % Revenues",null,590.92324787087239,2.3731857344211744,55.589556456708422,60.107799745844588,57.067531493802178,61.056782270450633,55.498086284462474,50.222491383167927,52.631941981841884,57.975463068813959,51.058318663131779,40.582860680497717,48.769924783362903,54.917838948637481,48.712430907113365,33.23609445852118,48.157357288321037,54.84468407578396,43.904174670458517,49.301219722420448,55.68960310522143,60.826336395051001,51.98072283548332]
[null,"Property Taxes",null,2662.8284376350002,10.694090110983936,0,240.80425859166667,240.80425859166667,240.80425859166667,240.80425859166667,511.50362899541665,511.50362899541665,511.50362899541665,511.50362899541665,228.20299939916666,228.20299939916666,228.20299939916666,228.20299939916666,221.90236980291664,221.90236980291664,221.90236980291664,221.90236980291664,215.60174020666668,215.60174020666668,215.60174020666668,215.60174020666668]
[null,"Environmental Monitoring",null,0,0,12.75,13.036875,13.036875,13.036875,13.036875,13.3302046875,13.3302046875,13.3302046875,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Insurance",null,390.29514719222948,1.5674503903302388,29.75,30.419374999999999,30.419374999999999,30.419374999999999,30.419374999999999,31.1038109375,31.1038109375,31.1038109375,31.1038109375,31.803646683593751,31.803646683593751,31.803646683593751,31.803646683593751,32.519228733974607,32.519228733974607,32.519228733974607,32.519228733974607,33.250911380489036,33.250911380489036,33.250911380489036,33.250911380489036]
[null,"Annual Insurance Cash Premium & Origination Fee",null,1858.4227310924373,7.4635451047889045,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975,154.86856092436975]
[null,"Total Operating Expenses",null,{"$f":"SUM(D3:D17)","v":13473.128275197805},54.108948896376731,790.0816120488704,1057.3035184561434,1023.6222001167724,1021.516201580478,969.34177591734021,1278.9569925205992,1245.2927193828168,1243.1877866352554,1229.6806358775646,985.45011182860503,951.76879348923399,949.66279495293952,962.62240054333483,1003.1737260028564,967.70619684541839,965.48851154762428,965.30208720755024,1000.5628342169888,965.0415120426286,962.82046321809355,962.6337561312954]
[]
[null,null,null,249]
[]
[null,null,null,{"$f":"D18/D20","v":54.108948896376731}]