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[null,"Date",null,null,"Equity IRR",{"$f":"E184","v":0},null,null,null,{"$f":"F8","v":"2019-01-01"},{"$f":"EDATE(J2,12)","v":"2020-01-01"},{"$f":"EDATE(K2,12)","v":"2021-01-01"},"2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01",{"$f":"EDATE(AH2,12)","v":"2044-01-01"},{"$f":"EDATE(AI2,12)","v":"2045-01-01"},{"$f":"EDATE(AJ2,12)","v":"2046-01-01"},{"$f":"EDATE(AK2,12)","v":"2047-01-01"},{"$f":"EDATE(AL2,12)","v":"2048-01-01"},{"$f":"EDATE(AM2,12)","v":"2049-01-01"},{"$f":"EDATE(AN2,12)","v":"2050-01-01"},{"$f":"EDATE(AO2,12)","v":"2051-01-01"},{"$f":"EDATE(AP2,12)","v":"2052-01-01"},{"$f":"EDATE(AQ2,12)","v":"2053-01-01"},{"$f":"EDATE(AR2,12)","v":"2054-01-01"},{"$f":"EDATE(AS2,12)","v":"2055-01-01"},{"$f":"EDATE(AT2,12)","v":"2056-01-01"},{"$f":"EDATE(AU2,12)","v":"2057-01-01"}]
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[]
["Assumptions"]
[null,"Timing"]
[null,null,"FC",null,"Date","2019-01-01"]
[null,null,"Construction",null,"Years",3]
[null,null,"COD",null,"Date",{"$f":"EDATE(F8,F9*12)","v":"2022-01-01"}]
[null,null,"Operations",null,"Years",20]
[null,null,"Decommissioning",null,"Date",{"$f":"EDATE(F10,F11*12)","v":"2042-01-01"}]
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[null,"Operating",null,null,null,null,0,1,5,12]
[null,null,"EBITDA P50",null,"Euro",true,null,100,125,80]
[null,null,"EBITDA P99",null,"Euro",{"$f":"NOT(F15)","v":false},null,70,80,65]
[null,null,"Applied",null,null,null,null,{"$f":"H15*$F15+H16*$F16","v":100},{"$f":"I15*$F15+I16*$F16","v":125},{"$f":"J15*$F15+J16*$F16","v":80}]
[]
[null,null,"Capital Expenditure",null,"Euro",725]
[]
[null,null,"Tax Rate",null,"Percent",0.21]
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[null,"Financing"]
[null,null,"DSCR - P50",null,"Times",1.35]
[null,null,"DSCR - P99",null,"Times",1]
[null,null,"DSCR Applied",null,null,{"$f":"SUMPRODUCT(F15:F16*F24:F25)","v":1.35}]
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[null,null,"Up-Front Equity",null,"Percent",0.5]
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[null,null,"Tenor",null,"Years",9]
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[null,null,null,null,null,1,4,7,11]
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[]
[null,null,"DSRA Percent",null,"Percent",0.5]
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["Operations"]
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[null,"EBITDA ",null,null,null,null,null,null,null,{"$f":"interpolate_look_up(J39,14:14,17:17)*J4","v":0},{"$f":"interpolate_look_up(K39,14:14,17:17)*K4","v":0},0,100,105.73712634405641,111.80339887498948,118.21770112539699,125,117.27931963588537,110.03551051404936,103.23911847100017,96.86250859269974,90.879752847815411,85.266524661353671,80,80,80,80,80,80,80,80,80,0,0,{"$f":"interpolate_look_up(AI39,14:14,17:17)*AI4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Capital Expenditures",null,null,null,null,{"$f":"F9","v":3},{"$f":"F19","v":725},null,{"$f":"$H$42/$G$42*J3","v":241.66666666666666},241.66666666666666,241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$42/$G$42*AI3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Pre-tax Project IRR",null,null,null,{"$f":"IRR(J44:AH44)","v":0.11000184113493217},null,null,null,{"$f":"J40-J42","v":-241.66666666666666},{"$f":"K40-K42","v":-241.66666666666666},-241.66666666666666,100,105.73712634405641,111.80339887498948,118.21770112539699,125,117.27931963588537,110.03551051404936,103.23911847100017,96.86250859269974,90.879752847815411,85.266524661353671,80,80,80,80,80,80,80,80,80,0,0,{"$f":"AI40-AI42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Accumulated Plant",null,null,null,null,null,null,null,{"$f":"I46+J42","v":241.66666666666666},{"$f":"J46+K42","v":483.33333333333331},725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,{"$f":"AH46+AI42","v":725},{"$f":"AI46+AJ42","v":725},{"$f":"AJ46+AK42","v":725},{"$f":"AK46+AL42","v":725},{"$f":"AL46+AM42","v":725},{"$f":"AM46+AN42","v":725},{"$f":"AN46+AO42","v":725},{"$f":"AO46+AP42","v":725},{"$f":"AP46+AQ42","v":725},{"$f":"AQ46+AR42","v":725},{"$f":"AR46+AS42","v":725},{"$f":"AS46+AT42","v":725},{"$f":"AT46+AU42","v":725},{"$f":"AU46+AV42","v":725}]
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[null,"Depreciation",null,null,null,null,{"$f":"F11","v":20},null,null,{"$f":"J46/$G$49*J4","v":0},{"$f":"K46/$G$49*K4","v":0},0,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,0,0,{"$f":"AI46/$G$49*AI4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"EBIT",null,null,null,null,null,null,null,{"$f":"J40-J49","v":0},{"$f":"K40-K49","v":0},0,63.75,69.487126344056406,75.553398874989483,81.967701125396985,88.75,81.029319635885372,73.785510514049363,66.989118471000168,60.61250859269974,54.629752847815411,49.016524661353671,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,0,0,{"$f":"AI40-AI49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Taxes on EBIT",null,null,null,null,{"$f":"F21","v":0.21},null,null,{"$f":"J51*$G$52","v":0},{"$f":"K51*$G$52","v":0},0,13.387499999999999,14.592296532251845,15.86621376374779,17.213217236333367,18.637499999999999,17.016157123535926,15.494957207950366,14.067714878910035,12.728626804466945,11.472248098041236,10.29347017888427,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,0,0,{"$f":"AI51*$G$52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Post-tax Project IRR",null,null,null,{"$f":"IRR(J53:AH53)","v":9.0140268067294471E-2},null,null,null,{"$f":"J44-J52","v":-241.66666666666666},{"$f":"K44-K52","v":-241.66666666666666},-241.66666666666666,86.612499999999997,91.144829811804556,95.937185111241689,101.00448388906362,106.3625,100.26316251234945,94.540553306099,89.17140359209013,84.133881788232799,79.407504749774176,74.973054482469394,70.8125,70.8125,70.8125,70.8125,70.8125,70.8125,70.8125,70.8125,70.8125,0,0,{"$f":"AI44-AI52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Sources and Uses"]
[null,"Uses"]
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[null,null,null,"Total",null,null,null,null,{"$f":"SUM(I57:I59)","v":739}]
[]
[null,"Sources"]
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[null,null,"Equity",null,null,null,null,null,{"$f":"I60-I63","v":739}]
[null,null,null,"Total",null,null,null,null,{"$f":"SUM(I63:I64)","v":739}]
[]
[null,null,"Equity Up-front",null,null,null,{"$f":"F28","v":0.5},null,{"$f":"G67*I64","v":369.5}]
[null,null,"Remaining Equity Pro-Rata",null,null,null,null,null,{"$f":"I64-I67","v":369.5}]
[null,null,"Total Left Over for Pro-Rata",null,null,null,null,null,{"$f":"I65-I67","v":369.5}]
[null,null,"Equity as Percent of Left Over Pro-Rata",null,null,null,null,null,{"$f":"I68/I69","v":1}]
[null,null,"Debt as Percent of Left Over Pro-Rata",null,null,null,null,null,{"$f":"IF(I63,I63/I69)","v":false}]
[]
["Sculpting"]
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[null,null,"CFADS",null,null,null,null,null,null,{"$f":"J74*J151","v":0},{"$f":"K74*K151","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,{"$f":"AI74*AI151","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Target DSCR",null,null,null,{"$f":"F26","v":1.35},null,null,{"$f":"$G$76","v":1.35},{"$f":"$G$76","v":1.35},1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35,1.35]
[null,null,"Total Debt Service",null,null,null,null,null,null,{"$f":"J75/J76","v":0},{"$f":"K75/K76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI75/AI76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Interest Rate Index",null,null,null,null,null,1,{"$f":"I79*(1+J78*J4)","v":1},{"$f":"J79*(1+K78*K4)","v":1},1,1.04,1.0816000000000001,1.1248640000000001,1.1721082880000002,1.2213368360960002,1.2726329832120322,1.3260835685069376,1.3844312455212429,1.4453462203241776,1.5089414540184414,1.575334877995253,1.6446496126270442,1.7170141955826344,1.7925628201882704,1.8714355842765544,1.953778749984723,2.0397450149840508,2.1294937956433491,2.2231915226516565,2.3210119496483297,2.3210119496483297,2.3210119496483297,{"$f":"AH79*(1+AI78*AI4)","v":2.3210119496483297},{"$f":"AI79*(1+AJ78*AJ4)","v":2.3210119496483297},{"$f":"AJ79*(1+AK78*AK4)","v":2.3210119496483297},{"$f":"AK79*(1+AL78*AL4)","v":2.3210119496483297},{"$f":"AL79*(1+AM78*AM4)","v":2.3210119496483297},{"$f":"AM79*(1+AN78*AN4)","v":2.3210119496483297},{"$f":"AN79*(1+AO78*AO4)","v":2.3210119496483297},{"$f":"AO79*(1+AP78*AP4)","v":2.3210119496483297},{"$f":"AP79*(1+AQ78*AQ4)","v":2.3210119496483297},{"$f":"AQ79*(1+AR78*AR4)","v":2.3210119496483297},{"$f":"AR79*(1+AS78*AS4)","v":2.3210119496483297},{"$f":"AS79*(1+AT78*AT4)","v":2.3210119496483297},{"$f":"AT79*(1+AU78*AU4)","v":2.3210119496483297},{"$f":"AU79*(1+AV78*AV4)","v":2.3210119496483297}]
[null,null,"PV of Debt Service",null,{"$f":"SUMPRODUCT(J77:AH77/J79:AH79)","v":0}]
["Funding"]
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[null,null,"IDC",null,null,null,null,null,null,{"$f":"J115","v":0},{"$f":"K115","v":0},{"$f":"L115","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI115","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSRA"]
[null,null,null,"Total",null,null,null,null,null,{"$f":"SUM(J82:J84)","v":241.66666666666666},{"$f":"SUM(K82:K84)","v":241.66666666666666},241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AI82:AI84)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Equity Up-Front",null,null,null,{"$f":"G67","v":0.5},{"$f":"I64","v":739},null,{"$f":"$H$87*$G$87","v":369.5},{"$f":"$H$87*$G$87","v":369.5},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5]
[null,null,"Less: Opening Balance",null,null,null,null,null,null,{"$f":"J91","v":0},{"$f":"K91","v":241.66666666666666},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,{"$f":"AI91","v":369.5},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5]
[null,null,"Remaining Equity Funding",null,null,null,null,null,null,{"$f":"J87-J88","v":369.5},{"$f":"K87-K88","v":127.83333333333334},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI87-AI88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I93","v":0},{"$f":"J93","v":241.66666666666666},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,{"$f":"AH93","v":369.5},{"$f":"AI93","v":369.5},{"$f":"AJ93","v":369.5},{"$f":"AK93","v":369.5},{"$f":"AL93","v":369.5},{"$f":"AM93","v":369.5},{"$f":"AN93","v":369.5},{"$f":"AO93","v":369.5},{"$f":"AP93","v":369.5},{"$f":"AQ93","v":369.5},{"$f":"AR93","v":369.5},{"$f":"AS93","v":369.5},{"$f":"AT93","v":369.5},{"$f":"AU93","v":369.5}]
[null,null,"Add: Equity Funding",null,null,null,null,null,null,{"$f":"MIN(J89,J85)","v":241.66666666666666},{"$f":"MIN(K89,K85)","v":127.83333333333334},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(AI89,AI85)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"J91+J92","v":241.66666666666666},{"$f":"K91+K92","v":369.5},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,{"$f":"AI91+AI92","v":369.5},369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5,369.5]
[]
[null,null,"Left-Over for Pro-Rata",null,null,null,null,null,null,{"$f":"J85-J92","v":0},{"$f":"K85-K92","v":113.83333333333331},241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI85-AI92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Pro-Rata Equity ",null,null,null,null,{"$f":"I70","v":1},null,{"$f":"$H$97*J95","v":0},{"$f":"$H$97*K95","v":113.83333333333331},241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$97*AI95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Pro-Rata Debt ",null,null,null,null,{"$f":"I71","v":false},null,{"$f":"J95*$H$98","v":0},{"$f":"K95*$H$98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI95*$H$98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Period by Period Sources"]
[null,null,"Debt Funding",null,null,null,null,null,null,{"$f":"J98","v":0},{"$f":"K98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity Funding",null,null,null,null,null,null,{"$f":"J97+J92","v":241.66666666666666},{"$f":"K97+K92","v":241.66666666666666},241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI97+AI92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Funding",null,null,null,null,null,{"$f":"SUM(J101:J102)","v":241.66666666666666},{"$f":"SUM(K101:K102)","v":241.66666666666666},241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AI101:AI102)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
["Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AH110","v":0},{"$f":"AI110","v":0},{"$f":"AJ110","v":0},{"$f":"AK110","v":0},{"$f":"AL110","v":0},{"$f":"AM110","v":0},{"$f":"AN110","v":0},{"$f":"AO110","v":0},{"$f":"AP110","v":0},{"$f":"AQ110","v":0},{"$f":"AR110","v":0},{"$f":"AS110","v":0},{"$f":"AT110","v":0},{"$f":"AU110","v":0}]
[null,null,"Add: Funding",null,null,null,null,null,null,{"$f":"J101","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,{"$f":"AI101","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"J77-J114","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,{"$f":"AI77-AI114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"J107+J108-J109","v":0},{"$f":"K107+K108-K109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI107+AI108-AI109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Rate",null,null,null,null,null,null,{"$f":"J78","v":3.5000000000000003E-2},3.5000000000000003E-2,3.5000000000000003E-2,0.04,0.04,0.04,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,{"$f":"AI78","v":4.3999999999999997E-2},4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2,4.3999999999999997E-2]
[]
[null,null,"Interest Cost",null,null,null,null,null,null,{"$f":"J111*J107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI111*AI107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,null,null,null,null,{"$f":"J113*J4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI113*AI4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest During Construction",null,null,null,null,null,null,{"$f":"J113*J3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI113*AI3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["DSRA"]
[null,"Debt Service",null,null,null,null,null,null,null,{"$f":"J114+J109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI114+AI109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Required DSRA",null,null,null,null,{"$f":"F36","v":0.5},null,null,{"$f":"K118*$G$119","v":0},{"$f":"L118*$G$119","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AJ118*$G$119","v":0},{"$f":"AK118*$G$119","v":0},{"$f":"AL118*$G$119","v":0},{"$f":"AM118*$G$119","v":0},{"$f":"AN118*$G$119","v":0},{"$f":"AO118*$G$119","v":0},{"$f":"AP118*$G$119","v":0},{"$f":"AQ118*$G$119","v":0},{"$f":"AR118*$G$119","v":0},{"$f":"AS118*$G$119","v":0},{"$f":"AT118*$G$119","v":0},{"$f":"AU118*$G$119","v":0},{"$f":"AV118*$G$119","v":0},{"$f":"AW118*$G$119","v":0}]
[null,"Less: Opening DSRA Balance",null,null,null,null,null,null,null,{"$f":"J123","v":0},{"$f":"K123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Net Funding Required",null,null,null,null,null,null,null,{"$f":"J119-J120","v":0},{"$f":"K119-K120","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,{"$f":"AI119-AI120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Opening Balance",null,null,null,null,null,null,null,{"$f":"I126","v":0},{"$f":"J126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AH126","v":0},{"$f":"AI126","v":0},{"$f":"AJ126","v":0},{"$f":"AK126","v":0},{"$f":"AL126","v":0},{"$f":"AM126","v":0},{"$f":"AN126","v":0},{"$f":"AO126","v":0},{"$f":"AP126","v":0},{"$f":"AQ126","v":0},{"$f":"AR126","v":0},{"$f":"AS126","v":0},{"$f":"AT126","v":0},{"$f":"AU126","v":0}]
[null,"Add: DSRA Funded During Construction",null,null,null,null,null,null,null,{"$f":"J121*J3","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,{"$f":"AI121*AI3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Less: DSRA Changes During Operation",null,null,null,null,null,null,null,{"$f":"J121*J4","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,{"$f":"AI121*AI4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance",null,null,null,null,null,null,null,{"$f":"J123+J124+J125","v":0},{"$f":"K123+K124+K125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI123+AI124+AI125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Profit and Loss"]
[null,null,"IDC Balance",null,null,null,null,null,null,{"$f":"I129+J115","v":0},{"$f":"J129+K115","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,{"$f":"AH129+AI115","v":0},{"$f":"AI129+AJ115","v":0},{"$f":"AJ129+AK115","v":0},{"$f":"AK129+AL115","v":0},{"$f":"AL129+AM115","v":0},{"$f":"AM129+AN115","v":0},{"$f":"AN129+AO115","v":0},{"$f":"AO129+AP115","v":0},{"$f":"AP129+AQ115","v":0},{"$f":"AQ129+AR115","v":0},{"$f":"AR129+AS115","v":0},{"$f":"AS129+AT115","v":0},{"$f":"AT129+AU115","v":0},{"$f":"AU129+AV115","v":0}]
[null,null,"Depreciation Rate",null,null,null,null,null,null,{"$f":"J49/J46","v":0},0,0,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0.05,0,0,{"$f":"AI49/AI46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Depreciation on IDC",null,null,null,null,null,null,{"$f":"J129*J130","v":0},{"$f":"K129*K130","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,{"$f":"AI129*AI130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Accumulated IDC Depreciation",null,null,null,null,null,null,{"$f":"I132+J131","v":0},{"$f":"J132+K131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AH132+AI131","v":0},{"$f":"AI132+AJ131","v":0},{"$f":"AJ132+AK131","v":0},{"$f":"AK132+AL131","v":0},{"$f":"AL132+AM131","v":0},{"$f":"AM132+AN131","v":0},{"$f":"AN132+AO131","v":0},{"$f":"AO132+AP131","v":0},{"$f":"AP132+AQ131","v":0},{"$f":"AQ132+AR131","v":0},{"$f":"AR132+AS131","v":0},{"$f":"AS132+AT131","v":0},{"$f":"AT132+AU131","v":0},{"$f":"AU132+AV131","v":0}]
[null,null,"Net IDC Balance",null,null,null,null,null,null,{"$f":"J129-J132","v":0},{"$f":"K129-K132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI129-AI132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J40","v":0},0,0,100,105.73712634405641,111.80339887498948,118.21770112539699,125,117.27931963588537,110.03551051404936,103.23911847100017,96.86250859269974,90.879752847815411,85.266524661353671,80,80,80,80,80,80,80,80,80,0,0,{"$f":"AI40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Depreciation",null,null,null,null,null,null,{"$f":"J131+J49","v":0},0,0,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,36.25,0,0,{"$f":"AI131+AI49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBIT",null,null,null,null,null,null,{"$f":"J135-J136","v":0},{"$f":"K135-K136","v":0},0,63.75,69.487126344056406,75.553398874989483,81.967701125396985,88.75,81.029319635885372,73.785510514049363,66.989118471000168,60.61250859269974,54.629752847815411,49.016524661353671,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,0,0,{"$f":"AI135-AI136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"J114","v":0},{"$f":"K114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT",null,null,null,null,null,null,{"$f":"J137-J138","v":0},{"$f":"K137-K138","v":0},0,63.75,69.487126344056406,75.553398874989483,81.967701125396985,88.75,81.029319635885372,73.785510514049363,66.989118471000168,60.61250859269974,54.629752847815411,49.016524661353671,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,0,0,{"$f":"AI137-AI138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Opening NOL",null,null,null,null,null,null,{"$f":"I143","v":0},{"$f":"J143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AH143","v":0},{"$f":"AI143","v":0},{"$f":"AJ143","v":0},{"$f":"AK143","v":0},{"$f":"AL143","v":0},{"$f":"AM143","v":0},{"$f":"AN143","v":0},{"$f":"AO143","v":0},{"$f":"AP143","v":0},{"$f":"AQ143","v":0},{"$f":"AR143","v":0},{"$f":"AS143","v":0},{"$f":"AT143","v":0},{"$f":"AU143","v":0}]
[null,null,"Add: Accrued Tax Loss",null,null,null,null,null,null,{"$f":"MAX(-J139,0)","v":0},{"$f":"MAX(-K139,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-AI139,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: NOL Used",null,null,null,null,null,null,{"$f":"MIN(J140,MAX(J139,0))","v":0},{"$f":"MIN(K140,MAX(K139,0))","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,{"$f":"MIN(AI140,MAX(AI139,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing NOL",null,null,null,null,null,null,{"$f":"J140+J141-J142","v":0},{"$f":"K140+K141-K142","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI140+AI141-AI142","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"EBT after NOL",null,null,null,null,null,null,{"$f":"J139+J141-J142","v":0},{"$f":"K139+K141-K142","v":0},0,63.75,69.487126344056406,75.553398874989483,81.967701125396985,88.75,81.029319635885372,73.785510514049363,66.989118471000168,60.61250859269974,54.629752847815411,49.016524661353671,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,43.75,0,0,{"$f":"AI139+AI141-AI142","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Taxes",null,null,null,null,{"$f":"F21","v":0.21},null,{"$f":"$H$145*J144","v":0},{"$f":"$H$145*K144","v":0},0,13.387499999999999,14.592296532251845,15.86621376374779,17.213217236333367,18.637499999999999,17.016157123535926,15.494957207950366,14.067714878910035,12.728626804466945,11.472248098041236,10.29347017888427,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,0,0,{"$f":"$H$145*AI144","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Income",null,null,null,null,null,null,{"$f":"J144-J145","v":0},{"$f":"K144-K145","v":0},0,50.362499999999997,54.894829811804563,59.687185111241689,64.754483889063621,70.112499999999997,64.013162512349453,58.290553306099,52.92140359209013,47.883881788232799,43.157504749774176,38.723054482469401,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,0,0,{"$f":"AI144-AI145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Cash Flow Waterfall"]
[null,null,"EBITDA",null,null,null,null,null,null,{"$f":"J135","v":0},{"$f":"K135","v":0},0,100,105.73712634405641,111.80339887498948,118.21770112539699,125,117.27931963588537,110.03551051404936,103.23911847100017,96.86250859269974,90.879752847815411,85.266524661353671,80,80,80,80,80,80,80,80,80,0,0,{"$f":"AI135","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Taxes",null,null,null,null,null,null,{"$f":"J145","v":0},{"$f":"K145","v":0},0,13.387499999999999,14.592296532251845,15.86621376374779,17.213217236333367,18.637499999999999,17.016157123535926,15.494957207950366,14.067714878910035,12.728626804466945,11.472248098041236,10.29347017888427,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,9.1875,0,0,{"$f":"AI145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CFADS"]
[null,null,"Less: Interest Expense",null,null,null,null,null,null,{"$f":"J138","v":0},{"$f":"K138","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,{"$f":"AI138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"J109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI109","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Net Cash Flow",null,null,null,null,null,null,{"$f":"J151-J152-J153","v":0},{"$f":"K151-K152-K153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI151-AI152-AI153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Change in DSRA",null,null,null,null,null,null,{"$f":"J125","v":0},{"$f":"K125","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,{"$f":"AI125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Cash Flow Sweep"]
[null,null,"Net Dividends",null,null,null,null,null,null,{"$f":"J154-J155-J156","v":0},{"$f":"K154-K155-K156","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI154-AI155-AI156","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Balance Sheet"]
[null,"Assets"]
[null,null,"DSRA",null,null,null,null,null,null,{"$f":"J126","v":0},{"$f":"K126","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,{"$f":"AI126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Gross Plant",null,null,null,null,null,null,{"$f":"J46","v":241.66666666666666},483.33333333333331,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,725,{"$f":"AI46","v":725},725,725,725,725,725,725,725,725,725,725,725,725,725]
[null,null,"Less: Accumulated Depreciation",null,null,null,null,null,null,{"$f":"-J47","v":0},0,0,-36.25,-72.5,-108.75,-145,-181.25,-217.5,-253.75,-290,-326.25,-362.5,-398.75,-435,-471.25,-507.5,-543.75,-580,-616.25,-652.5,-688.75,-725,-725,-725,{"$f":"-AI47","v":-725},-725,-725,-725,-725,-725,-725,-725,-725,-725,-725,-725,-725,-725]
[null,null,"IDC Net Plant",null,null,null,null,null,null,{"$f":"J133","v":0},{"$f":"K133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI133","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Assets",null,null,null,null,null,{"$f":"SUM(J161:J164)","v":241.66666666666666},{"$f":"SUM(K161:K164)","v":483.33333333333331},725,688.75,652.5,616.25,580,543.75,507.5,471.25,435,398.75,362.5,326.25,290,253.75,217.5,181.25,145,108.75,72.5,36.25,0,0,0,{"$f":"SUM(AI161:AI164)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Equity Balance"]
[null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"I172","v":0},{"$f":"J172","v":241.66666666666666},483.33333333333331,725,775.36249999999995,830.25732981180454,889.9445149230462,954.69899881210983,1024.8114988121099,1088.8246613244594,1147.1152146305583,1200.0366182226485,1247.9205000108814,1291.0780047606556,1329.8010592431251,1364.3635592431251,1398.9260592431251,1433.4885592431251,1468.0510592431251,1502.6135592431251,1537.1760592431251,1571.7385592431251,1606.3010592431251,1640.8635592431251,1640.8635592431251,{"$f":"AH172","v":1640.8635592431251},{"$f":"AI172","v":1640.8635592431251},{"$f":"AJ172","v":1640.8635592431251},{"$f":"AK172","v":1640.8635592431251},{"$f":"AL172","v":1640.8635592431251},{"$f":"AM172","v":1640.8635592431251},{"$f":"AN172","v":1640.8635592431251},{"$f":"AO172","v":1640.8635592431251},{"$f":"AP172","v":1640.8635592431251},{"$f":"AQ172","v":1640.8635592431251},{"$f":"AR172","v":1640.8635592431251},{"$f":"AS172","v":1640.8635592431251},{"$f":"AT172","v":1640.8635592431251},{"$f":"AU172","v":1640.8635592431251}]
[null,null,"Add: Funding",null,null,null,null,null,null,{"$f":"J102","v":241.66666666666666},241.66666666666666,241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add: Net Income",null,null,null,null,null,null,{"$f":"J146","v":0},{"$f":"K146","v":0},0,50.362499999999997,54.894829811804563,59.687185111241689,64.754483889063621,70.112499999999997,64.013162512349453,58.290553306099,52.92140359209013,47.883881788232799,43.157504749774176,38.723054482469401,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,34.5625,0,0,{"$f":"AI146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less: Dividends",null,null,null,null,null,null,{"$f":"-J157","v":0},{"$f":"-K157","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,{"$f":"-AI157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"SUM(J168:J171)","v":241.66666666666666},{"$f":"SUM(K168:K171)","v":483.33333333333331},725,775.36249999999995,830.25732981180454,889.9445149230462,954.69899881210983,1024.8114988121099,1088.8246613244594,1147.1152146305583,1200.0366182226485,1247.9205000108814,1291.0780047606556,1329.8010592431251,1364.3635592431251,1398.9260592431251,1433.4885592431251,1468.0510592431251,1502.6135592431251,1537.1760592431251,1571.7385592431251,1606.3010592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,{"$f":"SUM(AI168:AI171)","v":1640.8635592431251},1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251]
[null,null,"Debt Balance",null,null,null,null,null,null,{"$f":"J110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Liabilities and Capital",null,null,null,null,null,{"$f":"SUM(J172:J173)","v":241.66666666666666},{"$f":"SUM(K172:K173)","v":483.33333333333331},725,775.36249999999995,830.25732981180454,889.9445149230462,954.69899881210983,1024.8114988121099,1088.8246613244594,1147.1152146305583,1200.0366182226485,1247.9205000108814,1291.0780047606556,1329.8010592431251,1364.3635592431251,1398.9260592431251,1433.4885592431251,1468.0510592431251,1502.6135592431251,1537.1760592431251,1571.7385592431251,1606.3010592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,{"$f":"SUM(AI172:AI173)","v":1640.8635592431251},1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251]
[]
[null,null,null,"Difference",null,null,null,null,null,{"$f":"J174-J165","v":0},{"$f":"K174-K165","v":0},0,86.612499999999955,177.75732981180454,273.6945149230462,374.69899881210983,481.0614988121099,581.32466132445938,675.86521463055828,765.03661822264849,849.17050001088137,928.57800476065563,1003.5510592431251,1074.3635592431251,1145.1760592431251,1215.9885592431251,1286.8010592431251,1357.6135592431251,1428.4260592431251,1499.2385592431251,1570.0510592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,{"$f":"AI174-AI165","v":1640.8635592431251},1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251,1640.8635592431251]
[]
["Outputs"]
[null,"CFADS",null,null,null,null,null,null,null,{"$f":"J151","v":0},{"$f":"K151","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,{"$f":"AI151","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Debt Service",null,null,null,null,null,null,null,{"$f":"J152+J153","v":0},{"$f":"K152+K153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI152+AI153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"DSCR",null,null,null,null,null,null,{"$f":"IF(J180>0.1,J179/J180)","v":false},{"$f":"IF(K180>0.1,K179/K180)","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,{"$f":"IF(AI180>0.1,AI179/AI180)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,"Equity Cash Flow",null,null,null,null,null,null,null,{"$f":"J157-J102","v":-241.66666666666666},-241.66666666666666,-241.66666666666666,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AI157-AI102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Equity IRR",null,null,{"$f":"IFERROR(IRR(183:183),0)","v":0}]