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[]
[null,null,"Deeper than simple IRR in Project Finance",null,null,null,null,null,null,null,null,false]
[]
[null,null,"All derives from risk changes"]
[]
[null,null,"Upsdide from risk reduction like capital gain"]
[]
[null,null,"How to realise the upside"]

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[null,"Timeline"]
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[null,null,null,"Pre-COD","Months Pre",{"$f":"F6+F7","v":33}]
[null,null,null,"Month","Model Period",1,12]
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[null,null,null,"Construction period","Month",{"$f":"F15","v":20},null,null,null,{"$f":"AND(J3,NOT(J6))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AP3,NOT(AP6))","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,{"$f":"AND(BV3,NOT(BV6))","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(DB3,NOT(DB6))","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,{"$f":"AND(EH3,NOT(EH6))","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(FN3,NOT(FN6))","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,{"$f":"AND(GT3,NOT(GT6))","v":true},true,true,true,true,true,true,true]
[null,null,null,"Age of project",null,null,null,null,null,{"$f":"I8+NOT(J3)","v":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,{"$f":"AO8+NOT(AP3)","v":33},34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BU8+NOT(BV3)","v":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,{"$f":"DA8+NOT(DB3)","v":97},98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,{"$f":"EG8+NOT(EH3)","v":129},130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,{"$f":"FM8+NOT(FN3)","v":161},162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,{"$f":"GS8+NOT(GT3)","v":193},194,195,196,197,198,199,200]
[null,null,null,"Operating period","Years",70,null,null,null,{"$f":"AND(J8<=$F$9, NOT(J3))","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AP8<=$F$9, NOT(AP3))","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(BV8<=$F$9, NOT(BV3))","v":true},true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB8<=$F$9, NOT(DB3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH8<=$F$9, NOT(EH3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN8<=$F$9, NOT(FN3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT8<=$F$9, NOT(GT3))","v":false},false,false,false,false,false,false,false]
[]
[null,"Inputs",null,null,null,null,null,null,null,null,null,null,"Life",{"$f":"F9","v":70},null,"Growth",{"$f":"F19","v":0.03}]
[null,null,null,null,null,null,null,null,null,null,"EBITDA"]
[null,null,"General Inputs",null,null,null,null,null,"Out Var",null,null,"PIRR","MIRR","Accum Cash","MOIC","Prem Rf","NPV","Payback"]
[null,null,null,"Development Period","Months",13,null,"PIRR",{"$f":"F32","v":0},null,25000,8.7167349457740809E-2,9.8708221621251369E-2,347.70530002397732,14.482432051799588,0.10796083724325445,-62300.754036522441,"2035-10-01"]
[null,null,null,"Construction Period","Months",20,null,"MIRR",{"$f":"F33","v":false},null,{"$f":"K14+5000","v":30000},9.8816567659378074E-2,9.9888737906764113E-2,733.20435508680634,17.378918462159504,0.13548885063237909,-5865.3695130526476,"2033-10-01"]
[null,null,null,"Development Cost (actual)","EUR",10000,null,"Accum Cash",null,null,{"$f":"K15+5000","v":35000},0.11003692746162413,0.10088783972810855,1493.0615924755753,20.275404872519417,0.16301686402150375,50570.015010417323,"2031-10-01"]
[null,null,null,"EPC Cost","EUR",400000,null,"MOIC",null,null,40000,0.12094935774803162,0.10175403463966215,2961.2431352753047,23.171891282879344,0.19054487741062837,107005.39953388731,"2030-10-01"]
[null,null,null,"EBITDA p.a.","EUR",40000,null,"Prem Rf",null,null,45000,0.13162223696708678,0.10251863838909547,5748.5068513710712,26.068377693239253,0.21807289079975295,163440.78405735706,"2029-10-01"]
[null,null,null,"EBITDA Growth","%",{"$f":"F23/1000","v":0.03},null,"NPV",null,null,50000,0.14209596514701844,0.10320304936830227,10955.489682884468,28.964864103599176,0.2456009041888777,219876.1685808271,"2029-10-01"]
[null,null,null,"Re-invesment Rate","%",0.1,null,"Payback",null,null,55000,0.15239551663398745,0.1038225404049371,20537.990003454077,31.861350513959099,0.27312891757800223,276311.55310429708,"2028-10-01"]
[null,null,null,"Risk Free Rate","%",2.7E-2,null,null,null,null,null,null,null,null,null,null,null,null,"output"]
[null,null,null,"Cost of Capital","%",0.1,null,null,null,"Last Two",{"$f":"K20/K19-1","v":0.10000000000000009},{"$f":"L20/L19-1","v":7.2483067878195362E-2},{"$f":"M20/M19-1","v":6.0026427554873418E-3},{"$f":"N20/N19-1","v":0.87467567383502232},{"$f":"O20/O19-1","v":0.10000000000000009},0.11208433242556093,0.2566689463788987]
[null,null,null,null,null,30,null,null,null,"Last vs Middle",{"$f":"K20/K17-1","v":0.375},{"$f":"L20/L17-1","v":0.25999442635707259},{"$f":"M20/M17-1","v":2.0328488915452692E-2},{"$f":"N20/N17-1","v":5.9355973370773807},{"$f":"O20/O17-1","v":0.375},0.43340992048504901,1.5822206571621891]
[null,"Fundamental Cash Flow Analysis"]
[]
[null,null,null,"Development Cost (actual)","EUR",{"$f":"F16","v":10000},{"$f":"F6","v":13}]
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[null,null,null,"EBITDA p.a.","EUR",{"$f":"F18","v":40000},null,null,null,{"$f":"$F$29*J9*J28","v":41200},42436,43709.08,45020.352400000003,46370.962972000001,47762.091861160006,49194.954616994808,50670.803255504652,52190.927353169798,53756.655173764892,55369.354828977834,57030.435473847174,58741.348538062593,60503.588994204474,62318.696664030613,64188.257563951534,66113.905290870083,68097.322449596177,70140.24212308407,72244.4493867766,74411.782868379902,76644.136354431306,78943.460445064251,81311.76425841618,83751.11718616866,86263.650701753722,88851.560222806351,91517.107029490537,94262.620240375254,97090.49884758651,100003.2138130141,103003.31022740452,{"$f":"$F$29*AP9*AP28","v":106093.40953422667},109276.21182025346,112554.49817486106,115931.1331201069,119409.0671137101,122991.33912712141,126681.07930093506,130481.51167996311,134395.95703036201,138427.83574127287,142580.67081351107,146858.09093791639,151263.83366605389,155801.74867603552,160475.80113631662,165290.07517040611,170248.77742551829,175356.24074828383,180616.92797073236,186035.4358098543,191616.49888414994,197364.99385067448,203285.94366619471,209384.52197618055,215666.05763546599,222136.03936452998,228800.12054546588,235664.12416182985,242734.04788668477,250016.06932328531,257516.5514029839,265242.0479450734,{"$f":"$F$29*BV9*BV28","v":273199.30938342563},281395.2886649284,289837.14732487622,298532.26174462255,307488.22959696123,316712.87648487004,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$29*DB9*DB28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$29*EH9*EH28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$29*FN9*FN28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$29*GT9*GT28","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,"Project Cash Flow","EUR"]
[null,null,null,"Project IRR","%"]
[null,null,null,"XMIRR","%",{"$f":"IFERROR(xmirr(J31:HA31,J5:HA5,F20,F20),FALSE)","v":false}]
[null,null,null,"NPV","EUR",null,{"$f":"F22","v":0.1}]
[]
[null,"Cash Account - Pre-COD",null,null,null,null,null,null,null,{"$f":"J5-I5-1","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,{"$f":"AP5-AO5-1","v":-1},-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,{"$f":"BV5-BU5-1","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,{"$f":"DB5-DA5-1","v":-1},-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,{"$f":"EH5-EG5-1","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,{"$f":"FN5-FM5-1","v":-1},-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,-1,{"$f":"GT5-GS5-1","v":-1},-1,-1,-1,-1,-1,-1,-1]
[]
[null,null,"Cash Balance in Funding Period"]
[null,null,null,"Openining Balance","EUR",null,null,null,null,{"$f":"I42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AO42","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,{"$f":"BU42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA42","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,{"$f":"EG42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FM42","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,{"$f":"GS42","v":0},0,0,0,0,0,0,0]
[null,null,null,"Re-investment/Opportunity Cost","EUR",{"$f":"(1+F32)^(1/12)-1","v":0},null,null,null,{"$f":"J39*$F$40*J3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP39*$F$40*AP3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV39*$F$40*BV3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB39*$F$40*DB3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH39*$F$40*EH3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN39*$F$40*FN3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT39*$F$40*GT3","v":0},0,0,0,0,0,0,0]
[null,null,null,"Cash Flow Invested/Received","EUR",null,null,null,null,{"$f":"J31*J3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP31*AP3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV31*BV3","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,{"$f":"DB31*DB3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH31*EH3","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,{"$f":"FN31*FN3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT31*GT3","v":0},0,0,0,0,0,0,0]
[null,null,null,"Closing Balance","EUR",null,null,null,null,{"$f":"J39+J40+J41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP39+AP40+AP41","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,{"$f":"BV39+BV40+BV41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB39+DB40+DB41","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,{"$f":"EH39+EH40+EH41","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN39+FN40+FN41","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,{"$f":"GT39+GT40+GT41","v":0},0,0,0,0,0,0,0]
[]
[null,null,"Cash Balance during Operations"]
[null,null,null,"Cash Account - Post COD"]
[null,null,null,"Opening Balance","EUR",null,null,null,null,{"$f":"I49","v":0},{"$f":"J49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV49","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,{"$f":"EH49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT49","v":0},0,0,0,0,0,0]
[null,null,null,"Add: Re-investment Income","EUR",{"$f":"F32","v":0}]
[null,null,null,"Add: Cash Flow","EUR"]
[null,null,null,"Closing Balance","EUR"]
[]
[null,null,null,"Total Invested","EUR",{"$f":"MIN(42:42)*-1","v":0}]
[null,null,null,"Total Received","EUR"]
[]
[null,null,null,"Ratio","EUR"]
[null,null,null,"Annual Growth","% p.a."]
[]
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{"sheet":"Development Fee and Analysis","index":2,"n_rows":80,"n_cols":209,"rows_kept":80,"cut":false,"hidden":false,"merged":[]}
[null,"Timeline"]
[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2020-04-01","2020-05-01","2020-06-01","2020-07-01","2020-08-01","2020-09-01","2020-10-01","2020-11-01","2020-12-01","2021-01-01","2021-02-01","2021-03-01","2021-04-01","2021-05-01","2021-06-01","2021-07-01","2021-08-01","2021-09-01","2021-10-01","2021-11-01","2021-12-01","2022-01-01","2022-02-01","2022-03-01","2022-04-01","2023-04-01","2024-04-01","2025-04-01","2026-04-01","2027-04-01",{"$f":"EDATE(AO2, AP9)","v":"2028-04-01"},"2029-04-01","2030-04-01","2031-04-01","2032-04-01","2033-04-01","2034-04-01","2035-04-01","2036-04-01","2037-04-01","2038-04-01","2039-04-01","2040-04-01","2041-04-01","2042-04-01","2043-04-01","2044-04-01","2045-04-01","2046-04-01","2047-04-01","2048-04-01","2049-04-01","2050-04-01","2051-04-01","2052-04-01","2053-04-01","2054-04-01","2055-04-01","2056-04-01","2057-04-01","2058-04-01","2059-04-01",{"$f":"EDATE(BU2, BV9)","v":"2060-04-01"},"2061-04-01","2062-04-01","2063-04-01","2064-04-01","2065-04-01","2066-04-01","2067-04-01","2068-04-01","2069-04-01","2070-04-01","2071-04-01","2072-04-01","2073-04-01","2074-04-01","2075-04-01","2076-04-01","2077-04-01","2078-04-01","2079-04-01","2080-04-01","2081-04-01","2082-04-01","2083-04-01","2084-04-01","2085-04-01","2086-04-01","2087-04-01","2088-04-01","2089-04-01","2090-04-01","2091-04-01",{"$f":"EDATE(DA2, DB9)","v":"2092-04-01"},"2093-04-01","2094-04-01","2095-04-01","2096-04-01","2097-04-01","2098-04-01","2099-04-01","2100-04-01","2101-04-01","2102-04-01","2103-04-01","2104-04-01","2105-04-01","2106-04-01","2107-04-01","2108-04-01","2109-04-01","2110-04-01","2111-04-01","2112-04-01","2113-04-01","2114-04-01","2115-04-01","2116-04-01","2117-04-01","2118-04-01","2119-04-01","2120-04-01","2121-04-01","2122-04-01","2123-04-01",{"$f":"EDATE(EG2, EH9)","v":"2124-04-01"},"2125-04-01","2126-04-01","2127-04-01","2128-04-01","2129-04-01","2130-04-01","2131-04-01","2132-04-01","2133-04-01","2134-04-01","2135-04-01","2136-04-01","2137-04-01","2138-04-01","2139-04-01","2140-04-01","2141-04-01","2142-04-01","2143-04-01","2144-04-01","2145-04-01","2146-04-01","2147-04-01","2148-04-01","2149-04-01","2150-04-01","2151-04-01","2152-04-01","2153-04-01","2154-04-01","2155-04-01",{"$f":"EDATE(FM2, FN9)","v":"2156-04-01"},"2157-04-01","2158-04-01","2159-04-01","2160-04-01","2161-04-01","2162-04-01","2163-04-01","2164-04-01","2165-04-01","2166-04-01","2167-04-01","2168-04-01","2169-04-01","2170-04-01","2171-04-01","2172-04-01","2173-04-01","2174-04-01","2175-04-01","2176-04-01","2177-04-01","2178-04-01","2179-04-01","2180-04-01","2181-04-01","2182-04-01","2183-04-01","2184-04-01","2185-04-01","2186-04-01","2187-04-01",{"$f":"EDATE(GS2, GT9)","v":"2188-04-01"},"2189-04-01","2190-04-01","2191-04-01","2192-04-01","2193-04-01","2194-04-01","2195-04-01"]
[null,null,null,"Period",null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200]
[null,null,null,"Pre-COD","Pre-COD ",{"$f":"F5+F6","v":27},null,null,null,{"$f":"J3<=$F$4","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,{"$f":"AP3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"DB3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"FN3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT3<=$F$4","v":false},false,false,false,false,false,false,false]
[null,null,null,"Development Period","Month",{"$f":"F14","v":15},null,null,null,{"$f":"J3<=$F$5","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AP3<=$F$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV3<=$F$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"DB3<=$F$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH3<=$F$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"FN3<=$F$5","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT3<=$F$5","v":false},false,false,false,false,false,false,false]
[null,null,null,"Construction period","Month",{"$f":"F15","v":12},null,null,null,{"$f":"AND(J4,NOT(J5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,{"$f":"AND(AP4,NOT(AP5))","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,{"$f":"AND(BV4,NOT(BV5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB4,NOT(DB5))","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,{"$f":"AND(EH4,NOT(EH5))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN4,NOT(FN5))","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,{"$f":"AND(GT4,NOT(GT5))","v":false},false,false,false,false,false,false,false]
[null,null,null,"Age of project",null,null,null,null,null,{"$f":"I7+NOT(J4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,2,3,4,5,{"$f":"AO7+NOT(AP4)","v":6},7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,{"$f":"BU7+NOT(BV4)","v":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,{"$f":"DA7+NOT(DB4)","v":70},71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,{"$f":"EG7+NOT(EH4)","v":102},103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,{"$f":"FM7+NOT(FN4)","v":134},135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,{"$f":"GS7+NOT(GT4)","v":166},167,168,169,170,171,172,173]
[null,null,null,"Operating period","Years",30,null,null,null,{"$f":"AND(J7<=$F$8, NOT(J4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,{"$f":"AND(AP7<=$F$8, NOT(AP4))","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,{"$f":"AND(BV7<=$F$8, NOT(BV4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB7<=$F$8, NOT(DB4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH7<=$F$8, NOT(EH4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN7<=$F$8, NOT(FN4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT7<=$F$8, NOT(GT4))","v":false},false,false,false,false,false,false,false]
[null,null,null,"Month","Model Period",1,12,null,null,{"$f":"IF(J4, $F$9, $G$9)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,12,12,12,12,12,{"$f":"IF(AP4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BV4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(DB4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(EH4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(FN4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(GT4, $F$9, $G$9)","v":12},12,12,12,12,12,12,12]
[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",15,"IRR - Cash Basis",null,{"$f":"F43","v":8.1053242087364225E-2}]
[null,null,null,"Construction Period","Months",12]
[null,null,null,"Development Cost (actual)","EUR",20000,"IRR with Dev Fee as Cost",null,{"$f":"F49","v":0}]
[null,null,null,"EPC Cost","EUR",400000]
[null,null,null,"EBITDA p.a.","EUR",30000,"IRR to Partner",null,{"$f":"E71","v":false}]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[null,null,null,null,null,null,"IRR to Developer - Cash",null,{"$f":"E75","v":false}]
[null,null,"Development Inputs",null,null,null,"IRR to Developer - Econ",null,{"$f":"E80","v":false}]
[null,null,null,"Probability of Success","%",0.1]
[null,null,null,"Target Development Profit","%",0.15]
[]
[null,null,null,"Loss Scenarios","Number"]
[null,null,null,"Costs of Loss from Failures","EUR"]
[null,null,null,"Total Cost Including Success","EUR"]
[]
[null,null,null,"Target Profit = Development Fee","EUR"]
[]
[null,null,null,"Developer/Sponsor Investment","%",0.55000000000000004]
[null,null,null,"Partner Investment","%",{"$f":"1-F31","v":0.44999999999999996}]
[]
[null,"Fundamental Cash Flow Analysis"]
[]
[null,null,"Project Cash Flow"]
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[null,null,null,"Developer/Sponsor Funding",null,null,null,{"$f":"SUM(I74:XFD74)","v":0}]
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[null,null,null,"Total Cash Flow (With Development Outflow)",null,null,null,null,null,{"$f":"J48","v":0},{"$f":"K48","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,{"$f":"BW48","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI48","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,{"$f":"GU48","v":0},0,0,0,0,0,0]
[null,null,null,"Developer/Sponsor Funding",null,null,null,null,null,{"$f":"J78-J70","v":1E-4},{"$f":"K78-K70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,15000,15000,15000,15000,15000,15000,15000,15000,15000,15000,15000,15000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW78-BW70","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,{"$f":"EI78-EI70","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU78-GU70","v":0},0,0,0,0,0,0]
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{"sheet":"Development Fee with Fixed Debt","index":3,"n_rows":123,"n_cols":209,"rows_kept":123,"cut":false,"hidden":false,"merged":[]}
[null,"Timeline"]
[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2021-03-01","2022-03-01","2023-03-01","2024-03-01","2025-03-01","2026-03-01","2027-03-01","2028-03-01","2029-03-01","2030-03-01","2031-03-01","2032-03-01","2033-03-01","2034-03-01","2035-03-01","2036-03-01","2037-03-01","2038-03-01","2039-03-01","2040-03-01","2041-03-01","2042-03-01","2043-03-01","2044-03-01","2045-03-01","2046-03-01","2047-03-01","2048-03-01","2049-03-01","2050-03-01",{"$f":"EDATE(AO2, AP9)","v":"2051-03-01"},"2052-03-01","2053-03-01","2054-03-01","2055-03-01","2056-03-01","2057-03-01","2058-03-01","2059-03-01","2060-03-01","2061-03-01","2062-03-01","2063-03-01","2064-03-01","2065-03-01","2066-03-01","2067-03-01","2068-03-01","2069-03-01","2070-03-01","2071-03-01","2072-03-01","2073-03-01","2074-03-01","2075-03-01","2076-03-01","2077-03-01","2078-03-01","2079-03-01","2080-03-01","2081-03-01","2082-03-01",{"$f":"EDATE(BU2, BV9)","v":"2083-03-01"},"2084-03-01","2085-03-01","2086-03-01","2087-03-01","2088-03-01","2089-03-01","2090-03-01","2091-03-01","2092-03-01","2093-03-01","2094-03-01","2095-03-01","2096-03-01","2097-03-01","2098-03-01","2099-03-01","2100-03-01","2101-03-01","2102-03-01","2103-03-01","2104-03-01","2105-03-01","2106-03-01","2107-03-01","2108-03-01","2109-03-01","2110-03-01","2111-03-01","2112-03-01","2113-03-01","2114-03-01",{"$f":"EDATE(DA2, DB9)","v":"2115-03-01"},"2116-03-01","2117-03-01","2118-03-01","2119-03-01","2120-03-01","2121-03-01","2122-03-01","2123-03-01","2124-03-01","2125-03-01","2126-03-01","2127-03-01","2128-03-01","2129-03-01","2130-03-01","2131-03-01","2132-03-01","2133-03-01","2134-03-01","2135-03-01","2136-03-01","2137-03-01","2138-03-01","2139-03-01","2140-03-01","2141-03-01","2142-03-01","2143-03-01","2144-03-01","2145-03-01","2146-03-01",{"$f":"EDATE(EG2, EH9)","v":"2147-03-01"},"2148-03-01","2149-03-01","2150-03-01","2151-03-01","2152-03-01","2153-03-01","2154-03-01","2155-03-01","2156-03-01","2157-03-01","2158-03-01","2159-03-01","2160-03-01","2161-03-01","2162-03-01","2163-03-01","2164-03-01","2165-03-01","2166-03-01","2167-03-01","2168-03-01","2169-03-01","2170-03-01","2171-03-01","2172-03-01","2173-03-01","2174-03-01","2175-03-01","2176-03-01","2177-03-01","2178-03-01",{"$f":"EDATE(FM2, FN9)","v":"2179-03-01"},"2180-03-01","2181-03-01","2182-03-01","2183-03-01","2184-03-01","2185-03-01","2186-03-01","2187-03-01","2188-03-01","2189-03-01","2190-03-01","2191-03-01","2192-03-01","2193-03-01","2194-03-01","2195-03-01","2196-03-01","2197-03-01","2198-03-01","2199-03-01","2200-03-01","2201-03-01","2202-03-01","2203-03-01","2204-03-01","2205-03-01","2206-03-01","2207-03-01","2208-03-01","2209-03-01","2210-03-01",{"$f":"EDATE(GS2, GT9)","v":"2211-03-01"},"2212-03-01","2213-03-01","2214-03-01","2215-03-01","2216-03-01","2217-03-01","2218-03-01"]
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[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",1,"PIRR - Cash Basis",null,{"$f":"F48","v":6.8391302227973946E-2}]
[null,null,null,"Construction Period","Months",1,"PIRR - Dev Fee Subtract",null,{"$f":"F54","v":6.2042596936225894E-2}]
[null,null,null,"Development Cost (actual)","EUR",20000]
[null,null,null,"EPC Cost","EUR",400000,"EIRR Cash Basis",null,{"$f":"F101","v":false}]
[null,null,null,"EBITDA p.a.","EUR",25000,"EIRR Dev Fee Subtracted",null,{"$f":"F97","v":false}]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[null,null,null,"Re-invesment Rate","%",0.1,"EIRR to Partner",null,{"$f":"E113","v":false}]
[null,null,null,null,null,null,"EIRR to Developer",null,{"$f":"E118","v":false}]
[null,null,"Development Inputs"]
[null,null,null,"Probability of Success","%",0.4]
[null,null,null,"Target Development Profit","%",0.1]
[]
[null,null,null,"Loss Scenarios","Number",{"$f":"1/F23-1","v":1.5}]
[null,null,null,"Costs of Loss from Failures","EUR",{"$f":"F26*F16","v":30000}]
[]
[null,null,null,"Target Profit","EUR",{"$f":"F27*(1+F24)*G29","v":33000},true]
[null,null,null,"Development Fee","EUR",{"$f":"F29","v":33000}]
[]
[null,null,null,"Developer/Sponsor Investment","%",0.5]
[null,null,null,"Partner Investment","%",{"$f":"1-F32","v":0.5}]
[]
[null,null,"Financing Inputs"]
[null,null,null,"Debt to Capital","%",0.8]
[null,null,null,"Debt Tenure","Years",20]
[null,null,null,"Interest Rate","%",3.5000000000000003E-2]
[]
[null,"Fundamental Cash Flow Analysis"]
[]
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[]
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[null,null,null,"Opening",null,null,null,null,null,{"$f":"I94","v":0},{"$f":"J94","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,{"$f":"BV94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH94","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,{"$f":"GT94","v":0},0,0,0,0,0,0]
[null,null,null,"Add: Equity Funding (Min)"]
[null,null,null,"Closing",null,null,null,null,null,{"$f":"J92+J93","v":0},{"$f":"K92+K93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW92+BW93","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,{"$f":"EI92+EI93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU92+GU93","v":0},0,0,0,0,0,0]
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[null,null,null,"Net Equity Cash Flow with Development Fee Subtracted",null,null,null,{"$f":"SUM(I96:XFD96)","v":1125006.7685588344},null,{"$f":"J83-J93","v":0},0,25624.999999999996,26265.624999999996,26922.265624999996,27595.322265624993,28285.205322265618,28992.335455322256,29717.143841705307,30460.072437747938,31221.574248691632,32002.113604908915,32802.166445031638,33622.220606157425,34462.776121311363,35324.345524344142,36207.454162452741,37112.640516514053,38040.456529426905,38991.467942662573,39966.254641229134,40965.411007259856,41989.546282441348,43039.284939502373,44115.267062989929,45218.148739564676,46348.602458053792,47507.31751950513,48695.000457492752,49912.375468930069,51160.184855653315,52439.189477044645,{"$f":"AP83-AP93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV83-BV93","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,{"$f":"DB83-DB93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH83-EH93","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,{"$f":"FN83-FN93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT83-GT93","v":0},0,0,0,0,0,0,0]
[null,null,null,"Equity Cash Flow on Cash Basis",null,{"$f":"IFERROR(XIRR(J96:HA96,J2:HA2),FALSE)","v":false}]
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[null,null,null,"Add: Development Fee Not Cash Outfolw",null,null,null,null,null,{"$f":"J51","v":0},{"$f":"K51","v":33000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW51","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,{"$f":"EI51","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU51","v":0},0,0,0,0,0,0]
[null,null,null,"Net Cash Equity Cash Flow (Add the Development Fee)"]
[null,null,null,"Equity IRR - Cash Basis",null,{"$f":"IFERROR(XIRR(J100:HA100,J2:HA2),FALSE)","v":false}]
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[null,"Funding and Cash Flow Allocation"]
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[null,null,"Partner Cash Flow"]
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[null,null,null,"Partnership Funding",null,{"$f":"F33","v":0.5},null,null,null,{"$f":"$F$108*J107","v":0},{"$f":"$F$108*K107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$108*BW107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$108*EI107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$108*GU107","v":0},0,0,0,0,0,0]
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[null,null,null,"EIRR to Partner",{"$f":"IFERROR(XIRR(J111:HA111,J2:HA2),FALSE)","v":false}]
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[null,null,null,"Month","Model Period",1,12,null,null,{"$f":"IF(J8, $F$9, $G$9)","v":1},1,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(AP8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BV8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(DB8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(EH8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(FN8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(GT8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12]
[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",1,"PIRR - Cash Basis",null,{"$f":"F49","v":6.8391302227973946E-2}]
[null,null,null,"Construction Period","Months",1,"PIRR - Dev Fee Subtract",null,{"$f":"F55","v":6.4078977704048176E-2}]
[null,null,null,"Development Cost (actual)","EUR",20000]
[null,null,null,"EPC Cost","EUR",400000,"EIRR Cash Basis",null,{"$f":"F105","v":7.3062780499458344E-2}]
[null,null,null,"EBITDA p.a.","EUR",25000,"EIRR Dev Fee Subtracted",null,{"$f":"F101","v":6.8391302227973946E-2}]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[null,null,null,"Re-invesment Rate","%",0.1,"EIRR to Partner",null,{"$f":"E117","v":6.8391302227973946E-2}]
[null,null,null,null,null,null,"EIRR to Developer",null,{"$f":"E122","v":7.8150472044944769E-2}]
[null,null,"Development Inputs"]
[null,null,null,"Probability of Success","%",0.5]
[null,null,null,"Target Development Profit","%",0.1]
[]
[null,null,null,"Loss Scenarios","Number",{"$f":"1/F23-1","v":1}]
[null,null,null,"Costs of Loss from Failures","EUR",{"$f":"F26*F16","v":20000}]
[]
[null,null,null,"Target Profit","EUR",{"$f":"F27*(1+F24)*G29","v":22000},true]
[null,null,null,"Development Fee","EUR",{"$f":"F29","v":22000}]
[]
[null,null,null,"Developer/Sponsor Investment","%",0.5]
[null,null,null,"Partner Investment","%",{"$f":"1-F32","v":0.5}]
[]
[null,null,"Financing Inputs"]
[null,null,null,"Target DSCR","x",1.4]
[null,null,null,"Debt Tenure","Years",20]
[null,null,null,"Interest Rate","%",3.5000000000000003E-2]
[]
[]
[null,"Fundamental Cash Flow Analysis"]
[]
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[null,null,null,"EPC cost","EUR",{"$f":"F17","v":400000},null,null,null,{"$f":"$F$44/$F$5*J5","v":0},400000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*AP5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*BV5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*DB5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*EH5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*FN5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$44/$F$5*GT5","v":0},0,0,0,0,0,0,0]
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[]
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[null,"Timeline"]
[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2021-03-01","2022-03-01","2023-03-01","2024-03-01","2025-03-01","2026-03-01","2027-03-01","2028-03-01","2029-03-01","2030-03-01","2031-03-01","2032-03-01","2033-03-01","2034-03-01","2035-03-01","2036-03-01","2037-03-01","2038-03-01","2039-03-01","2040-03-01","2041-03-01","2042-03-01","2043-03-01","2044-03-01","2045-03-01","2046-03-01","2047-03-01","2048-03-01","2049-03-01","2050-03-01",{"$f":"EDATE(AO2, AP9)","v":"2051-03-01"},"2052-03-01","2053-03-01","2054-03-01","2055-03-01","2056-03-01","2057-03-01","2058-03-01","2059-03-01","2060-03-01","2061-03-01","2062-03-01","2063-03-01","2064-03-01","2065-03-01","2066-03-01","2067-03-01","2068-03-01","2069-03-01","2070-03-01","2071-03-01","2072-03-01","2073-03-01","2074-03-01","2075-03-01","2076-03-01","2077-03-01","2078-03-01","2079-03-01","2080-03-01","2081-03-01","2082-03-01",{"$f":"EDATE(BU2, BV9)","v":"2083-03-01"},"2084-03-01","2085-03-01","2086-03-01","2087-03-01","2088-03-01","2089-03-01","2090-03-01","2091-03-01","2092-03-01","2093-03-01","2094-03-01","2095-03-01","2096-03-01","2097-03-01","2098-03-01","2099-03-01","2100-03-01","2101-03-01","2102-03-01","2103-03-01","2104-03-01","2105-03-01","2106-03-01","2107-03-01","2108-03-01","2109-03-01","2110-03-01","2111-03-01","2112-03-01","2113-03-01","2114-03-01",{"$f":"EDATE(DA2, DB9)","v":"2115-03-01"},"2116-03-01","2117-03-01","2118-03-01","2119-03-01","2120-03-01","2121-03-01","2122-03-01","2123-03-01","2124-03-01","2125-03-01","2126-03-01","2127-03-01","2128-03-01","2129-03-01","2130-03-01","2131-03-01","2132-03-01","2133-03-01","2134-03-01","2135-03-01","2136-03-01","2137-03-01","2138-03-01","2139-03-01","2140-03-01","2141-03-01","2142-03-01","2143-03-01","2144-03-01","2145-03-01","2146-03-01",{"$f":"EDATE(EG2, EH9)","v":"2147-03-01"},"2148-03-01","2149-03-01","2150-03-01","2151-03-01","2152-03-01","2153-03-01","2154-03-01","2155-03-01","2156-03-01","2157-03-01","2158-03-01","2159-03-01","2160-03-01","2161-03-01","2162-03-01","2163-03-01","2164-03-01","2165-03-01","2166-03-01","2167-03-01","2168-03-01","2169-03-01","2170-03-01","2171-03-01","2172-03-01","2173-03-01","2174-03-01","2175-03-01","2176-03-01","2177-03-01","2178-03-01",{"$f":"EDATE(FM2, FN9)","v":"2179-03-01"},"2180-03-01","2181-03-01","2182-03-01","2183-03-01","2184-03-01","2185-03-01","2186-03-01","2187-03-01","2188-03-01","2189-03-01","2190-03-01","2191-03-01","2192-03-01","2193-03-01","2194-03-01","2195-03-01","2196-03-01","2197-03-01","2198-03-01","2199-03-01","2200-03-01","2201-03-01","2202-03-01","2203-03-01","2204-03-01","2205-03-01","2206-03-01","2207-03-01","2208-03-01","2209-03-01","2210-03-01",{"$f":"EDATE(GS2, GT9)","v":"2211-03-01"},"2212-03-01","2213-03-01","2214-03-01","2215-03-01","2216-03-01","2217-03-01","2218-03-01"]
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[null,null,null,"Age of project",null,null,null,null,null,{"$f":"I6+NOT(J8)","v":0},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,{"$f":"AO6+NOT(AP8)","v":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,{"$f":"BU6+NOT(BV8)","v":63},64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,{"$f":"DA6+NOT(DB8)","v":95},96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,{"$f":"EG6+NOT(EH8)","v":127},128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,{"$f":"FM6+NOT(FN8)","v":159},160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,{"$f":"GS6+NOT(GT8)","v":191},192,193,194,195,196,197,198]
[null,null,null,"Operating period","Years",30,null,null,null,{"$f":"AND(J6<=$F$7, NOT(J8))","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AP6<=$F$7, NOT(AP8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BV6<=$F$7, NOT(BV8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB6<=$F$7, NOT(DB8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH6<=$F$7, NOT(EH8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN6<=$F$7, NOT(FN8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT6<=$F$7, NOT(GT8))","v":false},false,false,false,false,false,false,false]
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[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",1,"PIRR - Cash Basis",null,{"$f":"F55","v":5.9752514958381658E-2}]
[null,null,null,"Construction Period","Months",1,"PIRR - Dev Fee Subtract",null,{"$f":"F61","v":5.9752514958381658E-2}]
[null,null,null,"Development Cost (actual)","EUR",10000]
[null,null,null,"EPC Cost","EUR",400000,"EIRR No Re-finance",null,{"$f":"F134","v":9.5744845271110518E-2}]
[null,null,null,"EBITDA p.a.","EUR",22000,"EIRR Dev Fee Subtracted",null,{"$f":"F130","v":9.5744845271110518E-2}]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[null,null,null,"Re-invesment Rate","%",0.1,"EIRR to Partner",null,{"$f":"E200","v":false}]
[null,null,null,null,null,null,"EIRR to Developer",null,{"$f":"E205","v":9.5744845271110518E-2}]
[null,null,"Initial Financing Inputs"]
[null,null,null,"Debt to Capital","%",0.8,"EIRR with Re-Finance",null,{"$f":"F186","v":9.5744845271110518E-2}]
[null,null,null,"Debt Tenure","Years",20]
[null,null,null,"Interest Rate","%",3.5000000000000003E-2,"Re-Finance Surplus",null,{"$f":"F146-F148","v":0}]
[]
[null,null,"Re-Financing Inputs"]
[null,null,null,"DSCR for Re-finance","x",1.3]
[null,null,null,"Year of Re-finance","Year",5,null,null,null,null,"EIRR","EIRR"]
[null,null,null,"Tail for Re-Finance","Years",3,null,null,null,null,"No-Refinance","Refinance","Probability","PIRR"]
[null,null,null,"Interest Rate","%",3.1E-2,null,null,null,13000,2.9802322387695314E-9,2.9802322387695314E-9,2.1707198023796084E-2,2.1707198023796084E-2]
[null,null,null,"Apply Re-Finance Optionality","Flag",true,null,null,null,{"$f":"J31+3000","v":16000},3.6970642209053051E-2,3.6970642209053051E-2,3.5722044110298168E-2,3.5722044110298168E-2]
[null,null,null,null,null,null,null,null,null,{"$f":"J32+3000","v":19000},6.6003569960594158E-2,8.4940382838249201E-2,4.8258081078529372E-2,4.8258081078529372E-2]
[null,null,"Development Inputs",null,null,null,null,null,null,22000,9.5744845271110518E-2,0.16131867766380317,5.9752514958381658E-2,5.9752514958381658E-2]
[null,null,null,"Probability of Success","%",1,null,null,null,25000,0.12654208540916442,0.28599813580513,7.0478495955467249E-2,7.0478495955467249E-2]
[null,null,null,"Target Development Profit","%",0.1]
[null,null,null,null,null,null,null,null,null,"Expected",{"$f":"SUMPRODUCT(K31:K35,$M$31:$M$35)","v":1.914536376105723E-2},{"$f":"SUMPRODUCT(L31:L35,$M$31:$M$35)","v":3.5215642016105664E-2}]
[null,null,null,"Loss Scenarios","Number",{"$f":"1/F35-1","v":0}]
[null,null,null,"Costs of Loss from Failures","EUR",{"$f":"F38*F16","v":0}]
[]
[null,null,null,"Target Profit","EUR",{"$f":"F39*(1+F36)","v":0}]
[null,null,null,"Development Fee","EUR",{"$f":"F41","v":0}]
[]
[null,null,null,"Developer/Sponsor Investment","%",1]
[null,null,null,"Partner Investment","%",{"$f":"1-F44","v":0}]
[]
[null,"Fundamental Cash Flow Analysis"]
[]
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[null,null,null,"Net Cash Flow",null,null,null,null,null,{"$f":"J108-J109-J110","v":0},{"$f":"K108-K109-K110","v":0},3965.0911590592805,4064.2184380357648,4165.823898986655,4269.9694964613227,4376.7187338728545,4486.1367022196755,4598.2901197751671,4713.2473727695469,4831.0785570887856,4951.8555210160048,5075.651909041404,5202.5432067674374,5332.6067869366234,5465.9219566100401,5602.5700055252892,5742.6342556634227,5886.2001120550049,6033.355114856382,6184.188992727788,6338.7937175459847,36950.800728548384,37874.570746762089,38821.43501543114,39791.97089081692,40786.770163087334,41806.439417164518,42851.600402593627,43922.89041265846,45020.962672974914,46146.486739799286,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW108-BW109-BW110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI108-EI109-EI110","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,{"$f":"GU108-GU109-GU110","v":0},0,0,0,0,0,0]
[null,null,null,"Add: Default",null,null,null,null,null,{"$f":"MAX(-J111,0)","v":0},{"$f":"MAX(-K111,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BW111,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-EI111,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-GU111,0)","v":0},0,0,0,0,0,0]
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[null,null,null,"Equity Cash Flow",null,null,null,{"$f":"SUM(I114:XFD114)","v":515260.82324685104},null,{"$f":"J111+J112-J113","v":0},{"$f":"K111+K112-K113","v":0},3965.0911590592805,4064.2184380357648,4165.823898986655,4269.9694964613227,4376.7187338728545,4486.1367022196755,4598.2901197751671,4713.2473727695469,4831.0785570887856,4951.8555210160048,5075.651909041404,5202.5432067674374,5332.6067869366234,5465.9219566100401,5602.5700055252892,5742.6342556634227,5886.2001120550049,6033.355114856382,6184.188992727788,6338.7937175459847,36950.800728548384,37874.570746762089,38821.43501543114,39791.97089081692,40786.770163087334,41806.439417164518,42851.600402593627,43922.89041265846,45020.962672974914,46146.486739799286,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW111+BW112-BW113","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,{"$f":"EI111+EI112-EI113","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU111+GU112-GU113","v":0},0,0,0,0,0,0]
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[null,"Funding"]
[null,null,null,"Total Funding Needs",null,null,null,{"$f":"SUM(I117:XFD117)","v":410000},null,{"$f":"J49+J50","v":10000},400000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP49+AP50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV49+BV50","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,{"$f":"DB49+DB50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH49+EH50","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,{"$f":"FN49+FN50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT49+GT50","v":0},0,0,0,0,0,0,0]
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[null,null,null,"Equity Commitment",null,{"$f":"F75+F76","v":82000},null,null,null,{"$f":"$F$119","v":82000},{"$f":"$F$119","v":82000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"$F$119","v":82000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"$F$119","v":82000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"$F$119","v":82000},82000,82000,82000,82000,82000,82000]
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[null,null,null,"Remaining Funding",null,null,null,null,null,{"$f":"J119-J120","v":82000},{"$f":"K119-K120","v":72000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW119-BW120","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,{"$f":"EI119-EI120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU119-GU120","v":0},0,0,0,0,0,0]
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[null,null,null,"Opening",null,null,null,null,null,{"$f":"I125","v":0},{"$f":"J125","v":10000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"BV125","v":82000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"EH125","v":82000},82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,82000,{"$f":"GT125","v":82000},82000,82000,82000,82000,82000,82000]
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[null,null,null,"Debt Funding",null,null,null,null,null,{"$f":"J117-J124","v":0},{"$f":"K117-K124","v":328000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW117-BW124","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,{"$f":"EI117-EI124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU117-GU124","v":0},0,0,0,0,0,0]
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[null,null,null,"Net Equity Cash Flow with Development Fee Subtracted",null,null,null,{"$f":"SUM(I129:XFD129)","v":433260.82324685104},null,{"$f":"J114-J124","v":-10000},-72000,3965.0911590592805,4064.2184380357648,4165.823898986655,4269.9694964613227,4376.7187338728545,4486.1367022196755,4598.2901197751671,4713.2473727695469,4831.0785570887856,4951.8555210160048,5075.651909041404,5202.5432067674374,5332.6067869366234,5465.9219566100401,5602.5700055252892,5742.6342556634227,5886.2001120550049,6033.355114856382,6184.188992727788,6338.7937175459847,36950.800728548384,37874.570746762089,38821.43501543114,39791.97089081692,40786.770163087334,41806.439417164518,42851.600402593627,43922.89041265846,45020.962672974914,46146.486739799286,{"$f":"AP114-AP124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV114-BV124","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,{"$f":"DB114-DB124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH114-EH124","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,{"$f":"FN114-FN124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT114-GT124","v":0},0,0,0,0,0,0,0]
[null,null,null,"Equity Cash Flow on Cash Basis",null,{"$f":"XIRR(J129:HA129,J2:HA2)","v":9.5744845271110518E-2}]
[]
[null,null,null,"Add: Development Fee Not Cash Outfolw",null,null,null,null,null,{"$f":"J58","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,{"$f":"AP58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV58","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,{"$f":"DB58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH58","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,{"$f":"FN58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT58","v":0},0,0,0,0,0,0,0]
[null,null,null,"Net Cash Equity Cash Flow",null,null,null,{"$f":"SUM(I133:XFD133)","v":433260.82324685104},null,{"$f":"J129+J132","v":-10000},{"$f":"K129+K132","v":-72000},3965.0911590592805,4064.2184380357648,4165.823898986655,4269.9694964613227,4376.7187338728545,4486.1367022196755,4598.2901197751671,4713.2473727695469,4831.0785570887856,4951.8555210160048,5075.651909041404,5202.5432067674374,5332.6067869366234,5465.9219566100401,5602.5700055252892,5742.6342556634227,5886.2001120550049,6033.355114856382,6184.188992727788,6338.7937175459847,36950.800728548384,37874.570746762089,38821.43501543114,39791.97089081692,40786.770163087334,41806.439417164518,42851.600402593627,43922.89041265846,45020.962672974914,46146.486739799286,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW129+BW132","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,{"$f":"EI129+EI132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU129+GU132","v":0},0,0,0,0,0,0]
[null,null,null,"Equity IRR - Cash Basis",null,{"$f":"XIRR(J133:HA133,J2:HA2)","v":9.5744845271110518E-2}]
[]
[null,"Re-finance Section -- Added On Top"]
[]
[null,null,"Re-finance Flags"]
[null,null,null,"Re-finance Period",null,{"$f":"F29","v":5},null,{"$f":"SUM(J139:HA139)","v":0}]
[null,null,null,"Repayment Flag",null,{"$f":"F139+1","v":6},{"$f":"F7-F30","v":27},{"$f":"SUM(J140:HA140)","v":0}]
[]
[null,null,null,"Cash Flow for Repayment Period",null,null,null,null,null,{"$f":"J52*J140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP52*AP140","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,{"$f":"BV52*BV140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB52*DB140","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,{"$f":"EH52*EH140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN52*FN140","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,{"$f":"GT52*GT140","v":0},0,0,0,0,0,0,0]
[null,null,null,"Debt Service for Repayment Period",null,{"$f":"F28","v":1.3},null,null,null,{"$f":"J142/$F$143","v":0},{"$f":"K142/$F$143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW142/$F$143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI142/$F$143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU142/$F$143","v":0},0,0,0,0,0,0]
[]
[null,null,null,"Interest Rate Factor",null,{"$f":"F31","v":3.1E-2},null,null,1,{"$f":"I145*(1+$F$145*J140)","v":1},{"$f":"J145*(1+$F$145*K140)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BV145*(1+$F$145*BW140)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"EH145*(1+$F$145*EI140)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"GT145*(1+$F$145*GU140)","v":1},1,1,1,1,1,1]
[null,null,null,"PV of Debt Service -- Size of Debt",null,{"$f":"SUMPRODUCT(J143:HA143/J145:HA145)","v":0}]
[]
[null,null,null,"Original Debt at Re-finance Date",null,{"$f":"SUM(J148:HA148)","v":0},null,null,null,{"$f":"J103*J139","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,{"$f":"AP103*AP139","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV103*BV139","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,{"$f":"DB103*DB139","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH103*EH139","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,{"$f":"FN103*FN139","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT103*GT139","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,"Apply Optionality",null,{"$f":"F32","v":true}]
[null,null,null,"Re-finance",null,{"$f":"IF(F150,F146>F148,TRUE)","v":false}]
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[null,null,"Debt Balance - Original"]
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[]
[null,null,null,"Total Repayment at Re-finance",null,{"$f":"SUM(159:159)","v":0}]
[null,null,null,"Apply Re-finance",null,{"$f":"F151","v":false}]
[]
[null,null,"Debt Balance - Re-finance"]
[null,null,null,"Re-finance Debt Service",null,{"$f":"F164","v":false}]
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[null,null,"Cash Flow Waterfall"]
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[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2021-03-01","2022-03-01","2023-03-01","2024-03-01","2025-03-01","2026-03-01","2027-03-01","2028-03-01","2029-03-01","2030-03-01","2031-03-01","2032-03-01","2033-03-01","2034-03-01","2035-03-01","2036-03-01","2037-03-01","2038-03-01","2039-03-01","2040-03-01","2041-03-01","2042-03-01","2043-03-01","2044-03-01","2045-03-01","2046-03-01","2047-03-01","2048-03-01","2049-03-01","2050-03-01",{"$f":"EDATE(AO2, AP9)","v":"2051-03-01"},"2052-03-01","2053-03-01","2054-03-01","2055-03-01","2056-03-01","2057-03-01","2058-03-01","2059-03-01","2060-03-01","2061-03-01","2062-03-01","2063-03-01","2064-03-01","2065-03-01","2066-03-01","2067-03-01","2068-03-01","2069-03-01","2070-03-01","2071-03-01","2072-03-01","2073-03-01","2074-03-01","2075-03-01","2076-03-01","2077-03-01","2078-03-01","2079-03-01","2080-03-01","2081-03-01","2082-03-01",{"$f":"EDATE(BU2, BV9)","v":"2083-03-01"},"2084-03-01","2085-03-01","2086-03-01","2087-03-01","2088-03-01","2089-03-01","2090-03-01","2091-03-01","2092-03-01","2093-03-01","2094-03-01","2095-03-01","2096-03-01","2097-03-01","2098-03-01","2099-03-01","2100-03-01","2101-03-01","2102-03-01","2103-03-01","2104-03-01","2105-03-01","2106-03-01","2107-03-01","2108-03-01","2109-03-01","2110-03-01","2111-03-01","2112-03-01","2113-03-01","2114-03-01",{"$f":"EDATE(DA2, DB9)","v":"2115-03-01"},"2116-03-01","2117-03-01","2118-03-01","2119-03-01","2120-03-01","2121-03-01","2122-03-01","2123-03-01","2124-03-01","2125-03-01","2126-03-01","2127-03-01","2128-03-01","2129-03-01","2130-03-01","2131-03-01","2132-03-01","2133-03-01","2134-03-01","2135-03-01","2136-03-01","2137-03-01","2138-03-01","2139-03-01","2140-03-01","2141-03-01","2142-03-01","2143-03-01","2144-03-01","2145-03-01","2146-03-01",{"$f":"EDATE(EG2, EH9)","v":"2147-03-01"},"2148-03-01","2149-03-01","2150-03-01","2151-03-01","2152-03-01","2153-03-01","2154-03-01","2155-03-01","2156-03-01","2157-03-01","2158-03-01","2159-03-01","2160-03-01","2161-03-01","2162-03-01","2163-03-01","2164-03-01","2165-03-01","2166-03-01","2167-03-01","2168-03-01","2169-03-01","2170-03-01","2171-03-01","2172-03-01","2173-03-01","2174-03-01","2175-03-01","2176-03-01","2177-03-01","2178-03-01",{"$f":"EDATE(FM2, FN9)","v":"2179-03-01"},"2180-03-01","2181-03-01","2182-03-01","2183-03-01","2184-03-01","2185-03-01","2186-03-01","2187-03-01","2188-03-01","2189-03-01","2190-03-01","2191-03-01","2192-03-01","2193-03-01","2194-03-01","2195-03-01","2196-03-01","2197-03-01","2198-03-01","2199-03-01","2200-03-01","2201-03-01","2202-03-01","2203-03-01","2204-03-01","2205-03-01","2206-03-01","2207-03-01","2208-03-01","2209-03-01","2210-03-01",{"$f":"EDATE(GS2, GT9)","v":"2211-03-01"},"2212-03-01","2213-03-01","2214-03-01","2215-03-01","2216-03-01","2217-03-01","2218-03-01"]
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[null,null,null,"Development Period","Month",{"$f":"F14","v":1},null,null,null,{"$f":"J3<=$F$4","v":true},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AP3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"DB3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"FN3<=$F$4","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT3<=$F$4","v":false},false,false,false,false,false,false,false]
[null,null,null,"Construction period","Month",{"$f":"F15","v":1},null,null,null,{"$f":"AND(J8,NOT(J4))","v":false},true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AP8,NOT(AP4))","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,{"$f":"AND(BV8,NOT(BV4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB8,NOT(DB4))","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,{"$f":"AND(EH8,NOT(EH4))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN8,NOT(FN4))","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,{"$f":"AND(GT8,NOT(GT4))","v":false},false,false,false,false,false,false,false]
[null,null,null,"Age of project",null,null,null,null,null,{"$f":"I6+NOT(J8)","v":0},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,{"$f":"AO6+NOT(AP8)","v":31},32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,{"$f":"BU6+NOT(BV8)","v":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,{"$f":"DA6+NOT(DB8)","v":95},96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,{"$f":"EG6+NOT(EH8)","v":127},128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,{"$f":"FM6+NOT(FN8)","v":159},160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,{"$f":"GS6+NOT(GT8)","v":191},192,193,194,195,196,197,198]
[null,null,null,"Operating period","Years",30,null,null,null,{"$f":"AND(J6<=$F$7, NOT(J8))","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AP6<=$F$7, NOT(AP8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BV6<=$F$7, NOT(BV8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB6<=$F$7, NOT(DB8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH6<=$F$7, NOT(EH8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN6<=$F$7, NOT(FN8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT6<=$F$7, NOT(GT8))","v":false},false,false,false,false,false,false,false]
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[null,null,null,"Month","Model Period",1,12,null,null,{"$f":"IF(J8, $F$9, $G$9)","v":1},1,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(AP8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BV8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(DB8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(EH8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(FN8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(GT8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12]
[]
[null,"Inputs"]
[]
[null,null,"General Inputs",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sale Period",{"$f":"F35","v":6}]
[null,null,null,"Development Period","Months",1,"PIRR - Cash Basis",null,{"$f":"F78","v":2.9596945643424986E-2},"PIRR"]
[null,null,null,"Construction Period","Months",1,"PIRR - Dev Fee Subtract",null,{"$f":"F84","v":2.9596945643424986E-2},null,null,null,null,null,null,null,null,"EBITDA","EIRR","EIRR"]
[null,null,null,"Development Cost (actual)","EUR",20000,null,null,null,null,null,null,null,null,null,null,null,null,"No Sale","Sale","PIRR","Probabilkty"]
[null,null,null,"EPC Cost","EUR",400000,"EIRR No Re-finance",null,{"$f":"F156","v":2.3754784464836119E-2},null,null,null,null,null,null,null,null,13000,-3.4807270608747665E-2,-3.4807270608747665E-2,2.0148608088493357E-2,0.15]
[null,null,null,"EBITDA p.a.","EUR",15000,"EIRR Dev Fee Subtracted",null,{"$f":"F152","v":2.3754784464836119E-2},null,null,null,null,null,null,null,null,{"$f":"R17+3000","v":16000},3.0994423469377974E-2,3.0994423469377974E-2,3.4031793475151076E-2,0.2]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2,null,null,null,null,null,null,null,null,null,null,null,{"$f":"R18+3000","v":19000},5.7154167496930253E-2,0.10872004856327888,4.6436497569084162E-2,0.3]
[null,null,null,"Re-invesment Rate","%",0.1,"EIRR to Partner",null,{"$f":"E244","v":false},null,null,null,null,null,null,null,null,22000,8.0276049439440333E-2,0.21111292769219192,5.7798847556114197E-2,0.2]
[null,null,null,null,null,null,"EIRR to Developer",null,{"$f":"E249","v":2.3754784464836119E-2},null,null,null,null,null,null,null,null,25000,0.102849319897796,0.29483711361374221,6.8391302227973946E-2,0.15,"Output"]
[null,null,"Initial Financing Inputs"]
[null,null,null,"Debt to Capital","%",0.7,"EIRR with Re-Finance",null,{"$f":"F209","v":1.3536939024925233E-2},null,null,null,null,null,null,null,null,"Expected",{"$f":"SUMPRODUCT(S17:S21,$V$17:$V$21)","v":4.9606652224199979E-2},{"$f":"SUMPRODUCT(T17:T21,$V$17:$V$21)","v":0.12004196125204683},{"$f":"SUMPRODUCT(V17:V21,$U$17:$U$21)","v":4.5578064024448396E-2}]
[null,null,null,"Debt Tenure","Years",20]
[null,null,null,"Interest Rate","%",3.5000000000000003E-2,"PIRR - Cash Basis",null,{"$f":"F216","v":0}]
[null,null,null,null,null,null,"EIRR with Re-Finance",null,{"$f":"F226","v":0},"EIRR NO"]
[null,null,"Re-Financing Inputs"]
[null,null,null,"DSCR for Re-finance","x",1.4,"PIRR with Plant Sale"]
[null,null,null,"Year of Re-finance","Year",50,"EIRR with Plant Sale",null,null,"EIRR SALE"]
[null,null,null,"Tail for Re-Finance","Years",3]
[null,null,null,"Interest Rate","%",0.04,"PIRR with Sale - No Opt"]
[null,null,null,"Apply Optionality","Flag",true,"EIRR with Sale - No Opt"]
[]
[null,null,"Plant Sale"]
[null,null,null,"Year of Sale","Year",6]
[]
[null,null,null,"Buyer Project IRR Target Scenario","Code",1]
[null,null,null,null,null,"Start","Fin Close","COD","COD + 2","COD + 4"]
[null,null,null,null,null,1,{"$f":"F14","v":1},{"$f":"F8","v":2},{"$f":"H39+2","v":4},{"$f":"I39+2","v":6}]
[null,null,null,"Scenario 1 - Base Case",null,0.11,0.08,0.05,4.4999999999999998E-2,0.04]
[null,null,null,"Scenario 2 - Lower Rate",null,0.1,{"$f":"G40-0.5%","v":7.4999999999999997E-2},{"$f":"H40-0.5%","v":4.5000000000000005E-2},0.04,3.5000000000000003E-2]
[null,null,null,"Scenario 3 - Higher IRR",null,0.12,{"$f":"G40+0.5%","v":8.5000000000000006E-2},0.06,5.5E-2,0.06]
[null,null,null,"Scenario 4 - Flat IRR",null,{"$f":"F216","v":0},{"$f":"F43","v":0},{"$f":"G43","v":0},0,0]
[]
[null,null,null,{"$f":"INDEX(D40:D43,$F$37)","v":"Scenario 1 - Base Case"},null,null,null,null,null,{"$f":"INDEX(J40:J43,$F$37)","v":0.04}]
[]
[null,null,null,"Buyer Equity IRR Scenario","Code",{"$f":"F37","v":1}]
[null,null,null,null,null,"Start","Fin Close","COD","COD + 2","COD + 4"]
[null,null,null,null,null,1,{"$f":"G39","v":1},{"$f":"H39","v":2},{"$f":"I39","v":4},{"$f":"J39","v":6}]
[null,null,null,"Scenario 1 - Base Case",null,0.11,0.09,0.06,0.05,4.4999999999999998E-2]
[null,null,null,"Scenario 2 - Lower Rate",null,0.1,0.08,0.05,0.04,0.04]
[null,null,null,"Scenario 3 - Higher IRR",null,0.12,0.1,0.06,0.06,0.06]
[null,null,null,"Scenario 4 - Flat IRR",null,{"$f":"I26","v":0},{"$f":"$F$53","v":0},{"$f":"$F$53","v":0},0,0]
[]
[null,null,null,{"$f":"INDEX(D50:D53,$F$47)","v":"Scenario 1 - Base Case"},null,null,null,null,null,{"$f":"INDEX(J50:J53,$F$47)","v":4.4999999999999998E-2}]
[]
[null,null,"Development Inputs"]
[null,null,null,"Probability of Success","%",1]
[null,null,null,"Target Development Profit","%",0.1]
[]
[null,null,null,"Loss Scenarios","Number",{"$f":"1/F58-1","v":0}]
[null,null,null,"Costs of Loss from Failures","EUR",{"$f":"F61*F16","v":0}]
[]
[null,null,null,"Target Profit","EUR",{"$f":"F62*(1+F59)","v":0}]
[null,null,null,"Development Fee","EUR",{"$f":"F64","v":0}]
[]
[null,null,null,"Developer/Sponsor Investment","%",1]
[null,null,null,"Partner Investment","%",{"$f":"1-F67","v":0}]
[]
[null,"Operating Cash Flow and Project IRR"]
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[null,null,"Debt Balance without re-finance"]
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[null,null,null,"Net Cash Flow",null,null,null,null,null,{"$f":"J130-J131-J132","v":0},{"$f":"K130-K131-K132","v":0},-1283.4243879163787,-1360.4298511913598,-1440.9326459234144,-1525.0752322195995,-1613.0055576283751,-1704.8772617334826,-1800.8498882219715,-1901.0891046957536,-2005.766930505768,-2115.0619728977767,-2229.1596717691091,-2348.2525533464395,-2472.5404931056114,-2602.2309882661521,-2737.5394402048632,-2878.6894471451592,-3025.9131074916959,-3179.4513341927741,-3339.5541805268604,-3506.4811777235714,23616.266386530093,25072.678904295266,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW130-BW131-BW132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI130-EI131-EI132","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,{"$f":"GU130-GU131-GU132","v":0},0,0,0,0,0,0]
[null,null,null,"Add: Default",null,null,null,null,null,{"$f":"MAX(-J133,0)","v":0},{"$f":"MAX(-K133,0)","v":0},1283.4243879163787,1360.4298511913598,1440.9326459234144,1525.0752322195995,1613.0055576283751,1704.8772617334826,1800.8498882219715,1901.0891046957536,2005.766930505768,2115.0619728977767,2229.1596717691091,2348.2525533464395,2472.5404931056114,2602.2309882661521,2737.5394402048632,2878.6894471451592,3025.9131074916959,3179.4513341927741,3339.5541805268604,3506.4811777235714,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-BW133,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-EI133,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MAX(-GU133,0)","v":0},0,0,0,0,0,0]
[null,null,null,"Less: Repayment of Default",null,null,null,null,null,{"$f":"MIN(J119,MAX(J133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,23616.266386530093,21454.058840176025,0,0,0,0,0,0,0,0,{"$f":"MIN(AP119,MAX(AP133,0))","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,{"$f":"MIN(BV119,MAX(BV133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(DB119,MAX(DB133,0))","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,{"$f":"MIN(EH119,MAX(EH133,0))","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(FN119,MAX(FN133,0))","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,{"$f":"MIN(GT119,MAX(GT133,0))","v":0},0,0,0,0,0,0,0]
[null,null,null,"Equity Cash Flow",null,null,null,{"$f":"SUM(I136:XFD136)","v":234856.27168765984},null,{"$f":"J133+J134-J135","v":0},{"$f":"K133+K134-K135","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3618.6200641192409,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW133+BW134-BW135","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI133+EI134-EI135","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,{"$f":"GU133+GU134-GU135","v":0},0,0,0,0,0,0]
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[null,"Funding"]
[null,null,null,"Total Funding Needs",null,null,null,{"$f":"SUM(I139:XFD139)","v":420000},null,{"$f":"J72+J73","v":20000},400000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP72+AP73","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,{"$f":"BV72+BV73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB72+DB73","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,{"$f":"EH72+EH73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN72+FN73","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,{"$f":"GT72+GT73","v":0},0,0,0,0,0,0,0]
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[null,null,null,"Equity Commitment",null,{"$f":"F97+F98","v":126000},null,null,null,{"$f":"$F$141","v":126000},{"$f":"$F$141","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"$F$141","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"$F$141","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"$F$141","v":126000},126000,126000,126000,126000,126000,126000]
[null,null,null,"Less: Accumulated",null,null,null,null,null,{"$f":"J145","v":0},{"$f":"K145","v":20000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"BW145","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"EI145","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"GU145","v":126000},126000,126000,126000,126000,126000,126000]
[null,null,null,"Remaining Funding",null,null,null,null,null,{"$f":"J141-J142","v":126000},{"$f":"K141-K142","v":106000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW141-BW142","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI141-EI142","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,{"$f":"GU141-GU142","v":0},0,0,0,0,0,0]
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[null,null,null,"Opening",null,null,null,null,null,{"$f":"I147","v":0},{"$f":"J147","v":20000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"BV147","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"EH147","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"GT147","v":126000},126000,126000,126000,126000,126000,126000]
[null,null,null,"Add: Equity Funding",null,null,null,null,null,{"$f":"MIN(J143,J139)","v":20000},{"$f":"MIN(K143,K139)","v":106000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(BW143,BW139)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"MIN(EI143,EI139)","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,{"$f":"MIN(GU143,GU139)","v":0},0,0,0,0,0,0]
[null,null,null,"Closing",null,null,null,null,null,{"$f":"J145+J146","v":20000},{"$f":"K145+K146","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"BW145+BW146","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"EI145+EI146","v":126000},126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,126000,{"$f":"GU145+GU146","v":126000},126000,126000,126000,126000,126000,126000]
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[null,null,null,"Debt Funding",null,null,null,null,null,{"$f":"J139-J146","v":0},{"$f":"K139-K146","v":294000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW139-BW146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI139-EI146","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,{"$f":"GU139-GU146","v":0},0,0,0,0,0,0]
[]
[null,null,null,"Net Equity Cash Flow with Development Fee Subtracted",null,null,null,{"$f":"SUM(I151:XFD151)","v":108856.27168765983},null,{"$f":"J136-J146","v":-20000},-106000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3618.6200641192409,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,{"$f":"AP136-AP146","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,{"$f":"BV136-BV146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB136-DB146","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,{"$f":"EH136-EH146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN136-FN146","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,{"$f":"GT136-GT146","v":0},0,0,0,0,0,0,0]
[null,null,null,"Equity Cash Flow on Cash Basis",null,{"$f":"XIRR(J151:HA151,J2:HA2)","v":2.3754784464836119E-2}]
[]
[null,null,null,"Add: Development Fee Not Cash Outfolw",null,null,null,null,null,{"$f":"J81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP81","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,{"$f":"BV81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB81","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,{"$f":"EH81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN81","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,{"$f":"GT81","v":0},0,0,0,0,0,0,0]
[null,null,null,"Net Cash Equity Cash Flow",null,null,null,null,null,{"$f":"J151+J154","v":-20000},{"$f":"K151+K154","v":-106000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3618.6200641192409,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW151+BW154","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,{"$f":"EI151+EI154","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU151+GU154","v":0},0,0,0,0,0,0]
[null,null,null,"Equity IRR - Cash Basis",null,{"$f":"XIRR(J155:HA155,J2:HA2)","v":2.3754784464836119E-2}]
[]
[]
[null,"Re-finance Section -- Added On Top"]
[]
[null,null,"Re-finance Flags"]
[null,null,null,"Re-finance Period",null,{"$f":"F29","v":50},null,null,null,{"$f":"$F$162=J6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=AP6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=BV6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=DB6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=EH6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=FN6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$162=GT6","v":false},false,false,false,false,false,false,false]
[null,null,null,"Repayment Flag",null,{"$f":"F162+1","v":51},{"$f":"F7-F30","v":27},null,null,{"$f":"AND(J6>=$F$163,J6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AP6>=$F$163,AP6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(BV6>=$F$163,BV6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB6>=$F$163,DB6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH6>=$F$163,EH6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN6>=$F$163,FN6<=$G$163)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT6>=$F$163,GT6<=$G$163)","v":false},false,false,false,false,false,false,false]
[]
[null,null,null,"Cash Flow for Repayment Period",null,null,null,null,null,{"$f":"J75*J163","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,{"$f":"AP75*AP163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV75*BV163","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,{"$f":"DB75*DB163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH75*EH163","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,{"$f":"FN75*FN163","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT75*GT163","v":0},0,0,0,0,0,0,0]
[null,null,null,"Debt Service for Repayment Period",null,{"$f":"F28","v":1.4},null,null,null,{"$f":"J165/$F$166","v":0},{"$f":"K165/$F$166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW165/$F$166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI165/$F$166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU165/$F$166","v":0},0,0,0,0,0,0]
[]
[null,null,null,"Interest Rate Factor",null,{"$f":"F31","v":0.04},null,null,1,{"$f":"I168*(1+$F$168*J163)","v":1},{"$f":"J168*(1+$F$168*K163)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BV168*(1+$F$168*BW163)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"EH168*(1+$F$168*EI163)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"GT168*(1+$F$168*GU163)","v":1},1,1,1,1,1,1]
[null,null,null,"PV of Debt Service -- Size of Debt",null,{"$f":"SUMPRODUCT(J166:HA166/J168:HA168)","v":0}]
[]
[null,null,null,"Original Debt at Re-finance Date",null,{"$f":"SUM(J171:HA171)","v":1.2559598896711543E-9},null,null,null,{"$f":"J125*J162","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,{"$f":"AP125*AP162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1.2559598896711543E-9,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV125*BV162","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,{"$f":"DB125*DB162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH125*EH162","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,{"$f":"FN125*FN162","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT125*GT162","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,"Apply Optionality",null,{"$f":"F32","v":true}]
[null,null,null,"Re-finance",null,{"$f":"IF(F173,F169>F171,TRUE)","v":false}]
[]
[null,null,"Debt Balance - Original"]
[null,null,null,"Debt Service",null,null,null,null,null,{"$f":"J131","v":0},0,16658.424387916377,17074.884997614285,17501.757122554642,17939.301050618506,18387.783576883969,18847.478166306068,19318.665120463713,19801.631748475305,20296.672542187185,20804.089355741864,21324.191589635408,21857.29637937629,22403.728788860699,22963.82200858221,23537.917558796766,24126.365497766681,24729.524635210844,25347.762751091115,25981.456819868392,26630.993240365096,0,0,0,0,0,0,0,0,0,0,{"$f":"AP131","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,{"$f":"BV131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB131","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,{"$f":"EH131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN131","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,{"$f":"GT131","v":0},0,0,0,0,0,0,0]
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[null,null,"Debt Balance - Re-finance"]
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[null,null,null,"Closing Balance",null,null,null,null,null,{"$f":"J192+J193-J194","v":0},{"$f":"K192+K193-K194","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW192+BW193-BW194","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,{"$f":"EI192+EI193-EI194","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU192+GU193-GU194","v":0},0,0,0,0,0,0]
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[]
[null,null,"Cash Flow Waterfall"]
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[null,null,null,"Less: Debt Service Re-finance",null,null,null,null,null,{"$f":"J196+J194","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP196+AP194","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,{"$f":"BV196+BV194","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB196+DB194","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,{"$f":"EH196+EH194","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN196+FN194","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,{"$f":"GT196+GT194","v":0},0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow",null,null,null,null,null,{"$f":"J199-J200-J201","v":0},{"$f":"K199-K200-K201","v":0},-1283.4243879163787,-1360.4298511913603,-1440.9326459234162,-1525.0752322196022,-1613.0055576283739,-1704.8772617334835,-1800.8498882219719,-1901.0891046957549,-2005.766930505768,-2115.0619728977763,-2229.1596717691064,-2348.2525533464395,-2472.5404931056109,-2602.2309882661539,-2737.5394402048623,-2878.6894471451596,-3025.913107491695,-3179.4513341927704,-3339.5541805268585,-3506.48117772357,0,3618.6200641192372,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW199-BW200-BW201","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,{"$f":"EI199-EI200-EI201","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU199-GU200-GU201","v":0},0,0,0,0,0,0]
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[]
[null,null,null,"Equity Funding",null,null,null,null,null,{"$f":"J146","v":20000},106000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP146","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,{"$f":"BV146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB146","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,{"$f":"EH146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN146","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,{"$f":"GT146","v":0},0,0,0,0,0,0,0]
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[null,null,null,"Equity IRR Overall",null,{"$f":"XIRR(J208:HA208,J2:HA2)","v":1.3536939024925233E-2}]
[]
[null,"Plant Sale Cases"]
[null,null,"Plant Sale Flags"]
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[null,null,null,"Holding Period Before Sale",null,{"$f":"F213","v":6},null,null,null,{"$f":"J3<=$F$214","v":true},{"$f":"K3<=$F$214","v":true},true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BW3<=$F$214","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EI3<=$F$214","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GU3<=$F$214","v":false},false,false,false,false,false,false]
[]
[null,null,null,"Project Cash Flow",null,null,null,null,null,{"$f":"J77","v":-20000},-400000,15374.999999999998,15759.374999999998,16153.359374999998,16557.193359374996,16971.12319335937,17395.401273193354,17830.286305023183,18276.043462648762,18732.944549214979,19201.268162945351,19681.299867018985,20173.332363694455,20677.665672786818,21194.607314606485,21724.472497471645,22267.584309908434,22824.273917656141,23394.880765597543,23979.75278473748,24579.246604355914,25193.727769464807,25823.570963701426,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,{"$f":"AP77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV77","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,{"$f":"DB77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH77","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,{"$f":"FN77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT77","v":0},0,0,0,0,0,0,0]
[null,null,null,"Discount Rate for Project Cash Flow from Index"]
[null,null,null,"NPV of Future Cash Flows at Date"]
[]
[null,null,null,"Holding Period Cash Flow"]
[]
[null,null,null,"IRR from Selling Project - Project Basis",null,{"$f":"IFERROR(IRR(J220:HA220),FALSE)","v":false}]
[null,null,null,"IRR with Option to Sell"]
[]
[null,null,"Equity Cash Flow Basis"]
[null,null,null,"Equity Cash Flow",null,null,null,null,null,{"$f":"J208","v":-20000},{"$f":"K208","v":-106000},-1283.4243879163787,-1360.4298511913603,-1440.9326459234162,-1525.0752322196022,-1613.0055576283739,-1704.8772617334835,-1800.8498882219719,-1901.0891046957549,-2005.766930505768,-2115.0619728977763,-2229.1596717691064,-2348.2525533464395,-2472.5404931056109,-2602.2309882661539,-2737.5394402048623,-2878.6894471451596,-3025.913107491695,-3179.4513341927704,-3339.5541805268585,-3506.48117772357,0,3618.6200641192372,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW208","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,{"$f":"EI208","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GU208","v":0},0,0,0,0,0,0]
[null,null,null,"Discount Rate for Project Cash Flow"]
[null,null,null,"NPV of Future Equity Cash Flows at Date"]
[]
[null,null,null,"Holding Period Equity Cash Flow"]
[null,null,null,"IRR from Selling Project - Equity Basis",null,{"$f":"IFERROR(IRR(J230:HA230),FALSE)","v":false}]
[null,null,null,"IRR with Option to Sell"]
[]
[null,"Funding and Cash Flow Allocation"]
[null,null,null,"Financial Close Flag",null,null,null,null,null,{"$f":"J80","v":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,false,false,false,false,{"$f":"AP80","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV80","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,{"$f":"DB80","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH80","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,{"$f":"FN80","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT80","v":false},false,false,false,false,false,false,false]
[]
[null,null,"Partner Cash Flow"]
[null,null,null,"Total Equity Funded  + Development Fee",null,null,null,null,null,{"$f":"J146","v":20000},106000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP146","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,{"$f":"BV146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB146","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,{"$f":"EH146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN146","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,{"$f":"GT146","v":0},0,0,0,0,0,0,0]
[null,null,null,"Partnership Funding",null,{"$f":"F68","v":0},null,null,null,{"$f":"$F$239*J238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*AP238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*BV238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*DB238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*EH238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*FN238","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$239*GT238","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,"Dividends",{"$f":"E98","v":0},null,null,{"$f":"SUM(I241:XFD241)","v":0},null,{"$f":"$E$241*J136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*AP136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*BV136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*DB136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*EH136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*FN136","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$241*GT136","v":0},0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow to Partner",null,null,null,{"$f":"SUM(I242:XFD242)","v":0},null,{"$f":"J241-J239","v":0},{"$f":"K241-K239","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,{"$f":"BW241-BW239","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI241-EI239","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,{"$f":"GU241-GU239","v":0},0,0,0,0,0,0]
[]
[null,null,null,"EIRR to Partner",{"$f":"IFERROR(XIRR(J242:HA242,J2:HA2),FALSE)","v":false}]
[]
[null,null,"Cash Flow to Develoer/Sponsor"]
[null,null,null,"Total Cash Flow (No Development Fee Outflow)",null,null,null,null,null,{"$f":"J155","v":-20000},-106000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3618.6200641192409,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,{"$f":"AP155","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,{"$f":"BV155","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB155","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,{"$f":"EH155","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN155","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,{"$f":"GT155","v":0},0,0,0,0,0,0,0]
[null,null,null,"Developer/Sponsor Funding",null,null,null,{"$f":"SUM(I248:XFD248)","v":108856.27168765983},null,{"$f":"J247-J242","v":-20000},{"$f":"K247-K242","v":-106000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,3618.6200641192409,26469.16023779396,27130.889243738806,27809.161474832272,28504.390511703081,29217.000274495651,29947.425281358042,30696.110913391989,31463.513686226786,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BW247-BW242","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EI247-EI242","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,{"$f":"GU247-GU242","v":0},0,0,0,0,0,0]
[null,null,null,"EIRR to Developer/Sponsor",{"$f":"XIRR(J248:HA248,J2:HA2)","v":2.3754784464836119E-2}]
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{"sheet":"EBL Analysis","index":7,"n_rows":45,"n_cols":209,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[null,"Timeline"]
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[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",13,null,"IRR",{"$f":"F33","v":7.8153565526008606E-2}]
[null,null,null,"Construction Period","Months",30]
[null,null,null,"Development Cost (actual)","EUR",10000,null,"IRR with EBL"]
[null,null,null,"EPC Cost","EUR",400000]
[null,null,null,"EBITDA p.a.","EUR",30000]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[]
[null,null,null,"EBL","flag",true]
[null,null,null,"Interest Rate on EBL","% p.a.",0.03]
[null,null,null,"Repayment date for EBL","Years",5]
[]
[null,"Fundamental Cash Flow Analysis"]
[]
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[null,"EBL Loan"]
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[null,null,null,"Borrowing during Construction","EUR"]
[null,null,null,"Repayment","EUR"]
[null,null,null,"Closing Balance","EUR"]
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[null,null,null,"Cash Flow after EBL","EUR"]
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[null,"Timeline"]
[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2020-04-01","2020-05-01","2020-06-01","2020-07-01","2020-08-01","2020-09-01","2020-10-01","2020-11-01","2020-12-01","2021-01-01","2021-02-01","2021-03-01","2021-04-01","2021-05-01","2021-06-01","2021-07-01","2021-08-01","2021-09-01","2021-10-01","2021-11-01","2021-12-01","2022-01-01","2022-02-01","2022-03-01","2022-04-01","2022-05-01","2022-06-01","2022-07-01","2022-08-01","2022-09-01",{"$f":"EDATE(AO2, AP9)","v":"2022-10-01"},"2022-11-01","2022-12-01","2023-01-01","2023-02-01","2023-03-01","2023-04-01","2023-05-01","2023-06-01","2023-07-01","2023-08-01","2024-08-01","2025-08-01","2026-08-01","2027-08-01","2028-08-01","2029-08-01","2030-08-01","2031-08-01","2032-08-01","2033-08-01","2034-08-01","2035-08-01","2036-08-01","2037-08-01","2038-08-01","2039-08-01","2040-08-01","2041-08-01","2042-08-01","2043-08-01","2044-08-01",{"$f":"EDATE(BU2, BV9)","v":"2045-08-01"},"2046-08-01","2047-08-01","2048-08-01","2049-08-01","2050-08-01","2051-08-01","2052-08-01","2053-08-01","2054-08-01","2055-08-01","2056-08-01","2057-08-01","2058-08-01","2059-08-01","2060-08-01","2061-08-01","2062-08-01","2063-08-01","2064-08-01","2065-08-01","2066-08-01","2067-08-01","2068-08-01","2069-08-01","2070-08-01","2071-08-01","2072-08-01","2073-08-01","2074-08-01","2075-08-01","2076-08-01",{"$f":"EDATE(DA2, DB9)","v":"2077-08-01"},"2078-08-01","2079-08-01","2080-08-01","2081-08-01","2082-08-01","2083-08-01","2084-08-01","2085-08-01","2086-08-01","2087-08-01","2088-08-01","2089-08-01","2090-08-01","2091-08-01","2092-08-01","2093-08-01","2094-08-01","2095-08-01","2096-08-01","2097-08-01","2098-08-01","2099-08-01","2100-08-01","2101-08-01","2102-08-01","2103-08-01","2104-08-01","2105-08-01","2106-08-01","2107-08-01","2108-08-01",{"$f":"EDATE(EG2, EH9)","v":"2109-08-01"},"2110-08-01","2111-08-01","2112-08-01","2113-08-01","2114-08-01","2115-08-01","2116-08-01","2117-08-01","2118-08-01","2119-08-01","2120-08-01","2121-08-01","2122-08-01","2123-08-01","2124-08-01","2125-08-01","2126-08-01","2127-08-01","2128-08-01","2129-08-01","2130-08-01","2131-08-01","2132-08-01","2133-08-01","2134-08-01","2135-08-01","2136-08-01","2137-08-01","2138-08-01","2139-08-01","2140-08-01",{"$f":"EDATE(FM2, FN9)","v":"2141-08-01"},"2142-08-01","2143-08-01","2144-08-01","2145-08-01","2146-08-01","2147-08-01","2148-08-01","2149-08-01","2150-08-01","2151-08-01","2152-08-01","2153-08-01","2154-08-01","2155-08-01","2156-08-01","2157-08-01","2158-08-01","2159-08-01","2160-08-01","2161-08-01","2162-08-01","2163-08-01","2164-08-01","2165-08-01","2166-08-01","2167-08-01","2168-08-01","2169-08-01","2170-08-01","2171-08-01","2172-08-01",{"$f":"EDATE(GS2, GT9)","v":"2173-08-01"},"2174-08-01","2175-08-01","2176-08-01","2177-08-01","2178-08-01","2179-08-01","2180-08-01"]
[null,null,null,"Development Period","Month",{"$f":"F13","v":13},null,null,null,{"$f":"J7<=$F$3","v":true},true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AP7<=$F$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV7<=$F$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"DB7<=$F$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH7<=$F$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"FN7<=$F$3","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT7<=$F$3","v":false},false,false,false,false,false,false,false]
[null,null,null,"Construction period","Month",{"$f":"F14","v":30},null,null,null,{"$f":"AND(J8,NOT(J3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AP8,NOT(AP3))","v":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,{"$f":"AND(BV8,NOT(BV3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB8,NOT(DB3))","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,{"$f":"AND(EH8,NOT(EH3))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN8,NOT(FN3))","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,{"$f":"AND(GT8,NOT(GT3))","v":false},false,false,false,false,false,false,false]
[null,null,null,"Age of project",null,null,null,null,null,{"$f":"I5+NOT(J8)","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,{"$f":"AO5+NOT(AP8)","v":0},0,0,0,0,0,0,0,0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,{"$f":"BU5+NOT(BV8)","v":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,{"$f":"DA5+NOT(DB8)","v":54},55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,{"$f":"EG5+NOT(EH8)","v":86},87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,{"$f":"FM5+NOT(FN8)","v":118},119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,{"$f":"GS5+NOT(GT8)","v":150},151,152,153,154,155,156,157]
[null,null,null,"Operating period","Years",30,null,null,null,{"$f":"AND(J5<=$F$6, NOT(J8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AP5<=$F$6, NOT(AP8))","v":false},false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(BV5<=$F$6, NOT(BV8))","v":true},true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(DB5<=$F$6, NOT(DB8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(EH5<=$F$6, NOT(EH8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(FN5<=$F$6, NOT(FN8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(GT5<=$F$6, NOT(GT8))","v":false},false,false,false,false,false,false,false]
[null,null,null,"Period",null,null,null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198,199,200]
[null,null,null,"Pre-COD","Months Pre",{"$f":"F3+F4","v":43},null,null,null,{"$f":"J7<=$F$8","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AP7<=$F$8","v":true},true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BV7<=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"DB7<=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"EH7<=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"FN7<=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"GT7<=$F$8","v":false},false,false,false,false,false,false,false]
[null,null,null,"Month","Model Period",1,12,null,null,{"$f":"IF(J8, $F$9, $G$9)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"IF(AP8, $F$9, $G$9)","v":1},1,1,1,1,1,1,1,1,1,1,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(BV8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(DB8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(EH8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(FN8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,12,{"$f":"IF(GT8, $F$9, $G$9)","v":12},12,12,12,12,12,12,12]
[]
[null,"Inputs"]
[]
[null,null,null,"Development Period","Months",13,null,"IRR",{"$f":"F28","v":4.6473500132560727E-2}]
[null,null,null,"Construction Period","Months",30,null,"MIRR",{"$f":"F30","v":9.5878152608928735E-2}]
[null,null,null,"Development Cost (actual)","EUR",50000,null,"Accum Cash",{"$f":"F45","v":1876574.4598771688}]
[null,null,null,"EPC Cost","EUR",400000]
[null,null,null,"EBITDA p.a.","EUR",30000]
[null,null,null,"Re-invesment Rate","%",0.1]
[]
[null,"Project Cash Flow Analysis"]
[]
[null,null,null,"Development Cost (actual)","EUR",{"$f":"F15","v":50000},{"$f":"F3","v":13},null,null,{"$f":"$F$22/$G$22*J3","v":3846.1538461538462},{"$f":"$F$22/$F$3*K3","v":3846.1538461538462},3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,3846.1538461538462,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*AQ3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*BW3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*DC3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*EI3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*FO3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*GU3","v":0},0,0,0,0,0,0]
[null,null,null,"EPC cost","EUR",{"$f":"F16","v":400000},null,null,null,{"$f":"$F$23/$F$4*J4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,{"$f":"$F$23/$F$4*AP4","v":13333.333333333334},13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$23/$F$4*BV4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$23/$F$4*DB4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$23/$F$4*EH4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$23/$F$4*FN4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$23/$F$4*GT4","v":0},0,0,0,0,0,0,0]
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[]
[null,null,null,"Discount Rate","%",{"$f":"F67","v":4.648836008940882E-2}]
[null,null,null,"PV Factor for Investment",null,null,null,null,1,{"$f":"I76*(1+$F$75*J6)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AO76*(1+$F$75*AP6)","v":1},1,1,1,1,1,1,1,1,1,1,1.0464883600894088,1.0951378878026201,1.1460490522783429,1.1993269933007842,1.255081738430299,1.3134284302280881,1.3744875640441985,1.4383852368598995,1.5052534076983322,1.5752301701412219,1.6484600375144478,1.7250942413314199,1.8052910436106004,1.8892160637121547,1.9770426203687008,2.0689520896165092,2.1651342793663364,2.2657878213874412,2.3711205815142975,2.4813500889231426,2.5967039853648881,{"$f":"BU76*(1+$F$75*BV6)","v":2.7174204952821341},2.8437489177811495,2.9759501414748262,3.114297183259835,3.2590757521406499,3.4105848392648253,3.5691373353880471,3.7350606770441197,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,{"$f":"DA76*(1+$F$75*DB6)","v":3.9086975227543377},3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,{"$f":"EG76*(1+$F$75*EH6)","v":3.9086975227543377},3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,{"$f":"FM76*(1+$F$75*FN6)","v":3.9086975227543377},3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,{"$f":"GS76*(1+$F$75*GT6)","v":3.9086975227543377},3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377,3.9086975227543377]
[null,null,null,"PV of Investment",null,null,null,null,null,{"$f":"I60*J6/J76","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,{"$f":"AO60*AP6/AP76","v":0},0,0,0,0,0,0,0,0,0,0,458890.55992389325,431496.74921372376,405319.85919295193,380305.83035213151,356403.00467838679,333562.01897291513,311735.7029081629,290878.98161318316,270948.78258717828,251903.94674753063,233705.14342977831,216314.78916319256,199696.9700552001,183817.36762314566,168643.18792119002,154143.09381530818,140287.14026734632,127046.712493474,114394.46687012378,102304.27446481923,90751.167075959806,{"$f":"BU60*BV6/BV76","v":79711.285669278441},69161.831105157675,59081.017054579352,49448.025007045173,40242.961276846429,31446.81591945175,23041.423472781353,15009.425442767662,7334.2344551417036,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DA60*DB6/DB76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EG60*EH6/EH76","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,{"$f":"FM60*FN6/FN76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GS60*GT6/GT76","v":0},0,0,0,0,0,0,0]
[null,null,null,"Weighting",null,null,null,null,null,{"$f":"J77/SUM(77:77)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP77/SUM(77:77)","v":0},0,0,0,0,0,0,0,0,0,0,8.198827321751799E-2,7.709392272718138E-2,7.2416994939946217E-2,6.7947831243895918E-2,6.367720209359326E-2,5.9596287949514506E-2,5.569666106430337E-2,5.1970268078058393E-2,4.8409413386921132E-2,4.5006743250357903E-2,4.1755230604520931E-2,3.8648160550182199E-2,3.5679116485446277E-2,3.2841966854386603E-2,3.0130852484411354E-2,2.7540174486088767E-2,2.5064582690589764E-2,2.2698964600688116E-2,2.0438434832644022E-2,1.8278325027066698E-2,1.6214174208043032E-2,{"$f":"BV77/SUM(77:77)","v":1.4241719570470828E-2},1.2356887676691243E-2,1.0555786044156275E-2,8.8346951068609073E-3,7.1900605338128844E-3,5.6184858887762014E-3,4.1167256160602652E-3,2.6816783379542495E-3,1.3103804498598118E-3,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB77/SUM(77:77)","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,{"$f":"EH77/SUM(77:77)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN77/SUM(77:77)","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,{"$f":"GT77/SUM(77:77)","v":0},0,0,0,0,0,0,0]
[null,null,null,"Weighted Average ROIC",{"$f":"SUMPRODUCT(J63:HA63*J78:HA78)","v":4.6488360089506922E-2}]

{"sheet":"Example Terms P50 and P99","index":9,"n_rows":19,"n_cols":16,"rows_kept":19,"cut":false,"hidden":false,"merged":[[12,6,12,7],[13,6,13,7],[13,12,13,14],[8,4,8,5],[8,6,8,7],[9,6,9,7],[10,6,10,7],[11,4,11,5],[11,6,11,7],[5,4,5,5],[5,6,5,7],[6,4,6,5],[6,12,6,14],[7,4,7,5],[7,6,7,7]]}
[]
[]
[" ",null,null,"Bank 1","Bank 2","Bank 2","Bank 3","Bank 3","Bank 4","Bank 5","Bank 6","Bank 7","Bank 8","Bank 9","Bank 10","Bank 11"]
[null,".","Summary","7-Year Mini-Perm","Unrated PP Bond","Rated PP Bond","Short Mini-Perm","Short Mini-Perm","7-Year Mini-Perm","19.5 Year Mini-Perm","10-Year Term Loan","7-Year Mini-Perm","Mini-Perm","Bank + Unrated PP","Unrated PP","Bank + Bond"]
[null,null,"Option","Single issuance for both projects","Separate issuances for each project","Single issuance for both projects","Separate issuances for each project","Single issuance for both projects","Single issuance for both projects","Single issuance for both projects","Single issuance for both projects","Single issuance for both projects","Single issuance for both projects","Three facilities, not tied to specific project","Single issuance for both projects","Single issuance for both projects"]
[null,null,"DSCR","P50: 1.40x\n1-Year P99: 1.00x","10-year P90: 1.33x, semiannual, with  0.005x annual step-ups\nLong-term P99: 1.00x",null,"1-Year P99: 1.00x with 12 month cash flow tail, 80% max leverage",null,"1-Year P99: 1.00x\n1-Year P50: 1.40x","P50: 1.50x for year 1 and increasing by 0.01x until 1.60x\n1-Year P90: 1.37x\n1-Year P99: 1.00x","P50: 1.40x, PPA minus 1 year\n1-Year P99: 1.00x, PPA minus 1 year","P50: 1.40x\n1-Year P99: 1.00x","1-Year P50: 1.40x\n1-Year P99: 1.00x","1-Year P90: 1.30x\n1-Year P99: 1.00x","1-Year P50: 1.30x\n1-Year P90: 1.25x\n1-Year P99: 1.00x","1-Year P90: 1.40x\nP50: 1.40x"]
[null,null,"Maximum Debt to Capital and Other","Bond and Hybrid Solutions also Available\nMax 85% Debt","Potential for Delayed Draw\nPotential for Structured Deposit Note to avoid negative carry",null,null,null,"Swap Margin: 0.15%\nAdmin Agent Fee: C$ 75,000 Annually","Max 80% Debt","Max 85% Debt","Max 75% Debt","Also include DSR/MMR and GST Bridge Facilities\nMax 85% to 90% Debt",null,null,"Two-year Mini-Perm also available"]
[null,null,"Term","COD + 7 Years","21 years / 6 months before PPA end",null,"5 to 7 Years (C + 3-5 Yrs)",null,"COD + 7 Years\nSized to 18 Years (2-year tail to RESA)","COD + 19.5 Years","COD + 10 Years\nSized to PPA minus 1 year","COD + 7 Years\nSized to 18 Years (2-year tail to RESA)","COD + 7 to 19.5 years (6 to 12 month tail to PPA)","Floating: COD + 7 to 9 Years\nFixed: COD + 7 to 19.5 years (6 mo. tail to PPA)","TBD with 6 mo. tail to PPA","3 Year Mini-Perm"]
[null,null,"Benchmark","CDOR","GOC: 1.958%",null,"BA",null,null,"Mid-market, semi-annual YTM of the 10 and 15 year GoC Bonds","CDOR",null,"Swapped CDOR","Floating: Swapped CDOR\nFixed: Interpolated GoC","Interpolated GoC","GoC"]
[null,null,"Spread","1.45% to 1.50%","2.150% to 2.200%","3 to 5 bps premium for execution","1.625%",null,"Construction: 1.625%\nTerm Loan: 1.625%, 0.25% step-ups in Year 4 and Year 7",null,"Constr. & Years 1 to 4: 150 to 162.5\nYears 5 to 8: 175 to 187.5\nYears 9 and 10: 200 to 212.5","Construction: 1.875%\nTerm Loan: 2.000%; 0.125% step-ups every 3 years","C + 7 Years: 150 bps\nC + 19.5 Years: 187.5 bps","Floating: 150 to 162.5 bps\nFixed: 200 to 220 bps","Fixed Facility: 210 to 220 bps","Years 1 to 3: 137.5 to 150 bps\nBond: 195"]
[null,null,"Indicative All-in Rate",null,"4.108% to 4.158%","4.138% to 4.208%","4.155%",null,null,null,null,null,null,null,null,"3.95% Area"]
[null,null,"Upfront Fees","1.45% to 1.50%","Sole: 0.35%\nJoint: 0.45%",null,"Undrawn: 35% of Margin\nUpfront: 150 bps (area)\nStructuring Fees: 50 bps (area)",null,"\n1.50% for TL and LCs","1.00% of Construction","150 to 162.5 bps","Undrawn: 0.50%\nUpfront: 1.75%\nAgency: C$ 75k","\n150 bps best effort, or underwritten for a premium","Floating: 150\nFixed: 50 arranged or 150 underwritten","50 bps arranged\n150 underwritten","100 to 125 bps150k to 200k Arrangement"]
[null,null,"Commitment Fees","30% of Applicable Margin",null,null,"Undrawn: 35% of Margin",null,5.0000000000000001E-3,1.4999999999999999E-2,"50 bps",null,"30% of drawn spread","Floating: 30% of drawn spread\nFixed: TBD","Fixed: TBD","34.4 to 37.5 bps (25%)"]
[null,null,"Agency / Admin Fees",null,null,null,null,null,null,"Construction: 7k/mo\nTerm Loan: 40k/yr + 2%/yr","$100k per year + inflation",null,"Construction: 60k\nOperation 40k (indexed)",null,null,"55k per lender"]
[null,null,"Size 1",null,"220 to 245","N/A",273,null,null,null,null,240]
[null,null,"Size 2",null,"180 to 200","N/A",229,null,null,null,null,205]
[null,null,"Combined Size",null,null,"400 to 445",null,502,304,null,null,null,595,"Floating Rate Facility: 170\nFixed Rate: Up to 300 per project\nTotal: 770","Fixed Rate: Up to 300 per project","422 to 431"]
[null,null,null,null,null,null,null,null,"Half size"]
[null,null,null,null,null,null,null,null,"What is benchmark rate"]

{"sheet":"Mini-Perm and Refinancing","index":10,"n_rows":40,"n_cols":36,"rows_kept":40,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Growth",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]
[null,"Inputs"]
[null,null,"Target DSCR",1.3]
[null,null,"All-in Rate",2.5000000000000001E-2]
[null,null,"Amortisation period",18]
[null,null,"Term",7]
[]
[null,null,"CFADS base case",null,0.02,150,{"$f":"F8*(1+$E$8)","v":153},{"$f":"G8*(1+$E$8)","v":156.06},159.18120000000002,162.36482400000003,165.61212048000004,168.92436288960005,172.30285014739206,175.7489071503399,179.2638852933467,182.84916299921363,186.50614625919792,190.23626918438188,194.04099456806952,197.92181445943092,201.88025074861955,205.91785576359194,210.03621287886378,214.23693713644107,218.52167587916989,222.89210939675328,227.34995158468834,231.8969506163821,236.53488962870975,241.26558742128395,246.09089916970964,251.01271715310384,256.03297149616594,261.15363092608925,266.37670354461102,271.70423761550325]
[null,null,"CFADS low case",null,0,110,{"$f":"F9*(1+$E$9)","v":110},{"$f":"G9*(1+$E$9)","v":110},110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110]
[null,null,"CFADS high case",null,0.05,180,{"$f":"F10*(1+$E$10)","v":189},{"$f":"G10*(1+$E$10)","v":198.45000000000002},208.37250000000003,218.79112500000005,229.73068125000006,241.21721531250009,253.27807607812511,265.94197988203138,279.23907887613296,293.2010328199396,307.86108446093658,323.2541386839834,339.41684561818261,356.38768789909176,374.20707229404638,392.91742590874873,412.5632972041862,433.19146206439552,454.85103516761529,477.59358692599608,501.47326627229592,526.54692958591079,552.87427606520635,580.51798986846666,609.54388936189002,640.0210838299846,672.0221380214839,705.62324492255811,740.90440716868602,777.94962752712036]
[]
[null,null,"CAPEX",null,null,-2500]
[]
[null,null,"FCF base case",null,null,{"$f":"F12","v":-2500},{"$f":"G8","v":153},{"$f":"H8","v":156.06},159.18120000000002,162.36482400000003,165.61212048000004,168.92436288960005,172.30285014739206,175.7489071503399,179.2638852933467,182.84916299921363,186.50614625919792,190.23626918438188,194.04099456806952,197.92181445943092,201.88025074861955,205.91785576359194,210.03621287886378,214.23693713644107,218.52167587916989,222.89210939675328,227.34995158468834,231.8969506163821,236.53488962870975,241.26558742128395,246.09089916970964,251.01271715310384,256.03297149616594,261.15363092608925,266.37670354461102,271.70423761550325]
[null,null,"Project IRR base case",null,{"$f":"IRR(F14:AJ14)","v":6.3924371902887467E-2}]
[]
[null,"Debt Sizing from Base Case Cash Flows"]
[null,null,"Flag for amortisation",null,null,null,{"$f":"(G1<=$D$5)*1","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sculpted debt service Base Case",null,{"$f":"NPV(D4,G19:AJ19)","v":1983.2847652615685},null,{"$f":"G18*G14/$D$3","v":117.69230769230769},120.04615384615384,122.44707692307693,124.89601846153847,127.39393883076926,129.94181760738465,132.54065395953236,135.191467038723,137.89529637949747,140.65320230708741,143.46626635322917,146.33559168029376,149.26230351389964,152.24754958417762,155.2925005758612,158.39835058737842,161.56631759912597,164.79764395110851,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Gearing",null,{"$f":"-E19/F14","v":0.79331390610462738}]
[]
[null,null,"Oustanding balance BoP",null,null,null,{"$f":"F25","v":1983.2847652615685},{"$f":"G25","v":1915.1745767008001},1843.0077872721663,1766.6359050308936,1685.9057841951274,1600.6594899692363,1510.7341596110825,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayment",null,null,null,{"$f":"MIN(G19-G26,G22)","v":68.110188560768478},{"$f":"MIN(H19-H26,H22)","v":72.166789428633834},76.371882241272772,80.73012083576613,85.246294225891063,89.92533035815373,94.7722999692553,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balloon repayment at term",null,null,null,{"$f":"(G1=$D$6)*(G22-G23)","v":0},0,0,0,0,0,1415.9618596418272,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Outstanding balance CoP",null,null,{"$f":"E19","v":1983.2847652615685},{"$f":"G22-G23-G24","v":1915.1745767008001},{"$f":"H22-H23-H24","v":1843.0077872721663},1766.6359050308936,1685.9057841951274,1600.6594899692363,1510.7341596110825,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest",null,null,null,{"$f":"G22*$D$4","v":49.582119131539216},47.879364417520009,46.075194681804163,44.165897625772345,42.147644604878188,40.016487249230913,37.768353990277063,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Sweep in Downside Case"]
[null,null,"Sculpted debt service Base Case",null,null,null,{"$f":"G9","v":110},{"$f":"H9","v":110},110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110,110]
[]
[null,null,"Oustanding balance BoP",null,null,null,{"$f":"F35","v":0},{"$f":"G35","v":0},0,0,0,0,0,1415.9618596418272,1341.360906132873,1264.8949287861949,1186.5173020058498,1106.1802345559961,1023.834740419896,939.43060893039342,852.91637415365324,764.23928350749452,673.3452655951819,580.17889723506141,484.68336966593796,386.80045390758642,286.47046525527605,183.63222688665797,78.223032558824428,0,0,0,0,0,0,0]
[null,null,"Add refinancing at balloon date",null,null,null,{"$f":"G24","v":0},0,0,0,0,0,1415.9618596418272,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayment using cash sweep",null,null,null,{"$f":"MIN(G29-G36,G31)","v":0},0,0,0,0,0,0,74.600953508954319,76.465977346678173,78.377626780345125,80.337067449853748,82.3454941361001,84.404131489502603,86.514234776740167,88.677090646158661,90.894017912312634,93.166368360120458,95.495527569123468,97.882915758351544,100.32998865231033,102.83823836861809,105.40919432783355,78.223032558824428,0,0,0,0,0,0,0]
[null,null,"Balloon repayment at term",null,null,null,{"$f":"(G3=$D$6)*(G31-G33)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Outstanding balance CoP",null,null,null,{"$f":"G31-G33-G34+G32","v":0},{"$f":"H31-H33-H34+H32","v":0},0,0,0,0,1415.9618596418272,1341.360906132873,1264.8949287861949,1186.5173020058498,1106.1802345559961,1023.834740419896,939.43060893039342,852.91637415365324,764.23928350749452,673.3452655951819,580.17889723506141,484.68336966593796,386.80045390758642,286.47046525527605,183.63222688665797,78.223032558824428,0,0,0,0,0,0,0,0]
[null,null,"Interest",null,null,null,{"$f":"G31*$D$4","v":0},0,0,0,0,0,0,35.399046491045681,33.534022653321827,31.622373219654875,29.662932550146248,27.654505863899903,25.5958685104974,23.485765223259836,21.322909353841332,19.105982087687362,16.833631639879549,14.504472430876536,12.117084241648449,9.6700113476896608,7.1617616313819017,4.5908056721664492,1.9555758139706108,0,0,0,0,0,0,0]
[]
[null,null,"Target DSCR refi",1.2]
[null,null,"All-in Rate refi",0.02]
[null,null,"Amortisation period refi",12]

{"sheet":"LLCR and PLCR","index":11,"n_rows":38,"n_cols":22,"rows_kept":38,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15]
[]
[null,null,"DSCR","% Reduction in Cash Flow for one period "]
[null,null,"LLCR","% Reduction over life of the loan (how low can cash flow reduce over life of loan and restructure)"]
[null,null,"PLCR","% Reduction over life of project(how low can go and still restructure)"]
[null,null,null,null,null,null,null,"*(1-$E$50)"]
[null,"Cash Flow and Debt Balance without Default"]
[null,null,"Cash Flow",null,null,null,null,100,{"$f":"H8","v":100},{"$f":"I8","v":100},100,100,100,100,100,100,100,100,100,100,100,100]
[]
[null,null,"Debt Balance"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G13","v":600},{"$f":"H13","v":540},480,420,360,300,240,180,120,60,0,0,0,0,0]
[null,null,"Less: Repayment",null,null,null,null,{"$f":"MIN($G$13/10,H11)","v":60},{"$f":"MIN($G$13/10,I11)","v":60},60,60,60,60,60,60,60,60,0,0,0,0,0]
[null,null,"Ending Balance",null,null,null,600,{"$f":"H11-H12","v":540},{"$f":"I11-I12","v":480},420,360,300,240,180,120,60,0,0,0,0,0,0]
[null,null,"Interest Expense",null,null,0.05,null,{"$f":"H11*$F$14","v":30},27,24,21,18,15,12,9,6,3,0,0,0,0,0]
[]
[null,"Defaulted Debt from Waterfall"]
[null,null,"Opening Balance",null,null,null,null,{"$f":"G20","v":0},{"$f":"H20","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Add Default",null,null,null,null,{"$f":"H28","v":0},{"$f":"I28","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less Repayment of Default",null,null,null,null,{"$f":"H29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Closing Balance",null,null,null,null,{"$f":"H17+H18-H19","v":0},{"$f":"I17+I18-I19","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest on Default",null,null,0.05,null,{"$f":"H17*$F$21","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Cash Flow Waterfall"]
[null,null,"Cash Flow",null,null,null,null,{"$f":"H8","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[null,null,"    Less Scheduled Debt Service",null,null,null,null,{"$f":"H12+H14","v":90},87,84,81,78,75,72,69,66,63,0,0,0,0,0]
[null,null,"    Less Interest on Default",null,null,null,null,{"$f":"H21","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow post Debt Service",null,null,null,null,{"$f":"H24-H25-H26","v":10},{"$f":"I24-I25-I26","v":13},16,19,22,25,28,31,34,37,100,100,100,100,100]
[null,null,"Add Default",null,null,null,null,{"$f":"MAX(-H27,0)","v":0},{"$f":"MAX(-I27,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Less Repayment of Default",null,null,null,null,{"$f":"MIN(MAX(H27,0),H17)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity Cash Flow"]
[]
[null,"Ratios"]
[null,null,null,"x","Pct Cash Decline"]
[null,null,"DSCR",{"$f":"MIN(H34:V34)","v":1.1111111111111112},{"$f":"(D34-1)/D34","v":0.10000000000000003},null,null,{"$f":"IFERROR(H8/(H12+H14),FALSE)","v":1.1111111111111112},1.1494252873563218,1.1904761904761905,1.2345679012345678,1.2820512820512822,1.3333333333333333,1.3888888888888888,1.4492753623188406,1.5151515151515151,1.5873015873015872,false,false,false,false,false]
[]
[null,null,"LLCR",{"$f":"NPV(F14,H8:Q8)/G13","v":1.2869558215308019},{"$f":"(D36-1)/D36","v":0.22297255020725973},null,0.22297255020725973]
[]
[null,null,"PLCR",{"$f":"NPV(F21,H8:V8)/$G$13","v":1.7299430063634316},{"$f":"(D38-1)/D38","v":0.42194627434453352},null,0.42194627434453352]