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{"sheet":"Summary","index":0,"n_rows":25,"n_cols":14,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[null,null,"Operations",null,null,null,null,"Debt Sizing from",null,{"$f":"'Financial Model'!F77","v":"DSCR"},null,null,"LLCR Repayment"]
[]
[null,null,"Capacity Factor (P50)",{"$f":"InputC!G9","v":0.27}]
[null,null,"Capacity Factor (P90)",{"$f":"InputC!G11","v":0.23539810773029579}]
[null,null,"EPC Cost/kW",{"$f":"InputC!G16","v":500}]
[null,null,"O&M Cost/kWy",{"$f":"InputC!G24","v":5}]
[null,null,"PPA Price (USD/kWh)",{"$f":"InputC!G20","v":0.02}]
[null,null,"Development Fee",{"$f":"InputC!G18","v":0}]
[]
[null,null,"Project IRR P50",{"$f":"'Financial Model'!$F$54","v":8.2331123948097246E-2}]
[null,null,"Debt IRR",{"$f":"'Financial Model'!$F$108","v":6.2878802418708815E-2}]
[]
[null,null,"Debt Tenure",{"$f":"InputC!$G$38","v":25}]
[null,null,"Include Re-financing",{"$f":"InputC!$F$61","v":false}]
[null,null,"Year of Re-financing",{"$f":"InputC!F63","v":4}]
[]
[null,null,"Partner Sale",{"$f":"InputC!F70","v":0.4}]
[null,null,"Equity IRR - Development Fees Deducted",{"$f":"'Financial Model'!$F$173","v":0.11313964724540707}]
[null,null,"Equity IRR - Development Fees Not Deducted",{"$f":"'Financial Model'!$F$174","v":0.11313964724540707},null,null,null,"Uses of Funds",null,null,null,"Sources of Funds"]
[null,null,"Initial Sponsor Equity IRR (Fees Not Deducted)",{"$f":"'Financial Model'!$F$192","v":0.11311377882957457},null,null,null,"Development Cost",null,{"$f":"'Financial Model'!F58","v":5000000},null,"Debt",{"$f":"'Financial Model'!E81","v":0.69738414935041071},{"$f":"'Financial Model'!F81","v":352178995.42195743}]
[null,null,null,null,null,null,null,"Development Fee",null,{"$f":"'Financial Model'!F59","v":0},null,"Developer/Sponsor",{"$f":"'Financial Model'!E82","v":0.18156951038975352},{"$f":"'Financial Model'!F82","v":91692602.746825531}]
[null,null,"Equity IRR with Sale of Project",{"$f":"'Financial Model'!F215","v":0.1131906676228438},null,null,null,"EPC Cost",null,{"$f":"'Financial Model'!F60","v":500000000},null,"Partner",{"$f":"'Financial Model'!E83","v":0.12104634025983571},{"$f":"'Financial Model'!F83","v":61128401.831217036}]
[null,null,null,null,null,null,null,"Total Uses",null,{"$f":"'Financial Model'!F61","v":505000000},null,"Total Sources",null,{"$f":"SUM(N20:N22)","v":505000000}]
[null,null,"Project Sale Year",{"$f":"InputC!F106","v":39}]
[null,null,"Buyer Valuation Scenario"]

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[null,"Timing"]
[null,null,null,"Project Life",null,"Years",30]
[null,null,null,"Development Period",null,"Years",1]
[null,null,null,"Construction Period",null,"Years",1,null,null,null,null,null,null,null,null,null,null,null,"EBITDA","EIRR","EIRR"]
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[null,"Operations"]
[null,null,null,"Capacity",null,"MW",1000]
[null,null,null,"P50 Capacity Factor",null,"% p.a.",0.27]
[null,null,null,"Standard Deviation as Percent of Generation",null,"%",0.1]
[null,null,null,"P90 Capacity Factor",null,"% p.a.",{"$f":"NORMINV(0.1,G9,G10*G9)","v":0.23539810773029579},{"$f":"_xlfn.FORMULATEXT(G11)","v":"=NORMINV(0.1,G9,G10*G9)"}]
[]
[null,null,null,"Degradation",null,"% p.a.",5.0000000000000001E-3]
[]
[null,"Capital Expenditures and Operating Expenses"]
[null,null,null,"EPC Cost/kWp",null,"USD/kWp",500]
[null,null,null,"Development Cost",null,"USD/kWp",3]
[null,null,null,"Development Fee",null,"USD/kWp",0]
[]
[null,null,null,"PPA Price",null,"USD/kWh",{"$f":"H20/10000","v":0.02},200]
[null,null,null,"Inflate PPA Price",null,"Flag",true]
[null,null,null,"PPA Inflation Rate",null,"% p.a.",2.5000000000000001E-2]
[]
[null,null,null,"O&M Expense - Real",null,"USD/kWh",5]
[null,null,null,"Administrative Expense - Real",null,"USD/kWh",2]
[null,null,null,"Insurcance Expense - % of Cost",null,"%",0.01]
[]
[null,null,null,"O&M Inflation",null,"%",2.5000000000000001E-2]
[]
[null,null,null,"EBITDA Sensitivity Factor",null,"%",1]
[]
[null,"Financing"]
[null,null,"Debt Sizing"]
[null,null,null,"Maximum Debt to Capital",null,"%",0.8]
[null,null,null,"Minimum DSCR",null,"x",1.35]
[]
[null,null,"Repayment"]
[null,null,null,"Debt Tenure",null,"Years",25]
[null,null,null,"Apply LLCR in Debt to Capital Case",null,"Flag",true]
[]
[null,null,"Interest Rates"]
[null,null,null,"Project Year",null,0,1,2,3,4,5,6,7,8,9]
[null,null,null,"Credit Spread 1",null,null,1.4999999999999999E-2,{"$f":"G43","v":1.4999999999999999E-2},1.7500000000000002E-2,1.7500000000000002E-2,0.02,0.02,0.02,2.2499999999999999E-2,2.2499999999999999E-2]
[null,null,null,"Credit Spread 2",null,null,1.4999999999999999E-2,{"$f":"G44","v":1.4999999999999999E-2},{"$f":"H44","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[]
[null,null,null,{"$f":"INDEX(D43:D44,$F$46)","v":"Credit Spread 2"},null,2,{"$f":"INDEX(G43:G44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(H43:H44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(I43:I44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(J43:J44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(K43:K44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(L43:L44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(M43:M44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(N43:N44,$F$46)","v":1.4999999999999999E-2},{"$f":"INDEX(O43:O44,$F$46)","v":1.4999999999999999E-2}]
[]
[]
[null,null,null,"Percent Fixed",null,"%",0.6]
[]
[null,null,null,"Fixed Swap Rate",null,"% p.a.",4.2999999999999997E-2]
[]
[null,null,null,null,null,null,2024,2025,2026,2027,2028,2029,2030]
[null,null,null,"Floating Rate - Base",null,null,4.5999999999999999E-2,4.3999999999999997E-2,4.2999999999999997E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2]
[null,null,null,"Floating Rate - High",null,null,4.5999999999999999E-2,0.05,0.05,0.06,0.06,0.06,0.06]
[null,null,null,"Floating Rate - Low",null,null,4.5999999999999999E-2,0.04,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2,3.5000000000000003E-2]
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[null,null,null,{"$f":"INDEX(D54:D56,$F$58)","v":"Floating Rate - Base"},null,1,{"$f":"INDEX(G54:G56,$F$58)","v":4.5999999999999999E-2},{"$f":"INDEX(H54:H56,$F$58)","v":4.3999999999999997E-2},{"$f":"INDEX(I54:I56,$F$58)","v":4.2999999999999997E-2},{"$f":"INDEX(J54:J56,$F$58)","v":4.2000000000000003E-2},{"$f":"INDEX(K54:K56,$F$58)","v":4.2000000000000003E-2},{"$f":"INDEX(L54:L56,$F$58)","v":4.2000000000000003E-2},{"$f":"INDEX(M54:M56,$F$58)","v":4.2000000000000003E-2}]
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[null,"Re-finance"]
[null,null,null,"Include Re-finance","Flag",false]
[null,null,null,"DSCR for Re-finance","x",1.2]
[null,null,null,"Year of Re-finance","Year",4]
[null,null,null,"Tail for Re-Finance","Years",3]
[null,null,null,"Apply Optionality","Flag",true]
[null,null,null,"Credit Spread for Re-Finance","%",{"$f":"G43","v":1.4999999999999999E-2}]
[null,null,null,"Fee for Re-finance","%",0]
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[null,"Partnership"]
[null,null,null,"Partner Investment","%",{"$f":"G70/100","v":0.4},40]
[null,null,null,"Original Sponsor Investment","%",{"$f":"1-F70","v":0.6}]
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[null,null,"Development Inputs"]
[null,null,null,"Probability of Success","%",1]
[null,null,null,"Target Development Profit","%",0.1]
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[null,null,null,"Loss Scenarios","Number",{"$f":"1/F74-1","v":0}]
[null,null,null,"Costs of Loss from Failures","EUR",{"$f":"F77*'Financial Model'!F245","v":0}]
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[null,null,null,"Target Profit","EUR",1]
[null,null,null,"Development Fee","EUR",{"$f":"F80","v":1}]
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[]
[null,"Valuation",null,null,null,1]
[null,null,null,"Buyer Project IRR Target Scenario","Code",1]
[null,null,null,null,null,"Start","Fin Close","COD","COD + 2","COD + 4"]
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[null,null,null,"Scenario 1 - Base Case",null,0.11,0.08,0.06,5.5E-2,0.05]
[null,null,null,"Scenario 2 - Lower Rate",null,0.1,{"$f":"G88-0.5%","v":7.4999999999999997E-2},{"$f":"H88-0.5%","v":5.5E-2},{"$f":"I88-0.5%","v":0.05},{"$f":"J88-0.5%","v":4.5000000000000005E-2}]
[null,null,null,"Scenario 3 - Higher IRR",null,0.12,{"$f":"G88+0.5%","v":8.5000000000000006E-2},0.06,5.5E-2,0.06]
[null,null,null,"Scenario 4 - Flat IRR",null,{"$f":"'Financial Model'!F199","v":8.238683953383652E-2},{"$f":"F91","v":8.238683953383652E-2},{"$f":"G91","v":8.238683953383652E-2},{"$f":"H91","v":8.238683953383652E-2},{"$f":"I91","v":8.238683953383652E-2}]
[null,null,null,null,null,1]
[null,null,null,{"$f":"INDEX(D88:D91,$F$85)","v":"Scenario 1 - Base Case"},null,{"$f":"INDEX(F88:F91,$F$85)","v":0.11},{"$f":"INDEX(G88:G91,$F$85)","v":0.08},{"$f":"INDEX(H88:H91,$F$85)","v":0.06},{"$f":"INDEX(I88:I91,$F$85)","v":5.5E-2},{"$f":"INDEX(J88:J91,$F$85)","v":0.05}]
[]
[null,null,null,"Buyer Equity IRR Scenario","Code",{"$f":"F85","v":1}]
[null,null,null,null,null,"Start","Fin Close","COD","COD + 2","COD + 4"]
[null,null,null,null,null,1,{"$f":"G87","v":1},{"$f":"H87","v":2},{"$f":"I87","v":4},{"$f":"J87","v":6}]
[null,null,null,"Scenario 1 - Base Case",null,1,0.09,7.0000000000000007E-2,6.5000000000000002E-2,0.06]
[null,null,null,"Scenario 2 - Lower Rate",null,0.1,0.08,6.5000000000000002E-2,0.06,0.05]
[null,null,null,"Scenario 3 - Higher IRR",null,0.12,0.1,0.08,7.6999999999999999E-2,7.0000000000000007E-2]
[null,null,null,"Scenario 4 - Flat IRR",null,{"$f":"'Financial Model'!J255","v":0.1131906676228438},{"$f":"$F$101","v":0.1131906676228438},{"$f":"$F$101","v":0.1131906676228438},{"$f":"$F$101","v":0.1131906676228438},{"$f":"$F$101","v":0.1131906676228438}]
[]
[null,null,null,{"$f":"INDEX(D98:D101,$F$95)","v":"Scenario 1 - Base Case"},null,{"$f":"INDEX(F98:F101,$F$95)","v":1},{"$f":"INDEX(G98:G101,$F$95)","v":0.09},{"$f":"INDEX(H98:H101,$F$95)","v":7.0000000000000007E-2},{"$f":"INDEX(I98:I101,$F$95)","v":6.5000000000000002E-2},{"$f":"INDEX(J98:J101,$F$95)","v":0.06}]
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[]
[null,null,null,"Year of Sale","Year",39]

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[null,"Timeline"]
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[null,null,null,"Operating period","Years",{"$f":"InputC!G3","v":30},null,null,null,null,{"$f":"AND(K7<=$F$6, NOT(K8))","v":false},false,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AND(AQ7<=$F$6, NOT(AQ8))","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Age of project",null,null,null,null,null,null,{"$f":"J7+NOT(K8)","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,{"$f":"AP7+NOT(AQ8)","v":31},32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48]
[null,null,null,"Pre-COD","Years ",{"$f":"F4+F5","v":2},null,null,null,null,{"$f":"K3<=$F$8","v":true},true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AQ3<=$F$8","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
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[null,"Operating Cash Flow and Project IRR"]
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[null,null,null,"Capacity","MW",{"$f":"InputC!G8","v":1000},null,null,null,null,{"$f":"$F$12*K6","v":0},0,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,1000,{"$f":"$F$12*AQ6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Development Cost (EPC)","USD/kW",{"$f":"InputC!G24","v":5},"USD",{"$f":"F23*$F$12*1000","v":5000000},{"$f":"SUM(K23:XFD23)","v":5000000},null,{"$f":"$H$23*K4","v":5000000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$23*AQ4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Development Fee","USD/kW",{"$f":"InputC!G18","v":0},"USD",{"$f":"F24*$F$12*1000","v":0},{"$f":"SUM(K24:XFD24)","v":0},null,{"$f":"$H$24*K4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$24*AQ4","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EPC cost","USD/kW",{"$f":"InputC!G16","v":500},"USD",{"$f":"F25*$F$12*1000","v":500000000},{"$f":"SUM(K25:XFD25)","v":500000000},null,{"$f":"$H$25*K5","v":0},500000000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$25*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Capital Expenditures","USD ",null,null,null,{"$f":"SUM(K26:XFD26)","v":505000000},null,{"$f":"SUM(K23:K25)","v":5000000},500000000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AQ23:AQ25)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Base PPA Price","USD/kWh",{"$f":"InputC!G20","v":0.02},null,null,null,null,{"$f":"$F$28","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,{"$f":"$F$28","v":0.02},0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
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[null,null,null,"Nominal PPA Price","USD/kWh",null,null,null,null,null,{"$f":"K28*K29","v":0.02},0.02,2.0499999999999997E-2,2.10125E-2,2.15378125E-2,2.2076257812499996E-2,2.2628164257812493E-2,2.3193868364257804E-2,2.3773715073364246E-2,2.4368057950198349E-2,2.4977259398953306E-2,2.5601690883927133E-2,2.624173315602531E-2,2.6897776484925941E-2,2.7570220897049091E-2,2.8259476419475314E-2,2.8965963329962194E-2,2.9690112413211244E-2,3.0432365223541522E-2,3.1193174354130059E-2,3.1973003712983304E-2,3.2772328805807882E-2,3.3591637025953081E-2,3.4431427951601902E-2,3.5292213650391945E-2,3.6174518991651743E-2,3.7078881966443031E-2,3.8005854015604107E-2,3.8956000365994205E-2,3.9929900375144059E-2,4.0928147884522648E-2,4.1951351581635717E-2,{"$f":"AQ28*AQ29","v":4.1951351581635717E-2},4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2,4.1951351581635717E-2]
[]
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[null,null,null,"Revenues- P90","USD",null,null,null,{"$f":"SUM(K33:XFD33)","v":1704090581.3204942},null,{"$f":"K30*K21","v":0},0,42061428.225275479,42897399.111252837,43869847.890968688,44619515.86884594,45506328.746739246,46410767.030580692,47462860.973328032,48273927.998191573,49233372.317155622,50211885.591959074,51350147.768285833,52227642.523608983,53265666.918765709,54324322.04877618,55555809.779494211,56505172.80624181,57628213.115765855,58773573.851441704,60105922.463606872,61133039.892044902,62348059.059899293,63587226.733714782,65028696.900294058,66139936.944490165,67454468.191261902,68795125.746563241,70354654.703298852,71556907.144582853,72979100.674081415,74429560.299978793,{"$f":"AQ30*AQ21","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"O&M Expenses","USD/kWp",{"$f":"InputC!G24","v":5},null,null,null,null,{"$f":"$F$35*K6","v":0},0,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,5,{"$f":"$F$35*AQ6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Administrative Expenses","USD/kWp",{"$f":"InputC!G25","v":2},null,null,null,null,{"$f":"$F$36*K6","v":0},0,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,2,{"$f":"$F$36*AQ6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Total Expenses","USD/kWp",{"$f":"F35+F36","v":7},null,null,null,null,{"$f":"SUM(K35:K36)","v":0},0,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,7,{"$f":"SUM(AQ35:AQ36)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index","% p.a.",{"$f":"InputC!G28","v":2.5000000000000001E-2},null,null,null,1,{"$f":"J38*(1+$F$38*K6)","v":1},1,1.0249999999999999,1.0506249999999999,1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858,{"$f":"AP38*(1+$F$38*AQ6)","v":2.0975675790817858},2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858,2.0975675790817858]
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[null,null,null,"Inflated Expenses","USD",null,null,null,{"$f":"SUM(K40:XFD40)","v":315001895.19647372},null,{"$f":"K38*K37*K12*1000","v":0},0,7174999.9999999991,7354374.9999999991,7538234.3749999991,7726690.2343749981,7919857.4902343722,8117853.9274902306,8320800.2756774854,8528820.2825694233,8742040.7896336559,8960591.8093744963,9184606.6046088599,9414221.7697240803,9649577.3139671814,9890816.7468163595,10138087.165486768,10391539.344623936,10651327.828239534,10917611.023945522,11190551.299544157,11470315.082032759,11757072.959083578,12050999.783060664,12352274.777637182,12661081.64707811,12977608.68825506,13302048.905461438,13634600.128097972,13975465.13130042,14324851.759582927,14682973.0535725,{"$f":"AQ38*AQ37*AQ12*1000","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Project Cost","USD",{"$f":"H25","v":500000000},null,null,null,null,{"$f":"$F$42","v":500000000},500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,{"$f":"$F$42","v":500000000},500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000,500000000]
[null,null,null,"Accumulated Depreciation","USD",{"$f":"F42/F6","v":16666666.666666666},null,null,null,null,{"$f":"$F$43*K6+J43","v":0},0,16666666.666666666,33333333.333333332,50000000,66666666.666666664,83333333.333333328,100000000,116666666.66666667,133333333.33333334,150000000,166666666.66666666,183333333.33333331,199999999.99999997,216666666.66666663,233333333.33333328,249999999.99999994,266666666.6666666,283333333.33333325,299999999.99999994,316666666.66666663,333333333.33333331,350000000,366666666.66666669,383333333.33333337,400000000.00000006,416666666.66666675,433333333.33333343,450000000.00000012,466666666.66666681,483333333.33333349,500000000.00000018,{"$f":"$F$43*AQ6+AP43","v":500000000.00000018},500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018,500000000.00000018]
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[null,null,null,"Insurance","%",{"$f":"InputC!G26","v":0.01},"USD",null,{"$f":"SUM(K46:XFD46)","v":72500000},null,{"$f":"$F$46*K44","v":0},0,4833333.333333333,4666666.666666667,4500000,4333333.333333333,4166666.666666667,4000000,3833333.333333333,3666666.6666666665,3500000,3333333.333333334,3166666.666666667,3000000,2833333.333333334,2666666.6666666674,2500000.0000000005,2333333.333333334,2166666.6666666674,2000000.0000000007,1833333.3333333337,1666666.666666667,1500000,1333333.3333333333,1166666.6666666663,999999.99999999942,833333.33333333256,666666.6666666657,499999.99999999884,333333.33333333198,166666.66666666509,-1.7881393432617187E-9,{"$f":"$F$46*AQ44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Total Operating Expenses","USD",null,null,null,{"$f":"SUM(K48:XFD48)","v":387501895.1964736},null,{"$f":"K46+K40","v":0},0,12008333.333333332,12021041.666666666,12038234.375,12060023.567708332,12086524.156901039,12117853.927490231,12154133.609010819,12195486.949236089,12242040.789633656,12293925.14270783,12351273.271275528,12414221.76972408,12482910.647300515,12557483.413483027,12638087.165486768,12724872.67795727,12817994.494906202,12917611.023945522,13023884.632877491,13136981.748699427,13257072.959083578,13384333.116393998,13518941.444303848,13661081.64707811,13810942.021588393,13968715.572128104,14134600.12809797,14308798.464633752,14491518.426249592,14682973.053572498,{"$f":"AQ46+AQ40","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Debt Sizing"]
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[null,null,null,"Debt Size from Debt to Capital","USD",{"$f":"H63*F61","v":404000000},"%",{"$f":"InputC!G34","v":0.8}]
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[null,null,"Debt Size from Cash Flow and DSCR"]
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[null,null,null,"Debt Service from P90","USD",{"$f":"InputC!G35","v":1.35},null,null,null,null,{"$f":"K72/$F$73","v":0},0,22261551.771808997,22871375.884878647,23578972.97479162,24118142.445287116,24755410.807287559,25402157.854141083,26154612.86245719,26724771.147374433,27400986.316682938,28087378.110556472,28888055.182970595,29491422.780655481,30209449.089974217,30938398.98910604,31790905.64000551,32429851.946877439,33192754.53397011,33967379.872219391,34875583.578318059,35552635.66173739,36363693.408011638,37187328.605422802,38155374.411844596,38873226.146231145,39735945.310869262,0,0,0,0,0,{"$f":"AQ72/$F$73","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Size from DSCR (Sumproduct)","USD",{"$f":"SUMPRODUCT(K73:BH73/K70:BH70)","v":352178995.42195743}]
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[null,null,null,"Minimum of Debt/Capital or DSCR","USD",{"$f":"MIN(F74,F63)","v":352178995.42195743}]
[null,null,null,"Debt Sizing Method Applied",null,{"$f":"IF(F76=F74,\"DSCR\",\"Debt to Capital\")","v":"DSCR"}]
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[null,null,"Sources of Funds"]
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[null,null,null,"Total Sources",null,{"$f":"SUM(F81:F83)","v":505000000}]
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[null,null,null,"Equity Funding of EPC",null,{"$f":"F61-F81-F59-F58","v":147821004.57804257}]
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[null,"Cash Flow Waterfall without Re-financing"]
[null,null,"Overall Cash Flow Waterfall"]
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[null,null,null,"PV of CFADS at Interest Rate","USD",{"$f":"SUMPRODUCT(K92:BH92/K70:BH70)","v":475441643.81964242}]
[null,null,null,"LLCR for Repayment with Debt/Capital","x",{"$f":"IF(F81,F93/F81)","v":1.3499999999999996}]
[null,null,null,"Apply LLCR Method","Flag",{"$f":"InputC!G39","v":true}]
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[null,null,null,"Debt Service Flat","USD"]
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[null,null,"Debt Balance without re-finance"]
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[null,null,null,"Add: Funding",null,{"$f":"F81","v":352178995.42195743},null,null,null,null,{"$f":"$F$102*K5","v":0},352178995.42195743,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$102*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"K96-K105","v":0},0,1835170.037335474,2551434.0125705823,2537533.2967825159,3230223.5317333527,3207858.8310448229,4056700.9842541702,5064728.1545782909,5129725.9467998184,6141938.1656237096,7230626.9093456008,8504910.0443218648,9665349.2499098331,11016455.935097665,12466983.697978377,14136077.781095434,15700937.182629116,17492251.155183993,19412618.944097832,21592349.191034898,23683700.146467015,26046040.252334863,28575691.086273953,31415444.658846699,34191008.018387705,37293238.20823022,2.0984560251235962E-8,2.2359048947691918E-8,2.382356665376574E-8,2.5384010269587394E-8,2.7046662942245369E-8,{"$f":"AQ96-AQ105","v":2.881821936496244E-8},3.0705812733367475E-8,3.2717043467403049E-8,3.4860009814517948E-8,3.7143340457368873E-8,3.9576229257326538E-8,4.216847227368143E-8,4.4930507207607562E-8,4.7873455429705853E-8,5.1009166760351596E-8,5.4350267183154625E-8,5.7910209683651254E-8,6.1703328417930416E-8,6.5744896429304849E-8,7.005118714542432E-8,7.463953990344961E-8,7.952842976712557E-8,8.4737541916872286E-8]
[null,null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"K101+K102-K103","v":0},352178995.42195743,350343825.38462198,347792391.37205142,345254858.07526892,342024634.54353559,338816775.7124908,334760074.72823662,329695346.57365835,324565620.62685853,318423682.46123481,311193055.55188918,302688145.50756729,293022796.25765747,282006340.32255983,269539356.62458146,255403278.84348601,239702341.6608569,222210090.5056729,202797471.56157506,181205122.37054014,157521422.22407311,131475381.97173825,102899690.8854643,71484246.226617604,37293238.208229899,-3.2037496566772461E-7,-3.4135952591896055E-7,-3.637185748666525E-7,-3.8754214152041823E-7,-4.129261517900056E-7,-4.3997281473225096E-7,{"$f":"AQ101+AQ102-AQ103","v":-4.6879103409721339E-7},-4.9949684683058085E-7,-5.3221389029798392E-7,-5.6707390011250188E-7,-6.0421724056987078E-7,-6.4379346982719735E-7,-6.8596194210087875E-7,-7.3089244930848632E-7,-7.7876590473819223E-7,-8.2977507149854387E-7,-8.8412533868169851E-7,-9.420355483653498E-7,-1.0037388767832802E-6,-1.0694837732125849E-6,-1.1395349603580093E-6,-1.2141745002614589E-6,-1.2937029300285844E-6,-1.3784404719454567E-6]
[null,null,null,"Interest",null,null,null,null,null,null,{"$f":"K100*K101","v":0},0,20426381.73447353,20319941.872308072,21041439.678009111,20887918.913553771,21547551.976242743,21345456.86988692,21089884.707878906,21595045.200574622,21259048.151059236,20856751.201210883,20383145.138648741,19826073.530745659,19192993.154876564,18471415.291127671,17654827.858910087,16728914.764248334,15700503.378786128,14554760.928121576,13283234.387283167,11868935.51527038,10317653.15567679,8611637.5191488564,6739929.7529979115,4682218.1278434535,2442707.1026390586,-2.0984560251235962E-8,-2.2359048947691918E-8,-2.382356665376574E-8,-2.5384010269587394E-8,-2.7046662942245369E-8,{"$f":"AQ100*AQ101","v":-2.881821936496244E-8},-3.0705812733367475E-8,-3.2717043467403049E-8,-3.4860009814517948E-8,-3.7143340457368873E-8,-3.9576229257326538E-8,-4.216847227368143E-8,-4.4930507207607562E-8,-4.7873455429705853E-8,-5.1009166760351596E-8,-5.4350267183154625E-8,-5.7910209683651254E-8,-6.1703328417930416E-8,-6.5744896429304849E-8,-7.005118714542432E-8,-7.463953990344961E-8,-7.952842976712557E-8,-8.4737541916872286E-8]
[]
[null,null,null,"Test","Flag",{"$f":"F71","v":25},null,{"$f":"ROUND(LOOKUP(F107,7:7,104:104),0)=0","v":true}]
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[]
[null,null,null,"Project Cash Flow - P50","USD",null,null,null,null,null,{"$f":"K50","v":0},0,36235833.666666657,37181978.152458332,38280177.462586358,39118252.250852615,40108919.893553808,41114974.573467404,42285439.36105378,43174374.283655412,44228296.43526157,45298760.03453216,46546990.742478922,47490522.653841905,48612440.571683854,49752137.910978645,51084042.061013065,52086169.368162736,53281167.011880428,54495271.317788497,55917192.343695112,56982191.807969764,58255719.172024406,59549775.75831975,61068523.732756741,62200968.168006465,63558866.033570983,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Service","USD",null,null,{"$f":"SUM(J111:XFD111)","v":763007365.33348012},null,null,{"$f":"K105+K103","v":0},0,22261551.771809004,22871375.884878654,23578972.974791627,24118142.445287123,24755410.807287566,25402157.85414109,26154612.862457197,26724771.14737444,27400986.316682946,28087378.110556483,28888055.182970606,29491422.780655492,30209449.089974228,30938398.989106048,31790905.640005521,32429851.94687745,33192754.533970121,33967379.872219406,34875583.578318067,35552635.661737397,36363693.408011653,37187328.60542281,38155374.411844611,38873226.14623116,39735945.310869277,0,0,0,0,0,{"$f":"AQ105+AQ103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow","USD",null,null,{"$f":"SUM(K112:XFD112)","v":804070839.50930393},null,null,{"$f":"K110-K111","v":0},0,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722701706,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ110-AQ111","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity Cash Flow","USD",null,null,{"$f":"SUM(J113:XFD113)","v":651249834.93126154},null,null,{"$f":"K112-K26+K102","v":-5000000},-147821004.57804257,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722701706,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ112-AQ26+AQ102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Equity  IRR","% p.a.",{"$f":"XIRR(K113:BH113,K2:BH2)","v":0.11313964724540707}]
[null,null,null,"Equity Cash Flow with Development Fee Added","USD",{"$f":"XIRR(K116:BH116,K2:BH2)","v":0.11313964724540707},null,null,null,null,{"$f":"K113+K24","v":-5000000},-147821004.57804257,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722701706,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ113+AQ24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,"Re-finance Section -- Added On Top"]
[]
[null,null,"Re-finance Flags"]
[null,null,null,"Re-finance Flag","Flag",{"$f":"InputC!F61","v":false}]
[null,null,null,"Re-finance Period","Year",{"$f":"IF(F122,InputC!F63,50)","v":50},{"$f":"LOOKUP(F123,7:7,2:2)","v":"2070-01-01"},{"$f":"YEAR(G123)","v":2070},null,null,{"$f":"$F$123=K7","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"$F$123=AQ7","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Repayment Flag (Tail)","Flag",{"$f":"F123+1","v":51},{"$f":"InputC!F64","v":3},{"$f":"F6-G124","v":27},null,null,{"$f":"AND(K7>=$F$124,K7<=$H$124)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AND(AQ7>=$F$124,AQ7<=$H$124)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Cash Flow for Repayment Period - P50",null,null,null,null,null,null,{"$f":"K50*K124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ50*AQ124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Service for Repayment Period","x",{"$f":"InputC!F62","v":1.2},null,null,null,null,{"$f":"K126/$F$127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ126/$F$127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Re-Finance Base Rate","% p.a.",{"$f":"H123","v":2070},{"$f":"LOOKUP(F129,InputC!53:53,InputC!58:58)","v":4.2000000000000003E-2},null,null,null,{"$f":"$G$129","v":4.2000000000000003E-2},4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,{"$f":"$G$129","v":4.2000000000000003E-2},4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2,4.2000000000000003E-2]
[null,null,null,"Re-finance Credit Spread","% p.a.",null,{"$f":"InputC!F66","v":1.4999999999999999E-2},null,null,null,{"$f":"$G$130","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,{"$f":"$G$130","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2]
[null,null,null,"Total Rate","% p.a.",null,{"$f":"SUM(G129:G130)","v":5.7000000000000002E-2},null,null,null,{"$f":"SUM(K129:K130)","v":5.7000000000000002E-2},5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,{"$f":"SUM(AQ129:AQ130)","v":5.7000000000000002E-2},5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2,5.7000000000000002E-2]
[]
[null,null,null,"Interest Rate Factor","Index",null,null,null,null,1,{"$f":"J133*(1+K131*K124)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"AP133*(1+AQ131*AQ124)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"PV of Debt Service -- Size of Debt","USD",{"$f":"SUMPRODUCT(K127:BH127/K133:BH133)","v":0}]
[]
[null,null,null,"Apply Optionality","Flag",{"$f":"InputC!F65","v":true}]
[null,null,null,"Re-finance","Flag",{"$f":"IF(F136,F134>F139,TRUE)","v":false}]
[]
[null,null,null,"Original Debt at Re-finance Date (Closing)","USD",{"$f":"SUM(K139:BH139)","v":0},null,null,{"$f":"SUM(K139:XFD139)","v":0},null,{"$f":"K123*K104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ123*AQ104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Original Debt Refinanced (After Optionality)","USD",null,null,null,{"$f":"SUM(K140:XFD140)","v":0},null,{"$f":"K139*$F$137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ139*$F$137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Balance - Original"]
[null,null,null,"Opening Balance","USD",null,null,null,null,null,{"$f":"J147","v":0},0,352178995.42195743,350343825.38462198,347792391.37205142,345254858.07526892,342024634.54353559,338816775.7124908,334760074.72823662,329695346.57365835,324565620.62685853,318423682.46123481,311193055.55188918,302688145.50756729,293022796.25765747,282006340.32255983,269539356.62458146,255403278.84348601,239702341.6608569,222210090.5056729,202797471.56157506,181205122.37054014,157521422.22407311,131475381.97173825,102899690.8854643,71484246.226617604,37293238.208229899,0,0,0,0,0,{"$f":"AP147","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Borrowing","USD",{"$f":"F134","v":0},null,null,null,null,{"$f":"K102","v":0},352178995.42195743,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment","USD",null,null,null,null,null,{"$f":"MIN(K103,K143)","v":0},0,1835170.037335474,2551434.0125705823,2537533.2967825159,3230223.5317333527,3207858.8310448229,4056700.9842541702,5064728.1545782909,5129725.9467998184,6141938.1656237096,7230626.9093456008,8504910.0443218648,9665349.2499098331,11016455.935097665,12466983.697978377,14136077.781095434,15700937.182629116,17492251.155183993,19412618.944097832,21592349.191034898,23683700.146467015,26046040.252334863,28575691.086273953,31415444.658846699,34191008.018387705,37293238.208229899,0,0,0,0,0,{"$f":"MIN(AQ103,AQ143)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment at Re-finance","USD",{"$f":"F137","v":false},null,null,null,null,{"$f":"K140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance","USD",null,null,null,null,null,{"$f":"K143+K144-K145-K146","v":0},352178995.42195743,350343825.38462198,347792391.37205142,345254858.07526892,342024634.54353559,338816775.7124908,334760074.72823662,329695346.57365835,324565620.62685853,318423682.46123481,311193055.55188918,302688145.50756729,293022796.25765747,282006340.32255983,269539356.62458146,255403278.84348601,239702341.6608569,222210090.5056729,202797471.56157506,181205122.37054014,157521422.22407311,131475381.97173825,102899690.8854643,71484246.226617604,37293238.208229899,0,0,0,0,0,0,{"$f":"AQ143+AQ144-AQ145-AQ146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest","USD",null,null,null,null,null,{"$f":"K143*K68","v":0},0,20426381.73447353,20319941.872308072,21041439.678009111,20887918.913553771,21547551.976242743,21345456.86988692,21089884.707878906,21595045.200574622,21259048.151059236,20856751.201210883,20383145.138648741,19826073.530745659,19192993.154876564,18471415.291127671,17654827.858910087,16728914.764248334,15700503.378786128,14554760.928121576,13283234.387283167,11868935.51527038,10317653.15567679,8611637.5191488564,6739929.7529979115,4682218.1278434535,2442707.1026390586,0,0,0,0,0,{"$f":"AQ143*AQ68","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Repayment at Re-finance","USD",{"$f":"SUM(146:146)","v":0}]
[null,null,null,"Apply Re-finance","Flag",{"$f":"F137","v":false}]
[]
[null,null,"Debt Balance - Re-finance"]
[null,null,null,"Re-finance Debt Service",null,{"$f":"F151","v":false},null,null,null,null,{"$f":"K127*$F$154","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ127*$F$154","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Opening Balance",null,null,null,null,null,null,{"$f":"J159","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AP159","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Borrowing",null,{"$f":"F151*F134","v":0},null,null,null,null,{"$f":"$F$157*K123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$157*AQ123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment",null,null,null,null,null,null,{"$f":"K154-K160","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ154-AQ160","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,null,null,{"$f":"K156+K157-K158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ156+AQ157-AQ158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest",null,null,null,null,null,null,{"$f":"K156*K131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ156*AQ131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash Flow Waterfall"]
[null,null,null,"Operating Cash Flow (P50)",null,null,null,null,null,null,{"$f":"K50","v":0},0,36235833.666666657,37181978.152458332,38280177.462586358,39118252.250852615,40108919.893553808,41114974.573467404,42285439.36105378,43174374.283655412,44228296.43526157,45298760.03453216,46546990.742478922,47490522.653841905,48612440.571683854,49752137.910978645,51084042.061013065,52086169.368162736,53281167.011880428,54495271.317788497,55917192.343695112,56982191.807969764,58255719.172024406,59549775.75831975,61068523.732756741,62200968.168006465,63558866.033570983,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ50","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Service Original",null,null,null,null,null,null,{"$f":"K145+K148","v":0},0,22261551.771809004,22871375.884878654,23578972.974791627,24118142.445287123,24755410.807287566,25402157.85414109,26154612.862457197,26724771.14737444,27400986.316682946,28087378.110556483,28888055.182970606,29491422.780655492,30209449.089974228,30938398.989106048,31790905.640005521,32429851.94687745,33192754.533970121,33967379.872219406,34875583.578318067,35552635.661737397,36363693.408011653,37187328.60542281,38155374.411844611,38873226.14623116,39735945.310868956,0,0,0,0,0,{"$f":"AQ145+AQ148","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Service Re-finance",null,null,null,null,null,null,{"$f":"K160+K158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ160+AQ158","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Cash Flow Before Re-financing Adjustments",null,null,null,null,null,null,{"$f":"K163-K164-K165","v":0},0,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722702026,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ163-AQ164-AQ165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Repayment of Original",null,null,null,null,null,null,{"$f":"K146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ146","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Breakage Fees",null,{"$f":"InputC!F67","v":0},null,null,null,null,{"$f":"$F$168*K167","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$168*AQ167","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: New Financing",null,null,null,null,null,null,{"$f":"K157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Equity Cash Flow",null,null,null,null,null,null,{"$f":"K166-K167+K169-K168","v":0},0,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722702026,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ166-AQ167+AQ169-AQ168","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Equity Funding",null,null,null,null,null,null,{"$f":"K26-K102","v":5000000},147821004.57804257,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ26-AQ102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Net Equity Cash Flow (Development Fees Deducted)",null,{"$f":"XIRR(K173:BH173,K2:BH2)","v":0.11313964724540707},null,null,null,null,{"$f":"K170-K172","v":-5000000},-147821004.57804257,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722702026,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ170-AQ172","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR without  Development Fees Deducted",null,{"$f":"XIRR(K174:BH174,K2:BH2)","v":0.11313964724540707},null,null,null,null,{"$f":"K173+K24","v":-5000000},-147821004.57804257,13974281.894857652,14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722702026,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ173+AQ24","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR with Timing Adjustment",null,{"$f":"XIRR(K175:BH175,K2:BH2)","v":0.11351445317268372},null,null,null,null,{"$f":"-0.00001","v":-1.0000000000000001E-5},{"$f":"K173+L173","v":-152821004.57804257},{"$f":"M174","v":13974281.894857652},14310602.267579678,14701204.487794731,15000109.805565491,15353509.086266242,15712816.719326314,16130826.498596583,16449603.136280973,16827310.118578624,17211381.923975676,17658935.559508316,17999099.873186413,18402991.481709626,18813738.921872597,19293136.421007544,19656317.421285287,20088412.477910306,20527891.445569091,21041608.765377045,21429556.146232367,21892025.764012754,22362447.152896941,22913149.32091213,23327742.021775305,23822920.722702026,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,0,0,{"$f":"AS174","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Timing Factor for Dividends",null,{"$f":"F173/F175","v":0.99669816559212532}]
[]
[null,"Partner Analysis"]
[null,null,"Partner Cash Flow"]
[null,null,null,"Total Equity Funded  + Development Fee",null,null,null,null,{"$f":"SUM(K180:XFD180)","v":152821004.57804257},null,{"$f":"K172","v":5000000},147821004.57804257,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AQ172","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Partnership Funding",null,{"$f":"I180","v":152821004.57804257},{"$f":"InputC!F70","v":0.4},{"$f":"G181*F181","v":61128401.831217028},null,null,{"$f":"$H$181*K5","v":0},61128401.831217028,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$H$181*AQ5","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Dividends to Partner",null,{"$f":"G181","v":0.4},{"$f":"F183*F176","v":0.39867926623685013},null,{"$f":"SUM(K183:XFD183)","v":320566372.2980175},null,{"$f":"K170*$G$183","v":0},0,5571256.4520287486,5705340.4114460694,5861065.4179918915,5980232.7707550311,6121125.7366734371,6264374.2401751252,6431026.072254424,6558115.7082598871,6708699.650814849,6861821.1163728088,7040251.4713885961,7175867.9303657413,7336891.1404909967,7500647.6285438351,7691773.4717347361,7836566.2064366322,8008833.5465564653,8184044.6989091979,8388853.143023394,8543519.720161302,8727896.7680348232,8915444.0221772902,9134997.5584366284,9300287.0722039137,9497704.5533454958,25889760.07854788,26536770.424943138,27017089.99178854,27594587.342944641,28181527.951212008,{"$f":"AQ170*$G$183","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,null,null,"EIRR to Partner",null,{"$f":"XIRR(K184:BH184,K2:BH2)","v":0.1131789267063141}]
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[null,null,"Cash Flow to Develoer/Sponsor"]
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[null,null,null,"Less: Cash Flow from Partner",null,null,null,null,null,null,{"$f":"K184","v":-1E-4},-61128401.831217028,5571256.4520287486,5705340.4114460694,5861065.4179918915,5980232.7707550311,6121125.7366734371,6264374.2401751252,6431026.072254424,6558115.7082598871,6708699.650814849,6861821.1163728088,7040251.4713885961,7175867.9303657413,7336891.1404909967,7500647.6285438351,7691773.4717347361,7836566.2064366322,8008833.5465564653,8184044.6989091979,8388853.143023394,8543519.720161302,8727896.7680348232,8915444.0221772902,9134997.5584366284,9300287.0722039137,9497704.5533454958,25889760.07854788,26536770.424943138,27017089.99178854,27594587.342944641,28181527.951212008,{"$f":"AQ184","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Developer/Sponsor Funding",null,null,null,null,{"$f":"SUM(K191:XFD191)","v":391811864.46456122},null,{"$f":"K189-K190","v":-4999999.9999000002},-86692602.746825546,8403025.4428289048,8605261.85613361,8840139.0698028393,9019877.0348104611,9232383.3495928049,9448442.4791511893,9699800.4263421595,9891487.4280210845,10118610.467763774,10349560.807602867,10618684.088119719,10823231.942820672,11066100.341218628,11313091.293328762,11601362.949272808,11819751.214848654,12079578.931353841,12343846.746659894,12652755.622353651,12886036.426071065,13164128.995977931,13447003.130719651,13778151.762475502,14027454.949571392,14325216.169356531,39049057.339579687,40024931.354597092,40749388.678657398,41620417.498945132,42505689.413309112,{"$f":"AQ189-AQ190","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EIRR to Developer/Sponsor",null,{"$f":"XIRR(K191:BH191,K2:BH2)","v":0.11311377882957457}]
[]
[null,"Project Sale Cases"]
[null,null,"Plant Sale Flags"]
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[null,null,null,"Holding Period Before Sale",null,{"$f":"F196","v":39},null,null,null,null,{"$f":"K3<=$F$197","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,{"$f":"AQ3<=$F$197","v":true},true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,null,"Project Cash Flow",null,{"$f":"IRR(K199:BH199)","v":8.238683953383652E-2},null,null,null,null,{"$f":"K53","v":-5000000},-500000000,36235833.666666657,37181978.152458332,38280177.462586358,39118252.250852615,40108919.893553808,41114974.573467404,42285439.36105378,43174374.283655412,44228296.43526157,45298760.03453216,46546990.742478922,47490522.653841905,48612440.571683854,49752137.910978645,51084042.061013065,52086169.368162736,53281167.011880428,54495271.317788497,55917192.343695112,56982191.807969764,58255719.172024406,59549775.75831975,61068523.732756741,62200968.168006465,63558866.033570983,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
[null,null,null,"Holding Period Cash Flow",null,null,null,null,null,null,{"$f":"K197*K199+K201*K196","v":-5000000},-500000000,36235833.666666657,37181978.152458332,38280177.462586358,39118252.250852615,40108919.893553808,41114974.573467404,42285439.36105378,43174374.283655412,44228296.43526157,45298760.03453216,46546990.742478922,47490522.653841905,48612440.571683854,49752137.910978645,51084042.061013065,52086169.368162736,53281167.011880428,54495271.317788497,55917192.343695112,56982191.807969764,58255719.172024406,59549775.75831975,61068523.732756741,62200968.168006465,63558866.033570983,64938817.418127567,66561701.779540226,67766478.670445934,69215004.841889769,70687217.364521116,{"$f":"AQ197*AQ199+AQ201*AQ196","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"IRR from Selling Project - Project Basis",null,{"$f":"XIRR(K203:BH203,K2:BH2)","v":8.2331123948097246E-2}]
[null,null,null,"IRR with Option to Sell",null,{"$f":"MAX(F205,F199)","v":8.238683953383652E-2}]
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[null,null,"Equity Cash Flow Basis - to Sponsor"]
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[]
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[null,null,null,"Project Value",null,null,null,null,null,null,{"$f":"IF(K6,K201,NA())","v":{"$error":"#N/A"}},{"$error":"#N/A"},655036569.40970075,696760769.52248025,696802434.38363051,736537485.83951807,733255440.23794007,728803237.67636991,722957960.19913459,715931483.9254359,707499761.68644631,697575989.73623633,685907798.48056924,672712665.75075579,657735858.46660984,640870513.47896171,621829997.09189701,600835327.57832909,577595926.94536507,551980451.97484481,523662282.22989196,492863204.53341687,459250645.5880633,422663402.10914665,382728048.48184729,339663482.73793322,293087790.84125894,242803362.96519434,188381829.33391383,130034442.1301636,67321159.394782007,0,{"$f":"IF(AQ6,AQ201,NA())","v":{"$error":"#N/A"}},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[]
[]
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[null,null,null,"Equity Value",null,null,null,null,null,null,{"$f":"K211","v":28935423.415289357},151505251.10193145,153707593.23623773,166265695.18297645,168232826.30006713,181296679.89909515,182942097.34344807,184470180.70490372,185838591.12085581,187097419.16008613,188204653.84192753,189147372.2648403,189877530.51261103,190446950.40054703,190807667.0833613,190943035.81503415,190798255.01466337,190426399.10069457,189772404.1153824,188814901.6156455,187491040.09023055,185854466.06957334,183841605.03776979,181425098.20931637,178532452.33939984,175216944.53019246,171404745.03264749,142639972.39502668,111173439.38413118,77094457.068521664,40099706.993687838,0,{"$f":"AQ211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[]
[null,null,"General Inputs",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sale Period",{"$f":"InputC!F106","v":39}]
[]
[]
[null,null,null,"Development Cost (actual)","EUR",20000,null,null,null,null,null,null,null,null,null,null,null,null,null,"No Sale","Sale","PIRR","Probabilkty"]
[null,null,null,"EPC Cost","EUR",400000,null,null,null,null,null,null,null,null,null,null,null,null,13000,-3.4807270608747665E-2,-3.4807270608747665E-2,2.0148608088493357E-2,0.15]
[null,null,null,"EBITDA p.a.","EUR",15000,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S246+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,null,{"$f":"S247+3000","v":19000},5.7154167496930253E-2,0.10872004856327888,4.6436497569084162E-2,0.3]
[null,null,null,"Re-invesment Rate","%",0.1,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S248+3000","v":22000},8.0276049439440333E-2,0.21111292769219192,5.7798847556114197E-2,0.2]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"S249+3000","v":25000},0.102849319897796,0.29483711361374221,6.8391302227973946E-2,0.15,"Output"]
[null,null,"Initial Financing Inputs"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Expected",{"$f":"SUMPRODUCT(T246:T250,$W$246:$W$250)","v":4.9606652224199979E-2},{"$f":"SUMPRODUCT(U246:U250,$W$246:$W$250)","v":0.12004196125204683},{"$f":"SUMPRODUCT(W246:W250,$V$246:$V$250)","v":4.5578064024448396E-2}]
[null,null,null,null,null,1]
[null,null,null,null,null,1,"PIRR - Cash Basis",null,null,{"$f":"F199","v":8.238683953383652E-2}]
[null,null,null,null,null,null,"EIRR with Re-Finance",null,null,{"$f":"F209","v":0.1131906676228438},"EIRR NO"]
[null,null,"Re-Financing Inputs"]
[null,null,null,null,null,null,"PIRR with Plant Sale",null,null,{"$f":"F206","v":8.238683953383652E-2}]
[null,null,null,null,null,1,"EIRR with Plant Sale",null,null,{"$f":"F215","v":0.1131906676228438},"EIRR SALE"]
[]
[null,null,null,null,null,1,"PIRR with Sale - No Opt",null,null,{"$f":"F205","v":8.2331123948097246E-2}]
[null,null,null,null,null,1,"EIRR with Sale - No Opt",null,null,{"$f":"F214","v":0.1131906676228438}]
[]
[null,null,"Plant Sale"]
[]
[null,null,null,null,null,1]
[null,null,null,null,null,1]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,1]

{"sheet":"Debt Analysis","index":3,"n_rows":19,"n_cols":4,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,"You are evaluating options with the bank."]
[null,null,null,"You are considering either:"]
[null,null,null,"1. Reducing the step-up in the credit spread"]
[null,null,null,"2. Leaving the credit spread but eliminating the pre-payment penalty"]
[]
[null,null,"Assume the debt is fixed with debt to capital"]
[null,null,null,"You can potentially lower the credit spread, or"]
[null,null,null,"You can potentially increase the tenure"]
[null,null,null,"Which do you think would be better"]
[null,null,null,"Demonstrate this with the model"]
[]
[null,null,null,"Assume you can either:"]
[null,null,null,"Increase the Debt Tenure  or"]
[null,null,null,"Increase the Development Fee"]
[null,null,null,"Which do you think would be better"]
[null,null,null,"Demonstrate this with the model"]

{"sheet":"EPC Analysis","index":4,"n_rows":21,"n_cols":5,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,"The ECP contract has the following liquidated damage penalty for delay"]
[]
[null,null,"EPC LD",1200,"MW/Day"]
[]
[null,null,"In the market, there are the follwing costs of electricty"]
[null,null,"Marginal Cost of Gas",3,"USD/MMBTU"]
[null,null,"Average Heat Rate",70,"MMBTU/MWH"]
[]
[null,null,"Calculate Fair LD Rate from Off-taker Cost"]
[null,null,"Assume the PPA tariff is ",2,"USD Cents/kWh"]
[]
[]
[null,null,"What is your suggestion in terms of negotiating the EPC Contract"]
[]
[null,null,"Discuss how this could affect the EPC cost and Include an alternative EPC Cost in the model"]
[]
[null,null,"The EPC has a completion test for the performance ratio"]
[null,null,"Comment on how this test should be designed"]

{"sheet":"Resource Analysis","index":5,"n_rows":19,"n_cols":5,"rows_kept":19,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"The current resource analysis has the following standarddev"]
[]
[null,null,null,null,"Standard Deviation "]
[null,null,null,null,"Percent"]
[]
[null,null,"Semi-Annual Variation",null,4.4999999999999998E-2]
[null,null,"Degradation",null,2.5000000000000001E-2]
[null,null,"Modelling Error",null,3.5000000000000003E-2]
[null,null,"Wiring Losses",null,1.4999999999999999E-2]
[null,null,"Temprature Coefficient",null,0.04]
[]
[null,null,"Total",null,{"$f":"SUM(E7:E11)","v":0.16}]
[]
[null,null,"Compute Mean Square Error"]
[]
[null,null,"Revise the assumptions above and compute the P90"]
[]
[null,null,"Comment on alternative ways to compute the capacity factor"]

{"sheet":"Investor","index":6,"n_rows":14,"n_cols":7,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,"Typically seven companies bid on these proposals"]
[null,null,"The development cost is USD",null,null,null,{"$f":"'Financial Model'!I23","v":5000000}]
[]
[null,null,"How would you compute the development fee"]
[]
[]
[null,null,"Should Project and Equity IRR be computed with Development Fee as a Cost"]
[]
[null,null,"If you have include partner, what if any arguments would you make for the partner to pay a percent of development fees"]
[]
[null,null,"Compute the IRR with and without development fees and explain the effects"]

{"sheet":"EBL Analysis","index":7,"n_rows":45,"n_cols":209,"rows_kept":45,"cut":false,"hidden":false,"merged":[]}
[null,"Timeline"]
[null,null,null,"Date",null,null,null,null,"2020-01-01",{"$f":"EDATE(I2, J9)","v":"2020-02-01"},"2020-03-01","2020-04-01","2020-05-01","2020-06-01","2020-07-01","2020-08-01","2020-09-01","2020-10-01","2020-11-01","2020-12-01","2021-01-01","2021-02-01","2021-03-01","2021-04-01","2021-05-01","2021-06-01","2021-07-01","2021-08-01","2021-09-01","2021-10-01","2021-11-01","2021-12-01","2022-01-01","2022-02-01","2022-03-01","2022-04-01","2022-05-01","2022-06-01","2022-07-01","2022-08-01","2022-09-01",{"$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":"F14","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":"F15","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$9)","v":12},12,12,12,12,12,12,12]
[]
[null,"Inputs"]
[]
[null,null,"General Inputs"]
[null,null,null,"Development Period","Months",13,null,"IRR",{"$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",{"$f":"F45","v":0.18931559920310972}]
[null,null,null,"EPC Cost","EUR",400000]
[null,null,null,"EBITDA p.a.","EUR",30000]
[null,null,null,"EBITDA Growth","%",2.5000000000000001E-2]
[]
[null,null,null,"EBL","flag",true]
[null,null,null,"Interest Rate on EBL","% p.a.",0.03]
[null,null,null,"Repayment date for EBL","Years",5]
[]
[null,"Fundamental Cash Flow Analysis"]
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[null,null,null,"Construction Period","Months",30,null,"MIRR",{"$f":"#REF!","v":{"$error":"#REF!"}}]
[null,null,null,"Development Cost (actual)","EUR",50000,null,"Accum Cash",{"$f":"F43","v":4527399.5137935942}]
[null,null,null,"EPC Cost","EUR",400000]
[null,null,null,"EBITDA p.a.","EUR",40000]
[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":1},null,null,{"$f":"$F$22/$G$22*J3","v":50000},{"$f":"$F$22/$F$3*K3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$22/$F$3*AQ3","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$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$3*GU3","v":0},0,0,0,0,0,0]
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[null,null,null,"EBITDA p.a.","EUR",{"$f":"F17","v":40000},null,null,null,{"$f":"$F$24*J6","v":0},0,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,40000,{"$f":"$F$24*AP6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$24*BV6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$24*DB6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$24*EH6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$24*FN6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$24*GT6","v":0},0,0,0,0,0,0,0]
[]
[null,null,null,"Episoln","EUR",9.9999999999999995E-8,null,null,null,{"$f":"F26","v":9.9999999999999995E-8},{"$f":"G26","v":0},0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,{"$f":"BS26","v":0},0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,{"$f":"EE26","v":0},0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,0,0,0,9.9999999999999995E-8,{"$f":"GQ26","v":0},0,0,9.9999999999999995E-8,0,0,0]
[null,null,null,"Project Cash Flow","EUR",null,null,null,null,{"$f":"J24-J23-J22-J26","v":-50000.000000100001},-400000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,39999.999999899999,40000,40000,40000,{"$f":"AP24-AP23-AP22-AP26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,{"$f":"BV24-BV23-BV22-BV26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,{"$f":"DB24-DB23-DB22-DB26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,{"$f":"EH24-EH23-EH22-EH26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,{"$f":"FN24-FN23-FN22-FN26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,-9.9999999999999995E-8,0,0,0,{"$f":"GT24-GT23-GT22-GT26","v":-9.9999999999999995E-8},0,0,0,-9.9999999999999995E-8,0,0,0]
[null,null,null,"Project IRR","%",{"$f":"XIRR(J27:HA27, J2:HA2)","v":7.9952707886695895E-2}]
[]
[null,"Cash Account - 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[null,null,null,"Cash Account - Post COD"]
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[null,null,null,"Add: Re-investment 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[]
[null,null,null,"Total Invested","EUR",{"$f":"MIN(34:34)*-1","v":450321.51787385903}]
[null,null,null,"Total Received","EUR",{"$f":"MAX(40:40)","v":4527399.5137935942}]
[]
[null,null,null,"Ratio","EUR",{"$f":"F43/F42","v":10.053704595705725}]
[null,null,null,"Annual Growth","% p.a.",{"$f":"F45^(1/F6)-1","v":7.9967958638841763E-2}]
[]
[null,"Return on Invested Capital"]
[null,null,"Return with Straight Line Depreciation",null,null,"Life","Plant Value"]
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[]
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[]
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[null,null,null,"PV of Investment",null,null,null,null,null,{"$f":"I58*J6/J81","v":0},{"$f":"J58*K6/K81","v":0},{"$f":"K58*L6/L81","v":417093.39325729164},{"$f":"L58*M6/M81","v":382797.80551741988},{"$f":"M58*N6/N81","v":351041.68954607507},{"$f":"N58*O6/O81","v":321637.00608556764},{"$f":"O58*P6/P81","v":294409.63954624749},{"$f":"P58*Q6/Q81","v":269198.36700660974},{"$f":"Q58*R6/R81","v":245853.90355473739},{"$f":"R58*S6/S81","v":224238.0183193674},{"$f":"S58*T6/T81","v":204222.71595551935},{"$f":"T58*U6/U81","v":185689.47873885717},{"$f":"U58*V6/V81","v":168528.56477987199},{"$f":"V58*W6/W81","v":152638.35820321445},{"$f":"W58*X6/X81","v":137924.76744379522},{"$f":"X58*Y6/Y81","v":124300.66809739998},{"$f":"Y58*Z6/Z81","v":111685.38702594436},{"$f":"Z58*AA6/AA81","v":100004.22466319797},{"$f":"AA58*AB6/AB81","v":89188.01269196668},{"$f":"AB58*AC6/AC81","v":79172.7044740602},{"$f":"AC58*AD6/AD81","v":69898.995807249943},{"$f":"AD58*AE6/AE81","v":61311.973764044691},{"$f":"AE58*AF6/AF81","v":53360.791532629635},{"$f":"AF58*AG6/AG81","v":45998.36733493724},{"$f":"AG58*AH6/AH81","v":39181.105638607187},{"$f":"AH58*AI6/AI81","v":32868.639012370135},{"$f":"AI58*AJ6/AJ81","v":27023.589096066262},{"$f":"AJ58*AK6/AK81","v":21611.345270174617},{"$f":"AK58*AL6/AL81","v":16599.859713961388},{"$f":"AL58*AM6/AM81","v":11959.457638961841},{"$f":"AM58*AN6/AN81","v":7662.6615739565741},{"$f":"AN58*AO6/AO81","v":3684.028661160894},{"$f":"AO58*AP6/AP81","v":0},{"$f":"AP58*AQ6/AQ81","v":0},{"$f":"AQ58*AR6/AR81","v":0},{"$f":"AR58*AS6/AS81","v":0},{"$f":"AS58*AT6/AT81","v":0},{"$f":"AT58*AU6/AU81","v":0},{"$f":"AU58*AV6/AV81","v":0},{"$f":"AV58*AW6/AW81","v":0},{"$f":"AW58*AX6/AX81","v":0},{"$f":"AX58*AY6/AY81","v":0},{"$f":"AY58*AZ6/AZ81","v":0},{"$f":"AZ58*BA6/BA81","v":0},{"$f":"BA58*BB6/BB81","v":0},{"$f":"BB58*BC6/BC81","v":0},{"$f":"BC58*BD6/BD81","v":0},{"$f":"BD58*BE6/BE81","v":0},{"$f":"BE58*BF6/BF81","v":0},{"$f":"BF58*BG6/BG81","v":0},{"$f":"BG58*BH6/BH81","v":0},{"$f":"BH58*BI6/BI81","v":0},{"$f":"BI58*BJ6/BJ81","v":0},{"$f":"BJ58*BK6/BK81","v":0},{"$f":"BK58*BL6/BL81","v":0},{"$f":"BL58*BM6/BM81","v":0},{"$f":"BM58*BN6/BN81","v":0},{"$f":"BN58*BO6/BO81","v":0},{"$f":"BO58*BP6/BP81","v":0},{"$f":"BP58*BQ6/BQ81","v":0},{"$f":"BQ58*BR6/BR81","v":0},{"$f":"BR58*BS6/BS81","v":0},{"$f":"BS58*BT6/BT81","v":0},{"$f":"BT58*BU6/BU81","v":0},{"$f":"BU58*BV6/BV81","v":0},{"$f":"BV58*BW6/BW81","v":0},{"$f":"BW58*BX6/BX81","v":0},{"$f":"BX58*BY6/BY81","v":0},{"$f":"BY58*BZ6/BZ81","v":0},{"$f":"BZ58*CA6/CA81","v":0},{"$f":"CA58*CB6/CB81","v":0},{"$f":"CB58*CC6/CC81","v":0},{"$f":"CC58*CD6/CD81","v":0},{"$f":"CD58*CE6/CE81","v":0},{"$f":"CE58*CF6/CF81","v":0},{"$f":"CF58*CG6/CG81","v":0},{"$f":"CG58*CH6/CH81","v":0},{"$f":"CH58*CI6/CI81","v":0},{"$f":"CI58*CJ6/CJ81","v":0},{"$f":"CJ58*CK6/CK81","v":0},{"$f":"CK58*CL6/CL81","v":0},{"$f":"CL58*CM6/CM81","v":0},{"$f":"CM58*CN6/CN81","v":0},{"$f":"CN58*CO6/CO81","v":0},{"$f":"CO58*CP6/CP81","v":0},{"$f":"CP58*CQ6/CQ81","v":0},{"$f":"CQ58*CR6/CR81","v":0},{"$f":"CR58*CS6/CS81","v":0},{"$f":"CS58*CT6/CT81","v":0},{"$f":"CT58*CU6/CU81","v":0},{"$f":"CU58*CV6/CV81","v":0},{"$f":"CV58*CW6/CW81","v":0},{"$f":"CW58*CX6/CX81","v":0},{"$f":"CX58*CY6/CY81","v":0},{"$f":"CY58*CZ6/CZ81","v":0},{"$f":"CZ58*DA6/DA81","v":0},{"$f":"DA58*DB6/DB81","v":0},{"$f":"DB58*DC6/DC81","v":0},{"$f":"DC58*DD6/DD81","v":0},{"$f":"DD58*DE6/DE81","v":0},{"$f":"DE58*DF6/DF81","v":0},{"$f":"DF58*DG6/DG81","v":0},{"$f":"DG58*DH6/DH81","v":0},{"$f":"DH58*DI6/DI81","v":0},{"$f":"DI58*DJ6/DJ81","v":0},{"$f":"DJ58*DK6/DK81","v":0},{"$f":"DK58*DL6/DL81","v":0},{"$f":"DL58*DM6/DM81","v":0},{"$f":"DM58*DN6/DN81","v":0},{"$f":"DN58*DO6/DO81","v":0},{"$f":"DO58*DP6/DP81","v":0},{"$f":"DP58*DQ6/DQ81","v":0},{"$f":"DQ58*DR6/DR81","v":0},{"$f":"DR58*DS6/DS81","v":0},{"$f":"DS58*DT6/DT81","v":0},{"$f":"DT58*DU6/DU81","v":0},{"$f":"DU58*DV6/DV81","v":0},{"$f":"DV58*DW6/DW81","v":0},{"$f":"DW58*DX6/DX81","v":0},{"$f":"DX58*DY6/DY81","v":0},{"$f":"DY58*DZ6/DZ81","v":0},{"$f":"DZ58*EA6/EA81","v":0},{"$f":"EA58*EB6/EB81","v":0},{"$f":"EB58*EC6/EC81","v":0},{"$f":"EC58*ED6/ED81","v":0},{"$f":"ED58*EE6/EE81","v":0},{"$f":"EE58*EF6/EF81","v":0},{"$f":"EF58*EG6/EG81","v":0},{"$f":"EG58*EH6/EH81","v":0},{"$f":"EH58*EI6/EI81","v":0},{"$f":"EI58*EJ6/EJ81","v":0},{"$f":"EJ58*EK6/EK81","v":0},{"$f":"EK58*EL6/EL81","v":0},{"$f":"EL58*EM6/EM81","v":0},{"$f":"EM58*EN6/EN81","v":0},{"$f":"EN58*EO6/EO81","v":0},{"$f":"EO58*EP6/EP81","v":0},{"$f":"EP58*EQ6/EQ81","v":0},{"$f":"EQ58*ER6/ER81","v":0},{"$f":"ER58*ES6/ES81","v":0},{"$f":"ES58*ET6/ET81","v":0},{"$f":"ET58*EU6/EU81","v":0},{"$f":"EU58*EV6/EV81","v":0},{"$f":"EV58*EW6/EW81","v":0},{"$f":"EW58*EX6/EX81","v":0},{"$f":"EX58*EY6/EY81","v":0},{"$f":"EY58*EZ6/EZ81","v":0},{"$f":"EZ58*FA6/FA81","v":0},{"$f":"FA58*FB6/FB81","v":0},{"$f":"FB58*FC6/FC81","v":0},{"$f":"FC58*FD6/FD81","v":0},{"$f":"FD58*FE6/FE81","v":0},{"$f":"FE58*FF6/FF81","v":0},{"$f":"FF58*FG6/FG81","v":0},{"$f":"FG58*FH6/FH81","v":0},{"$f":"FH58*FI6/FI81","v":0},{"$f":"FI58*FJ6/FJ81","v":0},{"$f":"FJ58*FK6/FK81","v":0},{"$f":"FK58*FL6/FL81","v":0},{"$f":"FL58*FM6/FM81","v":0},{"$f":"FM58*FN6/FN81","v":0},{"$f":"FN58*FO6/FO81","v":0},{"$f":"FO58*FP6/FP81","v":0},{"$f":"FP58*FQ6/FQ81","v":0},{"$f":"FQ58*FR6/FR81","v":0},{"$f":"FR58*FS6/FS81","v":0},{"$f":"FS58*FT6/FT81","v":0},{"$f":"FT58*FU6/FU81","v":0},{"$f":"FU58*FV6/FV81","v":0},{"$f":"FV58*FW6/FW81","v":0},{"$f":"FW58*FX6/FX81","v":0},{"$f":"FX58*FY6/FY81","v":0},{"$f":"FY58*FZ6/FZ81","v":0},{"$f":"FZ58*GA6/GA81","v":0},{"$f":"GA58*GB6/GB81","v":0},{"$f":"GB58*GC6/GC81","v":0},{"$f":"GC58*GD6/GD81","v":0},{"$f":"GD58*GE6/GE81","v":0},{"$f":"GE58*GF6/GF81","v":0},{"$f":"GF58*GG6/GG81","v":0},{"$f":"GG58*GH6/GH81","v":0},{"$f":"GH58*GI6/GI81","v":0},{"$f":"GI58*GJ6/GJ81","v":0},{"$f":"GJ58*GK6/GK81","v":0},{"$f":"GK58*GL6/GL81","v":0},{"$f":"GL58*GM6/GM81","v":0},{"$f":"GM58*GN6/GN81","v":0},{"$f":"GN58*GO6/GO81","v":0},{"$f":"GO58*GP6/GP81","v":0},{"$f":"GP58*GQ6/GQ81","v":0},{"$f":"GQ58*GR6/GR81","v":0},{"$f":"GR58*GS6/GS81","v":0},{"$f":"GS58*GT6/GT81","v":0},{"$f":"GT58*GU6/GU81","v":0},{"$f":"GU58*GV6/GV81","v":0},{"$f":"GV58*GW6/GW81","v":0},{"$f":"GW58*GX6/GX81","v":0},{"$f":"GX58*GY6/GY81","v":0},{"$f":"GY58*GZ6/GZ81","v":0},{"$f":"GZ58*HA6/HA81","v":0}]
[null,null,null,"Weighting",null,null,null,null,null,{"$f":"J82/SUM(82:82)","v":0},0,9.8121486322855819E-2,9.0053427471402658E-2,8.258278097035103E-2,7.5665310464606825E-2,6.9260055150847238E-2,6.332908723413927E-2,5.783728734390628E-2,5.275213657967346E-2,4.8043523955040843E-2,4.3683568099899352E-2,3.9646452164870491E-2,3.5908270950580544E-2,3.2446889356435117E-2,2.9241811310871564E-2,2.6274058406791794E-2,2.3526057523679648E-2,2.0981536770876458E-2,1.8625429135970123E-2,1.6443783267627986E-2,1.4423680864695244E-2,1.2553160182318822E-2,1.0821145202231847E-2,9.2173800476897244E-3,7.7323682547848164E-3,6.357316540491105E-3,5.0840827345300611E-3,3.9051275666695372E-3,2.8134700240295715E-3,1.8026460140111763E-3,8.6667008812129644E-4,{"$f":"AP82/SUM(82:82)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BV82/SUM(82:82)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"DB82/SUM(82:82)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"EH82/SUM(82:82)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"FN82/SUM(82:82)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"GT82/SUM(82:82)","v":0},0,0,0,0,0,0,0]
[null,null,null,"Weighted Average ROIC",{"$f":"SUMPRODUCT(J61:HA61*J83:HA83)","v":7.9967958638912207E-2}]

{"sheet":"Example Terms P50 and P99","index":9,"n_rows":19,"n_cols":16,"rows_kept":19,"cut":false,"hidden":false,"merged":[[5,4,5,5],[5,6,5,7],[6,4,6,5],[6,12,6,14],[7,4,7,5],[7,6,7,7],[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]]}
[]
[]
[" ",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]