diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 6e122b924..c80749183 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.11.8 +current_version = 3.11.11 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index f9f36e240..7bd42ff02 100644 --- a/.cookiecutterrc +++ b/.cookiecutterrc @@ -54,7 +54,7 @@ default_context: sphinx_doctest: "no" sphinx_theme: "sphinx-py3doc-enhanced-theme" test_matrix_separate_coverage: "no" - version: 3.11.8 + version: 3.11.11 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index ad69e7bfc..ea1b66b0d 100644 --- a/README.rst +++ b/README.rst @@ -58,9 +58,9 @@ Free software: `MIT license `__ :alt: Supported implementations :target: https://pypi.org/project/geophires-x -.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.11.8.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.11.11.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.11.8...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.11.11...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://softwareengineerprogrammer.github.io/GEOPHIRES diff --git a/docs/SAM-EM_Multiple-Construction-Years.md b/docs/SAM-EM_Multiple-Construction-Years.md index 4557f6eec..15be9a2f7 100644 --- a/docs/SAM-EM_Multiple-Construction-Years.md +++ b/docs/SAM-EM_Multiple-Construction-Years.md @@ -17,6 +17,8 @@ drawdowns (funding early years purely with equity) and adjust `Inflation Rate Du ## Construction Cash Flows +Multiple Construction Years example cash flow CSV: [example_SAM-single-owner-PPA-5.csv](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/example_SAM-single-owner-PPA-5.csv) + The `CONSTRUCTION` cash flow category displays detailed financial movements during the pre-operational phase. Construction-specific line items are suffixed with `[construction]`. Construction years are indexed relative to the first year of operations (Year 1). @@ -58,7 +60,9 @@ ratio that is passed to SAM (`debt_percent`). ## Post-Processing (Timeline-adjusted Metrics) After SAM computes the operational cash flows, GEOPHIRES merges the construction phase and -operational phase net cash flows together to report accurate project-level metrics including IRR and NPV. +operational phase net cash flows together to report accurate project-level metrics. + +### IRR and NPV The merged `After-tax net cash flow ($)` row represents the complete project lifecycle: - Years -N to 0: Contains `After-tax net cash flow [construction] ($)` (equity outflows). @@ -72,6 +76,13 @@ stream to account for the time value of money during the construction delay. The corresponding result case report metrics (`After-tax IRR` and `Project NPV`) reflect this adjustment, as do other relevant case report metrics including `Project VIR=PI=PIR` and `Project MOIC`. +### After-tax LCOE and PPA Price + +Line items in the `AFTER-TAX LCOE AND PPA PRICE` category are post-processed to yield timeline-adjusted LCOE and LPPA. + +![](_images/sam-em-mcy-after-tax-lcoe-and-ppa-price-cash-flow-screenshot.png) + +The result case report LCOE metric (`Electricity breakeven price`) reflects the post-processed `LCOE Levelized cost of energy nominal (cents/kWh)` value. --- diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg index d22aaaab8..c6a5aded5 100644 --- a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg @@ -6,7 +6,7 @@ - 2026-01-24T13:12:15.727976 + 2026-01-28T14:55:22.701138 image/svg+xml @@ -40,23 +40,23 @@ z +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 7.4,3.2; stroke-dashoffset: 0; stroke: #003c4d; stroke-width: 2"/> +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - - + @@ -126,11 +126,11 @@ z +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -162,11 +162,11 @@ z +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -180,11 +180,11 @@ L 435.604389 108.08355 +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -199,11 +199,11 @@ L 557.622233 108.08355 +" clip-path="url(#pdf7bbb182d)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -1601,17 +1601,17 @@ L 777.406875 108.08355 " style="fill: none; stroke: #aaaaaa; stroke-width: 0.8; stroke-linejoin: miter; stroke-linecap: square"/> - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1623,7 +1623,7 @@ z - + @@ -1727,7 +1727,7 @@ z - + @@ -1739,17 +1739,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1842,7 +1842,7 @@ z - + @@ -1853,17 +1853,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1874,7 +1874,7 @@ z - + @@ -1911,7 +1911,7 @@ z - + @@ -1923,17 +1923,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1977,7 +1977,7 @@ z - + @@ -1991,17 +1991,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2013,7 +2013,7 @@ z - + @@ -2024,17 +2024,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2078,7 +2078,7 @@ z - + @@ -2093,17 +2093,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2116,7 +2116,7 @@ z - + @@ -2128,27 +2128,27 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2166,7 +2166,7 @@ z - + @@ -2201,7 +2201,7 @@ z - + @@ -2213,17 +2213,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2239,7 +2239,7 @@ z - + @@ -2251,17 +2251,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2279,7 +2279,7 @@ z - + @@ -2291,7 +2291,7 @@ z - + @@ -2303,17 +2303,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2329,7 +2329,7 @@ z - + @@ -2341,27 +2341,27 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2389,7 +2389,7 @@ z - + @@ -2450,7 +2450,7 @@ z - + @@ -2462,17 +2462,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2484,7 +2484,7 @@ z - + @@ -2498,17 +2498,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2522,7 +2522,7 @@ z - + @@ -2535,7 +2535,7 @@ z - + @@ -2547,17 +2547,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2569,7 +2569,7 @@ z - + @@ -2579,17 +2579,17 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2597,7 +2597,7 @@ z - + @@ -2609,24 +2609,24 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2638,27 +2638,27 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2678,7 +2678,7 @@ z - + @@ -2690,27 +2690,27 @@ z - + +" clip-path="url(#pdf7bbb182d)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pdf7bbb182d)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2720,7 +2720,7 @@ z - + @@ -2733,7 +2733,7 @@ z - + @@ -3120,7 +3120,7 @@ z - + diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.png b/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.png index 08c810a43..1eaf80b32 100644 Binary files a/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.png and b/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.png differ diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.svg index fbdd1d896..d0263b227 100644 --- a/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-lcoe.svg @@ -6,7 +6,7 @@ - 2026-01-24T13:12:14.120060 + 2026-01-28T14:55:23.613516 image/svg+xml @@ -40,23 +40,23 @@ z +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 7.4,3.2; stroke-dashoffset: 0; stroke: #003c4d; stroke-width: 2"/> +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - - + @@ -104,11 +104,11 @@ z +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -139,11 +139,11 @@ z +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -180,11 +180,11 @@ z +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -198,11 +198,11 @@ L 540.947172 108.08355 +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -216,11 +216,11 @@ L 643.755739 108.08355 +" clip-path="url(#pab4497e8fc)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -1671,38 +1671,224 @@ L 777.406875 108.08355 " style="fill: none; stroke: #aaaaaa; stroke-width: 0.8; stroke-linejoin: miter; stroke-linecap: square"/> - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - - + +" clip-path="url(#pab4497e8fc)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + - + - + - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -1768,12 +1954,93 @@ z - - - - + + + + + + + + + + + + + + + + + + + + + + + + + + + - + @@ -1783,27 +2050,84 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - - + +" clip-path="url(#pab4497e8fc)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + @@ -1815,12 +2139,12 @@ z - - + + - + @@ -1830,27 +2154,27 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pab4497e8fc)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + @@ -1863,12 +2187,12 @@ z - - + + - + - + @@ -1878,247 +2202,92 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + - + + + + + - +" clip-path="url(#pab4497e8fc)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> + + + + + + + + + + + + + + + + + + + + + + + + - + @@ -2127,35 +2296,36 @@ z - - - - - - - - - - - - + + + + + + + + + + + + + - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2169,12 +2339,12 @@ z - - - - + + + + - + @@ -2184,19 +2354,19 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2211,35 +2381,14 @@ z - - - - - - - + + + + - + @@ -2248,74 +2397,47 @@ z - - - - - - - - - - - - + + + + + + + + + + + + + - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pab4497e8fc)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - - - + + @@ -2389,17 +2511,17 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + @@ -2412,8 +2534,8 @@ z - - + + @@ -2469,13 +2591,13 @@ z - - - + + + - + @@ -2485,17 +2607,17 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + @@ -2507,8 +2629,8 @@ z - - + + @@ -2533,36 +2655,6 @@ Q 3866 2972 3669 2642 Q 3472 2313 2841 1759 L 1844 884 z -" transform="scale(0.015625)"/> - @@ -2577,14 +2669,14 @@ z - - - + + + - + - + @@ -2594,29 +2686,29 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + - - - + + + - + @@ -2626,17 +2718,17 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + @@ -2651,8 +2743,8 @@ z - - + + @@ -2662,29 +2754,29 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + - - + + - + @@ -2697,13 +2789,13 @@ z - - - - + + + + - + @@ -2713,29 +2805,29 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pab4497e8fc)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2753,12 +2845,12 @@ z - - - + + + - + @@ -2768,39 +2860,39 @@ z - + +" clip-path="url(#pab4497e8fc)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pab4497e8fc)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + - - + + - + @@ -2813,14 +2905,14 @@ z - - - - + + + + - + @@ -2829,7 +2921,7 @@ z - + @@ -3155,7 +3247,7 @@ z - + - + - @@ -3267,9 +3368,9 @@ z - + - + @@ -3280,7 +3381,7 @@ z - + diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg index 3898c7501..789bd6b7b 100644 --- a/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg @@ -6,7 +6,7 @@ - 2026-01-24T13:12:14.529799 + 2026-01-28T14:55:16.582798 image/svg+xml @@ -40,23 +40,23 @@ z +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 7.4,3.2; stroke-dashoffset: 0; stroke: #003c4d; stroke-width: 2"/> +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - - + @@ -122,11 +122,11 @@ z +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -169,11 +169,11 @@ z +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -187,11 +187,11 @@ L 478.109097 108.08355 +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -207,11 +207,11 @@ L 592.821032 108.08355 +" clip-path="url(#p6dd3ab4321)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -1673,17 +1673,17 @@ L 777.406875 108.08355 " style="fill: none; stroke: #aaaaaa; stroke-width: 0.8; stroke-linejoin: miter; stroke-linecap: square"/> - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1695,7 +1695,7 @@ z - + @@ -1831,7 +1831,7 @@ z - + @@ -1843,17 +1843,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1924,7 +1924,7 @@ z - + @@ -1935,17 +1935,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1956,7 +1956,7 @@ z - + @@ -2027,7 +2027,7 @@ z - + @@ -2041,17 +2041,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2122,7 +2122,7 @@ z - + @@ -2136,17 +2136,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2158,7 +2158,7 @@ z - + @@ -2182,17 +2182,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2239,7 +2239,7 @@ z - + @@ -2254,17 +2254,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2279,7 +2279,7 @@ z - + @@ -2294,7 +2294,7 @@ z - + @@ -2308,27 +2308,27 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#p6dd3ab4321)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2346,7 +2346,7 @@ z - + @@ -2361,7 +2361,7 @@ z - + @@ -2375,17 +2375,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2401,7 +2401,7 @@ z - + @@ -2415,17 +2415,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2443,7 +2443,7 @@ z - + @@ -2458,7 +2458,7 @@ z - + @@ -2472,17 +2472,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2498,7 +2498,7 @@ z - + @@ -2512,27 +2512,27 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#p6dd3ab4321)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2560,7 +2560,7 @@ z - + @@ -2575,7 +2575,7 @@ z - + @@ -2590,17 +2590,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2638,7 +2638,7 @@ z - + @@ -2652,17 +2652,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2676,7 +2676,7 @@ z - + @@ -2691,7 +2691,7 @@ z - + @@ -2705,17 +2705,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2730,7 +2730,7 @@ z - + @@ -2740,17 +2740,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2758,7 +2758,7 @@ z - + @@ -2772,24 +2772,24 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2803,27 +2803,27 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#p6dd3ab4321)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2842,7 +2842,7 @@ z - + @@ -2856,17 +2856,17 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2876,7 +2876,7 @@ z - + @@ -2891,7 +2891,7 @@ z - + @@ -2906,13 +2906,13 @@ z - + +" clip-path="url(#p6dd3ab4321)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> @@ -3425,7 +3425,7 @@ z - + diff --git a/docs/_images/sam-em-mcy-after-tax-lcoe-and-ppa-price-cash-flow-screenshot.png b/docs/_images/sam-em-mcy-after-tax-lcoe-and-ppa-price-cash-flow-screenshot.png new file mode 100644 index 000000000..ad052eda4 Binary files /dev/null and b/docs/_images/sam-em-mcy-after-tax-lcoe-and-ppa-price-cash-flow-screenshot.png differ diff --git a/docs/_images/sam-em-mcy-design-diagram.png b/docs/_images/sam-em-mcy-design-diagram.png index abf047f05..7128d2f3a 100644 Binary files a/docs/_images/sam-em-mcy-design-diagram.png and b/docs/_images/sam-em-mcy-design-diagram.png differ diff --git a/docs/conf.py b/docs/conf.py index 6f68c8eb9..a9b6390f0 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.11.8' +version = release = '3.11.11' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index e623dd1f1..82a381764 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.11.8', + version='3.11.11', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/EconomicsSam.py b/src/geophires_x/EconomicsSam.py index af12e2db9..3bb984195 100644 --- a/src/geophires_x/EconomicsSam.py +++ b/src/geophires_x/EconomicsSam.py @@ -1,6 +1,7 @@ from __future__ import annotations import json +import logging import os from dataclasses import dataclass, field from functools import lru_cache @@ -57,6 +58,7 @@ from geophires_x.Parameter import Parameter, OutputParameter, floatParameter, listParameter from geophires_x.Units import convertible_unit, EnergyCostUnit, CurrencyUnit, Units +_log = logging.getLogger(__name__) ROYALTIES_OPEX_CASH_FLOW_LINE_ITEM_KEY = 'O&M production-based expense ($)' @@ -184,6 +186,8 @@ def _get_row(row_name__: str) -> list[Any]: if self._royalties_rate_schedule is not None: ret = self._insert_royalties_rate_schedule(ret) + ret = self._insert_calculated_levelized_metrics_line_items(ret) + return ret def _insert_royalties_rate_schedule(self, cf_ret: list[list[Any]]) -> list[list[Any]]: @@ -206,6 +210,193 @@ def _get_row_index(row_name_: str) -> list[Any]: return ret + # noinspection DuplicatedCode + def _insert_calculated_levelized_metrics_line_items(self, cf_ret: list[list[Any]]) -> list[list[Any]]: + ret = cf_ret.copy() + + __row_names: list[str] = [it[0] for it in ret] + + def _get_row_index(row_name_: str) -> int: + return __row_names.index(row_name_) + + def _get_row_indexes(row_name_: str, after_row_name: str | None = None) -> list[int]: + after_criteria_met: bool = True if after_row_name is None else False + indexes = [] + for idx, _row_name_ in enumerate(__row_names): + if _row_name_ == after_row_name: + after_criteria_met = True + + if _row_name_ == row_name_ and after_criteria_met: + indexes.append(idx) + + return indexes + + def _get_row_index_after(row_name_: str, after_row_name: str) -> int: + return _get_row_indexes(row_name_, after_row_name=after_row_name)[0] + + after_tax_lcoe_and_ppa_price_header_row_title = 'AFTER-TAX LCOE AND PPA PRICE' + + # Backfill annual costs + annual_costs_usd_row_name = 'Annual costs ($)' + annual_costs = cf_ret[_get_row_index(annual_costs_usd_row_name)].copy() + after_tax_net_cash_flow_usd = cf_ret[_get_row_index('After-tax net cash flow ($)')] + + annual_costs_backfilled = [ + *after_tax_net_cash_flow_usd[1 : (self._pre_revenue_years_count + 1)], + *annual_costs[(self._pre_revenue_years_count + 1) :], + ] + + ret[_get_row_index(annual_costs_usd_row_name)][1:] = annual_costs_backfilled + + ppa_revenue_row_name = 'PPA revenue ($)' + ppa_revenue_row_index = _get_row_index_after( + ppa_revenue_row_name, after_tax_lcoe_and_ppa_price_header_row_title + ) + year_0_ppa_revenue: float = ret[ppa_revenue_row_index][self._pre_revenue_years_count] + if year_0_ppa_revenue != 0.0: + # Shouldn't happen + _log.warning(f'PPA revenue in Year 0 ({year_0_ppa_revenue}) is not zero, this is unexpected.') + + ret[ppa_revenue_row_index][1 : self._pre_revenue_years_count] = [year_0_ppa_revenue] * ( + self._pre_revenue_years_count - 1 + ) + + electricity_to_grid_kwh_row_name = 'Electricity to grid (kWh)' + electricity_to_grid = cf_ret[_get_row_index(electricity_to_grid_kwh_row_name)].copy() + electricity_to_grid_backfilled = [ + 0 if it == '' else (int(it) if is_int(it) else it) for it in electricity_to_grid[1:] + ] + + electricity_to_grid_kwh_row_index = _get_row_index_after( + electricity_to_grid_kwh_row_name, after_tax_lcoe_and_ppa_price_header_row_title + ) + ret[electricity_to_grid_kwh_row_index][1:] = electricity_to_grid_backfilled + + pv_of_annual_costs_backfilled_row_name = 'Present value of annual costs ($)' + + # Backfill PV of annual costs + annual_costs_backfilled_pv_processed = annual_costs_backfilled.copy() + pv_of_annual_costs_backfilled = [] + for year in range(self._pre_revenue_years_count): + pv_at_year = abs( + round( + npf.npv( + self.nominal_discount_rate.quantity().to('dimensionless').magnitude, + annual_costs_backfilled_pv_processed, + ) + ) + ) + + pv_of_annual_costs_backfilled.append(pv_at_year) + + cost_at_year = annual_costs_backfilled_pv_processed.pop(0) + annual_costs_backfilled_pv_processed[0] = annual_costs_backfilled_pv_processed[0] + cost_at_year + + pv_of_annual_costs_backfilled_row = [ + *[pv_of_annual_costs_backfilled_row_name], + *pv_of_annual_costs_backfilled, + ] + + pv_of_annual_costs_row_name = 'Present value of annual costs ($)' + pv_of_annual_costs_row_index = _get_row_index(pv_of_annual_costs_row_name) + ret[pv_of_annual_costs_row_index][1:] = [ + pv_of_annual_costs_backfilled[0], + *([''] * (self._pre_revenue_years_count - 1)), + ] + + # Backfill PV of electricity to grid + electricity_to_grid_backfilled_pv_processed = electricity_to_grid_backfilled.copy() + pv_of_electricity_to_grid_backfilled_kwh = [] + for year in range(self._pre_revenue_years_count): + pv_at_year = abs( + round( + npf.npv( + self.nominal_discount_rate.quantity().to('dimensionless').magnitude, + electricity_to_grid_backfilled_pv_processed, + ) + ) + ) + + pv_of_electricity_to_grid_backfilled_kwh.append(pv_at_year) + + electricity_to_grid_at_year = electricity_to_grid_backfilled_pv_processed.pop(0) + electricity_to_grid_backfilled_pv_processed[0] = ( + electricity_to_grid_backfilled_pv_processed[0] + electricity_to_grid_at_year + ) + + pv_of_annual_energy_row_name = 'Present value of annual energy nominal (kWh)' + for pv_of_annual_energy_row_index in _get_row_indexes(pv_of_annual_energy_row_name): + ret[pv_of_annual_energy_row_index][1:] = [ + pv_of_electricity_to_grid_backfilled_kwh[0], + *([''] * (self._pre_revenue_years_count - 1)), + ] + + def backfill_lcoe_nominal() -> None: + pv_of_electricity_to_grid_backfilled_row_kwh = pv_of_electricity_to_grid_backfilled_kwh + pv_of_annual_costs_backfilled_row_values_usd = pv_of_annual_costs_backfilled_row[ + 1 if isinstance(pv_of_annual_costs_backfilled_row[0], str) else 0 : + ] + + lcoe_nominal_backfilled = [] + for _year in range(len(pv_of_annual_costs_backfilled_row_values_usd)): + lcoe_nominal_backfilled.append( + pv_of_annual_costs_backfilled_row_values_usd[_year] + * 100 + / pv_of_electricity_to_grid_backfilled_row_kwh[_year] + ) + + lcoe_nominal_row_name = 'LCOE Levelized cost of energy nominal (cents/kWh)' + lcoe_nominal_row_index = _get_row_index(lcoe_nominal_row_name) + ret[lcoe_nominal_row_index][1:] = [ + round(lcoe_nominal_backfilled[0], 2), + *([None] * (self._pre_revenue_years_count - 1)), + ] + + backfill_lcoe_nominal() + + def backfill_lppa_metrics() -> None: + pv_of_ppa_revenue_row_index = _get_row_index_after( + 'Present value of PPA revenue ($)', after_tax_lcoe_and_ppa_price_header_row_title + ) + first_year_pv_of_ppa_revenue_usd = round( + npf.npv( + self.nominal_discount_rate.quantity().to('dimensionless').magnitude, + ret[ppa_revenue_row_index][1:], + ) + ) + ret[pv_of_ppa_revenue_row_index][1:] = [ + first_year_pv_of_ppa_revenue_usd, + *([None] * (self._pre_revenue_years_count - 1)), + ] + + ppa_price_row_index = _get_row_index('PPA price (cents/kWh)') + year_0_ppa_price: float = ret[ppa_price_row_index][self._pre_revenue_years_count] + if year_0_ppa_price != 0.0: + # Shouldn't happen + _log.warning(f'PPA price in Year 0 ({year_0_ppa_price}) is not zero, this is unexpected.') + + # TODO (maybe) + # ppa_revenue_all_years = [ + # *([year_0_ppa_price] * (self._pre_revenue_years_count - 1)), + # *ret[ppa_price_row_index][self._pre_revenue_years_count :], + # ] + # ret[_get_row_index('PPA price (cents/kWh)')][1:] = ppa_revenue_all_years + + # Note: expected to be same in all pre-revenue years since both price and revenue are zero until COD + first_year_lppa_cents_per_kwh = ( + first_year_pv_of_ppa_revenue_usd * 100.0 / ret[_get_row_index(pv_of_annual_energy_row_name)][1] + ) + + lppa_row_name = 'LPPA Levelized PPA price nominal (cents/kWh)' + ret[_get_row_index(lppa_row_name)][1:] = [ + round(first_year_lppa_cents_per_kwh, 2), + *([None] * self._pre_revenue_years_count), + ] + + backfill_lppa_metrics() + + return ret + @property def sam_after_tax_net_cash_flow_all_years(self) -> list[float]: return _after_tax_net_cash_flow_all_years(self.sam_cash_flow_profile, self._pre_revenue_years_count) @@ -344,7 +535,6 @@ def sf(_v: float, num_sig_figs: int = 5) -> float: model.economics.CCap.quantity().to(sam_economics.overnight_capital_cost.CurrentUnits.value).magnitude ) - sam_economics.lcoe_nominal.value = sf(single_owner.Outputs.lcoe_nom) sam_economics.after_tax_irr.value = sf(_get_after_tax_irr_pct(single_owner, cash_flow_operational_years, model)) sam_economics.project_npv.value = sf(_get_project_npv_musd(single_owner, cash_flow_operational_years, model)) @@ -377,6 +567,11 @@ def sf(_v: float, num_sig_figs: int = 5) -> float: .magnitude ) + # Note that this calculation is order-dependent on sam_economics.nominal_discount_rate + sam_economics.lcoe_nominal.value = sf( + _get_lcoe_nominal_cents_per_kwh(single_owner, sam_economics.sam_cash_flow_profile, model) + ) + return sam_economics @@ -432,6 +627,18 @@ def _get_project_npv_musd(single_owner: Singleowner, cash_flow: list[list[Any]], return true_npv_usd * 1e-6 # Convert to M$ +# noinspection PyUnusedLocal +def _get_lcoe_nominal_cents_per_kwh( + single_owner: Singleowner, sam_cash_flow_profile: list[list[Any]], model: Model +) -> float: + lcoe_row_name = 'LCOE Levelized cost of energy nominal (cents/kWh)' + ret = _cash_flow_profile_row(sam_cash_flow_profile, lcoe_row_name)[0] + + # model.logger.info(f'Single Owner LCOE nominal (cents/kWh): {single_owner.Outputs.lcoe_nom}'); + + return ret + + # noinspection PyUnusedLocal def _get_after_tax_irr_pct(single_owner: Singleowner, cash_flow: list[list[Any]], model: Model) -> float: pre_revenue_costs: PreRevenueCostsAndCashflow = calculate_pre_revenue_costs_and_cashflow(model) diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index 4479534c8..fbfb92180 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.11.8' +__version__ = '3.11.11' diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 857a928e8..d142c7e52 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.4 - Simulation Date: 2026-01-24 - Simulation Time: 13:08 - Calculation Time: 1.834 sec + GEOPHIRES Version: 3.11.11 + Simulation Date: 2026-01-28 + Simulation Time: 14:51 + Calculation Time: 1.866 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 512.19 MW - Electricity breakeven price: 7.89 cents/kWh + Electricity breakeven price: 8.45 cents/kWh Total CAPEX: 2794.02 MUSD Number of production wells: 56 Number of injection wells: 38 @@ -225,243 +225,243 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ + Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 1.40 2.70 13.90 43.10 38.90 -Overnight capital expenditure [construction] ($) -33,266,320 -64,156,475 -330,287,039 -1,024,127,436 -924,328,475 +Capital expenditure schedule [construction] (%) 1.40 2.70 13.90 43.10 38.90 +Overnight capital expenditure [construction] ($) -33,266,320 -64,156,475 -330,287,039 -1,024,127,436 -924,328,475 plus: -Inflation cost [construction] ($) -898,191 -3,511,220 -27,482,089 -115,166,472 -131,707,104 +Inflation cost [construction] ($) -898,191 -3,511,220 -27,482,089 -115,166,472 -131,707,104 equals: -Nominal capital expenditure [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,139,293,908 -1,056,035,578 +Nominal capital expenditure [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,139,293,908 -1,056,035,578 -Issuance of equity [construction] ($) 34,164,511 67,667,695 107,330,738 341,788,173 316,810,674 -Issuance of debt [construction] ($) 0 0 250,438,389 797,505,736 739,224,905 -Debt balance [construction] ($) 0 0 250,438,389 1,074,240,156 1,926,260,277 -Debt interest payment [construction] ($) 0 0 0 26,296,031 112,795,216 +Issuance of equity [construction] ($) 34,164,511 67,667,695 107,330,738 341,788,173 316,810,674 +Issuance of debt [construction] ($) 0 0 250,438,389 797,505,736 739,224,905 +Debt balance [construction] ($) 0 0 250,438,389 1,074,240,156 1,926,260,277 +Debt interest payment [construction] ($) 0 0 0 26,296,031 112,795,216 -Installed cost [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,165,589,939 -1,168,830,795 -After-tax net cash flow [construction] ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 +Installed cost [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,165,589,939 -1,168,830,795 +After-tax net cash flow [construction] ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 ENERGY -Electricity to grid (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 +Electricity to grid (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,397,011,034 -Total revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 1,844,099,768 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,397,011,034 +Total revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 1,844,099,768 -Property tax net assessed value ($) 0 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 +Property tax net assessed value ($) 0 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 OPERATING EXPENSES -O&M fixed expense ($) 0 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 -Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 6,672,901 6,713,328 6,766,005 6,813,734 6,859,225 6,900,862 6,914,005 6,868,423 6,980,925 7,042,429 14,186,145 14,280,577 14,370,637 14,442,239 14,388,537 14,427,837 14,632,061 14,742,892 14,840,778 14,933,316 15,019,421 15,060,636 14,937,903 15,155,308 15,292,344 15,396,944 15,492,770 15,583,913 15,660,949 15,648,106 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 134,712,092 134,752,519 134,805,195 134,852,924 134,898,415 134,940,053 134,953,196 134,907,613 135,020,116 135,081,619 142,225,335 142,319,768 142,409,828 142,481,430 142,427,728 142,467,027 142,671,251 142,782,082 142,879,968 142,972,507 143,058,611 143,099,827 142,977,093 143,194,498 143,331,534 143,436,135 143,531,961 143,623,103 143,700,140 143,687,296 - -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +O&M fixed expense ($) 0 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 +Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 +O&M production-based expense ($) 0 6,672,901 6,713,328 6,766,005 6,813,734 6,859,225 6,900,862 6,914,005 6,868,423 6,980,925 7,042,429 14,186,145 14,280,577 14,370,637 14,442,239 14,388,537 14,427,837 14,632,061 14,742,892 14,840,778 14,933,316 15,019,421 15,060,636 14,937,903 15,155,308 15,292,344 15,396,944 15,492,770 15,583,913 15,660,949 15,648,106 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 134,712,092 134,752,519 134,805,195 134,852,924 134,898,415 134,940,053 134,953,196 134,907,613 135,020,116 135,081,619 142,225,335 142,319,768 142,409,828 142,481,430 142,427,728 142,467,027 142,671,251 142,782,082 142,879,968 142,972,507 143,058,611 143,099,827 142,977,093 143,194,498 143,331,534 143,436,135 143,531,961 143,623,103 143,700,140 143,687,296 + +EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 OPERATING ACTIVITIES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 +Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 INVESTING ACTIVITIES -Total installed cost ($) -2,794,022,067 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -2,794,022,067 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -2,794,022,067 +Purchase of property ($) -2,794,022,067 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,794,022,067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,794,022,067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 867,761,790 -Size of debt ($) 1,926,260,277 +Issuance of equity ($) 867,761,790 +Size of debt ($) 1,926,260,277 minus: -Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 +Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 equals: -Cash flow from financing activities ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 +Cash flow from financing activities ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 -Cash flow from investing activities ($) -2,794,022,067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 -Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 +Cash flow from investing activities ($) -2,794,022,067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 +Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 Pre-tax Returns: -Issuance of equity ($) 867,761,790 -Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 -Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Issuance of equity ($) 867,761,790 +Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 After-tax Returns: -Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 -Federal ITC total income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 -Total after-tax returns ($) -867,761,790 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 - -After-tax net cash flow ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.71 7.32 11.00 13.82 15.93 17.52 18.70 19.57 20.26 20.80 21.20 21.51 21.76 21.96 22.11 22.24 22.34 22.42 22.48 22.53 22.57 22.60 22.62 22.63 22.65 22.66 22.67 22.67 22.68 22.75 -After-tax cumulative NPV ($) -34,164,511 -92,993,708 -174,117,302 -398,707,931 -579,694,330 -124,413,226 -83,633,083 -47,483,363 -15,527,127 12,679,501 37,523,177 59,135,591 77,467,068 94,084,765 108,813,830 121,147,373 132,005,505 141,550,341 149,904,652 157,030,403 163,220,049 168,774,587 173,661,918 177,947,912 181,699,714 184,535,917 186,604,844 188,312,051 189,855,136 191,217,123 192,407,124 193,442,825 194,341,614 195,117,287 204,801,571 +Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Federal ITC total income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 +Total after-tax returns ($) -867,761,790 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 + +After-tax net cash flow ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.71 7.32 11.00 13.82 15.93 17.52 18.70 19.57 20.26 20.80 21.20 21.51 21.76 21.96 22.11 22.24 22.34 22.42 22.48 22.53 22.57 22.60 22.62 22.63 22.65 22.66 22.67 22.67 22.68 22.75 +After-tax cumulative NPV ($) -34,164,511 -92,993,708 -174,117,302 -398,707,931 -579,694,330 -124,413,226 -83,633,083 -47,483,363 -15,527,127 12,679,501 37,523,177 59,135,591 77,467,068 94,084,765 108,813,830 121,147,373 132,005,505 141,550,341 149,904,652 157,030,403 163,220,049 168,774,587 173,661,918 177,947,912 181,699,714 184,535,917 186,604,844 188,312,051 189,855,136 191,217,123 192,407,124 193,442,825 194,341,614 195,117,287 204,801,571 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -867,761,790 535,380,222 -289,173,633 -290,329,324 -291,438,040 -292,541,757 -293,618,510 -294,305,532 -294,157,414 -296,387,105 -297,901,067 -304,645,002 -306,070,404 -307,510,125 -308,857,953 -309,286,129 -310,497,180 -313,054,880 -314,953,695 -316,824,332 -318,730,986 -335,273,125 -351,554,858 -352,053,510 -355,300,549 -358,031,117 -360,625,796 -363,276,857 -366,024,856 -368,805,813 682,383,039 -PPA revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 -Electricity to grid (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 +Annual costs ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 535,380,222 -289,173,633 -290,329,324 -291,438,040 -292,541,757 -293,618,510 -294,305,532 -294,157,414 -296,387,105 -297,901,067 -304,645,002 -306,070,404 -307,510,125 -308,857,953 -309,286,129 -310,497,180 -313,054,880 -314,953,695 -316,824,332 -318,730,986 -335,273,125 -351,554,858 -352,053,510 -355,300,549 -358,031,117 -360,625,796 -363,276,857 -366,024,856 -368,805,813 682,383,039 +PPA revenue ($) 0 0 0 0 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 +Electricity to grid (kWh) 0 0 0 0 0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 -Present value of annual costs ($) 2,089,221,121 -Present value of annual energy nominal (kWh) 26,465,637,421 -LCOE Levelized cost of energy nominal (cents/kWh) 7.89 +Present value of annual costs ($) 1,277,484,981 +Present value of annual energy nominal (kWh) 15,119,188,904 +LCOE Levelized cost of energy nominal (cents/kWh) 8.45 -Present value of PPA revenue ($) 2,594,693,319 -Present value of annual energy nominal (kWh) 26,465,637,421 -LPPA Levelized PPA price nominal (cents/kWh) 9.80 +Present value of PPA revenue ($) 1,482,286,552 +Present value of annual energy nominal (kWh) 15,119,188,904 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 +EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Total state tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 +Total state tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 52,385,367 -3,290,467 1,194,333 5,508,256 9,810,949 14,019,677 16,759,634 16,342,731 24,951,114 30,856,736 29,231,246 34,642,900 40,130,556 45,319,623 47,278,917 52,043,200 61,612,316 68,882,169 76,090,083 83,466,186 150,375,596 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 +State taxable income ($) 0 52,385,367 -3,290,467 1,194,333 5,508,256 9,810,949 14,019,677 16,759,634 16,342,731 24,951,114 30,856,736 29,231,246 34,642,900 40,130,556 45,319,623 47,278,917 52,043,200 61,612,316 68,882,169 76,090,083 83,466,186 150,375,596 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Total federal tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 +Total federal tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 50,001,832 -3,140,751 1,139,991 5,257,631 9,364,551 13,381,781 15,997,071 15,599,137 23,815,839 29,452,754 27,901,225 33,066,648 38,304,616 43,257,580 45,127,726 49,675,234 58,808,956 65,748,031 72,627,984 79,668,475 143,533,506 206,562,127 208,973,692 220,731,549 230,796,912 240,460,781 250,377,518 260,688,640 271,182,417 1,613,350,510 +Federal taxable income ($) 0 50,001,832 -3,140,751 1,139,991 5,257,631 9,364,551 13,381,781 15,997,071 15,599,137 23,815,839 29,452,754 27,901,225 33,066,648 38,304,616 43,257,580 45,127,726 49,675,234 58,808,956 65,748,031 72,627,984 79,668,475 143,533,506 206,562,127 208,973,692 220,731,549 230,796,912 240,460,781 250,377,518 260,688,640 271,182,417 1,613,350,510 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,926,260,277 1,905,868,109 1,884,048,488 1,860,701,494 1,835,720,211 1,808,990,238 1,780,389,167 1,749,786,020 1,717,040,654 1,682,003,112 1,644,512,941 1,604,398,459 1,561,475,964 1,515,548,893 1,466,406,928 1,413,825,025 1,357,562,388 1,297,361,368 1,232,946,275 1,164,022,127 1,090,273,287 1,011,362,030 926,926,984 836,581,485 739,911,801 636,475,239 525,798,117 407,373,598 280,659,362 145,075,129 0 -Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 -Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 +Debt balance ($) 1,926,260,277 1,905,868,109 1,884,048,488 1,860,701,494 1,835,720,211 1,808,990,238 1,780,389,167 1,749,786,020 1,717,040,654 1,682,003,112 1,644,512,941 1,604,398,459 1,561,475,964 1,515,548,893 1,466,406,928 1,413,825,025 1,357,562,388 1,297,361,368 1,232,946,275 1,164,022,127 1,090,273,287 1,011,362,030 926,926,984 836,581,485 739,911,801 636,475,239 525,798,117 407,373,598 280,659,362 145,075,129 0 +Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 +Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 +Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 DSCR (DEBT FRACTION) -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 -DSCR (pre-tax) 0.0 1.59 1.60 1.62 1.64 1.66 1.67 1.68 1.66 1.70 1.72 1.69 1.71 1.73 1.74 1.73 1.74 1.77 1.79 1.81 1.83 1.84 1.85 1.83 1.87 1.89 1.91 1.93 1.94 1.96 10.95 +Cash available for debt service (CAFDS) ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 +DSCR (pre-tax) 0.0 1.59 1.60 1.62 1.64 1.66 1.67 1.68 1.66 1.70 1.72 1.69 1.71 1.73 1.74 1.73 1.74 1.77 1.79 1.81 1.83 1.84 1.85 1.83 1.87 1.89 1.91 1.93 1.94 1.96 10.95 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ***EXTENDED ECONOMICS*** diff --git a/tests/examples/Fervo_Project_Cape-6.out b/tests/examples/Fervo_Project_Cape-6.out index 695263bda..a301ef681 100644 --- a/tests/examples/Fervo_Project_Cape-6.out +++ b/tests/examples/Fervo_Project_Cape-6.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.4 - Simulation Date: 2026-01-24 - Simulation Time: 13:08 - Calculation Time: 1.933 sec + GEOPHIRES Version: 3.11.11 + Simulation Date: 2026-01-28 + Simulation Time: 14:51 + Calculation Time: 1.884 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 106.92 MW - Electricity breakeven price: 8.05 cents/kWh + Electricity breakeven price: 8.24 cents/kWh Total CAPEX: 571.44 MUSD Number of production wells: 12 Number of injection wells: 8 @@ -225,243 +225,243 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 2.58 25.60 71.80 -Overnight capital expenditure [construction] ($) -13,488,068 -133,917,250 -374,775,614 +Capital expenditure schedule [construction] (%) 2.58 25.60 71.80 +Overnight capital expenditure [construction] ($) -13,488,068 -133,917,250 -374,775,614 plus: -Inflation cost [construction] ($) -364,178 -7,329,157 -31,183,836 +Inflation cost [construction] ($) -364,178 -7,329,157 -31,183,836 equals: -Nominal capital expenditure [construction] ($) -13,852,246 -141,246,407 -405,959,450 +Nominal capital expenditure [construction] ($) -13,852,246 -141,246,407 -405,959,450 -Issuance of equity [construction] ($) 13,852,246 42,373,922 121,787,835 -Issuance of debt [construction] ($) 0 98,872,485 284,171,615 -Debt balance [construction] ($) 0 98,872,485 393,425,711 -Debt interest payment [construction] ($) 0 0 10,381,611 +Issuance of equity [construction] ($) 13,852,246 42,373,922 121,787,835 +Issuance of debt [construction] ($) 0 98,872,485 284,171,615 +Debt balance [construction] ($) 0 98,872,485 393,425,711 +Debt interest payment [construction] ($) 0 0 10,381,611 -Installed cost [construction] ($) -13,852,246 -141,246,407 -416,341,061 -After-tax net cash flow [construction] ($) -13,852,246 -42,373,922 -121,787,835 +Installed cost [construction] ($) -13,852,246 -141,246,407 -416,341,061 +After-tax net cash flow [construction] ($) -13,852,246 -42,373,922 -121,787,835 ENERGY -Electricity to grid (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 +Electricity to grid (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 285,719,857 -Total revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 379,538,757 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 285,719,857 +Total revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 379,538,757 -Property tax net assessed value ($) 0 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 +Property tax net assessed value ($) 0 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 571,439,714 OPERATING EXPENSES -O&M fixed expense ($) 0 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 -Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 1,392,259 1,400,915 1,411,976 1,421,977 1,431,509 1,440,456 1,445,395 1,435,014 1,455,123 1,469,124 2,959,904 2,979,863 2,998,955 3,016,172 3,019,861 3,002,638 3,049,524 3,074,981 3,096,131 3,115,824 3,134,640 3,150,292 3,144,004 3,141,036 3,186,977 3,210,997 3,231,822 3,251,394 3,269,953 3,283,662 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 30,426,987 30,435,643 30,446,704 30,456,704 30,466,237 30,475,184 30,480,123 30,469,742 30,489,850 30,503,852 31,994,632 32,014,591 32,033,683 32,050,899 32,054,589 32,037,366 32,084,252 32,109,709 32,130,858 32,150,552 32,169,368 32,185,020 32,178,732 32,175,764 32,221,705 32,245,725 32,266,550 32,286,122 32,304,681 32,318,389 - -EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +O&M fixed expense ($) 0 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 +Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 +O&M production-based expense ($) 0 1,392,259 1,400,915 1,411,976 1,421,977 1,431,509 1,440,456 1,445,395 1,435,014 1,455,123 1,469,124 2,959,904 2,979,863 2,998,955 3,016,172 3,019,861 3,002,638 3,049,524 3,074,981 3,096,131 3,115,824 3,134,640 3,150,292 3,144,004 3,141,036 3,186,977 3,210,997 3,231,822 3,251,394 3,269,953 3,283,662 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 1,257,167 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 30,426,987 30,435,643 30,446,704 30,456,704 30,466,237 30,475,184 30,480,123 30,469,742 30,489,850 30,503,852 31,994,632 32,014,591 32,033,683 32,050,899 32,054,589 32,037,366 32,084,252 32,109,709 32,130,858 32,150,552 32,169,368 32,185,020 32,178,732 32,175,764 32,221,705 32,245,725 32,266,550 32,286,122 32,304,681 32,318,389 + +EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 OPERATING ACTIVITIES -EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 -Cash flow from operating activities ($) 0 21,590,857 22,368,409 23,301,324 24,196,594 25,088,917 25,973,394 26,659,601 26,514,314 28,111,431 29,398,445 29,062,407 30,186,215 31,326,271 32,457,584 33,261,900 33,538,790 35,635,891 37,198,480 38,702,546 40,230,937 41,804,106 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 +Cash flow from operating activities ($) 0 21,590,857 22,368,409 23,301,324 24,196,594 25,088,917 25,973,394 26,659,601 26,514,314 28,111,431 29,398,445 29,062,407 30,186,215 31,326,271 32,457,584 33,261,900 33,538,790 35,635,891 37,198,480 38,702,546 40,230,937 41,804,106 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 INVESTING ACTIVITIES -Total installed cost ($) -571,439,714 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -571,439,714 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -571,439,714 +Purchase of property ($) -571,439,714 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -571,439,714 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -571,439,714 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 178,014,003 -Size of debt ($) 393,425,711 +Issuance of equity ($) 178,014,003 +Size of debt ($) 393,425,711 minus: -Debt principal payment ($) 0 4,164,963 4,456,511 4,768,467 5,102,259 5,459,417 5,841,577 6,250,487 6,688,021 7,156,182 7,657,115 8,193,113 8,766,631 9,380,295 10,036,916 10,739,500 11,491,265 12,295,654 13,156,350 14,077,294 15,062,705 16,117,094 17,245,290 18,452,461 19,744,133 21,126,222 22,605,058 24,187,412 25,880,531 27,692,168 29,630,620 +Debt principal payment ($) 0 4,164,963 4,456,511 4,768,467 5,102,259 5,459,417 5,841,577 6,250,487 6,688,021 7,156,182 7,657,115 8,193,113 8,766,631 9,380,295 10,036,916 10,739,500 11,491,265 12,295,654 13,156,350 14,077,294 15,062,705 16,117,094 17,245,290 18,452,461 19,744,133 21,126,222 22,605,058 24,187,412 25,880,531 27,692,168 29,630,620 equals: -Cash flow from financing activities ($) 571,439,714 -4,164,963 -4,456,511 -4,768,467 -5,102,259 -5,459,417 -5,841,577 -6,250,487 -6,688,021 -7,156,182 -7,657,115 -8,193,113 -8,766,631 -9,380,295 -10,036,916 -10,739,500 -11,491,265 -12,295,654 -13,156,350 -14,077,294 -15,062,705 -16,117,094 -17,245,290 -18,452,461 -19,744,133 -21,126,222 -22,605,058 -24,187,412 -25,880,531 -27,692,168 -29,630,620 +Cash flow from financing activities ($) 571,439,714 -4,164,963 -4,456,511 -4,768,467 -5,102,259 -5,459,417 -5,841,577 -6,250,487 -6,688,021 -7,156,182 -7,657,115 -8,193,113 -8,766,631 -9,380,295 -10,036,916 -10,739,500 -11,491,265 -12,295,654 -13,156,350 -14,077,294 -15,062,705 -16,117,094 -17,245,290 -18,452,461 -19,744,133 -21,126,222 -22,605,058 -24,187,412 -25,880,531 -27,692,168 -29,630,620 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 21,590,857 22,368,409 23,301,324 24,196,594 25,088,917 25,973,394 26,659,601 26,514,314 28,111,431 29,398,445 29,062,407 30,186,215 31,326,271 32,457,584 33,261,900 33,538,790 35,635,891 37,198,480 38,702,546 40,230,937 41,804,106 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 -Cash flow from investing activities ($) -571,439,714 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 571,439,714 -4,164,963 -4,456,511 -4,768,467 -5,102,259 -5,459,417 -5,841,577 -6,250,487 -6,688,021 -7,156,182 -7,657,115 -8,193,113 -8,766,631 -9,380,295 -10,036,916 -10,739,500 -11,491,265 -12,295,654 -13,156,350 -14,077,294 -15,062,705 -16,117,094 -17,245,290 -18,452,461 -19,744,133 -21,126,222 -22,605,058 -24,187,412 -25,880,531 -27,692,168 -29,630,620 -Total pre-tax cash flow ($) 0 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 +Cash flow from operating activities ($) 0 21,590,857 22,368,409 23,301,324 24,196,594 25,088,917 25,973,394 26,659,601 26,514,314 28,111,431 29,398,445 29,062,407 30,186,215 31,326,271 32,457,584 33,261,900 33,538,790 35,635,891 37,198,480 38,702,546 40,230,937 41,804,106 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 +Cash flow from investing activities ($) -571,439,714 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 571,439,714 -4,164,963 -4,456,511 -4,768,467 -5,102,259 -5,459,417 -5,841,577 -6,250,487 -6,688,021 -7,156,182 -7,657,115 -8,193,113 -8,766,631 -9,380,295 -10,036,916 -10,739,500 -11,491,265 -12,295,654 -13,156,350 -14,077,294 -15,062,705 -16,117,094 -17,245,290 -18,452,461 -19,744,133 -21,126,222 -22,605,058 -24,187,412 -25,880,531 -27,692,168 -29,630,620 +Total pre-tax cash flow ($) 0 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 Pre-tax Returns: -Issuance of equity ($) 178,014,003 -Total pre-tax cash flow ($) 0 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 -Total pre-tax returns ($) -178,014,003 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 +Issuance of equity ($) 178,014,003 +Total pre-tax cash flow ($) 0 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 +Total pre-tax returns ($) -178,014,003 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 After-tax Returns: -Total pre-tax returns ($) -178,014,003 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 -Federal ITC total income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -1,893,757 384,409 197,411 17,959 -160,903 -338,192 -475,739 -446,617 -766,751 -1,024,726 -957,369 -1,182,631 -1,411,150 -1,637,916 -1,799,137 -1,854,638 -2,274,991 -2,588,204 -2,889,687 -3,196,045 -5,945,402 -8,692,066 -8,899,287 -9,141,796 -9,672,724 -10,101,896 -10,534,161 -10,981,704 -11,447,405 -69,182,835 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 -Total after-tax returns ($) -178,014,003 186,534,178 18,383,566 18,775,080 19,116,370 19,432,072 19,716,857 19,825,385 19,278,297 20,014,449 20,483,996 19,694,606 19,968,502 20,214,503 20,410,954 20,314,869 19,771,893 20,548,835 20,866,417 21,079,621 21,246,701 18,392,034 15,453,432 15,025,808 14,646,432 15,261,643 15,397,314 15,441,098 15,431,594 15,371,880 230,628,617 - -After-tax net cash flow ($) -13,852,246 -42,373,922 -121,787,835 186,534,178 18,383,566 18,775,080 19,116,370 19,432,072 19,716,857 19,825,385 19,278,297 20,014,449 20,483,996 19,694,606 19,968,502 20,214,503 20,410,954 20,314,869 19,771,893 20,548,835 20,866,417 21,079,621 21,246,701 18,392,034 15,453,432 15,025,808 14,646,432 15,261,643 15,397,314 15,441,098 15,431,594 15,371,880 230,628,617 -After-tax cumulative IRR (%) NaN NaN NaN 3.40 9.85 14.86 18.51 21.12 22.99 24.33 25.27 25.98 26.52 26.90 27.19 27.41 27.58 27.71 27.81 27.89 27.95 27.99 28.03 28.05 28.07 28.08 28.09 28.10 28.10 28.11 28.11 28.11 28.15 -After-tax cumulative NPV ($) -13,852,246 -50,691,447 -142,742,122 -20,169,629 -9,667,535 -342,736 7,911,457 15,206,030 21,640,754 27,265,792 32,021,158 36,313,265 40,132,295 43,324,548 46,138,437 48,614,924 50,788,865 52,669,958 54,261,638 55,699,795 56,969,429 58,084,506 59,061,620 59,796,972 60,334,130 60,788,203 61,173,000 61,521,588 61,827,339 62,093,910 62,325,520 62,526,099 65,142,367 +Total pre-tax returns ($) -178,014,003 17,425,894 17,911,898 18,532,857 19,094,335 19,629,499 20,131,817 20,409,115 19,826,293 20,955,248 21,741,330 20,869,293 21,419,584 21,945,976 22,420,668 22,522,400 22,047,525 23,340,237 24,042,130 24,625,252 25,168,232 25,687,012 26,118,553 25,945,187 25,863,370 27,130,026 27,792,289 28,366,460 28,906,089 29,417,789 315,515,605 +Federal ITC total income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -1,893,757 384,409 197,411 17,959 -160,903 -338,192 -475,739 -446,617 -766,751 -1,024,726 -957,369 -1,182,631 -1,411,150 -1,637,916 -1,799,137 -1,854,638 -2,274,991 -2,588,204 -2,889,687 -3,196,045 -5,945,402 -8,692,066 -8,899,287 -9,141,796 -9,672,724 -10,101,896 -10,534,161 -10,981,704 -11,447,405 -69,182,835 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 +Total after-tax returns ($) -178,014,003 186,534,178 18,383,566 18,775,080 19,116,370 19,432,072 19,716,857 19,825,385 19,278,297 20,014,449 20,483,996 19,694,606 19,968,502 20,214,503 20,410,954 20,314,869 19,771,893 20,548,835 20,866,417 21,079,621 21,246,701 18,392,034 15,453,432 15,025,808 14,646,432 15,261,643 15,397,314 15,441,098 15,431,594 15,371,880 230,628,617 + +After-tax net cash flow ($) -13,852,246 -42,373,922 -121,787,835 186,534,178 18,383,566 18,775,080 19,116,370 19,432,072 19,716,857 19,825,385 19,278,297 20,014,449 20,483,996 19,694,606 19,968,502 20,214,503 20,410,954 20,314,869 19,771,893 20,548,835 20,866,417 21,079,621 21,246,701 18,392,034 15,453,432 15,025,808 14,646,432 15,261,643 15,397,314 15,441,098 15,431,594 15,371,880 230,628,617 +After-tax cumulative IRR (%) NaN NaN NaN 3.40 9.85 14.86 18.51 21.12 22.99 24.33 25.27 25.98 26.52 26.90 27.19 27.41 27.58 27.71 27.81 27.89 27.95 27.99 28.03 28.05 28.07 28.08 28.09 28.10 28.10 28.11 28.11 28.11 28.15 +After-tax cumulative NPV ($) -13,852,246 -50,691,447 -142,742,122 -20,169,629 -9,667,535 -342,736 7,911,457 15,206,030 21,640,754 27,265,792 32,021,158 36,313,265 40,132,295 43,324,548 46,138,437 48,614,924 50,788,865 52,669,958 54,261,638 55,699,795 56,969,429 58,084,506 59,061,620 59,796,972 60,334,130 60,788,203 61,173,000 61,521,588 61,827,339 62,093,910 62,325,520 62,526,099 65,142,367 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -178,014,003 106,976,534 -61,668,738 -61,909,244 -62,139,432 -62,368,427 -62,594,907 -62,768,615 -62,722,501 -63,135,413 -63,465,949 -64,874,082 -65,170,436 -65,469,919 -65,765,377 -65,966,884 -66,017,760 -66,580,418 -66,990,186 -67,381,253 -67,776,846 -71,169,109 -74,554,903 -74,802,874 -75,097,465 -75,794,851 -76,345,464 -76,896,675 -77,465,380 -78,055,352 136,809,717 -PPA revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 -Electricity to grid (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 +Annual costs ($) -13,852,246 -42,373,922 -121,787,835 106,976,534 -61,668,738 -61,909,244 -62,139,432 -62,368,427 -62,594,907 -62,768,615 -62,722,501 -63,135,413 -63,465,949 -64,874,082 -65,170,436 -65,469,919 -65,765,377 -65,966,884 -66,017,760 -66,580,418 -66,990,186 -67,381,253 -67,776,846 -71,169,109 -74,554,903 -74,802,874 -75,097,465 -75,794,851 -76,345,464 -76,896,675 -77,465,380 -78,055,352 136,809,717 +PPA revenue ($) 0 0 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 +Electricity to grid (kWh) 0 0 0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 -Present value of annual costs ($) 444,537,770 -Present value of annual energy nominal (kWh) 5,523,896,792 -LCOE Levelized cost of energy nominal (cents/kWh) 8.05 +Present value of annual costs ($) 344,188,289 +Present value of annual energy nominal (kWh) 4,175,116,739 +LCOE Levelized cost of energy nominal (cents/kWh) 8.24 -Present value of PPA revenue ($) 541,565,767 -Present value of annual energy nominal (kWh) 5,523,896,792 -LPPA Levelized PPA price nominal (cents/kWh) 9.80 +Present value of PPA revenue ($) 409,330,658 +Present value of annual energy nominal (kWh) 4,175,116,739 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 +EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 -Total state tax depreciation ($) 0 12,143,094 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 12,143,094 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 +Total state tax depreciation ($) 0 12,143,094 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 12,143,094 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 9,447,763 -1,917,779 -984,864 -89,594 802,729 1,687,206 2,373,414 2,228,126 3,825,243 5,112,257 4,776,219 5,900,027 7,040,084 8,171,396 8,975,713 9,252,602 11,349,703 12,912,292 14,416,358 15,944,749 29,661,012 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 +State taxable income ($) 0 9,447,763 -1,917,779 -984,864 -89,594 802,729 1,687,206 2,373,414 2,228,126 3,825,243 5,112,257 4,776,219 5,900,027 7,040,084 8,171,396 8,975,713 9,252,602 11,349,703 12,912,292 14,416,358 15,944,749 29,661,012 43,363,843 44,397,648 45,607,503 48,256,248 50,397,347 52,553,872 54,786,620 57,109,957 345,146,225 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -429,873 87,259 44,811 4,077 -36,524 -76,768 -107,990 -101,380 -174,049 -232,608 -217,318 -268,451 -320,324 -371,799 -408,395 -420,993 -516,411 -587,509 -655,944 -725,486 -1,349,576 -1,973,055 -2,020,093 -2,075,141 -2,195,659 -2,293,079 -2,391,201 -2,492,791 -2,598,503 -15,704,153 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 -Total federal tax depreciation ($) 0 12,143,094 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 12,143,094 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 +Total federal tax depreciation ($) 0 12,143,094 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 24,286,188 12,143,094 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 9,017,890 -1,830,520 -940,053 -85,517 766,205 1,610,438 2,265,423 2,126,747 3,651,194 4,879,650 4,558,901 5,631,576 6,719,760 7,799,598 8,567,318 8,831,609 10,833,292 12,324,783 13,760,414 15,219,263 28,311,436 41,390,789 42,377,555 43,532,361 46,060,589 48,104,268 50,162,671 52,293,828 54,511,454 329,442,071 +Federal taxable income ($) 0 9,017,890 -1,830,520 -940,053 -85,517 766,205 1,610,438 2,265,423 2,126,747 3,651,194 4,879,650 4,558,901 5,631,576 6,719,760 7,799,598 8,567,318 8,831,609 10,833,292 12,324,783 13,760,414 15,219,263 28,311,436 41,390,789 42,377,555 43,532,361 46,060,589 48,104,268 50,162,671 52,293,828 54,511,454 329,442,071 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -1,893,757 384,409 197,411 17,959 -160,903 -338,192 -475,739 -446,617 -766,751 -1,024,726 -957,369 -1,182,631 -1,411,150 -1,637,916 -1,799,137 -1,854,638 -2,274,991 -2,588,204 -2,889,687 -3,196,045 -5,945,402 -8,692,066 -8,899,287 -9,141,796 -9,672,724 -10,101,896 -10,534,161 -10,981,704 -11,447,405 -69,182,835 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -1,893,757 384,409 197,411 17,959 -160,903 -338,192 -475,739 -446,617 -766,751 -1,024,726 -957,369 -1,182,631 -1,411,150 -1,637,916 -1,799,137 -1,854,638 -2,274,991 -2,588,204 -2,889,687 -3,196,045 -5,945,402 -8,692,066 -8,899,287 -9,141,796 -9,672,724 -10,101,896 -10,534,161 -10,981,704 -11,447,405 -69,182,835 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 171,431,914 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 393,425,711 389,260,748 384,804,237 380,035,770 374,933,511 369,474,094 363,632,517 357,382,031 350,694,010 343,537,827 335,880,712 327,687,599 318,920,967 309,540,672 299,503,756 288,764,256 277,272,991 264,977,337 251,820,987 237,743,693 222,680,989 206,563,895 189,318,605 170,866,144 151,122,011 129,995,788 107,390,730 83,203,318 57,322,788 29,630,620 0 -Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 -Debt principal payment ($) 0 4,164,963 4,456,511 4,768,467 5,102,259 5,459,417 5,841,577 6,250,487 6,688,021 7,156,182 7,657,115 8,193,113 8,766,631 9,380,295 10,036,916 10,739,500 11,491,265 12,295,654 13,156,350 14,077,294 15,062,705 16,117,094 17,245,290 18,452,461 19,744,133 21,126,222 22,605,058 24,187,412 25,880,531 27,692,168 29,630,620 -Debt total payment ($) 0 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 +Debt balance ($) 393,425,711 389,260,748 384,804,237 380,035,770 374,933,511 369,474,094 363,632,517 357,382,031 350,694,010 343,537,827 335,880,712 327,687,599 318,920,967 309,540,672 299,503,756 288,764,256 277,272,991 264,977,337 251,820,987 237,743,693 222,680,989 206,563,895 189,318,605 170,866,144 151,122,011 129,995,788 107,390,730 83,203,318 57,322,788 29,630,620 0 +Debt interest payment ($) 0 27,539,800 27,248,252 26,936,297 26,602,504 26,245,346 25,863,187 25,454,276 25,016,742 24,548,581 24,047,648 23,511,650 22,938,132 22,324,468 21,667,847 20,965,263 20,213,498 19,409,109 18,548,414 17,627,469 16,642,059 15,587,669 14,459,473 13,252,302 11,960,630 10,578,541 9,099,705 7,517,351 5,824,232 4,012,595 2,074,143 +Debt principal payment ($) 0 4,164,963 4,456,511 4,768,467 5,102,259 5,459,417 5,841,577 6,250,487 6,688,021 7,156,182 7,657,115 8,193,113 8,766,631 9,380,295 10,036,916 10,739,500 11,491,265 12,295,654 13,156,350 14,077,294 15,062,705 16,117,094 17,245,290 18,452,461 19,744,133 21,126,222 22,605,058 24,187,412 25,880,531 27,692,168 29,630,620 +Debt total payment ($) 0 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 DSCR (DEBT FRACTION) -EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +EBITDA ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 -Debt total payment ($) 0 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 -DSCR (pre-tax) 0.0 1.55 1.56 1.58 1.60 1.62 1.63 1.64 1.63 1.66 1.69 1.66 1.68 1.69 1.71 1.71 1.70 1.74 1.76 1.78 1.79 1.81 1.82 1.82 1.82 1.86 1.88 1.89 1.91 1.93 10.95 +Cash available for debt service (CAFDS) ($) 0 49,130,657 49,616,661 50,237,620 50,799,098 51,334,262 51,836,580 52,113,878 51,531,056 52,660,011 53,446,093 52,574,056 53,124,347 53,650,739 54,125,431 54,227,163 53,752,288 55,045,000 55,746,894 56,330,015 56,872,996 57,391,775 57,823,316 57,649,950 57,568,133 58,834,789 59,497,052 60,071,223 60,610,852 61,122,552 347,220,368 +Debt total payment ($) 0 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 31,704,763 +DSCR (pre-tax) 0.0 1.55 1.56 1.58 1.60 1.62 1.63 1.64 1.63 1.66 1.69 1.66 1.68 1.69 1.71 1.71 1.70 1.74 1.76 1.78 1.79 1.81 1.82 1.82 1.82 1.86 1.88 1.89 1.91 1.93 10.95 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ***EXTENDED ECONOMICS*** diff --git a/tests/examples/Fervo_Project_Cape-6.txt b/tests/examples/Fervo_Project_Cape-6.txt index 35cac2cb3..75ff9cf60 100644 --- a/tests/examples/Fervo_Project_Cape-6.txt +++ b/tests/examples/Fervo_Project_Cape-6.txt @@ -4,7 +4,7 @@ # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- The SAM Single Owner PPA economic model is used to calculate financial results including LCOE, NPV, IRR, and pro-forma cash flow analysis. See [GEOPHIRES documentation of SAM Economic Models](https://softwareengineerprogrammer.github.io/GEOPHIRES/SAM-Economic-Models.html) for details on how System Advisor Model financial models are integrated into GEOPHIRES. -Inflation Rate, .027, -- US inflation as of December 2025 +Inflation Rate, .027, -- US inflation as of December 2025. Note: [2024b ATB models lower inflation](https://atb.nrel.gov/electricity/2024b/definitions#inflation). Starting Electricity Sale Price, 0.095, -- Aligns with Geysers - Sacramento pricing in [2024b ATB](https://atb.nrel.gov/electricity/2024/geothermal) (NREL, 2025). See Sensitivity Analysis for effect of different prices on results. Electricity Escalation Rate Per Year, 0.00057, -- Calibrated to reach $100/MWh at project year 11 diff --git a/tests/examples/example_SAM-single-owner-PPA-2.out b/tests/examples/example_SAM-single-owner-PPA-2.out index 99b69f05a..dc4a4a10d 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.out +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.3 - Simulation Date: 2026-01-17 - Simulation Time: 09:42 - Calculation Time: 1.293 sec + GEOPHIRES Version: 3.11.9 + Simulation Date: 2026-01-28 + Simulation Time: 12:11 + Calculation Time: 1.059 sec ***SUMMARY OF RESULTS*** @@ -308,13 +308,13 @@ After-tax cumulative NPV ($) -804,710,910 -102,334,925 1 AFTER-TAX LCOE AND PPA PRICE Annual costs ($) -804,710,910 292,393,552 -182,263,092 -186,204,759 -190,094,937 -193,973,792 -197,855,490 -201,747,003 -205,652,538 -209,575,034 -213,516,791 -217,479,763 -221,465,718 -225,476,324 -229,513,207 -233,577,985 -237,672,292 -241,797,796 -245,956,212 -250,149,313 336,843,026 PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 -Electricity to grid (kWh) 0.0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 +Electricity to grid (kWh) 0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 -Present value of annual costs ($) 2,121,805,148 +Present value of annual costs ($) 2,121,805,149 Present value of annual energy nominal (kWh) 28,780,754,350 LCOE Levelized cost of energy nominal (cents/kWh) 7.37 -Present value of PPA revenue ($) 4,998,844,672 +Present value of PPA revenue ($) 4,998,844,671 Present value of annual energy nominal (kWh) 28,780,754,350 LPPA Levelized PPA price nominal (cents/kWh) 17.37 diff --git a/tests/examples/example_SAM-single-owner-PPA-3.out b/tests/examples/example_SAM-single-owner-PPA-3.out index 27f23e159..213669cdc 100644 --- a/tests/examples/example_SAM-single-owner-PPA-3.out +++ b/tests/examples/example_SAM-single-owner-PPA-3.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.3 - Simulation Date: 2026-01-17 - Simulation Time: 09:42 - Calculation Time: 1.702 sec + GEOPHIRES Version: 3.11.9 + Simulation Date: 2026-01-28 + Simulation Time: 12:11 + Calculation Time: 1.237 sec ***SUMMARY OF RESULTS*** @@ -195,8 +195,8 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 +-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 CONSTRUCTION Capital expenditure schedule [construction] (%) 100.0 Overnight capital expenditure [construction] ($) -262,355,642 @@ -214,42 +214,42 @@ Installed cost [construction] ($) -275,473,424 After-tax net cash flow [construction] ($) -165,284,055 ENERGY -Electricity to grid (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 +Electricity to grid (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 REVENUE -PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80 -PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 137,736,712 -Total revenue ($) 0 51,751,456 51,964,904 53,519,865 55,051,439 56,573,241 58,089,812 59,603,196 61,114,476 62,624,287 64,133,030 65,640,973 67,148,303 68,655,154 70,161,626 71,667,791 73,173,709 74,679,427 76,184,986 77,690,409 216,932,127 +PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80 +PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 137,736,712 +Total revenue ($) 0 51,751,456 51,964,904 53,519,865 55,051,439 56,573,241 58,089,812 59,603,196 61,114,476 62,624,287 64,133,030 65,640,973 67,148,303 68,655,154 70,161,626 71,667,791 73,173,709 74,679,427 76,184,986 77,690,409 216,932,127 -Property tax net assessed value ($) 0 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 +Property tax net assessed value ($) 0 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 OPERATING EXPENSES -O&M fixed expense ($) 0 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 +O&M fixed expense ($) 0 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 OPERATING ACTIVITIES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 -Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 +Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 INVESTING ACTIVITIES Total installed cost ($) -275,473,424 @@ -261,97 +261,97 @@ Total CBI income ($) 0 equals: Purchase of property ($) -275,473,424 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -275,473,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -275,473,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES Issuance of equity ($) 165,284,055 Size of debt ($) 110,189,370 minus: -Debt principal payment ($) 0 3,332,412 3,499,032 3,673,984 3,857,683 4,050,567 4,253,096 4,465,750 4,689,038 4,923,490 5,169,664 5,428,147 5,699,555 5,984,532 6,283,759 6,597,947 6,927,844 7,274,237 7,637,948 8,019,846 8,420,838 +Debt principal payment ($) 0 3,332,412 3,499,032 3,673,984 3,857,683 4,050,567 4,253,096 4,465,750 4,689,038 4,923,490 5,169,664 5,428,147 5,699,555 5,984,532 6,283,759 6,597,947 6,927,844 7,274,237 7,637,948 8,019,846 8,420,838 equals: -Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,499,032 -3,673,984 -3,857,683 -4,050,567 -4,253,096 -4,465,750 -4,689,038 -4,923,490 -5,169,664 -5,428,147 -5,699,555 -5,984,532 -6,283,759 -6,597,947 -6,927,844 -7,274,237 -7,637,948 -8,019,846 -8,420,838 +Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,499,032 -3,673,984 -3,857,683 -4,050,567 -4,253,096 -4,465,750 -4,689,038 -4,923,490 -5,169,664 -5,428,147 -5,699,555 -5,984,532 -6,283,759 -6,597,947 -6,927,844 -7,274,237 -7,637,948 -8,019,846 -8,420,838 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 -Cash flow from investing activities ($) -275,473,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,499,032 -3,673,984 -3,857,683 -4,050,567 -4,253,096 -4,465,750 -4,689,038 -4,923,490 -5,169,664 -5,428,147 -5,699,555 -5,984,532 -6,283,759 -6,597,947 -6,927,844 -7,274,237 -7,637,948 -8,019,846 -8,420,838 -Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 +Cash flow from investing activities ($) -275,473,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,499,032 -3,673,984 -3,857,683 -4,050,567 -4,253,096 -4,465,750 -4,689,038 -4,923,490 -5,169,664 -5,428,147 -5,699,555 -5,984,532 -6,283,759 -6,597,947 -6,927,844 -7,274,237 -7,637,948 -8,019,846 -8,420,838 +Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 Pre-tax Returns: Issuance of equity ($) 165,284,055 -Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 -Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 After-tax Returns: -Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 -Federal ITC total income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 -Total after-tax returns ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 - -After-tax net cash flow ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 -After-tax cumulative IRR (%) NaN -33.90 -14.01 0.64 10.10 16.19 20.21 22.94 24.84 26.19 27.16 27.87 28.40 28.80 29.10 29.32 29.50 29.63 29.73 29.81 30.00 -After-tax cumulative NPV ($) -165,284,055 -66,106,922 -42,805,226 -20,832,763 -155,799 19,271,800 37,501,025 54,585,116 70,578,227 85,534,586 99,507,908 112,550,972 124,715,297 136,050,903 146,606,133 156,427,530 165,559,743 174,045,484 181,925,493 189,238,538 210,632,436 +Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Federal ITC total income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 +Total after-tax returns ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 + +After-tax net cash flow ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 +After-tax cumulative IRR (%) NaN -33.90 -14.01 0.64 10.10 16.19 20.21 22.94 24.84 26.19 27.16 27.87 28.40 28.80 29.10 29.32 29.50 29.63 29.73 29.81 30.00 +After-tax cumulative NPV ($) -165,284,055 -66,106,922 -42,805,226 -20,832,763 -155,799 19,271,800 37,501,025 54,585,116 70,578,227 85,534,586 99,507,908 112,550,972 124,715,297 136,050,903 146,606,133 156,427,530 165,559,743 174,045,484 181,925,493 189,238,538 210,632,436 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -165,284,055 57,502,074 -23,687,770 -24,146,716 -24,601,778 -25,056,684 -25,512,761 -25,970,679 -26,430,860 -26,893,613 -27,359,192 -27,827,825 -28,299,724 -28,775,096 -29,254,148 -29,737,088 -30,224,130 -30,715,494 -31,211,412 -31,712,118 68,977,383 -PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 -Electricity to grid (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 +Annual costs ($) -165,284,055 57,502,074 -23,687,770 -24,146,716 -24,601,778 -25,056,684 -25,512,761 -25,970,679 -26,430,860 -26,893,613 -27,359,192 -27,827,825 -28,299,724 -28,775,096 -29,254,148 -29,737,088 -30,224,130 -30,715,494 -31,211,412 -31,712,118 68,977,383 +PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 +Electricity to grid (kWh) 0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 -Present value of annual costs ($) 298,190,010 -Present value of annual energy nominal (kWh) 3,903,105,303.0 +Present value of annual costs ($) 298,190,011 +Present value of annual energy nominal (kWh) 3,903,105,303 LCOE Levelized cost of energy nominal (cents/kWh) 7.64 Present value of PPA revenue ($) 382,501,304 -Present value of annual energy nominal (kWh) 3,903,105,303.0 +Present value of annual energy nominal (kWh) 3,903,105,303 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 -Total state tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 +Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 +Total state tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 equals: -State taxable income ($) 0 32,789,035 27,315,293 29,045,206 30,760,479 32,475,165 34,194,264 35,920,304 37,654,871 39,399,133 41,154,051 42,920,477 44,699,215 46,491,044 48,296,742 50,117,095 51,952,910 53,805,020 55,674,291 57,561,612 197,204,322 +State taxable income ($) 0 32,789,035 27,315,293 29,045,206 30,760,479 32,475,165 34,194,264 35,920,304 37,654,871 39,399,133 41,154,051 42,920,477 44,699,215 46,491,044 48,296,742 50,117,095 51,952,910 53,805,020 55,674,291 57,561,612 197,204,322 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 -Total federal tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 +Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 +Total federal tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 equals: -Federal taxable income ($) 0 30,493,802 25,403,222 27,012,042 28,607,246 30,201,904 31,800,666 33,405,882 35,019,030 36,641,194 38,273,267 39,916,044 41,570,270 43,236,671 44,915,970 46,608,899 48,316,206 50,038,669 51,777,091 53,532,299 183,400,020 +Federal taxable income ($) 0 30,493,802 25,403,222 27,012,042 28,607,246 30,201,904 31,800,666 33,405,882 35,019,030 36,641,194 38,273,267 39,916,044 41,570,270 43,236,671 44,915,970 46,608,899 48,316,206 50,038,669 51,777,091 53,532,299 183,400,020 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 CASH INCENTIVES Federal IBI income ($) 0 @@ -366,68 +366,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 110,189,370 106,856,958 103,357,926 99,683,942 95,826,259 91,775,692 87,522,596 83,056,846 78,367,808 73,444,319 68,274,654 62,846,507 57,146,952 51,162,420 44,878,661 38,280,714 31,352,869 24,078,633 16,440,684 8,420,838 0 -Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 -Debt principal payment ($) 0 3,332,412 3,499,032 3,673,984 3,857,683 4,050,567 4,253,096 4,465,750 4,689,038 4,923,490 5,169,664 5,428,147 5,699,555 5,984,532 6,283,759 6,597,947 6,927,844 7,274,237 7,637,948 8,019,846 8,420,838 -Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 +Debt balance ($) 110,189,370 106,856,958 103,357,926 99,683,942 95,826,259 91,775,692 87,522,596 83,056,846 78,367,808 73,444,319 68,274,654 62,846,507 57,146,952 51,162,420 44,878,661 38,280,714 31,352,869 24,078,633 16,440,684 8,420,838 0 +Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 +Debt principal payment ($) 0 3,332,412 3,499,032 3,673,984 3,857,683 4,050,567 4,253,096 4,465,750 4,689,038 4,923,490 5,169,664 5,428,147 5,699,555 5,984,532 6,283,759 6,597,947 6,927,844 7,274,237 7,637,948 8,019,846 8,420,838 +Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 DSCR (DEBT FRACTION) -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 -Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 -DSCR (pre-tax) 0.0 4.99 5.02 5.19 5.37 5.54 5.71 5.88 6.05 6.22 6.39 6.56 6.73 6.91 7.08 7.25 7.42 7.59 7.76 7.93 23.68 +Cash available for debt service (CAFDS) ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 +DSCR (pre-tax) 0.0 4.99 5.02 5.19 5.37 5.54 5.71 5.88 6.05 6.22 6.39 6.56 6.73 6.91 7.08 7.25 7.42 7.59 7.76 7.93 23.68 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/example_SAM-single-owner-PPA-4.out b/tests/examples/example_SAM-single-owner-PPA-4.out index f514996af..18e4b13ba 100644 --- a/tests/examples/example_SAM-single-owner-PPA-4.out +++ b/tests/examples/example_SAM-single-owner-PPA-4.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.3 - Simulation Date: 2026-01-17 - Simulation Time: 09:42 - Calculation Time: 1.265 sec + GEOPHIRES Version: 3.11.9 + Simulation Date: 2026-01-28 + Simulation Time: 12:11 + Calculation Time: 1.448 sec ***SUMMARY OF RESULTS*** @@ -312,13 +312,13 @@ After-tax cumulative NPV ($) -135,485,121 -61,023,410 -48, AFTER-TAX LCOE AND PPA PRICE Annual costs ($) -135,485,121 47,742,625 -19,081,493 -19,834,209 -20,602,596 -21,390,771 -22,200,167 -22,725,537 -23,252,501 -23,781,392 -24,312,468 -24,845,949 -25,382,031 -25,920,901 -26,462,740 -27,007,729 -27,556,049 -28,107,888 -28,663,440 -29,222,900 53,164,395 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 -Electricity to grid (kWh) 0.0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 +Electricity to grid (kWh) 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 -Present value of annual costs ($) 254,082,387 +Present value of annual costs ($) 254,082,386 Present value of annual energy nominal (kWh) 3,643,623,190 LCOE Levelized cost of energy nominal (cents/kWh) 6.97 -Present value of PPA revenue ($) 357,085,538 +Present value of PPA revenue ($) 357,085,539 Present value of annual energy nominal (kWh) 3,643,623,190 LPPA Levelized PPA price nominal (cents/kWh) 9.80 diff --git a/tests/examples/example_SAM-single-owner-PPA-5.csv b/tests/examples/example_SAM-single-owner-PPA-5.csv new file mode 100644 index 000000000..3b33ab14a --- /dev/null +++ b/tests/examples/example_SAM-single-owner-PPA-5.csv @@ -0,0 +1,234 @@ +,Year -6,Year -5,Year -4,Year -3,Year -2,Year -1,Year 0,Year 1,Year 2,Year 3,Year 4,Year 5,Year 6,Year 7,Year 8,Year 9,Year 10,Year 11,Year 12,Year 13,Year 14,Year 15,Year 16,Year 17,Year 18,Year 19,Year 20,Year 21,Year 22,Year 23,Year 24,Year 25,Year 26,Year 27,Year 28,Year 29,Year 30 +CONSTRUCTION +Capital expenditure schedule [construction] (%),1,2,7,10,20,20,40 +Overnight capital expenditure [construction] ($),-5994215,-11988430,-41959506,-59942151,-119884303,-119884303,-239768605 +plus: +Inflation cost [construction] ($),-137867,-557810,-2962306,-5707868,-14435638,-17524996,-41370820 +equals: +Nominal capital expenditure [construction] ($),-6132082,-12546240,-44921812,-65650020,-134319940,-137409299,-281139426 + +Issuance of equity [construction] ($),6132082,12546240,44921812,22977507,47011979,48093255,98398799 +Issuance of debt [construction] ($),0,0,0,42672513,87307961,89316044,182740627 +Debt balance [construction] ($),0,0,0,42672513,132967550,231591323,430543342 +Debt interest payment [construction] ($),0,0,0,0,2987076,9307728,16211393 + +Installed cost [construction] ($),-6132082,-12546240,-44921812,-65650020,-137307016,-146717027,-297350818 +After-tax net cash flow [construction] ($),-6132082,-12546240,-44921812,-22977507,-47011979,-48093255,-98398799 + +ENERGY +Electricity to grid (kWh),,,,,,,0,859490068,865758172,867671460,868803529,869596370,870200786,870686054,871089570,871433728,871732959,871997081,872233061,872446015,872639805,872817414,872981191,873133019,873274427,873406675,873530811,873647716,873758141,873862724,873962017,874056500,874146590,874232654,874315016,874393962,874466670 +Electricity from grid (kWh),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Electricity to grid net (kWh),,,,,,,0,859490068,865758172,867671460,868803529,869596370,870200786,870686054,871089570,871433728,871732959,871997081,872233061,872446015,872639805,872817414,872981191,873133019,873274427,873406675,873530811,873647716,873758141,873862724,873962017,874056500,874146590,874232654,874315016,874393962,874466670 + +REVENUE +PPA price (cents/kWh),,,,,,,0,8,8,8.32,8.64,8.97,9.29,9.61,9.93,10.25,10.58,10.9,11.22,11.54,11.86,12.19,12.51,12.83,13.15,13.47,13.8,14.12,14.44,14.76,15.08,15.41,15.73,16.05,16.37,16.69,17.02 +PPA revenue ($),,,,,,,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,148799249 +Curtailment payment revenue ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Capacity payment revenue ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Salvage value ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,355312508 +Total revenue ($),,,,,,,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,504111756 + +Property tax net assessed value ($),,,,,,,0,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015,710625015 + +OPERATING EXPENSES +O&M fixed expense ($),,,,,,,0,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596 +O&M production-based expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +O&M capacity-based expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Fuel expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Electricity purchase ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Property tax expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Insurance expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Total operating expenses ($),,,,,,,0,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596,11386596 + +EBITDA ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 + +OPERATING ACTIVITIES +EBITDA ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 +Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +plus PBI if not available for debt service: +Federal PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Utility PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Other PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Debt interest payment ($),,,,,,,0,30138034,29818981,29477593,29112309,28721455,28303241,27855752,27376939,26864609,26316416,25729849,25102223,24430663,23712094,22943224,22120534,21240256,20298358,19290527,18212149,17058283,15823647,14502587,13089052,11576570,9958214,8226573,6373718,4391162,2269828 +Cash flow from operating activities ($),,,,,,,0,27234575,28055077,31343429,34600472,37859959,41134412,44430581,47753081,51105609,54491465,57913796,61375730,64880460,68431297,72031709,75685357,79396114,83168098,87005692,90913566,94896705,98960432,103110432,107352782,111693978,116140965,120701171,125382540,130193570,490455332 + +INVESTING ACTIVITIES +Total installed cost ($),,,,,,,-710625015 +Debt closing costs ($),,,,,,,0 +Debt up-front fee ($),,,,,,,0 +minus: +Total IBI income ($),,,,,,,0 +Total CBI income ($),,,,,,,0 +equals: +Purchase of property ($),,,,,,,-710625015 +plus: +Reserve (increase)/decrease debt service ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve (increase)/decrease working capital ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve (increase)/decrease receivables ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve (increase)/decrease major equipment 1 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve (increase)/decrease major equipment 2 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve (increase)/decrease major equipment 3 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve capital spending major equipment 1 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve capital spending major equipment 2 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserve capital spending major equipment 3 ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +equals: +Cash flow from investing activities ($),,,,,,,-710625015,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +FINANCING ACTIVITIES +Issuance of equity ($),,,,,,,280081674 +Size of debt ($),,,,,,,430543342 +minus: +Debt principal payment ($),,,,,,,0,4557906,4876959,5218346,5583630,5974484,6392698,6840187,7319000,7831330,8379523,8966090,9593716,10265277,10983846,11752715,12575405,13455684,14397581,15405412,16483791,17637656,18872292,20193353,21606887,23119369,24737725,26469366,28322222,30304777,32426112 +equals: +Cash flow from financing activities ($),,,,,,,710625015,-4557906,-4876959,-5218346,-5583630,-5974484,-6392698,-6840187,-7319000,-7831330,-8379523,-8966090,-9593716,-10265277,-10983846,-11752715,-12575405,-13455684,-14397581,-15405412,-16483791,-17637656,-18872292,-20193353,-21606887,-23119369,-24737725,-26469366,-28322222,-30304777,-32426112 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($),,,,,,,0,27234575,28055077,31343429,34600472,37859959,41134412,44430581,47753081,51105609,54491465,57913796,61375730,64880460,68431297,72031709,75685357,79396114,83168098,87005692,90913566,94896705,98960432,103110432,107352782,111693978,116140965,120701171,125382540,130193570,490455332 +Cash flow from investing activities ($),,,,,,,-710625015,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Cash flow from financing activities ($),,,,,,,710625015,-4557906,-4876959,-5218346,-5583630,-5974484,-6392698,-6840187,-7319000,-7831330,-8379523,-8966090,-9593716,-10265277,-10983846,-11752715,-12575405,-13455684,-14397581,-15405412,-16483791,-17637656,-18872292,-20193353,-21606887,-23119369,-24737725,-26469366,-28322222,-30304777,-32426112 +Total pre-tax cash flow ($),,,,,,,0,22676670,23178118,26125083,29016841,31885475,34741713,37590394,40434080,43274279,46111942,48947706,51782014,54615183,57447451,60278994,63109952,65940431,68770517,71600280,74429775,77259049,80088140,82917080,85745895,88574609,91403240,94231805,97060319,99888792,458029221 + +Pre-tax Returns: +Issuance of equity ($),,,,,,,280081674 +Total pre-tax cash flow ($),,,,,,,0,22676670,23178118,26125083,29016841,31885475,34741713,37590394,40434080,43274279,46111942,48947706,51782014,54615183,57447451,60278994,63109952,65940431,68770517,71600280,74429775,77259049,80088140,82917080,85745895,88574609,91403240,94231805,97060319,99888792,458029221 +Total pre-tax returns ($),,,,,,,-280081674,22676670,23178118,26125083,29016841,31885475,34741713,37590394,40434080,43274279,46111942,48947706,51782014,54615183,57447451,60278994,63109952,65940431,68770517,71600280,74429775,77259049,80088140,82917080,85745895,88574609,91403240,94231805,97060319,99888792,458029221 + +After-tax Returns: +Total pre-tax returns ($),,,,,,,-280081674,22676670,23178118,26125083,29016841,31885475,34741713,37590394,40434080,43274279,46111942,48947706,51782014,54615183,57447451,60278994,63109952,65940431,68770517,71600280,74429775,77259049,80088140,82917080,85745895,88574609,91403240,94231805,97060319,99888792,458029221 +Federal ITC total income ($),,,,,,,0,213187505,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Federal PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Federal tax benefit (liability) ($),,,,,,,0,-2369730,419209,-223006,-859107,-1495685,-2135185,-2778927,-3427811,-4082560,-4743818,-5412199,-6088315,-6772789,-7466267,-8169428,-8882985,-9607696,-10344364,-11093846,-11857054,-15584144,-19326972,-20137467,-20965998,-21813834,-22682331,-23572939,-24487210,-25426804,-95785926 +State ITC total income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State tax benefit (liability) ($),,,,,,,0,-849366,150254,-79931,-307924,-536088,-765299,-996031,-1228606,-1463283,-1700293,-1939856,-2182192,-2427523,-2676081,-2928110,-3183866,-3443619,-3707657,-3976289,-4249840,-5585715,-6927230,-7217730,-7514695,-7818578,-8129868,-8449082,-8776778,-9113550,-34331873 +Total after-tax returns ($),,,,,,,-280081674,232645079,23747581,25822146,27849811,29853702,31841229,33815436,35777663,37728435,39667831,41595651,43511507,45414872,47305102,49181457,51043101,52889116,54718495,56530144,58322881,56089190,53833937,55561882,57265202,58942196,60591042,62209784,63796331,65348438,327911421 + +After-tax net cash flow ($),-6132082,-12546240,-44921812,-22977507,-47011979,-48093255,-98398799,232645079,23747581,25822146,27849811,29853702,31841229,33815436,35777663,37728435,39667831,41595651,43511507,45414872,47305102,49181457,51043101,52889116,54718495,56530144,58322881,56089190,53833937,55561882,57265202,58942196,60591042,62209784,63796331,65348438,327911421 +After-tax cumulative IRR (%),NaN,NaN,NaN,NaN,NaN,NaN,NaN,-6.77,-3.11,0.25,3.13,5.52,7.47,9.04,10.32,11.37,12.22,12.93,13.51,14,14.4,14.74,15.03,15.27,15.47,15.65,15.8,15.92,16.01,16.09,16.16,16.22,16.28,16.32,16.36,16.4,16.54 +After-tax cumulative NPV ($),-6132082,-17487790,-54288694,-71326149,-102876993,-132090737,-186190264,-70419701,-59723630,-49196794,-38920694,-28950470,-19325549,-10073820,-1214089,7242164,15289427,22927052,30158331,36989731,43430240,49490820,55183942,60523194,65522949,70198097,74563807,78363913,81665123,84748983,87625780,90305844,92799451,95116733,97267614,99261759,108318637 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($),-6132082,-12546240,-44921812,-22977507,-47011979,-48093255,-98398799,163885873,-45513073,-46385473,-47249566,-48114308,-48983020,-49857494,-50738953,-51628379,-52526647,-53434591,-54353042,-55282847,-56224884,-57180074,-58149386,-59133850,-60134558,-61152671,-62189430,-67252394,-72336738,-73437733,-74563229,-75714948,-76894734,-78104556,-79346524,-80622890,179112172 +PPA revenue ($),0,0,0,0,0,0,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,148799249 +Electricity to grid (kWh),0,0,0,0,0,0,0,859490068,865758172,867671460,868803529,869596370,870200786,870686054,871089570,871433728,871732959,871997081,872233061,872446015,872639805,872817414,872981191,873133019,873274427,873406675,873530811,873647716,873758141,873862724,873962017,874056500,874146590,874232654,874315016,874393962,874466670 + +Present value of annual costs ($),336830979 +Present value of annual energy nominal (kWh),4330865025 +LCOE Levelized cost of energy nominal (cents/kWh),7.78 + +Present value of PPA revenue ($),445149615 +Present value of annual energy nominal (kWh),4330865025 +LPPA Levelized PPA price nominal (cents/kWh),10.28 + +PROJECT STATE INCOME TAXES +EBITDA ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 +State taxable PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State taxable IBI income ($),,,,,,,0 +State taxable CBI income ($),,,,,,,0 +minus: +Debt interest payment ($),,,,,,,0,30138034,29818981,29477593,29112309,28721455,28303241,27855752,27376939,26864609,26316416,25729849,25102223,24430663,23712094,22943224,22120534,21240256,20298358,19290527,18212149,17058283,15823647,14502587,13089052,11576570,9958214,8226573,6373718,4391162,2269828 +Total state tax depreciation ($),,,,,,,0,15100782,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,15100782,0,0,0,0,0,0,0,0,0 +equals: +State taxable income ($),,,,,,,0,12133794,-2146486,1141866,4398908,7658396,10932848,14229018,17551517,20904046,24289902,27712233,31174167,34678897,38229733,41830146,45483794,49194551,52966535,56804129,60712003,79795924,98960432,103110432,107352782,111693978,116140965,120701171,125382540,130193570,490455332 + +State income tax rate (frac),,,,,,,0,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07 +State tax benefit (liability) ($),,,,,,,0,-849366,150254,-79931,-307924,-536088,-765299,-996031,-1228606,-1463283,-1700293,-1939856,-2182192,-2427523,-2676081,-2928110,-3183866,-3443619,-3707657,-3976289,-4249840,-5585715,-6927230,-7217730,-7514695,-7818578,-8129868,-8449082,-8776778,-9113550,-34331873 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 +Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State tax benefit (liability) ($),,,,,,,0,-849366,150254,-79931,-307924,-536088,-765299,-996031,-1228606,-1463283,-1700293,-1939856,-2182192,-2427523,-2676081,-2928110,-3183866,-3443619,-3707657,-3976289,-4249840,-5585715,-6927230,-7217730,-7514695,-7818578,-8129868,-8449082,-8776778,-9113550,-34331873 +State ITC total income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Federal taxable IBI income ($),,,,,,,0 +Federal taxable CBI income ($),,,,,,,0 +Federal taxable PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +minus: +Debt interest payment ($),,,,,,,0,30138034,29818981,29477593,29112309,28721455,28303241,27855752,27376939,26864609,26316416,25729849,25102223,24430663,23712094,22943224,22120534,21240256,20298358,19290527,18212149,17058283,15823647,14502587,13089052,11576570,9958214,8226573,6373718,4391162,2269828 +Total federal tax depreciation ($),,,,,,,0,15100782,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,30201563,15100782,0,0,0,0,0,0,0,0,0 +equals: +Federal taxable income ($),,,,,,,0,11284428,-1996232,1061935,4090985,7122308,10167549,13232987,16322911,19440763,22589609,25772377,28991975,32251374,35553652,38902036,42299928,45750932,49258878,52827840,56462162,74210209,92033202,95892702,99838088,103875400,108011098,112252089,116605763,121080020,456123459 + +Federal income tax rate (frac),,,,,,,0,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21 +Federal tax benefit (liability) ($),,,,,,,0,-2369730,419209,-223006,-859107,-1495685,-2135185,-2778927,-3427811,-4082560,-4743818,-5412199,-6088315,-6772789,-7466267,-8169428,-8882985,-9607696,-10344364,-11093846,-11857054,-15584144,-19326972,-20137467,-20965998,-21813834,-22682331,-23572939,-24487210,-25426804,-95785926 + +CASH INCENTIVES +Federal IBI income ($),,,,,,,0 +State IBI income ($),,,,,,,0 +Utility IBI income ($),,,,,,,0 +Other IBI income ($),,,,,,,0 +Total IBI income ($),,,,,,,0 + +Federal CBI income ($),,,,,,,0 +State CBI income ($),,,,,,,0 +Utility CBI income ($),,,,,,,0 +Other CBI income ($),,,,,,,0 +Total CBI income ($),,,,,,,0 + +Federal PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Utility PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Other PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Total PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +TAX CREDITS +Federal PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Federal ITC amount income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Federal ITC percent income ($),,,,,,,0,213187505,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Federal ITC total income ($),,,,,,,0,213187505,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +State ITC amount income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State ITC percent income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +State ITC total income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +DEBT REPAYMENT +Debt balance ($),,,,,,,430543342,425985436,421108477,415890131,410306501,404332017,397939318,391099131,383780131,375948800,367569277,358603187,349009471,338744194,327760348,316007633,303432228,289976544,275578963,260173551,243689760,226052104,207179812,186986459,165379572,142260202,117522477,91053111,62730889,32426112,0 +Debt interest payment ($),,,,,,,0,30138034,29818981,29477593,29112309,28721455,28303241,27855752,27376939,26864609,26316416,25729849,25102223,24430663,23712094,22943224,22120534,21240256,20298358,19290527,18212149,17058283,15823647,14502587,13089052,11576570,9958214,8226573,6373718,4391162,2269828 +Debt principal payment ($),,,,,,,0,4557906,4876959,5218346,5583630,5974484,6392698,6840187,7319000,7831330,8379523,8966090,9593716,10265277,10983846,11752715,12575405,13455684,14397581,15405412,16483791,17637656,18872292,20193353,21606887,23119369,24737725,26469366,28322222,30304777,32426112 +Debt total payment ($),,,,,,,0,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939 + +DSCR (DEBT FRACTION) +EBITDA ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 +minus: +Reserves major equipment 1 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 2 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 3 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves receivables funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +equals: +Cash available for debt service (CAFDS) ($),,,,,,,0,57372609,57874058,60821023,63712781,66581414,69437653,72286334,75130020,77970218,80807882,83643646,86477953,89311123,92143390,94974934,97805891,100636370,103466456,106296219,109125714,111954988,114784079,117613019,120441834,123270548,126099179,128927745,131756258,134584732,492725160 +Debt total payment ($),,,,,,,0,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939,34695939 +DSCR (pre-tax),,,,,,,0,1.65,1.67,1.75,1.84,1.92,2,2.08,2.17,2.25,2.33,2.41,2.49,2.57,2.66,2.74,2.82,2.9,2.98,3.06,3.15,3.23,3.31,3.39,3.47,3.55,3.63,3.72,3.8,3.88,14.2 + +RESERVES +Reserves working capital funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves working capital disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves working capital balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves debt service funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves debt service disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves debt service balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves receivables funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves receivables disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves receivables balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves major equipment 1 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 1 disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 1 balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves major equipment 2 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 2 disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 2 balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves major equipment 3 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 3 disbursement ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Reserves major equipment 3 balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 + +Reserves total reserves balance ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 +Interest on reserves (%/year),,,,,,,1.75 +Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 diff --git a/tests/examples/example_SAM-single-owner-PPA-5.out b/tests/examples/example_SAM-single-owner-PPA-5.out index d62c78c5c..690649d18 100644 --- a/tests/examples/example_SAM-single-owner-PPA-5.out +++ b/tests/examples/example_SAM-single-owner-PPA-5.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.4 - Simulation Date: 2026-01-24 - Simulation Time: 13:20 - Calculation Time: 1.856 sec + GEOPHIRES Version: 3.11.8 + Simulation Date: 2026-01-28 + Simulation Time: 11:34 + Calculation Time: 2.231 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 110.58 MW - Electricity breakeven price: 7.03 cents/kWh + Electricity breakeven price: 7.78 cents/kWh Total CAPEX: 710.63 MUSD Number of production wells: 15 Number of injection wells: 15 @@ -214,239 +214,239 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -6 Year -5 Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -6 Year -5 Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 1.0 2.0 7.0 10.0 20.0 20.0 40.0 -Overnight capital expenditure [construction] ($) -5,994,215 -11,988,430 -41,959,506 -59,942,151 -119,884,303 -119,884,303 -239,768,605 +Capital expenditure schedule [construction] (%) 1.0 2.0 7.0 10.0 20.0 20.0 40.0 +Overnight capital expenditure [construction] ($) -5,994,215 -11,988,430 -41,959,506 -59,942,151 -119,884,303 -119,884,303 -239,768,605 plus: -Inflation cost [construction] ($) -137,867 -557,810 -2,962,306 -5,707,868 -14,435,638 -17,524,996 -41,370,820 +Inflation cost [construction] ($) -137,867 -557,810 -2,962,306 -5,707,868 -14,435,638 -17,524,996 -41,370,820 equals: -Nominal capital expenditure [construction] ($) -6,132,082 -12,546,240 -44,921,812 -65,650,020 -134,319,940 -137,409,299 -281,139,426 +Nominal capital expenditure [construction] ($) -6,132,082 -12,546,240 -44,921,812 -65,650,020 -134,319,940 -137,409,299 -281,139,426 -Issuance of equity [construction] ($) 6,132,082 12,546,240 44,921,812 22,977,507 47,011,979 48,093,255 98,398,799 -Issuance of debt [construction] ($) 0 0 0 42,672,513 87,307,961 89,316,044 182,740,627 -Debt balance [construction] ($) 0 0 0 42,672,513 132,967,550 231,591,323 430,543,342 -Debt interest payment [construction] ($) 0 0 0 0 2,987,076 9,307,728 16,211,393 +Issuance of equity [construction] ($) 6,132,082 12,546,240 44,921,812 22,977,507 47,011,979 48,093,255 98,398,799 +Issuance of debt [construction] ($) 0 0 0 42,672,513 87,307,961 89,316,044 182,740,627 +Debt balance [construction] ($) 0 0 0 42,672,513 132,967,550 231,591,323 430,543,342 +Debt interest payment [construction] ($) 0 0 0 0 2,987,076 9,307,728 16,211,393 -Installed cost [construction] ($) -6,132,082 -12,546,240 -44,921,812 -65,650,020 -137,307,016 -146,717,027 -297,350,818 -After-tax net cash flow [construction] ($) -6,132,082 -12,546,240 -44,921,812 -22,977,507 -47,011,979 -48,093,255 -98,398,799 +Installed cost [construction] ($) -6,132,082 -12,546,240 -44,921,812 -65,650,020 -137,307,016 -146,717,027 -297,350,818 +After-tax net cash flow [construction] ($) -6,132,082 -12,546,240 -44,921,812 -22,977,507 -47,011,979 -48,093,255 -98,398,799 ENERGY -Electricity to grid (kWh) 0.0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 +Electricity to grid (kWh) 0.0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 REVENUE -PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80 14.12 14.44 14.76 15.08 15.41 15.73 16.05 16.37 16.69 17.02 -PPA revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 355,312,508 -Total revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 504,111,756 +PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80 14.12 14.44 14.76 15.08 15.41 15.73 16.05 16.37 16.69 17.02 +PPA revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 355,312,508 +Total revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 504,111,756 -Property tax net assessed value ($) 0 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 +Property tax net assessed value ($) 0 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 710,625,015 OPERATING EXPENSES -O&M fixed expense ($) 0 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 +O&M fixed expense ($) 0 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 11,386,596 -EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 OPERATING ACTIVITIES -EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 -Cash flow from operating activities ($) 0 27,234,575 28,055,077 31,343,429 34,600,472 37,859,959 41,134,412 44,430,581 47,753,081 51,105,609 54,491,465 57,913,796 61,375,730 64,880,460 68,431,297 72,031,709 75,685,357 79,396,114 83,168,098 87,005,692 90,913,566 94,896,705 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 +Cash flow from operating activities ($) 0 27,234,575 28,055,077 31,343,429 34,600,472 37,859,959 41,134,412 44,430,581 47,753,081 51,105,609 54,491,465 57,913,796 61,375,730 64,880,460 68,431,297 72,031,709 75,685,357 79,396,114 83,168,098 87,005,692 90,913,566 94,896,705 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 INVESTING ACTIVITIES -Total installed cost ($) -710,625,015 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -710,625,015 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -710,625,015 +Purchase of property ($) -710,625,015 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -710,625,015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -710,625,015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 280,081,674 -Size of debt ($) 430,543,342 +Issuance of equity ($) 280,081,674 +Size of debt ($) 430,543,342 minus: -Debt principal payment ($) 0 4,557,906 4,876,959 5,218,346 5,583,630 5,974,484 6,392,698 6,840,187 7,319,000 7,831,330 8,379,523 8,966,090 9,593,716 10,265,277 10,983,846 11,752,715 12,575,405 13,455,684 14,397,581 15,405,412 16,483,791 17,637,656 18,872,292 20,193,353 21,606,887 23,119,369 24,737,725 26,469,366 28,322,222 30,304,777 32,426,112 +Debt principal payment ($) 0 4,557,906 4,876,959 5,218,346 5,583,630 5,974,484 6,392,698 6,840,187 7,319,000 7,831,330 8,379,523 8,966,090 9,593,716 10,265,277 10,983,846 11,752,715 12,575,405 13,455,684 14,397,581 15,405,412 16,483,791 17,637,656 18,872,292 20,193,353 21,606,887 23,119,369 24,737,725 26,469,366 28,322,222 30,304,777 32,426,112 equals: -Cash flow from financing activities ($) 710,625,015 -4,557,906 -4,876,959 -5,218,346 -5,583,630 -5,974,484 -6,392,698 -6,840,187 -7,319,000 -7,831,330 -8,379,523 -8,966,090 -9,593,716 -10,265,277 -10,983,846 -11,752,715 -12,575,405 -13,455,684 -14,397,581 -15,405,412 -16,483,791 -17,637,656 -18,872,292 -20,193,353 -21,606,887 -23,119,369 -24,737,725 -26,469,366 -28,322,222 -30,304,777 -32,426,112 +Cash flow from financing activities ($) 710,625,015 -4,557,906 -4,876,959 -5,218,346 -5,583,630 -5,974,484 -6,392,698 -6,840,187 -7,319,000 -7,831,330 -8,379,523 -8,966,090 -9,593,716 -10,265,277 -10,983,846 -11,752,715 -12,575,405 -13,455,684 -14,397,581 -15,405,412 -16,483,791 -17,637,656 -18,872,292 -20,193,353 -21,606,887 -23,119,369 -24,737,725 -26,469,366 -28,322,222 -30,304,777 -32,426,112 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 27,234,575 28,055,077 31,343,429 34,600,472 37,859,959 41,134,412 44,430,581 47,753,081 51,105,609 54,491,465 57,913,796 61,375,730 64,880,460 68,431,297 72,031,709 75,685,357 79,396,114 83,168,098 87,005,692 90,913,566 94,896,705 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 -Cash flow from investing activities ($) -710,625,015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 710,625,015 -4,557,906 -4,876,959 -5,218,346 -5,583,630 -5,974,484 -6,392,698 -6,840,187 -7,319,000 -7,831,330 -8,379,523 -8,966,090 -9,593,716 -10,265,277 -10,983,846 -11,752,715 -12,575,405 -13,455,684 -14,397,581 -15,405,412 -16,483,791 -17,637,656 -18,872,292 -20,193,353 -21,606,887 -23,119,369 -24,737,725 -26,469,366 -28,322,222 -30,304,777 -32,426,112 -Total pre-tax cash flow ($) 0 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 +Cash flow from operating activities ($) 0 27,234,575 28,055,077 31,343,429 34,600,472 37,859,959 41,134,412 44,430,581 47,753,081 51,105,609 54,491,465 57,913,796 61,375,730 64,880,460 68,431,297 72,031,709 75,685,357 79,396,114 83,168,098 87,005,692 90,913,566 94,896,705 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 +Cash flow from investing activities ($) -710,625,015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 710,625,015 -4,557,906 -4,876,959 -5,218,346 -5,583,630 -5,974,484 -6,392,698 -6,840,187 -7,319,000 -7,831,330 -8,379,523 -8,966,090 -9,593,716 -10,265,277 -10,983,846 -11,752,715 -12,575,405 -13,455,684 -14,397,581 -15,405,412 -16,483,791 -17,637,656 -18,872,292 -20,193,353 -21,606,887 -23,119,369 -24,737,725 -26,469,366 -28,322,222 -30,304,777 -32,426,112 +Total pre-tax cash flow ($) 0 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 Pre-tax Returns: -Issuance of equity ($) 280,081,674 -Total pre-tax cash flow ($) 0 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 -Total pre-tax returns ($) -280,081,674 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 +Issuance of equity ($) 280,081,674 +Total pre-tax cash flow ($) 0 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 +Total pre-tax returns ($) -280,081,674 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 After-tax Returns: -Total pre-tax returns ($) -280,081,674 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 -Federal ITC total income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -2,369,730 419,209 -223,006 -859,107 -1,495,685 -2,135,185 -2,778,927 -3,427,811 -4,082,560 -4,743,818 -5,412,199 -6,088,315 -6,772,789 -7,466,267 -8,169,428 -8,882,985 -9,607,696 -10,344,364 -11,093,846 -11,857,054 -15,584,144 -19,326,972 -20,137,467 -20,965,998 -21,813,834 -22,682,331 -23,572,939 -24,487,210 -25,426,804 -95,785,926 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 -Total after-tax returns ($) -280,081,674 232,645,079 23,747,581 25,822,146 27,849,811 29,853,702 31,841,229 33,815,436 35,777,663 37,728,435 39,667,831 41,595,651 43,511,507 45,414,872 47,305,102 49,181,457 51,043,101 52,889,116 54,718,495 56,530,144 58,322,881 56,089,190 53,833,937 55,561,882 57,265,202 58,942,196 60,591,042 62,209,784 63,796,331 65,348,438 327,911,421 - -After-tax net cash flow ($) -6,132,082 -12,546,240 -44,921,812 -22,977,507 -47,011,979 -48,093,255 -98,398,799 232,645,079 23,747,581 25,822,146 27,849,811 29,853,702 31,841,229 33,815,436 35,777,663 37,728,435 39,667,831 41,595,651 43,511,507 45,414,872 47,305,102 49,181,457 51,043,101 52,889,116 54,718,495 56,530,144 58,322,881 56,089,190 53,833,937 55,561,882 57,265,202 58,942,196 60,591,042 62,209,784 63,796,331 65,348,438 327,911,421 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN NaN NaN -6.77 -3.11 0.25 3.13 5.52 7.47 9.04 10.32 11.37 12.22 12.93 13.51 14.00 14.40 14.74 15.03 15.27 15.47 15.65 15.80 15.92 16.01 16.09 16.16 16.22 16.28 16.32 16.36 16.40 16.54 -After-tax cumulative NPV ($) -6,132,082 -17,487,790 -54,288,694 -71,326,149 -102,876,993 -132,090,737 -186,190,264 -70,419,701 -59,723,630 -49,196,794 -38,920,694 -28,950,470 -19,325,549 -10,073,820 -1,214,089 7,242,164 15,289,427 22,927,052 30,158,331 36,989,731 43,430,240 49,490,820 55,183,942 60,523,194 65,522,949 70,198,097 74,563,807 78,363,913 81,665,123 84,748,983 87,625,780 90,305,844 92,799,451 95,116,733 97,267,614 99,261,759 108,318,637 +Total pre-tax returns ($) -280,081,674 22,676,670 23,178,118 26,125,083 29,016,841 31,885,475 34,741,713 37,590,394 40,434,080 43,274,279 46,111,942 48,947,706 51,782,014 54,615,183 57,447,451 60,278,994 63,109,952 65,940,431 68,770,517 71,600,280 74,429,775 77,259,049 80,088,140 82,917,080 85,745,895 88,574,609 91,403,240 94,231,805 97,060,319 99,888,792 458,029,221 +Federal ITC total income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -2,369,730 419,209 -223,006 -859,107 -1,495,685 -2,135,185 -2,778,927 -3,427,811 -4,082,560 -4,743,818 -5,412,199 -6,088,315 -6,772,789 -7,466,267 -8,169,428 -8,882,985 -9,607,696 -10,344,364 -11,093,846 -11,857,054 -15,584,144 -19,326,972 -20,137,467 -20,965,998 -21,813,834 -22,682,331 -23,572,939 -24,487,210 -25,426,804 -95,785,926 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 +Total after-tax returns ($) -280,081,674 232,645,079 23,747,581 25,822,146 27,849,811 29,853,702 31,841,229 33,815,436 35,777,663 37,728,435 39,667,831 41,595,651 43,511,507 45,414,872 47,305,102 49,181,457 51,043,101 52,889,116 54,718,495 56,530,144 58,322,881 56,089,190 53,833,937 55,561,882 57,265,202 58,942,196 60,591,042 62,209,784 63,796,331 65,348,438 327,911,421 + +After-tax net cash flow ($) -6,132,082 -12,546,240 -44,921,812 -22,977,507 -47,011,979 -48,093,255 -98,398,799 232,645,079 23,747,581 25,822,146 27,849,811 29,853,702 31,841,229 33,815,436 35,777,663 37,728,435 39,667,831 41,595,651 43,511,507 45,414,872 47,305,102 49,181,457 51,043,101 52,889,116 54,718,495 56,530,144 58,322,881 56,089,190 53,833,937 55,561,882 57,265,202 58,942,196 60,591,042 62,209,784 63,796,331 65,348,438 327,911,421 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN NaN NaN -6.77 -3.11 0.25 3.13 5.52 7.47 9.04 10.32 11.37 12.22 12.93 13.51 14.00 14.40 14.74 15.03 15.27 15.47 15.65 15.80 15.92 16.01 16.09 16.16 16.22 16.28 16.32 16.36 16.40 16.54 +After-tax cumulative NPV ($) -6,132,082 -17,487,790 -54,288,694 -71,326,149 -102,876,993 -132,090,737 -186,190,264 -70,419,701 -59,723,630 -49,196,794 -38,920,694 -28,950,470 -19,325,549 -10,073,820 -1,214,089 7,242,164 15,289,427 22,927,052 30,158,331 36,989,731 43,430,240 49,490,820 55,183,942 60,523,194 65,522,949 70,198,097 74,563,807 78,363,913 81,665,123 84,748,983 87,625,780 90,305,844 92,799,451 95,116,733 97,267,614 99,261,759 108,318,637 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -280,081,674 163,885,873 -45,513,073 -46,385,473 -47,249,566 -48,114,308 -48,983,020 -49,857,494 -50,738,953 -51,628,379 -52,526,647 -53,434,591 -54,353,042 -55,282,847 -56,224,884 -57,180,074 -58,149,386 -59,133,850 -60,134,558 -61,152,671 -62,189,430 -67,252,394 -72,336,738 -73,437,733 -74,563,229 -75,714,948 -76,894,734 -78,104,556 -79,346,524 -80,622,890 179,112,172 -PPA revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 -Electricity to grid (kWh) 0.0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 +Annual costs ($) -6,132,082 -12,546,240 -44,921,812 -22,977,507 -47,011,979 -48,093,255 -98,398,799 163,885,873 -45,513,073 -46,385,473 -47,249,566 -48,114,308 -48,983,020 -49,857,494 -50,738,953 -51,628,379 -52,526,647 -53,434,591 -54,353,042 -55,282,847 -56,224,884 -57,180,074 -58,149,386 -59,133,850 -60,134,558 -61,152,671 -62,189,430 -67,252,394 -72,336,738 -73,437,733 -74,563,229 -75,714,948 -76,894,734 -78,104,556 -79,346,524 -80,622,890 179,112,172 +PPA revenue ($) 0 0 0 0 0 0 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 +Electricity to grid (kWh) 0 0 0 0 0 0 0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 -Present value of annual costs ($) 554,074,192 -Present value of annual energy nominal (kWh) 7,877,183,890 -LCOE Levelized cost of energy nominal (cents/kWh) 7.03 +Present value of annual costs ($) 336,830,979 +Present value of annual energy nominal (kWh) 4,330,865,025 +LCOE Levelized cost of energy nominal (cents/kWh) 7.78 -Present value of PPA revenue ($) 809,659,354 -Present value of annual energy nominal (kWh) 7,877,183,890 -LPPA Levelized PPA price nominal (cents/kWh) 10.28 +Present value of PPA revenue ($) 445,149,615 +Present value of annual energy nominal (kWh) 4,330,865,025 +LPPA Levelized PPA price nominal (cents/kWh) 10.28 PROJECT STATE INCOME TAXES -EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 +EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 -Total state tax depreciation ($) 0 15,100,782 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 15,100,782 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 +Total state tax depreciation ($) 0 15,100,782 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 15,100,782 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 12,133,794 -2,146,486 1,141,866 4,398,908 7,658,396 10,932,848 14,229,018 17,551,517 20,904,046 24,289,902 27,712,233 31,174,167 34,678,897 38,229,733 41,830,146 45,483,794 49,194,551 52,966,535 56,804,129 60,712,003 79,795,924 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 +State taxable income ($) 0 12,133,794 -2,146,486 1,141,866 4,398,908 7,658,396 10,932,848 14,229,018 17,551,517 20,904,046 24,289,902 27,712,233 31,174,167 34,678,897 38,229,733 41,830,146 45,483,794 49,194,551 52,966,535 56,804,129 60,712,003 79,795,924 98,960,432 103,110,432 107,352,782 111,693,978 116,140,965 120,701,171 125,382,540 130,193,570 490,455,332 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -849,366 150,254 -79,931 -307,924 -536,088 -765,299 -996,031 -1,228,606 -1,463,283 -1,700,293 -1,939,856 -2,182,192 -2,427,523 -2,676,081 -2,928,110 -3,183,866 -3,443,619 -3,707,657 -3,976,289 -4,249,840 -5,585,715 -6,927,230 -7,217,730 -7,514,695 -7,818,578 -8,129,868 -8,449,082 -8,776,778 -9,113,550 -34,331,873 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 -Total federal tax depreciation ($) 0 15,100,782 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 15,100,782 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 +Total federal tax depreciation ($) 0 15,100,782 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 30,201,563 15,100,782 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 11,284,428 -1,996,232 1,061,935 4,090,985 7,122,308 10,167,549 13,232,987 16,322,911 19,440,763 22,589,609 25,772,377 28,991,975 32,251,374 35,553,652 38,902,036 42,299,928 45,750,932 49,258,878 52,827,840 56,462,162 74,210,209 92,033,202 95,892,702 99,838,088 103,875,400 108,011,098 112,252,089 116,605,763 121,080,020 456,123,459 +Federal taxable income ($) 0 11,284,428 -1,996,232 1,061,935 4,090,985 7,122,308 10,167,549 13,232,987 16,322,911 19,440,763 22,589,609 25,772,377 28,991,975 32,251,374 35,553,652 38,902,036 42,299,928 45,750,932 49,258,878 52,827,840 56,462,162 74,210,209 92,033,202 95,892,702 99,838,088 103,875,400 108,011,098 112,252,089 116,605,763 121,080,020 456,123,459 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -2,369,730 419,209 -223,006 -859,107 -1,495,685 -2,135,185 -2,778,927 -3,427,811 -4,082,560 -4,743,818 -5,412,199 -6,088,315 -6,772,789 -7,466,267 -8,169,428 -8,882,985 -9,607,696 -10,344,364 -11,093,846 -11,857,054 -15,584,144 -19,326,972 -20,137,467 -20,965,998 -21,813,834 -22,682,331 -23,572,939 -24,487,210 -25,426,804 -95,785,926 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -2,369,730 419,209 -223,006 -859,107 -1,495,685 -2,135,185 -2,778,927 -3,427,811 -4,082,560 -4,743,818 -5,412,199 -6,088,315 -6,772,789 -7,466,267 -8,169,428 -8,882,985 -9,607,696 -10,344,364 -11,093,846 -11,857,054 -15,584,144 -19,326,972 -20,137,467 -20,965,998 -21,813,834 -22,682,331 -23,572,939 -24,487,210 -25,426,804 -95,785,926 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 213,187,505 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 430,543,342 425,985,436 421,108,477 415,890,131 410,306,501 404,332,017 397,939,318 391,099,131 383,780,131 375,948,800 367,569,277 358,603,187 349,009,471 338,744,194 327,760,348 316,007,633 303,432,228 289,976,544 275,578,963 260,173,551 243,689,760 226,052,104 207,179,812 186,986,459 165,379,572 142,260,202 117,522,477 91,053,111 62,730,889 32,426,112 0 -Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 -Debt principal payment ($) 0 4,557,906 4,876,959 5,218,346 5,583,630 5,974,484 6,392,698 6,840,187 7,319,000 7,831,330 8,379,523 8,966,090 9,593,716 10,265,277 10,983,846 11,752,715 12,575,405 13,455,684 14,397,581 15,405,412 16,483,791 17,637,656 18,872,292 20,193,353 21,606,887 23,119,369 24,737,725 26,469,366 28,322,222 30,304,777 32,426,112 -Debt total payment ($) 0 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 +Debt balance ($) 430,543,342 425,985,436 421,108,477 415,890,131 410,306,501 404,332,017 397,939,318 391,099,131 383,780,131 375,948,800 367,569,277 358,603,187 349,009,471 338,744,194 327,760,348 316,007,633 303,432,228 289,976,544 275,578,963 260,173,551 243,689,760 226,052,104 207,179,812 186,986,459 165,379,572 142,260,202 117,522,477 91,053,111 62,730,889 32,426,112 0 +Debt interest payment ($) 0 30,138,034 29,818,981 29,477,593 29,112,309 28,721,455 28,303,241 27,855,752 27,376,939 26,864,609 26,316,416 25,729,849 25,102,223 24,430,663 23,712,094 22,943,224 22,120,534 21,240,256 20,298,358 19,290,527 18,212,149 17,058,283 15,823,647 14,502,587 13,089,052 11,576,570 9,958,214 8,226,573 6,373,718 4,391,162 2,269,828 +Debt principal payment ($) 0 4,557,906 4,876,959 5,218,346 5,583,630 5,974,484 6,392,698 6,840,187 7,319,000 7,831,330 8,379,523 8,966,090 9,593,716 10,265,277 10,983,846 11,752,715 12,575,405 13,455,684 14,397,581 15,405,412 16,483,791 17,637,656 18,872,292 20,193,353 21,606,887 23,119,369 24,737,725 26,469,366 28,322,222 30,304,777 32,426,112 +Debt total payment ($) 0 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 DSCR (DEBT FRACTION) -EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +EBITDA ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 -Debt total payment ($) 0 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 -DSCR (pre-tax) 0.0 1.65 1.67 1.75 1.84 1.92 2.0 2.08 2.17 2.25 2.33 2.41 2.49 2.57 2.66 2.74 2.82 2.90 2.98 3.06 3.15 3.23 3.31 3.39 3.47 3.55 3.63 3.72 3.80 3.88 14.20 +Cash available for debt service (CAFDS) ($) 0 57,372,609 57,874,058 60,821,023 63,712,781 66,581,414 69,437,653 72,286,334 75,130,020 77,970,218 80,807,882 83,643,646 86,477,953 89,311,123 92,143,390 94,974,934 97,805,891 100,636,370 103,466,456 106,296,219 109,125,714 111,954,988 114,784,079 117,613,019 120,441,834 123,270,548 126,099,179 128,927,745 131,756,258 134,584,732 492,725,160 +Debt total payment ($) 0 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 34,695,939 +DSCR (pre-tax) 0.0 1.65 1.67 1.75 1.84 1.92 2.0 2.08 2.17 2.25 2.33 2.41 2.49 2.57 2.66 2.74 2.82 2.90 2.98 3.06 3.15 3.23 3.31 3.39 3.47 3.55 3.63 3.72 3.80 3.88 14.20 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 8f3fee6ea..27cb5cf4d 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.11.3 - Simulation Date: 2026-01-17 - Simulation Time: 09:41 - Calculation Time: 1.703 sec + GEOPHIRES Version: 3.11.9 + Simulation Date: 2026-01-28 + Simulation Time: 12:07 + Calculation Time: 1.275 sec ***SUMMARY OF RESULTS*** @@ -310,13 +310,13 @@ After-tax cumulative NPV ($) -135,485,121 -59,880,129 -45, AFTER-TAX LCOE AND PPA PRICE Annual costs ($) -135,485,121 49,002,062 -17,560,699 -17,985,061 -18,405,081 -18,824,489 -19,244,598 -19,666,059 -20,089,270 -20,514,516 -20,942,027 -21,372,001 -21,804,622 -22,240,066 -22,678,507 -23,120,121 -23,565,084 -24,013,582 -24,465,803 -24,921,943 57,568,641 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 -Electricity to grid (kWh) 0.0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 +Electricity to grid (kWh) 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 -Present value of annual costs ($) 230,967,710 +Present value of annual costs ($) 230,967,711 Present value of annual energy nominal (kWh) 3,643,623,190 LCOE Levelized cost of energy nominal (cents/kWh) 6.34 -Present value of PPA revenue ($) 357,085,538 +Present value of PPA revenue ($) 357,085,539 Present value of annual energy nominal (kWh) 3,643,623,190 LPPA Levelized PPA price nominal (cents/kWh) 9.80 diff --git a/tests/geophires_x_tests/test_economics_sam.py b/tests/geophires_x_tests/test_economics_sam.py index f79f49fd9..1ff070a31 100644 --- a/tests/geophires_x_tests/test_economics_sam.py +++ b/tests/geophires_x_tests/test_economics_sam.py @@ -1116,6 +1116,23 @@ def test_sam_cash_flow_total_after_tax_returns_all_years(self): sam_econ.sam_after_tax_net_cash_flow_all_years, ) + def test_post_processed_levelized_metrics(self): + r: GeophiresXResult = GeophiresXResult( + self._get_test_file_path('../examples/example_SAM-single-owner-PPA-5.out') + ) + + def _row(row_name: str) -> list[float]: + return EconomicsSamTestCase._get_cash_flow_row(r.result['SAM CASH FLOW PROFILE'], row_name) + + lcoe_row = _row('LCOE Levelized cost of energy nominal (cents/kWh)') + pv_annual_costs_row = _row('Present value of annual costs ($)') + pv_annual_energy_row = _row('Present value of annual energy nominal (kWh)') + + for row in [lcoe_row, pv_annual_costs_row, pv_annual_energy_row]: + self.assertEqual(1, len(row)) + + self.assertEqual(lcoe_row[0], round(pv_annual_costs_row[0] * 100 / pv_annual_energy_row[0], 2)) + @staticmethod def _new_model(input_file: Path, additional_params: dict[str, Any] | None = None, read_and_calculate=True) -> Model: if additional_params is not None: diff --git a/tests/regenerate-example-result.sh b/tests/regenerate-example-result.sh index 76f091cbc..b6fda0ee9 100755 --- a/tests/regenerate-example-result.sh +++ b/tests/regenerate-example-result.sh @@ -44,6 +44,12 @@ then python regenerate_example_result_csv.py example1_addons fi +if [[ $1 == "example_SAM-single-owner-PPA-5" ]] +then + echo "Regenerating example_SAM-single-owner-PPA-5 cash flow CSV..." + python regenerate_example_result_csv.py example_SAM-single-owner-PPA-5 --output-path examples --csv-type cash-flow +fi + if [[ $1 == "Fervo_Project_Cape-5" ]] then python ../src/geophires_docs/generate_fervo_project_cape_5_docs.py diff --git a/tests/regenerate_example_result_csv.py b/tests/regenerate_example_result_csv.py index 30a863060..85922d62b 100644 --- a/tests/regenerate_example_result_csv.py +++ b/tests/regenerate_example_result_csv.py @@ -1,5 +1,9 @@ import argparse +import csv import os +from io import StringIO +from pathlib import Path +from typing import Any from geophires_x_client import GeophiresXResult @@ -9,7 +13,7 @@ def _get_file_path(file_name: str) -> str: if __name__ == '__main__': - parser = argparse.ArgumentParser(description='Regenerate a CSV result file from a GEOPHIRES-X example .out file.') + parser = argparse.ArgumentParser(description='Regenerate a CSV result file from a GEOPHIRES example .out file.') parser.add_argument( 'example_name', type=str, @@ -17,10 +21,39 @@ def _get_file_path(file_name: str) -> str: default='example1_addons', help='The base name of the example file (e.g., "example1_addons"). Defaults to "example1_addons".', ) + parser.add_argument( + '--output-path', + type=str, + default=None, + help='Optional CSV output path relative to tests/ directory.', + ) + parser.add_argument( + '--csv-type', + type=str, + default='result', + help='Optional CSV type: "result" (default) or "cash-flow".', + ) args = parser.parse_args() example_name = args.example_name example_relative_path = f'{"examples/" if example_name.startswith("example") else ""}{example_name}.out' - with open(_get_file_path(f'{example_name}.csv'), 'w', encoding='utf-8') as csvfile: - csvfile.write(GeophiresXResult(_get_file_path(example_relative_path)).as_csv()) + output_path = _get_file_path(Path(args.output_path, f'{example_name}.csv')) + with open(output_path, 'w', encoding='utf-8') as csvfile: + geophires_result: GeophiresXResult = GeophiresXResult(_get_file_path(example_relative_path)) + if args.csv_type == 'result': + csv_content = geophires_result.as_csv() + elif args.csv_type == 'cash-flow': + # TODO port to GeophiresXResult convenience method + sam_cash_flow_profile: list[list[Any]] = geophires_result.result['SAM CASH FLOW PROFILE'] + f = StringIO() + w = csv.writer(f) + for row in sam_cash_flow_profile: + w.writerow(row) + + csv_content = f.getvalue() + + else: + raise NotImplementedError + + csvfile.write(csv_content)