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{"sheet":"Intro","index":0,"n_rows":6,"n_cols":3,"rows_kept":6,"cut":false,"hidden":false,"merged":[[4,2,4,6],[5,2,5,6],[6,2,6,6],[13,2,13,4]]}
[]
[null,null,"Pro Forma Financial Model"]
[]
[]
[null,null,"Financial Analysis of PV Systems\n"]
[null,null,"This tool allows evaluating the financial viability as well as assessing the levelized cost of electricity produced of solar power projects. \nData needs to be entered in cells marked yellow in the sheet \"Cash Flow\".  Cells marked with other colors as well as the time series will be automatically calculated. \nInputs:\nA very important parameter to asses the viability of a PV project is the specific system yield in kwh per Kwp installed. For the purpose of evaluating the energy production of photovoltaic systems the RETScreen Photovoltaic Project Model can be used. Photovoltaic systems are fairly simple, but the behaviour of its components is nonlinear and their interactions are complex. RETScreen uses simplified algorithms minimizing data input requirements while maintaining an acceptable level of accuracy and taking into consideration the main parameters (e.g. temperature and orientation effects). Another simulation software as PVSYST or PV*SOL the energy production of photovoltaic systems can be used also.\nThe following steps to conduct the financial analysis of solar PV power projects will be:\n   • Defining further technical parameters (Module degradation and inverter replacement time)\n   • Identifying and entering the different expected costs and revenues;\n   • Entering the important terms of a PPA contract to asses revenues (Retail Electricity price and Annual Price Escalator) \n   • Tax relevant parameters (depreciation scheme, income taxes) as well as relevant  macroeconomic parameters  (inflation) \n   • Financing structure and terms \nRegarding the financing structure it has been assumed that debt will be shared by a government supported loan by a development   bank with favorable conditions and a second loan provided by a commercial bank). Debt Share between these 2 loans can be defined by the user.\nA debt service reserve account (“DSRA”) is maintained to ensure that the required funds for the upcoming capital and interest payments are available.  Coverage and interest rate on this account are entered by the user.\nOutputs:\nThe outputs of the model are financial indicators as well as costs of electricity produced as well as a sensitive analysis.\nFinancial indicators are required by creditors as well as by investors. Creditors are mainly interested in ability of the project to fulfill annual debt service, which is reflected in the DSCR indicator provided. Investors are rather interested in the RoE (Equity-IRR) obtained by the project.\nIn order to assess the competitiveness of the project the levelized cost of electricity (LCOE) is calculated, providing a common way to compare the cost of energy across technologies. Furthermore the required electricity price to obtain the RoE required by investors is calculating, providing a orientation to negotiate PPA terms.\nA good risk management tool is a sensitivity analysis. This exercise is  carried out to identify the impact of different parameters on project results.\n\n\n"]

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[null,"Pro Forma Financials PV Project",null,null,"User Inputs","Calculated Inputs","Output fields"]
[]
[null,"Project data",null,null,"Investment Costs",null,"[T$/kWp]","[T$]",null,"Accounting and Tax",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Note on FIT/PPA Price Determination"]
[null,"Location",null,null,"Modules [T$]",null,1,{"$f":"G4*systemSize","v":100},null,"Corporate Income Tax [%]",null,null,0,null,null,null,null,null,null,null,null,null,null,null,"First of all, this economic valuation tool allows you to calculate the equity-IRR (as is) (see cell M24) under a given Feed-in-Tariff or power purchase agreement price (in $/MWh). A power purchase agreement price could be the result of a bidding process or direct negotiations with an off-taker.\nBut you can also use this tool to look at it from a policy-maker's or regulator's perspective:  If you want to calculate a Feed-in-Tariff, enter a realistic investor's expected equity-IRR (cell H24) and click on the Calculate FIT button  below. The required FIT to obtain the expected equity-IRR is then calculated automatically after not more than a few seconds. (Minor rounding errors may occur in the iteration process.) If you want to verify your result, you can now enter this figure in cell C16, the equity-IRR (as is) should now be the same as the investor's expected equity-IRR.\nOf course, this procedure is the same if you look at it from an investor's perspective. If you want to calcuate the PPA price (e.g. a bidding price) that is required  to achieve an expected equity-IRR, just follow the same procedure as above."]
[null,"Module technology",null,null,"Inverter [T$]",null,0.15,{"$f":"G5*systemSize","v":15},null,"Depreciation method",null,null,"linear"]
[null,null,null,null,"Civil BOS [T$]",null,0.15,{"$f":"G6*systemSize","v":15},null,"Asset lifetime [years]",null,null,10]
[null,"Technical Parameters",null,null,"Electrical BOS [T$]",null,0.15,{"$f":"G7*systemSize","v":15}]
[null,"System Size (DC) [kWp]",100,null,"Connection to Grid",null,0.1,{"$f":"G8*systemSize","v":10},null,"Financing"]
[null,"Specific Yield [kWh/kWp]",900,null,"Direct Project Costs",null,null,{"$f":"SUM(H4:H8)*(1+sensitivityEquipmentCost)","v":155},null,"% Financed w/ equity [%]",null,0.5,{"$f":"1-M10","v":0.5}]
[null,"Degradation Factor [%]",7.0000000000000001E-3,null,"Project Mgmt&Eng. [T$]",null,0.15,{"$f":"G10*$H$9","v":23.25},null,"% Financed w/ debt [%]",null,{"$f":"1-L9","v":0.5},{"$f":"L10*(1+sensitivityDebtShare)","v":0.5}]
[null,"System lifetime / PPA Term [years]",20,null,"Contingencies [T$]",null,0.05,{"$f":"G11*$H$9","v":7.75},null,null,null,"Loan 1","Loan 2"]
[null,"Inverter lifetime [years]",10,null,"Construction Insurance [T$]",null,null,0,null,"Debt Share [%]",null,1,{"$f":"1-L12","v":0}]
[null,"Inverter warranty [years]",2,null,"Basic Project Costs",null,null,{"$f":"SUM(H9:H11)","v":186},null,"Interest Rate [%]",null,0.02,0.05]
[null,null,null,null,"IDC [T$]",null,0,{"$f":"G14*$H$13","v":0},null,"Debt Period [years]",null,18,{"$f":"L14","v":18}]
[null,"Economic Aspects",null,null,"Up-front Fees [T$]",null,0,{"$f":"G15*$H$13","v":0},null,"Cost of Debt [%]",null,null,{"$f":"L12*L13+M12*M13+(sensitivityInterestRate/10000)","v":0.02}]
[null,"FIT/PPA price period 1 [$/MWh]",100,null,"Total Investment Costs [T$]",null,null,{"$f":"SUM(H13:H15)","v":186},null,"Cost of equity (expected equity-IRR) [%]",null,null,{"$f":"capitalCost","v":0.05}]
[null,"End year period 1",20,null,"Spec. Investment Costs [$/kW]",null,null,{"$f":"H16*1000/systemSize","v":1860},null,"WACC [%]",null,null,{"$f":"(1-$M$4)*M10*M15+(1-M10)*H24","v":3.5000000000000003E-2}]
[null,"FIT/PPA price period 2 [$/MWh]",0,null,"Annual Operation and Maintenance Costs",null,null,null,null,"Year Debt Placed / Grace Period",null,null,0]
[null,"Annual FIT/PPA price escalator [%]",0,null,"O&M (in % of Direct Proj. Costs)",null,0.02,{"$f":"G19*H9","v":3.1},null,"Interest Rate on DSRA [%]",null,null,0.02]
[null,"Inflation Rate Increase [%]",0,null,"Land Lease [T$/MWp*a]",null,1,{"$f":"G20*systemSize/1000","v":0.1},null,"DSRA [%]",null,null,0.5]
[]
[]
[null,"Levelised Cost of Electricity",null,null,"FIT / PPA Price Determination",null,null,null,null,"Financial Indicators output"]
[null,"LCOE [$/MWh]",{"$f":"10^3*SUMPRODUCT($E$81:$AI$81,E83:AI83)/SUMPRODUCT($E$81:$AI$81,E31:AI31)","v":201.89879768683213},null,"Investor's expected equity-IRR",null,null,0.05,null,"Equity-IRR (as is)",null,null,{"$f":"IRR(E53:AI53)","v":-0.15822391083429233}]
[null,null,null,null,null,null,null,203.77952014140925,null,"Deviation equity IRR (as is) from expected IRR",null,null,{"$f":"equityIRR-capitalCost","v":-0.20822391083429231}]
[null,null,null,null,null,null,null,null,null,"Ø-DSCR",null,null,{"$f":"AVERAGE(F54:AI54)","v":0.70675831710871129}]
[null,null,null,null,"Read note on FIT/Bidding Price Determination",null,null,null,null,"Min-DSCR",null,null,{"$f":"MIN(F54:AI54)","v":-1.9246782051880138}]
[null,null,null,null,null,null,null,null,null,"Year Min-DSCR",null,null,{"$f":"MATCH(M27,F54:AI54,-1)","v":10}]
[]
[null,"Year",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Energy Production ","MWh",{"$f":"systemSize*C9*(1+sensitivityEnergyYield)/1000","v":90},null,{"$f":"IF($C$11>F30,D31,0)","v":90},{"$f":"IF($C$11>=G30,F31*(1-$C$10),0)","v":89.37},88.744410000000002,88.123199130000003,87.506336736090006,86.893792378937377,86.285535832284822,85.681537081458828,85.081766321888622,84.486193957635408,83.894790599931966,83.307527065732444,82.724374376272323,82.145303755638409,81.570286629348942,80.999294622943495,80.432299560582891,79.869273463658814,79.310188549413198,78.755017229567301,0,0,0,0,0,0,0,0,0,0]
[null,"Flag project lifetime",null,null,null,{"$f":"IF(F30<=$C$11,1,0)","v":1},{"$f":"IF(G30<=$C$11,1,0)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0]
[null,"Flag period 1",null,null,null,{"$f":"IF(F30<=$C$17,1,0)","v":1},{"$f":"IF(G30<=$C$17,1,0)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0]
[null,"Flag period 2",null,null,null,{"$f":"IF(F30>$C$17,1,0)","v":0},{"$f":"IF(G30>$C$17,1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,1,1,1,1,1,1,1,1,1,1]
[null,"Electricity Price","$/MWh",null,null,{"$f":"F32*(F33*electricityPrice*(1+$C$19)^(F30-1)+F34*$C$18)","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,0,0,0,0,0,0,0,0,0,0]
[null,"Electricity income Revenue ","USD '000",null,null,{"$f":"(F31/10^3)*F35","v":9},{"$f":"(G31/10^3)*G35","v":8.9370000000000012},8.8744409999999991,8.8123199130000014,8.750633673609002,8.6893792378937373,8.6285535832284825,{"$f":"(M31/10^3)*M35","v":8.5681537081458821},8.5081766321888619,8.44861939576354,8.3894790599931959,8.3307527065732447,8.2724374376272323,8.2145303755638412,8.1570286629348931,8.0999294622943498,8.0432299560582887,7.9869273463658814,7.9310188549413203,7.8755017229567308,0,0,0,0,0,0,0,0,0,0]
[null,"+ Salvage Value","USD '000"]
[null,"+ Interest income","USD '000",null,null,{"$f":"$M$19*E52","v":0},6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,6.2032955000235576E-2,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total Income ","USD '000",null,null,{"$f":"SUM(F36:F38)","v":9},{"$f":"SUM(G36:G38)","v":8.9990329550002368},8.9364739550002348,8.874352868000237,8.8126666286092377,8.751412192893973,8.6905865382287182,{"$f":"SUM(M36:M38)","v":8.6301866631461177},8.5702095871890975,8.5106523507637757,8.4515120149934315,8.3927856615734804,8.3344703926274679,8.2765633305640769,8.2190616179351288,8.1619624172945855,8.1052629110585244,8.0489603013661171,7.9310188549413203,7.8755017229567308,0,0,0,0,0,0,0,0,0,0]
[null," - O&M Expenses, incl. land lease","USD '000",null,null,{"$f":"IF($C$11>F30,-(H19+H20)*(1+sentitivityOpEx),0)","v":-3.2},{"$f":"IF($C$11>F30,F40*(1+$C$20),0)","v":-3.2},-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,0,0,0,0,0,0,0,0,0,0]
[null," - Inverter Replacement Expenses","USD '000",null,null,{"$f":"IF($C$11>F30,IF(MOD(F30,$C$12)=0,-$H$5*(1+$G$10)*(F30>C13),0),0)","v":0},{"$f":"IF($C$11>G30,IF(MOD(G30,$C$12)=0,-$H$5*(1+$G$10)*(G30>D14),0),0)","v":0},{"$f":"IF($C$11>H30,IF(MOD(H30,$C$12)=0,-$H$5*(1+$G$10)*(H30>E13),0),0)","v":0},{"$f":"IF($C$11>I30,IF(MOD(I30,$C$12)=0,-$H$5*(1+$G$10)*(I30>F13),0),0)","v":0},{"$f":"IF($C$11>J30,IF(MOD(J30,$C$12)=0,-$H$5*(1+$G$10)*(J30>#REF!),0),0)","v":0},{"$f":"IF($C$11>K30,IF(MOD(K30,$C$12)=0,-$H$5*(1+$G$10)*(K30>G13),0),0)","v":0},{"$f":"IF($C$11>L30,IF(MOD(L30,$C$12)=0,-$H$5*(1+$G$10)*(L30>H13),0),0)","v":0},{"$f":"IF($C$11>M30,IF(MOD(M30,$C$12)=0,-$H$5*(1+$G$10)*(M30>#REF!),0),0)","v":0},{"$f":"IF($C$11>N30,IF(MOD(N30,$C$12)=0,-$H$5*(1+$G$10)*(N30>J15),0),0)","v":0},{"$f":"IF($C$11>O30,IF(MOD(O30,$C$12)=0,-$H$5*(1+$G$10)*(O30>K12),0),0)","v":-17.25},{"$f":"IF($C$11>P30,IF(MOD(P30,$C$12)=0,-$H$5*(1+$G$10)*(P30>L12),0),0)","v":0},{"$f":"IF($C$11>Q30,IF(MOD(Q30,$C$12)=0,-$H$5*(1+$G$10)*(Q30>C13),0),0)","v":0},{"$f":"IF($C$11>R30,IF(MOD(R30,$C$12)=0,-$H$5*(1+$G$10)*(R30>M12),0),0)","v":0},{"$f":"IF($C$11>S30,IF(MOD(S30,$C$12)=0,-$H$5*(1+$G$10)*(S30>O13),0),0)","v":0},{"$f":"IF($C$11>T30,IF(MOD(T30,$C$12)=0,-$H$5*(1+$G$10)*(T30>Q14),0),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"- Total Operating Costs","USD '000",null,null,{"$f":"SUM(F40:F41)","v":-3.2},-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-20.45,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,-3.2,0,0,0,0,0,0,0,0,0,0]
[null,"EBITDA (Operating Income)","USD '000",null,null,{"$f":"F39+F42","v":5.8},5.7990329550002366,5.7364739550002346,5.6743528680002369,5.6126666286092375,5.5514121928939728,5.490586538228718,5.4301866631461175,5.3702095871890974,-11.939347649236224,5.2515120149934313,5.1927856615734802,5.1344703926274677,5.0765633305640767,5.0190616179351286,4.9619624172945853,4.9052629110585242,4.8489603013661169,4.7310188549413201,4.6755017229567306,0,0,0,0,0,{"$f":"AE39-AE42","v":0},{"$f":"AF39-AF42","v":0},{"$f":"AG39-AG42","v":0},{"$f":"AH39-AH42","v":0},{"$f":"AI39-AI42","v":0}]
[null,"Income Tax","USD '000",null,null,{"$f":"F78","v":0},{"$f":"G78","v":0},0,0,0,0,0,{"$f":"M78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBITDA after Tax","USD '000",null,null,{"$f":"F43+F44","v":5.8},{"$f":"G43+G44","v":5.7990329550002366},5.7364739550002346,5.6743528680002369,5.6126666286092375,5.5514121928939728,5.490586538228718,{"$f":"M43+M44","v":5.4301866631461175},5.3702095871890974,-11.939347649236224,5.2515120149934313,5.1927856615734802,5.1344703926274677,5.0765633305640767,5.0190616179351286,4.9619624172945853,4.9052629110585242,4.8489603013661169,4.7310188549413201,4.6755017229567306,0,0,0,0,0,0,0,0,0,0]
[null,"Redemption","USD '000",null,null,{"$f":"-F62","v":-4.3432955000235571},{"$f":"-G62","v":-4.430161410024029},-4.5187646382245088,-4.6091399309889995,-4.7013227296087798,-4.7953491842009548,-4.8912561678849737,{"$f":"-M62","v":-4.9890812912426732},-5.0888629170675266,-5.1906401754088778,-5.2944529789170556,-5.4003420384953964,-5.5083488792653039,-5.6185158568506104,-5.7308861739876225,-5.845503897467375,-5.9624139754167222,-6.0816622549250567,0,0,0,0,0,0,0,0,0,0,0,0]
[null," Interest Expenses","USD '000",null,null,{"$f":"-F61","v":-1.86},{"$f":"-G61","v":-1.7731340899995289},-1.6845308617990484,-1.5941555690345581,-1.5019727704147781,-1.4079463158226024,-1.3120393321385835,{"$f":"-M61","v":-1.2142142087808838},-1.1144325829560304,-1.0126553246146799,-0.90884252110650221,-0.80295346152816105,-0.6949466207582532,-0.58477964317294706,-0.47240932603593488,-0.35779160255618236,-0.2408815246068349,-0.12163324509850044,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total Debt Service","USD '000",null,null,{"$f":"F46+F47","v":-6.2032955000235575},{"$f":"G46+G47","v":-6.2032955000235575},-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,{"$f":"M46+M47","v":-6.2032955000235575},-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,-6.2032955000235575,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Cash Before DSRA","USD '000",null,null,{"$f":"F45+F48","v":-0.40329550002355763},{"$f":"G45+G48","v":-0.40426254502332082},-0.46682154502332285,-0.52894263202332059,-0.59062887141431997,-0.65188330712958464,-0.71270896179483945,{"$f":"M45+M48","v":-0.77310883687743992},-0.8330859128344601,-18.142643149259783,-0.95178348503012611,-1.0105098384500772,-1.0688251073960897,-1.1267321694594807,-1.1842338820884288,-1.2413330827289721,-1.2980325889650333,-1.3543351986574406,4.7310188549413201,4.6755017229567306,0,0,0,0,0,0,0,0,0,0]
[null,"Cash incl. DSRA","USD '000",null,null,{"$f":"F49+E52","v":-0.40329550002355763},{"$f":"G49+F52","v":2.6973852049884579},{"$f":"H49+G52","v":2.6348262049884559},2.5727051179884581,2.5110188785974588,2.4497644428821941,{"$f":"L49+K52","v":2.3889387882169393},{"$f":"M49+L52","v":2.3285389131343388},2.2685618371773186,{"$f":"O49+N52","v":-15.040995399248004},2.1498642649816526,2.0911379115617015,2.032822642615689,1.974915580552298,1.9174138679233499,1.8603146672828066,1.8036151610467455,1.7473125513543382,4.7310188549413201,4.6755017229567306,0,0,0,0,0,0,0,0,0,0]
[null,"DSRA Target","USD '000",null,null,{"$f":"-G48*$M$20","v":3.1016477500117787},3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"DSRA Actual","USD '000",null,null,{"$f":"IF(F49<0,MIN(E52,F51),MIN(E52+F49,F51))","v":3.1016477500117787},{"$f":"IF(G49<0,MIN(F52,G51),MIN(F52+G49,G51))","v":3.1016477500117787},3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,{"$f":"IF(M49<0,MIN(L52,M51),MIN(L52+M49,M51))","v":3.1016477500117787},3.1016477500117787,{"$f":"IF(O49<0,MIN(N52,O51),MIN(N52+O49,O51))","v":3.1016477500117787},3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total Cash Flow","USD '000",null,{"$f":"-$M$9*H16","v":-93},{"$f":"F50-F52","v":-3.5049432500353364},{"$f":"G50-G52","v":-0.40426254502332082},{"$f":"H50-H52","v":-0.46682154502332285},-0.52894263202332059,-0.59062887141431997,-0.65188330712958464,-0.71270896179483945,-0.77310883687743992,-0.8330859128344601,-18.142643149259783,-0.95178348503012611,-1.0105098384500772,-1.0688251073960897,-1.1267321694594807,-1.1842338820884288,-1.2413330827289721,-1.2980325889650333,1.7473125513543382,4.7310188549413201,4.6755017229567306,0,0,0,0,0,0,0,0,0,0]
[null,"DSCR",null,null,null,{"$f":"IF(F48>-0.1,\"n/n\",F45/-F48)","v":0.93498689526848655},{"$f":"IF(G48>-0.1,\"n/n\",G45/-G48)","v":0.9348310031302256},0.92474620223693194,0.9147319949498921,0.90478788711386116,0.89491338803268217,0.88510801044507181,{"$f":"IF(M48>-0.1,\"n/n\",M45/-M48)","v":0.87537127050057439},0.86570268773568881,-1.9246782051880138,0.84656808868342459,0.83710112819125904,0.82770043642253854,0.81836554949619889,0.80909600677834359,0.79989135085951357,0.79075112753211518,0.7816748857680087,"n/n","n/n","n/n","n/n","n/n","n/n","n/n","n/n","n/n","n/n","n/n","n/n"]
[null,"DSCR (incl. DSRA) -not included yet-"]
[]
[null,"Debt Schedule",null,null,{"$f":"MAX(E30-$M$18,0)","v":0},{"$f":"MAX(F30-$M$18,0)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Debt Term Flag","USD '000",null,null,{"$f":"IF(F60>0, 1, 0)","v":1},{"$f":"IF(G60>0, 1, 0)","v":1},1,1,1,1,1,{"$f":"IF(M60>0, 1, 0)","v":1},1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Beginning Balance","USD '000",{"$f":"-M10*H13","v":-93},null,{"$f":"E63","v":93},{"$f":"F63","v":88.656704499976442},84.226543089952415,79.707778451727904,75.098638520738902,70.397315791130126,65.601966606929167,{"$f":"L63","v":60.710710439044192},55.721629147801522,{"$f":"N63","v":50.632766230733992},45.442126055325112,40.147673076408054,34.747331037912659,29.238982158647353,23.620466301796743,17.889580127809118,12.044076230341744,6.0816622549250221,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14]
[null,"Debt Service","USD '000",null,null,{"$f":"IF(AND(F57>0,$L$14>=F57),-PMT($M$15,$L$14,-$D$59),0)","v":6.2032955000235575},6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,6.2032955000235575,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Interest","USD '000",null,null,{"$f":"IF(AND(F57>0,$L$14>=F57),F59*$M$15,0)","v":1.86},1.7731340899995289,1.6845308617990484,1.5941555690345581,1.5019727704147781,1.4079463158226024,1.3120393321385835,1.2142142087808838,1.1144325829560304,1.0126553246146799,0.90884252110650221,0.80295346152816105,0.6949466207582532,0.58477964317294706,0.47240932603593488,0.35779160255618236,0.2408815246068349,0.12163324509850044,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Principal","USD '000",null,null,{"$f":"F60-F61","v":4.3432955000235571},{"$f":"G60-G61","v":4.430161410024029},4.5187646382245088,4.6091399309889995,4.7013227296087798,4.7953491842009548,4.8912561678849737,{"$f":"M60-M61","v":4.9890812912426732},5.0888629170675266,5.1906401754088778,5.2944529789170556,5.4003420384953964,5.5083488792653039,5.6185158568506104,5.7308861739876225,5.845503897467375,5.9624139754167222,6.0816622549250567,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ending Balance","USD '000",null,{"$f":"IF(F57=1, IF($L$14>=E57,$M$10*$H$13,0), E59-E62)","v":93},{"$f":"IF(G57=1, IF($L$14>=F57,$M$10*$H$13,0), F59-F62)","v":88.656704499976442},84.226543089952415,79.707778451727904,75.098638520738902,70.397315791130126,65.601966606929167,60.710710439044192,55.721629147801522,50.632766230733992,45.442126055325112,40.147673076408054,34.747331037912659,29.238982158647353,23.620466301796743,17.889580127809118,12.044076230341744,6.0816622549250221,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14,-3.4638958368304884E-14]
[]
[null,"Debt Service Reserve Account (only plausibility test)",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Required debt service reserve","USD '000",null,{"$f":"-M20*F48","v":3.1016477500117787}]
[null,"Opening Balance","USD '000",null,0,{"$f":"E70*F58","v":3.1016477500117787},{"$f":"F70*G58","v":3.1016477500117787},3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,3.1016477500117787,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Amount needed from reserve","USD '000",null,null,{"$f":"IF(F58=1,F49,0)","v":-0.40329550002355763},{"$f":"IF(G58=1,G49,0)","v":-0.40426254502332082},{"$f":"IF(H58=1,H49,0)","v":-0.46682154502332285},-0.52894263202332059,-0.59062887141431997,-0.65188330712958464,-0.71270896179483945,-0.77310883687743992,-0.8330859128344601,-18.142643149259783,-0.95178348503012611,-1.0105098384500772,-1.0688251073960897,-1.1267321694594807,-1.1842338820884288,-1.2413330827289721,-1.2980325889650333,-1.3543351986574406,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Inflows to (-)/Outflows from account (+)","USD '000",null,{"$f":"IF(E67<E66,E67-E66,0)","v":-3.1016477500117787},{"$f":"IF(G58>0,F68,F68+E70)","v":-0.40329550002355763},{"$f":"IF(H58>0,G68,G68+F70)","v":-0.40426254502332082},-0.46682154502332285,-0.52894263202332059,-0.59062887141431997,-0.65188330712958464,-0.71270896179483945,-0.77310883687743992,-0.8330859128344601,-18.142643149259783,-0.95178348503012611,-1.0105098384500772,-1.0688251073960897,-1.1267321694594807,-1.1842338820884288,-1.2413330827289721,-1.2980325889650333,1.7473125513543382,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Closing Balance","USD '000",null,{"$f":"E67-E69","v":3.1016477500117787},{"$f":"F58*(F67+F68-F69)","v":3.1016477500117787},{"$f":"G58*(G67+G68-G69)","v":3.1016477500117787},3.1016477500117787,3.1016477500117787,{"$f":"J58*(J67+J68-J69)","v":3.1016477500117787},{"$f":"K58*(K67+K68-K69)","v":3.1016477500117787},{"$f":"L58*(L67+L68-L69)","v":3.1016477500117787},{"$f":"M58*(M67+M68-M69)","v":3.1016477500117787},{"$f":"N58*(N67+N68-N69)","v":3.1016477500117787},{"$f":"O58*(O67+O68-O69)","v":3.1016477500117787},{"$f":"P58*(P67+P68-P69)","v":3.1016477500117787},{"$f":"Q58*(Q67+Q68-Q69)","v":3.1016477500117787},{"$f":"R58*(R67+R68-R69)","v":3.1016477500117787},{"$f":"S58*(S67+S68-S69)","v":3.1016477500117787},{"$f":"T58*(T67+T68-T69)","v":3.1016477500117787},{"$f":"U58*(U67+U68-U69)","v":3.1016477500117787},{"$f":"V58*(V67+V68-V69)","v":3.1016477500117787},{"$f":"W58*(W67+W68-W69)","v":0},{"$f":"X58*(X67+X68-X69)","v":0},{"$f":"Y58*(Y67+Y68-Y69)","v":0},{"$f":"Z58*(Z67+Z68-Z69)","v":0},{"$f":"AA58*(AA67+AA68-AA69)","v":0},{"$f":"AB58*(AB67+AB68-AB69)","v":0},{"$f":"AC58*(AC67+AC68-AC69)","v":0},{"$f":"AD58*(AD67+AD68-AD69)","v":0},{"$f":"AE58*(AE67+AE68-AE69)","v":0},{"$f":"AF58*(AF67+AF68-AF69)","v":0},{"$f":"AG58*(AG67+AG68-AG69)","v":0},{"$f":"AH58*(AH67+AH68-AH69)","v":0},{"$f":"AI58*(AI67+AI68-AI69)","v":0}]
[]
[null,"Tax Calculation",null,null,{"$f":"E30","v":0},{"$f":"F30","v":1},{"$f":"G30","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Depreciation cumulated","USD '000",null,null,{"$f":"SUM($F74:F74)","v":-18.600000000000001},{"$f":"SUM($F74:G74)","v":-37.200000000000003},{"$f":"SUM($F74:H74)","v":-55.800000000000004},{"$f":"SUM($F74:I74)","v":-74.400000000000006},{"$f":"SUM($F74:J74)","v":-93},{"$f":"SUM($F74:K74)","v":-111.6},{"$f":"SUM($F74:L74)","v":-130.19999999999999},{"$f":"SUM($F74:M74)","v":-148.79999999999998},{"$f":"SUM($F74:N74)","v":-167.39999999999998},{"$f":"SUM($F74:O74)","v":-185.99999999999997},{"$f":"SUM($F74:P74)","v":-185.99999999999997},{"$f":"SUM($F74:Q74)","v":-185.99999999999997},{"$f":"SUM($F74:R74)","v":-185.99999999999997},{"$f":"SUM($F74:S74)","v":-185.99999999999997},{"$f":"SUM($F74:T74)","v":-185.99999999999997},{"$f":"SUM($F74:U74)","v":-185.99999999999997},{"$f":"SUM($F74:V74)","v":-185.99999999999997},{"$f":"SUM($F74:W74)","v":-185.99999999999997},{"$f":"SUM($F74:X74)","v":-185.99999999999997},{"$f":"SUM($F74:Y74)","v":-185.99999999999997},{"$f":"SUM($F74:Z74)","v":-185.99999999999997},{"$f":"SUM($F74:AA74)","v":-185.99999999999997},{"$f":"SUM($F74:AB74)","v":-185.99999999999997},{"$f":"SUM($F74:AC74)","v":-185.99999999999997},{"$f":"SUM($F74:AD74)","v":-185.99999999999997},{"$f":"SUM($F74:AE74)","v":-185.99999999999997},{"$f":"SUM($F74:AF74)","v":-185.99999999999997},{"$f":"SUM($F74:AG74)","v":-185.99999999999997},{"$f":"SUM($F74:AH74)","v":-185.99999999999997},{"$f":"SUM($F74:AI74)","v":-185.99999999999997}]
[null,"Depreciation p.a.","USD '000",null,null,{"$f":"IF(F30<=$M$6,-$H$13/$M$6,0)","v":-18.600000000000001},-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,-18.600000000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"EBITDA - Depr. - Interest","USD '000",null,null,{"$f":"F43+F74+F47","v":-14.66},-14.574101134999294,-14.548056906798815,-14.519802701034322,-14.489306141805542,-14.45653412292863,-14.421452793909866,-14.384027545634769,-14.344222995766934,-31.552002973850907,4.3426694938869295,4.3898322000453192,4.4395237718692142,4.4917836873911297,4.5466522918991936,4.6041708147384028,4.664381386451689,4.7273270562676162,4.7310188549413201,4.6755017229567306,0,0,0,0,0,0,0,0,0,0]
[null,"Tax calculation base","USD '000",null,null,{"$f":"SUM($F75:F75)","v":-14.66},{"$f":"SUM($F75:G75)","v":-29.234101134999293},{"$f":"SUM($F75:H75)","v":-43.782158041798105},{"$f":"SUM($F75:I75)","v":-58.301960742832428},{"$f":"SUM($F75:J75)","v":-72.791266884637963},{"$f":"SUM($F75:K75)","v":-87.247801007566594},{"$f":"SUM($F75:L75)","v":-101.66925380147646},{"$f":"SUM($F75:M75)","v":-116.05328134711122},{"$f":"SUM($F75:N75)","v":-130.39750434287816},{"$f":"SUM($F75:O75)","v":-161.94950731672907},{"$f":"SUM($F75:P75)","v":-157.60683782284215},{"$f":"SUM($F75:Q75)","v":-153.21700562279682},{"$f":"SUM($F75:R75)","v":-148.77748185092761},{"$f":"SUM($F75:S75)","v":-144.28569816353649},{"$f":"SUM($F75:T75)","v":-139.7390458716373},{"$f":"SUM($F75:U75)","v":-135.13487505689889},{"$f":"SUM($F75:V75)","v":-130.47049367044721},{"$f":"SUM($F75:W75)","v":-125.7431666141796},{"$f":"SUM($F75:X75)","v":-121.01214775923827},{"$f":"SUM($F75:Y75)","v":-116.33664603628155},{"$f":"SUM($F75:Z75)","v":-116.33664603628155},{"$f":"SUM($F75:AA75)","v":-116.33664603628155},{"$f":"SUM($F75:AB75)","v":-116.33664603628155},{"$f":"SUM($F75:AC75)","v":-116.33664603628155},{"$f":"SUM($F75:AD75)","v":-116.33664603628155},{"$f":"SUM($F75:AE75)","v":-116.33664603628155},{"$f":"SUM($F75:AF75)","v":-116.33664603628155},{"$f":"SUM($F75:AG75)","v":-116.33664603628155},{"$f":"SUM($F75:AH75)","v":-116.33664603628155},{"$f":"SUM($F75:AI75)","v":-116.33664603628155}]
[null,"Tax cumulated","USD '000",null,null,{"$f":"IF(F76<0,0,-F76*$M$4)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Tax p.a.","USD '000",null,null,{"$f":"F77-E77","v":0},{"$f":"G77-F77","v":0},{"$f":"H77-G77","v":0},0,0,0,0,{"$f":"M77-L77","v":0},0,{"$f":"O77-N77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"LCOE",null,null,{"$f":"E30","v":0},{"$f":"F30","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,"Discount factors",null,null,{"$f":"1/(1+$M$17)^E80","v":1},{"$f":"1/(1+$M$17)^F80","v":0.96618357487922713},{"$f":"1/(1+$M$17)^G80","v":0.93351070036640305},0.90194270566802237,0.87144222769857238,0.84197316685852419,0.81350064430775282,0.78599096068381913,0.75941155621625056,0.73373097218961414,0.70891881370977217,0.68494571372924851,0.66178329828912896,0.63940415293635666,0.61778179027667302,0.59689061862480497,0.57670591171478747,0.55720377943457733,0.53836113955031628,0.52015569038677911,0.50256588443167061,0.48557090283253213,0.46915063075606966,0.45328563358074364,0.43795713389443841,0.42314698926998884,0.40883767079225974,0.39501224231136206,0.38165434039745127,0.36874815497338298,0.35627841060230236]
[null,"Generation","MWh",null,null,{"$f":"IF($L$9>=G57,$M$10*$H$13,0)","v":0}]
[null,"Generation costs","USD '000",null,{"$f":"H16","v":186},{"$f":"-F42","v":3.2},{"$f":"-G42","v":3.2},3.2,3.2,3.2,3.2,3.2,3.2,3.2,20.45,3.2,3.2,3.2,3.2,3.2,3.2,3.2,3.2,3.2,3.2,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,{"$f":"H16","v":186},{"$f":"-F81*F42","v":3.091787439613527},{"$f":"-G81*G42","v":2.9872342411724899},2.8862166581376716,2.7886151286354317,2.6943141339472776,2.6032020617848093,2.5151710741882214,2.4301169798920021,2.3479391110067653,14.49738974036484,2.1918262839335951,2.1177065545252129,2.0460932893963415,1.9769017288853536,1.9100499795993759,1.8454589174873199,1.7830520941906476,1.7227556465610121,1.6644982092376932,1.608210830181346,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(E85:AI85)","v":243.70854010274095},"Discounted total cost"]
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[null,{"$f":"B6","v":"OPEX"},null,{"$f":"'Cash Flow'!C24","v":201.89879768683213},198.1310615046599,200.01492959574603,201.89879768683213,203.78266577791814,205.66653386900424]
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[null,{"$f":"B7","v":"Debt Share"},null,{"$f":"'Cash Flow'!C24","v":201.89879768683213},203.9209918672683,202.90826680982016,201.89879768683213,200.89259538254032,199.88967069912883]
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[null,null,null,null,{"$f":"E85","v":-20},{"$f":"F85","v":-10},{"$f":"G85","v":0},{"$f":"H85","v":10},{"$f":"I85","v":20}]
[null,"Interest rate",null,{"$f":"'Cash Flow'!C24","v":201.89879768683213},200.55792244359009,201.29468359281825,201.89879768683213,202.57141479249739,203.31296673290385]
[]
[null,"Sensitivity Parameter",null,null,null,null,"RoE [%]"]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B12","v":"Equipment Cost"},null,{"$f":"equityIRR","v":-0.15822391083429233},-0.12428670057702007,-0.15714143018310489,-0.15822391083429233,{"$error":"#NUM!"},{"$error":"#NUM!"}]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B14","v":"Energy Yield"},null,{"$f":"equityIRR","v":-0.15822391083429233},{"$error":"#NUM!"},{"$error":"#NUM!"},-0.15822391083429233,-0.15673111179590238,-0.12785201729475204]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B16","v":"OPEX"},null,{"$f":"equityIRR","v":-0.15822391083429233},-0.14391795546984942,-0.15090508066682795,-0.15822391083429233,-0.16590249610569019,{"$error":"#NUM!"}]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B18","v":"Debt Share"},null,{"$f":"equityIRR","v":-0.15822391083429233},-0.15504446760054647,-0.15028428958980844,-0.15822391083429233,-0.16651387946427509,-0.17510814947766573]
[null,null,null,null,{"$f":"E19","v":-20},{"$f":"F19","v":-10},{"$f":"G19","v":0},{"$f":"H19","v":10},{"$f":"I19","v":20}]
[null,null,null,null,{"$f":"E20","v":-0.1},-0.05,0,0.05,0.1]
[null,null,null,null,-20,-10,0,10,20]
[null,{"$f":"B22","v":"Interest rate"},null,{"$f":"equityIRR","v":-0.15822391083429233},-0.15498955863107633,-0.15676314630023647,-0.15822391083429233,-0.1598570243433366,-0.16166547611258841]
[]
[null,"Sensitivity Parameter",null,null,null,null,"Min-DSCR"]
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[null,{"$f":"B26","v":"Equipment Cost"},null,{"$f":"'Cash Flow'!M26","v":0.70675831710871129},0.83820262044529326,0.76051503955602062,0.70675831710871129,0.64975601959816054,0.59793574913402403]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B28","v":"Energy Yield"},null,{"$f":"'Cash Flow'!M26","v":0.70675831710871129},0.56999266824185657,0.63837549267528382,0.70675831710871129,0.76583891120157821,0.84003538860409566]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B30","v":"OPEX"},null,{"$f":"'Cash Flow'!M26","v":0.70675831710871129},0.75834380098559317,0.73255105904715234,0.70675831710871129,0.68096557517027023,0.65517283323182929]
[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,{"$f":"B32","v":"Debt Share"},null,{"$f":"'Cash Flow'!M26","v":0.70675831710871129},0.77643551049539794,0.74345904724893597,0.70675831710871129,0.67355289460088896,0.64336614686650528]
[null,null,null,null,{"$f":"E33","v":-20},{"$f":"F33","v":-10},{"$f":"G33","v":0},{"$f":"H33","v":10},{"$f":"I33","v":20}]
[null,null,null,null,{"$f":"E34","v":-0.1},-0.05,0,0.05,0.1]
[null,null,null,null,-20,-10,0,10,20]
[null,{"$f":"B36","v":"Interest rate"},null,{"$f":"'Cash Flow'!M26","v":0.70675831710871129},0.71917752303680571,0.7123078573078202,0.70675831710871129,0.7006660752498225,0.69405312146959131]
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[null,null,null,null,-0.1,-0.05,0,0.05,0.1]
[null,null,null,null,{"$f":"-1000*'Cash Flow'!M15","v":-20},{"$f":"-500*'Cash Flow'!$M$15","v":-10},{"$f":"0","v":0},{"$f":"500*'Cash Flow'!$M$15","v":10},{"$f":"1000*'Cash Flow'!$M$15","v":20}]

{"sheet":"Acronyms","index":3,"n_rows":21,"n_cols":2,"rows_kept":21,"cut":false,"hidden":false,"merged":[]}
["a","year"]
["BOS","Balance of System"]
["CapEX","Capital Expenses"]
["DC","Direct Current"]
["DSCR","Debt Service Coverage Ratio"]
["DSRA","Debt Service Reserve Account"]
["EBIDA","Earnings Before Interest,  Depreciation and Amortization"]
["EBITDA","Earnings Before Interest, Taxes, Depreciation and Amortization"]
["FIT","Feed-in-Tariff"]
["IDC","Interest During Construction"]
["IRR","Internal Rate of Return"]
["kWh","kilowatt-hour"]
["kWp","kilowatt peak"]
["LCOE","Levelised Cost of Energy"]
["Min","Minimum"]
["O&M","Operation and Maintenance"]
["p.a.","per annum"]
["PPA","Power Purchase Agreement"]
["Spec.","Specific"]
["T€","Thousands of Euros"]
["WACC","Weighted Average Cost of Capital"]