PV Project Development Economic Feasibility Financial Model Baseline Case with Charts and Trends

1. INPUTS OUTPUTS
Financials NOTES CAPEX / Costs NOTES
General Capital (Direct) Cost ($/kWp) $825.00 OCC- Overnight Construction Cost Effective Tax Rate 0.00%
Analysis Period 25 Customs Duty (%) 0.00% Credit Basis - Federal $860.00
Inflation Rate 1.250000% % of Capital (Direct) Cost Custom Duty Applies 0.00% Credit Basis - State $860.00
Real Discount Rate 5.68% Capital (Direct) Cost ($) $825.00 OCC- Overnight Construction Cost Nominal Discount Rate 7.00%
Nominal Discount Rate 7.0000000% Contingency (%) 0.00% Included in EPC Price First Costs $129.00
Taxes, Depreciation, and Insurance Total Capital (Direct) Cost ($) $825.00 Adjusted Installed Costs $860.00
Tax 1 (federal) 0.00% Total Indirect Cost ($) $35.00 Project Development, etc. Decommissioning Cost Yr 25 $0.00
Tax 2 (local state) 0.00% % of Direct Costs Sales Tax Applies 0% Salvage Value Yr 25 $132.00
PropertyTax 0.00% Total Installed Cost ($) $860.00
Sales Tax 0.00% OPEX / O&M NPV(Nominal,Costflow) -559.26
Depreciation Method N/A (A) Fixed O&M ($/kWp-yr) $10.00 Mgt, Labor, Parts, Consum., Lease, Ins, Int-Hedge, X-Hedge, etc. NPV(Nominal,Output) 23,135.35
Apply Depreciation Yes/No No Fixed O&M Real Esc. 0.00% in addition to inflation NPV(Real,Output) 26,081.51
Insurance (Yr 1, Yr 2 onwads is inflation Adiusted) 0.00% included in OPEX Aux Pwr Cost - Fixed (Annual) O&M ($/yr) $0.00
Loan, DSCR, DSRA, MIRR (B) Auxiliary Power Cost - Fixed (Annual) O&M ($/kWp-yr) $0.00
Loan (Debt) Percentage of TotalAdj. Inst. Costs 85.00% Senior Debt 1 Aux Pwr Annual Esc. - Fixed (Annual) O&M Real Esc. 0.00% Equals PPA Esc.,in addition to inflation Real 2.6389
Term (Yr) 24 Senior Debt 1 Total(A)+(B) $/kWp-yr $10.00 Total Fixed O&M, inflation adjusted Nominal 2.9749
Rate 2.20% Senior Debt 1, fixed rate (or LIBOR+Margin, m-perm, etc.) Variable O&M ($/MWh) $0.00
Loan Amount $731.00 Variable O&M Real Esc. 0% in addition to inflation
Equity Amount $129.00 Fuel Cost ($/MMBtu) $0.00 Simple Payback 17.9278
Debt Payment ($/Yr) -$39.53 Fuel Cost Real Esc. 0% in addition to inflation Discounted Payback >25 years
WACC 2.92% Decommissioning Cost Year 25 (% of Capital Direct Cost) 0.00%
Positive Operating Cashflow Yes/No Yes Salvage Value Year 25 (% of Capital Direct Cost) 16.00% (Net, after Decomm Expenses)
Min. Required DSCR 1.2 @ P50, Account or Sculpting CER Carbon Price ($/tCO2) $10.00 NPV ($0.0000)
Min. Required IRR 7.00% Carbon Reduction (tCO2/MWh) 0.6000 Based on country power generation profile
MIRR Finance Rate 0.00% System Carbon Revenue from CER Year 1 ($) $12.54 with auxiliary consumption adjustment
MIRR Reinvestment Rate 0.00% System Carbon Revenue from CER Year 1 ($/kWh) $0.006000 with auxiliary consumption adjustment IRR 7.0000% OK
DSRA Cover (Months) 6 Apply System Carbon Reveue from CER in LCOE Calculation No MIRR 3.9410%
DSRA Amount ($) -$19.76 @ PCOD PV Power Plant Min. DSCR w/o DSRA 1.0326 LOW
DSRA Acc Type (Acceptable Credit Support) PG Cash/PG/LC/Loan/Cashflow System Size (kWp) 1.00 Avg. DSCR w/o DSRA 1.1757
DSRA Loan Amount NA Estimated Annual Yield Output P50 (kWh/kWp) 2100.00 based on PVSYST simulation, including Aux. Power Max. DSCR w/o DSRA 1.3195
DSRA Loan Term (Yr) NA Capacity Utilization Factor 23.97%
DSRA Loan Rate NA Annual Yield Degradation Year 1 (%/year) 0.00% Positive Cashflow Y/N Yes OK
DSRA Debt Payment ($/Yr) NA Annual Yield Degradation Year 2 to 25 (%/year) 0.60% CFADS
Utility PPA System Annual Availability (%) 99.50% excluding auxiliary consumption DSRA (6 Months) Credit Support C/PG/LC/CF PG
PPA Rate Yr-1 ($/kWh) $0.029749 Gross Annual Yield Output Year 1 (kWh) 2,089.50 without auxiliary consumption adjustment LLCR
PPA Annual Esc. (%) 0.00% Net Annual Yield Output Year 1 (kWh), with Aux. 2,089.50 with auxiliary consumption adjustment PLCR
Other Revenues System Carbon Reduction CER Year 1 (tCO2) 1.25 with auxiliary consumption adjustment MRA/MMRA
Other Revenue-A, Yr-1 ($/kWh) $0.000000 RE Certificates Heat Rate (MMBtus/MWh) 0 WC
Other Revenue-A, Annual Esc. (%) 0.00% Fixed Aux Power for Plant MEP, % of Sys Ann. Energy Yield (kWh/yr) 0% 0.00 kWh/yr SBYWC
Other Revenue-B, Yr-1 ($/kWh) $0.000000 Summer Peak PPA Escalation / ToY r Shelter Heat Gain, % of Sys Ann. Energy Yield (kWh/yr) 0% 0.00 kWh/yr EBL
Other Revenue-B, Annual Esc. (%) 0.00% Fixed Aux Power for HVAC for Inverters, % of Sys Ann. Energy Yield (kWh/yr) 0% 0.00 kWh/yr SBYE
Other Revenue-C, Interest on Acconts Balance NA Applicable Accounts Fixed Total Aux Power Consumption (kWh/yr) 0.00 kWh/yr
Other Revenue-C, Interest (%) NA pq/pa Aux Power Cost Rate ($/kWh) PPA
Aux Power Cost Annual Esc. Rate (%) PPA Esc.
SOLAR PV PROJECT LCOE
ECONOMIC FEASIBILITY ANALYSIS - BASELINE CASE
Intermediate Values
Results LCOE (¢/kWh)
Results Payback (years) - excl debt & tax considerations, incl expenses
Results NPV (nominal dollars)
Results IRR & DSCR
‐129.00
‐49.53
‐49.65
‐49.78
‐49.91
‐50.04
‐50.17
‐50.30
‐50.44
‐50.57
‐50.71
‐50.85
‐50.99
‐51.14
‐51.28
‐51.43
‐51.58
‐51.73
‐51.88
‐52.04
‐52.19
‐52.35
‐52.51
‐52.67
‐52.84
118.53
‐150.00
‐100.00
‐50.00
0.00
50.00
100.00
150.00
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
Dollars
Year
After Tax Cost Flow
62.16
61.79
61.42
61.05
60.68
60.32
59.96
59.60
59.24
58.88
58.53
58.18
57.83
57.48
57.14
56.80
56.45
56.12
55.78
55.44
55.11
54.78
54.45
54.13
53.80
48
50
52
54
56
58
60
62
64
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
Dollars
Year
Operating Revenue
10.00
10.13
10.25
10.38
10.51
10.64
10.77
10.91
11.04
11.18
11.32
11.46
11.61
11.75
11.90
12.05
12.20
12.35
12.51
12.66
12.82
12.98
13.14
13.31
‐118.53
‐140
‐120
‐100
‐80
‐60
‐40
‐20
0
20
40
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
Dollars
Year
Operating Expenses
‐129.00
12.63
12.13
11.64
11.14
10.64
10.15
9.65
9.16
8.66
8.17
7.68
7.19
6.69
6.20
5.71
5.22
4.73
4.23
3.74
3.25
2.76
2.27
1.78
1.29
172.33
‐150.00
‐100.00
‐50.00
0.00
50.00
100.00
150.00
200.00
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
Dollars
Year
After Tax Net Cash Flow
52.16
51.66
51.17
50.67
50.17
49.68
49.18
48.69
48.19
47.70
47.21
46.72
46.22
45.73
45.24
44.75
44.26
43.76
43.27
42.78
42.29
41.80
41.31
40.82
172.33
0
20
40
60
80
100
120
140
160
180
200
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
Dollars
Year
Operating Income Cash Flow
‐860.00
‐807.84
‐756.18
‐705.01
‐654.34
‐604.17
‐554.49
‐505.31
‐456.62
‐408.42
‐360.72
‐313.51
‐266.80
‐220.58
‐174.85
‐129.61
‐84.86
‐40.60
3.16
46.43
89.22
131.51
173.31
214.62
255.44
‐1,000.00
‐800.00
‐600.00
‐400.00
‐200.00
0.00
200.00
400.00
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
Dollars
Year
Cummulative Simple Payback Cash Flow
1.32
1.31
1.29
1.28
1.27
1.26
1.24
1.23
1.22
1.21
1.19
1.18
1.17
1.16
1.14
1.13
1.12
1.11
1.09
1.08
1.07
1.06
1.05
1.03
0.80
0.90
1.00
1.10
1.20
1.30
1.40
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
DSCR
Year
Pre‐Tax DSCR
1.33
1.33
1.33
1.33
1.33
1.34
1.34
1.35
1.36
1.37
1.38
1.40
1.42
1.44
1.48
1.52
1.57
1.64
1.74
1.87
2.08
2.44
3.15
5.30
0.80
1.30
1.80
2.30
2.80
3.30
3.80
4.30
4.80
5.30
5.80
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
PLCR
Year
PLCR
1.19
1.18
1.17
1.17
1.16
1.15
1.15
1.14
1.13
1.12
1.12
1.11
1.10
1.10
1.09
1.08
1.08
1.07
1.06
1.06
1.05
1.05
1.04
1.03
0.80
0.85
0.90
0.95
1.00
1.05
1.10
1.15
1.20
1.25
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
LLCR
Year
LLCR
1.22
1.21
1.20
1.20
1.19
1.19
1.18
1.17
1.17
1.16
1.16
1.16
1.15
1.15
1.15
1.15
1.15
1.15
1.15
1.16
1.18
1.22
1.30
1.54
0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
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
LLCR
Year
LLCR w/ DSRA
1.35
1.35
1.36
1.36
1.36
1.37
1.38
1.38
1.39
1.41
1.42
1.44
1.47
1.50
1.53
1.58
1.64
1.72
1.83
1.98
2.22
2.61
3.41
5.81
0.80
1.80
2.80
3.80
4.80
5.80
6.80
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
PLCR
Year
PLCR w/ DSRA
1.82
1.81
1.79
1.78
1.77
1.76
1.74
1.73
1.72
1.71
1.69
1.68
1.67
1.66
1.64
1.63
1.62
1.61
1.59
1.58
1.57
1.56
1.55
1.53
0.80
1.00
1.20
1.40
1.60
1.80
2.00
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
DSCR
Year
Pre‐Tax DSCR w/ DSRA
16-LCOE-Template-Final-UAE-170228
25 Years Analysis- Baseline
Fadi Maalouf
Rev-16 28/02/2017 1 of 1