Solar PV Power Feed-In Tariff, Levelized Generation Cost and Financial Model with CDM Carbon Credit
Solar PV Power Feed-In Tariff, Levelized Generation Cost and Financial Model with CDM Carbon Credits
The following is a snippet of my state-of-the-art project finance model for calculating feed-in tariff, levelized cost of energy, and financial model (generation, fuel requirement, income statement, cash flow statement, balance sheet and financial ratios). To secure a copy of the spreadsheet, click the ENERGY DATA page for arrangements.
|
|
PROJECT FINANCE MODEL |
|
|
|
Name | SOLAR PHOTOVOLTAIC ENERGY INSTALLATION | |
|
|
|
|
|
|
|
(C) Copyright 2009 by Marcial T. Ocampo (November 2009) | |
|
|
INSTRUCTIONS |
|
|
|
|
||
|
|
(This example is in US$ Thousand, except for the unit prices which are in US$) |
|
|
|
|
||
|
|
Year 0 reflects the starting assumptions, which will be applicable starting in year 1. |
|
|
|
|
||
|
|
Blue cells must be filled out by the user. |
|
|
|
|
|
|
|
|
|
|
0 |
1 |
press ctrl + e to converge model | ||
|
|
CALCULATION OF GROSS OPERATING MARGIN |
|
NPV-FC |
NPV-ROE |
used |
IRR |
years |
|
|
|
24 |
(79.47) |
0.00 |
0.00 |
15.00% |
5.57 |
|
|
A) Operating income: ’000 US$ |
365 |
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
2008 |
2009 |
2010 |
|
|
Days per year |
|
|
days / year |
366 |
365 |
365 |
|
|
Hours per day | capacity factor |
30.00% |
hours / day |
7.2 |
7.2 |
7.2 |
|
|
Rated Capacity (6 x 25 kW) | rated capacity |
150.00 |
kW |
150.00 |
150.00 |
150.00 |
|
|
Gross Generation |
|
|
kWh |
395,280 |
394,200 |
394,200 |
|
|
Less: Power Plant Own Use |
|
5.00% |
kWh |
19,764 |
19,710 |
19,710 |
|
|
Net Generation |
|
|
kWh |
375,516 |
374,490 |
374,490 |
|
|
Less: Transmission Line Lose |
|
2.00% |
kWh |
7,510 |
7,490 |
7,490 |
|
|
Net Electricity Sales |
|
|
kWh |
368,006 |
367,000 |
367,000 |
|
|
|
-27.16% |
PhP/kWh |
PhP/$ |
|
|
|
|
|
Electricity tariff for sales to the network (US$/kWh) |
15.7905 |
11.5011 |
47.00 |
0.2447 |
0.2447 |
0.2447 |
|
|
Annual increase of the tariff |
0.00% |
0.00% |
0.00% |
|
0.0% |
0.0% |
|
|
Electricity volume of sales to the network (kWh) |
|
|
kWh |
368,006 |
367,000 |
367,000 |
|
|
Annual increase of the volume |
|
|
|
|
|
0.0% |
|
|
Income from sales to the network |
|
|
|
|
89.81 |
89.81 |
|
|
Other operating income from the installation, ’000 US$ | tourist entrance fee |
0 |
- |
- |
||
|
|
Annual increase of this operating income |
|
|
|
|
0.0% |
0.0% |
|
|
Total other operating income |
|
|
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING INCOME |
|
|
|
|
89.81 |
89.81 |
|
|
Annual increase |
|
|
|
|
|
0.0% |
|
|
|
|
|
|
|
|
|
|
|
B) Expenses: ’000 US$ |
410.35 |
EPC |
|
0 |
1 |
2 |
|
|
|
|
months |
working capital |
|
|
|
|
|
Expenses from fuel consumption |
% of EPC |
|
|
|
|
|
|
|
Maintenance of solar PV installation (spares) |
0.60% |
6 |
1.23 |
2.46 |
2.46 |
2.46 |
|
|
Utilities (fuel, lubes, electricity, water) |
0.50% |
6 |
1.03 |
2.05 |
2.05 |
2.05 |
|
|
Maintenance of the rest of the plant |
0.50% |
6 |
1.03 |
2.05 |
2.05 |
2.05 |
|
|
Personnel expense |
0.50% |
6 |
1.03 |
2.05 |
2.05 |
2.05 |
|
|
Land lease, rent |
0.50% |
6 |
1.03 |
2.05 |
2.05 |
2.05 |
|
|
Taxes, Insurance, services, and others |
0.50% |
6 |
1.03 |
2.05 |
2.05 |
2.05 |
|
|
Annual increase of these expenses |
3.10% |
14.16% |
% of GR |
|
0.0% |
0.0% |
|
0.0970 |
Total O&M expenses |
|
$/kW/yr |
0.0848 |
12.72 |
12.72 |
12.72 |
|
|
DSRF Expense |
0.30% |
of DSRF |
|
|
0.08 |
0.07 |
|
|
Special Privilege Tax – 2% |
2.00% |
of Electricity Revenue |
|
1.80 |
1.80 |
|
|
2.50% |
Special Realty Tax – 2.5% |
1.50% |
of Depreciated Project Cost |
|
6.43 |
5.79 |
|
|
|
DOE 1-94 : 0.01 PhP/kWh sales |
0.01 |
PhP/kWh sales |
0.000213 |
|
0.08 |
0.08 |
|
|
Total Regulatory Expenses |
|
|
|
|
8.30 |
7.67 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL OPERATING EXPENSE |
|
|
|
|
21.10 |
20.46 |
|
|
Annual increase |
|
|
|
|
|
-3.0% |
|
|
|
|
|
|
|
|
|
|
|
GROSS OPERATING MARGIN |
|
|
|
|
68.71 |
69.34 |
|
|
Annual increase |
|
|
|
|
|
0.93% |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AND LOSS STATEMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Operating income |
|
|
|
|
89.81 |
89.81 |
|
|
Operating expense |
|
|
|
|
21.10 |
20.46 |
|
|
Operating gross margin |
|
|
|
|
68.71 |
69.34 |
|
|
|
|
|
|
|
|
|
|
|
- Depreciation & amortization |
|
|
|
|
42.37 |
42.37 |
|
|
- Interest |
|
|
|
|
23.29 |
20.84 |
|
|
PROFIT BEFORE TAX |
|
|
|
|
3.04 |
6.13 |
|
30% |
(Tax rate) and Income Tax Holiday (ITH) years |
10% |
6 |
|
|
0% |
0% |
|
7 |
- Income tax |
|
|
|
|
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
|
|
3.04 |
6.13 |
|
|
Percentage of increase |
|
|
|
|
|
101.77% |
|
|
|
|
|
|
|
|
|
|
|
NET CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Net profit after tax |
|
|
|
|
3.04 |
6.13 |
|
|
|
|
|
|
|
|
|
|
|
Addback: |
|
|
|
|
|
|
|
|
Depreciation & Amortization |
|
|
|
|
42.37 |
42.37 |
|
|
Working Capital |
|
|
|
|
|
|
|
|
Salvage Value |
|
|
|
|
|
|
|
|
Add: |
|
|
|
|
|
|
|
|
DSRF Income |
4.00% |
DSRF Income |
|
|
1.04 |
0.99 |
|
|
Less: |
|
|
|
|
|
|
|
|
Principal Repayment |
|
|
|
|
28.85 |
28.85 |
|
1 |
Profit Sharing |
0.00% |
of income after tax |
|
0.00 |
0.00 |
|
|
$25,000 |
Social Benefit Fund – Host Community |
0 |
per month |
|
|
0.00 |
0.00 |
|
$5.00 |
ADD: Carbon Emission Credits |
0.650 |
0.000 |
kg CO2/kWh |
3.251 |
1.23 |
1.23 |
|
4.00% |
NET CASH FLOW |
|
|
|
|
18.84 |
21.88 |
|
$0 |
Percentage of increase |
|
|
|
|
|
16.2% |
|
|
((0.650 -0.000) kg CO2/ kWh x kWh x MT/1000 kg x $5.00/MT x (100%- 4%) – 1,200 $) x M$/1000$ |
|
|
|
|||
|
|
Total Initial investment |
|
|
|
480.80 |
|
|
|
|
Project Cash Flow |
-6.12% |
9.60% |
WACC |
-480.80 |
18.84 |
21.88 |
|
|
|
IRR |
NPV |
-336.56 |
-480.80 |
16.38 |
16.54 |
|
|
|
|
check |
-294.51 |
-480.80 |
17.19 |
18.21 |
|
|
|
|
cumulative |
0 |
-480.80 |
-461.97 |
-440.09 |
|
|
|
|
project payback |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Invested capital |
|
|
30.00% |
144.24 |
|
|
|
|
Equity Cash Flow |
15.00% |
15.00% |
Equity IRR |
-144.24 |
18.84 |
21.88 |
|
|
|
IRR |
NPV |
0.00 |
-144.24 |
16.38 |
16.54 |
|
|
|
|
check |
0.00 |
-144.24 |
16.38 |
16.54 |
|
|
|
|
cumulative |
0 |
-144.24 |
-125.41 |
-103.53 |
|
|
|
|
equity payback |
5.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF CASH FLOW FOR DEBT SERVICE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Operating gross margin |
|
|
|
|
68.71 |
69.34 |
|
|
- Income tax |
|
|
|
|
0.00 |
0.00 |
|
|
- Increase in working capital needs (WCN) |
|
|
|
|
8.20 |
0.00 |
|
|
- Profit Sharing |
|
|
|
|
0.00 |
0.00 |
|
|
+ DSRF Income |
|
|
|
|
1.04 |
0.99 |
|
|
- Social Benefit Fund |
|
|
|
|
0.00 |
0.00 |
|
|
+ Carbon Emission Credits |
|
|
|
|
1.23 |
1.23 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
62.78 |
71.57 |
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DEBT SERVICE COVERAGE RATIO (DSCR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
62.78 |
71.57 |
|
|
|
|
|
|
|
|
|
|
|
Annual debt service (DS) |
|
|
|
|
52.14 |
49.69 |
|
|
|
min |
ave |
max |
|
|
|
|
|
DEBT SERVICE COVERAGE RATIO (DSCR) |
1.204 |
1.808 |
2.434 |
|
1.20 |
1.44 |
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DIVIDENDS PAYABLE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
0.00 |
62.78 |
71.57 |
|
|
Annual debt service (DS) |
|
|
|
0.00 |
52.14 |
49.69 |
|
|
CF available for dividends (CFDiv = CFD-DS) |
|
|
|
0.00 |
10.63 |
21.88 |
|
|
Accumulated CFDiv |
|
|
|
0.00 |
10.63 |
32.51 |
|
|
Current year profit after tax |
|
|
|
0.00 |
3.04 |
6.13 |
|
|
Accumulated profit: limit for dividend payable |
|
|
|
0.00 |
3.04 |
9.17 |
|
|
|
|
|
|
0.00 |
3.04 |
9.17 |
|
|
Accumulated dividend payable |
|
|
|
0.00 |
3.04 |
9.17 |
|
|
Annual dividend payable |
|
|
|
0.00 |
3.04 |
6.13 |
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF NPV, IRR AND PAY-BACK ACCORDING TO INVESTED CAPITAL AND DIVIDENDS PAYABLE |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Invested capital |
|
|
|
144.24 |
|
|
|
|
Annual dividend payable |
|
|
|
0.00 |
3.04 |
6.13 |
|
|
Discount rate to be applied for NPV calculation |
|
|
|
15.00% |
15% |
15% |
|
|
Discount factor for this rate |
|
|
1 |
1.0000 |
1.1500 |
1.3225 |
|
|
Discounted dividends |
|
|
|
0.00 |
2.64 |
4.63 |
|
|
Present value of dividends |
|
|
|
64.77 |
|
|
|
|
NPV of the investment |
|
|
|
-79.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Investment schedulle |
1.48% |
15.00% |
discount |
-144.24 |
3.04 |
6.13 |
|
|
IRR OF THE INVESTMENT |
IRR |
NPV |
-79.47 |
-144.24 |
2.64 |
4.63 |
|
|
|
|
check |
-79.47 |
-144.24 |
2.64 |
4.63 |
|
|
|
|
cumulative |
0 |
-144.24 |
-141.20 |
-135.07 |
|
|
Pay-back term of invested capital, years |
|
equity payback |
9.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET ACCOUNTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of WCN: |
|
|
|
|
|
|
|
|
Cash needed for operations (+) |
1.000 |
months of expenses |
1.18% |
|
1.06 |
1.06 |
|
|
Receivables (+) |
1.000 |
months of revenue |
8.33% |
|
7.48 |
7.48 |
|
|
Stocks (+) |
1.000 |
months of fuel & chemicals |
0.23% |
|
0.21 |
0.21 |
|
|
Suppliers(-) |
1.000 |
months of payables |
0.61% |
|
0.55 |
0.55 |
|
|
WCN |
9.13% |
% of operating income |
|
8.20 |
8.20 |
|
|
|
|
|
|
|
|
|
|
|
|
CALCULATION OF DEPRECIATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47.00 |
In ’000 US$ |
$/kW |
kW |
Year |
0 |
1 |
2 |
|
|
Initial investment in land, $/ha |
$10,000 |
1.00 |
|
10.00 |
|
|
|
$2,158 |
Freight on Board = FOB USA = $/kW |
$2,158 |
150.00 |
|
323.77 |
|
|
|
5% |
Ocean Freight = FRT = 5% x FOB |
5% |
|
|
16.19 |
|
|
|
1% |
Insurance = INS = 1% x FOB |
1% |
|
|
3.24 |
|
|
|
|
Cargo, Insurance & Freight = CIF = FOB + FRT + INS |
|
|
|
343.20 |
|
|
|
12% |
Value Added Tax = VAT = 12% x CIF |
0% |
|
|
0.00 |
|
|
|
3% |
Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT) |
0% |
|
|
0.00 |
|
|
|
|
Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty |
|
|
|
343.20 |
|
|
|
3% |
Local Freight Cost = LFC = 3% x CIF |
3% |
|
|
10.30 |
|
|
|
|
Delivered Cost at Site = DCS = DPLC + LFC |
|
|
|
353.50 |
|
|
|
5% |
Installation Cost = IC = 5% x FOB |
5% |
|
|
16.19 |
|
|
|
|
Total EPC = DCS + IC |
|
|
|
369.68 |
|
|
|
10% |
Contingency (10%) = EPC x 10% |
10% |
|
|
36.97 |
|
|
|
1% |
Documentary Stamps (1%) = EPC x 1% = DS |
1% |
|
|
3.70 |
|
|
|
$2,736 |
Total Fixed Assets (EPC + Contingency + DS) |
|
|
|
410.35 |
|
|
|
|
Depreciation term (years) | salvage value |
10.00% |
36.93 |
10 |
420.35 |
|
|
|
Development costs (modeler) |
|
2.00% |
|
8.41 |
|
|
|
12% |
Other Costs including taxes, contingencies |
|
0.00% |
|
0.00 |
|
|
|
|
Carbon Emission Registration & Consultancy |
|
|
|
25.00 |
12.31 |
|
|
|
Initial investment in capitalized expenses |
|
|
|
14.77 |
|
|
|
|
Amortization term (years) | salvage value |
10.00% |
1.33 |
10 |
|
|
|
|
Working Capital: |
|
|
|
|
|
|
|
|
Working capital (initial stocks – fuel) – 2 months |
|
|
|
0.00 |
|
|
|
|
Working capital (initial spares – PV installation) – 2 months |
|
|
|
1.23 |
|
|
|
|
Working capital (mobilization – utilities) – 2 months |
|
|
|
1.03 |
|
|
|
|
Working capital (mobilization – maintenance) – 2 months |
|
|
|
1.03 |
|
|
|
|
Working capital (mobilization – personnel expense) – 2 months |
|
|
1.03 |
|
|
|
|
|
Working capital (pre-paid expense – advance rent) – 2 months |
|
|
1.03 |
|
|
|
|
|
Working capital (pre-paid expense – taxes, insurances, etc) – 2 months |
|
6.36 |
1.03 |
435.12 |
|
|
|
|
Interest During Construction: |
|
|
|
|
|
|
|
|
Dev’t fees (loan arranger) |
|
1.00% |
|
4.35 |
|
|
|
|
Front end fees (loan arranger) |
|
1.00% |
|
4.35 |
|
|
|
|
Commitment fees (bank) |
|
0.50% |
|
2.18 |
|
|
|
12% |
Interest During Construction (bank) – 12 months |
|
8.00% |
|
34.81 |
|
|
|
|
Amortization term (years) |
salvage value |
10.00% |
4.11 |
10 |
|
|
|
$3,205 |
Total Investment (land, fixed, capitalized expenses, working capital) |
|
|
480.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of fixed assets |
|
|
|
|
36.93 |
36.93 |
|
|
Amortization of capitalized expenses |
|
|
|
|
1.33 |
1.33 |
|
|
Amortization of capitalized expenses |
|
|
|
|
4.11 |
4.11 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPRECIATION & AMORTIZATION EXPENSE |
|
|
|
|
42.37 |
42.37 |
|
|
|
|
|
|
|
|
|
|
|
Evolution of fixed assets and capitalized expenses |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
Land (non-depreciable) |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
Gross fixed assets |
|
|
|
410.35 |
410.35 |
410.35 |
|
|
Accumulated depreciation |
|
|
|
0.00 |
36.93 |
73.86 |
|
|
Net fixed assets |
|
|
|
410.35 |
373.42 |
336.49 |
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized expenses |
|
|
|
14.77 |
14.77 |
14.77 |
|
|
Accumulated amortization |
|
|
|
0.00 |
1.33 |
2.66 |
|
|
Net capitalized expenses |
|
|
|
14.77 |
13.44 |
12.11 |
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized interest during construction |
|
|
|
45.69 |
45.69 |
45.69 |
|
|
Accumulated amortization |
|
|
|
0.00 |
4.11 |
8.22 |
|
|
Net capitalized interest during construction |
|
|
|
45.69 |
41.58 |
37.46 |
|
|
|
|
|
|
|
|
|
|
|
Total Depreciable Assets (fixed assets, capitalized expenses, IDC) |
|
|
470.80 |
428.43 |
386.06 |
|
|
|
|
|
|
|
|
|
|
|
|
DEBT SERVICE CALCULATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Initial investment in fixed assets and capitalized expenses |
|
|
|
480.80 |
|
|
|
|
Percentage to be financed by capital |
|
Equity IRR |
15.00% |
30% |
|
|
|
|
Percentage to be financed by non refundable subsidy |
|
Subsidy |
0.00% |
10% |
|
|
|
|
Percentage to be financed by debt |
|
Debt Interest |
8.50% |
60% |
|
|
|
|
Initial amount of capital |
|
WACC |
9.60% |
144.24 |
|
|
|
|
Amount of subsidy |
|
|
|
48.08 |
|
|
|
|
Initial amount of debt |
|
|
|
288.48 |
|
|
|
|
Repayment term (years) |
|
|
28.85 |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Repayment Method: |
|
|
|
|
|
|
|
|
Annual repayment |
|
|
|
|
28.85 |
28.85 |
|
|
Amount of debt at year end |
|
|
|
288.48 |
259.63 |
230.79 |
|
|
Average amount of debt |
|
|
|
|
274.06 |
245.21 |
|
|
Reference interest rate (Libor or other) |
|
|
|
6.50% |
6.50% |
6.50% |
|
|
Spread |
|
|
|
2.00% |
2.00% |
2.00% |
|
|
Interest rate of debt |
|
(1 = constant, 0 = mortgage) |
8.50% |
8.50% |
8.50% |
|
|
|
Interest based on average amount of debt |
|
1 |
|
|
23.29 |
20.84 |
|
|
|
|
|
|
|
|
|
|
|
Declining Balance Method: |
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
|
288.48 |
269.04 |
|
|
Interest |
|
0 |
15.24% |
8.50% |
24.52 |
22.87 |
|
|
Principal repayment |
|
|
43.97 |
10 |
19.45 |
21.10 |
|
|
Remaining balance |
|
|
|
288.48 |
269.04 |
247.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Beginning Balance |
|
|
|
|
288.48 |
259.63 |
|
|
Annual amount of interest |
|
|
|
|
23.29 |
20.84 |
|
|
Annual amount of principal |
|
|
|
|
28.85 |
28.85 |
|
|
Annual debt service (principal + interest) |
|
|
|
|
52.14 |
49.69 |
|
|
Ending Balance |
|
|
|
288.48 |
259.63 |
230.79 |
|
|
|
|
|
|
|
|
|
|
|
Debt Service Reserve Fund |
6 |
months |
|
|
26.07 |
24.85 |
|
|
DSRF Income |
4.00% |
DSRF Income |
|
|
1.04 |
0.99 |
|
|
Withholding Tax on Forex Fund |
7.50% |
WhTax |
|
|
|
|
|
|
DSRF Expense |
0.30% |
DSRF Expense |
|
|
0.08 |
0.07 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET BEFORE DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Cash needed for operations |
|
|
|
0.00 |
1.06 |
1.06 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0.00 |
8.36 |
28.01 |
|
|
|
Receivables |
|
|
|
0.00 |
7.48 |
7.48 |
|
|
Stocks |
|
|
|
0.00 |
0.21 |
0.21 |
|
|
Land |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
Fixed assets (net) |
|
|
|
410.35 |
373.42 |
336.49 |
|
|
Capitalized expenses (net) |
|
|
|
14.77 |
13.44 |
12.11 |
|
|
Capitalized interest during construction (net) |
|
|
|
45.69 |
41.58 |
37.46 |
|
|
Total assets |
|
|
|
480.80 |
455.54 |
432.82 |
|
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
|
|
0.00 |
0.55 |
0.55 |
|
|
Debt |
|
|
|
288.48 |
259.63 |
230.79 |
|
|
Shareholder’s advances |
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
0.00 |
3.04 |
6.13 |
|
|
Accumulated reserves |
|
|
|
0.00 |
0.00 |
3.04 |
|
|
Subsidy |
|
|
|
48.08 |
48.08 |
48.08 |
|
|
Capital |
|
|
|
144.24 |
144.24 |
144.24 |
|
|
Total liabilities and net worth |
|
|
|
480.80 |
455.54 |
432.82 |
|
|
Variance |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AFTER DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Cash needed for operations |
|
|
|
0.00 |
1.06 |
1.06 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0.00 |
5.32 |
18.85 |
|
|
|
Receivables |
|
|
|
0.00 |
7.48 |
7.48 |
|
|
Stocks |
|
|
|
0.00 |
0.21 |
0.21 |
|
|
Land |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
Fixed assets (net) |
|
|
|
410.35 |
373.42 |
336.49 |
|
|
Capitalized expenses (net) |
|
|
|
14.77 |
13.44 |
12.11 |
|
|
Capitalized interest during construction (net) |
|
|
|
45.69 |
41.58 |
37.46 |
|
|
Total assets |
|
|
|
480.80 |
452.50 |
423.66 |
|
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
|
|
0.00 |
0.55 |
0.55 |
|
|
Debt |
|
|
|
288.48 |
259.63 |
230.79 |
|
|
Shareholder’s advances |
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
|
|
|
|
|
Reserves |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
Subsidy |
|
|
|
48.08 |
48.08 |
48.08 |
|
|
Capital |
|
|
|
144.24 |
144.24 |
144.24 |
|
|
Total liabilities and net worth |
|
|
|
480.80 |
452.50 |
423.66 |
|
|
Variance |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Dividends Payable |
|
|
|
|
|
|
|
|
Gross Margin |
|
|
|
|
68.71 |
69.34 |
|
|
Income Tax (-) |
|
|
|
|
0.00 |
0.00 |
|
|
Increase in Working Capital (-) |
|
|
|
|
8.20 |
0.00 |
|
|
Profit Sharing (-) |
|
|
|
|
0.00 |
0.00 |
|
|
DSRF Income (+) |
|
|
|
|
1.04 |
0.99 |
|
|
Social Benefit Fund (-) |
|
|
|
|
0.00 |
0.00 |
|
|
Carbon Emission Credits (+) |
|
|
|
|
1.23 |
1.23 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
62.78 |
71.57 |
|
|
Annual debt service (DS) = Interest + Principal |
|
|
|
|
52.14 |
49.69 |
|
|
CF available for dividends (CFDiv = CFD-DS) |
|
|
|
|
10.63 |
21.88 |
|
|
Accumulated CFDiv |
|
|
|
0.00 |
10.63 |
32.51 |
|
|
Current year profit = Income After Tax |
|
|
|
|
3.04 |
6.13 |
|
|
Accumulated profit: limit for dividend payable |
|
|
|
0.00 |
3.04 |
9.17 |
|
|
Accumulated dividend payable |
|
|
|
0.00 |
3.04 |
9.17 |
|
|
Annual dividend payable |
|
|
|
-144.24 |
3.04 |
6.13 |
|
|
Investor 1 |
60.00% |
|
|
-86.54 |
1.82 |
3.68 |
|
|
Investor 2 |
30.00% |
|
|
-43.27 |
0.91 |
1.84 |
|
|
Investor 3 |
10.00% |
|
|
-14.42 |
0.30 |
0.61 |
|
|
|
100.00% |
|
|
|
|
|
|
|
CASH FLOW STATEMENT |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
Net Income (after tax) |
|
|
|
|
3.04 |
6.13 |
|
|
Add: Depreciation & Amortization |
|
|
|
|
42.37 |
42.37 |
|
|
(Increase) / Decrease in Receivables |
|
|
|
|
-7.48 |
0.00 |
|
|
(Increase) / Decrease in Inventories |
|
|
|
|
-0.21 |
0.00 |
|
|
Increase / (Decrease) in Accounts Payable |
|
|
|
|
0.55 |
0.00 |
|
|
Net Cash flow from Operations |
|
|
|
|
38.27 |
48.50 |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
|
|
|
|
|
|
|
Additions to PP&E |
|
410.35 |
|
-410.35 |
0.00 |
0.00 |
|
|
Additions to Capitalized Expenses |
|
14.77 |
|
-14.77 |
0.00 |
0.00 |
|
|
Additions to Capitalized IDC |
|
45.69 |
|
-45.69 |
0.00 |
0.00 |
|
|
Additions to Land |
|
10.00 |
|
-10.00 |
0.00 |
0.00 |
|
|
Net Cash flow Used for Investments |
|
480.80 |
|
-480.80 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow before Financing |
|
|
|
-480.80 |
38.27 |
48.50 |
|
|
|
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
|
|
Increase (Decrease) in Shareholder Advances |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
Increase (Decrease) in Long-term Debt |
|
288.48 |
|
288.48 |
-28.85 |
-28.85 |
|
|
Increase (Decrease) in Subsidy |
|
48.08 |
|
48.08 |
0.00 |
0.00 |
|
|
Increase (Decrease) in Capital Stock |
|
144.24 |
|
144.24 |
0.00 |
0.00 |
|
|
Net Cash flow from Financing |
|
480.80 |
|
480.80 |
-28.85 |
-28.85 |
|
|
|
|
|
|
|
|
|
|
|
NET CASH FLOW |
|
|
|
0.00 |
9.42 |
19.65 |
|
|
|
|
|
|
|
|
|
|
|
Add: Beginning Cash Balance |
|
|
|
|
0.00 |
9.42 |
|
|
ENDING CASH BALANCE |
|
|
|
0.00 |
9.42 |
29.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Levlized Profit and Cost of Electricity |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
Discounting Rate, % p.a. |
15.00% |
47.00 |
|
NPV |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity sales | kWh |
PhP/kWh |
$/kWh |
1,842,793 |
367,000 |
367,000 |
|
|
|
|
|
|
|
|
|
|
0.2447 |
TOTAL OPERATING INCOME | 000 US$ |
11.5011 |
0.2447 |
451 |
89.81 |
89.81 |
|
|
|
|
|
|
|
|
|
|
fuel |
Expenses from fuel consumption | 000 PhP |
0.0000 |
0.0000 |
0 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
variable O&M |
Maintenance of solar PV installation (spares) | 000 US$ |
0.3152 |
0.0067 |
12 |
2.46 |
2.46 |
|
|
Utilities (fuel, lubes, electricity, water) | 000 US$ |
0.2626 |
0.0056 |
10 |
2.05 |
2.05 |
|
|
Maintenance of the rest of the plant | 000 US$ |
0.2626 |
0.0056 |
10 |
2.05 |
2.05 |
|
|
Personnel expense | 000 US$ |
0.2626 |
0.0056 |
10 |
2.05 |
2.05 |
|
|
|
|
|
|
|
|
|
|
fixed O&M |
Land lease, rent | 000 US$ |
0.2626 |
0.0056 |
10 |
2.05 |
2.05 |
|
|
Taxes, Insurance, services, and others | 000 US$ |
0.2626 |
0.0056 |
10 |
2.05 |
2.05 |
|
|
|
|
|
|
|
|
|
|
|
DSRF Expense | 000 US$ |
0.0084 |
0.0002 |
0 |
0.08 |
0.07 |
|
|
|
|
|
|
|
|
|
|
regulatory |
Special Privilege Tax – 2% | 000 US$ |
0.2300 |
0.0049 |
9 |
1.80 |
1.80 |
|
|
Special Realty Tax – 2.5% | 000 US$ |
0.5474 |
0.0116 |
21 |
6.43 |
5.79 |
|
|
DOE 1-94 : 0.01 PhP/kWh sales | 000 US$ |
0.0102 |
0.0002 |
0 |
0.08 |
0.08 |
|
Others |
|
|
|
|
|
|
|
|
1 |
Depreciation & amortization | 000 US$ |
5.4238 |
0.1154 |
213 |
42.37 |
42.37 |
|
1 |
Interest | 000 US$ |
1.9199 |
0.0408 |
75 |
23.29 |
20.84 |
|
1 |
Income tax | 000 US$ |
0.0811 |
0.0017 |
3 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Total Cost |
|
9.8491 |
0.2096 |
386 |
86.77 |
83.68 |
|
|
|
|
|
|
|
|
|
|
|
Net Profit |
|
1.6520 |
0.0351 |
65 |
3.04 |
6.13 |
2 Responses to “Solar PV Power Feed-In Tariff, Levelized Generation Cost and Financial Model with CDM Carbon Credit”
Leave a Reply
December 2nd, 2009 at 3:21 am
[...] http://energytechnologyexpert.com/financial-models/solar-pv-power-feed-in-tariff-levelized-generatio... [...]
November 6th, 2011 at 10:06 am
alternative source of energy…
[...]Solar PV Power Feed-In Tariff, Levelized Generation Cost and Financial Model with CDM Carbon Credits | Energy Technology Expert[...]…