Wind Energy Feed-In Tariff, Levelized Cost and Financial Model with CDM Carbon Credits
Wind Energy Feed-In Tariff, Levelized 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.
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PROJECT FINANCE MODEL |
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Name | WIND POWER PLANT | |
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(C) Copyright 2009 by Marcial T. Ocampo (November 2009) | |
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INSTRUCTIONS |
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(This example is in US$ Thousand, except for the unit prices which are in US$) |
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Year 0 reflects the starting assumptions, which will be applicable starting in year 1. |
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Blue cells must be filled out by the user. |
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0 |
1 |
press ctrl + e to converge model |
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CALCULATION OF GROSS OPERATING MARGIN |
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NPV-FC |
NPV-ROE |
used |
IRR |
years |
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24 |
(6,547.17) |
(0.00) |
(0.00) |
15.00% |
5.83 |
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A) Operating income: ’000 US$ |
365 |
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Year |
0 |
1 |
2 |
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2008 |
2009 |
2010 |
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Days per year |
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days / year |
366 |
365 |
365 |
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Hours per day | capacity factor |
30.00% |
hours / day |
7.2 |
7.2 |
7.2 |
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Rated Capacity (6 x 25 kW) | rated capacity |
33,000.00 |
kW |
33,000.00 |
33,000.00 |
33,000.00 |
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Gross Generation |
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kWh |
86,961,600 |
86,724,000 |
86,724,000 |
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Less: Power Plant Own Use |
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5.00% |
kWh |
4,348,080 |
4,336,200 |
4,336,200 |
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Net Generation |
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kWh |
82,613,520 |
82,387,800 |
82,387,800 |
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Less: Transmission Line Lose |
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2.00% |
kWh |
1,652,270 |
1,647,756 |
1,647,756 |
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Net Electricity Sales |
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kWh |
80,961,250 |
80,740,044 |
80,740,044 |
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-20.95% |
PhP/kWh |
PhP/$ |
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Electricity tariff for sales to the network (US$/kWh) |
12.3156 |
9.7360 |
47.00 |
0.2071 |
0.2071 |
0.2071 |
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Annual increase of the tariff |
0% |
0.00% |
0.00% |
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0.0% |
0.0% |
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Electricity volume of sales to the network (kWh) |
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kWh |
80,961,250 |
80,740,044 |
80,740,044 |
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Annual increase of the volume |
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0.0% |
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Income from sales to the network |
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16,725.21 |
16,725.21 |
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Other operating income from the installation, ’000 US$ | tourist entrance fee |
0 |
- |
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Annual increase of this operating income |
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0.0% |
0.0% |
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Total other operating income |
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0.00 |
0.00 |
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TOTAL OPERATING INCOME |
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16,725.21 |
16,725.21 |
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Annual increase |
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0.0% |
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B) Expenses: ’000 US$ |
31,884.56 |
EPC |
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0 |
1 |
2 |
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months |
working capital |
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Expenses from fuel consumption |
% of EPC |
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Maintenance of wind turbines (spares) |
8.00% |
6 |
1,275.38 |
2,550.77 |
2,550.77 |
2,550.77 |
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Utilities (fuel, lubes, electricity, water) |
7.00% |
6 |
1,115.96 |
2,231.92 |
2,231.92 |
2,231.92 |
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Maintenance of the rest of the plant |
6.00% |
6 |
956.54 |
1,913.07 |
1,913.07 |
1,913.07 |
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Personnel expense |
3.00% |
6 |
478.27 |
956.54 |
956.54 |
956.54 |
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Land lease, rent |
3.00% |
6 |
478.27 |
956.54 |
956.54 |
956.54 |
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Taxes, Insurance, services, and others |
3.00% |
6 |
478.27 |
956.54 |
956.54 |
956.54 |
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Annual increase of these expenses |
30.00% |
57.16% |
% of GR |
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0.0% |
0.0% |
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0.2560 |
Total O&M expenses |
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$/kW/yr |
0.2899 |
9,565.37 |
9,565.37 |
9,565.37 |
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DSRF Expense |
0.30% |
of DSRF |
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7.83 |
7.46 |
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Special Privilege Tax – 2% |
2.00% |
of Electricity Revenue |
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334.50 |
334.50 |
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2.50% |
Special Realty Tax – 2.5% |
1.50% |
of Depreciated Project Cost |
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562.70 |
507.05 |
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DOE 1-94 : 0.01 PhP/kWh sales |
0.01 |
PhP/kWh sales |
0.000213 |
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17.53 |
17.53 |
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Total Regulatory Expenses |
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914.73 |
859.08 |
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TOTAL OPERATING EXPENSE |
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10,487.93 |
10,431.91 |
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Annual increase |
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-0.5% |
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GROSS OPERATING MARGIN |
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6,237.28 |
6,293.30 |
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Annual increase |
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0.90% |
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PROFIT AND LOSS STATEMENTS |
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In ’000 US$ |
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Year |
0 |
1 |
2 |
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Operating income |
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16,725.21 |
16,725.21 |
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Operating expense |
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10,487.93 |
10,431.91 |
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Operating gross margin |
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6,237.28 |
6,293.30 |
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- Depreciation & amortization |
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3,710.09 |
3,710.09 |
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- Interest |
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2,330.71 |
2,085.37 |
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PROFIT BEFORE TAX |
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196.49 |
497.84 |
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30% |
(Tax rate) and Income Tax Holiday (ITH) years |
10% |
6 |
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0% |
0% |
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7 |
- Income tax |
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0.00 |
0.00 |
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PROFIT AFTER TAX |
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196.49 |
497.84 |
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Percentage of increase |
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153.37% |
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NET CASH FLOW |
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Year |
0 |
1 |
2 |
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Net profit after tax |
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196.49 |
497.84 |
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Addback: |
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Depreciation & Amortization |
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3,710.09 |
3,710.09 |
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Working Capital |
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Salvage Value |
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Add: |
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DSRF Income |
4.00% |
DSRF Income |
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104.34 |
99.43 |
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Less: |
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Principal Repayment |
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2,886.33 |
2,886.33 |
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1 |
Profit Sharing |
0.00% |
of income after tax |
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0.00 |
0.00 |
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$35,000 |
Social Benefit Fund – Host Community |
0 |
per month |
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0.00 |
0.00 |
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$5.00 |
ADD: Carbon Emission Credits |
0.650 |
0.000 |
kg CO2/kWh |
3.25122 |
270.68 |
270.68 |
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4.00% |
NET CASH FLOW |
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1,395.27 |
1,691.72 |
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$0 |
Percentage of increase |
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21.2% |
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((0.650 -0.000) kg CO2/ kWh x MWh x 1000 kWh/MWh x MT/1000 kg x $5.00/MT x (100%- 4%) – 1,200 $) x M$/1000$ |
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Total Initial investment |
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41,233.23 |
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Project Cash Flow |
-5.13% |
10.45% |
WACC |
-41,233.23 |
1,395.27 |
1,691.72 |
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IRR |
NPV |
-28,863.26 |
-41,233.23 |
1,213.28 |
1,279.18 |
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check |
-25,707.69 |
-41,233.23 |
1,263.26 |
1,386.75 |
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cumulative |
0 |
-41,233.23 |
-39,837.96 |
-38,146.24 |
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project payback |
0.00 |
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Invested capital |
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30.00% |
12,369.97 |
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Equity Cash Flow |
15.00% |
15.00% |
Equity IRR |
-12,369.97 |
1,395.27 |
1,691.72 |
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IRR |
NPV |
0.00 |
-12,369.97 |
1,213.28 |
1,279.18 |
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check |
0.00 |
-12,369.97 |
1,213.28 |
1,279.18 |
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cumulative |
0 |
-12,369.97 |
-10,974.70 |
-9,282.98 |
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equity payback |
5.83 |
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CALCULATION OF CASH FLOW FOR DEBT SERVICE |
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Year |
0 |
1 |
2 |
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Operating gross margin |
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6,237.28 |
6,293.30 |
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- Income tax |
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0.00 |
0.00 |
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- Increase in working capital needs (WCN) |
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2,031.46 |
0.00 |
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- Profit Sharing |
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0.00 |
0.00 |
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+ DSRF Income |
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104.34 |
99.43 |
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- Social Benefit Fund |
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0.00 |
0.00 |
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+ Carbon Emission Credits |
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270.68 |
270.68 |
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Cash flow available for debt service (CFD) |
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4,580.85 |
6,663.42 |
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CALCULATION OF DEBT SERVICE COVERAGE RATIO (DSCR) |
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Year |
0 |
1 |
2 |
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Cash flow available for debt service (CFD) |
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4,580.85 |
6,663.42 |
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Annual debt service (DS) |
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5,217.03 |
4,971.70 |
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min |
ave |
max |
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DEBT SERVICE COVERAGE RATIO (DSCR) |
0.878 |
1.655 |
2.254 |
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0.88 |
1.34 |
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CALCULATION OF DIVIDENDS PAYABLE |
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Year |
0 |
1 |
2 |
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Cash flow available for debt service (CFD) |
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0.00 |
4,580.85 |
6,663.42 |
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Annual debt service (DS) |
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0.00 |
5,217.03 |
4,971.70 |
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CF available for dividends (CFDiv = CFD-DS) |
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0.00 |
0.00 |
1,691.72 |
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Accumulated CFDiv |
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0.00 |
0.00 |
1,691.72 |
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Current year profit after tax |
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0.00 |
196.49 |
497.84 |
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Accumulated profit: limit for dividend payable |
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0.00 |
196.49 |
694.33 |
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0.00 |
0.00 |
694.33 |
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Accumulated dividend payable |
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0.00 |
0.00 |
694.33 |
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Annual dividend payable |
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0.00 |
0.00 |
694.33 |
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CALCULATION OF NPV, IRR AND PAY-BACK ACCORDING TO INVESTED CAPITAL AND DIVIDENDS PAYABLE |
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Year |
0 |
1 |
2 |
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Invested capital |
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12,369.97 |
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Annual dividend payable |
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0.00 |
0.00 |
694.33 |
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Discount rate to be applied for NPV calculation |
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15.00% |
15% |
15% |
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Discount factor for this rate |
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1 |
1.0000 |
1.1500 |
1.3225 |
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Discounted dividends |
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0.00 |
0.00 |
525.01 |
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Present value of dividends |
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5,822.80 |
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NPV of the investment |
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-6,547.17 |
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Year |
0 |
1 |
2 |
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Investment schedulle |
2.45% |
15.00% |
discount |
-12,369.97 |
0.00 |
694.33 |
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IRR OF THE INVESTMENT |
IRR |
NPV |
-6,547.17 |
-12,369.97 |
0.00 |
525.01 |
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check |
-6,547.17 |
-12,369.97 |
0.00 |
525.01 |
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cumulative |
0 |
-12,369.97 |
-12,369.97 |
-11,675.64 |
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Pay-back term of invested capital, years |
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equity payback |
9.14 |
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BALANCE SHEET ACCOUNTS |
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Calculation of WCN: |
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Cash needed for operations (+) |
1.000 |
months of expenses |
4.76% |
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797.11 |
797.11 |
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Receivables (+) |
1.000 |
months of revenue |
8.33% |
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1,393.77 |
1,393.77 |
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Stocks (+) |
1.000 |
months of fuel & chemicals |
1.27% |
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212.56 |
212.56 |
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Suppliers(-) |
1.000 |
months of payables |
2.22% |
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371.99 |
371.99 |
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WCN |
12.14% |
% of operating income |
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2,031.46 |
2,031.46 |
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CALCULATION OF DEPRECIATION |
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47.00 |
In ’000 US$ |
$/kW |
kW |
Year |
0 |
1 |
2 |
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Initial investment in land, $/ha |
$10,000 |
1.00 |
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10.00 |
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$762 |
Freight on Board = FOB USA = $/kW |
$762 |
33,000.00 |
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25,157.50 |
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5% |
Ocean Freight = FRT = 5% x FOB |
5% |
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1,257.87 |
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1% |
Insurance = INS = 1% x FOB |
1% |
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251.57 |
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Cargo, Insurance & Freight = CIF = FOB + FRT + INS |
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26,666.95 |
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12% |
Value Added Tax = VAT = 12% x CIF |
0% |
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0.00 |
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3% |
Customs Duty = (CIF + VAT) x (% Duty) x (1 + % VAT) |
0% |
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0.00 |
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Duty-Paid Landed Cost = DPLC = CIF + VAT + Duty |
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26,666.95 |
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3% |
Local Freight Cost = LFC = 3% x CIF |
3% |
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800.01 |
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Delivered Cost at Site = DCS = DPLC + LFC |
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27,466.96 |
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5% |
Installation Cost = IC = 5% x FOB |
5% |
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1,257.87 |
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Total EPC = DCS + IC |
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28,724.83 |
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10% |
Contingency (10%) = EPC x 10% |
10% |
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2,872.48 |
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1% |
Documentary Stamps (1%) = EPC x 1% = DS |
1% |
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287.25 |
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$966 |
Total Fixed Assets (EPC + Contingency + DS) |
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31,884.56 |
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Depreciation term (years) | salvage value |
10.00% |
2,869.61 |
10 |
31,894.56 |
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Development costs (modeler) |
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2.00% |
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637.89 |
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12% |
Other Costs including taxes, contingencies |
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0.00% |
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0.00 |
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Carbon Emission Registration & Consultancy |
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35.00 |
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Initial investment in capitalized expenses |
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5,420.58 |
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Amortization term (years) | salvage value |
10.00% |
487.85 |
10 |
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Working Capital: |
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Working capital (initial stocks – fuel) – 2 months |
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0.00 |
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Working capital (initial spares – wind installation) – 2 months |
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1,275.38 |
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Working capital (mobilization – utilities) – 2 months |
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1,115.96 |
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Working capital (mobilization – maintenance) – 2 months |
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956.54 |
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Working capital (mobilization – personnel expense) – 2 months |
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478.27 |
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|
|
|
|
Working capital (pre-paid expense – advance rent) – 2 months |
|
|
478.27 |
|
|
|
|
|
Working capital (pre-paid expense – taxes, insurances, etc) – 2 months |
|
4,782.68 |
478.27 |
37,315.14 |
|
|
|
|
Interest During Construction: |
|
|
|
|
|
|
|
|
Dev’t fees (loan arranger) |
|
1.00% |
|
373.15 |
|
|
|
|
Front end fees (loan arranger) |
|
1.00% |
|
373.15 |
|
|
|
|
Commitment fees (bank) |
|
0.50% |
|
186.58 |
|
|
|
12% |
Interest During Construction (bank) – 12 months |
|
8.00% |
|
2,985.21 |
|
|
|
|
Amortization term (years) |
salvage value |
10.00% |
352.63 |
10 |
|
|
|
$1,249 |
Total Investment (land, fixed, capitalized expenses, working capital) |
|
|
41,233.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of fixed assets |
|
|
|
|
2,869.61 |
2,869.61 |
|
|
Amortization of capitalized expenses |
|
|
|
|
487.85 |
487.85 |
|
|
Amortization of capitalized expenses |
|
|
|
|
352.63 |
352.63 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEPRECIATION & AMORTIZATION EXPENSE |
|
|
|
|
3,710.09 |
3,710.09 |
|
|
|
|
|
|
|
|
|
|
|
Evolution of fixed assets and capitalized expenses |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
Land (non-depreciable) |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
|
|
|
|
|
|
|
|
|
Gross fixed assets |
|
|
|
31,884.56 |
31,884.56 |
31,884.56 |
|
|
Accumulated depreciation |
|
|
|
0.00 |
2,869.61 |
5,739.22 |
|
|
Net fixed assets |
|
|
|
31,884.56 |
29,014.95 |
26,145.34 |
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized expenses |
|
|
|
5,420.58 |
5,420.58 |
5,420.58 |
|
|
Accumulated amortization |
|
|
|
0.00 |
487.85 |
975.70 |
|
|
Net capitalized expenses |
|
|
|
5,420.58 |
4,932.72 |
4,444.87 |
|
|
|
|
|
|
|
|
|
|
|
Gross capitalized interest during construction |
|
|
|
3,918.09 |
3,918.09 |
3,918.09 |
|
|
Accumulated amortization |
|
|
|
0.00 |
352.63 |
705.26 |
|
|
Net capitalized interest during construction |
|
|
|
3,918.09 |
3,565.46 |
3,212.83 |
|
|
|
|
|
|
|
|
|
|
|
Total Depreciable Assets (fixed assets, capitalized expenses, IDC) |
|
|
41,223.23 |
37,513.14 |
33,803.05 |
|
|
|
|
|
|
|
|
|
|
|
|
DEBT SERVICE CALCULATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Initial investment in fixed assets and capitalized expenses |
|
|
|
41,233.23 |
|
|
|
|
Percentage to be financed by capital |
|
Equity IRR |
15.00% |
30% |
|
|
|
|
Percentage to be financed by non refundable subsidy |
|
Subsidy |
0.00% |
0% |
|
|
|
|
Percentage to be financed by debt |
|
Debt Interest |
8.50% |
70% |
|
|
|
|
Initial amount of capital |
|
WACC |
10.45% |
12,369.97 |
|
|
|
|
Amount of subsidy |
|
|
|
0.00 |
|
|
|
|
Initial amount of debt |
|
|
|
28,863.26 |
|
|
|
|
Repayment term (years) |
|
|
2,886.33 |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Constant Repayment Method: |
|
|
|
|
|
|
|
|
Annual repayment |
|
|
|
|
2,886.33 |
2,886.33 |
|
|
Amount of debt at year end |
|
|
|
28,863.26 |
25,976.93 |
23,090.61 |
|
|
Average amount of debt |
|
|
|
|
27,420.10 |
24,533.77 |
|
|
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 |
|
|
2,330.71 |
2,085.37 |
|
|
|
|
|
|
|
|
|
|
|
Declining Balance Method: |
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
|
28,863.26 |
26,917.65 |
|
|
Interest |
|
0 |
15.24% |
8.50% |
2,453.38 |
2,288.00 |
|
|
Principal repayment |
|
|
4,398.98 |
10 |
1,945.61 |
2,110.98 |
|
|
Remaining balance |
|
|
|
28,863.26 |
26,917.65 |
24,806.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Beginning Balance |
|
|
|
|
28,863.26 |
25,976.93 |
|
|
Annual amount of interest |
|
|
|
|
2,330.71 |
2,085.37 |
|
|
Annual amount of principal |
|
|
|
|
2,886.33 |
2,886.33 |
|
|
Annual debt service (principal + interest) |
|
|
|
|
5,217.03 |
4,971.70 |
|
|
Ending Balance |
|
|
|
28,863.26 |
25,976.93 |
23,090.61 |
|
|
|
|
|
|
|
|
|
|
|
Debt Service Reserve Fund |
6 |
months |
|
|
2,608.52 |
2,485.85 |
|
|
DSRF Income |
4.00% |
DSRF Income |
|
|
104.34 |
99.43 |
|
|
Withholding Tax on Forex Fund |
7.50% |
WhTax |
|
|
|
|
|
|
DSRF Expense |
0.30% |
DSRF Expense |
|
|
7.83 |
7.46 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET BEFORE DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In ’000 US$ |
|
|
Year |
0 |
1 |
2 |
|
|
Cash needed for operations |
|
|
|
0.00 |
797.11 |
797.11 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0.00 |
-1,011.21 |
310.40 |
|
|
|
Receivables |
|
|
|
0.00 |
1,393.77 |
1,393.77 |
|
|
Stocks |
|
|
|
0.00 |
212.56 |
212.56 |
|
|
Land |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
Fixed assets (net) |
|
|
|
31,884.56 |
29,014.95 |
26,145.34 |
|
|
Capitalized expenses (net) |
|
|
|
5,420.58 |
4,932.72 |
4,444.87 |
|
|
Capitalized interest during construction (net) |
|
|
|
3,918.09 |
3,565.46 |
3,212.83 |
|
|
Total assets |
|
|
|
41,233.23 |
38,915.38 |
36,526.89 |
|
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
|
|
0.00 |
371.99 |
371.99 |
|
|
Debt |
|
|
|
28,863.26 |
25,976.93 |
23,090.61 |
|
|
Shareholder’s advances |
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
0.00 |
196.49 |
497.84 |
|
|
Accumulated reserves |
|
|
|
0.00 |
0.00 |
196.49 |
|
|
Subsidy |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
Capital |
|
|
|
12,369.97 |
12,369.97 |
12,369.97 |
|
|
Total liabilities and net worth |
|
|
|
41,233.23 |
38,915.38 |
36,526.89 |
|
|
Variance |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET AFTER DIVIDEND PAYMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year |
0 |
1 |
2 |
|
|
Cash needed for operations |
|
|
|
0.00 |
797.11 |
797.11 |
|
|
Additional cash (if negative, it would represent additional debt) |
|
|
0.00 |
-1,011.21 |
-383.93 |
|
|
|
Receivables |
|
|
|
0.00 |
1,393.77 |
1,393.77 |
|
|
Stocks |
|
|
|
0.00 |
212.56 |
212.56 |
|
|
Land |
|
|
|
10.00 |
10.00 |
10.00 |
|
|
Fixed assets (net) |
|
|
|
31,884.56 |
29,014.95 |
26,145.34 |
|
|
Capitalized expenses (net) |
|
|
|
5,420.58 |
4,932.72 |
4,444.87 |
|
|
Capitalized interest during construction (net) |
|
|
|
3,918.09 |
3,565.46 |
3,212.83 |
|
|
Total assets |
|
|
|
41,233.23 |
38,915.38 |
35,832.56 |
|
|
|
|
|
|
|
|
|
|
|
Suppliers |
|
|
|
0.00 |
371.99 |
371.99 |
|
|
Debt |
|
|
|
28,863.26 |
25,976.93 |
23,090.61 |
|
|
Shareholder’s advances |
|
|
|
|
|
|
|
|
Current year profit after tax |
|
|
|
|
|
|
|
|
Reserves |
|
|
|
0.00 |
196.49 |
0.00 |
|
|
Subsidy |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
Capital |
|
|
|
12,369.97 |
12,369.97 |
12,369.97 |
|
|
Total liabilities and net worth |
|
|
|
41,233.23 |
38,915.38 |
35,832.56 |
|
|
Variance |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Calculation of Dividends Payable |
|
|
|
|
|
|
|
|
Gross Margin |
|
|
|
|
6,237.28 |
6,293.30 |
|
|
Income Tax (-) |
|
|
|
|
0.00 |
0.00 |
|
|
Increase in Working Capital (-) |
|
|
|
|
2,031.46 |
0.00 |
|
|
Profit Sharing (-) |
|
|
|
|
0.00 |
0.00 |
|
|
DSRF Income (+) |
|
|
|
|
104.34 |
99.43 |
|
|
Social Benefit Fund (-) |
|
|
|
|
0.00 |
0.00 |
|
|
Carbon Emission Credits (+) |
|
|
|
|
270.68 |
270.68 |
|
|
Cash flow available for debt service (CFD) |
|
|
|
|
4,580.85 |
6,663.42 |
|
|
Annual debt service (DS) = Interest + Principal |
|
|
|
|
5,217.03 |
4,971.70 |
|
|
CF available for dividends (CFDiv = CFD-DS) |
|
|
|
|
0.00 |
1,691.72 |
|
|
Accumulated CFDiv |
|
|
|
0.00 |
0.00 |
1,691.72 |
|
|
Current year profit = Income After Tax |
|
|
|
|
196.49 |
497.84 |
|
|
Accumulated profit: limit for dividend payable |
|
|
|
0.00 |
196.49 |
694.33 |
|
|
Accumulated dividend payable |
|
|
|
0.00 |
0.00 |
694.33 |
|
|
Annual dividend payable |
|
|
|
-12,369.97 |
0.00 |
694.33 |
|
|
Investor 1 |
60.00% |
|
|
-7,421.98 |
0.00 |
416.60 |
|
|
Investor 2 |
30.00% |
|
|
-3,710.99 |
0.00 |
208.30 |
|
|
Investor 3 |
10.00% |
|
|
-1,237.00 |
0.00 |
69.43 |
|
|
|
100.00% |
|
|
|
|
|
|
|
CASH FLOW STATEMENT |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
|
|
|
|
|
|
|
Net Income (after tax) |
|
|
|
|
196.49 |
497.84 |
|
|
Add: Depreciation & Amortization |
|
|
|
|
3,710.09 |
3,710.09 |
|
|
(Increase) / Decrease in Receivables |
|
|
|
|
-1,393.77 |
0.00 |
|
|
(Increase) / Decrease in Inventories |
|
|
|
|
-212.56 |
0.00 |
|
|
Increase / (Decrease) in Accounts Payable |
|
|
|
|
371.99 |
0.00 |
|
|
Net Cash flow from Operations |
|
|
|
|
2,672.23 |
4,207.93 |
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS |
|
|
|
|
|
|
|
|
Additions to PP&E |
|
31,884.56 |
|
-31,884.56 |
0.00 |
0.00 |
|
|
Additions to Capitalized Expenses |
|
5,420.58 |
|
-5,420.58 |
0.00 |
0.00 |
|
|
Additions to Capitalized IDC |
|
3,918.09 |
|
-3,918.09 |
0.00 |
0.00 |
|
|
Additions to Land |
|
10.00 |
|
-10.00 |
0.00 |
0.00 |
|
|
Net Cash flow Used for Investments |
|
41,233.23 |
|
-41,233.23 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow before Financing |
|
|
|
-41,233.23 |
2,672.23 |
4,207.93 |
|
|
|
|
|
|
|
|
|
|
|
FINANCING |
|
|
|
|
|
|
|
|
Increase (Decrease) in Shareholder Advances |
|
|
|
0.00 |
0.00 |
0.00 |
|
|
Increase (Decrease) in Long-term Debt |
|
28,863.26 |
|
28,863.26 |
-2,886.33 |
-2,886.33 |
|
|
Increase (Decrease) in Subsidy |
|
0.00 |
|
0.00 |
0.00 |
0.00 |
|
|
Increase (Decrease) in Capital Stock |
|
12,369.97 |
|
12,369.97 |
0.00 |
0.00 |
|
|
Net Cash flow from Financing |
|
41,233.23 |
|
41,233.23 |
-2,886.33 |
-2,886.33 |
|
|
|
|
|
|
|
|
|
|
|
NET CASH FLOW |
|
|
|
0.00 |
-214.09 |
1,321.61 |
|
|
|
|
|
|
|
|
|
|
|
Add: Beginning Cash Balance |
|
|
|
|
0.00 |
-214.09 |
|
|
ENDING CASH BALANCE |
|
|
|
0.00 |
-214.09 |
1,107.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Levlized Profit and Cost of Electricity |
|
|
Year |
0 |
1 |
2 |
|
|
|
|
|
|
|
|
|
|
|
Discounting Rate, % p.a. |
15.00% |
47.00 |
|
NPV |
|
|
|
|
|
|
|
|
|
|
|
|
|
Electricity sales | kWh |
PhP/kWh |
$/kWh |
405,414,387 |
80,740,044 |
80,740,044 |
|
|
|
|
|
|
|
|
|
|
0.2071 |
TOTAL OPERATING INCOME | 000 US$ |
9.7360 |
0.2071 |
83,981 |
16,725.21 |
16,725.21 |
|
|
|
|
|
|
|
|
|
|
fuel |
Expenses from fuel consumption | 000 PhP |
0.0000 |
0.0000 |
0 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
variable O&M |
Maintenance of wind turbines (spares) | 000 US$ |
1.4841 |
0.0316 |
12,802 |
2,550.77 |
2,550.77 |
|
|
Utilities (fuel, lubes, electricity, water) | 000 US$ |
1.2986 |
0.0276 |
11,201 |
2,231.92 |
2,231.92 |
|
|
Maintenance of the rest of the plant | 000 US$ |
1.1131 |
0.0237 |
9,601 |
1,913.07 |
1,913.07 |
|
|
Personnel expense | 000 US$ |
0.5565 |
0.0118 |
4,801 |
956.54 |
956.54 |
|
|
|
|
|
|
|
|
|
|
fixed O&M |
Land lease, rent | 000 US$ |
0.5565 |
0.0118 |
4,801 |
956.54 |
956.54 |
|
|
Taxes, Insurance, services, and others | 000 US$ |
0.5565 |
0.0118 |
4,801 |
956.54 |
956.54 |
|
|
|
|
|
|
|
|
|
|
|
DSRF Expense | 000 US$ |
0.0038 |
0.0001 |
33 |
7.83 |
7.46 |
|
|
|
|
|
|
|
|
|
|
regulatory |
Special Privilege Tax – 2% | 000 US$ |
0.1947 |
0.0041 |
1,680 |
334.50 |
334.50 |
|
|
Special Realty Tax – 2.5% | 000 US$ |
0.2178 |
0.0046 |
1,879 |
562.70 |
507.05 |
|
|
DOE 1-94 : 0.01 PhP/kWh sales | 000 US$ |
0.0102 |
0.0002 |
88 |
17.53 |
17.53 |
|
Others |
|
|
|
|
|
|
|
|
1 |
Depreciation & amortization | 000 US$ |
2.1586 |
0.0459 |
18,620 |
3,710.09 |
3,710.09 |
|
1 |
Interest | 000 US$ |
0.8731 |
0.0186 |
7,532 |
2,330.71 |
2,085.37 |
|
1 |
Income tax | 000 US$ |
0.0346 |
0.0007 |
298 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
Total Cost |
|
9.0584 |
0.1927 |
78,136.05 |
16,528.72 |
16,227.37 |
|
|
|
|
|
|
|
|
|
|
|
Net Profit |
|
0.6776 |
0.0144 |
5,845 |
196.49 |
497.84 |
One Response to “Wind Energy Feed-In Tariff, Levelized Cost and Financial Model with CDM Carbon Credits”
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December 2nd, 2009 at 3:21 am
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