## 3 Results and Discussions
### Cash Flow Analysis  
The financial model of the analysis considers that half of the total investment cost in both cases is from the company's equity while the remaining half is loaned from a financial institution. As mentioned in Table 1, inflation and interest rates used in the analysis are 2% and 8%, respectively [57]. With this hypothesis, as can be inferred from Table 3, the total financed amount is equal to USD 4.1 million in ITES and USD 5.6 million in BS. In both cases, loan financing is done at the beginning of the project and is paid back in 10 equal installments over the first 10 years after the project comes in operation. Although the total capital cost of the project is higher in BS, this amount also includes the battery replacement cost that will take place after 10 years of operation. It is worth mentioning that the useful life of the mine considered is 20 years and the economics will change for a shorter or longer mine lifecycle period. Since half of the total project investment comes from a loan at the beginning of the project, battery replacement cost is the part of company's equity. Due to this reason, as shown in Table 3, initial equity in ITES is considered as USD 4.1 million, which accounts for USD 500k more than of BS' equity share. Although the equity amount of ITES at the beginning is more than that of BS, due to the larger loan amount, annual loan payment of the project is higher in BS than ITES by USD 218k. Figures 4 and 5 represent the net cash flow diagram for two different setups. The red color in the figures indicates the net cash outflow, while the green color represents total cumulative savings at the end of each fiscal year. Cash outflow includes capital cost, loan payment (principal and interest), and operation and maintenance cost while cumulative savings is the operating income from annual savings. Net Present Values are used in calculating cumulative savings for a sound economic comparison. As bank loan is paid in the first 10 years, cash outflow after the 10 th year represents only operation and maintenance costs. Year 'zero' is the construction year and no savings are made until the project comes in operation, which is at the beginning of the year 'one'. This means, cash flow in year 'zero' refers only to the initial investment made from the company's equity. It should be recalled that both proposed systems generate equal cooling effect irrespective of the energy storage technology chosen. This results in an equal amount of operating income or savings over a year. Equal annual savings with unequal loan payment amount results in different cumulative savings over the period. As depicted in Figures 4 and 5, investing in ITES returns more savings. With project implementation, at the end of the project life, total savings for BS and ITES are estimated at USD 4.8 million and 7.8 million, respectively. Hence, from the company's viewpoint, with an initial equity investment of USD 4.1 million, ITES pays USD 7.8 million in total at the end of the project. On the other hand, BS returns only USD 4.8 million for an initial investment of 5.6 million. This indicates that both options are in profit at the end of the project. But, while comparing these two systems, cumulative savings for the ITES is greater than the BS by USD 3.0 million. Cash flow diagram also depicts the payback period for both projects. As initial equity of the ITES is higher than the BS by USD 500k, the cumulative saving of ITES is more negative than BS at the beginning of the project. But once the project comes in operation, things go in the opposite direction due to more amount of loan payment in BS. One more factor to deaccelerate the payback period of the BS is the additional capital requirement in replacing the Li-ion battery at the end of the