Spreadsheet: benjamin_rogers__1066__NewCo-7-15-00
Sheet: Devel_Financials

 | NewCo Development - FINANCIAL PROFILE
 | ('000 $)
 | Generic FPLE Project |  |  | FPLE Wind Project |  |  |  | [NAME] |  |  |  | Pastoria |  |  |  | Moore
 | Capacity | 500 | MW | Default Plant |  | 75 | MW | Capacity |  | 220 | MW | Capacity |  | 750 | MW | Capacity |  | 453 | MW
 | Capital Cost | 550 | $/kW | Capital Cost |  | 1100 | $/kW | Capital Cost |  | 750 | $/kW | Capital Cost |  | 750 | $/kW | Capital Cost |  | 425 | $/kW
 | Total Capital Cost |  |  | Total Capital Cost |  |  |  | Total Capital Cost |  |  |  | Total Capital Cost |  |  |  | Total Capital Cost
 | Equity Percentage | 0.3 |  | Equity Percentage |  | 0.5 |  | Equity Percentage |  | 0.3 |  | Equity Percentage |  | 0.3 |  | Equity Percentage |  | 0.3
 | Interest Rate | 0.08 |  | Interest Rate |  | 0.08 |  | Interest Rate |  | 0.08 |  | Interest Rate |  | 0.08 |  | Interest Rate |  | 0.08
 | Assumes IDC is included in the capital cost.
 | Assumes no escalation on capital cost.
 | Assume Year 1 is half-year for Gas project.
 | 500 MW Combined Cycle Facility - Generic
 | Year | 1
 | Net Income
 | Aftertax Cash Flow
 | Equity
 | Beginning Balance
 | Add: Net Income
 | Less:  AT Cash Flow
 | Ending Balance
 | Debt
 | Beginning Balance
 | Less:  Principal
 | Ending Balance
 | Net Income - ROE % | 0.06 | 0.11 | 0.13 | 0.14 | 0.15 | 0.17 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25
 | Cash Flow % | 0.04 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 | Debt Amort % | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.1 | 0.05
 | Return Summary
 | NPV @ 14%
 | IRR
 | EBITDA
 | Net Income
 | Add:  Taxes
 | Add: Interest Expense
 | Add:  Bk Depreciation
 | Implied EBITDA
 | 75 MW Wind Facility - Generic
 | Year | 1
 | Net Income
 | Aftertax Cash Flow
 | Equity
 | Beginning Balance
 | Add: Net Income
 | Less:  AT Cash Flow
 | Ending Balance
 | Debt
 | Beginning Balance
 | Less:  Principal
 | Ending Balance
 | Net Income - ROE % | 0.1185699567384656 | 0.1164822393885542 | 0.1544540680650731 | 0.2066653162525508 | 0.2907482525652745 | 0.3906325355662756 | 0.5423313882801079 | 0.5766857089898556 | 0.5960995544710367 | 0.6302817562344121 | 0.04808965314116584 | -0.002049440923601199 | 0.01194382840658041 | 0.0247510820279499 | 0.0386830792479804 | 0.05619662471715026 | 0.06885723785761279 | 0.07778506841634025 | 0.09266238056775024 | 0.1323113372798171
 | Cash Flow % | 0.2529783361219072 | 0.3828639385133153 | 0.3987006784374191 | 0.4187363297444961 | 0.5447548762330838 | 0.5834356769010078 | 0.5672330280414282 | 0.5721728436848215 | 0.5607622415503288 | 0.5580932993619943 | 0.05622326104598454 | 0.03884341135196249 | 0.03240529841095857 | 0.02188721966802318 | 0.01209238177222148 | 0.007010693002308192 | -0.001881429306714046 | 0.2284887825736489 | 0.4110511426640503 | 0.6776169653112234
 | Debt Amort % | 0.04763829930597668 | 0.04532488826000045 | 0.04649282393369719 | 0.0520854389865912 | 0.05186083597241875 | 0.05770051434090245 | 0.06320328818812748 | 0.06911034746086292 | 0.07715113536823665 | 0.06080003593648227 | 0.05383734249713631 | 0.05859892639759225 | 0.06342789120229994 | 0.06800979269141792 | 0.07274891629045661 | 0.07784740471217123
 | Production Tax Credits | 4289.765391226189 | 5095.854890389027 | 5095.854890389027 | 5095.854890389027 | 5378.957939855084 | 5378.957939855084 | 5662.060989321141 | 5662.060989321141 | 5662.060989321141 | 5945.164038787198 | 646.042084919554
 | Return Summary
 | NPV @ 14%
 | IRR
 | EBITDA
 | Net Income
 | Add:  Taxes
 | Add: Interest Expense
 | Add:  Bk Depreciation
 | Implied EBITDA
 | [NAME]
 | Year | 1
 | Net Income
 | Aftertax Cash Flow
 | Equity
 | Beginning Balance
 | Add: Net Income
 | Less:  AT Cash Flow
 | Ending Balance
 | Debt
 | Beginning Balance
 | Less:  Principal
 | Ending Balance
 | Net Income - ROE % | 0.06 | 0.11 | 0.13 | 0.14 | 0.15 | 0.17 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25
 | Cash Flow % | 0.04 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 | Debt Amort % | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.1 | 0.05
 | Return Summary
 | NPV @ 14%
 | IRR
 | EBITDA
 | Net Income
 | Add:  Taxes
 | Add: Interest Expense
 | Add:  Bk Depreciation
 | Implied EBITDA
 | Pastoria
 | Year | 1
 | Net Income
 | Aftertax Cash Flow
 | Equity
 | Beginning Balance
 | Add: Net Income
 | Less:  AT Cash Flow
 | Ending Balance
 | Debt
 | Beginning Balance
 | Less:  Principal
 | Ending Balance
 | Net Income - ROE % | 0.06 | 0.11 | 0.13 | 0.14 | 0.15 | 0.17 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25
 | Cash Flow % | 0.04 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 | Debt Amort % | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.1 | 0.05
 | Return Summary
 | NPV @ 14%
 | IRR
 | EBITDA
 | Net Income
 | Add:  Taxes
 | Add: Interest Expense
 | Add:  Bk Depreciation
 | Implied EBITDA
 | Moore
 | Year | 1
 | Net Income
 | Aftertax Cash Flow
 | Equity
 | Beginning Balance
 | Add: Net Income
 | Less:  AT Cash Flow
 | Ending Balance
 | Debt
 | Beginning Balance
 | Less:  Principal
 | Ending Balance
 | Net Income - ROE % | 0.06 | 0.11 | 0.13 | 0.14 | 0.15 | 0.17 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25
 | Cash Flow % | 0.04 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 | Debt Amort % | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.1 | 0.05
 | Return Summary
 | NPV @ 14%
 | IRR
 | EBITDA
 | Net Income
 | Add:  Taxes
 | Add: Interest Expense
 | Add:  Bk Depreciation
 | Implied EBITDA