Spreadsheet: 07a49de1-f3e0-41dd-bb40-728dcc2b737a
Sheet: Cash Flow

 |  |  |  |  | COD
 | Project/Contract Year |  |  | units | 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 | 26 | 27 | 28 | 29 | 30
 | Production Degradation Factor |  |  |  |  | 1
 | Production |  |  | kWh
 | Tariff Rate & Cash Incentives
 | Tariff Rate Escalator, if applicable |  |  |  |  | 1
 | Federal PBI Escalator, if applicable |  |  |  |  | 1
 | State PBI Escalator, if applicable |  |  |  |  | 1
 | Tariff Rate (Fixed Portion) |  |  | ¢/kWh
 | Tariff Rate (Escalating Portion) |  |  | ¢/kWh
 | Tariff Rate (Total) |  |  | ¢/kWh
 | Revenue from Tariff |  |  | $
 | Post-Tariff Market Value of Production |  |  | ¢/kWh
 | Market Revenue |  |  | $
 | Federal Cash Incentive Rate |  |  | ¢/kWh
 | Federal Cash Incentive |  |  | $
 | State Cash Incentive Rate |  |  | ¢/kWh
 | State Cash Incentive |  |  | $
 | Interest Earned on Reserve Accounts |  |  | $
 | Project Revenue, All Sources |  |  | $
 | Project Expenses
 | Operating Expense Inflation Factor |  |  |  |  | 1
 | Fixed O&M Expense |  |  | $
 | Variable O&M Expense |  |  | $
 | Insurance |  |  | $
 | Project Administration |  |  | $
 | Property Tax or Payment in Lieu of Taxes (PILOT) |  |  | $
 | Land Lease |  |  | $
 | Royalties |  |  | $
 | Total Operating Expenses |  |  | $
 | Total Operating Expenses |  |  | ¢/kWh
 | EBITDA (Operating Income) |  |  | $
 |  |  |  | Avg. DSCR | Min DSCR
 | Annual Debt Service Coverage Ratio
 | Minimum DSSCR Year
 | Loan Interest Expense
 | Operating Income After Interest Expense
 | Repayment of Loan Principal
 | (Contributions to), and Liquidation of, Reserve Accounts
 | Adjustment(s) for Major Equipment Replacement(s)
 | Pre-Tax Cash Flow to Equity
 | Project Cash Flows
 | Equity Investment |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Pre-Tax Cash Flow to Equity
 | Net Pre-Tax Cash Flow to Equity
 | Running IRR (Cash Only)
 | Depreciation Expense
 | Taxable Income (operating loss used as generated)
 | Taxable Income (Federal) |  |  | operating loss treatment ==>>
 | Taxable Income (State) |  |  | operating loss treatment ==>>
 | Federal Income Taxes Saved / (Paid), before ITC/PTC
 | State Income Taxes Saved / (Paid), before ITC/PTC
 | Cash Benefit of Federal ITC, [NAME], or PTC
 | Cash Benefit of State ITC and/or PTC
 | After-Tax Cash Flow to Equity
 | Running IRR (After Tax)
 | Pre-Tax (Cash-only) Equity IRR (over defined Useful Life) |  |  |  |  | Yr 1 COE
 | After Tax Equity IRR (over defined Useful Life) |  |  |  |  | (cents/kWh)
 | Supporting Calculations
 | Debt Service:
 | [NAME] (Defined Capital Structure Method)
 | Installed Cost (excluding cost of financing)
 | Defined Debt-to-Total-Capital
 | Size of Debt
 | [NAME]
 | Structured Debt Service Payment |  |  |  | 0
 | Interest |  |  |  | 0
 | Principal
 | Loan Amortization
 | Beginning Balance |  |  |  | 0
 | Drawdowns |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Principal Repayments |  |  |  | 0
 | Ending Balance
 | Depreciation: | Project Cost Allocation
 | Project/Contract Year | Before | % | After | 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 | 26 | 27 | 28 | 29 | 30
 | Depreciation Schedules, Half-Year Convention | Adjustments | Allocation | Adjustments
 | 5 Year MACRS |  |  |  |  | 0.2 | 0.32 | 0.192 | 0.1152 | 0.1152 | 0.0576 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | 7 Year MACRS |  |  |  |  | 0.1429 | 0.2449 | 0.1749 | 0.1249 | 0.0893 | 0.0892 | 0.0893 | 0.0446 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | 15 Year MACRS |  |  |  |  | 0.05 | 0.095 | 0.0855 | 0.077 | 0.0693 | 0.0623 | 0.059 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.059 | 0.0591 | 0.0295 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | 20 Year MACRS |  |  |  |  | 0.0375 | 0.07219 | 0.06677 | 0.06177 | 0.05713 | 0.05285 | 0.04888 | 0.04522 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.04462 | 0.04461 | 0.02231 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | 5 Year SL |  |  |  |  | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.1
 | 15 Year SL |  |  |  |  | 0.0333 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0667 | 0.0666 | 0.0666 | 0.0666 | 0.0666 | 0.0333
 | 20 Year SL |  |  |  |  | 0.025 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.025
 | 39 Year SL |  |  |  |  | 0.0128 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256 | 0.0256
 | Bonus Depreciation |  |  |  |  | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Non-Depreciable
 |  | Unadjusted |  | Adjusted
 | Project Cost Basis
 | Adjustments for ITC, ITC Grant and non-taxable grants
 | Annual Depreciation Expense, Initial Installation
 | Total Project Cost, adj for ITC/Grant if applicable |  |  | check
 | 5 Year MACRS
 | 7 Year MACRS
 | 15 Year MACRS
 | 20 Year MACRS
 | 5 Year SL
 | 15 Year SL
 | 20 Year SL
 | 39 Year SL
 | Bonus Depreciation
 | Non-Depreciable
 | Total
 | Annual Depreciation Expense, Repairs & Replacements
 | 1st Replacement
 | Depreciation Timing
 | Depreciation Expense
 | 2nd Replacement
 | Depreciation Timing
 | Depreciation Expense
 | Annual Depreciation Expense
 | Annual Depreciation Benefit
 | Operating Loss Carry-Forward, if applicable:
 | Taxable Income / (Operating Loss)
 | Federal Carry-Forward
 | Operating Loss Carry-Forward, Beginning Balance |  |  |  |  | 0
 | Additional Operating Loss Carried-Forward
 | Utilization of Operating Loss Carry-Forward
 | Operating Loss Carry-Forward, Ending Balance
 | Taxable Income with Operating Loss Carry-Forward
 | State Carry-Forward
 | Operating Loss Carry-Forward, Beginning Balance |  |  |  |  | 0
 | Additional Operating Loss Carried-Forward
 | Utilization of Operating Loss Carry-Forward
 | Operating Loss Carry-Forward, Ending Balance
 | Taxable Income with Operating Loss Carry-Forward
 | Federal Tax Credit Benefits, if applicable:
 | Federal ITC (as generated)
 | Federal PTC (as generated)
 | Applicable Tax Credits, as generated
 | Carry-Forward Scenario:
 | Tax Benefit Carry-Forward, Beginning Balance |  |  |  |  | 0
 | Additional Tax Benefit Carry-Forward
 | Utilization of Tax Benefit Carry-Forward
 | Tax Benefit Carry-Forward, Ending Balance |  |  |  | 0
 | State Tax Credit Benefits, if applicable:
 | State ITC (as generated)
 | State PTC (as generated)
 | Applicable Tax Credits, as generated
 | Carry-Forward Scenario:
 | Tax Benefit Carry-Forward, Beginning Balance |  |  |  |  | 0
 | Additional Tax Benefit Carry-Forward
 | Utilization of Tax Benefit Carry-Forward
 | Tax Benefit Carry-Forward, Ending Balance |  |  |  | 0
 | Reserve Accounts:
 | Beginning Balance |  |  |  | 0
 | Debt Service Reserve
 | O&M/Working Capital Reserve
 | Major Equipment Replacement Reserves |  |  |  | 0
 | Decommissioning Reserve |  |  |  | 0
 | Ending Balance
 | Interest on Reserves
 | Annual Contributions to/(Liquidations of) Reserves
 | COE Data Tables |  |  |  |  | NPV |  |  |  | NPV |  |  |  | NPV |  |  | Range Min | [NAME]
 | Calculation of COE when tax benefits are "Carried Forward"
 |  |  |  |  | 0
 |  |  |  |  | 10 | -1076970.6322439 |  |  |  | -925685.4605400511 |  |  |  | -2845.913146573934
 |  |  |  |  | 20 | 435881.0847945875 |  |  |  | -774400.2888362026 |  |  |  | 12282.60402381131
 |  |  |  |  | 30 | 1948732.801833075 |  |  |  | -623115.1171323542 |  |  |  | 27411.12119419671
 |  |  |  |  | 40 | 3461584.518871561 |  |  |  | -471829.9454285048 |  |  |  | 42539.63836458172
 |  |  |  |  | 50 | 4974436.235910048 |  |  |  | -320544.7737246561 |  |  |  | 57668.15553496651
 |  |  |  |  | 60 | 6487287.952948536 |  |  |  | -169259.6020208077 |  |  |  | 72796.67270535161
 |  |  |  |  | 70 | 8000139.66998702 |  |  |  | -17974.4303169594 |  |  |  | 87925.18987573682
 |  |  |  |  | 80 | 9512991.387025509 |  |  |  | 133310.7413868899 |  |  |  | 103053.7070461218
 |  |  |  |  | 90 | 11025843.10406399 |  |  |  | 284595.9130907388 |  |  |  | 118182.2242165069
 |  |  |  |  | 100 | 12538694.82110249 |  |  |  | 435881.0847945875 |  |  |  | 133310.7413868899