diff --git a/.gitignore b/.gitignore index 5ccd7a2b2..7cf1ec9e6 100644 --- a/.gitignore +++ b/.gitignore @@ -88,6 +88,7 @@ nosetests.xml *.iml *.komodoproject .idea +.junie .project .pydevproject .vscode @@ -124,6 +125,9 @@ src/geophires_docs/fervo_project_red-2026_graph-data-extraction.xcf /Useful sites for Sphinx docstrings.txt /.github/workflows/workflows.7z tmp.patch +project-structure.txt +geophires-aliases.sh +*message.txt # Mypy Cache .mypy_cache/ diff --git a/docs/Fervo_Project_Cape-5.md.jinja b/docs/Fervo_Project_Cape-5.md.jinja index dd720d2c2..1cef1ee7c 100644 --- a/docs/Fervo_Project_Cape-5.md.jinja +++ b/docs/Fervo_Project_Cape-5.md.jinja @@ -321,6 +321,7 @@ See [GEOPHIRES Economic Outputs documentation](parameters.html#economic-paramete | Maximum Net Electricity Generation | {{ max_net_generation_mwe}} MW | | | | Maximum Total Electricity Generation | {{ max_total_generation_mwe }} MW | Upper bound: 600 MW | Combined nameplate capacity of 10×60 MWe Gen 2 ORCs. A total of 8×60 MWe Gen 2 ORCs have been announced for Phase II; 3 from Turboden and 5 from Baker Hughes (Turboden, 2025; Jacobs, 2025). This equates to 480 MW gross capacity for Phase II's 400 MW net capacity. An equivalent SOAK 500 MW project would therefore require 10 Gen 2 ORC units. (Note that the modular Gen 2 ORCs are not individually modeled in this case study, and are assumed to be combined into a single power plant.) | | 2-year Average Net Power Production per Production Well | {{ two_year_avg_net_power_mwe_per_production_well }} MW | 7.6–11.5 MW | Figures 4 and 12 (Singh et al., 2025). | +| Heat to Power Conversion Efficiency | {{ heat_to_power_conversion_efficiency_pct ~ '%' }} | 19.5% | DeGolyer and MacNaughton, 2024. | | Injection Pumping Parasitic Load
({Average Pumping Power}/{Average Total Electricity Generation}) | {{ parasitic_loss_pct ~ '%' }} | Upper bound: 16.7% | The Phase II procurement strategy (480 MW gross / 400 MW net) implies a design ceiling of 16.7% for total on-site consumption (including injection pumping). Current SOAK targets for parasitic consumption range from 15–20%, reflecting a planned reduction from the ~25–30% observed in Phase I operations (Norbeck, 2026). | | Total fracture surface area per well | {{ total_fracture_surface_area_per_well_mm2 }}×10⁶ m²
({{ total_fracture_surface_area_per_well_mft2 }} million ft²) | Project Red: 2.787×10⁶ m²
(30 million ft²) | Greater fracture surface area expected than Project Red (Fercho et al., 2025). | | Reservoir Volume | {{ reservoir_volume_m3 }} m³ | | Calculated from fracture area × fracture separation × number of fractures per well × number of wells | @@ -567,6 +568,11 @@ https://www.baytexenergy.com/content/uploads/2024/04/24-04-Baytex-Eagle-Ford-Pre Beckers, K., McCabe, K. (2019) GEOPHIRES v2.0: updated geothermal techno-economic simulation tool. Geotherm Energy 7,5. https://doi.org/10.1186/s40517-019-0119-6 +DeGolyer and MacNaughton. (2024, September 24). +Report as of June 30, 2024 on Heat Initially In Place associated with the Project Cape Area prepared for Fervo Energy. +Securities and Exchange Commission, Exhibit 99.1. +https://www.sec.gov/Archives/edgar/data/1853868/000162828026025821/exhibit991-sx1.htm + Fercho, S., Matson, G., McConville, E., Rhodes, G., Jordan, R., Norbeck, J.. (2024, February 12). Geology, Temperature, Geophysics, Stress Orientations, and Natural Fracturing in the Milford Valley, UT Informed by the Drilling Results of the First Horizontal Wells at the Cape Modern diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png index 4a1e13be8..3c3149ad5 100644 Binary files a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png and b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png differ diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg index 5a30939ec..e22b24f32 100644 --- a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg @@ -6,7 +6,7 @@ - 2026-05-19T09:37:03.835790 + 2026-05-20T11:27:58.446009 image/svg+xml @@ -38,30 +38,30 @@ z " style="fill: #ffffff"/> - + - + - - + - + - + - + - + - + - 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a/docs/_images/fervo_project_red-2026_production-temperature-data-vs-modeling-power-sensitivity.png and b/docs/_images/fervo_project_red-2026_production-temperature-data-vs-modeling-power-sensitivity.png differ diff --git a/docs/_images/singh_et_al_base_simulation-production-temperature.png b/docs/_images/singh_et_al_base_simulation-production-temperature.png index 92368c742..db6ac5e88 100644 Binary files a/docs/_images/singh_et_al_base_simulation-production-temperature.png and b/docs/_images/singh_et_al_base_simulation-production-temperature.png differ diff --git a/src/geophires_docs/generate_fervo_project_cape_5_md.py b/src/geophires_docs/generate_fervo_project_cape_5_md.py index e7c9743cd..5b099f7a6 100755 --- a/src/geophires_docs/generate_fervo_project_cape_5_md.py +++ b/src/geophires_docs/generate_fervo_project_cape_5_md.py @@ -387,6 +387,9 @@ def n_year_avg_net_power_mwe(years: int) -> float: 'max_net_generation_mwe': round(sig_figs(max_net_generation_mwe, 3)), 'max_total_generation_mwe': round(sig_figs(max_total_generation_mwe, 3)), 'two_year_avg_net_power_mwe_per_production_well': sig_figs(two_year_avg_net_power_mwe_per_production_well, 2), + 'heat_to_power_conversion_efficiency_pct': sig_figs( + _q(surf_equip_sim['Heat to Power Conversion Efficiency']).to('percent').magnitude, 3 + ), 'parasitic_loss_pct': sig_figs(parasitic_loss_pct, 3), 'number_of_times_redrilling': redrills, 'total_wells_including_redrilling': total_wells_including_redrilling, diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index bc0817755..53eb09744 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -4,17 +4,17 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.13.7 - Simulation Date: 2026-05-19 - Simulation Time: 09:33 - Calculation Time: 1.809 sec + GEOPHIRES Version: 3.13.8 + Simulation Date: 2026-05-20 + Simulation Time: 11:38 + Calculation Time: 1.855 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 510.13 MW - Electricity breakeven price: 8.59 cents/kWh - Total CAPEX: 2865.69 MUSD + Average Net Electricity Production: 510.16 MW + Electricity breakeven price: 8.50 cents/kWh + Total CAPEX: 2865.75 MUSD Total CAPEX ($/kW): 5595 USD/kW Number of production wells: 56 Number of injection wells: 38 @@ -33,13 +33,13 @@ Simulation Metadata Real Discount Rate: 12.00 % Nominal Discount Rate: 15.02 % WACC: 8.31 % - Investment Tax Credit: 859.71 MUSD + Investment Tax Credit: 859.72 MUSD Project lifetime: 30 yr - Capacity factor: 90.0 % - Project NPV: 183.44 MUSD - After-tax IRR: 21.91 % - Project VIR=PI=PIR: 1.31 - Project MOIC: 4.17 + Capacity factor: 91.3 % + Project NPV: 199.08 MUSD + After-tax IRR: 22.40 % + Project VIR=PI=PIR: 1.33 + Project MOIC: 4.31 Project Payback Period: 5.95 yr Estimated Jobs Created: 1273 @@ -100,7 +100,7 @@ Simulation Metadata Average Production Temperature: 203.0 degC Minimum Production Temperature: 201.5 degC Initial Production Temperature: 201.9 degC - Average Reservoir Heat Extraction: 3670.60 MW + Average Reservoir Heat Extraction: 3670.68 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.2 degC Average Injection Well Pump Pressure Drop: -1181.6 kPa @@ -113,37 +113,37 @@ Simulation Metadata Drilling and completion costs: 436.98 MUSD Drilling and completion costs per well: 4.65 MUSD Stimulation costs: 454.02 MUSD - Surface power plant costs: 1467.78 MUSD + Surface power plant costs: 1467.83 MUSD Field gathering system costs: 48.33 MUSD - Total surface equipment costs: 1516.11 MUSD - Overnight Capital Cost: 2437.12 MUSD + Total surface equipment costs: 1516.16 MUSD + Overnight Capital Cost: 2437.17 MUSD Inflation costs during construction: 285.92 MUSD Interest during construction: 142.66 MUSD - Total CAPEX: 2865.69 MUSD + Total CAPEX: 2865.75 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 5.81 MUSD/yr Power plant maintenance costs: 24.87 MUSD/yr - Water costs: 3.15 MUSD/yr + Water costs: 3.19 MUSD/yr Redrilling costs: 89.10 MUSD/yr - Average Annual Royalty Cost: 12.19 MUSD/yr - Total operating and maintenance costs: 135.11 MUSD/yr + Average Annual Royalty Cost: 12.36 MUSD/yr + Total operating and maintenance costs: 135.33 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 599.78 MW - Average Total Electricity Generation: 597.78 MW - Minimum Total Electricity Generation: 587.01 MW - Initial Total Electricity Generation: 589.90 MW - Maximum Net Electricity Generation: 512.18 MW - Average Net Electricity Generation: 510.13 MW - Minimum Net Electricity Generation: 499.09 MW - Initial Net Electricity Generation: 502.16 MW - Average Annual Total Electricity Generation: 4713.02 GWh - Average Annual Net Electricity Generation: 4022.00 GWh + Maximum Total Electricity Generation: 599.80 MW + Average Total Electricity Generation: 597.81 MW + Minimum Total Electricity Generation: 587.03 MW + Initial Total Electricity Generation: 589.96 MW + Maximum Net Electricity Generation: 512.21 MW + Average Net Electricity Generation: 510.16 MW + Minimum Net Electricity Generation: 499.10 MW + Initial Net Electricity Generation: 502.22 MW + Average Annual Total Electricity Generation: 4781.29 GWh + Average Annual Net Electricity Generation: 4080.29 GWh Initial pumping power/net installed power: 17.47 % Average Pumping Power: 87.65 MW Heat to Power Conversion Efficiency: 13.90 % @@ -154,36 +154,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 201.89 87.7371 502.1613 13.7840 - 2 1.0049 202.87 87.7059 509.2625 13.8848 - 3 1.0058 203.06 87.7001 510.5830 13.9034 - 4 1.0063 203.15 87.6971 511.2700 13.9131 - 5 1.0066 203.21 87.6951 511.7241 13.9195 - 6 1.0068 203.26 87.6940 512.0379 13.9239 - 7 1.0066 203.23 87.7012 511.8283 13.9209 - 8 1.0039 202.67 87.7758 507.7379 13.8624 - 9 1.0031 202.52 87.6883 506.7141 13.8491 - 10 1.0053 202.95 87.6820 509.8563 13.8935 - 11 1.0060 203.09 87.6701 510.8798 13.9080 - 12 1.0064 203.18 87.6532 511.4825 13.9167 - 13 1.0066 203.23 87.6347 511.9047 13.9228 - 14 1.0068 203.27 87.6197 512.1594 13.9266 - 15 1.0063 203.15 87.6271 511.3433 13.9151 - 16 1.0011 202.12 87.7574 503.8016 13.8070 - 17 1.0043 202.75 87.5963 508.5030 13.8756 - 18 1.0056 203.01 87.5947 510.3614 13.9017 - 19 1.0061 203.13 87.5942 511.1800 13.9132 - 20 1.0065 203.20 87.5941 511.6912 13.9204 - 21 1.0067 203.25 87.5943 512.0514 13.9254 - 22 1.0068 203.26 87.5977 512.1446 13.9267 - 23 1.0054 202.99 87.6375 510.1411 13.8981 - 24 1.0000 201.89 87.5945 502.3039 13.7879 - 25 1.0049 202.87 87.5946 509.3738 13.8878 - 26 1.0058 203.06 87.5947 510.6883 13.9063 - 27 1.0063 203.15 87.5948 511.3722 13.9159 - 28 1.0066 203.21 87.5949 511.8243 13.9222 - 29 1.0068 203.26 87.5954 512.1365 13.9266 - 30 1.0066 203.23 87.6039 511.9256 13.9235 + 1 1.0000 201.90 87.7368 502.2182 13.7848 + 2 1.0049 202.88 87.7057 509.2920 13.8852 + 3 1.0058 203.06 87.7000 510.6083 13.9038 + 4 1.0062 203.16 87.6970 511.2933 13.9134 + 5 1.0065 203.22 87.6950 511.7461 13.9198 + 6 1.0068 203.26 87.6939 512.0590 13.9242 + 7 1.0066 203.23 87.7011 511.8487 13.9212 + 8 1.0039 202.67 87.7758 507.7575 13.8627 + 9 1.0031 202.52 87.6882 506.7524 13.8497 + 10 1.0053 202.96 87.6819 509.8839 13.8939 + 11 1.0059 203.10 87.6700 510.9042 13.9083 + 12 1.0063 203.18 87.6532 511.5053 13.9170 + 13 1.0066 203.23 87.6347 511.9262 13.9231 + 14 1.0068 203.27 87.6198 512.1801 13.9269 + 15 1.0062 203.16 87.6271 511.3633 13.9153 + 16 1.0011 202.12 87.7574 503.8207 13.8073 + 17 1.0043 202.76 87.5963 508.5351 13.8760 + 18 1.0055 203.02 87.5948 510.3876 13.9021 + 19 1.0061 203.13 87.5942 511.2037 13.9135 + 20 1.0065 203.20 87.5941 511.7134 13.9207 + 21 1.0067 203.25 87.5943 512.0726 13.9257 + 22 1.0068 203.26 87.5978 512.1650 13.9270 + 23 1.0054 202.99 87.6375 510.1608 13.8983 + 24 1.0000 201.90 87.5945 502.3605 13.7887 + 25 1.0049 202.88 87.5946 509.4031 13.8883 + 26 1.0058 203.06 87.5948 510.7135 13.9067 + 27 1.0062 203.16 87.5949 511.3954 13.9162 + 28 1.0065 203.22 87.5950 511.8461 13.9225 + 29 1.0068 203.26 87.5954 512.1575 13.9269 + 30 1.0066 203.23 87.6039 511.9458 13.9238 ******************************************************************* @@ -192,36 +192,36 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 3996.6 28852.7 1286.63 7.47 - 2 4021.0 28937.3 1182.46 14.96 - 3 4028.4 28963.0 1078.19 22.46 - 4 4032.7 28978.2 973.87 29.96 - 5 4035.8 28988.7 869.51 37.47 - 6 4036.9 28992.5 765.14 44.97 - 7 4024.2 28949.4 660.92 52.47 - 8 3972.2 28769.5 557.35 59.92 - 9 4010.7 28901.0 453.31 67.40 - 10 4024.2 28947.8 349.10 74.89 - 11 4030.3 28968.8 244.81 82.39 - 12 4034.3 28982.1 140.47 89.90 - 13 4037.0 28991.3 36.10 97.40 - 14 4036.2 28988.2 -68.25 104.91 - 15 4010.0 28898.1 -172.29 112.39 - 16 3977.7 28784.8 -275.91 119.84 - 17 4017.7 28923.0 -380.03 127.33 - 18 4027.2 28956.1 -484.28 134.83 - 19 4032.3 28973.8 -588.58 142.33 - 20 4035.7 28985.6 -692.93 149.83 - 21 4037.8 28992.9 -797.30 157.34 - 22 4032.8 28976.0 -901.62 164.84 - 23 3985.3 28813.0 -1005.34 172.30 - 24 3997.6 28852.7 -1109.21 179.77 - 25 4021.8 28937.3 -1213.39 187.26 - 26 4029.2 28963.0 -1317.66 194.76 - 27 4033.5 28978.2 -1421.98 202.26 - 28 4036.6 28988.7 -1526.34 209.77 - 29 4037.6 28992.5 -1630.71 217.27 - 30 4026.7 28955.1 -1734.95 224.77 + 1 4054.7 29270.6 1285.13 7.58 + 2 4079.2 29356.0 1179.45 15.18 + 3 4086.7 29382.0 1073.67 22.79 + 4 4091.2 29397.4 967.84 30.40 + 5 4094.2 29408.0 861.97 38.01 + 6 4095.3 29411.9 756.09 45.62 + 7 4082.5 29368.1 650.37 53.23 + 8 4029.9 29185.9 545.30 60.78 + 9 4068.9 29319.4 439.75 68.37 + 10 4082.5 29366.7 334.03 75.98 + 11 4088.7 29387.9 228.23 83.59 + 12 4092.7 29401.3 122.39 91.20 + 13 4095.5 29410.6 16.51 98.81 + 14 4094.7 29407.5 -89.36 106.43 + 15 4068.1 29316.1 -194.90 114.02 + 16 4035.4 29201.6 -300.02 121.58 + 17 4076.0 29341.6 -405.65 129.17 + 18 4085.6 29375.1 -511.40 136.78 + 19 4090.7 29392.9 -617.22 144.39 + 20 4094.1 29404.9 -723.07 152.00 + 21 4096.2 29412.2 -828.96 159.62 + 22 4091.2 29395.1 -934.78 167.23 + 23 4043.0 29229.8 -1040.01 174.79 + 24 4055.6 29270.6 -1145.38 182.37 + 25 4080.1 29356.0 -1251.06 189.97 + 26 4087.6 29382.0 -1356.84 197.58 + 27 4092.0 29397.4 -1462.67 205.19 + 28 4095.0 29408.0 -1568.54 212.80 + 29 4096.1 29411.9 -1674.42 220.42 + 30 4085.0 29373.9 -1780.17 228.02 *************************** * SAM CASH FLOW PROFILE * @@ -230,70 +230,70 @@ Simulation Metadata Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 1.40 2.70 13.90 43.10 38.90 -Overnight capital expenditure [construction] ($) -34,119,619 -65,802,123 -338,759,075 -1,050,396,845 -948,037,988 +Overnight capital expenditure [construction] ($) -34,120,326 -65,803,486 -338,766,095 -1,050,418,611 -948,057,633 plus: -Inflation cost [construction] ($) -921,230 -3,601,284 -28,187,019 -118,120,553 -135,085,460 +Inflation cost [construction] ($) -921,249 -3,601,359 -28,187,603 -118,123,001 -135,088,260 plus: Royalty supplemental payments [construction] ($) 0 0 0 0 0 equals: -Nominal capital expenditure [construction] ($) -35,040,849 -69,403,407 -366,946,094 -1,168,517,398 -1,083,123,448 +Nominal capital expenditure [construction] ($) -35,041,575 -69,404,845 -366,953,698 -1,168,541,612 -1,083,145,892 -Issuance of equity [construction] ($) 35,040,849 69,403,407 110,083,828 350,555,219 324,937,034 -Issuance of debt [construction] ($) 0 0 256,862,266 817,962,179 758,186,414 -Debt balance [construction] ($) 0 0 256,862,266 1,101,794,983 1,975,669,870 -Debt interest payment [construction] ($) 0 0 0 26,970,538 115,688,473 +Issuance of equity [construction] ($) 35,041,575 69,404,845 110,086,109 350,562,484 324,943,768 +Issuance of debt [construction] ($) 0 0 256,867,589 817,979,128 758,202,125 +Debt balance [construction] ($) 0 0 256,867,589 1,101,817,814 1,975,710,809 +Debt interest payment [construction] ($) 0 0 0 26,971,097 115,690,870 -Installed cost [construction] ($) -35,040,849 -69,403,407 -366,946,094 -1,195,487,936 -1,198,811,921 -After-tax net cash flow [construction] ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 +Installed cost [construction] ($) -35,041,575 -69,404,845 -366,953,698 -1,195,512,709 -1,198,836,763 +After-tax net cash flow [construction] ($) -35,041,575 -69,404,845 -110,086,109 -350,562,484 -324,943,768 ENERGY -Electricity to grid (kWh) 0.0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 +Electricity to grid (kWh) 0.0 4,054,938,133 4,079,520,433 4,087,016,128 4,091,449,550 4,094,510,825 4,095,611,909 4,082,802,769 4,030,125,101 4,069,160,329 4,082,788,809 4,088,989,704 4,093,001,481 4,095,795,048 4,094,956,942 4,068,327,774 4,035,658,758 4,076,236,989 4,085,860,173 4,090,985,698 4,094,414,529 4,096,513,633 4,091,473,483 4,043,293,305 4,055,908,855 4,080,382,373 4,087,844,336 4,092,257,517 4,095,304,421 4,096,394,187 4,085,274,831 Electricity from grid (kWh) 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 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 0.0 -Electricity to grid net (kWh) 0.0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 +Electricity to grid net (kWh) 0.0 4,054,938,133 4,079,520,433 4,087,016,128 4,091,449,550 4,094,510,825 4,095,611,909 4,082,802,769 4,030,125,101 4,069,160,329 4,082,788,809 4,088,989,704 4,093,001,481 4,095,795,048 4,094,956,942 4,068,327,774 4,035,658,758 4,076,236,989 4,085,860,173 4,090,985,698 4,094,414,529 4,096,513,633 4,091,473,483 4,043,293,305 4,055,908,855 4,080,382,373 4,087,844,336 4,092,257,517 4,095,304,421 4,096,394,187 4,085,274,831 REVENUE PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 446,830,388 +PPA revenue ($) 0 385,219,123 387,554,441 390,596,131 393,351,960 395,980,142 398,421,126 399,502,251 396,644,912 402,806,181 406,482,454 409,430,539 412,165,249 414,781,164 417,030,415 416,637,447 415,592,139 422,094,340 425,419,761 428,285,293 430,978,073 433,534,038 435,332,779 432,511,085 436,172,438 441,130,138 444,266,922 447,079,134 449,746,331 452,200,954 453,302,095 Curtailment payment revenue ($) 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 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 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 1,432,845,104 -Total revenue ($) 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 1,879,675,491 +Salvage value ($) 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 1,432,874,795 +Total revenue ($) 0 385,219,123 387,554,441 390,596,131 393,351,960 395,980,142 398,421,126 399,502,251 396,644,912 402,806,181 406,482,454 409,430,539 412,165,249 414,781,164 417,030,415 416,637,447 415,592,139 422,094,340 425,419,761 428,285,293 430,978,073 433,534,038 435,332,779 432,511,085 436,172,438 441,130,138 444,266,922 447,079,134 449,746,331 452,200,954 1,886,176,890 -Property tax net assessed value ($) 0 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 +Property tax net assessed value ($) 0 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 2,865,749,589 OPERATING EXPENSES -O&M fixed expense ($) 0 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 +O&M fixed expense ($) 0 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 122,972,589 Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 6,644,852 6,685,280 6,737,787 6,785,347 6,830,698 6,872,816 6,891,475 6,842,040 6,948,312 7,011,804 14,125,381 14,219,769 14,310,046 14,387,668 14,374,127 14,337,611 14,562,138 14,676,973 14,775,889 14,868,827 14,957,034 15,019,111 14,921,732 15,047,552 15,218,917 15,327,222 15,424,293 15,516,345 15,601,055 15,639,064 +O&M production-based expense ($) 0 6,741,335 6,782,203 6,835,432 6,883,659 6,929,652 6,972,370 6,991,289 6,941,286 7,049,108 7,113,443 14,330,069 14,425,784 14,517,341 14,596,065 14,582,311 14,545,725 14,773,302 14,889,692 14,989,985 15,084,233 15,173,691 15,236,647 15,137,888 15,266,035 15,439,555 15,549,342 15,647,770 15,741,122 15,827,033 15,865,573 O&M capacity-based expense ($) 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 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 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 0 -Property tax expense ($) 0 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 +Property tax expense ($) 0 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 6,304,649 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 135,875,734 135,916,162 135,968,669 136,016,229 136,061,580 136,103,698 136,122,356 136,072,922 136,179,194 136,242,686 143,356,263 143,450,650 143,540,928 143,618,550 143,605,009 143,568,492 143,793,019 143,907,855 144,006,771 144,099,708 144,187,916 144,249,993 144,152,614 144,278,434 144,449,799 144,558,104 144,655,175 144,747,227 144,831,937 144,869,945 +Total operating expenses ($) 0 136,018,573 136,059,441 136,112,670 136,160,897 136,206,891 136,249,608 136,268,527 136,218,524 136,326,346 136,390,681 143,607,307 143,703,022 143,794,579 143,873,303 143,859,549 143,822,963 144,050,540 144,166,930 144,267,223 144,361,471 144,450,929 144,513,885 144,415,126 144,543,273 144,716,793 144,826,580 144,925,008 145,018,360 145,104,271 145,142,811 -EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +EBITDA ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 OPERATING ACTIVITIES -EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +EBITDA ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 Interest earned on reserves ($) 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 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 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 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 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 0 -Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 -Cash flow from operating activities ($) 0 105,533,199 109,267,024 113,781,474 118,127,823 122,467,509 126,751,244 129,852,200 129,273,979 137,591,369 143,671,513 142,157,363 147,639,802 153,210,536 158,648,027 161,802,871 164,571,197 174,801,134 182,289,482 189,641,454 197,152,312 204,879,158 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 +Debt interest payment ($) 0 138,299,757 136,835,660 135,269,076 133,592,831 131,799,249 129,880,117 127,826,645 125,629,430 123,278,410 120,762,819 118,071,136 115,191,036 112,109,328 108,811,901 105,283,654 101,508,430 97,468,940 93,146,686 88,521,874 83,573,325 78,278,378 72,612,785 66,550,600 60,064,061 53,123,466 45,697,028 37,750,740 29,248,212 20,150,507 10,415,963 +Cash flow from operating activities ($) 0 110,900,793 114,659,341 119,214,385 123,598,231 127,974,002 132,291,402 135,407,079 134,796,958 143,201,425 149,328,954 147,752,096 153,271,192 158,877,257 164,345,211 167,494,244 170,260,746 180,574,860 188,106,145 195,496,195 203,043,277 210,804,730 218,206,109 221,545,359 231,565,103 243,289,880 253,743,314 264,403,386 275,479,760 286,946,176 1,730,618,116 INVESTING ACTIVITIES -Total installed cost ($) -2,865,690,207 +Total installed cost ($) -2,865,749,589 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,865,690,207 +Purchase of property ($) -2,865,749,589 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 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 0 @@ -305,89 +305,89 @@ Reserve capital spending major equipment 1 ($) Reserve capital spending major equipment 2 ($) 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 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,865,690,207 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 +Cash flow from investing activities ($) -2,865,749,589 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 890,020,338 -Size of debt ($) 1,975,669,870 +Issuance of equity ($) 890,038,781 +Size of debt ($) 1,975,710,809 minus: -Debt principal payment ($) 0 20,915,238 22,379,305 23,945,856 25,622,066 27,415,611 29,334,704 31,388,133 33,585,302 35,936,274 38,451,813 41,143,440 44,023,480 47,105,124 50,402,483 53,930,657 57,705,803 61,745,209 66,067,373 70,692,089 75,640,536 80,935,373 86,600,849 92,662,909 99,149,312 106,089,764 113,516,048 121,462,171 129,964,523 139,062,040 148,796,383 +Debt principal payment ($) 0 20,915,672 22,379,769 23,946,353 25,622,597 27,416,179 29,335,312 31,388,784 33,585,998 35,937,018 38,452,610 41,144,292 44,024,393 47,106,100 50,403,527 53,931,774 57,706,998 61,746,488 66,068,742 70,693,554 75,642,103 80,937,050 86,602,644 92,664,829 99,151,367 106,091,963 113,518,400 121,464,688 129,967,216 139,064,921 148,799,466 equals: -Cash flow from financing activities ($) 2,865,690,207 -20,915,238 -22,379,305 -23,945,856 -25,622,066 -27,415,611 -29,334,704 -31,388,133 -33,585,302 -35,936,274 -38,451,813 -41,143,440 -44,023,480 -47,105,124 -50,402,483 -53,930,657 -57,705,803 -61,745,209 -66,067,373 -70,692,089 -75,640,536 -80,935,373 -86,600,849 -92,662,909 -99,149,312 -106,089,764 -113,516,048 -121,462,171 -129,964,523 -139,062,040 -148,796,383 +Cash flow from financing activities ($) 2,865,749,589 -20,915,672 -22,379,769 -23,946,353 -25,622,597 -27,416,179 -29,335,312 -31,388,784 -33,585,998 -35,937,018 -38,452,610 -41,144,292 -44,024,393 -47,106,100 -50,403,527 -53,931,774 -57,706,998 -61,746,488 -66,068,742 -70,693,554 -75,642,103 -80,937,050 -86,602,644 -92,664,829 -99,151,367 -106,091,963 -113,518,400 -121,464,688 -129,967,216 -139,064,921 -148,799,466 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 105,533,199 109,267,024 113,781,474 118,127,823 122,467,509 126,751,244 129,852,200 129,273,979 137,591,369 143,671,513 142,157,363 147,639,802 153,210,536 158,648,027 161,802,871 164,571,197 174,801,134 182,289,482 189,641,454 197,152,312 204,879,158 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 -Cash flow from investing activities ($) -2,865,690,207 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,865,690,207 -20,915,238 -22,379,305 -23,945,856 -25,622,066 -27,415,611 -29,334,704 -31,388,133 -33,585,302 -35,936,274 -38,451,813 -41,143,440 -44,023,480 -47,105,124 -50,402,483 -53,930,657 -57,705,803 -61,745,209 -66,067,373 -70,692,089 -75,640,536 -80,935,373 -86,600,849 -92,662,909 -99,149,312 -106,089,764 -113,516,048 -121,462,171 -129,964,523 -139,062,040 -148,796,383 -Total pre-tax cash flow ($) 0 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 +Cash flow from operating activities ($) 0 110,900,793 114,659,341 119,214,385 123,598,231 127,974,002 132,291,402 135,407,079 134,796,958 143,201,425 149,328,954 147,752,096 153,271,192 158,877,257 164,345,211 167,494,244 170,260,746 180,574,860 188,106,145 195,496,195 203,043,277 210,804,730 218,206,109 221,545,359 231,565,103 243,289,880 253,743,314 264,403,386 275,479,760 286,946,176 1,730,618,116 +Cash flow from investing activities ($) -2,865,749,589 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,865,749,589 -20,915,672 -22,379,769 -23,946,353 -25,622,597 -27,416,179 -29,335,312 -31,388,784 -33,585,998 -35,937,018 -38,452,610 -41,144,292 -44,024,393 -47,106,100 -50,403,527 -53,931,774 -57,706,998 -61,746,488 -66,068,742 -70,693,554 -75,642,103 -80,937,050 -86,602,644 -92,664,829 -99,151,367 -106,091,963 -113,518,400 -121,464,688 -129,967,216 -139,064,921 -148,799,466 +Total pre-tax cash flow ($) 0 89,985,121 92,279,572 95,268,032 97,975,634 100,557,823 102,956,090 104,018,295 101,210,960 107,264,406 110,876,344 106,607,804 109,246,799 111,771,157 113,941,684 113,562,470 112,553,748 118,828,372 122,037,403 124,802,641 127,401,174 129,867,680 131,603,465 128,880,530 132,413,736 137,197,917 140,224,914 142,938,698 145,512,543 147,881,254 1,581,818,650 Pre-tax Returns: -Issuance of equity ($) 890,020,338 -Total pre-tax cash flow ($) 0 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 -Total pre-tax returns ($) -890,020,338 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 +Issuance of equity ($) 890,038,781 +Total pre-tax cash flow ($) 0 89,985,121 92,279,572 95,268,032 97,975,634 100,557,823 102,956,090 104,018,295 101,210,960 107,264,406 110,876,344 106,607,804 109,246,799 111,771,157 113,941,684 113,562,470 112,553,748 118,828,372 122,037,403 124,802,641 127,401,174 129,867,680 131,603,465 128,880,530 132,413,736 137,197,917 140,224,914 142,938,698 145,512,543 147,881,254 1,581,818,650 +Total pre-tax returns ($) -890,038,781 89,985,121 92,279,572 95,268,032 97,975,634 100,557,823 102,956,090 104,018,295 101,210,960 107,264,406 110,876,344 106,607,804 109,246,799 111,771,157 113,941,684 113,562,470 112,553,748 118,828,372 122,037,403 124,802,641 127,401,174 129,867,680 131,603,465 128,880,530 132,413,736 137,197,917 140,224,914 142,938,698 145,512,543 147,881,254 1,581,818,650 After-tax Returns: -Total pre-tax returns ($) -890,020,338 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 -Federal ITC total income ($) 0 859,707,062 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -890,038,781 89,985,121 92,279,572 95,268,032 97,975,634 100,557,823 102,956,090 104,018,295 101,210,960 107,264,406 110,876,344 106,607,804 109,246,799 111,771,157 113,941,684 113,562,470 112,553,748 118,828,372 122,037,403 124,802,641 127,401,174 129,867,680 131,603,465 128,880,530 132,413,736 137,197,917 140,224,914 142,938,698 145,512,543 147,881,254 1,581,818,650 +Federal ITC total income ($) 0 859,724,877 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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 0 -Federal tax benefit (liability) ($) 0 -8,947,320 2,510,536 1,605,637 734,433 -135,436 -994,089 -1,615,660 -1,499,759 -3,166,938 -4,385,672 -4,082,168 -5,181,096 -6,297,722 -7,387,640 -8,020,012 -8,574,909 -10,625,449 -12,126,451 -13,600,117 -15,105,631 -28,860,721 -42,545,693 -43,222,630 -45,218,151 -47,556,387 -49,643,502 -51,772,728 -53,985,713 -56,277,420 -345,645,313 +Federal tax benefit (liability) ($) 0 -10,022,975 1,430,178 517,143 -361,577 -1,238,679 -2,104,080 -2,728,602 -2,606,306 -4,290,940 -5,519,172 -5,203,099 -6,309,374 -7,433,082 -8,529,106 -9,160,314 -9,714,845 -11,782,258 -13,291,866 -14,773,165 -16,285,940 -30,048,219 -43,738,323 -44,407,660 -46,416,067 -48,766,240 -50,861,579 -52,998,337 -55,218,540 -57,516,926 -346,893,748 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 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 0 -State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 -Total after-tax returns ($) -890,020,338 933,346,707 89,968,133 91,805,725 93,406,902 94,885,719 96,196,798 96,481,660 93,848,480 97,769,279 99,838,503 96,005,123 97,259,143 98,378,139 99,180,948 98,031,700 96,344,024 100,018,553 101,343,014 102,262,090 102,977,244 88,531,827 73,451,997 69,936,507 70,957,065 72,812,835 73,238,080 73,301,901 73,124,588 72,648,253 1,151,488,368 +State tax benefit (liability) ($) 0 -2,275,164 324,643 117,389 -82,076 -281,174 -477,616 -619,379 -591,618 -974,022 -1,252,824 -1,181,077 -1,432,196 -1,687,272 -1,936,064 -2,079,345 -2,205,221 -2,674,513 -3,017,186 -3,353,434 -3,696,826 -6,820,794 -9,928,378 -10,080,314 -10,536,212 -11,069,690 -11,545,321 -12,030,354 -12,534,329 -13,056,051 -78,743,124 +Total after-tax returns ($) -890,038,781 937,411,859 94,034,394 95,902,564 97,531,980 99,037,970 100,374,395 100,670,314 98,013,035 101,999,445 104,104,348 100,223,628 101,505,229 102,650,803 103,476,514 102,322,811 100,633,682 104,371,601 105,728,350 106,676,042 107,418,409 92,998,667 77,936,763 74,392,557 75,461,457 77,361,987 77,818,014 77,910,007 77,759,674 77,308,277 1,156,181,778 -After-tax net cash flow ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 933,346,707 89,968,133 91,805,725 93,406,902 94,885,719 96,196,798 96,481,660 93,848,480 97,769,279 99,838,503 96,005,123 97,259,143 98,378,139 99,180,948 98,031,700 96,344,024 100,018,553 101,343,014 102,262,090 102,977,244 88,531,827 73,451,997 69,936,507 70,957,065 72,812,835 73,238,080 73,301,901 73,124,588 72,648,253 1,151,488,368 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.35 6.69 10.21 12.93 15.00 16.57 17.75 18.63 19.32 19.87 20.28 20.60 20.86 21.06 21.23 21.35 21.46 21.54 21.61 21.67 21.71 21.74 21.76 21.78 21.79 21.80 21.81 21.82 21.83 21.91 -After-tax cumulative NPV ($) -35,040,849 -95,379,045 -178,583,502 -408,934,999 -594,563,795 -131,009,437 -92,162,399 -57,699,603 -27,215,654 -293,819 23,434,991 44,125,522 61,622,605 77,469,798 91,538,678 103,300,306 113,659,238 122,768,740 130,753,022 137,613,995 143,476,125 148,766,942 153,427,604 157,516,254 161,095,718 163,771,113 165,700,873 167,298,279 168,707,304 169,964,325 171,063,541 172,020,014 172,849,545 173,566,027 183,439,086 +After-tax net cash flow ($) -35,041,575 -69,404,845 -110,086,109 -350,562,484 -324,943,768 937,411,859 94,034,394 95,902,564 97,531,980 99,037,970 100,374,395 100,670,314 98,013,035 101,999,445 104,104,348 100,223,628 101,505,229 102,650,803 103,476,514 102,322,811 100,633,682 104,371,601 105,728,350 106,676,042 107,418,409 92,998,667 77,936,763 74,392,557 75,461,457 77,361,987 77,818,014 77,910,007 77,759,674 77,308,277 1,156,181,778 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.57 7.06 10.68 13.46 15.55 17.13 18.32 19.19 19.88 20.42 20.82 21.14 21.39 21.60 21.75 21.88 21.98 22.06 22.13 22.18 22.22 22.25 22.27 22.28 22.30 22.31 22.32 22.33 22.33 22.40 +After-tax cumulative NPV ($) -35,041,575 -95,381,022 -178,587,203 -408,943,473 -594,576,116 -129,002,766 -88,399,971 -52,399,271 -20,569,075 7,530,874 32,290,170 53,878,959 72,152,480 88,685,331 103,355,339 115,633,777 126,444,954 135,950,092 144,280,176 151,441,471 157,564,609 163,085,696 167,948,034 172,213,163 175,947,002 178,757,382 180,804,968 182,504,154 184,002,625 185,338,181 186,506,136 187,522,737 188,404,849 189,167,290 199,080,591 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 553,640,883 -292,047,877 -293,210,690 -294,327,213 -295,439,888 -296,535,570 -297,316,893 -297,125,247 -299,277,140 -300,836,013 -307,577,192 -309,019,958 -310,480,330 -311,895,275 -312,657,653 -313,301,992 -316,042,521 -317,999,078 -319,906,175 -321,846,371 -338,812,003 -355,665,473 -356,398,691 -358,973,006 -362,013,375 -364,682,560 -367,392,179 -370,199,553 -373,096,175 704,657,980 -PPA revenue ($) 0 0 0 0 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 446,830,388 -Electricity to grid (kWh) 0 0 0 0 0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 +Annual costs ($) -35,041,575 -69,404,845 -110,086,109 -350,562,484 -324,943,768 552,192,737 -293,520,048 -294,693,568 -295,819,980 -296,942,172 -298,046,732 -298,831,937 -298,631,877 -300,806,736 -302,378,106 -309,206,911 -310,660,020 -312,130,361 -313,553,901 -314,314,636 -314,958,457 -317,722,739 -319,691,411 -321,609,250 -323,559,665 -340,535,371 -357,396,015 -358,118,528 -360,710,981 -363,768,151 -366,448,908 -369,169,127 -371,986,658 -374,892,677 702,879,682 +PPA revenue ($) 0 0 0 0 0 385,219,123 387,554,441 390,596,131 393,351,960 395,980,142 398,421,126 399,502,251 396,644,912 402,806,181 406,482,454 409,430,539 412,165,249 414,781,164 417,030,415 416,637,447 415,592,139 422,094,340 425,419,761 428,285,293 430,978,073 433,534,038 435,332,779 432,511,085 436,172,438 441,130,138 444,266,922 447,079,134 449,746,331 452,200,954 453,302,095 +Electricity to grid (kWh) 0 0 0 0 0 4,054,938,133 4,079,520,433 4,087,016,128 4,091,449,550 4,094,510,825 4,095,611,909 4,082,802,769 4,030,125,101 4,069,160,329 4,082,788,809 4,088,989,704 4,093,001,481 4,095,795,048 4,094,956,942 4,068,327,774 4,035,658,758 4,076,236,989 4,085,860,173 4,090,985,698 4,094,414,529 4,096,513,633 4,091,473,483 4,043,293,305 4,055,908,855 4,080,382,373 4,087,844,336 4,092,257,517 4,095,304,421 4,096,394,187 4,085,274,831 -Present value of annual costs ($) 1,292,771,969 +Present value of annual costs ($) 1,298,529,377 -Present value of annual energy costs ($) 1,292,771,969 -Present value of annual energy nominal (kWh) 15,057,196,989 -LCOE Levelized cost of energy nominal (cents/kWh) 8.59 +Present value of annual energy costs ($) 1,298,529,377 +Present value of annual energy nominal (kWh) 15,275,465,377 +LCOE Levelized cost of energy nominal (cents/kWh) 8.50 -Present value of PPA revenue ($) 1,476,211,055 -Present value of annual energy nominal (kWh) 15,057,196,989 +Present value of PPA revenue ($) 1,497,609,968 +Present value of annual energy nominal (kWh) 15,275,465,377 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +EBITDA ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 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 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 -Total state tax depreciation ($) 0 60,895,917 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 60,895,917 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 138,299,757 136,835,660 135,269,076 133,592,831 131,799,249 129,880,117 127,826,645 125,629,430 123,278,410 120,762,819 118,071,136 115,191,036 112,109,328 108,811,901 105,283,654 101,508,430 97,468,940 93,146,686 88,521,874 83,573,325 78,278,378 72,612,785 66,550,600 60,064,061 53,123,466 45,697,028 37,750,740 29,248,212 20,150,507 10,415,963 +Total state tax depreciation ($) 0 60,897,179 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 60,897,179 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 44,637,282 -12,524,810 -8,010,360 -3,664,011 675,675 4,959,410 8,060,366 7,482,145 15,799,535 21,879,680 20,365,529 25,847,968 31,418,702 36,856,193 40,011,037 42,779,363 53,009,300 60,497,648 67,849,620 75,360,479 143,983,241 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 +State taxable income ($) 0 50,003,614 -7,135,017 -2,579,972 1,803,874 6,179,644 10,497,044 13,612,721 13,002,601 21,407,067 27,534,596 25,957,738 31,476,834 37,082,900 42,550,854 45,699,887 48,466,388 58,780,502 66,311,788 73,701,838 81,248,920 149,907,552 218,206,109 221,545,359 231,565,103 243,289,880 253,743,314 264,403,386 275,479,760 286,946,176 1,730,618,116 State income tax rate (frac) 0.0 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 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 +State tax benefit (liability) ($) 0 -2,275,164 324,643 117,389 -82,076 -281,174 -477,616 -619,379 -591,618 -974,022 -1,252,824 -1,181,077 -1,432,196 -1,687,272 -1,936,064 -2,079,345 -2,205,221 -2,674,513 -3,017,186 -3,353,434 -3,696,826 -6,820,794 -9,928,378 -10,080,314 -10,536,212 -11,069,690 -11,545,321 -12,030,354 -12,534,329 -13,056,051 -78,743,124 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +EBITDA ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 +State tax benefit (liability) ($) 0 -2,275,164 324,643 117,389 -82,076 -281,174 -477,616 -619,379 -591,618 -974,022 -1,252,824 -1,181,077 -1,432,196 -1,687,272 -1,936,064 -2,079,345 -2,205,221 -2,674,513 -3,017,186 -3,353,434 -3,696,826 -6,820,794 -9,928,378 -10,080,314 -10,536,212 -11,069,690 -11,545,321 -12,030,354 -12,534,329 -13,056,051 -78,743,124 State ITC total income ($) 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 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 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 0 minus: -Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 -Total federal tax depreciation ($) 0 60,895,917 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 60,895,917 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 138,299,757 136,835,660 135,269,076 133,592,831 131,799,249 129,880,117 127,826,645 125,629,430 123,278,410 120,762,819 118,071,136 115,191,036 112,109,328 108,811,901 105,283,654 101,508,430 97,468,940 93,146,686 88,521,874 83,573,325 78,278,378 72,612,785 66,550,600 60,064,061 53,123,466 45,697,028 37,750,740 29,248,212 20,150,507 10,415,963 +Total federal tax depreciation ($) 0 60,897,179 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 121,794,358 60,897,179 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 42,606,286 -11,954,931 -7,645,888 -3,497,298 644,932 4,733,757 7,693,620 7,141,707 15,080,656 20,884,154 19,438,897 24,671,885 29,989,151 35,179,236 38,190,535 40,832,902 50,597,377 57,745,005 64,762,463 71,931,577 137,432,004 202,598,540 205,822,045 215,324,528 226,458,987 236,397,631 246,536,800 257,074,824 267,987,712 1,645,930,063 +Federal taxable income ($) 0 47,728,450 -6,810,374 -2,462,584 1,721,798 5,898,471 10,019,429 12,993,342 12,410,982 20,433,045 26,281,772 24,776,661 30,044,638 35,395,628 40,614,790 43,620,542 46,261,168 56,105,990 63,294,601 70,348,404 77,552,094 143,086,758 208,277,731 211,465,045 221,028,891 232,220,190 242,197,993 252,373,032 262,945,430 273,890,125 1,651,874,992 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -8,947,320 2,510,536 1,605,637 734,433 -135,436 -994,089 -1,615,660 -1,499,759 -3,166,938 -4,385,672 -4,082,168 -5,181,096 -6,297,722 -7,387,640 -8,020,012 -8,574,909 -10,625,449 -12,126,451 -13,600,117 -15,105,631 -28,860,721 -42,545,693 -43,222,630 -45,218,151 -47,556,387 -49,643,502 -51,772,728 -53,985,713 -56,277,420 -345,645,313 +Federal tax benefit (liability) ($) 0 -10,022,975 1,430,178 517,143 -361,577 -1,238,679 -2,104,080 -2,728,602 -2,606,306 -4,290,940 -5,519,172 -5,203,099 -6,309,374 -7,433,082 -8,529,106 -9,160,314 -9,714,845 -11,782,258 -13,291,866 -14,773,165 -16,285,940 -30,048,219 -43,738,323 -44,407,660 -46,416,067 -48,766,240 -50,861,579 -52,998,337 -55,218,540 -57,516,926 -346,893,748 CASH INCENTIVES Federal IBI income ($) 0 @@ -413,30 +413,30 @@ Federal PTC income ($) State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 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 0 -Federal ITC percent income ($) 0 859,707,062 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 859,707,062 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 +Federal ITC percent income ($) 0 859,724,877 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 859,724,877 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 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 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 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,975,669,870 1,954,754,631 1,932,375,326 1,908,429,469 1,882,807,403 1,855,391,792 1,826,057,088 1,794,668,955 1,761,083,652 1,725,147,379 1,686,695,566 1,645,552,126 1,601,528,646 1,554,423,522 1,504,021,039 1,450,090,382 1,392,384,580 1,330,639,371 1,264,571,998 1,193,879,908 1,118,239,373 1,037,303,999 950,703,150 858,040,241 758,890,929 652,801,164 539,285,117 417,822,945 287,858,422 148,796,383 0 -Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 -Debt principal payment ($) 0 20,915,238 22,379,305 23,945,856 25,622,066 27,415,611 29,334,704 31,388,133 33,585,302 35,936,274 38,451,813 41,143,440 44,023,480 47,105,124 50,402,483 53,930,657 57,705,803 61,745,209 66,067,373 70,692,089 75,640,536 80,935,373 86,600,849 92,662,909 99,149,312 106,089,764 113,516,048 121,462,171 129,964,523 139,062,040 148,796,383 -Debt total payment ($) 0 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 +Debt balance ($) 1,975,710,809 1,954,795,137 1,932,415,368 1,908,469,015 1,882,846,418 1,855,430,239 1,826,094,927 1,794,706,143 1,761,120,145 1,725,183,127 1,686,730,517 1,645,586,225 1,601,561,832 1,554,455,732 1,504,052,205 1,450,120,431 1,392,413,432 1,330,666,944 1,264,598,202 1,193,904,647 1,118,262,544 1,037,325,494 950,722,850 858,058,021 758,906,654 652,814,691 539,296,291 417,831,603 287,864,387 148,799,466 0 +Debt interest payment ($) 0 138,299,757 136,835,660 135,269,076 133,592,831 131,799,249 129,880,117 127,826,645 125,629,430 123,278,410 120,762,819 118,071,136 115,191,036 112,109,328 108,811,901 105,283,654 101,508,430 97,468,940 93,146,686 88,521,874 83,573,325 78,278,378 72,612,785 66,550,600 60,064,061 53,123,466 45,697,028 37,750,740 29,248,212 20,150,507 10,415,963 +Debt principal payment ($) 0 20,915,672 22,379,769 23,946,353 25,622,597 27,416,179 29,335,312 31,388,784 33,585,998 35,937,018 38,452,610 41,144,292 44,024,393 47,106,100 50,403,527 53,931,774 57,706,998 61,746,488 66,068,742 70,693,554 75,642,103 80,937,050 86,602,644 92,664,829 99,151,367 106,091,963 113,518,400 121,464,688 129,967,216 139,064,921 148,799,466 +Debt total payment ($) 0 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 DSCR (DEBT FRACTION) -EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +EBITDA ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 minus: Reserves major equipment 1 funding ($) 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 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 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 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 -Debt total payment ($) 0 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 -DSCR (pre-tax) 0.0 1.53 1.55 1.56 1.58 1.60 1.61 1.62 1.60 1.64 1.66 1.63 1.65 1.67 1.68 1.68 1.67 1.71 1.73 1.75 1.76 1.78 1.79 1.77 1.79 1.82 1.84 1.86 1.88 1.89 10.90 +Cash available for debt service (CAFDS) ($) 0 249,200,550 251,495,000 254,483,461 257,191,062 259,773,251 262,171,519 263,233,723 260,426,388 266,479,835 270,091,773 265,823,232 268,462,227 270,986,586 273,157,112 272,777,899 271,769,176 278,043,800 281,252,831 284,018,069 286,616,603 289,083,108 290,818,893 288,095,959 291,629,165 296,413,345 299,440,342 302,154,126 304,727,972 307,096,683 1,741,034,078 +Debt total payment ($) 0 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 159,215,428 +DSCR (pre-tax) 0.0 1.57 1.58 1.60 1.62 1.63 1.65 1.65 1.64 1.67 1.70 1.67 1.69 1.70 1.72 1.71 1.71 1.75 1.77 1.78 1.80 1.82 1.83 1.81 1.83 1.86 1.88 1.90 1.91 1.93 10.94 RESERVES Reserves working capital funding ($) 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 0 @@ -471,6 +471,6 @@ Interest earned on reserves ($) ***EXTENDED ECONOMICS*** - Royalty Holder NPV: 136.02 MUSD - Royalty Holder Average Annual Revenue: 10.44 MUSD/yr - Royalty Holder Total Revenue: 365.56 MUSD + Royalty Holder NPV: 137.99 MUSD + Royalty Holder Average Annual Revenue: 10.60 MUSD/yr + Royalty Holder Total Revenue: 370.86 MUSD diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index f9094c57a..c76b92612 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -87,7 +87,7 @@ Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement cost Ambient Temperature, 11.17, -- Average annual temperature of Milford, Utah ([NCEI](https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654)). Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. -Utilization Factor, .9 +Utilization Factor, .913, -- (DeGolyer and MacNaughton, 2024) Plant Outlet Pressure, 2000 psi, -- McClure, 2024; Singh et al., 2025. Circulation Pump Efficiency, 0.80 @@ -102,7 +102,7 @@ Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for t Production Flow Rate per Well, 107, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec that gradually decrease over time (Singh et al., 2025). The case study flow rate is chosen both as a conservative target for long-term sustainability and to achieve a more economically favorable drawdown and redrilling schedule. # The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). -Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). +Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of "increasing casing diameter" (Fervo Energy, 2025). Injection Well Diameter, 8.535, -- See Production Well Diameter Production Wellhead Pressure, 303 psi, -- Modeled at a constant 300 psi in Singh et al., 2025. We use a marginally uprated value to conform to GEOPHIRES's calculated minimum wellhead pressure and nominally align with the gradual increase in WHP for constant flow rates modeled by Singh et al. @@ -111,7 +111,7 @@ Injectivity Index, 1.38, -- Based on ATB Conservative Scenario (NREL, 2025) dera Productivity Index, 1.13, -- See Injectivity Index Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells -Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as Fervo's considered operational target of 80°C (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. +Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as the 85°C ORC outlet temperature specified in Cape Station's plant design (DeGolyer and MacNaughton, 2024) (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. Injection Wellbore Temperature Gain, 3, -- Empirical estimate for high-flow rate wells where rapid fluid velocity minimizes heat uptake during descent (Ramey, 1962). Maximum Drawdown, 0.0025, -- This value represents the fractional drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is calibrated to maintain the PPA minimum net electricity generation requirement. It is a very small percentage because it is relative to the initial production temperature; the temperature quickly rises higher due to thermal conditioning and plateaus until breakthrough, so any drawdown relative to the initial value signals that the temperature has already declined from its stabilized peak. diff --git a/tests/examples/Fervo_Project_Cape-6.out b/tests/examples/Fervo_Project_Cape-6.out index 96857e663..ff496fe78 100644 --- a/tests/examples/Fervo_Project_Cape-6.out +++ b/tests/examples/Fervo_Project_Cape-6.out @@ -4,17 +4,17 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.13.7 - Simulation Date: 2026-05-19 - Simulation Time: 09:33 - Calculation Time: 1.837 sec + GEOPHIRES Version: 3.13.8 + Simulation Date: 2026-05-20 + Simulation Time: 11:38 + Calculation Time: 1.842 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 103.22 MW - Electricity breakeven price: 8.93 cents/kWh - Total CAPEX: 577.72 MUSD + Average Net Electricity Production: 103.23 MW + Electricity breakeven price: 8.84 cents/kWh + Total CAPEX: 577.73 MUSD Total CAPEX ($/kW): 5573 USD/kW Number of production wells: 12 Number of injection wells: 8 @@ -33,14 +33,14 @@ Simulation Metadata Real Discount Rate: 12.00 % Nominal Discount Rate: 15.02 % WACC: 8.57 % - Investment Tax Credit: 173.31 MUSD + Investment Tax Credit: 173.32 MUSD Project lifetime: 30 yr - Capacity factor: 90.0 % - Project NPV: 35.27 MUSD - After-tax IRR: 20.12 % - Project VIR=PI=PIR: 1.21 - Project MOIC: 3.60 - Project Payback Period: 4.47 yr + Capacity factor: 91.3 % + Project NPV: 39.46 MUSD + After-tax IRR: 20.66 % + Project VIR=PI=PIR: 1.24 + Project MOIC: 3.74 + Project Payback Period: 4.40 yr Estimated Jobs Created: 255 ***ENGINEERING PARAMETERS*** @@ -99,8 +99,8 @@ Simulation Metadata Maximum Production Temperature: 203.1 degC Average Production Temperature: 202.8 degC Minimum Production Temperature: 201.4 degC - Initial Production Temperature: 201.6 degC - Average Reservoir Heat Extraction: 734.35 MW + Initial Production Temperature: 201.7 degC + Average Reservoir Heat Extraction: 734.37 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.3 degC Average Injection Well Pump Pressure Drop: -1925.9 kPa @@ -113,37 +113,37 @@ Simulation Metadata Drilling and completion costs: 92.98 MUSD Drilling and completion costs per well: 4.65 MUSD Stimulation costs: 96.60 MUSD - Surface power plant costs: 293.50 MUSD + Surface power plant costs: 293.51 MUSD Field gathering system costs: 9.87 MUSD - Total surface equipment costs: 303.37 MUSD - Overnight Capital Cost: 522.94 MUSD + Total surface equipment costs: 303.38 MUSD + Overnight Capital Cost: 522.95 MUSD Inflation costs during construction: 33.49 MUSD Interest during construction: 21.28 MUSD - Total CAPEX: 577.72 MUSD + Total CAPEX: 577.73 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 1.72 MUSD/yr Power plant maintenance costs: 6.48 MUSD/yr - Water costs: 0.63 MUSD/yr + Water costs: 0.64 MUSD/yr Redrilling costs: 18.96 MUSD/yr - Average Annual Royalty Cost: 2.47 MUSD/yr - Total operating and maintenance costs: 30.25 MUSD/yr + Average Annual Royalty Cost: 2.50 MUSD/yr + Total operating and maintenance costs: 30.30 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 119.93 MW - Average Total Electricity Generation: 119.50 MW + Maximum Total Electricity Generation: 119.94 MW + Average Total Electricity Generation: 119.51 MW Minimum Total Electricity Generation: 117.42 MW - Initial Total Electricity Generation: 117.79 MW - Maximum Net Electricity Generation: 103.66 MW - Average Net Electricity Generation: 103.22 MW - Minimum Net Electricity Generation: 101.07 MW - Initial Net Electricity Generation: 101.49 MW - Average Annual Total Electricity Generation: 942.18 GWh - Average Annual Net Electricity Generation: 813.81 GWh + Initial Total Electricity Generation: 117.80 MW + Maximum Net Electricity Generation: 103.67 MW + Average Net Electricity Generation: 103.23 MW + Minimum Net Electricity Generation: 101.08 MW + Initial Net Electricity Generation: 101.50 MW + Average Annual Total Electricity Generation: 955.83 GWh + Average Annual Net Electricity Generation: 825.61 GWh Initial pumping power/net installed power: 16.06 % Average Pumping Power: 16.28 MW Heat to Power Conversion Efficiency: 14.06 % @@ -154,36 +154,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 201.65 16.3023 101.4888 13.9336 - 2 1.0052 202.70 16.2952 103.0078 14.0403 - 3 1.0062 202.90 16.2938 103.2904 14.0600 - 4 1.0067 203.00 16.2932 103.4374 14.0702 - 5 1.0070 203.06 16.2927 103.5347 14.0770 - 6 1.0073 203.11 16.2924 103.6057 14.0819 - 7 1.0074 203.14 16.2925 103.6390 14.0842 - 8 1.0066 202.98 16.2976 103.4049 14.0677 - 9 1.0008 201.81 16.3303 101.6978 13.9464 - 10 1.0048 202.61 16.2906 102.8823 14.0318 - 11 1.0060 202.86 16.2888 103.2445 14.0571 - 12 1.0066 202.98 16.2858 103.4144 14.0691 - 13 1.0070 203.05 16.2819 103.5243 14.0770 - 14 1.0072 203.10 16.2778 103.6045 14.0828 - 15 1.0074 203.14 16.2746 103.6566 14.0866 - 16 1.0070 203.06 16.2753 103.5458 14.0789 - 17 1.0032 202.29 16.2961 102.4216 13.9994 - 18 1.0041 202.47 16.2699 102.7040 14.0208 - 19 1.0058 202.82 16.2696 103.2030 14.0555 - 20 1.0065 202.95 16.2695 103.3967 14.0690 - 21 1.0069 203.03 16.2695 103.5136 14.0771 - 22 1.0072 203.09 16.2695 103.5958 14.0828 - 23 1.0074 203.13 16.2696 103.6541 14.0868 - 24 1.0072 203.11 16.2714 103.6158 14.0840 - 25 1.0048 202.62 16.2857 102.9058 14.0338 - 26 1.0027 202.20 16.2696 102.3141 13.9936 - 27 1.0055 202.77 16.2697 103.1286 14.0504 - 28 1.0063 202.93 16.2697 103.3583 14.0663 - 29 1.0068 203.02 16.2697 103.4884 14.0753 - 30 1.0071 203.08 16.2697 103.5773 14.0815 + 1 1.0000 201.66 16.3023 101.5010 13.9344 + 2 1.0052 202.70 16.2951 103.0141 14.0407 + 3 1.0062 202.90 16.2938 103.2958 14.0604 + 4 1.0067 203.00 16.2931 103.4424 14.0706 + 5 1.0070 203.07 16.2927 103.5394 14.0773 + 6 1.0072 203.12 16.2924 103.6102 14.0822 + 7 1.0074 203.14 16.2925 103.6434 14.0845 + 8 1.0066 202.98 16.2976 103.4092 14.0680 + 9 1.0008 201.82 16.3303 101.7018 13.9467 + 10 1.0048 202.61 16.2906 102.8890 14.0323 + 11 1.0060 202.86 16.2888 103.2500 14.0575 + 12 1.0066 202.98 16.2858 103.4194 14.0695 + 13 1.0069 203.05 16.2819 103.5290 14.0773 + 14 1.0072 203.11 16.2778 103.6091 14.0831 + 15 1.0074 203.14 16.2746 103.6609 14.0869 + 16 1.0070 203.06 16.2754 103.5500 14.0792 + 17 1.0032 202.30 16.2961 102.4257 13.9996 + 18 1.0041 202.48 16.2700 102.7114 14.0213 + 19 1.0058 202.82 16.2697 103.2087 14.0559 + 20 1.0064 202.96 16.2696 103.4019 14.0693 + 21 1.0068 203.04 16.2695 103.5184 14.0774 + 22 1.0071 203.09 16.2695 103.6004 14.0831 + 23 1.0073 203.13 16.2697 103.6585 14.0871 + 24 1.0072 203.11 16.2714 103.6200 14.0843 + 25 1.0048 202.63 16.2857 102.9099 14.0341 + 26 1.0027 202.21 16.2696 102.3229 13.9942 + 27 1.0055 202.77 16.2697 103.1345 14.0508 + 28 1.0063 202.93 16.2697 103.3636 14.0667 + 29 1.0068 203.02 16.2697 103.4932 14.0756 + 30 1.0071 203.08 16.2697 103.5820 14.0818 ******************************************************************* @@ -192,202 +192,202 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 808.2 5770.5 275.00 7.02 - 2 813.4 5788.6 254.16 14.07 - 3 815.0 5794.1 233.30 21.12 - 4 815.9 5797.3 212.43 28.18 - 5 816.6 5799.6 191.55 35.24 - 6 817.0 5801.2 170.67 42.30 - 7 816.5 5799.6 149.79 49.36 - 8 810.3 5778.1 128.99 56.39 - 9 805.1 5759.8 108.25 63.40 - 10 812.8 5786.4 87.42 70.44 - 11 814.7 5793.0 66.57 77.49 - 12 815.8 5796.6 45.70 84.55 - 13 816.5 5799.1 24.82 91.61 - 14 817.1 5800.9 3.94 98.67 - 15 817.0 5800.7 -16.94 105.73 - 16 813.2 5787.6 -37.78 112.77 - 17 803.8 5755.0 -58.50 119.78 - 18 812.1 5783.5 -79.32 126.82 - 19 814.5 5791.8 -100.17 133.87 - 20 815.7 5795.9 -121.03 140.92 - 21 816.4 5798.6 -141.91 147.98 - 22 817.0 5800.5 -162.79 155.04 - 23 817.2 5801.2 -183.67 162.10 - 24 815.0 5793.7 -204.53 169.15 - 25 804.1 5756.2 -225.25 176.16 - 26 810.9 5779.1 -246.06 183.19 - 27 814.1 5790.3 -266.90 190.24 - 28 815.4 5795.0 -287.76 197.29 - 29 816.3 5798.0 -308.64 204.35 - 30 816.9 5800.0 -329.52 211.41 + 1 819.9 5854.1 274.70 7.13 + 2 825.2 5872.4 253.56 14.27 + 3 826.8 5877.9 232.40 21.43 + 4 827.7 5881.2 211.23 28.59 + 5 828.4 5883.5 190.05 35.75 + 6 828.8 5885.1 168.86 42.91 + 7 828.4 5883.5 147.68 50.07 + 8 822.0 5861.7 126.58 57.20 + 9 816.8 5843.2 105.54 64.32 + 10 824.6 5870.1 84.41 71.46 + 11 826.5 5876.8 63.25 78.61 + 12 827.6 5880.5 42.08 85.77 + 13 828.3 5883.0 20.90 92.93 + 14 828.9 5884.8 -0.28 100.10 + 15 828.9 5884.6 -21.47 107.26 + 16 825.0 5871.3 -42.60 114.40 + 17 815.5 5838.4 -63.62 121.51 + 18 823.9 5867.2 -84.74 128.65 + 19 826.3 5875.6 -105.90 135.80 + 20 827.5 5879.7 -127.06 142.96 + 21 828.3 5882.5 -148.24 150.12 + 22 828.8 5884.4 -169.42 157.28 + 23 829.0 5885.1 -190.61 164.44 + 24 826.8 5877.5 -211.77 171.60 + 25 815.8 5839.5 -232.79 178.71 + 26 822.6 5862.8 -253.90 185.84 + 27 825.9 5874.1 -275.04 192.99 + 28 827.2 5878.9 -296.21 200.15 + 29 828.1 5881.9 -317.38 207.31 + 30 828.7 5883.9 -338.56 214.47 *************************** * SAM CASH FLOW PROFILE * *************************** --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 7.50 52.50 40.0 -Overnight capital expenditure [construction] ($) -39,220,743 -274,545,204 -209,177,298 +Overnight capital expenditure [construction] ($) -39,221,540 -274,550,783 -209,181,549 plus: -Inflation cost [construction] ($) -1,058,960 -15,025,584 -17,404,949 +Inflation cost [construction] ($) -1,058,982 -15,025,890 -17,405,303 plus: Royalty supplemental payments [construction] ($) 0 0 0 equals: -Nominal capital expenditure [construction] ($) -40,279,704 -289,570,789 -226,582,247 +Nominal capital expenditure [construction] ($) -40,280,522 -289,576,673 -226,586,852 -Issuance of equity [construction] ($) 40,279,704 86,871,237 67,974,674 -Issuance of debt [construction] ($) 0 202,699,552 158,607,573 -Debt balance [construction] ($) 0 202,699,552 382,590,578 -Debt interest payment [construction] ($) 0 0 21,283,453 +Issuance of equity [construction] ($) 40,280,522 86,873,002 67,976,056 +Issuance of debt [construction] ($) 0 202,703,671 158,610,796 +Debt balance [construction] ($) 0 202,703,671 382,598,353 +Debt interest payment [construction] ($) 0 0 21,283,885 -Installed cost [construction] ($) -40,279,704 -289,570,789 -247,865,700 -After-tax net cash flow [construction] ($) -40,279,704 -86,871,237 -67,974,674 +Installed cost [construction] ($) -40,280,522 -289,576,673 -247,870,737 +After-tax net cash flow [construction] ($) -40,280,522 -86,873,002 -67,976,056 ENERGY -Electricity to grid (kWh) 0.0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137.0 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437.0 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 -Electricity from grid (kWh) 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 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 0.0 -Electricity to grid net (kWh) 0.0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137.0 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437.0 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 +Electricity to grid (kWh) 0.0 819,982,906 825,242,375 826,846,536 827,795,486 828,458,571 828,909,206 828,438,729 822,058,579 816,850,600 824,645,090 826,583,395 827,665,703 828,413,551 828,955,799 828,928,241 825,026,334 815,568,100 823,962,181 826,367,505 827,558,523 828,337,879 828,900,634 829,103,122 826,853,519 815,853,854 822,701,695 825,946,467 827,311,470 828,165,834 828,755,366 +Electricity from grid (kWh) 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 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 0.0 +Electricity to grid net (kWh) 0.0 819,982,906 825,242,375 826,846,536 827,795,486 828,458,571 828,909,206 828,438,729 822,058,579 816,850,600 824,645,090 826,583,395 827,665,703 828,413,551 828,955,799 828,928,241 825,026,334 815,568,100 823,962,181 826,367,505 827,558,523 828,337,879 828,900,634 829,103,122 826,853,519 815,853,854 822,701,695 825,946,467 827,311,470 828,165,834 828,755,366 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 90,645,344 -Curtailment payment revenue ($) 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 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 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 0 288,858,096 -Total revenue ($) 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 379,503,441 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 77,898,376 78,398,026 79,021,723 79,584,258 80,120,228 80,636,288 81,062,730 80,907,005 80,860,041 82,101,665 82,765,795 83,345,936 83,893,440 84,420,859 84,890,541 84,961,212 84,452,077 85,790,942 86,512,414 87,108,810 87,662,998 88,195,027 88,689,161 88,919,827 88,201,960 89,411,220 90,234,651 90,855,346 91,421,226 91,958,695 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 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 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 288,863,966 +Total revenue ($) 0 77,898,376 78,398,026 79,021,723 79,584,258 80,120,228 80,636,288 81,062,730 80,907,005 80,860,041 82,101,665 82,765,795 83,345,936 83,893,440 84,420,859 84,890,541 84,961,212 84,452,077 85,790,942 86,512,414 87,108,810 87,662,998 88,195,027 88,689,161 88,919,827 88,201,960 89,411,220 90,234,651 90,855,346 91,421,226 380,822,662 -Property tax net assessed value ($) 0 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 +Property tax net assessed value ($) 0 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 577,727,932 OPERATING EXPENSES -O&M fixed expense ($) 0 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 -Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 1,343,705 1,352,354 1,363,121 1,372,830 1,382,078 1,390,983 1,398,341 1,395,656 1,394,795 1,416,238 2,855,410 2,875,436 2,894,332 2,912,533 2,928,742 2,931,183 2,913,534 2,959,746 2,984,664 3,005,253 3,024,381 3,042,742 3,059,794 3,067,756 3,042,931 3,084,627 3,113,076 3,134,506 3,154,038 3,172,587 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 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 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 30,400,261 30,408,911 30,419,678 30,429,386 30,438,635 30,447,539 30,454,897 30,452,212 30,451,352 30,472,795 31,911,966 31,931,992 31,950,888 31,969,090 31,985,298 31,987,740 31,970,090 32,016,302 32,041,221 32,061,809 32,080,937 32,099,298 32,116,350 32,124,312 32,099,488 32,141,184 32,169,632 32,191,062 32,210,594 32,229,143 - -EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +O&M fixed expense ($) 0 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 27,794,865 +Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 +O&M production-based expense ($) 0 1,363,222 1,371,965 1,382,880 1,392,725 1,402,104 1,411,135 1,418,598 1,415,873 1,415,051 1,436,779 2,896,803 2,917,108 2,936,270 2,954,730 2,971,169 2,973,642 2,955,823 3,002,683 3,027,934 3,048,808 3,068,205 3,086,826 3,104,121 3,112,194 3,087,069 3,129,393 3,158,213 3,179,937 3,199,743 3,218,554 +O&M capacity-based expense ($) 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 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 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 0 +Property tax expense ($) 0 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 1,271,001 +Insurance expense ($) 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 0 +Total operating expenses ($) 0 30,429,088 30,437,832 30,448,747 30,458,591 30,467,970 30,477,001 30,484,464 30,481,739 30,480,917 30,502,646 31,962,669 31,982,974 32,002,137 32,020,596 32,037,035 32,039,509 32,021,689 32,068,549 32,093,801 32,114,675 32,134,071 32,152,692 32,169,987 32,178,060 32,152,935 32,195,259 32,224,079 32,245,804 32,265,609 32,284,421 + +EBITDA ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 OPERATING ACTIVITIES -EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 -Interest earned on reserves ($) 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 0 +EBITDA ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 +Interest earned on reserves ($) 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 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 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 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 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 0 -Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 -Cash flow from operating activities ($) 0 19,601,520 20,370,659 21,278,506 22,148,160 23,014,728 23,886,282 24,697,032 24,971,787 25,378,740 27,069,741 26,807,040 27,916,904 29,034,664 30,175,039 31,305,162 32,103,540 32,399,161 34,510,284 36,092,902 37,618,830 39,171,559 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 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 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 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 0 +Debt interest payment ($) 0 26,781,885 26,498,361 26,194,990 25,870,384 25,523,055 25,151,413 24,753,756 24,328,263 23,872,986 23,385,839 22,864,592 22,306,858 21,710,082 21,071,532 20,388,284 19,657,208 18,874,957 18,037,948 17,142,349 16,184,057 15,158,685 14,061,538 12,887,589 11,631,465 10,287,412 8,849,275 7,310,468 5,663,945 3,902,166 2,017,061 +Cash flow from operating activities ($) 0 20,687,403 21,461,833 22,377,986 23,255,283 24,129,203 25,007,873 25,824,509 26,097,003 26,506,138 28,213,180 27,938,534 29,056,104 30,181,221 31,328,730 32,465,222 33,264,495 33,555,431 35,684,445 37,276,265 38,810,078 40,370,241 41,980,797 43,631,584 45,110,302 45,761,613 48,366,686 50,700,104 52,945,597 55,253,451 346,521,179 INVESTING ACTIVITIES -Total installed cost ($) -577,716,192 +Total installed cost ($) -577,727,932 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -577,716,192 +Purchase of property ($) -577,727,932 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 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 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 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 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 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 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 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 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 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 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 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 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 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 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 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 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 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 0 equals: -Cash flow from investing activities ($) -577,716,192 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -577,727,932 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 FINANCING ACTIVITIES -Issuance of equity ($) 195,125,614 -Size of debt ($) 382,590,578 +Issuance of equity ($) 195,129,579 +Size of debt ($) 382,598,353 minus: -Debt principal payment ($) 0 4,050,258 4,333,776 4,637,141 4,961,741 5,309,062 5,680,697 6,078,345 6,503,830 6,959,098 7,446,235 7,967,471 8,525,194 9,121,958 9,760,495 10,443,729 11,174,790 11,957,026 12,794,017 13,689,599 14,647,870 15,673,221 16,770,347 17,944,271 19,200,370 20,544,396 21,982,504 23,521,279 25,167,769 26,929,512 28,814,578 +Debt principal payment ($) 0 4,050,341 4,333,864 4,637,235 4,961,841 5,309,170 5,680,812 6,078,469 6,503,962 6,959,239 7,446,386 7,967,633 8,525,367 9,122,143 9,760,693 10,443,941 11,175,017 11,957,269 12,794,277 13,689,877 14,648,168 15,673,540 16,770,688 17,944,636 19,200,760 20,544,814 21,982,950 23,521,757 25,168,280 26,930,060 28,815,164 equals: -Cash flow from financing activities ($) 577,716,192 -4,050,258 -4,333,776 -4,637,141 -4,961,741 -5,309,062 -5,680,697 -6,078,345 -6,503,830 -6,959,098 -7,446,235 -7,967,471 -8,525,194 -9,121,958 -9,760,495 -10,443,729 -11,174,790 -11,957,026 -12,794,017 -13,689,599 -14,647,870 -15,673,221 -16,770,347 -17,944,271 -19,200,370 -20,544,396 -21,982,504 -23,521,279 -25,167,769 -26,929,512 -28,814,578 +Cash flow from financing activities ($) 577,727,932 -4,050,341 -4,333,864 -4,637,235 -4,961,841 -5,309,170 -5,680,812 -6,078,469 -6,503,962 -6,959,239 -7,446,386 -7,967,633 -8,525,367 -9,122,143 -9,760,693 -10,443,941 -11,175,017 -11,957,269 -12,794,277 -13,689,877 -14,648,168 -15,673,540 -16,770,688 -17,944,636 -19,200,760 -20,544,814 -21,982,950 -23,521,757 -25,168,280 -26,930,060 -28,815,164 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 19,601,520 20,370,659 21,278,506 22,148,160 23,014,728 23,886,282 24,697,032 24,971,787 25,378,740 27,069,741 26,807,040 27,916,904 29,034,664 30,175,039 31,305,162 32,103,540 32,399,161 34,510,284 36,092,902 37,618,830 39,171,559 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 -Cash flow from investing activities ($) -577,716,192 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 -Cash flow from financing activities ($) 577,716,192 -4,050,258 -4,333,776 -4,637,141 -4,961,741 -5,309,062 -5,680,697 -6,078,345 -6,503,830 -6,959,098 -7,446,235 -7,967,471 -8,525,194 -9,121,958 -9,760,495 -10,443,729 -11,174,790 -11,957,026 -12,794,017 -13,689,599 -14,647,870 -15,673,221 -16,770,347 -17,944,271 -19,200,370 -20,544,396 -21,982,504 -23,521,279 -25,167,769 -26,929,512 -28,814,578 -Total pre-tax cash flow ($) 0 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 +Cash flow from operating activities ($) 0 20,687,403 21,461,833 22,377,986 23,255,283 24,129,203 25,007,873 25,824,509 26,097,003 26,506,138 28,213,180 27,938,534 29,056,104 30,181,221 31,328,730 32,465,222 33,264,495 33,555,431 35,684,445 37,276,265 38,810,078 40,370,241 41,980,797 43,631,584 45,110,302 45,761,613 48,366,686 50,700,104 52,945,597 55,253,451 346,521,179 +Cash flow from investing activities ($) -577,727,932 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 +Cash flow from financing activities ($) 577,727,932 -4,050,341 -4,333,864 -4,637,235 -4,961,841 -5,309,170 -5,680,812 -6,078,469 -6,503,962 -6,959,239 -7,446,386 -7,967,633 -8,525,367 -9,122,143 -9,760,693 -10,443,941 -11,175,017 -11,957,269 -12,794,277 -13,689,877 -14,648,168 -15,673,540 -16,770,688 -17,944,636 -19,200,760 -20,544,814 -21,982,950 -23,521,757 -25,168,280 -26,930,060 -28,815,164 +Total pre-tax cash flow ($) 0 16,637,063 17,127,968 17,740,752 18,293,442 18,820,033 19,327,061 19,746,040 19,593,041 19,546,899 20,766,794 19,970,901 20,530,737 21,059,078 21,568,037 22,021,281 22,089,478 21,598,162 22,890,168 23,586,388 24,161,910 24,696,701 25,210,110 25,686,949 25,909,542 25,216,800 26,383,736 27,178,347 27,777,317 28,323,392 317,706,016 Pre-tax Returns: -Issuance of equity ($) 195,125,614 -Total pre-tax cash flow ($) 0 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 -Total pre-tax returns ($) -195,125,614 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 +Issuance of equity ($) 195,129,579 +Total pre-tax cash flow ($) 0 16,637,063 17,127,968 17,740,752 18,293,442 18,820,033 19,327,061 19,746,040 19,593,041 19,546,899 20,766,794 19,970,901 20,530,737 21,059,078 21,568,037 22,021,281 22,089,478 21,598,162 22,890,168 23,586,388 24,161,910 24,696,701 25,210,110 25,686,949 25,909,542 25,216,800 26,383,736 27,178,347 27,777,317 28,323,392 317,706,016 +Total pre-tax returns ($) -195,129,579 16,637,063 17,127,968 17,740,752 18,293,442 18,820,033 19,327,061 19,746,040 19,593,041 19,546,899 20,766,794 19,970,901 20,530,737 21,059,078 21,568,037 22,021,281 22,089,478 21,598,162 22,890,168 23,586,388 24,161,910 24,696,701 25,210,110 25,686,949 25,909,542 25,216,800 26,383,736 27,178,347 27,777,317 28,323,392 317,706,016 After-tax Returns: -Total pre-tax returns ($) -195,125,614 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 -Federal ITC total income ($) 0 173,314,858 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 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -1,468,270 838,317 656,343 482,026 308,327 133,628 -28,883 -83,956 -165,528 -504,480 -451,823 -674,290 -898,339 -1,126,922 -1,353,449 -1,513,480 -1,572,736 -1,995,900 -2,313,128 -2,618,993 -5,390,986 -8,173,130 -8,502,677 -8,798,457 -8,930,666 -9,449,364 -9,915,027 -10,363,489 -10,824,569 -69,205,095 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 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 0 -State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 -Total after-tax returns ($) -195,125,614 187,064,560 17,065,493 17,446,696 17,777,863 18,083,981 18,369,546 18,583,248 18,364,944 18,216,540 19,004,511 18,285,184 18,564,359 18,810,448 19,031,817 19,200,757 19,071,717 18,512,397 19,267,307 19,565,107 19,757,469 16,883,625 13,976,188 14,041,990 13,898,586 13,051,921 13,565,104 13,778,108 13,818,691 13,791,484 231,528,398 - -After-tax net cash flow ($) -40,279,704 -86,871,237 -67,974,674 187,064,560 17,065,493 17,446,696 17,777,863 18,083,981 18,369,546 18,583,248 18,364,944 18,216,540 19,004,511 18,285,184 18,564,359 18,810,448 19,031,817 19,200,757 19,071,717 18,512,397 19,267,307 19,565,107 19,757,469 16,883,625 13,976,188 14,041,990 13,898,586 13,051,921 13,565,104 13,778,108 13,818,691 13,791,484 231,528,398 -After-tax cumulative IRR (%) NaN NaN NaN -2.25 2.34 6.24 9.35 11.75 13.59 15.00 16.06 16.87 17.53 18.02 18.42 18.74 18.99 19.20 19.37 19.50 19.61 19.70 19.78 19.83 19.87 19.90 19.92 19.94 19.96 19.97 19.98 19.99 20.12 -After-tax cumulative NPV ($) -40,279,704 -115,804,148 -167,181,321 -44,260,312 -34,511,202 -25,846,156 -18,169,912 -11,381,397 -5,386,376 -113,769 4,416,301 8,322,846 11,866,041 14,829,844 17,445,866 19,750,342 21,777,393 23,555,322 25,090,637 26,386,269 27,558,604 28,593,566 29,502,192 30,177,234 30,663,043 31,087,386 31,452,536 31,750,652 32,020,020 32,257,881 32,465,283 32,645,240 35,271,716 +Total pre-tax returns ($) -195,129,579 16,637,063 17,127,968 17,740,752 18,293,442 18,820,033 19,327,061 19,746,040 19,593,041 19,546,899 20,766,794 19,970,901 20,530,737 21,059,078 21,568,037 22,021,281 22,089,478 21,598,162 22,890,168 23,586,388 24,161,910 24,696,701 25,210,110 25,686,949 25,909,542 25,216,800 26,383,736 27,178,347 27,777,317 28,323,392 317,706,016 +Federal ITC total income ($) 0 173,318,380 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 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -1,685,880 619,697 436,058 260,208 85,036 -91,089 -254,780 -309,400 -391,409 -733,577 -678,526 -902,537 -1,128,061 -1,358,074 -1,585,878 -1,746,088 -1,804,405 -2,231,155 -2,550,227 -2,857,672 -5,631,206 -8,414,841 -8,745,733 -9,042,135 -9,172,687 -9,694,860 -10,162,582 -10,612,680 -11,075,278 -69,458,438 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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 0 +State tax benefit (liability) ($) 0 -382,686 140,668 98,983 59,066 19,303 -20,677 -57,834 -70,232 -88,848 -166,518 -154,022 -204,871 -256,064 -308,276 -359,986 -396,353 -409,591 -506,461 -578,889 -648,677 -1,278,255 -1,910,126 -1,985,237 -2,052,519 -2,082,153 -2,200,684 -2,306,855 -2,409,025 -2,514,032 -15,766,714 +Total after-tax returns ($) -195,129,579 187,886,877 17,888,333 18,275,793 18,612,716 18,924,371 19,215,295 19,433,426 19,213,409 19,066,642 19,866,699 19,138,353 19,423,328 19,674,953 19,901,687 20,075,417 19,947,037 19,384,167 20,152,552 20,457,272 20,655,561 17,787,240 14,885,143 14,955,979 14,814,889 13,961,960 14,488,191 14,708,910 14,755,612 14,734,082 232,480,864 + +After-tax net cash flow ($) -40,280,522 -86,873,002 -67,976,056 187,886,877 17,888,333 18,275,793 18,612,716 18,924,371 19,215,295 19,433,426 19,213,409 19,066,642 19,866,699 19,138,353 19,423,328 19,674,953 19,901,687 20,075,417 19,947,037 19,384,167 20,152,552 20,457,272 20,655,561 17,787,240 14,885,143 14,955,979 14,814,889 13,961,960 14,488,191 14,708,910 14,755,612 14,734,082 232,480,864 +After-tax cumulative IRR (%) NaN NaN NaN -2.02 2.76 6.78 9.95 12.38 14.23 15.64 16.70 17.50 18.15 18.64 19.03 19.34 19.59 19.79 19.95 20.08 20.19 20.27 20.35 20.40 20.43 20.46 20.48 20.50 20.52 20.53 20.54 20.55 20.66 +After-tax cumulative NPV ($) -40,280,522 -115,806,501 -167,184,718 -43,723,360 -33,504,181 -24,427,358 -16,390,636 -9,286,648 -3,015,612 2,498,216 7,237,577 11,326,426 15,030,367 18,132,458 20,869,523 23,279,910 25,399,610 27,258,530 28,864,309 30,220,955 31,447,153 32,529,309 33,479,237 34,190,408 34,707,812 35,159,775 35,548,998 35,867,900 36,155,599 36,409,529 36,630,993 36,823,250 39,460,530 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -40,279,704 -86,871,237 -67,974,674 110,281,438 -60,211,899 -60,445,946 -60,669,542 -60,891,918 -61,115,177 -61,321,935 -61,386,825 -61,486,052 -61,923,388 -63,297,950 -63,590,941 -63,884,745 -64,183,416 -64,477,572 -64,676,371 -64,731,428 -65,296,860 -65,711,016 -66,106,899 -69,527,249 -72,959,285 -73,380,691 -73,751,573 -73,888,969 -74,567,104 -75,166,919 -75,738,610 -76,323,884 140,883,053 -PPA revenue ($) 0 0 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 90,645,344 -Electricity to grid (kWh) 0 0 0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 +Annual costs ($) -40,280,522 -86,873,002 -67,976,056 109,988,501 -60,509,693 -60,745,931 -60,971,542 -61,195,857 -61,420,993 -61,629,303 -61,693,597 -61,793,399 -62,234,966 -63,627,442 -63,922,608 -64,218,487 -64,519,171 -64,815,125 -65,014,175 -65,067,910 -65,638,390 -66,055,142 -66,453,250 -69,875,758 -73,309,885 -73,733,182 -74,104,939 -74,240,000 -74,923,029 -75,525,742 -76,099,734 -76,687,145 140,522,169 +PPA revenue ($) 0 0 0 77,898,376 78,398,026 79,021,723 79,584,258 80,120,228 80,636,288 81,062,730 80,907,005 80,860,041 82,101,665 82,765,795 83,345,936 83,893,440 84,420,859 84,890,541 84,961,212 84,452,077 85,790,942 86,512,414 87,108,810 87,662,998 88,195,027 88,689,161 88,919,827 88,201,960 89,411,220 90,234,651 90,855,346 91,421,226 91,958,695 +Electricity to grid (kWh) 0 0 0 819,982,906 825,242,375 826,846,536 827,795,486 828,458,571 828,909,206 828,438,729 822,058,579 816,850,600 824,645,090 826,583,395 827,665,703 828,413,551 828,955,799 828,928,241 825,026,334 815,568,100 823,962,181 826,367,505 827,558,523 828,337,879 828,900,634 829,103,122 826,853,519 815,853,854 822,701,695 825,946,467 827,311,470 828,165,834 828,755,366 -Present value of annual costs ($) 359,956,613 +Present value of annual costs ($) 361,498,090 -Present value of annual energy costs ($) 359,956,613 -Present value of annual energy nominal (kWh) 4,031,275,592 -LCOE Levelized cost of energy nominal (cents/kWh) 8.93 +Present value of annual energy costs ($) 361,498,090 +Present value of annual energy nominal (kWh) 4,089,724,269 +LCOE Levelized cost of energy nominal (cents/kWh) 8.84 -Present value of PPA revenue ($) 395,228,329 -Present value of annual energy nominal (kWh) 4,031,275,592 +Present value of PPA revenue ($) 400,958,619 +Present value of annual energy nominal (kWh) 4,089,724,269 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 -State taxable PBI income ($) 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 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 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 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 -Total state tax depreciation ($) 0 12,276,469 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 12,276,469 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 26,781,885 26,498,361 26,194,990 25,870,384 25,523,055 25,151,413 24,753,756 24,328,263 23,872,986 23,385,839 22,864,592 22,306,858 21,710,082 21,071,532 20,388,284 19,657,208 18,874,957 18,037,948 17,142,349 16,184,057 15,158,685 14,061,538 12,887,589 11,631,465 10,287,412 8,849,275 7,310,468 5,663,945 3,902,166 2,017,061 +Total state tax depreciation ($) 0 12,276,719 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 12,276,719 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 7,325,051 -4,182,279 -3,274,432 -2,404,778 -1,538,210 -666,656 144,094 418,849 825,802 2,516,802 2,254,102 3,363,965 4,481,725 5,622,101 6,752,224 7,550,602 7,846,223 9,957,346 11,539,964 13,065,892 26,895,090 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 +State taxable income ($) 0 8,410,685 -3,091,604 -2,175,451 -1,298,154 -424,234 454,436 1,271,072 1,543,566 1,952,701 3,659,743 3,385,097 4,502,667 5,627,784 6,775,293 7,911,785 8,711,058 9,001,994 11,131,008 12,722,828 14,256,641 28,093,522 41,980,797 43,631,584 45,110,302 45,761,613 48,366,686 50,700,104 52,945,597 55,253,451 346,521,179 -State income tax rate (frac) 0.0 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 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -382,686 140,668 98,983 59,066 19,303 -20,677 -57,834 -70,232 -88,848 -166,518 -154,022 -204,871 -256,064 -308,276 -359,986 -396,353 -409,591 -506,461 -578,889 -648,677 -1,278,255 -1,910,126 -1,985,237 -2,052,519 -2,082,153 -2,200,684 -2,306,855 -2,409,025 -2,514,032 -15,766,714 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 -Interest earned on reserves ($) 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 0 -State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 -State ITC total income ($) 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 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -382,686 140,668 98,983 59,066 19,303 -20,677 -57,834 -70,232 -88,848 -166,518 -154,022 -204,871 -256,064 -308,276 -359,986 -396,353 -409,591 -506,461 -578,889 -648,677 -1,278,255 -1,910,126 -1,985,237 -2,052,519 -2,082,153 -2,200,684 -2,306,855 -2,409,025 -2,514,032 -15,766,714 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 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 0 minus: -Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 -Total federal tax depreciation ($) 0 12,276,469 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 12,276,469 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 26,781,885 26,498,361 26,194,990 25,870,384 25,523,055 25,151,413 24,753,756 24,328,263 23,872,986 23,385,839 22,864,592 22,306,858 21,710,082 21,071,532 20,388,284 19,657,208 18,874,957 18,037,948 17,142,349 16,184,057 15,158,685 14,061,538 12,887,589 11,631,465 10,287,412 8,849,275 7,310,468 5,663,945 3,902,166 2,017,061 +Total federal tax depreciation ($) 0 12,276,719 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 24,553,437 12,276,719 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 6,991,761 -3,991,985 -3,125,445 -2,295,361 -1,468,221 -636,323 137,538 399,791 788,228 2,402,288 2,151,540 3,210,905 4,277,807 5,366,296 6,444,998 7,207,049 7,489,220 9,504,287 11,014,895 12,471,394 25,671,364 38,919,665 40,488,939 41,897,413 42,526,983 44,996,972 47,214,415 49,349,949 51,545,566 329,548,071 +Federal taxable income ($) 0 8,027,999 -2,950,936 -2,076,468 -1,239,088 -404,932 433,759 1,213,238 1,473,334 1,863,853 3,493,225 3,231,075 4,297,796 5,371,720 6,467,017 7,551,799 8,314,705 8,592,403 10,624,547 12,143,939 13,607,964 26,815,267 40,070,671 41,646,347 43,057,783 43,679,460 46,166,002 48,393,249 50,536,572 52,739,419 330,754,466 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -1,468,270 838,317 656,343 482,026 308,327 133,628 -28,883 -83,956 -165,528 -504,480 -451,823 -674,290 -898,339 -1,126,922 -1,353,449 -1,513,480 -1,572,736 -1,995,900 -2,313,128 -2,618,993 -5,390,986 -8,173,130 -8,502,677 -8,798,457 -8,930,666 -9,449,364 -9,915,027 -10,363,489 -10,824,569 -69,205,095 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -1,685,880 619,697 436,058 260,208 85,036 -91,089 -254,780 -309,400 -391,409 -733,577 -678,526 -902,537 -1,128,061 -1,358,074 -1,585,878 -1,746,088 -1,804,405 -2,231,155 -2,550,227 -2,857,672 -5,631,206 -8,414,841 -8,745,733 -9,042,135 -9,172,687 -9,694,860 -10,162,582 -10,612,680 -11,075,278 -69,458,438 CASH INCENTIVES Federal IBI income ($) 0 @@ -402,75 +402,75 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 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 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 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 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 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 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 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 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 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 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 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 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 173,314,858 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 -Federal ITC total income ($) 0 173,314,858 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 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 0 +Federal ITC percent income ($) 0 173,318,380 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 173,318,380 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 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 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 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 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 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 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 0 DEBT REPAYMENT -Debt balance ($) 382,590,578 378,540,320 374,206,544 369,569,403 364,607,662 359,298,600 353,617,903 347,539,558 341,035,728 334,076,631 326,630,396 318,662,925 310,137,731 301,015,773 291,255,279 280,811,550 269,636,759 257,679,734 244,885,717 231,196,118 216,548,248 200,875,026 184,104,679 166,160,408 146,960,038 126,415,642 104,433,138 80,911,859 55,744,091 28,814,578 0 -Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 -Debt principal payment ($) 0 4,050,258 4,333,776 4,637,141 4,961,741 5,309,062 5,680,697 6,078,345 6,503,830 6,959,098 7,446,235 7,967,471 8,525,194 9,121,958 9,760,495 10,443,729 11,174,790 11,957,026 12,794,017 13,689,599 14,647,870 15,673,221 16,770,347 17,944,271 19,200,370 20,544,396 21,982,504 23,521,279 25,167,769 26,929,512 28,814,578 -Debt total payment ($) 0 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 +Debt balance ($) 382,598,353 378,548,012 374,214,148 369,576,913 364,615,072 359,305,901 353,625,089 347,546,620 341,042,659 334,083,419 326,637,033 318,669,401 310,144,033 301,021,890 291,261,198 280,817,256 269,642,239 257,684,970 244,890,693 231,200,816 216,552,648 200,879,108 184,108,421 166,163,785 146,963,024 126,418,211 104,435,260 80,913,503 55,745,223 28,815,164 0 +Debt interest payment ($) 0 26,781,885 26,498,361 26,194,990 25,870,384 25,523,055 25,151,413 24,753,756 24,328,263 23,872,986 23,385,839 22,864,592 22,306,858 21,710,082 21,071,532 20,388,284 19,657,208 18,874,957 18,037,948 17,142,349 16,184,057 15,158,685 14,061,538 12,887,589 11,631,465 10,287,412 8,849,275 7,310,468 5,663,945 3,902,166 2,017,061 +Debt principal payment ($) 0 4,050,341 4,333,864 4,637,235 4,961,841 5,309,170 5,680,812 6,078,469 6,503,962 6,959,239 7,446,386 7,967,633 8,525,367 9,122,143 9,760,693 10,443,941 11,175,017 11,957,269 12,794,277 13,689,877 14,648,168 15,673,540 16,770,688 17,944,636 19,200,760 20,544,814 21,982,950 23,521,757 25,168,280 26,930,060 28,815,164 +Debt total payment ($) 0 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 DSCR (DEBT FRACTION) -EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +EBITDA ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 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 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 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 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 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 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 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 0 equals: -Cash available for debt service (CAFDS) ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 -Debt total payment ($) 0 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 -DSCR (pre-tax) 0.0 1.50 1.52 1.54 1.56 1.57 1.59 1.60 1.60 1.60 1.64 1.61 1.63 1.65 1.66 1.68 1.68 1.66 1.70 1.73 1.75 1.76 1.78 1.79 1.80 1.78 1.82 1.84 1.86 1.88 11.26 +Cash available for debt service (CAFDS) ($) 0 47,469,288 47,960,194 48,572,977 49,125,667 49,652,258 50,159,286 50,578,265 50,425,266 50,379,124 51,599,020 50,803,126 51,362,962 51,891,303 52,400,262 52,853,506 52,921,703 52,430,388 53,722,393 54,418,613 54,994,135 55,528,926 56,042,335 56,519,174 56,741,767 56,049,025 57,215,961 58,010,572 58,609,542 59,155,617 348,538,241 +Debt total payment ($) 0 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 30,832,225 +DSCR (pre-tax) 0.0 1.54 1.56 1.58 1.59 1.61 1.63 1.64 1.64 1.63 1.67 1.65 1.67 1.68 1.70 1.71 1.72 1.70 1.74 1.76 1.78 1.80 1.82 1.83 1.84 1.82 1.86 1.88 1.90 1.92 11.30 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 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 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 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 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 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 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 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 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 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 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 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 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 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 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 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 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 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 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 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 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 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 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 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 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 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 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 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 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 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 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 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 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 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 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 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 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 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 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 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 0 +---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ***EXTENDED ECONOMICS*** - Royalty Holder NPV: 30.35 MUSD - Royalty Holder Average Annual Revenue: 2.24 MUSD/yr - Royalty Holder Total Revenue: 73.97 MUSD + Royalty Holder NPV: 30.79 MUSD + Royalty Holder Average Annual Revenue: 2.27 MUSD/yr + Royalty Holder Total Revenue: 75.04 MUSD diff --git a/tests/examples/Fervo_Project_Cape-6.txt b/tests/examples/Fervo_Project_Cape-6.txt index 0c899ecc4..b800271d1 100644 --- a/tests/examples/Fervo_Project_Cape-6.txt +++ b/tests/examples/Fervo_Project_Cape-6.txt @@ -83,7 +83,7 @@ Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement cost Ambient Temperature, 11.17, -- Average annual temperature of Milford, Utah ([NCEI](https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654)). Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. -Utilization Factor, .9 +Utilization Factor, .913, -- (DeGolyer and MacNaughton, 2024) Plant Outlet Pressure, 2000 psi, -- McClure, 2024; Singh et al., 2025. Circulation Pump Efficiency, 0.80 @@ -98,7 +98,7 @@ Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for t Production Flow Rate per Well, 100 # The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). -Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). +Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of "increasing casing diameter" (Fervo Energy, 2025). Injection Well Diameter, 8.535, -- See Production Well Diameter Production Wellhead Pressure, 303 psi, -- Modeled at a constant 300 psi in Singh et al., 2025. We use a marginally uprated value to conform to GEOPHIRES's calculated minimum wellhead pressure and nominally align with the gradual increase in WHP for constant flow rates modeled by Singh et al. @@ -107,7 +107,7 @@ Injectivity Index, 1.38, -- Based on ATB Conservative Scenario (NREL, 2025) dera Productivity Index, 1.13, -- See Injectivity Index Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells -Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as Fervo's considered operational target of 80°C (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. +Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as the 85°C ORC outlet temperature specified in Cape Station's plant design (DeGolyer and MacNaughton, 2024) (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. Injection Wellbore Temperature Gain, 3, -- Empirical estimate for high-flow rate wells where rapid fluid velocity minimizes heat uptake during descent (Ramey, 1962). Maximum Drawdown, 0.0025, -- This value represents the fractional drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is calibrated to maintain the PPA minimum net electricity generation requirement. It is a very small percentage because it is relative to the initial production temperature; the temperature quickly rises higher due to thermal conditioning and plateaus until breakthrough, so any drawdown relative to the initial value signals that the temperature has already declined from its stabilized peak.