From 8144f9b7f39e1d323c76287c566293055d04c6da Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 11:12:39 -0800 Subject: [PATCH 01/10] clone Fervo_Project_Cape-5 from Fervo_Project_Cape-4, with Number of Fractures per Stimulated Well instead of Number of Fractures (WIP) --- tests/examples/Fervo_Project_Cape-5.out | 450 ++++++++++++++++++++++++ tests/examples/Fervo_Project_Cape-5.txt | 85 +++++ 2 files changed, 535 insertions(+) create mode 100644 tests/examples/Fervo_Project_Cape-5.out create mode 100644 tests/examples/Fervo_Project_Cape-5.txt diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out new file mode 100644 index 00000000..8d83ff33 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -0,0 +1,450 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.10.23 + Simulation Date: 2025-12-20 + Simulation Time: 11:11 + Calculation Time: 1.769 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 532.53 MW + Electricity breakeven price: 8.11 cents/kWh + Total CAPEX: 2660.87 MUSD + Number of production wells: 59 + Number of injection wells: 59 + Flowrate per production well: 107.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 12.00 % + Nominal Discount Rate: 14.58 % + WACC: 8.30 % + Project lifetime: 30 yr + Capacity factor: 90.0 % + Project NPV: 483.35 MUSD + After-tax IRR: 27.55 % + Project VIR=PI=PIR: 1.45 + Project MOIC: 4.20 + Project Payback Period: 2.33 yr + Estimated Jobs Created: 1300 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 59 + Number of Injection Wells: 59 + Well depth: 2.6 kilometer + Water loss rate: 15.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.6 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: 0.6 degC + Flowrate per production well: 107.0 kg/sec + Injection well casing ID: 9.625 in + Production well casing ID: 9.625 in + Number of times redrilling: 3 + Power plant type: Supercritical ORC + + + ***RESOURCE CHARACTERISTICS*** + + Maximum reservoir temperature: 500.0 degC + Number of segments: 1 + Geothermal gradient: 74 degC/km + + + ***RESERVOIR PARAMETERS*** + + Reservoir Model = Multiple Parallel Fractures Model (Gringarten) + Bottom-hole temperature: 201.72 degC + Fracture model = Square + Well separation: fracture height: 165.30 meter + Fracture area: 27324.09 m**2 + Reservoir volume calculated with fracture separation and number of fractures as input + Number of fractures: 12036 + Fracture separation: 18.00 meter + Reservoir volume: 5919217617 m**3 + Reservoir impedance: 0.0016 GPa.s/m**3 + Reservoir density: 2800.00 kg/m**3 + Reservoir thermal conductivity: 3.05 W/m/K + Reservoir heat capacity: 790.00 J/kg/K + + + ***RESERVOIR SIMULATION RESULTS*** + + Maximum Production Temperature: 199.6 degC + Average Production Temperature: 199.0 degC + Minimum Production Temperature: 195.4 degC + Initial Production Temperature: 198.2 degC + Average Reservoir Heat Extraction: 3761.51 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 0.6 degC + Total Average Pressure Drop: 8521.8 kPa + Average Injection Well Pressure Drop: 600.9 kPa + Average Reservoir Pressure Drop: 10344.9 kPa + Average Production Well Pressure Drop: 504.2 kPa + Average Buoyancy Pressure Drop: -2928.2 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 467.75 MUSD + Drilling and completion costs per well: 3.96 MUSD + Stimulation costs: 542.80 MUSD + Surface power plant costs: 1504.05 MUSD + Field gathering system costs: 56.44 MUSD + Total surface equipment costs: 1560.49 MUSD + Exploration costs: 30.00 MUSD + Overnight Capital Cost: 2601.04 MUSD + Inflation costs during construction: 59.82 MUSD + Total CAPEX: 2660.87 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 6.20 MUSD/yr + Power plant maintenance costs: 25.43 MUSD/yr + Water costs: 24.86 MUSD/yr + Redrilling costs: 101.05 MUSD/yr + Total operating and maintenance costs: 157.54 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 614.60 MW + Average Total Electricity Generation: 610.21 MW + Minimum Total Electricity Generation: 583.15 MW + Initial Total Electricity Generation: 604.35 MW + Maximum Net Electricity Generation: 537.14 MW + Average Net Electricity Generation: 532.53 MW + Minimum Net Electricity Generation: 504.44 MW + Initial Net Electricity Generation: 526.63 MW + Average Annual Total Electricity Generation: 4810.97 GWh + Average Annual Net Electricity Generation: 4198.60 GWh + Initial pumping power/net installed power: 14.76 % + Average Pumping Power: 77.67 MW + Heat to Power Conversion Efficiency: 14.16 % + + ************************************************************ + * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ************************************************************ + YEAR THERMAL GEOFLUID PUMP NET FIRST LAW + DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY + (degC) (MW) (MW) (%) + 1 1.0000 198.22 77.7286 526.6263 14.0769 + 2 1.0051 199.24 77.6662 534.3539 14.1818 + 3 1.0061 199.42 77.6547 535.7721 14.2009 + 4 1.0065 199.52 77.6489 536.5044 14.2108 + 5 1.0068 199.57 77.6474 536.9145 14.2163 + 6 1.0067 199.55 77.6626 536.7091 14.2133 + 7 1.0054 199.29 77.7347 534.6638 14.1850 + 8 1.0012 198.47 77.9449 528.2545 14.0960 + 9 0.9919 196.61 78.4108 513.7990 13.8924 + 10 1.0040 199.02 77.6265 532.7400 14.1607 + 11 1.0057 199.35 77.6184 535.2509 14.1944 + 12 1.0063 199.48 77.6077 536.2282 14.2076 + 13 1.0067 199.55 77.5951 536.8041 14.2155 + 14 1.0068 199.58 77.5874 537.0016 14.2182 + 15 1.0063 199.46 77.6101 536.1193 14.2061 + 16 1.0038 198.97 77.7249 532.3053 14.1535 + 17 0.9974 197.70 78.0349 522.3915 14.0153 + 18 1.0000 198.22 77.5160 526.8389 14.0826 + 19 1.0051 199.24 77.5030 534.5170 14.1861 + 20 1.0061 199.42 77.4920 535.9348 14.2052 + 21 1.0065 199.52 77.4831 536.6702 14.2152 + 22 1.0068 199.57 77.4784 537.0835 14.2208 + 23 1.0067 199.55 77.4911 536.8806 14.2179 + 24 1.0054 199.29 77.5620 534.8365 14.1896 + 25 1.0012 198.47 77.7729 528.4265 14.1006 + 26 0.9919 196.61 78.2420 513.9678 13.8970 + 27 1.0040 199.02 77.4599 532.9067 14.1651 + 28 1.0057 199.35 77.4589 535.4103 14.1987 + 29 1.0063 199.48 77.4584 536.3775 14.2116 + 30 1.0067 199.55 77.4587 536.9405 14.2191 + + + ******************************************************************* + * ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ******************************************************************* + YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF + PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED + (GWh/year) (GWh/year) (10^15 J) (%) + 1 4192.9 29636.9 1793.40 5.62 + 2 4219.2 29728.1 1686.38 11.25 + 3 4227.2 29755.6 1579.26 16.89 + 4 4231.6 29771.1 1472.08 22.53 + 5 4232.9 29775.6 1364.89 28.17 + 6 4225.2 29749.9 1257.79 33.80 + 7 4194.0 29644.4 1151.07 39.42 + 8 4114.4 29374.5 1045.32 44.99 + 9 4101.4 29325.8 939.75 50.54 + 10 4212.2 29702.5 832.82 56.17 + 11 4224.2 29744.1 725.74 61.80 + 12 4230.1 29764.4 618.59 67.44 + 13 4233.3 29775.3 511.40 73.09 + 14 4231.4 29768.8 404.23 78.73 + 15 4214.5 29711.6 297.27 84.36 + 16 4162.9 29536.5 190.94 89.95 + 17 4055.6 29171.2 85.92 95.48 + 18 4194.3 29636.9 -20.77 101.09 + 19 4220.5 29728.1 -127.79 106.73 + 20 4228.5 29755.6 -234.91 112.36 + 21 4233.0 29771.1 -342.09 118.00 + 22 4234.2 29775.6 -449.28 123.65 + 23 4226.6 29749.9 -556.38 129.28 + 24 4195.3 29644.4 -663.10 134.90 + 25 4115.7 29374.5 -768.85 140.46 + 26 4102.7 29325.8 -874.42 146.02 + 27 4213.5 29702.5 -981.35 151.65 + 28 4225.4 29744.1 -1088.43 157.28 + 29 4231.2 29764.4 -1195.58 162.92 + 30 4234.3 29775.2 -1302.77 168.56 + + *************************** + * SAM CASH FLOW PROFILE * + *************************** +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + 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] (%) 100.0 +Overnight capital expenditure [construction] ($) -2,601,042,401 +plus: +Inflation cost [construction] ($) -59,823,975 +equals: +Nominal capital expenditure [construction] ($) -2,660,866,376 + +Issuance of equity [construction] ($) 1,064,346,550 +Issuance of debt [construction] ($) 1,596,519,826 +Debt balance [construction] ($) 1,596,519,826 +Debt interest payment [construction] ($) 0 + +Installed cost [construction] ($) -2,660,866,376 +After-tax net cash flow [construction] ($) -1,064,346,550 + +ENERGY +Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 + +REVENUE +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,330,433,188 +Total revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 1,800,309,896 + +Property tax net assessed value ($) 0 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 + +OPERATING EXPENSES +O&M fixed expense ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 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 ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 + +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 + +OPERATING ACTIVITIES +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Interest earned on reserves ($) 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 ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 + +INVESTING ACTIVITIES +Total installed cost ($) -2,660,866,376 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -2,660,866,376 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 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 ($) 1,064,346,550 +Size of debt ($) 1,596,519,826 +minus: +Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 +equals: +Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 +Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 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 ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 +Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 + +Pre-tax Returns: +Issuance of equity ($) 1,064,346,550 +Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 + +After-tax Returns: +Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 +State ITC total income ($) 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 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +Total after-tax returns ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 + +After-tax net cash flow ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 +After-tax cumulative IRR (%) NaN -15.17 -3.40 5.89 12.37 16.79 19.80 21.87 23.28 24.29 25.09 25.68 26.13 26.46 26.72 26.91 27.06 27.16 27.25 27.32 27.37 27.41 27.44 27.46 27.47 27.49 27.49 27.50 27.51 27.51 27.55 +After-tax cumulative NPV ($) -1,064,346,550 -276,360,558 -184,114,290 -102,283,638 -29,860,348 34,099,889 90,287,587 138,980,351 179,981,359 215,856,998 249,560,495 279,450,773 305,861,334 329,155,135 349,636,000 367,491,872 382,754,754 395,369,209 407,375,324 418,077,007 427,517,570 434,965,626 440,760,290 445,824,812 450,177,652 453,787,012 456,922,551 459,896,566 462,523,206 464,831,958 483,348,931 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -1,064,346,550 504,481,845 -279,761,764 -280,941,051 -282,053,576 -283,104,409 -283,946,673 -284,197,129 -283,198,821 -283,951,600 -287,996,326 -289,476,868 -290,828,818 -292,141,214 -293,348,448 -294,183,709 -294,099,170 -292,511,863 -297,725,623 -299,899,742 -301,618,330 -318,291,569 -334,925,356 -336,358,826 -337,173,733 -336,651,121 -338,088,802 -343,176,493 -345,487,456 -347,698,476 627,560,501 +PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 +Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 + +Present value of annual costs ($) 2,298,728,919 +Present value of annual energy nominal (kWh) 28,355,365,264 +LCOE Levelized cost of energy nominal (cents/kWh) 8.11 + +Present value of PPA revenue ($) 2,782,077,849 +Present value of annual energy nominal (kWh) 28,355,365,264 +LPPA Levelized PPA price nominal (cents/kWh) 9.81 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +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 ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Total state tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 +equals: +State taxable income ($) 0 94,868,122 42,036,219 46,481,325 50,674,785 54,635,710 57,810,470 58,754,517 54,991,577 57,829,041 73,074,901 78,655,531 83,751,463 88,698,300 93,248,749 96,397,111 96,078,457 90,095,394 109,747,710 117,942,657 124,420,562 187,267,297 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 + +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Interest earned on reserves ($) 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) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +State ITC total income ($) 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 ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Total federal tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 +equals: +Federal taxable income ($) 0 88,227,353 39,093,684 43,227,632 47,127,550 50,811,211 53,763,737 54,641,701 51,142,167 53,781,008 67,959,658 73,149,644 77,888,861 82,489,419 86,721,337 89,649,313 89,352,965 83,788,717 102,065,370 109,686,671 115,711,122 174,158,587 232,467,751 237,492,733 240,349,361 238,517,361 243,557,102 261,391,828 269,492,830 277,243,486 1,522,294,430 + +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 + +CASH INCENTIVES +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +TAX CREDITS +Federal PTC income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Federal ITC amount income ($) 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 ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +DEBT REPAYMENT +Debt balance ($) 1,596,519,826 1,574,859,723 1,551,986,655 1,527,832,695 1,502,326,113 1,475,391,163 1,446,947,855 1,416,911,722 1,385,193,566 1,351,699,193 1,316,329,135 1,278,978,354 1,239,535,929 1,197,884,729 1,153,901,061 1,107,454,308 1,058,406,536 1,006,612,089 951,917,154 894,159,302 833,167,010 768,759,150 700,744,449 628,920,926 553,075,285 472,982,288 388,404,084 299,089,500 204,773,299 105,175,391 0 +Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 +Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +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) ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 +DSCR (pre-tax) 0.0 2.17 2.19 2.22 2.24 2.27 2.28 2.28 2.23 2.24 2.36 2.39 2.42 2.44 2.46 2.47 2.44 2.36 2.51 2.56 2.59 2.62 2.64 2.65 2.64 2.59 2.60 2.73 2.76 2.79 14.79 + +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 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 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt new file mode 100644 index 00000000..8bc8df38 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -0,0 +1,85 @@ +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station: Multiple Construction Years + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA + +Starting Electricity Sale Price, 0.095, -- Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal +Electricity Escalation Rate Per Year, 0.00057, -- calibrated to reach 10 cents/kWh at project year 11 +Ending Electricity Sale Price, 0.15, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. +Electricity Escalation Start Year, 1 + +Discount Rate, 0.12 +Fraction of Investment in Bonds, .6, -- Based on fraction of CAPEX with $1 billion in sponsor equity per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ +Inflated Bond Interest Rate, .056 + +Inflation Rate, .023, -- US inflation as of April 2025 +Construction Years, 1, -- Calibrated to a 2-6 year construction time for a 1 GW plant (Yusifov & Enriquez, 2025) + +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, 0.3 +Property Tax Rate, 0 + +Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf +Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects + +Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) +Well Drilling and Completion Capital Cost Adjustment Factor, 0.8, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well + +Reservoir Stimulation Capital Cost per Injection Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. +Reservoir Stimulation Capital Cost per Production Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. +Reservoir Stimulation Indirect Capital Cost Percentage, 0, -- Baseline stimulation cost includes indirect costs + +Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1, -- Electricity +Power Plant Type, 2, -- Supercritical ORC +Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/ + +Reservoir Model, 1, -- Multiple Parallel Fractures +Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf + +Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Number of Segments, 1 + +Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 +Reservoir Impedance, 0.001565 + +Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input +Number of Fractures per Stimulated Well, 102 +Fracture Separation, 18, -- Per https://eartharxiv.org/repository/view/7665/, lateral length is 4700 ft = 1432 m. Dividing 1432 by 80 = ~18 m fracture spacing. +Fracture Shape, 3, -- Square +Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft^2 per well https://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2025/Fercho.pdf +Number of Doublets, 59 + +Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal +Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" +Injection Well Diameter, 9.625 +Ramey Production Wellbore Model, 1 +Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature +Injection Wellbore Temperature Gain, 3 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC + +Maximum Drawdown, 0.0153, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe +Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% + +Utilization Factor, .9 +Plant Outlet Pressure, 1000 psi, -- https://doi.org/10.31223/X5VH8C +Production Wellhead Pressure, 325 psi, -- https://doi.org/10.31223/X5VH8C +Circulation Pump Efficiency, 0.80 + +Well Geometry Configuration, 4, -- L +Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling (which would otherwise account for approximately 118 multilateral sections) is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost, which is under $4 million. +Nonvertical Length per Multilateral Section, 4700 feet, -- Deployment of Enhanced Geothermal System Technology Leads to Rapid Cost Reductions and Performance Improvements. p. 3. https://doi.org/10.31223/X5VH8C +Multilaterals Cased, True + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 12 From d8c26bca7d43e9e46ab488493d9c2ac1434afd76 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 11:18:37 -0800 Subject: [PATCH 02/10] Use default units for depth and temperature (for better MC compatibility) --- tests/examples/Fervo_Project_Cape-5.txt | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 8bc8df38..63e52652 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -39,7 +39,7 @@ Power Plant Type, 2, -- Supercritical ORC Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/ Reservoir Model, 1, -- Multiple Parallel Fractures -Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf +Reservoir Depth, 2.5908, -- 8500 feet per https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) Number of Segments, 1 @@ -63,8 +63,8 @@ Injection Well Diameter, 9.625 Ramey Production Wellbore Model, 1 Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature Injection Wellbore Temperature Gain, 3 -Ambient Temperature, 10 degC -Surface Temperature, 10 degC +Ambient Temperature, 10, -- degC +Surface Temperature, 10, -- degC Maximum Drawdown, 0.0153, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% From 1178b0b8e741833b50f5efbaab03e4402a8c3795 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 11:26:34 -0800 Subject: [PATCH 03/10] switch to ATB conservative scenario PI/II from Reservoir Impedance --- tests/examples/Fervo_Project_Cape-5.out | 325 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 3 +- 2 files changed, 165 insertions(+), 163 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 8d83ff33..fbbf2a79 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,15 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 11:11 - Calculation Time: 1.769 sec + Simulation Time: 11:26 + Calculation Time: 1.758 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 532.53 MW - Electricity breakeven price: 8.11 cents/kWh - Total CAPEX: 2660.87 MUSD + Average Net Electricity Production: 566.15 MW + Electricity breakeven price: 7.77 cents/kWh + Total CAPEX: 2650.74 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 107.0 kg/sec @@ -30,11 +30,11 @@ Simulation Metadata WACC: 8.30 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 483.35 MUSD - After-tax IRR: 27.55 % - Project VIR=PI=PIR: 1.45 - Project MOIC: 4.20 - Project Payback Period: 2.33 yr + Project NPV: 615.74 MUSD + After-tax IRR: 30.78 % + Project VIR=PI=PIR: 1.58 + Project MOIC: 4.79 + Project Payback Period: 2.01 yr Estimated Jobs Created: 1300 ***ENGINEERING PARAMETERS*** @@ -72,7 +72,11 @@ Simulation Metadata Number of fractures: 12036 Fracture separation: 18.00 meter Reservoir volume: 5919217617 m**3 - Reservoir impedance: 0.0016 GPa.s/m**3 + Reservoir hydrostatic pressure: 24497.62 kPa + Plant outlet pressure: 6894.76 kPa + Production wellhead pressure: 2240.80 kPa + Productivity Index: 2.49 kg/sec/bar + Injectivity Index: 3.02 kg/sec/bar Reservoir density: 2800.00 kg/m**3 Reservoir thermal conductivity: 3.05 W/m/K Reservoir heat capacity: 790.00 J/kg/K @@ -87,11 +91,8 @@ Simulation Metadata Average Reservoir Heat Extraction: 3761.51 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.6 degC - Total Average Pressure Drop: 8521.8 kPa - Average Injection Well Pressure Drop: 600.9 kPa - Average Reservoir Pressure Drop: 10344.9 kPa - Average Production Well Pressure Drop: 504.2 kPa - Average Buoyancy Pressure Drop: -2928.2 kPa + Average Injection Well Pump Pressure Drop: -3020.3 kPa + Average Production Well Pump Pressure Drop: 4914.8 kPa ***CAPITAL COSTS (M$)*** @@ -100,21 +101,21 @@ Simulation Metadata Drilling and completion costs per well: 3.96 MUSD Stimulation costs: 542.80 MUSD Surface power plant costs: 1504.05 MUSD - Field gathering system costs: 56.44 MUSD - Total surface equipment costs: 1560.49 MUSD + Field gathering system costs: 46.55 MUSD + Total surface equipment costs: 1550.60 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2601.04 MUSD - Inflation costs during construction: 59.82 MUSD - Total CAPEX: 2660.87 MUSD + Overnight Capital Cost: 2591.15 MUSD + Inflation costs during construction: 59.60 MUSD + Total CAPEX: 2650.74 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.20 MUSD/yr + Wellfield maintenance costs: 6.10 MUSD/yr Power plant maintenance costs: 25.43 MUSD/yr Water costs: 24.86 MUSD/yr Redrilling costs: 101.05 MUSD/yr - Total operating and maintenance costs: 157.54 MUSD/yr + Total operating and maintenance costs: 157.45 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -124,15 +125,15 @@ Simulation Metadata Average Total Electricity Generation: 610.21 MW Minimum Total Electricity Generation: 583.15 MW Initial Total Electricity Generation: 604.35 MW - Maximum Net Electricity Generation: 537.14 MW - Average Net Electricity Generation: 532.53 MW - Minimum Net Electricity Generation: 504.44 MW - Initial Net Electricity Generation: 526.63 MW + Maximum Net Electricity Generation: 570.71 MW + Average Net Electricity Generation: 566.15 MW + Minimum Net Electricity Generation: 538.31 MW + Initial Net Electricity Generation: 560.26 MW Average Annual Total Electricity Generation: 4810.97 GWh - Average Annual Net Electricity Generation: 4198.60 GWh - Initial pumping power/net installed power: 14.76 % - Average Pumping Power: 77.67 MW - Heat to Power Conversion Efficiency: 14.16 % + Average Annual Net Electricity Generation: 4463.68 GWh + Initial pumping power/net installed power: 7.87 % + Average Pumping Power: 44.05 MW + Heat to Power Conversion Efficiency: 15.05 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -140,36 +141,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.22 77.7286 526.6263 14.0769 - 2 1.0051 199.24 77.6662 534.3539 14.1818 - 3 1.0061 199.42 77.6547 535.7721 14.2009 - 4 1.0065 199.52 77.6489 536.5044 14.2108 - 5 1.0068 199.57 77.6474 536.9145 14.2163 - 6 1.0067 199.55 77.6626 536.7091 14.2133 - 7 1.0054 199.29 77.7347 534.6638 14.1850 - 8 1.0012 198.47 77.9449 528.2545 14.0960 - 9 0.9919 196.61 78.4108 513.7990 13.8924 - 10 1.0040 199.02 77.6265 532.7400 14.1607 - 11 1.0057 199.35 77.6184 535.2509 14.1944 - 12 1.0063 199.48 77.6077 536.2282 14.2076 - 13 1.0067 199.55 77.5951 536.8041 14.2155 - 14 1.0068 199.58 77.5874 537.0016 14.2182 - 15 1.0063 199.46 77.6101 536.1193 14.2061 - 16 1.0038 198.97 77.7249 532.3053 14.1535 - 17 0.9974 197.70 78.0349 522.3915 14.0153 - 18 1.0000 198.22 77.5160 526.8389 14.0826 - 19 1.0051 199.24 77.5030 534.5170 14.1861 - 20 1.0061 199.42 77.4920 535.9348 14.2052 - 21 1.0065 199.52 77.4831 536.6702 14.2152 - 22 1.0068 199.57 77.4784 537.0835 14.2208 - 23 1.0067 199.55 77.4911 536.8806 14.2179 - 24 1.0054 199.29 77.5620 534.8365 14.1896 - 25 1.0012 198.47 77.7729 528.4265 14.1006 - 26 0.9919 196.61 78.2420 513.9678 13.8970 - 27 1.0040 199.02 77.4599 532.9067 14.1651 - 28 1.0057 199.35 77.4589 535.4103 14.1987 - 29 1.0063 199.48 77.4584 536.3775 14.2116 - 30 1.0067 199.55 77.4587 536.9405 14.2191 + 1 1.0000 198.22 44.0935 560.2615 14.9759 + 2 1.0051 199.24 44.0459 567.9742 15.0741 + 3 1.0061 199.42 44.0371 569.3897 15.0920 + 4 1.0065 199.52 44.0327 570.1206 15.1012 + 5 1.0068 199.57 44.0315 570.5304 15.1064 + 6 1.0067 199.55 44.0431 570.3285 15.1037 + 7 1.0054 199.29 44.0981 568.3004 15.0774 + 8 1.0012 198.47 44.2582 561.9413 14.9950 + 9 0.9919 196.61 44.6117 547.5982 14.8063 + 10 1.0040 199.02 44.0156 566.3510 15.0541 + 11 1.0057 199.35 44.0094 568.8599 15.0857 + 12 1.0063 199.48 44.0012 569.8346 15.0981 + 13 1.0067 199.55 43.9917 570.4076 15.1054 + 14 1.0068 199.58 43.9857 570.6033 15.1079 + 15 1.0063 199.46 44.0031 569.7263 15.0967 + 16 1.0038 198.97 44.0906 565.9396 15.0478 + 17 0.9974 197.70 44.3265 556.0998 14.9196 + 18 1.0000 198.22 43.9312 560.4237 14.9803 + 19 1.0051 199.24 43.9213 568.0987 15.0774 + 20 1.0061 199.42 43.9129 569.5140 15.0953 + 21 1.0065 199.52 43.9061 570.2472 15.1046 + 22 1.0068 199.57 43.9025 570.6594 15.1098 + 23 1.0067 199.55 43.9122 570.4594 15.1071 + 24 1.0054 199.29 43.9664 568.4322 15.0809 + 25 1.0012 198.47 44.1272 562.0722 14.9984 + 26 0.9919 196.61 44.4837 547.7261 14.8098 + 27 1.0040 199.02 43.8883 566.4782 15.0575 + 28 1.0057 199.35 43.8876 568.9816 15.0889 + 29 1.0063 199.48 43.8872 569.9486 15.1011 + 30 1.0067 199.55 43.8874 570.5118 15.1081 ******************************************************************* @@ -178,36 +179,36 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4192.9 29636.9 1793.40 5.62 - 2 4219.2 29728.1 1686.38 11.25 - 3 4227.2 29755.6 1579.26 16.89 - 4 4231.6 29771.1 1472.08 22.53 - 5 4232.9 29775.6 1364.89 28.17 - 6 4225.2 29749.9 1257.79 33.80 - 7 4194.0 29644.4 1151.07 39.42 - 8 4114.4 29374.5 1045.32 44.99 - 9 4101.4 29325.8 939.75 50.54 - 10 4212.2 29702.5 832.82 56.17 - 11 4224.2 29744.1 725.74 61.80 - 12 4230.1 29764.4 618.59 67.44 - 13 4233.3 29775.3 511.40 73.09 - 14 4231.4 29768.8 404.23 78.73 - 15 4214.5 29711.6 297.27 84.36 - 16 4162.9 29536.5 190.94 89.95 - 17 4055.6 29171.2 85.92 95.48 - 18 4194.3 29636.9 -20.77 101.09 - 19 4220.5 29728.1 -127.79 106.73 - 20 4228.5 29755.6 -234.91 112.36 - 21 4233.0 29771.1 -342.09 118.00 - 22 4234.2 29775.6 -449.28 123.65 - 23 4226.6 29749.9 -556.38 129.28 - 24 4195.3 29644.4 -663.10 134.90 - 25 4115.7 29374.5 -768.85 140.46 - 26 4102.7 29325.8 -874.42 146.02 - 27 4213.5 29702.5 -981.35 151.65 - 28 4225.4 29744.1 -1088.43 157.28 - 29 4231.2 29764.4 -1195.58 162.92 - 30 4234.3 29775.2 -1302.77 168.56 + 1 4458.0 29636.9 1793.40 5.62 + 2 4484.3 29728.1 1686.38 11.25 + 3 4492.2 29755.6 1579.26 16.89 + 4 4496.7 29771.1 1472.08 22.53 + 5 4497.9 29775.6 1364.89 28.17 + 6 4490.3 29749.9 1257.79 33.80 + 7 4459.3 29644.4 1151.07 39.42 + 8 4380.3 29374.5 1045.32 44.99 + 9 4367.2 29325.8 939.75 50.54 + 10 4477.2 29702.5 832.82 56.17 + 11 4489.1 29744.1 725.74 61.80 + 12 4495.0 29764.4 618.59 67.44 + 13 4498.2 29775.3 511.40 73.09 + 14 4496.3 29768.8 404.23 78.73 + 15 4479.6 29711.6 297.27 84.36 + 16 4428.3 29536.5 190.94 89.95 + 17 4321.8 29171.2 85.92 95.48 + 18 4459.1 29636.9 -20.77 101.09 + 19 4485.2 29728.1 -127.79 106.73 + 20 4493.2 29755.6 -234.91 112.36 + 21 4497.7 29771.1 -342.09 118.00 + 22 4498.9 29775.6 -449.28 123.65 + 23 4491.4 29749.9 -556.38 129.28 + 24 4460.4 29644.4 -663.10 134.90 + 25 4381.4 29374.5 -768.85 140.46 + 26 4368.2 29325.8 -874.42 146.02 + 27 4478.2 29702.5 -981.35 151.65 + 28 4490.1 29744.1 -1088.43 157.28 + 29 4495.9 29764.4 -1195.58 162.92 + 30 4499.0 29775.2 -1302.77 168.56 *************************** * SAM CASH FLOW PROFILE * @@ -216,67 +217,67 @@ Simulation Metadata 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] (%) 100.0 -Overnight capital expenditure [construction] ($) -2,601,042,401 +Overnight capital expenditure [construction] ($) -2,591,148,406 plus: -Inflation cost [construction] ($) -59,823,975 +Inflation cost [construction] ($) -59,596,413 equals: -Nominal capital expenditure [construction] ($) -2,660,866,376 +Nominal capital expenditure [construction] ($) -2,650,744,819 -Issuance of equity [construction] ($) 1,064,346,550 -Issuance of debt [construction] ($) 1,596,519,826 -Debt balance [construction] ($) 1,596,519,826 +Issuance of equity [construction] ($) 1,060,297,928 +Issuance of debt [construction] ($) 1,590,446,891 +Debt balance [construction] ($) 1,590,446,891 Debt interest payment [construction] ($) 0 -Installed cost [construction] ($) -2,660,866,376 -After-tax net cash flow [construction] ($) -1,064,346,550 +Installed cost [construction] ($) -2,650,744,819 +After-tax net cash flow [construction] ($) -1,060,297,928 ENERGY -Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 +Electricity to grid (kWh) 0.0 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 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 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 +Electricity to grid net (kWh) 0.0 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 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 ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 +PPA revenue ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 499,248,037 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,330,433,188 -Total revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 1,800,309,896 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,325,372,410 +Total revenue ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 1,824,620,447 -Property tax net assessed value ($) 0 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 +Property tax net assessed value ($) 0 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 OPERATING EXPENSES -O&M fixed expense ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 +O&M fixed expense ($) 0 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 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 ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 +Total operating expenses ($) 0 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 OPERATING ACTIVITIES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 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 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 +Debt interest payment ($) 0 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 +Cash flow from operating activities ($) 0 177,037,285 180,739,389 185,329,265 189,667,949 193,775,407 197,102,562 198,216,061 194,658,960 197,624,656 212,932,374 218,654,762 223,891,563 228,978,902 233,672,272 236,974,138 236,835,820 231,074,786 250,718,086 259,049,975 265,664,539 272,104,356 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 INVESTING ACTIVITIES -Total installed cost ($) -2,660,866,376 +Total installed cost ($) -2,650,744,819 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,660,866,376 +Purchase of property ($) -2,650,744,819 plus: Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -288,87 +289,87 @@ Reserve capital spending major equipment 1 ($) 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 ($) -2,660,866,376 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,650,744,819 0 0 0 0 0 0 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 ($) 1,064,346,550 -Size of debt ($) 1,596,519,826 +Issuance of equity ($) 1,060,297,928 +Size of debt ($) 1,590,446,891 minus: -Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 +Debt principal payment ($) 0 21,577,711 22,786,062 24,062,082 25,409,558 26,832,494 28,335,113 29,921,880 31,597,505 33,366,965 35,235,515 37,208,704 39,292,391 41,492,765 43,816,360 46,270,076 48,861,201 51,597,428 54,486,884 57,538,149 60,760,286 64,162,862 67,755,982 71,550,317 75,557,135 79,788,334 84,256,481 88,974,844 93,957,435 99,219,052 104,775,319 equals: -Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 +Cash flow from financing activities ($) 2,650,744,819 -21,577,711 -22,786,062 -24,062,082 -25,409,558 -26,832,494 -28,335,113 -29,921,880 -31,597,505 -33,366,965 -35,235,515 -37,208,704 -39,292,391 -41,492,765 -43,816,360 -46,270,076 -48,861,201 -51,597,428 -54,486,884 -57,538,149 -60,760,286 -64,162,862 -67,755,982 -71,550,317 -75,557,135 -79,788,334 -84,256,481 -88,974,844 -93,957,435 -99,219,052 -104,775,319 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 -Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 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 ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 -Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Cash flow from operating activities ($) 0 177,037,285 180,739,389 185,329,265 189,667,949 193,775,407 197,102,562 198,216,061 194,658,960 197,624,656 212,932,374 218,654,762 223,891,563 228,978,902 233,672,272 236,974,138 236,835,820 231,074,786 250,718,086 259,049,975 265,664,539 272,104,356 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 +Cash flow from investing activities ($) -2,650,744,819 0 0 0 0 0 0 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 ($) 2,650,744,819 -21,577,711 -22,786,062 -24,062,082 -25,409,558 -26,832,494 -28,335,113 -29,921,880 -31,597,505 -33,366,965 -35,235,515 -37,208,704 -39,292,391 -41,492,765 -43,816,360 -46,270,076 -48,861,201 -51,597,428 -54,486,884 -57,538,149 -60,760,286 -64,162,862 -67,755,982 -71,550,317 -75,557,135 -79,788,334 -84,256,481 -88,974,844 -93,957,435 -99,219,052 -104,775,319 +Total pre-tax cash flow ($) 0 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 Pre-tax Returns: -Issuance of equity ($) 1,064,346,550 -Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 -Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Issuance of equity ($) 1,060,297,928 +Total pre-tax cash flow ($) 0 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 +Total pre-tax returns ($) -1,060,297,928 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 After-tax Returns: -Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 -Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 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 ($) -1,060,297,928 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 +Federal ITC total income ($) 0 795,223,446 0 0 0 0 0 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 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 +Federal tax benefit (liability) ($) 0 -23,574,459 -13,296,558 -14,192,961 -15,040,306 -15,842,492 -16,492,286 -16,709,752 -16,015,050 -16,594,251 -19,583,848 -20,701,430 -21,724,178 -22,717,735 -23,634,350 -24,279,204 -24,252,191 -23,127,061 -26,963,397 -28,590,615 -29,882,440 -42,141,058 -54,370,847 -55,454,168 -56,085,742 -55,740,457 -56,821,614 -60,575,532 -62,302,464 -63,955,634 -324,453,379 State ITC total income ($) 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 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 -Total after-tax returns ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 +State tax benefit (liability) ($) 0 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 +Total after-tax returns ($) -1,060,297,928 918,658,934 139,890,977 141,987,139 143,827,295 145,422,109 146,363,949 145,595,271 141,306,244 141,715,680 151,093,710 153,324,760 155,088,550 156,625,844 157,750,469 157,722,633 155,029,887 148,061,028 159,603,504 162,673,678 164,311,261 150,696,114 136,781,967 137,062,980 135,432,087 129,901,955 129,501,018 138,904,537 140,418,500 141,375,952 1,115,787,394 -After-tax net cash flow ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 -After-tax cumulative IRR (%) NaN -15.17 -3.40 5.89 12.37 16.79 19.80 21.87 23.28 24.29 25.09 25.68 26.13 26.46 26.72 26.91 27.06 27.16 27.25 27.32 27.37 27.41 27.44 27.46 27.47 27.49 27.49 27.50 27.51 27.51 27.55 -After-tax cumulative NPV ($) -1,064,346,550 -276,360,558 -184,114,290 -102,283,638 -29,860,348 34,099,889 90,287,587 138,980,351 179,981,359 215,856,998 249,560,495 279,450,773 305,861,334 329,155,135 349,636,000 367,491,872 382,754,754 395,369,209 407,375,324 418,077,007 427,517,570 434,965,626 440,760,290 445,824,812 450,177,652 453,787,012 456,922,551 459,896,566 462,523,206 464,831,958 483,348,931 +After-tax net cash flow ($) -1,060,297,928 918,658,934 139,890,977 141,987,139 143,827,295 145,422,109 146,363,949 145,595,271 141,306,244 141,715,680 151,093,710 153,324,760 155,088,550 156,625,844 157,750,469 157,722,633 155,029,887 148,061,028 159,603,504 162,673,678 164,311,261 150,696,114 136,781,967 137,062,980 135,432,087 129,901,955 129,501,018 138,904,537 140,418,500 141,375,952 1,115,787,394 +After-tax cumulative IRR (%) NaN -13.36 -0.15 9.77 16.44 20.85 23.78 25.76 27.09 28.03 28.75 29.27 29.65 29.94 30.15 30.31 30.42 30.51 30.58 30.63 30.67 30.70 30.71 30.73 30.74 30.75 30.75 30.76 30.76 30.77 30.78 +After-tax cumulative NPV ($) -1,060,297,928 -258,507,907 -151,945,901 -57,546,760 25,910,993 99,559,196 164,254,414 220,422,765 268,001,413 309,647,577 348,400,978 382,723,727 413,024,650 439,732,929 463,210,841 483,698,350 501,274,224 515,924,595 529,708,002 541,969,339 552,778,555 561,430,929 568,285,312 574,279,993 579,449,794 583,777,665 587,543,299 591,068,531 594,178,829 596,911,954 615,738,548 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,064,346,550 504,481,845 -279,761,764 -280,941,051 -282,053,576 -283,104,409 -283,946,673 -284,197,129 -283,198,821 -283,951,600 -287,996,326 -289,476,868 -290,828,818 -292,141,214 -293,348,448 -294,183,709 -294,099,170 -292,511,863 -297,725,623 -299,899,742 -301,618,330 -318,291,569 -334,925,356 -336,358,826 -337,173,733 -336,651,121 -338,088,802 -343,176,493 -345,487,456 -347,698,476 627,560,501 -PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 -Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 +Annual costs ($) -1,060,297,928 495,111,220 -286,150,488 -287,368,182 -288,519,235 -289,608,944 -290,491,638 -290,787,050 -289,843,351 -290,630,150 -294,691,287 -296,209,437 -297,598,760 -298,948,431 -300,193,582 -301,069,567 -301,032,872 -299,504,469 -304,715,837 -306,926,287 -308,681,131 -325,333,520 -341,946,745 -343,418,352 -344,276,298 -343,807,254 -345,275,923 -350,375,331 -352,721,235 -354,966,939 616,539,357 +PPA revenue ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 499,248,037 +Electricity to grid (kWh) 0.0 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 -Present value of annual costs ($) 2,298,728,919 -Present value of annual energy nominal (kWh) 28,355,365,264 -LCOE Levelized cost of energy nominal (cents/kWh) 8.11 +Present value of annual costs ($) 2,341,829,342 +Present value of annual energy nominal (kWh) 30,143,876,576 +LCOE Levelized cost of energy nominal (cents/kWh) 7.77 -Present value of PPA revenue ($) 2,782,077,849 -Present value of annual energy nominal (kWh) 28,355,365,264 +Present value of PPA revenue ($) 2,957,567,891 +Present value of annual energy nominal (kWh) 30,143,876,576 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 State taxable PBI income ($) 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 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Total state tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 +Total state tax depreciation ($) 0 56,328,327 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 56,328,327 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 94,868,122 42,036,219 46,481,325 50,674,785 54,635,710 57,810,470 58,754,517 54,991,577 57,829,041 73,074,901 78,655,531 83,751,463 88,698,300 93,248,749 96,397,111 96,078,457 90,095,394 109,747,710 117,942,657 124,420,562 187,267,297 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 +State taxable income ($) 0 120,708,958 68,082,734 72,672,610 77,011,295 81,118,752 84,445,907 85,559,407 82,002,305 84,968,001 100,275,719 105,998,108 111,234,908 116,322,247 121,015,617 124,317,483 124,179,165 118,418,131 138,061,431 146,393,320 153,007,884 215,776,029 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +State tax benefit (liability) ($) 0 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 Interest earned on reserves ($) 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) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +State tax benefit (liability) ($) 0 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 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 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Total federal tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 +Total federal tax depreciation ($) 0 56,328,327 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 56,328,327 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 88,227,353 39,093,684 43,227,632 47,127,550 50,811,211 53,763,737 54,641,701 51,142,167 53,781,008 67,959,658 73,149,644 77,888,861 82,489,419 86,721,337 89,649,313 89,352,965 83,788,717 102,065,370 109,686,671 115,711,122 174,158,587 232,467,751 237,492,733 240,349,361 238,517,361 243,557,102 261,391,828 269,492,830 277,243,486 1,522,294,430 +Federal taxable income ($) 0 112,259,331 63,316,943 67,585,527 71,620,504 75,440,440 78,534,693 79,570,248 76,262,144 79,020,241 93,256,418 98,578,240 103,448,465 108,179,690 112,544,524 115,615,259 115,486,624 110,128,862 128,397,131 136,145,788 142,297,332 200,671,707 258,908,796 264,067,465 267,074,964 265,430,747 270,579,113 288,454,912 296,678,399 304,550,637 1,545,016,092 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 +Federal tax benefit (liability) ($) 0 -23,574,459 -13,296,558 -14,192,961 -15,040,306 -15,842,492 -16,492,286 -16,709,752 -16,015,050 -16,594,251 -19,583,848 -20,701,430 -21,724,178 -22,717,735 -23,634,350 -24,279,204 -24,252,191 -23,127,061 -26,963,397 -28,590,615 -29,882,440 -42,141,058 -54,370,847 -55,454,168 -56,085,742 -55,740,457 -56,821,614 -60,575,532 -62,302,464 -63,955,634 -324,453,379 CASH INCENTIVES Federal IBI income ($) 0 @@ -394,30 +395,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 798,259,913 0 0 0 0 0 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 ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 795,223,446 0 0 0 0 0 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 ($) 0 795,223,446 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 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 ($) 1,596,519,826 1,574,859,723 1,551,986,655 1,527,832,695 1,502,326,113 1,475,391,163 1,446,947,855 1,416,911,722 1,385,193,566 1,351,699,193 1,316,329,135 1,278,978,354 1,239,535,929 1,197,884,729 1,153,901,061 1,107,454,308 1,058,406,536 1,006,612,089 951,917,154 894,159,302 833,167,010 768,759,150 700,744,449 628,920,926 553,075,285 472,982,288 388,404,084 299,089,500 204,773,299 105,175,391 0 -Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 -Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 +Debt balance ($) 1,590,446,891 1,568,869,181 1,546,083,119 1,522,021,037 1,496,611,478 1,469,778,985 1,441,443,872 1,411,521,992 1,379,924,487 1,346,557,522 1,311,322,007 1,274,113,303 1,234,820,911 1,193,328,146 1,149,511,785 1,103,241,709 1,054,380,508 1,002,783,080 948,296,196 890,758,047 829,997,761 765,834,899 698,078,917 626,528,600 550,971,465 471,183,131 386,926,650 297,951,806 203,994,370 104,775,319 0 +Debt interest payment ($) 0 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 +Debt principal payment ($) 0 21,577,711 22,786,062 24,062,082 25,409,558 26,832,494 28,335,113 29,921,880 31,597,505 33,366,965 35,235,515 37,208,704 39,292,391 41,492,765 43,816,360 46,270,076 48,861,201 51,597,428 54,486,884 57,538,149 60,760,286 64,162,862 67,755,982 71,550,317 75,557,135 79,788,334 84,256,481 88,974,844 93,957,435 99,219,052 104,775,319 +Debt total payment ($) 0 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 DSCR (DEBT FRACTION) -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 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) ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 -DSCR (pre-tax) 0.0 2.17 2.19 2.22 2.24 2.27 2.28 2.28 2.23 2.24 2.36 2.39 2.42 2.44 2.46 2.47 2.44 2.36 2.51 2.56 2.59 2.62 2.64 2.65 2.64 2.59 2.60 2.73 2.76 2.79 14.79 +Cash available for debt service (CAFDS) ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +Debt total payment ($) 0 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 +DSCR (pre-tax) 0.0 2.41 2.43 2.46 2.48 2.51 2.53 2.52 2.47 2.48 2.61 2.64 2.67 2.69 2.72 2.72 2.70 2.62 2.77 2.82 2.85 2.88 2.90 2.92 2.91 2.86 2.87 3.0 3.03 3.06 15.07 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 diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 63e52652..2ef16fa1 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -48,7 +48,8 @@ Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quar Reservoir Heat Capacity, 790 Reservoir Thermal Conductivity, 3.05 Reservoir Porosity, 0.0118 -Reservoir Impedance, 0.001565 +Injectivity Index, 3.015, -- [kg/s/bar] NREL ATB conservative scenario (https://atb.nrel.gov/electricity/2024/geothermal) +Productivity Index, 2.494, -- [kg/s/bar] NREL ATB conservative scenario (https://atb.nrel.gov/electricity/2024/geothermal) Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input Number of Fractures per Stimulated Well, 102 From 7d9695e24b80b869b242034a66e22f6a76a52f77 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 11:44:00 -0800 Subject: [PATCH 04/10] update lateral length to 4800 feet --- tests/examples/Fervo_Project_Cape-5.out | 4 ++-- tests/examples/Fervo_Project_Cape-5.txt | 2 +- 2 files changed, 3 insertions(+), 3 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index fbbf2a79..ae4d1842 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,8 +6,8 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 11:26 - Calculation Time: 1.758 sec + Simulation Time: 11:38 + Calculation Time: 1.782 sec ***SUMMARY OF RESULTS*** diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 2ef16fa1..29c6ca2d 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -77,7 +77,7 @@ Circulation Pump Efficiency, 0.80 Well Geometry Configuration, 4, -- L Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling (which would otherwise account for approximately 118 multilateral sections) is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost, which is under $4 million. -Nonvertical Length per Multilateral Section, 4700 feet, -- Deployment of Enhanced Geothermal System Technology Leads to Rapid Cost Reductions and Performance Improvements. p. 3. https://doi.org/10.31223/X5VH8C +Nonvertical Length per Multilateral Section, 4800 feet, -- Fervo presentation at Payne Institute, Dec 2, 2025 Multilaterals Cased, True # *** SIMULATION PARAMETERS *** From 42c6a2faa022171c11a8282c9b92ca0abf8415ac Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 11:56:11 -0800 Subject: [PATCH 05/10] 8.535" ID for 9-5/8" casing size --- tests/examples/Fervo_Project_Cape-5.out | 342 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 4 +- 2 files changed, 173 insertions(+), 173 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index ae4d1842..e2aa352f 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,15 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 11:38 - Calculation Time: 1.782 sec + Simulation Time: 11:53 + Calculation Time: 1.770 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 566.15 MW - Electricity breakeven price: 7.77 cents/kWh - Total CAPEX: 2650.74 MUSD + Average Net Electricity Production: 562.65 MW + Electricity breakeven price: 7.80 cents/kWh + Total CAPEX: 2652.55 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 107.0 kg/sec @@ -30,12 +30,12 @@ Simulation Metadata WACC: 8.30 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 615.74 MUSD - After-tax IRR: 30.78 % - Project VIR=PI=PIR: 1.58 - Project MOIC: 4.79 - Project Payback Period: 2.01 yr - Estimated Jobs Created: 1300 + Project NPV: 601.77 MUSD + After-tax IRR: 30.45 % + Project VIR=PI=PIR: 1.57 + Project MOIC: 4.73 + Project Payback Period: 2.04 yr + Estimated Jobs Created: 1301 ***ENGINEERING PARAMETERS*** @@ -48,8 +48,8 @@ Simulation Metadata Production Wellbore heat transmission calculated with Ramey's model Average production well temperature drop: 0.6 degC Flowrate per production well: 107.0 kg/sec - Injection well casing ID: 9.625 in - Production well casing ID: 9.625 in + Injection well casing ID: 8.535 in + Production well casing ID: 8.535 in Number of times redrilling: 3 Power plant type: Supercritical ORC @@ -85,14 +85,14 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** Maximum Production Temperature: 199.6 degC - Average Production Temperature: 199.0 degC + Average Production Temperature: 199.1 degC Minimum Production Temperature: 195.4 degC - Initial Production Temperature: 198.2 degC - Average Reservoir Heat Extraction: 3761.51 MW + Initial Production Temperature: 198.4 degC + Average Reservoir Heat Extraction: 3763.00 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.6 degC - Average Injection Well Pump Pressure Drop: -3020.3 kPa - Average Production Well Pump Pressure Drop: 4914.8 kPa + Average Injection Well Pump Pressure Drop: -2502.2 kPa + Average Production Well Pump Pressure Drop: 5353.0 kPa ***CAPITAL COSTS (M$)*** @@ -100,40 +100,40 @@ Simulation Metadata Drilling and completion costs: 467.75 MUSD Drilling and completion costs per well: 3.96 MUSD Stimulation costs: 542.80 MUSD - Surface power plant costs: 1504.05 MUSD - Field gathering system costs: 46.55 MUSD - Total surface equipment costs: 1550.60 MUSD + Surface power plant costs: 1504.97 MUSD + Field gathering system costs: 47.40 MUSD + Total surface equipment costs: 1552.37 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2591.15 MUSD - Inflation costs during construction: 59.60 MUSD - Total CAPEX: 2650.74 MUSD + Overnight Capital Cost: 2592.91 MUSD + Inflation costs during construction: 59.64 MUSD + Total CAPEX: 2652.55 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.10 MUSD/yr - Power plant maintenance costs: 25.43 MUSD/yr + Wellfield maintenance costs: 6.11 MUSD/yr + Power plant maintenance costs: 25.44 MUSD/yr Water costs: 24.86 MUSD/yr Redrilling costs: 101.05 MUSD/yr - Total operating and maintenance costs: 157.45 MUSD/yr + Total operating and maintenance costs: 157.47 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 614.60 MW - Average Total Electricity Generation: 610.21 MW - Minimum Total Electricity Generation: 583.15 MW - Initial Total Electricity Generation: 604.35 MW - Maximum Net Electricity Generation: 570.71 MW - Average Net Electricity Generation: 566.15 MW - Minimum Net Electricity Generation: 538.31 MW - Initial Net Electricity Generation: 560.26 MW - Average Annual Total Electricity Generation: 4810.97 GWh - Average Annual Net Electricity Generation: 4463.68 GWh - Initial pumping power/net installed power: 7.87 % - Average Pumping Power: 44.05 MW - Heat to Power Conversion Efficiency: 15.05 % + Maximum Total Electricity Generation: 614.98 MW + Average Total Electricity Generation: 610.63 MW + Minimum Total Electricity Generation: 583.46 MW + Initial Total Electricity Generation: 605.36 MW + Maximum Net Electricity Generation: 567.15 MW + Average Net Electricity Generation: 562.65 MW + Minimum Net Electricity Generation: 534.73 MW + Initial Net Electricity Generation: 557.34 MW + Average Annual Total Electricity Generation: 4814.32 GWh + Average Annual Net Electricity Generation: 4436.06 GWh + Initial pumping power/net installed power: 8.61 % + Average Pumping Power: 47.98 MW + Heat to Power Conversion Efficiency: 14.95 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -141,36 +141,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.22 44.0935 560.2615 14.9759 - 2 1.0051 199.24 44.0459 567.9742 15.0741 - 3 1.0061 199.42 44.0371 569.3897 15.0920 - 4 1.0065 199.52 44.0327 570.1206 15.1012 - 5 1.0068 199.57 44.0315 570.5304 15.1064 - 6 1.0067 199.55 44.0431 570.3285 15.1037 - 7 1.0054 199.29 44.0981 568.3004 15.0774 - 8 1.0012 198.47 44.2582 561.9413 14.9950 - 9 0.9919 196.61 44.6117 547.5982 14.8063 - 10 1.0040 199.02 44.0156 566.3510 15.0541 - 11 1.0057 199.35 44.0094 568.8599 15.0857 - 12 1.0063 199.48 44.0012 569.8346 15.0981 - 13 1.0067 199.55 43.9917 570.4076 15.1054 - 14 1.0068 199.58 43.9857 570.6033 15.1079 - 15 1.0063 199.46 44.0031 569.7263 15.0967 - 16 1.0038 198.97 44.0906 565.9396 15.0478 - 17 0.9974 197.70 44.3265 556.0998 14.9196 - 18 1.0000 198.22 43.9312 560.4237 14.9803 - 19 1.0051 199.24 43.9213 568.0987 15.0774 - 20 1.0061 199.42 43.9129 569.5140 15.0953 - 21 1.0065 199.52 43.9061 570.2472 15.1046 - 22 1.0068 199.57 43.9025 570.6594 15.1098 - 23 1.0067 199.55 43.9122 570.4594 15.1071 - 24 1.0054 199.29 43.9664 568.4322 15.0809 - 25 1.0012 198.47 44.1272 562.0722 14.9984 - 26 0.9919 196.61 44.4837 547.7261 14.8098 - 27 1.0040 199.02 43.8883 566.4782 15.0575 - 28 1.0057 199.35 43.8876 568.9816 15.0889 - 29 1.0063 199.48 43.8872 569.9486 15.1011 - 30 1.0067 199.55 43.8874 570.5118 15.1081 + 1 1.0000 198.35 48.0134 557.3449 14.8840 + 2 1.0048 199.30 47.9712 564.5618 14.9764 + 3 1.0057 199.48 47.9633 565.9037 14.9935 + 4 1.0061 199.57 47.9593 566.5985 15.0023 + 5 1.0064 199.62 47.9583 566.9853 15.0072 + 6 1.0063 199.60 47.9694 566.7673 15.0043 + 7 1.0049 199.33 48.0217 564.7279 14.9778 + 8 1.0008 198.51 48.1737 558.3627 14.8948 + 9 0.9914 196.65 48.5093 544.0205 14.7051 + 10 1.0037 199.10 47.9436 563.0282 14.9573 + 11 1.0053 199.41 47.9379 565.3997 14.9875 + 12 1.0059 199.53 47.9304 566.3254 14.9993 + 13 1.0063 199.60 47.9215 566.8698 15.0062 + 14 1.0064 199.63 47.9161 567.0457 15.0085 + 15 1.0058 199.51 47.9328 566.1544 14.9971 + 16 1.0033 199.02 48.0161 562.3583 14.9478 + 17 0.9969 197.74 48.2403 552.5151 14.8189 + 18 1.0000 198.35 47.8654 557.4930 14.8880 + 19 1.0048 199.30 47.8561 564.6768 14.9794 + 20 1.0057 199.48 47.8483 566.0186 14.9965 + 21 1.0061 199.57 47.8420 566.7158 15.0054 + 22 1.0064 199.62 47.8387 567.1050 15.0104 + 23 1.0063 199.60 47.8480 566.8887 15.0075 + 24 1.0049 199.33 47.8994 564.8501 14.9810 + 25 1.0008 198.51 48.0521 558.4843 14.8980 + 26 0.9914 196.65 48.3905 544.1393 14.7083 + 27 1.0037 199.10 47.8255 563.1464 14.9605 + 28 1.0053 199.41 47.8248 565.5128 14.9905 + 29 1.0059 199.53 47.8244 566.4314 15.0021 + 30 1.0063 199.60 47.8246 566.9666 15.0088 ******************************************************************* @@ -179,36 +179,36 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4458.0 29636.9 1793.40 5.62 - 2 4484.3 29728.1 1686.38 11.25 - 3 4492.2 29755.6 1579.26 16.89 - 4 4496.7 29771.1 1472.08 22.53 - 5 4497.9 29775.6 1364.89 28.17 - 6 4490.3 29749.9 1257.79 33.80 - 7 4459.3 29644.4 1151.07 39.42 - 8 4380.3 29374.5 1045.32 44.99 - 9 4367.2 29325.8 939.75 50.54 - 10 4477.2 29702.5 832.82 56.17 - 11 4489.1 29744.1 725.74 61.80 - 12 4495.0 29764.4 618.59 67.44 - 13 4498.2 29775.3 511.40 73.09 - 14 4496.3 29768.8 404.23 78.73 - 15 4479.6 29711.6 297.27 84.36 - 16 4428.3 29536.5 190.94 89.95 - 17 4321.8 29171.2 85.92 95.48 - 18 4459.1 29636.9 -20.77 101.09 - 19 4485.2 29728.1 -127.79 106.73 - 20 4493.2 29755.6 -234.91 112.36 - 21 4497.7 29771.1 -342.09 118.00 - 22 4498.9 29775.6 -449.28 123.65 - 23 4491.4 29749.9 -556.38 129.28 - 24 4460.4 29644.4 -663.10 134.90 - 25 4381.4 29374.5 -768.85 140.46 - 26 4368.2 29325.8 -874.42 146.02 - 27 4478.2 29702.5 -981.35 151.65 - 28 4490.1 29744.1 -1088.43 157.28 - 29 4495.9 29764.4 -1195.58 162.92 - 30 4499.0 29775.2 -1302.77 168.56 + 1 4432.3 29655.2 1793.33 5.62 + 2 4457.0 29741.0 1686.26 11.25 + 3 4464.6 29767.1 1579.10 16.89 + 4 4468.8 29781.9 1471.89 22.54 + 5 4469.9 29785.8 1364.66 28.18 + 6 4462.2 29759.7 1257.52 33.82 + 7 4431.1 29653.9 1150.77 39.44 + 8 4352.1 29383.6 1044.99 45.00 + 9 4340.9 29341.7 939.36 50.56 + 10 4450.3 29716.9 832.38 56.19 + 11 4461.6 29756.2 725.26 61.83 + 12 4467.2 29775.5 618.06 67.47 + 13 4470.3 29785.8 510.83 73.12 + 14 4468.2 29778.8 403.63 78.76 + 15 4451.4 29721.3 296.63 84.39 + 16 4400.0 29545.8 190.27 89.99 + 17 4293.8 29180.9 85.22 95.52 + 18 4433.3 29655.2 -21.54 101.13 + 19 4457.9 29741.0 -128.61 106.77 + 20 4465.5 29767.1 -235.77 112.41 + 21 4469.7 29781.9 -342.98 118.05 + 22 4470.9 29785.8 -450.21 123.69 + 23 4463.2 29759.7 -557.35 129.33 + 24 4432.1 29653.9 -664.10 134.95 + 25 4353.1 29383.6 -769.88 140.52 + 26 4341.8 29341.7 -875.51 146.08 + 27 4451.2 29716.9 -982.49 151.71 + 28 4462.5 29756.2 -1089.62 157.35 + 29 4468.0 29775.5 -1196.81 162.99 + 30 4470.9 29785.7 -1304.04 168.63 *************************** * SAM CASH FLOW PROFILE * @@ -217,67 +217,67 @@ Simulation Metadata 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] (%) 100.0 -Overnight capital expenditure [construction] ($) -2,591,148,406 +Overnight capital expenditure [construction] ($) -2,592,914,727 plus: -Inflation cost [construction] ($) -59,596,413 +Inflation cost [construction] ($) -59,637,039 equals: -Nominal capital expenditure [construction] ($) -2,650,744,819 +Nominal capital expenditure [construction] ($) -2,652,551,766 -Issuance of equity [construction] ($) 1,060,297,928 -Issuance of debt [construction] ($) 1,590,446,891 -Debt balance [construction] ($) 1,590,446,891 +Issuance of equity [construction] ($) 1,061,020,706 +Issuance of debt [construction] ($) 1,591,531,059 +Debt balance [construction] ($) 1,591,531,059 Debt interest payment [construction] ($) 0 -Installed cost [construction] ($) -2,650,744,819 -After-tax net cash flow [construction] ($) -1,060,297,928 +Installed cost [construction] ($) -2,652,551,766 +After-tax net cash flow [construction] ($) -1,061,020,706 ENERGY -Electricity to grid (kWh) 0.0 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 +Electricity to grid (kWh) 0.0 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 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 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 +Electricity to grid net (kWh) 0.0 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 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 ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 499,248,037 +PPA revenue ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 496,140,335 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,325,372,410 -Total revenue ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 1,824,620,447 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,326,275,883 +Total revenue ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 1,822,416,217 -Property tax net assessed value ($) 0 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 2,650,744,819 +Property tax net assessed value ($) 0 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 OPERATING EXPENSES -O&M fixed expense ($) 0 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 +O&M fixed expense ($) 0 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 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 ($) 0 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 157,445,403 +Total operating expenses ($) 0 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 -EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 OPERATING ACTIVITIES -EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 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 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 -Cash flow from operating activities ($) 0 177,037,285 180,739,389 185,329,265 189,667,949 193,775,407 197,102,562 198,216,061 194,658,960 197,624,656 212,932,374 218,654,762 223,891,563 228,978,902 233,672,272 236,974,138 236,835,820 231,074,786 250,718,086 259,049,975 265,664,539 272,104,356 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 +Debt interest payment ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 +Cash flow from operating activities ($) 0 174,513,711 178,070,708 182,607,612 186,909,763 190,987,606 194,289,321 195,381,122 191,806,959 194,946,198 210,184,861 215,830,552 221,023,658 226,077,757 230,743,197 234,021,058 233,863,066 228,110,250 247,973,759 256,133,494 262,692,548 269,094,938 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 INVESTING ACTIVITIES -Total installed cost ($) -2,650,744,819 +Total installed cost ($) -2,652,551,766 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,650,744,819 +Purchase of property ($) -2,652,551,766 plus: Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -289,87 +289,87 @@ Reserve capital spending major equipment 1 ($) 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 ($) -2,650,744,819 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,652,551,766 0 0 0 0 0 0 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 ($) 1,060,297,928 -Size of debt ($) 1,590,446,891 +Issuance of equity ($) 1,061,020,706 +Size of debt ($) 1,591,531,059 minus: -Debt principal payment ($) 0 21,577,711 22,786,062 24,062,082 25,409,558 26,832,494 28,335,113 29,921,880 31,597,505 33,366,965 35,235,515 37,208,704 39,292,391 41,492,765 43,816,360 46,270,076 48,861,201 51,597,428 54,486,884 57,538,149 60,760,286 64,162,862 67,755,982 71,550,317 75,557,135 79,788,334 84,256,481 88,974,844 93,957,435 99,219,052 104,775,319 +Debt principal payment ($) 0 21,592,420 22,801,595 24,078,484 25,426,879 26,850,785 28,354,429 29,942,277 31,619,044 33,389,711 35,259,534 37,234,068 39,319,176 41,521,050 43,846,229 46,301,618 48,894,508 51,632,601 54,524,026 57,577,372 60,801,705 64,206,600 67,802,170 71,599,091 75,608,640 79,842,724 84,313,917 89,035,496 94,021,484 99,286,687 104,846,741 equals: -Cash flow from financing activities ($) 2,650,744,819 -21,577,711 -22,786,062 -24,062,082 -25,409,558 -26,832,494 -28,335,113 -29,921,880 -31,597,505 -33,366,965 -35,235,515 -37,208,704 -39,292,391 -41,492,765 -43,816,360 -46,270,076 -48,861,201 -51,597,428 -54,486,884 -57,538,149 -60,760,286 -64,162,862 -67,755,982 -71,550,317 -75,557,135 -79,788,334 -84,256,481 -88,974,844 -93,957,435 -99,219,052 -104,775,319 +Cash flow from financing activities ($) 2,652,551,766 -21,592,420 -22,801,595 -24,078,484 -25,426,879 -26,850,785 -28,354,429 -29,942,277 -31,619,044 -33,389,711 -35,259,534 -37,234,068 -39,319,176 -41,521,050 -43,846,229 -46,301,618 -48,894,508 -51,632,601 -54,524,026 -57,577,372 -60,801,705 -64,206,600 -67,802,170 -71,599,091 -75,608,640 -79,842,724 -84,313,917 -89,035,496 -94,021,484 -99,286,687 -104,846,741 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 177,037,285 180,739,389 185,329,265 189,667,949 193,775,407 197,102,562 198,216,061 194,658,960 197,624,656 212,932,374 218,654,762 223,891,563 228,978,902 233,672,272 236,974,138 236,835,820 231,074,786 250,718,086 259,049,975 265,664,539 272,104,356 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 -Cash flow from investing activities ($) -2,650,744,819 0 0 0 0 0 0 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 ($) 2,650,744,819 -21,577,711 -22,786,062 -24,062,082 -25,409,558 -26,832,494 -28,335,113 -29,921,880 -31,597,505 -33,366,965 -35,235,515 -37,208,704 -39,292,391 -41,492,765 -43,816,360 -46,270,076 -48,861,201 -51,597,428 -54,486,884 -57,538,149 -60,760,286 -64,162,862 -67,755,982 -71,550,317 -75,557,135 -79,788,334 -84,256,481 -88,974,844 -93,957,435 -99,219,052 -104,775,319 -Total pre-tax cash flow ($) 0 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 +Cash flow from operating activities ($) 0 174,513,711 178,070,708 182,607,612 186,909,763 190,987,606 194,289,321 195,381,122 191,806,959 194,946,198 210,184,861 215,830,552 221,023,658 226,077,757 230,743,197 234,021,058 233,863,066 228,110,250 247,973,759 256,133,494 262,692,548 269,094,938 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 +Cash flow from investing activities ($) -2,652,551,766 0 0 0 0 0 0 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 ($) 2,652,551,766 -21,592,420 -22,801,595 -24,078,484 -25,426,879 -26,850,785 -28,354,429 -29,942,277 -31,619,044 -33,389,711 -35,259,534 -37,234,068 -39,319,176 -41,521,050 -43,846,229 -46,301,618 -48,894,508 -51,632,601 -54,524,026 -57,577,372 -60,801,705 -64,206,600 -67,802,170 -71,599,091 -75,608,640 -79,842,724 -84,313,917 -89,035,496 -94,021,484 -99,286,687 -104,846,741 +Total pre-tax cash flow ($) 0 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 Pre-tax Returns: -Issuance of equity ($) 1,060,297,928 -Total pre-tax cash flow ($) 0 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 -Total pre-tax returns ($) -1,060,297,928 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 +Issuance of equity ($) 1,061,020,706 +Total pre-tax cash flow ($) 0 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 +Total pre-tax returns ($) -1,061,020,706 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 After-tax Returns: -Total pre-tax returns ($) -1,060,297,928 155,459,575 157,953,327 161,267,183 164,258,391 166,942,914 168,767,448 168,294,182 163,061,455 164,257,691 177,696,858 181,446,058 184,599,172 187,486,137 189,855,912 190,704,061 187,974,619 179,477,358 196,231,202 201,511,826 204,904,253 207,941,495 210,640,573 212,393,194 211,620,246 205,621,071 206,688,802 221,191,728 225,051,596 228,254,752 1,556,532,308 -Federal ITC total income ($) 0 795,223,446 0 0 0 0 0 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 ($) -1,061,020,706 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 +Federal ITC total income ($) 0 795,765,530 0 0 0 0 0 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 -23,574,459 -13,296,558 -14,192,961 -15,040,306 -15,842,492 -16,492,286 -16,709,752 -16,015,050 -16,594,251 -19,583,848 -20,701,430 -21,724,178 -22,717,735 -23,634,350 -24,279,204 -24,252,191 -23,127,061 -26,963,397 -28,590,615 -29,882,440 -42,141,058 -54,370,847 -55,454,168 -56,085,742 -55,740,457 -56,821,614 -60,575,532 -62,302,464 -63,955,634 -324,453,379 +Federal tax benefit (liability) ($) 0 -23,074,106 -12,760,367 -13,646,424 -14,486,634 -15,283,037 -15,927,862 -16,141,090 -15,443,056 -16,056,150 -19,032,260 -20,134,864 -21,149,078 -22,136,143 -23,047,304 -23,687,470 -23,656,614 -22,533,089 -26,412,432 -28,006,029 -29,287,012 -41,545,820 -53,777,302 -54,855,740 -55,483,266 -55,134,969 -56,254,001 -59,993,788 -61,705,031 -63,349,639 -324,017,688 State ITC total income ($) 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 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 -Total after-tax returns ($) -1,060,297,928 918,658,934 139,890,977 141,987,139 143,827,295 145,422,109 146,363,949 145,595,271 141,306,244 141,715,680 151,093,710 153,324,760 155,088,550 156,625,844 157,750,469 157,722,633 155,029,887 148,061,028 159,603,504 162,673,678 164,311,261 150,696,114 136,781,967 137,062,980 135,432,087 129,901,955 129,501,018 138,904,537 140,418,500 141,375,952 1,115,787,394 +State tax benefit (liability) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 +Total after-tax returns ($) -1,061,020,706 917,342,426 137,935,139 139,991,512 141,803,908 143,375,993 144,298,120 143,512,418 139,209,713 139,745,445 149,071,467 151,244,823 152,975,090 154,486,462 155,588,983 155,541,838 152,832,871 145,868,184 157,570,479 160,512,091 162,106,694 148,451,543 134,502,920 134,762,977 133,114,123 127,569,778 127,308,276 136,655,420 138,106,968 139,028,622 1,114,076,941 -After-tax net cash flow ($) -1,060,297,928 918,658,934 139,890,977 141,987,139 143,827,295 145,422,109 146,363,949 145,595,271 141,306,244 141,715,680 151,093,710 153,324,760 155,088,550 156,625,844 157,750,469 157,722,633 155,029,887 148,061,028 159,603,504 162,673,678 164,311,261 150,696,114 136,781,967 137,062,980 135,432,087 129,901,955 129,501,018 138,904,537 140,418,500 141,375,952 1,115,787,394 -After-tax cumulative IRR (%) NaN -13.36 -0.15 9.77 16.44 20.85 23.78 25.76 27.09 28.03 28.75 29.27 29.65 29.94 30.15 30.31 30.42 30.51 30.58 30.63 30.67 30.70 30.71 30.73 30.74 30.75 30.75 30.76 30.76 30.77 30.78 -After-tax cumulative NPV ($) -1,060,297,928 -258,507,907 -151,945,901 -57,546,760 25,910,993 99,559,196 164,254,414 220,422,765 268,001,413 309,647,577 348,400,978 382,723,727 413,024,650 439,732,929 463,210,841 483,698,350 501,274,224 515,924,595 529,708,002 541,969,339 552,778,555 561,430,929 568,285,312 574,279,993 579,449,794 583,777,665 587,543,299 591,068,531 594,178,829 596,911,954 615,738,548 +After-tax net cash flow ($) -1,061,020,706 917,342,426 137,935,139 139,991,512 141,803,908 143,375,993 144,298,120 143,512,418 139,209,713 139,745,445 149,071,467 151,244,823 152,975,090 154,486,462 155,588,983 155,541,838 152,832,871 145,868,184 157,570,479 160,512,091 162,106,694 148,451,543 134,502,920 134,762,977 133,114,123 127,569,778 127,308,276 136,655,420 138,106,968 139,028,622 1,114,076,941 +After-tax cumulative IRR (%) NaN -13.54 -0.48 9.37 16.02 20.43 23.37 25.36 26.70 27.64 28.37 28.90 29.29 29.58 29.79 29.96 30.07 30.16 30.23 30.28 30.32 30.35 30.37 30.39 30.40 30.41 30.41 30.42 30.42 30.43 30.45 +After-tax cumulative NPV ($) -1,061,020,706 -260,379,711 -155,307,565 -62,235,203 20,048,452 92,660,411 156,442,500 211,807,319 258,680,053 299,747,221 337,981,945 371,839,087 401,727,086 428,070,551 451,226,771 471,431,004 488,757,800 503,191,193 516,799,028 528,897,437 539,561,626 548,085,125 554,825,302 560,719,388 565,800,707 570,050,877 573,752,751 577,220,903 580,280,000 582,967,746 601,765,479 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,060,297,928 495,111,220 -286,150,488 -287,368,182 -288,519,235 -289,608,944 -290,491,638 -290,787,050 -289,843,351 -290,630,150 -294,691,287 -296,209,437 -297,598,760 -298,948,431 -300,193,582 -301,069,567 -301,032,872 -299,504,469 -304,715,837 -306,926,287 -308,681,131 -325,333,520 -341,946,745 -343,418,352 -344,276,298 -343,807,254 -345,275,923 -350,375,331 -352,721,235 -354,966,939 616,539,357 -PPA revenue ($) 0 423,547,714 426,041,466 429,355,322 432,346,530 435,031,053 436,855,587 436,382,321 431,149,594 432,345,830 445,784,997 449,534,197 452,687,311 455,574,276 457,944,051 458,792,200 456,062,758 447,565,497 464,319,341 469,599,965 472,992,392 476,029,634 478,728,712 480,481,333 479,708,385 473,709,210 474,776,941 489,279,867 493,139,735 496,342,891 499,248,037 -Electricity to grid (kWh) 0.0 4,458,396,987 4,484,647,008 4,492,574,258 4,497,051,488 4,498,304,752 4,490,702,995 4,459,706,906 4,380,711,179 4,367,570,761 4,477,551,199 4,489,505,616 4,495,405,269 4,498,610,405 4,496,701,206 4,479,955,087 4,428,653,703 4,322,216,294 4,459,463,510 4,485,623,885 4,493,562,531 4,498,059,469 4,499,329,998 4,491,739,113 4,460,743,766 4,381,733,508 4,368,576,934 4,478,534,254 4,490,436,490 4,496,266,787 4,499,351,451 +Annual costs ($) -1,061,020,706 496,234,917 -285,520,192 -286,723,832 -287,865,193 -288,947,045 -289,822,990 -290,112,645 -289,164,419 -289,997,259 -294,040,076 -295,537,879 -296,915,610 -298,256,462 -299,494,203 -300,363,820 -300,321,905 -298,795,682 -304,065,471 -306,230,249 -307,970,366 -324,623,012 -341,238,538 -342,703,512 -343,555,959 -343,082,824 -344,602,942 -349,683,155 -352,007,747 -354,241,820 617,936,606 +PPA revenue ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 496,140,335 +Electricity to grid (kWh) 0.0 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 -Present value of annual costs ($) 2,341,829,342 -Present value of annual energy nominal (kWh) 30,143,876,576 -LCOE Levelized cost of energy nominal (cents/kWh) 7.77 +Present value of annual costs ($) 2,337,657,381 +Present value of annual energy nominal (kWh) 29,959,008,582 +LCOE Levelized cost of energy nominal (cents/kWh) 7.80 -Present value of PPA revenue ($) 2,957,567,891 -Present value of annual energy nominal (kWh) 30,143,876,576 +Present value of PPA revenue ($) 2,939,422,860 +Present value of annual energy nominal (kWh) 29,959,008,582 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 State taxable PBI income ($) 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 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 -Total state tax depreciation ($) 0 56,328,327 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 56,328,327 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 +Total state tax depreciation ($) 0 56,366,725 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 56,366,725 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 120,708,958 68,082,734 72,672,610 77,011,295 81,118,752 84,445,907 85,559,407 82,002,305 84,968,001 100,275,719 105,998,108 111,234,908 116,322,247 121,015,617 124,317,483 124,179,165 118,418,131 138,061,431 146,393,320 153,007,884 215,776,029 278,396,555 283,943,511 287,177,380 285,409,405 290,945,283 310,166,572 319,009,032 327,473,803 1,661,307,626 +State taxable income ($) 0 118,146,986 65,337,258 69,874,162 74,176,313 78,254,156 81,555,871 82,647,672 79,073,509 82,212,748 97,451,411 103,097,102 108,290,208 113,344,307 118,009,747 121,287,608 121,129,616 115,376,800 135,240,309 143,400,044 149,959,098 212,728,213 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 +State tax benefit (liability) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 Interest earned on reserves ($) 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) ($) 0 -8,449,627 -4,765,791 -5,087,083 -5,390,791 -5,678,313 -5,911,213 -5,989,158 -5,740,161 -5,947,760 -7,019,300 -7,419,868 -7,786,444 -8,142,557 -8,471,093 -8,702,224 -8,692,542 -8,289,269 -9,664,300 -10,247,532 -10,710,552 -15,104,322 -19,487,759 -19,876,046 -20,102,417 -19,978,658 -20,366,170 -21,711,660 -22,330,632 -22,923,166 -116,291,534 +State tax benefit (liability) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 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 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 -Total federal tax depreciation ($) 0 56,328,327 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 112,656,655 56,328,327 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 +Total federal tax depreciation ($) 0 56,366,725 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 56,366,725 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 112,259,331 63,316,943 67,585,527 71,620,504 75,440,440 78,534,693 79,570,248 76,262,144 79,020,241 93,256,418 98,578,240 103,448,465 108,179,690 112,544,524 115,615,259 115,486,624 110,128,862 128,397,131 136,145,788 142,297,332 200,671,707 258,908,796 264,067,465 267,074,964 265,430,747 270,579,113 288,454,912 296,678,399 304,550,637 1,545,016,092 +Federal taxable income ($) 0 109,876,697 60,763,650 64,982,970 68,983,971 72,776,365 75,846,960 76,862,335 73,538,363 76,457,855 90,629,812 95,880,305 100,709,894 105,410,205 109,749,065 112,797,476 112,650,543 107,300,424 125,773,488 133,362,041 139,461,961 197,837,238 256,082,392 261,217,808 264,206,030 262,547,471 267,876,193 285,684,704 293,833,483 301,664,948 1,542,941,370 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -23,574,459 -13,296,558 -14,192,961 -15,040,306 -15,842,492 -16,492,286 -16,709,752 -16,015,050 -16,594,251 -19,583,848 -20,701,430 -21,724,178 -22,717,735 -23,634,350 -24,279,204 -24,252,191 -23,127,061 -26,963,397 -28,590,615 -29,882,440 -42,141,058 -54,370,847 -55,454,168 -56,085,742 -55,740,457 -56,821,614 -60,575,532 -62,302,464 -63,955,634 -324,453,379 +Federal tax benefit (liability) ($) 0 -23,074,106 -12,760,367 -13,646,424 -14,486,634 -15,283,037 -15,927,862 -16,141,090 -15,443,056 -16,056,150 -19,032,260 -20,134,864 -21,149,078 -22,136,143 -23,047,304 -23,687,470 -23,656,614 -22,533,089 -26,412,432 -28,006,029 -29,287,012 -41,545,820 -53,777,302 -54,855,740 -55,483,266 -55,134,969 -56,254,001 -59,993,788 -61,705,031 -63,349,639 -324,017,688 CASH INCENTIVES Federal IBI income ($) 0 @@ -395,30 +395,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 795,223,446 0 0 0 0 0 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 ($) 0 795,223,446 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 795,765,530 0 0 0 0 0 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 ($) 0 795,765,530 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 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 ($) 1,590,446,891 1,568,869,181 1,546,083,119 1,522,021,037 1,496,611,478 1,469,778,985 1,441,443,872 1,411,521,992 1,379,924,487 1,346,557,522 1,311,322,007 1,274,113,303 1,234,820,911 1,193,328,146 1,149,511,785 1,103,241,709 1,054,380,508 1,002,783,080 948,296,196 890,758,047 829,997,761 765,834,899 698,078,917 626,528,600 550,971,465 471,183,131 386,926,650 297,951,806 203,994,370 104,775,319 0 -Debt interest payment ($) 0 89,065,026 87,856,674 86,580,655 85,233,178 83,810,243 82,307,623 80,720,857 79,045,232 77,275,771 75,407,221 73,434,032 71,350,345 69,149,971 66,826,376 64,372,660 61,781,536 59,045,308 56,155,852 53,104,587 49,882,451 46,479,875 42,886,754 39,092,419 35,085,602 30,854,402 26,386,255 21,667,892 16,685,301 11,423,685 5,867,418 -Debt principal payment ($) 0 21,577,711 22,786,062 24,062,082 25,409,558 26,832,494 28,335,113 29,921,880 31,597,505 33,366,965 35,235,515 37,208,704 39,292,391 41,492,765 43,816,360 46,270,076 48,861,201 51,597,428 54,486,884 57,538,149 60,760,286 64,162,862 67,755,982 71,550,317 75,557,135 79,788,334 84,256,481 88,974,844 93,957,435 99,219,052 104,775,319 -Debt total payment ($) 0 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 +Debt balance ($) 1,591,531,059 1,569,938,640 1,547,137,045 1,523,058,561 1,497,631,681 1,470,780,896 1,442,426,468 1,412,484,191 1,380,865,147 1,347,475,436 1,312,215,902 1,274,981,834 1,235,662,658 1,194,141,608 1,150,295,379 1,103,993,761 1,055,099,253 1,003,466,652 948,942,626 891,365,254 830,563,550 766,356,950 698,554,780 626,955,689 551,347,049 471,504,325 387,190,408 298,154,912 204,133,428 104,846,741 0 +Debt interest payment ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 +Debt principal payment ($) 0 21,592,420 22,801,595 24,078,484 25,426,879 26,850,785 28,354,429 29,942,277 31,619,044 33,389,711 35,259,534 37,234,068 39,319,176 41,521,050 43,846,229 46,301,618 48,894,508 51,632,601 54,524,026 57,577,372 60,801,705 64,206,600 67,802,170 71,599,091 75,608,640 79,842,724 84,313,917 89,035,496 94,021,484 99,286,687 104,846,741 +Debt total payment ($) 0 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 DSCR (DEBT FRACTION) -EBITDA ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 +EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 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) ($) 0 266,102,311 268,596,063 271,909,919 274,901,127 277,585,650 279,410,185 278,936,918 273,704,192 274,900,427 288,339,595 292,088,795 295,241,908 298,128,873 300,498,648 301,346,798 298,617,356 290,120,095 306,873,938 312,154,562 315,546,989 318,584,231 321,283,309 323,035,930 322,262,982 316,263,807 317,331,539 331,834,465 335,694,333 338,897,488 1,667,175,044 -Debt total payment ($) 0 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 110,642,736 -DSCR (pre-tax) 0.0 2.41 2.43 2.46 2.48 2.51 2.53 2.52 2.47 2.48 2.61 2.64 2.67 2.69 2.72 2.72 2.70 2.62 2.77 2.82 2.85 2.88 2.90 2.92 2.91 2.86 2.87 3.0 3.03 3.06 15.07 +Cash available for debt service (CAFDS) ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 +Debt total payment ($) 0 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 +DSCR (pre-tax) 0.0 2.38 2.40 2.43 2.46 2.48 2.50 2.49 2.45 2.46 2.58 2.61 2.64 2.67 2.69 2.70 2.67 2.59 2.75 2.79 2.82 2.85 2.87 2.89 2.88 2.83 2.84 2.97 3.0 3.03 15.04 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 diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 29c6ca2d..9189b768 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -59,8 +59,8 @@ Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft Number of Doublets, 59 Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal -Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" -Injection Well Diameter, 9.625 +Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size +Injection Well Diameter, 8.535 Ramey Production Wellbore Model, 1 Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature Injection Wellbore Temperature Gain, 3 From e8af464d460e18f4668ff8f00c6bc06a3932cf6a Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 12:01:10 -0800 Subject: [PATCH 06/10] increase flow rate to 120 kg/s/well --- tests/examples/Fervo_Project_Cape-5.out | 504 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 2 +- 2 files changed, 253 insertions(+), 253 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index e2aa352f..c45cd9a9 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,18 +6,18 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 11:53 - Calculation Time: 1.770 sec + Simulation Time: 11:56 + Calculation Time: 1.799 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 562.65 MW - Electricity breakeven price: 7.80 cents/kWh - Total CAPEX: 2652.55 MUSD + Average Net Electricity Production: 624.66 MW + Electricity breakeven price: 8.05 cents/kWh + Total CAPEX: 2846.39 MUSD Number of production wells: 59 Number of injection wells: 59 - Flowrate per production well: 107.0 kg/sec + Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -30,12 +30,12 @@ Simulation Metadata WACC: 8.30 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 601.77 MUSD - After-tax IRR: 30.45 % - Project VIR=PI=PIR: 1.57 - Project MOIC: 4.73 - Project Payback Period: 2.04 yr - Estimated Jobs Created: 1301 + Project NPV: 587.69 MUSD + After-tax IRR: 29.10 % + Project VIR=PI=PIR: 1.52 + Project MOIC: 4.51 + Project Payback Period: 2.16 yr + Estimated Jobs Created: 1461 ***ENGINEERING PARAMETERS*** @@ -46,11 +46,11 @@ Simulation Metadata Pump efficiency: 80.0 % Injection temperature: 56.6 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 0.6 degC - Flowrate per production well: 107.0 kg/sec + Average production well temperature drop: 0.4 degC + Flowrate per production well: 120.0 kg/sec Injection well casing ID: 8.535 in Production well casing ID: 8.535 in - Number of times redrilling: 3 + Number of times redrilling: 4 Power plant type: Supercritical ORC @@ -84,15 +84,15 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.6 degC - Average Production Temperature: 199.1 degC - Minimum Production Temperature: 195.4 degC - Initial Production Temperature: 198.4 degC - Average Reservoir Heat Extraction: 3763.00 MW + Maximum Production Temperature: 199.8 degC + Average Production Temperature: 199.2 degC + Minimum Production Temperature: 196.0 degC + Initial Production Temperature: 198.7 degC + Average Reservoir Heat Extraction: 4224.80 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 0.6 degC - Average Injection Well Pump Pressure Drop: -2502.2 kPa - Average Production Well Pump Pressure Drop: 5353.0 kPa + Average Production Well Temperature Drop: 0.4 degC + Average Injection Well Pump Pressure Drop: -1721.2 kPa + Average Production Well Pump Pressure Drop: 6116.1 kPa ***CAPITAL COSTS (M$)*** @@ -100,40 +100,40 @@ Simulation Metadata Drilling and completion costs: 467.75 MUSD Drilling and completion costs per well: 3.96 MUSD Stimulation costs: 542.80 MUSD - Surface power plant costs: 1504.97 MUSD - Field gathering system costs: 47.40 MUSD - Total surface equipment costs: 1552.37 MUSD + Surface power plant costs: 1691.66 MUSD + Field gathering system costs: 50.18 MUSD + Total surface equipment costs: 1741.84 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2592.91 MUSD - Inflation costs during construction: 59.64 MUSD - Total CAPEX: 2652.55 MUSD + Overnight Capital Cost: 2782.39 MUSD + Inflation costs during construction: 63.99 MUSD + Total CAPEX: 2846.39 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.11 MUSD/yr - Power plant maintenance costs: 25.44 MUSD/yr - Water costs: 24.86 MUSD/yr - Redrilling costs: 101.05 MUSD/yr - Total operating and maintenance costs: 157.47 MUSD/yr + Wellfield maintenance costs: 6.15 MUSD/yr + Power plant maintenance costs: 28.30 MUSD/yr + Water costs: 27.88 MUSD/yr + Redrilling costs: 134.74 MUSD/yr + Total operating and maintenance costs: 197.08 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 614.98 MW - Average Total Electricity Generation: 610.63 MW - Minimum Total Electricity Generation: 583.46 MW - Initial Total Electricity Generation: 605.36 MW - Maximum Net Electricity Generation: 567.15 MW - Average Net Electricity Generation: 562.65 MW - Minimum Net Electricity Generation: 534.73 MW - Initial Net Electricity Generation: 557.34 MW - Average Annual Total Electricity Generation: 4814.32 GWh - Average Annual Net Electricity Generation: 4436.06 GWh - Initial pumping power/net installed power: 8.61 % - Average Pumping Power: 47.98 MW - Heat to Power Conversion Efficiency: 14.95 % + Maximum Total Electricity Generation: 691.26 MW + Average Total Electricity Generation: 686.14 MW + Minimum Total Electricity Generation: 658.70 MW + Initial Total Electricity Generation: 681.96 MW + Maximum Net Electricity Generation: 629.94 MW + Average Net Electricity Generation: 624.66 MW + Minimum Net Electricity Generation: 596.51 MW + Initial Net Electricity Generation: 620.46 MW + Average Annual Total Electricity Generation: 5409.58 GWh + Average Annual Net Electricity Generation: 4924.90 GWh + Initial pumping power/net installed power: 9.91 % + Average Pumping Power: 61.48 MW + Heat to Power Conversion Efficiency: 14.79 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -141,36 +141,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.35 48.0134 557.3449 14.8840 - 2 1.0048 199.30 47.9712 564.5618 14.9764 - 3 1.0057 199.48 47.9633 565.9037 14.9935 - 4 1.0061 199.57 47.9593 566.5985 15.0023 - 5 1.0064 199.62 47.9583 566.9853 15.0072 - 6 1.0063 199.60 47.9694 566.7673 15.0043 - 7 1.0049 199.33 48.0217 564.7279 14.9778 - 8 1.0008 198.51 48.1737 558.3627 14.8948 - 9 0.9914 196.65 48.5093 544.0205 14.7051 - 10 1.0037 199.10 47.9436 563.0282 14.9573 - 11 1.0053 199.41 47.9379 565.3997 14.9875 - 12 1.0059 199.53 47.9304 566.3254 14.9993 - 13 1.0063 199.60 47.9215 566.8698 15.0062 - 14 1.0064 199.63 47.9161 567.0457 15.0085 - 15 1.0058 199.51 47.9328 566.1544 14.9971 - 16 1.0033 199.02 48.0161 562.3583 14.9478 - 17 0.9969 197.74 48.2403 552.5151 14.8189 - 18 1.0000 198.35 47.8654 557.4930 14.8880 - 19 1.0048 199.30 47.8561 564.6768 14.9794 - 20 1.0057 199.48 47.8483 566.0186 14.9965 - 21 1.0061 199.57 47.8420 566.7158 15.0054 - 22 1.0064 199.62 47.8387 567.1050 15.0104 - 23 1.0063 199.60 47.8480 566.8887 15.0075 - 24 1.0049 199.33 47.8994 564.8501 14.9810 - 25 1.0008 198.51 48.0521 558.4843 14.8980 - 26 0.9914 196.65 48.3905 544.1393 14.7083 - 27 1.0037 199.10 47.8255 563.1464 14.9605 - 28 1.0053 199.41 47.8248 565.5128 14.9905 - 29 1.0059 199.53 47.8244 566.4314 15.0021 - 30 1.0063 199.60 47.8246 566.9666 15.0088 + 1 1.0000 198.72 61.4992 620.4602 14.7370 + 2 1.0043 199.56 61.4595 627.6975 14.8204 + 3 1.0051 199.72 61.4521 629.0420 14.8358 + 4 1.0055 199.80 61.4492 629.7001 14.8433 + 5 1.0054 199.79 61.4584 629.6283 14.8424 + 6 1.0040 199.51 61.5171 627.1988 14.8140 + 7 0.9991 198.53 61.7065 618.7218 14.7144 + 8 0.9875 196.23 62.1412 598.8579 14.4771 + 9 1.0040 199.52 61.4332 627.3364 14.8166 + 10 1.0050 199.70 61.4266 628.9107 14.8346 + 11 1.0054 199.79 61.4186 629.6542 14.8432 + 12 1.0055 199.80 61.4166 629.7742 14.8446 + 13 1.0044 199.59 61.4536 627.9454 14.8233 + 14 1.0003 198.77 61.6045 620.8265 14.7399 + 15 0.9900 196.74 61.9824 603.2654 14.5310 + 16 1.0037 199.46 61.3622 626.9104 14.8126 + 17 1.0049 199.68 61.3528 628.8091 14.8343 + 18 1.0054 199.78 61.3451 629.6370 14.8439 + 19 1.0055 199.81 61.3443 629.9024 14.8469 + 20 1.0047 199.66 61.3771 628.5656 14.8313 + 21 1.0013 198.97 61.5102 622.6408 14.7619 + 22 0.9923 197.19 61.8510 607.2084 14.5789 + 23 1.0033 199.38 61.3246 626.2671 14.8057 + 24 1.0047 199.66 61.3232 628.6406 14.8328 + 25 1.0053 199.77 61.3224 629.5563 14.8432 + 26 1.0055 199.81 61.3257 629.9379 14.8475 + 27 1.0050 199.71 61.3545 629.0119 14.8366 + 28 1.0022 199.15 61.4681 624.1461 14.7797 + 29 0.9943 197.59 61.7688 610.6891 14.6205 + 30 1.0027 199.26 61.3211 625.2246 14.7938 ******************************************************************* @@ -179,197 +179,197 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4432.3 29655.2 1793.33 5.62 - 2 4457.0 29741.0 1686.26 11.25 - 3 4464.6 29767.1 1579.10 16.89 - 4 4468.8 29781.9 1471.89 22.54 - 5 4469.9 29785.8 1364.66 28.18 - 6 4462.2 29759.7 1257.52 33.82 - 7 4431.1 29653.9 1150.77 39.44 - 8 4352.1 29383.6 1044.99 45.00 - 9 4340.9 29341.7 939.36 50.56 - 10 4450.3 29716.9 832.38 56.19 - 11 4461.6 29756.2 725.26 61.83 - 12 4467.2 29775.5 618.06 67.47 - 13 4470.3 29785.8 510.83 73.12 - 14 4468.2 29778.8 403.63 78.76 - 15 4451.4 29721.3 296.63 84.39 - 16 4400.0 29545.8 190.27 89.99 - 17 4293.8 29180.9 85.22 95.52 - 18 4433.3 29655.2 -21.54 101.13 - 19 4457.9 29741.0 -128.61 106.77 - 20 4465.5 29767.1 -235.77 112.41 - 21 4469.7 29781.9 -342.98 118.05 - 22 4470.9 29785.8 -450.21 123.69 - 23 4463.2 29759.7 -557.35 129.33 - 24 4432.1 29653.9 -664.10 134.95 - 25 4353.1 29383.6 -769.88 140.52 - 26 4341.8 29341.7 -875.51 146.08 - 27 4451.2 29716.9 -982.49 151.71 - 28 4462.5 29756.2 -1089.62 157.35 - 29 4468.0 29775.5 -1196.81 162.99 - 30 4470.9 29785.7 -1304.04 168.63 + 1 4930.0 33326.6 1780.11 6.31 + 2 4954.8 33412.6 1659.83 12.64 + 3 4962.3 33438.5 1539.45 18.98 + 4 4965.1 33448.2 1419.04 25.32 + 5 4956.9 33420.6 1298.72 31.65 + 6 4917.0 33284.4 1178.90 37.96 + 7 4809.0 32914.4 1060.41 44.19 + 8 4898.2 33216.5 940.83 50.49 + 9 4953.1 33405.9 820.57 56.81 + 10 4961.6 33435.3 700.20 63.15 + 11 4965.3 33448.1 579.79 69.49 + 12 4960.0 33430.1 459.44 75.82 + 13 4927.6 33319.4 339.49 82.13 + 14 4834.1 32998.8 220.69 88.39 + 15 4864.5 33099.6 101.53 94.66 + 16 4951.4 33398.1 -18.70 100.98 + 17 4961.1 33431.7 -139.05 107.32 + 18 4965.6 33447.2 -259.46 113.66 + 19 4962.6 33437.2 -379.84 119.99 + 20 4936.7 33348.6 -499.89 126.31 + 21 4856.1 33073.1 -618.95 132.58 + 22 4836.8 33004.0 -737.77 138.83 + 23 4948.9 33388.3 -857.97 145.15 + 24 4960.2 33427.7 -978.31 151.49 + 25 4965.3 33445.7 -1098.71 157.82 + 26 4964.2 33442.2 -1219.10 164.16 + 27 4943.8 33372.8 -1339.25 170.48 + 28 4875.1 33138.1 -1458.54 176.76 + 29 4814.8 32928.9 -1577.09 183.00 + 30 4944.5 33373.0 -1697.23 189.32 *************************** * SAM CASH FLOW PROFILE * *************************** -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - 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 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] (%) 100.0 -Overnight capital expenditure [construction] ($) -2,592,914,727 +Overnight capital expenditure [construction] ($) -2,782,390,741 plus: -Inflation cost [construction] ($) -59,637,039 +Inflation cost [construction] ($) -63,994,987 equals: -Nominal capital expenditure [construction] ($) -2,652,551,766 +Nominal capital expenditure [construction] ($) -2,846,385,728 -Issuance of equity [construction] ($) 1,061,020,706 -Issuance of debt [construction] ($) 1,591,531,059 -Debt balance [construction] ($) 1,591,531,059 +Issuance of equity [construction] ($) 1,138,554,291 +Issuance of debt [construction] ($) 1,707,831,437 +Debt balance [construction] ($) 1,707,831,437 Debt interest payment [construction] ($) 0 -Installed cost [construction] ($) -2,652,551,766 -After-tax net cash flow [construction] ($) -1,061,020,706 +Installed cost [construction] ($) -2,846,385,728 +After-tax net cash flow [construction] ($) -1,138,554,291 ENERGY -Electricity to grid (kWh) 0.0 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 -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 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 +Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +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 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 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 ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 496,140,335 -Curtailment payment revenue ($) 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 1,326,275,883 -Total revenue ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 1,822,416,217 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,423,192,864 +Total revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 1,971,874,816 -Property tax net assessed value ($) 0 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 2,652,551,766 +Property tax net assessed value ($) 0 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 OPERATING EXPENSES -O&M fixed expense ($) 0 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 -O&M production-based expense ($) 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 -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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 157,468,058 +O&M fixed expense ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 +O&M production-based expense ($) 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 +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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 -EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 OPERATING ACTIVITIES -EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 -Interest earned on reserves ($) 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 ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +Interest earned on reserves ($) 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 ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 -Cash flow from operating activities ($) 0 174,513,711 178,070,708 182,607,612 186,909,763 190,987,606 194,289,321 195,381,122 191,806,959 194,946,198 210,184,861 215,830,552 221,023,658 226,077,757 230,743,197 234,021,058 233,863,066 228,110,250 247,973,759 256,133,494 262,692,548 269,094,938 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 +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 ($) 0 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 +Cash flow from operating activities ($) 0 175,669,555 179,320,792 184,228,623 188,772,298 192,341,932 192,897,691 186,837,649 200,159,691 210,285,003 215,958,323 221,278,352 225,816,363 227,725,296 223,499,035 232,011,694 246,513,143 253,280,442 259,677,963 265,473,655 269,028,467 266,972,189 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 INVESTING ACTIVITIES -Total installed cost ($) -2,652,551,766 +Total installed cost ($) -2,846,385,728 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,652,551,766 +Purchase of property ($) -2,846,385,728 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 ($) -2,652,551,766 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,846,385,728 0 0 0 0 0 0 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 ($) 1,061,020,706 -Size of debt ($) 1,591,531,059 +Issuance of equity ($) 1,138,554,291 +Size of debt ($) 1,707,831,437 minus: -Debt principal payment ($) 0 21,592,420 22,801,595 24,078,484 25,426,879 26,850,785 28,354,429 29,942,277 31,619,044 33,389,711 35,259,534 37,234,068 39,319,176 41,521,050 43,846,229 46,301,618 48,894,508 51,632,601 54,524,026 57,577,372 60,801,705 64,206,600 67,802,170 71,599,091 75,608,640 79,842,724 84,313,917 89,035,496 94,021,484 99,286,687 104,846,741 +Debt principal payment ($) 0 23,170,275 24,467,811 25,838,008 27,284,937 28,812,893 30,426,415 32,130,294 33,929,591 35,829,648 37,836,108 39,954,930 42,192,406 44,555,181 47,050,271 49,685,086 52,467,451 55,405,628 58,508,344 61,784,811 65,244,760 68,898,467 72,756,781 76,831,161 81,133,706 85,677,193 90,475,116 95,541,723 100,892,059 106,542,014 112,508,367 equals: -Cash flow from financing activities ($) 2,652,551,766 -21,592,420 -22,801,595 -24,078,484 -25,426,879 -26,850,785 -28,354,429 -29,942,277 -31,619,044 -33,389,711 -35,259,534 -37,234,068 -39,319,176 -41,521,050 -43,846,229 -46,301,618 -48,894,508 -51,632,601 -54,524,026 -57,577,372 -60,801,705 -64,206,600 -67,802,170 -71,599,091 -75,608,640 -79,842,724 -84,313,917 -89,035,496 -94,021,484 -99,286,687 -104,846,741 +Cash flow from financing activities ($) 2,846,385,728 -23,170,275 -24,467,811 -25,838,008 -27,284,937 -28,812,893 -30,426,415 -32,130,294 -33,929,591 -35,829,648 -37,836,108 -39,954,930 -42,192,406 -44,555,181 -47,050,271 -49,685,086 -52,467,451 -55,405,628 -58,508,344 -61,784,811 -65,244,760 -68,898,467 -72,756,781 -76,831,161 -81,133,706 -85,677,193 -90,475,116 -95,541,723 -100,892,059 -106,542,014 -112,508,367 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 174,513,711 178,070,708 182,607,612 186,909,763 190,987,606 194,289,321 195,381,122 191,806,959 194,946,198 210,184,861 215,830,552 221,023,658 226,077,757 230,743,197 234,021,058 233,863,066 228,110,250 247,973,759 256,133,494 262,692,548 269,094,938 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 -Cash flow from investing activities ($) -2,652,551,766 0 0 0 0 0 0 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 ($) 2,652,551,766 -21,592,420 -22,801,595 -24,078,484 -25,426,879 -26,850,785 -28,354,429 -29,942,277 -31,619,044 -33,389,711 -35,259,534 -37,234,068 -39,319,176 -41,521,050 -43,846,229 -46,301,618 -48,894,508 -51,632,601 -54,524,026 -57,577,372 -60,801,705 -64,206,600 -67,802,170 -71,599,091 -75,608,640 -79,842,724 -84,313,917 -89,035,496 -94,021,484 -99,286,687 -104,846,741 -Total pre-tax cash flow ($) 0 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 +Cash flow from operating activities ($) 0 175,669,555 179,320,792 184,228,623 188,772,298 192,341,932 192,897,691 186,837,649 200,159,691 210,285,003 215,958,323 221,278,352 225,816,363 227,725,296 223,499,035 232,011,694 246,513,143 253,280,442 259,677,963 265,473,655 269,028,467 266,972,189 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 +Cash flow from investing activities ($) -2,846,385,728 0 0 0 0 0 0 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 ($) 2,846,385,728 -23,170,275 -24,467,811 -25,838,008 -27,284,937 -28,812,893 -30,426,415 -32,130,294 -33,929,591 -35,829,648 -37,836,108 -39,954,930 -42,192,406 -44,555,181 -47,050,271 -49,685,086 -52,467,451 -55,405,628 -58,508,344 -61,784,811 -65,244,760 -68,898,467 -72,756,781 -76,831,161 -81,133,706 -85,677,193 -90,475,116 -95,541,723 -100,892,059 -106,542,014 -112,508,367 +Total pre-tax cash flow ($) 0 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 Pre-tax Returns: -Issuance of equity ($) 1,061,020,706 -Total pre-tax cash flow ($) 0 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 -Total pre-tax returns ($) -1,061,020,706 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 +Issuance of equity ($) 1,138,554,291 +Total pre-tax cash flow ($) 0 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 +Total pre-tax returns ($) -1,138,554,291 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 After-tax Returns: -Total pre-tax returns ($) -1,061,020,706 152,921,291 155,269,113 158,529,127 161,482,884 164,136,821 165,934,892 165,438,845 160,187,915 161,556,487 174,925,326 178,596,484 181,704,482 184,556,707 186,896,969 187,719,441 184,968,558 176,477,649 193,449,733 198,556,123 201,890,843 204,888,338 207,555,242 209,280,272 208,483,865 202,466,384 203,725,001 218,152,358 221,928,498 225,084,225 1,554,230,000 -Federal ITC total income ($) 0 795,765,530 0 0 0 0 0 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 -23,074,106 -12,760,367 -13,646,424 -14,486,634 -15,283,037 -15,927,862 -16,141,090 -15,443,056 -16,056,150 -19,032,260 -20,134,864 -21,149,078 -22,136,143 -23,047,304 -23,687,470 -23,656,614 -22,533,089 -26,412,432 -28,006,029 -29,287,012 -41,545,820 -53,777,302 -54,855,740 -55,483,266 -55,134,969 -56,254,001 -59,993,788 -61,705,031 -63,349,639 -324,017,688 -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) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 -Total after-tax returns ($) -1,061,020,706 917,342,426 137,935,139 139,991,512 141,803,908 143,375,993 144,298,120 143,512,418 139,209,713 139,745,445 149,071,467 151,244,823 152,975,090 154,486,462 155,588,983 155,541,838 152,832,871 145,868,184 157,570,479 160,512,091 162,106,694 148,451,543 134,502,920 134,762,977 133,114,123 127,569,778 127,308,276 136,655,420 138,106,968 139,028,622 1,114,076,941 - -After-tax net cash flow ($) -1,061,020,706 917,342,426 137,935,139 139,991,512 141,803,908 143,375,993 144,298,120 143,512,418 139,209,713 139,745,445 149,071,467 151,244,823 152,975,090 154,486,462 155,588,983 155,541,838 152,832,871 145,868,184 157,570,479 160,512,091 162,106,694 148,451,543 134,502,920 134,762,977 133,114,123 127,569,778 127,308,276 136,655,420 138,106,968 139,028,622 1,114,076,941 -After-tax cumulative IRR (%) NaN -13.54 -0.48 9.37 16.02 20.43 23.37 25.36 26.70 27.64 28.37 28.90 29.29 29.58 29.79 29.96 30.07 30.16 30.23 30.28 30.32 30.35 30.37 30.39 30.40 30.41 30.41 30.42 30.42 30.43 30.45 -After-tax cumulative NPV ($) -1,061,020,706 -260,379,711 -155,307,565 -62,235,203 20,048,452 92,660,411 156,442,500 211,807,319 258,680,053 299,747,221 337,981,945 371,839,087 401,727,086 428,070,551 451,226,771 471,431,004 488,757,800 503,191,193 516,799,028 528,897,437 539,561,626 548,085,125 554,825,302 560,719,388 565,800,707 570,050,877 573,752,751 577,220,903 580,280,000 582,967,746 601,765,479 +Total pre-tax returns ($) -1,138,554,291 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 +Federal ITC total income ($) 0 853,915,718 0 0 0 0 0 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 -22,495,408 -11,395,638 -12,354,137 -13,241,517 -13,938,666 -14,047,206 -12,863,680 -15,465,474 -17,442,948 -18,550,947 -19,589,949 -20,476,223 -20,849,037 -20,023,648 -21,686,171 -24,518,304 -25,839,957 -27,089,393 -28,221,292 -28,915,546 -40,326,812 -53,033,009 -56,708,300 -58,336,967 -59,885,212 -61,351,473 -62,458,165 -62,580,405 -62,925,306 -345,387,432 +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) ($) 0 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 +Total after-tax returns ($) -1,138,554,291 975,856,720 139,372,886 141,608,472 143,499,781 144,594,435 143,389,229 137,233,037 145,221,445 150,760,455 152,922,183 154,711,985 155,808,586 154,848,305 149,248,180 152,867,616 160,739,466 162,773,223 164,370,766 165,352,394 164,504,165 143,292,856 126,748,346 136,500,061 138,324,407 139,605,272 140,323,282 139,419,945 134,529,464 130,176,995 1,186,806,257 + +After-tax net cash flow ($) -1,138,554,291 975,856,720 139,372,886 141,608,472 143,499,781 144,594,435 143,389,229 137,233,037 145,221,445 150,760,455 152,922,183 154,711,985 155,808,586 154,848,305 149,248,180 152,867,616 160,739,466 162,773,223 164,370,766 165,352,394 164,504,165 143,292,856 126,748,346 136,500,061 138,324,407 139,605,272 140,323,282 139,419,945 134,529,464 130,176,995 1,186,806,257 +After-tax cumulative IRR (%) NaN -14.29 -1.82 7.78 14.35 18.75 21.68 23.61 25.04 26.09 26.86 27.42 27.84 28.14 28.36 28.53 28.67 28.77 28.85 28.91 28.96 28.99 29.01 29.03 29.04 29.06 29.06 29.07 29.07 29.08 29.10 +After-tax cumulative NPV ($) -1,138,554,291 -286,843,008 -180,675,657 -86,528,271 -3,260,562 69,968,470 133,348,814 186,291,148 235,188,068 279,492,230 318,714,609 353,347,898 383,789,500 410,194,667 432,407,189 452,264,052 470,487,226 486,593,341 500,788,451 513,251,693 524,073,599 532,300,907 538,652,488 544,622,549 549,902,758 554,553,908 558,634,232 562,172,545 565,152,399 567,669,022 587,693,912 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,061,020,706 496,234,917 -285,520,192 -286,723,832 -287,865,193 -288,947,045 -289,822,990 -290,112,645 -289,164,419 -289,997,259 -294,040,076 -295,537,879 -296,915,610 -298,256,462 -299,494,203 -300,363,820 -300,321,905 -298,795,682 -304,065,471 -306,230,249 -307,970,366 -324,623,012 -341,238,538 -342,703,512 -343,555,959 -343,082,824 -344,602,942 -349,683,155 -352,007,747 -354,241,820 617,936,606 -PPA revenue ($) 0 421,107,509 423,455,330 426,715,345 429,669,101 432,323,038 434,121,109 433,625,062 428,374,132 429,742,705 443,111,543 446,782,701 449,890,699 452,742,924 455,083,186 455,905,658 453,154,775 444,663,867 461,635,950 466,742,340 470,077,060 473,074,555 475,741,459 477,466,489 476,670,082 470,652,602 471,911,218 486,338,575 490,114,715 493,270,443 496,140,335 -Electricity to grid (kWh) 0.0 4,432,710,618 4,457,424,531 4,464,950,766 4,469,202,215 4,470,303,363 4,462,593,639 4,431,528,486 4,352,510,994 4,341,273,912 4,450,698,508 4,462,026,379 4,467,633,560 4,470,651,962 4,468,609,445 4,451,768,948 4,400,415,376 4,294,194,752 4,433,691,418 4,458,327,824 4,465,866,050 4,470,136,590 4,471,254,313 4,463,555,102 4,432,491,002 4,353,460,379 4,342,208,485 4,451,611,669 4,462,891,233 4,468,434,122 4,471,344,039 +Annual costs ($) -1,138,554,291 507,471,092 -331,366,445 -332,668,492 -333,873,929 -334,820,953 -334,968,396 -333,360,667 -336,895,004 -339,581,250 -341,086,382 -342,497,785 -343,701,720 -344,208,159 -343,086,932 -345,345,341 -349,192,575 -350,987,940 -352,685,202 -354,222,799 -355,165,891 -370,667,215 -387,927,604 -392,920,204 -395,132,623 -397,235,795 -399,227,597 -400,730,953 -400,897,007 -401,365,529 638,124,305 +PPA revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 +Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 -Present value of annual costs ($) 2,337,657,381 -Present value of annual energy nominal (kWh) 29,959,008,582 -LCOE Levelized cost of energy nominal (cents/kWh) 7.80 +Present value of annual costs ($) 2,677,067,500 +Present value of annual energy nominal (kWh) 33,274,914,832 +LCOE Levelized cost of energy nominal (cents/kWh) 8.05 -Present value of PPA revenue ($) 2,939,422,860 -Present value of annual energy nominal (kWh) 29,959,008,582 +Present value of PPA revenue ($) 3,264,761,412 +Present value of annual energy nominal (kWh) 33,274,914,832 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 -State taxable PBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +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 ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 -Total state tax depreciation ($) 0 56,366,725 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 56,366,725 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 +Total state tax depreciation ($) 0 60,485,697 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 60,485,697 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 118,146,986 65,337,258 69,874,162 74,176,313 78,254,156 81,555,871 82,647,672 79,073,509 82,212,748 97,451,411 103,097,102 108,290,208 113,344,307 118,009,747 121,287,608 121,129,616 115,376,800 135,240,309 143,400,044 149,959,098 212,728,213 275,357,411 280,879,363 284,092,505 282,309,108 288,038,918 307,187,854 315,949,982 324,370,912 1,659,076,741 +State taxable income ($) 0 115,183,858 58,349,399 63,257,229 67,800,904 71,370,539 71,926,297 65,866,255 79,188,297 89,313,610 94,986,930 100,306,958 104,844,970 106,753,903 102,527,641 111,040,300 125,541,750 132,309,049 138,706,569 144,502,262 148,057,073 206,486,492 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 -Interest earned on reserves ($) 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) ($) 0 -8,270,289 -4,573,608 -4,891,191 -5,192,342 -5,477,791 -5,708,911 -5,785,337 -5,535,146 -5,754,892 -6,821,599 -7,216,797 -7,580,315 -7,934,101 -8,260,682 -8,490,133 -8,479,073 -8,076,376 -9,466,822 -10,038,003 -10,497,137 -14,890,975 -19,275,019 -19,661,555 -19,886,475 -19,761,638 -20,162,724 -21,503,150 -22,116,499 -22,705,964 -116,135,372 -State ITC total income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +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 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 +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 ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 -Total federal tax depreciation ($) 0 56,366,725 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 112,733,450 56,366,725 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 +Total federal tax depreciation ($) 0 60,485,697 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 60,485,697 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 109,876,697 60,763,650 64,982,970 68,983,971 72,776,365 75,846,960 76,862,335 73,538,363 76,457,855 90,629,812 95,880,305 100,709,894 105,410,205 109,749,065 112,797,476 112,650,543 107,300,424 125,773,488 133,362,041 139,461,961 197,837,238 256,082,392 261,217,808 264,206,030 262,547,471 267,876,193 285,684,704 293,833,483 301,664,948 1,542,941,370 +Federal taxable income ($) 0 107,120,988 54,264,941 58,829,223 63,054,841 66,374,601 66,891,456 61,255,617 73,645,116 83,061,657 88,337,845 93,285,471 97,505,822 99,281,129 95,350,706 103,267,479 116,753,827 123,047,415 128,997,110 134,387,103 137,693,078 192,032,438 252,538,136 270,039,522 277,795,080 285,167,677 292,149,871 297,419,833 298,001,928 299,644,316 1,644,702,055 -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) ($) 0 -23,074,106 -12,760,367 -13,646,424 -14,486,634 -15,283,037 -15,927,862 -16,141,090 -15,443,056 -16,056,150 -19,032,260 -20,134,864 -21,149,078 -22,136,143 -23,047,304 -23,687,470 -23,656,614 -22,533,089 -26,412,432 -28,006,029 -29,287,012 -41,545,820 -53,777,302 -54,855,740 -55,483,266 -55,134,969 -56,254,001 -59,993,788 -61,705,031 -63,349,639 -324,017,688 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -22,495,408 -11,395,638 -12,354,137 -13,241,517 -13,938,666 -14,047,206 -12,863,680 -15,465,474 -17,442,948 -18,550,947 -19,589,949 -20,476,223 -20,849,037 -20,023,648 -21,686,171 -24,518,304 -25,839,957 -27,089,393 -28,221,292 -28,915,546 -40,326,812 -53,033,009 -56,708,300 -58,336,967 -59,885,212 -61,351,473 -62,458,165 -62,580,405 -62,925,306 -345,387,432 CASH INCENTIVES Federal IBI income ($) 0 @@ -384,68 +384,68 @@ Utility CBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 795,765,530 0 0 0 0 0 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 ($) 0 795,765,530 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 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 ($) 0 853,915,718 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 853,915,718 0 0 0 0 0 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 ($) 1,591,531,059 1,569,938,640 1,547,137,045 1,523,058,561 1,497,631,681 1,470,780,896 1,442,426,468 1,412,484,191 1,380,865,147 1,347,475,436 1,312,215,902 1,274,981,834 1,235,662,658 1,194,141,608 1,150,295,379 1,103,993,761 1,055,099,253 1,003,466,652 948,942,626 891,365,254 830,563,550 766,356,950 698,554,780 626,955,689 551,347,049 471,504,325 387,190,408 298,154,912 204,133,428 104,846,741 0 -Debt interest payment ($) 0 89,125,739 87,916,564 86,639,675 85,291,279 83,867,374 82,363,730 80,775,882 79,099,115 77,328,448 75,458,624 73,484,091 71,398,983 69,197,109 66,871,930 64,416,541 61,823,651 59,085,558 56,194,133 53,140,787 49,916,454 46,511,559 42,915,989 39,119,068 35,109,519 30,875,435 26,404,242 21,682,663 16,696,675 11,431,472 5,871,418 -Debt principal payment ($) 0 21,592,420 22,801,595 24,078,484 25,426,879 26,850,785 28,354,429 29,942,277 31,619,044 33,389,711 35,259,534 37,234,068 39,319,176 41,521,050 43,846,229 46,301,618 48,894,508 51,632,601 54,524,026 57,577,372 60,801,705 64,206,600 67,802,170 71,599,091 75,608,640 79,842,724 84,313,917 89,035,496 94,021,484 99,286,687 104,846,741 -Debt total payment ($) 0 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 +Debt balance ($) 1,707,831,437 1,684,661,161 1,660,193,351 1,634,355,343 1,607,070,406 1,578,257,513 1,547,831,098 1,515,700,804 1,481,771,213 1,445,941,565 1,408,105,457 1,368,150,527 1,325,958,120 1,281,402,939 1,234,352,668 1,184,667,582 1,132,200,131 1,076,794,502 1,018,286,158 956,501,348 891,256,587 822,358,120 749,601,339 672,770,179 591,636,473 505,959,279 415,484,163 319,942,441 219,050,382 112,508,367 0 +Debt interest payment ($) 0 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 +Debt principal payment ($) 0 23,170,275 24,467,811 25,838,008 27,284,937 28,812,893 30,426,415 32,130,294 33,929,591 35,829,648 37,836,108 39,954,930 42,192,406 44,555,181 47,050,271 49,685,086 52,467,451 55,405,628 58,508,344 61,784,811 65,244,760 68,898,467 72,756,781 76,831,161 81,133,706 85,677,193 90,475,116 95,541,723 100,892,059 106,542,014 112,508,367 +Debt total payment ($) 0 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 DSCR (DEBT FRACTION) -EBITDA ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 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) ($) 0 263,639,450 265,987,272 269,247,286 272,201,043 274,854,980 276,653,051 276,157,004 270,906,074 272,274,646 285,643,485 289,314,643 292,422,641 295,274,866 297,615,127 298,437,599 295,686,717 287,195,808 304,167,892 309,274,281 312,609,002 315,606,497 318,273,400 319,998,431 319,202,024 313,184,543 314,443,160 328,870,516 332,646,657 335,802,384 1,664,948,159 -Debt total payment ($) 0 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 110,718,159 -DSCR (pre-tax) 0.0 2.38 2.40 2.43 2.46 2.48 2.50 2.49 2.45 2.46 2.58 2.61 2.64 2.67 2.69 2.70 2.67 2.59 2.75 2.79 2.82 2.85 2.87 2.89 2.88 2.83 2.84 2.97 3.0 3.03 15.04 +Cash available for debt service (CAFDS) ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +Debt total payment ($) 0 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 +DSCR (pre-tax) 0.0 2.28 2.30 2.33 2.36 2.38 2.37 2.30 2.40 2.47 2.50 2.53 2.55 2.54 2.49 2.53 2.63 2.67 2.69 2.71 2.72 2.67 2.67 2.80 2.83 2.86 2.88 2.89 2.85 2.82 14.94 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 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 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 9189b768..74809c1a 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -58,7 +58,7 @@ Fracture Shape, 3, -- Square Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft^2 per well https://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2025/Fercho.pdf Number of Doublets, 59 -Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal +Production Flow Rate per Well, 120, -- Tested flow rate Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size Injection Well Diameter, 8.535 Ramey Production Wellbore Model, 1 From 4d8095e08608dfb5dc1403761134277b360c87c0 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 12:08:57 -0800 Subject: [PATCH 07/10] 5-year construction schedule --- tests/examples/Fervo_Project_Cape-5.out | 375 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 3 +- 2 files changed, 190 insertions(+), 188 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index c45cd9a9..2b388a9d 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,15 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 11:56 - Calculation Time: 1.799 sec + Simulation Time: 12:08 + Calculation Time: 1.763 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 624.66 MW - Electricity breakeven price: 8.05 cents/kWh - Total CAPEX: 2846.39 MUSD + Electricity breakeven price: 8.25 cents/kWh + Total CAPEX: 3140.33 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 120.0 kg/sec @@ -27,14 +27,14 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 12.00 % Nominal Discount Rate: 14.58 % - WACC: 8.30 % + WACC: 8.21 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 587.69 MUSD - After-tax IRR: 29.10 % - Project VIR=PI=PIR: 1.52 - Project MOIC: 4.51 - Project Payback Period: 2.16 yr + Project NPV: 227.39 MUSD + After-tax IRR: 20.88 % + Project VIR=PI=PIR: 1.29 + Project MOIC: 4.02 + Project Payback Period: 6.31 yr Estimated Jobs Created: 1461 ***ENGINEERING PARAMETERS*** @@ -105,8 +105,9 @@ Simulation Metadata Total surface equipment costs: 1741.84 MUSD Exploration costs: 30.00 MUSD Overnight Capital Cost: 2782.39 MUSD - Inflation costs during construction: 63.99 MUSD - Total CAPEX: 2846.39 MUSD + Interest during construction: 70.44 MUSD + Inflation costs during construction: 287.50 MUSD + Total CAPEX: 3140.33 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** @@ -213,239 +214,239 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 100.0 -Overnight capital expenditure [construction] ($) -2,782,390,741 +Capital expenditure schedule [construction] (%) 1.37 2.74 13.70 27.40 54.80 +Overnight capital expenditure [construction] ($) -38,114,942 -76,229,883 -381,149,417 -762,298,833 -1,524,597,666 plus: -Inflation cost [construction] ($) -63,994,987 +Inflation cost [construction] ($) -876,644 -3,546,900 -26,908,831 -72,588,342 -183,581,494 equals: -Nominal capital expenditure [construction] ($) -2,846,385,728 +Nominal capital expenditure [construction] ($) -38,991,585 -79,776,784 -408,058,248 -834,887,175 -1,708,179,160 -Issuance of equity [construction] ($) 1,138,554,291 -Issuance of debt [construction] ($) 1,707,831,437 -Debt balance [construction] ($) 1,707,831,437 -Debt interest payment [construction] ($) 0 +Issuance of equity [construction] ($) 15,596,634 31,910,713 163,223,299 333,954,870 683,271,664 +Issuance of debt [construction] ($) 23,394,951 47,866,070 244,834,949 500,932,305 1,024,907,496 +Debt balance [construction] ($) 23,394,951 72,571,139 321,470,071 840,404,700 1,912,374,860 +Debt interest payment [construction] ($) 0 1,310,117 4,063,984 18,002,324 47,062,663 -Installed cost [construction] ($) -2,846,385,728 -After-tax net cash flow [construction] ($) -1,138,554,291 +Installed cost [construction] ($) -38,991,585 -81,086,901 -412,122,232 -852,889,499 -1,755,241,824 +After-tax net cash flow [construction] ($) -15,596,634 -31,910,713 -163,223,299 -333,954,870 -683,271,664 ENERGY -Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 -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 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +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 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 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 ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,423,192,864 -Total revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 1,971,874,816 +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 ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 +Curtailment payment revenue ($) 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 1,570,166,020 +Total revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 2,118,847,972 -Property tax net assessed value ($) 0 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 2,846,385,728 +Property tax net assessed value ($) 0 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 OPERATING EXPENSES -O&M fixed expense ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 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 ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 +O&M fixed expense ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 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 ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 OPERATING ACTIVITIES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +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 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 -Cash flow from operating activities ($) 0 175,669,555 179,320,792 184,228,623 188,772,298 192,341,932 192,897,691 186,837,649 200,159,691 210,285,003 215,958,323 221,278,352 225,816,363 227,725,296 223,499,035 232,011,694 246,513,143 253,280,442 259,677,963 265,473,655 269,028,467 266,972,189 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 +Federal PBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 +Cash flow from operating activities ($) 0 164,215,123 168,021,764 173,093,700 177,810,671 181,563,305 182,312,312 176,456,340 189,993,880 200,346,758 206,260,388 211,834,183 216,640,173 218,832,090 214,904,660 223,732,886 238,567,574 245,686,772 252,455,898 258,644,006 262,613,209 260,994,528 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 INVESTING ACTIVITIES -Total installed cost ($) -2,846,385,728 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -3,140,332,040 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -2,846,385,728 +Purchase of property ($) -3,140,332,040 plus: -Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,846,385,728 0 0 0 0 0 0 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 ($) -3,140,332,040 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,138,554,291 -Size of debt ($) 1,707,831,437 +Issuance of equity ($) 1,227,957,181 +Size of debt ($) 1,912,374,860 minus: -Debt principal payment ($) 0 23,170,275 24,467,811 25,838,008 27,284,937 28,812,893 30,426,415 32,130,294 33,929,591 35,829,648 37,836,108 39,954,930 42,192,406 44,555,181 47,050,271 49,685,086 52,467,451 55,405,628 58,508,344 61,784,811 65,244,760 68,898,467 72,756,781 76,831,161 81,133,706 85,677,193 90,475,116 95,541,723 100,892,059 106,542,014 112,508,367 +Debt principal payment ($) 0 25,945,331 27,398,270 28,932,573 30,552,797 32,263,753 34,070,524 35,978,473 37,993,267 40,120,890 42,367,660 44,740,249 47,245,703 49,891,462 52,685,384 55,635,766 58,751,369 62,041,445 65,515,766 69,184,649 73,058,990 77,150,293 81,470,710 86,033,069 90,850,921 95,938,573 101,311,133 106,984,556 112,975,691 119,302,330 125,983,261 equals: -Cash flow from financing activities ($) 2,846,385,728 -23,170,275 -24,467,811 -25,838,008 -27,284,937 -28,812,893 -30,426,415 -32,130,294 -33,929,591 -35,829,648 -37,836,108 -39,954,930 -42,192,406 -44,555,181 -47,050,271 -49,685,086 -52,467,451 -55,405,628 -58,508,344 -61,784,811 -65,244,760 -68,898,467 -72,756,781 -76,831,161 -81,133,706 -85,677,193 -90,475,116 -95,541,723 -100,892,059 -106,542,014 -112,508,367 +Cash flow from financing activities ($) 3,140,332,040 -25,945,331 -27,398,270 -28,932,573 -30,552,797 -32,263,753 -34,070,524 -35,978,473 -37,993,267 -40,120,890 -42,367,660 -44,740,249 -47,245,703 -49,891,462 -52,685,384 -55,635,766 -58,751,369 -62,041,445 -65,515,766 -69,184,649 -73,058,990 -77,150,293 -81,470,710 -86,033,069 -90,850,921 -95,938,573 -101,311,133 -106,984,556 -112,975,691 -119,302,330 -125,983,261 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 175,669,555 179,320,792 184,228,623 188,772,298 192,341,932 192,897,691 186,837,649 200,159,691 210,285,003 215,958,323 221,278,352 225,816,363 227,725,296 223,499,035 232,011,694 246,513,143 253,280,442 259,677,963 265,473,655 269,028,467 266,972,189 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 -Cash flow from investing activities ($) -2,846,385,728 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,846,385,728 -23,170,275 -24,467,811 -25,838,008 -27,284,937 -28,812,893 -30,426,415 -32,130,294 -33,929,591 -35,829,648 -37,836,108 -39,954,930 -42,192,406 -44,555,181 -47,050,271 -49,685,086 -52,467,451 -55,405,628 -58,508,344 -61,784,811 -65,244,760 -68,898,467 -72,756,781 -76,831,161 -81,133,706 -85,677,193 -90,475,116 -95,541,723 -100,892,059 -106,542,014 -112,508,367 -Total pre-tax cash flow ($) 0 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 +Cash flow from operating activities ($) 0 164,215,123 168,021,764 173,093,700 177,810,671 181,563,305 182,312,312 176,456,340 189,993,880 200,346,758 206,260,388 211,834,183 216,640,173 218,832,090 214,904,660 223,732,886 238,567,574 245,686,772 252,455,898 258,644,006 262,613,209 260,994,528 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 +Cash flow from investing activities ($) -3,140,332,040 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 3,140,332,040 -25,945,331 -27,398,270 -28,932,573 -30,552,797 -32,263,753 -34,070,524 -35,978,473 -37,993,267 -40,120,890 -42,367,660 -44,740,249 -47,245,703 -49,891,462 -52,685,384 -55,635,766 -58,751,369 -62,041,445 -65,515,766 -69,184,649 -73,058,990 -77,150,293 -81,470,710 -86,033,069 -90,850,921 -95,938,573 -101,311,133 -106,984,556 -112,975,691 -119,302,330 -125,983,261 +Total pre-tax cash flow ($) 0 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 Pre-tax Returns: -Issuance of equity ($) 1,138,554,291 -Total pre-tax cash flow ($) 0 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 -Total pre-tax returns ($) -1,138,554,291 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 +Issuance of equity ($) 1,227,957,181 +Total pre-tax cash flow ($) 0 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 +Total pre-tax returns ($) -1,227,957,181 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 After-tax Returns: -Total pre-tax returns ($) -1,138,554,291 152,499,280 154,852,982 158,390,614 161,487,361 163,529,039 162,471,276 154,707,354 166,230,100 174,455,356 178,122,215 181,323,421 183,623,957 183,170,115 176,448,763 182,326,607 194,045,692 197,874,814 201,169,619 203,688,844 203,783,706 198,073,722 198,789,602 213,533,916 217,570,681 220,954,718 223,664,530 224,264,549 219,540,122 215,656,175 1,655,988,467 -Federal ITC total income ($) 0 853,915,718 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 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) ($) 0 -22,495,408 -11,395,638 -12,354,137 -13,241,517 -13,938,666 -14,047,206 -12,863,680 -15,465,474 -17,442,948 -18,550,947 -19,589,949 -20,476,223 -20,849,037 -20,023,648 -21,686,171 -24,518,304 -25,839,957 -27,089,393 -28,221,292 -28,915,546 -40,326,812 -53,033,009 -56,708,300 -58,336,967 -59,885,212 -61,351,473 -62,458,165 -62,580,405 -62,925,306 -345,387,432 -State ITC total income ($) 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 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 -Total after-tax returns ($) -1,138,554,291 975,856,720 139,372,886 141,608,472 143,499,781 144,594,435 143,389,229 137,233,037 145,221,445 150,760,455 152,922,183 154,711,985 155,808,586 154,848,305 149,248,180 152,867,616 160,739,466 162,773,223 164,370,766 165,352,394 164,504,165 143,292,856 126,748,346 136,500,061 138,324,407 139,605,272 140,323,282 139,419,945 134,529,464 130,176,995 1,186,806,257 - -After-tax net cash flow ($) -1,138,554,291 975,856,720 139,372,886 141,608,472 143,499,781 144,594,435 143,389,229 137,233,037 145,221,445 150,760,455 152,922,183 154,711,985 155,808,586 154,848,305 149,248,180 152,867,616 160,739,466 162,773,223 164,370,766 165,352,394 164,504,165 143,292,856 126,748,346 136,500,061 138,324,407 139,605,272 140,323,282 139,419,945 134,529,464 130,176,995 1,186,806,257 -After-tax cumulative IRR (%) NaN -14.29 -1.82 7.78 14.35 18.75 21.68 23.61 25.04 26.09 26.86 27.42 27.84 28.14 28.36 28.53 28.67 28.77 28.85 28.91 28.96 28.99 29.01 29.03 29.04 29.06 29.06 29.07 29.07 29.08 29.10 -After-tax cumulative NPV ($) -1,138,554,291 -286,843,008 -180,675,657 -86,528,271 -3,260,562 69,968,470 133,348,814 186,291,148 235,188,068 279,492,230 318,714,609 353,347,898 383,789,500 410,194,667 432,407,189 452,264,052 470,487,226 486,593,341 500,788,451 513,251,693 524,073,599 532,300,907 538,652,488 544,622,549 549,902,758 554,553,908 558,634,232 562,172,545 565,152,399 567,669,022 587,693,912 +Total pre-tax returns ($) -1,227,957,181 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 +Federal ITC total income ($) 0 942,099,612 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -19,038,443 -6,749,109 -7,739,659 -8,660,883 -9,393,772 -9,540,053 -8,396,382 -11,040,264 -13,062,181 -14,217,113 -15,305,675 -16,244,285 -16,672,366 -15,905,339 -17,629,492 -20,526,706 -21,917,085 -23,239,096 -24,447,633 -25,222,819 -37,939,461 -51,955,820 -55,726,413 -57,455,720 -59,110,241 -60,688,728 -61,913,931 -62,161,319 -62,638,377 -373,943,917 +State ITC total income ($) 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 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 +Total after-tax returns ($) -1,227,957,181 1,054,507,147 131,455,349 133,647,397 135,492,732 136,538,836 135,282,361 129,072,029 137,003,265 142,481,902 144,579,876 146,302,354 147,327,860 146,292,503 140,613,098 144,148,814 151,932,256 153,872,655 155,371,611 156,249,131 155,290,964 132,306,401 113,982,137 123,604,391 125,292,026 126,428,523 126,994,082 125,929,757 120,869,272 116,337,279 1,280,758,141 + +After-tax net cash flow ($) -15,596,634 -31,910,713 -163,223,299 -333,954,870 -683,271,664 1,054,507,147 131,455,349 133,647,397 135,492,732 136,538,836 135,282,361 129,072,029 137,003,265 142,481,902 144,579,876 146,302,354 147,327,860 146,292,503 140,613,098 144,148,814 151,932,256 153,872,655 155,371,611 156,249,131 155,290,964 132,306,401 113,982,137 123,604,391 125,292,026 126,428,523 126,994,082 125,929,757 120,869,272 116,337,279 1,280,758,141 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -8.92 -1.95 3.71 7.96 11.08 13.33 14.93 16.20 17.19 17.96 18.56 19.03 19.39 19.67 19.89 20.08 20.24 20.36 20.46 20.54 20.60 20.64 20.68 20.71 20.73 20.75 20.77 20.78 20.79 20.88 +After-tax cumulative NPV ($) -15,596,634 -43,447,766 -167,783,178 -389,810,700 -786,288,418 -252,239,247 -194,133,870 -142,574,819 -96,953,615 -56,828,777 -22,130,763 6,762,854 33,530,306 57,826,720 79,344,460 98,348,523 115,051,212 129,526,590 141,669,980 152,535,027 162,529,890 171,364,648 179,150,592 185,984,411 191,912,278 196,320,256 199,634,632 202,771,564 205,546,808 207,990,964 210,133,726 211,988,218 213,541,745 214,846,798 227,386,373 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,138,554,291 507,471,092 -331,366,445 -332,668,492 -333,873,929 -334,820,953 -334,968,396 -333,360,667 -336,895,004 -339,581,250 -341,086,382 -342,497,785 -343,701,720 -344,208,159 -343,086,932 -345,345,341 -349,192,575 -350,987,940 -352,685,202 -354,222,799 -355,165,891 -370,667,215 -387,927,604 -392,920,204 -395,132,623 -397,235,795 -399,227,597 -400,730,953 -400,897,007 -401,365,529 638,124,305 -PPA revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 -Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +Annual costs ($) -1,227,957,181 586,121,518 -339,283,982 -340,629,566 -341,880,979 -342,876,552 -343,075,264 -341,521,675 -345,113,184 -347,859,803 -349,428,689 -350,907,416 -352,182,445 -352,763,961 -351,722,014 -354,064,142 -357,999,785 -359,888,508 -361,684,357 -363,326,062 -364,379,092 -381,653,670 -400,693,814 -405,815,875 -408,165,005 -410,412,543 -412,556,797 -414,221,141 -414,557,199 -415,205,245 732,076,189 +PPA revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 +Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 -Present value of annual costs ($) 2,677,067,500 -Present value of annual energy nominal (kWh) 33,274,914,832 -LCOE Levelized cost of energy nominal (cents/kWh) 8.05 +Present value of annual costs ($) 2,745,797,568 +Present value of annual energy nominal (kWh) 33,274,914,832 +LCOE Levelized cost of energy nominal (cents/kWh) 8.25 -Present value of PPA revenue ($) 3,264,761,412 -Present value of annual energy nominal (kWh) 33,274,914,832 -LPPA Levelized PPA price nominal (cents/kWh) 9.81 +Present value of PPA revenue ($) 3,264,761,412 +Present value of annual energy nominal (kWh) 33,274,914,832 +LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 -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 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +State taxable PBI income ($) 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 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 -Total state tax depreciation ($) 0 60,485,697 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 60,485,697 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 +Total state tax depreciation ($) 0 66,732,056 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 66,732,056 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 115,183,858 58,349,399 63,257,229 67,800,904 71,370,539 71,926,297 65,866,255 79,188,297 89,313,610 94,986,930 100,306,958 104,844,970 106,753,903 102,527,641 111,040,300 125,541,750 132,309,049 138,706,569 144,502,262 148,057,073 206,486,492 271,546,383 290,365,077 298,704,387 306,631,911 314,139,646 319,806,272 320,432,181 322,198,189 1,768,496,834 +State taxable income ($) 0 97,483,067 34,557,652 39,629,588 44,346,559 48,099,193 48,848,200 42,992,228 56,529,768 66,882,647 72,796,276 78,370,071 83,176,061 85,367,978 81,440,549 90,268,774 105,103,462 112,222,660 118,991,786 125,179,895 129,149,097 194,262,472 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 -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 -8,062,870 -4,084,458 -4,428,006 -4,746,063 -4,995,938 -5,034,841 -4,610,638 -5,543,181 -6,251,953 -6,649,085 -7,021,487 -7,339,148 -7,472,773 -7,176,935 -7,772,821 -8,787,922 -9,261,633 -9,709,460 -10,115,158 -10,363,995 -14,454,054 -19,008,247 -20,325,555 -20,909,307 -21,464,234 -21,989,775 -22,386,439 -22,430,253 -22,553,873 -123,794,778 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +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 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 +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 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 -Total federal tax depreciation ($) 0 60,485,697 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 120,971,393 60,485,697 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 +Total federal tax depreciation ($) 0 66,732,056 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 66,732,056 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 107,120,988 54,264,941 58,829,223 63,054,841 66,374,601 66,891,456 61,255,617 73,645,116 83,061,657 88,337,845 93,285,471 97,505,822 99,281,129 95,350,706 103,267,479 116,753,827 123,047,415 128,997,110 134,387,103 137,693,078 192,032,438 252,538,136 270,039,522 277,795,080 285,167,677 292,149,871 297,419,833 298,001,928 299,644,316 1,644,702,055 +Federal taxable income ($) 0 90,659,253 32,138,617 36,855,517 41,242,300 44,732,250 45,428,826 39,982,772 52,572,684 62,200,861 67,700,537 72,884,166 77,353,737 79,392,220 75,739,710 83,949,960 97,746,220 104,367,074 110,662,361 116,417,302 120,108,660 180,664,099 247,408,666 265,363,873 273,598,667 281,477,337 288,993,943 294,828,245 296,006,283 298,277,986 1,780,685,318 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -22,495,408 -11,395,638 -12,354,137 -13,241,517 -13,938,666 -14,047,206 -12,863,680 -15,465,474 -17,442,948 -18,550,947 -19,589,949 -20,476,223 -20,849,037 -20,023,648 -21,686,171 -24,518,304 -25,839,957 -27,089,393 -28,221,292 -28,915,546 -40,326,812 -53,033,009 -56,708,300 -58,336,967 -59,885,212 -61,351,473 -62,458,165 -62,580,405 -62,925,306 -345,387,432 +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) ($) 0 -19,038,443 -6,749,109 -7,739,659 -8,660,883 -9,393,772 -9,540,053 -8,396,382 -11,040,264 -13,062,181 -14,217,113 -15,305,675 -16,244,285 -16,672,366 -15,905,339 -17,629,492 -20,526,706 -21,917,085 -23,239,096 -24,447,633 -25,222,819 -37,939,461 -51,955,820 -55,726,413 -57,455,720 -59,110,241 -60,688,728 -61,913,931 -62,161,319 -62,638,377 -373,943,917 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -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 IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 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 ($) 0 853,915,718 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 853,915,718 0 0 0 0 0 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 942,099,612 0 0 0 0 0 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 ($) 0 942,099,612 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,707,831,437 1,684,661,161 1,660,193,351 1,634,355,343 1,607,070,406 1,578,257,513 1,547,831,098 1,515,700,804 1,481,771,213 1,445,941,565 1,408,105,457 1,368,150,527 1,325,958,120 1,281,402,939 1,234,352,668 1,184,667,582 1,132,200,131 1,076,794,502 1,018,286,158 956,501,348 891,256,587 822,358,120 749,601,339 672,770,179 591,636,473 505,959,279 415,484,163 319,942,441 219,050,382 112,508,367 0 -Debt interest payment ($) 0 95,638,560 94,341,025 92,970,828 91,523,899 89,995,943 88,382,421 86,678,541 84,879,245 82,979,188 80,972,728 78,853,906 76,616,429 74,253,655 71,758,565 69,123,749 66,341,385 63,403,207 60,300,492 57,024,025 53,564,075 49,910,369 46,052,055 41,977,675 37,675,130 33,131,642 28,333,720 23,267,113 17,916,777 12,266,821 6,300,469 -Debt principal payment ($) 0 23,170,275 24,467,811 25,838,008 27,284,937 28,812,893 30,426,415 32,130,294 33,929,591 35,829,648 37,836,108 39,954,930 42,192,406 44,555,181 47,050,271 49,685,086 52,467,451 55,405,628 58,508,344 61,784,811 65,244,760 68,898,467 72,756,781 76,831,161 81,133,706 85,677,193 90,475,116 95,541,723 100,892,059 106,542,014 112,508,367 -Debt total payment ($) 0 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 +Debt balance ($) 1,912,374,860 1,886,429,528 1,859,031,259 1,830,098,686 1,799,545,889 1,767,282,136 1,733,211,612 1,697,233,140 1,659,239,872 1,619,118,982 1,576,751,322 1,532,011,073 1,484,765,369 1,434,873,907 1,382,188,523 1,326,552,757 1,267,801,388 1,205,759,942 1,140,244,176 1,071,059,527 998,000,537 920,850,244 839,379,534 753,346,465 662,495,544 566,556,971 465,245,838 358,261,282 245,285,591 125,983,261 0 +Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 +Debt principal payment ($) 0 25,945,331 27,398,270 28,932,573 30,552,797 32,263,753 34,070,524 35,978,473 37,993,267 40,120,890 42,367,660 44,740,249 47,245,703 49,891,462 52,685,384 55,635,766 58,751,369 62,041,445 65,515,766 69,184,649 73,058,990 77,150,293 81,470,710 86,033,069 90,850,921 95,938,573 101,311,133 106,984,556 112,975,691 119,302,330 125,983,261 +Debt total payment ($) 0 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 DSCR (DEBT FRACTION) -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 +EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 minus: -Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,774,797,302 -Debt total payment ($) 0 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 118,808,836 -DSCR (pre-tax) 0.0 2.28 2.30 2.33 2.36 2.38 2.37 2.30 2.40 2.47 2.50 2.53 2.55 2.54 2.49 2.53 2.63 2.67 2.69 2.71 2.72 2.67 2.67 2.80 2.83 2.86 2.88 2.89 2.85 2.82 14.94 +Cash available for debt service (CAFDS) ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +Debt total payment ($) 0 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 +DSCR (pre-tax) 0.0 2.04 2.06 2.08 2.11 2.12 2.11 2.06 2.14 2.20 2.23 2.26 2.27 2.27 2.22 2.26 2.35 2.38 2.41 2.42 2.42 2.38 2.39 2.50 2.53 2.55 2.57 2.58 2.54 2.51 14.45 RESERVES -Reserves working capital funding ($) 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 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 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 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 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 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 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 74809c1a..40281ab5 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -14,7 +14,8 @@ Fraction of Investment in Bonds, .6, -- Based on fraction of CAPEX with $1 billi Inflated Bond Interest Rate, .056 Inflation Rate, .023, -- US inflation as of April 2025 -Construction Years, 1, -- Calibrated to a 2-6 year construction time for a 1 GW plant (Yusifov & Enriquez, 2025) +Construction Years, 5, 2023-2028 +Construction CAPEX Schedule, 0.01,0.02,0.07,0.1,0.2,0.2,0.4 Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 From d709be2744f4c8b23aae6b6218318a6f56e0c7be Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 12:20:43 -0800 Subject: [PATCH 08/10] calibrate fracture surface area --- tests/examples/Fervo_Project_Cape-5.out | 494 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 10 +- 2 files changed, 252 insertions(+), 252 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 2b388a9d..2b32a475 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,15 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 12:08 - Calculation Time: 1.763 sec + Simulation Time: 12:19 + Calculation Time: 1.751 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 624.66 MW - Electricity breakeven price: 8.25 cents/kWh - Total CAPEX: 3140.33 MUSD + Average Net Electricity Production: 628.47 MW + Electricity breakeven price: 7.23 cents/kWh + Total CAPEX: 3144.89 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 120.0 kg/sec @@ -30,12 +30,12 @@ Simulation Metadata WACC: 8.21 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 227.39 MUSD - After-tax IRR: 20.88 % - Project VIR=PI=PIR: 1.29 - Project MOIC: 4.02 - Project Payback Period: 6.31 yr - Estimated Jobs Created: 1461 + Project NPV: 426.47 MUSD + After-tax IRR: 25.54 % + Project VIR=PI=PIR: 1.54 + Project MOIC: 5.28 + Project Payback Period: 5.69 yr + Estimated Jobs Created: 1469 ***ENGINEERING PARAMETERS*** @@ -50,7 +50,7 @@ Simulation Metadata Flowrate per production well: 120.0 kg/sec Injection well casing ID: 8.535 in Production well casing ID: 8.535 in - Number of times redrilling: 4 + Number of times redrilling: 2 Power plant type: Supercritical ORC @@ -65,13 +65,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model (Gringarten) Bottom-hole temperature: 201.72 degC - Fracture model = Square - Well separation: fracture height: 165.30 meter - Fracture area: 27324.09 m**2 + Fracture model = Circular fracture with known diameter + Well separation: fracture diameter: 186.16 meter + Fracture area: 27218.40 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 12036 - Fracture separation: 18.00 meter - Reservoir volume: 5919217617 m**3 + Number of fractures: 23600 + Fracture separation: 7.32 meter + Reservoir volume: 4698622485 m**3 Reservoir hydrostatic pressure: 24497.62 kPa Plant outlet pressure: 6894.76 kPa Production wellhead pressure: 2240.80 kPa @@ -84,15 +84,15 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.8 degC - Average Production Temperature: 199.2 degC - Minimum Production Temperature: 196.0 degC + Maximum Production Temperature: 200.0 degC + Average Production Temperature: 199.6 degC + Minimum Production Temperature: 195.9 degC Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 4224.80 MW + Average Reservoir Heat Extraction: 4237.89 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.4 degC Average Injection Well Pump Pressure Drop: -1721.2 kPa - Average Production Well Pump Pressure Drop: 6116.1 kPa + Average Production Well Pump Pressure Drop: 6106.7 kPa ***CAPITAL COSTS (M$)*** @@ -100,41 +100,41 @@ Simulation Metadata Drilling and completion costs: 467.75 MUSD Drilling and completion costs per well: 3.96 MUSD Stimulation costs: 542.80 MUSD - Surface power plant costs: 1691.66 MUSD - Field gathering system costs: 50.18 MUSD - Total surface equipment costs: 1741.84 MUSD + Surface power plant costs: 1695.69 MUSD + Field gathering system costs: 50.19 MUSD + Total surface equipment costs: 1745.87 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2782.39 MUSD - Interest during construction: 70.44 MUSD - Inflation costs during construction: 287.50 MUSD - Total CAPEX: 3140.33 MUSD + Overnight Capital Cost: 2786.42 MUSD + Interest during construction: 70.55 MUSD + Inflation costs during construction: 287.92 MUSD + Total CAPEX: 3144.89 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.15 MUSD/yr - Power plant maintenance costs: 28.30 MUSD/yr + Wellfield maintenance costs: 6.16 MUSD/yr + Power plant maintenance costs: 28.36 MUSD/yr Water costs: 27.88 MUSD/yr - Redrilling costs: 134.74 MUSD/yr - Total operating and maintenance costs: 197.08 MUSD/yr + Redrilling costs: 67.37 MUSD/yr + Total operating and maintenance costs: 129.77 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 691.26 MW - Average Total Electricity Generation: 686.14 MW - Minimum Total Electricity Generation: 658.70 MW + Maximum Total Electricity Generation: 692.91 MW + Average Total Electricity Generation: 689.88 MW + Minimum Total Electricity Generation: 657.90 MW Initial Total Electricity Generation: 681.96 MW - Maximum Net Electricity Generation: 629.94 MW - Average Net Electricity Generation: 624.66 MW - Minimum Net Electricity Generation: 596.51 MW + Maximum Net Electricity Generation: 631.59 MW + Average Net Electricity Generation: 628.47 MW + Minimum Net Electricity Generation: 595.68 MW Initial Net Electricity Generation: 620.46 MW - Average Annual Total Electricity Generation: 5409.58 GWh - Average Annual Net Electricity Generation: 4924.90 GWh + Average Annual Total Electricity Generation: 5439.17 GWh + Average Annual Net Electricity Generation: 4955.00 GWh Initial pumping power/net installed power: 9.91 % - Average Pumping Power: 61.48 MW - Heat to Power Conversion Efficiency: 14.79 % + Average Pumping Power: 61.41 MW + Heat to Power Conversion Efficiency: 14.83 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -144,34 +144,34 @@ Simulation Metadata (degC) (MW) (MW) (%) 1 1.0000 198.72 61.4992 620.4602 14.7370 2 1.0043 199.56 61.4595 627.6975 14.8204 - 3 1.0051 199.72 61.4521 629.0420 14.8358 - 4 1.0055 199.80 61.4492 629.7001 14.8433 - 5 1.0054 199.79 61.4584 629.6283 14.8424 - 6 1.0040 199.51 61.5171 627.1988 14.8140 - 7 0.9991 198.53 61.7065 618.7218 14.7144 - 8 0.9875 196.23 62.1412 598.8579 14.4771 - 9 1.0040 199.52 61.4332 627.3364 14.8166 - 10 1.0050 199.70 61.4266 628.9107 14.8346 - 11 1.0054 199.79 61.4186 629.6542 14.8432 - 12 1.0055 199.80 61.4166 629.7742 14.8446 - 13 1.0044 199.59 61.4536 627.9454 14.8233 - 14 1.0003 198.77 61.6045 620.8265 14.7399 - 15 0.9900 196.74 61.9824 603.2654 14.5310 - 16 1.0037 199.46 61.3622 626.9104 14.8126 - 17 1.0049 199.68 61.3528 628.8091 14.8343 - 18 1.0054 199.78 61.3451 629.6370 14.8439 - 19 1.0055 199.81 61.3443 629.9024 14.8469 - 20 1.0047 199.66 61.3771 628.5656 14.8313 - 21 1.0013 198.97 61.5102 622.6408 14.7619 - 22 0.9923 197.19 61.8510 607.2084 14.5789 - 23 1.0033 199.38 61.3246 626.2671 14.8057 - 24 1.0047 199.66 61.3232 628.6406 14.8328 - 25 1.0053 199.77 61.3224 629.5563 14.8432 - 26 1.0055 199.81 61.3257 629.9379 14.8475 - 27 1.0050 199.71 61.3545 629.0119 14.8366 - 28 1.0022 199.15 61.4681 624.1461 14.7797 - 29 0.9943 197.59 61.7688 610.6891 14.6205 - 30 1.0027 199.26 61.3211 625.2246 14.7938 + 3 1.0051 199.72 61.4521 629.0424 14.8358 + 4 1.0055 199.80 61.4483 629.7420 14.8438 + 5 1.0057 199.86 61.4457 630.2046 14.8491 + 6 1.0060 199.90 61.4438 630.5489 14.8530 + 7 1.0061 199.93 61.4426 630.8070 14.8560 + 8 1.0062 199.96 61.4410 631.0418 14.8587 + 9 1.0063 199.97 61.4417 631.1512 14.8599 + 10 1.0064 199.98 61.4423 631.2399 14.8609 + 11 1.0032 199.36 61.5629 625.8252 14.7977 + 12 0.9881 196.36 62.1266 599.9636 14.4903 + 13 1.0040 199.52 61.4253 627.3443 14.8168 + 14 1.0050 199.70 61.4057 628.9317 14.8351 + 15 1.0054 199.79 61.3791 629.7165 14.8444 + 16 1.0057 199.85 61.3535 630.2306 14.8505 + 17 1.0059 199.89 61.3350 630.6060 14.8550 + 18 1.0061 199.92 61.3253 630.8790 14.8582 + 19 1.0062 199.95 61.3203 631.1540 14.8614 + 20 1.0063 199.96 61.3226 631.1955 14.8619 + 21 1.0065 200.00 61.3186 631.5364 14.8658 + 22 1.0042 199.54 61.4091 627.5765 14.8196 + 23 0.9924 197.20 61.8557 607.3415 14.5804 + 24 1.0037 199.46 61.3202 626.9525 14.8136 + 25 1.0049 199.68 61.3202 628.8417 14.8351 + 26 1.0054 199.78 61.3204 629.6737 14.8446 + 27 1.0057 199.84 61.3206 630.1935 14.8505 + 28 1.0059 199.89 61.3207 630.5662 14.8547 + 29 1.0061 199.92 61.3211 630.8425 14.8579 + 30 1.0062 199.95 61.3201 631.1278 14.8611 ******************************************************************* @@ -180,197 +180,197 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4930.0 33326.6 1780.11 6.31 - 2 4954.8 33412.6 1659.83 12.64 - 3 4962.3 33438.5 1539.45 18.98 - 4 4965.1 33448.2 1419.04 25.32 - 5 4956.9 33420.6 1298.72 31.65 - 6 4917.0 33284.4 1178.90 37.96 - 7 4809.0 32914.4 1060.41 44.19 - 8 4898.2 33216.5 940.83 50.49 - 9 4953.1 33405.9 820.57 56.81 - 10 4961.6 33435.3 700.20 63.15 - 11 4965.3 33448.1 579.79 69.49 - 12 4960.0 33430.1 459.44 75.82 - 13 4927.6 33319.4 339.49 82.13 - 14 4834.1 32998.8 220.69 88.39 - 15 4864.5 33099.6 101.53 94.66 - 16 4951.4 33398.1 -18.70 100.98 - 17 4961.1 33431.7 -139.05 107.32 - 18 4965.6 33447.2 -259.46 113.66 - 19 4962.6 33437.2 -379.84 119.99 - 20 4936.7 33348.6 -499.89 126.31 - 21 4856.1 33073.1 -618.95 132.58 - 22 4836.8 33004.0 -737.77 138.83 - 23 4948.9 33388.3 -857.97 145.15 - 24 4960.2 33427.7 -978.31 151.49 - 25 4965.3 33445.7 -1098.71 157.82 - 26 4964.2 33442.2 -1219.10 164.16 - 27 4943.8 33372.8 -1339.25 170.48 - 28 4875.1 33138.1 -1458.54 176.76 - 29 4814.8 32928.9 -1577.09 183.00 - 30 4944.5 33373.0 -1697.23 189.32 + 1 4930.0 33326.6 1388.30 7.95 + 2 4954.8 33412.6 1268.01 15.93 + 3 4962.4 33438.8 1147.63 23.91 + 4 4966.8 33454.2 1027.20 31.90 + 5 4969.9 33465.1 906.73 39.88 + 6 4972.3 33473.2 786.22 47.87 + 7 4974.4 33480.6 665.69 55.86 + 8 4975.2 33483.2 545.15 63.86 + 9 4977.6 33491.7 424.58 71.85 + 10 4961.4 33436.5 304.21 79.83 + 11 4856.1 33076.4 185.14 87.73 + 12 4898.1 33215.9 65.56 95.65 + 13 4953.2 33405.9 -54.70 103.63 + 14 4961.8 33435.4 -175.07 111.61 + 15 4966.8 33452.1 -295.50 119.59 + 16 4970.3 33463.5 -415.97 127.58 + 17 4972.8 33472.0 -536.47 135.57 + 18 4975.0 33479.4 -656.99 143.56 + 19 4976.0 33482.8 -777.53 151.55 + 20 4978.3 33490.7 -898.10 159.54 + 21 4968.5 33457.4 -1018.54 167.53 + 22 4887.2 33179.8 -1137.99 175.45 + 23 4868.2 33111.0 -1257.19 183.35 + 24 4951.7 33398.1 -1377.42 191.32 + 25 4961.4 33431.8 -1497.78 199.30 + 26 4966.5 33449.7 -1618.20 207.29 + 27 4970.0 33461.8 -1738.66 215.27 + 28 4972.6 33470.8 -1859.15 223.26 + 29 4974.7 33478.1 -1979.67 231.25 + 30 4976.0 33482.7 -2100.21 239.25 *************************** * SAM CASH FLOW PROFILE * *************************** ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - 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 + 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] (%) 1.37 2.74 13.70 27.40 54.80 -Overnight capital expenditure [construction] ($) -38,114,942 -76,229,883 -381,149,417 -762,298,833 -1,524,597,666 +Capital expenditure schedule [construction] (%) 1.40 2.70 13.70 27.40 54.80 +Overnight capital expenditure [construction] ($) -39,009,942 -75,233,459 -381,740,145 -763,480,289 -1,526,960,578 plus: -Inflation cost [construction] ($) -876,644 -3,546,900 -26,908,831 -72,588,342 -183,581,494 +Inflation cost [construction] ($) -897,229 -3,500,538 -26,950,536 -72,700,844 -183,866,020 equals: -Nominal capital expenditure [construction] ($) -38,991,585 -79,776,784 -408,058,248 -834,887,175 -1,708,179,160 +Nominal capital expenditure [construction] ($) -39,907,170 -78,733,997 -408,690,681 -836,181,133 -1,710,826,598 -Issuance of equity [construction] ($) 15,596,634 31,910,713 163,223,299 333,954,870 683,271,664 -Issuance of debt [construction] ($) 23,394,951 47,866,070 244,834,949 500,932,305 1,024,907,496 -Debt balance [construction] ($) 23,394,951 72,571,139 321,470,071 840,404,700 1,912,374,860 -Debt interest payment [construction] ($) 0 1,310,117 4,063,984 18,002,324 47,062,663 +Issuance of equity [construction] ($) 15,962,868 31,493,599 163,476,272 334,472,453 684,330,639 +Issuance of debt [construction] ($) 23,944,302 47,240,398 245,214,408 501,708,680 1,026,495,959 +Debt balance [construction] ($) 23,944,302 72,525,581 321,801,422 841,530,982 1,915,152,675 +Debt interest payment [construction] ($) 0 1,340,881 4,061,433 18,020,880 47,125,735 -Installed cost [construction] ($) -38,991,585 -81,086,901 -412,122,232 -852,889,499 -1,755,241,824 -After-tax net cash flow [construction] ($) -15,596,634 -31,910,713 -163,223,299 -333,954,870 -683,271,664 +Installed cost [construction] ($) -39,907,170 -80,074,878 -412,752,113 -854,202,013 -1,757,952,333 +After-tax net cash flow [construction] ($) -15,962,868 -31,493,599 -163,476,272 -334,472,453 -684,330,639 ENERGY -Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 -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 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +Electricity to grid (kWh) 0.0 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 +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 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 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 ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,570,166,020 -Total revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 2,118,847,972 +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 ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 552,223,092 +Curtailment payment revenue ($) 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 1,572,444,254 +Total revenue ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 2,124,667,345 -Property tax net assessed value ($) 0 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 3,140,332,040 +Property tax net assessed value ($) 0 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 OPERATING EXPENSES -O&M fixed expense ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 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 ($) 0 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 197,077,513 +O&M fixed expense ($) 0 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 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 ($) 0 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 OPERATING ACTIVITIES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 -Cash flow from operating activities ($) 0 164,215,123 168,021,764 173,093,700 177,810,671 181,563,305 182,312,312 176,456,340 189,993,880 200,346,758 206,260,388 211,834,183 216,640,173 218,832,090 214,904,660 223,732,886 238,567,574 245,686,772 252,455,898 258,644,006 262,613,209 260,994,528 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 +Federal PBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 +Cash flow from operating activities ($) 0 231,410,139 235,219,141 240,301,781 245,182,532 250,030,024 254,900,419 259,854,668 264,781,508 269,993,877 273,466,451 268,128,715 277,628,284 288,654,989 295,156,881 301,450,533 307,757,558 314,150,758 320,692,566 327,306,952 334,262,955 340,161,170 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 INVESTING ACTIVITIES -Total installed cost ($) -3,140,332,040 +Total installed cost ($) -3,144,888,507 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -3,140,332,040 +Purchase of property ($) -3,144,888,507 plus: -Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -3,140,332,040 0 0 0 0 0 0 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 ($) -3,144,888,507 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,227,957,181 -Size of debt ($) 1,912,374,860 +Issuance of equity ($) 1,229,735,832 +Size of debt ($) 1,915,152,675 minus: -Debt principal payment ($) 0 25,945,331 27,398,270 28,932,573 30,552,797 32,263,753 34,070,524 35,978,473 37,993,267 40,120,890 42,367,660 44,740,249 47,245,703 49,891,462 52,685,384 55,635,766 58,751,369 62,041,445 65,515,766 69,184,649 73,058,990 77,150,293 81,470,710 86,033,069 90,850,921 95,938,573 101,311,133 106,984,556 112,975,691 119,302,330 125,983,261 +Debt principal payment ($) 0 25,983,018 27,438,067 28,974,599 30,597,176 32,310,618 34,120,013 36,030,733 38,048,454 40,179,168 42,429,201 44,805,237 47,314,330 49,963,932 52,761,912 55,716,580 58,836,708 62,131,564 65,610,931 69,285,143 73,165,111 77,262,358 81,589,050 86,158,036 90,982,886 96,077,928 101,458,292 107,139,956 113,139,794 119,475,622 126,166,257 equals: -Cash flow from financing activities ($) 3,140,332,040 -25,945,331 -27,398,270 -28,932,573 -30,552,797 -32,263,753 -34,070,524 -35,978,473 -37,993,267 -40,120,890 -42,367,660 -44,740,249 -47,245,703 -49,891,462 -52,685,384 -55,635,766 -58,751,369 -62,041,445 -65,515,766 -69,184,649 -73,058,990 -77,150,293 -81,470,710 -86,033,069 -90,850,921 -95,938,573 -101,311,133 -106,984,556 -112,975,691 -119,302,330 -125,983,261 +Cash flow from financing activities ($) 3,144,888,507 -25,983,018 -27,438,067 -28,974,599 -30,597,176 -32,310,618 -34,120,013 -36,030,733 -38,048,454 -40,179,168 -42,429,201 -44,805,237 -47,314,330 -49,963,932 -52,761,912 -55,716,580 -58,836,708 -62,131,564 -65,610,931 -69,285,143 -73,165,111 -77,262,358 -81,589,050 -86,158,036 -90,982,886 -96,077,928 -101,458,292 -107,139,956 -113,139,794 -119,475,622 -126,166,257 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 164,215,123 168,021,764 173,093,700 177,810,671 181,563,305 182,312,312 176,456,340 189,993,880 200,346,758 206,260,388 211,834,183 216,640,173 218,832,090 214,904,660 223,732,886 238,567,574 245,686,772 252,455,898 258,644,006 262,613,209 260,994,528 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 -Cash flow from investing activities ($) -3,140,332,040 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 3,140,332,040 -25,945,331 -27,398,270 -28,932,573 -30,552,797 -32,263,753 -34,070,524 -35,978,473 -37,993,267 -40,120,890 -42,367,660 -44,740,249 -47,245,703 -49,891,462 -52,685,384 -55,635,766 -58,751,369 -62,041,445 -65,515,766 -69,184,649 -73,058,990 -77,150,293 -81,470,710 -86,033,069 -90,850,921 -95,938,573 -101,311,133 -106,984,556 -112,975,691 -119,302,330 -125,983,261 -Total pre-tax cash flow ($) 0 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 +Cash flow from operating activities ($) 0 231,410,139 235,219,141 240,301,781 245,182,532 250,030,024 254,900,419 259,854,668 264,781,508 269,993,877 273,466,451 268,128,715 277,628,284 288,654,989 295,156,881 301,450,533 307,757,558 314,150,758 320,692,566 327,306,952 334,262,955 340,161,170 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 +Cash flow from investing activities ($) -3,144,888,507 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 3,144,888,507 -25,983,018 -27,438,067 -28,974,599 -30,597,176 -32,310,618 -34,120,013 -36,030,733 -38,048,454 -40,179,168 -42,429,201 -44,805,237 -47,314,330 -49,963,932 -52,761,912 -55,716,580 -58,836,708 -62,131,564 -65,610,931 -69,285,143 -73,165,111 -77,262,358 -81,589,050 -86,158,036 -90,982,886 -96,077,928 -101,458,292 -107,139,956 -113,139,794 -119,475,622 -126,166,257 +Total pre-tax cash flow ($) 0 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 Pre-tax Returns: -Issuance of equity ($) 1,227,957,181 -Total pre-tax cash flow ($) 0 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 -Total pre-tax returns ($) -1,227,957,181 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 +Issuance of equity ($) 1,229,735,832 +Total pre-tax cash flow ($) 0 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 +Total pre-tax returns ($) -1,229,735,832 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 After-tax Returns: -Total pre-tax returns ($) -1,227,957,181 138,269,792 140,623,494 144,161,127 147,257,874 149,299,551 148,241,788 140,477,867 152,000,612 160,225,868 163,892,728 167,093,934 169,394,469 168,940,628 162,219,276 168,097,120 179,816,205 183,645,326 186,940,132 189,459,357 189,554,219 183,844,235 184,560,114 199,304,429 203,341,194 206,725,230 209,435,043 210,035,062 205,310,635 201,426,687 1,788,732,135 -Federal ITC total income ($) 0 942,099,612 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 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) ($) 0 -19,038,443 -6,749,109 -7,739,659 -8,660,883 -9,393,772 -9,540,053 -8,396,382 -11,040,264 -13,062,181 -14,217,113 -15,305,675 -16,244,285 -16,672,366 -15,905,339 -17,629,492 -20,526,706 -21,917,085 -23,239,096 -24,447,633 -25,222,819 -37,939,461 -51,955,820 -55,726,413 -57,455,720 -59,110,241 -60,688,728 -61,913,931 -62,161,319 -62,638,377 -373,943,917 -State ITC total income ($) 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 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 -Total after-tax returns ($) -1,227,957,181 1,054,507,147 131,455,349 133,647,397 135,492,732 136,538,836 135,282,361 129,072,029 137,003,265 142,481,902 144,579,876 146,302,354 147,327,860 146,292,503 140,613,098 144,148,814 151,932,256 153,872,655 155,371,611 156,249,131 155,290,964 132,306,401 113,982,137 123,604,391 125,292,026 126,428,523 126,994,082 125,929,757 120,869,272 116,337,279 1,280,758,141 - -After-tax net cash flow ($) -15,596,634 -31,910,713 -163,223,299 -333,954,870 -683,271,664 1,054,507,147 131,455,349 133,647,397 135,492,732 136,538,836 135,282,361 129,072,029 137,003,265 142,481,902 144,579,876 146,302,354 147,327,860 146,292,503 140,613,098 144,148,814 151,932,256 153,872,655 155,371,611 156,249,131 155,290,964 132,306,401 113,982,137 123,604,391 125,292,026 126,428,523 126,994,082 125,929,757 120,869,272 116,337,279 1,280,758,141 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -8.92 -1.95 3.71 7.96 11.08 13.33 14.93 16.20 17.19 17.96 18.56 19.03 19.39 19.67 19.89 20.08 20.24 20.36 20.46 20.54 20.60 20.64 20.68 20.71 20.73 20.75 20.77 20.78 20.79 20.88 -After-tax cumulative NPV ($) -15,596,634 -43,447,766 -167,783,178 -389,810,700 -786,288,418 -252,239,247 -194,133,870 -142,574,819 -96,953,615 -56,828,777 -22,130,763 6,762,854 33,530,306 57,826,720 79,344,460 98,348,523 115,051,212 129,526,590 141,669,980 152,535,027 162,529,890 171,364,648 179,150,592 185,984,411 191,912,278 196,320,256 199,634,632 202,771,564 205,546,808 207,990,964 210,133,726 211,988,218 213,541,745 214,846,798 227,386,373 +Total pre-tax returns ($) -1,229,735,832 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 +Federal ITC total income ($) 0 943,466,552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -32,142,720 -19,834,937 -20,827,577 -21,780,788 -22,727,503 -23,678,691 -24,646,256 -25,608,468 -26,626,443 -27,304,637 -26,262,177 -28,117,443 -30,270,959 -31,540,778 -32,769,928 -34,001,690 -35,250,282 -36,527,897 -37,819,687 -39,178,194 -53,381,796 -66,143,157 -67,181,550 -70,420,069 -72,170,684 -73,883,206 -75,619,541 -77,399,788 -79,236,455 -388,223,682 +State ITC total income ($) 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 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 +Total after-tax returns ($) -1,229,735,832 1,105,230,266 180,836,840 183,034,524 184,997,834 186,845,845 188,614,729 190,343,895 191,945,924 193,644,738 193,946,004 187,648,335 192,118,574 197,570,292 199,549,252 201,218,531 202,732,174 204,134,402 205,461,301 206,646,678 207,877,286 190,383,756 167,235,209 166,572,556 173,930,706 175,421,312 176,483,291 177,333,557 178,030,836 178,604,373 1,334,294,263 + +After-tax net cash flow ($) -15,962,868 -31,493,599 -163,476,272 -334,472,453 -684,330,639 1,105,230,266 180,836,840 183,034,524 184,997,834 186,845,845 188,614,729 190,343,895 191,945,924 193,644,738 193,946,004 187,648,335 192,118,574 197,570,292 199,549,252 201,218,531 202,732,174 204,134,402 205,461,301 206,646,678 207,877,286 190,383,756 167,235,209 166,572,556 173,930,706 175,421,312 176,483,291 177,333,557 178,030,836 178,604,373 1,334,294,263 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -6.30 2.50 9.04 13.64 16.84 19.10 20.72 21.89 22.76 23.41 23.88 24.24 24.53 24.75 24.92 25.06 25.16 25.25 25.31 25.36 25.40 25.43 25.45 25.46 25.48 25.49 25.50 25.50 25.51 25.54 +After-tax cumulative NPV ($) -15,962,868 -43,449,950 -167,978,064 -390,349,698 -787,441,900 -227,704,293 -147,771,503 -77,159,681 -14,869,815 40,038,806 88,415,818 131,025,543 168,527,594 201,548,438 230,413,310 254,788,043 276,568,694 296,117,916 313,351,051 328,517,661 341,854,397 353,574,985 363,871,010 372,909,052 380,844,277 387,187,186 392,050,056 396,277,470 400,130,069 403,521,370 406,499,159 409,110,644 411,398,867 413,402,423 426,466,156 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,227,957,181 586,121,518 -339,283,982 -340,629,566 -341,880,979 -342,876,552 -343,075,264 -341,521,675 -345,113,184 -347,859,803 -349,428,689 -350,907,416 -352,182,445 -352,763,961 -351,722,014 -354,064,142 -357,999,785 -359,888,508 -361,684,357 -363,326,062 -364,379,092 -381,653,670 -400,693,814 -405,815,875 -408,165,005 -410,412,543 -412,556,797 -414,221,141 -414,557,199 -415,205,245 732,076,189 -PPA revenue ($) 0 468,385,629 470,739,331 474,276,963 477,373,710 479,415,388 478,357,625 470,593,704 482,116,449 490,341,705 494,008,564 497,209,770 499,510,306 499,056,464 492,335,113 498,212,956 509,932,041 513,761,163 517,055,968 519,575,193 519,670,055 513,960,071 514,675,951 529,420,265 533,457,030 536,841,067 539,550,879 540,150,898 535,426,471 531,542,524 548,681,952 -Electricity to grid (kWh) 0.0 4,930,375,040 4,955,150,850 4,962,613,409 4,965,401,605 4,957,247,316 4,917,327,557 4,809,337,798 4,898,561,765 4,953,446,859 4,961,918,080 4,965,642,370 4,960,380,396 4,927,979,303 4,834,398,198 4,864,885,817 4,951,758,023 4,961,479,118 4,965,962,046 4,962,987,806 4,937,013,637 4,856,468,592 4,837,179,988 4,949,240,584 4,960,545,195.0 4,965,692,966 4,964,582,987 4,944,172,984 4,875,491,450 4,815,132,925 4,944,862,579 +Annual costs ($) -1,229,735,832 636,802,018 -289,945,361 -291,293,785 -292,588,648 -293,874,688 -295,166,804 -296,481,166 -297,788,257 -299,171,098 -300,092,372 -298,676,271 -301,196,506 -304,121,891 -305,846,843 -307,516,549 -309,189,803 -310,885,919 -312,621,460 -314,376,257 -316,221,685 -335,516,183 -352,851,509 -354,262,085 -358,661,364 -361,039,439 -363,365,768 -365,724,446 -368,142,774 -370,637,744 782,071,171 +PPA revenue ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 552,223,092 +Electricity to grid (kWh) 0.0 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 -Present value of annual costs ($) 2,745,797,568 -Present value of annual energy nominal (kWh) 33,274,914,832 -LCOE Levelized cost of energy nominal (cents/kWh) 8.25 +Present value of annual costs ($) 2,417,560,886 +Present value of annual energy nominal (kWh) 33,426,472,284 +LCOE Levelized cost of energy nominal (cents/kWh) 7.23 -Present value of PPA revenue ($) 3,264,761,412 -Present value of annual energy nominal (kWh) 33,274,914,832 +Present value of PPA revenue ($) 3,279,818,981 +Present value of annual energy nominal (kWh) 33,426,472,284 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 -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 ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +State taxable PBI income ($) 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 ($) 0 minus: -Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 -Total state tax depreciation ($) 0 66,732,056 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 66,732,056 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 +Total state tax depreciation ($) 0 66,828,881 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 66,828,881 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 97,483,067 34,557,652 39,629,588 44,346,559 48,099,193 48,848,200 42,992,228 56,529,768 66,882,647 72,796,276 78,370,071 83,176,061 85,367,978 81,440,549 90,268,774 105,103,462 112,222,660 118,991,786 125,179,895 129,149,097 194,262,472 266,030,824 285,337,498 294,192,115 302,663,803 310,746,175 317,019,618 318,286,326 320,729,017 1,914,715,396 +State taxable income ($) 0 164,581,259 101,561,380 106,644,019 111,524,771 116,372,263 121,242,657 126,196,907 131,123,747 136,336,115 139,808,689 134,470,954 143,970,522 154,997,228 161,499,120 167,792,772 174,099,796 180,492,997 187,034,805 193,649,190 200,605,193 273,332,289 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 -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 -6,823,815 -2,419,036 -2,774,071 -3,104,259 -3,366,944 -3,419,374 -3,009,456 -3,957,084 -4,681,785 -5,095,739 -5,485,905 -5,822,324 -5,975,758 -5,700,838 -6,318,814 -7,357,242 -7,855,586 -8,329,425 -8,762,593 -9,040,437 -13,598,373 -18,622,158 -19,973,625 -20,593,448 -21,186,466 -21,752,232 -22,191,373 -22,280,043 -22,451,031 -134,030,078 -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 ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +Interest earned on reserves ($) 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) ($) 0 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 +State ITC total income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 -Total federal tax depreciation ($) 0 66,732,056 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 133,464,112 66,732,056 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 +Total federal tax depreciation ($) 0 66,828,881 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 66,828,881 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 90,659,253 32,138,617 36,855,517 41,242,300 44,732,250 45,428,826 39,982,772 52,572,684 62,200,861 67,700,537 72,884,166 77,353,737 79,392,220 75,739,710 83,949,960 97,746,220 104,367,074 110,662,361 116,417,302 120,108,660 180,664,099 247,408,666 265,363,873 273,598,667 281,477,337 288,993,943 294,828,245 296,006,283 298,277,986 1,780,685,318 +Federal taxable income ($) 0 153,060,570 94,452,083 99,178,938 103,718,037 108,226,204 112,755,671 117,363,123 121,945,085 126,792,587 130,022,081 125,057,987 133,892,586 144,147,422 150,194,181 156,047,278 161,912,810 167,858,487 173,942,368 180,093,747 186,562,830 254,199,029 314,967,416 319,912,143 335,333,662 343,669,924 351,824,788 360,093,054 368,570,418 377,316,450 1,848,684,202 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -19,038,443 -6,749,109 -7,739,659 -8,660,883 -9,393,772 -9,540,053 -8,396,382 -11,040,264 -13,062,181 -14,217,113 -15,305,675 -16,244,285 -16,672,366 -15,905,339 -17,629,492 -20,526,706 -21,917,085 -23,239,096 -24,447,633 -25,222,819 -37,939,461 -51,955,820 -55,726,413 -57,455,720 -59,110,241 -60,688,728 -61,913,931 -62,161,319 -62,638,377 -373,943,917 +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) ($) 0 -32,142,720 -19,834,937 -20,827,577 -21,780,788 -22,727,503 -23,678,691 -24,646,256 -25,608,468 -26,626,443 -27,304,637 -26,262,177 -28,117,443 -30,270,959 -31,540,778 -32,769,928 -34,001,690 -35,250,282 -36,527,897 -37,819,687 -39,178,194 -53,381,796 -66,143,157 -67,181,550 -70,420,069 -72,170,684 -73,883,206 -75,619,541 -77,399,788 -79,236,455 -388,223,682 CASH INCENTIVES Federal IBI income ($) 0 @@ -385,68 +385,68 @@ Utility CBI income ($) Other CBI income ($) 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 ($) 0 942,099,612 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 942,099,612 0 0 0 0 0 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 943,466,552 0 0 0 0 0 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 ($) 0 943,466,552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,912,374,860 1,886,429,528 1,859,031,259 1,830,098,686 1,799,545,889 1,767,282,136 1,733,211,612 1,697,233,140 1,659,239,872 1,619,118,982 1,576,751,322 1,532,011,073 1,484,765,369 1,434,873,907 1,382,188,523 1,326,552,757 1,267,801,388 1,205,759,942 1,140,244,176 1,071,059,527 998,000,537 920,850,244 839,379,534 753,346,465 662,495,544 566,556,971 465,245,838 358,261,282 245,285,591 125,983,261 0 -Debt interest payment ($) 0 107,092,992 105,640,054 104,105,750 102,485,526 100,774,570 98,967,800 97,059,850 95,045,056 92,917,433 90,670,663 88,298,074 85,792,620 83,146,861 80,352,939 77,402,557 74,286,954 70,996,878 67,522,557 63,853,674 59,979,333 55,888,030 51,567,614 47,005,254 42,187,402 37,099,750 31,727,190 26,053,767 20,062,632 13,735,993 7,055,063 -Debt principal payment ($) 0 25,945,331 27,398,270 28,932,573 30,552,797 32,263,753 34,070,524 35,978,473 37,993,267 40,120,890 42,367,660 44,740,249 47,245,703 49,891,462 52,685,384 55,635,766 58,751,369 62,041,445 65,515,766 69,184,649 73,058,990 77,150,293 81,470,710 86,033,069 90,850,921 95,938,573 101,311,133 106,984,556 112,975,691 119,302,330 125,983,261 -Debt total payment ($) 0 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 +Debt balance ($) 1,915,152,675 1,889,169,658 1,861,731,591 1,832,756,992 1,802,159,816 1,769,849,198 1,735,729,185 1,699,698,452 1,661,649,998 1,621,470,830 1,579,041,628 1,534,236,392 1,486,922,062 1,436,958,130 1,384,196,217 1,328,479,638 1,269,642,930 1,207,511,366 1,141,900,435 1,072,615,292 999,450,180 922,187,823 840,598,773 754,440,737 663,457,850 567,379,922 465,921,630 358,781,674 245,641,880 126,166,257 0 +Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 +Debt principal payment ($) 0 25,983,018 27,438,067 28,974,599 30,597,176 32,310,618 34,120,013 36,030,733 38,048,454 40,179,168 42,429,201 44,805,237 47,314,330 49,963,932 52,761,912 55,716,580 58,836,708 62,131,564 65,610,931 69,285,143 73,165,111 77,262,358 81,589,050 86,158,036 90,982,886 96,077,928 101,458,292 107,139,956 113,139,794 119,475,622 126,166,257 +Debt total payment ($) 0 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 DSCR (DEBT FRACTION) -EBITDA ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 +EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 minus: -Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 271,308,115 273,661,817 277,199,450 280,296,197 282,337,875 281,280,111 273,516,190 285,038,936 293,264,191 296,931,051 300,132,257 302,432,793 301,978,951 295,257,599 301,135,443 312,854,528 316,683,649 319,978,455 322,497,680 322,592,542 316,882,558 317,598,437 332,342,752 336,379,517 339,763,553 342,473,366 343,073,385 338,348,958 334,465,010 1,921,770,459 -Debt total payment ($) 0 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 133,038,323 -DSCR (pre-tax) 0.0 2.04 2.06 2.08 2.11 2.12 2.11 2.06 2.14 2.20 2.23 2.26 2.27 2.27 2.22 2.26 2.35 2.38 2.41 2.42 2.42 2.38 2.39 2.50 2.53 2.55 2.57 2.58 2.54 2.51 14.45 +Cash available for debt service (CAFDS) ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +Debt total payment ($) 0 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 +DSCR (pre-tax) 0.0 2.54 2.56 2.59 2.61 2.63 2.66 2.68 2.70 2.72 2.73 2.68 2.73 2.79 2.82 2.84 2.87 2.89 2.91 2.94 2.96 2.97 2.93 2.94 3.02 3.05 3.08 3.10 3.13 3.15 14.97 RESERVES -Reserves working capital funding ($) 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 40281ab5..66979e43 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -15,7 +15,7 @@ Inflated Bond Interest Rate, .056 Inflation Rate, .023, -- US inflation as of April 2025 Construction Years, 5, 2023-2028 -Construction CAPEX Schedule, 0.01,0.02,0.07,0.1,0.2,0.2,0.4 +Construction CAPEX Schedule, 0.014,0.027,0.137,0.274,0.548 Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 @@ -53,10 +53,10 @@ Injectivity Index, 3.015, -- [kg/s/bar] NREL ATB conservative scenario (https:// Productivity Index, 2.494, -- [kg/s/bar] NREL ATB conservative scenario (https://atb.nrel.gov/electricity/2024/geothermal) Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input -Number of Fractures per Stimulated Well, 102 -Fracture Separation, 18, -- Per https://eartharxiv.org/repository/view/7665/, lateral length is 4700 ft = 1432 m. Dividing 1432 by 80 = ~18 m fracture spacing. -Fracture Shape, 3, -- Square -Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft^2 per well https://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2025/Fercho.pdf +Number of Fractures per Stimulated Well, 200 +Fracture Separation, 7.315 +Fracture Shape, 2, -- CIRCULAR_DIAMETER +Fracture Height, 186.16 Number of Doublets, 59 Production Flow Rate per Well, 120, -- Tested flow rate From af42fa5aa640aab5ae7995c07d6d9075ed7ff6ef Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 12:23:44 -0800 Subject: [PATCH 09/10] 7.5" injection well ID --- tests/examples/Fervo_Project_Cape-5.out | 8 ++++---- tests/examples/Fervo_Project_Cape-5.txt | 2 +- 2 files changed, 5 insertions(+), 5 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 2b32a475..ddea0c88 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,8 +6,8 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 12:19 - Calculation Time: 1.751 sec + Simulation Time: 12:23 + Calculation Time: 1.846 sec ***SUMMARY OF RESULTS*** @@ -48,7 +48,7 @@ Simulation Metadata Production Wellbore heat transmission calculated with Ramey's model Average production well temperature drop: 0.4 degC Flowrate per production well: 120.0 kg/sec - Injection well casing ID: 8.535 in + Injection well casing ID: 7.500 in Production well casing ID: 8.535 in Number of times redrilling: 2 Power plant type: Supercritical ORC @@ -91,7 +91,7 @@ Simulation Metadata Average Reservoir Heat Extraction: 4237.89 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.4 degC - Average Injection Well Pump Pressure Drop: -1721.2 kPa + Average Injection Well Pump Pressure Drop: -378.9 kPa Average Production Well Pump Pressure Drop: 6106.7 kPa diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 66979e43..fb0f8ff1 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -61,7 +61,7 @@ Number of Doublets, 59 Production Flow Rate per Well, 120, -- Tested flow rate Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size -Injection Well Diameter, 8.535 +Injection Well Diameter, 7.5 Ramey Production Wellbore Model, 1 Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature Injection Wellbore Temperature Gain, 3 From bbcf404722012f01f567c6695a6f841fdc1233a8 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Sat, 20 Dec 2025 12:28:46 -0800 Subject: [PATCH 10/10] only stimulate injection wells --- tests/examples/Fervo_Project_Cape-5.out | 490 ++++++++++++------------ tests/examples/Fervo_Project_Cape-5.txt | 4 +- 2 files changed, 246 insertions(+), 248 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index ddea0c88..2ecf816f 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -6,15 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.23 Simulation Date: 2025-12-20 - Simulation Time: 12:23 - Calculation Time: 1.846 sec + Simulation Time: 12:28 + Calculation Time: 1.750 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 628.47 MW - Electricity breakeven price: 7.23 cents/kWh - Total CAPEX: 3144.89 MUSD + Average Net Electricity Production: 626.13 MW + Electricity breakeven price: 8.23 cents/kWh + Total CAPEX: 2849.35 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 120.0 kg/sec @@ -30,12 +30,12 @@ Simulation Metadata WACC: 8.21 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 426.47 MUSD - After-tax IRR: 25.54 % - Project VIR=PI=PIR: 1.54 - Project MOIC: 5.28 - Project Payback Period: 5.69 yr - Estimated Jobs Created: 1469 + Project NPV: 239.47 MUSD + After-tax IRR: 21.74 % + Project VIR=PI=PIR: 1.34 + Project MOIC: 4.31 + Project Payback Period: 6.19 yr + Estimated Jobs Created: 1464 ***ENGINEERING PARAMETERS*** @@ -46,11 +46,11 @@ Simulation Metadata Pump efficiency: 80.0 % Injection temperature: 56.6 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 0.4 degC + Average production well temperature drop: -0.2 degC Flowrate per production well: 120.0 kg/sec Injection well casing ID: 7.500 in Production well casing ID: 8.535 in - Number of times redrilling: 2 + Number of times redrilling: 6 Power plant type: Supercritical ORC @@ -69,9 +69,9 @@ Simulation Metadata Well separation: fracture diameter: 186.16 meter Fracture area: 27218.40 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 23600 + Number of fractures: 11800 Fracture separation: 7.32 meter - Reservoir volume: 4698622485 m**3 + Reservoir volume: 2349211691 m**3 Reservoir hydrostatic pressure: 24497.62 kPa Plant outlet pressure: 6894.76 kPa Production wellhead pressure: 2240.80 kPa @@ -84,57 +84,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.0 degC - Average Production Temperature: 199.6 degC - Minimum Production Temperature: 195.9 degC + Maximum Production Temperature: 199.8 degC + Average Production Temperature: 199.4 degC + Minimum Production Temperature: 196.1 degC Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 4237.89 MW + Average Reservoir Heat Extraction: 4229.69 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 0.4 degC + Average Production Well Temperature Drop: -0.2 degC Average Injection Well Pump Pressure Drop: -378.9 kPa - Average Production Well Pump Pressure Drop: 6106.7 kPa + Average Production Well Pump Pressure Drop: 6106.3 kPa ***CAPITAL COSTS (M$)*** Drilling and completion costs: 467.75 MUSD Drilling and completion costs per well: 3.96 MUSD - Stimulation costs: 542.80 MUSD - Surface power plant costs: 1695.69 MUSD - Field gathering system costs: 50.19 MUSD - Total surface equipment costs: 1745.87 MUSD + Stimulation costs: 284.97 MUSD + Surface power plant costs: 1691.68 MUSD + Field gathering system costs: 50.17 MUSD + Total surface equipment costs: 1741.86 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2786.42 MUSD - Interest during construction: 70.55 MUSD - Inflation costs during construction: 287.92 MUSD - Total CAPEX: 3144.89 MUSD + Overnight Capital Cost: 2524.58 MUSD + Interest during construction: 63.92 MUSD + Inflation costs during construction: 260.86 MUSD + Total CAPEX: 2849.35 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.16 MUSD/yr - Power plant maintenance costs: 28.36 MUSD/yr + Wellfield maintenance costs: 6.15 MUSD/yr + Power plant maintenance costs: 28.30 MUSD/yr Water costs: 27.88 MUSD/yr - Redrilling costs: 67.37 MUSD/yr - Total operating and maintenance costs: 129.77 MUSD/yr + Redrilling costs: 150.54 MUSD/yr + Total operating and maintenance costs: 212.88 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 692.91 MW - Average Total Electricity Generation: 689.88 MW - Minimum Total Electricity Generation: 657.90 MW + Maximum Total Electricity Generation: 691.27 MW + Average Total Electricity Generation: 687.54 MW + Minimum Total Electricity Generation: 659.70 MW Initial Total Electricity Generation: 681.96 MW - Maximum Net Electricity Generation: 631.59 MW - Average Net Electricity Generation: 628.47 MW - Minimum Net Electricity Generation: 595.68 MW + Maximum Net Electricity Generation: 629.95 MW + Average Net Electricity Generation: 626.13 MW + Minimum Net Electricity Generation: 597.54 MW Initial Net Electricity Generation: 620.46 MW - Average Annual Total Electricity Generation: 5439.17 GWh - Average Annual Net Electricity Generation: 4955.00 GWh + Average Annual Total Electricity Generation: 5420.74 GWh + Average Annual Net Electricity Generation: 4936.61 GWh Initial pumping power/net installed power: 9.91 % Average Pumping Power: 61.41 MW - Heat to Power Conversion Efficiency: 14.83 % + Heat to Power Conversion Efficiency: 14.80 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -145,33 +145,33 @@ Simulation Metadata 1 1.0000 198.72 61.4992 620.4602 14.7370 2 1.0043 199.56 61.4595 627.6975 14.8204 3 1.0051 199.72 61.4521 629.0424 14.8358 - 4 1.0055 199.80 61.4483 629.7420 14.8438 - 5 1.0057 199.86 61.4457 630.2046 14.8491 - 6 1.0060 199.90 61.4438 630.5489 14.8530 - 7 1.0061 199.93 61.4426 630.8070 14.8560 - 8 1.0062 199.96 61.4410 631.0418 14.8587 - 9 1.0063 199.97 61.4417 631.1512 14.8599 - 10 1.0064 199.98 61.4423 631.2399 14.8609 - 11 1.0032 199.36 61.5629 625.8252 14.7977 - 12 0.9881 196.36 62.1266 599.9636 14.4903 - 13 1.0040 199.52 61.4253 627.3443 14.8168 - 14 1.0050 199.70 61.4057 628.9317 14.8351 - 15 1.0054 199.79 61.3791 629.7165 14.8444 - 16 1.0057 199.85 61.3535 630.2306 14.8505 - 17 1.0059 199.89 61.3350 630.6060 14.8550 - 18 1.0061 199.92 61.3253 630.8790 14.8582 - 19 1.0062 199.95 61.3203 631.1540 14.8614 - 20 1.0063 199.96 61.3226 631.1955 14.8619 - 21 1.0065 200.00 61.3186 631.5364 14.8658 - 22 1.0042 199.54 61.4091 627.5765 14.8196 - 23 0.9924 197.20 61.8557 607.3415 14.5804 - 24 1.0037 199.46 61.3202 626.9525 14.8136 - 25 1.0049 199.68 61.3202 628.8417 14.8351 - 26 1.0054 199.78 61.3204 629.6737 14.8446 - 27 1.0057 199.84 61.3206 630.1935 14.8505 - 28 1.0059 199.89 61.3207 630.5662 14.8547 - 29 1.0061 199.92 61.3211 630.8425 14.8579 - 30 1.0062 199.95 61.3201 631.1278 14.8611 + 4 1.0055 199.80 61.4485 629.7300 14.8437 + 5 1.0046 199.63 61.4890 628.2307 14.8261 + 6 1.0000 198.72 61.4397 620.5197 14.7384 + 7 1.0043 199.56 61.4182 627.7388 14.8214 + 8 1.0051 199.72 61.3787 629.1158 14.8375 + 9 1.0055 199.80 61.3430 629.8355 14.8461 + 10 1.0046 199.63 61.3681 628.3516 14.8289 + 11 1.0000 198.72 61.3189 620.6405 14.7413 + 12 1.0043 199.56 61.3180 627.8391 14.8237 + 13 1.0051 199.72 61.3181 629.1765 14.8390 + 14 1.0055 199.80 61.3186 629.8600 14.8467 + 15 1.0046 199.63 61.3622 628.3575 14.8291 + 16 1.0000 198.72 61.3188 620.6406 14.7413 + 17 1.0043 199.56 61.3190 627.8380 14.8237 + 18 1.0051 199.72 61.3192 629.1753 14.8389 + 19 1.0055 199.80 61.3197 629.8589 14.8467 + 20 1.0046 199.63 61.3632 628.3565 14.8291 + 21 1.0000 198.72 61.3198 620.6396 14.7412 + 22 1.0043 199.56 61.3199 627.8371 14.8237 + 23 1.0051 199.72 61.3201 629.1744 14.8389 + 24 1.0055 199.80 61.3205 629.8581 14.8467 + 25 1.0046 199.63 61.3640 628.3557 14.8290 + 26 1.0000 198.72 61.3205 620.6389 14.7412 + 27 1.0043 199.56 61.3206 627.8364 14.8237 + 28 1.0051 199.72 61.3207 629.1738 14.8389 + 29 1.0055 199.80 61.3211 629.8574 14.8467 + 30 1.0046 199.63 61.3645 628.3551 14.8290 ******************************************************************* @@ -180,197 +180,197 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4930.0 33326.6 1388.30 7.95 - 2 4954.8 33412.6 1268.01 15.93 - 3 4962.4 33438.8 1147.63 23.91 - 4 4966.8 33454.2 1027.20 31.90 - 5 4969.9 33465.1 906.73 39.88 - 6 4972.3 33473.2 786.22 47.87 - 7 4974.4 33480.6 665.69 55.86 - 8 4975.2 33483.2 545.15 63.86 - 9 4977.6 33491.7 424.58 71.85 - 10 4961.4 33436.5 304.21 79.83 - 11 4856.1 33076.4 185.14 87.73 - 12 4898.1 33215.9 65.56 95.65 - 13 4953.2 33405.9 -54.70 103.63 - 14 4961.8 33435.4 -175.07 111.61 - 15 4966.8 33452.1 -295.50 119.59 - 16 4970.3 33463.5 -415.97 127.58 - 17 4972.8 33472.0 -536.47 135.57 - 18 4975.0 33479.4 -656.99 143.56 - 19 4976.0 33482.8 -777.53 151.55 - 20 4978.3 33490.7 -898.10 159.54 - 21 4968.5 33457.4 -1018.54 167.53 - 22 4887.2 33179.8 -1137.99 175.45 - 23 4868.2 33111.0 -1257.19 183.35 - 24 4951.7 33398.1 -1377.42 191.32 - 25 4961.4 33431.8 -1497.78 199.30 - 26 4966.5 33449.7 -1618.20 207.29 - 27 4970.0 33461.8 -1738.66 215.27 - 28 4972.6 33470.8 -1859.15 223.26 - 29 4974.7 33478.1 -1979.67 231.25 - 30 4976.0 33482.7 -2100.21 239.25 + 1 4930.0 33326.6 634.13 15.91 + 2 4954.8 33412.6 513.84 31.86 + 3 4962.3 33438.7 393.47 47.82 + 4 4963.2 33441.9 273.07 63.79 + 5 4867.6 33114.7 153.86 79.60 + 6 4930.4 33326.6 33.89 95.51 + 7 4955.2 33412.6 -86.40 111.46 + 8 4963.1 33438.7 -206.78 127.42 + 9 4964.1 33441.9 -327.17 143.39 + 10 4868.6 33114.7 -446.38 159.19 + 11 4931.2 33326.6 -566.36 175.10 + 12 4955.9 33412.6 -686.64 191.05 + 13 4963.4 33438.7 -807.02 207.02 + 14 4964.2 33441.9 -927.41 222.98 + 15 4868.6 33114.7 -1046.63 238.79 + 16 4931.2 33326.6 -1166.60 254.70 + 17 4955.9 33412.6 -1286.89 270.65 + 18 4963.4 33438.7 -1407.27 286.61 + 19 4964.2 33441.9 -1527.66 302.58 + 20 4868.6 33114.7 -1646.87 318.39 + 21 4931.2 33326.6 -1766.85 334.30 + 22 4955.9 33412.6 -1887.13 350.25 + 23 4963.4 33438.7 -2007.51 366.21 + 24 4964.2 33441.9 -2127.90 382.18 + 25 4868.6 33114.7 -2247.11 397.98 + 26 4931.2 33326.6 -2367.09 413.89 + 27 4955.9 33412.6 -2487.38 429.84 + 28 4963.4 33438.7 -2607.75 445.81 + 29 4964.2 33441.9 -2728.15 461.77 + 30 4874.6 33135.6 -2847.43 477.59 *************************** * SAM CASH FLOW PROFILE * *************************** ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ - 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 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + 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 13.70 27.40 54.80 -Overnight capital expenditure [construction] ($) -39,009,942 -75,233,459 -381,740,145 -763,480,289 -1,526,960,578 +Overnight capital expenditure [construction] ($) -35,344,054 -68,163,532 -345,866,810 -691,733,620 -1,383,467,240 plus: -Inflation cost [construction] ($) -897,229 -3,500,538 -26,950,536 -72,700,844 -183,866,020 +Inflation cost [construction] ($) -812,913 -3,171,581 -24,417,909 -65,868,914 -166,587,545 equals: -Nominal capital expenditure [construction] ($) -39,907,170 -78,733,997 -408,690,681 -836,181,133 -1,710,826,598 +Nominal capital expenditure [construction] ($) -36,156,967 -71,335,113 -370,284,719 -757,602,534 -1,550,054,785 -Issuance of equity [construction] ($) 15,962,868 31,493,599 163,476,272 334,472,453 684,330,639 -Issuance of debt [construction] ($) 23,944,302 47,240,398 245,214,408 501,708,680 1,026,495,959 -Debt balance [construction] ($) 23,944,302 72,525,581 321,801,422 841,530,982 1,915,152,675 -Debt interest payment [construction] ($) 0 1,340,881 4,061,433 18,020,880 47,125,735 +Issuance of equity [construction] ($) 14,462,787 28,534,045 148,113,887 303,041,014 620,021,914 +Issuance of debt [construction] ($) 21,694,180 42,801,068 222,170,831 454,561,521 930,032,871 +Debt balance [construction] ($) 21,694,180 65,710,122 291,560,720 762,449,641 1,735,179,692 +Debt interest payment [construction] ($) 0 1,214,874 3,679,767 16,327,400 42,697,180 -Installed cost [construction] ($) -39,907,170 -80,074,878 -412,752,113 -854,202,013 -1,757,952,333 -After-tax net cash flow [construction] ($) -15,962,868 -31,493,599 -163,476,272 -334,472,453 -684,330,639 +Installed cost [construction] ($) -36,156,967 -72,549,987 -373,964,485 -773,929,935 -1,592,751,965 +After-tax net cash flow [construction] ($) -14,462,787 -28,534,045 -148,113,887 -303,041,014 -620,021,914 ENERGY -Electricity to grid (kWh) 0.0 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 -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 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 +Electricity to grid (kWh) 0.0 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 +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 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 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 ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 552,223,092 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,572,444,254 -Total revenue ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 2,124,667,345 +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 ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 541,109,688 +Curtailment payment revenue ($) 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 1,424,676,669 +Total revenue ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 1,965,786,357 -Property tax net assessed value ($) 0 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 3,144,888,507 +Property tax net assessed value ($) 0 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 OPERATING EXPENSES -O&M fixed expense ($) 0 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 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 ($) 0 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 129,769,559 +O&M fixed expense ($) 0 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 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 ($) 0 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 -EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 OPERATING ACTIVITIES -EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 -Cash flow from operating activities ($) 0 231,410,139 235,219,141 240,301,781 245,182,532 250,030,024 254,900,419 259,854,668 264,781,508 269,993,877 273,466,451 268,128,715 277,628,284 288,654,989 295,156,881 301,450,533 307,757,558 314,150,758 320,692,566 327,306,952 334,262,955 340,161,170 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 +Federal PBI income ($) 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 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Cash flow from operating activities ($) 0 158,496,602 162,169,471 167,107,292 171,488,705 166,625,596 177,146,171 184,124,997 189,547,293 194,410,758 189,766,933 200,973,510 208,541,145 214,526,662 219,975,674 215,688,761 227,745,773 236,095,190 242,853,851 249,099,155 245,378,084 258,499,047 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 INVESTING ACTIVITIES -Total installed cost ($) -3,144,888,507 +Total installed cost ($) -2,849,353,339 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -3,144,888,507 +Purchase of property ($) -2,849,353,339 plus: -Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -3,144,888,507 0 0 0 0 0 0 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 ($) -2,849,353,339 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,229,735,832 -Size of debt ($) 1,915,152,675 +Issuance of equity ($) 1,114,173,647 +Size of debt ($) 1,735,179,692 minus: -Debt principal payment ($) 0 25,983,018 27,438,067 28,974,599 30,597,176 32,310,618 34,120,013 36,030,733 38,048,454 40,179,168 42,429,201 44,805,237 47,314,330 49,963,932 52,761,912 55,716,580 58,836,708 62,131,564 65,610,931 69,285,143 73,165,111 77,262,358 81,589,050 86,158,036 90,982,886 96,077,928 101,458,292 107,139,956 113,139,794 119,475,622 126,166,257 +Debt principal payment ($) 0 23,541,311 24,859,625 26,251,764 27,721,862 29,274,287 30,913,647 32,644,811 34,472,920 36,403,404 38,441,994 40,594,746 42,868,052 45,268,663 47,803,708 50,480,715 53,307,636 56,292,863 59,445,263 62,774,198 66,289,553 70,001,768 73,921,867 78,061,492 82,432,935 87,049,180 91,923,934 97,071,674 102,507,688 108,248,118 114,310,013 equals: -Cash flow from financing activities ($) 3,144,888,507 -25,983,018 -27,438,067 -28,974,599 -30,597,176 -32,310,618 -34,120,013 -36,030,733 -38,048,454 -40,179,168 -42,429,201 -44,805,237 -47,314,330 -49,963,932 -52,761,912 -55,716,580 -58,836,708 -62,131,564 -65,610,931 -69,285,143 -73,165,111 -77,262,358 -81,589,050 -86,158,036 -90,982,886 -96,077,928 -101,458,292 -107,139,956 -113,139,794 -119,475,622 -126,166,257 +Cash flow from financing activities ($) 2,849,353,339 -23,541,311 -24,859,625 -26,251,764 -27,721,862 -29,274,287 -30,913,647 -32,644,811 -34,472,920 -36,403,404 -38,441,994 -40,594,746 -42,868,052 -45,268,663 -47,803,708 -50,480,715 -53,307,636 -56,292,863 -59,445,263 -62,774,198 -66,289,553 -70,001,768 -73,921,867 -78,061,492 -82,432,935 -87,049,180 -91,923,934 -97,071,674 -102,507,688 -108,248,118 -114,310,013 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 231,410,139 235,219,141 240,301,781 245,182,532 250,030,024 254,900,419 259,854,668 264,781,508 269,993,877 273,466,451 268,128,715 277,628,284 288,654,989 295,156,881 301,450,533 307,757,558 314,150,758 320,692,566 327,306,952 334,262,955 340,161,170 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 -Cash flow from investing activities ($) -3,144,888,507 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 3,144,888,507 -25,983,018 -27,438,067 -28,974,599 -30,597,176 -32,310,618 -34,120,013 -36,030,733 -38,048,454 -40,179,168 -42,429,201 -44,805,237 -47,314,330 -49,963,932 -52,761,912 -55,716,580 -58,836,708 -62,131,564 -65,610,931 -69,285,143 -73,165,111 -77,262,358 -81,589,050 -86,158,036 -90,982,886 -96,077,928 -101,458,292 -107,139,956 -113,139,794 -119,475,622 -126,166,257 -Total pre-tax cash flow ($) 0 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 +Cash flow from operating activities ($) 0 158,496,602 162,169,471 167,107,292 171,488,705 166,625,596 177,146,171 184,124,997 189,547,293 194,410,758 189,766,933 200,973,510 208,541,145 214,526,662 219,975,674 215,688,761 227,745,773 236,095,190 242,853,851 249,099,155 245,378,084 258,499,047 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 +Cash flow from investing activities ($) -2,849,353,339 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,849,353,339 -23,541,311 -24,859,625 -26,251,764 -27,721,862 -29,274,287 -30,913,647 -32,644,811 -34,472,920 -36,403,404 -38,441,994 -40,594,746 -42,868,052 -45,268,663 -47,803,708 -50,480,715 -53,307,636 -56,292,863 -59,445,263 -62,774,198 -66,289,553 -70,001,768 -73,921,867 -78,061,492 -82,432,935 -87,049,180 -91,923,934 -97,071,674 -102,507,688 -108,248,118 -114,310,013 +Total pre-tax cash flow ($) 0 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 Pre-tax Returns: -Issuance of equity ($) 1,229,735,832 -Total pre-tax cash flow ($) 0 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 -Total pre-tax returns ($) -1,229,735,832 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 +Issuance of equity ($) 1,114,173,647 +Total pre-tax cash flow ($) 0 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 +Total pre-tax returns ($) -1,114,173,647 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 After-tax Returns: -Total pre-tax returns ($) -1,229,735,832 205,427,121 207,781,074 211,327,182 214,585,356 217,719,406 220,780,406 223,823,935 226,733,054 229,814,709 231,037,249 223,323,479 230,313,954 238,691,057 242,394,969 245,733,954 248,920,850 252,019,194 255,081,635 258,021,808 261,097,844 262,898,812 257,085,592 257,833,515 269,590,943 273,459,625 276,847,932 280,056,876 283,172,484 286,240,991 1,861,666,218 -Federal ITC total income ($) 0 943,466,552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 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) ($) 0 -32,142,720 -19,834,937 -20,827,577 -21,780,788 -22,727,503 -23,678,691 -24,646,256 -25,608,468 -26,626,443 -27,304,637 -26,262,177 -28,117,443 -30,270,959 -31,540,778 -32,769,928 -34,001,690 -35,250,282 -36,527,897 -37,819,687 -39,178,194 -53,381,796 -66,143,157 -67,181,550 -70,420,069 -72,170,684 -73,883,206 -75,619,541 -77,399,788 -79,236,455 -388,223,682 -State ITC total income ($) 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 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 -Total after-tax returns ($) -1,229,735,832 1,105,230,266 180,836,840 183,034,524 184,997,834 186,845,845 188,614,729 190,343,895 191,945,924 193,644,738 193,946,004 187,648,335 192,118,574 197,570,292 199,549,252 201,218,531 202,732,174 204,134,402 205,461,301 206,646,678 207,877,286 190,383,756 167,235,209 166,572,556 173,930,706 175,421,312 176,483,291 177,333,557 178,030,836 178,604,373 1,334,294,263 - -After-tax net cash flow ($) -15,962,868 -31,493,599 -163,476,272 -334,472,453 -684,330,639 1,105,230,266 180,836,840 183,034,524 184,997,834 186,845,845 188,614,729 190,343,895 191,945,924 193,644,738 193,946,004 187,648,335 192,118,574 197,570,292 199,549,252 201,218,531 202,732,174 204,134,402 205,461,301 206,646,678 207,877,286 190,383,756 167,235,209 166,572,556 173,930,706 175,421,312 176,483,291 177,333,557 178,030,836 178,604,373 1,334,294,263 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -6.30 2.50 9.04 13.64 16.84 19.10 20.72 21.89 22.76 23.41 23.88 24.24 24.53 24.75 24.92 25.06 25.16 25.25 25.31 25.36 25.40 25.43 25.45 25.46 25.48 25.49 25.50 25.50 25.51 25.54 -After-tax cumulative NPV ($) -15,962,868 -43,449,950 -167,978,064 -390,349,698 -787,441,900 -227,704,293 -147,771,503 -77,159,681 -14,869,815 40,038,806 88,415,818 131,025,543 168,527,594 201,548,438 230,413,310 254,788,043 276,568,694 296,117,916 313,351,051 328,517,661 341,854,397 353,574,985 363,871,010 372,909,052 380,844,277 387,187,186 392,050,056 396,277,470 400,130,069 403,521,370 406,499,159 409,110,644 411,398,867 413,402,423 426,466,156 +Total pre-tax returns ($) -1,114,173,647 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 +Federal ITC total income ($) 0 854,806,002 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -19,129,214 -8,021,353 -8,985,709 -9,841,399 -8,891,634 -10,946,302 -12,309,267 -13,368,241 -14,318,076 -13,411,137 -15,599,782 -17,077,740 -18,246,712 -19,310,904 -18,473,670 -20,828,404 -22,459,046 -23,779,012 -24,998,720 -24,271,995 -38,659,691 -52,311,812 -53,828,761 -55,252,534 -54,687,586 -57,512,042 -59,592,473 -61,366,782 -63,058,382 -341,092,085 +State ITC total income ($) 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 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 +Total after-tax returns ($) -1,114,173,647 963,775,729 126,413,457 128,649,135 130,398,061 125,272,710 131,362,816 134,758,996 136,914,648 138,557,351 133,106,943 139,187,663 142,474,298 144,471,247 145,939,591 140,112,988 146,144,355 149,293,444 151,106,632 152,366,122 146,116,896 135,981,067 122,870,186 124,437,179 125,421,837 118,680,310 124,430,891 127,109,533 128,348,303 128,971,508 1,168,845,928 + +After-tax net cash flow ($) -14,462,787 -28,534,045 -148,113,887 -303,041,014 -620,021,914 963,775,729 126,413,457 128,649,135 130,398,061 125,272,710 131,362,816 134,758,996 136,914,648 138,557,351 133,106,943 139,187,663 142,474,298 144,471,247 145,939,591 140,112,988 146,144,355 149,293,444 151,106,632 152,366,122 146,116,896 135,981,067 122,870,186 124,437,179 125,421,837 118,680,310 124,430,891 127,109,533 128,348,303 128,971,508 1,168,845,928 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -8.50 -1.22 4.61 8.94 11.95 14.24 15.96 17.25 18.23 18.94 19.52 19.97 20.33 20.61 20.82 21.00 21.15 21.26 21.36 21.43 21.49 21.53 21.56 21.59 21.61 21.63 21.64 21.66 21.67 21.74 +After-tax cumulative NPV ($) -14,462,787 -39,366,820 -152,192,632 -353,667,296 -713,443,483 -225,344,724 -169,467,944 -119,837,144 -75,931,345 -39,117,298 -5,424,593 24,742,089 51,492,228 75,119,416 94,929,646 113,009,541 129,161,977 143,457,145 156,060,533 166,621,384 176,235,490 184,807,328 192,379,546 199,043,536 204,621,204 209,151,609 212,724,432 215,882,499 218,660,618 220,954,984 223,054,496 224,926,362 226,576,017 228,022,799 239,466,670 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,229,735,832 636,802,018 -289,945,361 -291,293,785 -292,588,648 -293,874,688 -295,166,804 -296,481,166 -297,788,257 -299,171,098 -300,092,372 -298,676,271 -301,196,506 -304,121,891 -305,846,843 -307,516,549 -309,189,803 -310,885,919 -312,621,460 -314,376,257 -316,221,685 -335,516,183 -352,851,509 -354,262,085 -358,661,364 -361,039,439 -363,365,768 -365,724,446 -368,142,774 -370,637,744 782,071,171 -PPA revenue ($) 0 468,428,248 470,782,201 474,328,309 477,586,483 480,720,533 483,781,533 486,825,062 489,734,181 492,815,836 494,038,376 486,324,606 493,315,081 501,692,184 505,396,095 508,735,080 511,921,976 515,020,321 518,082,762 521,022,935 524,098,970 525,899,939 520,086,718 520,834,641 532,592,070 536,460,751 539,849,059 543,058,003 546,173,610 549,242,117 552,223,092 -Electricity to grid (kWh) 0.0 4,930,823,665 4,955,602,116 4,963,150,663 4,967,614,757 4,970,742,767 4,973,083,189 4,975,217,798 4,975,962,007 4,978,440,606 4,962,217,519 4,856,932,044 4,898,858,794 4,954,005,959 4,962,648,227 4,967,630,899 4,971,081,535 4,973,639,026 4,975,823,681 4,976,816,649 4,979,089,591 4,969,289,793 4,888,033,068 4,868,978,606 4,952,502,047 4,962,175,112 4,967,326,635 4,970,782,635 4,973,352,853 4,975,469,856.0 4,976,776,239 +Annual costs ($) -1,114,173,647 495,227,323 -344,489,506 -345,799,509 -346,961,898 -345,671,716 -348,462,824 -350,314,307 -351,752,842 -353,043,119 -351,811,112 -354,784,217 -356,791,911 -358,379,868 -359,825,491 -358,688,173 -361,886,898 -364,101,999 -365,895,072 -367,551,951 -366,564,751 -386,109,328 -404,654,681 -406,715,339 -408,649,426 -407,881,987 -411,718,793 -414,544,898 -416,955,161 -419,253,068 627,736,240 +PPA revenue ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 541,109,688 +Electricity to grid (kWh) 0.0 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 -Present value of annual costs ($) 2,417,560,886 -Present value of annual energy nominal (kWh) 33,426,472,284 -LCOE Levelized cost of energy nominal (cents/kWh) 7.23 +Present value of annual costs ($) 2,741,774,551 +Present value of annual energy nominal (kWh) 33,324,825,705 +LCOE Levelized cost of energy nominal (cents/kWh) 8.23 -Present value of PPA revenue ($) 3,279,818,981 -Present value of annual energy nominal (kWh) 33,426,472,284 +Present value of PPA revenue ($) 3,269,802,916 +Present value of annual energy nominal (kWh) 33,324,825,705 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 -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 ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +State taxable PBI income ($) 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 ($) 0 minus: -Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 -Total state tax depreciation ($) 0 66,828,881 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 66,828,881 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Total state tax depreciation ($) 0 60,548,758 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 60,548,758 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 164,581,259 101,561,380 106,644,019 111,524,771 116,372,263 121,242,657 126,196,907 131,123,747 136,336,115 139,808,689 134,470,954 143,970,522 154,997,228 161,499,120 167,792,772 174,099,796 180,492,997 187,034,805 193,649,190 200,605,193 273,332,289 338,674,641 343,991,551 360,573,830 369,537,553 378,306,224 387,196,833 396,312,278 405,716,613 1,987,832,476 +State taxable income ($) 0 97,947,843 41,071,954 46,009,775 50,391,188 45,528,080 56,048,654 63,027,480 68,449,777 73,313,241 68,669,416 79,875,994 87,443,628 93,429,145 98,878,157 94,591,244 106,648,256 114,997,673 121,756,334 128,001,639 124,280,567 197,950,289 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 -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 -11,520,688 -7,109,297 -7,465,081 -7,806,734 -8,146,058 -8,486,986 -8,833,783 -9,178,662 -9,543,528 -9,786,608 -9,412,967 -10,077,937 -10,849,806 -11,304,938 -11,745,494 -12,186,986 -12,634,510 -13,092,436 -13,555,443 -14,042,364 -19,133,260 -23,707,225 -24,079,409 -25,240,168 -25,867,629 -26,481,436 -27,103,778 -27,741,859 -28,400,163 -139,148,273 -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 ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +Interest earned on reserves ($) 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) ($) 0 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 +State ITC total income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 -Total federal tax depreciation ($) 0 66,828,881 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 133,657,762 66,828,881 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Total federal tax depreciation ($) 0 60,548,758 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 60,548,758 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 153,060,570 94,452,083 99,178,938 103,718,037 108,226,204 112,755,671 117,363,123 121,945,085 126,792,587 130,022,081 125,057,987 133,892,586 144,147,422 150,194,181 156,047,278 161,912,810 167,858,487 173,942,368 180,093,747 186,562,830 254,199,029 314,967,416 319,912,143 335,333,662 343,669,924 351,824,788 360,093,054 368,570,418 377,316,450 1,848,684,202 +Federal taxable income ($) 0 91,091,494 38,196,918 42,789,091 46,863,805 42,341,114 52,125,248 58,615,557 63,658,292 68,181,314 63,862,557 74,284,674 81,322,574 86,889,105 91,956,686 87,969,857 99,182,878 106,947,836 113,233,391 119,041,524 115,580,927 184,093,769 249,103,865 256,327,431 263,107,307 260,417,076 273,866,867 283,773,680 292,222,774 300,278,008 1,624,248,026 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -32,142,720 -19,834,937 -20,827,577 -21,780,788 -22,727,503 -23,678,691 -24,646,256 -25,608,468 -26,626,443 -27,304,637 -26,262,177 -28,117,443 -30,270,959 -31,540,778 -32,769,928 -34,001,690 -35,250,282 -36,527,897 -37,819,687 -39,178,194 -53,381,796 -66,143,157 -67,181,550 -70,420,069 -72,170,684 -73,883,206 -75,619,541 -77,399,788 -79,236,455 -388,223,682 +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) ($) 0 -19,129,214 -8,021,353 -8,985,709 -9,841,399 -8,891,634 -10,946,302 -12,309,267 -13,368,241 -14,318,076 -13,411,137 -15,599,782 -17,077,740 -18,246,712 -19,310,904 -18,473,670 -20,828,404 -22,459,046 -23,779,012 -24,998,720 -24,271,995 -38,659,691 -52,311,812 -53,828,761 -55,252,534 -54,687,586 -57,512,042 -59,592,473 -61,366,782 -63,058,382 -341,092,085 CASH INCENTIVES Federal IBI income ($) 0 @@ -385,68 +385,68 @@ Utility CBI income ($) Other CBI income ($) 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 ($) 0 943,466,552 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 943,466,552 0 0 0 0 0 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 854,806,002 0 0 0 0 0 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 ($) 0 854,806,002 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,915,152,675 1,889,169,658 1,861,731,591 1,832,756,992 1,802,159,816 1,769,849,198 1,735,729,185 1,699,698,452 1,661,649,998 1,621,470,830 1,579,041,628 1,534,236,392 1,486,922,062 1,436,958,130 1,384,196,217 1,328,479,638 1,269,642,930 1,207,511,366 1,141,900,435 1,072,615,292 999,450,180 922,187,823 840,598,773 754,440,737 663,457,850 567,379,922 465,921,630 358,781,674 245,641,880 126,166,257 0 -Debt interest payment ($) 0 107,248,550 105,793,501 104,256,969 102,634,392 100,920,950 99,111,555 97,200,834 95,183,113 93,052,400 90,802,366 88,426,331 85,917,238 83,267,635 80,469,655 77,514,988 74,394,860 71,100,004 67,620,637 63,946,424 60,066,456 55,969,210 51,642,518 47,073,531 42,248,681 37,153,640 31,773,276 26,091,611 20,091,774 13,755,945 7,065,310 -Debt principal payment ($) 0 25,983,018 27,438,067 28,974,599 30,597,176 32,310,618 34,120,013 36,030,733 38,048,454 40,179,168 42,429,201 44,805,237 47,314,330 49,963,932 52,761,912 55,716,580 58,836,708 62,131,564 65,610,931 69,285,143 73,165,111 77,262,358 81,589,050 86,158,036 90,982,886 96,077,928 101,458,292 107,139,956 113,139,794 119,475,622 126,166,257 -Debt total payment ($) 0 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 +Debt balance ($) 1,735,179,692 1,711,638,380 1,686,778,756 1,660,526,992 1,632,805,130 1,603,530,844 1,572,617,197 1,539,972,386 1,505,499,466 1,469,096,062 1,430,654,068 1,390,059,322 1,347,191,270 1,301,922,607 1,254,118,899 1,203,638,184 1,150,330,548 1,094,037,685 1,034,592,422 971,818,224 905,528,670 835,526,902 761,605,035 683,543,543 601,110,607 514,061,428 422,137,494 325,065,820 222,558,132 114,310,013 0 +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Debt principal payment ($) 0 23,541,311 24,859,625 26,251,764 27,721,862 29,274,287 30,913,647 32,644,811 34,472,920 36,403,404 38,441,994 40,594,746 42,868,052 45,268,663 47,803,708 50,480,715 53,307,636 56,292,863 59,445,263 62,774,198 66,289,553 70,001,768 73,921,867 78,061,492 82,432,935 87,049,180 91,923,934 97,071,674 102,507,688 108,248,118 114,310,013 +Debt total payment ($) 0 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 DSCR (DEBT FRACTION) -EBITDA ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 minus: -Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 338,658,689 341,012,642 344,558,750 347,816,924 350,950,974 354,011,974 357,055,503 359,964,622 363,046,277 364,268,817 356,555,047 363,545,522 371,922,625 375,626,536 378,965,521 382,152,417 385,250,762 388,313,203 391,253,376 394,329,411 396,130,380 390,317,159 391,065,082 402,822,511 406,691,192 410,079,500 413,288,444 416,404,051 419,472,558 1,994,897,786 -Debt total payment ($) 0 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 133,231,568 -DSCR (pre-tax) 0.0 2.54 2.56 2.59 2.61 2.63 2.66 2.68 2.70 2.72 2.73 2.68 2.73 2.79 2.82 2.84 2.87 2.89 2.91 2.94 2.96 2.97 2.93 2.94 3.02 3.05 3.08 3.10 3.13 3.15 14.97 +Cash available for debt service (CAFDS) ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +Debt total payment ($) 0 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 +DSCR (pre-tax) 0.0 2.12 2.14 2.17 2.19 2.14 2.21 2.25 2.28 2.31 2.25 2.33 2.37 2.40 2.43 2.37 2.45 2.49 2.52 2.54 2.48 2.56 2.61 2.64 2.66 2.60 2.68 2.72 2.75 2.78 14.52 RESERVES -Reserves working capital funding ($) 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 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index fb0f8ff1..0a926be2 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -27,9 +27,7 @@ Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) Well Drilling and Completion Capital Cost Adjustment Factor, 0.8, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well -Reservoir Stimulation Capital Cost per Injection Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. -Reservoir Stimulation Capital Cost per Production Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. -Reservoir Stimulation Indirect Capital Cost Percentage, 0, -- Baseline stimulation cost includes indirect costs +Reservoir Stimulation Capital Cost per Injection Well, 4 Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/