diff --git a/docs/Fervo_Project_Cape-5.md.jinja b/docs/Fervo_Project_Cape-5.md.jinja index c43fe399..3f479455 100644 --- a/docs/Fervo_Project_Cape-5.md.jinja +++ b/docs/Fervo_Project_Cape-5.md.jinja @@ -504,6 +504,7 @@ Including these may reduce the levered IRR. 1. Seasonal and Hourly Performance Granularity: As noted in the Surface Plant Parameters, this study uses a fixed annual average ambient temperature. It does not model the seasonal or hourly impacts on air-cooled condenser efficiency. In reality, power output would likely dip during peak summer hours and increase during winter. Future versions of GEOPHIRES may add support for these considerations; [click here](https://github.com/NatLabRockies/GEOPHIRES-X/issues/395) to view the relevant GEOPHIRES tracking issue on GitHub. 1. Redrilling Assumptions: Management of thermal decline is modeled as periodic redrilling events that reset the reservoir's heat content to initial conditions at intervals determined by the `Maximum Drawdown` parameter. The cost of these events is amortized into a uniform annual operating expense. In reality, these events may be scheduled as discrete capital-intensive campaigns punctuated by years of lower spending, or as a continuous program of make-up well drilling to mitigate decline. [Click here](https://github.com/NatLabRockies/GEOPHIRES-X/issues/381) to view the relevant GEOPHIRES tracking issue on GitHub. 1. Reservoir Modeling Fidelity: The base case utilizes the Gringarten analytical model, which produces a characteristic thermal plateau maintained until a sharp breakthrough event. A key open question is whether this idealized profile provides an acceptably accurate approximation of drawdown over time, or if it masks the gradual dispersion caused by flow channeling and heterogeneity. Future work should evaluate whether Gringarten remains the optimal scoping proxy, or if an alternative analytical solution[^alt-analytical-solution-proposal] would offer a superior balance of speed and realism by better mimicking the shape of numerical simulation outputs. +1. ORC Efficiency: The power generation results rely on the GEOPHIRES built-in supercritical ORC efficiency correlation, which assumes the selection of an optimal working fluid for each specific geofluid temperature. For further details, please refer to the [Surface Plant section in the Theoretical Basis for GEOPHIRES](Theoretical-Basis-for-GEOPHIRES.html#surface-plant). [^alt-analytical-solution-proposal]: Possible alternatives might include Residence Time Distribution (RTD) modeling, or a parameterized profile generator based on the Bezier curve approach used in the "ResFrac Profile" variant. diff --git a/docs/_images/fervo_project_cape-5-power-production.png b/docs/_images/fervo_project_cape-5-power-production.png index 2badf85f..3b67cd2b 100644 Binary files a/docs/_images/fervo_project_cape-5-power-production.png and b/docs/_images/fervo_project_cape-5-power-production.png differ diff --git a/docs/_images/fervo_project_cape-5-production-temperature.png b/docs/_images/fervo_project_cape-5-production-temperature.png index d89f565e..219ae07b 100644 Binary files a/docs/_images/fervo_project_cape-5-production-temperature.png and b/docs/_images/fervo_project_cape-5-production-temperature.png differ diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png index 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b/src/geophires_docs/generate_fervo_project_cape_5_graphs.py @@ -78,7 +78,7 @@ def _get_redrilling_event_indexes( redrilling_positions = [] - step_size = 6 + step_size = 4 for i in range(ceil(time_steps_per_year * 0.25), len(temperatures_celsius) - (step_size - 1), step_size): temp_increase = temperatures_celsius[i] - temperatures_celsius[i - step_size] if temp_increase >= threshold_degc: diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 4167c2c9..dadab4ca 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -5,19 +5,19 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.11.12 - Simulation Date: 2026-01-29 - Simulation Time: 12:12 - Calculation Time: 1.950 sec + Simulation Date: 2026-02-10 + Simulation Time: 11:09 + Calculation Time: 1.839 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 512.19 MW - Electricity breakeven price: 8.45 cents/kWh - Total CAPEX: 2794.02 MUSD + Average Net Electricity Production: 510.13 MW + Electricity breakeven price: 8.59 cents/kWh + Total CAPEX: 2865.69 MUSD Number of production wells: 56 Number of injection wells: 38 - Flowrate per production well: 103.0 kg/sec + Flowrate per production well: 107.0 kg/sec Well depth: 2.7 kilometer Segment 1 Geothermal gradient: 74 degC/km Segment 1 Thickness: 2.5 kilometer @@ -32,15 +32,15 @@ Simulation Metadata Real Discount Rate: 12.00 % Nominal Discount Rate: 15.02 % WACC: 8.31 % - Investment Tax Credit: 838.21 MUSD + Investment Tax Credit: 859.71 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 204.80 MUSD - After-tax IRR: 22.75 % - Project VIR=PI=PIR: 1.35 - Project MOIC: 4.42 + Project NPV: 183.44 MUSD + After-tax IRR: 21.91 % + Project VIR=PI=PIR: 1.31 + Project MOIC: 4.17 Project Payback Period: 5.95 yr - Estimated Jobs Created: 1224 + Estimated Jobs Created: 1273 ***ENGINEERING PARAMETERS*** @@ -52,7 +52,7 @@ Simulation Metadata Injection temperature: 56.6 degC Production Wellbore heat transmission calculated with Ramey's model Average production well temperature drop: 0.2 degC - Flowrate per production well: 103.0 kg/sec + Flowrate per production well: 107.0 kg/sec Injection well casing ID: 8.535 in Production well casing ID: 8.535 in Number of times redrilling: 3 @@ -75,18 +75,18 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model (Gringarten) Bottom-hole temperature: 205.38 degC Fracture model = Rectangular - Well separation: fracture height: 95.00 meter + Well separation: fracture height: 100.00 meter Fracture width: 305.00 meter - Fracture area: 28975.00 m**2 + Fracture area: 30500.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input Number of fractures: 14100 Fracture separation: 9.83 meter - Reservoir volume: 4013898767 m**3 + Reservoir volume: 4225156597 m**3 Reservoir hydrostatic pressure: 25324.54 kPa Plant outlet pressure: 13789.51 kPa Production wellhead pressure: 2089.11 kPa - Productivity Index: 1.50 kg/sec/bar - Injectivity Index: 1.81 kg/sec/bar + Productivity Index: 1.13 kg/sec/bar + Injectivity Index: 1.38 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 @@ -94,15 +94,15 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 203.2 degC - Average Production Temperature: 202.9 degC - Minimum Production Temperature: 201.3 degC - Initial Production Temperature: 201.8 degC - Average Reservoir Heat Extraction: 3530.82 MW + Maximum Production Temperature: 203.3 degC + Average Production Temperature: 203.0 degC + Minimum Production Temperature: 201.5 degC + Initial Production Temperature: 201.9 degC + Average Reservoir Heat Extraction: 3670.60 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.2 degC - Average Injection Well Pump Pressure Drop: -4387.9 kPa - Average Production Well Pump Pressure Drop: 7600.2 kPa + Average Injection Well Pump Pressure Drop: -1181.6 kPa + Average Production Well Pump Pressure Drop: 10257.1 kPa ***CAPITAL COSTS (M$)*** @@ -110,42 +110,42 @@ Simulation Metadata Drilling and completion costs: 436.98 MUSD Drilling and completion costs per well: 4.65 MUSD Stimulation costs: 454.02 MUSD - Surface power plant costs: 1411.47 MUSD - Field gathering system costs: 43.69 MUSD - Total surface equipment costs: 1455.16 MUSD + Surface power plant costs: 1467.78 MUSD + Field gathering system costs: 48.33 MUSD + Total surface equipment costs: 1516.11 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2376.17 MUSD - Interest during construction: 139.09 MUSD - Inflation costs during construction: 278.77 MUSD - Total CAPEX: 2794.02 MUSD + Overnight Capital Cost: 2437.12 MUSD + Interest during construction: 142.66 MUSD + Inflation costs during construction: 285.92 MUSD + Total CAPEX: 2865.69 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.75 MUSD/yr - Power plant maintenance costs: 24.01 MUSD/yr - Water costs: 3.03 MUSD/yr + Wellfield maintenance costs: 5.81 MUSD/yr + Power plant maintenance costs: 24.87 MUSD/yr + Water costs: 3.15 MUSD/yr Redrilling costs: 89.10 MUSD/yr - Average Annual Royalty Cost: 12.23 MUSD/yr - Total operating and maintenance costs: 134.13 MUSD/yr + Average Annual Royalty Cost: 12.19 MUSD/yr + Total operating and maintenance costs: 135.11 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 576.77 MW - Average Total Electricity Generation: 574.70 MW - Minimum Total Electricity Generation: 563.65 MW - Initial Total Electricity Generation: 566.92 MW - Maximum Net Electricity Generation: 514.32 MW - Average Net Electricity Generation: 512.19 MW - Minimum Net Electricity Generation: 500.79 MW - Initial Net Electricity Generation: 504.30 MW - Average Annual Total Electricity Generation: 4531.06 GWh - Average Annual Net Electricity Generation: 4038.19 GWh - Initial pumping power/net installed power: 12.42 % - Average Pumping Power: 62.52 MW - Heat to Power Conversion Efficiency: 14.51 % + Maximum Total Electricity Generation: 599.78 MW + Average Total Electricity Generation: 597.78 MW + Minimum Total Electricity Generation: 587.01 MW + Initial Total Electricity Generation: 589.90 MW + Maximum Net Electricity Generation: 512.18 MW + Average Net Electricity Generation: 510.13 MW + Minimum Net Electricity Generation: 499.09 MW + Initial Net Electricity Generation: 502.16 MW + Average Annual Total Electricity Generation: 4713.02 GWh + Average Annual Net Electricity Generation: 4022.00 GWh + Initial pumping power/net installed power: 17.47 % + Average Pumping Power: 87.65 MW + Heat to Power Conversion Efficiency: 13.90 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -153,36 +153,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 201.76 62.6225 504.3004 14.3936 - 2 1.0051 202.78 62.5841 511.4006 14.4941 - 3 1.0060 202.97 62.5770 512.7211 14.5127 - 4 1.0065 203.07 62.5733 513.4082 14.5224 - 5 1.0068 203.13 62.5709 513.8623 14.5287 - 6 1.0070 203.18 62.5697 514.1680 14.5330 - 7 1.0068 203.13 62.5813 513.8260 14.5281 - 8 1.0033 202.42 62.6919 508.8521 14.4568 - 9 1.0036 202.49 62.5620 509.4372 14.4669 - 10 1.0056 202.88 62.5532 512.1162 14.5046 - 11 1.0062 203.01 62.5375 513.0867 14.5184 - 12 1.0066 203.10 62.5160 513.6731 14.5269 - 13 1.0069 203.15 62.4933 514.0872 14.5330 - 14 1.0071 203.18 62.4765 514.2879 14.5360 - 15 1.0061 202.99 62.4984 512.9234 14.5167 - 16 0.9989 201.53 62.7177 502.6676 14.3691 - 17 1.0048 202.72 62.4488 511.1555 14.4926 - 18 1.0059 202.95 62.4472 512.6966 14.5142 - 19 1.0064 203.05 62.4467 513.4419 14.5247 - 20 1.0068 203.12 62.4466 513.9215 14.5314 - 21 1.0070 203.17 62.4471 514.2544 14.5360 - 22 1.0069 203.15 62.4558 514.1335 14.5342 - 23 1.0044 202.65 62.5388 510.5476 14.4828 - 24 1.0027 202.29 62.4471 508.1782 14.4509 - 25 1.0054 202.84 62.4473 511.9822 14.5042 - 26 1.0062 203.00 62.4474 513.0551 14.5192 - 27 1.0066 203.08 62.4475 513.6623 14.5277 - 28 1.0069 203.14 62.4477 514.0765 14.5335 - 29 1.0071 203.18 62.4493 514.3193 14.5369 - 30 1.0065 203.06 62.4736 513.4575 14.5245 + 1 1.0000 201.89 87.7371 502.1613 13.7840 + 2 1.0049 202.87 87.7059 509.2625 13.8848 + 3 1.0058 203.06 87.7001 510.5830 13.9034 + 4 1.0063 203.15 87.6971 511.2700 13.9131 + 5 1.0066 203.21 87.6951 511.7241 13.9195 + 6 1.0068 203.26 87.6940 512.0379 13.9239 + 7 1.0066 203.23 87.7012 511.8283 13.9209 + 8 1.0039 202.67 87.7758 507.7379 13.8624 + 9 1.0031 202.52 87.6883 506.7141 13.8491 + 10 1.0053 202.95 87.6820 509.8563 13.8935 + 11 1.0060 203.09 87.6701 510.8798 13.9080 + 12 1.0064 203.18 87.6532 511.4825 13.9167 + 13 1.0066 203.23 87.6347 511.9047 13.9228 + 14 1.0068 203.27 87.6197 512.1594 13.9266 + 15 1.0063 203.15 87.6271 511.3433 13.9151 + 16 1.0011 202.12 87.7574 503.8016 13.8070 + 17 1.0043 202.75 87.5963 508.5030 13.8756 + 18 1.0056 203.01 87.5947 510.3614 13.9017 + 19 1.0061 203.13 87.5942 511.1800 13.9132 + 20 1.0065 203.20 87.5941 511.6912 13.9204 + 21 1.0067 203.25 87.5943 512.0514 13.9254 + 22 1.0068 203.26 87.5977 512.1446 13.9267 + 23 1.0054 202.99 87.6375 510.1411 13.8981 + 24 1.0000 201.89 87.5945 502.3039 13.7879 + 25 1.0049 202.87 87.5946 509.3738 13.8878 + 26 1.0058 203.06 87.5947 510.6883 13.9063 + 27 1.0063 203.15 87.5948 511.3722 13.9159 + 28 1.0066 203.21 87.5949 511.8243 13.9222 + 29 1.0068 203.26 87.5954 512.1365 13.9266 + 30 1.0066 203.23 87.6039 511.9256 13.9235 ******************************************************************* @@ -191,198 +191,198 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4013.5 27753.4 1221.07 7.56 - 2 4037.8 27837.9 1120.85 15.15 - 3 4045.2 27863.6 1020.54 22.74 - 4 4049.6 27878.8 920.18 30.34 - 5 4052.6 27889.2 819.78 37.94 - 6 4053.3 27891.8 719.37 45.54 - 7 4037.4 27837.5 619.15 53.13 - 8 3987.5 27665.0 519.56 60.67 - 9 4029.5 27808.4 419.45 68.25 - 10 4041.7 27850.7 319.18 75.84 - 11 4047.6 27870.7 218.85 83.43 - 12 4051.5 27883.6 118.47 91.03 - 13 4054.1 27892.1 18.06 98.63 - 14 4051.5 27883.0 -82.32 106.23 - 15 4014.0 27754.7 -182.24 113.80 - 16 4002.7 27712.6 -282.00 121.35 - 17 4037.0 27831.4 -382.20 128.93 - 18 4045.3 27860.3 -482.49 136.53 - 19 4050.0 27876.7 -582.85 144.12 - 20 4053.2 27887.8 -683.25 151.72 - 21 4054.6 27892.8 -783.66 159.32 - 22 4043.9 27856.6 -883.94 166.92 - 23 3989.6 27669.5 -983.55 174.46 - 24 4026.2 27793.8 -1083.61 182.03 - 25 4041.2 27846.0 -1183.86 189.62 - 26 4047.5 27868.0 -1284.18 197.21 - 27 4051.4 27881.8 -1384.56 204.81 - 28 4054.1 27891.1 -1484.96 212.41 - 29 4053.1 27887.9 -1585.36 220.01 - 30 4029.0 27805.7 -1685.46 227.59 + 1 3996.6 28852.7 1286.63 7.47 + 2 4021.0 28937.3 1182.46 14.96 + 3 4028.4 28963.0 1078.19 22.46 + 4 4032.7 28978.2 973.87 29.96 + 5 4035.8 28988.7 869.51 37.47 + 6 4036.9 28992.5 765.14 44.97 + 7 4024.2 28949.4 660.92 52.47 + 8 3972.2 28769.5 557.35 59.92 + 9 4010.7 28901.0 453.31 67.40 + 10 4024.2 28947.8 349.10 74.89 + 11 4030.3 28968.8 244.81 82.39 + 12 4034.3 28982.1 140.47 89.90 + 13 4037.0 28991.3 36.10 97.40 + 14 4036.2 28988.2 -68.25 104.91 + 15 4010.0 28898.1 -172.29 112.39 + 16 3977.7 28784.8 -275.91 119.84 + 17 4017.7 28923.0 -380.03 127.33 + 18 4027.2 28956.1 -484.28 134.83 + 19 4032.3 28973.8 -588.58 142.33 + 20 4035.7 28985.6 -692.93 149.83 + 21 4037.8 28992.9 -797.30 157.34 + 22 4032.8 28976.0 -901.62 164.84 + 23 3985.3 28813.0 -1005.34 172.30 + 24 3997.6 28852.7 -1109.21 179.77 + 25 4021.8 28937.3 -1213.39 187.26 + 26 4029.2 28963.0 -1317.66 194.76 + 27 4033.5 28978.2 -1421.98 202.26 + 28 4036.6 28988.7 -1526.34 209.77 + 29 4037.6 28992.5 -1630.71 217.27 + 30 4026.7 28955.1 -1734.95 224.77 *************************** * 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 13.90 43.10 38.90 -Overnight capital expenditure [construction] ($) -33,266,320 -64,156,475 -330,287,039 -1,024,127,436 -924,328,475 +Overnight capital expenditure [construction] ($) -34,119,619 -65,802,123 -338,759,075 -1,050,396,845 -948,037,988 plus: -Inflation cost [construction] ($) -898,191 -3,511,220 -27,482,089 -115,166,472 -131,707,104 +Inflation cost [construction] ($) -921,230 -3,601,284 -28,187,019 -118,120,553 -135,085,460 equals: -Nominal capital expenditure [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,139,293,908 -1,056,035,578 +Nominal capital expenditure [construction] ($) -35,040,849 -69,403,407 -366,946,094 -1,168,517,398 -1,083,123,448 -Issuance of equity [construction] ($) 34,164,511 67,667,695 107,330,738 341,788,173 316,810,674 -Issuance of debt [construction] ($) 0 0 250,438,389 797,505,736 739,224,905 -Debt balance [construction] ($) 0 0 250,438,389 1,074,240,156 1,926,260,277 -Debt interest payment [construction] ($) 0 0 0 26,296,031 112,795,216 +Issuance of equity [construction] ($) 35,040,849 69,403,407 110,083,828 350,555,219 324,937,034 +Issuance of debt [construction] ($) 0 0 256,862,266 817,962,179 758,186,414 +Debt balance [construction] ($) 0 0 256,862,266 1,101,794,983 1,975,669,870 +Debt interest payment [construction] ($) 0 0 0 26,970,538 115,688,473 -Installed cost [construction] ($) -34,164,511 -67,667,695 -357,769,127 -1,165,589,939 -1,168,830,795 -After-tax net cash flow [construction] ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 +Installed cost [construction] ($) -35,040,849 -69,403,407 -366,946,094 -1,195,487,936 -1,198,811,921 +After-tax net cash flow [construction] ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 ENERGY -Electricity to grid (kWh) 0.0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 -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 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365.0 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076.0 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 +Electricity to grid (kWh) 0.0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 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 ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 -Curtailment payment revenue ($) 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 1,397,011,034 -Total revenue ($) 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 1,844,099,768 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 446,830,388 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,432,845,104 +Total revenue ($) 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 1,879,675,491 -Property tax net assessed value ($) 0 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 2,794,022,067 +Property tax net assessed value ($) 0 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 2,865,690,207 OPERATING EXPENSES -O&M fixed expense ($) 0 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 121,892,342 -Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 6,672,901 6,713,328 6,766,005 6,813,734 6,859,225 6,900,862 6,914,005 6,868,423 6,980,925 7,042,429 14,186,145 14,280,577 14,370,637 14,442,239 14,388,537 14,427,837 14,632,061 14,742,892 14,840,778 14,933,316 15,019,421 15,060,636 14,937,903 15,155,308 15,292,344 15,396,944 15,492,770 15,583,913 15,660,949 15,648,106 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 6,146,849 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 134,712,092 134,752,519 134,805,195 134,852,924 134,898,415 134,940,053 134,953,196 134,907,613 135,020,116 135,081,619 142,225,335 142,319,768 142,409,828 142,481,430 142,427,728 142,467,027 142,671,251 142,782,082 142,879,968 142,972,507 143,058,611 143,099,827 142,977,093 143,194,498 143,331,534 143,436,135 143,531,961 143,623,103 143,700,140 143,687,296 - -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +O&M fixed expense ($) 0 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 122,926,363 +Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 +O&M production-based expense ($) 0 6,644,852 6,685,280 6,737,787 6,785,347 6,830,698 6,872,816 6,891,475 6,842,040 6,948,312 7,011,804 14,125,381 14,219,769 14,310,046 14,387,668 14,374,127 14,337,611 14,562,138 14,676,973 14,775,889 14,868,827 14,957,034 15,019,111 14,921,732 15,047,552 15,218,917 15,327,222 15,424,293 15,516,345 15,601,055 15,639,064 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 6,304,518 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 135,875,734 135,916,162 135,968,669 136,016,229 136,061,580 136,103,698 136,122,356 136,072,922 136,179,194 136,242,686 143,356,263 143,450,650 143,540,928 143,618,550 143,605,009 143,568,492 143,793,019 143,907,855 144,006,771 144,099,708 144,187,916 144,249,993 144,152,614 144,278,434 144,449,799 144,558,104 144,655,175 144,747,227 144,831,937 144,869,945 + +EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 OPERATING ACTIVITIES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Interest earned on reserves ($) 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 ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +Interest earned on reserves ($) 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 ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 +Cash flow from operating activities ($) 0 105,533,199 109,267,024 113,781,474 118,127,823 122,467,509 126,751,244 129,852,200 129,273,979 137,591,369 143,671,513 142,157,363 147,639,802 153,210,536 158,648,027 161,802,871 164,571,197 174,801,134 182,289,482 189,641,454 197,152,312 204,879,158 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 INVESTING ACTIVITIES -Total installed cost ($) -2,794,022,067 +Total installed cost ($) -2,865,690,207 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,794,022,067 +Purchase of property ($) -2,865,690,207 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 ($) -2,794,022,067 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,865,690,207 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 867,761,790 -Size of debt ($) 1,926,260,277 +Issuance of equity ($) 890,020,338 +Size of debt ($) 1,975,669,870 minus: -Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 +Debt principal payment ($) 0 20,915,238 22,379,305 23,945,856 25,622,066 27,415,611 29,334,704 31,388,133 33,585,302 35,936,274 38,451,813 41,143,440 44,023,480 47,105,124 50,402,483 53,930,657 57,705,803 61,745,209 66,067,373 70,692,089 75,640,536 80,935,373 86,600,849 92,662,909 99,149,312 106,089,764 113,516,048 121,462,171 129,964,523 139,062,040 148,796,383 equals: -Cash flow from financing activities ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 +Cash flow from financing activities ($) 2,865,690,207 -20,915,238 -22,379,305 -23,945,856 -25,622,066 -27,415,611 -29,334,704 -31,388,133 -33,585,302 -35,936,274 -38,451,813 -41,143,440 -44,023,480 -47,105,124 -50,402,483 -53,930,657 -57,705,803 -61,745,209 -66,067,373 -70,692,089 -75,640,536 -80,935,373 -86,600,849 -92,662,909 -99,149,312 -106,089,764 -113,516,048 -121,462,171 -129,964,523 -139,062,040 -148,796,383 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 111,758,336 115,455,470 119,940,271 124,254,194 128,556,887 132,765,615 135,505,572 135,088,669 143,697,052 149,602,674 147,977,184 153,388,838 158,876,494 164,065,561 166,024,855 170,789,138 180,358,254 187,628,107 194,836,020 202,212,124 209,748,564 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 -Cash flow from investing activities ($) -2,794,022,067 0 0 0 0 0 0 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 ($) 2,794,022,067 -20,392,169 -21,819,620 -23,346,994 -24,981,283 -26,729,973 -28,601,071 -30,603,146 -32,745,367 -35,037,542 -37,490,170 -40,114,482 -42,922,496 -45,927,071 -49,141,965 -52,581,903 -56,262,636 -60,201,021 -64,415,092 -68,924,149 -73,748,839 -78,911,258 -84,435,046 -90,345,499 -96,669,684 -103,436,562 -110,677,121 -118,424,520 -126,714,236 -135,584,233 -145,075,129 -Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Cash flow from operating activities ($) 0 105,533,199 109,267,024 113,781,474 118,127,823 122,467,509 126,751,244 129,852,200 129,273,979 137,591,369 143,671,513 142,157,363 147,639,802 153,210,536 158,648,027 161,802,871 164,571,197 174,801,134 182,289,482 189,641,454 197,152,312 204,879,158 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 +Cash flow from investing activities ($) -2,865,690,207 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,865,690,207 -20,915,238 -22,379,305 -23,945,856 -25,622,066 -27,415,611 -29,334,704 -31,388,133 -33,585,302 -35,936,274 -38,451,813 -41,143,440 -44,023,480 -47,105,124 -50,402,483 -53,930,657 -57,705,803 -61,745,209 -66,067,373 -70,692,089 -75,640,536 -80,935,373 -86,600,849 -92,662,909 -99,149,312 -106,089,764 -113,516,048 -121,462,171 -129,964,523 -139,062,040 -148,796,383 +Total pre-tax cash flow ($) 0 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 Pre-tax Returns: -Issuance of equity ($) 867,761,790 -Total pre-tax cash flow ($) 0 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 -Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 +Issuance of equity ($) 890,020,338 +Total pre-tax cash flow ($) 0 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 +Total pre-tax returns ($) -890,020,338 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 After-tax Returns: -Total pre-tax returns ($) -867,761,790 91,366,167 93,635,850 96,593,278 99,272,911 101,826,914 104,164,543 104,902,426 102,343,302 108,659,510 112,112,504 107,862,702 110,466,342 112,949,423 114,923,596 113,442,952 114,526,502 120,157,233 123,213,015 125,911,872 128,463,285 130,837,307 131,973,678 128,589,747 134,583,903 138,362,193 141,246,170 143,888,228 146,401,154 148,525,162 1,545,182,084 -Federal ITC total income ($) 0 838,206,620 0 0 0 0 0 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 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 -Total after-tax returns ($) -867,761,790 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 - -After-tax net cash flow ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 916,688,868 94,445,124 96,299,537 97,918,183 99,413,960 100,716,474 100,780,477 98,323,889 102,522,908 104,523,444 100,673,423 101,946,094 103,079,514 103,777,461 101,814,938 101,726,737 105,003,992 106,271,790 107,197,896 107,935,194 93,853,181 78,749,034 74,743,718 77,708,240 78,892,998 79,286,896 79,373,719 79,229,789 78,649,877 1,129,471,774 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.71 7.32 11.00 13.82 15.93 17.52 18.70 19.57 20.26 20.80 21.20 21.51 21.76 21.96 22.11 22.24 22.34 22.42 22.48 22.53 22.57 22.60 22.62 22.63 22.65 22.66 22.67 22.67 22.68 22.75 -After-tax cumulative NPV ($) -34,164,511 -92,993,708 -174,117,302 -398,707,931 -579,694,330 -124,413,226 -83,633,083 -47,483,363 -15,527,127 12,679,501 37,523,177 59,135,591 77,467,068 94,084,765 108,813,830 121,147,373 132,005,505 141,550,341 149,904,652 157,030,403 163,220,049 168,774,587 173,661,918 177,947,912 181,699,714 184,535,917 186,604,844 188,312,051 189,855,136 191,217,123 192,407,124 193,442,825 194,341,614 195,117,287 204,801,571 +Total pre-tax returns ($) -890,020,338 84,617,961 86,887,719 89,835,617 92,505,757 95,051,898 97,416,540 98,464,067 95,688,676 101,655,095 105,219,701 101,013,923 103,616,321 106,105,412 108,245,544 107,872,215 106,865,394 113,055,925 116,222,108 118,949,365 121,511,777 123,943,785 125,655,348 122,970,455 126,439,507 131,164,282 134,150,406 136,826,776 139,364,785 141,700,362 1,575,593,417 +Federal ITC total income ($) 0 859,707,062 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -8,947,320 2,510,536 1,605,637 734,433 -135,436 -994,089 -1,615,660 -1,499,759 -3,166,938 -4,385,672 -4,082,168 -5,181,096 -6,297,722 -7,387,640 -8,020,012 -8,574,909 -10,625,449 -12,126,451 -13,600,117 -15,105,631 -28,860,721 -42,545,693 -43,222,630 -45,218,151 -47,556,387 -49,643,502 -51,772,728 -53,985,713 -56,277,420 -345,645,313 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 +Total after-tax returns ($) -890,020,338 933,346,707 89,968,133 91,805,725 93,406,902 94,885,719 96,196,798 96,481,660 93,848,480 97,769,279 99,838,503 96,005,123 97,259,143 98,378,139 99,180,948 98,031,700 96,344,024 100,018,553 101,343,014 102,262,090 102,977,244 88,531,827 73,451,997 69,936,507 70,957,065 72,812,835 73,238,080 73,301,901 73,124,588 72,648,253 1,151,488,368 + +After-tax net cash flow ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 933,346,707 89,968,133 91,805,725 93,406,902 94,885,719 96,196,798 96,481,660 93,848,480 97,769,279 99,838,503 96,005,123 97,259,143 98,378,139 99,180,948 98,031,700 96,344,024 100,018,553 101,343,014 102,262,090 102,977,244 88,531,827 73,451,997 69,936,507 70,957,065 72,812,835 73,238,080 73,301,901 73,124,588 72,648,253 1,151,488,368 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 2.35 6.69 10.21 12.93 15.00 16.57 17.75 18.63 19.32 19.87 20.28 20.60 20.86 21.06 21.23 21.35 21.46 21.54 21.61 21.67 21.71 21.74 21.76 21.78 21.79 21.80 21.81 21.82 21.83 21.91 +After-tax cumulative NPV ($) -35,040,849 -95,379,045 -178,583,502 -408,934,999 -594,563,795 -131,009,437 -92,162,399 -57,699,603 -27,215,654 -293,819 23,434,991 44,125,522 61,622,605 77,469,798 91,538,678 103,300,306 113,659,238 122,768,740 130,753,022 137,613,995 143,476,125 148,766,942 153,427,604 157,516,254 161,095,718 163,771,113 165,700,873 167,298,279 168,707,304 169,964,325 171,063,541 172,020,014 172,849,545 173,566,027 183,439,086 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -34,164,511 -67,667,695 -107,330,738 -341,788,173 -316,810,674 535,380,222 -289,173,633 -290,329,324 -291,438,040 -292,541,757 -293,618,510 -294,305,532 -294,157,414 -296,387,105 -297,901,067 -304,645,002 -306,070,404 -307,510,125 -308,857,953 -309,286,129 -310,497,180 -313,054,880 -314,953,695 -316,824,332 -318,730,986 -335,273,125 -351,554,858 -352,053,510 -355,300,549 -358,031,117 -360,625,796 -363,276,857 -366,024,856 -368,805,813 682,383,039 -PPA revenue ($) 0 0 0 0 0 381,308,647 383,618,757 386,628,861 389,356,223 391,955,717 394,334,984 395,086,009 392,481,303 398,910,014 402,424,511 405,318,425 408,016,498 410,589,639 412,635,413 411,101,067 412,223,917 418,058,872 421,225,485 424,022,228 426,666,179 429,126,306 430,303,892 426,797,228 433,008,789 436,924,116 439,912,692 442,650,577 445,254,645 447,455,690 447,088,734 -Electricity to grid (kWh) 0 0 0 0 0 4,013,775,228 4,038,092,175 4,045,504,457 4,049,887,905 4,052,897,502 4,053,607,976 4,037,669,997 3,987,820,599 4,029,801,127 4,042,030,041 4,047,921,955 4,051,802,365 4,054,405,439 4,051,800,995 4,014,266,841 4,002,951,225 4,037,265,788 4,045,577,076 4,050,264,859 4,053,450,308 4,054,864,459 4,044,209,514 3,989,877,799 4,026,490,507 4,041,477,344 4,047,779,650 4,051,721,527 4,054,403,980 4,053,407,823 4,029,278,429 +Annual costs ($) -35,040,849 -69,403,407 -110,083,828 -350,555,219 -324,937,034 553,640,883 -292,047,877 -293,210,690 -294,327,213 -295,439,888 -296,535,570 -297,316,893 -297,125,247 -299,277,140 -300,836,013 -307,577,192 -309,019,958 -310,480,330 -311,895,275 -312,657,653 -313,301,992 -316,042,521 -317,999,078 -319,906,175 -321,846,371 -338,812,003 -355,665,473 -356,398,691 -358,973,006 -362,013,375 -364,682,560 -367,392,179 -370,199,553 -373,096,175 704,657,980 +PPA revenue ($) 0 0 0 0 0 379,705,824 382,016,010 385,016,416 387,734,115 390,325,607 392,732,368 393,798,553 390,973,728 397,046,419 400,674,516 403,582,315 406,279,101 408,858,469 411,076,223 410,689,353 409,646,016 416,061,074 419,342,093 422,168,265 424,823,614 427,343,830 429,117,470 426,335,198 429,930,071 434,826,210 437,920,640 440,694,080 443,324,141 445,744,428 446,830,388 +Electricity to grid (kWh) 0 0 0 0 0 3,996,903,407 4,021,221,159 4,028,632,582 4,033,015,549 4,036,041,845 4,037,133,714 4,024,512,547 3,972,502,820 4,010,975,034 4,024,452,750 4,030,583,392 4,034,549,165 4,037,310,847 4,036,490,799 4,010,246,587 3,977,918,195 4,017,972,710 4,027,488,405 4,032,555,784 4,035,945,414 4,038,021,639 4,033,058,931 3,985,558,545 3,997,861,917 4,022,072,057 4,029,450,128 4,033,813,085 4,036,825,175 4,037,905,857 4,026,950,141 -Present value of annual costs ($) 1,277,484,981 -Present value of annual energy nominal (kWh) 15,119,188,904 -LCOE Levelized cost of energy nominal (cents/kWh) 8.45 +Present value of annual costs ($) 1,292,771,969 +Present value of annual energy nominal (kWh) 15,057,196,989 +LCOE Levelized cost of energy nominal (cents/kWh) 8.59 -Present value of PPA revenue ($) 1,482,286,552 -Present value of annual energy nominal (kWh) 15,119,188,904 +Present value of PPA revenue ($) 1,476,211,055 +Present value of annual energy nominal (kWh) 15,057,196,989 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -State taxable PBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +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 ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Total state tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 +Total state tax depreciation ($) 0 60,895,917 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 60,895,917 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 52,385,367 -3,290,467 1,194,333 5,508,256 9,810,949 14,019,677 16,759,634 16,342,731 24,951,114 30,856,736 29,231,246 34,642,900 40,130,556 45,319,623 47,278,917 52,043,200 61,612,316 68,882,169 76,090,083 83,466,186 150,375,596 216,408,724 218,935,246 231,253,587 241,798,755 251,923,291 262,312,748 273,115,390 284,109,395 1,690,257,213 +State taxable income ($) 0 44,637,282 -12,524,810 -8,010,360 -3,664,011 675,675 4,959,410 8,060,366 7,482,145 15,799,535 21,879,680 20,365,529 25,847,968 31,418,702 36,856,193 40,011,037 42,779,363 53,009,300 60,497,648 67,849,620 75,360,479 143,983,241 212,256,197 215,633,363 225,588,819 237,254,046 247,666,454 258,288,947 269,329,308 280,762,401 1,724,389,799 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,383,534 149,716 -54,342 -250,626 -446,398 -637,895 -762,563 -743,594 -1,135,276 -1,403,981 -1,330,022 -1,576,252 -1,825,940 -2,062,043 -2,151,191 -2,367,966 -2,803,360 -3,134,139 -3,462,099 -3,797,711 -6,842,090 -9,846,597 -9,961,554 -10,522,038 -11,001,843 -11,462,510 -11,935,230 -12,426,750 -12,926,977 -76,906,703 -State ITC total income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -2,030,996 569,879 364,471 166,712 -30,743 -225,653 -366,747 -340,438 -718,879 -995,525 -926,632 -1,176,083 -1,429,551 -1,676,957 -1,820,502 -1,946,461 -2,411,923 -2,752,643 -3,087,158 -3,428,902 -6,551,237 -9,657,657 -9,811,318 -10,264,291 -10,795,059 -11,268,824 -11,752,147 -12,254,484 -12,774,689 -78,459,736 +State 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 ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Total federal tax depreciation ($) 0 59,372,969 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 118,745,938 59,372,969 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 +Total federal tax depreciation ($) 0 60,895,917 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 121,791,834 60,895,917 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 50,001,832 -3,140,751 1,139,991 5,257,631 9,364,551 13,381,781 15,997,071 15,599,137 23,815,839 29,452,754 27,901,225 33,066,648 38,304,616 43,257,580 45,127,726 49,675,234 58,808,956 65,748,031 72,627,984 79,668,475 143,533,506 206,562,127 208,973,692 220,731,549 230,796,912 240,460,781 250,377,518 260,688,640 271,182,417 1,613,350,510 +Federal taxable income ($) 0 42,606,286 -11,954,931 -7,645,888 -3,497,298 644,932 4,733,757 7,693,620 7,141,707 15,080,656 20,884,154 19,438,897 24,671,885 29,989,151 35,179,236 38,190,535 40,832,902 50,597,377 57,745,005 64,762,463 71,931,577 137,432,004 202,598,540 205,822,045 215,324,528 226,458,987 236,397,631 246,536,800 257,074,824 267,987,712 1,645,930,063 -Federal 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) ($) 0 -10,500,385 659,558 -239,398 -1,104,102 -1,966,556 -2,810,174 -3,359,385 -3,275,819 -5,001,326 -6,185,078 -5,859,257 -6,943,996 -8,043,969 -9,084,092 -9,476,822 -10,431,799 -12,349,881 -13,807,086 -15,251,877 -16,730,380 -30,142,036 -43,378,047 -43,884,475 -46,353,625 -48,467,351 -50,496,764 -52,579,279 -54,744,614 -56,948,308 -338,803,607 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -8,947,320 2,510,536 1,605,637 734,433 -135,436 -994,089 -1,615,660 -1,499,759 -3,166,938 -4,385,672 -4,082,168 -5,181,096 -6,297,722 -7,387,640 -8,020,012 -8,574,909 -10,625,449 -12,126,451 -13,600,117 -15,105,631 -28,860,721 -42,545,693 -43,222,630 -45,218,151 -47,556,387 -49,643,502 -51,772,728 -53,985,713 -56,277,420 -345,645,313 CASH INCENTIVES Federal IBI income ($) 0 @@ -397,75 +397,75 @@ Utility CBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 838,206,620 0 0 0 0 0 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 ($) 0 838,206,620 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 859,707,062 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 859,707,062 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -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 ($) 1,926,260,277 1,905,868,109 1,884,048,488 1,860,701,494 1,835,720,211 1,808,990,238 1,780,389,167 1,749,786,020 1,717,040,654 1,682,003,112 1,644,512,941 1,604,398,459 1,561,475,964 1,515,548,893 1,466,406,928 1,413,825,025 1,357,562,388 1,297,361,368 1,232,946,275 1,164,022,127 1,090,273,287 1,011,362,030 926,926,984 836,581,485 739,911,801 636,475,239 525,798,117 407,373,598 280,659,362 145,075,129 0 -Debt interest payment ($) 0 134,838,219 133,410,768 131,883,394 130,249,105 128,500,415 126,629,317 124,627,242 122,485,021 120,192,846 117,740,218 115,115,906 112,307,892 109,303,317 106,088,423 102,648,485 98,967,752 95,029,367 90,815,296 86,306,239 81,481,549 76,319,130 70,795,342 64,884,889 58,560,704 51,793,826 44,553,267 36,805,868 28,516,152 19,646,155 10,155,259 -Debt principal payment ($) 0 20,392,169 21,819,620 23,346,994 24,981,283 26,729,973 28,601,071 30,603,146 32,745,367 35,037,542 37,490,170 40,114,482 42,922,496 45,927,071 49,141,965 52,581,903 56,262,636 60,201,021 64,415,092 68,924,149 73,748,839 78,911,258 84,435,046 90,345,499 96,669,684 103,436,562 110,677,121 118,424,520 126,714,236 135,584,233 145,075,129 -Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 +Debt balance ($) 1,975,669,870 1,954,754,631 1,932,375,326 1,908,429,469 1,882,807,403 1,855,391,792 1,826,057,088 1,794,668,955 1,761,083,652 1,725,147,379 1,686,695,566 1,645,552,126 1,601,528,646 1,554,423,522 1,504,021,039 1,450,090,382 1,392,384,580 1,330,639,371 1,264,571,998 1,193,879,908 1,118,239,373 1,037,303,999 950,703,150 858,040,241 758,890,929 652,801,164 539,285,117 417,822,945 287,858,422 148,796,383 0 +Debt interest payment ($) 0 138,296,891 136,832,824 135,266,273 133,590,063 131,796,518 129,877,425 127,823,996 125,626,827 123,275,856 120,760,317 118,068,690 115,188,649 112,107,005 108,809,647 105,281,473 101,506,327 97,466,921 93,144,756 88,520,040 83,571,594 78,276,756 72,611,280 66,549,220 60,062,817 53,122,365 45,696,082 37,749,958 29,247,606 20,150,090 10,415,747 +Debt principal payment ($) 0 20,915,238 22,379,305 23,945,856 25,622,066 27,415,611 29,334,704 31,388,133 33,585,302 35,936,274 38,451,813 41,143,440 44,023,480 47,105,124 50,402,483 53,930,657 57,705,803 61,745,209 66,067,373 70,692,089 75,640,536 80,935,373 86,600,849 92,662,909 99,149,312 106,089,764 113,516,048 121,462,171 129,964,523 139,062,040 148,796,383 +Debt total payment ($) 0 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 DSCR (DEBT FRACTION) -EBITDA ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 +EBITDA ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 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) ($) 0 246,596,555 248,866,238 251,823,666 254,503,299 257,057,302 259,394,931 260,132,814 257,573,690 263,889,898 267,342,892 263,093,090 265,696,730 268,179,811 270,153,984 268,673,339 269,756,890 275,387,621 278,443,403 281,142,260 283,693,673 286,067,695 287,204,066 283,820,135 289,814,291 293,592,581 296,476,558 299,118,616 301,631,542 303,755,550 1,700,412,472 -Debt total payment ($) 0 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 155,230,388 -DSCR (pre-tax) 0.0 1.59 1.60 1.62 1.64 1.66 1.67 1.68 1.66 1.70 1.72 1.69 1.71 1.73 1.74 1.73 1.74 1.77 1.79 1.81 1.83 1.84 1.85 1.83 1.87 1.89 1.91 1.93 1.94 1.96 10.95 +Cash available for debt service (CAFDS) ($) 0 243,830,090 246,099,848 249,047,747 251,717,886 254,264,027 256,628,669 257,676,196 254,900,805 260,867,225 264,431,830 260,226,052 262,828,451 265,317,541 267,457,673 267,084,344 266,077,523 272,268,055 275,434,238 278,161,494 280,723,906 283,155,914 284,867,477 282,182,584 285,651,636 290,376,411 293,362,536 296,038,905 298,576,914 300,912,491 1,734,805,546 +Debt total payment ($) 0 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 159,212,129 +DSCR (pre-tax) 0.0 1.53 1.55 1.56 1.58 1.60 1.61 1.62 1.60 1.64 1.66 1.63 1.65 1.67 1.68 1.68 1.67 1.71 1.73 1.75 1.76 1.78 1.79 1.77 1.79 1.82 1.84 1.86 1.88 1.89 10.90 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ***EXTENDED ECONOMICS*** - Royalty Holder NPV: 136.57 MUSD - Royalty Holder Average Annual Revenue: 12.23 MUSD/yr - Royalty Holder Total Revenue: 367.03 MUSD + Royalty Holder NPV: 136.02 MUSD + Royalty Holder Average Annual Revenue: 12.19 MUSD/yr + Royalty Holder Total Revenue: 365.56 MUSD diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 508ceaac..fb59d2ef 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -81,7 +81,7 @@ Fracture Separation, 9.8255, -- Based on 30 foot cluster spacing (Singh et al., Fracture Shape, 4, -- Bench design and fracture geometry in Singh et al., 2025 are given in rectangular dimensions. Fracture Width, 305, -- Matches intra-bench well spacing of 500 ft (corresponding to fracture length of 1000 ft) (Singh. et al., 2025) -Fracture Height, 95, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. +Fracture Height, 100, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. Water Loss Fraction, 0.01, -- "Long-term modeling, calibrated to early field data, predicts circulation recapture rates exceeding 99%" ([Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/); Fervo Energy, 2025). Modeling in Singh et al., 2025 predicts fluid loss of 0.36% to 0.49%. Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement costs. Development near/on land with active/shut-in oil and gas wells could potentially utilize waste water to recover losses and offset costs. @@ -100,7 +100,7 @@ Number of Injection Wells per Production Well, 0.666, -- Modeled on the referenc Nonvertical Length per Multilateral Section, 5000 feet, -- Target lateral length given in environmental assessment (BLM, 2024). Note that lateral length is assumed to be an upper bound constraining the number of fractures per well for a given cluster spacing. Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost. -Production Flow Rate per Well, 103, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec that gradually decrease over time (Singh et al., 2025). The case study flow rate is chosen both as a conservative target for long-term sustainability and to achieve a more economically favorable drawdown and redrilling schedule. +Production Flow Rate per Well, 107, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec that gradually decrease over time (Singh et al., 2025). The case study flow rate is chosen both as a conservative target for long-term sustainability and to achieve a more economically favorable drawdown and redrilling schedule. # The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). @@ -108,8 +108,8 @@ Injection Well Diameter, 8.535, -- See Production Well Diameter Production Wellhead Pressure, 303 psi, -- Modeled at a constant 300 psi in Singh et al., 2025. We use a marginally uprated value to conform to GEOPHIRES's calculated minimum wellhead pressure and nominally align with the gradual increase in WHP for constant flow rates modeled by Singh et al. -Injectivity Index, 1.809, -- Based on ATB Conservative Scenario (NREL, 2025) derated by 40% per analyses that suggest lower productivity/injectivitity (Xing et al., 2025; Yearsley and Kombrink, 2024). -Productivity Index, 1.4964, -- See Injectivity Index +Injectivity Index, 1.38, -- Based on ATB Conservative Scenario (NREL, 2025) derated to align with expected parasitic loads of 15–20% and per analyses that suggest lower productivity/injectivitity (Xing et al., 2025; Yearsley and Kombrink, 2024). +Productivity Index, 1.13, -- See Injectivity Index Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as Fervo's considered operational target of 80°C (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. diff --git a/tests/examples/Fervo_Project_Cape-6.out b/tests/examples/Fervo_Project_Cape-6.out index f65df9de..48b752ae 100644 --- a/tests/examples/Fervo_Project_Cape-6.out +++ b/tests/examples/Fervo_Project_Cape-6.out @@ -5,16 +5,16 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.11.12 - Simulation Date: 2026-01-29 - Simulation Time: 12:12 - Calculation Time: 1.832 sec + Simulation Date: 2026-02-10 + Simulation Time: 11:09 + Calculation Time: 1.875 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 106.92 MW - Electricity breakeven price: 8.70 cents/kWh - Total CAPEX: 576.87 MUSD + Average Net Electricity Production: 103.22 MW + Electricity breakeven price: 8.93 cents/kWh + Total CAPEX: 577.72 MUSD Number of production wells: 12 Number of injection wells: 8 Flowrate per production well: 100.0 kg/sec @@ -32,14 +32,14 @@ Simulation Metadata Real Discount Rate: 12.00 % Nominal Discount Rate: 15.02 % WACC: 8.57 % - Investment Tax Credit: 173.06 MUSD + Investment Tax Credit: 173.31 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 45.93 MUSD - After-tax IRR: 21.49 % - Project VIR=PI=PIR: 1.28 - Project MOIC: 3.95 - Project Payback Period: 4.31 yr + Project NPV: 35.27 MUSD + After-tax IRR: 20.12 % + Project VIR=PI=PIR: 1.21 + Project MOIC: 3.60 + Project Payback Period: 4.47 yr Estimated Jobs Created: 255 ***ENGINEERING PARAMETERS*** @@ -75,18 +75,18 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model (Gringarten) Bottom-hole temperature: 205.38 degC Fracture model = Rectangular - Well separation: fracture height: 95.00 meter + Well separation: fracture height: 100.00 meter Fracture width: 305.00 meter - Fracture area: 28975.00 m**2 + Fracture area: 30500.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input Number of fractures: 3000 Fracture separation: 9.83 meter - Reservoir volume: 853796894 m**3 + Reservoir volume: 898733572 m**3 Reservoir hydrostatic pressure: 25324.54 kPa Plant outlet pressure: 13789.51 kPa Production wellhead pressure: 2089.11 kPa - Productivity Index: 1.50 kg/sec/bar - Injectivity Index: 1.81 kg/sec/bar + Productivity Index: 1.13 kg/sec/bar + Injectivity Index: 1.38 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 @@ -98,11 +98,11 @@ Simulation Metadata Average Production Temperature: 202.8 degC Minimum Production Temperature: 201.4 degC Initial Production Temperature: 201.6 degC - Average Reservoir Heat Extraction: 734.33 MW + Average Reservoir Heat Extraction: 734.35 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.3 degC - Average Injection Well Pump Pressure Drop: -4529.3 kPa - Average Production Well Pump Pressure Drop: 7347.4 kPa + Average Injection Well Pump Pressure Drop: -1925.9 kPa + Average Production Well Pump Pressure Drop: 9514.6 kPa ***CAPITAL COSTS (M$)*** @@ -110,42 +110,42 @@ Simulation Metadata Drilling and completion costs: 92.98 MUSD Drilling and completion costs per well: 4.65 MUSD Stimulation costs: 96.60 MUSD - Surface power plant costs: 293.44 MUSD - Field gathering system costs: 9.16 MUSD - Total surface equipment costs: 302.61 MUSD + Surface power plant costs: 293.50 MUSD + Field gathering system costs: 9.87 MUSD + Total surface equipment costs: 303.37 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 522.18 MUSD - Interest during construction: 21.25 MUSD - Inflation costs during construction: 33.44 MUSD - Total CAPEX: 576.87 MUSD + Overnight Capital Cost: 522.94 MUSD + Interest during construction: 21.28 MUSD + Inflation costs during construction: 33.49 MUSD + Total CAPEX: 577.72 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 1.71 MUSD/yr + Wellfield maintenance costs: 1.72 MUSD/yr Power plant maintenance costs: 6.48 MUSD/yr Water costs: 0.63 MUSD/yr Redrilling costs: 18.96 MUSD/yr - Average Annual Royalty Cost: 2.55 MUSD/yr - Total operating and maintenance costs: 30.33 MUSD/yr + Average Annual Royalty Cost: 2.47 MUSD/yr + Total operating and maintenance costs: 30.25 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 119.91 MW + Maximum Total Electricity Generation: 119.93 MW Average Total Electricity Generation: 119.50 MW - Minimum Total Electricity Generation: 117.38 MW + Minimum Total Electricity Generation: 117.42 MW Initial Total Electricity Generation: 117.79 MW - Maximum Net Electricity Generation: 107.35 MW - Average Net Electricity Generation: 106.92 MW - Minimum Net Electricity Generation: 104.74 MW - Initial Net Electricity Generation: 105.19 MW - Average Annual Total Electricity Generation: 942.13 GWh - Average Annual Net Electricity Generation: 843.00 GWh - Initial pumping power/net installed power: 11.98 % - Average Pumping Power: 12.57 MW - Heat to Power Conversion Efficiency: 14.56 % + Maximum Net Electricity Generation: 103.66 MW + Average Net Electricity Generation: 103.22 MW + Minimum Net Electricity Generation: 101.07 MW + Initial Net Electricity Generation: 101.49 MW + Average Annual Total Electricity Generation: 942.18 GWh + Average Annual Net Electricity Generation: 813.81 GWh + Initial pumping power/net installed power: 16.06 % + Average Pumping Power: 16.28 MW + Heat to Power Conversion Efficiency: 14.06 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -153,36 +153,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 201.65 12.5977 105.1935 14.4422 - 2 1.0052 202.70 12.5893 106.7137 14.5454 - 3 1.0062 202.90 12.5877 106.9965 14.5645 - 4 1.0067 203.00 12.5869 107.1437 14.5744 - 5 1.0070 203.06 12.5864 107.2410 14.5809 - 6 1.0073 203.11 12.5861 107.3094 14.5855 - 7 1.0072 203.10 12.5875 107.2883 14.5840 - 8 1.0049 202.63 12.6034 106.5979 14.5366 - 9 1.0027 202.20 12.5846 105.9991 14.4976 - 10 1.0055 202.77 12.5831 106.8152 14.5526 - 11 1.0063 202.93 12.5800 107.0480 14.5684 - 12 1.0068 203.02 12.5756 107.1824 14.5777 - 13 1.0071 203.08 12.5707 107.2763 14.5843 - 14 1.0073 203.12 12.5664 107.3395 14.5889 - 15 1.0070 203.06 12.5664 107.2499 14.5829 - 16 1.0032 202.30 12.5902 106.1324 14.5062 - 17 1.0041 202.47 12.5599 106.4141 14.5273 - 18 1.0058 202.82 12.5594 106.9132 14.5608 - 19 1.0065 202.95 12.5593 107.1070 14.5738 - 20 1.0069 203.03 12.5592 107.2239 14.5816 - 21 1.0072 203.09 12.5593 107.3058 14.5871 - 22 1.0073 203.12 12.5597 107.3503 14.5901 - 23 1.0066 202.98 12.5655 107.1389 14.5755 - 24 1.0008 201.80 12.6049 105.4108 14.4564 - 25 1.0048 202.61 12.5594 106.6135 14.5407 - 26 1.0060 202.86 12.5594 106.9739 14.5649 - 27 1.0066 202.98 12.5594 107.1408 14.5761 - 28 1.0070 203.05 12.5594 107.2467 14.5831 - 29 1.0072 203.10 12.5595 107.3219 14.5882 - 30 1.0073 203.12 12.5604 107.3423 14.5895 + 1 1.0000 201.65 16.3023 101.4888 13.9336 + 2 1.0052 202.70 16.2952 103.0078 14.0403 + 3 1.0062 202.90 16.2938 103.2904 14.0600 + 4 1.0067 203.00 16.2932 103.4374 14.0702 + 5 1.0070 203.06 16.2927 103.5347 14.0770 + 6 1.0073 203.11 16.2924 103.6057 14.0819 + 7 1.0074 203.14 16.2925 103.6390 14.0842 + 8 1.0066 202.98 16.2976 103.4049 14.0677 + 9 1.0008 201.81 16.3303 101.6978 13.9464 + 10 1.0048 202.61 16.2906 102.8823 14.0318 + 11 1.0060 202.86 16.2888 103.2445 14.0571 + 12 1.0066 202.98 16.2858 103.4144 14.0691 + 13 1.0070 203.05 16.2819 103.5243 14.0770 + 14 1.0072 203.10 16.2778 103.6045 14.0828 + 15 1.0074 203.14 16.2746 103.6566 14.0866 + 16 1.0070 203.06 16.2753 103.5458 14.0789 + 17 1.0032 202.29 16.2961 102.4216 13.9994 + 18 1.0041 202.47 16.2699 102.7040 14.0208 + 19 1.0058 202.82 16.2696 103.2030 14.0555 + 20 1.0065 202.95 16.2695 103.3967 14.0690 + 21 1.0069 203.03 16.2695 103.5136 14.0771 + 22 1.0072 203.09 16.2695 103.5958 14.0828 + 23 1.0074 203.13 16.2696 103.6541 14.0868 + 24 1.0072 203.11 16.2714 103.6158 14.0840 + 25 1.0048 202.62 16.2857 102.9058 14.0338 + 26 1.0027 202.20 16.2696 102.3141 13.9936 + 27 1.0055 202.77 16.2697 103.1286 14.0504 + 28 1.0063 202.93 16.2697 103.3583 14.0663 + 29 1.0068 203.02 16.2697 103.4884 14.0753 + 30 1.0071 203.08 16.2697 103.5773 14.0815 ******************************************************************* @@ -191,198 +191,198 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 837.4 5770.5 260.21 7.39 - 2 842.6 5788.6 239.37 14.81 - 3 844.2 5794.1 218.51 22.23 - 4 845.1 5797.3 197.64 29.66 - 5 845.8 5799.6 176.77 37.09 - 6 846.1 5800.7 155.88 44.52 - 7 844.0 5793.7 135.03 51.95 - 8 833.1 5756.1 114.30 59.32 - 9 839.9 5779.1 93.50 66.72 - 10 843.2 5790.3 72.65 74.14 - 11 844.5 5795.0 51.79 81.57 - 12 845.4 5798.0 30.92 89.00 - 13 846.0 5800.0 10.04 96.43 - 14 846.1 5800.3 -10.84 103.86 - 15 842.5 5787.7 -31.68 111.27 - 16 833.0 5754.9 -52.40 118.65 - 17 841.4 5783.5 -73.22 126.06 - 18 843.7 5791.8 -94.07 133.48 - 19 844.9 5795.9 -114.93 140.90 - 20 845.7 5798.6 -135.81 148.33 - 21 846.2 5800.4 -156.69 155.76 - 22 845.9 5799.3 -177.57 163.19 - 23 839.7 5778.2 -198.37 170.60 - 24 834.5 5759.7 -219.10 177.98 - 25 842.2 5786.4 -239.93 185.39 - 26 844.1 5793.0 -260.79 192.81 - 27 845.1 5796.6 -281.66 200.24 - 28 845.8 5799.1 -302.53 207.67 - 29 846.3 5800.6 -323.41 215.10 - 30 845.5 5797.9 -344.29 222.53 + 1 808.2 5770.5 275.00 7.02 + 2 813.4 5788.6 254.16 14.07 + 3 815.0 5794.1 233.30 21.12 + 4 815.9 5797.3 212.43 28.18 + 5 816.6 5799.6 191.55 35.24 + 6 817.0 5801.2 170.67 42.30 + 7 816.5 5799.6 149.79 49.36 + 8 810.3 5778.1 128.99 56.39 + 9 805.1 5759.8 108.25 63.40 + 10 812.8 5786.4 87.42 70.44 + 11 814.7 5793.0 66.57 77.49 + 12 815.8 5796.6 45.70 84.55 + 13 816.5 5799.1 24.82 91.61 + 14 817.1 5800.9 3.94 98.67 + 15 817.0 5800.7 -16.94 105.73 + 16 813.2 5787.6 -37.78 112.77 + 17 803.8 5755.0 -58.50 119.78 + 18 812.1 5783.5 -79.32 126.82 + 19 814.5 5791.8 -100.17 133.87 + 20 815.7 5795.9 -121.03 140.92 + 21 816.4 5798.6 -141.91 147.98 + 22 817.0 5800.5 -162.79 155.04 + 23 817.2 5801.2 -183.67 162.10 + 24 815.0 5793.7 -204.53 169.15 + 25 804.1 5756.2 -225.25 176.16 + 26 810.9 5779.1 -246.06 183.19 + 27 814.1 5790.3 -266.90 190.24 + 28 815.4 5795.0 -287.76 197.29 + 29 816.3 5798.0 -308.64 204.35 + 30 816.9 5800.0 -329.52 211.41 *************************** * SAM CASH FLOW PROFILE * *************************** ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 7.50 52.50 40.0 -Overnight capital expenditure [construction] ($) -39,163,570 -274,144,990 -208,872,373 +Overnight capital expenditure [construction] ($) -39,220,743 -274,545,204 -209,177,298 plus: -Inflation cost [construction] ($) -1,057,416 -15,003,681 -17,379,577 +Inflation cost [construction] ($) -1,058,960 -15,025,584 -17,404,949 equals: -Nominal capital expenditure [construction] ($) -40,220,986 -289,148,671 -226,251,950 +Nominal capital expenditure [construction] ($) -40,279,704 -289,570,789 -226,582,247 -Issuance of equity [construction] ($) 40,220,986 86,744,601 67,875,585 -Issuance of debt [construction] ($) 0 202,404,070 158,376,365 -Debt balance [construction] ($) 0 202,404,070 382,032,862 -Debt interest payment [construction] ($) 0 0 21,252,427 +Issuance of equity [construction] ($) 40,279,704 86,871,237 67,974,674 +Issuance of debt [construction] ($) 0 202,699,552 158,607,573 +Debt balance [construction] ($) 0 202,699,552 382,590,578 +Debt interest payment [construction] ($) 0 0 21,283,453 -Installed cost [construction] ($) -40,220,986 -289,148,671 -247,504,378 -After-tax net cash flow [construction] ($) -40,220,986 -86,744,601 -67,875,585 +Installed cost [construction] ($) -40,279,704 -289,570,789 -247,865,700 +After-tax net cash flow [construction] ($) -40,279,704 -86,871,237 -67,974,674 ENERGY -Electricity to grid (kWh) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 -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) 0.0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 +Electricity to grid (kWh) 0.0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137.0 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437.0 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137.0 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437.0 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 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 ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 288,437,017 -Total revenue ($) 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 382,255,918 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 90,645,344 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 288,858,096 +Total revenue ($) 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 379,503,441 -Property tax net assessed value ($) 0 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 576,874,035 +Property tax net assessed value ($) 0 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 577,716,192 OPERATING EXPENSES -O&M fixed expense ($) 0 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 27,777,560 -Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 -O&M production-based expense ($) 0 1,392,259 1,400,915 1,411,976 1,421,977 1,431,509 1,440,456 1,445,395 1,435,014 1,455,123 1,469,124 2,959,904 2,979,863 2,998,955 3,016,172 3,019,861 3,002,638 3,049,524 3,074,981 3,096,131 3,115,824 3,134,640 3,150,292 3,144,004 3,141,036 3,186,977 3,210,997 3,231,822 3,251,394 3,269,953 3,283,662 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 1,269,123 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 30,438,942 30,447,599 30,458,659 30,468,660 30,478,192 30,487,139 30,492,078 30,481,697 30,501,806 30,515,807 32,006,587 32,026,546 32,045,638 32,062,855 32,066,545 32,049,321 32,096,207 32,121,664 32,142,814 32,162,508 32,181,323 32,196,975 32,190,687 32,187,720 32,233,661 32,257,681 32,278,505 32,298,077 32,316,636 32,330,345 - -EBITDA ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 +O&M fixed expense ($) 0 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 27,785,581 +Royalty rate (%) 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 1.75 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 +O&M production-based expense ($) 0 1,343,705 1,352,354 1,363,121 1,372,830 1,382,078 1,390,983 1,398,341 1,395,656 1,394,795 1,416,238 2,855,410 2,875,436 2,894,332 2,912,533 2,928,742 2,931,183 2,913,534 2,959,746 2,984,664 3,005,253 3,024,381 3,042,742 3,059,794 3,067,756 3,042,931 3,084,627 3,113,076 3,134,506 3,154,038 3,172,587 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 1,270,976 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 30,400,261 30,408,911 30,419,678 30,429,386 30,438,635 30,447,539 30,454,897 30,452,212 30,451,352 30,472,795 31,911,966 31,931,992 31,950,888 31,969,090 31,985,298 31,987,740 31,970,090 32,016,302 32,041,221 32,061,809 32,080,937 32,099,298 32,116,350 32,124,312 32,099,488 32,141,184 32,169,632 32,191,062 32,210,594 32,229,143 + +EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 OPERATING ACTIVITIES -EBITDA ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 -Interest earned on reserves ($) 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 ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 26,742,300 26,459,196 26,156,273 25,832,147 25,485,331 25,114,239 24,717,170 24,292,306 23,837,701 23,351,274 22,830,798 22,273,888 21,677,994 21,040,388 20,358,149 19,628,154 18,847,059 18,011,287 17,117,012 16,160,137 15,136,280 14,040,754 12,868,541 11,614,273 10,272,207 8,836,195 7,299,663 5,655,574 3,896,398 2,014,080 -Cash flow from operating activities ($) 0 22,376,401 23,145,510 24,069,391 24,954,996 25,836,976 26,710,386 27,384,753 27,226,795 28,810,355 30,082,863 29,731,303 30,838,504 31,960,789 33,073,088 33,857,058 34,112,178 36,185,986 37,723,651 39,201,048 40,700,903 42,243,539 43,770,606 44,769,453 45,941,904 48,550,627 50,648,901 52,759,604 54,943,323 57,214,198 347,911,493 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 +Cash flow from operating activities ($) 0 19,601,520 20,370,659 21,278,506 22,148,160 23,014,728 23,886,282 24,697,032 24,971,787 25,378,740 27,069,741 26,807,040 27,916,904 29,034,664 30,175,039 31,305,162 32,103,540 32,399,161 34,510,284 36,092,902 37,618,830 39,171,559 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 INVESTING ACTIVITIES -Total installed cost ($) -576,874,035 +Total installed cost ($) -577,716,192 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -576,874,035 +Purchase of property ($) -577,716,192 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 ($) -576,874,035 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -577,716,192 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 194,841,173 -Size of debt ($) 382,032,862 +Issuance of equity ($) 195,125,614 +Size of debt ($) 382,590,578 minus: -Debt principal payment ($) 0 4,044,354 4,327,459 4,630,381 4,954,508 5,301,323 5,672,416 6,069,485 6,494,349 6,948,953 7,435,380 7,955,857 8,512,766 9,108,660 9,746,266 10,428,505 11,158,500 11,939,595 12,775,367 13,669,643 14,626,518 15,650,374 16,745,900 17,918,113 19,172,381 20,514,448 21,950,459 23,486,991 25,131,081 26,890,256 28,772,574 +Debt principal payment ($) 0 4,050,258 4,333,776 4,637,141 4,961,741 5,309,062 5,680,697 6,078,345 6,503,830 6,959,098 7,446,235 7,967,471 8,525,194 9,121,958 9,760,495 10,443,729 11,174,790 11,957,026 12,794,017 13,689,599 14,647,870 15,673,221 16,770,347 17,944,271 19,200,370 20,544,396 21,982,504 23,521,279 25,167,769 26,929,512 28,814,578 equals: -Cash flow from financing activities ($) 576,874,035 -4,044,354 -4,327,459 -4,630,381 -4,954,508 -5,301,323 -5,672,416 -6,069,485 -6,494,349 -6,948,953 -7,435,380 -7,955,857 -8,512,766 -9,108,660 -9,746,266 -10,428,505 -11,158,500 -11,939,595 -12,775,367 -13,669,643 -14,626,518 -15,650,374 -16,745,900 -17,918,113 -19,172,381 -20,514,448 -21,950,459 -23,486,991 -25,131,081 -26,890,256 -28,772,574 +Cash flow from financing activities ($) 577,716,192 -4,050,258 -4,333,776 -4,637,141 -4,961,741 -5,309,062 -5,680,697 -6,078,345 -6,503,830 -6,959,098 -7,446,235 -7,967,471 -8,525,194 -9,121,958 -9,760,495 -10,443,729 -11,174,790 -11,957,026 -12,794,017 -13,689,599 -14,647,870 -15,673,221 -16,770,347 -17,944,271 -19,200,370 -20,544,396 -21,982,504 -23,521,279 -25,167,769 -26,929,512 -28,814,578 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 22,376,401 23,145,510 24,069,391 24,954,996 25,836,976 26,710,386 27,384,753 27,226,795 28,810,355 30,082,863 29,731,303 30,838,504 31,960,789 33,073,088 33,857,058 34,112,178 36,185,986 37,723,651 39,201,048 40,700,903 42,243,539 43,770,606 44,769,453 45,941,904 48,550,627 50,648,901 52,759,604 54,943,323 57,214,198 347,911,493 -Cash flow from investing activities ($) -576,874,035 0 0 0 0 0 0 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 ($) 576,874,035 -4,044,354 -4,327,459 -4,630,381 -4,954,508 -5,301,323 -5,672,416 -6,069,485 -6,494,349 -6,948,953 -7,435,380 -7,955,857 -8,512,766 -9,108,660 -9,746,266 -10,428,505 -11,158,500 -11,939,595 -12,775,367 -13,669,643 -14,626,518 -15,650,374 -16,745,900 -17,918,113 -19,172,381 -20,514,448 -21,950,459 -23,486,991 -25,131,081 -26,890,256 -28,772,574 -Total pre-tax cash flow ($) 0 18,332,047 18,818,052 19,439,010 20,000,488 20,535,652 21,037,971 21,315,268 20,732,447 21,861,402 22,647,483 21,775,447 22,325,737 22,852,129 23,326,821 23,428,554 22,953,678 24,246,391 24,948,284 25,531,405 26,074,386 26,593,165 27,024,706 26,851,340 26,769,523 28,036,179 28,698,442 29,272,613 29,812,242 30,323,942 319,138,918 +Cash flow from operating activities ($) 0 19,601,520 20,370,659 21,278,506 22,148,160 23,014,728 23,886,282 24,697,032 24,971,787 25,378,740 27,069,741 26,807,040 27,916,904 29,034,664 30,175,039 31,305,162 32,103,540 32,399,161 34,510,284 36,092,902 37,618,830 39,171,559 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 +Cash flow from investing activities ($) -577,716,192 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 577,716,192 -4,050,258 -4,333,776 -4,637,141 -4,961,741 -5,309,062 -5,680,697 -6,078,345 -6,503,830 -6,959,098 -7,446,235 -7,967,471 -8,525,194 -9,121,958 -9,760,495 -10,443,729 -11,174,790 -11,957,026 -12,794,017 -13,689,599 -14,647,870 -15,673,221 -16,770,347 -17,944,271 -19,200,370 -20,544,396 -21,982,504 -23,521,279 -25,167,769 -26,929,512 -28,814,578 +Total pre-tax cash flow ($) 0 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 Pre-tax Returns: -Issuance of equity ($) 194,841,173 -Total pre-tax cash flow ($) 0 18,332,047 18,818,052 19,439,010 20,000,488 20,535,652 21,037,971 21,315,268 20,732,447 21,861,402 22,647,483 21,775,447 22,325,737 22,852,129 23,326,821 23,428,554 22,953,678 24,246,391 24,948,284 25,531,405 26,074,386 26,593,165 27,024,706 26,851,340 26,769,523 28,036,179 28,698,442 29,272,613 29,812,242 30,323,942 319,138,918 -Total pre-tax returns ($) -194,841,173 18,332,047 18,818,052 19,439,010 20,000,488 20,535,652 21,037,971 21,315,268 20,732,447 21,861,402 22,647,483 21,775,447 22,325,737 22,852,129 23,326,821 23,428,554 22,953,678 24,246,391 24,948,284 25,531,405 26,074,386 26,593,165 27,024,706 26,851,340 26,769,523 28,036,179 28,698,442 29,272,613 29,812,242 30,323,942 319,138,918 +Issuance of equity ($) 195,125,614 +Total pre-tax cash flow ($) 0 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 +Total pre-tax returns ($) -195,125,614 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 After-tax Returns: -Total pre-tax returns ($) -194,841,173 18,332,047 18,818,052 19,439,010 20,000,488 20,535,652 21,037,971 21,315,268 20,732,447 21,861,402 22,647,483 21,775,447 22,325,737 22,852,129 23,326,821 23,428,554 22,953,678 24,246,391 24,948,284 25,531,405 26,074,386 26,593,165 27,024,706 26,851,340 26,769,523 28,036,179 28,698,442 29,272,613 29,812,242 30,323,942 319,138,918 -Federal ITC total income ($) 0 173,062,210 0 0 0 0 0 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 -2,028,068 274,938 89,750 -87,765 -264,553 -439,624 -574,797 -543,136 -860,552 -1,115,620 -1,045,152 -1,267,084 -1,492,041 -1,714,996 -1,872,139 -1,923,276 -2,338,961 -2,647,178 -2,943,315 -3,243,953 -6,010,336 -8,773,599 -8,973,813 -9,208,825 -9,731,730 -10,152,319 -10,575,399 -11,013,114 -11,468,300 -69,737,119 -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) ($) 0 -460,361 62,409 20,373 -19,922 -60,052 -99,792 -130,476 -123,289 -195,341 -253,240 -237,244 -287,622 -338,686 -389,295 -424,966 -436,574 -530,932 -600,896 -668,118 -736,361 -1,364,316 -1,991,563 -2,037,010 -2,090,357 -2,209,054 -2,304,525 -2,400,562 -2,499,921 -2,603,246 -15,829,973 -Total after-tax returns ($) -194,841,173 188,905,828 19,155,399 19,549,134 19,892,801 20,211,047 20,498,554 20,609,994 20,066,022 20,805,508 21,278,623 20,493,051 20,771,031 21,021,402 21,222,530 21,131,449 20,593,828 21,376,498 21,700,210 21,919,973 22,094,072 19,218,513 16,259,544 15,840,517 15,470,341 16,095,395 16,241,598 16,296,652 16,299,207 16,252,396 233,571,826 - -After-tax net cash flow ($) -40,220,986 -86,744,601 -67,875,585 188,905,828 19,155,399 19,549,134 19,892,801 20,211,047 20,498,554 20,609,994 20,066,022 20,805,508 21,278,623 20,493,051 20,771,031 21,021,402 21,222,530 21,131,449 20,593,828 21,376,498 21,700,210 21,919,973 22,094,072 19,218,513 16,259,544 15,840,517 15,470,341 16,095,395 16,241,598 16,296,652 16,299,207 16,252,396 233,571,826 -After-tax cumulative IRR (%) NaN NaN NaN -1.66 3.41 7.61 10.87 13.34 15.21 16.61 17.64 18.46 19.10 19.58 19.95 20.25 20.50 20.69 20.83 20.96 21.06 21.14 21.21 21.25 21.29 21.31 21.33 21.35 21.37 21.38 21.39 21.40 21.49 -After-tax cumulative NPV ($) -40,220,986 -115,635,335 -166,937,614 -42,806,698 -31,863,675 -22,154,436 -13,564,990 -5,977,999 711,837 6,559,491 11,509,165 15,970,915 19,938,095 23,259,766 26,186,744 28,762,085 31,022,466 32,979,171 34,637,019 36,133,102 37,453,469 38,613,000 39,629,083 40,397,479 40,962,657 41,441,351 41,847,794 42,215,426 42,537,942 42,819,283 43,063,915 43,275,982 45,925,639 +Total pre-tax returns ($) -195,125,614 15,551,262 16,036,883 16,641,366 17,186,419 17,705,666 18,205,586 18,618,687 18,467,958 18,419,642 19,623,506 18,839,569 19,391,710 19,912,706 20,414,545 20,861,433 20,928,750 20,442,136 21,716,267 22,403,303 22,970,960 23,498,338 24,004,577 24,474,732 24,694,248 24,009,803 25,159,426 25,943,796 26,534,640 27,073,176 316,442,699 +Federal ITC total income ($) 0 173,314,858 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -1,468,270 838,317 656,343 482,026 308,327 133,628 -28,883 -83,956 -165,528 -504,480 -451,823 -674,290 -898,339 -1,126,922 -1,353,449 -1,513,480 -1,572,736 -1,995,900 -2,313,128 -2,618,993 -5,390,986 -8,173,130 -8,502,677 -8,798,457 -8,930,666 -9,449,364 -9,915,027 -10,363,489 -10,824,569 -69,205,095 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 +Total after-tax returns ($) -195,125,614 187,064,560 17,065,493 17,446,696 17,777,863 18,083,981 18,369,546 18,583,248 18,364,944 18,216,540 19,004,511 18,285,184 18,564,359 18,810,448 19,031,817 19,200,757 19,071,717 18,512,397 19,267,307 19,565,107 19,757,469 16,883,625 13,976,188 14,041,990 13,898,586 13,051,921 13,565,104 13,778,108 13,818,691 13,791,484 231,528,398 + +After-tax net cash flow ($) -40,279,704 -86,871,237 -67,974,674 187,064,560 17,065,493 17,446,696 17,777,863 18,083,981 18,369,546 18,583,248 18,364,944 18,216,540 19,004,511 18,285,184 18,564,359 18,810,448 19,031,817 19,200,757 19,071,717 18,512,397 19,267,307 19,565,107 19,757,469 16,883,625 13,976,188 14,041,990 13,898,586 13,051,921 13,565,104 13,778,108 13,818,691 13,791,484 231,528,398 +After-tax cumulative IRR (%) NaN NaN NaN -2.25 2.34 6.24 9.35 11.75 13.59 15.00 16.06 16.87 17.53 18.02 18.42 18.74 18.99 19.20 19.37 19.50 19.61 19.70 19.78 19.83 19.87 19.90 19.92 19.94 19.96 19.97 19.98 19.99 20.12 +After-tax cumulative NPV ($) -40,279,704 -115,804,148 -167,181,321 -44,260,312 -34,511,202 -25,846,156 -18,169,912 -11,381,397 -5,386,376 -113,769 4,416,301 8,322,846 11,866,041 14,829,844 17,445,866 19,750,342 21,777,393 23,555,322 25,090,637 26,386,269 27,558,604 28,593,566 29,502,192 30,177,234 30,663,043 31,087,386 31,452,536 31,750,652 32,020,020 32,257,881 32,465,283 32,645,240 35,271,716 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -40,220,986 -86,744,601 -67,875,585 109,348,185 -60,896,906 -61,135,190 -61,363,001 -61,589,452 -61,813,210 -61,984,006 -61,934,776 -62,344,353 -62,671,322 -64,075,638 -64,367,907 -64,663,019 -64,953,800 -65,150,304 -65,195,826 -65,752,754 -66,156,392 -66,540,900 -66,929,476 -70,342,630 -73,748,791 -73,988,165 -74,273,556 -74,961,099 -75,501,179 -76,041,121 -76,597,767 -77,174,837 139,752,926 -PPA revenue ($) 0 0 0 79,557,644 80,052,305 80,684,324 81,255,803 81,800,499 82,311,764 82,594,001 82,000,798 83,149,862 83,949,945 84,568,688 85,138,938 85,684,422 86,176,331 86,281,753 85,789,653 87,129,252 87,856,602 88,460,873 89,023,548 89,561,143 90,008,336 89,828,682 89,743,897 91,056,494 91,742,777 92,337,773 92,896,974 93,427,233 93,818,900 -Electricity to grid (kWh) 0 0 0 837,448,880 842,655,838 844,243,212 845,182,053 845,832,891 846,132,445 844,087,895 833,172,101 839,982,442 843,209,571 844,588,918 845,471,079 846,098,763 846,193,349 842,512,963 833,071,018 841,422,038 843,801,407 844,979,207 845,749,074 846,273,674 845,943,004 839,755,838 834,516,431 842,257,829 844,155,110 845,197,005 845,902,148 846,337,827 845,520,009 +Annual costs ($) -40,279,704 -86,871,237 -67,974,674 110,281,438 -60,211,899 -60,445,946 -60,669,542 -60,891,918 -61,115,177 -61,321,935 -61,386,825 -61,486,052 -61,923,388 -63,297,950 -63,590,941 -63,884,745 -64,183,416 -64,477,572 -64,676,371 -64,731,428 -65,296,860 -65,711,016 -66,106,899 -69,527,249 -72,959,285 -73,380,691 -73,751,573 -73,888,969 -74,567,104 -75,166,919 -75,738,610 -76,323,884 140,883,053 +PPA revenue ($) 0 0 0 76,783,122 77,277,392 77,892,642 78,447,404 78,975,899 79,484,723 79,905,183 79,751,769 79,702,593 80,927,899 81,583,134 82,155,300 82,695,193 83,215,233 83,678,329 83,748,088 83,243,825 84,564,168 85,276,123 85,864,368 86,410,874 86,935,474 87,422,681 87,650,159 86,940,890 88,132,208 88,945,028 89,557,301 90,115,369 90,645,344 +Electricity to grid (kWh) 0 0 0 808,243,387 813,446,234 815,032,355 815,970,503 816,625,987 817,071,580 816,608,918 810,320,754 805,158,022 812,855,559 814,772,137 815,842,108 816,581,346 817,117,371 817,091,391 813,246,145 803,899,806 812,179,867 814,558,437 815,735,966 816,506,413 817,062,723 817,263,543 815,047,042 804,189,155 810,933,090 814,142,129 815,491,723 816,336,340 816,919,110 -Present value of annual costs ($) 363,405,017 -Present value of annual energy nominal (kWh) 4,175,116,739 -LCOE Levelized cost of energy nominal (cents/kWh) 8.70 +Present value of annual costs ($) 359,956,613 +Present value of annual energy nominal (kWh) 4,031,275,592 +LCOE Levelized cost of energy nominal (cents/kWh) 8.93 -Present value of PPA revenue ($) 409,330,658 -Present value of annual energy nominal (kWh) 4,175,116,739 +Present value of PPA revenue ($) 395,228,329 +Present value of annual energy nominal (kWh) 4,031,275,592 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 -State taxable PBI income ($) 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 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 26,742,300 26,459,196 26,156,273 25,832,147 25,485,331 25,114,239 24,717,170 24,292,306 23,837,701 23,351,274 22,830,798 22,273,888 21,677,994 21,040,388 20,358,149 19,628,154 18,847,059 18,011,287 17,117,012 16,160,137 15,136,280 14,040,754 12,868,541 11,614,273 10,272,207 8,836,195 7,299,663 5,655,574 3,896,398 2,014,080 -Total state tax depreciation ($) 0 12,258,573 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 12,258,573 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 +Total state tax depreciation ($) 0 12,276,469 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 12,276,469 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 10,117,828 -1,371,636 -447,755 437,849 1,319,829 2,193,240 2,867,606 2,709,649 4,293,208 5,565,717 5,214,157 6,321,357 7,443,643 8,555,941 9,339,912 9,595,032 11,668,839 13,206,504 14,683,901 16,183,757 29,984,966 43,770,606 44,769,453 45,941,904 48,550,627 50,648,901 52,759,604 54,943,323 57,214,198 347,911,493 +State taxable income ($) 0 7,325,051 -4,182,279 -3,274,432 -2,404,778 -1,538,210 -666,656 144,094 418,849 825,802 2,516,802 2,254,102 3,363,965 4,481,725 5,622,101 6,752,224 7,550,602 7,846,223 9,957,346 11,539,964 13,065,892 26,895,090 40,774,924 42,419,003 43,894,618 44,554,199 47,141,930 49,465,076 51,702,409 54,002,688 345,257,277 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -460,361 62,409 20,373 -19,922 -60,052 -99,792 -130,476 -123,289 -195,341 -253,240 -237,244 -287,622 -338,686 -389,295 -424,966 -436,574 -530,932 -600,896 -668,118 -736,361 -1,364,316 -1,991,563 -2,037,010 -2,090,357 -2,209,054 -2,304,525 -2,400,562 -2,499,921 -2,603,246 -15,829,973 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 -Interest earned on reserves ($) 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) ($) 0 -460,361 62,409 20,373 -19,922 -60,052 -99,792 -130,476 -123,289 -195,341 -253,240 -237,244 -287,622 -338,686 -389,295 -424,966 -436,574 -530,932 -600,896 -668,118 -736,361 -1,364,316 -1,991,563 -2,037,010 -2,090,357 -2,209,054 -2,304,525 -2,400,562 -2,499,921 -2,603,246 -15,829,973 -State ITC total income ($) 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 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -333,290 190,294 148,987 109,417 69,989 30,333 -6,556 -19,058 -37,574 -114,515 -102,562 -153,060 -203,919 -255,806 -307,226 -343,552 -357,003 -453,059 -525,068 -594,498 -1,223,727 -1,855,259 -1,930,065 -1,997,205 -2,027,216 -2,144,958 -2,250,661 -2,352,460 -2,457,122 -15,709,206 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 26,742,300 26,459,196 26,156,273 25,832,147 25,485,331 25,114,239 24,717,170 24,292,306 23,837,701 23,351,274 22,830,798 22,273,888 21,677,994 21,040,388 20,358,149 19,628,154 18,847,059 18,011,287 17,117,012 16,160,137 15,136,280 14,040,754 12,868,541 11,614,273 10,272,207 8,836,195 7,299,663 5,655,574 3,896,398 2,014,080 -Total federal tax depreciation ($) 0 12,258,573 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 24,517,146 12,258,573 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 +Total federal tax depreciation ($) 0 12,276,469 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 24,552,938 12,276,469 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 9,657,467 -1,309,227 -427,382 417,927 1,259,777 2,093,447 2,737,130 2,586,360 4,097,867 5,312,476 4,976,912 6,033,735 7,104,957 8,166,646 8,914,946 9,158,458 11,137,907 12,605,608 14,015,784 15,447,396 28,620,650 41,779,044 42,732,443 43,851,547 46,341,573 48,344,376 50,359,042 52,443,401 54,610,952 332,081,520 +Federal taxable income ($) 0 6,991,761 -3,991,985 -3,125,445 -2,295,361 -1,468,221 -636,323 137,538 399,791 788,228 2,402,288 2,151,540 3,210,905 4,277,807 5,366,296 6,444,998 7,207,049 7,489,220 9,504,287 11,014,895 12,471,394 25,671,364 38,919,665 40,488,939 41,897,413 42,526,983 44,996,972 47,214,415 49,349,949 51,545,566 329,548,071 -Federal 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) ($) 0 -2,028,068 274,938 89,750 -87,765 -264,553 -439,624 -574,797 -543,136 -860,552 -1,115,620 -1,045,152 -1,267,084 -1,492,041 -1,714,996 -1,872,139 -1,923,276 -2,338,961 -2,647,178 -2,943,315 -3,243,953 -6,010,336 -8,773,599 -8,973,813 -9,208,825 -9,731,730 -10,152,319 -10,575,399 -11,013,114 -11,468,300 -69,737,119 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -1,468,270 838,317 656,343 482,026 308,327 133,628 -28,883 -83,956 -165,528 -504,480 -451,823 -674,290 -898,339 -1,126,922 -1,353,449 -1,513,480 -1,572,736 -1,995,900 -2,313,128 -2,618,993 -5,390,986 -8,173,130 -8,502,677 -8,798,457 -8,930,666 -9,449,364 -9,915,027 -10,363,489 -10,824,569 -69,205,095 CASH INCENTIVES Federal IBI income ($) 0 @@ -397,75 +397,75 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 173,062,210 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 173,062,210 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 173,314,858 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 173,314,858 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 382,032,862 377,988,508 373,661,049 369,030,668 364,076,161 358,774,838 353,102,422 347,032,937 340,538,588 333,589,635 326,154,255 318,198,399 309,685,632 300,576,972 290,830,706 280,402,201 269,243,700 257,304,105 244,528,738 230,859,095 216,232,577 200,582,203 183,836,303 165,918,190 146,745,809 126,231,361 104,280,902 80,793,911 55,662,830 28,772,574 0 -Debt interest payment ($) 0 26,742,300 26,459,196 26,156,273 25,832,147 25,485,331 25,114,239 24,717,170 24,292,306 23,837,701 23,351,274 22,830,798 22,273,888 21,677,994 21,040,388 20,358,149 19,628,154 18,847,059 18,011,287 17,117,012 16,160,137 15,136,280 14,040,754 12,868,541 11,614,273 10,272,207 8,836,195 7,299,663 5,655,574 3,896,398 2,014,080 -Debt principal payment ($) 0 4,044,354 4,327,459 4,630,381 4,954,508 5,301,323 5,672,416 6,069,485 6,494,349 6,948,953 7,435,380 7,955,857 8,512,766 9,108,660 9,746,266 10,428,505 11,158,500 11,939,595 12,775,367 13,669,643 14,626,518 15,650,374 16,745,900 17,918,113 19,172,381 20,514,448 21,950,459 23,486,991 25,131,081 26,890,256 28,772,574 -Debt total payment ($) 0 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 +Debt balance ($) 382,590,578 378,540,320 374,206,544 369,569,403 364,607,662 359,298,600 353,617,903 347,539,558 341,035,728 334,076,631 326,630,396 318,662,925 310,137,731 301,015,773 291,255,279 280,811,550 269,636,759 257,679,734 244,885,717 231,196,118 216,548,248 200,875,026 184,104,679 166,160,408 146,960,038 126,415,642 104,433,138 80,911,859 55,744,091 28,814,578 0 +Debt interest payment ($) 0 26,781,340 26,497,822 26,194,458 25,869,858 25,522,536 25,150,902 24,753,253 24,327,769 23,872,501 23,385,364 22,864,128 22,306,405 21,709,641 21,071,104 20,387,870 19,656,808 18,874,573 18,037,581 17,142,000 16,183,728 15,158,377 14,061,252 12,887,328 11,631,229 10,287,203 8,849,095 7,310,320 5,663,830 3,902,086 2,017,020 +Debt principal payment ($) 0 4,050,258 4,333,776 4,637,141 4,961,741 5,309,062 5,680,697 6,078,345 6,503,830 6,959,098 7,446,235 7,967,471 8,525,194 9,121,958 9,760,495 10,443,729 11,174,790 11,957,026 12,794,017 13,689,599 14,647,870 15,673,221 16,770,347 17,944,271 19,200,370 20,544,396 21,982,504 23,521,279 25,167,769 26,929,512 28,814,578 +Debt total payment ($) 0 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 DSCR (DEBT FRACTION) -EBITDA ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 +EBITDA ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 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) ($) 0 49,118,701 49,604,706 50,225,665 50,787,143 51,322,307 51,824,625 52,101,922 51,519,101 52,648,056 53,434,137 52,562,101 53,112,391 53,638,784 54,113,476 54,215,208 53,740,332 55,033,045 55,734,938 56,318,059 56,861,040 57,379,820 57,811,361 57,637,995 57,556,177 58,822,833 59,485,097 60,059,267 60,598,896 61,110,596 349,925,573 -Debt total payment ($) 0 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 30,786,654 -DSCR (pre-tax) 0.0 1.60 1.61 1.63 1.65 1.67 1.68 1.69 1.67 1.71 1.74 1.71 1.73 1.74 1.76 1.76 1.75 1.79 1.81 1.83 1.85 1.86 1.88 1.87 1.87 1.91 1.93 1.95 1.97 1.98 11.37 +Cash available for debt service (CAFDS) ($) 0 46,382,861 46,868,481 47,472,965 48,018,018 48,537,265 49,037,184 49,450,286 49,299,556 49,251,241 50,455,105 49,671,168 50,223,308 50,744,305 51,246,144 51,693,031 51,760,349 51,273,735 52,547,865 53,234,902 53,802,558 54,329,937 54,836,176 55,306,331 55,525,847 54,841,402 55,991,024 56,775,395 57,366,239 57,904,774 347,274,297 +Debt total payment ($) 0 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 30,831,599 +DSCR (pre-tax) 0.0 1.50 1.52 1.54 1.56 1.57 1.59 1.60 1.60 1.60 1.64 1.61 1.63 1.65 1.66 1.68 1.68 1.66 1.70 1.73 1.75 1.76 1.78 1.79 1.80 1.78 1.82 1.84 1.86 1.88 11.26 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ***EXTENDED ECONOMICS*** - Royalty Holder NPV: 31.43 MUSD - Royalty Holder Average Annual Revenue: 2.55 MUSD/yr - Royalty Holder Total Revenue: 76.62 MUSD + Royalty Holder NPV: 30.35 MUSD + Royalty Holder Average Annual Revenue: 2.47 MUSD/yr + Royalty Holder Total Revenue: 73.97 MUSD diff --git a/tests/examples/Fervo_Project_Cape-6.txt b/tests/examples/Fervo_Project_Cape-6.txt index ea08d6a7..ec3abc92 100644 --- a/tests/examples/Fervo_Project_Cape-6.txt +++ b/tests/examples/Fervo_Project_Cape-6.txt @@ -77,7 +77,7 @@ Fracture Separation, 9.8255, -- Based on 30 foot cluster spacing (Singh et al., Fracture Shape, 4, -- Bench design and fracture geometry in Singh et al., 2025 are given in rectangular dimensions. Fracture Width, 305, -- Matches intra-bench well spacing of 500 ft (corresponding to fracture length of 1000 ft) (Singh. et al., 2025) -Fracture Height, 95, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. +Fracture Height, 100, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. Water Loss Fraction, 0.01, -- "Long-term modeling, calibrated to early field data, predicts circulation recapture rates exceeding 99%" ([Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/); Fervo Energy, 2025). Modeling in Singh et al., 2025 predicts fluid loss of 0.36% to 0.49%. Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement costs. Development near/on land with active/shut-in oil and gas wells could potentially utilize waste water to recover losses and offset costs. @@ -104,8 +104,8 @@ Injection Well Diameter, 8.535, -- See Production Well Diameter Production Wellhead Pressure, 303 psi, -- Modeled at a constant 300 psi in Singh et al., 2025. We use a marginally uprated value to conform to GEOPHIRES's calculated minimum wellhead pressure and nominally align with the gradual increase in WHP for constant flow rates modeled by Singh et al. -Injectivity Index, 1.809, -- Based on ATB Conservative Scenario (NREL, 2025) derated by 40% per analyses that suggest lower productivity/injectivitity (Xing et al., 2025; Yearsley and Kombrink, 2024). -Productivity Index, 1.4964, -- See Injectivity Index +Injectivity Index, 1.38, -- Based on ATB Conservative Scenario (NREL, 2025) derated by (FIXME WIP)% per analyses that suggest lower productivity/injectivitity (Xing et al., 2025; Yearsley and Kombrink, 2024). +Productivity Index, 1.13, -- See Injectivity Index Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). Note: GEOPHIRES enforces a thermodynamic optimum that overrides higher values, such as Fervo's considered operational target of 80°C (intended for silica scaling mitigation), resulting in a "maximum theoretical power" scenario. Support for higher reinjection temperatures may be added in future GEOPHIRES versions. diff --git a/tests/geophires_docs_tests/test_generate_fervo_project_cape_5_graphs.py b/tests/geophires_docs_tests/test_generate_fervo_project_cape_5_graphs.py index 216a4ac8..53ba49cc 100644 --- a/tests/geophires_docs_tests/test_generate_fervo_project_cape_5_graphs.py +++ b/tests/geophires_docs_tests/test_generate_fervo_project_cape_5_graphs.py @@ -11,12 +11,16 @@ class FervoProjectCape5GraphsTestCase(BaseTestCase): def test_get_redrilling_event_indexes(self) -> None: - input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( - from_file_path=self._get_test_file_path('../examples/Fervo_Project_Cape-5.txt') - ) - r: GeophiresXResult = GeophiresXClient().get_geophires_result(input_params) + for example_id in [ + 'Fervo_Project_Cape-5', + # 'Fervo_Project_Cape-6' # TODO (requires tuning) + ]: + input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( + from_file_path=self._get_test_file_path(f'../examples/{example_id}.txt') + ) + r: GeophiresXResult = GeophiresXClient().get_geophires_result(input_params) - redrilling_indexes = _get_redrilling_event_indexes((input_params, r)) - self.assertEqual( - r.result['ENGINEERING PARAMETERS']['Number of times redrilling']['value'], len(redrilling_indexes) - ) + redrilling_indexes = _get_redrilling_event_indexes((input_params, r)) + self.assertEqual( + r.result['ENGINEERING PARAMETERS']['Number of times redrilling']['value'], len(redrilling_indexes) + ) diff --git a/tests/geophires_x_tests/test_fervo_project_cape_5.py b/tests/geophires_x_tests/test_fervo_project_cape_5.py index 5064cbdd..f9da52a2 100644 --- a/tests/geophires_x_tests/test_fervo_project_cape_5.py +++ b/tests/geophires_x_tests/test_fervo_project_cape_5.py @@ -114,7 +114,7 @@ def test_fervo_project_cape_5_results_against_reference_values(self): ) min_net_gen = r.result['SURFACE EQUIPMENT SIMULATION RESULTS']['Minimum Net Electricity Generation']['value'] - self.assertGreater(min_net_gen, 500) + self.assertGreater(min_net_gen, 499) self.assertLess(min_net_gen, 505) max_total_gen = r.result['SURFACE EQUIPMENT SIMULATION RESULTS']['Maximum Total Electricity Generation'][ @@ -125,7 +125,7 @@ def test_fervo_project_cape_5_results_against_reference_values(self): lcoe = r.result['SUMMARY OF RESULTS']['Electricity breakeven price']['value'] self.assertGreater(lcoe, 7.5) - self.assertLess(lcoe, 8.5) + self.assertLess(lcoe, 8.75) redrills = r.result['ENGINEERING PARAMETERS']['Number of times redrilling']['value'] self.assertGreater(redrills, 1) @@ -141,8 +141,8 @@ def test_fervo_project_cape_5_results_against_reference_values(self): pumping_power_pct = r.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ 'Initial pumping power/net installed power' ]['value'] - self.assertGreater(pumping_power_pct, 5) - self.assertLess(pumping_power_pct, 15) + self.assertGreater(pumping_power_pct, 14.5) + self.assertLess(pumping_power_pct, 30) num_prod_wells = r.result['SUMMARY OF RESULTS']['Number of production wells']['value'] num_inj_wells = r.result['SUMMARY OF RESULTS']['Number of injection wells']['value']