nrel crest geothermal version1 4

Title: Cost of Renewable Energy Spreadsheet Tool (CREST)

Version: Geothermal, version 1.4

Update Notice:

Author: Sustainable Energy Advantage, LLC

Introduction:

User Manual:

The remainder of this Introduction worksheet provides an abridged version of the User Manual.

Model Architecture:

Examples:

Input Format

Black Text is strictly reserved for cells that are calculated automatically . These cells should not be modified.

In the "Check" column, green cells are used to indicate that the user has entered an acceptable value in a required field.

Yellow boxes are used to highlight input choices the model user must make via a dropdown menu. Drop-Down Menu

?

Operating the Model:

Understanding the Results:

Version 1.4 removes CREST's password protection. The authors strongly recommend that you save a copy of the model in its original form. Once altered, modeling results cannot be warranted by NREL or SEA. For model customization support, please contact Sustainable Energy Advantage, LLC.

For Technical Support, Please Contact:

Michael Mendelsohn, NREL(303) [email protected]

For Model Customization, Please Contact:

Sustainable Energy Advantage, LLC(508) [email protected]

The CREST model is a cost-of-energy analysis tool intended to assist policy makers evaluating the appropriate payment rate for a cost-based renewable energy incentive policy. The model aims to determine the cost-of-energy, or minimum revenue per unit of production needed for a sample (modeled) renewable energy project to meet its investors' assumed minimum required after-tax rate of return. This model was developed in conjunction with a report entitled “Renewable Energy Cost Modeling: A Toolkit for Establishing Cost-Based Incentives in the United States”, developed under contract to the National Renewable Energy Laboratory. For more information about the factors, issues and policy decisions involved in establishing cost-based rates and incentives, please refer to the report.The report, user manual and CREST models are free and available for download at: http://financere.nrel.gov/finance/content/crest-model The CREST model comes with a User Manual which describes its design, features, inputs and outputs. The manual is intended to provide an easy to follow road map to users who might not typically work with financial analyses, to ensure successful utilization of this Cost of Energy tool. The User Manual gives a "guided tour" of the model architecture, provides an explanation of how to operate the model, compare multiple analyses, and understand the results. The User Manual is available to download at: http://financere.nrel.gov/finance/content/crest-model

The CREST model consists of six worksheets: (1) Introduction: An overview of the CREST model, (2) Inputs: The interface for nearly all user-defined assumptions, (3) Summary Results: A framework for storing the output (results) and associated key inputs of multiple model runs, (4) Annual Cash Flows & Returns: Provides a summary of the modeled project's annual cash flows, (5) Cash Flow: The formula calculations, or "guts", of the model; derives all project cash and tax benefits, and (6) Complex Inputs: This worksheet is only used if the user elects to include a detailed breakdown of project costs; this choice is selected by the user on the Inputs tab. Users should expect to work primarily with the "Inputs" and the "Summary Results" worksheets, although the

Entering Inputs: Model Conventions

Blue Bold Text denotes user-defined inputs. The user is responsible for modifying these cells to be consistent with the project being evaluated.

Calculated Value Format

Conversely, red cells appearing in the "Check" column indicate that a required cell is blank or contains an invalid argument which requires the user's attention.

The "Notes" column, populated with boxes showing a "?", contains a combination of definitions, explanations and ranges of typical values for most inputs. To read a note, the users need only move the cursor onto the applicable cell. The user is strongly encouraged to review all of these comments in order to understand key features of the CREST model.

Manual. MS Excel's "Calculation Options" MUST be set to "Automatic" in order for these results to be generated automatically. If "Calculation Options" are not set to "Automatic," then the user will need to press "F9" after any input is changed, in order to calculate accurate results. Even when the Calculations Options are set to Automatic, there are circumstances in which F9 will need to be pressed one or more times in order to complete the calculation. This is described in more detail in the note towards the top of the Summary Results worksheet.

Results appear on the "Summary Results" worksheet. In an effort to allow the user to perform a side-by-side review of multiple cases, the "Summary Results" tab has columns for multiple results. The user is encouraged to copy and paste results from column D into columns F-O as multiple scenarios are run. This is accomplished by using the "copy" and then "paste special -- values" features in Excel.

The output of this model is the all-in payment required to cover all expenses and meet the project investors' after-tax return requirements over the specified number of years. This payment can be used to inform the feed-in tariff rate-setting process. The payment can either be expressed as a ‘Year One’ value of which all, or a designated portion, escalates each year during the tariff's duration at a defined rate, or as a "nominal levelized" value (where zero annual escalation is assumed). The model output is always expressed in cents/kWh. It is important to note that this calculated tariff rate is net of other assumed

http://financere.nrel.gov/finance/content/crest-model

http://financere.nrel.gov/finance/content/crest-model

Performance, Cost, Operating, Tax & Financing Inputs

Check

###

###

###

###

###

######


Project Size and PerformanceGenerator Gross Nameplate CapacityNet Capacity Factor, Yr 1Production, Yr 1Select Production Degradation Level of DetailAnnual Plant Production Degradation

Ratio of Plant Capacity to Thermal PotentialThermal Resource Potential, Yr 1 (kW-electric equivalent)Select Thermal Resource Degradation Level of DetailAnnual Degradation of Thermal Resource

Project Useful Life

Cost Level of Detail: Confirmation and Site Development CostsSelect Cost Level of Detail

Installed Cost, excluding exploration costs

Exploration Costs Attributed to ProjectTotal Exploration Costs (before time-value of investment)Exploration Well Drilling Success RateNumber of Successful Exploration Wells RequiredAvg cost per exploration wellNon-well exploration costsExploration Cost, before time-value of investment (for reference)Expected Return on Exploration Capital (from investment to COD)Total Capital Invested in Exploration

Confirmation Drilling CostsConfirmation well success ratioNumber of successful confirmation wells requiredCost per confirmation wellNon-well confirmation costsDuration of Confirmation Phase% of Confirmation Costs Financed with DebtInterest Rate (Annual)% of Confirmation Costs Financed with Equity

Total Exploration Costs (including return from inception to COD)

Annual Return Requirement of Confirmation Stage InvestorsBlended Cost of Confirmation FinancingTotal Confirmation Well Cost (at end of Confirmation Phase)

Total Confirmation Well Cost (at end of Confirmation Phase)Confirmation Cost per kW, before time-value of investment (for refere

Site Construction Costs: Well field & Power PlantDuration of Construction Phase% of Construction Costs Financed with DebtInterest Rate (Annual)% of Construction Costs Financed with EquityAnnual Return Requirement of Construction Phase Equity InvestorsBlended Cost of Construction FinancingProduction Well FieldTotal Production Wells NeededRatio of Injection to Production WellsCost per production wellCost per injection wellNon-Drilling Wellfield Costs (excluding confirmation phase)

Total Well Field Cost (at end of Construction/COD)Power Plant & Interconnection

Power Plant Cost per kW, before IDC (for reference)InterconnectionReserves, Lender Fees & Closing Costs

Total Power Plant & Interconnection Cost (at COD)Total Well Field & Power Plant Costs (at COD)Total Well Field & Power Plant Cost per kW (for reference)

Total Project CostsTotal Installed Cost (before grants, if applicable)Total Installed Cost, including time value of money

Permanent Financing% Debt (% of hard costs) (mortgage-style amort.)Debt TermInterest Rate on Term DebtLender's Fee (% of total borrowing)Required Minimum Annual DSCRActual Minimum DSCR, occurs in →

Total Confirmation Costs (at time of permanent financing)

Minimum DSCR Check Cell (If "Fail," read note ==>)Required Average DSCRActual Average DSCRAverage DSCR Check Cell (If "Fail," read note ==>)% Equity (% hard costs) (soft costs also equity funded)Target After-Tax Equity IRRWeighted Average Cost of Capital (WACC)Other Closing Costs

Initial Funding of Reserve AccountsDebt Service Reserve# of months of Debt ServiceInitial Debt Service ReserveO&M Reserve/Working Capital# of months of O&M ExpenseInitial O&M and WC ReserveInterest on All Reserves

Summary of Sources of Funding for Total Installed CostSenior Debt (funds portion of hard costs)Equity (funds balance of hard costs + all soft costs)Total Value of Grants (excl. pmt in lieu of ITC, if applicable)Total Installed Cost

Unit Definitions(kW) kilowatt – a standard measure of electrical capacity, equal to 1000 Watts.(kWh) kilowatt hour – a standard measure of electrical output. A 1 kW generator operating at rated capacity for one hour will produce 1 kWh of electricity.(DC) direct current – the unidirectional flow of electric charge(AC) alternating current – the multidirectional flow of electric charge($/kW-yr) – an annual expense (or revenue) based on generator capacity($) – All CREST model values are in nominal dollars(¢/kWh) –cents per kilowatt hour(%) – an input with units expressed as a percentage(years or year) – an input applicable to a specified duration or project year($/yr) – inputs measured in dollars and applied annually(months) –designates the number of months to which an input appliesPass/Fail – denotes whether the two debt service coverage ratio tests have passed or failed.


Notes CheckUnits Input ValueMW 15 ? ###% 85.5% ?

kWh 112,347,000 ?Annual ?

% 0.5% ??

ratio 0.95 ? ###MW 15.8 ? ###

Annual ?% 3.0% ?

?years 25 ?

Units Input ValueIntermediate ?

$/kW $3,200 ?

?$/kW $175 ?

% 50% ?# 1### ?

$/Well $4,000,000 ### ?$ $750,000 ### ?

$/kW 583 % 100% ?$ $8,750,000 ?$ $17,500,000 ?

Units Input Value ?% 50% ?# 2 ### ?$ $3,500,000 ?$ $250,000 ?

years 2 ?% 0% ? ###% 0.0% ?% 100% ?

% 30% ?% 30.00% ? ###

$18,525,000 ?### ?

$ ?$/kW $1,235

$ $27,075,000 ?

Units Input Value ?years 2 ?

% 65% ?% 6.5% ?% 35% ?% 20% ?% 9.51% ? ###

#### 3.0 ?

ratio 0.5 ?$ $3,000,000 ?

$3,000,000 ? ###$ $250,000 ? ###$ $8,487,243 ?$ $75,000,000 ?

$/kW $5,000 ?$ $1,000,000 ?$ $8,049,793 ?

?$ $91,279,535 ###$ $99,766,779 ? ###

$/kW $6,651 ###

Units Input Value$ $144,341,779 ?

$/kW $9,623 ?

Units Input Value ###% 50% ? ###

years 15 ?% 7.00% ?% 3.0% ?

1.20 ?Year 15 1.79 ?

Pass/Fail Pass ?1.45 ?2.10 ?

Pass/Fail Pass ?% 50% ?% 15.00% ?% 10.16% ? ### ###$ $0 ? ### ###

###Units Input Value ###

###months 6 ? ###

$ $3,542,585 ? ###

months 6 ?$ $2,571,274 ?% 1.6% ?

45% $64,531,122 ?55% $79,810,657 ? ###0% $0 ?$ $144,341,779 ? ###

(kWh) kilowatt hour – a standard measure of electrical output. A 1 kW generator operating at rated capacity for one hour will produce 1 kWh of electricity.


Technology OptionsCost-Based Tariff Rate Structure UnitsPayment Duration for Cost-Based Tariff years% of Year-One Tariff Rate Escalated %Cost-Based Tariff Escalation Rate %

Select Market Value Forecast MethodologyValue of energy, capacity & RECs, Yr 1 ¢/kWhMarket Value Escalation Rate %

Operations & Maintenance UnitsSelect Cost Level of Detail

Operations & Maintenance: UnitsO&M Cost Inflation, initial period %Initial Period ends last day of: yearO&M Cost Inflation, thereafter %FieldFixed O&M Expense, Yr 1 $/kW-yrVariable O&M Expense, Yr 1 ¢/kWh PlantFixed O&M Expense, Yr 1 $/kW-yrVariable O&M Expense, Yr 1 ¢/kWh Other O&MInsurance, Yr 1 (% of Total Cost) %Insurance, Yr 1 ($) (Provided for reference) $Project Management Yr 1 $/yrProperty Tax or PILOT, Yr 1 $/yrAnnual Property Tax Adjustment Factor %Land Lease $/yrRoyalties (% of revenue) %Royalties, Yr 1 ($) (Provided for reference) $

Capital Expenditures During Operations: Replacement Wells1st Set of Well Replacements year# of Wells Replaced #Cost per Replacement Well ($ in year replaced) $

Forecasted Market Value of Production; applies after Incentive Expiration

Resulting Increase in Thermal Resource Potential % of initial2nd Set of Well Replacements year# of Wells Replaced #Cost per Replacement Well ($ in year replaced) $Resulting Increase in Thermal Resource Potential % of initial

Reserves Funded from Operations UnitsDecommissioning ReserveFund from Operations or Salvage Value?Reserve Requirement $

Federal Incentives UnitsSelect Form of Federal IncentiveInvestment Tax Credit (ITC) or Cash Grant?ITC or Cash Grant Amount %ITC utilization factor, if applicable %ITC or Cash Grant $Is PBI Tax-Based (PTC) or Cash-Based (REPI)?PBI Rate ¢/kWhPBI Utilization Factor, if applicable %PBI Duration yrsPBI Escalation Rate %

$Federal Grants Treated as Taxable Income?

State Tax Credits, Rebates and/or REC Revenue UnitsSelect Form of State IncentiveITC Amount %Utilization Factor, if applicable %State ITC realization period yrsTotal State ITC, over realization period $Is Performance-Based Incentive Tax Credit or Cash Pmt?Annual $ Cap on Performance-Based Incentive $If cash, is state PBI or REC taxable?PBI or REC Rate ¢/kWhPBI Utilization Factor, if applicable %PBI or REC PaymentDuration yrsPBI or REC Escalation Rate (pos. or neg.) %Additional State Rebates/Grants $/kWTotal $ Cap on State Rebates/Grants $State Grants Treated as Taxable Income?

Additional Federal Grants (Other than Section 1603)

Bonus Depreciation Input ValuesBonus Depreciation No% Bonus Depreciation, Yr 1, if applicable 0%

Allocation of Depreciable, Depletable & Expensable CostsCost Category 5-year MACRS

Total Installed Cost 65.0%Exploration Costs Attributed to Project 0.0%Confirmation Drilling Costs 34.0%Power Plant & Interconnection 100.0%Interconnection 0.0%Reserves, Lender Fees & Closing Costs 0.0%

Additional Depletion Inputs:Percentage (Statutory) Depletion Deduction %: 15%

Portion of Revenue Attributable to Steam: 35%

Tax UnitsIs owner a taxable entity?Federal Income Tax Rate %Federal Tax Benefits used as generated or carried forward?State Income Tax Rate %State Tax Benefits used as generated or carried forward?Effective Income Tax Rate %Depreciation Allocation


NotesInput Value

20 ?0.0% ?0.0% ?

?Year One ? 1

4.00 ? 12.0% ? 1

? 0

Input ValueIntermediate ?

Input Value2.0% ?

10 ?2.0% ?

$2.00 ?1.00 ?

$2.00 ?2.00 ?

0.4% ?$516,249 ?$50,000 ?$75,000 ?-10.0% ?$5,000 ?

3.0% ?$625,211 ?

Input Value10 ?1 ?

$0 ?

Incentive Expiration

5% ?20 ?2 ?

$0 ?8% ?

Input Value

Salvage ?$0 ?

Input ValueCost-Based ### ? 0

ITC ?30% ?

100%$28,296,272 ?

Cash ?2.30 ?

100.0%10 ?

2.0% ?$0 ?

Yes ?

Input ValueNeither ?

10%### ?100%

5 ?$0 ?

Cash ### ?$0 ?

No ### ?1.50 ? 1

100.0%10 ?

2.0% ?$0 ?$0 ?

Yes ?

??

15-year MACRS 20-year SL Non-Depreciable5.0% 4.0% 0.0%0.0% 0.0% 75.0%0.0% 0.0% 0.0%0.0% 0.0% 0.0%

100.0% 0.0% 0.0%0.0% 50.0% 50.0%

Select Depletion Methodology:If Cost Method, switch to Percentage Method in year:

Input ValueYes ?

35.0% ?As Generated ?

8.5% ?As Generated ?

40.53% ?see table ==> ?

Depletion Yr 1 Expensing8.0% 18.0% ?0.0% 25.0% ?33.0% 33.0% ?0.0% 0.0% ?0.0% 0.0% ?0.0% 0.0% ?

?

Cost Method ?4 ?

Summary Results

Outputs Summary units

Net Year-One Cost of Energy (COE) ¢/kWhAnnual Escalation of Year-One COE %Percentage of Tariff Escalated %

Did you confirm that all minimum required inputs have green check cells?

Net Nominal Levelized Cost of Energy ¢/kWh

Inputs Summary

Generator Gross Nameplate Capacity MWNet Capacity Factor, Yr 1 %Annual Degradation of Thermal Resource %Production, Yr 1 kWhProject Useful Life yearsPayment Duration for Cost-Based Tariff years% of Year 1 Tariff Rate Escalated %

Net Installed Cost $Net Installed Cost $/kW

Operating Expenses, Aggregated, Yr 1

% Equity (% hard costs) (soft costs also equity funded) %Target After-Tax Equity IRR %% Debt (% of hard costs) (mortgage-style amort.) %Debt Term YearsInterest Rate on Term Debt %Is owner a taxable entity?Federal Tax Benefts Used "as generated" or "carried forward"?

Press F9 each time inputs are changed to ensure completion of the COE calculation. When "#N/A" appears, press "F9" in the upper row on your keyboard to complete the calculation. It may be

necessary to press F9 more than once. See note for details.

Does modeled project meet minimum DSCR requirements?

Does modeled project meet average DSCR requirements?

¢/kWh

State Tax Benefts Used "as generated" or "carried forward"?

Type of Federal Incentive AssumedTax Credit- or Cash- Based?

Other Grants or RebatesTotal of Grants or Rebates $

Bonus Depreciation assumed?

Notes: User-Defined

Results of multiple scenarios may be compared here by using the "copy" and "paste special - values" feature to transfer values from column D to columns F through O

Paste Results of Multiple Model Runs Below

Current Model Run [Insert Scenario Name]

18.550.0%0.0%

Yes

Yes

18.55

1585.5%3.0%

112,347,00025200%

$144,341,779$9,623

(4.19)

50%15.00%50%15

7.00%Yes

As Generated

Press F9 each time inputs are changed to ensure completion of the COE calculation. When "#N/A" appears, press "F9" in the upper row on your keyboard to complete the calculation. It may be

necessary to press F9 more than once. See note for details.

As Generated

Cost-BasedITC

NoNA

No

Results of multiple scenarios may be compared here by using the "copy" and "paste special - values" feature to transfer values from column D to columns F through O

Paste Results of Multiple Model Runs Below

[Insert Scenario Name] [Insert Scenario Name]

[Insert Scenario Name] [Insert Scenario Name]

[Insert Scenario Name]

Annual Project Cash Flows, Returns & Other Metrics

Project Revenue Debt ServiceYear ¢/kWh $ $ $01 18.55 $20,938,190 ($4,701,870) ($7,085,170)2 18.55 $20,833,988 ($4,761,588) ($7,085,170)3 18.55 $20,730,308 ($4,822,322) ($7,085,170)4 18.55 $20,627,145 ($4,884,089) ($7,085,170)5 18.55 $20,524,499 ($4,946,905) ($7,085,170)6 18.55 $20,422,365 ($5,010,787) ($7,085,170)7 18.55 $20,320,742 ($5,075,751) ($7,085,170)8 18.55 $20,219,628 ($5,141,814) ($7,085,170)9 18.55 $20,119,019 ($5,208,995) ($7,085,170)10 18.55 $20,018,913 ($5,277,311) ($7,085,170)11 18.55 $19,919,307 ($5,346,780) ($7,085,170)12 18.55 $19,657,785 ($5,379,889) ($7,085,170)13 18.55 $19,070,986 ($5,336,290) ($7,085,170)14 18.55 $18,501,791 ($5,293,976) ($7,085,170)15 18.55 $17,949,672 ($5,252,931) ($7,085,170)16 18.55 $17,385,776 ($5,213,143) $0 17 18.55 $16,837,946 ($5,174,597) $0 18 18.55 $16,334,042 ($5,137,283) $0 19 18.55 $15,845,255 ($5,101,188) $0 20 18.55 $17,423,738 ($5,611,479) $0 21 5.94 $5,443,779 ($5,227,061) $0 22 6.06 $5,386,511 ($5,201,152) $0 23 6.18 $5,329,850 ($5,176,092) $0 24 6.31 $5,273,790 ($5,151,883) $0 25 6.43 $5,197,754 ($5,128,527) $0 2627282930

Tariff or Market Value

Operating Expenses

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

($100,000,000)

($80,000,000)

($60,000,000)

($40,000,000)

($20,000,000)

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

Cumulative Cash Flow

Project Year

Cumu

lati

ve C

ash

Flow

($)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

($100,000,000)

($80,000,000)

($60,000,000)

($40,000,000)

($20,000,000)

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000


Project Year

Cumu

lati

ve C

ash

Flow

($)

Reserves$ $ $ $ $

$0 $9,151,150 ($21,566,319) ($21,566,319) $35,202,885 $0 $8,987,230 ($15,511,778) ($15,511,778) $4,967,647 $0 $8,822,815 ($4,868,676) ($4,868,676) $1,559,193 $0 $8,657,885 $1,006,594 $1,006,594 ($322,362)$0 $8,492,423 $1,037,351 $1,037,351 ($332,212)$0 $8,326,408 $5,819,353 $5,819,353 ($1,863,648)$0 $8,159,822 $10,686,356 $10,686,356 ($3,422,305)$0 $7,992,643 $10,794,416 $10,794,416 ($3,456,912)$0 $7,824,853 $10,920,633 $10,920,633 ($3,497,333)$0 $7,656,432 $11,066,572 $11,066,572 ($3,544,070)$0 $7,487,357 $11,233,277 $11,233,277 ($3,597,457)$0 $7,192,726 $11,306,489 $11,306,489 ($3,620,903)$0 $6,649,525 $11,173,299 $11,173,299 ($3,578,249)$0 $6,122,645 $11,082,138 $11,082,138 ($3,549,055)$0 $5,611,570 $11,034,024 $11,034,024 ($3,533,646)

$3,542,585 $15,715,218 $11,029,885 $11,029,885 ($3,532,321)$0 $11,663,349 $10,576,097 $10,576,097 ($3,386,995)$0 $11,196,759 $10,136,756 $10,136,756 ($3,246,296)$0 $10,744,067 $9,710,496 $9,710,496 ($3,109,786)$0 $11,812,259 $10,693,331 $10,693,331 ($3,424,539)$0 $216,718 $64,158 $64,158 ($20,547)$0 $185,359 $92,680 $92,680 ($29,681)$0 $153,758 $76,879 $76,879 ($24,621)$0 $121,907 $60,954 $60,954 ($19,520)

$2,571,274 $2,640,500 $34,613 $34,613 ($11,085)

Pre-Tax Cash Flow

Federal Tax Income

State Tax Income

Federal Tax Benefit/ (Loss)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

($100,000,000)

($80,000,000)

($60,000,000)

($40,000,000)

($20,000,000)

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000


Project Year

Cumu

lati

ve C

ash

Flow

($)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

Revenue + Tax Benefits / (Loss) v. Expenses + Cash Obligations

Expenses + Cash ObligationsRevenue + Tax Benefit/(Loss)

Project Year

( $)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

($100,000,000)

($80,000,000)

($60,000,000)

($40,000,000)

($20,000,000)

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000


Project Year

Cumu

lati

ve C

ash

Flow

($)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000



Project Year

( $)

$ $ $ % Coverage($79,810,657) ($79,810,657)

$1,833,137 $46,187,172 ($33,623,484) -42.13% 2.29$1,318,501 $15,273,378 ($18,350,106) -18.61% 2.27$413,837 $10,795,846 ($7,554,261) -6.30% 2.25($85,560) $8,249,963 $695,703 0.49% 2.22($88,175) $8,072,036 $8,767,739 5.31% 2.20($494,645) $5,968,115 $14,735,854 7.96% 2.18($908,340) $3,829,176 $18,565,030 9.31% 2.15($917,525) $3,618,206 $22,183,236 10.34% 2.13($928,254) $3,399,267 $25,582,503 11.14% 2.10($940,659) $3,171,703 $28,754,206 11.76% 2.08($954,829) $2,935,072 $31,689,278 12.23% 2.06($961,052) $2,610,771 $34,300,049 12.58% 2.02($949,730) $2,121,546 $36,421,595 12.82% 1.94($941,982) $1,631,608 $38,053,203 12.98% 1.86($937,892) $1,140,032 $39,193,235 13.08% 1.79($937,540) $11,245,357 $50,438,593 13.83% N/A($898,968) $7,377,385 $57,815,978 14.22% N/A($861,624) $7,088,838 $64,904,816 14.52% N/A($825,392) $6,808,889 $71,713,705 14.75% N/A($908,933) $7,478,787 $79,192,492 14.96% N/A($5,453) $190,718 $79,383,210 14.97% N/A($7,878) $147,801 $79,531,011 14.97% N/A($6,535) $122,603 $79,653,614 14.97% N/A($5,181) $97,206 $79,750,819 14.97% N/A($2,942) $2,626,473 $82,377,293 15.01% N/A

$82,377,293 $82,377,293 $82,377,293 $82,377,293 $82,377,293

State Tax Benefit/ (Loss)

After Tax Cash Flow


After Tax IRR

Debt Service

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000



Project Year

( $)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000 Resource Potential & Production Profile (kWh/yr)

Initial Drilling (no upgrades)With First UpgradeWith Second UpgradePower Plant Production CapacityAnnual Production

Year

kWh/

yr

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000



Project Year

( $)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000



Year

kWh/

yr

Graph Data

Revenue + Tax Benefit/(Loss) Expenses + Cash Obligations

$57,974,213 $11,787,040 $27,120,136 $11,846,758 $22,703,339 $11,907,493 $20,219,223 $11,969,260 $20,104,112 $12,032,076 $18,064,072 $12,095,957 $15,990,097 $12,160,921 $15,845,191 $12,226,985 $15,693,432 $12,294,165 $15,534,184 $12,362,481 $15,367,022 $12,431,950 $15,075,830 $12,465,059 $14,543,007 $12,421,461 $14,010,755 $12,379,146 $13,478,134 $12,338,102 $12,915,915 $1,670,558 $12,551,983 $5,174,597 $12,226,121 $5,137,283 $11,910,077 $5,101,188 $13,090,265 $5,611,479 $5,417,779 $5,227,061 $5,348,953 $5,201,152 $5,298,695 $5,176,092 $5,249,088 $5,151,883 $5,183,727 $2,557,253

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000



Year

kWh/

yr

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000



Year

kWh/

yr

Project/Contract Year

Production Degradation FactorProduction

Tariff Rate & Cash IncentivesTariff Rate Escalator, if applicableFederal PBI Escalator, if applicableState PBI Escalator, if applicable

Tariff Rate (Fixed Portion)Tariff Rate (Escalating Portion)Tariff Rate (Total)Revenue from TariffPost-Tariff Market Value of ProductionMarket RevenueFederal Cash Incentive RateFederal Cash Incentive State Cash Incentive RateState Cash Incentive Interest Earned on Reserve AccountsProject Revenue, All Sources

Project Expenses

Operating Expense Inflation Factor

Fixed O&M Expense (Field)Variable O&M Expense (Field)Fixed O&M Expense (Plant)Variable O&M Expense (Plant)InsuranceProject AdministrationLand LeaseProperty Tax or Payment in Lieu of Taxes (PILOT)RoyaltiesTotal Operating Expenses

Total Operating Expenses

EBITDA (Operating Income)

Annual Debt Service Coverage Ratio

Minimum DSSCR YearLoan Interest ExpenseOperating Income After Interest Expense

Repayment of Loan Principal(Contributions to), and Liquidation of, Reserve AccountsAdjustment(s) for Major Equipment Replacement(s)Pre-Tax Cash Flow to Equity

Project Cash FlowsEquity InvestmentPre-Tax Cash Flow to EquityNet Pre-Tax Cash Flow to EquityRunning IRR (Cash Only)

Depreciation, Depletion & Capital Cost Expensing

Federal Income Taxes Saved / (Paid), before ITC/PTCState Income Taxes Saved / (Paid), before ITC/PTCCash Benefit of Federal ITC, Cash Grant, or PTCCash Benefit of State ITC and/or PTCAfter-Tax Cash Flow to EquityRunning IRR (After Tax)

Pre-Tax (Cash-only) Equity IRR (over defined Useful Life)After Tax Equity IRR (over defined Useful Life)Net Present Value @ 15% (over defined Useful Life)

Supporting Calculations

Debt Service: Debt Sizing (Defined Capital Structure Method)Installed Cost (excluding cost of financing)Defined Debt-to-Total-CapitalSize of Debt

Loan Repayment Structured Debt Service Payment

Taxable Income (operating loss used as generated)

Taxable Income (Federal), operating loss treatment ==>>Taxable Income (State), operating loss treatment ==>>

InterestPrincipal

Loan AmortizationBeginning BalanceDrawdownsPrincipal RepaymentsEnding Balance

Depreciation:Project/Contract YearDepreciation Schedules, Half-Year Convention5 Year MACRS15 Year MACRS20 Year SLBonus DepreciationNon-Depreciable

Project Cost Basis

Adjustment to Cost Basis for ITC & Non-taxable Grants

Annual Depreciation Expense, Initial InstallationTotal Project Cost, adj for ITC/Grant if applicable5 Year MACRS15 Year MACRS20 Year SLBonus DepreciationNon-DepreciableTotal

Annual Depreciation Expense, Repairs & Replacements1st ReplacementDepreciation TimingDepreciation Expense2nd ReplacementDepreciation TimingDepreciation Expense

Annual Depreciation Expense

Annual Depreciation Benefit

Depletion & Capital Cost Expensing

Depletion:Depletion -- Cost MethodDepletion -- Percentage (Statutory) Method

50% of Taxable Income, before depletion

Capital Cost Expensing:Capital Cost Expensing

Operating Loss Carry-Forward, if applicable:

Taxable Income / (Operating Loss)

Federal Carry-ForwardOperating Loss Carry-Forward, Beginning BalanceAdditional Operating Loss Carried-ForwardUtilization of Operating Loss Carry-ForwardOperating Loss Carry-Forward, Ending Balance

Taxable Income with Operating Loss Carry-Forward

State Carry-ForwardOperating Loss Carry-Forward, Beginning BalanceAdditional Operating Loss Carried-ForwardUtilization of Operating Loss Carry-ForwardOperating Loss Carry-Forward, Ending Balance

Taxable Income with Operating Loss Carry-Forward

Federal Tax Credit Benefits, if applicable:Federal ITC (as generated)Federal PTC (as generated)

Applicable Tax Credits, as generated

Carry-Forward Scenario:Federal Income Taxes Saved / (Paid), before ITC/PTC

Depletion -- Active Case (subject to change over time per user-defined inputs)

Tax Benefit Carry-Forward, Beginning BalanceAdditional Tax Benefit Carry-ForwardUtilization of Tax Benefit Carry-ForwardTax Benefit Carry-Forward, Ending Balance

State Tax Credit Benefits, if applicable:State ITC (as generated)State PTC (as generated)

Applicable Tax Credits, as generated

Carry-Forward Scenario:State Income Taxes Saved / (Paid), before ITC/PTC

Tax Benefit Carry-Forward, Beginning BalanceAdditional Tax Benefit Carry-ForwardUtilization of Tax Benefit Carry-ForwardTax Benefit Carry-Forward, Ending Balance

Reserve Accounts:Beginning BalanceDebt Service ReserveO&M/Working Capital ReserveMajor Equipment Replacement ReservesDecommissioning Reserve

Ending Balance

Interest on ReservesAnnual Contributions to/(Liquidations of) Reserves

Degradation:Resource PotentialResource Potential DegradationInitial Drilling (no upgrades)With First UpgradeWith Second Upgrade

Plant CapacityProduction DegradationPlant Capacity Factor by year (%)Power Plant Production CapacityAnnual Production

COE Data TablesCalculation of COE when tax benefits are "Carried Forward"

CODunits 0

kWh

¢/kWh 100%¢/kWh 0%¢/kWh

$¢/kWh

$¢/kWh

$¢/kWh

$$$

$$$$$$$$$$

¢/kWh

$Avg. DSCR Min DSCR

2.10 1.79

(Contributions to), and Liquidation of, Reserve Accounts

($79,810,657)

($79,810,657)

As GeneratedAs Generated

($79,810,657)

Pre-Tax (Cash-only) Equity IRR (over defined Useful Life) 8.92%After Tax Equity IRR (over defined Useful Life) 15.01%Net Present Value @ 15% (over defined Useful Life) $15,024

129,062,243 50%

64,531,122

-

, operating loss treatment ==>> operating loss treatment ==>>

- -

- 64,531,122 - 64,531,122

Project Cost AllocationBefore % After 0

Adjustments Allocation Adjustments$94,320,905 81% $82,865,847$1,000,000 1% $878,552$4,024,896 3% $3,536,082

$0$17,149,896 15% $15,067,081Unadjusted Adjusted$116,495,698 100% $102,347,562

OK OK OK$14,148,136

check$82,865,847

$878,552$3,536,082

$0$15,067,081

$102,347,562 OK

$0

$0

$11,735,540 $11,735,540

$16,110,540 $16,110,540

(subject to change over time per user-defined inputs)

$0

$0

$0 $3,542,585 $2,571,274

$0 $0

$6,113,859

kWh

Calculation of COE when tax benefits are "Carried Forward"0

102030405060708090

100

1 2 3 4

1.00 0.995 0.990 0.985112,347,000 111,785,265 111,226,339 110,670,207

1.00 1.000 1.000 1.0001.00 1.020 1.040 1.0611.00 1.020 1.040 1.061

18.55 18.55 18.55 18.550.00 0.00 0.00 0.00

18.55 18.55 18.55 18.55$20,840,369 $20,736,167 $20,632,486 $20,529,323

4.00 4.08 4.16 4.24$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$97,822 $97,822 $97,822 $97,822$20,938,190 $20,833,988 $20,730,308 $20,627,145

1.00 1.0200 1.0404 1.0612

($30,000) ($30,600) ($31,212) ($31,836)($1,123,470) ($1,140,210) ($1,157,199) ($1,174,441)

($30,000) ($30,600) ($31,212) ($31,836)($2,246,940) ($2,280,419) ($2,314,398) ($2,348,882)

($516,249) ($526,574) ($537,105) ($547,848)($50,000) ($51,000) ($52,020) ($53,060)($5,000) ($5,100) ($5,202) ($5,306)

($75,000) ($75,000) ($75,000) ($75,000)($625,211) ($622,085) ($618,975) ($615,880)

($4,701,870) ($4,761,588) ($4,822,322) ($4,884,089)($4,701,870) ($4,761,588) ($4,822,322) ($4,884,089)

(4.19) (4.26) (4.34) (4.41)

$16,236,320 $16,072,400 $15,907,985 $15,743,056

2.29 2.27 2.25 2.22

($4,517,179) ($4,337,419) ($4,145,077) ($3,939,270)$11,719,142 $11,734,981 $11,762,909 $11,803,786

($2,567,992) ($2,747,751) ($2,940,094) ($3,145,900)$0 $0 $0 $0 $0 $0 $0 $0

$9,151,150 $8,987,230 $8,822,815 $8,657,885

$0 $0 $0 $0 $9,151,150 $8,987,230 $8,822,815 $8,657,885 $9,151,150 $8,987,230 $8,822,815 $8,657,885

NA NA NA -26.1%

($33,285,461) ($27,246,759) ($16,631,585) ($10,797,192)($21,566,319) ($15,511,778) ($4,868,676) $1,006,594

($21,566,319) ($15,511,778) ($4,868,676) $1,006,594 ($21,566,319) ($15,511,778) ($4,868,676) $1,006,594

$6,906,614 $4,967,647 $1,559,193 ($322,362)$1,833,137 $1,318,501 $413,837 ($85,560)

$28,296,272 $0 $0 $0 $0 $0 $0 $0

$46,187,172 $15,273,378 $10,795,846 $8,249,963 -42.1% -18.6% -6.3% 0.5%

Yr 1 COE(cents/kWh)

18.55

($7,085,170) ($7,085,170) ($7,085,170) ($7,085,170)

($4,517,179) ($4,337,419) ($4,145,077) ($3,939,270)($2,567,992) ($2,747,751) ($2,940,094) ($3,145,900)

64,531,122 61,963,130 59,215,379 56,275,285 - - - - ($2,567,992) ($2,747,751) ($2,940,094) ($3,145,900)

61,963,130 59,215,379 56,275,285 53,129,385

1 2 3 4

20.00% 32.00% 19.20% 11.52%5.00% 9.50% 8.55% 7.70%2.50% 5.00% 5.00% 5.00%

100.00% 0.00% 0.00% 0.00%

$16,573,169 $26,517,071 $15,910,243 $9,546,146$43,928 $83,462 $75,116 $67,649$88,402 $176,804 $176,804 $176,804

$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$16,705,499 $26,777,338 $16,162,163 $9,790,598

$6,769,904 $10,851,516 $6,549,717 $3,967,640

$469,422 $469,422 $469,422 $469,422$0 $0 $0 $1,006,594

$469,422 $469,422 $469,422 $1,006,594

($10,548,449) ($7,521,178) ($2,199,627) $1,006,594

$16,110,540 $0 $0 $0

($21,566,319) ($15,511,778) ($4,868,676) $1,006,594

$0 $21,566,319 $37,078,097 $41,946,773 $21,566,319 $15,511,778 $4,868,676 $0

$0 $0 $0 ($1,006,594)$21,566,319 $37,078,097 $41,946,773 $40,940,180

$0 $0 $0 $0

$0 $21,566,319 $37,078,097 $41,946,773 $21,566,319 $15,511,778 $4,868,676 $0

$0 $0 $0 ($1,006,594)$21,566,319 $37,078,097 $41,946,773 $40,940,180

$0 $0 $0 $0

$28,296,272 $0 $0 $0 $0 $0 $0 $0

$28,296,272 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859

$97,822 $97,822 $97,822 $97,822 $0 $0 $0 $0

0.0% 3.0% 3.0% 3.0%138,315,789 134,166,316 130,141,326 126,237,087138,315,789 134,166,316 130,141,326 126,237,087138,315,789 134,166,316 130,141,326 126,237,087

0.0% 0.5% 0.5% 0.5%86% 85% 85% 84%

112,347,000 111,785,265 111,226,339 110,670,207112,347,000 111,785,265 111,226,339 110,670,207

NPV$15,024

10.011.012.013.014.015.016.017.018.019.020.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000



Year

kWh/

yr

5 6 7 8

0.980 0.975 0.970 0.966110,116,856 109,566,272 109,018,440 108,473,348

1.000 1.000 1.000 1.0001.082 1.104 1.126 1.1491.082 1.104 1.126 1.149

18.55 18.55 18.55 18.550.00 0.00 0.00 0.00

18.55 18.55 18.55 18.55$20,426,677 $20,324,543 $20,222,921 $20,121,806

4.33 4.42 4.50 4.59$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$97,822 $97,822 $97,822 $97,822$20,524,499 $20,422,365 $20,320,742 $20,219,628

1.0824 1.1041 1.1262 1.1487

($32,473) ($33,122) ($33,785) ($34,461)($1,191,940) ($1,209,700) ($1,227,725) ($1,246,018)

($32,473) ($33,122) ($33,785) ($34,461)($2,383,881) ($2,419,400) ($2,455,449) ($2,492,036)

($558,804) ($569,981) ($581,380) ($593,008)($54,122) ($55,204) ($56,308) ($57,434)($5,412) ($5,520) ($5,631) ($5,743)

($75,000) ($75,000) ($75,000) ($75,000)($612,800) ($609,736) ($606,688) ($603,654)

($4,946,905) ($5,010,787) ($5,075,751) ($5,141,814)($4,946,905) ($5,010,787) ($5,075,751) ($5,141,814)

(4.49) (4.57) (4.66) (4.74)

$15,577,593 $15,411,578 $15,244,992 $15,077,814

2.20 2.18 2.15 2.13

($3,719,057) ($3,483,429) ($3,231,307) ($2,961,537)$11,858,536 $11,928,149 $12,013,685 $12,116,277

($3,366,113) ($3,601,741) ($3,853,863) ($4,123,634)$0 $0 $0 $0 $0 $0 $0 $0

$8,492,423 $8,326,408 $8,159,822 $7,992,643

$0 $0 $0 $0 $8,492,423 $8,326,408 $8,159,822 $7,992,643 $8,492,423 $8,326,408 $8,159,822 $7,992,643

-17.2% -11.0% -6.6% -3.3%

($10,821,185) ($6,108,796) ($1,327,329) ($1,321,861)$1,037,351 $5,819,353 $10,686,356 $10,794,416

$1,037,351 $5,819,353 $10,686,356 $10,794,416 $1,037,351 $5,819,353 $10,686,356 $10,794,416

($332,212) ($1,863,648) ($3,422,305) ($3,456,912)($88,175) ($494,645) ($908,340) ($917,525)

$0 $0 $0 $0 $0 $0 $0 $0

$8,072,036 $5,968,115 $3,829,176 $3,618,206 5.3% 8.0% 9.3% 10.3%

($7,085,170) ($7,085,170) ($7,085,170) ($7,085,170)

($3,719,057) ($3,483,429) ($3,231,307) ($2,961,537)($3,366,113) ($3,601,741) ($3,853,863) ($4,123,634)

53,129,385 49,763,271 46,161,530 42,307,667 - - - -

($3,366,113) ($3,601,741) ($3,853,863) ($4,123,634) 49,763,271 46,161,530 42,307,667 38,184,033

5 6 7 8

11.52% 5.76% 0.00% 0.00%6.93% 6.23% 5.90% 5.90%5.00% 5.00% 5.00% 5.00%0.00% 0.00% 0.00% 0.00%

$9,546,146 $4,773,073 $0 $0$60,884 $54,734 $51,835 $51,835

$176,804 $176,804 $176,804 $176,804$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$9,783,833 $5,004,611 $228,639 $228,639

$3,964,898 $2,028,118 $92,656 $92,656

$469,422 $469,422 $469,422 $469,422$1,037,351 $1,104,185 $1,098,690 $1,093,222$1,037,351 $1,104,185 $1,098,690 $1,093,222

$1,037,351 $3,461,769 $5,892,523 $5,943,819

$0 $0 $0 $0

$1,037,351 $5,819,353 $10,686,356 $10,794,416

$40,940,180 $39,902,828 $34,083,475 $23,397,119 $0 $0 $0 $0

($1,037,351) ($5,819,353) ($10,686,356) ($10,794,416)$39,902,828 $34,083,475 $23,397,119 $12,602,703

$0 $0 $0 $0

$40,940,180 $39,902,828 $34,083,475 $23,397,119 $0 $0 $0 $0

($1,037,351) ($5,819,353) ($10,686,356) ($10,794,416)$39,902,828 $34,083,475 $23,397,119 $12,602,703

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859

$97,822 $97,822 $97,822 $97,822 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0%122,449,974 118,776,475 115,213,180 111,756,785122,449,974 118,776,475 115,213,180 111,756,785122,449,974 118,776,475 115,213,180 111,756,785

0.5% 0.5% 0.5% 0.5%84% 83% 83% 83%

110,116,856 109,566,272 109,018,440 108,473,348110,116,856 109,566,272 109,018,440 108,473,348

NPV$15,024

18.018.118.218.318.418.518.618.718.818.919.0

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 300

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000



Year

kWh/

yr

9 10 11 12

0.961 0.956 0.951 0.946107,930,981 107,391,326 106,854,370 105,444,545

1.000 1.000 1.000 1.0001.172 1.195 1.219 1.2431.172 1.195 1.219 1.243

18.55 18.55 18.55 18.550.00 0.00 0.00 0.00

18.55 18.55 18.55 18.55$20,021,197 $19,921,091 $19,821,486 $19,559,963

4.69 4.78 4.88 4.97$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$97,822 $97,822 $97,822 $97,822$20,119,019 $20,018,913 $19,919,307 $19,657,785

1.1717 1.1951 1.2190 1.2434

($35,150) ($35,853) ($36,570) ($37,301)($1,264,583) ($1,283,426) ($1,302,549) ($1,311,070)

($35,150) ($35,853) ($36,570) ($37,301)($2,529,167) ($2,566,852) ($2,605,098) ($2,622,141)

($604,868) ($616,965) ($629,305) ($641,891)($58,583) ($59,755) ($60,950) ($62,169)($5,858) ($5,975) ($6,095) ($6,217)

($75,000) ($75,000) ($75,000) ($75,000)($600,636) ($597,633) ($594,645) ($586,799)

($5,208,995) ($5,277,311) ($5,346,780) ($5,379,889)($5,208,995) ($5,277,311) ($5,346,780) ($5,379,889)

(4.83) (4.91) (5.00) (5.10)

$14,910,024 $14,741,602 $14,572,527 $14,277,896

2.10 2.08 2.06 2.02

($2,672,882) ($2,364,022) ($2,033,542) ($1,679,928)$12,237,141 $12,377,580 $12,538,986 $12,597,968

($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242)$0 $0 $0 $0 $0 $0 $0 $0

$7,824,853 $7,656,432 $7,487,357 $7,192,726

$0 $0 $0 $0 $7,824,853 $7,656,432 $7,487,357 $7,192,726 $7,824,853 $7,656,432 $7,487,357 $7,192,726 -0.9% 1.0% 2.4% 3.6%

($1,316,508) ($1,311,007) ($1,305,709) ($1,291,479)$10,920,633 $11,066,572 $11,233,277 $11,306,489

$10,920,633 $11,066,572 $11,233,277 $11,306,489 $10,920,633 $11,066,572 $11,233,277 $11,306,489

($3,497,333) ($3,544,070) ($3,597,457) ($3,620,903)($928,254) ($940,659) ($954,829) ($961,052)

$0 $0 $0 $0 $0 $0 $0 $0

$3,399,267 $3,171,703 $2,935,072 $2,610,771 11.1% 11.8% 12.2% 12.6%

($7,085,170) ($7,085,170) ($7,085,170) ($7,085,170)

($2,672,882) ($2,364,022) ($2,033,542) ($1,679,928)($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242)

38,184,033 33,771,745 29,050,597 23,998,969 - - - -

($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242) 33,771,745 29,050,597 23,998,969 18,593,726

9 10 11 12

0.00% 0.00% 0.00% 0.00%5.91% 5.90% 5.91% 5.90%5.00% 5.00% 5.00% 5.00%0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0$51,922 $51,835 $51,922 $51,835

$176,804 $176,804 $176,804 $176,804$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$228,727 $228,639 $228,727 $228,639

$92,691 $92,656 $92,691 $92,656

$469,422 $469,422 $469,422 $469,422$1,087,782 $1,082,369 $1,076,982 $1,062,841$1,087,782 $1,082,369 $1,076,982 $1,062,841

$6,004,207 $6,074,470 $6,155,130 $6,184,665

$0 $0 $0 $0

$10,920,633 $11,066,572 $11,233,277 $11,306,489

$12,602,703 $1,682,070 $0 $0 $0 $0 $0 $0

($10,920,633) ($1,682,070) $0 $0 $1,682,070 $0 $0 $0

$0 $9,384,503 $11,233,277 $11,306,489

$12,602,703 $1,682,070 $0 $0 $0 $0 $0 $0

($10,920,633) ($1,682,070) $0 $0 $1,682,070 $0 $0 $0

$0 $9,384,503 $11,233,277 $11,306,489

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859

$97,822 $97,822 $97,822 $97,822 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0%108,404,082 105,151,959 101,997,400 98,937,478108,404,082 112,067,749 108,705,716 105,444,545108,404,082 112,067,749 108,705,716 105,444,545

0.5% 0.5% 0.5% 0.5%82% 82% 81% 81%

107,930,981 107,391,326 106,854,370 106,320,098107,930,981 107,391,326 106,854,370 105,444,545

NPV Range Min$15,024 18.5

13 14 15 16

0.942 0.937 0.932 0.928102,281,208 99,212,772 96,236,389 93,349,297

1.000 1.000 1.000 1.0001.268 1.294 1.319 1.3461.268 1.294 1.319 1.346

18.55 18.55 18.55 18.550.00 0.00 0.00 0.00

18.55 18.55 18.55 18.55$18,973,164 $18,403,969 $17,851,850 $17,316,295

5.07 5.17 5.28 5.38$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$97,822 $97,822 $97,822 $69,481$19,070,986 $18,501,791 $17,949,672 $17,385,776

1.2682 1.2936 1.3195 1.3459

($38,047) ($38,808) ($39,584) ($40,376)($1,297,173) ($1,283,423) ($1,269,819) ($1,256,359)

($38,047) ($38,808) ($39,584) ($40,376)($2,594,346) ($2,566,846) ($2,539,637) ($2,512,717)

($654,729) ($667,823) ($681,180) ($694,803)($63,412) ($64,680) ($65,974) ($67,293)($6,341) ($6,468) ($6,597) ($6,729)

($75,000) ($75,000) ($75,000) ($75,000)($569,195) ($552,119) ($535,556) ($519,489)

($5,336,290) ($5,293,976) ($5,252,931) ($5,213,143)($5,336,290) ($5,293,976) ($5,252,931) ($5,213,143)

(5.22) (5.34) (5.46) (5.58)

$13,734,696 $13,207,815 $12,696,741 $12,172,633

1.94 1.86 1.79 N/A

Year 15($1,301,561) ($896,708) ($463,516) $0 $12,433,135 $12,311,107 $12,233,225 $12,172,633

($5,783,609) ($6,188,462) ($6,621,654) $0 $0 $0 $0 $3,542,585 $0 $0 $0 $0

$6,649,525 $6,122,645 $5,611,570 $15,715,218

$0 $0 $0 $0 $6,649,525 $6,122,645 $5,611,570 $15,715,218 $6,649,525 $6,122,645 $5,611,570 $15,715,218

4.5% 5.1% 5.7% 6.8%

($1,259,836) ($1,228,969) ($1,199,201) ($1,142,748)$11,173,299 $11,082,138 $11,034,024 $11,029,885

$11,173,299 $11,082,138 $11,034,024 $11,029,885 $11,173,299 $11,082,138 $11,034,024 $11,029,885

($3,578,249) ($3,549,055) ($3,533,646) ($3,532,321)($949,730) ($941,982) ($937,892) ($937,540)

$0 $0 $0 $0 $0 $0 $0 $0

$2,121,546 $1,631,608 $1,140,032 $11,245,357 12.8% 13.0% 13.1% 13.8%

($7,085,170) ($7,085,170) ($7,085,170) $0

($1,301,561) ($896,708) ($463,516) $0 ($5,783,609) ($6,188,462) ($6,621,654) $0

18,593,726 12,810,117 6,621,654 0 - - - -

($5,783,609) ($6,188,462) ($6,621,654) $0 12,810,117 6,621,654 0 0

13 14 15 16

0.00% 0.00% 0.00% 0.00%5.91% 5.90% 5.91% 2.95%5.00% 5.00% 5.00% 5.00%0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0$51,922 $51,835 $51,922 $25,917

$176,804 $176,804 $176,804 $176,804$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$228,727 $228,639 $228,727 $202,721

$92,691 $92,656 $92,691 $82,153

$469,422 $469,422 $469,422 $469,422$1,031,109 $1,000,330 $970,474 $940,026$1,031,109 $1,000,330 $970,474 $940,026

$6,102,204 $6,041,234 $6,002,249 $5,984,956

$0 $0 $0 $0

$11,173,299 $11,082,138 $11,034,024 $11,029,885

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$11,173,299 $11,082,138 $11,034,024 $11,029,885

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$11,173,299 $11,082,138 $11,034,024 $11,029,885

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $6,113,859 $0 $0 $0 ($3,542,585)$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$6,113,859 $6,113,859 $6,113,859 $2,571,274

$97,822 $97,822 $97,822 $69,481 $0 $0 $0 ($3,542,585)

3.0% 3.0% 3.0% 3.0%95,969,354 93,090,273 90,297,565 87,588,638

102,281,208 99,212,772 96,236,389 93,349,297102,281,208 99,212,772 96,236,389 93,349,297

0.5% 0.5% 0.5% 0.5%81% 80% 80% 79%

105,788,497 105,259,555 104,733,257 104,209,591102,281,208 99,212,772 96,236,389 93,349,297

Range Max18.6

17 18 19 20

0.923 0.918 0.914 0.90990,548,818 87,832,354 85,197,383 93,706,725

1.000 1.000 1.000 1.0001.373 1.400 1.428 1.4571.373 1.400 1.428 1.457

18.55 18.55 18.55 18.550.00 0.00 0.00 0.00

18.55 18.55 18.55 18.55$16,796,806 $16,292,902 $15,804,115 $17,382,597

5.49 5.60 5.71 5.83$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$41,140 $41,140 $41,140 $41,140$16,837,946 $16,334,042 $15,845,255 $17,423,738

1.3728 1.4002 1.4282 1.4568

($41,184) ($42,007) ($42,847) ($43,704)($1,243,041) ($1,229,865) ($1,216,828) ($1,365,130)

($41,184) ($42,007) ($42,847) ($43,704)($2,486,082) ($2,459,730) ($2,433,657) ($2,730,260)

($708,699) ($722,873) ($737,331) ($752,077)($68,639) ($70,012) ($71,412) ($72,841)($6,864) ($7,001) ($7,141) ($7,284)

($75,000) ($75,000) ($75,000) ($75,000)($503,904) ($488,787) ($474,123) ($521,478)

($5,174,597) ($5,137,283) ($5,101,188) ($5,611,479)($5,174,597) ($5,137,283) ($5,101,188) ($5,611,479)

(5.71) (5.85) (5.99) (5.99)

$11,663,349 $11,196,759 $10,744,067 $11,812,259

N/A N/A N/A N/A

$0 $0 $0 $0 $11,663,349 $11,196,759 $10,744,067 $11,812,259

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$11,663,349 $11,196,759 $10,744,067 $11,812,259

$0 $0 $0 $0 $11,663,349 $11,196,759 $10,744,067 $11,812,259 $11,663,349 $11,196,759 $10,744,067 $11,812,259

7.5% 8.0% 8.5% 8.8%

($1,087,251) ($1,060,003) ($1,033,571) ($1,118,928)$10,576,097 $10,136,756 $9,710,496 $10,693,331

$10,576,097 $10,136,756 $9,710,496 $10,693,331 $10,576,097 $10,136,756 $9,710,496 $10,693,331

($3,386,995) ($3,246,296) ($3,109,786) ($3,424,539)($898,968) ($861,624) ($825,392) ($908,933)

$0 $0 $0 $0 $0 $0 $0 $0

$7,377,385 $7,088,838 $6,808,889 $7,478,787 14.2% 14.5% 14.7% 15.0%

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

0 0 0 0 - - - -

$0 $0 $0 $0 0 0 0 0

17 18 19 20

0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%5.00% 5.00% 5.00% 5.00%0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0$0 $0 $0 $0

$176,804 $176,804 $176,804 $176,804$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$176,804 $176,804 $176,804 $176,804

$71,650 $71,650 $71,650 $71,650

$469,422 $469,422 $469,422 $469,422$910,447 $883,199 $856,767 $942,124$910,447 $883,199 $856,767 $942,124

$5,743,272 $5,509,977 $5,283,632 $5,817,728

$0 $0 $0 $0

$10,576,097 $10,136,756 $9,710,496 $10,693,331

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$10,576,097 $10,136,756 $9,710,496 $10,693,331

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$10,576,097 $10,136,756 $9,710,496 $10,693,331

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,571,274 $2,571,274 $2,571,274 $2,571,274 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,571,274 $2,571,274 $2,571,274 $2,571,274

$41,140 $41,140 $41,140 $41,140 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0%84,960,979 82,412,150 79,939,785 77,541,59290,548,818 87,832,354 85,197,383 82,641,46290,548,818 87,832,354 85,197,383 93,706,725

0.5% 0.5% 0.5% 0.5%79% 79% 78% 78%

103,688,543 103,170,100 102,654,250 102,140,97990,548,818 87,832,354 85,197,383 93,706,725

21 22 23 24

0.905 0.900 0.896 0.89190,895,523 88,168,657 85,523,598 82,957,890

1.000 1.000 1.000 1.0001.486 1.516 1.546 1.5771.486 1.516 1.546 1.577

0.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.00$0 $0 $0 $0

5.94 6.06 6.18 6.31$5,402,639 $5,345,371 $5,288,710 $5,232,649

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$41,140 $41,140 $41,140 $41,140$5,443,779 $5,386,511 $5,329,850 $5,273,790

1.4859 1.5157 1.5460 1.5769

($44,578) ($45,470) ($46,379) ($47,307)($1,350,660) ($1,336,343) ($1,322,177) ($1,308,162)

($44,578) ($45,470) ($46,379) ($47,307)($2,701,319) ($2,672,685) ($2,644,355) ($2,616,325)

($767,119) ($782,461) ($798,110) ($814,073)($74,297) ($75,783) ($77,299) ($78,845)($7,430) ($7,578) ($7,730) ($7,884)

($75,000) ($75,000) ($75,000) ($75,000)($162,079) ($160,361) ($158,661) ($156,979)

($5,227,061) ($5,201,152) ($5,176,092) ($5,151,883)($5,227,061) ($5,201,152) ($5,176,092) ($5,151,883)

(5.75) (5.90) (6.05) (6.21)

$216,718 $185,359 $153,758 $121,907

N/A N/A N/A N/A

$0 $0 $0 $0 $216,718 $185,359 $153,758 $121,907

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$216,718 $185,359 $153,758 $121,907

$0 $0 $0 $0 $216,718 $185,359 $153,758 $121,907 $216,718 $185,359 $153,758 $121,907

8.9% 8.9% 8.9% 8.9%

($152,560) ($92,680) ($76,879) ($60,954)$64,158 $92,680 $76,879 $60,954

$64,158 $92,680 $76,879 $60,954 $64,158 $92,680 $76,879 $60,954

($20,547) ($29,681) ($24,621) ($19,520)($5,453) ($7,878) ($6,535) ($5,181)

$0 $0 $0 $0 $0 $0 $0 $0

$190,718 $147,801 $122,603 $97,206 15.0% 15.0% 15.0% 15.0%

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

0 0 0 0 - - - -

$0 $0 $0 $0 0 0 0 0

21 22 23 24

0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%2.50% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0$0 $0 $0 $0

$88,402 $0 $0 $0$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$88,402 $0 $0 $0

$35,825 $0 $0 $0

$469,422 $469,422 $469,422 $469,422$64,158 $92,680 $76,879 $60,954$64,158 $92,680 $76,879 $60,954

$64,158 $92,680 $76,879 $60,954

$0 $0 $0 $0

$64,158 $92,680 $76,879 $60,954

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$64,158 $92,680 $76,879 $60,954

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$64,158 $92,680 $76,879 $60,954

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,571,274 $2,571,274 $2,571,274 $2,571,274 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,571,274 $2,571,274 $2,571,274 $2,571,274

$41,140 $41,140 $41,140 $41,140 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0%75,215,344 72,958,884 70,770,117 68,647,01480,162,218 77,757,351 75,424,631 73,161,89290,895,523 88,168,657 85,523,598 82,957,890

0.5% 0.5% 0.5% 0.5%77% 77% 77% 76%

101,630,274 101,122,122 100,616,512 100,113,42990,895,523 88,168,657 85,523,598 82,957,890

25 26 27 28

0.887 0.882 0.878 0.87380,469,153 0 0 0

1.000 1.000 1.000 1.0001.608 1.641 1.673 1.7071.608 1.641 1.673 1.707

0.00 0.00 0.00 0.000.00 0.00 0.00 0.000.00 0.00 0.00 0.00$0 $0 $0 $0

6.43 0.00 0.00 0.00$5,177,183 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

0.00 0.00 0.00 0.00$0 $0 $0 $0

$20,570 $0 $0 $0$5,197,754 $0 $0 $0

1.6084 1.6406 1.6734 1.7069

($48,253) $0 $0 $0 ($1,294,296) $0 $0 $0

($48,253) $0 $0 $0 ($2,588,592) $0 $0 $0

($830,354) $0 $0 $0 ($80,422) $0 $0 $0 ($8,042) $0 $0 $0

($75,000) $0 $0 $0 ($155,315) $0 $0 $0

($5,128,527) $0 $0 $0 ($5,128,527)

(6.37) 0.00 0.00 0.00

$69,226 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $69,226 $0 $0 $0

$0 $0 $0 $0 $2,571,274 $0 $0 $0

$0 $0 $0 $0 $2,640,500 $0 $0 $0

$0 $0 $0 $0 $2,640,500 $0 $0 $0 $2,640,500 $0 $0 $0 8.9% 8.9% 8.9% 8.9%

($34,613) $0 $0 $0 $34,613 $0 $0 $0

$34,613 $0 $0 $0 $34,613 $0 $0 $0

($11,085) $0 $0 $0 ($2,942) $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$2,626,473 $0 $0 $0 15.0% 15.0% 15.0% 15.0%

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

0 0 0 0 - - - -

$0 $0 $0 $0 0 0 0 0

25 26 27 28

0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0$0 $0 $0 $0$0 $0 $0 $0$0 $0 $0 $0

$0 $0 $0 $00 0 0 0

$0 $0 $0 $0$0 $0 $0 $00 0 0 0

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0

$469,422 $0 $0 $0$34,613 $0 $0 $0$34,613 $0 $0 $0

$34,613 $0 $0 $0

$0 $0 $0 $0

$34,613 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$34,613 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$34,613 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

N/A N/A N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$2,571,274 $0 $0 $0 $0 $0 $0 $0

($2,571,274) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$20,570 $0 $0 $0 ($2,571,274) $0 $0 $0

3.0% 3.0% 3.0% 3.0%66,587,603 64,589,975 62,652,276 60,772,70770,967,035 68,838,024 66,772,883 64,769,69780,469,153 78,055,078 75,713,426 73,442,023

0.5% 0.5% 0.5% 0.5%76% 75% 75% 75%

99,612,862 99,114,798 98,619,224 98,126,12880,469,153 78,055,078 75,713,426 73,442,023

29 30

0.869 0.8650 0

1.000 1.0001.741 1.7761.741 1.776

0.00 0.000.00 0.000.00 0.00$0 $0

0.00 0.00$0 $0

0.00 0.00$0 $0

0.00 0.00$0 $0$0 $0$0 $0

1.7410 1.7758

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

0.00 0.00

$0 $0

N/A N/A

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0

8.9% 8.9%

$0 $0 $0 $0

$0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0

15.0% 15.0%

$0 $0

$0 $0 $0 $0

0 0 - -

$0 $0 0 0

29 30

0.00% 0.00%0.00% 0.00%0.00% 0.00%0.00% 0.00%

$0 $0$0 $0$0 $0$0 $0

$0 $00 0

$0 $0$0 $00 0

$0 $0

$0 $0

$0 $0

$0 $0$0 $0$0 $0

$0 $0

$0 $0

$0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0

$0 $0 $0 $0

$0 $0

N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

$0 $0

N/A N/A

$0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0

3.0% 3.0%58,949,526 57,181,04062,826,606 60,941,80871,238,763 69,101,600

0.5% 0.5%74% 74%

97,635,497 97,147,31971,238,763 69,101,600

Complex Inputs for Deriving Total Project Capital Cost, if applicableSample inputs provided on this tab are illustrative only, all inputs must be provided and validated by the user.Exploration Costs Attributed to ProjectDesk-top studiesinitial surface explorationtemperature gradient drillingplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderTotal Exploration Phase Costs (excluding time-value of money)

Confirmation Drilling CostsConfirmation Well Drilling Cost (total)Non-well costs (total)Surface equipment cost (total)placeholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholder

placeholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholder

Total Confirmation Phase Costs (excluding time-value of money)

Production Well FieldProduction Well Drilling Cost (total)Injection Well Drilling Cost (total)placeholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholder

Total Production Well Field Cost

Total Production Well Field Cost per kW (for reference)

Click Here to Return to Inputs Worksheet


Power Plant & InterconnectionPower Plantplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholderplaceholder

Total Power Plant & Interconnection Cost

Total Power Plant Costs per kW (for reference)

Reserves, Lender Fees & Closing CostsLender FeeInterest During ConstructionOther Equity & Debt Closing CostsInitial Funding of Debt Service & Working Capital/O&M ReservesTotal Reserves & Financing Costs



Total Project CostsCost CategoryExploration Costs Attributed to ProjectConfirmation Drilling CostsProduction Well FieldPower Plant & InterconnectionReserves, Lender Fees & Closing CostsTotal Installed Cost

Taxable Entity? (turns on/off ITC and depreciation input cells)

Year-by-Year Inputs for Market Value of Production, if applicable


Complex Inputs for Deriving Total Project Capital Cost, if applicableSample inputs provided on this tab are illustrative only, all inputs must be provided and validated by the user.

$ % Eligible for ITC

$250,000 100%$650,000 100%

$7,500,000 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%

$8,400,000 100%


$17,000,000 100%$3,000,000 100%$1,000,000 100%

$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%

$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%

$21,000,000 100%


$35,000,000 100%$25,000,000 100%

$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%

$60,000,000 100%

$4,000


$75,000,000 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%$0 100%

$75,000,000 100%

$5,000


$2,466,000 0%$12,842,305 0%

$0 0%$6,113,859 0%$21,422,165 0%

$ $ Eligible for ITC

$8,400,000 $8,400,000$21,000,000 $21,000,000$60,000,000 $60,000,000$75,000,000 $75,000,000

$21,422,165 $0$185,822,165 $164,400,000

Yes

Year-by-Year Inputs for Market Value of Production, if applicable

Project Year

1 5.002 5.103 5.204 5.315 5.416 5.527 5.638 5.749 5.8610 5.9811 6.0912 6.2213 6.3414 6.4715 6.6016 6.7317 6.8618 7.0019 7.1420 7.2821 7.4322 7.58

Bundled* Market Value of Production

(¢/kWh)

23 7.7324 7.8825 8.0426 8.2027 8.3728 8.5329 8.7130 8.88

* Includes energy, capacity & RECs

Sample inputs provided on this tab are illustrative only, all inputs must be provided and validated by the user.Depreciation Classification

5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS

Depreciation ClassificationDepletable

5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS


5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS

Depreciation ClassificationDepletableDepletable

5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS

Depreciation Classification5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS5-year MACRS20-year SL20-year SL20-year SL20-year SL20-year SL20-year SL20-year SL20-year SL

Depreciation ClassificationNon-DepreciableNon-DepreciableNon-DepreciableNon-Depreciable

Depreciation, Depletion & Year-1 Expensing Allocation

Cost Category 5-year MACRS 15-year MACRS

Exploration Costs Attributed to Project $8,400,000 $0Confirmation Drilling Costs $4,000,000 $0

Production Well Field $0 $0Power Plant & Interconnection $75,000,000 $0

Reserves, Lender Fees & Closing Costs $0 $0$87,400,000 $0

Year-by-Year Inputs for Thermal Resource and Production Degradation, if applicable

Project Year

1 0.0%2 0.1%3 0.1%4 0.1%5 0.1%6 0.1%7 0.1%8 0.1%9 0.1%10 0.1%11 0.1%12 0.1%13 0.1%14 0.1%15 0.1%16 0.1%17 0.1%18 0.1%19 0.1%20 0.1%21 0.1%22 0.1%

Production Degradation

23 0.1%24 0.1%25 0.1%26 0.1%27 0.1%28 0.1%29 0.1%30 0.1%

20-year SL Non-Depreciable

$0 $0$0 $0$0 $0$0 $0$0 $21,422,165$0 $21,422,165


Project Year

12345678910111213141516171819202122

2324252627282930

Depletable Expensable

$0 $0$17,000,000 $0$60,000,000 $0

$0 $0$0 $0

$77,000,000 $0


0.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

Thermal Resource Degradation

2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%

nrel crest geothermal version1 4

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