project irr vs equity irr
DESCRIPTION
Calculator for project irr vs equity irrTRANSCRIPT
KEY INPUTSEPC 1.6 m$/MWpProject Size 10 MWpO&M Expenses 4500 $/MWpEscalation in O&M 2.5% yoy
OPERATIONAL INPUTSTariff 0.18 $/kWhPPA Tenure 20 yearsPLF 20%Degradation 0.7% yoyEscalation in Tariff 1.5% YoyCorporate Tax Rate 30.0%
FINANCING INPUTSDebt 30%Equity 70%Moratorium 1.00 year
12.00 yearsCost of Debt 11.00%Cost of Equity 16.00%
Project Valuation 1.53 m$Equity Valuation 0.25 m$Project IRR 13.21%Equity IRR 13.95%
Years 0 1 2 3PPA FLAG 1 1 1
Energy Generated MW-h 17082 16962.426 16843.689REVENUES
Tariff $/kW-h 0.18 0.18 0.19TOTAL REVENUE m$ 3.07 3.10 3.12
ExpensesO&M Expenses m$ 0.05 0.05 0.05
EBITA m$ 3.03 3.05 3.08
Interest Payment m$ 0.53 0.50 0.46
PBT m$ 2.50 2.55 2.62
Coorporate Tax m$ 0.75 0.76 0.79
PAT m$ 1.75 1.78 1.83
Project ValuationProject Investment -16PAT 1.75 1.78 1.83Interest 0.53 0.50 0.46Cash Flow for Project -16.00 2.28 2.29 2.29WACC 13.86%Dicsount Factor 1.00 0.88 0.77Dicsounted Cash Flow 2.28 2.01 1.77NPV @ WACC 1.53 m$Project IRR 13%
4 5 6 7 8 9 10 11 121 1 1 1 1 1 1 1 1
16725.783 16608.703 16492.442 16376.995 16262.356 16148.519 16035.48 15923.231 15811.769
0.19 0.19 0.19 0.20 0.20 0.20 0.21 0.21 0.213.15 3.17 3.20 3.22 3.25 3.27 3.30 3.33 3.35
0.05 0.05 0.05 0.05 0.05 0.05 0.06 0.06 0.06
3.10 3.12 3.15 3.17 3.20 3.22 3.24 3.27 3.29
0.41 0.36 0.31 0.26 0.22 0.17 0.12 0.07 0.02
2.69 2.76 2.84 2.91 2.98 3.05 3.12 3.20 3.27
0.81 0.83 0.85 0.87 0.89 0.92 0.94 0.96 0.98
1.88 1.93 1.98 2.03 2.09 2.14 2.19 2.24 2.29
1.88 1.93 1.98 2.03 2.09 2.14 2.19 2.24 2.290.41 0.36 0.31 0.26 0.22 0.17 0.12 0.07 0.02
2.29 2.29 2.30 2.30 2.30 2.30 2.31 2.31 2.31
0.68 0.60 0.52 0.46 0.40 0.35 0.31 0.27 0.241.55 1.37 1.20 1.06 0.93 0.82 0.72 0.63 0.55
13 14 15 16 17 18 19 20 211 1 1 1 1 1 1 1 0
15701.086 15591.179 15482.04 15373.666 15266.05 15159.188 15053.074 14947.702 0
0.22 0.22 0.22 0.23 0.23 0.23 0.24 0.24 0.003.38 3.41 3.43 3.46 3.49 3.51 3.54 3.57 0.00
0.06 0.06 0.06 0.07 0.07 0.07 0.07 0.07 0.00
3.32 3.34 3.37 3.39 3.42 3.45 3.47 3.50 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.32 3.34 3.37 3.39 3.42 3.45 3.47 3.50 0.00
1.00 1.00 1.01 1.02 1.03 1.03 1.04 1.05 0.00
2.32 2.34 2.36 2.38 2.39 2.41 2.43 2.45 0.00
2.32 2.34 2.36 2.38 2.39 2.41 2.43 2.45 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.32 2.34 2.36 2.38 2.39 2.41 2.43 2.45 0.00
0.21 0.19 0.16 0.14 0.13 0.11 0.10 0.08 0.000.49 0.43 0.38 0.34 0.30 0.27 0.24 0.21 0.00
22 23 24 25 26 27 28 29 300 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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 0.00 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 0.00 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 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Years 0 1 2 3 4PPA FLAG 1 1 1 1
Equity Investment -11.2PAT 1.75 1.78 1.83 1.88Principal Repayment 0.00 0.44 0.44 0.44Cash Flow for Equity -11.2 1.75 1.35 1.40 1.45Cost of Equity 16.00%Discounting Factor 1.00 0.86 0.74 0.64Discounted Cash Flow 1.75 1.16 1.04 0.93Equity Valuation 0.25 m$Equity IRR 14%
5 6 7 8 9 10 11 12 131 1 1 1 1 1 1 1 1
1.93 1.98 2.03 2.09 2.14 2.19 2.24 2.29 2.320.44 0.44 0.44 0.44 0.44 0.44 0.44 0.44 0.001.50 1.55 1.60 1.65 1.70 1.75 1.80 1.85 2.32
0.55 0.48 0.41 0.35 0.31 0.26 0.23 0.20 0.170.83 0.74 0.66 0.58 0.52 0.46 0.41 0.36 0.39
14 15 16 17 18 19 20 21 221 1 1 1 1 1 1 0 0
2.34 2.36 2.38 2.39 2.41 2.43 2.45 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.002.34 2.36 2.38 2.39 2.41 2.43 2.45 0.00 0.00
0.15 0.13 0.11 0.09 0.08 0.07 0.06 0.00 0.000.34 0.30 0.26 0.22 0.19 0.17 0.15 0.00 0.00
23 24 25 26 27 28 29 300 0 0 0 0 0 0 0
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YEARS 0 1Repayment Flag 0
Project Investment 16 m$Debt 4.8 m$Interest Rate 11.00%
4.8Opening Balance
0.00Repayments m$
Closing Balance m$ 4.80
Interest Payment m$ 0.53
Principal + interest m$ 0.53
2 3 4 5 6 7 8 9 101 1 1 1 1 1 1 1 1
4.80 4.36 3.93 3.49 3.05 2.62 2.18 1.75 1.31
0.44 0.44 0.44 0.44 0.44 0.44 0.44 0.44 0.44
4.36 3.93 3.49 3.05 2.62 2.18 1.75 1.31 0.87
0.50 0.46 0.41 0.36 0.31 0.26 0.22 0.17 0.12
0.94 0.89 0.84 0.80 0.75 0.70 0.65 0.60 0.56
11 12 13 14 15 16 17 18 191 1 0 0 0 0 0 0 0
0.87 0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.44 0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.07 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.51 0.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00
20 21 22 23 24 25 26 27 280 0 0 0 0 0 0 0 0
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 0.00 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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29 300 0
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00