diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 8432e803..10a7975f 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.18 +current_version = 3.9.19 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index 589f8796..4dc02392 100644 --- a/.cookiecutterrc +++ b/.cookiecutterrc @@ -54,7 +54,7 @@ default_context: sphinx_doctest: "no" sphinx_theme: "sphinx-py3doc-enhanced-theme" test_matrix_separate_coverage: "no" - version: 3.9.18 + version: 3.9.19 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index 31fbdd29..3e19cc79 100644 --- a/README.rst +++ b/README.rst @@ -56,9 +56,9 @@ Free software: `MIT license `__ :alt: Supported implementations :target: https://pypi.org/project/geophires-x -.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.18.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.19.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.18...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.19...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index 315bdc8d..b6d0d5a2 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -8,7 +8,7 @@ Financial results are calculated using the [SAM Single Owner PPA Economic Model](https://softwareengineerprogrammer.github.io/GEOPHIRES/SAM-Economic-Models.html#sam-single-owner-ppa). -Key case study results include LCOE = $78.8/MWh and CAPEX = $4650/kW. +Key case study results include LCOE = $76.5/MWh and CAPEX = $4350/kW. [Click here](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) to interactively explore the case study in the GEOPHIRES web interface. @@ -82,12 +82,12 @@ in source code for the complete results. | Metric | Result Value | Reference Value(s) | Reference Source | |------------------------------------|----------------------------------------------------------|--------------------------|---------------------------------------------| -| LCOE | $78.8/MWh | $80/MWh | Horne et al, 2025 | -| Project capital costs: Total CAPEX | $2.86B | | | -| Project capital costs: $/kW | $4650/kW (based on maximum total electricity generation) | $4500/kW, $3000–$6000/kW | Horne et al, 2025; Latimer, 2025. | +| LCOE | $76.5/MWh | $80/MWh | Horne et al, 2025 | +| Project capital costs: Total CAPEX | $2.67B | | | +| Project capital costs: $/kW | $4350/kW (based on maximum total electricity generation) | $4500/kW, $3000–$6000/kW | Horne et al, 2025; Latimer, 2025. | | Well Drilling and Completion Cost | $3.96M/well | $<4M/well | Latimer, 2025. | | WACC | 8.3% | 8.3% | Matson, 2024. | -| After-tax IRR | 28% | 15–25% | Typical levered returns for energy projects | +| After-tax IRR | 30.7% | 15–25% | Typical levered returns for energy projects | ### Technical & Engineering Results diff --git a/docs/conf.py b/docs/conf.py index 6ebffab0..83c14c14 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.18' +version = release = '3.9.19' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 96af6aa9..3f4d32a6 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.18', + version='3.9.19', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/AGSEconomics.py b/src/geophires_x/AGSEconomics.py index d72f8e7f..21760e1c 100644 --- a/src/geophires_x/AGSEconomics.py +++ b/src/geophires_x/AGSEconomics.py @@ -74,17 +74,7 @@ def __init__(self, model: Model): Required=False, ErrMessage="assume default Capital cost for surface plant for direct-use system (100 $/kWth)" ) - self.Power_plant_cost_per_kWe = self.ParameterDict[self.Power_plant_cost_per_kWe.Name] = floatParameter( - "Capital Cost for Power Plant for Electricity Generation", - DefaultValue=3000.0, - Min=0.0, - Max=10000.0, - UnitType=Units.ENERGYCOST, - PreferredUnits=EnergyCostUnit.DOLLARSPERKW, - CurrentUnits=EnergyCostUnit.DOLLARSPERKW, - Required=True, - ErrMessage="assume default Power plant capital cost per kWe (3000 USD/kWe)" - ) + self.Power_plant_cost_per_kWe.Required = True # results are stored here and in the parent ProducedTemperature array diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 0179027c..660ff1ea 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -700,6 +700,7 @@ def __init__(self, model: Model): Valid=True, ToolTipText="Multiplier for built-in wellfield O&M cost correlation" ) + self.ccplantfixed = self.ParameterDict[self.ccplantfixed.Name] = floatParameter( "Surface Plant Capital Cost", DefaultValue=-1.0, @@ -724,6 +725,19 @@ def __init__(self, model: Model): Valid=True, ToolTipText="Multiplier for built-in surface plant capital cost correlation" ) + self._default_Power_plant_cost_USD_per_kWe = 3000 + self.Power_plant_cost_per_kWe = self.ParameterDict[self.Power_plant_cost_per_kWe.Name] = floatParameter( + "Capital Cost for Power Plant for Electricity Generation", + DefaultValue=self._default_Power_plant_cost_USD_per_kWe, + Min=0.0, + Max=10000.0, + UnitType=Units.ENERGYCOST, + PreferredUnits=EnergyCostUnit.DOLLARSPERKW, + CurrentUnits=EnergyCostUnit.DOLLARSPERKW, + ErrMessage=f'assume default Power plant capital cost per kWe ' + f'({self._default_Power_plant_cost_USD_per_kWe} USD/kWe)' + ) + self.ccgathfixed = self.ParameterDict[self.ccgathfixed.Name] = floatParameter( "Field Gathering System Capital Cost", DefaultValue=-1.0, @@ -2351,236 +2365,11 @@ def Calculate(self, model: Model) -> None: self.Cpumps = Cpumpsinj + Cpumpsprod # Based on GETEM 2016: 1.15 for 15% contingency and 1.12 for 12% indirect costs + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor self.Cgath.value = 1.15 * self.ccgathadjfactor.value * 1.12 * ( (model.wellbores.nprod.value + model.wellbores.ninj.value) * 750 * 500. + self.Cpumps) / 1E6 - # plant costs - if (model.surfaceplant.enduse_option.value == EndUseOptions.HEAT - and model.surfaceplant.plant_type.value not in [PlantType.ABSORPTION_CHILLER, PlantType.HEAT_PUMP, PlantType.DISTRICT_HEATING]): # direct-use - if self.ccplantfixed.Valid: - self.Cplant.value = self.ccplantfixed.value - else: - self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatExtracted.value) * 1000. # 1.15 for 15% contingency and 1.12 for 12% indirect costs - - # absorption chiller - elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.ABSORPTION_CHILLER: # absorption chiller - if self.ccplantfixed.Valid: - self.Cplant.value = self.ccplantfixed.value - else: - # this is for the direct-use part all the way up to the absorption chiller - self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatExtracted.value) * 1000. # 1.15 for 15% contingency and 1.12 for 12% indirect costs - if self.chillercapex.value == -1: # no value provided by user, use built-in correlation ($2500/ton) - self.chillercapex.value = 1.12 * 1.15 * np.max( - model.surfaceplant.cooling_produced.value) * 1000 / 3.517 * 2500 / 1e6 # $2,500/ton of cooling. 1.15 for 15% contingency and 1.12 for 12% indirect costs - - # now add chiller cost to surface plant cost - self.Cplant.value += self.chillercapex.value - - # heat pump - elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.HEAT_PUMP: - if self.ccplantfixed.Valid: - self.Cplant.value = self.ccplantfixed.value - else: - # this is for the direct-use part all the way up to the heat pump - self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatExtracted.value) * 1000. # 1.15 for 15% contingency and 1.12 for 12% indirect costs - if self.heatpumpcapex.value == -1: # no value provided by user, use built-in correlation ($150/kWth) - self.heatpumpcapex.value = 1.12 * 1.15 * np.max( - model.surfaceplant.HeatProduced.value) * 1000 * 150 / 1e6 # $150/kW. 1.15 for 15% contingency and 1.12 for 12% indirect costs - - # now add heat pump cost to surface plant cost - self.Cplant.value += self.heatpumpcapex.value - - # district heating - elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.DISTRICT_HEATING: - if self.ccplantfixed.Valid: - self.Cplant.value = self.ccplantfixed.value - else: - # 1.15 for 15% contingency and 1.12 for 12% indirect costs - # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor - self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatExtracted.value) * 1000. - - # add 65$/KW for peaking boiler - self.peakingboilercost.value = (self.peaking_boiler_cost_per_kw.quantity() - .to('USD / kilowatt').magnitude - * model.surfaceplant.max_peaking_boiler_demand.value / 1000) - - # add peaking boiler cost to surface plant cost - self.Cplant.value += self.peakingboilercost.value - - - else: # all other options have power plant - if model.surfaceplant.plant_type.value == PlantType.SUB_CRITICAL_ORC: - MaxProducedTemperature = np.max(model.surfaceplant.TenteringPP.value) - if MaxProducedTemperature < 150.: - C3 = -1.458333E-3 - C2 = 7.6875E-1 - C1 = -1.347917E2 - C0 = 1.0075E4 - CCAPP1 = C3 * MaxProducedTemperature ** 3 + C2 * MaxProducedTemperature ** 2 + C1 * MaxProducedTemperature + C0 - else: - CCAPP1 = 2231 - 2 * (MaxProducedTemperature - 150.) - x = np.max(model.surfaceplant.ElectricityProduced.value) - y = np.max(model.surfaceplant.ElectricityProduced.value) - if y == 0.0: - y = 15.0 - z = math.pow(y / 15., -0.06) - self.Cplantcorrelation = CCAPP1 * z * x * 1000. / 1E6 - - elif model.surfaceplant.plant_type.value == PlantType.SUPER_CRITICAL_ORC: - MaxProducedTemperature = np.max(model.surfaceplant.TenteringPP.value) - if MaxProducedTemperature < 150.: - C3 = -1.458333E-3 - C2 = 7.6875E-1 - C1 = -1.347917E2 - C0 = 1.0075E4 - CCAPP1 = C3 * MaxProducedTemperature ** 3 + C2 * MaxProducedTemperature ** 2 + C1 * MaxProducedTemperature + C0 - else: - CCAPP1 = 2231 - 2 * (MaxProducedTemperature - 150.) - # factor 1.1 to make supercritical 10% more expansive than subcritical - self.Cplantcorrelation = 1.1 * CCAPP1 * math.pow( - np.max(model.surfaceplant.ElectricityProduced.value) / 15., -0.06) * np.max( - model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6 - - elif model.surfaceplant.plant_type.value == PlantType.SINGLE_FLASH: - if np.max(model.surfaceplant.ElectricityProduced.value) < 10.: - C2 = 4.8472E-2 - C1 = -35.2186 - C0 = 8.4474E3 - D2 = 4.0604E-2 - D1 = -29.3817 - D0 = 6.9911E3 - PLL = 5. - PRL = 10. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 25.: - C2 = 4.0604E-2 - C1 = -29.3817 - C0 = 6.9911E3 - D2 = 3.2773E-2 - D1 = -23.5519 - D0 = 5.5263E3 - PLL = 10. - PRL = 25. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 50.: - C2 = 3.2773E-2 - C1 = -23.5519 - C0 = 5.5263E3 - D2 = 3.4716E-2 - D1 = -23.8139 - D0 = 5.1787E3 - PLL = 25. - PRL = 50. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 75.: - C2 = 3.4716E-2 - C1 = -23.8139 - C0 = 5.1787E3 - D2 = 3.5271E-2 - D1 = -24.3962 - D0 = 5.1972E3 - PLL = 50. - PRL = 75. - else: - C2 = 3.5271E-2 - C1 = -24.3962 - C0 = 5.1972E3 - D2 = 3.3908E-2 - D1 = -23.4890 - D0 = 5.0238E3 - PLL = 75. - PRL = 100. - maxProdTemp = np.max(model.surfaceplant.TenteringPP.value) - CCAPPLL = C2 * maxProdTemp ** 2 + C1 * maxProdTemp + C0 - CCAPPRL = D2 * maxProdTemp ** 2 + D1 * maxProdTemp + D0 - b = math.log(CCAPPRL / CCAPPLL) / math.log(PRL / PLL) - a = CCAPPRL / PRL ** b - # factor 0.75 to make double flash 25% more expansive than single flash - self.Cplantcorrelation = (0.8 * a * math.pow(np.max(model.surfaceplant.ElectricityProduced.value), b) * - np.max(model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6) - - elif model.surfaceplant.plant_type.value == PlantType.DOUBLE_FLASH: - if np.max(model.surfaceplant.ElectricityProduced.value) < 10.: - C2 = 4.8472E-2 - C1 = -35.2186 - C0 = 8.4474E3 - D2 = 4.0604E-2 - D1 = -29.3817 - D0 = 6.9911E3 - PLL = 5. - PRL = 10. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 25.: - C2 = 4.0604E-2 - C1 = -29.3817 - C0 = 6.9911E3 - D2 = 3.2773E-2 - D1 = -23.5519 - D0 = 5.5263E3 - PLL = 10. - PRL = 25. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 50.: - C2 = 3.2773E-2 - C1 = -23.5519 - C0 = 5.5263E3 - D2 = 3.4716E-2 - D1 = -23.8139 - D0 = 5.1787E3 - PLL = 25. - PRL = 50. - elif np.max(model.surfaceplant.ElectricityProduced.value) < 75.: - C2 = 3.4716E-2 - C1 = -23.8139 - C0 = 5.1787E3 - D2 = 3.5271E-2 - D1 = -24.3962 - D0 = 5.1972E3 - PLL = 50. - PRL = 75. - else: - C2 = 3.5271E-2 - C1 = -24.3962 - C0 = 5.1972E3 - D2 = 3.3908E-2 - D1 = -23.4890 - D0 = 5.0238E3 - PLL = 75. - PRL = 100. - maxProdTemp = np.max(model.surfaceplant.TenteringPP.value) - CCAPPLL = C2 * maxProdTemp ** 2 + C1 * maxProdTemp + C0 - CCAPPRL = D2 * maxProdTemp ** 2 + D1 * maxProdTemp + D0 - b = math.log(CCAPPRL / CCAPPLL) / math.log(PRL / PLL) - a = CCAPPRL / PRL ** b - self.Cplantcorrelation = (a * math.pow(np.max(model.surfaceplant.ElectricityProduced.value), b) * - np.max(model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6) - - if self.ccplantfixed.Valid: - self.Cplant.value = self.ccplantfixed.value - self.CAPEX_cost_electricity_plant = self.Cplant.value * self.CAPEX_heat_electricity_plant_ratio.value - self.CAPEX_cost_heat_plant = self.Cplant.value * (1.0 - self.CAPEX_heat_electricity_plant_ratio.value) - else: - # 1.02 to convert cost from 2012 to 2016 #factor 1.15 for 15% contingency and 1.12 for 12% indirect costs. factor 1.10 to convert from 2016 to 2022 - self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * self.Cplantcorrelation * 1.02 * 1.10 - self.CAPEX_cost_electricity_plant = self.Cplant.value - - # add direct-use plant cost of co-gen system to Cplant (only of no total Cplant was provided) - if not self.ccplantfixed.Valid: # 1.15 below for contingency and 1.12 for indirect costs - if model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_TOPPING_EXTRA_ELECTRICITY, - EndUseOptions.COGENERATION_TOPPING_EXTRA_HEAT]: # enduse_option = 3: cogen topping cycle - self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. - elif model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_BOTTOMING_EXTRA_HEAT, - EndUseOptions.COGENERATION_BOTTOMING_EXTRA_ELECTRICITY]: # enduse_option = 4: cogen bottoming cycle - self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. - elif model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_PARALLEL_EXTRA_ELECTRICITY, - EndUseOptions.COGENERATION_PARALLEL_EXTRA_HEAT]: # cogen parallel cycle - self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( - model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. - - self.Cplant.value = self.Cplant.value + self.CAPEX_cost_heat_plant - if not self.CAPEX_heat_electricity_plant_ratio.Provided: - self.CAPEX_heat_electricity_plant_ratio.value = self.CAPEX_cost_electricity_plant/self.Cplant.value + self.calculate_plant_costs(model) if not self.totalcapcost.Valid: # exploration costs (same as in Geophires v1.2) (M$) @@ -2843,6 +2632,249 @@ def Calculate(self, model: Model) -> None: self._calculate_derived_outputs(model) model.logger.info(f'complete {__class__!s}: {sys._getframe().f_code.co_name}') + def calculate_plant_costs(self, model:Model) -> None: + # plant costs + if (model.surfaceplant.enduse_option.value == EndUseOptions.HEAT + and model.surfaceplant.plant_type.value not in [PlantType.ABSORPTION_CHILLER, PlantType.HEAT_PUMP, PlantType.DISTRICT_HEATING]): # direct-use + if self.ccplantfixed.Valid: + self.Cplant.value = self.ccplantfixed.value + else: + # 1.15 for 15% contingency and 1.12 for 12% indirect costs + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatExtracted.value) * 1000. + + # absorption chiller + elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.ABSORPTION_CHILLER: # absorption chiller + if self.ccplantfixed.Valid: + self.Cplant.value = self.ccplantfixed.value + else: + # this is for the direct-use part all the way up to the absorption chiller + self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatExtracted.value) * 1000. # 1.15 for 15% contingency and 1.12 for 12% indirect costs + if self.chillercapex.value == -1: # no value provided by user, use built-in correlation ($2500/ton) + self.chillercapex.value = 1.12 * 1.15 * np.max( + model.surfaceplant.cooling_produced.value) * 1000 / 3.517 * 2500 / 1e6 # $2,500/ton of cooling. 1.15 for 15% contingency and 1.12 for 12% indirect costs + + # now add chiller cost to surface plant cost + self.Cplant.value += self.chillercapex.value + + # heat pump + elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.HEAT_PUMP: + if self.ccplantfixed.Valid: + self.Cplant.value = self.ccplantfixed.value + else: + # this is for the direct-use part all the way up to the heat pump + self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatExtracted.value) * 1000. # 1.15 for 15% contingency and 1.12 for 12% indirect costs + if self.heatpumpcapex.value == -1: # no value provided by user, use built-in correlation ($150/kWth) + self.heatpumpcapex.value = 1.12 * 1.15 * np.max( + model.surfaceplant.HeatProduced.value) * 1000 * 150 / 1e6 # $150/kW. 1.15 for 15% contingency and 1.12 for 12% indirect costs + + # now add heat pump cost to surface plant cost + self.Cplant.value += self.heatpumpcapex.value + + # district heating + elif model.surfaceplant.enduse_option.value == EndUseOptions.HEAT and model.surfaceplant.plant_type.value == PlantType.DISTRICT_HEATING: + if self.ccplantfixed.Valid: + self.Cplant.value = self.ccplantfixed.value + else: + # 1.15 for 15% contingency and 1.12 for 12% indirect costs + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + self.Cplant.value = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatExtracted.value) * 1000. + + # add 65$/KW for peaking boiler + self.peakingboilercost.value = (self.peaking_boiler_cost_per_kw.quantity() + .to('USD / kilowatt').magnitude + * model.surfaceplant.max_peaking_boiler_demand.value / 1000) + + # add peaking boiler cost to surface plant cost + self.Cplant.value += self.peakingboilercost.value + + + else: # all other options have power plant + if model.surfaceplant.plant_type.value == PlantType.SUB_CRITICAL_ORC: + MaxProducedTemperature = np.max(model.surfaceplant.TenteringPP.value) + if MaxProducedTemperature < 150.: + C3 = -1.458333E-3 + C2 = 7.6875E-1 + C1 = -1.347917E2 + C0 = 1.0075E4 + CCAPP1 = C3 * MaxProducedTemperature ** 3 + C2 * MaxProducedTemperature ** 2 + C1 * MaxProducedTemperature + C0 + else: + CCAPP1 = 2231 - 2 * (MaxProducedTemperature - 150.) + x = np.max(model.surfaceplant.ElectricityProduced.value) + y = np.max(model.surfaceplant.ElectricityProduced.value) + if y == 0.0: + y = 15.0 + z = math.pow(y / 15., -0.06) + self.Cplantcorrelation = CCAPP1 * z * x * 1000. / 1E6 + + elif model.surfaceplant.plant_type.value == PlantType.SUPER_CRITICAL_ORC: + MaxProducedTemperature = np.max(model.surfaceplant.TenteringPP.value) + if MaxProducedTemperature < 150.: + C3 = -1.458333E-3 + C2 = 7.6875E-1 + C1 = -1.347917E2 + C0 = 1.0075E4 + CCAPP1 = C3 * MaxProducedTemperature ** 3 + C2 * MaxProducedTemperature ** 2 + C1 * MaxProducedTemperature + C0 + else: + CCAPP1 = 2231 - 2 * (MaxProducedTemperature - 150.) + # factor 1.1 to make supercritical 10% more expansive than subcritical + self.Cplantcorrelation = 1.1 * CCAPP1 * math.pow( + np.max(model.surfaceplant.ElectricityProduced.value) / 15., -0.06) * np.max( + model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6 + + elif model.surfaceplant.plant_type.value == PlantType.SINGLE_FLASH: + if np.max(model.surfaceplant.ElectricityProduced.value) < 10.: + C2 = 4.8472E-2 + C1 = -35.2186 + C0 = 8.4474E3 + D2 = 4.0604E-2 + D1 = -29.3817 + D0 = 6.9911E3 + PLL = 5. + PRL = 10. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 25.: + C2 = 4.0604E-2 + C1 = -29.3817 + C0 = 6.9911E3 + D2 = 3.2773E-2 + D1 = -23.5519 + D0 = 5.5263E3 + PLL = 10. + PRL = 25. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 50.: + C2 = 3.2773E-2 + C1 = -23.5519 + C0 = 5.5263E3 + D2 = 3.4716E-2 + D1 = -23.8139 + D0 = 5.1787E3 + PLL = 25. + PRL = 50. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 75.: + C2 = 3.4716E-2 + C1 = -23.8139 + C0 = 5.1787E3 + D2 = 3.5271E-2 + D1 = -24.3962 + D0 = 5.1972E3 + PLL = 50. + PRL = 75. + else: + C2 = 3.5271E-2 + C1 = -24.3962 + C0 = 5.1972E3 + D2 = 3.3908E-2 + D1 = -23.4890 + D0 = 5.0238E3 + PLL = 75. + PRL = 100. + maxProdTemp = np.max(model.surfaceplant.TenteringPP.value) + CCAPPLL = C2 * maxProdTemp ** 2 + C1 * maxProdTemp + C0 + CCAPPRL = D2 * maxProdTemp ** 2 + D1 * maxProdTemp + D0 + b = math.log(CCAPPRL / CCAPPLL) / math.log(PRL / PLL) + a = CCAPPRL / PRL ** b + # factor 0.75 to make double flash 25% more expansive than single flash + self.Cplantcorrelation = (0.8 * a * math.pow(np.max(model.surfaceplant.ElectricityProduced.value), b) * + np.max(model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6) + + elif model.surfaceplant.plant_type.value == PlantType.DOUBLE_FLASH: + if np.max(model.surfaceplant.ElectricityProduced.value) < 10.: + C2 = 4.8472E-2 + C1 = -35.2186 + C0 = 8.4474E3 + D2 = 4.0604E-2 + D1 = -29.3817 + D0 = 6.9911E3 + PLL = 5. + PRL = 10. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 25.: + C2 = 4.0604E-2 + C1 = -29.3817 + C0 = 6.9911E3 + D2 = 3.2773E-2 + D1 = -23.5519 + D0 = 5.5263E3 + PLL = 10. + PRL = 25. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 50.: + C2 = 3.2773E-2 + C1 = -23.5519 + C0 = 5.5263E3 + D2 = 3.4716E-2 + D1 = -23.8139 + D0 = 5.1787E3 + PLL = 25. + PRL = 50. + elif np.max(model.surfaceplant.ElectricityProduced.value) < 75.: + C2 = 3.4716E-2 + C1 = -23.8139 + C0 = 5.1787E3 + D2 = 3.5271E-2 + D1 = -24.3962 + D0 = 5.1972E3 + PLL = 50. + PRL = 75. + else: + C2 = 3.5271E-2 + C1 = -24.3962 + C0 = 5.1972E3 + D2 = 3.3908E-2 + D1 = -23.4890 + D0 = 5.0238E3 + PLL = 75. + PRL = 100. + maxProdTemp = np.max(model.surfaceplant.TenteringPP.value) + CCAPPLL = C2 * maxProdTemp ** 2 + C1 * maxProdTemp + C0 + CCAPPRL = D2 * maxProdTemp ** 2 + D1 * maxProdTemp + D0 + b = math.log(CCAPPRL / CCAPPLL) / math.log(PRL / PLL) + a = CCAPPRL / PRL ** b + self.Cplantcorrelation = (a * math.pow(np.max(model.surfaceplant.ElectricityProduced.value), b) * + np.max(model.surfaceplant.ElectricityProduced.value) * 1000. / 1E6) + + if self.ccplantfixed.Valid: + self.Cplant.value = self.ccplantfixed.value + self.CAPEX_cost_electricity_plant = self.Cplant.value * self.CAPEX_heat_electricity_plant_ratio.value + self.CAPEX_cost_heat_plant = self.Cplant.value * (1.0 - self.CAPEX_heat_electricity_plant_ratio.value) + else: + if self.Power_plant_cost_per_kWe.Provided: + nameplate_capacity_kW = np.max(model.surfaceplant.ElectricityProduced.quantity().to('kW')) + direct_plant_cost_MUSD = (nameplate_capacity_kW.magnitude * + model.economics.Power_plant_cost_per_kWe + .quantity().to('MUSD / kW').magnitude) + else: + # 1.02 to convert cost from 2012 to 2016 + # factor 1.10 to convert from 2016 to 2022 + direct_plant_cost_MUSD = self.ccplantadjfactor.value * self.Cplantcorrelation * 1.02 * 1.10 + + # factor 1.15 for 15% contingency and 1.12 for 12% indirect costs. + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + self.Cplant.value = 1.12 * 1.15 * direct_plant_cost_MUSD + self.CAPEX_cost_electricity_plant = self.Cplant.value + + # add direct-use plant cost of co-gen system to Cplant (only of no total Cplant was provided) + if not self.ccplantfixed.Valid: # 1.15 below for contingency and 1.12 for indirect costs + if model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_TOPPING_EXTRA_ELECTRICITY, + EndUseOptions.COGENERATION_TOPPING_EXTRA_HEAT]: # enduse_option = 3: cogen topping cycle + self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. + elif model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_BOTTOMING_EXTRA_HEAT, + EndUseOptions.COGENERATION_BOTTOMING_EXTRA_ELECTRICITY]: # enduse_option = 4: cogen bottoming cycle + self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. + elif model.surfaceplant.enduse_option.value in [EndUseOptions.COGENERATION_PARALLEL_EXTRA_ELECTRICITY, + EndUseOptions.COGENERATION_PARALLEL_EXTRA_HEAT]: # cogen parallel cycle + self.CAPEX_cost_heat_plant = 1.12 * 1.15 * self.ccplantadjfactor.value * 250E-6 * np.max( + model.surfaceplant.HeatProduced.value / model.surfaceplant.enduse_efficiency_factor.value) * 1000. + + self.Cplant.value = self.Cplant.value + self.CAPEX_cost_heat_plant + if not self.CAPEX_heat_electricity_plant_ratio.Provided: + self.CAPEX_heat_electricity_plant_ratio.value = self.CAPEX_cost_electricity_plant/self.Cplant.value + + def calculate_cashflow(self, model: Model) -> None: """ diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index 868d8672..6968830a 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.18' +__version__ = '3.9.19' diff --git a/src/geophires_x_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 7fae74c1..34ebf881 100644 --- a/src/geophires_x_schema_generator/geophires-request.json +++ b/src/geophires_x_schema_generator/geophires-request.json @@ -37,8 +37,7 @@ "Dead-state Pressure", "Economic Model", "Time steps per year", - "Operation & Maintenance Cost of Surface Plant", - "Capital Cost for Power Plant for Electricity Generation" + "Operation & Maintenance Cost of Surface Plant" ], "properties": { "Reservoir Model": { @@ -1486,6 +1485,15 @@ "minimum": 0, "maximum": 10 }, + "Capital Cost for Power Plant for Electricity Generation": { + "description": "", + "type": "number", + "units": "USD/kW", + "category": "Economics", + "default": 3000, + "minimum": 0.0, + "maximum": 10000.0 + }, "Field Gathering System Capital Cost": { "description": "Total field gathering system capital cost", "type": "number", @@ -2230,15 +2238,6 @@ "minimum": 0.0, "maximum": 10000.0 }, - "Capital Cost for Power Plant for Electricity Generation": { - "description": "", - "type": "number", - "units": "USD/kW", - "category": "Economics", - "default": 3000.0, - "minimum": 0.0, - "maximum": 10000.0 - }, "AddOn Nickname": { "description": "If using multiple add-ons: either (1) specify this value as an array or (2) use multiple parameters suffixed with a number e.g. 'AddOn Nickname 1', 'AddOn Nickname 2', etc.", "type": "array", diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 3e3f8477..dcdb16f0 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -4,17 +4,17 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.16 - Simulation Date: 2025-06-09 - Simulation Time: 12:41 - Calculation Time: 1.610 sec + GEOPHIRES Version: 3.9.18 + Simulation Date: 2025-06-18 + Simulation Time: 13:23 + Calculation Time: 1.554 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 531.71 MW - Electricity breakeven price: 7.88 cents/kWh - Total CAPEX: 2860.38 MUSD + Electricity breakeven price: 7.65 cents/kWh + Total CAPEX: 2673.11 MUSD Number of production wells: 59 Number of injection wells: 59 Flowrate per production well: 107.0 kg/sec @@ -31,11 +31,11 @@ Simulation Metadata Accrued financing during construction: 15.00 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 545.72 MUSD - After-tax IRR: 28.21 % - Project VIR=PI=PIR: 1.48 - Project MOIC: 4.93 - Project Payback Period: 2.25 yr + Project NPV: 612.72 MUSD + After-tax IRR: 30.66 % + Project VIR=PI=PIR: 1.57 + Project MOIC: 5.55 + Project Payback Period: 2.01 yr Estimated Jobs Created: 1298 ***ENGINEERING PARAMETERS*** @@ -102,20 +102,20 @@ Simulation Metadata Drilling and completion costs per vertical injection well: 3.96 MUSD Drilling and completion costs per non-vertical section: 2.08 MUSD Stimulation costs: 236.88 MUSD - Surface power plant costs: 1666.26 MUSD + Surface power plant costs: 1503.42 MUSD Field gathering system costs: 56.45 MUSD - Total surface equipment costs: 1722.71 MUSD + Total surface equipment costs: 1559.87 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -746.18 MUSD - Total CAPEX: 2860.38 MUSD + Investment Tax Credit: -697.33 MUSD + Total CAPEX: 2673.11 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 6.50 MUSD/yr - Power plant maintenance costs: 27.86 MUSD/yr + Power plant maintenance costs: 25.42 MUSD/yr Water costs: 24.86 MUSD/yr - Total operating and maintenance costs: 132.68 MUSD/yr + Total operating and maintenance costs: 130.24 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -225,43 +225,43 @@ PPA price (cents/kWh) 0.0 9.50 9 PPA revenue ($) 0 398,356,471 400,854,971 404,015,457 406,780,894 408,810,043 408,653,832 403,527,928 402,097,301 416,819,877 420,523,180 423,535,733 426,105,735 427,441,971 425,448,518 416,721,913 428,603,740 436,851,817 440,188,887 443,061,909 445,265,887 445,452,800 440,827,914 435,054,417 452,474,970 456,614,321 459,742,311 462,421,669 463,990,994 462,434,870 454,963,130 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,430,187,736 -Total revenue ($) 0 398,356,471 400,854,971 404,015,457 406,780,894 408,810,043 408,653,832 403,527,928 402,097,301 416,819,877 420,523,180 423,535,733 426,105,735 427,441,971 425,448,518 416,721,913 428,603,740 436,851,817 440,188,887 443,061,909 445,265,887 445,452,800 440,827,914 435,054,417 452,474,970 456,614,321 459,742,311 462,421,669 463,990,994 462,434,870 1,885,150,866 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,336,555,047 +Total revenue ($) 0 398,356,471 400,854,971 404,015,457 406,780,894 408,810,043 408,653,832 403,527,928 402,097,301 416,819,877 420,523,180 423,535,733 426,105,735 427,441,971 425,448,518 416,721,913 428,603,740 436,851,817 440,188,887 443,061,909 445,265,887 445,452,800 440,827,914 435,054,417 452,474,970 456,614,321 459,742,311 462,421,669 463,990,994 462,434,870 1,791,518,178 -Property tax net assessed value ($) 0 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 2,860,375,471 +Property tax net assessed value ($) 0 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 2,673,110,095 OPERATING EXPENSES -O&M fixed expense ($) 0 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 +O&M fixed expense ($) 0 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 132,679,055 +Total operating expenses ($) 0 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 130,236,463 -EBITDA ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 +EBITDA ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 OPERATING ACTIVITIES -EBITDA ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 +EBITDA ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 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 96,108,616 94,804,703 93,427,771 91,973,731 90,438,265 88,816,813 87,104,559 85,296,419 83,387,024 81,370,702 79,241,466 76,992,993 74,618,605 72,111,252 69,463,487 66,667,447 63,714,829 60,596,864 57,304,293 53,827,338 50,155,674 46,278,397 42,183,992 37,860,300 33,294,482 28,472,977 23,381,469 18,004,836 12,327,112 6,331,435 -Cash flow from operating activities ($) 0 169,568,800 173,371,213 177,908,630 182,128,107 185,692,723 187,157,964 183,744,314 184,121,827 200,753,798 206,473,424 211,615,212 216,433,687 220,144,311 220,658,211 214,579,372 229,257,238 240,457,933 246,912,968 253,078,561 258,759,494 262,618,071 261,870,462 260,191,370 281,935,615 290,640,784 298,590,278 306,361,145 313,307,103 317,428,703 1,746,140,376 +Debt interest payment ($) 0 89,816,499 88,597,952 87,311,166 85,952,321 84,517,380 83,002,082 81,401,927 79,712,164 77,927,774 76,043,459 74,053,621 71,952,353 69,733,414 67,390,214 64,915,795 62,302,808 59,543,495 56,629,659 53,552,649 50,303,327 46,872,042 43,248,605 39,422,256 35,381,631 31,114,732 26,608,886 21,850,712 16,826,081 11,520,070 5,916,923 +Cash flow from operating activities ($) 0 178,303,509 182,020,556 186,467,827 190,592,110 194,056,200 195,415,287 191,889,537 192,148,674 208,655,639 214,243,258 219,245,649 223,916,919 227,472,094 227,821,841 221,569,655 236,064,468 247,071,859 253,322,765 259,272,797 264,726,098 268,344,295 267,342,846 265,395,698 286,856,875 295,263,126 302,896,962 310,334,494 316,928,450 320,678,336 1,655,364,791 INVESTING ACTIVITIES -Total installed cost ($) -2,860,375,471 +Total installed cost ($) -2,673,110,095 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,860,375,471 +Purchase of property ($) -2,673,110,095 plus: Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -273,86 +273,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,860,375,471 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,673,110,095 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,144,150,189 -Size of debt ($) 1,716,225,283 +Issuance of equity ($) 1,069,244,038 +Size of debt ($) 1,603,866,057 minus: -Debt principal payment ($) 0 23,284,155 24,588,068 25,965,000 27,419,040 28,954,506 30,575,958 32,288,212 34,096,352 36,005,748 38,022,069 40,151,305 42,399,778 44,774,166 47,281,519 49,929,284 52,725,324 55,677,942 58,795,907 62,088,478 65,565,433 69,237,097 73,114,374 77,208,779 81,532,471 86,098,289 90,919,794 96,011,302 101,387,935 107,065,659 113,061,336 +Debt principal payment ($) 0 21,759,769 22,978,316 24,265,102 25,623,948 27,058,889 28,574,187 30,174,341 31,864,104 33,648,494 35,532,810 37,522,647 39,623,915 41,842,855 44,186,054 46,660,474 49,273,460 52,032,774 54,946,609 58,023,619 61,272,942 64,704,227 68,327,663 72,154,013 76,194,637 80,461,537 84,967,383 89,725,556 94,750,188 100,056,198 105,659,345 equals: -Cash flow from financing activities ($) 2,860,375,471 -23,284,155 -24,588,068 -25,965,000 -27,419,040 -28,954,506 -30,575,958 -32,288,212 -34,096,352 -36,005,748 -38,022,069 -40,151,305 -42,399,778 -44,774,166 -47,281,519 -49,929,284 -52,725,324 -55,677,942 -58,795,907 -62,088,478 -65,565,433 -69,237,097 -73,114,374 -77,208,779 -81,532,471 -86,098,289 -90,919,794 -96,011,302 -101,387,935 -107,065,659 -113,061,336 +Cash flow from financing activities ($) 2,673,110,095 -21,759,769 -22,978,316 -24,265,102 -25,623,948 -27,058,889 -28,574,187 -30,174,341 -31,864,104 -33,648,494 -35,532,810 -37,522,647 -39,623,915 -41,842,855 -44,186,054 -46,660,474 -49,273,460 -52,032,774 -54,946,609 -58,023,619 -61,272,942 -64,704,227 -68,327,663 -72,154,013 -76,194,637 -80,461,537 -84,967,383 -89,725,556 -94,750,188 -100,056,198 -105,659,345 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 169,568,800 173,371,213 177,908,630 182,128,107 185,692,723 187,157,964 183,744,314 184,121,827 200,753,798 206,473,424 211,615,212 216,433,687 220,144,311 220,658,211 214,579,372 229,257,238 240,457,933 246,912,968 253,078,561 258,759,494 262,618,071 261,870,462 260,191,370 281,935,615 290,640,784 298,590,278 306,361,145 313,307,103 317,428,703 1,746,140,376 -Cash flow from investing activities ($) -2,860,375,471 0 0 0 0 0 0 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 ($) 2,860,375,471 -23,284,155 -24,588,068 -25,965,000 -27,419,040 -28,954,506 -30,575,958 -32,288,212 -34,096,352 -36,005,748 -38,022,069 -40,151,305 -42,399,778 -44,774,166 -47,281,519 -49,929,284 -52,725,324 -55,677,942 -58,795,907 -62,088,478 -65,565,433 -69,237,097 -73,114,374 -77,208,779 -81,532,471 -86,098,289 -90,919,794 -96,011,302 -101,387,935 -107,065,659 -113,061,336 -Total pre-tax cash flow ($) 0 146,284,645 148,783,145 151,943,631 154,709,068 156,738,217 156,582,006 151,456,102 150,025,475 164,748,051 168,451,354 171,463,907 174,033,909 175,370,145 173,376,692 164,650,087 176,531,914 184,779,990 188,117,061 190,990,083 193,194,061 193,380,974 188,756,088 182,982,591 200,403,144 204,542,495 207,670,485 210,349,843 211,919,168 210,363,044 1,633,079,040 +Cash flow from operating activities ($) 0 178,303,509 182,020,556 186,467,827 190,592,110 194,056,200 195,415,287 191,889,537 192,148,674 208,655,639 214,243,258 219,245,649 223,916,919 227,472,094 227,821,841 221,569,655 236,064,468 247,071,859 253,322,765 259,272,797 264,726,098 268,344,295 267,342,846 265,395,698 286,856,875 295,263,126 302,896,962 310,334,494 316,928,450 320,678,336 1,655,364,791 +Cash flow from investing activities ($) -2,673,110,095 0 0 0 0 0 0 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 ($) 2,673,110,095 -21,759,769 -22,978,316 -24,265,102 -25,623,948 -27,058,889 -28,574,187 -30,174,341 -31,864,104 -33,648,494 -35,532,810 -37,522,647 -39,623,915 -41,842,855 -44,186,054 -46,660,474 -49,273,460 -52,032,774 -54,946,609 -58,023,619 -61,272,942 -64,704,227 -68,327,663 -72,154,013 -76,194,637 -80,461,537 -84,967,383 -89,725,556 -94,750,188 -100,056,198 -105,659,345 +Total pre-tax cash flow ($) 0 156,543,740 159,042,239 162,202,725 164,968,162 166,997,311 166,841,100 161,715,196 160,284,569 175,007,145 178,710,449 181,723,002 184,293,003 185,629,239 183,635,786 174,909,182 186,791,008 195,039,085 198,376,155 201,249,177 203,453,156 203,640,069 199,015,182 193,241,685 210,662,238 214,801,589 217,929,579 220,608,938 222,178,263 220,622,138 1,549,705,446 Pre-tax Returns: -Issuance of equity ($) 1,144,150,189 -Total pre-tax cash flow ($) 0 146,284,645 148,783,145 151,943,631 154,709,068 156,738,217 156,582,006 151,456,102 150,025,475 164,748,051 168,451,354 171,463,907 174,033,909 175,370,145 173,376,692 164,650,087 176,531,914 184,779,990 188,117,061 190,990,083 193,194,061 193,380,974 188,756,088 182,982,591 200,403,144 204,542,495 207,670,485 210,349,843 211,919,168 210,363,044 1,633,079,040 -Total pre-tax returns ($) -1,144,150,189 146,284,645 148,783,145 151,943,631 154,709,068 156,738,217 156,582,006 151,456,102 150,025,475 164,748,051 168,451,354 171,463,907 174,033,909 175,370,145 173,376,692 164,650,087 176,531,914 184,779,990 188,117,061 190,990,083 193,194,061 193,380,974 188,756,088 182,982,591 200,403,144 204,542,495 207,670,485 210,349,843 211,919,168 210,363,044 1,633,079,040 +Issuance of equity ($) 1,069,244,038 +Total pre-tax cash flow ($) 0 156,543,740 159,042,239 162,202,725 164,968,162 166,997,311 166,841,100 161,715,196 160,284,569 175,007,145 178,710,449 181,723,002 184,293,003 185,629,239 183,635,786 174,909,182 186,791,008 195,039,085 198,376,155 201,249,177 203,453,156 203,640,069 199,015,182 193,241,685 210,662,238 214,801,589 217,929,579 220,608,938 222,178,263 220,622,138 1,549,705,446 +Total pre-tax returns ($) -1,069,244,038 156,543,740 159,042,239 162,202,725 164,968,162 166,997,311 166,841,100 161,715,196 160,284,569 175,007,145 178,710,449 181,723,002 184,293,003 185,629,239 183,635,786 174,909,182 186,791,008 195,039,085 198,376,155 201,249,177 203,453,156 203,640,069 199,015,182 193,241,685 210,662,238 214,801,589 217,929,579 220,608,938 222,178,263 220,622,138 1,549,705,446 After-tax Returns: -Total pre-tax returns ($) -1,144,150,189 146,284,645 148,783,145 151,943,631 154,709,068 156,738,217 156,582,006 151,456,102 150,025,475 164,748,051 168,451,354 171,463,907 174,033,909 175,370,145 173,376,692 164,650,087 176,531,914 184,779,990 188,117,061 190,990,083 193,194,061 193,380,974 188,756,088 182,982,591 200,403,144 204,542,495 207,670,485 210,349,843 211,919,168 210,363,044 1,633,079,040 -Federal ITC total income ($) 0 858,112,641 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,069,244,038 156,543,740 159,042,239 162,202,725 164,968,162 166,997,311 166,841,100 161,715,196 160,284,569 175,007,145 178,710,449 181,723,002 184,293,003 185,629,239 183,635,786 174,909,182 186,791,008 195,039,085 198,376,155 201,249,177 203,453,156 203,640,069 199,015,182 193,241,685 210,662,238 214,801,589 217,929,579 220,608,938 222,178,263 220,622,138 1,549,705,446 +Federal ITC total income ($) 0 801,933,028 0 0 0 0 0 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 -21,245,871 -10,117,566 -11,003,724 -11,827,788 -12,523,957 -12,810,119 -12,143,433 -12,217,161 -15,465,385 -16,582,428 -17,586,619 -18,527,668 -19,252,352 -19,352,717 -18,165,520 -21,032,107 -23,219,603 -24,480,271 -25,684,411 -26,793,898 -39,418,394 -51,143,301 -50,815,375 -55,062,026 -56,762,145 -58,314,681 -59,832,332 -61,188,877 -61,993,826 -341,021,215 +Federal tax benefit (liability) ($) 0 -23,728,934 -13,361,132 -14,229,685 -15,035,157 -15,711,694 -15,977,123 -15,288,545 -15,339,154 -18,562,964 -19,654,226 -20,631,193 -21,543,492 -22,237,818 -22,306,123 -21,085,072 -23,915,909 -26,065,652 -27,286,454 -28,448,495 -29,513,525 -41,313,900 -52,212,058 -51,831,780 -56,023,148 -57,664,889 -59,155,777 -60,608,327 -61,896,126 -62,628,479 -323,292,744 State ITC total income ($) 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 -7,615,008 -3,626,368 -3,943,987 -4,239,350 -4,488,874 -4,591,440 -4,352,485 -4,378,911 -5,543,149 -5,943,523 -6,303,448 -6,640,741 -6,900,485 -6,936,458 -6,510,939 -7,538,390 -8,322,438 -8,774,291 -9,205,882 -9,603,548 -14,128,456 -18,330,932 -18,213,396 -19,735,493 -20,344,855 -20,901,319 -21,445,280 -21,931,497 -22,220,009 -122,229,826 -Total after-tax returns ($) -1,144,150,189 975,536,408 135,039,211 136,995,920 138,641,929 139,725,386 139,180,446 134,960,184 133,429,403 143,739,517 145,925,403 147,573,840 148,865,500 149,217,308 147,087,517 139,973,629 147,961,417 153,237,949 154,862,499 156,099,789 156,796,616 139,834,124 119,281,854 113,953,820 125,605,625 127,435,495 128,454,484 129,072,231 128,798,794 126,149,209 1,169,827,998 +State tax benefit (liability) ($) 0 -8,504,994 -4,788,936 -5,100,245 -5,388,945 -5,631,431 -5,726,568 -5,479,765 -5,497,905 -6,653,392 -7,044,526 -7,394,693 -7,721,682 -7,970,544 -7,995,026 -7,557,373 -8,572,010 -9,342,528 -9,780,091 -10,196,593 -10,578,324 -14,807,849 -18,713,999 -18,577,699 -20,079,981 -20,668,419 -21,202,787 -21,723,415 -22,184,992 -22,447,484 -115,875,535 +Total after-tax returns ($) -1,069,244,038 926,242,839 140,892,170 142,872,795 144,544,060 145,654,186 145,137,409 140,946,887 139,447,511 149,790,789 152,011,697 153,697,116 155,027,829 155,420,877 153,334,636 146,266,737 154,303,090 159,630,905 161,309,611 162,604,089 163,361,307 147,518,320 128,089,125 122,832,207 134,559,109 136,468,282 137,571,015 138,277,196 138,097,145 135,546,176 1,110,537,167 -After-tax cumulative IRR (%) NaN -14.74 -2.62 6.81 13.33 17.72 20.67 22.65 24.04 25.10 25.88 26.45 26.88 27.20 27.44 27.61 27.75 27.86 27.94 28.01 28.06 28.09 28.11 28.13 28.14 28.16 28.17 28.17 28.18 28.18 28.21 -After-tax cumulative NPV ($) -1,144,150,189 -292,718,468 -189,852,296 -98,771,533 -18,322,659 52,440,471 113,960,466 166,025,968 210,952,438 253,193,348 290,621,152 323,656,520 352,741,595 378,186,549 400,077,500 418,259,488 435,034,004 450,196,621 463,570,594 475,336,432 485,651,297 493,680,018 499,657,440 504,641,403 509,436,102 513,681,799 517,417,002 520,692,702 523,545,621 525,984,378 545,722,795 +After-tax cumulative IRR (%) NaN -13.37 -0.17 9.73 16.39 20.77 23.68 25.59 26.91 27.91 28.63 29.15 29.54 29.82 30.03 30.17 30.29 30.38 30.45 30.50 30.54 30.57 30.59 30.60 30.61 30.62 30.63 30.63 30.64 30.64 30.66 +After-tax cumulative NPV ($) -1,069,244,038 -260,834,913 -153,510,246 -58,522,284 25,351,382 99,117,119 163,270,187 217,645,265 264,598,067 308,617,272 347,606,124 382,012,228 412,301,287 438,804,091 461,624,797 480,624,234 498,117,711 513,912,899 527,843,647 540,099,738 550,846,462 559,316,379 565,735,149 571,107,423 576,243,900 580,790,538 584,790,831 588,300,142 591,359,021 593,979,443 612,717,451 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,144,150,189 577,179,937 -265,815,760 -267,019,537 -268,138,964 -269,084,657 -269,473,385 -268,567,744 -268,667,898 -273,080,360 -274,597,777 -275,961,893 -277,240,235 -278,224,663 -278,361,001 -276,748,285 -280,642,323 -283,613,867 -285,326,388 -286,962,120 -288,469,271 -305,618,676 -321,546,060 -321,100,597 -326,869,345 -329,178,826 -331,287,827 -333,349,438 -335,192,201 -336,285,661 714,864,868 +Annual costs ($) -1,069,244,038 527,886,368 -259,962,800 -261,142,662 -262,236,834 -263,155,857 -263,516,423 -262,581,041 -262,649,790 -267,029,088 -268,511,483 -269,838,618 -271,077,906 -272,021,093 -272,113,881 -270,455,176 -274,300,650 -277,220,911 -278,879,276 -280,457,820 -281,904,581 -297,934,481 -312,738,788 -312,222,210 -317,915,861 -320,146,039 -322,171,296 -324,144,473 -325,893,849 -326,888,694 655,574,037 PPA revenue ($) 0 398,356,471 400,854,971 404,015,457 406,780,894 408,810,043 408,653,832 403,527,928 402,097,301 416,819,877 420,523,180 423,535,733 426,105,735 427,441,971 425,448,518 416,721,913 428,603,740 436,851,817 440,188,887 443,061,909 445,265,887 445,452,800 440,827,914 435,054,417 452,474,970 456,614,321 459,742,311 462,421,669 463,990,994 462,434,870 454,963,130 Electricity to grid (kWh) 0.0 4,193,226,013 4,219,526,008 4,227,429,703 4,231,130,578 4,227,174,470 4,200,800,078 4,123,944,075 4,085,524,292 4,210,727,110 4,223,816,595 4,229,858,515 4,231,437,288 4,220,815,353 4,177,617,023 4,069,152,556 4,162,009,516 4,218,752,453 4,227,707,328 4,232,132,093 4,230,152,834 4,209,135,409 4,143,119,490 4,067,069,431 4,207,503,902 4,223,608,553 4,230,238,414 4,232,692,624 4,225,013,608 4,189,101,096 4,100,244,505 -Present value of annual costs ($) 2,233,136,153 +Present value of annual costs ($) 2,166,141,497 Present value of annual energy nominal (kWh) 28,322,755,320 -LCOE Levelized cost of energy nominal (cents/kWh) 7.88 +LCOE Levelized cost of energy nominal (cents/kWh) 7.65 Present value of PPA revenue ($) 2,778,858,948 Present value of annual energy nominal (kWh) 28,322,755,320 LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 +EBITDA ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 State taxable PBI income ($) 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 96,108,616 94,804,703 93,427,771 91,973,731 90,438,265 88,816,813 87,104,559 85,296,419 83,387,024 81,370,702 79,241,466 76,992,993 74,618,605 72,111,252 69,463,487 66,667,447 63,714,829 60,596,864 57,304,293 53,827,338 50,155,674 46,278,397 42,183,992 37,860,300 33,294,482 28,472,977 23,381,469 18,004,836 12,327,112 6,331,435 -Total state tax depreciation ($) 0 60,782,979 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 60,782,979 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,816,499 88,597,952 87,311,166 85,952,321 84,517,380 83,002,082 81,401,927 79,712,164 77,927,774 76,043,459 74,053,621 71,952,353 69,733,414 67,390,214 64,915,795 62,302,808 59,543,495 56,629,659 53,552,649 50,303,327 46,872,042 43,248,605 39,422,256 35,381,631 31,114,732 26,608,886 21,850,712 16,826,081 11,520,070 5,916,923 +Total state tax depreciation ($) 0 56,803,590 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 56,803,590 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 108,785,822 51,805,255 56,342,673 60,562,150 64,126,765 65,592,006 62,178,356 62,555,869 79,187,841 84,907,466 90,049,255 94,867,730 98,578,353 99,092,253 93,013,414 107,691,281 118,891,975 125,347,011 131,512,603 137,193,537 201,835,093 261,870,462 260,191,370 281,935,615 290,640,784 298,590,278 306,361,145 313,307,103 317,428,703 1,746,140,376 +State taxable income ($) 0 121,499,919 68,413,377 72,860,648 76,984,931 80,449,021 81,808,108 78,282,358 78,541,495 95,048,460 100,636,079 105,638,470 110,309,740 113,864,915 114,214,662 107,962,476 122,457,289 133,464,680 139,715,586 145,665,618 151,118,919 211,540,706 267,342,846 265,395,698 286,856,875 295,263,126 302,896,962 310,334,494 316,928,450 320,678,336 1,655,364,791 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -7,615,008 -3,626,368 -3,943,987 -4,239,350 -4,488,874 -4,591,440 -4,352,485 -4,378,911 -5,543,149 -5,943,523 -6,303,448 -6,640,741 -6,900,485 -6,936,458 -6,510,939 -7,538,390 -8,322,438 -8,774,291 -9,205,882 -9,603,548 -14,128,456 -18,330,932 -18,213,396 -19,735,493 -20,344,855 -20,901,319 -21,445,280 -21,931,497 -22,220,009 -122,229,826 +State tax benefit (liability) ($) 0 -8,504,994 -4,788,936 -5,100,245 -5,388,945 -5,631,431 -5,726,568 -5,479,765 -5,497,905 -6,653,392 -7,044,526 -7,394,693 -7,721,682 -7,970,544 -7,995,026 -7,557,373 -8,572,010 -9,342,528 -9,780,091 -10,196,593 -10,578,324 -14,807,849 -18,713,999 -18,577,699 -20,079,981 -20,668,419 -21,202,787 -21,723,415 -22,184,992 -22,447,484 -115,875,535 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 +EBITDA ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 Interest earned on reserves ($) 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) ($) 0 -7,615,008 -3,626,368 -3,943,987 -4,239,350 -4,488,874 -4,591,440 -4,352,485 -4,378,911 -5,543,149 -5,943,523 -6,303,448 -6,640,741 -6,900,485 -6,936,458 -6,510,939 -7,538,390 -8,322,438 -8,774,291 -9,205,882 -9,603,548 -14,128,456 -18,330,932 -18,213,396 -19,735,493 -20,344,855 -20,901,319 -21,445,280 -21,931,497 -22,220,009 -122,229,826 +State tax benefit (liability) ($) 0 -8,504,994 -4,788,936 -5,100,245 -5,388,945 -5,631,431 -5,726,568 -5,479,765 -5,497,905 -6,653,392 -7,044,526 -7,394,693 -7,721,682 -7,970,544 -7,995,026 -7,557,373 -8,572,010 -9,342,528 -9,780,091 -10,196,593 -10,578,324 -14,807,849 -18,713,999 -18,577,699 -20,079,981 -20,668,419 -21,202,787 -21,723,415 -22,184,992 -22,447,484 -115,875,535 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 96,108,616 94,804,703 93,427,771 91,973,731 90,438,265 88,816,813 87,104,559 85,296,419 83,387,024 81,370,702 79,241,466 76,992,993 74,618,605 72,111,252 69,463,487 66,667,447 63,714,829 60,596,864 57,304,293 53,827,338 50,155,674 46,278,397 42,183,992 37,860,300 33,294,482 28,472,977 23,381,469 18,004,836 12,327,112 6,331,435 -Total federal tax depreciation ($) 0 60,782,979 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 121,565,958 60,782,979 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,816,499 88,597,952 87,311,166 85,952,321 84,517,380 83,002,082 81,401,927 79,712,164 77,927,774 76,043,459 74,053,621 71,952,353 69,733,414 67,390,214 64,915,795 62,302,808 59,543,495 56,629,659 53,552,649 50,303,327 46,872,042 43,248,605 39,422,256 35,381,631 31,114,732 26,608,886 21,850,712 16,826,081 11,520,070 5,916,923 +Total federal tax depreciation ($) 0 56,803,590 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 113,607,179 56,803,590 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 101,170,814 48,178,887 52,398,686 56,322,799 59,637,892 61,000,566 57,825,871 58,176,958 73,644,692 78,963,943 83,745,807 88,226,989 91,677,869 92,155,796 86,502,475 100,152,891 110,569,537 116,572,720 122,306,721 127,589,989 187,706,636 243,539,530 241,977,974 262,200,122 270,295,929 277,688,959 284,915,865 291,375,606 295,208,694 1,623,910,550 +Federal taxable income ($) 0 112,994,925 63,624,440 67,760,403 71,595,986 74,817,590 76,081,540 72,802,593 73,043,590 88,395,068 93,591,554 98,243,777 102,588,058 105,894,371 106,219,635 100,405,103 113,885,279 124,122,152 129,935,495 135,469,024 140,540,594 196,732,857 248,628,846 246,817,999 266,776,894 274,594,707 281,694,175 288,611,079 294,743,459 298,230,853 1,539,489,256 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -21,245,871 -10,117,566 -11,003,724 -11,827,788 -12,523,957 -12,810,119 -12,143,433 -12,217,161 -15,465,385 -16,582,428 -17,586,619 -18,527,668 -19,252,352 -19,352,717 -18,165,520 -21,032,107 -23,219,603 -24,480,271 -25,684,411 -26,793,898 -39,418,394 -51,143,301 -50,815,375 -55,062,026 -56,762,145 -58,314,681 -59,832,332 -61,188,877 -61,993,826 -341,021,215 +Federal tax benefit (liability) ($) 0 -23,728,934 -13,361,132 -14,229,685 -15,035,157 -15,711,694 -15,977,123 -15,288,545 -15,339,154 -18,562,964 -19,654,226 -20,631,193 -21,543,492 -22,237,818 -22,306,123 -21,085,072 -23,915,909 -26,065,652 -27,286,454 -28,448,495 -29,513,525 -41,313,900 -52,212,058 -51,831,780 -56,023,148 -57,664,889 -59,155,777 -60,608,327 -61,896,126 -62,628,479 -323,292,744 CASH INCENTIVES Federal IBI income ($) 0 @@ -378,30 +378,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 858,112,641 0 0 0 0 0 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 ($) 0 858,112,641 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 801,933,028 0 0 0 0 0 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 ($) 0 801,933,028 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 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 ($) 1,716,225,283 1,692,941,128 1,668,353,060 1,642,388,060 1,614,969,020 1,586,014,514 1,555,438,556 1,523,150,344 1,489,053,992 1,453,048,245 1,415,026,175 1,374,874,870 1,332,475,092 1,287,700,926 1,240,419,406 1,190,490,122 1,137,764,798 1,082,086,855 1,023,290,948 961,202,470 895,637,037 826,399,941 753,285,566 676,076,787 594,544,316 508,446,026 417,526,233 321,514,931 220,126,996 113,061,336 0 -Debt interest payment ($) 0 96,108,616 94,804,703 93,427,771 91,973,731 90,438,265 88,816,813 87,104,559 85,296,419 83,387,024 81,370,702 79,241,466 76,992,993 74,618,605 72,111,252 69,463,487 66,667,447 63,714,829 60,596,864 57,304,293 53,827,338 50,155,674 46,278,397 42,183,992 37,860,300 33,294,482 28,472,977 23,381,469 18,004,836 12,327,112 6,331,435 -Debt principal payment ($) 0 23,284,155 24,588,068 25,965,000 27,419,040 28,954,506 30,575,958 32,288,212 34,096,352 36,005,748 38,022,069 40,151,305 42,399,778 44,774,166 47,281,519 49,929,284 52,725,324 55,677,942 58,795,907 62,088,478 65,565,433 69,237,097 73,114,374 77,208,779 81,532,471 86,098,289 90,919,794 96,011,302 101,387,935 107,065,659 113,061,336 -Debt total payment ($) 0 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 +Debt balance ($) 1,603,866,057 1,582,106,287 1,559,127,971 1,534,862,869 1,509,238,921 1,482,180,032 1,453,605,845 1,423,431,504 1,391,567,400 1,357,918,906 1,322,386,096 1,284,863,449 1,245,239,534 1,203,396,679 1,159,210,625 1,112,550,151 1,063,276,691 1,011,243,917 956,297,308 898,273,689 837,000,747 772,296,520 703,968,857 631,814,844 555,620,207 475,158,670 390,191,287 300,465,731 205,715,543 105,659,345 0 +Debt interest payment ($) 0 89,816,499 88,597,952 87,311,166 85,952,321 84,517,380 83,002,082 81,401,927 79,712,164 77,927,774 76,043,459 74,053,621 71,952,353 69,733,414 67,390,214 64,915,795 62,302,808 59,543,495 56,629,659 53,552,649 50,303,327 46,872,042 43,248,605 39,422,256 35,381,631 31,114,732 26,608,886 21,850,712 16,826,081 11,520,070 5,916,923 +Debt principal payment ($) 0 21,759,769 22,978,316 24,265,102 25,623,948 27,058,889 28,574,187 30,174,341 31,864,104 33,648,494 35,532,810 37,522,647 39,623,915 41,842,855 44,186,054 46,660,474 49,273,460 52,032,774 54,946,609 58,023,619 61,272,942 64,704,227 68,327,663 72,154,013 76,194,637 80,461,537 84,967,383 89,725,556 94,750,188 100,056,198 105,659,345 +Debt total payment ($) 0 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 DSCR (DEBT FRACTION) -EBITDA ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 +EBITDA ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 265,677,416 268,175,916 271,336,402 274,101,839 276,130,988 275,974,777 270,848,873 269,418,246 284,140,822 287,844,125 290,856,678 293,426,680 294,762,916 292,769,463 284,042,858 295,924,685 304,172,762 307,509,832 310,382,854 312,586,832 312,773,745 308,148,859 302,375,362 319,795,915 323,935,266 327,063,256 329,742,614 331,311,939 329,755,815 1,752,471,811 -Debt total payment ($) 0 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 119,392,771 -DSCR (pre-tax) 0.0 2.23 2.25 2.27 2.30 2.31 2.31 2.27 2.26 2.38 2.41 2.44 2.46 2.47 2.45 2.38 2.48 2.55 2.58 2.60 2.62 2.62 2.58 2.53 2.68 2.71 2.74 2.76 2.77 2.76 14.68 +Cash available for debt service (CAFDS) ($) 0 268,120,008 270,618,508 273,778,994 276,544,431 278,573,580 278,417,368 273,291,465 271,860,838 286,583,414 290,286,717 293,299,270 295,869,272 297,205,508 295,212,055 286,485,450 298,367,277 306,615,353 309,952,424 312,825,446 315,029,424 315,216,337 310,591,451 304,817,954 322,238,507 326,377,858 329,505,848 332,185,206 333,754,531 332,198,407 1,661,281,714 +Debt total payment ($) 0 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 111,576,269 +DSCR (pre-tax) 0.0 2.40 2.43 2.45 2.48 2.50 2.50 2.45 2.44 2.57 2.60 2.63 2.65 2.66 2.65 2.57 2.67 2.75 2.78 2.80 2.82 2.83 2.78 2.73 2.89 2.93 2.95 2.98 2.99 2.98 14.89 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index ba809221..b75a1571 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,17 +4,17 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.16 - Simulation Date: 2025-06-10 - Simulation Time: 09:29 - Calculation Time: 1.069 sec + GEOPHIRES Version: 3.9.18 + Simulation Date: 2025-06-18 + Simulation Time: 13:29 + Calculation Time: 1.073 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 58.87 MW - Electricity breakeven price: 6.60 cents/kWh - Total CAPEX: 264.61 MUSD + Electricity breakeven price: 6.06 cents/kWh + Total CAPEX: 222.97 MUSD Number of production wells: 6 Number of injection wells: 6 Flowrate per production well: 100.0 kg/sec @@ -31,11 +31,11 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 124.91 MUSD - After-tax IRR: 22.33 % - Project VIR=PI=PIR: 1.79 - Project MOIC: 4.15 - Project Payback Period: 4.33 yr + Project NPV: 146.15 MUSD + After-tax IRR: 26.60 % + Project VIR=PI=PIR: 2.09 + Project MOIC: 5.24 + Project Payback Period: 3.51 yr Estimated Jobs Created: 125 ***ENGINEERING PARAMETERS*** @@ -102,20 +102,20 @@ Simulation Metadata Drilling and completion costs per vertical injection well: 3.37 MUSD Drilling and completion costs per non-vertical section: 2.14 MUSD Stimulation costs: 9.06 MUSD - Surface power plant costs: 184.09 MUSD + Surface power plant costs: 144.44 MUSD Field gathering system costs: 5.80 MUSD - Total surface equipment costs: 189.88 MUSD + Total surface equipment costs: 150.23 MUSD Exploration costs: 3.89 MUSD - Investment Tax Credit: -75.60 MUSD - Total CAPEX: 264.61 MUSD + Investment Tax Credit: -63.71 MUSD + Total CAPEX: 222.97 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 1.13 MUSD/yr - Power plant maintenance costs: 4.49 MUSD/yr + Power plant maintenance costs: 3.90 MUSD/yr Water costs: 1.58 MUSD/yr - Total operating and maintenance costs: 7.19 MUSD/yr + Total operating and maintenance costs: 6.60 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -204,43 +204,43 @@ PPA price (cents/kWh) 0.0 8.0 8. PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 132,303,716 -Total revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 196,499,130 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 111,486,712 +Total revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 175,682,127 -Property tax net assessed value ($) 0 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 264,607,431 +Property tax net assessed value ($) 0 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 222,973,424 OPERATING EXPENSES -O&M fixed expense ($) 0 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 +O&M fixed expense ($) 0 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 7,193,914 +Total operating expenses ($) 0 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 6,599,142 -EBITDA ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 +EBITDA ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 OPERATING ACTIVITIES -EBITDA ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 +EBITDA ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 5,292,149 5,132,100 4,964,050 4,787,596 4,602,321 4,407,781 4,203,514 3,989,034 3,763,830 3,527,366 3,279,079 3,018,377 2,744,640 2,457,216 2,155,422 1,838,537 1,505,808 1,156,443 789,609 404,434 -Cash flow from operating activities ($) 0 24,265,394 24,638,889 26,361,902 28,069,929 29,777,007 31,488,117 33,205,768 34,931,528 36,666,542 38,411,750 40,167,980 41,936,012 43,716,600 45,510,495 47,318,456 49,141,258 50,979,705 52,834,629 54,706,886 188,900,782 +Debt interest payment ($) 0 4,459,468 4,324,603 4,182,993 4,034,304 3,878,180 3,714,249 3,542,123 3,361,389 3,171,620 2,972,361 2,763,140 2,543,458 2,312,791 2,070,592 1,816,282 1,549,257 1,268,880 974,485 665,370 340,799 +Cash flow from operating activities ($) 0 25,692,845 26,041,159 27,737,729 29,417,993 31,095,919 32,776,420 34,461,931 36,153,944 37,853,525 39,561,526 41,278,691 43,005,703 44,743,220 46,491,891 48,252,367 50,025,309 51,811,404 53,611,358 55,425,897 168,742,185 INVESTING ACTIVITIES -Total installed cost ($) -264,607,431 +Total installed cost ($) -222,973,424 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -264,607,431 +Purchase of property ($) -222,973,424 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -252,86 +252,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -264,607,431 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 ($) -222,973,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 158,764,459 -Size of debt ($) 105,842,972 +Issuance of equity ($) 133,784,055 +Size of debt ($) 89,189,370 minus: -Debt principal payment ($) 0 3,200,965 3,361,014 3,529,064 3,705,517 3,890,793 4,085,333 4,289,600 4,504,080 4,729,284 4,965,748 5,214,035 5,474,737 5,748,474 6,035,898 6,337,692 6,654,577 6,987,306 7,336,671 7,703,505 8,088,680 +Debt principal payment ($) 0 2,697,317 2,832,183 2,973,792 3,122,482 3,278,606 3,442,536 3,614,663 3,795,396 3,985,166 4,184,424 4,393,646 4,613,328 4,843,994 5,086,194 5,340,504 5,607,529 5,887,905 6,182,301 6,491,416 6,815,986 equals: -Cash flow from financing activities ($) 264,607,431 -3,200,965 -3,361,014 -3,529,064 -3,705,517 -3,890,793 -4,085,333 -4,289,600 -4,504,080 -4,729,284 -4,965,748 -5,214,035 -5,474,737 -5,748,474 -6,035,898 -6,337,692 -6,654,577 -6,987,306 -7,336,671 -7,703,505 -8,088,680 +Cash flow from financing activities ($) 222,973,424 -2,697,317 -2,832,183 -2,973,792 -3,122,482 -3,278,606 -3,442,536 -3,614,663 -3,795,396 -3,985,166 -4,184,424 -4,393,646 -4,613,328 -4,843,994 -5,086,194 -5,340,504 -5,607,529 -5,887,905 -6,182,301 -6,491,416 -6,815,986 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 24,265,394 24,638,889 26,361,902 28,069,929 29,777,007 31,488,117 33,205,768 34,931,528 36,666,542 38,411,750 40,167,980 41,936,012 43,716,600 45,510,495 47,318,456 49,141,258 50,979,705 52,834,629 54,706,886 188,900,782 -Cash flow from investing activities ($) -264,607,431 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 264,607,431 -3,200,965 -3,361,014 -3,529,064 -3,705,517 -3,890,793 -4,085,333 -4,289,600 -4,504,080 -4,729,284 -4,965,748 -5,214,035 -5,474,737 -5,748,474 -6,035,898 -6,337,692 -6,654,577 -6,987,306 -7,336,671 -7,703,505 -8,088,680 -Total pre-tax cash flow ($) 0 21,064,428 21,277,876 22,832,837 24,364,412 25,886,213 27,402,784 28,916,168 30,427,448 31,937,259 33,446,002 34,953,945 36,461,275 37,968,126 39,474,598 40,980,763 42,486,681 43,992,399 45,497,958 47,003,381 180,812,102 +Cash flow from operating activities ($) 0 25,692,845 26,041,159 27,737,729 29,417,993 31,095,919 32,776,420 34,461,931 36,153,944 37,853,525 39,561,526 41,278,691 43,005,703 44,743,220 46,491,891 48,252,367 50,025,309 51,811,404 53,611,358 55,425,897 168,742,185 +Cash flow from investing activities ($) -222,973,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 222,973,424 -2,697,317 -2,832,183 -2,973,792 -3,122,482 -3,278,606 -3,442,536 -3,614,663 -3,795,396 -3,985,166 -4,184,424 -4,393,646 -4,613,328 -4,843,994 -5,086,194 -5,340,504 -5,607,529 -5,887,905 -6,182,301 -6,491,416 -6,815,986 +Total pre-tax cash flow ($) 0 22,995,528 23,208,976 24,763,937 26,295,511 27,817,313 29,333,884 30,847,268 32,358,548 33,868,358 35,377,101 36,885,045 38,392,375 39,899,226 41,405,697 42,911,863 44,417,781 45,923,499 47,429,058 48,934,481 161,926,199 Pre-tax Returns: -Issuance of equity ($) 158,764,459 -Total pre-tax cash flow ($) 0 21,064,428 21,277,876 22,832,837 24,364,412 25,886,213 27,402,784 28,916,168 30,427,448 31,937,259 33,446,002 34,953,945 36,461,275 37,968,126 39,474,598 40,980,763 42,486,681 43,992,399 45,497,958 47,003,381 180,812,102 -Total pre-tax returns ($) -158,764,459 21,064,428 21,277,876 22,832,837 24,364,412 25,886,213 27,402,784 28,916,168 30,427,448 31,937,259 33,446,002 34,953,945 36,461,275 37,968,126 39,474,598 40,980,763 42,486,681 43,992,399 45,497,958 47,003,381 180,812,102 +Issuance of equity ($) 133,784,055 +Total pre-tax cash flow ($) 0 22,995,528 23,208,976 24,763,937 26,295,511 27,817,313 29,333,884 30,847,268 32,358,548 33,868,358 35,377,101 36,885,045 38,392,375 39,899,226 41,405,697 42,911,863 44,417,781 45,923,499 47,429,058 48,934,481 161,926,199 +Total pre-tax returns ($) -133,784,055 22,995,528 23,208,976 24,763,937 26,295,511 27,817,313 29,333,884 30,847,268 32,358,548 33,868,358 35,377,101 36,885,045 38,392,375 39,899,226 41,405,697 42,911,863 44,417,781 45,923,499 47,429,058 48,934,481 161,926,199 After-tax Returns: -Total pre-tax returns ($) -158,764,459 21,064,428 21,277,876 22,832,837 24,364,412 25,886,213 27,402,784 28,916,168 30,427,448 31,937,259 33,446,002 34,953,945 36,461,275 37,968,126 39,474,598 40,980,763 42,486,681 43,992,399 45,497,958 47,003,381 180,812,102 -Federal ITC total income ($) 0 79,382,229 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -133,784,055 22,995,528 23,208,976 24,763,937 26,295,511 27,817,313 29,333,884 30,847,268 32,358,548 33,868,358 35,377,101 36,885,045 38,392,375 39,899,226 41,405,697 42,911,863 44,417,781 45,923,499 47,429,058 48,934,481 161,926,199 +Federal ITC total income ($) 0 66,892,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,640,877 -2,615,667 -2,952,172 -3,285,749 -3,619,142 -3,953,321 -4,288,779 -4,625,820 -4,964,668 -5,305,507 -5,648,499 -5,993,795 -6,341,544 -6,691,892 -7,044,987 -7,400,980 -7,760,028 -8,122,295 -8,487,947 -34,696,015 +Federal tax benefit (liability) ($) 0 -4,092,445 -3,235,103 -3,566,443 -3,894,599 -4,222,298 -4,550,500 -4,879,680 -5,210,130 -5,542,058 -5,875,631 -6,210,993 -6,548,279 -6,887,616 -7,229,131 -7,572,952 -7,919,208 -8,268,032 -8,619,563 -8,973,942 -31,104,614 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 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) ($) 0 -1,304,974 -937,515 -1,058,126 -1,177,688 -1,297,183 -1,416,961 -1,537,197 -1,658,000 -1,779,451 -1,901,615 -2,024,552 -2,148,314 -2,272,955 -2,398,528 -2,525,085 -2,652,681 -2,781,372 -2,911,217 -3,042,275 -12,435,848 -Total after-tax returns ($) -158,764,459 95,500,806 17,724,693 18,822,540 19,900,974 20,969,888 22,032,502 23,090,193 24,143,629 25,193,140 26,238,880 27,280,895 28,319,166 29,353,627 30,384,178 31,410,692 32,433,020 33,450,998 34,464,446 35,473,159 133,680,240 +State tax benefit (liability) ($) 0 -1,466,826 -1,159,535 -1,278,295 -1,395,914 -1,513,368 -1,631,003 -1,748,989 -1,867,430 -1,986,401 -2,105,961 -2,226,162 -2,347,053 -2,468,679 -2,591,086 -2,714,320 -2,838,426 -2,963,452 -3,089,449 -3,216,467 -11,148,607 +Total after-tax returns ($) -133,784,055 84,328,284 18,814,337 19,919,199 21,004,999 22,081,647 23,152,381 24,218,599 25,280,988 26,339,899 27,395,510 28,447,889 29,497,043 30,542,931 31,585,480 32,624,591 33,660,147 34,692,014 35,720,045 36,744,072 119,672,978 -After-tax cumulative IRR (%) NaN -39.85 -24.97 -11.90 -2.45 4.14 8.75 12.05 14.46 16.24 17.59 18.62 19.42 20.04 20.53 20.93 21.24 21.49 21.69 21.86 22.33 -After-tax cumulative NPV ($) -158,764,459 -72,071,643 -57,465,657 -43,385,534 -29,871,698 -16,945,331 -4,616,547 7,112,428 18,245,400 28,790,895 38,761,144 48,171,269 57,038,609 65,382,156 73,222,092 80,579,394 87,475,510 93,932,087 99,970,747 105,612,905 124,914,299 +After-tax cumulative IRR (%) NaN -36.97 -19.50 -5.44 4.16 10.58 14.95 17.99 20.16 21.74 22.90 23.77 24.43 24.93 25.32 25.63 25.86 26.05 26.20 26.31 26.60 +After-tax cumulative NPV ($) -133,784,055 -57,233,325 -41,729,421 -26,828,947 -12,565,419 1,046,264 14,001,701 26,303,866 37,961,290 48,986,802 59,396,548 69,209,210 78,445,368 87,126,966 95,276,870 102,918,503 110,075,538 116,771,651 123,030,310 128,874,612 146,153,571 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -158,764,459 58,749,350 -19,240,210 -19,697,325 -20,150,465 -20,603,353 -21,057,310 -21,513,003 -21,970,847 -22,431,147 -22,894,150 -23,360,078 -23,829,137 -24,301,527 -24,777,447 -25,257,099 -25,740,689 -26,228,429 -26,720,540 -27,217,250 69,484,825 +Annual costs ($) -133,784,055 47,576,828 -18,150,566 -18,600,667 -19,046,441 -19,491,594 -19,937,431 -20,384,597 -20,833,488 -21,284,387 -21,737,520 -22,193,084 -22,651,260 -23,112,223 -23,576,146 -24,043,200 -24,513,562 -24,987,412 -25,464,940 -25,946,337 55,477,563 PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 Electricity to grid (kWh) 0.0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 -Present value of annual costs ($) 257,587,004 +Present value of annual costs ($) 236,347,733 Present value of annual energy nominal (kWh) 3,903,105,303.0 -LCOE Levelized cost of energy nominal (cents/kWh) 6.60 +LCOE Levelized cost of energy nominal (cents/kWh) 6.06 Present value of PPA revenue ($) 382,501,304 Present value of annual energy nominal (kWh) 3,903,105,303.0 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 +EBITDA ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 5,292,149 5,132,100 4,964,050 4,787,596 4,602,321 4,407,781 4,203,514 3,989,034 3,763,830 3,527,366 3,279,079 3,018,377 2,744,640 2,457,216 2,155,422 1,838,537 1,505,808 1,156,443 789,609 404,434 -Total state tax depreciation ($) 0 5,622,908 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 +Debt interest payment ($) 0 4,459,468 4,324,603 4,182,993 4,034,304 3,878,180 3,714,249 3,542,123 3,361,389 3,171,620 2,972,361 2,763,140 2,543,458 2,312,791 2,070,592 1,816,282 1,549,257 1,268,880 974,485 665,370 340,799 +Total state tax depreciation ($) 0 4,738,185 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 equals: -State taxable income ($) 0 18,642,486 13,393,074 15,116,086 16,824,113 18,531,191 20,242,301 21,959,952 23,685,712 25,420,727 27,165,934 28,922,165 30,690,196 32,470,784 34,264,679 36,072,640 37,895,442 39,733,889 41,588,813 43,461,070 177,654,967 +State taxable income ($) 0 20,954,660 16,564,788 18,261,359 19,941,623 21,619,548 23,300,050 24,985,561 26,677,574 28,377,154 30,085,155 31,802,320 33,529,332 35,266,850 37,015,521 38,775,996 40,548,939 42,335,033 44,134,988 45,949,526 159,265,815 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -1,304,974 -937,515 -1,058,126 -1,177,688 -1,297,183 -1,416,961 -1,537,197 -1,658,000 -1,779,451 -1,901,615 -2,024,552 -2,148,314 -2,272,955 -2,398,528 -2,525,085 -2,652,681 -2,781,372 -2,911,217 -3,042,275 -12,435,848 +State tax benefit (liability) ($) 0 -1,466,826 -1,159,535 -1,278,295 -1,395,914 -1,513,368 -1,631,003 -1,748,989 -1,867,430 -1,986,401 -2,105,961 -2,226,162 -2,347,053 -2,468,679 -2,591,086 -2,714,320 -2,838,426 -2,963,452 -3,089,449 -3,216,467 -11,148,607 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 +EBITDA ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,304,974 -937,515 -1,058,126 -1,177,688 -1,297,183 -1,416,961 -1,537,197 -1,658,000 -1,779,451 -1,901,615 -2,024,552 -2,148,314 -2,272,955 -2,398,528 -2,525,085 -2,652,681 -2,781,372 -2,911,217 -3,042,275 -12,435,848 +State tax benefit (liability) ($) 0 -1,466,826 -1,159,535 -1,278,295 -1,395,914 -1,513,368 -1,631,003 -1,748,989 -1,867,430 -1,986,401 -2,105,961 -2,226,162 -2,347,053 -2,468,679 -2,591,086 -2,714,320 -2,838,426 -2,963,452 -3,089,449 -3,216,467 -11,148,607 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 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 minus: -Debt interest payment ($) 0 5,292,149 5,132,100 4,964,050 4,787,596 4,602,321 4,407,781 4,203,514 3,989,034 3,763,830 3,527,366 3,279,079 3,018,377 2,744,640 2,457,216 2,155,422 1,838,537 1,505,808 1,156,443 789,609 404,434 -Total federal tax depreciation ($) 0 5,622,908 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 11,245,816 +Debt interest payment ($) 0 4,459,468 4,324,603 4,182,993 4,034,304 3,878,180 3,714,249 3,542,123 3,361,389 3,171,620 2,972,361 2,763,140 2,543,458 2,312,791 2,070,592 1,816,282 1,549,257 1,268,880 974,485 665,370 340,799 +Total federal tax depreciation ($) 0 4,738,185 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 9,476,371 equals: -Federal taxable income ($) 0 17,337,512 12,455,558 14,057,960 15,646,425 17,234,007 18,825,340 20,422,756 22,027,712 23,641,276 25,264,318 26,897,613 28,541,883 30,197,830 31,866,152 33,547,555 35,242,761 36,952,517 38,677,596 40,418,795 165,219,119 +Federal taxable income ($) 0 19,487,834 15,405,253 16,983,064 18,545,709 20,106,180 21,669,046 23,236,571 24,810,143 26,390,753 27,979,194 29,576,158 31,182,279 32,798,170 34,424,434 36,061,677 37,710,513 39,371,581 41,045,539 42,733,059 148,117,208 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 -Federal tax benefit (liability) ($) 0 -3,640,877 -2,615,667 -2,952,172 -3,285,749 -3,619,142 -3,953,321 -4,288,779 -4,625,820 -4,964,668 -5,305,507 -5,648,499 -5,993,795 -6,341,544 -6,691,892 -7,044,987 -7,400,980 -7,760,028 -8,122,295 -8,487,947 -34,696,015 +Federal tax benefit (liability) ($) 0 -4,092,445 -3,235,103 -3,566,443 -3,894,599 -4,222,298 -4,550,500 -4,879,680 -5,210,130 -5,542,058 -5,875,631 -6,210,993 -6,548,279 -6,887,616 -7,229,131 -7,572,952 -7,919,208 -8,268,032 -8,619,563 -8,973,942 -31,104,614 CASH INCENTIVES Federal IBI income ($) 0 @@ -357,30 +357,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 79,382,229 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 79,382,229 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 66,892,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 66,892,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 105,842,972 102,642,007 99,280,994 95,751,929 92,046,412 88,155,618 84,070,285 79,780,686 75,276,606 70,547,322 65,581,575 60,367,539 54,892,802 49,144,329 43,108,431 36,770,739 30,116,162 23,128,856 15,792,185 8,088,680 0 -Debt interest payment ($) 0 5,292,149 5,132,100 4,964,050 4,787,596 4,602,321 4,407,781 4,203,514 3,989,034 3,763,830 3,527,366 3,279,079 3,018,377 2,744,640 2,457,216 2,155,422 1,838,537 1,505,808 1,156,443 789,609 404,434 -Debt principal payment ($) 0 3,200,965 3,361,014 3,529,064 3,705,517 3,890,793 4,085,333 4,289,600 4,504,080 4,729,284 4,965,748 5,214,035 5,474,737 5,748,474 6,035,898 6,337,692 6,654,577 6,987,306 7,336,671 7,703,505 8,088,680 -Debt total payment ($) 0 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 +Debt balance ($) 89,189,370 86,492,052 83,659,869 80,686,077 77,563,595 74,284,989 70,842,453 67,227,790 63,432,393 59,447,227 55,262,803 50,869,157 46,255,829 41,411,835 36,325,641 30,985,137 25,377,608 19,489,703 13,307,402 6,815,986 0 +Debt interest payment ($) 0 4,459,468 4,324,603 4,182,993 4,034,304 3,878,180 3,714,249 3,542,123 3,361,389 3,171,620 2,972,361 2,763,140 2,543,458 2,312,791 2,070,592 1,816,282 1,549,257 1,268,880 974,485 665,370 340,799 +Debt principal payment ($) 0 2,697,317 2,832,183 2,973,792 3,122,482 3,278,606 3,442,536 3,614,663 3,795,396 3,985,166 4,184,424 4,393,646 4,613,328 4,843,994 5,086,194 5,340,504 5,607,529 5,887,905 6,182,301 6,491,416 6,815,986 +Debt total payment ($) 0 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 DSCR (DEBT FRACTION) -EBITDA ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 +EBITDA ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 29,557,542 29,770,990 31,325,951 32,857,526 34,379,327 35,895,898 37,409,282 38,920,562 40,430,373 41,939,116 43,447,059 44,954,389 46,461,240 47,967,712 49,473,877 50,979,795 52,485,513 53,991,072 55,496,495 189,305,216 -Debt total payment ($) 0 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 8,493,114 -DSCR (pre-tax) 0.0 3.48 3.51 3.69 3.87 4.05 4.23 4.40 4.58 4.76 4.94 5.12 5.29 5.47 5.65 5.83 6.0 6.18 6.36 6.53 22.29 +Cash available for debt service (CAFDS) ($) 0 30,152,314 30,365,761 31,920,723 33,452,297 34,974,099 36,490,670 38,004,054 39,515,334 41,025,144 42,533,887 44,041,831 45,549,161 47,056,012 48,562,483 50,068,649 51,574,566 53,080,284 54,585,843 56,091,267 169,082,985 +Debt total payment ($) 0 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 7,156,786 +DSCR (pre-tax) 0.0 4.21 4.24 4.46 4.67 4.89 5.10 5.31 5.52 5.73 5.94 6.15 6.36 6.58 6.79 7.0 7.21 7.42 7.63 7.84 23.63 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0