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Title: Cost of Renewable Energy Spreadsheet Tool (CREST)

Version: Geothermal, version 1.4

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

Author: Sustainable Energy Advantage, LLC

Michael Mendelsohn, NREL


For Technical Support, Please (303) 384-7363
Contact: michael.mendelsohn@nrel.gov

Sustainable Energy Advantage, LLC


For Model Customization, (508) 665-5850
Please Contact: CREST@seadvantage.com

Introduction:
The CREST model is a cost-of-energy analysis tool intended to assist policy makers evaluating the appropriate payment rate for a cost-based renewable energy
incentive policy. The model aims to determine the cost-of-energy, or minimum revenue per unit of production needed for a sample (modeled) renewable
energy project to meet its investors' assumed minimum required after-tax rate of return. This model was developed in conjunction with a report entitled
Renewable Energy Cost Modeling: A Toolkit for Establishing Cost-Based Incentives in the United States, developed under contract to the National Renewable
Energy Laboratory. For more information about the factors, issues and policy decisions involved in establishing cost-based rates and incentives, please refer to
the report.
The report, user manual and CREST models are free and available for download at:

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

User Manual: The CREST model comes with a User Manual which describes its design, features, inputs and outputs. The manual is intended to provide an easy to follow
road map to users who might not typically work with financial analyses, to ensure successful utilization of this Cost of Energy tool. The User Manual gives a
"guided tour" of the model architecture, provides an explanation of how to operate the model, compare multiple analyses, and understand the results. The
User Manual is available to download at:

http://financere.nrel.gov/finance/content/crest-model
The remainder of this Introduction worksheet provides an abridged version of the User Manual.

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

Examples:
Entering Inputs: Model
Conventions Blue Bold Text denotes user-defined inputs. The user is responsible for modifying these cells to be consistent with the project being evaluated. Input Format

Black Text is strictly reserved for cells that are calculated automatically . These cells should not be modified. Calculated Value
Format
In the "Check" column, green cells are used to indicate that the user has entered an acceptable value in a required field.

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

Yellow boxes are used to highlight input choices the model user must make via a dropdown menu.
Drop-Down Menu
The "Notes" column, populated with boxes showing a "?", contains a combination of definitions, explanations and ranges of typical values for most inputs. To
read a note, the users need only move the cursor onto the applicable cell. The user is strongly encouraged to review all of these comments in order to ?
understand key features of the CREST model.

Operating the Model:

Once a user has finished entering the characteristics of the project under review on the "Inputs" tab, the model will automatically calculate both the "Year
One" and equivalent "Levelized Cost of Energy" -- as defined and discussed in the User Manual. MS Excel's "Calculation Options" MUST be set to "Automatic"
in order for these results to be generated automatically. If "Calculation Options" are not set to "Automatic," then the user will need to press "F9" after any
input is changed, in order to calculate accurate results. Even when the Calculations Options are set to Automatic, there are circumstances in which F9 will
need to be pressed one or more times in order to complete the calculation. This is described in more detail in the note towards the top of the Summary
Results worksheet.

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

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

Check
Project Size and Performance
Generator Gross Nameplate Capacity
### Net Capacity Factor, Yr 1
Production, Yr 1
Select Production Degradation Level of Detail
### Annual Plant Production Degradation

Ratio of Plant Capacity to Thermal Potential


Thermal Resource Potential, Yr 1 (kW-electric equivalent)
Select Thermal Resource Degradation Level of Detail
Annual Degradation of Thermal Resource

### Project Useful Life

Cost Level of Detail: Confirmation and Site Development Costs


Select Cost Level of Detail
Installed Cost, excluding exploration costs

Exploration Costs Attributed to Project


Total Exploration Costs (before time-value of investment)
Exploration Well Drilling Success Rate
Number of Successful Exploration Wells Required
Avg cost per exploration well
Non-well exploration costs
Exploration Cost, before time-value of investment (for reference)
Expected Return on Exploration Capital (from investment to COD)
Total Capital Invested in Exploration
Total Exploration Costs (including return from inception to COD)

Confirmation Drilling Costs


### Confirmation well success ratio
Number of successful confirmation wells required
Cost per confirmation well
Non-well confirmation costs
Duration of Confirmation Phase
% of Confirmation Costs Financed with Debt
Interest Rate (Annual)
% of Confirmation Costs Financed with Equity
Annual Return Requirement of Confirmation Stage Investors
Blended Cost of Confirmation Financing
Total Confirmation Well Cost (at end of Confirmation Phase)

Total Confirmation Well Cost (at end of Confirmation Phase)


Confirmation Cost per kW, before time-value of investment (for reference)
Total Confirmation Costs (at time of permanent financing)

Site Construction Costs: Well field & Power Plant


Duration of Construction Phase
% of Construction Costs Financed with Debt
Interest Rate (Annual)
% of Construction Costs Financed with Equity
Annual Return Requirement of Construction Phase Equity Investors
Blended Cost of Construction Financing
Production Well Field
Total Production Wells Needed
Ratio of Injection to Production Wells
Cost per production well
Cost per injection well
Non-Drilling Wellfield Costs (excluding confirmation phase)
Total Well Field Cost (at end of Construction/COD)
Power Plant & Interconnection
Power Plant Cost per kW, before IDC (for reference)
Interconnection
Reserves, Lender Fees & Closing Costs

Total Power Plant & Interconnection Cost (at COD)


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

Total Project Costs


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

Permanent Financing
### % Debt (% of hard costs) (mortgage-style amort.)
Debt Term
### Interest Rate on Term Debt
### Lender's Fee (% of total borrowing)
Required Minimum Annual DSCR
Actual Minimum DSCR, occurs in
Minimum DSCR Check Cell (If "Fail," read note ==>)
Required Average DSCR
Actual Average DSCR
Average DSCR Check Cell (If "Fail," read note ==>)
% Equity (% hard costs) (soft costs also equity funded)
### Target After-Tax Equity IRR
Weighted Average Cost of Capital (WACC)
Other Closing Costs

Initial Funding of Reserve Accounts


Debt Service Reserve
# of months of Debt Service
Initial Debt Service Reserve
O&M Reserve/Working Capital
# of months of O&M Expense
Initial O&M and WC Reserve
Interest on All Reserves

Summary of Sources of Funding for Total Installed Cost


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

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

Notes Check
Units Input Value
MW 15 ? ###
% 85.5% ?
kWh 112,347,000 ?
Annual ?
% 0.5% ?
?
ratio 0.95 ? ###
MW 15.8 ? ###
Annual ?
% 3.0% ?
?
years 25 ?

Units Input Value


Intermediate ?
$/kW $3,200 ?

?
$/kW $175 ?
% 50% ?
# #
1## ?
$/Well $4,000,000### ?
$ $750,000### ?
$/kW 583
% 100% ?
$ $8,750,000 ?
$ $17,500,000 ?

Units Input Value ?


% 50% ?
# 2### ?
$ $3,500,000 ?
$ $250,000 ?
years 2 ?
% 0% ? ###
% 0.0% ?
% 100% ?
% 30% ?
% 30.00% ? ###
$18,525,000 ?
### ?
$ ?
$/kW $1,235
$ $27,075,000 ?

Units Input Value ?


years 2 ?
% 65% ?
% 6.5% ?
% 35% ?
% 20% ?
% 9.51% ? ###
###
# 3.0 ?
ratio 0.5 ?
$ $3,000,000 ?
$3,000,000 ? ###
$ $250,000 ? ###
$ $8,487,243 ?
$ $75,000,000 ?
$/kW $5,000 ?
$ $1,000,000 ?
$ $8,049,793 ?
?
$ $91,279,535 ###
$ $99,766,779 ? ###
$/kW $6,651 ###

Units Input Value


$ $144,341,779 ?
$/kW $9,623 ?

Units Input Value ###


% 50% ? ###
years 15 ?
% 7.00% ?
% 3.0% ?
1.20 ?
Year 15 1.79 ?
Pass/Fail Pass ?
1.45 ?
2.10 ?
Pass/Fail Pass ?
% 50% ?
% 15.00% ?
% 10.16% ? ### ###
$ $0 ? ### ###
###
Units Input Value ###
###
months 6 ? ###
$ $3,542,585 ? ###

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

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

000 Watts.
W generator operating at rated capacity for one hour will produce 1 kWh of electricity.

ts have passed or failed.


g, Tax & Financing Inputs

Technology Options
Cost-Based Tariff Rate Structure Units
Payment Duration for Cost-Based Tariff years
% of Year-One Tariff Rate Escalated %
Cost-Based Tariff Escalation Rate %

Forecasted Market Value of Production; applies after Incentive Expiration


Select Market Value Forecast Methodology
Value of energy, capacity & RECs, Yr 1 /kWh
Market Value Escalation Rate %

Operations & Maintenance Units


Select Cost Level of Detail

Operations & Maintenance: Units


O&M Cost Inflation, initial period %
Initial Period ends last day of: year
O&M Cost Inflation, thereafter %
Field
Fixed O&M Expense, Yr 1 $/kW-yr
Variable O&M Expense, Yr 1 /kWh
Plant
Fixed O&M Expense, Yr 1 $/kW-yr
Variable O&M Expense, Yr 1 /kWh
Other O&M
Insurance, Yr 1 (% of Total Cost) %
Insurance, Yr 1 ($) (Provided for reference) $
Project Management Yr 1 $/yr
Property Tax or PILOT, Yr 1 $/yr
Annual Property Tax Adjustment Factor %
Land Lease $/yr
Royalties (% of revenue) %
Royalties, Yr 1 ($) (Provided for reference) $

Capital Expenditures During Operations: Replacement Wells


1st Set of Well Replacements year
# of Wells Replaced #
Cost per Replacement Well ($ in year replaced) $
Resulting Increase in Thermal Resource Potential % of initial
2nd Set of Well Replacements year
# of Wells Replaced #
Cost per Replacement Well ($ in year replaced) $
Resulting Increase in Thermal Resource Potential % of initial

Reserves Funded from Operations Units


Decommissioning Reserve
Fund from Operations or Salvage Value?
Reserve Requirement $

Federal Incentives Units


Select Form of Federal Incentive
Investment Tax Credit (ITC) or Cash Grant?
ITC or Cash Grant Amount %
ITC utilization factor, if applicable %
ITC or Cash Grant $
Is PBI Tax-Based (PTC) or Cash-Based (REPI)?
PBI Rate /kWh
PBI Utilization Factor, if applicable %
PBI Duration yrs
PBI Escalation Rate %
Additional Federal Grants (Other than Section 1603) $
Federal Grants Treated as Taxable Income?

State Tax Credits, Rebates and/or REC Revenue Units


Select Form of State Incentive
ITC Amount %
Utilization Factor, if applicable %
State ITC realization period yrs
Total State ITC, over realization period $
Is Performance-Based Incentive Tax Credit or Cash Pmt?
Annual $ Cap on Performance-Based Incentive $
If cash, is state PBI or REC taxable?
PBI or REC Rate /kWh
PBI Utilization Factor, if applicable %
PBI or REC PaymentDuration yrs
PBI or REC Escalation Rate (pos. or neg.) %
Additional State Rebates/Grants $/kW
Total $ Cap on State Rebates/Grants $
State Grants Treated as Taxable Income?
Bonus Depreciation Input Values
Bonus Depreciation No
% Bonus Depreciation, Yr 1, if applicable 0%

Allocation of Depreciable, Depletable & Expensable Costs


Cost Category 5-year MACRS
Total Installed Cost 65.0%
Exploration Costs Attributed to Project 0.0%
Confirmation Drilling Costs 34.0%
Power Plant & Interconnection 100.0%
Interconnection 0.0%
Reserves, Lender Fees & Closing Costs 0.0%

Additional Depletion Inputs:


Percentage (Statutory) Depletion Deduction %: 15%
Portion of Revenue Attributable to Steam: 35%

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

duce 1 kWh of electricity.


Notes
Input Value
20 ?
0.0% ?
0.0% ?

Expiration ?
Year One ? 1
4.00 ? 1
2.0% ? 1
? 0

Input Value
Intermediate ?

Input Value
2.0% ?
10 ?
2.0% ?

$2.00 ?
1.00 ?

$2.00 ?
2.00 ?

0.4% ?
$516,249 ?
$50,000 ?
$75,000 ?
-10.0% ?
$5,000 ?
3.0% ?
$625,211 ?

Input Value
10 ?
1 ?
$0 ?
5% ?
20 ?
2 ?
$0 ?
8% ?

Input Value

Salvage ?
$0 ?

Input Value
Cost-Based ### ? 0
ITC ?
30% ?
100%
$28,296,272 ?
Cash ?
2.30 ?
100.0%
10 ?
2.0% ?
$0 ?
Yes ?

Input Value
Neither ?
10% ### ?
100%
5 ?
$0 ?
Cash ### ?
$0 ?
No ### ?
1.50 ? 1
100.0%
10 ?
2.0% ?
$0 ?
$0 ?
Yes ?
?
?

15-year MACRS 20-year SL Non-Depreciable Depletion


5.0% 4.0% 0.0% 8.0%
0.0% 0.0% 75.0% 0.0%
0.0% 0.0% 0.0% 33.0%
0.0% 0.0% 0.0% 0.0%
100.0% 0.0% 0.0% 0.0%
0.0% 50.0% 50.0% 0.0%

Select Depletion Methodology: Cost Method


If Cost Method, switch to Percentage Method in year: 4

Input Value
Yes ?
35.0% ?
As Generated ?
8.5% ?
As Generated ?
40.53% ?
see table ==> ?
1
Yr 1 Expensing
18.0% ?
25.0% ?
33.0% ?
0.0% ?
0.0% ?
0.0% ?
?

?
?
Summary Results

Press F9 each time inputs are changed to ensure completion of the COE calculation.
When "#N/A" appears, press "F9" in the upper row on your keyboard to complete the
calculation. It may be necessary to press F9 more than once. See note for details.
Outputs Summary units Current Model Run

Net Year-One Cost of Energy (COE) /kWh 18.55


Annual Escalation of Year-One COE % 0.0%
Percentage of Tariff Escalated % 0.0%

Yes
Does modeled project meet minimum DSCR requirements?

Yes
Does modeled project meet average DSCR requirements?
Did you confirm that all minimum required inputs have green check cells?

Net Nominal Levelized Cost of Energy /kWh 18.55

Inputs Summary

Generator Gross Nameplate Capacity MW 15


Net Capacity Factor, Yr 1 % 85.5%
Annual Degradation of Thermal Resource % 3.0%
Production, Yr 1 kWh 112,347,000
Project Useful Life years 25
Payment Duration for Cost-Based Tariff years 20
% of Year 1 Tariff Rate Escalated % 0%

Net Installed Cost $ $144,341,779


Net Installed Cost $/kW $9,623

Operating Expenses, Aggregated, Yr 1 /kWh (4.19)

% Equity (% hard costs) (soft costs also equity funded) % 50%


Target After-Tax Equity IRR % 15.00%
% Debt (% of hard costs) (mortgage-style amort.) % 50%
Debt Term Years 15
Interest Rate on Term Debt % 7.00%
Is owner a taxable entity? Yes
Federal Tax Benefts Used "as generated" or "carried forward"? As Generated
State Tax Benefts Used "as generated" or "carried forward"? As Generated

Type of Federal Incentive Assumed Cost-Based


Tax Credit- or Cash- Based? ITC

Other Grants or Rebates No


Total of Grants or Rebates $ NA

Bonus Depreciation assumed? No

Notes: User-Defined
Results of multiple scenarios may be compared here by using the "copy" and "paste special - values"
column D to columns F through O

Paste Results of Multiple Model Runs Below

[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]


py" and "paste special - values" feature to transfer values from
s F through O

Model Runs Below

[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]


[Insert Scenario Name] [Insert Scenario Name] [Insert Scenario Name]
[Insert Scenario Name]
Annual Project Cash Flows, Returns & Other Metrics

Tariff or Market Operating


Project Value Revenue Expenses Debt Service Reserves
Year /kWh $ $ $ $
0
1 18.55 $20,938,190 ($4,701,870) ($7,085,170) $0
2 18.55 $20,833,988 ($4,761,588) ($7,085,170) $0
3 18.55 $20,730,308 ($4,822,322) ($7,085,170) $0
4 18.55 $20,627,145 ($4,884,089) ($7,085,170) $0
5 18.55 $20,524,499 ($4,946,905) ($7,085,170) $0
6 18.55 $20,422,365 ($5,010,787) ($7,085,170) $0
7 18.55 $20,320,742 ($5,075,751) ($7,085,170) $0
8 18.55 $20,219,628 ($5,141,814) ($7,085,170) $0
9 18.55 $20,119,019 ($5,208,995) ($7,085,170) $0
10 18.55 $20,018,913 ($5,277,311) ($7,085,170) $0
11 18.55 $19,919,307 ($5,346,780) ($7,085,170) $0
12 18.55 $19,657,785 ($5,379,889) ($7,085,170) $0
13 18.55 $19,070,986 ($5,336,290) ($7,085,170) $0
14 18.55 $18,501,791 ($5,293,976) ($7,085,170) $0
15 18.55 $17,949,672 ($5,252,931) ($7,085,170) $0
16 18.55 $17,385,776 ($5,213,143) $0 $3,542,585
17 18.55 $16,837,946 ($5,174,597) $0 $0
18 18.55 $16,334,042 ($5,137,283) $0 $0
19 18.55 $15,845,255 ($5,101,188) $0 $0
20 18.55 $17,423,738 ($5,611,479) $0 $0
21 5.94 $5,443,779 ($5,227,061) $0 $0
22 6.06 $5,386,511 ($5,201,152) $0 $0
23 6.18 $5,329,850 ($5,176,092) $0 $0
24 6.31 $5,273,790 ($5,151,883) $0 $0
25 6.43 $5,197,754 ($5,128,527) $0 $2,571,274
26
27
28
29
30

Cumulative Cash Flow


$100,000,000

$80,000,000

$60,000,000
sh Flow ($)

$40,000,000

$20,000,000
$100,000,000

$80,000,000

$60,000,000

Cumulative Cash Flow ($)


$40,000,000

$20,000,000

$0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
($20,000,000)

($40,000,000)

($60,000,000)

($80,000,000)

($100,000,000)

Project Year
Pre-Tax Cash Federal Tax State Tax Federal Tax State Tax After Tax Cash
Flow Income Income Benefit/ (Loss) Benefit/ (Loss) Flow
$ $ $ $ $ $
($79,810,657)
$9,151,150 ($21,566,319) ($21,566,319) $35,202,885 $1,833,137 $46,187,172
$8,987,230 ($15,511,778) ($15,511,778) $4,967,647 $1,318,501 $15,273,378
$8,822,815 ($4,868,676) ($4,868,676) $1,559,193 $413,837 $10,795,846
$8,657,885 $1,006,594 $1,006,594 ($322,362) ($85,560) $8,249,963
$8,492,423 $1,037,351 $1,037,351 ($332,212) ($88,175) $8,072,036
$8,326,408 $5,819,353 $5,819,353 ($1,863,648) ($494,645) $5,968,115
$8,159,822 $10,686,356 $10,686,356 ($3,422,305) ($908,340) $3,829,176
$7,992,643 $10,794,416 $10,794,416 ($3,456,912) ($917,525) $3,618,206
$7,824,853 $10,920,633 $10,920,633 ($3,497,333) ($928,254) $3,399,267
$7,656,432 $11,066,572 $11,066,572 ($3,544,070) ($940,659) $3,171,703
$7,487,357 $11,233,277 $11,233,277 ($3,597,457) ($954,829) $2,935,072
$7,192,726 $11,306,489 $11,306,489 ($3,620,903) ($961,052) $2,610,771
$6,649,525 $11,173,299 $11,173,299 ($3,578,249) ($949,730) $2,121,546
$6,122,645 $11,082,138 $11,082,138 ($3,549,055) ($941,982) $1,631,608
$5,611,570 $11,034,024 $11,034,024 ($3,533,646) ($937,892) $1,140,032
$15,715,218 $11,029,885 $11,029,885 ($3,532,321) ($937,540) $11,245,357
$11,663,349 $10,576,097 $10,576,097 ($3,386,995) ($898,968) $7,377,385
$11,196,759 $10,136,756 $10,136,756 ($3,246,296) ($861,624) $7,088,838
$10,744,067 $9,710,496 $9,710,496 ($3,109,786) ($825,392) $6,808,889
$11,812,259 $10,693,331 $10,693,331 ($3,424,539) ($908,933) $7,478,787
$216,718 $64,158 $64,158 ($20,547) ($5,453) $190,718
$185,359 $92,680 $92,680 ($29,681) ($7,878) $147,801
$153,758 $76,879 $76,879 ($24,621) ($6,535) $122,603
$121,907 $60,954 $60,954 ($19,520) ($5,181) $97,206
$2,640,500 $34,613 $34,613 ($11,085) ($2,942) $2,626,473

Revenue + Tax Benefits / (Loss) v.


Expenses + Cash Obligations
$70,000,000

$60,000,000

$50,000,000

$40,000,000
$70,000,000

$60,000,000

$50,000,000

$40,000,000

( $)
20 21 22 23 24 25 26 27 28 29 30 $30,000,000

$20,000,000

$10,000,000

$0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30

Project Year
Graph Data
Cumulative After Tax Debt
Revenue + Tax Benefit/
Cash Flow IRR Service
(Loss)
$ % Coverage
($79,810,657)
($33,623,484) -42.13% 2.29 $57,974,213
($18,350,106) -18.61% 2.27 $27,120,136
($7,554,261) -6.30% 2.25 $22,703,339
$695,703 0.49% 2.22 $20,219,223
$8,767,739 5.31% 2.20 $20,104,112
$14,735,854 7.96% 2.18 $18,064,072
$18,565,030 9.31% 2.15 $15,990,097
$22,183,236 10.34% 2.13 $15,845,191
$25,582,503 11.14% 2.10 $15,693,432
$28,754,206 11.76% 2.08 $15,534,184
$31,689,278 12.23% 2.06 $15,367,022
$34,300,049 12.58% 2.02 $15,075,830
$36,421,595 12.82% 1.94 $14,543,007
$38,053,203 12.98% 1.86 $14,010,755
$39,193,235 13.08% 1.79 $13,478,134
$50,438,593 13.83% N/A $12,915,915
$57,815,978 14.22% N/A $12,551,983
$64,904,816 14.52% N/A $12,226,121
$71,713,705 14.75% N/A $11,910,077
$79,192,492 14.96% N/A $13,090,265
$79,383,210 14.97% N/A $5,417,779
$79,531,011 14.97% N/A $5,348,953
$79,653,614 14.97% N/A $5,298,695
$79,750,819 14.97% N/A $5,249,088
$82,377,293 15.01% N/A $5,183,727
$82,377,293
$82,377,293
$82,377,293
$82,377,293
$82,377,293

160,000,000
Resource Potential & Production
ts / (Loss) v. (kWh/yr)
bligations 140,000,000

120,000,000

100,000,000
Wh/yr

80,000,000
Expenses + Cash Obligations
140,000,000

120,000,000

100,000,000

kWh/yr
80,000,000
Expenses + Cash Obligations
Revenue + Tax Benefit/(Loss) 60,000,000 Initial Drilling (no upgrades)
With First Upgrade
40,000,000
With Second Upgrade
Power Plant Production Capacity
20,000,000
Annual Production

0
22 24 26 28 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1

Year
Graph Data

Expenses + Cash Obligations

$11,787,040
$11,846,758
$11,907,493
$11,969,260
$12,032,076
$12,095,957
$12,160,921
$12,226,985
$12,294,165
$12,362,481
$12,431,950
$12,465,059
$12,421,461
$12,379,146
$12,338,102
$1,670,558
$5,174,597
$5,137,283
$5,101,188
$5,611,479
$5,227,061
$5,201,152
$5,176,092
$5,151,883
$2,557,253

00
Resource Potential & Production Profile
(kWh/yr)
00

00

00

00
00

00

00

00

00 Initial Drilling (no upgrades)


With First Upgrade
00
With Second Upgrade
Power Plant Production Capacity
00
Annual Production

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

Year
Project/Contract Year

Production Degradation Factor


Production

Tariff Rate & Cash Incentives


Tariff Rate Escalator, if applicable
Federal PBI Escalator, if applicable
State PBI Escalator, if applicable

Tariff Rate (Fixed Portion)


Tariff Rate (Escalating Portion)
Tariff Rate (Total)
Revenue from Tariff
Post-Tariff Market Value of Production
Market Revenue
Federal Cash Incentive Rate
Federal Cash Incentive
State Cash Incentive Rate
State Cash Incentive
Interest Earned on Reserve Accounts
Project Revenue, All Sources

Project Expenses

Operating Expense Inflation Factor

Fixed O&M Expense (Field)


Variable O&M Expense (Field)
Fixed O&M Expense (Plant)
Variable O&M Expense (Plant)
Insurance
Project Administration
Land Lease
Property Tax or Payment in Lieu of Taxes (PILOT)
Royalties
Total Operating Expenses

Total Operating Expenses

EBITDA (Operating Income)

Annual Debt Service Coverage Ratio


Minimum DSSCR Year
Loan Interest Expense
Operating Income After Interest Expense

Repayment of Loan Principal


(Contributions to), and Liquidation of, Reserve Accounts
Adjustment(s) for Major Equipment Replacement(s)
Pre-Tax Cash Flow to Equity

Project Cash Flows


Equity Investment
Pre-Tax Cash Flow to Equity
Net Pre-Tax Cash Flow to Equity
Running IRR (Cash Only)

Depreciation, Depletion & Capital Cost Expensing


Taxable Income (operating loss used as generated)

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


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

Federal Income Taxes Saved / (Paid), before ITC/PTC


State Income Taxes Saved / (Paid), before ITC/PTC
Cash Benefit of Federal ITC, Cash Grant, or PTC
Cash Benefit of State ITC and/or PTC
After-Tax Cash Flow to Equity
Running IRR (After Tax)

Pre-Tax (Cash-only) Equity IRR (over defined Useful Life)


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

Supporting Calculations

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

Loan Repayment
Structured Debt Service Payment
Interest
Principal

Loan Amortization
Beginning Balance
Drawdowns
Principal Repayments
Ending Balance

Depreciation: Project Cost Allocation


Project/Contract Year Before
Depreciation Schedules, Half-Year Convention Adjustments
5 Year MACRS $94,320,905
15 Year MACRS $1,000,000
20 Year SL $4,024,896
Bonus Depreciation
Non-Depreciable $17,149,896
Unadjusted
Project Cost Basis $116,495,698
OK
Adjustment to Cost Basis for ITC & Non-taxable Grants $14,148,136

Annual Depreciation Expense, Initial Installation


Total Project Cost, adj for ITC/Grant if applicable
5 Year MACRS
15 Year MACRS
20 Year SL
Bonus Depreciation
Non-Depreciable
Total

Annual Depreciation Expense, Repairs & Replacements


1st Replacement
Depreciation Timing
Depreciation Expense
2nd Replacement
Depreciation Timing
Depreciation Expense

Annual Depreciation Expense

Annual Depreciation Benefit


Depletion & Capital Cost Expensing

Depletion:
Depletion -- Cost Method $11,735,540
Depletion -- Percentage (Statutory) Method
Depletion -- Active Case (subject to change over time per user-defined inputs)

50% of Taxable Income, before depletion

Capital Cost Expensing:


Capital Cost Expensing $16,110,540

Operating Loss Carry-Forward, if applicable:

Taxable Income / (Operating Loss)

Federal Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance

Taxable Income with Operating Loss Carry-Forward

State Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance

Taxable Income with Operating Loss Carry-Forward

Federal Tax Credit Benefits, if applicable:


Federal ITC (as generated)
Federal PTC (as generated)

Applicable Tax Credits, as generated

Carry-Forward Scenario:
Federal Income Taxes Saved / (Paid), before ITC/PTC
Tax Benefit Carry-Forward, Beginning Balance
Additional Tax Benefit Carry-Forward
Utilization of Tax Benefit Carry-Forward
Tax Benefit Carry-Forward, Ending Balance

State Tax Credit Benefits, if applicable:


State ITC (as generated)
State PTC (as generated)

Applicable Tax Credits, as generated

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

Tax Benefit Carry-Forward, Beginning Balance


Additional Tax Benefit Carry-Forward
Utilization of Tax Benefit Carry-Forward
Tax Benefit Carry-Forward, Ending Balance

Reserve Accounts:
Beginning Balance
Debt Service Reserve
O&M/Working Capital Reserve
Major Equipment Replacement Reserves
Decommissioning Reserve
Ending Balance

Interest on Reserves
Annual Contributions to/(Liquidations of) Reserves

Degradation:
Resource Potential
Resource Potential Degradation
Initial Drilling (no upgrades)
With First Upgrade
With Second Upgrade

Plant Capacity
Production Degradation
Plant Capacity Factor by year (%)
Power Plant Production Capacity
Annual Production
COE Data Tables
Calculation of COE when tax benefits are "Carried Forward"
COD
units 0 1 2

1.00 0.995
kWh 112,347,000 111,785,265

1.00 1.000
1.00 1.020
1.00 1.020

/kWh 100% 18.55 18.55


/kWh 0% 0.00 0.00
/kWh 18.55 18.55
$ $20,840,369 $20,736,167
/kWh 4.00 4.08
$ $0 $0
/kWh 0.00 0.00
$ $0 $0
/kWh 0.00 0.00
$ $0 $0
$ $97,822 $97,822
$ $20,938,190 $20,833,988

1.00 1.0200

$ ($30,000) ($30,600)
$ ($1,123,470) ($1,140,210)
$ ($30,000) ($30,600)
$ ($2,246,940) ($2,280,419)
$ ($516,249) ($526,574)
$ ($50,000) ($51,000)
$ ($5,000) ($5,100)
$ ($75,000) ($75,000)
$ ($625,211) ($622,085)
$ ($4,701,870) ($4,761,588)
($4,701,870) ($4,761,588)
/kWh (4.19) (4.26)

$ $16,236,320 $16,072,400
Avg. DSCR Min DSCR
2.10 1.79 2.29 2.27
($4,517,179) ($4,337,419)
$11,719,142 $11,734,981

($2,567,992) ($2,747,751)
$0 $0
$0 $0
$9,151,150 $8,987,230

($79,810,657) $0 $0
$9,151,150 $8,987,230
($79,810,657) $9,151,150 $8,987,230
NA NA

($33,285,461) ($27,246,759)
($21,566,319) ($15,511,778)

As Generated ($21,566,319) ($15,511,778)


As Generated ($21,566,319) ($15,511,778)

$6,906,614 $4,967,647
$1,833,137 $1,318,501
$28,296,272 $0
$0 $0
($79,810,657) $46,187,172 $15,273,378
-42.1% -18.6%

8.92% Yr 1 COE
15.01% (cents/kWh)
$15,024 18.55

129,062,243
50%
64,531,122

- ($7,085,170) ($7,085,170)
- ($4,517,179) ($4,337,419)
- ($2,567,992) ($2,747,751)

- 64,531,122 61,963,130
64,531,122 - -
- ($2,567,992) ($2,747,751)
64,531,122 61,963,130 59,215,379

Project Cost Allocation


% After 0 1 2
Allocation Adjustments
81% $82,865,847 20.00% 32.00%
1% $878,552 5.00% 9.50%
3% $3,536,082 2.50% 5.00%
$0 100.00% 0.00%
15% $15,067,081
Adjusted
100% $102,347,562
OK OK

check
$82,865,847 $16,573,169 $26,517,071
$878,552 $43,928 $83,462
$3,536,082 $88,402 $176,804
$0 $0 $0
$15,067,081
$102,347,562 OK

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

$16,705,499 $26,777,338

$6,769,904 $10,851,516
$11,735,540 $469,422 $469,422
$0 $0
efined inputs) $469,422 $469,422

($10,548,449) ($7,521,178)

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

($21,566,319) ($15,511,778)

$0 $21,566,319
$21,566,319 $15,511,778
$0 $0
$21,566,319 $37,078,097

$0 $0

$0 $21,566,319
$21,566,319 $15,511,778
$0 $0
$21,566,319 $37,078,097

$0 $0

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

$28,296,272 $0

N/A N/A
$0 $0
$0 $0
$0 $0
$0 $0 $0

$0 $0
$0 $0

$0 $0

N/A N/A

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

$0 $6,113,859 $6,113,859
$3,542,585 $0 $0
$2,571,274 $0 $0
$0 $0 $0
$0 $0 $0
$6,113,859 $6,113,859 $6,113,859

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

kWh

0.0% 3.0%
138,315,789 134,166,316
138,315,789 134,166,316
138,315,789 134,166,316

0.0% 0.5%
86% 85%
112,347,000 111,785,265
112,347,000 111,785,265
160,000,000
Resource Potenti
(k
140,000,000

120,000,000

100,000,000

kWh/yr
80,000,000

60,000,000
Initial Drilling (no upgrades)

40,000,000
With Second Upgrade

20,000,000 Annual Production

0
1 2 3 4 5 6 7 8 9 10 11

NPV
$15,024
0
10
20
30
40
50
60
70
80
90
100
3 4 5 6 7

0.990 0.985 0.980 0.975 0.970


111,226,339 110,670,207 110,116,856 109,566,272 109,018,440

1.000 1.000 1.000 1.000 1.000


1.040 1.061 1.082 1.104 1.126
1.040 1.061 1.082 1.104 1.126

18.55 18.55 18.55 18.55 18.55


0.00 0.00 0.00 0.00 0.00
18.55 18.55 18.55 18.55 18.55
$20,632,486 $20,529,323 $20,426,677 $20,324,543 $20,222,921
4.16 4.24 4.33 4.42 4.50
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$97,822 $97,822 $97,822 $97,822 $97,822
$20,730,308 $20,627,145 $20,524,499 $20,422,365 $20,320,742

1.0404 1.0612 1.0824 1.1041 1.1262

($31,212) ($31,836) ($32,473) ($33,122) ($33,785)


($1,157,199) ($1,174,441) ($1,191,940) ($1,209,700) ($1,227,725)
($31,212) ($31,836) ($32,473) ($33,122) ($33,785)
($2,314,398) ($2,348,882) ($2,383,881) ($2,419,400) ($2,455,449)
($537,105) ($547,848) ($558,804) ($569,981) ($581,380)
($52,020) ($53,060) ($54,122) ($55,204) ($56,308)
($5,202) ($5,306) ($5,412) ($5,520) ($5,631)
($75,000) ($75,000) ($75,000) ($75,000) ($75,000)
($618,975) ($615,880) ($612,800) ($609,736) ($606,688)
($4,822,322) ($4,884,089) ($4,946,905) ($5,010,787) ($5,075,751)
($4,822,322) ($4,884,089) ($4,946,905) ($5,010,787) ($5,075,751)
(4.34) (4.41) (4.49) (4.57) (4.66)

$15,907,985 $15,743,056 $15,577,593 $15,411,578 $15,244,992

2.25 2.22 2.20 2.18 2.15


($4,145,077) ($3,939,270) ($3,719,057) ($3,483,429) ($3,231,307)
$11,762,909 $11,803,786 $11,858,536 $11,928,149 $12,013,685

($2,940,094) ($3,145,900) ($3,366,113) ($3,601,741) ($3,853,863)


$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$8,822,815 $8,657,885 $8,492,423 $8,326,408 $8,159,822

$0 $0 $0 $0 $0
$8,822,815 $8,657,885 $8,492,423 $8,326,408 $8,159,822
$8,822,815 $8,657,885 $8,492,423 $8,326,408 $8,159,822
NA -26.1% -17.2% -11.0% -6.6%

($16,631,585) ($10,797,192) ($10,821,185) ($6,108,796) ($1,327,329)


($4,868,676) $1,006,594 $1,037,351 $5,819,353 $10,686,356

($4,868,676) $1,006,594 $1,037,351 $5,819,353 $10,686,356


($4,868,676) $1,006,594 $1,037,351 $5,819,353 $10,686,356

$1,559,193 ($322,362) ($332,212) ($1,863,648) ($3,422,305)


$413,837 ($85,560) ($88,175) ($494,645) ($908,340)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$10,795,846 $8,249,963 $8,072,036 $5,968,115 $3,829,176
-6.3% 0.5% 5.3% 8.0% 9.3%

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


($4,145,077) ($3,939,270) ($3,719,057) ($3,483,429) ($3,231,307)
($2,940,094) ($3,145,900) ($3,366,113) ($3,601,741) ($3,853,863)

59,215,379 56,275,285 53,129,385 49,763,271 46,161,530


- - - - -
($2,940,094) ($3,145,900) ($3,366,113) ($3,601,741) ($3,853,863)
56,275,285 53,129,385 49,763,271 46,161,530 42,307,667

3 4 5 6 7

19.20% 11.52% 11.52% 5.76% 0.00%


8.55% 7.70% 6.93% 6.23% 5.90%
5.00% 5.00% 5.00% 5.00% 5.00%
0.00% 0.00% 0.00% 0.00% 0.00%

$15,910,243 $9,546,146 $9,546,146 $4,773,073 $0


$75,116 $67,649 $60,884 $54,734 $51,835
$176,804 $176,804 $176,804 $176,804 $176,804
$0 $0 $0 $0 $0

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

$16,162,163 $9,790,598 $9,783,833 $5,004,611 $228,639

$6,549,717 $3,967,640 $3,964,898 $2,028,118 $92,656


$469,422 $469,422 $469,422 $469,422 $469,422
$0 $1,006,594 $1,037,351 $1,104,185 $1,098,690
$469,422 $1,006,594 $1,037,351 $1,104,185 $1,098,690

($2,199,627) $1,006,594 $1,037,351 $3,461,769 $5,892,523

$0 $0 $0 $0 $0

($4,868,676) $1,006,594 $1,037,351 $5,819,353 $10,686,356

$37,078,097 $41,946,773 $40,940,180 $39,902,828 $34,083,475


$4,868,676 $0 $0 $0 $0
$0 ($1,006,594) ($1,037,351) ($5,819,353) ($10,686,356)
$41,946,773 $40,940,180 $39,902,828 $34,083,475 $23,397,119

$0 $0 $0 $0 $0

$37,078,097 $41,946,773 $40,940,180 $39,902,828 $34,083,475


$4,868,676 $0 $0 $0 $0
$0 ($1,006,594) ($1,037,351) ($5,819,353) ($10,686,356)
$41,946,773 $40,940,180 $39,902,828 $34,083,475 $23,397,119

$0 $0 $0 $0 $0

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

$0 $0 $0 $0 $0

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


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

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

$0 $0 $0 $0 $0

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

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

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


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

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


$0 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0% 3.0%


130,141,326 126,237,087 122,449,974 118,776,475 115,213,180
130,141,326 126,237,087 122,449,974 118,776,475 115,213,180
130,141,326 126,237,087 122,449,974 118,776,475 115,213,180

0.5% 0.5% 0.5% 0.5% 0.5%


85% 84% 84% 83% 83%
111,226,339 110,670,207 110,116,856 109,566,272 109,018,440
111,226,339 110,670,207 110,116,856 109,566,272 109,018,440
Resource Potential & Production Profile
(kWh/yr)

Initial Drilling (no upgrades) With First Upgrade

With Second Upgrade Power Plant Production Capacity

Annual Production

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

Year

NPV
$15,024
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
8 9 10 11 12

0.966 0.961 0.956 0.951 0.946


108,473,348 107,930,981 107,391,326 106,854,370 105,444,545

1.000 1.000 1.000 1.000 1.000


1.149 1.172 1.195 1.219 1.243
1.149 1.172 1.195 1.219 1.243

18.55 18.55 18.55 18.55 18.55


0.00 0.00 0.00 0.00 0.00
18.55 18.55 18.55 18.55 18.55
$20,121,806 $20,021,197 $19,921,091 $19,821,486 $19,559,963
4.59 4.69 4.78 4.88 4.97
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$97,822 $97,822 $97,822 $97,822 $97,822
$20,219,628 $20,119,019 $20,018,913 $19,919,307 $19,657,785

1.1487 1.1717 1.1951 1.2190 1.2434

($34,461) ($35,150) ($35,853) ($36,570) ($37,301)


($1,246,018) ($1,264,583) ($1,283,426) ($1,302,549) ($1,311,070)
($34,461) ($35,150) ($35,853) ($36,570) ($37,301)
($2,492,036) ($2,529,167) ($2,566,852) ($2,605,098) ($2,622,141)
($593,008) ($604,868) ($616,965) ($629,305) ($641,891)
($57,434) ($58,583) ($59,755) ($60,950) ($62,169)
($5,743) ($5,858) ($5,975) ($6,095) ($6,217)
($75,000) ($75,000) ($75,000) ($75,000) ($75,000)
($603,654) ($600,636) ($597,633) ($594,645) ($586,799)
($5,141,814) ($5,208,995) ($5,277,311) ($5,346,780) ($5,379,889)
($5,141,814) ($5,208,995) ($5,277,311) ($5,346,780) ($5,379,889)
(4.74) (4.83) (4.91) (5.00) (5.10)

$15,077,814 $14,910,024 $14,741,602 $14,572,527 $14,277,896

2.13 2.10 2.08 2.06 2.02


($2,961,537) ($2,672,882) ($2,364,022) ($2,033,542) ($1,679,928)
$12,116,277 $12,237,141 $12,377,580 $12,538,986 $12,597,968

($4,123,634) ($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242)


$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$7,992,643 $7,824,853 $7,656,432 $7,487,357 $7,192,726

$0 $0 $0 $0 $0
$7,992,643 $7,824,853 $7,656,432 $7,487,357 $7,192,726
$7,992,643 $7,824,853 $7,656,432 $7,487,357 $7,192,726
-3.3% -0.9% 1.0% 2.4% 3.6%

($1,321,861) ($1,316,508) ($1,311,007) ($1,305,709) ($1,291,479)


$10,794,416 $10,920,633 $11,066,572 $11,233,277 $11,306,489

$10,794,416 $10,920,633 $11,066,572 $11,233,277 $11,306,489


$10,794,416 $10,920,633 $11,066,572 $11,233,277 $11,306,489

($3,456,912) ($3,497,333) ($3,544,070) ($3,597,457) ($3,620,903)


($917,525) ($928,254) ($940,659) ($954,829) ($961,052)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$3,618,206 $3,399,267 $3,171,703 $2,935,072 $2,610,771
10.3% 11.1% 11.8% 12.2% 12.6%

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


($2,961,537) ($2,672,882) ($2,364,022) ($2,033,542) ($1,679,928)
($4,123,634) ($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242)

42,307,667 38,184,033 33,771,745 29,050,597 23,998,969


- - - - -
($4,123,634) ($4,412,288) ($4,721,148) ($5,051,628) ($5,405,242)
38,184,033 33,771,745 29,050,597 23,998,969 18,593,726

8 9 10 11 12

0.00% 0.00% 0.00% 0.00% 0.00%


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

$0 $0 $0 $0 $0
$51,835 $51,922 $51,835 $51,922 $51,835
$176,804 $176,804 $176,804 $176,804 $176,804
$0 $0 $0 $0 $0

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

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

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


$469,422 $469,422 $469,422 $469,422 $469,422
$1,093,222 $1,087,782 $1,082,369 $1,076,982 $1,062,841
$1,093,222 $1,087,782 $1,082,369 $1,076,982 $1,062,841

$5,943,819 $6,004,207 $6,074,470 $6,155,130 $6,184,665

$0 $0 $0 $0 $0

$10,794,416 $10,920,633 $11,066,572 $11,233,277 $11,306,489

$23,397,119 $12,602,703 $1,682,070 $0 $0


$0 $0 $0 $0 $0
($10,794,416) ($10,920,633) ($1,682,070) $0 $0
$12,602,703 $1,682,070 $0 $0 $0

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

$23,397,119 $12,602,703 $1,682,070 $0 $0


$0 $0 $0 $0 $0
($10,794,416) ($10,920,633) ($1,682,070) $0 $0
$12,602,703 $1,682,070 $0 $0 $0

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

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

$0 $0 $0 $0 $0

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


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

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

$0 $0 $0 $0 $0

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

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

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


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

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


$0 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0% 3.0%


111,756,785 108,404,082 105,151,959 101,997,400 98,937,478
111,756,785 108,404,082 112,067,749 108,705,716 105,444,545
111,756,785 108,404,082 112,067,749 108,705,716 105,444,545

0.5% 0.5% 0.5% 0.5% 0.5%


83% 82% 82% 81% 81%
108,473,348 107,930,981 107,391,326 106,854,370 106,320,098
108,473,348 107,930,981 107,391,326 106,854,370 105,444,545
28 29 30

NPV Range Min


$15,024 18.5
18.0
18.1
18.2
18.3
18.4
18.5
18.6
18.7
18.8
18.9
19.0
13 14 15 16 17

0.942 0.937 0.932 0.928 0.923


102,281,208 99,212,772 96,236,389 93,349,297 90,548,818

1.000 1.000 1.000 1.000 1.000


1.268 1.294 1.319 1.346 1.373
1.268 1.294 1.319 1.346 1.373

18.55 18.55 18.55 18.55 18.55


0.00 0.00 0.00 0.00 0.00
18.55 18.55 18.55 18.55 18.55
$18,973,164 $18,403,969 $17,851,850 $17,316,295 $16,796,806
5.07 5.17 5.28 5.38 5.49
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$97,822 $97,822 $97,822 $69,481 $41,140
$19,070,986 $18,501,791 $17,949,672 $17,385,776 $16,837,946

1.2682 1.2936 1.3195 1.3459 1.3728

($38,047) ($38,808) ($39,584) ($40,376) ($41,184)


($1,297,173) ($1,283,423) ($1,269,819) ($1,256,359) ($1,243,041)
($38,047) ($38,808) ($39,584) ($40,376) ($41,184)
($2,594,346) ($2,566,846) ($2,539,637) ($2,512,717) ($2,486,082)
($654,729) ($667,823) ($681,180) ($694,803) ($708,699)
($63,412) ($64,680) ($65,974) ($67,293) ($68,639)
($6,341) ($6,468) ($6,597) ($6,729) ($6,864)
($75,000) ($75,000) ($75,000) ($75,000) ($75,000)
($569,195) ($552,119) ($535,556) ($519,489) ($503,904)
($5,336,290) ($5,293,976) ($5,252,931) ($5,213,143) ($5,174,597)
($5,336,290) ($5,293,976) ($5,252,931) ($5,213,143) ($5,174,597)
(5.22) (5.34) (5.46) (5.58) (5.71)

$13,734,696 $13,207,815 $12,696,741 $12,172,633 $11,663,349

1.94 1.86 1.79 N/A N/A


Year 15
($1,301,561) ($896,708) ($463,516) $0 $0
$12,433,135 $12,311,107 $12,233,225 $12,172,633 $11,663,349

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


$0 $0 $0 $3,542,585 $0
$0 $0 $0 $0 $0
$6,649,525 $6,122,645 $5,611,570 $15,715,218 $11,663,349

$0 $0 $0 $0 $0
$6,649,525 $6,122,645 $5,611,570 $15,715,218 $11,663,349
$6,649,525 $6,122,645 $5,611,570 $15,715,218 $11,663,349
4.5% 5.1% 5.7% 6.8% 7.5%

($1,259,836) ($1,228,969) ($1,199,201) ($1,142,748) ($1,087,251)


$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097

$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097


$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097

($3,578,249) ($3,549,055) ($3,533,646) ($3,532,321) ($3,386,995)


($949,730) ($941,982) ($937,892) ($937,540) ($898,968)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$2,121,546 $1,631,608 $1,140,032 $11,245,357 $7,377,385
12.8% 13.0% 13.1% 13.8% 14.2%

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


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

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


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

13 14 15 16 17

0.00% 0.00% 0.00% 0.00% 0.00%


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

$0 $0 $0 $0 $0
$51,922 $51,835 $51,922 $25,917 $0
$176,804 $176,804 $176,804 $176,804 $176,804
$0 $0 $0 $0 $0

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

$228,727 $228,639 $228,727 $202,721 $176,804

$92,691 $92,656 $92,691 $82,153 $71,650


$469,422 $469,422 $469,422 $469,422 $469,422
$1,031,109 $1,000,330 $970,474 $940,026 $910,447
$1,031,109 $1,000,330 $970,474 $940,026 $910,447

$6,102,204 $6,041,234 $6,002,249 $5,984,956 $5,743,272

$0 $0 $0 $0 $0

$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097

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

$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097

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

$11,173,299 $11,082,138 $11,034,024 $11,029,885 $10,576,097

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

$0 $0 $0 $0 $0

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


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

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

$0 $0 $0 $0 $0

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

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

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


$0 $0 $0 ($3,542,585) $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$6,113,859 $6,113,859 $6,113,859 $2,571,274 $2,571,274

$97,822 $97,822 $97,822 $69,481 $41,140


$0 $0 $0 ($3,542,585) $0

3.0% 3.0% 3.0% 3.0% 3.0%


95,969,354 93,090,273 90,297,565 87,588,638 84,960,979
102,281,208 99,212,772 96,236,389 93,349,297 90,548,818
102,281,208 99,212,772 96,236,389 93,349,297 90,548,818

0.5% 0.5% 0.5% 0.5% 0.5%


81% 80% 80% 79% 79%
105,788,497 105,259,555 104,733,257 104,209,591 103,688,543
102,281,208 99,212,772 96,236,389 93,349,297 90,548,818
Range Max
18.6
18 19 20 21 22

0.918 0.914 0.909 0.905 0.900


87,832,354 85,197,383 93,706,725 90,895,523 88,168,657

1.000 1.000 1.000 1.000 1.000


1.400 1.428 1.457 1.486 1.516
1.400 1.428 1.457 1.486 1.516

18.55 18.55 18.55 0.00 0.00


0.00 0.00 0.00 0.00 0.00
18.55 18.55 18.55 0.00 0.00
$16,292,902 $15,804,115 $17,382,597 $0 $0
5.60 5.71 5.83 5.94 6.06
$0 $0 $0 $5,402,639 $5,345,371
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$41,140 $41,140 $41,140 $41,140 $41,140
$16,334,042 $15,845,255 $17,423,738 $5,443,779 $5,386,511

1.4002 1.4282 1.4568 1.4859 1.5157

($42,007) ($42,847) ($43,704) ($44,578) ($45,470)


($1,229,865) ($1,216,828) ($1,365,130) ($1,350,660) ($1,336,343)
($42,007) ($42,847) ($43,704) ($44,578) ($45,470)
($2,459,730) ($2,433,657) ($2,730,260) ($2,701,319) ($2,672,685)
($722,873) ($737,331) ($752,077) ($767,119) ($782,461)
($70,012) ($71,412) ($72,841) ($74,297) ($75,783)
($7,001) ($7,141) ($7,284) ($7,430) ($7,578)
($75,000) ($75,000) ($75,000) ($75,000) ($75,000)
($488,787) ($474,123) ($521,478) ($162,079) ($160,361)
($5,137,283) ($5,101,188) ($5,611,479) ($5,227,061) ($5,201,152)
($5,137,283) ($5,101,188) ($5,611,479) ($5,227,061) ($5,201,152)
(5.85) (5.99) (5.99) (5.75) (5.90)

$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359

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


$0 $0 $0 $0 $0
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359

$0 $0 $0 $0 $0
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359
8.0% 8.5% 8.8% 8.9% 8.9%

($1,060,003) ($1,033,571) ($1,118,928) ($152,560) ($92,680)


$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680

$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680


$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680

($3,246,296) ($3,109,786) ($3,424,539) ($20,547) ($29,681)


($861,624) ($825,392) ($908,933) ($5,453) ($7,878)
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$7,088,838 $6,808,889 $7,478,787 $190,718 $147,801
14.5% 14.7% 15.0% 15.0% 15.0%

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

0 0 0 0 0
- - - - -
$0 $0 $0 $0 $0
0 0 0 0 0

18 19 20 21 22

0.00% 0.00% 0.00% 0.00% 0.00%


0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 5.00% 5.00% 2.50% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$176,804 $176,804 $176,804 $88,402 $0
$0 $0 $0 $0 $0

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

$176,804 $176,804 $176,804 $88,402 $0

$71,650 $71,650 $71,650 $35,825 $0


$469,422 $469,422 $469,422 $469,422 $469,422
$883,199 $856,767 $942,124 $64,158 $92,680
$883,199 $856,767 $942,124 $64,158 $92,680

$5,509,977 $5,283,632 $5,817,728 $64,158 $92,680

$0 $0 $0 $0 $0

$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680

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

$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680

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

$10,136,756 $9,710,496 $10,693,331 $64,158 $92,680

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

$0 $0 $0 $0 $0

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


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

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

$0 $0 $0 $0 $0

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

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

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


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

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


$0 $0 $0 $0 $0

3.0% 3.0% 3.0% 3.0% 3.0%


82,412,150 79,939,785 77,541,592 75,215,344 72,958,884
87,832,354 85,197,383 82,641,462 80,162,218 77,757,351
87,832,354 85,197,383 93,706,725 90,895,523 88,168,657

0.5% 0.5% 0.5% 0.5% 0.5%


79% 78% 78% 77% 77%
103,170,100 102,654,250 102,140,979 101,630,274 101,122,122
87,832,354 85,197,383 93,706,725 90,895,523 88,168,657
23 24 25 26 27

0.896 0.891 0.887 0.882 0.878


85,523,598 82,957,890 80,469,153 0 0

1.000 1.000 1.000 1.000 1.000


1.546 1.577 1.608 1.641 1.673
1.546 1.577 1.608 1.641 1.673

0.00 0.00 0.00 0.00 0.00


0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
6.18 6.31 6.43 0.00 0.00
$5,288,710 $5,232,649 $5,177,183 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
0.00 0.00 0.00 0.00 0.00
$0 $0 $0 $0 $0
$41,140 $41,140 $20,570 $0 $0
$5,329,850 $5,273,790 $5,197,754 $0 $0

1.5460 1.5769 1.6084 1.6406 1.6734

($46,379) ($47,307) ($48,253) $0 $0


($1,322,177) ($1,308,162) ($1,294,296) $0 $0
($46,379) ($47,307) ($48,253) $0 $0
($2,644,355) ($2,616,325) ($2,588,592) $0 $0
($798,110) ($814,073) ($830,354) $0 $0
($77,299) ($78,845) ($80,422) $0 $0
($7,730) ($7,884) ($8,042) $0 $0
($75,000) ($75,000) ($75,000) $0 $0
($158,661) ($156,979) ($155,315) $0 $0
($5,176,092) ($5,151,883) ($5,128,527) $0 $0
($5,176,092) ($5,151,883) ($5,128,527)
(6.05) (6.21) (6.37) 0.00 0.00

$153,758 $121,907 $69,226 $0 $0

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


$0 $0 $0 $0 $0
$153,758 $121,907 $69,226 $0 $0

$0 $0 $0 $0 $0
$0 $0 $2,571,274 $0 $0
$0 $0 $0 $0 $0
$153,758 $121,907 $2,640,500 $0 $0

$0 $0 $0 $0 $0
$153,758 $121,907 $2,640,500 $0 $0
$153,758 $121,907 $2,640,500 $0 $0
8.9% 8.9% 8.9% 8.9% 8.9%

($76,879) ($60,954) ($34,613) $0 $0


$76,879 $60,954 $34,613 $0 $0

$76,879 $60,954 $34,613 $0 $0


$76,879 $60,954 $34,613 $0 $0

($24,621) ($19,520) ($11,085) $0 $0


($6,535) ($5,181) ($2,942) $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$122,603 $97,206 $2,626,473 $0 $0
15.0% 15.0% 15.0% 15.0% 15.0%

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

0 0 0 0 0
- - - - -
$0 $0 $0 $0 $0
0 0 0 0 0

23 24 25 26 27

0.00% 0.00% 0.00% 0.00% 0.00%


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

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

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

$0 $0 $0 $0 $0

$0 $0 $0 $0 $0
$469,422 $469,422 $469,422 $0 $0
$76,879 $60,954 $34,613 $0 $0
$76,879 $60,954 $34,613 $0 $0

$76,879 $60,954 $34,613 $0 $0

$0 $0 $0 $0 $0

$76,879 $60,954 $34,613 $0 $0

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

$76,879 $60,954 $34,613 $0 $0

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

$76,879 $60,954 $34,613 $0 $0

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

$0 $0 $0 $0 $0

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


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

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

$0 $0 $0 $0 $0

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

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

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


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

$41,140 $41,140 $20,570 $0 $0


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

3.0% 3.0% 3.0% 3.0% 3.0%


70,770,117 68,647,014 66,587,603 64,589,975 62,652,276
75,424,631 73,161,892 70,967,035 68,838,024 66,772,883
85,523,598 82,957,890 80,469,153 78,055,078 75,713,426

0.5% 0.5% 0.5% 0.5% 0.5%


77% 76% 76% 75% 75%
100,616,512 100,113,429 99,612,862 99,114,798 98,619,224
85,523,598 82,957,890 80,469,153 78,055,078 75,713,426
28 29 30

0.873 0.869 0.865


0 0 0

1.000 1.000 1.000


1.707 1.741 1.776
1.707 1.741 1.776

0.00 0.00 0.00


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

1.7069 1.7410 1.7758

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

0.00 0.00 0.00

$0 $0 $0

N/A N/A N/A


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

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

$0 $0 $0
$0 $0 $0
$0 $0 $0
8.9% 8.9% 8.9%

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

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

$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
15.0% 15.0% 15.0%

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

0 0 0
- - -
$0 $0 $0
0 0 0

28 29 30

0.00% 0.00% 0.00%


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

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

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

$0 $0 $0

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

$0 $0 $0

$0 $0 $0

$0 $0 $0

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

$0 $0 $0

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

$0 $0 $0

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

$0 $0 $0

N/A N/A N/A


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

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

$0 $0 $0

N/A N/A N/A

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

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

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

3.0% 3.0% 3.0%


60,772,707 58,949,526 57,181,040
64,769,697 62,826,606 60,941,808
73,442,023 71,238,763 69,101,600

0.5% 0.5% 0.5%


75% 74% 74%
98,126,128 97,635,497 97,147,319
73,442,023 71,238,763 69,101,600
Complex Inputs for Deriving Total Project Capital Cost, if applicable
Sample inputs provided on this tab are illustrative only, all inputs must be pro
Exploration Costs Attributed to Project $
Desk-top studies $250,000
initial surface exploration $650,000
temperature gradient drilling $7,500,000
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Total Exploration Phase Costs (excluding time-value of money) $8,400,000

Confirmation Drilling Costs $


Confirmation Well Drilling Cost (total) $17,000,000
Non-well costs (total) $3,000,000
Surface equipment cost (total) $1,000,000
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Total Confirmation Phase Costs (excluding time-value of money) $21,000,000

Click Here to Return to Inputs Worksheet

Production Well Field $


Production Well Drilling Cost (total) $35,000,000
Injection Well Drilling Cost (total) $25,000,000
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Total Production Well Field Cost $60,000,000

Total Production Well Field Cost per kW (for reference) $4,000

Click Here to Return to Inputs Worksheet


Power Plant & Interconnection $
Power Plant $75,000,000
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Total Power Plant & Interconnection Cost $75,000,000

Total Power Plant Costs per kW (for reference) $5,000

Click Here to Return to Inputs Worksheet

Reserves, Lender Fees & Closing Costs $


Lender Fee $2,466,000
Interest During Construction $12,842,305
Other Equity & Debt Closing Costs $0
Initial Funding of Debt Service & Working Capital/O&M Reserves $6,113,859
Total Reserves & Financing Costs $21,422,165

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Total Project Costs
Cost Category $
Exploration Costs Attributed to Project $8,400,000
Confirmation Drilling Costs $21,000,000
Production Well Field $60,000,000
Power Plant & Interconnection $75,000,000
Reserves, Lender Fees & Closing Costs $21,422,165
Total Installed Cost $185,822,165

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

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

Click Here to Return to Inputs Worksheet Project Year

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
* Includes energy, capacity &
RECs

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pplicable Click Here to Re
inputs must be provided and validated by the user.
% Eligible for
Depreciation Classification
ITC
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%

% Eligible for
Depreciation Classification
ITC
100% Depletable
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%

% Eligible for
Depreciation Classification
ITC
100% Depletable
100% Depletable
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%
% Eligible for
Depreciation Classification
ITC
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100%

% Eligible for
Depreciation Classification
ITC
0% Non-Depreciable
0% Non-Depreciable
0% Non-Depreciable
0% Non-Depreciable
0%
Depreciation, Depletion & Year-1 Expensing Allocation
$ Eligible for 5-year 15-year
Cost Category
ITC MACRS MACRS
$8,400,000 Exploration Costs Attributed to Project $8,400,000 $0
$21,000,000 Confirmation Drilling Costs $4,000,000 $0
$60,000,000 Production Well Field $0 $0
$75,000,000 Power Plant & Interconnection $75,000,000 $0
$0 Reserves, Lender Fees & Closing Costs $0 $0
$164,400,000 $87,400,000 $0

if applicable Year-by-Year Inputs for Thermal Re

Bundled*
Market Value of Production
Project Year
Production Degradation
(/kWh)
5.00 1 0.0%
5.10 2 0.1%
5.20 3 0.1%
5.31 4 0.1%
5.41 5 0.1%
5.52 6 0.1%
5.63 7 0.1%
5.74 8 0.1%
5.86 9 0.1%
5.98 10 0.1%
6.09 11 0.1%
6.22 12 0.1%
6.34 13 0.1%
6.47 14 0.1%
6.60 15 0.1%
6.73 16 0.1%
6.86 17 0.1%
7.00 18 0.1%
7.14 19 0.1%
7.28 20 0.1%
7.43 21 0.1%
7.58 22 0.1%
7.73 23 0.1%
7.88 24 0.1%
8.04 25 0.1%
8.20 26 0.1%
8.37 27 0.1%
8.53 28 0.1%
8.71 29 0.1%
8.88 30 0.1%
des energy, capacity &
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20-year SL Non-Depreciable Depletable
$0 $0 $0
$0 $0 $17,000,000
$0 $0 $60,000,000
$0 $0 $0
$0 $21,422,165 $0
$0 $21,422,165 $77,000,000

puts for Thermal Resource and Production Degradation, if applicable

Thermal Resource
Project Year
Degradation

1 0.0%
2 2.0%
3 2.0%
4 2.0%
5 2.0%
6 2.0%
7 2.0%
8 2.0%
9 2.0%
10 2.0%
11 2.0%
12 2.0%
13 2.0%
14 2.0%
15 2.0%
16 2.0%
17 2.0%
18 2.0%
19 2.0%
20 2.0%
21 2.0%
22 2.0%
23 2.0%
24 2.0%
25 2.0%
26 2.0%
27 2.0%
28 2.0%
29 2.0%
30 2.0%
Expensable
$0
$0
$0
$0
$0
$0

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