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*****************
***CASE REPORT***
*****************
Simulation Metadata
----------------------
GEOPHIRES Version: 3.12.1
Simulation Date: 2026-04-01
Simulation Time: 09:30
Calculation Time: 1.226 sec
***SUMMARY OF RESULTS***
End-Use Option: Electricity
Average Net Electricity Production: 54.96 MW
Electricity breakeven price: 6.97 cents/kWh
Total CAPEX: 225.81 MUSD
Total CAPEX ($/kW): 4097 USD/kW
Number of production wells: 6
Number of injection wells: 6
Flowrate per production well: 100.0 kg/sec
Well depth: 2.6 kilometer
Geothermal gradient: 74 degC/km
***ECONOMIC PARAMETERS***
Economic Model = SAM Single Owner PPA
Real Discount Rate: 8.00 %
Nominal Discount Rate: 10.16 %
WACC: 7.57 %
Investment Tax Credit: 67.74 MUSD
Project lifetime: 20 yr
Capacity factor: 90.0 %
Project NPV: 103.00 MUSD
After-tax IRR: 22.13 %
Project VIR=PI=PIR: 1.76
Project MOIC: 3.38
Project Payback Period: 5.29 yr
Estimated Jobs Created: 125
***ENGINEERING PARAMETERS***
Number of Production Wells: 6
Number of Injection Wells: 6
Well depth: 2.6 kilometer
Water loss rate: 10.0 %
Pump efficiency: 80.0 %
Injection temperature: 56.7 degC
Production Wellbore heat transmission calculated with Ramey's model
Average production well temperature drop: 2.2 degC
Flowrate per production well: 100.0 kg/sec
Injection well casing ID: 9.625 in
Production well casing ID: 9.625 in
Number of times redrilling: 0
Power plant type: Supercritical ORC
***RESOURCE CHARACTERISTICS***
Maximum reservoir temperature: 500.0 degC
Number of segments: 1
Geothermal gradient: 74 degC/km
***RESERVOIR PARAMETERS***
Reservoir Model = Multiple Parallel Fractures Model (Gringarten)
Bottom-hole temperature: 202.40 degC
Fracture model = Square
Well separation: fracture height: 165.00 meter
Fracture area: 27225.00 m**2
Number of fractures calculated with reservoir volume and fracture separation as input
Number of fractures: 4083
Fracture separation: 18.00 meter
Reservoir volume: 2000000000 m**3
Reservoir hydrostatic pressure: 24578.69 kPa
Plant outlet pressure: 6894.76 kPa
Production wellhead pressure: 2240.80 kPa
Productivity Index: 2.47 kg/sec/bar
Injectivity Index: 3.00 kg/sec/bar
Reservoir density: 2800.00 kg/m**3
Reservoir thermal conductivity: 3.05 W/m/K
Reservoir heat capacity: 790.00 J/kg/K
***RESERVOIR SIMULATION RESULTS***
Maximum Production Temperature: 200.4 degC
Average Production Temperature: 200.2 degC
Minimum Production Temperature: 198.6 degC
Initial Production Temperature: 198.6 degC
Average Reservoir Heat Extraction: 360.65 MW
Production Wellbore Heat Transmission Model = Ramey Model
Average Production Well Temperature Drop: 2.2 degC
Average Injection Well Pump Pressure Drop: -3478.9 kPa
Average Production Well Pump Pressure Drop: 4583.0 kPa
***CAPITAL COSTS (M$)***
Exploration costs: 3.89 MUSD
Drilling and completion costs: 49.18 MUSD
Drilling and completion costs per vertical production well: 3.37 MUSD
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: 144.44 MUSD
Field gathering system costs: 8.50 MUSD
Total surface equipment costs: 152.93 MUSD
Overnight Capital Cost: 215.06 MUSD
Inflation costs during construction: 10.75 MUSD
Total CAPEX: 225.81 MUSD
***OPERATING AND MAINTENANCE COSTS (M$/yr)***
Wellfield maintenance costs: 1.15 MUSD/yr
Power plant maintenance costs: 3.90 MUSD/yr
Water costs: 1.58 MUSD/yr
Average Annual Royalty Cost: 4.40 MUSD/yr
Total operating and maintenance costs: 11.02 MUSD/yr
***SURFACE EQUIPMENT SIMULATION RESULTS***
Initial geofluid availability: 0.19 MW/(kg/s)
Maximum Total Electricity Generation: 59.02 MW
Average Total Electricity Generation: 58.87 MW
Minimum Total Electricity Generation: 57.74 MW
Initial Total Electricity Generation: 57.74 MW
Maximum Net Electricity Generation: 55.11 MW
Average Net Electricity Generation: 54.96 MW
Minimum Net Electricity Generation: 53.82 MW
Initial Net Electricity Generation: 53.82 MW
Average Annual Total Electricity Generation: 464.13 GWh
Average Annual Net Electricity Generation: 433.32 GWh
Initial pumping power/net installed power: 7.27 %
Average Pumping Power: 3.91 MW
Heat to Power Conversion Efficiency: 15.24 %
************************************************************
* HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE *
************************************************************
YEAR THERMAL GEOFLUID PUMP NET FIRST LAW
DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY
(degC) (MW) (MW) (%)
1 1.0000 198.64 3.9147 53.8242 15.0894
2 1.0055 199.73 3.9097 54.6130 15.1937
3 1.0065 199.93 3.9088 54.7578 15.2128
4 1.0070 200.03 3.9083 54.8329 15.2226
5 1.0074 200.10 3.9080 54.8826 15.2292
6 1.0076 200.15 3.9077 54.9191 15.2339
7 1.0078 200.19 3.9075 54.9478 15.2377
8 1.0080 200.22 3.9074 54.9713 15.2408
9 1.0081 200.25 3.9073 54.9911 15.2434
10 1.0082 200.27 3.9072 55.0082 15.2456
11 1.0083 200.30 3.9071 55.0231 15.2476
12 1.0084 200.31 3.9070 55.0364 15.2493
13 1.0085 200.33 3.9069 55.0483 15.2509
14 1.0086 200.34 3.9068 55.0591 15.2523
15 1.0087 200.36 3.9068 55.0690 15.2536
16 1.0087 200.37 3.9067 55.0781 15.2547
17 1.0088 200.38 3.9067 55.0864 15.2558
18 1.0088 200.39 3.9066 55.0942 15.2569
19 1.0089 200.40 3.9066 55.1015 15.2578
20 1.0089 200.41 3.9065 55.1083 15.2587
*******************************************************************
* ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE *
*******************************************************************
YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF
PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED
(GWh/year) (GWh/year) (10^15 J) (%)
1 428.5 2826.8 606.53 1.65
2 431.2 2836.1 596.32 3.31
3 432.0 2838.9 586.10 4.96
4 432.5 2840.6 575.87 6.62
5 432.8 2841.7 565.64 8.28
6 433.1 2842.6 555.41 9.94
7 433.3 2843.3 545.17 11.60
8 433.5 2843.9 534.94 13.26
9 433.6 2844.4 524.70 14.92
10 433.7 2844.9 514.45 16.58
11 433.9 2845.2 504.21 18.24
12 434.0 2845.6 493.97 19.90
13 434.0 2845.9 483.72 21.56
14 434.1 2846.2 473.48 23.23
15 434.2 2846.4 463.23 24.89
16 434.3 2846.7 452.98 26.55
17 434.3 2846.9 442.73 28.21
18 434.4 2847.1 432.48 29.87
19 434.4 2847.3 422.23 31.53
20 434.5 2847.5 411.98 33.20
***************************
* SAM CASH FLOW PROFILE *
***************************
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
CONSTRUCTION
Capital expenditure schedule [construction] (%) 100.0
Overnight capital expenditure [construction] ($) -215,055,748
plus:
Inflation cost [construction] ($) -10,752,787
plus:
Royalty supplemental payments [construction] ($) 0
equals:
Nominal capital expenditure [construction] ($) -225,808,536
Issuance of equity [construction] ($) 135,485,121
Issuance of debt [construction] ($) 90,323,414
Debt balance [construction] ($) 90,323,414
Debt interest payment [construction] ($) 0
Installed cost [construction] ($) -225,808,536
After-tax net cash flow [construction] ($) -135,485,121
ENERGY
Electricity to grid (kWh) 0.0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614
Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Electricity to grid net (kWh) 0.0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614
REVENUE
PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80
PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188
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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 112,904,268
Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 172,850,456
Property tax net assessed value ($) 0 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536
OPERATING EXPENSES
O&M fixed expense ($) 0 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143 6,626,143
Royalty rate (%) 5.0 6.0 7.00 8.0 9.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
O&M production-based expense ($) 0 1,714,220 2,069,952 2,516,875 2,991,037 3,492,966 4,022,825 4,164,255 4,305,473 4,446,544 4,587,507 4,728,390 4,869,211 5,009,984 5,150,718 5,291,422 5,432,101 5,572,760 5,713,403 5,854,032 5,994,619
O&M capacity-based expense ($) 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 ($) 0 8,340,363 8,696,096 9,143,018 9,617,180 10,119,110 10,648,968 10,790,398 10,931,617 11,072,687 11,213,651 11,354,533 11,495,354 11,636,127 11,776,862 11,917,566 12,058,244 12,198,903 12,339,546 12,480,175 12,620,762
EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
OPERATING ACTIVITIES
EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
Interest earned on reserves ($) 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 ($) 0 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133
Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 159,884,561
INVESTING ACTIVITIES
Total installed cost ($) -225,808,536
Debt closing costs ($) 0
Debt up-front fee ($) 0
minus:
Total IBI income ($) 0
Total CBI income ($) 0
equals:
Purchase of property ($) -225,808,536
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
Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve capital spending major equipment 2 ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equals:
Cash flow from investing activities ($) -225,808,536 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 ($) 135,485,121
Size of debt ($) 90,323,414
minus:
Debt principal payment ($) 0 2,731,614 2,868,194 3,011,604 3,162,184 3,320,294 3,486,308 3,660,624 3,843,655 4,035,838 4,237,629 4,449,511 4,671,986 4,905,586 5,150,865 5,408,408 5,678,829 5,962,770 6,260,909 6,573,954 6,902,652
equals:
Cash flow from financing activities ($) 225,808,536 -2,731,614 -2,868,194 -3,011,604 -3,162,184 -3,320,294 -3,486,308 -3,660,624 -3,843,655 -4,035,838 -4,237,629 -4,449,511 -4,671,986 -4,905,586 -5,150,865 -5,408,408 -5,678,829 -5,962,770 -6,260,909 -6,573,954 -6,902,652
PROJECT RETURNS
Pre-tax Cash Flow:
Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 159,884,561
Cash flow from investing activities ($) -225,808,536 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 ($) 225,808,536 -2,731,614 -2,868,194 -3,011,604 -3,162,184 -3,320,294 -3,486,308 -3,660,624 -3,843,655 -4,035,838 -4,237,629 -4,449,511 -4,671,986 -4,905,586 -5,150,865 -5,408,408 -5,678,829 -5,962,770 -6,260,909 -6,573,954 -6,902,652
Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909
Pre-tax Returns:
Issuance of equity ($) 135,485,121
Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909
Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909
After-tax Returns:
Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909
Federal ITC total income ($) 0 67,742,561 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Federal PTC income ($) 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) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -29,351,187
State ITC total income ($) 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 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139
Total after-tax returns ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 113,110,583
After-tax net cash flow ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 113,110,583
After-tax cumulative IRR (%) NaN -39.46 -24.40 -11.44 -2.16 4.24 8.70 11.92 14.28 16.04 17.38 18.40 19.20 19.82 20.31 20.71 21.02 21.27 21.48 21.65 22.13
After-tax cumulative NPV ($) -135,485,121 -61,023,410 -48,318,484 -36,259,129 -24,860,960 -14,122,856 -4,034,837 5,574,314 14,705,407 23,363,459 31,556,817 39,296,443 46,595,330 53,468,010 59,930,151 65,998,209 71,689,146 77,020,191 82,008,642 86,671,703 103,003,151
AFTER-TAX LCOE AND PPA PRICE
Annual costs ($) -135,485,121 47,742,625 -19,081,493 -19,834,209 -20,602,596 -21,390,771 -22,200,167 -22,725,537 -23,252,501 -23,781,392 -24,312,468 -24,845,949 -25,382,031 -25,920,901 -26,462,740 -27,007,729 -27,556,049 -28,107,888 -28,663,440 -29,222,900 53,164,395
PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188
Electricity to grid (kWh) 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614
Present value of annual costs ($) 254,082,386
Present value of annual energy costs ($) 254,082,386
Present value of annual energy nominal (kWh) 3,643,623,190
LCOE Levelized cost of energy nominal (cents/kWh) 6.97
Present value of PPA revenue ($) 357,085,539
Present value of annual energy nominal (kWh) 3,643,623,190
LPPA Levelized PPA price nominal (cents/kWh) 9.80
PROJECT STATE INCOME TAXES
EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
State taxable PBI income ($) 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 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133
Total state tax depreciation ($) 0 4,798,431 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863
equals:
State taxable income ($) 0 16,629,431 11,826,658 12,979,291 14,088,318 15,167,272 16,220,939 17,668,127 19,122,124 20,583,943 22,054,404 23,534,230 25,024,095 26,524,649 28,036,540 29,560,417 31,096,947 32,646,818 34,210,742 35,789,449 150,287,698
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) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139
PROJECT FEDERAL INCOME TAXES
EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
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 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139
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 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133
Total federal tax depreciation ($) 0 4,798,431 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863
equals:
Federal taxable income ($) 0 15,465,371 10,998,792 12,070,741 13,102,136 14,105,563 15,085,473 16,431,358 17,783,576 19,143,067 20,510,595 21,886,834 23,272,408 24,667,924 26,073,982 27,491,188 28,920,161 30,361,541 31,815,990 33,284,188 139,767,559
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) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -29,351,187
CASH INCENTIVES
Federal IBI income ($) 0
State IBI income ($) 0
Utility IBI income ($) 0
Other IBI income ($) 0
Total IBI income ($) 0
Federal CBI income ($) 0
State CBI income ($) 0
Utility CBI income ($) 0
Other CBI income ($) 0
Total CBI income ($) 0
Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TAX CREDITS
Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State PTC income ($) 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 67,742,561 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Federal ITC total income ($) 0 67,742,561 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State ITC amount income ($) 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 ($) 90,323,414 87,591,801 84,723,606 81,712,002 78,549,818 75,229,524 71,743,216 68,082,592 64,238,937 60,203,100 55,965,470 51,515,959 46,843,973 41,938,387 36,787,522 31,379,114 25,700,285 19,737,515 13,476,606 6,902,652 0
Debt interest payment ($) 0 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133
Debt principal payment ($) 0 2,731,614 2,868,194 3,011,604 3,162,184 3,320,294 3,486,308 3,660,624 3,843,655 4,035,838 4,237,629 4,449,511 4,671,986 4,905,586 5,150,865 5,408,408 5,678,829 5,962,770 6,260,909 6,573,954 6,902,652
Debt total payment ($) 0 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784
DSCR (DEBT FRACTION)
EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
minus:
Reserves major equipment 1 funding ($) 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 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694
Debt total payment ($) 0 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784
DSCR (pre-tax) 0.0 3.58 3.56 3.70 3.83 3.96 4.08 4.26 4.43 4.61 4.78 4.96 5.13 5.31 5.48 5.66 5.83 6.01 6.18 6.36 22.11
RESERVES
Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on reserves (%/year) 1.75
Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
***EXTENDED ECONOMICS***
Royalty Holder NPV: 50.59 MUSD
Royalty Holder Average Annual Revenue: 4.19 MUSD/yr
Royalty Holder Total Revenue: 87.93 MUSD