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*****************
***CASE REPORT***
*****************
Simulation Metadata
----------------------
GEOPHIRES Version: 3.13.7
Simulation Date: 2026-05-18
Simulation Time: 11:46
Calculation Time: 1.659 sec
***SUMMARY OF RESULTS***
End-Use Option: Electricity
Average Net Electricity Production: 50.44 MW
Electricity breakeven price: 6.29 cents/kWh
Total CAPEX: 265.42 MUSD
Total CAPEX ($/kW): 4165 USD/kW
Number of production wells: 2
Number of injection wells: 1
Flowrate per production well: 60.0 kg/sec
Well depth: 4.0 kilometer
Geothermal gradient: 112 degC/km
Total Avoided Carbon Emissions: 4227.67 kilotonne
***ECONOMIC PARAMETERS***
Economic Model = SAM Single Owner PPA
Real Discount Rate: 10.50 %
Nominal Discount Rate: 13.48 %
WACC: 7.63 %
Investment Tax Credit: 79.63 MUSD
Project lifetime: 25 yr
Capacity factor: 90.0 %
Project NPV: 91.34 MUSD
After-tax IRR: 49.82 %
Project VIR=PI=PIR: 2.40
Project MOIC: 4.97
Project Payback Period: 3.81 yr
Estimated Jobs Created: 108
***ENGINEERING PARAMETERS***
Number of Production Wells: 2
Number of Injection Wells: 1
Well depth: 4.0 kilometer
Water loss rate: 23.8 %
Pump efficiency: 80.0 %
Injection temperature: 52.6 degC
Production Wellbore heat transmission calculated with Ramey's model
Average production well temperature drop: 8.2 degC
Flowrate per production well: 60.0 kg/sec
Injection well casing ID: 8.535 in
Production well casing ID: 8.535 in
Number of times redrilling: 0
Power plant type: Double-Flash
***RESOURCE CHARACTERISTICS***
Maximum reservoir temperature: 600.0 degC
Number of segments: 1
Geothermal gradient: 112 degC/km
Project location: 43.812139, -121.281671
***RESERVOIR PARAMETERS***
Reservoir Model = Multiple Parallel Fractures Model (Gringarten)
Bottom-hole temperature: 450.00 degC
Fracture model = Rectangular
Well separation: fracture height: 100.00 meter
Fracture width: 305.00 meter
Fracture area: 30500.00 m**2
Reservoir volume calculated with fracture separation and number of fractures as input
Number of fractures: 450
Fracture separation: 9.83 meter
Reservoir volume: 134555310 m**3
Reservoir hydrostatic pressure: 32591.45 kPa
Plant outlet pressure: 101.33 kPa
Injectivity Index: 2.19 kg/sec/bar
Reservoir density: 2700.00 kg/m**3
Reservoir thermal conductivity: 2.70 W/m/K
Reservoir heat capacity: 1000.00 J/kg/K
***RESERVOIR SIMULATION RESULTS***
Maximum Production Temperature: 439.6 degC
Average Production Temperature: 384.0 degC
Minimum Production Temperature: 121.2 degC
Initial Production Temperature: 431.3 degC
Average Reservoir Heat Extraction: 176.34 MW
Production Wellbore Heat Transmission Model = Ramey Model
Average Production Well Temperature Drop: 8.2 degC
Average Injection Well Pump Pressure Drop: 2416.9 kPa
***CAPITAL COSTS (M$)***
Exploration costs: 6.20 MUSD
Drilling and completion costs: 20.01 MUSD
Drilling and completion costs per well: 6.67 MUSD
Stimulation costs: 26.32 MUSD
Surface power plant costs: 188.47 MUSD
Field gathering system costs: 0.64 MUSD
Total surface equipment costs: 189.11 MUSD
Overnight Capital Cost: 241.64 MUSD
Inflation costs during construction: 17.99 MUSD
Interest during construction: 5.79 MUSD
Total CAPEX: 265.42 MUSD
***OPERATING AND MAINTENANCE COSTS (M$/yr)***
Total operating and maintenance costs: 6.50 MUSD/yr
***SURFACE EQUIPMENT SIMULATION RESULTS***
Initial geofluid availability: 0.95 MW/(kg/s)
Maximum Total Electricity Generation: 64.18 MW
Average Total Electricity Generation: 50.89 MW
Minimum Total Electricity Generation: 3.68 MW
Initial Total Electricity Generation: 61.27 MW
Maximum Net Electricity Generation: 63.73 MW
Average Net Electricity Generation: 50.44 MW
Minimum Net Electricity Generation: 3.23 MW
Initial Net Electricity Generation: 60.82 MW
Average Annual Total Electricity Generation: 400.49 GWh
Average Annual Net Electricity Generation: 396.96 GWh
Initial pumping power/net installed power: 0.74 %
Average Pumping Power: 0.45 MW
Heat to Power Conversion Efficiency: 26.67 %
************************************************************
* 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 431.25 0.4473 60.8233 30.1874
2 1.0126 436.68 0.4473 62.7113 30.6845
3 1.0149 437.68 0.4473 63.0615 30.7761
4 1.0161 438.19 0.4473 63.2436 30.8236
5 1.0169 438.53 0.4473 63.3640 30.8550
6 1.0175 438.79 0.4473 63.4528 30.8782
7 1.0179 438.98 0.4473 63.5226 30.8964
8 1.0183 439.14 0.4473 63.5797 30.9113
9 1.0186 439.28 0.4473 63.6278 30.9238
10 1.0189 439.40 0.4473 63.6694 30.9346
11 1.0191 439.50 0.4473 63.7050 30.9439
12 1.0193 439.57 0.4473 63.7292 30.9502
13 1.0192 439.54 0.4473 63.7206 30.9479
14 1.0184 439.18 0.4473 63.5933 30.9148
15 1.0153 437.83 0.4473 63.1164 30.7904
16 1.0069 434.23 0.4473 61.8537 30.4594
17 0.9888 426.42 0.4473 59.1749 29.7486
18 0.9555 412.06 0.4473 54.4397 28.4619
19 0.9023 389.11 0.4473 47.3947 26.4683
20 0.8276 356.93 0.4473 38.5481 23.8045
21 0.7347 316.83 0.4473 29.1159 20.7077
22 0.6307 271.99 0.4473 20.4656 17.5307
23 0.5252 226.48 0.4473 13.5059 14.5973
24 0.4271 184.18 0.4473 8.4801 12.1114
25 0.3430 147.92 0.4473 5.1530 10.1590
*******************************************************************
* 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) (%)
1 489.5 1603.8 138.46 4.00
2 496.0 1613.7 132.65 8.03
3 498.0 1616.6 126.83 12.07
4 499.1 1618.4 121.00 16.11
5 499.9 1619.6 115.17 20.15
6 500.5 1620.5 109.34 24.19
7 501.0 1621.3 103.50 28.24
8 501.5 1621.9 97.66 32.29
9 501.8 1622.4 91.82 36.34
10 502.1 1622.9 85.98 40.39
11 502.4 1623.3 80.13 44.44
12 502.4 1623.4 74.29 48.49
13 502.0 1622.7 68.45 52.54
14 499.8 1619.5 62.62 56.58
15 493.3 1609.6 56.82 60.60
16 478.2 1586.5 51.11 64.56
17 449.4 1540.8 45.56 68.41
18 402.9 1463.1 40.30 72.06
19 339.6 1347.3 35.45 75.42
20 266.6 1194.9 31.15 78.41
21 194.6 1015.4 27.49 80.94
22 132.7 824.4 24.52 83.00
23 85.4 639.0 22.22 84.59
24 52.8 473.5 20.52 85.77
25 32.5 341.6 19.29 86.63
***************************
* SAM CASH FLOW PROFILE *
***************************
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Year -2 Year -1 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 Year 21 Year 22 Year 23 Year 24 Year 25
CONSTRUCTION
Capital expenditure schedule [construction] (%) 2.58 25.60 71.80
Overnight capital expenditure [construction] ($) -6,234,267 -61,859,396 -173,544,602
plus:
Inflation cost [construction] ($) -168,325 -3,385,503 -14,440,071
plus:
Royalty supplemental payments [construction] ($) 0 0 0
equals:
Nominal capital expenditure [construction] ($) -6,402,592 -65,244,899 -187,984,673
Issuance of equity [construction] ($) 1,920,778 19,573,470 56,395,402
Issuance of debt [construction] ($) 4,481,815 45,671,429 131,589,271
Debt balance [construction] ($) 4,481,815 50,623,835 187,528,608
Debt interest payment [construction] ($) 0 470,591 5,315,503
Installed cost [construction] ($) -6,402,592 -65,715,489 -193,300,176
After-tax net cash flow [construction] ($) -1,920,778 -19,573,470 -56,395,402
ENERGY
Electricity to grid (kWh) 0.0 489,550,430 496,008,198 497,973,086 499,134,605 499,947,603 500,567,126 501,064,383 501,477,694 501,829,698 502,135,142 502,377,193 502,464,611 502,022,520 499,853,861 493,352,693 478,265,598 449,385,959 402,891,262 339,639,716 266,653,539 194,571,636 132,664,005 85,447,863 52,766,865 32,464,872
Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Electricity to grid net (kWh) 0.0 489,550,430 496,008,198 497,973,086 499,134,605 499,947,603 500,567,126 501,064,383 501,477,694 501,829,698 502,135,142 502,377,193 502,464,611 502,022,520 499,853,861 493,352,693 478,265,598 449,385,959 402,891,262 339,639,716 266,653,539 194,571,636 132,664,005 85,447,863 52,766,865 32,464,872
Saved Carbon Production (pound) 0 459,751,954 465,816,644 467,661,931 468,752,749 469,516,260 470,098,074 470,565,063 470,953,216 471,283,794 471,570,646 471,797,964 471,880,061 471,464,879 469,428,224 463,322,777 449,154,019 422,032,257 378,367,649 318,966,165 250,422,588 182,728,243 124,588,871 80,246,731 49,554,995 30,488,766
REVENUE
PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81
PPA revenue ($) 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 3,509,777
Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Carbon price ($/lb) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Carbon credits revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equals:
Capacity payment revenue ($) 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
Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 132,709,129
Total revenue ($) 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 136,218,906
Property tax net assessed value ($) 0 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258
OPERATING EXPENSES
O&M fixed expense ($) 0 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000 6,500,000
O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
O&M capacity-based expense ($) 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
Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Electricity purchase ($) 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
Property tax expense ($) 0 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888 2,149,888
Insurance expense ($) 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
Total operating expenses ($) 0 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888
EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
OPERATING ACTIVITIES
EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
Interest earned on reserves ($) 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
plus PBI if not available for debt service:
Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State PBI income ($) 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
Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other PBI income ($) 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
Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743
Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 126,516,275
INVESTING ACTIVITIES
Total installed cost ($) -265,418,258
Debt closing costs ($) 0
Debt up-front fee ($) 0
minus:
Total IBI income ($) 0
Total CBI income ($) 0
equals:
Purchase of property ($) -265,418,258
plus:
Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease working capital ($) 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
Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equals:
Cash flow from investing activities ($) -265,418,258 0 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 ($) 77,889,649
Size of debt ($) 187,528,608
minus:
Debt principal payment ($) 0 2,964,924 3,172,469 3,394,542 3,632,160 3,886,411 4,158,460 4,449,552 4,761,021 5,094,292 5,450,892 5,832,455 6,240,727 6,677,578 7,145,008 7,645,159 8,180,320 8,752,942 9,365,648 10,021,243 10,722,730 11,473,321 12,276,454 13,135,806 14,055,312 15,039,184
equals:
Cash flow from financing activities ($) 265,418,258 -2,964,924 -3,172,469 -3,394,542 -3,632,160 -3,886,411 -4,158,460 -4,449,552 -4,761,021 -5,094,292 -5,450,892 -5,832,455 -6,240,727 -6,677,578 -7,145,008 -7,645,159 -8,180,320 -8,752,942 -9,365,648 -10,021,243 -10,722,730 -11,473,321 -12,276,454 -13,135,806 -14,055,312 -15,039,184
PROJECT RETURNS
Pre-tax Cash Flow:
Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 126,516,275
Cash flow from investing activities ($) -265,418,258 0 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 ($) 265,418,258 -2,964,924 -3,172,469 -3,394,542 -3,632,160 -3,886,411 -4,158,460 -4,449,552 -4,761,021 -5,094,292 -5,450,892 -5,832,455 -6,240,727 -6,677,578 -7,145,008 -7,645,159 -8,180,320 -8,752,942 -9,365,648 -10,021,243 -10,722,730 -11,473,321 -12,276,454 -13,135,806 -14,055,312 -15,039,184
Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091
Pre-tax Returns:
Issuance of equity ($) 77,889,649
Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091
Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091
After-tax Returns:
Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091
Federal ITC total income ($) 0 79,625,477 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Federal PTC income ($) 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
Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -24,974,313
State ITC total income ($) 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
State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977
Total after-tax returns ($) -77,889,649 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 78,911,802
After-tax net cash flow ($) -1,920,778 -19,573,470 -56,395,402 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 78,911,802
After-tax cumulative IRR (%) NaN NaN NaN 17.57 30.20 37.90 42.46 45.20 46.87 47.92 48.59 49.02 49.30 49.48 49.61 49.69 49.74 49.77 49.79 49.81 49.81 49.82 49.82 49.82 -32.96 -22.51 -16.61 49.82
After-tax cumulative NPV ($) -1,920,778 -19,168,633 -62,958,967 3,053,531 14,331,737 24,425,192 33,428,268 41,445,895 48,578,653 54,919,382 60,552,503 65,554,224 69,993,057 73,930,050 77,418,688 80,502,872 83,211,118 85,549,657 87,499,243 89,021,363 90,078,780 90,665,428 90,827,125 90,577,239 90,046,330 89,412,736 88,749,585 91,343,517
AFTER-TAX LCOE AND PPA PRICE
Annual costs ($) -1,920,778 -19,573,470 -56,395,402 49,969,829 -28,415,211 -28,593,481 -28,756,449 -28,915,363 -29,074,253 -29,235,146 -29,399,304 -29,567,633 -29,740,877 -29,919,002 -30,100,065 -30,274,707 -30,411,831 -30,442,534 -30,252,754 -29,700,566 -28,678,129 -27,201,538 -25,454,450 -25,174,989 -25,166,548 -24,107,156 -23,451,738 75,402,025
PPA revenue ($) 0 0 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 3,509,777
Electricity to grid (kWh) 0 0 0 489,550,430 496,008,198 497,973,086 499,134,605 499,947,603 500,567,126 501,064,383 501,477,694 501,829,698 502,135,142 502,377,193 502,464,611 502,022,520 499,853,861 493,352,693 478,265,598 449,385,959 402,891,262 339,639,716 266,653,539 194,571,636 132,664,005 85,447,863 52,766,865 32,464,872
Present value of annual costs ($) 165,154,310
Present value of annual energy costs ($) 165,154,310
Present value of annual energy nominal (kWh) 2,624,579,544
LCOE Levelized cost of energy nominal (cents/kWh) 6.29
Present value of PPA revenue ($) 256,497,827
Present value of annual energy nominal (kWh) 2,624,579,544
LPPA Levelized PPA price nominal (cents/kWh) 9.77
PROJECT STATE INCOME TAXES
EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
State taxable PBI income ($) 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
Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State taxable IBI income ($) 0
State taxable CBI income ($) 0
minus:
Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743
Total state tax depreciation ($) 0 5,640,138 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 5,640,138 0 0 0 0
equals:
State taxable income ($) 0 19,090,262 14,271,157 14,963,739 15,596,870 16,214,253 16,831,539 17,456,611 18,094,364 18,748,323 19,421,376 20,113,392 20,816,822 21,495,307 22,028,034 22,147,317 21,410,020 19,264,767 15,292,595 9,556,034 2,768,591 1,682,885 1,650,089 -2,465,651 -5,011,954 126,516,275
State income tax rate (frac) 0.0 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06
State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977
PROJECT FEDERAL INCOME TAXES
EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977
State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State PTC income ($) 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
Federal taxable IBI income ($) 0
Federal taxable CBI income ($) 0
Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
minus:
Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743
Total federal tax depreciation ($) 0 5,640,138 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 5,640,138 0 0 0 0
equals:
Federal taxable income ($) 0 17,944,847 13,414,888 14,065,915 14,661,058 15,241,398 15,821,647 16,409,214 17,008,703 17,623,424 18,256,094 18,906,589 19,567,813 20,205,589 20,706,352 20,818,478 20,125,419 18,108,881 14,375,040 8,982,672 2,602,476 1,581,912 1,551,084 -2,317,712 -4,711,237 118,925,299
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
Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -24,974,313
CASH INCENTIVES
Federal IBI income ($) 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 0 0 0 0 0
State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Utility PBI income ($) 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
Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total PBI income ($) 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
TAX CREDITS
Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State PTC income ($) 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
Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Federal ITC percent income ($) 0 79,625,477 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 ($) 0 79,625,477 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State ITC amount income ($) 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
State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State ITC total income ($) 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
DEBT REPAYMENT
Debt balance ($) 187,528,608 184,563,684 181,391,215 177,996,673 174,364,513 170,478,103 166,319,643 161,870,091 157,109,070 152,014,779 146,563,886 140,731,431 134,490,705 127,813,127 120,668,119 113,022,961 104,842,641 96,089,699 86,724,051 76,702,808 65,980,077 54,506,756 42,230,302 29,094,496 15,039,184 0
Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743
Debt principal payment ($) 0 2,964,924 3,172,469 3,394,542 3,632,160 3,886,411 4,158,460 4,449,552 4,761,021 5,094,292 5,450,892 5,832,455 6,240,727 6,677,578 7,145,008 7,645,159 8,180,320 8,752,942 9,365,648 10,021,243 10,722,730 11,473,321 12,276,454 13,135,806 14,055,312 15,039,184
Debt total payment ($) 0 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927
DSCR (DEBT FRACTION)
EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
minus:
Reserves major equipment 1 funding ($) 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
Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 funding ($) 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
Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equals:
Cash available for debt service (CAFDS) ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018
Debt total payment ($) 0 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927
DSCR (pre-tax) 0.0 2.35 2.39 2.42 2.44 2.47 2.49 2.51 2.53 2.55 2.57 2.59 2.61 2.62 2.63 2.60 2.52 2.35 2.07 1.67 1.21 0.74 0.34 0.03 -0.18 7.93
RESERVES
Reserves working capital funding ($) 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
Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves receivables funding ($) 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
Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves receivables balance ($) 0 0 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 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 2 funding ($) 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
Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 0
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