Exhibit C-1
Project Analysis Worksheet: Nominal Dollar Analysis
2020 Tower 220 @ 73% , New SunLab
Case No.5
Assumptions: Computed Target
Equity rate of return 14.00% 14.00% 280.66 capacity charge, $/kW/year (constant for analysis period)
Required DSCR 1.35 1.35 0 HHV heat rate, Btu/kWh
Solar fuel type
4,920 fixed non-fuel O&M cost, $1000/year in base year
0.00 variable non-fuel O&M cost, $/MWh in base year
Percent debt in capital structure 59.9% 5 MACRS depreciation schedule to be used (yrs)
Percent equity in capital structure 40.1% 98.0% percentage of investment cost which is depreciable, excluding IDC
Cost of construction debt, %/year 7.00% 8.55% is computed fixed charge rate (from macro)
Entity is subject to income tax (Y/N) Y
Initial weighted after-tax cost of capital (computed) 8.66%
Before ITC adjustment: Depreciable Amortize Total
Net MW 220 Solar inv. excl IDC 661.80 13.51 675.31
Capacity factor 72.9% IDC 0.00 47.27 47.27
Avg. years lead time for capital spending before COD 1.0 Total 661.80 60.78 722.58
Starting year of analysis 2020 ITC amount: 66.18
Depreciable After ITC adjustment 628.71
$/kW $ Millions
Base Year Esc'd Esc'd Sources of Funds $ Millions Term Interest Amort $M/yr.
Project cost 2,383 3,070 675.31 Equity 289.75
Amount of IDC 215 47.27 Debt 432.83 20 8.50% 45.74
Installed cost, including IDC 3,284 722.58 Total 722.58
Calendar Year 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2044 2049
Project Year 1 23 45678910111213141516171819202530
Year from 2002 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 42 47
Analysis years 1 11 1111111111111111111
Depreciation, Amortization, and Debt Service Calculations ($ Millions)
Depreciation rates for 5 year MACRS depreciation 100.00% 35.00% 26.00% 15.60% 11.01% 11.01% 1.38% 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%
Beginning of year values 628.7 408.7 245.2 147.1 77.9 8.7 0.0 0.0 0.0 0.0 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 depreciation (5 year MACRS) 628.7 220.0 163.5 98.1 69.2 69.2 8.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
End year asset value 408.7 245.2 147.1 77.9 8.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Begin year amortization value 60.8 57.7 54.7 51.7 48.6 45.6 42.5 39.5 36.5 33.4 30.4 27.4 24.3 21.3 18.2 15.2 12.2 9.1 6.1 3.0 0.0 0.0
Amortization over 20 years 60.8 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 0.0 0.0
End year asset value 57.7 54.7 51.7 48.6 45.6 42.5 39.5 36.5 33.4 30.4 27.4 24.3 21.3 18.2 15.2 12.2 9.1 6.1 3.0 0.0 0.0 0.0
Begin year debt amount Long-Term Debt 432.8 423.9 414.2 403.6 392.2 379.8 366.4 351.8 335.9 318.7 300.1 279.9 257.9 234.1 208.3 180.2 149.8 116.8 81.0 42.2 0.0 0.0
Debt service payment 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 45.7 0.0 0.0
Interest 36.8 36.0 35.2 34.3 33.3 32.3 31.1 29.9 28.6 27.1 25.5 23.8 21.9 19.9 17.7 15.3 12.7 9.9 6.9 3.6 0.0 0.0
Debt principal repayment (mortgage type amortization) 432.83 check sum 8.9 9.7 10.5 11.4 12.4 13.5 14.6 15.8 17.2 18.6 20.2 21.9 23.8 25.8 28.0 30.4 33.0 35.8 38.9 42.2 0.0 0.0
End year debt amount 423.9 414.2 403.6 392.2 379.8 366.4 351.8 335.9 318.7 300.1 279.9 257.9 234.1 208.3 180.2 149.8 116.8 81.0 42.2 0.0 0.0 0.0
Energy Calculations
Electric energy production, GWh Discounted energy: 14,889 (to oper yr.) 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406 1,406
Unit fuel costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income Statement and Cashflow Statement Calculations ($ 1000)
Capacity revenue 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745
Revenue covering fixed non-fuel O&M revenue, property taxes, and insurance 14,663 14,939 15,222 15,513 15,810 16,115 16,428 16,748 17,076 17,413 17,758 18,112 18,474 18,846 19,226 19,617 20,017 20,427 20,847 21,278 23,599 26,226
Variable non-fuel O&M revenue 0 00 0000000000000000000
Fuel cost revenue 0 00 0000000000000000000
Revenue Subtotal 76,408 76,684 76,968 77,258 77,555 77,860 78,173 78,493 78,821 79,158 79,503 79,857 80,219 80,591 80,971 81,362 81,762 82,172 82,592 83,023 85,345 87,971
Fixed non-fuel O&M (7,674) (7,865) (8,062) (8,264) (8,470) (8,682) (8,899) (9,121) (9,349) (9,583) (9,823) (10,068) (10,320) (10,578) (10,842) (11,114) (11,391) (11,676) (11,968) (12,267) (13,879) (15,703)
Variable non-fuel O&M 0 00 0000000000000000000
Insurance expense (3,377) (3,461) (3,547) (3,636) (3,727) (3,820) (3,916) (4,014) (4,114) (4,217) (4,322) (4,430) (4,541) (4,655) (4,771) (4,890) (5,013) (5,138) (5,266) (5,398) (6,107) (6,910)
Property tax expense (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613) (3,613)
Fuel cost 0 00 0000000000000000000
Tax depreciation and amortization (223,088) (166,504) (101,118) (72,260) (72,260) (11,715) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) (3,039) 0 0
Operating income (EBIT) (161,343) (104,759) (39,373) (10,515) (10,515) 50,030 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 58,706 61,745 61,745
Interest (36,790) (36,030) (35,205) (34,309) (33,338) (32,284) (31,140) (29,900) (28,554) (27,093) (25,508) (23,789) (21,923) (19,899) (17,703) (15,320) (12,734) (9,929) (6,885) (3,583) 0 0
Taxable income (198,133) (140,789) (74,578) (44,824) (43,853) 17,746 27,566 28,806 30,153 31,613 33,198 34,917 36,783 38,807 41,003 43,386 45,972 48,777 51,821 55,123 61,745 61,745
Income tax 79,650 56,597 29,980 18,019 17,629 (7,134) (11,081) (11,580) (12,121) (12,709) (13,346) (14,037) (14,787) (15,600) (16,483) (17,441) (18,481) (19,608) (20,832) (22,160) (24,822) (24,822)
Investment tax credit (for solar investment only, when owned by taxable entity) 66,180
After tax income (52,303) (84,192) (44,597) (26,805) (26,224) 10,612 16,484 17,226 18,031 18,905 19,852 20,881 21,996 23,207 24,520 25,945 27,491 29,169 30,989 32,964 36,924 36,924
Add back depreciation 223,088 166,504 101,118 72,260 72,260 11,715 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 3,039 0 0
Deduct repayment of debt principal (8,947) (9,707) (10,533) (11,428) (12,399) (13,453) (14,597) (15,837) (17,184) (18,644) (20,229) (21,948) (23,814) (25,838) (28,034) (30,417) (33,003) (35,808) (38,852) (42,154) 0 0
Equity investments and dividend payouts IRR: 14.0% (289,755) 161,838 72,605 45,988 34,027 33,637 8,874 4,927 4,428 3,887 3,299 2,662 1,971 1,221 407 (475) (1,433) (2,473) (3,600) (4,824) (6,152) 36,924 36,924
Discount factor (to year of initial operation) 0.920 0.847 0.779 0.717 0.660 0.608 0.559 0.515 0.474 0.436 0.401 0.369 0.340 0.313 0.288 0.265 0.244 0.224 0.206 0.190 0.125 0.083
Levelized and annual cost of electricity generation, nominal $/kWh 0.056 levelized 0.054 0.055 0.055 0.055 0.055 0.055 0.056 0.056 0.056 0.056 0.057 0.057 0.057 0.057 0.058 0.058 0.058 0.058 0.059 0.059 0.061 0.063
Coverage Ratios
Cash available for debt service 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745 61,745
DSCR min 1.35 average 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35 1.35
Levelized
Discounted revenues (nominal from 2020) PV Sums
Capacity 43.93 654,049 56,825 52,297 48,129 44,294 40,764 37,516 34,526 31,775 29,243 26,913 24,768 22,794 20,978 19,306 17,768 16,352 15,049 13,850 12,746 11,730 7,744 5,113
Fixed O&M 12.53 186,528 13,495 12,653 11,866 11,128 10,438 9,791 9,186 8,619 8,087 7,590 7,123 6,686 6,277 5,893 5,533 5,195 4,879 4,582 4,303 4,042 2,960 2,172
Variable O&M 0.00 0 - - - - - - - - - - - - - - - - - - - - - -
Fuel 0.00 0 - - - - - - - - - - - - - - - - - - - - - -
Total 56.45 840,577 70,319 64,950 59,995 55,422 51,202 47,307 43,712 40,394 37,330 34,502 31,891 29,481 27,255 25,199 23,300 21,547 19,928 18,432 17,050 15,773 10,704 7,285