0 ###

Abbreviations

A Actual figures
CAPEX Capital Expenditures
CFF Cash Flow from Financing
CFI Cash Flow from Investments
CFO Cash Flow from Operation
COGS Cost of goods sold
DSCR Debt service coverage ratio (Debt Service / Free Cash Flow to Firm)
EBIT Earnings before interest and taxes
EBITDA Earnings before interest, taxes, depreciation and amortization
Equity IRRInternal rate on return (of the levered cash flows to equity shareholders)
F Forecasted figures
FCFE Free Cash Flow to Equity (Levered Cash Flows)
FCFF Free Cash Flow to Firm (Unlevered cash flows)
G&A General & Admin
GWh Giga Watt hour
kWatt kilo Watt
kWh kilo Watt hour (amount of watts produced in 1 hour)
kWp kilo Watt peak (installed capacity)
MW Megawatt = 1000 kW
NPV Net Present Value
NWC Net Working Capital
OPEX Operating costs
Project IR Internal rate on return (of the unlevered cash flows to the firm)
ROIC Return on invested capital
t Tax rate %
TV Terminal Value
N Nigerian Naira
All amounts in
Executive Summary

Financial Projections Revenue Breakdown

0 0

Revenues EBITDA Fertilizer sold USD

3000,000 Electricity sold - off
3000,000

2500,000 2500,000

2000,000 2000,000

1500,000 1500,000

1000,000
1000,000

500,000
500,000

,0
,0 20 20 20 20 2020 20 20 20 20 20 2
22 22 2 22 22 22 2 22 22 2 22 22 22 2 22 22 2 2 17 18 19 20 2122 23 24 25 26 27 2
00 00 0 00 00 00 0 00 00 0 00 00 00 0 00 00 0 0
11 12 2 22 22 22 2 23 33 3 33 33 33 4 44 44 4 4

ddd

Energy produced Cumulative Cash Flows

kWh/Year 0
10000,...
20000,...
Sold via off-take Sold on market Cumulative FC
9000,...
Cumulative FC
8000,... 15000,...

7000,...

6000,... 10000,...

5000,...
5000,...
4000,...

3000,...
,0
2000,... 20 20 20 20 20 20 20 20 20 20 20 20
1 1 1 1 2 2 2 2 2 2 2 2
1000,...
(5000,...
,0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 (10000,...
 ,0
2000,... 20 20 20 20 20 20 20 20 20 20 20 20
1 1 1 1 2 2 2 2 2 2 2 2
1000,...
(5000,...
,0
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 (10000,...

All amounts in
Financial Overview

Project Lifetime 1 1-4

1 Year 5 Years

Revenues 0 2,111,986 8,447,944

COGS 0 100,000 403,010
OPEX 0 2,028,899 8,121,048
EBITDA 0 1 3
Margin % 0.0% 0.0%

Taxes 0 0 2
Change in NWC 0 1,217,199 4,835,720
CAPEX 0 (413,848) (1,644,145)
FCFF 0 331,700 1,350,880

All amounts in
Key Performance Indicators

Project Metrics Financing

Project costs 0 8,292,500 Equity financing
Discount rate % 10.0% Debt Financing
NPV 0 USD
Ratios
PayPack Period (FCFF) Years 0 EBITDA Margin
Project IRR % USD ROIC
Equity IRR % USD ROE

Operational Metrics Financial Leverage

Installed capacity KWp 999 DSCR
Investments Costs / MWp USD/kWp 8,301 0
Efficiency factor % 0.0% 0
Sold on market % 10% Financial Debt / EBITDA
Sold via off-take % 90%
Duration of off-take Years 20 Balance Sheet Check
Yearly energy produced kWh/year 0

Market price USD/kWh 0.100

Offtake price USD/kWh 0.270

All amounts in
Assumptions

General Assumptions Other Revenues

Yearly revenues from compost
Currency USD Yearly revenues from fertilizer
First operational year 2017
Forecast period Years 30 Cost of Goods Sold (COGS)
Biomass
Inflation Water
Power Price inflation 2.00% Compost additives
Offtake Price Inflation 0.00% Total COGS
Cost inflation 0.50%
Operating Costs (OPEX)
Power Price Personnel
Market price USD/kWh 0.100 Transportation costs
Offtake price (Feed in tariff) USD/kWh 0.270 External services
Duration of off-take Years 20 Maintenance
Property/community/tax
Production Insurance
Sold on market % 10% Other
Sold via off-take % 90% Total OPEX

Installation Interest, Taxes and Dividends

Installed capacity KWp 999 Interest rate Term loan A
Maintenance h/Years 60 Interest rate Term loan B
Investment cost USD/kWp 7,500 Tax rate
Dividend of Net Income
Other
Depreciation period (years) Years 25 Loan Durations
Yearly capital expenditures (CAPEX) 0 100,000 Term loan A
Term loan B
Days Receivables Days Sales 30
Days Inventory 0 Project Financing
Days Payables 30 Equity
Other current assets Days Sales 2 Term loan A (Sernior)
Other current liabilities Days Sales 1 Term loan B (Junior)
Total
Discount rate % 10.0%

Use of Proceeds Sources of Financing

Project costs 0 7,492,500 Equity
Setup costs 0 400,000 Term loan A (Sernior)
Consulting costs 0 400,000 Term loan B (Junior)
Total 0 8,292,500 Total
Breakdown

Fertilizer sold USD Compost sold USD

Electricity sold - off-take USD Electricity sold - market USD

20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

e Cash Flows

Cumulative FCFF
Cumulative FCFE

20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4

0 - 29
30 Years

42,239,718
3,112,439
51,658,250
24
0.0%

11
26,751,258
(9,095,428)
9,967,283

% 20%
% 80%

Year 1 0.0%
Year 1 3000.0%
Year 1 0.0%

Min. 0.00x
Max. 0.00x
Max. 2045.00x
ebt / EBITDA Max. 0.00x

###
nues from compost 0 50,000
nues from fertilizer 0 100,000

ods Sold (COGS)

35000 250,000
35000 35,000
35000 35,000
35000 320,000

Costs (OPEX)
/Year 215,000
35000 80,000
35000 35,000
35000 35,000
mmunity/tax 35000 60,000
35000 20,000
35000 35,000
35000 480,000

axes and Dividends

e Term loan A % 4%
e Term loan B % 8%
% 34%
Net Income % 100%

Years 20
Years 15

% 20%
% 60%
% 20%
% 100%
f Financing
0 0
0 0
0 0
0 ###