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Test Project Pro Forma

Year
CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)


 












450,702


 












459,716


 



 
 






468,910


 












478,289
















532,807


















538,423




 











544,101























174,717





















178,364

























182,101



























244,296












 



 









249,268











 












221,234

275,985







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281,352


 

 
1,053,039

286,809





750,195

233,993
 



622,905

283,538
 



614,353

(2,635,035)

(593,323)

(281,285)

(144,616)











922,262




 










207,663








10









 








549,842




 











555,646




 











561,515














 









225,778

























230,431













 










235,195


























240,072

317,189




439,439

318,322



 
296,243

319,411




284,788

320,452




272,477

321,443



259,256

(81,547)

98,984

247,858

265,054

283,169

302,259











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98,450




50,616




28,541




(34,644)




(86,750)




(92,769)




(99,109)




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REVENUES
kWh/yr
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PPA Rate ($/kWh)
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C-BED Rate ($/kWh)
Electricity Sales Revenue per PPA
Electricity Sales Revenue per C-BED
Green Tag Rate ($/kWh)
Green Tag Sales Revenue
Other Tax Credit (Installment Payments)
Other Tax Credit (Lump Sum)
Production Incentive Payments
Total Annual Revenues
EXPENSES
Operations & Maintenance
Operations & Maintenance Contingency Fund
Project Management Fee
Insurance
Property Tax
Leaseholder Payments
Admin/Financial/Legal Management
Production Tax Expense
Warranty Expense
Decomm. Fund Pre-Warranty Expiration
Decomm. Fund Post-Warranty Expiration
Other Expense
Total Annual Operating Expenses
EBITDA & Taxable Income
EBITDA
Depreciation
Debt Interest Payment
Total Annual Expenses
Taxable Income

(1,210,000)

TAXES
Local Owner Income Tax Benefit/(Liability)
Equity Investor Income Tax Benefit (Liability)
Federal PTC Value
Federal ITC Value
Other PTC Value
Other Tax Credit (Installment Payments)
Other Tax Credit (Lump Sum)
Total Tax Benefit/(Liability)
AFTER-TAX CASH FLOWS
Add Back Depreciation
Less Debt Principal Payment
Net After-Tax Project Cash Flow

(1,210,000)

859,325

150,092

46,337

(54,314)

(26,843)

(56,378)

(107,351)

(112,281)

(117,580)

(123,270)

Local Owner Return

Equity Investor Return

(10,000)
(1,200,000)

17,186
842,138

(1,998)
150,340

46,337
0

(54,314)
0

(26,843)
0

(56,378)
0

(107,351)
0

(112,281)
0

(117,580)
0

(123,270)
0

































 













 














PROJECT RESULTS
O & M Rate (% of revenues)
Capital Cost per kWh
IRR (Years 1-20)
Net Present Value (Years 1-20)
LOCAL OWNER RESULTS
Running IRR
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR
Overall IRR
NPV
DEBT COVERAGE
Debt Service Coverage Ratio
OTHER DETAILS
Running Total of Decommissioning Fund
Running Total of O&M Contingency Fund










 


 
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Test Project Pro Forma

Year

11

12

REVENUES
kWh/yr
PPA Rate ($/kWh)
C-BED Rate ($/kWh)
Electricity Sales Revenue per PPA
Electricity Sales Revenue per C-BED
Green Tag Rate ($/kWh)
Green Tag Sales Revenue
Other Tax Credit (Installment Payments)
Other Tax Credit (Lump Sum)
Production Incentive Payments
Total Annual Revenues







 




 



567,449





 











573,448

EXPENSES
Operations & Maintenance
Operations & Maintenance Contingency Fund
Project Management Fee
Insurance
Property Tax
Leaseholder Payments
Admin/Financial/Legal Management
Production Tax Expense
Warranty Expense
Decomm. Fund Pre-Warranty Expiration
Decomm. Fund Post-Warranty Expiration
Other Expense
Total Annual Operating Expenses






















 

245,065

13

14

15

16

17

18

19

20




 











579,514




 







 



585,648
















591,849
















598,120

 
 
 











604,460


 












610,871
















617,354

















623,908











 






 





250,177














 







 

255,411















 







260,770








 

















 

266,256









 

 












271,874


 












 








277,625
























283,514











 












289,543


























295,717

Total Annual Expenses

322,384


245,065

323,271


250,177

324,104


255,411

324,878


260,770

325,593


266,256

326,246


271,874

326,835


277,625

327,357


283,514

327,810


289,543

328,192


295,717

Taxable Income

322,384

323,271

324,104

324,878

325,593

326,246

326,835

327,357

327,810

328,192

CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)

EBITDA & Taxable Income

EBITDA
Depreciation
Debt Interest Payment

TAXES
Local Owner Income Tax Benefit/(Liability)
Equity Investor Income Tax Benefit (Liability)
Federal PTC Value
Federal ITC Value
Other PTC Value
Other Tax Credit (Installment Payments)
Other Tax Credit (Lump Sum)
Total Tax Benefit/(Liability)












 
















 





























(112,834)




(113,145)




(113,436)




(113,707)




(113,958)




(114,186)




(114,392)




(114,575)




(114,734)




(114,867)































Net After-Tax Project Cash Flow

209,550

210,126

210,667

211,171

211,636

212,060

212,443

212,782

213,077

213,325

Local Owner Return

Equity Investor Return

209,550
0

210,126
0

210,667
0

211,171
0

211,636
0

212,060
0

212,443
0

212,782
0

213,077
0

213,325
0

















































 


























 





 















AFTER-TAX CASH FLOWS

Add Back Depreciation
Less Debt Principal Payment

PROJECT RESULTS
O & M Rate (% of revenues)
Capital Cost per kWh
IRR (Years 1-20)
Net Present Value (Years 1-20)
LOCAL OWNER RESULTS
Running IRR
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR
Overall IRR
NPV
DEBT COVERAGE
Debt Service Coverage Ratio
OTHER DETAILS
Running Total of Decommissioning Fund
Running Total of O&M Contingency Fund


 
 

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Mid-Point of Year
1
Beginning Value 
MACRS Schedule 
Depreciation 
Ending Value 


























2




3




4




5




6




Total Depreciation 

Depreciation - Straight Line

Net Book Value
Years to Depreciate





Year
1
Beginning Value 
Annual Depreciation 
Ending Value 

7




8




9




10




11




12




13




14




15




16




17




18




19




20




C-BED Calculator
Year

10

11

12

13

14

15

16

17

18

19

20

Total

















































































1



2



3



4



5



6



7



8



9



10



11



12



13



14



15



16



17



18



19



20







































































































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3





4





5





6





7





8





9





10





11





12





13





14





15





16





17





18





19





20





kWh/yr 
C-BED Rate ($/kWh)
Sales Revenue

PTC Double Dipping

Year
$/kWh Defined by IRS
Total Potential PTC
Amount Able to be Utilized by
Project
Total Government Incentives
Total Available PTC
PTC Utilized by Project

Debt Service Schedule

Year
1
Beginning Balance 
Interest Payment 
Principal Payment 
Ending Balance 

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