{"text_format":"1","workbook":"xlsx","n_sheets":5,"sheets":["Mensaje","Global Financial Model","Project Finance Model","Balance_SPV","Balance_Municipality"],"not_rendered":{"charts":1,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"ACTIVAR MACRO PARA ACCEDER AL CONTENIDO"]

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",145479878.9181675]
[null,"Inversion inicial con inflacion (USD valor nominal)",150605089.92668322]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",5125211.0085157156]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.23879923689930951,"de los activos"]
[null,"Duracion de vida de 50 años",0.27399818588184388,"de los activos"]
[null,"Duracion de vida de 40 años",0.4585993297023665,"de los activos"]
[null,"Duracion de vida de 15 años",9.6993989806353043E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.8325253240699006E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.7892333595661854E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-9.6270599198822193E-3}]
[null,"VAN 30 años",{"$f":"AJ116","v":-99407911.773928329}]
[]
[]
[null,null,"Tarifa de 1,00$ (USD 2019)"]
[null,null,2020,2025,2030,2035,2040,2045,2050]
[null,"Ratio de cobertura (Ingresos / Egresos) de la operacion",{"$f":"H112","v":1.7529580671677774},{"$f":"M112","v":1.6458909956816066},{"$f":"R112","v":1.7309041274974983},{"$f":"W112","v":1.9331588423908579},{"$f":"AB112","v":2.1350489258397602},{"$f":"AG112","v":2.1378442113817928},{"$f":"AL112","v":2.0578670780753012}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.75295806716777736},{"$f":"M113","v":0.64589099568160657},{"$f":"R113","v":0.73090412749749833},{"$f":"W113","v":0.93315884239085789},{"$f":"AB113","v":1.1350489258397602},{"$f":"AG113","v":1.1378442113817928},{"$f":"AL113","v":1.0578670780753012}]
[]
[]
[]
[]
[]
[]
[null,"Año",2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048,2049,2050,2051,2052,2053,2054,2055,2056,2057,2058]
[null,null,"Y0","Y1","Y2","Y3","Y4","Y5","Y6","Y7","Y8","Y9","Y10","Y11","Y12","Y13","Y14","Y15","Y16","Y17","Y18","Y19","Y20","Y21","Y22","Y23","Y24","Y25","Y26","Y27","Y28","Y29","Y30","Y31","Y32","Y33","Y34","Y35","Y36","Y37","Y38","Y39","Y40","Y41","Y42","Y43"]
[null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43]
[null,null,0,0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[]
[null,"DATOS PROYECTADOS"]
[null,"Costos anuales de O&M",0,0,0,0,3976823.3786234707,3474140.6323766443,4177984.970958462,4275893.3514173413,10680898.784956284,4478828.2979297312,4583972.3032194357,4691648.0985510955,4801918.1749066738,11842181.803473903,5030499.070621606,5148942.9313496156,5270247.2406404316,5394482.8033438306,13133132.063557804,5652039.9245993719,5785512.2496112492,5922217.4575473415,6062235.7998608258,14568689.070661781,6352543.1400949378,6503003.0477094743,6657118.0191431502,6814979.0428748261,16165575.192692511,7142314.8498048382,7311983.4410997778,7485785.8263136968,7663825.2014350668,17942516.525635354,8033040.9519245662,8224437.1738587273,8420510.2218222897,8621377.1754625179,19920492.165228866,9037976.1866590157,9253957.7090028487,9475232.2296553589,9701932.623042006,22123015.670057278]
[null,"Trafico anual",0,0,0,0,9164040.0000000019,12218720.000000004,12456138.66666667,12693557.333333336,12930976,13168394.666666666,13405813.333333336,13654112,13902410.66666667,14150709.333333336,14399008,14647306.666666666,14988938.666666666,15330570.666666666,15672202.66666667,16013834.666666666,16355466.66666667,16842074.666666668,17328682.666666664,17815290.666666664,18301898.66666666,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668,18788506.666666668]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4475717.1360000018,5967622.8480000021,6360380.9294784004,6481612.1713728001,6869598.2871631943,6995727.2712301286,7409579.2480110638,7546817.3701671846,7994491.3342131665,8137273.8765043952,8614570.698114967,8763121.6551147588,9329799.1094796862,9542446.4489779789,10149199.577530716,10370437.869544739,11019579.878485737,11347434.52395658,12146970.85187229,12488070.825020155,13347469.298414003,13702349.710477049,14255924.63878032,14255924.63878032,14831863.994187042,14831863.994187042,15431071.2995522,15431071.2995522,16054486.580054108,16054486.580054108,16703087.837888295,16703087.837888295,17377892.586538982,17377892.586538982,18079959.44703516,18079959.44703516,18810389.80869538,18810389.80869538,19570329.556966674,19570329.556966674]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":120000},{"$f":"$G$54*((1+$C$25)^G48)","v":122400},124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-825310.42848966329},-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329,-825310.42848966329]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1726684.8322535388},-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388,-1726684.8322535388]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-973852.57047557295},-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,-973852.57047557295,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-577197.82107783807},-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,-577197.82107783807,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-234619.63811547722},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":146267424.63627112},{"$f":"G61+SUM(H56:H60)","v":141929759.34585902},{"$f":"H61+SUM(I56:I60)","v":137592094.05544692},133254428.76503482,128916763.47462273,124813717.82232611,120710672.17002949,116607626.51773287,112504580.86543626,108401535.21313964,104875687.38192086,101349839.55070208,97823991.719483301,94298143.888264522,90772296.057045743,88220300.796302542,85668305.535559341,83116310.274816141,80564315.01407294,78012319.753329739,75460324.492586538,72908329.231843337,70356333.971100137,67804338.710356936,65252343.449613735,62700348.188870534,60148352.928127334,57596357.667384133,55044362.406640932,52492367.145897731,49940371.88515453,47388376.62441133,44836381.363668129,42284386.102924928,39732390.842181727,37180395.581438527,34628400.320695326,32076405.059952125,29524409.799208924,26972414.538465723]
[null,"Activos nuevos 1 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},{"$f":"SUM($P$97:$Q$97)/10","v":-738827.87074309995},-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,-738827.87074309995,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":7388278.7074309997},{"$f":"R63+S62","v":6649450.8366879001},{"$f":"S63+T62","v":5910622.9659448005},5171795.0952017009,4432967.2244586013,3694139.3537155013,2955311.4829724012,2216483.6122293011,1477655.7414862011,738827.87074310111,1.1641532182693481E-9,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-1352729.118819399},-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,-1352729.118819399,0,0,{"$f":"-$C$16*AN65","v":0},0,0,0,0,0]
[null,"Activos nuevos 2 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM($U$97:$W$97))+X64","v":18938207.663471583},{"$f":"X65+Y64","v":17585478.544652183},{"$f":"Y65+Z64","v":16232749.425832784},14880020.307013385,13527291.188193986,12174562.069374587,10821832.950555189,9469103.8317357898,8116374.712916391,6763645.5940969922,5410916.4752775934,4058187.3564581946,2705458.2376387957,1352729.1188193967,-2.3283064365386963E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",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,{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},{"$f":"SUM($AA$97:$AB$97)/10","v":-916792.99331147503},-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,-916792.99331147503,0,{"$f":"-$C$16*AN67","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(AA97:AB97)","v":9167929.9331147503},{"$f":"AC67+AD66","v":8251136.9398032753},{"$f":"AD67+AE66","v":7334343.9464918002},6417550.9531803252,5500757.9598688502,4583964.9665573752,3667171.9732459001,2750378.9799344251,1833585.9866229501,916792.99331147503,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-2781199.8081257916},{"$f":"SUM($AL$97:$AN$97)/14","v":-2781199.8081257916},-2781199.8081257916,-2781199.8081257916,-2781199.8081257916,-2781199.8081257916]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":41717997.121886879},{"$f":"AO69+AP68","v":38936797.313761085},{"$f":"AP69+AQ68","v":36155597.505635291},33374397.697509501,30593197.889383711,27811998.081257921]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-4337665.2904120907},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-4337665.2904120907},-4337665.2904120907,-4337665.2904120907,-4337665.2904120907,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-3525847.8312187754,-4264675.701961875,-4264675.701961875,-4264675.701961875,-4264675.701961875,-3290823.1314863022,-3290823.1314863022,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-3468788.2540546772,-2551995.2607432022,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":146267424.63627112},{"$f":"H61+H63+H65+H67+H69","v":141929759.34585902},137592094.05544692,133254428.76503482,128916763.47462273,124813717.82232611,120710672.17002949,116607626.51773287,112504580.86543626,108401535.21313964,104875687.38192086,108738118.25813308,104473442.55617121,100208766.85420932,95944091.152247444,92653268.020761147,89362444.889274836,105009829.42126012,100366277.17095442,95722724.920648724,91079172.670343012,86435620.420037329,91698825.97358948,86877308.600715399,82055791.227841318,77234273.854967251,72412756.48209317,67591239.109219104,62769721.736345023,57948204.363470949,53126686.990596876,48305169.617722802,44836381.363668129,42284386.102924928,81450387.964068606,76117192.895199612,70783997.826330617,65450802.757461622,60117607.688592635,54784412.619723648]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3976823.3786234707},{"$f":"-H51","v":-3474140.6323766443},-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354,-8033040.9519245662,-8224437.1738587273,-8420510.2218222897,-8621377.1754625179,-19920492.165228866,-9037976.1866590157,-9253957.7090028487,-9475232.2296553589,-9701932.623042006,-22123015.670057278]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3976823.3786234707},{"$f":"H75","v":-3474140.6323766443},-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354,-8033040.9519245662,-8224437.1738587273,-8420510.2218222897,-8621377.1754625179,-19920492.165228866,-9037976.1866590157,-9253957.7090028487,-9475232.2296553589,-9701932.623042006,-22123015.670057278]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":4475717.1360000018},5967622.8480000021,6360380.9294784004,6481612.1713728001,6869598.2871631943,6995727.2712301286,7409579.2480110638,7546817.3701671846,7994491.3342131665,8137273.8765043952,8614570.698114967,8763121.6551147588,9329799.1094796862,9542446.4489779789,10149199.577530716,10370437.869544739,11019579.878485737,11347434.52395658,12146970.85187229,12488070.825020155,13347469.298414003,13702349.710477049,14255924.63878032,14255924.63878032,14831863.994187042,14831863.994187042,15431071.2995522,15431071.2995522,16054486.580054108,16054486.580054108,16703087.837888295,16703087.837888295,17377892.586538982,17377892.586538982,18079959.44703516,18079959.44703516,18810389.80869538,18810389.80869538,19570329.556966674,19570329.556966674]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4595717.1360000018},{"$f":"H79+H80","v":6090022.8480000021},6485228.9294784004,6608957.1313728001,6999490.1463631941,7128216.9676141283,7544718.7383227441,7684659.6502850978,8135090.4599334383,8280684.9847390726,8760850.0285143387,8912326.5721221175,9481988.1248271912,9697679.2446324341,10307537.029098261,10531942.070143634,11184314.16309661,11515463.49425967,12318360.401581442,12662888.165723491,13525782.985931406,13884229.671744799,14441442.199273426,14445152.550483288,15024876.464124069,15028736.71352281,15631881.473274684,15635897.676749133,16263409.48479498,16267587.942889797,16920451.227980696,16924798.495782547,17604037.457591116,17608560.35501216,18315240.570877802,18319946.193354655,19055176.289941262,19060072.019566182,19825005.412054893,19830098.929156657]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":618893.75737653114},{"$f":"H81+H76","v":2615882.2156233578},2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-3561496.8187348302,3730350.9578927327,3763383.6407725019,4211740.8841867596,4303196.4412886035,-2825595.0344595425,4879902.1455442626,5398801.9134853613,5593246.0367123289,6256124.6017206162,-1905800.9049382899,7173239.845836468,7381226.6240353249,7784324.1801302759,7630173.5076084621,-1140698.7285684422,7886421.8637179723,8319898.0321749058,8150111.8504354358,8599584.2833599132,-1674928.5827455577,8887410.2760561295,8700361.3219238184,9183527.2357688267,8987183.1795496419,-1605251.5943510644,9281970.0066956393,9801218.5809384137,9584839.7899108231,10123072.789012887,-2292916.7409006208]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":618893.75737653114},{"$f":"H83","v":2615882.2156233578},2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-3561496.8187348302,3730350.9578927327,3763383.6407725019,4211740.8841867596,4303196.4412886035,-2825595.0344595425,4879902.1455442626,5398801.9134853613,5593246.0367123289,6256124.6017206162,-1905800.9049382899,7173239.845836468,7381226.6240353249,7784324.1801302759,7630173.5076084621,-1140698.7285684422,7886421.8637179723,8319898.0321749058,8150111.8504354358,8599584.2833599132,-1674928.5827455577,8887410.2760561295,8700361.3219238184,9183527.2357688267,8987183.1795496419,-1605251.5943510644,9281970.0066956393,9801218.5809384137,9584839.7899108231,10123072.789012887,-2292916.7409006208]
[null,"2. Renta concessional",0,0,0,0,{"$f":"IF(G86>0,-$C$23*G86,0)","v":0},{"$f":"IF(H86>0,-$C$23*H86,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"3. Depreciation",0,0,0,0,{"$f":"G70","v":-4337665.2904120907},{"$f":"H70","v":-4337665.2904120907},-4337665.2904120907,-4337665.2904120907,-4337665.2904120907,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-4103045.6522966134,-3525847.8312187754,-4264675.701961875,-4264675.701961875,-4264675.701961875,-4264675.701961875,-3290823.1314863022,-3290823.1314863022,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4643552.250305701,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-4821517.3728740765,-3468788.2540546772,-2551995.2607432022,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938,-5333195.0688689938]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3718771.5330355596},-1721783.0747887329,-2030421.3318921523,-2004601.5104566319,-8019073.9290051805,-1453656.9826122164,-1142299.217193305,-1110034.1005626111,-769873.36726984894,-7664542.4710314441,204503.12667395733,-501292.06118937302,-52934.817775115371,38520.739326728508,-7090270.7364214174,1589079.0140579604,2107978.781999059,949693.78640662786,1612572.3514149152,-6549353.1552439909,2529687.595530767,2737674.3737296239,2962806.8072561994,2808656.1347343856,-5962216.1014425186,3064904.4908438958,3498380.6593008293,3328594.4775613593,3778066.9104858367,-6496445.9556196341,4065892.903182053,3878843.949049742,5714738.9817141499,6435187.9188064393,-6938446.6632200582,3948774.9378266456,4468023.51206942,4251644.7210418293,4789877.7201438928,-7626111.8097696146]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,0,0,-71576.094335885064,0,0,-13482.258764354978,0,-556177.65492028603,-737792.57369967061,-332392.82524231973,-564400.32299522031,0,-885390.65843576845,-958186.03080536833,-1036982.3825396698,-983029.64715703495,0,-1072716.5717953634,-1224433.2307552902,-1165008.0671464757,-1322323.4186700427,0,-1423062.5161137185,-1357595.3821674096,-2000158.6435999523,-2252315.7715822537,0,-1382071.2282393258,-1563808.229224297,-1488075.6523646403,-1676457.2020503625,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3718771.5330355596},{"$f":"H89+H90","v":-1721783.0747887329},-2030421.3318921523,-2004601.5104566319,-8019073.9290051805,-1453656.9826122164,-1142299.217193305,-1110034.1005626111,-769873.36726984894,-7664542.4710314441,132927.03233807225,-501292.06118937302,-52934.817775115371,25038.48056237353,-7090270.7364214174,1032901.3591376743,1370186.2082993884,617300.96116430813,1048172.0284196949,-6549353.1552439909,1644296.9370949985,1779488.3429242554,1925824.4247165297,1825626.4875773508,-5962216.1014425186,1992187.9190485324,2273947.4285455393,2163586.4104148839,2455743.4918157943,-6496445.9556196341,2642830.3870683345,2521248.5668823323,3714580.3381141974,4182872.1472241855,-6938446.6632200582,2566703.7095873198,2904215.2828451227,2763569.0686771888,3113420.5180935301,-7626111.8097696146]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":4337665.2904120907},{"$f":"-H88","v":4337665.2904120907},4337665.2904120907,4337665.2904120907,4337665.2904120907,4103045.6522966134,4103045.6522966134,4103045.6522966134,4103045.6522966134,4103045.6522966134,3525847.8312187754,4264675.701961875,4264675.701961875,4264675.701961875,4264675.701961875,3290823.1314863022,3290823.1314863022,4643552.250305701,4643552.250305701,4643552.250305701,4643552.250305701,4643552.250305701,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,4821517.3728740765,3468788.2540546772,2551995.2607432022,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938,5333195.0688689938]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":618893.75737653114},{"$f":"H91+H92","v":2615882.2156233578},2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-3561496.8187348307,3658774.8635568474,3763383.6407725019,4211740.8841867596,4289714.182524249,-2825595.0344595425,4323724.490623977,4661009.3397856904,5260853.2114700088,5691724.2787253959,-1905800.9049382899,6287849.1874006996,6423040.5932299569,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577,7464347.7599424105,7342765.9397564083,7183368.592168875,6734867.4079673877,-1605251.5943510644,7899898.7784563135,8237410.3517141165,8096764.1375461826,8446615.5869625248,-2292916.7409006208]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-8094204.2264863513,-31297166.618133117,-78828625.756357536,-32385093.325706225]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0,0,-10128006.504407987,-21455506.940962143,-7353283.8683909513,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":57948204.363470949},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":54784412.619723648}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-8094204.2264863513},-31297166.618133117,-78828625.756357536,-32385093.325706225,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,57948204.363470949,0,-10128006.504407987,-21455506.940962143,-7353283.8683909513,0,0,0,0,0,54784412.619723648]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-150605089.92668322}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-8094204.2264863513},-31297166.618133117,-78828625.756357536,-32385093.325706225,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763076,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,56273275.78072539]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":-9.6270599198822193E-3}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-8094204.2264863513},{"$f":"D93+D99","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763076,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,{"$f":"AJ93+AJ97","v":-1674928.5827455577},7464347.7599424105,-2785240.5646515787,-14272138.348793268,-618416.46042356361,-1605251.5943510644,7899898.7784563135,8237410.3517141165,8096764.1375461826,8446615.5869625248,52491495.878823027]
[null,"TRI (40 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C106:AT106)","v":-4.0970977249400464E-3}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-3561496.8187348302,3730350.9578927327,3763383.6407725019,4211740.8841867596,4303196.4412886035,-2825595.0344595425,4879902.1455442626,5398801.9134853613,5593246.0367123289,6256124.6017206162,-1905800.9049382899,7173239.845836468,7381226.6240353249,7784324.1801302759,7630173.5076084621,-1140698.7285684422,7886421.8637179723,8319898.0321749058,8150111.8504354358,8599584.2833599132,-1674928.5827455577,8887410.2760561295,8700361.3219238184,9183527.2357688267,8987183.1795496419,-1605251.5943510644,9281970.0066956393,9801218.5809384137,9584839.7899108231,10123072.789012887,-2292916.7409006208]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3718771.5330355596,-1721783.0747887329,-2030421.3318921523,-2004601.5104566319,-8019073.9290051805,-1453656.9826122164,-1142299.217193305,-1110034.1005626111,-769873.36726984894,-7664542.4710314441,204503.12667395733,-501292.06118937302,-52934.817775115371,38520.739326728508,-7090270.7364214174,1589079.0140579604,2107978.781999059,949693.78640662786,1612572.3514149152,-6549353.1552439909,2529687.595530767,2737674.3737296239,2962806.8072561994,2808656.1347343856,-5962216.1014425186,3064904.4908438958,3498380.6593008293,3328594.4775613593,3778066.9104858367,-6496445.9556196341,4065892.903182053,3878843.949049742,5714738.9817141499,6435187.9188064393,-6938446.6632200582,3948774.9378266456,4468023.51206942,4251644.7210418293,4789877.7201438928,-7626111.8097696146]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.1556251556715484},{"$f":"ABS(H81)/ABS(H76)","v":1.7529580671677774},1.5522384533591653,1.5456318921476637,0.6553278228066125,1.5915361102163788,1.6458909956816066,1.6379445961981511,1.6941335032414511,0.69925332359869141,1.7415468933645548,1.7309041274974983,1.7991543265197851,1.7977032457349236,0.78484987276568352,1.8633877698396053,1.9331588423908579,1.9444513101396221,2.0319830518410784,0.86918514797764712,2.1291918350875245,2.1350489258397602,2.1693234456330415,2.1196180442529657,0.92943655174830497,2.1041828916199998,2.1378442113817928,2.0887449947855212,2.1221007861387058,0.90665029733412783,2.1063568988686496,2.0578670780753012,2.0906141069657669,2.0424301125727631,0.91941707157451535,2.0269965106122743,2.0591380346814372,2.0115677967145138,2.0434078633952453,0.89635604950531211]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.15562515567154844},{"$f":"H112-1","v":0.75295806716777736},0.55223845335916533,0.54563189214766372,-0.3446721771933875,0.59153611021637875,0.64589099568160657,0.63794459619815114,0.69413350324145107,-0.30074667640130859,0.74154689336455482,0.73090412749749833,0.79915432651978513,0.79770324573492357,-0.21515012723431648,0.8633877698396053,0.93315884239085789,0.94445131013962214,1.0319830518410784,-0.13081485202235288,1.1291918350875245,1.1350489258397602,1.1693234456330415,1.1196180442529657,-7.0563448251695027E-2,1.1041828916199998,1.1378442113817928,1.0887449947855212,1.1221007861387058,-9.334970266587217E-2,1.1063568988686496,1.0578670780753012,1.0906141069657669,1.0424301125727631,-8.0582928425484646E-2,1.0269965106122743,1.0591380346814372,1.0115677967145138,1.0434078633952453,-0.10364395049468789]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-8094204.2264863513},{"$f":"D103","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763076,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,56273275.78072539]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-99407911.773928329}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-8094204.2264863513},{"$f":"D106","v":-31297166.618133117},-78828625.756357536,-32385093.325706225,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763076,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577,7464347.7599424105,-2785240.5646515787,-14272138.348793268,-618416.46042356361,-1605251.5943510644,7899898.7784563135,8237410.3517141165,8096764.1375461826,8446615.5869625248,52491495.878823027]
[null,"VAN (40 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C118:AT118)","v":-99973143.334569991}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-7280589.4755179007},{"$f":"D123-D103","v":-1174586.3049463108},16035582.134487003,1200925.4601711743,3842733.3302373076,4470005.1068658493,5199432.6837184392,5533869.9036009423,7819905.5866158437,5972336.3403267581,6056133.6042167563,6415099.561271254,6478118.7530890834,9903648.42242736,7175588.9441256933,7332368.9363056989,7455087.0434557572,7966486.6019494087,11609188.13955291,11759639.42088764,10708023.434280518,9704653.2014169283,10127390.38203923,13168014.781110153,12093008.056307266,12350958.61004143,12154935.264013749,12612633.394513343,14788969.88732825,13180973.0768297,13276850.031568814,13771798.382132802,13871302.165370196,-41291551.643795051]

{"sheet":"Project Finance Model","index":2,"n_rows":315,"n_cols":39,"rows_kept":315,"cut":false,"hidden":true,"merged":[[1,2,4,2],[75,3,76,3],[75,4,76,4]]}
[]
[null,null,"Legend","Input"]
[null,null,null,"Key celd"]
[null,null,null,"Error"]
[null,null,null,"Calculated"]
[]
[null,null,"OUTPUTS"]
[]
[null,null,"Min DSCR",{"$f":"E313","v":1.6999999999999988}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":24.079122644829564}]
[]
[null,null,"NPV project",{"$f":"E255","v":-100447619.65155804}]
[null,null,"IRR Project",{"$f":"E257","v":-4.0036282115966326E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-2785.5035687774111}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12997080096624503}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":0.1}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$f":"IF(MIN(F232:AM232)<0,\"NOK\",\"OK\")","v":"OK"}]
[null,null,"Test \"INITIAL TREASURY\"",{"$f":"IF(I232>J220,\"OK\",\"NOK\")","v":"OK"}]
[]
[null,null,"General inputs"]
[]
[null,null,"Construction Costs (excluding inflation)","USD 2015",{"$f":"'Global Financial Model'!C11","v":145479878.9181675},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.46,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$f":"'Global Financial Model'!C26","v":0.13}]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"CPI","%",2.5499999999999998E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,2.5000000000000001E-2,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02,0.02]
[]
[]
[null,null,"Debt Facility"]
[]
[null,null,"Private Facility Limit","USD ",{"$f":"$E$59*E26*E58","v":1163839.03134534}]
[null,null,"Private Amortisation Start","Date",{"$f":"DATE(YEAR(E73)+1,12,31)","v":"2019-12-31"}]
[null,null,"Amortisation Period","Years",15,null,"TOTAL INSTALMENTS",null,{"$f":"+D191","v":16},"REPAYMENTS"]
[null,null,"Private Debt Term End","Date",{"$f":"DATE(YEAR(E38)+E39,12,31)","v":"2034-12-31"}]
[]
[]
[null,null,"Municipal Facility limit","USD ",{"$f":"E26*H58","v":133841488.60471411}]
[null,null,"Municipal Amortisation Start","Date",{"$f":"DATE(YEAR(E71)+1,12,31)","v":"2016-12-31"}]
[null,null,"Amortisation Period","Years",15,null,"TOTAL INSTALMENTS",null,{"$f":"+D188","v":16},"REPAYMENTS"]
[null,null,"Municipal Debt Term End","Date",{"$f":"DATE(YEAR(E44)+E45,12,31)","v":"2031-12-31"}]
[]
[null,null,null,null,"Construction",1,2,3,4]
[null,null,"Private loan - Interest Margin","% p.a.",{"$f":"0.07-E65","v":3.6700000000000003E-2},{"$f":"0.07-F65","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"Municipal loan - Interest Margin",null,{"$f":"E49","v":3.6700000000000003E-2},{"$f":"F49","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[]
[null,null,"Upfront Fee","%",0.01]
[null,null,"Upfront Fee on private loan","USD ",{"$f":"E52*E37","v":11638.390313453399}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1338414.8860471412}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.08,null,"Initial Municipal debt",{"$f":"1-E58","v":0.92}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,100000]
[]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Private loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Municipal loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[]
[null,null,"Timing"]
[]
[null,null,null,null,"Construction","Operation"]
[null,null,"Start date",null,"2015-06-01",{"$f":"E73+1","v":"2019-01-01"}]
[null,null,"Duration",null,4,30]
[null,null,"End date",null,{"$f":"DATE(YEAR(E71),MONTH(E72)+E72*12,0)","v":"2018-12-31"},{"$f":"DATE(YEAR(F71),MONTH(F72)+F72*12,0)","v":"2048-12-31"}]
[]
[null,null," ",null," "]
[null,null,null,"Start","End",{"$f":"E71","v":"2015-06-01"},{"$f":"F77+1","v":"2016-01-01"},{"$f":"G77+1","v":"2017-01-01"},"2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01"]
[null,null,null,null,null,{"$f":"DATE(YEAR(F76),12,31)","v":"2015-12-31"},{"$f":"DATE(YEAR(G76),12,31)","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,"Construction",{"$f":"E71","v":"2015-06-01"},{"$f":"E73","v":"2018-12-31"},{"$f":"IF(AND(F$76>=$D78,F$77<=$E78),1,0)","v":1},1,1,1,0,0,0,0,0,0,{"$f":"IF(AND(P$76>=$D78,P$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(Z$76>=$D78,Z$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operation",{"$f":"F71","v":"2019-01-01"},{"$f":"F73","v":"2048-12-31"},0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Number of days","Num#",null,{"$f":"F77-$E$71","v":213},579,944,1309,1674,2040,2405,2770,3135,3501,3866,4231,4596,4962,5327,5692,6057,6423,6788,7153,7518,7884,8249,8614,8979,9345,9710,10075,10440,10806,11171,11536,11901,12267]
[null,null,{"$f":"C29","v":"Discount Factor (WACC)"},{"$f":"D29","v":"%"},null,{"$f":"POWER(1+$E$29,-F81/365)","v":0.93116245416459142},0.82376169317596137,0.72899264882828441,0.64512623790113677,0.57090817513374947,0.50505932975799217,0.4469551590778692,0.39553553900696398,0.35003145044864076,0.30965864119285325,0.27403419574588789,0.24250813782821937,0.2146089715293977,0.18985586131306764,0.16801403656023683,0.14868498810640432,0.13157963549239318,0.11640317200926432,0.10301165664536668,9.1160758093244865E-2,8.0673237250659155E-2,7.1368344174927809E-2,6.3157826703475958E-2,5.5891882038474304E-2,4.9461842511924176E-2,4.3756887912518215E-2,3.8722909657095753E-2,3.4268061643447575E-2,3.0325718268537687E-2,2.682793417619064E-2,2.374153466919526E-2,2.1010207671854207E-2,1.8593104134384256E-2,1.6448565848672027E-2]
[]
[null,null,"Flags & Counters"]
[]
[null,null,"Days in Period","Days",null,{"$f":"F77-F76+1","v":214},366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
[null,null,"Year: Calendar","Num#",null,{"$f":"YEAR(F77)","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Year: Operations","Num#",null,{"$f":"(E88+1)*F79","v":0},0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Month: Construction","Num#",null,{"$f":"(E89+MONTH(E73-E71))*F78","v":8},{"$f":"(F89+12)*G78","v":20},32,44,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Construction","Num#",null,{"$f":"(E90+1)*F78","v":1},2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Project","Num#",null,{"$f":"IF(F78=1,F90,(E91+1)*F79)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: End of Construction",{"$f":"D78","v":"2015-06-01"},{"$f":"E78","v":"2018-12-31"},{"$f":"IF(AND(F89<>0,G89=0),1,0)","v":0},0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(AA89<>0,AD89=0),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"E44","v":"2016-12-31"},{"$f":"E46","v":"2031-12-31"},{"$f":"IF(AND(F77>=$D97,F77<=$E97),1,0)","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Flag: Private Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"IF(AND(F77>=$D98,F77<=$E98),1,0)","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Technical inputs"]
[]
[null,null,"Construction"]
[null,null,"Construction: CapEx"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F105:AM105)","v":150605089.92668322},{"$f":"-'Global Financial Model'!C96","v":8094204.2264863513},{"$f":"-'Global Financial Model'!D96","v":31297166.618133117},{"$f":"-'Global Financial Model'!E96","v":78828625.756357536},{"$f":"-'Global Financial Model'!F96","v":32385093.325706225},{"$f":"-'Global Financial Model'!G96","v":0},{"$f":"-'Global Financial Model'!H96","v":0},{"$f":"-'Global Financial Model'!I96","v":0},{"$f":"-'Global Financial Model'!J96","v":0},{"$f":"-'Global Financial Model'!K96","v":0},{"$f":"-'Global Financial Model'!L96","v":0},{"$f":"-'Global Financial Model'!M96","v":0},{"$f":"-'Global Financial Model'!N96","v":0},{"$f":"-'Global Financial Model'!O96","v":0},{"$f":"-'Global Financial Model'!P96","v":0},{"$f":"-'Global Financial Model'!Q96","v":0},{"$f":"-'Global Financial Model'!R96","v":0},{"$f":"-'Global Financial Model'!S96","v":0},{"$f":"-'Global Financial Model'!T96","v":0},{"$f":"-'Global Financial Model'!U96","v":0},{"$f":"-'Global Financial Model'!V96","v":0},{"$f":"-'Global Financial Model'!W96","v":0},{"$f":"-'Global Financial Model'!X96","v":0},{"$f":"-'Global Financial Model'!Y96","v":0},{"$f":"-'Global Financial Model'!Z96","v":0},{"$f":"-'Global Financial Model'!AA96","v":0},{"$f":"-'Global Financial Model'!AB96","v":0},{"$f":"-'Global Financial Model'!AC96","v":0},{"$f":"-'Global Financial Model'!AD96","v":0},{"$f":"-'Global Financial Model'!AE96","v":0},{"$f":"-'Global Financial Model'!AF96","v":0},{"$f":"-'Global Financial Model'!AG96","v":0},{"$f":"-'Global Financial Model'!AH96","v":0},{"$f":"-'Global Financial Model'!AI96","v":0},{"$f":"-'Global Financial Model'!AJ96","v":0}]
[null,null,"Renewal Costs","UDS ",{"$f":"SUM(F106:AM106)","v":36847145.422836736},{"$f":"-'Global Financial Model'!C97","v":0},{"$f":"-'Global Financial Model'!D97","v":0},{"$f":"-'Global Financial Model'!E97","v":0},{"$f":"-'Global Financial Model'!F97","v":0},{"$f":"-'Global Financial Model'!G97","v":0},{"$f":"-'Global Financial Model'!H97","v":0},{"$f":"-'Global Financial Model'!I97","v":0},{"$f":"-'Global Financial Model'!J97","v":0},{"$f":"-'Global Financial Model'!K97","v":0},{"$f":"-'Global Financial Model'!L97","v":0},{"$f":"-'Global Financial Model'!M97","v":0},{"$f":"-'Global Financial Model'!N97","v":0},{"$f":"-'Global Financial Model'!O97","v":0},{"$f":"-'Global Financial Model'!P97","v":3313391.2314414764},{"$f":"-'Global Financial Model'!Q97","v":4074887.4759895233},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":3638110.1890236586},{"$f":"-'Global Financial Model'!V97","v":11247589.865815822},{"$f":"-'Global Financial Model'!W97","v":5405236.7274515033},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":4111500.5203144769},{"$f":"-'Global Financial Model'!AB97","v":5056429.4128002729},{"$f":"-'Global Financial Model'!AC97","v":0},{"$f":"-'Global Financial Model'!AD97","v":0},{"$f":"-'Global Financial Model'!AE97","v":0},{"$f":"-'Global Financial Model'!AF97","v":0},{"$f":"-'Global Financial Model'!AG97","v":0},{"$f":"-'Global Financial Model'!AH97","v":0},{"$f":"-'Global Financial Model'!AI97","v":0},{"$f":"-'Global Financial Model'!AJ97","v":0}]
[]
[null,null,"Construction: Funding"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F109:AM109)","v":150605089.92668322},{"$f":"F105","v":8094204.2264863513},{"$f":"G105","v":31297166.618133117},78828625.756357536,32385093.325706225,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",36847145.422836736,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3638110.1890236586,11247589.865815822,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",92844.992245311194,{"$f":"F151","v":0},{"$f":"G151","v":4552.134876318979},{"$f":"H151","v":22068.234367093195},66224.623001899017,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",11638.390313453399,{"$f":"F138","v":11638.390313453399},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",187656718.73207873,{"$f":"SUM(F109:F113)","v":8105842.6167998044},{"$f":"SUM(G109:G113)","v":31301718.753009435},{"$f":"SUM(H109:H113)","v":78850693.990724623},32551317.948708124,0,0,0,0,0,0,0,0,0,3313391.2314414764,4074887.4759895233,0,0,0,3638110.1890236586,11247589.865815822,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-36847145.422836736,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-138744807.44450265,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-7457375.2074558204},-28797581.25276868,-72542638.47146666,-29947212.512811475,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1163839.03134534,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-64846.74093439844},-250413.7500240755,-630805.55192579702,-217772.98846106906,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",10900926.83339401,{"$f":"SUM(F114:F117)","v":583620.66840958549},2253723.7502166787,5677249.9673321657,2386332.4474355811,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-10900926.83339401,{"$f":"-F118","v":-583620.66840958549},{"$f":"-G118","v":-2253723.7502166787},-5677249.9673321657,-2386332.4474355811,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$f":"SUM(F118:F119)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM(AB118:AB119)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Construction: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E127","v":0},{"$f":"F127","v":64846.74093439844},{"$f":"G127","v":315260.49095847394},946066.04288427089,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1163839.03134534},{"$f":"-F117","v":64846.74093439844},250413.7500240755,630805.55192579702,217772.98846106906,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during construction (SPV)","USD ",{"$f":"SUM(F125:AM125)","v":0},{"$f":"IF(F78=1,-F198,0)","v":0},{"$f":"IF(G78=1,-G198,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F126:AM126)","v":-1163839.03134534},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1163839.03134534,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":64846.74093439844},{"$f":"SUM(G123:G126)","v":315260.49095847394},946066.04288427089,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":7457375.2074558204},35987993.918019876,107098503.67777683,{"$f":"I133","v":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]
[null,null,"Disbursement to Fund Project Costs (Municipality)","USD ",{"$f":"SUM(F130:AM130)","v":138744807.44450265},{"$f":"-F116","v":7457375.2074558204},{"$f":"-G116","v":28797581.25276868},72542638.47146666,29947212.512811475,{"$f":"-J116","v":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]
[null,null,"Repayments during construction (Municipality)","USD ",{"$f":"SUM(F131:AM131)","v":-6448367.8257823559},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-266962.54220462509},-1432128.711709707,-4749276.5718680238,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-132296439.61872028,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-132296439.61872028,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":7457375.2074558204},{"$f":"SUM(G129:G132)","v":35987993.918019876},107098503.67777683,0,{"$f":"SUM(J129:J132)","v":0},{"$f":"SUM(K129:K132)","v":0},{"$f":"SUM(L129:L132)","v":0},{"$f":"SUM(M129:M132)","v":0},{"$f":"SUM(N129:N132)","v":0},{"$f":"SUM(O129:O132)","v":0},{"$f":"SUM(P129:P132)","v":0},{"$f":"SUM(Q129:Q132)","v":0},{"$f":"SUM(R129:R132)","v":0},{"$f":"SUM(S129:S132)","v":0},{"$f":"SUM(T129:T132)","v":0},{"$f":"SUM(U129:U132)","v":0},{"$f":"SUM(V129:V132)","v":0},{"$f":"SUM(W129:W132)","v":0},{"$f":"SUM(X129:X132)","v":0},{"$f":"SUM(Y129:Y132)","v":0},{"$f":"SUM(Z129:Z132)","v":0},{"$f":"SUM(AA129:AA132)","v":0},{"$f":"SUM(AB129:AB132)","v":0},{"$f":"SUM(AC129:AC132)","v":0},{"$f":"SUM(AD129:AD132)","v":0},{"$f":"SUM(AE129:AE132)","v":0},{"$f":"SUM(AF129:AF132)","v":0},{"$f":"SUM(AG129:AG132)","v":0},{"$f":"SUM(AH129:AH132)","v":0},{"$f":"SUM(AI129:AI132)","v":0},{"$f":"SUM(AJ129:AJ132)","v":0},{"$f":"SUM(AK129:AK132)","v":0},{"$f":"SUM(AL129:AL132)","v":0},{"$f":"SUM(AM129:AM132)","v":0}]
[]
[null,null,"Undrawn Facility (SPV)","USD ",{"$f":"E37","v":1163839.03134534},{"$f":"MAX(0,$E135-F123)*F78","v":1163839.03134534},1098992.2904109415,848578.54038686608,217772.98846106906,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":133841488.60471411},{"$f":"MAX(0,$E136-F129)*F78","v":133841488.60471411},126384113.3972583,97853494.686694235,26742984.926937282,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":11638.390313453399},{"$f":"$E138*IF(F90=1,1,0)","v":11638.390313453399},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1338414.8860471412},{"$f":"$E139*IF(F90=1,1,0)","v":1338414.8860471412},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]
[]
[null,null,"BBSY (REFERENCE RATE FOR SWAP)","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$65:$AL$65)*F78","v":3.3300000000000003E-2},3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Margin (SPV)","% p.a.",null,{"$f":"$E$49*F78","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (SPV)","% p.a.",null,{"$f":"SUM(F141:F142)","v":7.0000000000000007E-2},{"$f":"SUM(G141:G142)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,0,0,{"$f":"SUM(L141:L142)","v":0},{"$f":"SUM(M141:M142)","v":0},{"$f":"SUM(N141:N142)","v":0},{"$f":"SUM(O141:O142)","v":0},0,{"$f":"SUM(Q141:Q142)","v":0},{"$f":"SUM(R141:R142)","v":0},{"$f":"SUM(S141:S142)","v":0},{"$f":"SUM(T141:T142)","v":0},0,{"$f":"SUM(V141:V142)","v":0},{"$f":"SUM(W141:W142)","v":0},{"$f":"SUM(X141:X142)","v":0},{"$f":"SUM(Y141:Y142)","v":0},0,{"$f":"SUM(AA141:AA142)","v":0},{"$f":"SUM(AB141:AB142)","v":0},{"$f":"SUM(AC141:AC142)","v":0},{"$f":"SUM(AD141:AD142)","v":0},0,{"$f":"SUM(AF141:AF142)","v":0},{"$f":"SUM(AG141:AG142)","v":0},{"$f":"SUM(AH141:AH142)","v":0},{"$f":"SUM(AI141:AI142)","v":0},0,{"$f":"SUM(AK141:AK142)","v":0},{"$f":"SUM(AL141:AL142)","v":0},{"$f":"SUM(AM141:AM142)","v":0}]
[null,null,"All-in-Rate (SPV)","% p.p.",null,{"$f":"(1+F143)^(F86/365)-1","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY (REFERENCE RATE FOR SWAP)","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$66:$AL$66)*F78","v":3.3300000000000003E-2},3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest Margin (Municipality)","% p.a.",null,{"$f":"$E$50*F78","v":3.6700000000000003E-2},{"$f":"$E$50*G78","v":3.6700000000000003E-2},{"$f":"$E$50*H78","v":3.6700000000000003E-2},{"$f":"$E$50*I78","v":3.6700000000000003E-2},{"$f":"$E$49*J78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (Municipality)","% p.a.",null,{"$f":"SUM(F146:F147)","v":7.0000000000000007E-2},{"$f":"SUM(G146:G147)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-in-Rate (Municipality)","% p.p.",null,{"$f":"(1+F148)^(F86/365)-1","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-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]
[]
[null,null,"Interest during construction for SPV","USD ",{"$f":"SUM(F151:AM151)","v":92844.992245311194},{"$f":"F144*F123","v":0},4552.134876318979,22068.234367093195,66224.623001899017,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":10539550.342482461},{"$f":"F149*F129","v":0},523495.51077668252,2519159.5742613934,7496895.2574443845,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":325075133.44889647},{"$f":"'Global Financial Model'!C81","v":0},{"$f":"'Global Financial Model'!D81","v":0},{"$f":"'Global Financial Model'!E81","v":0},{"$f":"'Global Financial Model'!F81","v":0},{"$f":"'Global Financial Model'!G81","v":4595717.1360000018},{"$f":"'Global Financial Model'!H81","v":6090022.8480000021},{"$f":"'Global Financial Model'!I81","v":6485228.9294784004},{"$f":"'Global Financial Model'!J81","v":6608957.1313728001},{"$f":"'Global Financial Model'!K81","v":6999490.1463631941},{"$f":"'Global Financial Model'!L81","v":7128216.9676141283},{"$f":"'Global Financial Model'!M81","v":7544718.7383227441},{"$f":"'Global Financial Model'!N81","v":7684659.6502850978},{"$f":"'Global Financial Model'!O81","v":8135090.4599334383},{"$f":"'Global Financial Model'!P81","v":8280684.9847390726},{"$f":"'Global Financial Model'!Q81","v":8760850.0285143387},{"$f":"'Global Financial Model'!R81","v":8912326.5721221175},{"$f":"'Global Financial Model'!S81","v":9481988.1248271912},{"$f":"'Global Financial Model'!T81","v":9697679.2446324341},{"$f":"'Global Financial Model'!U81","v":10307537.029098261},{"$f":"'Global Financial Model'!V81","v":10531942.070143634},{"$f":"'Global Financial Model'!W81","v":11184314.16309661},{"$f":"'Global Financial Model'!X81","v":11515463.49425967},{"$f":"'Global Financial Model'!Y81","v":12318360.401581442},{"$f":"'Global Financial Model'!Z81","v":12662888.165723491},{"$f":"'Global Financial Model'!AA81","v":13525782.985931406},{"$f":"'Global Financial Model'!AB81","v":13884229.671744799},{"$f":"'Global Financial Model'!AC81","v":14441442.199273426},{"$f":"'Global Financial Model'!AD81","v":14445152.550483288},{"$f":"'Global Financial Model'!AE81","v":15024876.464124069},{"$f":"'Global Financial Model'!AF81","v":15028736.71352281},{"$f":"'Global Financial Model'!AG81","v":15631881.473274684},{"$f":"'Global Financial Model'!AH81","v":15635897.676749133},{"$f":"'Global Financial Model'!AI81","v":16263409.48479498},{"$f":"'Global Financial Model'!AJ81","v":16267587.942889797}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":0},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":0},{"$f":"J157*(1+I32)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":218991932.69501054},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3976823.3786234707},{"$f":"-'Global Financial Model'!H76","v":3474140.6323766443},{"$f":"-'Global Financial Model'!I76","v":4177984.970958462},{"$f":"-'Global Financial Model'!J76","v":4275893.3514173413},{"$f":"-'Global Financial Model'!K76","v":10680898.784956284},{"$f":"-'Global Financial Model'!L76","v":4478828.2979297312},{"$f":"-'Global Financial Model'!M76","v":4583972.3032194357},{"$f":"-'Global Financial Model'!N76","v":4691648.0985510955},{"$f":"-'Global Financial Model'!O76","v":4801918.1749066738},{"$f":"-'Global Financial Model'!P76","v":11842181.803473903},{"$f":"-'Global Financial Model'!Q76","v":5030499.070621606},{"$f":"-'Global Financial Model'!R76","v":5148942.9313496156},{"$f":"-'Global Financial Model'!S76","v":5270247.2406404316},{"$f":"-'Global Financial Model'!T76","v":5394482.8033438306},{"$f":"-'Global Financial Model'!U76","v":13133132.063557804},{"$f":"-'Global Financial Model'!V76","v":5652039.9245993719},{"$f":"-'Global Financial Model'!W76","v":5785512.2496112492},{"$f":"-'Global Financial Model'!X76","v":5922217.4575473415},{"$f":"-'Global Financial Model'!Y76","v":6062235.7998608258},{"$f":"-'Global Financial Model'!Z76","v":14568689.070661781},{"$f":"-'Global Financial Model'!AA76","v":6352543.1400949378},{"$f":"-'Global Financial Model'!AB76","v":6503003.0477094743},{"$f":"-'Global Financial Model'!AC76","v":6657118.0191431502},{"$f":"-'Global Financial Model'!AD76","v":6814979.0428748261},{"$f":"-'Global Financial Model'!AE76","v":16165575.192692511},{"$f":"-'Global Financial Model'!AF76","v":7142314.8498048382},{"$f":"-'Global Financial Model'!AG76","v":7311983.4410997778},{"$f":"-'Global Financial Model'!AH76","v":7485785.8263136968},{"$f":"-'Global Financial Model'!AI76","v":7663825.2014350668},{"$f":"-'Global Financial Model'!AJ76","v":17942516.525635354}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,1163839.03134534,1122106.5013493071,1077520.8748630953,1029738.2778056921,978610.89895427052,923904.6035832495,865430.37159449235,802792.68251406762,735770.35519801325,664056.46496983501,587369.09999212867,505257.3669053996,417397.81250259944,323388.0892916033,222817.17117829568,115176.02568153445,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1163839.03134534},{"$f":"-F126","v":0},0,0,1163839.03134534,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1163839.03134534},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-41732.529996032885,-44585.62648621171,-47782.597057403298,-51127.378851421541,-54706.295371021042,-58474.231988757136,-62637.689080424672,-67022.327316054376,-71713.890228178177,-76687.364977706384,-82111.733086729102,-87859.554402800131,-94009.723210996104,-100570.91811330763,-107641.14549676124,-115176.02568153452,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1163839.03134534,1122106.5013493071,1077520.8748630953,1029738.2778056921,978610.89895427052,923904.6035832495,865430.37159449235,802792.68251406762,735770.35519801325,664056.46496983501,587369.09999212867,505257.3669053996,417397.81250259944,323388.0892916033,222817.17117829568,115176.02568153445,0,0,0,{"$f":"SUM(AB163:AB165)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,132296439.61872028,125727809.18624367,118707575.80280368,111186631.21932413,103139220.515001,94528491.061375245,85321590.210949957,75462405.758024275,64913078.3933938,53625298.113239191,41550920.309555337,28626437.336661831,14797240.555665774,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":132296439.61872028},{"$f":"-F132","v":0},0,0,132296439.61872028,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-132296439.61872031},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-6568630.4324766137,-7020233.3834399935,-7520944.583479559,-8047410.7043231316,-8610729.4536257517,-9206900.8504252881,-9859184.4529256783,-10549327.364630479,-11287780.28015461,-12074377.803683853,-12924482.972893508,-13829196.780996056,-14797240.555665785,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,132296439.61872028,125727809.18624367,118707575.80280368,111186631.21932413,103139220.515001,94528491.061375245,85321590.210949957,75462405.758024275,64913078.3933938,53625298.113239191,41550920.309555337,28626437.336661831,14797240.555665774,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$65:$AL$65)*F79","v":0},{"$f":"LOOKUP(G87,$E$64:$H$64,$E$65:$H$65)*G79","v":0},0,0,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Interest Margin (SPV)","% p.a.",null,{"$f":"IF(F88=0,0,LOOKUP(F88,$E$48:$I$48,$E$49:$I$49))","v":0},0,0,0,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"All-in-Rate (SPV)","% p.a.",null,{"$f":"SUM(F173:F174)","v":0},{"$f":"SUM(G173:G174)","v":0},0,0,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,{"$f":"SUM(AB173:AB174)","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"All-in-Rate (SPV)","% p.p.",null,{"$f":"(1+F175)^(F86/365)-1","v":0},0,0,0,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[]
[null,null,"BBSY","% p.a.",null,{"$f":"LOOKUP(F87,$E$64:$AL$64,$E$66:$AL$66)*F79","v":0},0,0,0,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Interest Margin (Municipality)","% p.a.",null,{"$f":"IF(F88=0,0,LOOKUP(F88,$E$48:$I$48,$E$49:$I$49))","v":0},0,0,0,{"$f":"IF(J88=0,0,LOOKUP(J88,$E$48:$I$48,$E$50:$I$50))","v":3.6700000000000003E-2},{"$f":"IF(K88=0,0,LOOKUP(K88,$E$48:$I$48,$E$50:$I$50))","v":3.6700000000000003E-2},3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2,3.6700000000000003E-2]
[null,null,"All-in-Rate (Municipality)","% p.a.",null,{"$f":"SUM(F178:F179)","v":0},{"$f":"SUM(G178:G179)","v":0},0,0,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"All-in-Rate (Municipality)","% p.p.",null,{"$f":"(1+F180)^(F86/365)-1","v":0},0,0,0,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[]
[null,null,"Interest during Operation for SPV","USD ",{"$f":"SUM(F183:AM183)","v":808064.01073789538},{"$f":"F176*F163","v":0},0,0,0,81468.732194173863,78770.036336966994,75426.461240416742,72081.679446398513,68502.762926798998,64856.588130121512,60580.12601161452,56195.48777598478,51503.924863860972,46615.674904808853,41115.836999449042,35368.015683378006,29217.846875181986,22701.313568552428,15597.201982480712,8062.3217977074182,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":73546146.867578864},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,9260750.7733104285,8825886.0333300233,8309530.3061962649,7783064.1853526961,7219745.436050076,6635745.0623711115,5972511.314766502,5282368.4030617038,4543915.4875375703,3764407.9914706815,2908564.421668876,2003850.6135663299,1035806.8388966051,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"SUM(F188:AM188)","v":16},null,{"$f":"F97","v":0},{"$f":"G97","v":1},{"$f":"H97","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Repayments"," ",null,{"$f":"IF(F188=0,0,$D188-SUM($E188:E188))","v":0},{"$f":"IF(G188=0,0,$D188-SUM($E188:F188))","v":16},{"$f":"IF(H188=0,0,$D188-SUM($E188:G188))","v":15},{"$f":"IF(I188=0,0,$D188-SUM($E188:H188))","v":14},{"$f":"IF(J188=0,0,$D188-SUM($E188:I188))","v":13},{"$f":"IF(K188=0,0,$D188-SUM($E188:J188))","v":12},{"$f":"IF(L188=0,0,$D188-SUM($E188:K188))","v":11},{"$f":"IF(M188=0,0,$D188-SUM($E188:L188))","v":10},{"$f":"IF(N188=0,0,$D188-SUM($E188:M188))","v":9},{"$f":"IF(O188=0,0,$D188-SUM($E188:N188))","v":8},{"$f":"IF(P188=0,0,$D188-SUM($E188:O188))","v":7},{"$f":"IF(Q188=0,0,$D188-SUM($E188:P188))","v":6},{"$f":"IF(R188=0,0,$D188-SUM($E188:Q188))","v":5},{"$f":"IF(S188=0,0,$D188-SUM($E188:R188))","v":4},{"$f":"IF(T188=0,0,$D188-SUM($E188:S188))","v":3},{"$f":"IF(U188=0,0,$D188-SUM($E188:T188))","v":2},{"$f":"IF(V188=0,0,$D188-SUM($E188:U188))","v":1},{"$f":"IF(W188=0,0,$D188-SUM($E188:V188))","v":0},{"$f":"IF(X188=0,0,$D188-SUM($E188:W188))","v":0},{"$f":"IF(Y188=0,0,$D188-SUM($E188:X188))","v":0},{"$f":"IF(Z188=0,0,$D188-SUM($E188:Y188))","v":0},{"$f":"IF(AA188=0,0,$D188-SUM($E188:Z188))","v":0},{"$f":"IF(AB188=0,0,$D188-SUM($E188:AA188))","v":0},{"$f":"IF(AC188=0,0,$D188-SUM($E188:AB188))","v":0},{"$f":"IF(AD188=0,0,$D188-SUM($E188:AC188))","v":0},{"$f":"IF(AE188=0,0,$D188-SUM($E188:AD188))","v":0},{"$f":"IF(AF188=0,0,$D188-SUM($E188:AE188))","v":0},{"$f":"IF(AG188=0,0,$D188-SUM($E188:AF188))","v":0},{"$f":"IF(AH188=0,0,$D188-SUM($E188:AG188))","v":0},{"$f":"IF(AI188=0,0,$D188-SUM($E188:AH188))","v":0},{"$f":"IF(AJ188=0,0,$D188-SUM($E188:AI188))","v":0},{"$f":"IF(AK188=0,0,$D188-SUM($E188:AJ188))","v":0},{"$f":"IF(AL188=0,0,$D188-SUM($E188:AK188))","v":0},{"$f":"IF(AM188=0,0,$D188-SUM($E188:AL188))","v":0}]
[]
[null,null,"Flag: Private Debt Repayment",{"$f":"SUM(F191:AM191)","v":16},null,{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Remaining Repayments"," ",null,{"$f":"IF(F191=0,0,$D191-SUM($E191:E191))","v":0},{"$f":"IF(G191=0,0,$D191-SUM($E191:F191))","v":0},{"$f":"IF(H191=0,0,$D191-SUM($E191:G191))","v":0},{"$f":"IF(I191=0,0,$D191-SUM($E191:H191))","v":0},{"$f":"IF(J191=0,0,$D191-SUM($E191:I191))","v":16},{"$f":"IF(K191=0,0,$D191-SUM($E191:J191))","v":15},{"$f":"IF(L191=0,0,$D191-SUM($E191:K191))","v":14},{"$f":"IF(M191=0,0,$D191-SUM($E191:L191))","v":13},{"$f":"IF(N191=0,0,$D191-SUM($E191:M191))","v":12},{"$f":"IF(O191=0,0,$D191-SUM($E191:N191))","v":11},{"$f":"IF(P191=0,0,$D191-SUM($E191:O191))","v":10},{"$f":"IF(Q191=0,0,$D191-SUM($E191:P191))","v":9},{"$f":"IF(R191=0,0,$D191-SUM($E191:Q191))","v":8},{"$f":"IF(S191=0,0,$D191-SUM($E191:R191))","v":7},{"$f":"IF(T191=0,0,$D191-SUM($E191:S191))","v":6},{"$f":"IF(U191=0,0,$D191-SUM($E191:T191))","v":5},{"$f":"IF(V191=0,0,$D191-SUM($E191:U191))","v":4},{"$f":"IF(W191=0,0,$D191-SUM($E191:V191))","v":3},{"$f":"IF(X191=0,0,$D191-SUM($E191:W191))","v":2},{"$f":"IF(Y191=0,0,$D191-SUM($E191:X191))","v":1},{"$f":"IF(Z191=0,0,$D191-SUM($E191:Y191))","v":0},{"$f":"IF(AA191=0,0,$D191-SUM($E191:Z191))","v":0},{"$f":"IF(AB191=0,0,$D191-SUM($E191:AA191))","v":0},{"$f":"IF(AC191=0,0,$D191-SUM($E191:AB191))","v":0},{"$f":"IF(AD191=0,0,$D191-SUM($E191:AC191))","v":0},{"$f":"IF(AE191=0,0,$D191-SUM($E191:AD191))","v":0},{"$f":"IF(AF191=0,0,$D191-SUM($E191:AE191))","v":0},{"$f":"IF(AG191=0,0,$D191-SUM($E191:AF191))","v":0},{"$f":"IF(AH191=0,0,$D191-SUM($E191:AG191))","v":0},{"$f":"IF(AI191=0,0,$D191-SUM($E191:AH191))","v":0},{"$f":"IF(AJ191=0,0,$D191-SUM($E191:AI191))","v":0},{"$f":"IF(AK191=0,0,$D191-SUM($E191:AJ191))","v":0},{"$f":"IF(AL191=0,0,$D191-SUM($E191:AK191))","v":0},{"$f":"IF(AM191=0,0,$D191-SUM($E191:AL191))","v":0}]
[]
[null,null,"Balance B/f"," ",null,{"$f":"IF(F78=1,F123,F163)","v":0},64846.74093439844,315260.49095847394,946066.04288427089,1163839.03134534,1122106.5013493071,1077520.8748630953,1029738.2778056921,978610.89895427052,923904.6035832495,865430.37159449235,802792.68251406762,735770.35519801325,664056.46496983501,587369.09999212867,505257.3669053996,417397.81250259944,323388.0892916033,222817.17117829568,115176.02568153445,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$f":"IF(F78=1,F144,F176)","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[null,null,"Annuity Payment (SPV)"," ",{"$f":"SUM(F196:AM196)","v":1971903.0420832352},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,123201.26219020675,123355.6628231787,123209.05829782004,123209.05829782005,123209.05829782004,123330.82011887865,123217.81509203919,123217.81509203916,123217.81509203915,123303.03988251524,123227.57008617814,123227.57008617814,123227.57008617809,123272.23168186007,123238.34747924194,123238.34747924194,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-808064.01073789538},{"$f":"IF(F191=0,0,-F183)","v":0},{"$f":"IF(G191=0,0,-G183)","v":0},{"$f":"IF(H191=0,0,-H183)","v":0},0,-81468.732194173863,-78770.036336966994,-75426.461240416742,-72081.679446398513,-68502.762926798998,-64856.588130121512,-60580.12601161452,-56195.48777598478,-51503.924863860972,-46615.674904808853,-41115.836999449042,-35368.015683378006,-29217.846875181986,-22701.313568552428,-15597.201982480712,-8062.3217977074182,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$f":"IF(AA191=0,0,-AA183)","v":0},{"$f":"IF(AB191=0,0,-AB183)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (SPV)"," ",{"$f":"SUM(F198:AM198)","v":1163839.03134534},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,41732.529996032885,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":44585.62648621171},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":47782.597057403298},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":51127.378851421541},54706.295371021042,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":58474.231988757136},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":62637.689080424672},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":67022.327316054376},71713.890228178177,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":76687.364977706384},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":82111.733086729102},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":87859.554402800131},94009.723210996104,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":100570.91811330763},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":107641.14549676124},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":115176.02568153452},0,{"$f":"IF(AA196=0,0,SUM(AA196:AA197))","v":0},{"$f":"IF(AB196=0,0,SUM(AB196:AB197))","v":0},{"$f":"IF(AC196=0,0,SUM(AC196:AC197))","v":0},0,{"$f":"IF(AE196=0,0,SUM(AE196:AE197))","v":0},{"$f":"IF(AF196=0,0,SUM(AF196:AF197))","v":0},{"$f":"IF(AG196=0,0,SUM(AG196:AG197))","v":0},0,{"$f":"IF(AI196=0,0,SUM(AI196:AI197))","v":0},{"$f":"IF(AJ196=0,0,SUM(AJ196:AJ197))","v":0},{"$f":"IF(AK196=0,0,SUM(AK196:AK197))","v":0},0,{"$f":"IF(AM196=0,0,SUM(AM196:AM197))","v":0}]
[]
[null,null,"Balance B/f"," ",null,{"$f":"IF(F78=1,F129,F168)","v":0},7457375.2074558204,35987993.918019876,107098503.67777683,132296439.61872028,125727809.18624367,118707575.80280368,111186631.21932413,103139220.515001,94528491.061375245,85321590.210949957,75462405.758024275,64913078.3933938,53625298.113239191,41550920.309555337,28626437.336661831,14797240.555665774,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$f":"IF(F78=1,F149,F181)","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[null,null,"Annuity Payment (Municipality)"," ",{"$f":"SUM(F202:AM202)","v":222830504.65456402},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":790458.05298130761},3951288.2859711004,12246171.829312408,15829381.205787042,15846119.416770017,15830474.889675824,15830474.889675828,15830474.889675828,15842645.9127964,15831695.76769218,15831695.767692182,15831695.76769218,15838785.795154534,15833047.394562384,15833047.394562386,15833047.39456239,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-84085697.210061327},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-523495.51077668252},-2519159.5742613934,-7496895.2574443845,-9260750.7733104285,-8825886.0333300233,-8309530.3061962649,-7783064.1853526961,-7219745.436050076,-6635745.0623711115,-5972511.314766502,-5282368.4030617038,-4543915.4875375703,-3764407.9914706815,-2908564.421668876,-2003850.6135663299,-1035806.8388966051,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":138744807.44450265},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":266962.54220462509},1432128.711709707,4749276.5718680238,6568630.4324766137,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":7020233.3834399935},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":7520944.583479559},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":8047410.7043231316},8610729.4536257517,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":9206900.8504252881},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":9859184.4529256783},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":10549327.364630479},11287780.28015461,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":12074377.803683853},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":12924482.972893508},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":13829196.780996056},14797240.555665785,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$f":"IF(X202=0,0,SUM(X202:X203))","v":0},{"$f":"IF(Y202=0,0,SUM(Y202:Y203))","v":0},0,{"$f":"IF(AA202=0,0,SUM(AA202:AA203))","v":0},{"$f":"IF(AB202=0,0,SUM(AB202:AB203))","v":0},{"$f":"IF(AC202=0,0,SUM(AC202:AC203))","v":0},0,{"$f":"IF(AE202=0,0,SUM(AE202:AE203))","v":0},{"$f":"IF(AF202=0,0,SUM(AF202:AF203))","v":0},{"$f":"IF(AG202=0,0,SUM(AG202:AG203))","v":0},0,{"$f":"IF(AI202=0,0,SUM(AI202:AI203))","v":0},{"$f":"IF(AJ202=0,0,SUM(AJ202:AJ203))","v":0},{"$f":"IF(AK202=0,0,SUM(AK202:AK203))","v":0},0,{"$f":"IF(AM202=0,0,SUM(AM202:AM203))","v":0}]
[]
[]
[null,null,"SPV Cashflow Waterfall"]
[null,null,"Revenue","USD ",{"$f":"SUM(F208:AM208)","v":325075133.44889647},{"$f":"F156","v":0},0,0,0,4595717.1360000018,6090022.8480000021,6485228.9294784004,6608957.1313728001,6999490.1463631941,7128216.9676141283,7544718.7383227441,7684659.6502850978,8135090.4599334383,8280684.9847390726,8760850.0285143387,8912326.5721221175,9481988.1248271912,9697679.2446324341,10307537.029098261,10531942.070143634,11184314.16309661,11515463.49425967,12318360.401581442,12662888.165723491,13525782.985931406,13884229.671744799,14441442.199273426,14445152.550483288,15024876.464124069,15028736.71352281,15631881.473274684,15635897.676749133,16263409.48479498,16267587.942889797]
[null,null,"OpEx","USD ",-218991932.69501054,{"$f":"-F160","v":0},0,0,0,-3976823.3786234707,-3474140.6323766443,-4177984.970958462,-4275893.3514173413,-10680898.784956284,-4478828.2979297312,-4583972.3032194357,-4691648.0985510955,-4801918.1749066738,-11842181.803473903,-5030499.070621606,-5148942.9313496156,-5270247.2406404316,-5394482.8033438306,-13133132.063557804,-5652039.9245993719,-5785512.2496112492,-5922217.4575473415,-6062235.7998608258,-14568689.070661781,-6352543.1400949378,-6503003.0477094743,-6657118.0191431502,-6814979.0428748261,-16165575.192692511,-7142314.8498048382,-7311983.4410997778,-7485785.8263136968,-7663825.2014350668,-17942516.525635354]
[null,null,"Operational Cashflow","USD ",106083200.75388594,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-3561496.8187348302,3730350.9578927327,3763383.6407725019,4211740.8841867596,4303196.4412886035,-2825595.0344595425,4879902.1455442626,5398801.9134853613,5593246.0367123289,6256124.6017206162,-1905800.9049382899,7173239.845836468,7381226.6240353249,7784324.1801302759,7630173.5076084621,-1140698.7285684422,7886421.8637179723,8319898.0321749058,8150111.8504354358,8599584.2833599132,-1674928.5827455577]
[null,null,"Revenue Tax","USD ",-10923891.737262752,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-71576.094335885064},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":-13482.258764354978},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-556177.65492028603},{"$f":"'Global Financial Model'!W90","v":-737792.57369967061},{"$f":"'Global Financial Model'!X90","v":-332392.82524231973},{"$f":"'Global Financial Model'!Y90","v":-564400.32299522031},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-885390.65843576845},{"$f":"'Global Financial Model'!AB90","v":-958186.03080536833},{"$f":"'Global Financial Model'!AC90","v":-1036982.3825396698},{"$f":"'Global Financial Model'!AD90","v":-983029.64715703495},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-1072716.5717953634},{"$f":"'Global Financial Model'!AG90","v":-1224433.2307552902},{"$f":"'Global Financial Model'!AH90","v":-1165008.0671464757},{"$f":"'Global Financial Model'!AI90","v":-1322323.4186700427},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-187556718.73207873,{"$f":"-F114","v":-8105842.6167998044},-31301718.753009435,-78850693.990724623,{"$f":"-I114+I110","v":-32451317.948708124},0,0,0,0,0,0,0,0,0,-3313391.2314414764,-4074887.4759895233,0,0,0,-3638110.1890236586,-11247589.865815822,-5405236.7274515033,0,0,0,-4111500.5203144769,-5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-92497409.715455532,{"$f":"SUM(F210:F213)","v":-8105842.6167998044},{"$f":"SUM(G210:G213)","v":-31301718.753009435},{"$f":"SUM(H210:H213)","v":-78850693.990724623},-32551317.948708124,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763066,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"Municipality: Funding (through debt )","USD ",138744807.44450265,{"$f":"-F116","v":7457375.2074558204},28797581.25276868,72542638.47146666,29947212.512811475,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1163839.03134534,{"$f":"F124","v":64846.74093439844},250413.7500240755,630805.55192579702,217772.98846106906,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",10900926.83339401,{"$f":"-F119","v":583620.66840958549},2253723.7502166787,5677249.9673321657,2386332.4474355811,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",58312163.593786448,{"$f":"SUM(F214:F218)","v":0},0,0,0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763066,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"Treasury: Funding","USD ",62254693.140196353,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,3890864.0376993837,0,0,0,0,10397894.449418059,4700486.9575687023,0,0,0,10311320.603221571,18380960.43172238,5405236.7274515033,0,0,0,4111500.5203144769,5056429.4128002729,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",120566856.7339828,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,209455.39910629392,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,3523006.399241752,4284374.3451360259,3763383.6407725019,4211740.8841867596,4289714.182524249,3847615.37973837,11457095.056530535,4661009.3397856904,5260853.2114700088,5691724.2787253959,-1905800.9049382899,6287849.1874006996,6423040.5932299569,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"Interests","USD ",-808064.01073789538,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-81468.732194173863},{"$f":"K197","v":-78770.036336966994},-75426.461240416742,-72081.679446398513,-68502.762926798998,-64856.588130121512,-60580.12601161452,-56195.48777598478,-51503.924863860972,-46615.674904808853,-41115.836999449042,-35368.015683378006,-29217.846875181986,-22701.313568552428,-15597.201982480712,-8062.3217977074182,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1163839.03134534,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-41732.529996032885},{"$f":"-K198","v":-44585.62648621171},-47782.597057403298,-51127.378851421541,-54706.295371021042,-58474.231988757136,-62637.689080424672,-67022.327316054376,-71713.890228178177,-76687.364977706384,-82111.733086729102,-87859.554402800131,-94009.723210996104,-100570.91811330763,-107641.14549676124,-115176.02568153452,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",118594953.69189957,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,495692.49518632441,2492526.5528001795,2184034.900222118,2209854.7216576389,86246.340808473862,2526057.8495655186,2837528.6200112691,2869793.736641963,3209954.4699347252,3399703.3593592369,4161146.775049848,3640156.0706863236,4088513.3141005817,4166441.9508423894,3724377.0322591276,11333856.709051292,4661009.3397856904,5260853.2114700088,5691724.2787253959,-1905800.9049382899,6287849.1874006996,6423040.5932299569,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"Treasury: Deduction","USD ",-56725535.67774985,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-228018.54778570923,-1146562.2142880827,-1004656.0541021744,-1016533.1719625139,-39673.316771897975,-1161986.6108001387,-1305263.1652051839,-1320105.1188553032,-1476579.0561699737,-1563863.545305249,-1914127.5165229302,-1674471.7925157088,-1880716.1244862676,-1916563.2973874991,-1713213.4348391988,-5213574.0861635944,-2144064.2963014175,-2419992.4772762042,-2618193.1682136822,0,-2892410.6262043221,-2954598.6728857802,-3103777.2268916788,-3057686.1758076567,0,-3134304.4342844002,-3263913.8086530236,-3213147.7403129218,-3347539.9977573408,0]
[null,null,"Cashflow available to Equity","USD ",61869418.014149703,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,267673.9474006152,1345964.3385120968,1179378.8461199435,1193321.5496951248,46573.024036575887,1364071.2387653799,1532265.4548060852,1549688.6177866599,1733375.4137647515,1835839.8140539879,2247019.2585269175,1965684.2781706147,2207797.1896143141,2249878.6534548905,2011163.5974199288,6120282.622887698,2516945.0434842729,2840860.7341938047,3073531.1105117137,-1905800.9049382899,3395438.5611963775,3468441.9203441767,3643564.5706989272,3589457.6846437706,-1140698.7285684422,3679400.8576382082,3831550.9927665922,3771956.0429760385,3929720.86693253,-1674928.5827455577]
[null,null,"Distributions to Equity","USD ",-66590846.230401993,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-267673.9474006152,-1345964.3385120968,-1179378.8461199435,-1193321.5496951248,-46573.024036575887,-1364071.2387653799,-1532265.4548060852,-1549688.6177866599,-1733375.4137647515,-1835839.8140539879,-2247019.2585269175,-1965684.2781706147,-2207797.1896143141,-2249878.6534548905,-2011163.5974199288,-6120282.622887698,-2516945.0434842729,-2840860.7341938047,-3073531.1105117137,0,-3395438.5611963775,-3468441.9203441767,-3643564.5706989272,-3589457.6846437706,0,-3679400.8576382082,-3831550.9927665922,-3771956.0429760385,-3929720.86693253,0]
[null,null,"Treasury: Add back","USD ",-5529157.4624464968,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":228018.54778570923},{"$f":"-K225-K220","v":1146562.2142880827},1004656.0541021744,1016533.1719625139,-3851190.7209274857,1161986.6108001387,1305263.1652051839,1320105.1188553032,1476579.0561699737,-8834030.9041128103,-2786359.4410457723,1674471.7925157088,1880716.1244862676,1916563.2973874991,-8598107.1683823727,-13167386.345558785,-3261172.4311500858,2419992.4772762042,2618193.1682136822,0,-1219089.8941101548,-2101830.7399144927,3103777.2268916788,3057686.1758076567,0,3134304.4342844002,3263913.8086530236,3213147.7403129218,3347539.9977573408,0]
[null,null,"Net Cashflow","USD ",46574949.999051072,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":456037.09557141841},{"$f":"K224+K227+K228-K213","v":2293124.4285761653},{"$f":"L224+L227+L228-L213","v":2009312.1082043489},{"$f":"M224+M227+M228-M213","v":2033066.3439250281},{"$f":"N224+N227+N228-N213","v":-3811517.4041555878},{"$f":"O224+O227+O228-O213","v":2323973.2216002773},{"$f":"P224+P227+P228-P213","v":2610526.3304103678},{"$f":"Q224+Q227+Q228-Q213","v":2640210.2377106063},{"$f":"R224+R227+R228-R213","v":2953158.1123399474},{"$f":"S224+S227+S228-S213","v":-7270167.358807561},{"$f":"T224+T227+T228-T213","v":-872231.92452284181},{"$f":"U224+U227+U228-U213","v":3348943.5850314177},{"$f":"V224+V227+V228-V213","v":3761432.2489725351},{"$f":"W224+W227+W228-W213","v":3833126.5947749978},{"$f":"X224+X227+X228-X213","v":-6884893.7335431743},{"$f":"Y224+Y227+Y228-Y213","v":-7953812.2593951905},{"$f":"Z224+Z227+Z228-Z213","v":-1117108.1348486682},{"$f":"AA224+AA227+AA228-AA213","v":4839984.9545524083},{"$f":"AB224+AB227+AB228-AB213","v":5236386.3364273645},{"$f":"AC224+AC227+AC228-AC213","v":-1905800.9049382899},{"$f":"AD224+AD227+AD228-AD213","v":1673320.7320941673},{"$f":"AE224+AE227+AE228-AE213","v":852767.93297128752},{"$f":"AF224+AF227+AF228-AF213","v":6207554.4537833575},{"$f":"AG224+AG227+AG228-AG213","v":6115372.3516153134},{"$f":"AH224+AH227+AH228-AH213","v":-1140698.7285684422},{"$f":"AI224+AI227+AI228-AI213","v":6268608.8685688004},{"$f":"AJ224+AJ227+AJ228-AJ213","v":6527827.6173060471},{"$f":"AK224+AK227+AK228-AK213","v":6426295.4806258436},{"$f":"AL224+AL227+AL228-AL213","v":6695079.9955146816},{"$f":"AM224+AM227+AM228-AM213","v":-1674928.5827455577}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":556037.09557141841},{"$f":"K232","v":2849161.5241475836},{"$f":"L232","v":4858473.632351933},{"$f":"M232","v":6891539.9762769612},{"$f":"N232","v":3080022.5721213734},{"$f":"O232","v":5403995.7937216507},{"$f":"P232","v":8014522.1241320185},{"$f":"Q232","v":10654732.361842625},{"$f":"R232","v":13607890.474182572},{"$f":"S232","v":6337723.1153750112},{"$f":"T232","v":5465491.1908521689},{"$f":"U232","v":8814434.7758835871},{"$f":"V232","v":12575867.024856122},{"$f":"W232","v":16408993.619631119},{"$f":"X232","v":9524099.8860879447},{"$f":"Y232","v":1570287.6266927542},{"$f":"Z232","v":453179.49184408598},{"$f":"AA232","v":5293164.4463964943},{"$f":"AB232","v":10529550.782823859},{"$f":"AC232","v":8623749.8778855689},{"$f":"AD232","v":10297070.609979736},{"$f":"AE232","v":11149838.542951023},{"$f":"AF232","v":17357392.996734381},{"$f":"AG232","v":23472765.348349694},{"$f":"AH232","v":22332066.619781252},{"$f":"AI232","v":28600675.488350052},{"$f":"AJ232","v":35128503.105656102},{"$f":"AK232","v":41554798.586281948},{"$f":"AL232","v":48249878.581796631}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":556037.09557141841},{"$f":"K229+K231","v":2849161.5241475836},4858473.632351933,6891539.9762769612,3080022.5721213734,5403995.7937216507,8014522.1241320185,10654732.361842625,13607890.474182572,6337723.1153750112,5465491.1908521689,8814434.7758835871,12575867.024856122,16408993.619631119,9524099.8860879447,1570287.6266927542,453179.49184408598,5293164.4463964943,10529550.782823859,8623749.8778855689,10297070.609979736,11149838.542951023,17357392.996734381,23472765.348349694,22332066.619781252,28600675.488350052,35128503.105656102,41554798.586281948,48249878.581796631,46574949.999051072]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-46574949.999051072},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,{"$f":"-AM232","v":-46574949.999051072}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":84085697.210061327},{"$f":"-F203","v":0},{"$f":"-G203","v":523495.51077668252},{"$f":"-H203","v":2519159.5742613934},7496895.2574443845,9260750.7733104285,8825886.0333300233,8309530.3061962649,7783064.1853526961,7219745.436050076,6635745.0623711115,5972511.314766502,5282368.4030617038,4543915.4875375703,3764407.9914706815,2908564.421668876,2003850.6135663299,1035806.8388966051,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":138744807.44450265},{"$f":"F204","v":0},{"$f":"G204","v":266962.54220462509},1432128.711709707,4749276.5718680238,6568630.4324766137,7020233.3834399935,7520944.583479559,8047410.7043231316,8610729.4536257517,9206900.8504252881,9859184.4529256783,10549327.364630479,11287780.28015461,12074377.803683853,12924482.972893508,13829196.780996056,14797240.555665785,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,{"$f":"C235","v":"Close out: Asset transfer to municipality"},"USD ",{"$f":"-E235","v":0},{"$f":"-F235","v":0},{"$f":"-G235","v":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]
[null,null,"TOTAL","USD ",{"$f":"-E236","v":0},{"$f":"SUM(F240:F243)","v":0},{"$f":"SUM(G240:G243)","v":790458.05298130761},3951288.2859711004,12246171.829312408,15829381.205787042,15846119.416770017,15830474.889675824,15830474.889675828,15830474.889675828,15842645.9127964,15831695.76769218,15831695.767692182,15831695.76769218,15838785.795154534,15833047.394562384,15833047.394562386,15833047.39456239,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$f":"F77","v":"2015-12-31"},"2016-12-31","2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C214","v":"Cashflow before Funding"},"USD ",{"$f":"SUM(F249:AM249)","v":-92497409.715455532},{"$f":"F214","v":-8105842.6167998044},-31301718.753009435,-78850693.990724623,-32551317.948708124,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763066,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"Residual value ","USD ",{"$f":"SUM(F250:AM250)","v":0},{"$f":"-F235","v":0},{"$f":"-G235","v":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]
[null,null,"Cashflow for Project Return calculation","USD ",null,{"$f":"SUM(F249:F250)","v":-8105842.6167998044},{"$f":"SUM(G249:G250)","v":-31301718.753009435},-78850693.990724623,-32551317.948708124,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,-3681408.6385930898,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,-6874888.0501763066,-416112.6124326759,3763383.6407725019,4211740.8841867596,4289714.182524249,-6463705.2234832011,-6923865.375191845,-744227.38766581286,5260853.2114700088,5691724.2787253959,-1905800.9049382899,2176348.6670862227,1366611.180429684,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-100447619.65155804}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-4.0036282115966326E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":8.7993906377853579E-7},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$f":"F248","v":"2015-12-31"},{"$f":"G248","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C218","v":"Equity: Funding"},"USD ",{"$f":"SUM(F264:AM264)","v":-10900926.83339401},{"$f":"-F218","v":-583620.66840958549},-2253723.7502166787,-5677249.9673321657,-2386332.4474355811,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":66590846.230401993},{"$f":"-F227","v":0},0,0,0,267673.9474006152,1345964.3385120968,1179378.8461199435,1193321.5496951248,46573.024036575887,1364071.2387653799,1532265.4548060852,1549688.6177866599,1733375.4137647515,1835839.8140539879,2247019.2585269175,1965684.2781706147,2207797.1896143141,2249878.6534548905,2011163.5974199288,6120282.622887698,2516945.0434842729,2840860.7341938047,3073531.1105117137,0,3395438.5611963775,3468441.9203441767,3643564.5706989272,3589457.6846437706,0,3679400.8576382082,3831550.9927665922,3771956.0429760385,3929720.86693253,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":46574949.999051072},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,46574949.999051072]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$f":"SUM(F267:AM267)","v":0},{"$f":"-F235","v":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]
[null,null,"Cashflow for Equity Return calculation","USD ",null,{"$f":"SUM(F264:F267)","v":-583620.66840958549},{"$f":"SUM(G264:G267)","v":-2253723.7502166787},-5677249.9673321657,-2386332.4474355811,267673.9474006152,1345964.3385120968,1179378.8461199435,1193321.5496951248,46573.024036575887,1364071.2387653799,1532265.4548060852,1549688.6177866599,1733375.4137647515,1835839.8140539879,2247019.2585269175,1965684.2781706147,2207797.1896143141,2249878.6534548905,2011163.5974199288,6120282.622887698,2516945.0434842729,2840860.7341938047,3073531.1105117137,0,3395438.5611963775,3468441.9203441767,3643564.5706989272,3589457.6846437706,0,3679400.8576382082,3831550.9927665922,3771956.0429760385,3929720.86693253,46574949.999051072]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-2785.5035687774111}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12997080096624503}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-6.1815042509445742E-10},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$f":"F143+F175","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"\"1+r\"","Factor",null,{"$f":"(1+F282)","v":1.07},{"$f":"(1+G282)","v":1.07},{"$f":"(1+H282)","v":1.07},{"$f":"(1+I282)","v":1.07},{"$f":"(1+J282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,{"$f":"(1+AC282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Numerator"]
[null,null,"CFADS @ Period End","USD ",{"$f":"SUM(F289:AA289)","v":65319650.491515934},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":618893.75737653114},2615882.2156233578,2307243.9585199384,2333063.7799554588,209455.39910629392,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,3523006.399241752,4284374.3451360259,3763383.6407725019,4211740.8841867596,4289714.182524249,3847615.37973837,11457095.056530535,4661009.3397856904,5260853.2114700088,5691724.2787253959,-1905800.9049382899,6287849.1874006996,6423040.5932299569,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":55397787.940260239},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,209455.39910629392,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,3523006.399241752,4284374.3451360259,3763383.6407725019,4211740.8841867596,4289714.182524249,3847615.37973837,11457095.056530535,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,28024222.774604078,29367024.611449834,28806834.118627969,28516068.548411991,28179129.566845376,29942213.23741826,29388779.494353145,28485247.623854559,27486203.405790377,26077065.359168939,24379453.535069015,21801640.937387824,19564372.16223247,16722137.329401987,13602972.75993588,10707565.473393023,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":7620370.5015588189},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1163839.03134534,1122106.5013493071,1077520.8748630953,1029738.2778056921,978610.89895427052,923904.6035832495,865430.37159449235,802792.68251406762,735770.35519801325,664056.46496983501,587369.09999212867,505257.3669053996,417397.81250259944,323388.0892916033,222817.17117829568,115176.02568153445,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":24.079122644829564},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":24.079122644829564},26.171334517834683,26.734362916438187,27.692540097837242,28.795029359428948,32.408338611249576,33.958571895514211,35.482694653679033,37.357041108829655,39.269349422497527,41.506190120310592,43.149575573570587,46.872244118698219,51.709193637998879,61.049930254481787,92.966964348985258,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,24.079122644829564,26.171334517834683,26.734362916438187,27.692540097837242,28.795029359428948,32.408338611249576,33.958571895514211,35.482694653679033,37.357041108829655,39.269349422497527,41.506190120310592,43.149575573570587,46.872244118698219,51.709193637998879,61.049930254481787,92.966964348985258,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":120566856.7339828},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,618893.75737653114,2615882.2156233578,2307243.9585199384,2333063.7799554588,209455.39910629392,2649388.6696843971,2960746.4351033084,2993011.5517340023,3333172.2850267645,3523006.399241752,4284374.3451360259,3763383.6407725019,4211740.8841867596,4289714.182524249,3847615.37973837,11457095.056530535,4661009.3397856904,5260853.2114700088,5691724.2787253959,{"$f":"AC289","v":-1905800.9049382899},6287849.1874006996,6423040.5932299569,6747341.7975906059,6647143.8604514273,-1140698.7285684422,6813705.2919226084,7095464.8014196157,6985103.7832889603,7277260.8646898707,-1674928.5827455577]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":808064.01073789538},{"$f":"-F222","v":0},0,0,0,81468.732194173863,78770.036336966994,75426.461240416742,72081.679446398513,68502.762926798998,64856.588130121512,60580.12601161452,56195.48777598478,51503.924863860972,46615.674904808853,41115.836999449042,35368.015683378006,29217.846875181986,22701.313568552428,15597.201982480712,8062.3217977074182,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1163839.03134534},{"$f":"-F223","v":0},0,0,0,41732.529996032885,44585.62648621171,47782.597057403298,51127.378851421541,54706.295371021042,58474.231988757136,62637.689080424672,67022.327316054376,71713.890228178177,76687.364977706384,82111.733086729102,87859.554402800131,94009.723210996104,100570.91811330763,107641.14549676124,115176.02568153452,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,123201.26219020675,123355.6628231787,123209.05829782004,123209.05829782005,123209.05829782004,123330.82011887865,123217.81509203919,123217.81509203915,123217.81509203915,123303.03988251524,123227.57008617814,123227.57008617814,123227.57008617809,123272.23168186007,123238.34747924194,123238.34747924194,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,5.0234368250305712,21.2060164548184,18.726252683003917,18.935813747687234,1.6999999999999988,21.481967501153807,24.028558150391966,24.290412465911146,27.05105818129471,28.571934662750561,34.767985298580392,30.540110773430101,34.178559889165356,34.798706277948362,31.22092642784305,92.966964348985201,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":28.093043980499672}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999999988},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,5.0234368250305712,21.2060164548184,18.726252683003917,18.935813747687234,1.6999999999999988,21.481967501153807,24.028558150391966,24.290412465911146,27.05105818129471,28.571934662750561,34.767985298580392,30.540110773430101,34.178559889165356,34.798706277948362,31.22092642784305,92.966964348985201,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":150605089.92668322},{"$f":"C6/C$21","v":0.27986259685712572},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1163839.03134534},{"$f":"F6/F$21","v":2.1627092005625532E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":92844.992245311194},{"$f":"C7/C$21","v":1.725296312867102E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":10900926.83339401},{"$f":"F7/F$21","v":2.0256697122443386E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":11638.390313453399},{"$f":"C8/C$21","v":2.1627092005625539E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":138744807.44450265},{"$f":"F8/F$21","v":0.2578231727145685}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":218991932.69501054},{"$f":"C13/C$21","v":0.40694276006622537},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":36847145.422836736},6.8471376431084391E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":10923891.737262752},2.0299371760043015E-2,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":808064.01073789538},1.5015886420703536E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":62254693.140196353},{"$f":"F16/F$21","v":0.11568506812910835}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1163839.03134534},2.1627092005625536E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":325075133.44889647},{"$f":"F17/F$21","v":0.60407235283331706}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":52104107.461497568},9.6822695887610291E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":66590846.230401993},0.12374274443198609]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":538139399.89833474},{"$f":"SUM(D6:D19)","v":1.0000000000000002},"Total",{"$f":"SUM(F6:F19)","v":538139399.89833486},{"$f":"SUM(G6:G19)","v":0.99999999999999978}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":222830504.65456396},{"$f":"'Project Finance Model'!E241","v":84085697.210061327},{"$f":"'Project Finance Model'!E242","v":138744807.44450265},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]