{"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":[]}
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[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)",118700824.49364182]
[null,"Inversion inicial con inflacion (USD valor nominal)",122903696.91013558]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",4202872.4164937586]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.19892985465190019,"de los activos"]
[null,"Duracion de vida de 50 años",0.28678519589313783,"de los activos"]
[null,"Duracion de vida de 40 años",0.4538304930939599,"de los activos"]
[null,"Duracion de vida de 15 años",9.4289139459596605E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.4214853963729482E-2,"de los activos"]
[null,"Duracion de vida de 5 años",5.8727698758471707E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-1.1491255848162907E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-82317857.093244717}]
[]
[]
[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",{"$f":"H112","v":1.4375587746734944},{"$f":"M112","v":1.4793782336986558},{"$f":"R112","v":1.5539299335256018},{"$f":"W112","v":1.7332877512710789},{"$f":"AB112","v":1.9173078214581616},{"$f":"AG112","v":1.918610299990622},{"$f":"AL112","v":1.8460629985429613}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.43755877467349436},{"$f":"M113","v":0.47937823369865584},{"$f":"R113","v":0.55392993352560183},{"$f":"W113","v":0.73328775127107892},{"$f":"AB113","v":0.91730782145816159},{"$f":"AG113","v":0.91861029999062205},{"$f":"AL113","v":0.8460629985429613}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3476732.4330874765,3328674.0356663559,3655735.642558964,3742044.4320999137,7795071.6252115164,3920950.0327670164,4013650.2282275511,4108586.4372537467,4205813.6424709307,8661534.5721984636,4407367.8913854212,4511811.9258686528,4618781.0110097732,4728337.373702853,9626860.8094076086,4955468.6869571563,5073176.0595497657,5193735.6366008408,5317217.8618340418,10702661.509634398,5573240.9343295442,5705931.7087198189,5841845.0797206722,5981060.8133168193,11901954.036374716,6269728.5340795983,6419350.3109293468,6572614.1368163051,6729610.3567376882,13239337.643575717,7055172.8241419503,7223931.4043449238,7396807.1657978976,7573902.4616317898,14731191.808012063,7941174.0853160135,8131568.3374049142,8326618.1108773313,8526439.3925107736,16395900.194444543]
[null,"Trafico anual",0,0,0,0,7160265.0000000019,9547020.0000000019,9737280.0000000019,9927540.0000000019,10117800.000000002,10308060.000000002,10498320,10692528,10886736,11080944,11275152.000000002,11469360,11736816,12004272,12271728,12539184,12806640,13195602,13584564,13973525.999999996,14362487.999999996,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998,14751449.999999998]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3497073.4260000009,4662764.5680000018,4972071.335616,5069222.3153880006,5375094.7762844646,5476170.6556392536,5802567.2950078007,5909908.7543297559,6260347.1222832398,6372025.1765618036,6745644.8413663181,6861834.6890377356,7305529.624218462,7472006.4379620682,7947077.9750745846,8120280.4520934327,8628539.6394484136,8890604.7896548007,9522437.8054315839,9795090.3877063096,10474479.785968266,10758147.53256689,11192776.692882594,11192776.692882594,11644964.871275051,11644964.871275051,12115421.452074563,12115421.452074563,12604884.478738373,12604884.478738373,13114121.811679406,13114121.811679406,13643932.332871249,13643932.332871249,14195147.199119251,14195147.199119251,14768631.145963669,14768631.145963669,15365283.844260603,15365283.844260603]
[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$18/50","v":-704939.21588728146},-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146,-704939.21588728146]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1394436.1342949357},-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357,-1394436.1342949357]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-772565.58787065116},-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,-772565.58787065116,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-420513.20413827588},-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,-420513.20413827588,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-144357.02576881906},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-144357.02576881906},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-144357.02576881906},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-144357.02576881906},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-144357.02576881906},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":119466885.74217562},{"$f":"G61+SUM(H56:H60)","v":116030074.57421567},{"$f":"H61+SUM(I56:I60)","v":112593263.40625571},109156452.23829575,105719641.07033579,102427186.92814465,99134732.785953507,95842278.643762365,92549824.501571223,89257370.359380081,86385429.421327218,83513488.483274356,80641547.545221493,77769606.60716863,74897665.669115767,72798290.318933547,70698914.968751326,68599539.618569106,66500164.268386886,64400788.918204665,62301413.568022445,60202038.217840225,58102662.867658004,56003287.517475784,53903912.167293563,51804536.817111343,49705161.466929123,47605786.116746902,45506410.766564682,43407035.416382462,41307660.066200241,39208284.716018021,37108909.365835801,35009534.01565358,32910158.665471364,30810783.315289147,28711407.965106931,26612032.614924714,24512657.264742497,22413281.914560281]
[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$97)/10","v":-515736.11763207352},{"$f":"SUM($P$97:$Q$97)/10","v":-515736.11763207352},-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,-515736.11763207352,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":5157361.1763207354},{"$f":"R63+S62","v":4641625.058688662},{"$f":"S63+T62","v":4125888.9410565887},3610152.8234245153,3094416.705792442,2578680.5881603686,2062944.470528295,1547208.3528962214,1031472.2352641479,515736.11763207434,8.149072527885437E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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$97)/15","v":-1083744.749008239},-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,-1083744.749008239,0,0,{"$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$97))+X64","v":15172426.486115346},{"$f":"X65+Y64","v":14088681.737107107},{"$f":"Y65+Z64","v":13004936.988098869},11921192.239090631,10837447.490082392,9753702.7410741542,8669957.9920659158,7586213.2430576766,6502468.4940494373,5418723.7450411981,4334978.9960329589,3251234.2470247196,2167489.4980164804,1083744.7490082413,2.3283064365386963E-9,0,0,{"$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$97)/10","v":-639967.72586714313},{"$f":"SUM($AA$97:$AB$97)/10","v":-639967.72586714313},-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,-639967.72586714313,0,{"$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":6399677.2586714309},{"$f":"AC67+AD66","v":5759709.532804288},{"$f":"AD67+AE66","v":5119741.8069371451},4479774.0810700022,3839806.3552028593,3199838.6293357164,2559870.9034685735,1919903.1776014303,1279935.4517342872,639967.72586714406,9.3132257461547852E-10,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-2151520.8519467474},{"$f":"SUM($AL$97:$AN$97)/14","v":-2151520.8519467474},-2151520.8519467474,-2151520.8519467474,-2151520.8519467474,-2151520.8519467474]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":32272812.77920121},{"$f":"AO69+AP68","v":30121291.927254461},{"$f":"AP69+AQ68","v":27969771.075307712},25818250.223360963,23666729.371414214,21515208.519467466]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-3436811.1679599634},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-3436811.1679599634},-3436811.1679599634,-3436811.1679599634,-3436811.1679599634,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-2871940.9380528685,-3387677.0556849418,-3387677.0556849418,-3387677.0556849418,-3387677.0556849418,-2615111.4678142904,-2615111.4678142904,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-2739343.0760493604,-2099375.3501822171,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":119466885.74217562},{"$f":"H61+H63+H65+H67+H69","v":116030074.57421567},112593263.40625571,109156452.23829575,105719641.07033579,102427186.92814465,99134732.785953507,95842278.643762365,92549824.501571223,89257370.359380081,86385429.421327218,88670849.659595087,85283172.603910148,81895495.548225224,78507818.492540285,75892707.024725989,73277595.556911692,85834910.575212747,82136054.358390227,78437198.141567677,74738341.924745157,71039485.707922623,74256042.867403597,70432955.042345986,66609867.217288382,62786779.392230779,58963691.567173183,55140603.74211558,51317515.917057976,47494428.092000365,43671340.266942769,39848252.441885166,37108909.365835801,35009534.01565358,65182971.44467257,60932075.242543608,56681179.040414646,52430282.838285677,48179386.636156708,43928490.434027746]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3476732.4330874765},{"$f":"-H51","v":-3328674.0356663559},-3655735.642558964,-3742044.4320999137,-7795071.6252115164,-3920950.0327670164,-4013650.2282275511,-4108586.4372537467,-4205813.6424709307,-8661534.5721984636,-4407367.8913854212,-4511811.9258686528,-4618781.0110097732,-4728337.373702853,-9626860.8094076086,-4955468.6869571563,-5073176.0595497657,-5193735.6366008408,-5317217.8618340418,-10702661.509634398,-5573240.9343295442,-5705931.7087198189,-5841845.0797206722,-5981060.8133168193,-11901954.036374716,-6269728.5340795983,-6419350.3109293468,-6572614.1368163051,-6729610.3567376882,-13239337.643575717,-7055172.8241419503,-7223931.4043449238,-7396807.1657978976,-7573902.4616317898,-14731191.808012063,-7941174.0853160135,-8131568.3374049142,-8326618.1108773313,-8526439.3925107736,-16395900.194444543]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3476732.4330874765},{"$f":"H75","v":-3328674.0356663559},-3655735.642558964,-3742044.4320999137,-7795071.6252115164,-3920950.0327670164,-4013650.2282275511,-4108586.4372537467,-4205813.6424709307,-8661534.5721984636,-4407367.8913854212,-4511811.9258686528,-4618781.0110097732,-4728337.373702853,-9626860.8094076086,-4955468.6869571563,-5073176.0595497657,-5193735.6366008408,-5317217.8618340418,-10702661.509634398,-5573240.9343295442,-5705931.7087198189,-5841845.0797206722,-5981060.8133168193,-11901954.036374716,-6269728.5340795983,-6419350.3109293468,-6572614.1368163051,-6729610.3567376882,-13239337.643575717,-7055172.8241419503,-7223931.4043449238,-7396807.1657978976,-7573902.4616317898,-14731191.808012063,-7941174.0853160135,-8131568.3374049142,-8326618.1108773313,-8526439.3925107736,-16395900.194444543]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3497073.4260000009},4662764.5680000018,4972071.335616,5069222.3153880006,5375094.7762844646,5476170.6556392536,5802567.2950078007,5909908.7543297559,6260347.1222832398,6372025.1765618036,6745644.8413663181,6861834.6890377356,7305529.624218462,7472006.4379620682,7947077.9750745846,8120280.4520934327,8628539.6394484136,8890604.7896548007,9522437.8054315839,9795090.3877063096,10474479.785968266,10758147.53256689,11192776.692882594,11192776.692882594,11644964.871275051,11644964.871275051,12115421.452074563,12115421.452074563,12604884.478738373,12604884.478738373,13114121.811679406,13114121.811679406,13643932.332871249,13643932.332871249,14195147.199119251,14195147.199119251,14768631.145963669,14768631.145963669,15365283.844260603,15365283.844260603]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3617073.4260000009},{"$f":"H79+H80","v":4785164.5680000018},5096919.335616,5196567.2753880005,5504986.6354844645,5608660.3520232532,5937706.785319481,6047751.0344476691,6400946.2480035117,6515436.284796481,6891924.1717656888,7011039.6060450934,7457718.639565967,7627239.2336165234,8105415.4266421292,8281784.6526923282,8793273.9240592867,9058633.759957891,9693827.3551407363,9969907.7284096461,10652793.473485669,10940027.493834641,11378294.2533757,11382004.604585562,11837977.341212077,11841837.590610819,12316231.625797046,12320247.829271495,12813807.383479245,12817985.841574062,13331485.201771809,13335832.469573656,13870077.203923384,13874600.101344427,14430428.322961893,14435133.945438746,15013417.627209553,15018313.356834471,15619959.699348822,15625053.216450585]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":140340.99291252438},{"$f":"H81+H76","v":1456490.532333646},1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-2146098.2874019826,2484556.2803802676,2499227.6801764406,2838937.6285561938,2898901.8599136705,-1521445.3827654794,3326315.9657351719,3720097.8645095211,3864898.1233570501,4376609.4933066946,-732753.78122475185,5079552.5391561249,5234095.785114822,5536449.1736550275,5400943.7912687426,-63976.695162639022,5572109.0565312207,5896881.3148676995,5747633.6924551902,6084197.0267415568,-421351.8020016551,6276312.3776298584,6111901.0652287323,6473270.0381254861,6300697.6397126373,-300763.48505016975,6493959.8601227328,6881849.2898046393,6691695.2459571399,7093520.3068380486,-770846.9779939577]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":140340.99291252438},{"$f":"H83","v":1456490.532333646},1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-2146098.2874019826,2484556.2803802676,2499227.6801764406,2838937.6285561938,2898901.8599136705,-1521445.3827654794,3326315.9657351719,3720097.8645095211,3864898.1233570501,4376609.4933066946,-732753.78122475185,5079552.5391561249,5234095.785114822,5536449.1736550275,5400943.7912687426,-63976.695162639022,5572109.0565312207,5896881.3148676995,5747633.6924551902,6084197.0267415568,-421351.8020016551,6276312.3776298584,6111901.0652287323,6473270.0381254861,6300697.6397126373,-300763.48505016975,6493959.8601227328,6881849.2898046393,6691695.2459571399,7093520.3068380486,-770846.9779939577]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3436811.1679599634},{"$f":"H70","v":-3436811.1679599634},-3436811.1679599634,-3436811.1679599634,-3436811.1679599634,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-3292454.1421911442,-2871940.9380528685,-3387677.0556849418,-3387677.0556849418,-3387677.0556849418,-3387677.0556849418,-2615111.4678142904,-2615111.4678142904,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3698856.2168225292,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-3823087.8250575988,-2739343.0760493604,-2099375.3501822171,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645,-4250896.2021289645]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3296470.1750474391},-1980320.6356263175,-1995627.4749029274,-1982288.3246718766,-5726896.1576870158,-1604743.8229349074,-1368397.5850992142,-1353289.5449972218,-1097321.5366585632,-5438552.4295931272,-387384.65767260082,-888449.37550850119,-548739.42712874804,-488775.19577127136,-4909122.4384504212,711204.49792088149,1104986.3966952306,166041.90653452091,677753.27648416534,-4431609.9980472811,1380696.3223335957,1535239.5682922928,1713361.3485974288,1577855.9662111439,-3887064.5202202378,1749021.2314736219,2073793.4898101008,1924545.8673975915,2261109.2016839581,-4244439.6270592539,2453224.5525722597,2288813.2401711335,3733926.9620761257,4201322.2895304207,-4551659.6871791342,2243063.6579937683,2630953.0876756748,2440799.0438281754,2842624.1047090841,-5021743.1801229222]
[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$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-248921.5742723085,-386745.23884333071,-58114.667287082317,-237213.64676945785,0,-483243.71281675849,-537333.84890230244,-599676.47200910002,-552249.58817390027,0,-612157.43101576762,-725827.72143353522,-673591.05358915695,-791388.22058938525,0,-858628.59340029082,-801084.63405989669,-1306874.4367266439,-1470462.8013356472,0,-785072.28029781883,-920833.58068648609,-854279.6653398613,-994918.43664817943,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3296470.1750474391},{"$f":"H89+H90","v":-1980320.6356263175},-1995627.4749029274,-1982288.3246718766,-5726896.1576870158,-1604743.8229349074,-1368397.5850992142,-1353289.5449972218,-1097321.5366585632,-5438552.4295931272,-387384.65767260082,-888449.37550850119,-548739.42712874804,-488775.19577127136,-4909122.4384504212,462282.92364857299,718241.15785189997,107927.23924743859,440539.62971470749,-4431609.9980472811,897452.60951683717,997905.71938999032,1113684.8765883287,1025606.3780372436,-3887064.5202202378,1136863.8004578543,1347965.7683765655,1250954.8138084346,1469720.9810945727,-4244439.6270592539,1594595.959171969,1487728.6061112368,2427052.525349482,2730859.4881947734,-4551659.6871791342,1457991.3776959495,1710119.5069891887,1586519.3784883141,1847705.6680609048,-5021743.1801229222]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":3436811.1679599634},{"$f":"-H88","v":3436811.1679599634},3436811.1679599634,3436811.1679599634,3436811.1679599634,3292454.1421911442,3292454.1421911442,3292454.1421911442,3292454.1421911442,3292454.1421911442,2871940.9380528685,3387677.0556849418,3387677.0556849418,3387677.0556849418,3387677.0556849418,2615111.4678142904,2615111.4678142904,3698856.2168225292,3698856.2168225292,3698856.2168225292,3698856.2168225292,3698856.2168225292,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,3823087.8250575988,2739343.0760493604,2099375.3501822171,4250896.2021289645,4250896.2021289645,4250896.2021289645,4250896.2021289645,4250896.2021289645,4250896.2021289645]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":140340.99291252438},{"$f":"H91+H92","v":1456490.532333646},1441183.693057036,1454522.8432880868,-2290084.9897270524,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-2146098.287401983,2484556.2803802676,2499227.6801764406,2838937.6285561938,2898901.8599136705,-1521445.3827654794,3077394.3914628634,3333352.6256661904,3806783.4560699677,4139395.8465372366,-732753.78122475185,4596308.8263393659,4696761.9362125192,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551,5417683.7842295673,5310816.4311688356,5166395.6013988424,4830234.8383769905,-300763.48505016975,5708887.5798249142,5961015.709118153,5837415.5806172788,6098601.8701898698,-770846.9779939577]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5988689.9208895713,-25895905.399941608,-65675491.624426857,-25343609.964877542]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0,0,-7622851.6275286498,-16629380.257116158,-5869060.0426096544,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":47494428.092000365},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":43928490.434027746}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5988689.9208895713},-25895905.399941608,-65675491.624426857,-25343609.964877542,0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,47494428.092000365,0,-7622851.6275286498,-16629380.257116158,-5869060.0426096544,0,0,0,0,0,43928490.434027746]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-122903696.91013558}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5988689.9208895713},-25895905.399941608,-65675491.624426857,-25343609.964877542,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270524,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036148,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953296,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,47073076.28999871]
[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,{"$f":"IRR(C103:AJ103)","v":-1.1491255848162907E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5988689.9208895713},{"$f":"D93+D99","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270524,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036148,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953296,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,{"$f":"AJ93+AJ97","v":-421351.8020016551},5417683.7842295673,-2312035.1963598141,-11462984.655717315,-1038825.2042326638,-300763.48505016975,5708887.5798249142,5961015.709118153,5837415.5806172788,6098601.8701898698,43157643.456033789]
[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,{"$f":"IRR(C106:AT106)","v":-6.3980849896304592E-3}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-2146098.2874019826,2484556.2803802676,2499227.6801764406,2838937.6285561938,2898901.8599136705,-1521445.3827654794,3326315.9657351719,3720097.8645095211,3864898.1233570501,4376609.4933066946,-732753.78122475185,5079552.5391561249,5234095.785114822,5536449.1736550275,5400943.7912687426,-63976.695162639022,5572109.0565312207,5896881.3148676995,5747633.6924551902,6084197.0267415568,-421351.8020016551,6276312.3776298584,6111901.0652287323,6473270.0381254861,6300697.6397126373,-300763.48505016975,6493959.8601227328,6881849.2898046393,6691695.2459571399,7093520.3068380486,-770846.9779939577]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3296470.1750474391,-1980320.6356263175,-1995627.4749029274,-1982288.3246718766,-5726896.1576870158,-1604743.8229349074,-1368397.5850992142,-1353289.5449972218,-1097321.5366585632,-5438552.4295931272,-387384.65767260082,-888449.37550850119,-548739.42712874804,-488775.19577127136,-4909122.4384504212,711204.49792088149,1104986.3966952306,166041.90653452091,677753.27648416534,-4431609.9980472811,1380696.3223335957,1535239.5682922928,1713361.3485974288,1577855.9662111439,-3887064.5202202378,1749021.2314736219,2073793.4898101008,1924545.8673975915,2261109.2016839581,-4244439.6270592539,2453224.5525722597,2288813.2401711335,3733926.9620761257,4201322.2895304207,-4551659.6871791342,2243063.6579937683,2630953.0876756748,2440799.0438281754,2842624.1047090841,-5021743.1801229222]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.0403657732119167},{"$f":"ABS(H81)/ABS(H76)","v":1.4375587746734944},1.3942253581684663,1.3886973737700532,0.70621373351846384,1.4304340287818509,1.4793782336986558,1.4719785324731041,1.5219281670889566,0.75222655182945697,1.5637279078146724,1.5539299335256018,1.6146508400785895,1.6130911630875198,0.84195830677444872,1.6712414457365192,1.7332877512710789,1.7441461009529782,1.8231014051015566,0.93153536804231951,1.9114180777413654,1.9173078214581616,1.9477226968709265,1.9030076703523149,0.99462468978059282,1.8887321079762205,1.918610299990622,1.8744821425405136,1.9040935067882581,0.96817425362619158,1.8896043419592889,1.8460629985429613,1.8751438144902903,1.8318957989795868,0.97958322116975016,1.8177581539398164,1.846312667403702,1.8036510329704638,1.8319440249664667,0.95298538239119401]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":4.03657732119167E-2},{"$f":"H112-1","v":0.43755877467349436},0.39422535816846627,0.3886973737700532,-0.29378626648153616,0.43043402878185089,0.47937823369865584,0.47197853247310406,0.52192816708895662,-0.24777344817054303,0.56372790781467241,0.55392993352560183,0.6146508400785895,0.61309116308751976,-0.15804169322555128,0.67124144573651923,0.73328775127107892,0.74414610095297817,0.8231014051015566,-6.8464631957680488E-2,0.91141807774136541,0.91730782145816159,0.94772269687092647,0.90300767035231488,-5.3753102194071811E-3,0.88873210797622049,0.91861029999062205,0.8744821425405136,0.90409350678825806,-3.1825746373808417E-2,0.88960434195928895,0.8460629985429613,0.87514381449029033,0.83189579897958676,-2.0416778830249838E-2,0.81775815393981643,0.84631266740370203,0.80365103297046381,0.83194402496646669,-4.7014617608805986E-2]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5988689.9208895713},{"$f":"D103","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270524,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036148,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953296,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,47073076.28999871]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-82317857.093244717}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5988689.9208895713},{"$f":"D106","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270524,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036148,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953296,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551,5417683.7842295673,-2312035.1963598141,-11462984.655717315,-1038825.2042326638,-300763.48505016975,5708887.5798249142,5961015.709118153,5837415.5806172788,6098601.8701898698,43157643.456033789]
[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,{"$f":"NPV(C26,C118:AT118)","v":-82804548.426785827}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9386103.7811146807},{"$f":"D123-D103","v":-6575847.523137819},2882448.002556324,-5840557.9006575085,4321286.0947013143,5629396.7901555607,6065492.9491813416,6412410.8402683139,6428581.9377498068,6934014.6907549184,7092823.4822281348,7468946.5158113334,7616158.4325832669,7463533.6456546672,7143606.2416318543,8596524.8969017603,8827890.299086323,9357298.9245599881,9632302.0703525823,10751784.11107973,10927836.427707907,11158722.956816968,11679718.814227389,11994967.657396615,12513021.229798159,12580511.78018599,13965504.359958427,14411083.051869927,13712247.853922447,15034726.743236855,15201261.239554266,15682859.526555728,15855754.223907895,-32091352.153068371]

{"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",{"$f":"E313","v":1.6999999999999984}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":25.029007100265929}]
[]
[null,null,"NPV project",{"$f":"E255","v":-83168715.773332417}]
[null,null,"IRR Project",{"$f":"E257","v":-4.3543920998364016E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":38279.537242231381}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.1305756989128648}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":118700824.49364182},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.49,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":747815.19430994359}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":111222672.5505424}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":7478.1519430994358}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1112226.725505424}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,6.3E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.93700000000000006}]
[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 ",{"$f":"SUM(F105:AM105)","v":122903696.91013558},{"$f":"-'Global Financial Model'!C96","v":5988689.9208895713},{"$f":"-'Global Financial Model'!D96","v":25895905.399941608},{"$f":"-'Global Financial Model'!E96","v":65675491.624426857},{"$f":"-'Global Financial Model'!F96","v":25343609.964877542},{"$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":27813209.67011575},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":2288674.9860016312},{"$f":"-'Global Financial Model'!Q97","v":2868686.1903191041},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2965373.7715173936},{"$f":"-'Global Financial Model'!V97","v":8993404.4568467997},{"$f":"-'Global Financial Model'!W97","v":4297393.0067593902},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2839973.3327440363},{"$f":"-'Global Financial Model'!AB97","v":3559703.9259273941},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":122903696.91013558},{"$f":"F105","v":5988689.9208895713},{"$f":"G105","v":25895905.399941608},65675491.624426857,25343609.964877542,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",27813209.67011575,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,2288674.9860016312,2868686.1903191041,0,0,0,2965373.7715173936,8993404.4568467997,4297393.0067593902,0,0,0,2839973.3327440363,3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",59752.045764088281,{"$f":"F151","v":0},{"$f":"G151","v":2651.8033461113764},{"$f":"H151","v":14065.573846769106},43034.668571207796,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",7478.1519430994358,{"$f":"F138","v":7478.1519430994358},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",150884136.77795854,{"$f":"SUM(F109:F113)","v":5996168.072832671},{"$f":"SUM(G109:G113)","v":25898557.203287721},{"$f":"SUM(H109:H113)","v":65689557.198273629},25486644.63344875,0,0,0,0,0,0,0,0,0,2288674.9860016312,2868686.1903191041,0,0,0,2965373.7715173936,8993404.4568467997,4297393.0067593902,0,0,0,2839973.3327440363,3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-27813209.67011575,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-115317458.70004869,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-5618409.4842442134},-24266948.099480595,-61551115.094782397,-23880986.02154148,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-747815.19430994359,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-37775.85885884583},-163160.91038071265,-413844.21034912387,-133034.21472126129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",7005653.2134841401,{"$f":"SUM(F114:F117)","v":339982.72972961172},1468448.1934264125,3724597.8931421079,1472624.3971860085,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-7005653.2134841401,{"$f":"-F118","v":-339982.72972961172},{"$f":"-G118","v":-1468448.1934264125},-3724597.8931421079,-1472624.3971860085,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":37775.85885884583},{"$f":"G127","v":200936.76923955849},614780.9795886823,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":747815.19430994359},{"$f":"-F117","v":37775.85885884583},163160.91038071265,413844.21034912387,133034.21472126129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-747815.19430994359},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-747815.19430994359,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":37775.85885884583},{"$f":"SUM(G123:G126)","v":200936.76923955849},614780.9795886823,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":5618409.4842442134},29684227.180957783,90054069.595534548,{"$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 ",{"$f":"SUM(F130:AM130)","v":115317458.70004869},{"$f":"-F116","v":5618409.4842442134},{"$f":"-G116","v":24266948.099480595},61551115.094782397,23880986.02154148,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5375845.2716536904},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-201130.40276702447},-1181272.6802056327,-3993442.1886810334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-109941613.42839499,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-109941613.42839499,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":5618409.4842442134},{"$f":"SUM(G129:G132)","v":29684227.180957783},90054069.595534548,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":747815.19430994359},{"$f":"MAX(0,$E135-F123)*F78","v":747815.19430994359},710039.33545109781,546878.4250703851,133034.21472126129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":111222672.5505424},{"$f":"MAX(0,$E136-F129)*F78","v":111222672.5505424},105604263.06629819,81538445.36958462,21168602.955007851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":7478.1519430994358},{"$f":"$E138*IF(F90=1,1,0)","v":7478.1519430994358},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1112226.725505424},{"$f":"$E139*IF(F90=1,1,0)","v":1112226.725505424},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":59752.045764088281},{"$f":"F144*F123","v":0},2651.8033461113764,14065.573846769106,43034.668571207796,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":8776083.9069427811},{"$f":"F149*F129","v":0},394403.1325883111,2077895.9026670468,6303784.8716874244,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":255903183.88020051},{"$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":3617073.4260000009},{"$f":"'Global Financial Model'!H81","v":4785164.5680000018},{"$f":"'Global Financial Model'!I81","v":5096919.335616},{"$f":"'Global Financial Model'!J81","v":5196567.2753880005},{"$f":"'Global Financial Model'!K81","v":5504986.6354844645},{"$f":"'Global Financial Model'!L81","v":5608660.3520232532},{"$f":"'Global Financial Model'!M81","v":5937706.785319481},{"$f":"'Global Financial Model'!N81","v":6047751.0344476691},{"$f":"'Global Financial Model'!O81","v":6400946.2480035117},{"$f":"'Global Financial Model'!P81","v":6515436.284796481},{"$f":"'Global Financial Model'!Q81","v":6891924.1717656888},{"$f":"'Global Financial Model'!R81","v":7011039.6060450934},{"$f":"'Global Financial Model'!S81","v":7457718.639565967},{"$f":"'Global Financial Model'!T81","v":7627239.2336165234},{"$f":"'Global Financial Model'!U81","v":8105415.4266421292},{"$f":"'Global Financial Model'!V81","v":8281784.6526923282},{"$f":"'Global Financial Model'!W81","v":8793273.9240592867},{"$f":"'Global Financial Model'!X81","v":9058633.759957891},{"$f":"'Global Financial Model'!Y81","v":9693827.3551407363},{"$f":"'Global Financial Model'!Z81","v":9969907.7284096461},{"$f":"'Global Financial Model'!AA81","v":10652793.473485669},{"$f":"'Global Financial Model'!AB81","v":10940027.493834641},{"$f":"'Global Financial Model'!AC81","v":11378294.2533757},{"$f":"'Global Financial Model'!AD81","v":11382004.604585562},{"$f":"'Global Financial Model'!AE81","v":11837977.341212077},{"$f":"'Global Financial Model'!AF81","v":11841837.590610819},{"$f":"'Global Financial Model'!AG81","v":12316231.625797046},{"$f":"'Global Financial Model'!AH81","v":12320247.829271495},{"$f":"'Global Financial Model'!AI81","v":12813807.383479245},{"$f":"'Global Financial Model'!AJ81","v":12817985.841574062}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":180278885.4020927},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3476732.4330874765},{"$f":"-'Global Financial Model'!H76","v":3328674.0356663559},{"$f":"-'Global Financial Model'!I76","v":3655735.642558964},{"$f":"-'Global Financial Model'!J76","v":3742044.4320999137},{"$f":"-'Global Financial Model'!K76","v":7795071.6252115164},{"$f":"-'Global Financial Model'!L76","v":3920950.0327670164},{"$f":"-'Global Financial Model'!M76","v":4013650.2282275511},{"$f":"-'Global Financial Model'!N76","v":4108586.4372537467},{"$f":"-'Global Financial Model'!O76","v":4205813.6424709307},{"$f":"-'Global Financial Model'!P76","v":8661534.5721984636},{"$f":"-'Global Financial Model'!Q76","v":4407367.8913854212},{"$f":"-'Global Financial Model'!R76","v":4511811.9258686528},{"$f":"-'Global Financial Model'!S76","v":4618781.0110097732},{"$f":"-'Global Financial Model'!T76","v":4728337.373702853},{"$f":"-'Global Financial Model'!U76","v":9626860.8094076086},{"$f":"-'Global Financial Model'!V76","v":4955468.6869571563},{"$f":"-'Global Financial Model'!W76","v":5073176.0595497657},{"$f":"-'Global Financial Model'!X76","v":5193735.6366008408},{"$f":"-'Global Financial Model'!Y76","v":5317217.8618340418},{"$f":"-'Global Financial Model'!Z76","v":10702661.509634398},{"$f":"-'Global Financial Model'!AA76","v":5573240.9343295442},{"$f":"-'Global Financial Model'!AB76","v":5705931.7087198189},{"$f":"-'Global Financial Model'!AC76","v":5841845.0797206722},{"$f":"-'Global Financial Model'!AD76","v":5981060.8133168193},{"$f":"-'Global Financial Model'!AE76","v":11901954.036374716},{"$f":"-'Global Financial Model'!AF76","v":6269728.5340795983},{"$f":"-'Global Financial Model'!AG76","v":6419350.3109293468},{"$f":"-'Global Financial Model'!AH76","v":6572614.1368163051},{"$f":"-'Global Financial Model'!AI76","v":6729610.3567376882},{"$f":"-'Global Financial Model'!AJ76","v":13239337.643575717}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,747815.19430994359,721000.30050804582,692352.17302973336,661649.85841341503,628798.38177395437,593647.30176973157,556075.16509181843,515827.83331376553,472763.1883112489,426684.01815855614,377409.18272394314,324648.96418891248,268195.53035642963,207790.35615567304,143169.34015151364,74005.407711168868,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":747815.19430994359},{"$f":"-F126","v":0},0,0,747815.19430994359,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-747815.19430994359},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-26814.893801897786,-28648.127478312446,-30702.314616318319,-32851.476639460605,-35151.080004222851,-37572.136677913135,-40247.331778052896,-43064.645002516598,-46079.17015269275,-49274.835434613022,-52760.218535030675,-56453.433832482813,-60405.174200756584,-64621.016004159392,-69163.932440344768,-74005.407711168926,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,747815.19430994359,721000.30050804582,692352.17302973336,661649.85841341503,628798.38177395437,593647.30176973157,556075.16509181843,515827.83331376553,472763.1883112489,426684.01815855614,377409.18272394314,324648.96418891248,268195.53035642963,207790.35615567304,143169.34015151364,74005.407711168868,0,0,0,{"$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},0,0,109941613.42839499,104482919.07620664,98648931.502212554,92398840.536829636,85711243.203869909,78555514.057603002,70904351.735410124,62711125.606523298,53944373.648614392,44563949.053651869,34529842.461616561,23789277.448205084,12296872.883854799,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":109941613.42839499},{"$f":"-F132","v":0},0,0,109941613.42839499,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-109941613.428395},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5458694.352188345,-5833987.573994088,-6250090.9653829206,-6687597.3329597283,-7155729.1462669084,-7651162.3221928822,-8193226.1288868235,-8766751.9579089023,-9380424.5949625205,-10034106.592035312,-10740565.013411479,-11492404.564350285,-12296872.883854808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,109941613.42839499,104482919.07620664,98648931.502212554,92398840.536829636,85711243.203869909,78555514.057603002,70904351.735410124,62711125.606523298,53944373.648614392,44563949.053651869,34529842.461616561,23789277.448205084,12296872.883854799,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":519214.88189505995},{"$f":"F176*F163","v":0},0,0,0,52347.0636016961,50613.038781693504,48464.652112081378,46315.490088939092,44015.886724176846,41673.067106833798,38925.261556427322,36107.94833196362,33093.423181787453,29952.518387815599,26418.642790676044,22725.427493223895,18773.687124950091,14586.542262407314,10021.853810605964,5180.3785397818256,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":61118667.073480032},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,7695912.9399876557,7334529.58549714,6905425.2051548846,6467918.8375780806,5999787.0242708987,5514468.2695856402,4963304.6214787131,4389778.7924566343,3776106.1554030105,3128316.146510019,2417088.9723131615,1665249.4213743573,860781.10186983668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},37775.85885884583,200936.76923955849,614780.9795886823,747815.19430994359,721000.30050804582,692352.17302973336,661649.85841341503,628798.38177395437,593647.30176973157,556075.16509181843,515827.83331376553,472763.1883112489,426684.01815855614,377409.18272394314,324648.96418891248,268195.53035642963,207790.35615567304,143169.34015151364,74005.407711168868,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":1267030.0762050033},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,79161.957403593886,79261.16626000595,79166.966728399697,79166.966728399697,79166.966728399697,79245.203784746933,79172.593334480218,79172.593334480218,79172.593334480203,79227.353822428617,79178.861325706719,79178.861325706705,79178.861325706675,79207.558266566703,79185.786250950739,79185.786250950754,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-519214.88189505995},{"$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,-52347.0636016961,-50613.038781693504,-48464.652112081378,-46315.490088939092,-44015.886724176846,-41673.067106833798,-38925.261556427322,-36107.94833196362,-33093.423181787453,-29952.518387815599,-26418.642790676044,-22725.427493223895,-18773.687124950091,-14586.542262407314,-10021.853810605964,-5180.3785397818256,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":747815.19430994359},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,26814.893801897786,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":28648.127478312446},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":30702.314616318319},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":32851.476639460605},35151.080004222851,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":37572.136677913135},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":40247.331778052896},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":43064.645002516598},46079.17015269275,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":49274.835434613022},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":52760.218535030675},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":56453.433832482813},60405.174200756584,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":64621.016004159392},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":69163.932440344768},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":74005.407711168926},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,{"$f":"IF(F78=1,F129,F168)","v":0},5618409.4842442134,29684227.180957783,90054069.595534548,109941613.42839499,104482919.07620664,98648931.502212554,92398840.536829636,85711243.203869909,78555514.057603002,70904351.735410124,62711125.606523298,53944373.648614392,44563949.053651869,34529842.461616561,23789277.448205084,12296872.883854799,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":185212209.68047148},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":595533.53535533557},3259168.5828726795,10297227.060368458,13154607.292176001,13168517.159491228,13155516.170537805,13155516.170537809,13155516.170537807,13165630.591778522,13156530.750365537,13156530.750365537,13156530.750365531,13162422.738545332,13157653.985724641,13157653.985724641,13157653.985724645,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-69894750.98042281},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-394403.1325883111},-2077895.9026670468,-6303784.8716874244,-7695912.9399876557,-7334529.58549714,-6905425.2051548846,-6467918.8375780806,-5999787.0242708987,-5514468.2695856402,-4963304.6214787131,-4389778.7924566343,-3776106.1554030105,-3128316.146510019,-2417088.9723131615,-1665249.4213743573,-860781.10186983668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":115317458.70004869},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":201130.40276702447},1181272.6802056327,3993442.1886810334,5458694.352188345,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":5833987.573994088},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":6250090.9653829206},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":6687597.3329597283},7155729.1462669084,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":7651162.3221928822},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":8193226.1288868235},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":8766751.9579089023},9380424.5949625205,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":10034106.592035312},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":10740565.013411479},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":11492404.564350285},12296872.883854808,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":255903183.88020051},{"$f":"F156","v":0},0,0,0,3617073.4260000009,4785164.5680000018,5096919.335616,5196567.2753880005,5504986.6354844645,5608660.3520232532,5937706.785319481,6047751.0344476691,6400946.2480035117,6515436.284796481,6891924.1717656888,7011039.6060450934,7457718.639565967,7627239.2336165234,8105415.4266421292,8281784.6526923282,8793273.9240592867,9058633.759957891,9693827.3551407363,9969907.7284096461,10652793.473485669,10940027.493834641,11378294.2533757,11382004.604585562,11837977.341212077,11841837.590610819,12316231.625797046,12320247.829271495,12813807.383479245,12817985.841574062]
[null,null,"OpEx","USD ",-180278885.4020927,{"$f":"-F160","v":0},0,0,0,-3476732.4330874765,-3328674.0356663559,-3655735.642558964,-3742044.4320999137,-7795071.6252115164,-3920950.0327670164,-4013650.2282275511,-4108586.4372537467,-4205813.6424709307,-8661534.5721984636,-4407367.8913854212,-4511811.9258686528,-4618781.0110097732,-4728337.373702853,-9626860.8094076086,-4955468.6869571563,-5073176.0595497657,-5193735.6366008408,-5317217.8618340418,-10702661.509634398,-5573240.9343295442,-5705931.7087198189,-5841845.0797206722,-5981060.8133168193,-11901954.036374716,-6269728.5340795983,-6419350.3109293468,-6572614.1368163051,-6729610.3567376882,-13239337.643575717]
[null,null,"Operational Cashflow","USD ",75624298.47810781,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-2146098.2874019826,2484556.2803802676,2499227.6801764406,2838937.6285561938,2898901.8599136705,-1521445.3827654794,3326315.9657351719,3720097.8645095211,3864898.1233570501,4376609.4933066946,-732753.78122475185,5079552.5391561249,5234095.785114822,5536449.1736550275,5400943.7912687426,-63976.695162639022,5572109.0565312207,5896881.3148676995,5747633.6924551902,6084197.0267415568,-421351.8020016551]
[null,null,"Revenue Tax","USD ",-5906463.1757020857,{"$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":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-248921.5742723085},{"$f":"'Global Financial Model'!W90","v":-386745.23884333071},{"$f":"'Global Financial Model'!X90","v":-58114.667287082317},{"$f":"'Global Financial Model'!Y90","v":-237213.64676945785},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-483243.71281675849},{"$f":"'Global Financial Model'!AB90","v":-537333.84890230244},{"$f":"'Global Financial Model'!AC90","v":-599676.47200910002},{"$f":"'Global Financial Model'!AD90","v":-552249.58817390027},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-612157.43101576762},{"$f":"'Global Financial Model'!AG90","v":-725827.72143353522},{"$f":"'Global Financial Model'!AH90","v":-673591.05358915695},{"$f":"'Global Financial Model'!AI90","v":-791388.22058938525},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-150784136.77795854,{"$f":"-F114","v":-5996168.072832671},-25898557.203287721,-65689557.198273629,{"$f":"-I114+I110","v":-25386644.63344875},0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-81166301.475552812,{"$f":"SUM(F210:F213)","v":-5996168.072832671},{"$f":"SUM(G210:G213)","v":-25898557.203287721},{"$f":"SUM(H210:H213)","v":-65689557.198273629},-25486644.63344875,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036138,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953305,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"Municipality: Funding (through debt )","USD ",115317458.70004869,{"$f":"-F116","v":5618409.4842442134},24266948.099480595,61551115.094782397,23880986.02154148,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",747815.19430994359,{"$f":"F124","v":37775.85885884583},163160.91038071265,413844.21034912387,133034.21472126129,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",7005653.2134841401,{"$f":"-F119","v":339982.72972961172},1468448.1934264125,3724597.8931421079,1472624.3971860085,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",41904625.632289954,{"$f":"SUM(F214:F218)","v":0},0,0,0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036138,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953305,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"Treasury: Funding","USD ",45998133.145295404,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,2424668.8331653313,0,0,0,0,6858134.7609033734,3387420.164511642,0,0,0,7586808.762426883,15044030.358857352,4297393.0067593902,0,0,0,2839973.3327440363,3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",87902758.777585372,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,134583.84343827935,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,2423361.4874997595,3003290.2545728055,2499227.6801764406,2838937.6285561938,2898901.8599136705,3099989.6081440095,9128020.2934734151,3333352.6256661904,3806783.4560699677,4139395.8465372366,-732753.78122475185,4596308.8263393668,4696761.9362125192,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"Interests","USD ",-519214.88189505995,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-52347.0636016961},{"$f":"K197","v":-50613.038781693504},-48464.652112081378,-46315.490088939092,-44015.886724176846,-41673.067106833798,-38925.261556427322,-36107.94833196362,-33093.423181787453,-29952.518387815599,-26418.642790676044,-22725.427493223895,-18773.687124950091,-14586.542262407314,-10021.853810605964,-5180.3785397818256,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-747815.19430994359,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-26814.893801897786},{"$f":"-K198","v":-28648.127478312446},-30702.314616318319,-32851.476639460605,-35151.080004222851,-37572.136677913135,-40247.331778052896,-43064.645002516598,-46079.17015269275,-49274.835434613022,-52760.218535030675,-56453.433832482813,-60405.174200756584,-64621.016004159392,-69163.932440344768,-74005.407711168926,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",86635728.701380357,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,61179.035508930487,1377229.3660736401,1362016.7263286363,1375355.8765596871,55416.876709879652,1608465.11547149,1844883.9637574498,1859992.003859442,2115960.0121981008,2344134.1336773313,2924111.3932470987,2420048.8188507338,2759758.7672304874,2819694.3016471034,3020803.8218930587,9048834.5072224643,3333352.6256661904,3806783.4560699677,4139395.8465372366,-732753.78122475185,4596308.8263393668,4696761.9362125192,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"Treasury: Deduction","USD ",-43048367.380087011,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-29977.727399375937,-674842.38937608362,-667388.19590103172,-673924.37951424671,-27154.26958784103,-788147.90658103011,-903993.14224115037,-911396.08189112658,-1036820.4059770694,-1148625.7255018924,-1432814.5826910783,-1185823.9212368596,-1352281.7959429389,-1381650.2078070806,-1480193.8727275988,-4433928.9085390074,-1633342.7865764333,-1865323.8934742841,-2028303.9648032458,0,-2252191.3249062896,-2301413.3487441344,-2419018.6238065045,-2375860.1595164724,0,-2430376.296502572,-2533816.2607827405,-2486280.8930443563,-2593476.315014564,0]
[null,null,"Cashflow available to Equity","USD ",43587361.321293354,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,31201.308109554549,702386.97669755644,694628.53042760456,701431.49704544037,28262.607122038622,820317.20889045985,940890.82151629939,948595.92196831538,1079139.6062210314,1195508.4081754389,1491296.8105560204,1234224.8976138742,1407476.9712875485,1438044.0938400228,1540609.94916546,4614905.5986834569,1700009.8390897571,1941459.5625956836,2111091.8817339907,-732753.78122475185,2344117.5014330773,2395348.5874683848,2517754.077839423,2472834.0435783695,-63976.695162639022,2529575.3290128815,2637237.3326514238,2587761.7458216771,2699332.4911376075,-421351.8020016551]
[null,null,"Distributions to Equity","USD ",-44805443.599682398,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-31201.308109554549,-702386.97669755644,-694628.53042760456,-701431.49704544037,-28262.607122038622,-820317.20889045985,-940890.82151629939,-948595.92196831538,-1079139.6062210314,-1195508.4081754389,-1491296.8105560204,-1234224.8976138742,-1407476.9712875485,-1438044.0938400228,-1540609.94916546,-4614905.5986834569,-1700009.8390897571,-1941459.5625956836,-2111091.8817339907,0,-2344117.5014330773,-2395348.5874683848,-2517754.077839423,-2472834.0435783695,0,-2529575.3290128815,-2637237.3326514238,-2587761.7458216771,-2699332.4911376075,0]
[null,null,"Treasury: Add back","USD ",-2949765.765208391,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":29977.727399375937},{"$f":"-K225-K220","v":674842.38937608362},667388.19590103172,673924.37951424671,-2397514.5635774904,788147.90658103011,903993.14224115037,911396.08189112658,1036820.4059770694,-5709509.0354014812,-1954605.5818205636,1185823.9212368596,1352281.7959429389,1381650.2078070806,-6106614.889699284,-10610101.450318344,-2664050.2201829571,1865323.8934742841,2028303.9648032458,0,-587782.00783774676,-1258290.5771832597,2419018.6238065045,2375860.1595164724,0,2430376.296502572,2533816.2607827405,2486280.8930443563,2593476.315014564,0]
[null,null,"Net Cashflow","USD ",38980519.336489573,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":59955.454798751874},{"$f":"K224+K227+K228-K213","v":1349684.7787521672},{"$f":"L224+L227+L228-L213","v":1334776.3918020634},{"$f":"M224+M227+M228-M213","v":1347848.7590284934},{"$f":"N224+N227+N228-N213","v":-2370360.2939896495},{"$f":"O224+O227+O228-O213","v":1576295.8131620602},{"$f":"P224+P227+P228-P213","v":1807986.2844823007},{"$f":"Q224+Q227+Q228-Q213","v":1822792.1637822532},{"$f":"R224+R227+R228-R213","v":2073640.8119541388},{"$f":"S224+S227+S228-S213","v":-4560883.309899589},{"$f":"T224+T227+T228-T213","v":-521790.99912948534},{"$f":"U224+U227+U228-U213","v":2371647.8424737193},{"$f":"V224+V227+V228-V213","v":2704563.5918858778},{"$f":"W224+W227+W228-W213","v":2763300.4156141612},{"$f":"X224+X227+X228-X213","v":-4626421.016971685},{"$f":"Y224+Y227+Y228-Y213","v":-6176172.5417793365},{"$f":"Z224+Z227+Z228-Z213","v":-1030707.4336065238},{"$f":"AA224+AA227+AA228-AA213","v":3730647.7869485682},{"$f":"AB224+AB227+AB228-AB213","v":4056607.9296064917},{"$f":"AC224+AC227+AC228-AC213","v":-732753.78122475185},{"$f":"AD224+AD227+AD228-AD213","v":1664409.3170685428},{"$f":"AE224+AE227+AE228-AE213","v":1043122.7715608748},{"$f":"AF224+AF227+AF228-AF213","v":4838037.2476130091},{"$f":"AG224+AG227+AG228-AG213","v":4751720.3190329447},{"$f":"AH224+AH227+AH228-AH213","v":-63976.695162639022},{"$f":"AI224+AI227+AI228-AI213","v":4860752.593005144},{"$f":"AJ224+AJ227+AJ228-AJ213","v":5067632.5215654811},{"$f":"AK224+AK227+AK228-AK213","v":4972561.7860887125},{"$f":"AL224+AL227+AL228-AL213","v":5186952.6300291279},{"$f":"AM224+AM227+AM228-AM213","v":-421351.8020016551}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":159955.45479875186},{"$f":"K232","v":1509640.2335509192},{"$f":"L232","v":2844416.6253529824},{"$f":"M232","v":4192265.3843814759},{"$f":"N232","v":1821905.0903918264},{"$f":"O232","v":3398200.9035538863},{"$f":"P232","v":5206187.1880361866},{"$f":"Q232","v":7028979.3518184396},{"$f":"R232","v":9102620.1637725793},{"$f":"S232","v":4541736.8538729902},{"$f":"T232","v":4019945.8547435049},{"$f":"U232","v":6391593.6972172242},{"$f":"V232","v":9096157.2891031019},{"$f":"W232","v":11859457.704717264},{"$f":"X232","v":7233036.6877455786},{"$f":"Y232","v":1056864.1459662421},{"$f":"Z232","v":26156.71235971828},{"$f":"AA232","v":3756804.4993082862},{"$f":"AB232","v":7813412.4289147779},{"$f":"AC232","v":7080658.6476900261},{"$f":"AD232","v":8745067.9647585694},{"$f":"AE232","v":9788190.7363194451},{"$f":"AF232","v":14626227.983932454},{"$f":"AG232","v":19377948.302965399},{"$f":"AH232","v":19313971.60780276},{"$f":"AI232","v":24174724.200807903},{"$f":"AJ232","v":29242356.722373385},{"$f":"AK232","v":34214918.508462101},{"$f":"AL232","v":39401871.138491228}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":159955.45479875186},{"$f":"K229+K231","v":1509640.2335509192},2844416.6253529824,4192265.3843814759,1821905.0903918264,3398200.9035538863,5206187.1880361866,7028979.3518184396,9102620.1637725793,4541736.8538729902,4019945.8547435049,6391593.6972172242,9096157.2891031019,11859457.704717264,7233036.6877455786,1056864.1459662421,26156.71235971828,3756804.4993082862,7813412.4289147779,7080658.6476900261,8745067.9647585694,9788190.7363194451,14626227.983932454,19377948.302965399,19313971.60780276,24174724.200807903,29242356.722373385,34214918.508462101,39401871.138491228,38980519.336489573]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-38980519.336489573},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-38980519.336489573}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":69894750.98042281},{"$f":"-F203","v":0},{"$f":"-G203","v":394403.1325883111},{"$f":"-H203","v":2077895.9026670468},6303784.8716874244,7695912.9399876557,7334529.58549714,6905425.2051548846,6467918.8375780806,5999787.0242708987,5514468.2695856402,4963304.6214787131,4389778.7924566343,3776106.1554030105,3128316.146510019,2417088.9723131615,1665249.4213743573,860781.10186983668,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":115317458.70004869},{"$f":"F204","v":0},{"$f":"G204","v":201130.40276702447},1181272.6802056327,3993442.1886810334,5458694.352188345,5833987.573994088,6250090.9653829206,6687597.3329597283,7155729.1462669084,7651162.3221928822,8193226.1288868235,8766751.9579089023,9380424.5949625205,10034106.592035312,10740565.013411479,11492404.564350285,12296872.883854808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":595533.53535533557},3259168.5828726795,10297227.060368458,13154607.292176001,13168517.159491228,13155516.170537805,13155516.170537809,13155516.170537807,13165630.591778522,13156530.750365537,13156530.750365537,13156530.750365531,13162422.738545332,13157653.985724641,13157653.985724643,13157653.985724645,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-81166301.475552812},{"$f":"F214","v":-5996168.072832671},-25898557.203287721,-65689557.198273629,-25486644.63344875,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036138,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953305,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5996168.072832671},{"$f":"SUM(G249:G250)","v":-25898557.203287721},-65689557.198273629,-25486644.63344875,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,-2290084.9897270519,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,-4434773.2734036138,-384129.90993883647,2499227.6801764406,2838937.6285561938,2898901.8599136705,-4486819.1542828735,-5916010.0653839363,-964040.38109319983,3806783.4560699677,4139395.8465372366,-732753.78122475185,1756335.4935953305,1137058.0102851251,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-83168715.773332417}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-4.3543920998364016E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-7.059486383326829E-9},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-7005653.2134841401},{"$f":"-F218","v":-339982.72972961172},-1468448.1934264125,-3724597.8931421079,-1472624.3971860085,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":44805443.599682398},{"$f":"-F227","v":0},0,0,0,31201.308109554549,702386.97669755644,694628.53042760456,701431.49704544037,28262.607122038622,820317.20889045985,940890.82151629939,948595.92196831538,1079139.6062210314,1195508.4081754389,1491296.8105560204,1234224.8976138742,1407476.9712875485,1438044.0938400228,1540609.94916546,4614905.5986834569,1700009.8390897571,1941459.5625956836,2111091.8817339907,0,2344117.5014330773,2395348.5874683848,2517754.077839423,2472834.0435783695,0,2529575.3290128815,2637237.3326514238,2587761.7458216771,2699332.4911376075,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":38980519.336489573},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,38980519.336489573]
[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,{"$f":"SUM(F264:F267)","v":-339982.72972961172},{"$f":"SUM(G264:G267)","v":-1468448.1934264125},-3724597.8931421079,-1472624.3971860085,31201.308109554549,702386.97669755644,694628.53042760456,701431.49704544037,28262.607122038622,820317.20889045985,940890.82151629939,948595.92196831538,1079139.6062210314,1195508.4081754389,1491296.8105560204,1234224.8976138742,1407476.9712875485,1438044.0938400228,1540609.94916546,4614905.5986834569,1700009.8390897571,1941459.5625956836,2111091.8817339907,0,2344117.5014330773,2395348.5874683848,2517754.077839423,2472834.0435783695,0,2529575.3290128815,2637237.3326514238,2587761.7458216771,2699332.4911376075,38980519.336489573]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":38279.537242231381}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.1305756989128648}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-9.2672953916300665E-9},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$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":45405050.878176697},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":140340.99291252438},1456490.532333646,1441183.693057036,1454522.8432880868,134583.84343827935,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,2423361.4874997595,3003290.2545728055,2499227.6801764406,2838937.6285561938,2898901.8599136705,3099989.6081440095,9128020.2934734151,3333352.6256661904,3806783.4560699677,4139395.8465372366,-732753.78122475185,4596308.8263393668,4696761.9362125192,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":38264914.796440534},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,134583.84343827935,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,2423361.4874997595,3003290.2545728055,2499227.6801764406,2838937.6285561938,2898901.8599136705,3099989.6081440095,9128020.2934734151,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,18717071.808070324,19886925.841722723,19822520.118309669,19768912.833534308,19698213.888593625,20942505.017356902,20720770.04931565,20247167.395675819,19725304.516179204,18910943.22677917,17811347.765153956,16054851.854141926,14679463.803755421,12868088.641462108,10869952.986450786,8530860.0873583313,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":4028377.101029295},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,747815.19430994359,721000.30050804582,692352.17302973336,661649.85841341503,628798.38177395437,593647.30176973157,556075.16509181843,515827.83331376553,472763.1883112489,426684.01815855614,377409.18272394314,324648.96418891248,268195.53035642963,207790.35615567304,143169.34015151364,74005.407711168868,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":25.029007100265929},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":25.029007100265929},27.582409920924576,28.630689539929243,29.878209119455757,31.326756651347271,35.277689218707579,37.262534545836559,39.25179311400197,41.723435757846758,44.320720772231617,47.193731844574934,49.452958811227397,54.734185108329491,61.928228429530925,75.923748582952911,115.27346921258643,0,0,0,{"$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},10000000,10000000,25.029007100265929,27.582409920924576,28.630689539929243,29.878209119455757,31.326756651347271,35.277689218707579,37.262534545836559,39.25179311400197,41.723435757846758,44.320720772231617,47.193731844574934,49.452958811227397,54.734185108329491,61.928228429530925,75.923748582952911,115.27346921258643,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":87902758.777585372},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,140340.99291252438,1456490.532333646,1441183.693057036,1454522.8432880868,134583.84343827935,1687710.3192562368,1924056.5570919299,1939164.5971939224,2195132.605532581,2423361.4874997595,3003290.2545728055,2499227.6801764406,2838937.6285561938,2898901.8599136705,3099989.6081440095,9128020.2934734151,3333352.6256661904,3806783.4560699677,4139395.8465372366,{"$f":"AC289","v":-732753.78122475185},4596308.8263393668,4696761.9362125192,4936772.7016459275,4848694.2030948419,-63976.695162639022,4959951.6255154535,5171053.5934341643,5074042.6388660334,5292808.8061521715,-421351.8020016551]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":519214.88189505995},{"$f":"-F222","v":0},0,0,0,52347.0636016961,50613.038781693504,48464.652112081378,46315.490088939092,44015.886724176846,41673.067106833798,38925.261556427322,36107.94833196362,33093.423181787453,29952.518387815599,26418.642790676044,22725.427493223895,18773.687124950091,14586.542262407314,10021.853810605964,5180.3785397818256,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":747815.19430994359},{"$f":"-F223","v":0},0,0,0,26814.893801897786,28648.127478312446,30702.314616318319,32851.476639460605,35151.080004222851,37572.136677913135,40247.331778052896,43064.645002516598,46079.17015269275,49274.835434613022,52760.218535030675,56453.433832482813,60405.174200756584,64621.016004159392,69163.932440344768,74005.407711168926,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,79161.957403593886,79261.16626000595,79166.966728399697,79166.966728399697,79166.966728399697,79245.203784746933,79172.593334480218,79172.593334480218,79172.593334480203,79227.353822428617,79178.861325706719,79178.861325706705,79178.861325706675,79207.558266566703,79185.786250950739,79185.786250950754,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.7728337893038635,18.375840289251084,18.204356597384169,18.372850487983943,1.6999999999999984,21.297318180170876,24.302052971327768,24.492877086917431,27.725915156761523,30.587434397104978,37.930455228682831,31.564329649749912,35.854741796273949,36.59880348990999,39.14830874217391,115.27346921258635,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":30.200099192223913}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999999984},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.7728337893038635,18.375840289251084,18.204356597384169,18.372850487983943,1.6999999999999984,21.297318180170876,24.302052971327768,24.492877086917431,27.725915156761523,30.587434397104978,37.930455228682831,31.564329649749912,35.854741796273949,36.59880348990999,39.14830874217391,115.27346921258635,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$109)","v":122903696.91013558},{"$f":"C6/C$21","v":0.28920405651615561},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":747815.19430994359},{"$f":"F6/F$21","v":1.7596800841311183E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":59752.045764088281},{"$f":"C7/C$21","v":1.4060223129617037E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":7005653.2134841401},{"$f":"F7/F$21","v":1.6484966512980214E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":7478.1519430994358},{"$f":"C8/C$21","v":1.7596800841311179E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":115317458.70004869},{"$f":"F8/F$21","v":0.27135291843640225}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":180278885.4020927},{"$f":"C13/C$21","v":0.42421331720084904},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":27813209.67011575},6.5447120498036845E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":5906463.1757020857},1.3898468093480668E-2,"Aportacion municipal",{"$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$222)","v":519214.88189505995},1.2217618657752898E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":45998133.145295404},{"$f":"F16/F$21","v":0.10823797031521686}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":747815.19430994359},1.7596800841311181E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":255903183.88020051},{"$f":"F17/F$21","v":0.60216446465126949}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":41930285.101697966},9.8665938024277117E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":44805443.599682398},0.10543145868515662]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":424972244.13333875},{"$f":"SUM(D6:D19)","v":0.99999999999999978},"Total",{"$f":"SUM(F6:F19)","v":424972244.13333869},{"$f":"SUM(G6:G19)","v":1}]
[]
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[]
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[]
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[]
[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"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
[]
[]
[]
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[]
[]
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[]
[]
[]
[]
[]
[]
[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,{"$f":"C4+D4+E4+F4","v":185212209.68047148},{"$f":"'Project Finance Model'!E241","v":69894750.98042281},{"$f":"'Project Finance Model'!E242","v":115317458.70004869},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]