{"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"}

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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 ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.19892985465190019,"de los activos"]
[null,"Duracion de vida de 50 años",0.28678519589313783,"de los activos"]
[null,"Duracion de vida de 40 años",0.4538304930939599,"de los activos"]
[null,"Duracion de vida de 15 años",9.4289139459596605E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.4214853963729482E-2,"de los activos"]
[null,"Duracion de vida de 5 años",5.8727698758471707E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"0,75$"]
[null,"TRI 30 años",{"$f":"AJ104","v":3.8903078244028055E-3}]
[null,"VAN 30 años",{"$f":"AJ116","v":-76524086.356886402}]
[]
[]
[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",{"$f":"H112","v":1.7720413614543638},{"$f":"M112","v":1.8111273886143144},{"$f":"R112","v":1.9050106386747647},{"$f":"W112","v":2.1192721069257066},{"$f":"AB112","v":2.3431371657838516},{"$f":"AG112","v":2.344867874732568},{"$f":"AL112","v":2.2560690431934289}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.77204136145436375},{"$f":"M113","v":0.81112738861431444},{"$f":"R113","v":0.90501063867476472},{"$f":"W113","v":1.1192721069257066},{"$f":"AB113","v":1.3431371657838516},{"$f":"AG113","v":1.344867874732568},{"$f":"AL113","v":1.2560690431934289}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,7096005,9461340,9634254,9807168,9980082,10152996,10325910,10519446,10712982,10906518,11100054,11293590,11548950,11804310,12059670,12315030,12570390,12949608,13328826,13708044.000000002,14087262.000000002,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480,14466480]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4332111.0524999993,5776148.0700000003,6149329.9660484996,6259697.1249119993,6627414.8808400286,6742240.8729216158,7134092.3663493311,7267804.9108334277,7700538.7605123501,7839653.2917936062,8301110.0431270851,8445844.8014721032,8985741.5709696971,9184426.2104878165,9762188.5283461809,9968900.0273008384,10586706.231916212,10906081.331961224,11678964.87185929,12011242.725946121,12842198.811466277,13187900.690858215,13720691.878768889,13720691.878768889,14275007.830671148,14275007.830671148,14851718.147030264,14851718.147030264,15451727.560170284,15451727.560170284,16075977.353601165,16075977.353601165,16725446.838686651,16725446.838686651,17401154.890969593,17401154.890969593,18104161.548564766,18104161.548564766,18835569.675126784,18835569.675126784]
[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,{"$f":"G53","v":4332111.0524999993},5776148.0700000003,6149329.9660484996,6259697.1249119993,6627414.8808400286,6742240.8729216158,7134092.3663493311,7267804.9108334277,7700538.7605123501,7839653.2917936062,8301110.0431270851,8445844.8014721032,8985741.5709696971,9184426.2104878165,9762188.5283461809,9968900.0273008384,10586706.231916212,10906081.331961224,11678964.87185929,12011242.725946121,12842198.811466277,13187900.690858215,13720691.878768889,13720691.878768889,14275007.830671148,14275007.830671148,14851718.147030264,14851718.147030264,15451727.560170284,15451727.560170284,16075977.353601165,16075977.353601165,16725446.838686651,16725446.838686651,17401154.890969593,17401154.890969593,18104161.548564766,18104161.548564766,18835569.675126784,18835569.675126784]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4452111.0524999993},{"$f":"H79+H80","v":5898548.0700000003},6274177.9660484996,6387042.0849119993,6757306.7400400285,6874730.5693056155,7269231.8566610115,7405647.1909513408,7841137.886232622,7983064.4000282837,8447389.3735264558,8595049.718479462,9137930.5863172021,9339659.0061422717,9920525.9799137264,10130404.227899734,10751440.516527085,11074110.302264314,11850354.421568442,12186060.066649457,13020512.498983679,13369780.652125966,13906209.439261995,13909919.790471857,14468020.300608175,14471880.550006917,15052528.320752747,15056544.524227196,15660650.464911155,15664828.923005972,16293340.743693568,16297688.011495415,16951591.709738787,16956114.607159831,17636436.014812235,17641141.637289088,18348948.029810648,18353843.759435568,19090245.530215003,19095339.047316767]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":975378.61941252276},{"$f":"H81+H76","v":2569874.0343336444},2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3297060.7536975942,3635324.2437616913,-678470.1721701799,4040021.4821410347,4083237.7926108092,4519149.5753074288,4611321.6324394187,293665.17050611787,5174935.5409425776,5678264.456977319,5880374.6656634733,6533136.5597344004,1483398.5570150595,7447271.5646541351,7663848.943406147,8064364.359541323,7928858.9771550382,2566066.2642334588,8202152.0159273185,8633178.0098234005,8483930.3874108903,8931040.1081734672,2425491.2794302553,9238167.9195516184,9073756.6071504913,9554784.5439408906,9382212.1455280408,2905244.2068001721,9699967.5519730747,10217379.692405734,10027225.648558237,10563806.137704229,2699438.8528722245]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":975378.61941252276},{"$f":"H83","v":2569874.0343336444},2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3297060.7536975942,3635324.2437616913,-678470.1721701799,4040021.4821410347,4083237.7926108092,4519149.5753074288,4611321.6324394187,293665.17050611787,5174935.5409425776,5678264.456977319,5880374.6656634733,6533136.5597344004,1483398.5570150595,7447271.5646541351,7663848.943406147,8064364.359541323,7928858.9771550382,2566066.2642334588,8202152.0159273185,8633178.0098234005,8483930.3874108903,8931040.1081734672,2425491.2794302553,9238167.9195516184,9073756.6071504913,9554784.5439408906,9382212.1455280408,2905244.2068001721,9699967.5519730747,10217379.692405734,10027225.648558237,10563806.137704229,2699438.8528722245]
[null,"2. Renta concessional",0,0,0,0,{"$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":-2461432.5485474407},-866937.133626319,-818368.84447042784,-791813.51514787786,-4474576.0531314518,-338673.60565254511,-36872.513757683802,4606.61150644999,342870.10157054709,-3970924.3143613241,1168080.5440881662,695560.73692586739,1131472.519622487,1223644.5767544769,-3094011.885178824,2559824.0731282872,3063152.9891630285,2181518.4488409441,2834280.3429118712,-2215457.6598074697,3748415.3478316059,3964992.7265836177,4241276.5344837243,4105771.1520974394,-1257021.56082414,4379064.1908697197,4810090.1847658018,4660842.5623532915,5107952.2831158685,-1397596.5456273435,5415080.0944940196,5250668.7820928926,6815441.4678915301,7282836.7953458242,-1345651.9953287924,5449071.3498441102,5966483.4902767697,5776329.4464292722,6312909.9355752645,-1551457.34925674]
[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$24*H89,0)","v":0},0,0,0,0,0,-1612.3140272574965,-120004.53554969147,0,-408828.19043085817,-243446.25792405356,-396015.38186787046,-428275.60186406691,0,-895938.4255949005,-1072103.5462070599,-763531.45709433034,-991998.12001915486,0,-1311945.371741062,-1387747.454304266,-1484446.7870693034,-1437019.9032341037,0,-1532672.4668044017,-1683531.5646680305,-1631294.8968236519,-1787783.2990905538,0,-1895278.0330729068,-1837734.0737325123,-2385404.5137620354,-2548992.8783710385,0,-1907174.9724454384,-2088269.2215968692,-2021715.3062502451,-2209518.4774513426,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-2461432.5485474407},{"$f":"H89+H90","v":-866937.133626319},-818368.84447042784,-791813.51514787786,-4474576.0531314518,-338673.60565254511,-36872.513757683802,2994.2974791924935,222865.56602085562,-3970924.3143613241,759252.35365730803,452114.4790018138,735457.13775461656,795368.97489040997,-3094011.885178824,1663885.6475333867,1991049.4429559687,1417986.9917466138,1842282.2228927163,-2215457.6598074697,2436469.9760905439,2577245.2722793519,2756829.7474144208,2668751.2488633357,-1257021.56082414,2846391.7240653178,3126558.6200977713,3029547.6655296395,3320168.9840253145,-1397596.5456273435,3519802.0614211131,3412934.7083603805,4430036.9541294947,4733843.9169747857,-1345651.9953287924,3541896.3773986716,3878214.2686799006,3754614.1401790269,4103391.4581239219,-1551457.34925674]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$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":975378.61941252276},{"$f":"H91+H92","v":2569874.0343336444},2618442.3234895356,2644997.6528120856,-1037764.8851714884,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-678470.1721701799,3631193.2917101765,3839791.5346867554,4123134.1934395581,4183046.0305753518,293665.17050611787,4278997.1153476769,4606160.9107702589,5116843.208569143,5541138.4397152457,1483398.5570150595,6135326.1929130731,6276101.4891018812,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553,7342889.8864787119,7236022.5334179793,7169380.0301788552,6833219.2671570033,2905244.2068001721,7792792.5795276361,8129110.4708088655,8005510.3423079913,8354287.6602528859,2699438.8528722245]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5988689.9208895713,-25895905.399941608,-65675491.624426857,-25343609.964877542]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0,0,-7622851.6275286498,-16629380.257116158,-5869060.0426096544,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$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,-25343609.964877542,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714884,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867554,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,49919919.371430621]
[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,{"$f":"IRR(C103:AJ103)","v":3.8903078244028055E-3}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5988689.9208895713},{"$f":"D93+D99","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714884,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867554,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,{"$f":"AJ93+AJ97","v":2425491.2794302553},7342889.8864787119,-386829.0941106705,-9460000.2269373015,964159.22454734892,2905244.2068001721,7792792.5795276361,8129110.4708088655,8005510.3423079913,8354287.6602528859,46627929.286899969]
[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,{"$f":"IRR(C106:AT106)","v":1.0755815909190281E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3297060.7536975942,3635324.2437616913,-678470.1721701799,4040021.4821410347,4083237.7926108092,4519149.5753074288,4611321.6324394187,293665.17050611787,5174935.5409425776,5678264.456977319,5880374.6656634733,6533136.5597344004,1483398.5570150595,7447271.5646541351,7663848.943406147,8064364.359541323,7928858.9771550382,2566066.2642334588,8202152.0159273185,8633178.0098234005,8483930.3874108903,8931040.1081734672,2425491.2794302553,9238167.9195516184,9073756.6071504913,9554784.5439408906,9382212.1455280408,2905244.2068001721,9699967.5519730747,10217379.692405734,10027225.648558237,10563806.137704229,2699438.8528722245]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-2461432.5485474407,-866937.133626319,-818368.84447042784,-791813.51514787786,-4474576.0531314518,-338673.60565254511,-36872.513757683802,4606.61150644999,342870.10157054709,-3970924.3143613241,1168080.5440881662,695560.73692586739,1131472.519622487,1223644.5767544769,-3094011.885178824,2559824.0731282872,3063152.9891630285,2181518.4488409441,2834280.3429118712,-2215457.6598074697,3748415.3478316059,3964992.7265836177,4241276.5344837243,4105771.1520974394,-1257021.56082414,4379064.1908697197,4810090.1847658018,4660842.5623532915,5107952.2831158685,-1397596.5456273435,5415080.0944940196,5250668.7820928926,6815441.4678915301,7282836.7953458242,-1345651.9953287924,5449071.3498441102,5966483.4902767697,5776329.4464292722,6312909.9355752645,-1551457.34925674]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.2805446315425395},{"$f":"ABS(H81)/ABS(H76)","v":1.7720413614543638},1.7162559275365608,1.7068322412536931,0.86686910203428325,1.7533328687828533,1.8111273886143144,1.8024805621228233,1.8643569479759272,0.92166859503766074,1.9166517480960923,1.9050106386747647,1.9784290626758763,1.9752522436503306,1.030504769552619,2.0442878096602768,2.1192721069257066,2.1322052328239063,2.2286757340954537,1.1386009036798672,2.3362550897057233,2.3431371657838516,2.3804481716805337,2.325660986342331,1.2156004179138193,2.3082148567268712,2.344867874732568,2.290800009069208,2.3271258861565003,1.1832033704954421,2.3094176641484561,2.2560690431934289,2.2917444418615189,2.2387553435044705,1.1972171868144474,2.2214777623260065,2.256507879962856,2.2042374845388126,2.2389469568015676,1.1646410883732312]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.2805446315425395},{"$f":"H112-1","v":0.77204136145436375},0.71625592753656075,0.70683224125369315,-0.13313089796571675,0.75333286878285333,0.81112738861431444,0.80248056212282326,0.86435694797592721,-7.8331404962339257E-2,0.91665174809609229,0.90501063867476472,0.97842906267587626,0.97525224365033059,3.0504769552619049E-2,1.0442878096602768,1.1192721069257066,1.1322052328239063,1.2286757340954537,0.13860090367986722,1.3362550897057233,1.3431371657838516,1.3804481716805337,1.325660986342331,0.21560041791381934,1.3082148567268712,1.344867874732568,1.290800009069208,1.3271258861565003,0.18320337049544211,1.3094176641484561,1.2560690431934289,1.2917444418615189,1.2387553435044705,0.19721718681444744,1.2214777623260065,1.256507879962856,1.2042374845388126,1.2389469568015676,0.16464108837323121]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5988689.9208895713},{"$f":"D103","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714884,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867554,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,49919919.371430621]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-76524086.356886402}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5988689.9208895713},{"$f":"D106","v":-25895905.399941608},-65675491.624426857,-25343609.964877542,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714884,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867554,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553,7342889.8864787119,-386829.0941106705,-9460000.2269373015,964159.22454734892,2905244.2068001721,7792792.5795276361,8129110.4708088655,8005510.3423079913,8354287.6602528859,46627929.286899969]
[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,{"$f":"NPV(C26,C118:AT118)","v":-76821378.1205163}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9386103.7811146807},{"$f":"D123-D103","v":-6575847.523137819},2882448.002556324,-5840557.9006575085,3486248.468201316,4516013.2881555622,4888234.318748842,5221936.0307443161,5176261.8331942428,5667944.4734725561,5761298.4108866043,6112662.6733349198,6295971.3299038485,5995905.5304228636,5996969.2303019455,7255961.0423914455,7543693.7342029586,8073154.7538983058,7817191.517080985,9550181.3871949166,9655028.142603837,9848663.2043177933,10277976.22104938,9778815.3191568032,10974003.863224452,11001172.227296628,12322359.489132335,12767938.181043833,11082204.894526349,13325198.819629392,13422668.387833059,13904266.674834523,14005306.220977154,-34938195.234500282]

{"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",{"$f":"E313","v":1.7000000000000004}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":19.273527968976815}]
[]
[null,null,"NPV project",{"$f":"E255","v":-77416244.905954883}]
[null,null,"IRR Project",{"$f":"E257","v":-1.6007823568430779E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":105093.35946492034}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.13094949010324974}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":118700824.49364182},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.31,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":1436279.9763730662}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":104338024.72991116}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":14362.799763730662}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1043380.2472991117}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.121,null,"Initial Municipal debt",{"$f":"1-E58","v":0.879}]
[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 ",114794.49634575106,{"$f":"F151","v":0},{"$f":"G151","v":5098.993930145507},{"$f":"H151","v":27022.736376002747},82672.766039602808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",14362.799763730662,{"$f":"F138","v":14362.799763730662},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",150946063.8763608,{"$f":"SUM(F109:F113)","v":6003052.720653302},{"$f":"SUM(G109:G113)","v":25901004.393871754},{"$f":"SUM(H109:H113)","v":65702514.360802859},25526282.730917145,0,0,0,0,0,0,0,0,0,2288674.9860016312,2868686.1903191041,0,0,0,2965373.7715173936,8993404.4568467997,4297393.0067593902,0,0,0,2839973.3327440363,3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-27813209.67011575,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-108233778.84728941,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-5276683.3414542526},-22766982.862213273,-57752510.123145714,-22437602.52047617,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1436279.9763730662,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-72636.937919904944},-313402.15316584823,-795000.42376571463,-255240.46152159851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",13462795.382582586,{"$f":"SUM(F114:F117)","v":653732.44127914449},2820619.3784926338,7155003.8138914304,2833439.7489193762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-13462795.382582586,{"$f":"-F118","v":-653732.44127914449},{"$f":"-G118","v":-2820619.3784926338},-7155003.8138914304,-2833439.7489193762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":72636.937919904944},{"$f":"G127","v":386039.09108575317},1181039.5148514677,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1436279.9763730662},{"$f":"-F117","v":72636.937919904944},313402.15316584823,795000.42376571463,255240.46152159851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-1436279.9763730662},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1436279.9763730662,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":72636.937919904944},{"$f":"SUM(G123:G126)","v":386039.09108575317},1181039.5148514677,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":5276683.3414542526},27854769.070285387,84498809.112145901,{"$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 ",{"$f":"SUM(F130:AM130)","v":108233778.84728941},{"$f":"-F116","v":5276683.3414542526},{"$f":"-G116","v":22766982.862213273},57752510.123145714,22437602.52047617,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5044461.7181952745},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-188897.13338213688},-1108470.0812852122,-3747094.5035279253,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-103189317.12909414,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-103189317.12909414,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":5276683.3414542526},{"$f":"SUM(G129:G132)","v":27854769.070285387},84498809.112145901,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":1436279.9763730662},{"$f":"MAX(0,$E135-F123)*F78","v":1436279.9763730662},1363643.0384531613,1050240.885287313,255240.46152159851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":104338024.72991116},{"$f":"MAX(0,$E136-F129)*F78","v":104338024.72991116},99061341.388456911,76483255.659625769,19839215.617765263,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":14362.799763730662},{"$f":"$E138*IF(F90=1,1,0)","v":14362.799763730662},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1043380.2472991117},{"$f":"$E139*IF(F90=1,1,0)","v":1043380.2472991117},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":114794.49634575106},{"$f":"F144*F123","v":0},5098.993930145507,27022.736376002747,82672.766039602808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":8235164.9905055612},{"$f":"F149*F129","v":0},370414.51773536374,1949833.8349199789,5914916.6378502185,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":313156797.48032326},{"$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":4452111.0524999993},{"$f":"'Global Financial Model'!H81","v":5898548.0700000003},{"$f":"'Global Financial Model'!I81","v":6274177.9660484996},{"$f":"'Global Financial Model'!J81","v":6387042.0849119993},{"$f":"'Global Financial Model'!K81","v":6757306.7400400285},{"$f":"'Global Financial Model'!L81","v":6874730.5693056155},{"$f":"'Global Financial Model'!M81","v":7269231.8566610115},{"$f":"'Global Financial Model'!N81","v":7405647.1909513408},{"$f":"'Global Financial Model'!O81","v":7841137.886232622},{"$f":"'Global Financial Model'!P81","v":7983064.4000282837},{"$f":"'Global Financial Model'!Q81","v":8447389.3735264558},{"$f":"'Global Financial Model'!R81","v":8595049.718479462},{"$f":"'Global Financial Model'!S81","v":9137930.5863172021},{"$f":"'Global Financial Model'!T81","v":9339659.0061422717},{"$f":"'Global Financial Model'!U81","v":9920525.9799137264},{"$f":"'Global Financial Model'!V81","v":10130404.227899734},{"$f":"'Global Financial Model'!W81","v":10751440.516527085},{"$f":"'Global Financial Model'!X81","v":11074110.302264314},{"$f":"'Global Financial Model'!Y81","v":11850354.421568442},{"$f":"'Global Financial Model'!Z81","v":12186060.066649457},{"$f":"'Global Financial Model'!AA81","v":13020512.498983679},{"$f":"'Global Financial Model'!AB81","v":13369780.652125966},{"$f":"'Global Financial Model'!AC81","v":13906209.439261995},{"$f":"'Global Financial Model'!AD81","v":13909919.790471857},{"$f":"'Global Financial Model'!AE81","v":14468020.300608175},{"$f":"'Global Financial Model'!AF81","v":14471880.550006917},{"$f":"'Global Financial Model'!AG81","v":15052528.320752747},{"$f":"'Global Financial Model'!AH81","v":15056544.524227196},{"$f":"'Global Financial Model'!AI81","v":15660650.464911155},{"$f":"'Global Financial Model'!AJ81","v":15664828.923005972}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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},0,0,1436279.9763730662,1384778.3549440245,1329755.7608983768,1270787.8233019558,1207692.1300737855,1140179.7383196433,1068017.3805731751,990716.94969786727,908005.4886612877,819504.22535214759,724865.25570789084,623532.13756918116,515105.70116076176,399089.41420375305,274976.03425925644,142137.3703658958,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1436279.9763730662},{"$f":"-F126","v":0},0,0,1436279.9763730662,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1436279.9763730662},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-51501.62142904177,-55022.594045647711,-58967.937596420918,-63095.693228170363,-67512.391754142314,-72162.357746468071,-77300.430875307939,-82711.461036579523,-88501.263309140064,-94638.96964425678,-101333.11813870972,-108426.43640841937,-116016.28695700871,-124113.37994449664,-132838.66389336064,-142137.37036589588,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1436279.9763730662,1384778.3549440245,1329755.7608983768,1270787.8233019558,1207692.1300737855,1140179.7383196433,1068017.3805731751,990716.94969786727,908005.4886612877,819504.22535214759,724865.25570789084,623532.13756918116,515105.70116076176,399089.41420375305,274976.03425925644,142137.3703658958,0,0,0,{"$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},0,0,103189317.12909414,98065880.015033394,92590199.104709506,86723970.671263456,80447106.24747619,73730861.314023808,66549611.279111862,58859589.430608369,50631266.052709624,41826960.038357973,32409119.286848262,22328208.749398179,11541634.474326592,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":103189317.12909414},{"$f":"-F132","v":0},0,0,103189317.12909414,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-103189317.12909414},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5123437.1140607465,-5475680.9103238834,-5866228.4334460469,-6276864.4237872725,-6716244.9334523818,-7181250.0349119492,-7690021.8485034956,-8228323.3778987415,-8804306.0143516511,-9417840.751509713,-10080910.537450081,-10786574.275071587,-11541634.474326601,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,103189317.12909414,98065880.015033394,92590199.104709506,86723970.671263456,80447106.24747619,73730861.314023808,66549611.279111862,58859589.430608369,50631266.052709624,41826960.038357973,32409119.286848262,22328208.749398179,11541634.474326592,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":997222.23348098819},{"$f":"F176*F163","v":0},0,0,0,100539.59834611473,97209.169723570056,93082.903262886466,88955.147631136992,84538.449105165069,80038.747935347463,74761.216640122322,69350.186478850766,63560.384206290197,57527.852776598222,50740.567899552407,43647.249629842721,36057.399081253352,28015.422440496593,19248.322398147968,9949.6159256127139,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":57364935.100397363},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,7223252.1990365963,6884063.9662207728,6481313.9373296713,6070677.9469884476,5631297.4373233384,5175785.5585702471,4658472.7895378349,4120171.2601425895,3544188.6236896766,2936184.0058180839,2268638.3500793804,1562974.612457874,807914.41320286214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},72636.937919904944,386039.09108575317,1181039.5148514677,1436279.9763730662,1384778.3549440245,1329755.7608983768,1270787.8233019558,1207692.1300737855,1140179.7383196433,1068017.3805731751,990716.94969786727,908005.4886612877,819504.22535214759,724865.25570789084,623532.13756918116,515105.70116076176,399089.41420375305,274976.03425925644,142137.3703658958,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":2433502.2098540547},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,152041.2197751565,152231.76376921777,152050.84085930738,152050.84085930735,152050.84085930738,152201.10568181553,152061.64751543026,152061.64751543029,152061.64751543026,152166.82242085499,152073.68603826212,152073.68603826209,152073.68603826207,152128.80238499324,152086.9862915086,152086.9862915086,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-997222.23348098819},{"$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,-100539.59834611473,-97209.169723570056,-93082.903262886466,-88955.147631136992,-84538.449105165069,-80038.747935347463,-74761.216640122322,-69350.186478850766,-63560.384206290197,-57527.852776598222,-50740.567899552407,-43647.249629842721,-36057.399081253352,-28015.422440496593,-19248.322398147968,-9949.6159256127139,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":1436279.9763730662},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,51501.62142904177,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":55022.594045647711},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":58967.937596420918},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":63095.693228170363},67512.391754142314,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":72162.357746468071},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":77300.430875307939},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":82711.461036579523},88501.263309140064,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":94638.96964425678},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":101333.11813870972},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":108426.43640841937},116016.28695700871,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":124113.37994449664},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":132838.66389336064},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":142137.37036589588},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,{"$f":"IF(F78=1,F129,F168)","v":0},5276683.3414542526,27854769.070285387,84498809.112145901,103189317.12909414,98065880.015033394,92590199.104709506,86723970.671263456,80447106.24747619,73730861.314023808,66549611.279111862,58859589.430608369,50631266.052709624,41826960.038357973,32409119.286848262,22328208.749398179,11541634.474326592,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":173833878.93819237},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":559311.65111750062},3058303.9162051911,9662011.1413781438,12346689.313097343,12359744.876544656,12347542.370775718,12347542.37077572,12347542.37077572,12357035.593482196,12348494.638041331,12348494.638041331,12348494.638041327,12354024.757327797,12349548.887529461,12349548.887529461,12349548.887529463,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-65600100.090902925},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-370414.51773536374},-1949833.8349199789,-5914916.6378502185,-7223252.1990365963,-6884063.9662207728,-6481313.9373296713,-6070677.9469884476,-5631297.4373233384,-5175785.5585702471,-4658472.7895378349,-4120171.2601425895,-3544188.6236896766,-2936184.0058180839,-2268638.3500793804,-1562974.612457874,-807914.41320286214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":108233778.84728941},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":188897.13338213688},1108470.0812852122,3747094.5035279253,5123437.1140607465,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":5475680.9103238834},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":5866228.4334460469},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":6276864.4237872725},6716244.9334523818,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":7181250.0349119492},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":7690021.8485034956},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":8228323.3778987415},8804306.0143516511,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":9417840.751509713},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":10080910.537450081},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":10786574.275071587},11541634.474326601,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":313156797.48032326},{"$f":"F156","v":0},0,0,0,4452111.0524999993,5898548.0700000003,6274177.9660484996,6387042.0849119993,6757306.7400400285,6874730.5693056155,7269231.8566610115,7405647.1909513408,7841137.886232622,7983064.4000282837,8447389.3735264558,8595049.718479462,9137930.5863172021,9339659.0061422717,9920525.9799137264,10130404.227899734,10751440.516527085,11074110.302264314,11850354.421568442,12186060.066649457,13020512.498983679,13369780.652125966,13906209.439261995,13909919.790471857,14468020.300608175,14471880.550006917,15052528.320752747,15056544.524227196,15660650.464911155,15664828.923005972]
[null,null,"OpEx","USD ",-180278885.4020927,{"$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 ",132877912.07823054,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3297060.7536975942,3635324.2437616913,-678470.1721701799,4040021.4821410347,4083237.7926108092,4519149.5753074288,4611321.6324394187,293665.17050611787,5174935.5409425776,5678264.456977319,5880374.6656634733,6533136.5597344004,1483398.5570150595,7447271.5646541351,7663848.943406147,8064364.359541323,7928858.9771550382,2566066.2642334588,8202152.0159273185,8633178.0098234005,8483930.3874108903,8931040.1081734672,2425491.2794302553]
[null,null,"Revenue Tax","USD ",-17578195.574314617,{"$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},{"$f":"'Global Financial Model'!N90","v":-1612.3140272574965},{"$f":"'Global Financial Model'!O90","v":-120004.53554969147},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-408828.19043085817},{"$f":"'Global Financial Model'!R90","v":-243446.25792405356},{"$f":"'Global Financial Model'!S90","v":-396015.38186787046},{"$f":"'Global Financial Model'!T90","v":-428275.60186406691},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-895938.4255949005},{"$f":"'Global Financial Model'!W90","v":-1072103.5462070599},{"$f":"'Global Financial Model'!X90","v":-763531.45709433034},{"$f":"'Global Financial Model'!Y90","v":-991998.12001915486},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-1311945.371741062},{"$f":"'Global Financial Model'!AB90","v":-1387747.454304266},{"$f":"'Global Financial Model'!AC90","v":-1484446.7870693034},{"$f":"'Global Financial Model'!AD90","v":-1437019.9032341037},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-1532672.4668044017},{"$f":"'Global Financial Model'!AG90","v":-1683531.5646680305},{"$f":"'Global Financial Model'!AH90","v":-1631294.8968236519},{"$f":"'Global Financial Model'!AI90","v":-1787783.2990905538},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-150846063.8763608,{"$f":"-F114","v":-6003052.720653302},-25901004.393871754,-65702514.360802859,{"$f":"-I114+I110","v":-25426282.730917145},0,0,0,0,0,0,0,0,0,-2288674.9860016312,-2868686.1903191041,0,0,0,-2965373.7715173936,-8993404.4568467997,-4297393.0067593902,0,0,0,-2839973.3327440363,-3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-35646347.372444883,{"$f":"SUM(F210:F213)","v":-6003052.720653302},{"$f":"SUM(G210:G213)","v":-25901004.393871754},{"$f":"SUM(H210:H213)","v":-65702514.360802859},-25526282.730917145,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867559,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"Municipality: Funding (through debt )","USD ",108233778.84728941,{"$f":"-F116","v":5276683.3414542526},22766982.862213273,57752510.123145714,22437602.52047617,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1436279.9763730662,{"$f":"F124","v":72636.937919904944},313402.15316584823,795000.42376571463,255240.46152159851,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",13462795.382582586,{"$f":"-F119","v":653732.44127914449},2820619.3784926338,7155003.8138914304,2833439.7489193762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",87486506.833800167,{"$f":"SUM(F214:F218)","v":0},0,0,0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867559,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"Treasury: Funding","USD ",40238501.436936855,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,1296251.3146323105,0,0,0,0,5514503.7422888959,2868686.1903191041,0,0,0,5895630.2492242344,13966359.675041487,4297393.0067593902,0,0,0,2839973.3327440363,3559703.9259273941,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",127725008.27073702,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,258486.4294608226,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,2547358.5841170847,3631193.2917101765,3839791.5346867559,4123134.1934395581,4183046.0305753518,3223921.6482129586,9251952.3335423656,4606160.9107702589,5116843.208569143,5541138.4397152457,1483398.5570150595,6135326.1929130731,6276101.4891018812,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"Interests","USD ",-997222.23348098819,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-100539.59834611473},{"$f":"K197","v":-97209.169723570056},-93082.903262886466,-88955.147631136992,-84538.449105165069,-80038.747935347463,-74761.216640122322,-69350.186478850766,-63560.384206290197,-57527.852776598222,-50740.567899552407,-43647.249629842721,-36057.399081253352,-28015.422440496593,-19248.322398147968,-9949.6159256127139,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1436279.9763730662,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-51501.62142904177},{"$f":"-K198","v":-55022.594045647711},-58967.937596420918,-63095.693228170363,-67512.391754142314,-72162.357746468071,-77300.430875307939,-82711.461036579523,-88501.263309140064,-94638.96964425678,-101333.11813870972,-108426.43640841937,-116016.28695700871,-124113.37994449664,-132838.66389336064,-142137.37036589588,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",125291506.06088296,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,823337.3996373663,2417642.2705644267,2466391.4826302282,2492946.8119527781,106435.58860151521,2801579.4308567839,3103519.9809180303,3143386.7921549059,3363258.0606965693,2395191.7616962297,3479119.6056719148,3687717.8486484941,3971060.5074012959,4030917.2281903583,3071834.6619214499,9099865.3472508583,4606160.9107702589,5116843.208569143,5541138.4397152457,1483398.5570150595,6135326.1929130731,6276101.4891018812,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"Treasury: Deduction","USD ",-38840366.878873721,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-255234.59388758356,-749469.10387497221,-764581.35961537075,-772813.51170536119,-32995.032466469711,-868489.62356560305,-962091.19408458937,-974449.90556802077,-1042609.9988159365,-742509.44612583122,-1078527.0777582936,-1143192.5330810333,-1231028.7572944018,-1249584.3407390111,-952268.74519564945,-2820958.2576477663,-1427909.8823387802,-1586221.3946564344,-1717752.9163117262,-459853.55267466843,-1901951.1198030526,-1945591.4616215832,-2039774.4474663259,-2012470.1129154896,-795480.54191237222,-2067538.6602281041,-2154390.3979981649,-2124317.0020820438,-2214409.6108157029,-751902.29662337911]
[null,null,"Cashflow available to Equity","USD ",86451139.182009235,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,568102.80574978271,1668173.1666894546,1701810.1230148575,1720133.3002474168,73440.556135045495,1933089.8072911808,2141428.7868334409,2168936.886586885,2320648.0618806328,1652682.3155703985,2400592.5279136212,2544525.3155674608,2740031.7501068944,2781332.887451347,2119565.9167258004,6278907.0896030925,3178251.0284314789,3530621.8139127083,3823385.5234035198,1023545.0043403911,4233375.0731100207,4330510.0274802977,4540143.1250056932,4479368.9610054446,1770585.7223210866,4601940.8888948122,4795256.0471572056,4728318.488505194,4928847.1982672103,1673588.9828068763]
[null,null,"Distributions to Equity","USD ",-86451139.182009235,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-568102.80574978271,-1668173.1666894546,-1701810.1230148575,-1720133.3002474168,-73440.556135045495,-1933089.8072911808,-2141428.7868334409,-2168936.886586885,-2320648.0618806328,-1652682.3155703985,-2400592.5279136212,-2544525.3155674608,-2740031.7501068944,-2781332.887451347,-2119565.9167258004,-6278907.0896030925,-3178251.0284314789,-3530621.8139127083,-3823385.5234035198,-1023545.0043403911,-4233375.0731100207,-4330510.0274802977,-4540143.1250056932,-4479368.9610054446,-1770585.7223210866,-4601940.8888948122,-4795256.0471572056,-4728318.488505194,-4928847.1982672103,-1673588.9828068763]
[null,null,"Treasury: Add back","USD ",-1398134.5580631299,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":255234.59388758356},{"$f":"-K225-K220","v":749469.10387497221},764581.35961537075,772813.51170536119,-1263256.2821658407,868489.62356560305,962091.19408458937,974449.90556802077,1042609.9988159365,-4771994.2961630644,-1790159.1125608105,1143192.5330810333,1231028.7572944018,1249584.3407390111,-4943361.5040285848,-11145401.417393722,-2869483.1244206103,1586221.3946564344,1717752.9163117262,459853.55267466843,-938022.21294098371,-1614112.4643058109,2039774.4474663259,2012470.1129154896,795480.54191237222,2067538.6602281041,2154390.3979981649,2124317.0020820438,2214409.6108157029,751902.29662337911]
[null,null,"Net Cashflow","USD ",37542232.320810594,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":510469.18777516717},{"$f":"K224+K227+K228-K213","v":1498938.2077499442},{"$f":"L224+L227+L228-L213","v":1529162.7192307413},{"$f":"M224+M227+M228-M213","v":1545627.0234107226},{"$f":"N224+N227+N228-N213","v":-1230261.2496993709},{"$f":"O224+O227+O228-O213","v":1736979.2471312061},{"$f":"P224+P227+P228-P213","v":1924182.3881691787},{"$f":"Q224+Q227+Q228-Q213","v":1948899.8111360418},{"$f":"R224+R227+R228-R213","v":2085219.997631873},{"$f":"S224+S227+S228-S213","v":-4029484.850037233},{"$f":"T224+T227+T228-T213","v":-711632.03480251692},{"$f":"U224+U227+U228-U213","v":2286385.0661620665},{"$f":"V224+V227+V228-V213","v":2462057.5145888031},{"$f":"W224+W227+W228-W213","v":2499168.6814780226},{"$f":"X224+X227+X228-X213","v":-3991092.7588329352},{"$f":"Y224+Y227+Y228-Y213","v":-8324443.1597459558},{"$f":"Z224+Z227+Z228-Z213","v":-1441573.2420818303},{"$f":"AA224+AA227+AA228-AA213","v":3172442.7893128693},{"$f":"AB224+AB227+AB228-AB213","v":3435505.8326234519},{"$f":"AC224+AC227+AC228-AC213","v":919707.10534933675},{"$f":"AD224+AD227+AD228-AD213","v":963928.90686206869},{"$f":"AE224+AE227+AE228-AE213","v":331478.99731577258},{"$f":"AF224+AF227+AF228-AF213","v":4079548.8949326519},{"$f":"AG224+AG227+AG228-AG213","v":4024940.2258309796},{"$f":"AH224+AH227+AH228-AH213","v":1590961.0838247444},{"$f":"AI224+AI227+AI228-AI213","v":4135077.3204562087},{"$f":"AJ224+AJ227+AJ228-AJ213","v":4308780.7959963288},{"$f":"AK224+AK227+AK228-AK213","v":4248634.0041640885},{"$f":"AL224+AL227+AL228-AL213","v":4428819.2216314059},{"$f":"AM224+AM227+AM228-AM213","v":1503804.593246758}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":610469.18777516717},{"$f":"K232","v":2109407.3955251114},{"$f":"L232","v":3638570.1147558526},{"$f":"M232","v":5184197.1381665748},{"$f":"N232","v":3953935.8884672038},{"$f":"O232","v":5690915.1355984099},{"$f":"P232","v":7615097.5237675887},{"$f":"Q232","v":9563997.3349036314},{"$f":"R232","v":11649217.332535505},{"$f":"S232","v":7619732.4824982723},{"$f":"T232","v":6908100.4476957554},{"$f":"U232","v":9194485.5138578229},{"$f":"V232","v":11656543.028446626},{"$f":"W232","v":14155711.709924649},{"$f":"X232","v":10164618.951091714},{"$f":"Y232","v":1840175.7913457584},{"$f":"Z232","v":398602.54926392809},{"$f":"AA232","v":3571045.3385767974},{"$f":"AB232","v":7006551.1712002493},{"$f":"AC232","v":7926258.2765495861},{"$f":"AD232","v":8890187.1834116541},{"$f":"AE232","v":9221666.180727426},{"$f":"AF232","v":13301215.075660078},{"$f":"AG232","v":17326155.301491059},{"$f":"AH232","v":18917116.385315806},{"$f":"AI232","v":23052193.705772012},{"$f":"AJ232","v":27360974.501768343},{"$f":"AK232","v":31609608.505932432},{"$f":"AL232","v":36038427.727563836}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":610469.18777516717},{"$f":"K229+K231","v":2109407.3955251114},3638570.1147558526,5184197.1381665748,3953935.8884672038,5690915.1355984099,7615097.5237675887,9563997.3349036314,11649217.332535505,7619732.4824982723,6908100.4476957554,9194485.5138578229,11656543.028446626,14155711.709924649,10164618.951091714,1840175.7913457584,398602.54926392809,3571045.3385767974,7006551.1712002493,7926258.2765495861,8890187.1834116541,9221666.180727426,13301215.075660078,17326155.301491059,18917116.385315806,23052193.705772012,27360974.501768343,31609608.505932432,36038427.727563836,37542232.320810594]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-37542232.320810594},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-37542232.320810594}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":65600100.090902925},{"$f":"-F203","v":0},{"$f":"-G203","v":370414.51773536374},{"$f":"-H203","v":1949833.8349199789},5914916.6378502185,7223252.1990365963,6884063.9662207728,6481313.9373296713,6070677.9469884476,5631297.4373233384,5175785.5585702471,4658472.7895378349,4120171.2601425895,3544188.6236896766,2936184.0058180839,2268638.3500793804,1562974.612457874,807914.41320286214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":108233778.84728941},{"$f":"F204","v":0},{"$f":"G204","v":188897.13338213688},1108470.0812852122,3747094.5035279253,5123437.1140607465,5475680.9103238834,5866228.4334460469,6276864.4237872725,6716244.9334523818,7181250.0349119492,7690021.8485034956,8228323.3778987415,8804306.0143516511,9417840.751509713,10080910.537450081,10786574.275071587,11541634.474326601,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":559311.65111750062},3058303.9162051911,9662011.1413781438,12346689.313097343,12359744.876544656,12347542.370775718,12347542.37077572,12347542.37077572,12357035.593482196,12348494.638041331,12348494.638041331,12348494.638041329,12354024.757327797,12349548.887529461,12349548.887529461,12349548.887529463,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-35646347.372444883},{"$f":"F214","v":-6003052.720653302},-25901004.393871754,-65702514.360802859,-25526282.730917145,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867559,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-6003052.720653302},{"$f":"SUM(G249:G250)","v":-25901004.393871754},-65702514.360802859,-25526282.730917145,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,-1037764.8851714879,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,-2967145.1581718111,762507.10139107239,3839791.5346867559,4123134.1934395581,4183046.0305753518,-2671708.6010112758,-4714407.3414991228,308767.90401086863,5116843.208569143,5541138.4397152457,1483398.5570150595,3295352.8601690368,2716397.5631744871,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-77416244.905954883}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-1.6007823568430779E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":8.0450252286961088E-8},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$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 ",{"$f":"SUM(F264:AM264)","v":-13462795.382582586},{"$f":"-F218","v":-653732.44127914449},-2820619.3784926338,-7155003.8138914304,-2833439.7489193762,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":86451139.182009235},{"$f":"-F227","v":0},0,0,0,568102.80574978271,1668173.1666894546,1701810.1230148575,1720133.3002474168,73440.556135045495,1933089.8072911808,2141428.7868334409,2168936.886586885,2320648.0618806328,1652682.3155703985,2400592.5279136212,2544525.3155674608,2740031.7501068944,2781332.887451347,2119565.9167258004,6278907.0896030925,3178251.0284314789,3530621.8139127083,3823385.5234035198,1023545.0043403911,4233375.0731100207,4330510.0274802977,4540143.1250056932,4479368.9610054446,1770585.7223210866,4601940.8888948122,4795256.0471572056,4728318.488505194,4928847.1982672103,1673588.9828068763]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":37542232.320810594},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,37542232.320810594]
[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,{"$f":"SUM(F264:F267)","v":-653732.44127914449},{"$f":"SUM(G264:G267)","v":-2820619.3784926338},-7155003.8138914304,-2833439.7489193762,568102.80574978271,1668173.1666894546,1701810.1230148575,1720133.3002474168,73440.556135045495,1933089.8072911808,2141428.7868334409,2168936.886586885,2320648.0618806328,1652682.3155703985,2400592.5279136212,2544525.3155674608,2740031.7501068944,2781332.887451347,2119565.9167258004,6278907.0896030925,3178251.0284314789,3530621.8139127083,3823385.5234035198,1023545.0043403911,4233375.0731100207,4330510.0274802977,4540143.1250056932,4479368.9610054446,1770585.7223210866,4601940.8888948122,4795256.0471572056,4728318.488505194,4928847.1982672103,39215821.30361747]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":105093.35946492034}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.13094949010324974}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.9866631807356131E-8},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$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":62610711.107986659},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":975378.61941252276},2569874.0343336444,2618442.3234895356,2644997.6528120856,258486.4294608226,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,2547358.5841170847,3631193.2917101765,3839791.5346867559,4123134.1934395581,4183046.0305753518,3223921.6482129586,9251952.3335423656,4606160.9107702589,5116843.208569143,5541138.4397152457,1483398.5570150595,6135326.1929130731,6276101.4891018812,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":52887706.988647252},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,258486.4294608226,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,2547358.5841170847,3631193.2917101765,3839791.5346867559,4123134.1934395581,4183046.0305753518,3223921.6482129586,9251952.3335423656,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,27682182.29590765,28644556.437208664,28079801.353479624,27426945.124733664,26701833.630652934,28312475.555337816,27340568.307672866,25998826.460776508,24523295.87336053,22724606.876283769,21767970.773506548,19660535.435941834,17196981.381771009,14277635.885055421,11094024.36643395,8646684.42387137,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":14922204.164505411},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1436279.9763730662,1384778.3549440245,1329755.7608983768,1270787.8233019558,1207692.1300737855,1140179.7383196433,1068017.3805731751,990716.94969786727,908005.4886612877,819504.22535214759,724865.25570789084,623532.13756918116,515105.70116076176,399089.41420375305,274976.03425925644,142137.3703658958,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":19.273527968976815},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":19.273527968976815},20.685300528377002,21.116510399254853,21.582631358135593,22.109801799421803,24.831589795713914,25.599366456939066,26.242436317159211,27.007871846145225,27.729700681553926,30.030368543803807,31.530909557585538,33.385344683661195,35.775531439593756,40.345422815917622,60.833293887545011,0,0,0,{"$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},10000000,10000000,19.273527968976815,20.685300528377002,21.116510399254853,21.582631358135593,22.109801799421803,24.831589795713914,25.599366456939066,26.242436317159211,27.007871846145225,27.729700681553926,30.030368543803807,31.530909557585538,33.385344683661195,35.775531439593756,40.345422815917622,60.833293887545011,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":127725008.27073702},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,975378.61941252276,2569874.0343336444,2618442.3234895356,2644997.6528120856,258486.4294608226,2953780.5365385991,3255581.6284334604,3295448.4396703364,3515319.7082119999,2547358.5841170847,3631193.2917101765,3839791.5346867559,4123134.1934395581,4183046.0305753518,3223921.6482129586,9251952.3335423656,4606160.9107702589,5116843.208569143,5541138.4397152457,{"$f":"AC289","v":1483398.5570150595},6135326.1929130731,6276101.4891018812,6579917.5724720191,6491839.0739209345,2566066.2642334588,6669479.5491229165,6949646.44515537,6852635.4905872382,7143256.8090829132,2425491.2794302553]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":997222.23348098819},{"$f":"-F222","v":0},0,0,0,100539.59834611473,97209.169723570056,93082.903262886466,88955.147631136992,84538.449105165069,80038.747935347463,74761.216640122322,69350.186478850766,63560.384206290197,57527.852776598222,50740.567899552407,43647.249629842721,36057.399081253352,28015.422440496593,19248.322398147968,9949.6159256127139,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1436279.9763730662},{"$f":"-F223","v":0},0,0,0,51501.62142904177,55022.594045647711,58967.937596420918,63095.693228170363,67512.391754142314,72162.357746468071,77300.430875307939,82711.461036579523,88501.263309140064,94638.96964425678,101333.11813870972,108426.43640841937,116016.28695700871,124113.37994449664,132838.66389336064,142137.37036589588,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,152041.2197751565,152231.76376921777,152050.84085930738,152050.84085930735,152050.84085930738,152201.10568181553,152061.64751543026,152061.64751543029,152061.64751543026,152166.82242085499,152073.68603826212,152073.68603826209,152073.68603826207,152128.80238499324,152086.9862915086,152086.9862915086,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,6.4152249031870729,16.881326017016754,17.220834220261761,17.395481918179605,1.7000000000000004,19.407089871696684,21.409616965402826,21.671792286322127,23.117727353672709,16.740565016674491,23.877854126561772,25.249546024159994,27.112739230915786,27.496739374765426,21.197879758321953,60.833293887544968,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":21.732981934667748}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000004},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,6.4152249031870729,16.881326017016754,17.220834220261761,17.395481918179605,1.7000000000000004,19.407089871696684,21.409616965402826,21.671792286322127,23.117727353672709,16.740565016674491,23.877854126561772,25.249546024159994,27.112739230915786,27.496739374765426,21.197879758321953,60.833293887544968,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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$21","v":0.257914870516122},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1436279.9763730662},{"$f":"F6/F$21","v":3.0140506221062982E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":114794.49634575106},{"$f":"C7/C$21","v":2.4089761663252448E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":13462795.382582586},{"$f":"F7/F$21","v":2.825183631719937E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":14362.799763730662},{"$f":"C8/C$21","v":3.0140506221062985E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":108233778.84728941},{"$f":"F8/F$21","v":0.22712987288966682}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":180278885.4020927},{"$f":"C13/C$21","v":0.37831738632946743},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":27813209.67011575},5.836635146907513E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":17578195.574314617},3.6888052592684392E-2,"Aportacion municipal",{"$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$222)","v":997222.23348098819},2.0926827238736748E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":40238501.436936855},{"$f":"F16/F$21","v":8.4440974102338001E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1436279.9763730662},3.0140506221062987E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":313156797.48032326},{"$f":"F17/F$21","v":0.65716326606868958}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":38940366.878873721},8.1716823284481321E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":86451139.182009235},0.18141874433933622]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":476528153.12350512},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":476528153.12350518},{"$f":"SUM(G6:G19)","v":1}]
[]
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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"]
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[]
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[]
[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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[]
[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,{"$f":"C4+D4+E4+F4","v":173833878.93819234},{"$f":"'Project Finance Model'!E241","v":65600100.090902925},{"$f":"'Project Finance Model'!E242","v":108233778.84728941},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]