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

{"sheet":"Mensaje","index":0,"n_rows":8,"n_cols":3,"rows_kept":8,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Autorizar las 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)",134157510.98788314]
[null,"Inversion inicial con inflacion (USD valor nominal)",138861062.29014009]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",4703551.3022569567]
[null,"Locales comerciales (m2)",0]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.24744440840120696,"de los activos"]
[null,"Duracion de vida de 50 años",0.26817845640487142,"de los activos"]
[null,"Duracion de vida de 40 años",0.46970536429952042,"de los activos"]
[null,"Duracion de vida de 15 años",9.2072531041871061E-2,"de los activos"]
[null,"Duracion de vida de 10 años",3.5496329762908153E-2,"de los activos"]
[null,"Duracion de vida de 5 años",8.3947943970328898E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-2.1332932542938221E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-95610690.927449346}]
[]
[]
[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",{"$f":"H112","v":1.6941748735399309},{"$f":"M112","v":1.4499139724225651},{"$f":"R112","v":1.5098253805819142},{"$f":"W112","v":1.6659502473666472},{"$f":"AB112","v":1.8328595561875995},{"$f":"AG112","v":1.8356766186830888},{"$f":"AL112","v":1.7664658962816879}]
[null,"Margen neta de la operacion",{"$f":"H113","v":0.6941748735399309},{"$f":"M113","v":0.44991397242256514},{"$f":"R113","v":0.50982538058191418},{"$f":"W113","v":0.66595024736664721},{"$f":"AB113","v":0.83285955618759955},{"$f":"AG113","v":0.83567661868308885},{"$f":"AL113","v":0.76646589628168793}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3663379.8967246721,2932019.4022361189,3848059.7446730505,3938202.130963047,10296577.430273406,4125046.4594372851,4221856.8608440375,4321000.6873320257,4422535.6633144822,11411357.188931614,4633017.3170259865,4742086.9140605964,4853793.5781510295,4968202.741095175,12650095.577687619,5205398.6521155741,5328324.7560815206,5454232.1606653882,5583195.059976276,14027022.052900154,5850593.6269882945,5989187.3399265269,6131152.7406582581,6276573.9881602488,15558059.567101158,6578131.4742232366,6734447.0157739269,6894577.1270748889,7058617.3032232961,17261034.068416324,7398822.1359945061,7575190.2824961208,7755875.6070742682,7940986.505019322,19155910.946908008,8324932.6083454397,8523998.8320015576,8727952.8178796098,8936917.6459871717,21265062.024341132]
[null,"Trafico anual",0,0,0,0,7628000,10170666.666666668,10351541.623517461,10532416.580368252,10713291.537219046,10894166.494069837,11075041.450920627,11253487.575497083,11431933.70007354,11610379.824649997,11788825.949226456,11967272.073802913,12208817.617295891,12450363.160788871,12691908.704281852,12933454.247774832,13174999.791267812,13550400.472827032,13925801.154386256,14301201.835945476,14676602.5175047,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921,15052003.199063921]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,3725515.2,4967353.6000000006,5285726.9571920559,5378085.725584113,5691450.4515328072,5787540.5141679021,6121329.2521058396,6219958.9039347265,6573859.5334164621,6676473.8231792338,7052963.2727048658,7159723.1797740553,7599324.9600092061,7749673.9237814881,8219183.8122109389,8375606.874119617,8876723.9454438388,9129652.0875255801,9761636.4708834589,10024782.9099053,10703561.6946238,10977339.249782125,11420823.755473323,11420823.755473323,11882225.035194444,11882225.035194444,12362266.9266163,12362266.9266163,12861702.510451596,12861702.510451596,13381315.291873842,13381315.291873842,13921920.429665543,13921920.429665543,14484366.015024034,14484366.015024034,15069534.402031004,15069534.402031004,15678343.591873059,15678343.591873059]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":0},{"$f":"$G$54*((1+$C$25)^G48)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-744790.90679420938},-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938,-744790.90679420938]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1630594.6462502163},-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163,-1630594.6462502163]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-852352.63121440774},-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,-852352.63121440774,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-492905.80582785432},-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,-492905.80582785432,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-233142.01353586063},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-233142.01353586063},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-233142.01353586063},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-233142.01353586063},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-233142.01353586063},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":134907276.28651753},{"$f":"G61+SUM(H56:H60)","v":130953490.28289498},{"$f":"H61+SUM(I56:I60)","v":126999704.27927244},123045918.27564989,119092132.27202734,115371488.28194065,111650844.29185396,107930200.30176727,104209556.31168059,100488912.3215939,97261174.137335062,94033435.953076228,90805697.768817395,87577959.584558561,84350221.400299728,81974835.847255304,79599450.294210881,77224064.741166458,74848679.188122034,72473293.635077611,70097908.082033187,67722522.528988764,65347136.97594434,62971751.422899917,60596365.869855493,58220980.31681107,55845594.763766646,53470209.210722223,51094823.657677799,48719438.104633376,46344052.551588953,43968666.998544529,41593281.445500106,39217895.892455682,36842510.339411259,34467124.786366835,32091739.233322408,29716353.680277981,27340968.127233554,24965582.574189126]
[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$97)/10","v":-631125.16679124627},{"$f":"SUM($P$97:$Q$97)/10","v":-631125.16679124627},-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,-631125.16679124627,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":6311251.6679124627},{"$f":"R63+S62","v":5680126.5011212165},{"$f":"S63+T62","v":5049001.3343299702},4417876.1675387239,3786751.0007474776,3155625.8339562314,2524500.6671649851,1893375.5003737388,1262250.3335824925,631125.16679124627,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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$97)/15","v":-1185062.9297508483},-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,-1185062.9297508483,0,0,{"$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$97))+X64","v":16590881.016511876},{"$f":"X65+Y64","v":15405818.086761028},{"$f":"Y65+Z64","v":14220755.157010179},13035692.22725933,11850629.297508482,10665566.367757633,9480503.4380067848,8295440.5082559362,7110377.5785050876,5925314.6487542391,4740251.7190033905,3555188.789252542,2370125.8595016934,1185062.9297508451,-3.2596290111541748E-9,0,0,{"$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$97)/10","v":-783147.88505724561},{"$f":"SUM($AA$97:$AB$97)/10","v":-783147.88505724561},-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,-783147.88505724561,0,{"$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":7831478.8505724557},{"$f":"AC67+AD66","v":7048330.9655152103},{"$f":"AD67+AE66","v":6265183.0804579649},5482035.1954007195,4698887.3103434741,3915739.4252862288,3132591.5402289834,2349443.655171738,1566295.7701144924,783147.88505724678,1.1641532182693481E-9,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-2434624.3675181544},{"$f":"SUM($AL$97:$AN$97)/14","v":-2434624.3675181544},-2434624.3675181544,-2434624.3675181544,-2434624.3675181544,-2434624.3675181544]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":36519365.512772322},{"$f":"AO69+AP68","v":34084741.145254165},{"$f":"AP69+AQ68","v":31650116.777736012},29215492.410217859,26780868.042699706,24346243.675181553]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-3953786.0036225482},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-3953786.0036225482},-3953786.0036225482,-3953786.0036225482,-3953786.0036225482,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3227738.1842588335,-3858863.3510500798,-3858863.3510500798,-3858863.3510500798,-3858863.3510500798,-3006510.7198356721,-3006510.7198356721,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-3158533.4381016716,-2375385.5530444258,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":134907276.28651753},{"$f":"H61+H63+H65+H67+H69","v":130953490.28289498},126999704.27927244,123045918.27564989,119092132.27202734,115371488.28194065,111650844.29185396,107930200.30176727,104209556.31168059,100488912.3215939,97261174.137335062,100344687.6209887,96485824.269938618,92626960.918888539,88768097.567838445,85761586.848002777,82755076.128167108,96339446.424843311,92147872.775256798,87956299.125670284,83764725.476083755,79573151.826497242,83844182.194274426,79500585.826421916,75156989.458569393,70813393.090716869,66469796.72286436,62126200.355011843,57782603.987159327,53439007.619306803,49095411.251454286,44751814.883601777,41593281.445500106,39217895.892455682,73361875.85218358,68551865.931621,63741856.01105842,58931846.09049584,54121836.169933259,49311826.249370679]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3663379.8967246721},{"$f":"-H51","v":-2932019.4022361189},-3848059.7446730505,-3938202.130963047,-10296577.430273406,-4125046.4594372851,-4221856.8608440375,-4321000.6873320257,-4422535.6633144822,-11411357.188931614,-4633017.3170259865,-4742086.9140605964,-4853793.5781510295,-4968202.741095175,-12650095.577687619,-5205398.6521155741,-5328324.7560815206,-5454232.1606653882,-5583195.059976276,-14027022.052900154,-5850593.6269882945,-5989187.3399265269,-6131152.7406582581,-6276573.9881602488,-15558059.567101158,-6578131.4742232366,-6734447.0157739269,-6894577.1270748889,-7058617.3032232961,-17261034.068416324,-7398822.1359945061,-7575190.2824961208,-7755875.6070742682,-7940986.505019322,-19155910.946908008,-8324932.6083454397,-8523998.8320015576,-8727952.8178796098,-8936917.6459871717,-21265062.024341132]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3663379.8967246721},{"$f":"H75","v":-2932019.4022361189},-3848059.7446730505,-3938202.130963047,-10296577.430273406,-4125046.4594372851,-4221856.8608440375,-4321000.6873320257,-4422535.6633144822,-11411357.188931614,-4633017.3170259865,-4742086.9140605964,-4853793.5781510295,-4968202.741095175,-12650095.577687619,-5205398.6521155741,-5328324.7560815206,-5454232.1606653882,-5583195.059976276,-14027022.052900154,-5850593.6269882945,-5989187.3399265269,-6131152.7406582581,-6276573.9881602488,-15558059.567101158,-6578131.4742232366,-6734447.0157739269,-6894577.1270748889,-7058617.3032232961,-17261034.068416324,-7398822.1359945061,-7575190.2824961208,-7755875.6070742682,-7940986.505019322,-19155910.946908008,-8324932.6083454397,-8523998.8320015576,-8727952.8178796098,-8936917.6459871717,-21265062.024341132]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":3725515.2},4967353.6000000006,5285726.9571920559,5378085.725584113,5691450.4515328072,5787540.5141679021,6121329.2521058396,6219958.9039347265,6573859.5334164621,6676473.8231792338,7052963.2727048658,7159723.1797740553,7599324.9600092061,7749673.9237814881,8219183.8122109389,8375606.874119617,8876723.9454438388,9129652.0875255801,9761636.4708834589,10024782.9099053,10703561.6946238,10977339.249782125,11420823.755473323,11420823.755473323,11882225.035194444,11882225.035194444,12362266.9266163,12362266.9266163,12861702.510451596,12861702.510451596,13381315.291873842,13381315.291873842,13921920.429665543,13921920.429665543,14484366.015024034,14484366.015024034,15069534.402031004,15069534.402031004,15678343.591873059,15678343.591873059]
[null,"2. Ingresos comerciales",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":3725515.2},{"$f":"H79+H80","v":4967353.6000000006},5285726.9571920559,5378085.725584113,5691450.4515328072,5787540.5141679021,6121329.2521058396,6219958.9039347265,6573859.5334164621,6676473.8231792338,7052963.2727048658,7159723.1797740553,7599324.9600092061,7749673.9237814881,8219183.8122109389,8375606.874119617,8876723.9454438388,9129652.0875255801,9761636.4708834589,10024782.9099053,10703561.6946238,10977339.249782125,11420823.755473323,11420823.755473323,11882225.035194444,11882225.035194444,12362266.9266163,12362266.9266163,12861702.510451596,12861702.510451596,13381315.291873842,13381315.291873842,13921920.429665543,13921920.429665543,14484366.015024034,14484366.015024034,15069534.402031004,15069534.402031004,15678343.591873059,15678343.591873059]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":62135.30327532813},{"$f":"H81+H76","v":2035334.1977638816},1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-4734883.3657523803,2419945.9556788793,2417636.2657134589,2745531.3818581766,2781471.1826863131,-4430911.7654766804,3170208.2220040429,3548399.1893623183,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4852968.0676355055,4988151.9098555977,5289671.0148150651,5144249.7673130743,-3675834.5319067147,5304093.560971207,5627819.910842373,5467689.799541411,5803085.2072283002,-4399331.5579647273,5982493.1558793364,5806125.0093777217,6166044.822591275,5980933.9246462211,-4671544.931883974,6159433.4066785946,6545535.5700294469,6341581.5841513947,6741425.9458858874,-5586718.4324680734]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":62135.30327532813},{"$f":"H83","v":2035334.1977638816},1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-4734883.3657523803,2419945.9556788793,2417636.2657134589,2745531.3818581766,2781471.1826863131,-4430911.7654766804,3170208.2220040429,3548399.1893623183,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4852968.0676355055,4988151.9098555977,5289671.0148150651,5144249.7673130743,-3675834.5319067147,5304093.560971207,5627819.910842373,5467689.799541411,5803085.2072283002,-4399331.5579647273,5982493.1558793364,5806125.0093777217,6166044.822591275,5980933.9246462211,-4671544.931883974,6159433.4066785946,6545535.5700294469,6341581.5841513947,6741425.9458858874,-5586718.4324680734]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3953786.0036225482},{"$f":"H70","v":-3953786.0036225482},-3953786.0036225482,-3953786.0036225482,-3953786.0036225482,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3720643.9900866877,-3227738.1842588335,-3858863.3510500798,-3858863.3510500798,-3858863.3510500798,-3858863.3510500798,-3006510.7198356721,-3006510.7198356721,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4191573.6495865202,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-4343596.3678525193,-3158533.4381016716,-2375385.5530444258,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802,-4810009.9205625802]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3891650.7003472201},-1918451.8058586665,-2516118.7911035428,-2513902.4090014822,-8558912.9823631477,-2058149.9353560708,-1821171.5988248857,-1821685.773483987,-1569320.1199847078,-8455527.3558390681,-807792.22857995424,-1441227.0853366209,-1113331.9691919032,-1077392.1683637667,-8289775.1165267602,163697.50216837088,541888.46952664619,-516153.7227263283,-13132.238679337315,-8193812.7925813748,661394.4180489853,796578.26026907749,946074.64696254581,800653.39946055505,-8019430.8997592339,960497.19311868772,1284223.5429898538,1124093.4316888917,1459488.8393757809,-8742927.9258172475,1638896.7880268171,1462528.6415252024,3007511.3844896033,3605548.3716017953,-9481554.8524465542,1349423.4861160144,1735525.6494668666,1531571.6635888144,1931416.0253233071,-10396728.353030654]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,-57294.125758929804,-189660.96433432616,0,0,0,-231488.04631714485,-278802.39109417709,-331126.12643689103,-280228.68981119426,0,-336174.0175915407,-449478.24004644877,-393432.7010911121,-510821.09378152329,0,-573613.87580938591,-511885.0245338208,-1052628.9845713612,-1261941.9300606283,0,-472298.220140605,-607433.97731340327,-536050.08225608501,-675995.60886315745,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3891650.7003472201},{"$f":"H89+H90","v":-1918451.8058586665},-2516118.7911035428,-2513902.4090014822,-8558912.9823631477,-2058149.9353560708,-1821171.5988248857,-1821685.773483987,-1569320.1199847078,-8455527.3558390681,-807792.22857995424,-1441227.0853366209,-1113331.9691919032,-1077392.1683637667,-8289775.1165267602,106403.37640944107,352227.50519232004,-516153.7227263283,-13132.238679337315,-8193812.7925813748,429906.37173184042,517775.86917490041,614948.52052565478,520424.7096493608,-8019430.8997592339,624323.17552714702,834745.302943405,730660.73059777962,948667.74559425761,-8742927.9258172475,1065282.9122174312,950643.61699138163,1954882.3999182421,2343606.441541167,-9481554.8524465542,877125.26597540942,1128091.6721534634,995521.58133272943,1255420.4164601497,-10396728.353030654]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":3953786.0036225482},{"$f":"-H88","v":3953786.0036225482},3953786.0036225482,3953786.0036225482,3953786.0036225482,3720643.9900866877,3720643.9900866877,3720643.9900866877,3720643.9900866877,3720643.9900866877,3227738.1842588335,3858863.3510500798,3858863.3510500798,3858863.3510500798,3858863.3510500798,3006510.7198356721,3006510.7198356721,4191573.6495865202,4191573.6495865202,4191573.6495865202,4191573.6495865202,4191573.6495865202,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,4343596.3678525193,3158533.4381016716,2375385.5530444258,4810009.9205625802,4810009.9205625802,4810009.9205625802,4810009.9205625802,4810009.9205625802,4810009.9205625802]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":62135.30327532813},{"$f":"H91+H92","v":2035334.1977638816},1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-4734883.3657523803,2419945.9556788793,2417636.2657134589,2745531.3818581766,2781471.1826863131,-4430911.7654766804,3112914.0962451133,3358738.2250279919,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4621480.0213183602,4709349.5187614206,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647282,5408879.280069951,5294239.9848439004,5113415.838019914,4718991.9945855923,-4671544.931883974,5687135.1865379894,5938101.5927160438,5805531.5018953094,6065430.3370227301,-5586718.4324680734]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-7573118.3573119314,-28598763.922799721,-73297361.516782239,-29391818.493246205]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-2785806.5330999955,-3525445.1348124668,0,0,0,-3236573.2831895668,-9893542.6600298993,-4645828.0030432567,0,0,0,-3456836.540557222,-4374642.3100152342,0,0,0,0,0,0,0,0,0,-8761359.5543431565,-18949157.563892197,-6374224.0270188116,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":53439007.619306803},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":49311826.249370679}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-7573118.3573119314},-28598763.922799721,-73297361.516782239,-29391818.493246205,0,0,0,0,0,0,0,0,0,-2785806.5330999955,-3525445.1348124668,0,0,0,-3236573.2831895668,-9893542.6600298993,-4645828.0030432567,0,0,0,-3456836.540557222,-4374642.3100152342,0,0,0,0,0,0,0,53439007.619306803,0,-8761359.5543431565,-18949157.563892197,-6374224.0270188116,0,0,0,0,0,49311826.249370679]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-138861062.29014009}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-7573118.3573119314},-28598763.922799721,-73297361.516782239,-29391818.493246205,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,49039676.061342075]
[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,{"$f":"IRR(C103:AJ103)","v":-2.1332932542938221E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-7573118.3573119314},{"$f":"D93+D99","v":-28598763.922799721},-73297361.516782239,-29391818.493246205,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,{"$f":"AJ93+AJ97","v":-4399331.5579647282},5408879.280069951,-3467119.5694992561,-13835741.725872282,-1655232.0324332193,-4671544.931883974,5687135.1865379894,5938101.5927160438,5805531.5018953094,6065430.3370227301,43725107.816902608]
[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,{"$f":"IRR(C106:AT106)","v":-1.8439183023311378E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-4734883.3657523803,2419945.9556788793,2417636.2657134589,2745531.3818581766,2781471.1826863131,-4430911.7654766804,3170208.2220040429,3548399.1893623183,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4852968.0676355055,4988151.9098555977,5289671.0148150651,5144249.7673130743,-3675834.5319067147,5304093.560971207,5627819.910842373,5467689.799541411,5803085.2072283002,-4399331.5579647273,5982493.1558793364,5806125.0093777217,6166044.822591275,5980933.9246462211,-4671544.931883974,6159433.4066785946,6545535.5700294469,6341581.5841513947,6741425.9458858874,-5586718.4324680734]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3891650.7003472201,-1918451.8058586665,-2516118.7911035428,-2513902.4090014822,-8558912.9823631477,-2058149.9353560708,-1821171.5988248857,-1821685.773483987,-1569320.1199847078,-8455527.3558390681,-807792.22857995424,-1441227.0853366209,-1113331.9691919032,-1077392.1683637667,-8289775.1165267602,163697.50216837088,541888.46952664619,-516153.7227263283,-13132.238679337315,-8193812.7925813748,661394.4180489853,796578.26026907749,946074.64696254581,800653.39946055505,-8019430.8997592339,960497.19311868772,1284223.5429898538,1124093.4316888917,1459488.8393757809,-8742927.9258172475,1638896.7880268171,1462528.6415252024,3007511.3844896033,3605548.3716017953,-9481554.8524465542,1349423.4861160144,1735525.6494668666,1531571.6635888144,1931416.0253233071,-10396728.353030654]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.0169611956791273},{"$f":"ABS(H81)/ABS(H76)","v":1.6941748735399309},1.3736083397637466,1.3656195255445045,0.5527516779312639,1.4030243225326982,1.4499139724225651,1.4394718617309918,1.4864457935178446,0.58507272295840884,1.5223261192626589,1.5098253805819142,1.5656465067276388,1.5598546049014848,0.64973294167895679,1.6090231380675539,1.6659502473666472,1.6738656915571797,1.7483961004444895,0.71467649170998682,1.8294830195091953,1.8328595561875995,1.8627530969399975,1.8195951767663183,0.76373438370941971,1.8063222180577545,1.8356766186830888,1.7930420820255799,1.8221277564627762,0.74512931609268529,1.8085737224003702,1.7664658962816879,1.7950159511283443,1.7531726594505361,0.75613036911523035,1.7398778700627544,1.7678949398087214,1.726582936053501,1.7543345718210688,0.73728181812621962]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":1.696119567912735E-2},{"$f":"H112-1","v":0.6941748735399309},0.37360833976374663,0.3656195255445045,-0.4472483220687361,0.40302432253269815,0.44991397242256514,0.43947186173099184,0.48644579351784456,-0.41492727704159116,0.52232611926265893,0.50982538058191418,0.56564650672763883,0.55985460490148475,-0.35026705832104321,0.60902313806755393,0.66595024736664721,0.67386569155717968,0.74839610044448945,-0.28532350829001318,0.82948301950919534,0.83285955618759955,0.86275309693999747,0.81959517676631832,-0.23626561629058029,0.8063222180577545,0.83567661868308885,0.79304208202557991,0.82212775646277625,-0.25487068390731471,0.80857372240037018,0.76646589628168793,0.79501595112834433,0.75317265945053613,-0.24386963088476965,0.73987787006275441,0.76789493980872137,0.72658293605350099,0.75433457182106878,-0.26271818187378038]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-7573118.3573119314},{"$f":"D103","v":-28598763.922799721},-73297361.516782239,-29391818.493246205,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,49039676.061342075]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-95610690.927449346}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-7573118.3573119314},{"$f":"D106","v":-28598763.922799721},-73297361.516782239,-29391818.493246205,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647282,5408879.280069951,-3467119.5694992561,-13835741.725872282,-1655232.0324332193,-4671544.931883974,5687135.1865379894,5938101.5927160438,5805531.5018953094,6065430.3370227301,43725107.816902608]
[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,{"$f":"NPV(C26,C118:AT118)","v":-96271860.97484757}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-7801675.3446923206},{"$f":"D123-D103","v":-3872989.000279706},10504317.894911706,-1792349.3722888455,4399491.7843385106,5050553.124725325,6069009.4297193717,6427050.0889353352,8743623.926763352,6959230.9552805386,7117407.6480582627,7509152.8964025555,7659967.1680138679,10549450.271103429,7864975.5108266054,8678116.311364742,8921296.5457843393,9474729.6017873436,12812967.964735955,11616402.60948058,11250885.824629972,11290086.486026745,11640673.249857442,15264453.019166717,13104713.24263235,13382862.581724927,13943732.173226181,14395756.177462889,17324105.690666523,15026758.825372642,15193973.162192505,15682645.066971462,15856298.916613292,-34057951.924411736]

{"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",{"$f":"E313","v":1.7000000000000057}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":31.653850298122936}]
[]
[null,null,"NPV project",{"$f":"E255","v":-96609134.153919771}]
[null,null,"IRR Project",{"$f":"E257","v":-6.9425460968063124E-2}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-12736.915213771195}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12977409760922876}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":134157510.98788314},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.61,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":630540.30164305074}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":127852107.97145262}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":6305.4030164305077}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1278521.0797145262}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,4.7E-2,null,"Initial Municipal debt",{"$f":"1-E58","v":0.95299999999999996}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,200000]
[]
[]
[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 ",{"$f":"SUM(F105:AM105)","v":138861062.29014009},{"$f":"-'Global Financial Model'!C96","v":7573118.3573119314},{"$f":"-'Global Financial Model'!D96","v":28598763.922799721},{"$f":"-'Global Financial Model'!E96","v":73297361.516782239},{"$f":"-'Global Financial Model'!F96","v":29391818.493246205},{"$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":31918674.464747641},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":2785806.5330999955},{"$f":"-'Global Financial Model'!Q97","v":3525445.1348124668},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":3236573.2831895668},{"$f":"-'Global Financial Model'!V97","v":9893542.6600298993},{"$f":"-'Global Financial Model'!W97","v":4645828.0030432567},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":3456836.540557222},{"$f":"-'Global Financial Model'!AB97","v":4374642.3100152342},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":138861062.29014009},{"$f":"F105","v":7573118.3573119314},{"$f":"G105","v":28598763.922799721},73297361.516782239,29391818.493246205,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",200000,null,null,null,{"$f":"E61","v":200000}]
[null,null,"Renewal Costs","USD ",31918674.464747641,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,2785806.5330999955,3525445.1348124668,0,0,0,3236573.2831895668,9893542.6600298993,4645828.0030432567,0,0,0,3456836.540557222,4374642.3100152342,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",50426.337786348158,{"$f":"F151","v":0},{"$f":"G151","v":2500.6966595355893},{"$f":"H151","v":11903.446476950137},36022.194649862431,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",6305.4030164305077,{"$f":"F138","v":6305.4030164305077},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",171036468.49569055,{"$f":"SUM(F109:F113)","v":7579423.7603283618},{"$f":"SUM(G109:G113)","v":28601264.619459257},{"$f":"SUM(H109:H113)","v":73309264.96325919},29627840.687896069,0,0,0,0,0,0,0,0,0,2785806.5330999955,3525445.1348124668,0,0,0,3236573.2831895668,9893542.6600298993,4645828.0030432567,0,0,0,3456836.540557222,4374642.3100152342,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-31918674.464747641,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-2785806.5330999955,-3525445.1348124668,0,0,0,-3236573.2831895668,-9893542.6600298993,-4645828.0030432567,0,0,0,-3456836.540557222,-4374642.3100152342,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-132579257.71148854,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-7223190.8435929287},-27257005.182344671,-69863729.509985998,-28235332.175564952,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-630540.30164305074,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-35623.291673543303},-134425.9437114585,-344553.54532731819,-115937.52093073074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",5907996.0178112769,{"$f":"SUM(F114:F117)","v":320609.62506188976},1209833.4934031267,3100981.9079458737,1276570.9914003862,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-5907996.0178112769,{"$f":"-F118","v":-320609.62506188976},{"$f":"-G118","v":-1209833.4934031267},-3100981.9079458737,-1276570.9914003862,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":35623.291673543303},{"$f":"G127","v":170049.23538500181},514602.78071232,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":630540.30164305074},{"$f":"-F117","v":35623.291673543303},134425.9437114585,344553.54532731819,115937.52093073074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-630540.30164305074},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-630540.30164305074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":35623.291673543303},{"$f":"SUM(G123:G126)","v":170049.23538500181},514602.78071232,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":7223190.8435929287},34221616.923131183,102723510.03099956,{"$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 ",{"$f":"SUM(F130:AM130)","v":132579257.71148854},{"$f":"-F116","v":7223190.8435929287},{"$f":"-G116","v":27257005.182344671},69863729.509985998,28235332.175564952,{"$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 ",{"$f":"SUM(F131:AM131)","v":-6175683.2520635203},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-258579.10280641622},-1361836.4021176202,-4555267.7471394837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-126403574.45942503,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-126403574.45942503,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":7223190.8435929287},{"$f":"SUM(G129:G132)","v":34221616.923131183},102723510.03099956,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":630540.30164305074},{"$f":"MAX(0,$E135-F123)*F78","v":630540.30164305074},594917.00996950746,460491.06625804893,115937.52093073074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":127852107.97145262},{"$f":"MAX(0,$E136-F129)*F78","v":127852107.97145262},120628917.1278597,93630491.048321441,25128597.940453067,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":6305.4030164305077},{"$f":"$E138*IF(F90=1,1,0)","v":6305.4030164305077},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1278521.0797145262},{"$f":"$E139*IF(F90=1,1,0)","v":1278521.0797145262},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":50426.337786348158},{"$f":"F144*F123","v":0},2500.6966595355893,11903.446476950137,36022.194649862431,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":10093215.039243929},{"$f":"F149*F129","v":0},507056.15245476947,2395513.184619185,7190645.7021699753,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":259111502.79734874},{"$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":3725515.2},{"$f":"'Global Financial Model'!H81","v":4967353.6000000006},{"$f":"'Global Financial Model'!I81","v":5285726.9571920559},{"$f":"'Global Financial Model'!J81","v":5378085.725584113},{"$f":"'Global Financial Model'!K81","v":5691450.4515328072},{"$f":"'Global Financial Model'!L81","v":5787540.5141679021},{"$f":"'Global Financial Model'!M81","v":6121329.2521058396},{"$f":"'Global Financial Model'!N81","v":6219958.9039347265},{"$f":"'Global Financial Model'!O81","v":6573859.5334164621},{"$f":"'Global Financial Model'!P81","v":6676473.8231792338},{"$f":"'Global Financial Model'!Q81","v":7052963.2727048658},{"$f":"'Global Financial Model'!R81","v":7159723.1797740553},{"$f":"'Global Financial Model'!S81","v":7599324.9600092061},{"$f":"'Global Financial Model'!T81","v":7749673.9237814881},{"$f":"'Global Financial Model'!U81","v":8219183.8122109389},{"$f":"'Global Financial Model'!V81","v":8375606.874119617},{"$f":"'Global Financial Model'!W81","v":8876723.9454438388},{"$f":"'Global Financial Model'!X81","v":9129652.0875255801},{"$f":"'Global Financial Model'!Y81","v":9761636.4708834589},{"$f":"'Global Financial Model'!Z81","v":10024782.9099053},{"$f":"'Global Financial Model'!AA81","v":10703561.6946238},{"$f":"'Global Financial Model'!AB81","v":10977339.249782125},{"$f":"'Global Financial Model'!AC81","v":11420823.755473323},{"$f":"'Global Financial Model'!AD81","v":11420823.755473323},{"$f":"'Global Financial Model'!AE81","v":11882225.035194444},{"$f":"'Global Financial Model'!AF81","v":11882225.035194444},{"$f":"'Global Financial Model'!AG81","v":12362266.9266163},{"$f":"'Global Financial Model'!AH81","v":12362266.9266163},{"$f":"'Global Financial Model'!AI81","v":12861702.510451596},{"$f":"'Global Financial Model'!AJ81","v":12861702.510451596}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":204957778.52603519},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3663379.8967246721},{"$f":"-'Global Financial Model'!H76","v":2932019.4022361189},{"$f":"-'Global Financial Model'!I76","v":3848059.7446730505},{"$f":"-'Global Financial Model'!J76","v":3938202.130963047},{"$f":"-'Global Financial Model'!K76","v":10296577.430273406},{"$f":"-'Global Financial Model'!L76","v":4125046.4594372851},{"$f":"-'Global Financial Model'!M76","v":4221856.8608440375},{"$f":"-'Global Financial Model'!N76","v":4321000.6873320257},{"$f":"-'Global Financial Model'!O76","v":4422535.6633144822},{"$f":"-'Global Financial Model'!P76","v":11411357.188931614},{"$f":"-'Global Financial Model'!Q76","v":4633017.3170259865},{"$f":"-'Global Financial Model'!R76","v":4742086.9140605964},{"$f":"-'Global Financial Model'!S76","v":4853793.5781510295},{"$f":"-'Global Financial Model'!T76","v":4968202.741095175},{"$f":"-'Global Financial Model'!U76","v":12650095.577687619},{"$f":"-'Global Financial Model'!V76","v":5205398.6521155741},{"$f":"-'Global Financial Model'!W76","v":5328324.7560815206},{"$f":"-'Global Financial Model'!X76","v":5454232.1606653882},{"$f":"-'Global Financial Model'!Y76","v":5583195.059976276},{"$f":"-'Global Financial Model'!Z76","v":14027022.052900154},{"$f":"-'Global Financial Model'!AA76","v":5850593.6269882945},{"$f":"-'Global Financial Model'!AB76","v":5989187.3399265269},{"$f":"-'Global Financial Model'!AC76","v":6131152.7406582581},{"$f":"-'Global Financial Model'!AD76","v":6276573.9881602488},{"$f":"-'Global Financial Model'!AE76","v":15558059.567101158},{"$f":"-'Global Financial Model'!AF76","v":6578131.4742232366},{"$f":"-'Global Financial Model'!AG76","v":6734447.0157739269},{"$f":"-'Global Financial Model'!AH76","v":6894577.1270748889},{"$f":"-'Global Financial Model'!AI76","v":7058617.3032232961},{"$f":"-'Global Financial Model'!AJ76","v":17261034.068416324}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,630540.30164305074,607930.60962953535,583775.17780743609,557887.70337977749,530188.10574218282,500549.5362699565,468869.58837036049,434933.97845930635,398622.87585447839,359769.99606731249,318222.60597045493,273736.42226763582,226136.20570561936,175203.97398426177,120717.04294330835,62399.630893400928,-5.8207660913467407E-11,{"$f":"Z166","v":-5.8207660913467407E-11},{"$f":"AA166","v":-5.8207660913467407E-11},-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":630540.30164305074},{"$f":"-F126","v":0},0,0,630540.30164305074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-630540.30164305074},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-22609.692013515407,-24155.431822099199,-25887.474427658592,-27699.597637594685,-29638.569472226314,-31679.947899595994,-33935.609911054155,-36311.102604827945,-38852.87978716589,-41547.390096857584,-44486.183702819115,-47600.216562016445,-50932.231721357581,-54486.931040953423,-58317.41204990742,-62399.630893400987,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,630540.30164305074,607930.60962953535,583775.17780743609,557887.70337977749,530188.10574218282,500549.5362699565,468869.58837036049,434933.97845930635,398622.87585447839,359769.99606731249,318222.60597045493,273736.42226763582,226136.20570561936,175203.97398426177,120717.04294330835,62399.630893400928,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,{"$f":"SUM(AB163:AB165)","v":-5.8207660913467407E-11},-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,126403574.45942503,120127529.78006002,113419997.84825864,106234057.83805943,98545102.02714625,90317919.309469163,81521120.389246389,72101092.460329622,62021662.576388672,51236672.600571856,39700122.424634896,27351333.216686003,14138128.764180683,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":126403574.45942503},{"$f":"-F132","v":0},0,0,126403574.45942503,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-126403574.45942503},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-6276044.6793650035,-6707531.9318013731,-7185940.0101992218,-7688955.8109131726,-8227182.7176770922,-8796798.9202227779,-9420027.9289167728,-10079429.88394095,-10784989.975816814,-11536550.175936958,-12348789.207948893,-13213204.45250532,-14138128.764180692,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,126403574.45942503,120127529.78006002,113419997.84825864,106234057.83805943,98545102.02714625,90317919.309469163,81521120.389246389,72101092.460329622,62021662.576388672,51236672.600571856,39700122.424634896,27351333.216686003,14138128.764180683,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":437789.85869599995},{"$f":"F176*F163","v":0},0,0,0,44137.82111501359,42675.731896473575,40864.262446520566,39052.139236584459,37113.167401952829,35137.756632748162,32820.871185925265,30445.378492151471,27903.601309813512,25255.263764264419,22275.582417931866,19161.549558734525,15829.534399393369,12299.03166992273,8450.1930060315917,4367.9741625380693,-4.0745362639427221E-12,-4.0860823457758253E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0860823457758253E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0860823457758253E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0745362639427221E-12,-4.0860823457758253E-12]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":70270189.270190597},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,8848250.2121597603,8432755.6024914179,7939399.8493781118,7436384.0486641666,6898157.1419002432,6340169.8299861047,5706478.4272472523,5047076.4722230779,4341516.3803472109,3596730.397408118,2779008.5697244452,1914593.325168022,989669.01349264861,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},35623.291673543303,170049.23538500181,514602.78071232,630540.30164305074,607930.60962953535,583775.17780743609,557887.70337977749,530188.10574218282,500549.5362699565,468869.58837036049,434933.97845930635,398622.87585447839,359769.99606731249,318222.60597045493,273736.42226763582,226136.20570561936,175203.97398426177,120717.04294330835,62399.630893400928,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11]
[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":1068330.1603390505},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,66747.513128528997,66831.163718572774,66751.736874179158,66751.736874179143,66751.736874179143,66817.704532344156,66756.48109697942,66756.48109697942,66756.481096979405,66802.653861122002,66761.766120750981,66761.766120750966,66761.766120750952,66785.962710876149,66767.605055939013,66767.605055939057,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-437789.85869599995},{"$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,-44137.82111501359,-42675.731896473575,-40864.262446520566,-39052.139236584459,-37113.167401952829,-35137.756632748162,-32820.871185925265,-30445.378492151471,-27903.601309813512,-25255.263764264419,-22275.582417931866,-19161.549558734525,-15829.534399393369,-12299.03166992273,-8450.1930060315917,-4367.9741625380693,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":630540.30164305074},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,22609.692013515407,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":24155.431822099199},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":25887.474427658592},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":27699.597637594685},29638.569472226314,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":31679.947899595994},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":33935.609911054155},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":36311.102604827945},38852.87978716589,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":41547.390096857584},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":44486.183702819115},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":47600.216562016445},50932.231721357581,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":54486.931040953423},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":58317.41204990742},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":62399.630893400987},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,{"$f":"IF(F78=1,F129,F168)","v":0},7223190.8435929287,34221616.923131183,102723510.03099956,126403574.45942503,120127529.78006002,113419997.84825864,106234057.83805943,98545102.02714625,90317919.309469163,81521120.389246389,72101092.460329622,62021662.576388672,51236672.600571856,39700122.424634896,27351333.216686003,14138128.764180683,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":212942662.02092305},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":765635.2552611857},3757349.5867368053,11745913.449309459,15124294.891524764,15140287.534292791,15125339.859577334,15125339.859577339,15125339.859577335,15136968.750208883,15126506.356164025,15126506.356164029,15126506.356164025,15133280.573345076,15127797.777673339,15127797.777673341,15127797.777673341,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-80363404.309434503},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-507056.15245476947},-2395513.184619185,-7190645.7021699753,-8848250.2121597603,-8432755.6024914179,-7939399.8493781118,-7436384.0486641666,-6898157.1419002432,-6340169.8299861047,-5706478.4272472523,-5047076.4722230779,-4341516.3803472109,-3596730.397408118,-2779008.5697244452,-1914593.325168022,-989669.01349264861,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":132579257.71148856},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":258579.10280641622},1361836.4021176202,4555267.7471394837,6276044.6793650035,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":6707531.9318013731},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":7185940.0101992218},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":7688955.8109131726},8227182.7176770922,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":8796798.9202227779},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":9420027.9289167728},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":10079429.88394095},10784989.975816814,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":11536550.175936958},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":12348789.207948893},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":13213204.45250532},14138128.764180692,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":259111502.79734874},{"$f":"F156","v":0},0,0,0,3725515.2,4967353.6000000006,5285726.9571920559,5378085.725584113,5691450.4515328072,5787540.5141679021,6121329.2521058396,6219958.9039347265,6573859.5334164621,6676473.8231792338,7052963.2727048658,7159723.1797740553,7599324.9600092061,7749673.9237814881,8219183.8122109389,8375606.874119617,8876723.9454438388,9129652.0875255801,9761636.4708834589,10024782.9099053,10703561.6946238,10977339.249782125,11420823.755473323,11420823.755473323,11882225.035194444,11882225.035194444,12362266.9266163,12362266.9266163,12861702.510451596,12861702.510451596]
[null,null,"OpEx","USD ",-204957778.52603519,{"$f":"-F160","v":0},0,0,0,-3663379.8967246721,-2932019.4022361189,-3848059.7446730505,-3938202.130963047,-10296577.430273406,-4125046.4594372851,-4221856.8608440375,-4321000.6873320257,-4422535.6633144822,-11411357.188931614,-4633017.3170259865,-4742086.9140605964,-4853793.5781510295,-4968202.741095175,-12650095.577687619,-5205398.6521155741,-5328324.7560815206,-5454232.1606653882,-5583195.059976276,-14027022.052900154,-5850593.6269882945,-5989187.3399265269,-6131152.7406582581,-6276573.9881602488,-15558059.567101158,-6578131.4742232366,-6734447.0157739269,-6894577.1270748889,-7058617.3032232961,-17261034.068416324]
[null,null,"Operational Cashflow","USD ",54153724.271313533,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-4734883.3657523803,2419945.9556788793,2417636.2657134589,2745531.3818581766,2781471.1826863131,-4430911.7654766804,3170208.2220040429,3548399.1893623183,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4852968.0676355055,4988151.9098555977,5289671.0148150651,5144249.7673130743,-3675834.5319067147,5304093.560971207,5627819.910842373,5467689.799541411,5803085.2072283002,-4399331.5579647273]
[null,null,"Revenue Tax","USD ",-3058506.3962632883,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-57294.125758929804},{"$f":"'Global Financial Model'!W90","v":-189660.96433432616},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-231488.04631714485},{"$f":"'Global Financial Model'!AB90","v":-278802.39109417709},{"$f":"'Global Financial Model'!AC90","v":-331126.12643689103},{"$f":"'Global Financial Model'!AD90","v":-280228.68981119426},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-336174.0175915407},{"$f":"'Global Financial Model'!AG90","v":-449478.24004644877},{"$f":"'Global Financial Model'!AH90","v":-393432.7010911121},{"$f":"'Global Financial Model'!AI90","v":-510821.09378152329},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-170836468.49569055,{"$f":"-F114","v":-7579423.7603283618},-28601264.619459257,-73309264.96325919,{"$f":"-I114+I110","v":-29427840.687896069},0,0,0,0,0,0,0,0,0,-2785806.5330999955,-3525445.1348124668,0,0,0,-3236573.2831895668,-9893542.6600298993,-4645828.0030432567,0,0,0,-3456836.540557222,-4374642.3100152342,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-200000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-119941250.62064029,{"$f":"SUM(F210:F213)","v":-7579423.7603283618},{"$f":"SUM(G210:G213)","v":-28601264.619459257},{"$f":"SUM(H210:H213)","v":-73309264.96325919},-29627840.687896069,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"Municipality: Funding (through debt )","USD ",132579257.71148854,{"$f":"-F116","v":7223190.8435929287},27257005.182344671,69863729.509985998,28235332.175564952,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",630540.30164305074,{"$f":"F124","v":35623.291673543303},134425.9437114585,344553.54532731819,115937.52093073074,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",5907996.0178112769,{"$f":"-F119","v":320609.62506188976},1209833.4934031267,3100981.9079458737,1276570.9914003862,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",19176543.410302591,{"$f":"SUM(F214:F218)","v":0},0,0,0,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"Treasury: Funding","USD ",60279122.23008921,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,113470.77231849929,0,0,0,4718604.9314267039,0,0,0,0,10420060.943516279,4744439.3163513308,0,0,0,11017563.260450911,16787676.152409781,4645828.0030432567,0,0,0,3456836.540557222,4374642.3100152342,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",79455665.640391812,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,175606.07559382741,2035334.1977638816,1437667.2125190054,1439883.594621066,113477.95268610492,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,2899371.0446639024,3638940.1372177433,2417636.2657134589,2745531.3818581766,2781471.1826863131,3350078.2117846636,10007047.588624995,3358738.2250279919,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4621480.0213183602,4709349.5187614206,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"Interests","USD ",-437789.85869599995,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-44137.82111501359},{"$f":"K197","v":-42675.731896473575},-40864.262446520566,-39052.139236584459,-37113.167401952829,-35137.756632748162,-32820.871185925265,-30445.378492151471,-27903.601309813512,-25255.263764264419,-22275.582417931866,-19161.549558734525,-15829.534399393369,-12299.03166992273,-8450.1930060315917,-4367.9741625380693,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-630540.30164305074,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-22609.692013515407},{"$f":"-K198","v":-24155.431822099199},-25887.474427658592,-27699.597637594685,-29638.569472226314,-31679.947899595994,-33935.609911054155,-36311.102604827945,-38852.87978716589,-41547.390096857584,-44486.183702819115,-47600.216562016445,-50932.231721357581,-54486.931040953423,-58317.41204990742,-62399.630893400987,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",78387335.480052754,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,108858.56246529841,1968503.0340453088,1370915.4756448262,1373131.8577468868,46726.21581192578,1595676.3501982728,1832715.9101648226,1832201.7355057215,2084567.3890050005,2832568.3908027802,3572178.3710969924,2350874.499592708,2678769.6157374256,2714685.219975437,3283310.6067287247,9940279.9835690558,3358738.2250279919,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4621480.0213183602,4709349.5187614206,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"Treasury: Deduction","USD ",-55183491.834880628,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-66403.723103832031,-1200786.8507676383,-836258.44014334399,-837610.43322560098,-28502.991645274724,-973362.57362094638,-1117956.7052005418,-1117643.0586584902,-1271586.1072930503,-1727866.718389696,-2179028.8063691654,-1434033.4447515518,-1634049.4655998296,-1655957.9841850165,-2002819.4701045221,-6063570.789977124,-2048830.3172670749,-2242006.155384717,-2548849.2606533817,0,-2819102.8130041999,-2872703.2064444665,-3024712.3819106859,-2967052.8572761468,0,-3030430.9214615962,-3158788.4191855136,-3095296.8300546827,-3228281.109202534,0]
[null,null,"Cashflow available to Equity","USD ",23203843.645172138,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,42454.83936146638,767716.18327767053,534657.0355014822,535521.42452128581,18223.224166651056,622313.77657732647,714759.20496428083,714558.67684723134,812981.2817119502,1104701.6724130842,1393149.564727827,916841.05484115612,1044720.1501375961,1058727.2357904206,1280491.1366242026,3876709.1935919318,1309907.907760917,1433413.7714754748,1629592.1502538011,-4002239.1429948546,1802377.2083141604,1836646.3123169541,1933832.5064674881,1896968.2202257332,-3675834.5319067147,1937488.6219180701,2019553.2516104104,1978960.2683956167,2063983.0042442428,-4399331.5579647273]
[null,null,"Distributions to Equity","USD ",-35281248.878038436,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-42454.83936146638,-767716.18327767053,-534657.0355014822,-535521.42452128581,-18223.224166651056,-622313.77657732647,-714759.20496428083,-714558.67684723134,-812981.2817119502,-1104701.6724130842,-1393149.564727827,-916841.05484115612,-1044720.1501375961,-1058727.2357904206,-1280491.1366242026,-3876709.1935919318,-1309907.907760917,-1433413.7714754748,-1629592.1502538011,0,-1802377.2083141604,-1836646.3123169541,-1933832.5064674881,-1896968.2202257332,0,-1937488.6219180701,-2019553.2516104104,-1978960.2683956167,-2063983.0042442428,0]
[null,null,"Treasury: Add back","USD ",-5095630.3952085944,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-47067.049214667262},{"$f":"-K225-K220","v":1200786.8507676383},836258.44014334399,837610.43322560098,-4690101.9397814292,973362.57362094638,1117956.7052005418,1117643.0586584902,1271586.1072930503,-8692194.2251265831,-2565410.5099821654,1434033.4447515518,1634049.4655998296,1655957.9841850165,-9014743.7903463878,-10724105.362432657,-2596997.6857761815,2242006.155384717,2548849.2606533817,0,-637733.72755302209,-1501939.1035707677,3024712.3819106859,2967052.8572761468,0,3030430.9214615962,3158788.4191855136,3095296.8300546827,3228281.109202534,0]
[null,null,"Net Cashflow","USD ",38210456.206805736,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,200000,{"$f":"J224+J227+J228-J213","v":19336.673889164769},{"$f":"K224+K227+K228-K213","v":2401573.7015352766},{"$f":"L224+L227+L228-L213","v":1672516.880286688},{"$f":"M224+M227+M228-M213","v":1675220.866451202},{"$f":"N224+N227+N228-N213","v":-4661598.9481361546},{"$f":"O224+O227+O228-O213","v":1946725.1472418928},{"$f":"P224+P227+P228-P213","v":2235913.4104010835},{"$f":"Q224+Q227+Q228-Q213","v":2235286.1173169804},{"$f":"R224+R227+R228-R213","v":2543172.2145861005},{"$f":"S224+S227+S228-S213","v":-6964327.5067368876},{"$f":"T224+T227+T228-T213","v":-386381.70361299999},{"$f":"U224+U227+U228-U213","v":2868066.8895031037},{"$f":"V224+V227+V228-V213","v":3268098.9311996591},{"$f":"W224+W227+W228-W213","v":3311915.968370033},{"$f":"X224+X227+X228-X213","v":-7011924.3202418657},{"$f":"Y224+Y227+Y228-Y213","v":-4660534.5724555328},{"$f":"Z224+Z227+Z228-Z213","v":-548167.36850910657},{"$f":"AA224+AA227+AA228-AA213","v":4484012.3107694341},{"$f":"AB224+AB227+AB228-AB213","v":5097698.5213067634},{"$f":"AC224+AC227+AC228-AC213","v":-4002239.1429948546},{"$f":"AD224+AD227+AD228-AD213","v":2181369.0854511778},{"$f":"AE224+AE227+AE228-AE213","v":1370764.1028736988},{"$f":"AF224+AF227+AF228-AF213","v":6049424.7638213718},{"$f":"AG224+AG227+AG228-AG213","v":5934105.7145522935},{"$f":"AH224+AH227+AH228-AH213","v":-3675834.5319067147},{"$f":"AI224+AI227+AI228-AI213","v":6060861.8429231923},{"$f":"AJ224+AJ227+AJ228-AJ213","v":6317576.8383710273},{"$f":"AK224+AK227+AK228-AK213","v":6190593.6601093654},{"$f":"AL224+AL227+AL228-AL213","v":6456562.2184050679},{"$f":"AM224+AM227+AM228-AM213","v":-4399331.5579647273}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,200000,{"$f":"J232","v":219336.67388916475},{"$f":"K232","v":2620910.3754244414},{"$f":"L232","v":4293427.2557111289},{"$f":"M232","v":5968648.1221623309},{"$f":"N232","v":1307049.1740261763},{"$f":"O232","v":3253774.3212680691},{"$f":"P232","v":5489687.7316691522},{"$f":"Q232","v":7724973.8489861321},{"$f":"R232","v":10268146.063572232},{"$f":"S232","v":3303818.5568353441},{"$f":"T232","v":2917436.8532223441},{"$f":"U232","v":5785503.7427254478},{"$f":"V232","v":9053602.6739251073},{"$f":"W232","v":12365518.642295141},{"$f":"X232","v":5353594.3220532751},{"$f":"Y232","v":693059.74959774222},{"$f":"Z232","v":144892.38108863565},{"$f":"AA232","v":4628904.69185807},{"$f":"AB232","v":9726603.2131648324},{"$f":"AC232","v":5724364.0701699778},{"$f":"AD232","v":7905733.1556211561},{"$f":"AE232","v":9276497.258494854},{"$f":"AF232","v":15325922.022316225},{"$f":"AG232","v":21260027.736868519},{"$f":"AH232","v":17584193.204961807},{"$f":"AI232","v":23645055.047885001},{"$f":"AJ232","v":29962631.886256028},{"$f":"AK232","v":36153225.546365395},{"$f":"AL232","v":42609787.764770463}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,200000,{"$f":"J229+J231","v":219336.67388916475},{"$f":"K229+K231","v":2620910.3754244414},4293427.2557111289,5968648.1221623309,1307049.1740261763,3253774.3212680691,5489687.7316691522,7724973.8489861321,10268146.063572232,3303818.5568353441,2917436.8532223441,5785503.7427254478,9053602.6739251073,12365518.642295141,5353594.3220532751,693059.74959774222,144892.38108863565,4628904.69185807,9726603.2131648324,5724364.0701699778,7905733.1556211561,9276497.258494854,15325922.022316225,21260027.736868519,17584193.204961807,23645055.047885001,29962631.886256028,36153225.546365395,42609787.764770463,38210456.206805736]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-38210456.206805736},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-38210456.206805736}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":80363404.309434503},{"$f":"-F203","v":0},{"$f":"-G203","v":507056.15245476947},{"$f":"-H203","v":2395513.184619185},7190645.7021699753,8848250.2121597603,8432755.6024914179,7939399.8493781118,7436384.0486641666,6898157.1419002432,6340169.8299861047,5706478.4272472523,5047076.4722230779,4341516.3803472109,3596730.397408118,2779008.5697244452,1914593.325168022,989669.01349264861,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":132579257.71148856},{"$f":"F204","v":0},{"$f":"G204","v":258579.10280641622},1361836.4021176202,4555267.7471394837,6276044.6793650035,6707531.9318013731,7185940.0101992218,7688955.8109131726,8227182.7176770922,8796798.9202227779,9420027.9289167728,10079429.88394095,10784989.975816814,11536550.175936958,12348789.207948893,13213204.45250532,14138128.764180692,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":765635.2552611857},3757349.5867368053,11745913.449309459,15124294.891524764,15140287.534292791,15125339.859577334,15125339.859577339,15125339.859577335,15136968.750208883,15126506.356164025,15126506.356164027,15126506.356164025,15133280.573345076,15127797.777673338,15127797.777673341,15127797.777673341,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-119941250.62064029},{"$f":"F214","v":-7579423.7603283618},-28601264.619459257,-73309264.96325919,-29627840.687896069,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-7579423.7603283618},{"$f":"SUM(G249:G250)","v":-28601264.619459257},-73309264.96325919,-29627840.687896069,62135.30327532813,2035334.1977638816,1437667.2125190054,1439883.594621066,-4605126.978740599,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,-7520689.8988523763,-1105499.1791335875,2417636.2657134589,2745531.3818581766,2781471.1826863131,-7667485.0486662472,-6780628.5637847856,-1287089.7780152648,3675419.9268601919,4178441.4109071828,-4002239.1429948546,1164643.4807611383,334707.20874618646,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-96609134.153919771}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-6.9425460968063124E-2}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-3.8430867561063816E-7},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$f":"F248","v":"2015-12-31"},{"$f":"G248","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C218","v":"Equity: Funding"},"USD ",{"$f":"SUM(F264:AM264)","v":-5907996.0178112769},{"$f":"-F218","v":-320609.62506188976},-1209833.4934031267,-3100981.9079458737,-1276570.9914003862,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":35281248.878038436},{"$f":"-F227","v":0},0,0,0,42454.83936146638,767716.18327767053,534657.0355014822,535521.42452128581,18223.224166651056,622313.77657732647,714759.20496428083,714558.67684723134,812981.2817119502,1104701.6724130842,1393149.564727827,916841.05484115612,1044720.1501375961,1058727.2357904206,1280491.1366242026,3876709.1935919318,1309907.907760917,1433413.7714754748,1629592.1502538011,0,1802377.2083141604,1836646.3123169541,1933832.5064674881,1896968.2202257332,0,1937488.6219180701,2019553.2516104104,1978960.2683956167,2063983.0042442428,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":38210456.206805736},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,38210456.206805736]
[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,{"$f":"SUM(F264:F267)","v":-320609.62506188976},{"$f":"SUM(G264:G267)","v":-1209833.4934031267},-3100981.9079458737,-1276570.9914003862,42454.83936146638,767716.18327767053,534657.0355014822,535521.42452128581,18223.224166651056,622313.77657732647,714759.20496428083,714558.67684723134,812981.2817119502,1104701.6724130842,1393149.564727827,916841.05484115612,1044720.1501375961,1058727.2357904206,1280491.1366242026,3876709.1935919318,1309907.907760917,1433413.7714754748,1629592.1502538011,0,1802377.2083141604,1836646.3123169541,1933832.5064674881,1896968.2202257332,0,1937488.6219180701,2019553.2516104104,1978960.2683956167,2063983.0042442428,38210456.206805736]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-12736.915213771195}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12977409760922876}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-1.3498634100038766E-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":47688451.530318432},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":175606.07559382741},2035334.1977638816,1437667.2125190054,1439883.594621066,113477.95268610492,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,2899371.0446639024,3638940.1372177433,2417636.2657134589,2745531.3818581766,2781471.1826863131,3350078.2117846636,10007047.588624995,3358738.2250279919,3675419.9268601919,4178441.4109071828,-4002239.1429948546,4621480.0213183602,4709349.5187614206,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":40654293.378430247},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,175606.07559382741,2035334.1977638816,1437667.2125190054,1439883.594621066,113477.95268610492,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,2899371.0446639024,3638940.1372177433,2417636.2657134589,2745531.3818581766,2781471.1826863131,3350078.2117846636,10007047.588624995,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,19959028.315142408,21180554.221608549,20627858.819357265,20634141.724193271,20638648.050265737,21969875.461098235,21845272.688644495,21474969.385587811,21079259.025976259,20403483.287692618,18932356.073167201,16618680.861071166,15364352.255632689,13694325.531668803,11871457.136199307,9352380.9239485934,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-311312.33227068244},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,630540.30164305074,607930.60962953535,583775.17780743609,557887.70337977749,530188.10574218282,500549.5362699565,468869.58837036049,434933.97845930635,398622.87585447839,359769.99606731249,318222.60597045493,273736.42226763582,226136.20570561936,175203.97398426177,120717.04294330835,62399.630893400928,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11,-5.8207660913467407E-11]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":31.653850298122936},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":31.653850298122936},34.840414162589525,35.335279065533619,36.98619202249516,38.92702953298955,43.891510967756517,46.591361927677198,49.375239574658963,52.880204079585916,56.712576120091882,59.494063960135371,60.710521177276348,67.942911696474496,78.162185595738464,98.341185691356202,149.87878598073013,0,0,0,{"$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},10000000,10000000,31.653850298122936,34.840414162589525,35.335279065533619,36.98619202249516,38.92702953298955,43.891510967756517,46.591361927677198,49.375239574658963,52.880204079585916,56.712576120091882,59.494063960135371,60.710521177276348,67.942911696474496,78.162185595738464,98.341185691356202,149.87878598073013,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":79455665.640391812},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,175606.07559382741,2035334.1977638816,1437667.2125190054,1439883.594621066,113477.95268610492,1662494.054730617,1899472.3912618021,1898958.2166027008,2151323.8701019799,2899371.0446639024,3638940.1372177433,2417636.2657134589,2745531.3818581766,2781471.1826863131,3350078.2117846636,10007047.588624995,3358738.2250279919,3675419.9268601919,4178441.4109071828,{"$f":"AC289","v":-4002239.1429948546},4621480.0213183602,4709349.5187614206,4958544.888378174,4864021.07750188,-3675834.5319067147,4967919.5433796663,5178341.670795924,5074257.0984502994,5292264.1134467768,-4399331.5579647273]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":437789.85869599995},{"$f":"-F222","v":0},0,0,0,44137.82111501359,42675.731896473575,40864.262446520566,39052.139236584459,37113.167401952829,35137.756632748162,32820.871185925265,30445.378492151471,27903.601309813512,25255.263764264419,22275.582417931866,19161.549558734525,15829.534399393369,12299.03166992273,8450.1930060315917,4367.9741625380693,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":630540.30164305074},{"$f":"-F223","v":0},0,0,0,22609.692013515407,24155.431822099199,25887.474427658592,27699.597637594685,29638.569472226314,31679.947899595994,33935.609911054155,36311.102604827945,38852.87978716589,41547.390096857584,44486.183702819115,47600.216562016445,50932.231721357581,54486.931040953423,58317.41204990742,62399.630893400987,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,66747.513128528997,66831.163718572774,66751.736874179158,66751.736874179143,66751.736874179143,66817.704532344156,66756.48109697942,66756.48109697942,66756.481096979405,66802.653861122002,66761.766120750981,66761.766120750966,66761.766120750952,66785.962710876149,66767.605055939013,66767.605055939057,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,2.6309006487729421,30.454866929067858,21.537525161762829,21.570728524039961,1.7000000000000057,24.881041130735952,28.453752505354103,28.446050262056492,32.226442058512319,43.402033857689098,54.506349197474016,36.212886599505438,41.124307240350369,41.647541935235864,50.175204112502044,149.87878598072999,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":38.053026008986841}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7000000000000057},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,2.6309006487729421,30.454866929067858,21.537525161762829,21.570728524039961,1.7000000000000057,24.881041130735952,28.453752505354103,28.446050262056492,32.226442058512319,43.402033857689098,54.506349197474016,36.212886599505438,41.124307240350369,41.647541935235864,50.175204112502044,149.87878598072999,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[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"}]

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[]
[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$109)","v":138861062.29014009},{"$f":"C6/C$21","v":0.30285389868154028},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":630540.30164305074},{"$f":"F6/F$21","v":1.375198961314526E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":50426.337786348158},{"$f":"C7/C$21","v":1.0997908803922635E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":5907996.0178112769},{"$f":"F7/F$21","v":1.2885250896688606E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":6305.4030164305077},{"$f":"C8/C$21","v":1.3751989613145261E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":132579257.71148854},{"$f":"F8/F$21","v":0.28915337690802034}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":204957778.52603519},{"$f":"C13/C$21","v":0.44700984759875995},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":31918674.464747641},6.9614151317652265E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":3058506.3962632883},6.6705566771149208E-3,"Aportacion municipal",{"$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$222)","v":437789.85869599995},9.5481312992042825E-4,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":60279122.23008921},{"$f":"F16/F$21","v":0.13146786345577224}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":630540.30164305074},1.375198961314526E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":259111502.79734874},{"$f":"F17/F$21","v":0.56511830977820421}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":43306086.602014333},9.4449926766776049E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":35281248.878038436},7.6947875789269107E-2]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":458508419.05838084},{"$f":"SUM(D6:D19)","v":0.99999999999999989},"Total",{"$f":"SUM(F6:F19)","v":458508419.05838084},{"$f":"SUM(G6:G19)","v":0.99999999999999989}]
[]
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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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[]
[]
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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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[]
[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,{"$f":"C4+D4+E4+F4","v":212942662.02092308},{"$f":"'Project Finance Model'!E241","v":80363404.309434503},{"$f":"'Project Finance Model'!E242","v":132579257.71148856},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]