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[null,null,"ACTIVAR MACRO PARA ACCEDER AL CONTENIDO"]

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",105492764.95072003]
[null,"Inversion inicial con inflacion (USD valor nominal)",109176378.42866457]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3683613.477944538]
[null,"Locales comerciales (m2)",0]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.25763091439542707,"de los activos"]
[null,"Duracion de vida de 50 años",0.27680452927291199,"de los activos"]
[null,"Duracion de vida de 40 años",0.47769207332185043,"de los activos"]
[null,"Duracion de vida de 15 años",8.8853679542442526E-2,"de los activos"]
[null,"Duracion de vida de 10 años",2.2431756683240892E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.776234948099545E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":1.2495070291341115E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-64561752.258025378}]
[]
[]
[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",{"$f":"H112","v":2.4379566762863192},{"$f":"M112","v":2.1457111760722802},{"$f":"R112","v":2.2280631039103622},{"$f":"W112","v":2.4561503421043622},{"$f":"AB112","v":2.688112943791201},{"$f":"AG112","v":2.6912871040015296},{"$f":"AL112","v":2.5889828375945068}]
[null,"Margen neta de la operacion",{"$f":"H113","v":1.4379566762863192},{"$f":"M113","v":1.1457111760722802},{"$f":"R113","v":1.2280631039103622},{"$f":"W113","v":1.4561503421043622},{"$f":"AB113","v":1.688112943791201},{"$f":"AG113","v":1.6912871040015296},{"$f":"AL113","v":1.5889828375945068}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3009647.0444611837,2486926.4375853664,3162702.1627898412,3237106.4071075874,7877474.1776971193,3391338.9645689065,3471256.8893177756,3553104.2084154836,3636928.6054432751,8737659.6665971689,3810705.4229004048,3900759.3598170378,3992993.4722577776,4087461.787031203,9694320.0783467442,4283324.0091866599,4384832.9556366475,4488806.2561372938,4595305.1437447295,10758617.323527368,4816132.4281709129,4930591.2287198305,5047836.5076467888,5167937.6871164162,11943050.009416107,5416994.3196380828,5546097.6392487818,5678352.6880073091,5813838.1968373917,13261619.42797647,6094825.6181292711,6240495.2504839823,6389730.8915172648,6542621.8567375559,14730016.914009215,6859738.5078316918,7024154.4912490537,7192606.5179901514,7365195.9423257494,16365835.420263378]
[null,"Trafico anual",0,0,0,0,7448426.1817496242,9931234.9089995008,10101131.226709342,10271027.544419182,10440923.862129023,10610820.179838864,10780716.497548707,10948891.287937447,11117066.07832619,11285240.868714932,11453415.659103675,11621590.449492417,11854832.67982951,12088074.910166603,12321317.140503693,12554559.370840786,12787801.601177873,13138035.771759205,13488269.942340536,13838504.112921864,14188738.283503197,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525,14538972.454084525]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,4547264.1839581458,6063018.9119441956,6447327.3118387768,6555768.3512399001,6933443.45002292,7046265.507415846,7448314.7024270492,7564505.3808587557,7990996.1800857922,8111880.961926139,8565369.4798146505,8691138.0068413466,9223735.7359789517,9405211.489640167,9973989.4079307597,10162796.78203989,10769808.964057434,11064774.058722228,11818672.615183858,12125554.29967311,12934706.397922523,13253986.102465138,13789447.14100473,13789447.14100473,14346540.805501319,14346540.805501319,14926141.054043574,14926141.054043574,15529157.152626932,15529157.152626932,16156535.101593062,16156535.101593062,16809259.119697418,16809259.119697418,17488353.188133199,17488353.188133199,18194882.656933781,18194882.656933781,18929955.916273903,18929955.916273903]
[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$18/50","v":-604410.32077335601},-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601,-604410.32077335601]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1303817.2642339929},-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929,-1303817.2642339929]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-646714.86283366638},-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,-646714.86283366638,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-244901.7956469233},-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,-244901.7956469233,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-169796.23388878454},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":106206737.95128784},{"$f":"G61+SUM(H56:H60)","v":103237097.47391111},{"$f":"H61+SUM(I56:I60)","v":100267456.99653438},97297816.519157648,94328176.041780919,91528331.79829298,88728487.55480504,85928643.311317101,83128799.067829162,80328954.824341223,77774012.376500204,75219069.928659186,72664127.480818167,70109185.032977149,67554242.58513613,65646015.000128783,63737787.415121436,61829559.830114089,59921332.245106742,58013104.660099395,56104877.075092047,54196649.4900847,52288421.905077353,50380194.320070006,48471966.735062659,46563739.150055312,44655511.565047964,42747283.980040617,40839056.39503327,38930828.810025923,37022601.225018576,35114373.640011229,33206146.055003881,31297918.469996534,29389690.884989187,27481463.29998184,25573235.714974493,23665008.129967146,21756780.544959798,19848552.959952451]
[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$97)/10","v":-313534.67193538637},{"$f":"SUM($P$97:$Q$97)/10","v":-313534.67193538637},-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,-313534.67193538637,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3135346.719353864},{"$f":"R63+S62","v":2821812.0474184775},{"$f":"S63+T62","v":2508277.375483091},2194742.7035477045,1881208.031612318,1567673.3596769315,1254138.687741545,940604.01580615866,627069.34387077228,313534.67193538591,-4.6566128730773926E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 2 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($U$97:$W$97)/15","v":-900368.80117537652},-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,-900368.80117537652,0,0,{"$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$97))+X64","v":12605163.216455271},{"$f":"X65+Y64","v":11704794.415279895},{"$f":"Y65+Z64","v":10804425.614104519},9904056.8129291423,9003688.0117537659,8103319.2105783895,7202950.4094030131,6302581.6082276367,5402212.8070522603,4501844.0058768839,3601475.2047015075,2701106.4035261311,1800737.6023507547,900368.80117537815,1.6298145055770874E-9,0,0,{"$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$97)/10","v":-389055.56225143868},{"$f":"SUM($AA$97:$AB$97)/10","v":-389055.56225143868},-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,-389055.56225143868,0,{"$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":3890555.6225143867},{"$f":"AC67+AD66","v":3501500.0602629478},{"$f":"AD67+AE66","v":3112444.498011509},2723388.9357600701,2334333.3735086313,1945277.8112571926,1556222.249005754,1167166.6867543154,778111.12450287677,389055.5622514381,-5.8207660913467407E-10,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1662566.8679846583},{"$f":"SUM($AL$97:$AN$97)/14","v":-1662566.8679846583},-1662566.8679846583,-1662566.8679846583,-1662566.8679846583,-1662566.8679846583]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":24938503.019769877},{"$f":"AO69+AP68","v":23275936.151785217},{"$f":"AP69+AQ68","v":21613369.283800557},19950802.415815897,18288235.547831237,16625668.679846579]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-2969640.4773767232},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-2969640.4773767232},-2969640.4773767232,-2969640.4773767232,-2969640.4773767232,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2554942.4478410156,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2221762.2569427355,-2221762.2569427355,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-2297283.1472587879,-1908227.585007349,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":106206737.95128784},{"$f":"H61+H63+H65+H67+H69","v":103237097.47391111},100267456.99653438,97297816.519157648,94328176.041780919,91528331.79829298,88728487.55480504,85928643.311317101,83128799.067829162,80328954.824341223,77774012.376500204,78354416.648013055,75485939.528236642,72617462.408460245,69748985.288683832,67527223.031741098,65305460.774798371,75688861.73431091,72566730.67619279,69444599.618074685,66322468.55995658,63200337.501838468,64282296.738170132,61084644.789735965,57886992.841301806,54689340.892867647,51491688.944433481,48294036.995999314,45096385.047565155,41898733.099130996,38701081.150696829,35503429.20226267,33206146.055003881,31297918.469996534,54328193.904759064,50757399.451767057,47186604.99877505,43615810.545783043,40045016.092791036,36474221.639799029]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3009647.0444611837},{"$f":"-H51","v":-2486926.4375853664},-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647,-6094825.6181292711,-6240495.2504839823,-6389730.8915172648,-6542621.8567375559,-14730016.914009215,-6859738.5078316918,-7024154.4912490537,-7192606.5179901514,-7365195.9423257494,-16365835.420263378]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3009647.0444611837},{"$f":"H75","v":-2486926.4375853664},-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647,-6094825.6181292711,-6240495.2504839823,-6389730.8915172648,-6542621.8567375559,-14730016.914009215,-6859738.5078316918,-7024154.4912490537,-7192606.5179901514,-7365195.9423257494,-16365835.420263378]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":4547264.1839581458},6063018.9119441956,6447327.3118387768,6555768.3512399001,6933443.45002292,7046265.507415846,7448314.7024270492,7564505.3808587557,7990996.1800857922,8111880.961926139,8565369.4798146505,8691138.0068413466,9223735.7359789517,9405211.489640167,9973989.4079307597,10162796.78203989,10769808.964057434,11064774.058722228,11818672.615183858,12125554.29967311,12934706.397922523,13253986.102465138,13789447.14100473,13789447.14100473,14346540.805501319,14346540.805501319,14926141.054043574,14926141.054043574,15529157.152626932,15529157.152626932,16156535.101593062,16156535.101593062,16809259.119697418,16809259.119697418,17488353.188133199,17488353.188133199,18194882.656933781,18194882.656933781,18929955.916273903,18929955.916273903]
[null,"2. Ingresos comerciales",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":4547264.1839581458},{"$f":"H79+H80","v":6063018.9119441956},6447327.3118387768,6555768.3512399001,6933443.45002292,7046265.507415846,7448314.7024270492,7564505.3808587557,7990996.1800857922,8111880.961926139,8565369.4798146505,8691138.0068413466,9223735.7359789517,9405211.489640167,9973989.4079307597,10162796.78203989,10769808.964057434,11064774.058722228,11818672.615183858,12125554.29967311,12934706.397922523,13253986.102465138,13789447.14100473,13789447.14100473,14346540.805501319,14346540.805501319,14926141.054043574,14926141.054043574,15529157.152626932,15529157.152626932,16156535.101593062,16156535.101593062,16809259.119697418,16809259.119697418,17488353.188133199,17488353.188133199,18194882.656933781,18194882.656933781,18929955.916273903,18929955.916273903]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":1537617.1394969621},{"$f":"H81+H76","v":3576092.4743588292},3284625.1490489356,3318661.9441323127,-944030.72767419927,3654926.5428469395,3977057.8131092736,4011401.1724432721,4354067.5746425167,-625778.70467102993,4754664.0569142457,4790378.6470243093,5230742.2637211736,5317749.7026089635,279669.32958401553,5879472.7728532301,6384976.0084207868,6575967.802584934,7223367.4714391287,1366936.9761457425,8118573.9697516104,8323394.8737453073,8741610.6333579421,8621509.4538883138,2403490.7960852124,8929546.4858632367,9380043.4147947915,9247788.3660362661,9715318.95578954,2267537.7246504612,10061709.48346379,9916039.85110908,10419528.228180153,10266637.262959862,2758336.2741239835,10628614.680301506,11170728.165684726,11002276.138943629,11564759.973948155,2564120.4960105252]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":1537617.1394969621},{"$f":"H83","v":3576092.4743588292},3284625.1490489356,3318661.9441323127,-944030.72767419927,3654926.5428469395,3977057.8131092736,4011401.1724432721,4354067.5746425167,-625778.70467102993,4754664.0569142457,4790378.6470243093,5230742.2637211736,5317749.7026089635,279669.32958401553,5879472.7728532301,6384976.0084207868,6575967.802584934,7223367.4714391287,1366936.9761457425,8118573.9697516104,8323394.8737453073,8741610.6333579421,8621509.4538883138,2403490.7960852124,8929546.4858632367,9380043.4147947915,9247788.3660362661,9715318.95578954,2267537.7246504612,10061709.48346379,9916039.85110908,10419528.228180153,10266637.262959862,2758336.2741239835,10628614.680301506,11170728.165684726,11002276.138943629,11564759.973948155,2564120.4960105252]
[null,"2. Renta concessional",0,0,0,0,{"$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":-2969640.4773767232},{"$f":"H70","v":-2969640.4773767232},-2969640.4773767232,-2969640.4773767232,-2969640.4773767232,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2799844.2434879388,-2554942.4478410156,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2868477.1197764021,-2221762.2569427355,-2221762.2569427355,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3122131.0581181119,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-3197651.9484341643,-2297283.1472587879,-1908227.585007349,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071,-3570794.4529920071]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-1432023.3378797611},606451.99698210601,314984.67167221243,349021.46675558947,-3913671.2050509225,855082.29935900075,1177213.5696213348,1211556.9289553333,1554223.3311545779,-3425622.9481589687,2199721.6090732301,1921901.5272479071,2362265.1439447715,2449272.5828325613,-2588807.7901923866,3657710.5159104946,4163213.7514780513,3453836.7444668221,4101236.4133210168,-1755194.0819723695,4996442.911633499,5201263.8156271949,5543958.6849237774,5423857.5054541491,-794161.1523489519,5731894.537429072,6182391.4663606267,6050136.4176021013,6517667.0073553752,-930114.22378370306,6864057.5350296255,6718387.9026749153,8122245.0809213649,8358409.6779525131,-812458.17886802368,7057820.2273094989,7599933.712692719,7431481.6859516222,7993965.5209561475,-1006673.956981482]
[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$24*H89,0)","v":-212258.19894373708},-110244.63508527435,-122157.5133644563,0,-299278.80477565026,-412024.74936746713,-424044.92513436661,-543978.16590410226,0,-769902.56317563052,-672665.5345367674,-826792.80038067,-857245.40399139642,0,-1280198.6805686729,-1457124.8130173178,-1208842.8605633876,-1435432.7446623559,0,-1748755.0190717245,-1820442.3354695181,-1940385.539723322,-1898350.1269089521,0,-2006163.0881001751,-2163837.0132262195,-2117547.7461607354,-2281183.4525743811,0,-2402420.1372603686,-2351435.7659362201,-2842785.7783224774,-2925443.3872833792,0,-2470237.0795583245,-2659976.7994424514,-2601018.5900830678,-2797887.9323346512,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-1432023.3378797611},{"$f":"H89+H90","v":394193.79803836893},204740.03658693808,226863.95339113317,-3913671.2050509225,555803.49458335049,765188.82025386766,787512.0038209667,1010245.1652504756,-3425622.9481589687,1429819.0458975995,1249235.9927111398,1535472.3435641015,1592027.1788411648,-2588807.7901923866,2377511.8353418214,2706088.9384607337,2244993.8839034345,2665803.6686586607,-1755194.0819723695,3247687.8925617747,3380821.4801576771,3603573.1452004556,3525507.3785451967,-794161.1523489519,3725731.4493288966,4018554.4531344073,3932588.671441366,4236483.5547809936,-930114.22378370306,4461637.3977692574,4366952.1367386952,5279459.3025988881,5432966.2906691339,-812458.17886802368,4587583.1477511749,4939956.9132502675,4830463.095868554,5196077.5886214962,-1006673.956981482]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":2969640.4773767232},{"$f":"-H88","v":2969640.4773767232},2969640.4773767232,2969640.4773767232,2969640.4773767232,2799844.2434879388,2799844.2434879388,2799844.2434879388,2799844.2434879388,2799844.2434879388,2554942.4478410156,2868477.1197764021,2868477.1197764021,2868477.1197764021,2868477.1197764021,2221762.2569427355,2221762.2569427355,3122131.0581181119,3122131.0581181119,3122131.0581181119,3122131.0581181119,3122131.0581181119,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,3197651.9484341643,2297283.1472587879,1908227.585007349,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071,3570794.4529920071]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":1537617.1394969621},{"$f":"H91+H92","v":3363834.2754150922},3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-625778.70467102993,3984761.493738615,4117713.112487542,4403949.4633405041,4460504.2986175669,279669.32958401553,4599274.0922845565,4927851.1954034697,5367124.9420215469,5787934.7267767731,1366936.9761457425,6369818.9506798871,6502952.5382757895,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630604,7216206.4015685711,7130240.6198755298,7434135.5032151584,2267537.7246504612,7659289.3462034222,7564604.08517286,7576742.4498576764,7341193.8756764829,2758336.2741239835,8158377.600743182,8510751.3662422746,8401257.5488605611,8766872.0416135043,2564120.4960105252]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5959588.7579279169,-22906892.843059339,-57694552.954858422,-22615343.872818895]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0,0,-5373322.3436948601,-13028842.544174731,-4873771.2639156263,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":41898733.099130996},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":36474221.639799029}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5959588.7579279169},-22906892.843059339,-57694552.954858422,-22615343.872818895,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,41898733.099130996,0,-5373322.3436948601,-13028842.544174731,-4873771.2639156263,0,0,0,0,0,36474221.639799029]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-109176378.42866457}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5959588.7579279169},-22906892.843059339,-57694552.954858422,-22615343.872818895,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321109,1363229.2472423734,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103788,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630604,7216206.4015685711,7130240.6198755298,7434135.5032151584,44166270.823781461]
[null,"TRI (30 años)",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"IRR(C103:AJ103)","v":1.2495070291341115E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5959588.7579279169},{"$f":"D93+D99","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321109,1363229.2472423734,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103788,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630604,7216206.4015685711,7130240.6198755298,7434135.5032151584,{"$f":"AJ93+AJ97","v":2267537.7246504612},7659289.3462034222,2191281.7414779998,-5452100.0943170544,2467422.6117608566,2758336.2741239835,8158377.600743182,8510751.3662422746,8401257.5488605611,8766872.0416135043,39038342.135809556]
[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,{"$f":"IRR(C106:AT106)","v":1.972805595041538E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,1537617.1394969621,3576092.4743588292,3284625.1490489356,3318661.9441323127,-944030.72767419927,3654926.5428469395,3977057.8131092736,4011401.1724432721,4354067.5746425167,-625778.70467102993,4754664.0569142457,4790378.6470243093,5230742.2637211736,5317749.7026089635,279669.32958401553,5879472.7728532301,6384976.0084207868,6575967.802584934,7223367.4714391287,1366936.9761457425,8118573.9697516104,8323394.8737453073,8741610.6333579421,8621509.4538883138,2403490.7960852124,8929546.4858632367,9380043.4147947915,9247788.3660362661,9715318.95578954,2267537.7246504612,10061709.48346379,9916039.85110908,10419528.228180153,10266637.262959862,2758336.2741239835,10628614.680301506,11170728.165684726,11002276.138943629,11564759.973948155,2564120.4960105252]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-1432023.3378797611,606451.99698210601,314984.67167221243,349021.46675558947,-3913671.2050509225,855082.29935900075,1177213.5696213348,1211556.9289553333,1554223.3311545779,-3425622.9481589687,2199721.6090732301,1921901.5272479071,2362265.1439447715,2449272.5828325613,-2588807.7901923866,3657710.5159104946,4163213.7514780513,3453836.7444668221,4101236.4133210168,-1755194.0819723695,4996442.911633499,5201263.8156271949,5543958.6849237774,5423857.5054541491,-794161.1523489519,5731894.537429072,6182391.4663606267,6050136.4176021013,6517667.0073553752,-930114.22378370306,6864057.5350296255,6718387.9026749153,8122245.0809213649,8358409.6779525131,-812458.17886802368,7057820.2273094989,7599933.712692719,7431481.6859516222,7993965.5209561475,-1006673.956981482]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":1.5108961671524646},{"$f":"ABS(H81)/ABS(H76)","v":2.4379566762863192},2.0385502586027719,2.0251939623750572,0.88016073345604096,2.0777237489475016,2.1457111760722802,2.128984948694248,2.1971825809629375,0.92838142837454596,2.2477123076323688,2.2280631039103622,2.3099801690293096,2.3009906831376989,1.0288487823100338,2.372642545892683,2.4561503421043622,2.46497028995047,2.5719015920567969,1.1270550792020895,2.6857040562804686,2.688112943791201,2.7317539147941075,2.6682688483999324,1.2012459793930579,2.6484319456439511,2.6912871040015296,2.6286040818788186,2.6710679979147809,1.1709849793960234,2.6508609292339531,2.5889828375945068,2.6306677706901045,2.5691931289575196,1.1872595456085746,2.549419801959933,2.5903306482796791,2.5296646787815695,2.5701904015192141,1.1566751974565108]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":0.51089616715246455},{"$f":"H112-1","v":1.4379566762863192},1.0385502586027719,1.0251939623750572,-0.11983926654395904,1.0777237489475016,1.1457111760722802,1.128984948694248,1.1971825809629375,-7.1618571625454042E-2,1.2477123076323688,1.2280631039103622,1.3099801690293096,1.3009906831376989,2.8848782310033849E-2,1.372642545892683,1.4561503421043622,1.46497028995047,1.5719015920567969,0.12705507920208947,1.6857040562804686,1.688112943791201,1.7317539147941075,1.6682688483999324,0.20124597939305788,1.6484319456439511,1.6912871040015296,1.6286040818788186,1.6710679979147809,0.17098497939602342,1.6508609292339531,1.5889828375945068,1.6306677706901045,1.5691931289575196,0.18725954560857461,1.549419801959933,1.5903306482796791,1.5296646787815695,1.5701904015192141,0.15667519745651082]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5959588.7579279169},{"$f":"D103","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321109,1363229.2472423734,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103788,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630604,7216206.4015685711,7130240.6198755298,7434135.5032151584,44166270.823781461]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-64561752.258025378}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5959588.7579279169},{"$f":"D106","v":-22906892.843059339},-57694552.954858422,-22615343.872818895,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321109,1363229.2472423734,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103788,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630604,7216206.4015685711,7130240.6198755298,7434135.5032151584,2267537.7246504612,7659289.3462034222,2191281.7414779998,-5452100.0943170544,2467422.6117608566,2758336.2741239835,8158377.600743182,8510751.3662422746,8401257.5488605611,8766872.0416135043,39038342.135809556]
[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,{"$f":"NPV(C26,C118:AT118)","v":-64703771.649630718}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9415204.9440763351},{"$f":"D123-D103","v":-9564860.0800200887},-5098490.6670121104,-8568823.9927161559,2924009.9481168767,3722053.0470741144,4332296.1282747164,4670429.2527885446,5082527.6756969532,5266077.2719398662,5451846.9755782578,5820754.865696351,6001201.629377434,5076940.7335970756,4487659.9006332736,6978039.4645906594,7262878.4643020127,7795696.4858560907,7168514.4489385765,7874709.1604279056,8600566.799372334,9598381.4708653893,10031179.933987852,9895276.9000261202,9664550.8303831108,9340159.8170402031,12101051.967969734,12536617.927985407,11244780.362674596,13071294.970989248,13156108.431419859,13626661.545546232,13714427.526844909,-29184546.686851121]

{"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",{"$f":"E313","v":1.7}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":17.262494786970944}]
[]
[null,null,"NPV project",{"$f":"E255","v":-65385347.483716056}]
[null,null,"IRR Project",{"$f":"E257","v":-3.2555642756650904E-3}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":-4777.0283412952722}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":0.12996127982105166}]
[null,null,"Debt / Equity",{"$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",{"$f":"'Global Financial Model'!C11","v":105492764.95072003},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",0]
[null,null,"Treasury","%",0.23,"of DSRA"]
[null,null,"Discount Factor (WACC)","%",{"$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$59*E26*E58","v":1740630.6216868807}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":88086458.733851224}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":17406.306216868808}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":880864.5873385123}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,0.16500000000000001,null,"Initial Municipal debt",{"$f":"1-E58","v":0.83499999999999996}]
[null,null,"Private funding: Inital Debt vs Equity ratio",null,0.1]
[]
[null,null,"INITIAL TREASURY",null,100000]
[]
[]
[null,null,null,null,2015,2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Private loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[null,null,"Municipal loan - BBSY","% p.a.",3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2,3.3300000000000003E-2]
[]
[null,null,"Timing"]
[]
[null,null,null,null,"Construction","Operation"]
[null,null,"Start date",null,"2015-06-01",{"$f":"E73+1","v":"2019-01-01"}]
[null,null,"Duration",null,4,30]
[null,null,"End date",null,{"$f":"DATE(YEAR(E71),MONTH(E72)+E72*12,0)","v":"2018-12-31"},{"$f":"DATE(YEAR(F71),MONTH(F72)+F72*12,0)","v":"2048-12-31"}]
[]
[null,null," ",null," "]
[null,null,null,"Start","End",{"$f":"E71","v":"2015-06-01"},{"$f":"F77+1","v":"2016-01-01"},{"$f":"G77+1","v":"2017-01-01"},"2018-01-01","2019-01-01","2020-01-01","2021-01-01","2022-01-01","2023-01-01","2024-01-01","2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01","2038-01-01","2039-01-01","2040-01-01","2041-01-01","2042-01-01","2043-01-01","2044-01-01","2045-01-01","2046-01-01","2047-01-01","2048-01-01"]
[null,null,null,null,null,{"$f":"DATE(YEAR(F76),12,31)","v":"2015-12-31"},{"$f":"DATE(YEAR(G76),12,31)","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,"Construction",{"$f":"E71","v":"2015-06-01"},{"$f":"E73","v":"2018-12-31"},{"$f":"IF(AND(F$76>=$D78,F$77<=$E78),1,0)","v":1},1,1,1,0,0,0,0,0,0,{"$f":"IF(AND(P$76>=$D78,P$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(Z$76>=$D78,Z$77<=$E78),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Operation",{"$f":"F71","v":"2019-01-01"},{"$f":"F73","v":"2048-12-31"},0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,"Number of days","Num#",null,{"$f":"F77-$E$71","v":213},579,944,1309,1674,2040,2405,2770,3135,3501,3866,4231,4596,4962,5327,5692,6057,6423,6788,7153,7518,7884,8249,8614,8979,9345,9710,10075,10440,10806,11171,11536,11901,12267]
[null,null,{"$f":"C29","v":"Discount Factor (WACC)"},{"$f":"D29","v":"%"},null,{"$f":"POWER(1+$E$29,-F81/365)","v":0.93116245416459142},0.82376169317596137,0.72899264882828441,0.64512623790113677,0.57090817513374947,0.50505932975799217,0.4469551590778692,0.39553553900696398,0.35003145044864076,0.30965864119285325,0.27403419574588789,0.24250813782821937,0.2146089715293977,0.18985586131306764,0.16801403656023683,0.14868498810640432,0.13157963549239318,0.11640317200926432,0.10301165664536668,9.1160758093244865E-2,8.0673237250659155E-2,7.1368344174927809E-2,6.3157826703475958E-2,5.5891882038474304E-2,4.9461842511924176E-2,4.3756887912518215E-2,3.8722909657095753E-2,3.4268061643447575E-2,3.0325718268537687E-2,2.682793417619064E-2,2.374153466919526E-2,2.1010207671854207E-2,1.8593104134384256E-2,1.6448565848672027E-2]
[]
[null,null,"Flags & Counters"]
[]
[null,null,"Days in Period","Days",null,{"$f":"F77-F76+1","v":214},366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366,365,365,365,366]
[null,null,"Year: Calendar","Num#",null,{"$f":"YEAR(F77)","v":2015},2016,2017,2018,2019,2020,2021,2022,2023,2024,2025,2026,2027,2028,2029,2030,2031,2032,2033,2034,2035,2036,2037,2038,2039,2040,2041,2042,2043,2044,2045,2046,2047,2048]
[null,null,"Year: Operations","Num#",null,{"$f":"(E88+1)*F79","v":0},0,0,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,"Month: Construction","Num#",null,{"$f":"(E89+MONTH(E73-E71))*F78","v":8},{"$f":"(F89+12)*G78","v":20},32,44,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Construction","Num#",null,{"$f":"(E90+1)*F78","v":1},2,3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Year: Project","Num#",null,{"$f":"IF(F78=1,F90,(E91+1)*F79)","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: End of Construction",{"$f":"D78","v":"2015-06-01"},{"$f":"E78","v":"2018-12-31"},{"$f":"IF(AND(F89<>0,G89=0),1,0)","v":0},0,0,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"IF(AND(AA89<>0,AD89=0),1,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Municipal Debt Repayment",{"$f":"E44","v":"2016-12-31"},{"$f":"E46","v":"2031-12-31"},{"$f":"IF(AND(F77>=$D97,F77<=$E97),1,0)","v":0},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Flag: Private Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"IF(AND(F77>=$D98,F77<=$E98),1,0)","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Technical inputs"]
[]
[null,null,"Construction"]
[null,null,"Construction: CapEx"]
[null,null,"Construction Costs","USD ",{"$f":"SUM(F105:AM105)","v":109176378.42866457},{"$f":"-'Global Financial Model'!C96","v":5959588.7579279169},{"$f":"-'Global Financial Model'!D96","v":22906892.843059339},{"$f":"-'Global Financial Model'!E96","v":57694552.954858422},{"$f":"-'Global Financial Model'!F96","v":22615343.872818895},{"$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":20531434.359498896},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1422401.6566749932},{"$f":"-'Global Financial Model'!Q97","v":1712945.0626788707},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2302700.8624528833},{"$f":"-'Global Financial Model'!V97","v":7638209.2070166674},{"$f":"-'Global Financial Model'!W97","v":3564621.9481610963},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":1765013.057669508},{"$f":"-'Global Financial Model'!AB97","v":2125542.5648448784},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":109176378.42866457},{"$f":"F105","v":5959588.7579279169},{"$f":"G105","v":22906892.843059339},57694552.954858422,22615343.872818895,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",20531434.359498896,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1422401.6566749932,1712945.0626788707,0,0,0,2302700.8624528833,7638209.2070166674,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",140336.51456587159,{"$f":"F151","v":0},{"$f":"G151","v":6922.9916626184331},{"$f":"H151","v":33368.886588191119},100044.63631506203,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",17406.306216868808,{"$f":"F138","v":17406.306216868808},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",129965555.6089462,{"$f":"SUM(F109:F113)","v":5976995.0641447855},{"$f":"SUM(G109:G113)","v":22913815.834721956},{"$f":"SUM(H109:H113)","v":57727921.841446616},22815388.509133957,0,0,0,0,0,0,0,0,0,1422401.6566749932,1712945.0626788707,0,0,0,2302700.8624528833,7638209.2070166674,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-20531434.359498896,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-91377491.243288502,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-4990790.878560896},-19133036.221992832,-48202814.737607919,-19050849.405126855,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-1740630.6216868807,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-98620.418558388963},-378077.96127291227,-952510.71038386924,-311421.53147171019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",16315999.384471932,{"$f":"SUM(F114:F117)","v":887583.76702550054},3402701.6514562126,8572596.3934548274,3453117.5725353924,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-16315999.384471932,{"$f":"-F118","v":-887583.76702550054},{"$f":"-G118","v":-3402701.6514562126},-8572596.3934548274,-3453117.5725353924,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":98620.418558388963},{"$f":"G127","v":476698.37983130122},1429209.0902151705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":1740630.6216868807},{"$f":"-F117","v":98620.418558388963},378077.96127291227,952510.71038386924,311421.53147171019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-1740630.6216868807},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-1740630.6216868807,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":98620.418558388963},{"$f":"SUM(G123:G126)","v":476698.37983130122},1429209.0902151705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":4990790.878560896},23945164.476843957,71195090.380692005,{"$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 ",{"$f":"SUM(F130:AM130)","v":91377491.243288502},{"$f":"-F116","v":4990790.878560896},{"$f":"-G116","v":19133036.221992832},48202814.737607919,19050849.405126855,{"$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 ",{"$f":"SUM(F131:AM131)","v":-4288693.370435602},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-178662.62370977324},-952888.83375987923,-3157141.9129659496,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-87088797.872852907,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-87088797.872852907,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":4990790.878560896},{"$f":"SUM(G129:G132)","v":23945164.476843957},71195090.380692005,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":1740630.6216868807},{"$f":"MAX(0,$E135-F123)*F78","v":1740630.6216868807},1642010.2031284918,1263932.2418555794,311421.53147171019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":88086458.733851224},{"$f":"MAX(0,$E136-F129)*F78","v":88086458.733851224},83095667.855290323,64141294.257007271,16891368.353159219,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":17406.306216868808},{"$f":"$E138*IF(F90=1,1,0)","v":17406.306216868808},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":880864.5873385123},{"$f":"$E139*IF(F90=1,1,0)","v":880864.5873385123},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":140336.51456587159},{"$f":"F144*F123","v":0},6922.9916626184331,33368.886588191119,100044.63631506203,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":7010163.1756812437},{"$f":"F149*F129","v":0},350345.33565372071,1676161.5133790784,4983656.3266484449,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":313881100.58834064},{"$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":4547264.1839581458},{"$f":"'Global Financial Model'!H81","v":6063018.9119441956},{"$f":"'Global Financial Model'!I81","v":6447327.3118387768},{"$f":"'Global Financial Model'!J81","v":6555768.3512399001},{"$f":"'Global Financial Model'!K81","v":6933443.45002292},{"$f":"'Global Financial Model'!L81","v":7046265.507415846},{"$f":"'Global Financial Model'!M81","v":7448314.7024270492},{"$f":"'Global Financial Model'!N81","v":7564505.3808587557},{"$f":"'Global Financial Model'!O81","v":7990996.1800857922},{"$f":"'Global Financial Model'!P81","v":8111880.961926139},{"$f":"'Global Financial Model'!Q81","v":8565369.4798146505},{"$f":"'Global Financial Model'!R81","v":8691138.0068413466},{"$f":"'Global Financial Model'!S81","v":9223735.7359789517},{"$f":"'Global Financial Model'!T81","v":9405211.489640167},{"$f":"'Global Financial Model'!U81","v":9973989.4079307597},{"$f":"'Global Financial Model'!V81","v":10162796.78203989},{"$f":"'Global Financial Model'!W81","v":10769808.964057434},{"$f":"'Global Financial Model'!X81","v":11064774.058722228},{"$f":"'Global Financial Model'!Y81","v":11818672.615183858},{"$f":"'Global Financial Model'!Z81","v":12125554.29967311},{"$f":"'Global Financial Model'!AA81","v":12934706.397922523},{"$f":"'Global Financial Model'!AB81","v":13253986.102465138},{"$f":"'Global Financial Model'!AC81","v":13789447.14100473},{"$f":"'Global Financial Model'!AD81","v":13789447.14100473},{"$f":"'Global Financial Model'!AE81","v":14346540.805501319},{"$f":"'Global Financial Model'!AF81","v":14346540.805501319},{"$f":"'Global Financial Model'!AG81","v":14926141.054043574},{"$f":"'Global Financial Model'!AH81","v":14926141.054043574},{"$f":"'Global Financial Model'!AI81","v":15529157.152626932},{"$f":"'Global Financial Model'!AJ81","v":15529157.152626932}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$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":164183720.50534764},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3009647.0444611837},{"$f":"-'Global Financial Model'!H76","v":2486926.4375853664},{"$f":"-'Global Financial Model'!I76","v":3162702.1627898412},{"$f":"-'Global Financial Model'!J76","v":3237106.4071075874},{"$f":"-'Global Financial Model'!K76","v":7877474.1776971193},{"$f":"-'Global Financial Model'!L76","v":3391338.9645689065},{"$f":"-'Global Financial Model'!M76","v":3471256.8893177756},{"$f":"-'Global Financial Model'!N76","v":3553104.2084154836},{"$f":"-'Global Financial Model'!O76","v":3636928.6054432751},{"$f":"-'Global Financial Model'!P76","v":8737659.6665971689},{"$f":"-'Global Financial Model'!Q76","v":3810705.4229004048},{"$f":"-'Global Financial Model'!R76","v":3900759.3598170378},{"$f":"-'Global Financial Model'!S76","v":3992993.4722577776},{"$f":"-'Global Financial Model'!T76","v":4087461.787031203},{"$f":"-'Global Financial Model'!U76","v":9694320.0783467442},{"$f":"-'Global Financial Model'!V76","v":4283324.0091866599},{"$f":"-'Global Financial Model'!W76","v":4384832.9556366475},{"$f":"-'Global Financial Model'!X76","v":4488806.2561372938},{"$f":"-'Global Financial Model'!Y76","v":4595305.1437447295},{"$f":"-'Global Financial Model'!Z76","v":10758617.323527368},{"$f":"-'Global Financial Model'!AA76","v":4816132.4281709129},{"$f":"-'Global Financial Model'!AB76","v":4930591.2287198305},{"$f":"-'Global Financial Model'!AC76","v":5047836.5076467888},{"$f":"-'Global Financial Model'!AD76","v":5167937.6871164162},{"$f":"-'Global Financial Model'!AE76","v":11943050.009416107},{"$f":"-'Global Financial Model'!AF76","v":5416994.3196380828},{"$f":"-'Global Financial Model'!AG76","v":5546097.6392487818},{"$f":"-'Global Financial Model'!AH76","v":5678352.6880073091},{"$f":"-'Global Financial Model'!AI76","v":5813838.1968373917},{"$f":"-'Global Financial Model'!AJ76","v":13261619.42797647}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,1740630.6216868807,1678215.7020329216,1611533.708510773,1540070.3451230552,1463604.546298197,1381786.1415555987,1294332.4335788193,1200651.8843373517,1100413.6966489812,993158.83582242485,878465.67621737835,755659.86445032933,624257.64585958689,483657.27196749247,333244.01463169913,172256.56794971885,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":1740630.6216868807},{"$f":"-F126","v":0},0,0,1740630.6216868807,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-1740630.6216868809},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-62414.919653959209,-66681.993522148681,-71463.363387717895,-76465.798824858153,-81818.404742598228,-87453.707976779464,-93680.549241467656,-100238.1876883704,-107254.86082655628,-114693.15960504649,-122805.81176704905,-131402.21859074244,-140600.37389209442,-150413.25733579334,-160987.44668198028,-172256.56794971897,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,1740630.6216868807,1678215.7020329216,1611533.708510773,1540070.3451230552,1463604.546298197,1381786.1415555987,1294332.4335788193,1200651.8843373517,1100413.6966489812,993158.83582242485,878465.67621737835,755659.86445032933,624257.64585958689,483657.27196749247,333244.01463169913,172256.56794971885,0,0,0,{"$f":"SUM(AB163:AB165)","v":0},0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,87088797.872852907,82764765.195298672,78143448.945876732,73192521.887436867,67895029.9349062,62226713.545698389,56165946.305786774,49675790.376522288,42731323.532209292,35300744.008794382,27352358.91985289,18844362.117509771,9740805.5390026327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":87088797.872852907},{"$f":"-F132","v":0},0,0,87088797.872852907,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-87088797.872852921},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-4324032.6775542274,-4621316.2494219346,-4950927.0584398732,-5297491.9525306672,-5668316.389207813,-6060767.2399116186,-6490155.9292644858,-6944466.8443129994,-7430579.523414908,-7948385.0889414903,-8507996.8023431189,-9103556.5785071384,-9740805.5390026402,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,87088797.872852907,82764765.195298672,78143448.945876732,73192521.887436867,67895029.9349062,62226713.545698389,56165946.305786774,49675790.376522288,42731323.532209292,35300744.008794382,27352358.91985289,18844362.117509771,9740805.5390026327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":1208535.650971944},{"$f":"F176*F163","v":0},0,0,0,121844.14351808176,117807.99030345395,112807.35959575421,107804.92415861395,102452.31824087388,96999.12125040745,90603.270350517429,84045.631903614689,77028.958765428746,69718.121668523512,61492.597335216538,52896.190511523098,43698.035210171118,33951.947379064382,23327.081024218958,12057.95975648033,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":48414345.369664788},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,6096215.851099709,5809950.7970186519,5470041.4262113757,5123476.5321205854,4752652.0954434378,4368213.2500173887,3931616.2414050777,3477305.3263565633,2991192.6472546533,2478054.3423917848,1914665.1243897041,1319105.3482256851,681856.38773018494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},98620.418558388963,476698.37983130122,1429209.0902151705,1740630.6216868807,1678215.7020329216,1611533.708510773,1540070.3451230552,1463604.546298197,1381786.1415555987,1294332.4335788193,1200651.8843373517,1100413.6966489812,993158.83582242485,878465.67621737835,755659.86445032933,624257.64585958689,483657.27196749247,333244.01463169913,172256.56794971885,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$f":"IF(F78=1,F144,F176)","v":4.0465655151550761E-2},7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0000000000000062E-2,7.0198360175480534E-2]
[null,null,"Annuity Payment (SPV)"," ",{"$f":"SUM(F196:AM196)","v":2949166.2726588249},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,184259.06317204097,184489.98382560263,184270.72298347211,184270.72298347211,184270.72298347211,184452.82922718691,184283.81959198508,184283.81959198508,184283.81959198503,184411.28127357,184298.40910226558,184298.40910226555,184298.40910226552,184365.20471485774,184314.52770619924,184314.5277061993,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-1208535.650971944},{"$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,-121844.14351808176,-117807.99030345395,-112807.35959575421,-107804.92415861395,-102452.31824087388,-96999.12125040745,-90603.270350517429,-84045.631903614689,-77028.958765428746,-69718.121668523512,-61492.597335216538,-52896.190511523098,-43698.035210171118,-33951.947379064382,-23327.081024218958,-12057.95975648033,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":1740630.6216868809},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,62414.919653959209,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":66681.993522148681},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":71463.363387717895},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":76465.798824858153},81818.404742598228,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":87453.707976779464},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":93680.549241467656},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":100238.1876883704},107254.86082655628,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":114693.15960504649},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":122805.81176704905},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":131402.21859074244},140600.37389209442,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":150413.25733579334},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":160987.44668198028},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":172256.56794971897},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,{"$f":"IF(F78=1,F129,F168)","v":0},4990790.878560896,23945164.476843957,71195090.380692005,87088797.872852907,82764765.195298672,78143448.945876732,73192521.887436867,67895029.9349062,62226713.545698389,56165946.305786774,49675790.376522288,42731323.532209292,35300744.008794382,27352358.91985289,18844362.117509771,9740805.5390026327,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":146801999.78863457},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":529007.95936349395},2629050.3471389576,8140798.2396143945,10420248.528653936,10431267.046440586,10420968.484651249,10420968.484651253,10420968.484651251,10428980.489929007,10421772.170669563,10421772.170669563,10421772.170669561,10426439.431333276,10422661.926732823,10422661.926732823,10422661.926732825,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-55424508.545346037},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-350345.33565372071},-1676161.5133790784,-4983656.3266484449,-6096215.851099709,-5809950.7970186519,-5470041.4262113757,-5123476.5321205854,-4752652.0954434378,-4368213.2500173887,-3931616.2414050777,-3477305.3263565633,-2991192.6472546533,-2478054.3423917848,-1914665.1243897041,-1319105.3482256851,-681856.38773018494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":91377491.243288532},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":178662.62370977324},952888.83375987923,3157141.9129659496,4324032.6775542274,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":4621316.2494219346},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":4950927.0584398732},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":5297491.9525306672},5668316.389207813,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":6060767.2399116186},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":6490155.9292644858},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":6944466.8443129994},7430579.523414908,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":7948385.0889414903},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":8507996.8023431189},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":9103556.5785071384},9740805.5390026402,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":313881100.58834064},{"$f":"F156","v":0},0,0,0,4547264.1839581458,6063018.9119441956,6447327.3118387768,6555768.3512399001,6933443.45002292,7046265.507415846,7448314.7024270492,7564505.3808587557,7990996.1800857922,8111880.961926139,8565369.4798146505,8691138.0068413466,9223735.7359789517,9405211.489640167,9973989.4079307597,10162796.78203989,10769808.964057434,11064774.058722228,11818672.615183858,12125554.29967311,12934706.397922523,13253986.102465138,13789447.14100473,13789447.14100473,14346540.805501319,14346540.805501319,14926141.054043574,14926141.054043574,15529157.152626932,15529157.152626932]
[null,null,"OpEx","USD ",-164183720.50534764,{"$f":"-F160","v":0},0,0,0,-3009647.0444611837,-2486926.4375853664,-3162702.1627898412,-3237106.4071075874,-7877474.1776971193,-3391338.9645689065,-3471256.8893177756,-3553104.2084154836,-3636928.6054432751,-8737659.6665971689,-3810705.4229004048,-3900759.3598170378,-3992993.4722577776,-4087461.787031203,-9694320.0783467442,-4283324.0091866599,-4384832.9556366475,-4488806.2561372938,-4595305.1437447295,-10758617.323527368,-4816132.4281709129,-4930591.2287198305,-5047836.5076467888,-5167937.6871164162,-11943050.009416107,-5416994.3196380828,-5546097.6392487818,-5678352.6880073091,-5813838.1968373917,-13261619.42797647]
[null,null,"Operational Cashflow","USD ",149697380.08299303,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,1537617.1394969621,3576092.4743588292,3284625.1490489356,3318661.9441323127,-944030.72767419927,3654926.5428469395,3977057.8131092736,4011401.1724432721,4354067.5746425167,-625778.70467102993,4754664.0569142457,4790378.6470243093,5230742.2637211736,5317749.7026089635,279669.32958401553,5879472.7728532301,6384976.0084207868,6575967.802584934,7223367.4714391287,1366936.9761457425,8118573.9697516104,8323394.8737453073,8741610.6333579421,8621509.4538883138,2403490.7960852124,8929546.4858632367,9380043.4147947915,9247788.3660362661,9715318.95578954,2267537.7246504612]
[null,null,"Revenue Tax","USD ",-26608856.714706276,{"$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},{"$f":"'Global Financial Model'!H90","v":-212258.19894373708},{"$f":"'Global Financial Model'!I90","v":-110244.63508527435},{"$f":"'Global Financial Model'!J90","v":-122157.5133644563},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":-299278.80477565026},{"$f":"'Global Financial Model'!M90","v":-412024.74936746713},{"$f":"'Global Financial Model'!N90","v":-424044.92513436661},{"$f":"'Global Financial Model'!O90","v":-543978.16590410226},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":-769902.56317563052},{"$f":"'Global Financial Model'!R90","v":-672665.5345367674},{"$f":"'Global Financial Model'!S90","v":-826792.80038067},{"$f":"'Global Financial Model'!T90","v":-857245.40399139642},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":-1280198.6805686729},{"$f":"'Global Financial Model'!W90","v":-1457124.8130173178},{"$f":"'Global Financial Model'!X90","v":-1208842.8605633876},{"$f":"'Global Financial Model'!Y90","v":-1435432.7446623559},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":-1748755.0190717245},{"$f":"'Global Financial Model'!AB90","v":-1820442.3354695181},{"$f":"'Global Financial Model'!AC90","v":-1940385.539723322},{"$f":"'Global Financial Model'!AD90","v":-1898350.1269089521},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":-2006163.0881001751},{"$f":"'Global Financial Model'!AG90","v":-2163837.0132262195},{"$f":"'Global Financial Model'!AH90","v":-2117547.7461607354},{"$f":"'Global Financial Model'!AI90","v":-2281183.4525743811},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-129865555.6089462,{"$f":"-F114","v":-5976995.0641447855},-22913815.834721956,-57727921.841446616,{"$f":"-I114+I110","v":-22715388.509133957},0,0,0,0,0,0,0,0,0,-1422401.6566749932,-1712945.0626788707,0,0,0,-2302700.8624528833,-7638209.2070166674,-3564621.9481610963,0,0,0,-1765013.057669508,-2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-6877032.2406594362,{"$f":"SUM(F210:F213)","v":-5976995.0641447855},{"$f":"SUM(G210:G213)","v":-22913815.834721956},{"$f":"SUM(H210:H213)","v":-57727921.841446616},-22815388.509133957,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321099,1363229.2472423725,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103779,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"Municipality: Funding (through debt )","USD ",91377491.243288502,{"$f":"-F116","v":4990790.878560896},19133036.221992832,48202814.737607919,19050849.405126855,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",0,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Debt: Funding","USD ",1740630.6216868807,{"$f":"F124","v":98620.418558388963},378077.96127291227,952510.71038386924,311421.53147171019,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",16315999.384471932,{"$f":"-F119","v":887583.76702550054},3402701.6514562126,8572596.3934548274,3453117.5725353924,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",102557089.00878784,{"$f":"SUM(F214:F218)","v":0},0,0,0,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321099,1363229.2472423725,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103779,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"Treasury: Funding","USD ",29839040.897558145,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,0,0,0,0,1257290.9567461018,0,0,0,0,3784081.1961860852,1712945.0626788707,0,0,0,4639067.0924222898,10990479.018849317,3564621.9481610963,0,0,0,1765013.057669508,2125542.5648448784,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",132396129.90634599,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,313260.22907190258,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,1735900.8348400621,3984761.493738615,4117713.112487542,4403949.4633405041,4460504.2986175669,2616035.559553422,7951543.904117207,4927851.1954034688,5367124.9420215469,5787934.7267767731,1366936.9761457425,6369818.9506798862,6502952.5382757895,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"Interests","USD ",-1208535.650971944,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-121844.14351808176},{"$f":"K197","v":-117807.99030345395},-112807.35959575421,-107804.92415861395,-102452.31824087388,-96999.12125040745,-90603.270350517429,-84045.631903614689,-77028.958765428746,-69718.121668523512,-61492.597335216538,-52896.190511523098,-43698.035210171118,-33951.947379064382,-23327.081024218958,-12057.95975648033,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-1740630.6216868809,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-62414.919653959209},{"$f":"-K198","v":-66681.993522148681},-71463.363387717895,-76465.798824858153,-81818.404742598228,-87453.707976779464,-93680.549241467656,-100238.1876883704,-107254.86082655628,-114693.15960504649,-122805.81176704905,-131402.21859074244,-140600.37389209442,-150413.25733579334,-160987.44668198028,-172256.56794971897,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",129446963.63368717,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,1353358.0763249211,3179344.2915894897,2990109.7909801891,3012233.7077843845,128989.50608843048,3171194.9088441026,3380749.2441498213,3403072.4277169202,3625805.5891464292,1551489.5535664922,3800463.0846363492,3933414.7033852763,4219651.0542382393,4276139.093902709,2431721.0318472227,7767229.3764110077,4927851.1954034688,5367124.9420215469,5787934.7267767731,1366936.9761457425,6369818.9506798862,6502952.5382757895,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"Treasury: Deduction","USD ",-29772801.635748047,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-311272.35755473189,-731249.18706558261,-687725.25192544353,-692813.75279040844,-29667.586400339012,-729374.82903414359,-777572.32615445892,-782706.65837489162,-833935.28550367872,-356842.59732029319,-874106.50946636032,-904685.38177861355,-970519.74247479509,-983511.9915976231,-559295.8373248612,-1786462.7565745318,-1133405.7749427978,-1234438.7366649557,-1331224.987158658,-314395.50451352081,-1465058.3586563738,-1495679.0838034316,-1564281.7715359628,-1546326.6452052533,-552802.88309959893,-1592378.1814855041,-1659727.4723607716,-1639955.3425713722,-1709851.1657394865,-521533.67666960612]
[null,null,"Cashflow available to Equity","USD ",99674161.997939125,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,1042085.7187701892,2448095.1045239069,2302384.5390547458,2319419.9549939763,99321.919688091468,2441820.079809959,2603176.9179953625,2620365.7693420285,2791870.3036427507,1194646.9562461991,2926356.5751699889,3028729.3216066626,3249131.311763444,3292627.1023050859,1872425.1945223615,5980766.6198364757,3794445.4204606712,4132686.2053565914,4456709.7396181151,1052541.4716322217,4904760.5920235123,5007273.4544723574,5236943.3220986575,5176832.6817741077,1850687.9129856136,5331005.2162775574,5556478.9292078,5490285.2773041585,5724284.3374756724,1746004.0479808552]
[null,null,"Distributions to Equity","USD ",-99674161.997939125,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,-1042085.7187701892,-2448095.1045239069,-2302384.5390547458,-2319419.9549939763,-99321.919688091468,-2441820.079809959,-2603176.9179953625,-2620365.7693420285,-2791870.3036427507,-1194646.9562461991,-2926356.5751699889,-3028729.3216066626,-3249131.311763444,-3292627.1023050859,-1872425.1945223615,-5980766.6198364757,-3794445.4204606712,-4132686.2053565914,-4456709.7396181151,-1052541.4716322217,-4904760.5920235123,-5007273.4544723574,-5236943.3220986575,-5176832.6817741077,-1850687.9129856136,-5331005.2162775574,-5556478.9292078,-5490285.2773041585,-5724284.3374756724,-1746004.0479808552]
[null,null,"Treasury: Add back","USD ",-66239.261810097727,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":311272.35755473189},{"$f":"-K225-K220","v":731249.18706558261},687725.25192544353,692813.75279040844,-1227623.3703457629,729374.82903414359,777572.32615445892,782706.65837489162,833935.28550367872,-3427238.5988657922,-838838.55321251042,904685.38177861355,970519.74247479509,983511.9915976231,-4079771.2550974283,-9204016.262274785,-2431216.1732182987,1234438.7366649557,1331224.987158658,314395.50451352081,-299954.69901313423,-629863.48104144679,1564281.7715359628,1546326.6452052533,552802.88309959893,1592378.1814855041,1659727.4723607716,1639955.3425713722,1709851.1657394865,521533.67666960612]
[null,null,"Net Cashflow","USD ",29806562.373937953,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":622544.71510946378},{"$f":"K224+K227+K228-K213","v":1462498.3741311654},{"$f":"L224+L227+L228-L213","v":1375450.5038508868},{"$f":"M224+M227+M228-M213","v":1385627.5055808167},{"$f":"N224+N227+N228-N213","v":-1197955.783945424},{"$f":"O224+O227+O228-O213","v":1458749.6580682872},{"$f":"P224+P227+P228-P213","v":1555144.6523089176},{"$f":"Q224+Q227+Q228-Q213","v":1565413.3167497832},{"$f":"R224+R227+R228-R213","v":1667870.5710073572},{"$f":"S224+S227+S228-S213","v":-3070396.0015454991},{"$f":"T224+T227+T228-T213","v":35267.956253849901},{"$f":"U224+U227+U228-U213","v":1809370.7635572273},{"$f":"V224+V227+V228-V213","v":1941039.4849495904},{"$f":"W224+W227+W228-W213","v":1967023.9831952462},{"$f":"X224+X227+X228-X213","v":-3520475.4177725669},{"$f":"Y224+Y227+Y228-Y213","v":-7417553.505700253},{"$f":"Z224+Z227+Z228-Z213","v":-1297810.3982755011},{"$f":"AA224+AA227+AA228-AA213","v":2468877.473329911},{"$f":"AB224+AB227+AB228-AB213","v":2662449.974317316},{"$f":"AC224+AC227+AC228-AC213","v":628791.00902704149},{"$f":"AD224+AD227+AD228-AD213","v":1165103.6596432396},{"$f":"AE224+AE227+AE228-AE213","v":865815.60276198527},{"$f":"AF224+AF227+AF228-AF213","v":3128563.5430719256},{"$f":"AG224+AG227+AG228-AG213","v":3092653.290410507},{"$f":"AH224+AH227+AH228-AH213","v":1105605.7661991976},{"$f":"AI224+AI227+AI228-AI213","v":3184756.3629710078},{"$f":"AJ224+AJ227+AJ228-AJ213","v":3319454.9447215437},{"$f":"AK224+AK227+AK228-AK213","v":3279910.6851427443},{"$f":"AL224+AL227+AL228-AL213","v":3419702.3314789725},{"$f":"AM224+AM227+AM228-AM213","v":1043067.3533392121}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":722544.71510946378},{"$f":"K232","v":2185043.0892406292},{"$f":"L232","v":3560493.5930915158},{"$f":"M232","v":4946121.0986723322},{"$f":"N232","v":3748165.3147269082},{"$f":"O232","v":5206914.9727951959},{"$f":"P232","v":6762059.6251041135},{"$f":"Q232","v":8327472.9418538967},{"$f":"R232","v":9995343.5128612537},{"$f":"S232","v":6924947.5113157546},{"$f":"T232","v":6960215.4675696045},{"$f":"U232","v":8769586.2311268318},{"$f":"V232","v":10710625.716076422},{"$f":"W232","v":12677649.699271668},{"$f":"X232","v":9157174.2814991008},{"$f":"Y232","v":1739620.7757988479},{"$f":"Z232","v":441810.3775233468},{"$f":"AA232","v":2910687.8508532578},{"$f":"AB232","v":5573137.8251705738},{"$f":"AC232","v":6201928.8341976153},{"$f":"AD232","v":7367032.4938408546},{"$f":"AE232","v":8232848.0966028403},{"$f":"AF232","v":11361411.639674766},{"$f":"AG232","v":14454064.930085273},{"$f":"AH232","v":15559670.696284471},{"$f":"AI232","v":18744427.059255481},{"$f":"AJ232","v":22063882.003977023},{"$f":"AK232","v":25343792.689119767},{"$f":"AL232","v":28763495.020598739}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":722544.71510946378},{"$f":"K229+K231","v":2185043.0892406292},3560493.5930915158,4946121.0986723322,3748165.3147269082,5206914.9727951959,6762059.6251041135,8327472.9418538967,9995343.5128612537,6924947.5113157546,6960215.4675696045,8769586.2311268318,10710625.716076422,12677649.699271668,9157174.2814991008,1739620.7757988479,441810.3775233468,2910687.8508532578,5573137.8251705738,6201928.8341976153,7367032.4938408546,8232848.0966028403,11361411.639674766,14454064.930085273,15559670.696284471,18744427.059255481,22063882.003977023,25343792.689119767,28763495.020598739,29806562.373937953]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-29806562.373937953},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-29806562.373937953}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$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":55424508.545346037},{"$f":"-F203","v":0},{"$f":"-G203","v":350345.33565372071},{"$f":"-H203","v":1676161.5133790784},4983656.3266484449,6096215.851099709,5809950.7970186519,5470041.4262113757,5123476.5321205854,4752652.0954434378,4368213.2500173887,3931616.2414050777,3477305.3263565633,2991192.6472546533,2478054.3423917848,1914665.1243897041,1319105.3482256851,681856.38773018494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":91377491.243288532},{"$f":"F204","v":0},{"$f":"G204","v":178662.62370977324},952888.83375987923,3157141.9129659496,4324032.6775542274,4621316.2494219346,4950927.0584398732,5297491.9525306672,5668316.389207813,6060767.2399116186,6490155.9292644858,6944466.8443129994,7430579.523414908,7948385.0889414903,8507996.8023431189,9103556.5785071384,9740805.5390026402,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":529007.95936349395},2629050.3471389576,8140798.2396143945,10420248.528653936,10431267.046440586,10420968.484651249,10420968.484651253,10420968.484651251,10428980.489929007,10421772.170669563,10421772.170669563,10421772.170669561,10426439.431333276,10422661.926732823,10422661.926732823,10422661.926732825,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-6877032.2406594362},{"$f":"F214","v":-5976995.0641447855},-22913815.834721956,-57727921.841446616,-22815388.509133957,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321099,1363229.2472423725,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103779,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5976995.0641447855},{"$f":"SUM(G249:G250)","v":-22913815.834721956},-57727921.841446616,-22815388.509133957,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,-944030.72767419927,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,-2048180.3613460232,2271816.4310597442,4117713.112487542,4403949.4633405041,4460504.2986175669,-2023031.5328688677,-3038935.1147321099,1363229.2472423725,5367124.9420215469,5787934.7267767731,1366936.9761457425,4604805.8930103779,4377409.9734309111,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-65385347.483716056}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":-3.2555642756650904E-3}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":-9.8575450336506111E-8},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Equity Return"]
[]
[null,null,"Date",null,null,{"$f":"F248","v":"2015-12-31"},{"$f":"G248","v":"2016-12-31"},"2017-12-31","2018-12-31","2019-12-31","2020-12-31","2021-12-31","2022-12-31","2023-12-31","2024-12-31","2025-12-31","2026-12-31","2027-12-31","2028-12-31","2029-12-31","2030-12-31","2031-12-31","2032-12-31","2033-12-31","2034-12-31","2035-12-31","2036-12-31","2037-12-31","2038-12-31","2039-12-31","2040-12-31","2041-12-31","2042-12-31","2043-12-31","2044-12-31","2045-12-31","2046-12-31","2047-12-31","2048-12-31"]
[null,null,{"$f":"C218","v":"Equity: Funding"},"USD ",{"$f":"SUM(F264:AM264)","v":-16315999.384471932},{"$f":"-F218","v":-887583.76702550054},-3402701.6514562126,-8572596.3934548274,-3453117.5725353924,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":99674161.997939125},{"$f":"-F227","v":0},0,0,0,1042085.7187701892,2448095.1045239069,2302384.5390547458,2319419.9549939763,99321.919688091468,2441820.079809959,2603176.9179953625,2620365.7693420285,2791870.3036427507,1194646.9562461991,2926356.5751699889,3028729.3216066626,3249131.311763444,3292627.1023050859,1872425.1945223615,5980766.6198364757,3794445.4204606712,4132686.2053565914,4456709.7396181151,1052541.4716322217,4904760.5920235123,5007273.4544723574,5236943.3220986575,5176832.6817741077,1850687.9129856136,5331005.2162775574,5556478.9292078,5490285.2773041585,5724284.3374756724,1746004.0479808552]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":29806562.373937953},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,29806562.373937953]
[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,{"$f":"SUM(F264:F267)","v":-887583.76702550054},{"$f":"SUM(G264:G267)","v":-3402701.6514562126},-8572596.3934548274,-3453117.5725353924,1042085.7187701892,2448095.1045239069,2302384.5390547458,2319419.9549939763,99321.919688091468,2441820.079809959,2603176.9179953625,2620365.7693420285,2791870.3036427507,1194646.9562461991,2926356.5751699889,3028729.3216066626,3249131.311763444,3292627.1023050859,1872425.1945223615,5980766.6198364757,3794445.4204606712,4132686.2053565914,4456709.7396181151,1052541.4716322217,4904760.5920235123,5007273.4544723574,5236943.3220986575,5176832.6817741077,1850687.9129856136,5331005.2162775574,5556478.9292078,5490285.2773041585,5724284.3374756724,31552566.421918809]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":-4777.0283412952722}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.12996127982105166}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":-8.5511529325728793E-9},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$f":"F143+F175","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"\"1+r\"","Factor",null,{"$f":"(1+F282)","v":1.07},{"$f":"(1+G282)","v":1.07},{"$f":"(1+H282)","v":1.07},{"$f":"(1+I282)","v":1.07},{"$f":"(1+J282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,{"$f":"(1+AC282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Numerator"]
[null,null,"CFADS @ Period End","USD ",{"$f":"SUM(F289:AA289)","v":65469107.850695826},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":1537617.1394969621},3363834.2754150922,3174380.5139636612,3196504.4307678565,313260.22907190258,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,1735900.8348400621,3984761.493738615,4117713.112487542,4403949.4633405041,4460504.2986175669,2616035.559553422,7951543.904117207,4927851.1954034688,5367124.9420215469,5787934.7267767731,1366936.9761457425,6369818.9506798862,6502952.5382757895,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":55174131.713270806},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,313260.22907190258,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,1735900.8348400621,3984761.493738615,4117713.112487542,4403949.4633405041,4460504.2986175669,2616035.559553422,7951543.904117207,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,30047627.03291177,30613343.785718631,29392443.575303845,28275534.111611456,27058317.068656404,28639139.03439045,27288231.028726492,25633374.136995543,23840354.079276327,21699089.456087254,21482124.883173302,19001112.131256819,16213476.867957253,12944470.785373755,9390079.4417323507,7431349.4431001935,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":19847556.462253634},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,1740630.6216868807,1678215.7020329216,1611533.708510773,1540070.3451230552,1463604.546298197,1381786.1415555987,1294332.4335788193,1200651.8843373517,1100413.6966489812,993158.83582242485,878465.67621737835,755659.86445032933,624257.64585958689,483657.27196749247,333244.01463169913,172256.56794971885,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":17.262494786970944},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":17.262494786970944},18.241602523820319,18.238801596316318,18.35989778074207,18.487450819344136,20.726173300702555,21.082861188353863,21.349547251277404,21.66490125656907,21.848559035492499,24.454142563286105,25.145059338407922,25.972412153048936,26.763726166498696,28.177788735711442,43.141167454754935,0,0,0,{"$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},10000000,10000000,17.262494786970944,18.241602523820319,18.238801596316318,18.35989778074207,18.487450819344136,20.726173300702555,21.082861188353863,21.349547251277404,21.66490125656907,21.848559035492499,24.454142563286105,25.145059338407922,25.972412153048936,26.763726166498696,28.177788735711442,43.141167454754935,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":132396129.90634599},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,1537617.1394969621,3363834.2754150922,3174380.5139636612,3196504.4307678565,313260.22907190258,3355647.7380712894,3565033.0637418064,3587356.2473089052,3810089.4087384143,1735900.8348400621,3984761.493738615,4117713.112487542,4403949.4633405041,4460504.2986175669,2616035.559553422,7951543.904117207,4927851.1954034688,5367124.9420215469,5787934.7267767731,{"$f":"AC289","v":1366936.9761457425},6369818.9506798862,6502952.5382757895,6801225.0936346203,6723159.3269793615,2403490.7960852124,6923383.3977630613,7216206.401568572,7130240.6198755307,7434135.5032151584,2267537.7246504612]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":1208535.650971944},{"$f":"-F222","v":0},0,0,0,121844.14351808176,117807.99030345395,112807.35959575421,107804.92415861395,102452.31824087388,96999.12125040745,90603.270350517429,84045.631903614689,77028.958765428746,69718.121668523512,61492.597335216538,52896.190511523098,43698.035210171118,33951.947379064382,23327.081024218958,12057.95975648033,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":1740630.6216868809},{"$f":"-F223","v":0},0,0,0,62414.919653959209,66681.993522148681,71463.363387717895,76465.798824858153,81818.404742598228,87453.707976779464,93680.549241467656,100238.1876883704,107254.86082655628,114693.15960504649,122805.81176704905,131402.21859074244,140600.37389209442,150413.25733579334,160987.44668198028,172256.56794971897,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,184259.06317204097,184489.98382560263,184270.72298347211,184270.72298347211,184270.72298347211,184452.82922718691,184283.81959198508,184283.81959198508,184283.81959198503,184411.28127357,184298.40910226558,184298.40910226555,184298.40910226555,184365.20471485774,184314.52770619924,184314.5277061993,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,8.3448657180097747,18.233153939646428,17.226721980400448,17.346784008952753,1.7,18.192443846649834,19.345339550889456,19.466474350550783,20.67511633508667,9.4132030472956369,21.621247373478443,22.342640571588763,23.895754091381178,24.193851033421716,14.193322643147431,43.141167454754907,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":18.708255371578389}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.7},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,8.3448657180097747,18.233153939646428,17.226721980400448,17.346784008952753,1.7,18.192443846649834,19.345339550889456,19.466474350550783,20.67511633508667,9.4132030472956369,21.621247373478443,22.342640571588763,23.895754091381178,24.193851033421716,14.193322643147431,43.141167454754907,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$f":"INDEX(F248:AA248,1,MATCH(E313,F313:AM313,0))","v":"2023-12-31"}]

{"sheet":"Balance_SPV","index":3,"n_rows":181,"n_cols":7,"rows_kept":181,"cut":false,"hidden":true,"merged":[[1,1,1,6]]}
[]
[null,"Usos y recursos del concesionario (flujos de caja)"]
[null,"Usos","USD 2015","%","Recursos","USD 2015","%"]
[null,"Durante la construccion",null,null,"Durante la construccion"]
[]
[null,"Inversion inicial",{"$f":"NPV(0,'Project Finance Model'!$F$109:$AM$109)","v":109176378.42866457},{"$f":"C6/C$21","v":0.24092541416172533},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":1740630.6216868807},{"$f":"F6/F$21","v":3.8411436564229221E-3}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":140336.51456587159},{"$f":"C7/C$21","v":3.0968817046708827E-4},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":16315999.384471932},{"$f":"F7/F$21","v":3.6005397557080696E-2}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":17406.306216868808},{"$f":"C8/C$21","v":3.841143656422922E-5},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":91377491.243288502},{"$f":"F8/F$21","v":0.20164764795924547}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":164183720.50534764},{"$f":"C13/C$21","v":0.36231308851492633},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":20531434.359498896},4.5307825718258303E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":26608856.714706276},5.8719202052936528E-2,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"F15/F$21","v":0}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":1208535.650971944},2.6669409301745004E-3,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":29839040.897558145},{"$f":"F16/F$21","v":6.5847424048143449E-2}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":1740630.6216868809},3.8411436564229221E-3,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":313881100.58834064},{"$f":"F17/F$21","v":0.69265838677910752}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":29872801.635748051},6.5921925693534833E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":99674161.997939125},0.21995635966498989]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":453154262.73534614},{"$f":"SUM(D6:D19)","v":1},"Total",{"$f":"SUM(F6:F19)","v":453154262.73534608},{"$f":"SUM(G6:G19)","v":1}]
[]
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[null,"Financement des renouvellements d'équipement sur la trésorerie du SPV. Déblocage de fonds de la part du SPV pour financer les renouvellements d'équipement. "]
[null,"Part de la dette municipale dans le financement de la construction"]
[null,"Part de la dette privée dans le financement de la construction"]
[]
[null,"Part du capital privé dans le financement de la construction"]
[]
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[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
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[]
[]
[]
[]
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[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":146801999.78863457},{"$f":"'Project Finance Model'!E241","v":55424508.545346037},{"$f":"'Project Finance Model'!E242","v":91377491.243288532},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":0},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]