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

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

{"sheet":"Global Financial Model","index":1,"n_rows":125,"n_cols":46,"rows_kept":125,"cut":false,"hidden":true,"merged":[[3,1,6,1],[34,2,34,8]]}
[]
[]
[]
[null,"Legenda","Dato de entrada"]
[null,null,"Celda llave"]
[null,null,"Error"]
[null,null,"Dato calculado"]
[]
[]
[null,"DATOS"]
[null,"Inversion inicial (USD 2015)",111244133.67069142]
[null,"Inversion inicial con inflacion (USD valor nominal)",115156863.6569158]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",3912729.9862243831]
[null,"Locales comerciales (m2)",1750]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.22185797896233464,"de los activos"]
[null,"Duracion de vida de 50 años",0.2749060096275654,"de los activos"]
[null,"Duracion de vida de 40 años",0.46726879403949168,"de los activos"]
[null,"Duracion de vida de 15 años",0.10004941730414126,"de los activos"]
[null,"Duracion de vida de 10 años",2.5003195515419643E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.4995512838439467E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-5.5691873626014909E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-85138768.633169547}]
[]
[]
[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",{"$f":"H112","v":0.9832370839128185},{"$f":"M112","v":1.1164233389700353},{"$f":"R112","v":1.0921483852607461},{"$f":"W112","v":1.1112481157718475},{"$f":"AB112","v":1.1115690380845427},{"$f":"AG112","v":1.1105168603604023},{"$f":"AL112","v":1.0702555955465027}]
[null,"Margen neta de la operacion",{"$f":"H113","v":-1.6762916087181501E-2},{"$f":"M113","v":0.11642333897003532},{"$f":"R113","v":9.2148385260746091E-2},{"$f":"W113","v":0.11124811577184746},{"$f":"AB113","v":0.11156903808454266},{"$f":"AG113","v":0.11051686036040231},{"$f":"AL113","v":7.0255595546502736E-2}]
[]
[]
[]
[]
[]
[]
[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",0,0,0,0,3489433.6493760138,3864615.9241095837,3667955.0526417415,3754445.5924109258,8581249.2635108829,3933734.6730025862,4026637.2762531824,4121783.4832045212,4219228.6557829175,9525155.6981958821,4421244.3521579085,4525932.7147169104,4633155.7948184023,4742976.2925206041,10575689.81600501,4970668.2950297529,5088673.2772134263,5209542.7163924491,5333347.6438662987,11745267.263724331,5590057.1209969632,5723112.9055465749,5859406.7445057584,5999019.1305208495,13047797.821644107,6288531.773346208,6438603.4340750668,6592336.5593562629,6749822.3895147499,14498871.466441935,7076428.7815859448,7245743.6616738085,7419200.0078551713,7596901.2726635616,16115968.399872713,7965465.6146529177,8156549.0501983799,8352318.2633171976,8552890.5865902863,17918696.229972437]
[null,"Trafico anual",0,0,0,0,5177263.040025413,6903017.386700551,6977938.6149936467,7052859.8432867434,7127781.07157984,7202702.2998729367,7277623.5281660305,7299937.859108177,7322252.1900503235,7344566.5209924709,7366880.8519346183,7389195.1828767676,7418790.5914773522,7448386.0000779377,7477981.4086785223,7507576.8172791079,7537172.2258796906,7599763.9567939714,7662355.687708253,7724947.4186225347,7787539.1495368155,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953,7850130.8804510953]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,2528575.2687484114,3371433.6916645495,3563090.3670530086,3601346.8094707318,3786643.2232647487,3826445.2259561485,4022443.6166849062,4034777.0573625462,4210613.762161009,4223445.4738420257,4407422.7838181742,4420772.896651105,4617793.6539101424,4636215.186144474,4842684.0418013111,4861849.8039379092,5078208.5949439155,5120380.0959227486,5371118.6814164072,5414993.9110347852,5679407.4539355505,5725055.2428305121,5956347.4746408649,5956347.4746408649,6196983.9126163553,6196983.9126163553,6447342.0626860568,6447342.0626860568,6707814.6820185725,6707814.6820185725,6978810.3951721229,6978810.3951721229,7260754.3351370757,7260754.3351370757,7554088.8102766154,7554088.8102766154,7859273.9982117899,7859273.9982117899,8176788.6677395469,8176788.6677395469]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":420000},{"$f":"$G$54*((1+$C$25)^G48)","v":428400},436968,445707.36,454621.50719999999,463713.93734400003,472988.21609088004,482447.98041269754,492096.9400209515,501938.87882137054,511977.65639779798,522217.20952575386,532661.55371626897,543314.78479059436,554181.08048640634,565264.70209613431,576569.99613805709,588101.39606081822,599863.42398203455,611860.69246167527,624097.90631090873,636579.8644371269,649311.46172586945,662297.69096038677,675543.6447795945,689054.51767518639,702835.60802869021,716892.3201892639,731230.1665930493,745854.76992491016,760771.86532340851,775987.30262987642,791507.04868247418,807337.18965612364,823483.93344924611,839953.61211823102,856752.68436059554,873887.73804780759,891365.49280876387,909192.80266493873]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-633146.2773829666},-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666,-633146.2773829666]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-1345230.2201584303},-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303,-1345230.2201584303]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-768091.80716312444},-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,-768091.80716312444,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-287928.95769563888},-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,-287928.95769563888,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-172724.96093633305},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":111949741.43357931},{"$f":"G61+SUM(H56:H60)","v":108742619.21024282},{"$f":"H61+SUM(I56:I60)","v":105535496.98690633},102328374.76356985,99121252.540233359,96086855.277833194,93052458.015433028,90018060.753032863,86983663.490632698,83949266.228232533,81202797.923528016,78456329.618823498,75709861.314118981,72963393.009414464,70216924.704709947,68238548.207168549,66260171.709627151,64281795.212085754,62303418.714544356,60325042.217002958,58346665.71946156,56368289.221920162,54389912.724378765,52411536.226837367,50433159.729295969,48454783.231754571,46476406.734213173,44498030.236671776,42519653.739130378,40541277.24158898,38562900.744047582,36584524.246506184,34606147.748964787,32627771.251423389,30649394.753881991,28671018.256340593,26692641.758799195,24714265.261257797,22735888.7637164,20757512.266175002]
[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$97)/10","v":-358972.64507720724},{"$f":"SUM($P$97:$Q$97)/10","v":-358972.64507720724},-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,-358972.64507720724,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":3589726.4507720722},{"$f":"R63+S62","v":3230753.8056948651},{"$f":"S63+T62","v":2871781.1606176579},2512808.5155404508,2153835.8704632437,1794863.2253860366,1435890.5803088294,1076917.9352316223,717945.29015441507,358972.64507720782,5.8207660913467407E-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$97)/15","v":-1079197.8260851221},-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,-1079197.8260851221,0,0,{"$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$97))+X64","v":15108769.56519171},{"$f":"X65+Y64","v":14029571.739106588},{"$f":"Y65+Z64","v":12950373.913021466},11871176.086936343,10791978.260851221,9712780.4347660989,8633582.6086809766,7554384.7825958543,6475186.956510732,5395989.1304256096,4316791.3043404873,3237593.478255365,2158395.6521702427,1079197.8260851207,0,0,0,{"$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$97)/10","v":-445437.27272720181},{"$f":"SUM($AA$97:$AB$97)/10","v":-445437.27272720181},-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,-445437.27272720181,0,{"$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":4454372.7272720179},{"$f":"AC67+AD66","v":4008935.4545448162},{"$f":"AD67+AE66","v":3563498.1818176145},3118060.9090904128,2672623.6363632111,2227186.3636360094,1781749.0909088077,1336311.818181606,890874.5454544042,445437.27272720239,5.8207660913467407E-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$97)/14","v":-1972868.1729611468},{"$f":"SUM($AL$97:$AN$97)/14","v":-1972868.1729611468},-1972868.1729611468,-1972868.1729611468,-1972868.1729611468,-1972868.1729611468]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":29593022.594417199},{"$f":"AO69+AP68","v":27620154.421456054},{"$f":"AP69+AQ68","v":25647286.248494908},23674418.075533763,21701549.902572617,19728681.729611471]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-3207122.2233364931},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-3207122.2233364931},-3207122.2233364931,-3207122.2233364931,-3207122.2233364931,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-2746468.3047045213,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-2337349.142618604,-2337349.142618604,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-2423813.7702685986,-1978376.4975413969,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":111949741.43357931},{"$f":"H61+H63+H65+H67+H69","v":108742619.21024282},105535496.98690633,102328374.76356985,99121252.540233359,96086855.277833194,93052458.015433028,90018060.753032863,86983663.490632698,83949266.228232533,81202797.923528016,82046056.069595575,78940615.119813845,75835174.170032129,72729733.220250398,70392384.077631786,68055034.93501319,80826455.357586294,77409908.388882577,73993361.420178831,70576814.451475114,67160267.482771382,68557065.886416882,65054054.290063158,61551042.693709441,58048031.097355716,54545019.501001991,51042007.904648274,47538996.30829455,44035984.711940825,40532973.115587108,37029961.519233383,34606147.748964787,32627771.251423389,60242417.34829919,56291172.677796647,52339928.007294104,48388683.33679156,44437438.666289017,40486193.995786473]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-3489433.6493760138},{"$f":"-H51","v":-3864615.9241095837},-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935,-7076428.7815859448,-7245743.6616738085,-7419200.0078551713,-7596901.2726635616,-16115968.399872713,-7965465.6146529177,-8156549.0501983799,-8352318.2633171976,-8552890.5865902863,-17918696.229972437]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-3489433.6493760138},{"$f":"H75","v":-3864615.9241095837},-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935,-7076428.7815859448,-7245743.6616738085,-7419200.0078551713,-7596901.2726635616,-16115968.399872713,-7965465.6146529177,-8156549.0501983799,-8352318.2633171976,-8552890.5865902863,-17918696.229972437]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":2528575.2687484114},3371433.6916645495,3563090.3670530086,3601346.8094707318,3786643.2232647487,3826445.2259561485,4022443.6166849062,4034777.0573625462,4210613.762161009,4223445.4738420257,4407422.7838181742,4420772.896651105,4617793.6539101424,4636215.186144474,4842684.0418013111,4861849.8039379092,5078208.5949439155,5120380.0959227486,5371118.6814164072,5414993.9110347852,5679407.4539355505,5725055.2428305121,5956347.4746408649,5956347.4746408649,6196983.9126163553,6196983.9126163553,6447342.0626860568,6447342.0626860568,6707814.6820185725,6707814.6820185725,6978810.3951721229,6978810.3951721229,7260754.3351370757,7260754.3351370757,7554088.8102766154,7554088.8102766154,7859273.9982117899,7859273.9982117899,8176788.6677395469,8176788.6677395469]
[null,"2. Ingresos comerciales",0,0,0,0,420000,428400,436968,445707.36,454621.50719999999,463713.93734400003,472988.21609088004,482447.98041269754,492096.9400209515,501938.87882137054,511977.65639779798,522217.20952575386,532661.55371626897,543314.78479059436,554181.08048640634,565264.70209613431,576569.99613805709,588101.39606081822,599863.42398203455,611860.69246167527,624097.90631090873,636579.8644371269,649311.46172586945,662297.69096038677,675543.6447795945,689054.51767518639,702835.60802869021,716892.3201892639,731230.1665930493,745854.76992491016,760771.86532340851,775987.30262987642,791507.04868247418,807337.18965612364,823483.93344924611,839953.61211823102,856752.68436059554,873887.73804780759,891365.49280876387,909192.80266493873]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":2948575.2687484114},{"$f":"H79+H80","v":3799833.6916645495},4000058.3670530086,4047054.1694707316,4241264.730464749,4290159.1633001482,4495431.8327757865,4517225.0377752436,4702710.7021819605,4725384.3526633959,4919400.4402159723,4942990.1061768588,5150455.2076264117,5179529.9709350681,5396865.1222877176,5427114.5060340436,5654778.5910819722,5708481.4919835664,5970982.1053984417,6026854.6034964602,6303505.360246459,6361635.1072676387,6605658.9363667341,6618645.1656012516,6872527.55739595,6886038.4302915419,7150177.6707147472,7164234.3828753205,7439044.8486116221,7453669.4519434823,7739582.2604955314,7754797.6978019997,8052261.3838195503,8068091.5247931993,8377572.7437258614,8394042.4223948456,8716026.6825723853,8733161.7362595983,9068154.1605483107,9085981.4704044852]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-540858.38062760234},{"$f":"H81+H76","v":-64782.232445034198},332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-4799771.3455324862,498156.08805806376,417057.39145994838,517299.41280800942,436553.678414464,-5178824.6937172925,456446.21100429073,566105.31386854593,498938.77559111733,637634.46153214294,-5718412.6602278706,713448.23924949579,638522.20172106382,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527,663153.47890958656,509054.03612819128,633061.37596437894,471190.25212963764,-7738395.6561468514,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,-8832714.7595679518]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-540858.38062760234},{"$f":"H83","v":-64782.232445034198},332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-4799771.3455324862,498156.08805806376,417057.39145994838,517299.41280800942,436553.678414464,-5178824.6937172925,456446.21100429073,566105.31386854593,498938.77559111733,637634.46153214294,-5718412.6602278706,713448.23924949579,638522.20172106382,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527,663153.47890958656,509054.03612819128,633061.37596437894,471190.25212963764,-7738395.6561468514,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,-8832714.7595679518]
[null,"2. Renta concessional",0,0,0,0,{"$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":-3207122.2233364931},{"$f":"H70","v":-3207122.2233364931},-3207122.2233364931,-3207122.2233364931,-3207122.2233364931,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-3034397.2624001601,-2746468.3047045213,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-3105440.9497817284,-2337349.142618604,-2337349.142618604,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3416546.9687037263,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-3503011.5963537209,-2423813.7702685986,-1978376.4975413969,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434,-3951244.6705025434]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-3747980.6039640955},-3271904.4557815273,-2875018.908925226,-2914513.6462766873,-7547106.7563826274,-2677972.7721025981,-2565602.705877556,-2638955.7078294377,-2550915.2160011171,-7834168.6079326458,-2248312.2166464576,-2688383.5583217801,-2588141.536973719,-2668887.2713672644,-8284265.6434990205,-1880902.9316143133,-1771243.8287500581,-2917608.193112609,-2778912.5071715834,-9134959.6289315969,-2703098.7294542305,-2778024.7669826625,-2756759.4044927452,-2883385.5612733187,-9678281.8606018778,-2905504.9394083871,-2791437.3597140405,-2931113.7728346633,-2813789.1372568486,-10548213.610852174,-2839858.1174441343,-2993957.5602255296,-1790752.3943042196,-1507186.2454117592,-11689640.326649394,-3522667.8627606155,-3391767.0381285381,-3570401.1975601427,-3435981.0965445191,-12783959.430070495]
[null,"5. Impuesta a la renta",0,0,0,0,{"$f":"IF(G89>0,-$C$24*G89,0)","v":0},{"$f":"IF(H89>0,-$C$24*H89,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"6. Utilidad despues de impuestos",0,0,0,0,{"$f":"G89+G90","v":-3747980.6039640955},{"$f":"H89+H90","v":-3271904.4557815273},-2875018.908925226,-2914513.6462766873,-7547106.7563826274,-2677972.7721025981,-2565602.705877556,-2638955.7078294377,-2550915.2160011171,-7834168.6079326458,-2248312.2166464576,-2688383.5583217801,-2588141.536973719,-2668887.2713672644,-8284265.6434990205,-1880902.9316143133,-1771243.8287500581,-2917608.193112609,-2778912.5071715834,-9134959.6289315969,-2703098.7294542305,-2778024.7669826625,-2756759.4044927452,-2883385.5612733187,-9678281.8606018778,-2905504.9394083871,-2791437.3597140405,-2931113.7728346633,-2813789.1372568486,-10548213.610852174,-2839858.1174441343,-2993957.5602255296,-1790752.3943042196,-1507186.2454117592,-11689640.326649394,-3522667.8627606155,-3391767.0381285381,-3570401.1975601427,-3435981.0965445191,-12783959.430070495]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":3207122.2233364931},{"$f":"-H88","v":3207122.2233364931},3207122.2233364931,3207122.2233364931,3207122.2233364931,3034397.2624001601,3034397.2624001601,3034397.2624001601,3034397.2624001601,3034397.2624001601,2746468.3047045213,3105440.9497817284,3105440.9497817284,3105440.9497817284,3105440.9497817284,2337349.142618604,2337349.142618604,3416546.9687037263,3416546.9687037263,3416546.9687037263,3416546.9687037263,3416546.9687037263,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,3503011.5963537209,2423813.7702685986,1978376.4975413969,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434,3951244.6705025434]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":-540858.38062760234},{"$f":"H91+H92","v":-64782.232445034198},332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-4799771.3455324862,498156.08805806376,417057.39145994838,517299.41280800942,436553.678414464,-5178824.6937172916,456446.21100429073,566105.31386854593,498938.77559111733,637634.46153214294,-5718412.6602278706,713448.23924949579,638522.20172106382,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984536,663153.47890958656,509054.03612819128,633061.37596437894,471190.25212963764,-7738395.6561468504,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,-8832714.7595679518]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-5615417.3430663291,-24207079.270002607,-61039432.435671091,-24294934.608175766]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0,0,-6452806.6782633755,-15383573.173465244,-5783774.5697274376,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":44035984.711940825},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":40486193.995786473}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-5615417.3430663291},-24207079.270002607,-61039432.435671091,-24294934.608175766,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,44035984.711940825,0,-6452806.6782633755,-15383573.173465244,-5783774.5697274376,0,0,0,0,0,40486193.995786473]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-115156863.6569158}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-5615417.3430663291},-24207079.270002607,-61039432.435671091,-24294934.608175766,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070913,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,36990782.697442368]
[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,{"$f":"IRR(C103:AJ103)","v":-5.5691873626014909E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-5615417.3430663291},{"$f":"D93+D99","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070913,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,{"$f":"AJ93+AJ97","v":-7045202.0144984536},663153.47890958656,-5943752.6421351843,-14750511.797500866,-5312584.3175977999,-7738395.6561468504,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,31653479.23621852]
[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,{"$f":"IRR(C106:AT106)","v":-7.6530551913457479E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-4799771.3455324862,498156.08805806376,417057.39145994838,517299.41280800942,436553.678414464,-5178824.6937172925,456446.21100429073,566105.31386854593,498938.77559111733,637634.46153214294,-5718412.6602278706,713448.23924949579,638522.20172106382,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527,663153.47890958656,509054.03612819128,633061.37596437894,471190.25212963764,-7738395.6561468514,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,-8832714.7595679518]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-3747980.6039640955,-3271904.4557815273,-2875018.908925226,-2914513.6462766873,-7547106.7563826274,-2677972.7721025981,-2565602.705877556,-2638955.7078294377,-2550915.2160011171,-7834168.6079326458,-2248312.2166464576,-2688383.5583217801,-2588141.536973719,-2668887.2713672644,-8284265.6434990205,-1880902.9316143133,-1771243.8287500581,-2917608.193112609,-2778912.5071715834,-9134959.6289315969,-2703098.7294542305,-2778024.7669826625,-2756759.4044927452,-2883385.5612733187,-9678281.8606018778,-2905504.9394083871,-2791437.3597140405,-2931113.7728346633,-2813789.1372568486,-10548213.610852174,-2839858.1174441343,-2993957.5602255296,-1790752.3943042196,-1507186.2454117592,-11689640.326649394,-3522667.8627606155,-3391767.0381285381,-3570401.1975601427,-3435981.0965445191,-12783959.430070495]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.84500109903957632},{"$f":"ABS(H81)/ABS(H76)","v":0.9832370839128185},1.0905418168011844,1.077936560767127,0.49424793526269184,1.0906071506916113,1.1164233389700353,1.0959394291772169,1.1145901504381321,0.49609523480633605,1.1126732766568139,1.0921483852607461,1.1116516335122042,1.0920421379931591,0.51030856768512856,1.0918279361873127,1.1112481157718475,1.0957740060410959,1.1195561407412593,0.51313047784877674,1.1276280767453508,1.1115690380845427,1.1273596840773548,1.1032878911700694,0.52671934768912343,1.0950152879051755,1.1105168603604023,1.0867519154050749,1.1021097177560579,0.51408618037584652,1.093713015332709,1.0702555955465027,1.0853274443732637,1.0620240062649167,0.51983055165285807,1.0538043635457464,1.06859244380568,1.0455973372823972,1.0602443780545825,0.50706710766190943]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-0.15499890096042368},{"$f":"H112-1","v":-1.6762916087181501E-2},9.0541816801184449E-2,7.7936560767126961E-2,-0.50575206473730816,9.0607150691611293E-2,0.11642333897003532,9.5939429177216873E-2,0.11459015043813214,-0.50390476519366389,0.11267327665681393,9.2148385260746091E-2,0.1116516335122042,9.2042137993159079E-2,-0.48969143231487144,9.1827936187312664E-2,0.11124811577184746,9.5774006041095872E-2,0.11955614074125931,-0.48686952215122326,0.12762807674535082,0.11156903808454266,0.12735968407735476,0.10328789117006942,-0.47328065231087657,9.5015287905175549E-2,0.11051686036040231,8.6751915405074875E-2,0.10210971775605793,-0.48591381962415348,9.3713015332709038E-2,7.0255595546502736E-2,8.5327444373263672E-2,6.2024006264916665E-2,-0.48016944834714193,5.3804363545746359E-2,6.859244380567997E-2,4.5597337282397232E-2,6.0244378054582493E-2,-0.49293289233809057]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-5615417.3430663291},{"$f":"D103","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070913,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,36990782.697442368]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-85138768.633169547}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-5615417.3430663291},{"$f":"D106","v":-24207079.270002607},-61039432.435671091,-24294934.608175766,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070913,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984536,663153.47890958656,-5943752.6421351843,-14750511.797500866,-5312584.3175977999,-7738395.6561468504,428576.80774192791,559477.63237400539,380843.47294240072,515263.57395802438,31653479.23621852]
[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,{"$f":"NPV(C26,C118:AT118)","v":-86012149.631535858}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-9759376.3589379229},{"$f":"D123-D103","v":-8264673.6530768201},-1753611.1861994416,-6889233.2573592849,5002485.4682414411,7150669.5549342409,7174573.3278271109,7574325.1064965948,8478481.4810688868,8265300.5197135936,8548085.4827974606,9012669.5584345348,9327808.9917168058,9450857.3157489356,8228721.0964416293,10678695.185618252,11149528.514834508,11819647.106059194,13185245.052476801,13472111.165629977,13631937.350394722,14466567.63729582,15181480.199232481,16980626.536399733,15568996.841259275,15520331.958906785,18156024.869743377,18640151.219884366,19823541.423007965,19397171.711806975,19660740.596348748,20185004.341902703,20459340.570963196,-22009058.560512029]

{"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",{"$f":"E313","v":1.6999999999963378}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":98492.620160436607}]
[]
[null,null,"NPV project",{"$f":"E255","v":-85890570.501258731}]
[null,null,"IRR Project",{"$f":"E257","v":{"$error":"#NUM!"}}]
[]
[null,null,"PRIVATE FINANCE"]
[null,null,"NPV Equity",{"$f":"IF(E58<0.01,\"N/A\",E272)","v":"N/A"}]
[null,null,"IRR Equity",{"$f":"IF(E58<0.01,\"N/A\",E274)","v":"N/A"}]
[null,null,"Debt / Equity",{"$f":"IF(E58<0.01,\"N/A\",E59)","v":"N/A"}]
[]
[null,null,"Test \"CASH BALANCE > 0\"",{"$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":111244133.67069142},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",400000]
[null,null,"Treasury","%",1,"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$59*E26*E58","v":111.24413367069143}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":111243021.22935471}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":1.1124413367069144}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":1112430.2122935471}]
[]
[null,null,"FUNDING SCHEME"]
[null,null,"Initial dibursment",null,"YES",{"$f":"IF($E$57=\"NO\",0,1)","v":1},"(if no : Equity is back ended)"]
[null,null,"Private funding vs Municipal funding ratio",null,1.0000000000000001E-5,null,"Initial Municipal debt",{"$f":"1-E58","v":0.99999000000000005}]
[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 ",{"$f":"SUM(F105:AM105)","v":115156863.6569158},{"$f":"-'Global Financial Model'!C96","v":5615417.3430663291},{"$f":"-'Global Financial Model'!D96","v":24207079.270002607},{"$f":"-'Global Financial Model'!E96","v":61039432.435671091},{"$f":"-'Global Financial Model'!F96","v":24294934.608175766},{"$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":24232066.569320925},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1622325.5979653969},{"$f":"-'Global Financial Model'!Q97","v":1967400.8528066755},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":2860937.4426897997},{"$f":"-'Global Financial Model'!V97","v":9092783.3309384733},{"$f":"-'Global Financial Model'!W97","v":4234246.6176485606},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2013088.3571152827},{"$f":"-'Global Financial Model'!AB97","v":2441284.3701567352},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":115156863.6569158},{"$f":"F105","v":5615417.3430663291},{"$f":"G105","v":24207079.270002607},61039432.435671091,24294934.608175766,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",100000,null,null,null,{"$f":"E61","v":100000}]
[null,null,"Renewal Costs","USD ",24232066.569320925,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1622325.5979653969,1967400.8528066755,0,0,0,2860937.4426897997,9092783.3309384733,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",8.8421033206614759,{"$f":"F151","v":0},{"$f":"G151","v":0.39419316727576775},{"$f":"H151","v":2.0875748683792428},6.3603352850064647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",1.1124413367069144,{"$f":"F138","v":1.1124413367069144},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",139488940.18078136,{"$f":"SUM(F109:F113)","v":5615418.4555076659},{"$f":"SUM(G109:G113)","v":24207079.664195776},{"$f":"SUM(H109:H113)","v":61039434.52324596},24394940.968511052,0,0,0,0,0,0,0,0,0,1622325.5979653969,1967400.8528066755,0,0,0,2860937.4426897997,9092783.3309384733,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-24232066.569320925,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-115255721.04272434,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-5615362.3013231112},-24206837.593399134,-61038824.128900729,-24394697.01910137,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-111.24413367069143,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-5.6154184555076663},-24.207079664195778,-61.039434523245966,-20.382201027742013,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",1041.3246024401224,{"$f":"SUM(F114:F117)","v":50.538766099195868},217.86371697825669,549.35491070810826,223.56720865456165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-1041.3246024401224,{"$f":"-F118","v":-50.538766099195868},{"$f":"-G118","v":-217.86371697825669},-549.35491070810826,-223.56720865456165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":5.6154184555076663},{"$f":"G127","v":29.822498119703443},90.861932642949412,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":111.24413367069143},{"$f":"-F117","v":5.6154184555076663},24.207079664195778,61.039434523245966,20.382201027742013,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-111.24413367069143},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-111.24413367069143,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":5.6154184555076663},{"$f":"SUM(G123:G126)","v":29.822498119703443},90.861932642949412,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":5615362.3013231112},29621178.57640874,89481239.020659789,{"$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 ",{"$f":"SUM(F130:AM130)","v":115255721.04272434},{"$f":"-F116","v":5615362.3013231112},{"$f":"-G116","v":24206837.593399134},61038824.128900729,24394697.01910137,{"$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 ",{"$f":"SUM(F131:AM131)","v":-5347825.0549618304},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-201021.31831350701},-1178763.6846496812,-3968040.0519986423,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-109907895.98776251,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-109907895.98776251,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":5615362.3013231112},{"$f":"SUM(G129:G132)","v":29621178.57640874},89481239.020659789,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":111.24413367069143},{"$f":"MAX(0,$E135-F123)*F78","v":111.24413367069143},105.62871521518376,81.421635550987986,20.382201027742013,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":111243021.22935471},{"$f":"MAX(0,$E136-F129)*F78","v":111243021.22935471},105627658.92803159,81621842.652945966,21761782.20869492,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":1.1124413367069144},{"$f":"$E138*IF(F90=1,1,0)","v":1.1124413367069144},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":1112430.2122935471},{"$f":"$E139*IF(F90=1,1,0)","v":1112430.2122935471},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":8.8421033206614759},{"$f":"F144*F123","v":0},0.39419316727576775,2.0875748683792428,6.3603352850064647,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":8731358.4571388997},{"$f":"F149*F129","v":0},394189.22534409503,2073482.5003486136,6263686.7314461907,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":165000286.37264925},{"$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":2948575.2687484114},{"$f":"'Global Financial Model'!H81","v":3799833.6916645495},{"$f":"'Global Financial Model'!I81","v":4000058.3670530086},{"$f":"'Global Financial Model'!J81","v":4047054.1694707316},{"$f":"'Global Financial Model'!K81","v":4241264.730464749},{"$f":"'Global Financial Model'!L81","v":4290159.1633001482},{"$f":"'Global Financial Model'!M81","v":4495431.8327757865},{"$f":"'Global Financial Model'!N81","v":4517225.0377752436},{"$f":"'Global Financial Model'!O81","v":4702710.7021819605},{"$f":"'Global Financial Model'!P81","v":4725384.3526633959},{"$f":"'Global Financial Model'!Q81","v":4919400.4402159723},{"$f":"'Global Financial Model'!R81","v":4942990.1061768588},{"$f":"'Global Financial Model'!S81","v":5150455.2076264117},{"$f":"'Global Financial Model'!T81","v":5179529.9709350681},{"$f":"'Global Financial Model'!U81","v":5396865.1222877176},{"$f":"'Global Financial Model'!V81","v":5427114.5060340436},{"$f":"'Global Financial Model'!W81","v":5654778.5910819722},{"$f":"'Global Financial Model'!X81","v":5708481.4919835664},{"$f":"'Global Financial Model'!Y81","v":5970982.1053984417},{"$f":"'Global Financial Model'!Z81","v":6026854.6034964602},{"$f":"'Global Financial Model'!AA81","v":6303505.360246459},{"$f":"'Global Financial Model'!AB81","v":6361635.1072676387},{"$f":"'Global Financial Model'!AC81","v":6605658.9363667341},{"$f":"'Global Financial Model'!AD81","v":6618645.1656012516},{"$f":"'Global Financial Model'!AE81","v":6872527.55739595},{"$f":"'Global Financial Model'!AF81","v":6886038.4302915419},{"$f":"'Global Financial Model'!AG81","v":7150177.6707147472},{"$f":"'Global Financial Model'!AH81","v":7164234.3828753205},{"$f":"'Global Financial Model'!AI81","v":7439044.8486116221},{"$f":"'Global Financial Model'!AJ81","v":7453669.4519434823}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":18006245.498679101},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":441740.53437499993},{"$f":"J157*(1+I32)","v":452784.04773437488},461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":187218296.78088179},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":3489433.6493760138},{"$f":"-'Global Financial Model'!H76","v":3864615.9241095837},{"$f":"-'Global Financial Model'!I76","v":3667955.0526417415},{"$f":"-'Global Financial Model'!J76","v":3754445.5924109258},{"$f":"-'Global Financial Model'!K76","v":8581249.2635108829},{"$f":"-'Global Financial Model'!L76","v":3933734.6730025862},{"$f":"-'Global Financial Model'!M76","v":4026637.2762531824},{"$f":"-'Global Financial Model'!N76","v":4121783.4832045212},{"$f":"-'Global Financial Model'!O76","v":4219228.6557829175},{"$f":"-'Global Financial Model'!P76","v":9525155.6981958821},{"$f":"-'Global Financial Model'!Q76","v":4421244.3521579085},{"$f":"-'Global Financial Model'!R76","v":4525932.7147169104},{"$f":"-'Global Financial Model'!S76","v":4633155.7948184023},{"$f":"-'Global Financial Model'!T76","v":4742976.2925206041},{"$f":"-'Global Financial Model'!U76","v":10575689.81600501},{"$f":"-'Global Financial Model'!V76","v":4970668.2950297529},{"$f":"-'Global Financial Model'!W76","v":5088673.2772134263},{"$f":"-'Global Financial Model'!X76","v":5209542.7163924491},{"$f":"-'Global Financial Model'!Y76","v":5333347.6438662987},{"$f":"-'Global Financial Model'!Z76","v":11745267.263724331},{"$f":"-'Global Financial Model'!AA76","v":5590057.1209969632},{"$f":"-'Global Financial Model'!AB76","v":5723112.9055465749},{"$f":"-'Global Financial Model'!AC76","v":5859406.7445057584},{"$f":"-'Global Financial Model'!AD76","v":5999019.1305208495},{"$f":"-'Global Financial Model'!AE76","v":13047797.821644107},{"$f":"-'Global Financial Model'!AF76","v":6288531.773346208},{"$f":"-'Global Financial Model'!AG76","v":6438603.4340750668},{"$f":"-'Global Financial Model'!AH76","v":6592336.5593562629},{"$f":"-'Global Financial Model'!AI76","v":6749822.3895147499},{"$f":"-'Global Financial Model'!AJ76","v":14498871.466441935}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,111.24413367069143,107.2551807139167,102.99351801053557,98.426276776116694,93.5393286552885,88.310294166002336,82.721106052824041,76.733958973875133,70.327711599399805,63.473026908711212,56.142958702825695,48.294408890165386,39.896460590618851,30.910655910104062,21.297707420957522,11.008959874601228,0,{"$f":"Z166","v":0},{"$f":"AA166","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":111.24413367069143},{"$f":"-F126","v":0},0,0,111.24413367069143,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-111.24413367069141},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-3.9889529567747211,-4.2616627033811287,-4.5672412344188755,-4.8869481208281984,-5.2290344892861711,-5.5891881131782997,-5.987147078948901,-6.4062473744753232,-6.8546846906885959,-7.3300682058855138,-7.8485498126603126,-8.3979482995465329,-8.9858046805147893,-9.6129484891465395,-10.288747546356294,-11.008959874601237,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,111.24413367069143,107.2551807139167,102.99351801053557,98.426276776116694,93.5393286552885,88.310294166002336,82.721106052824041,76.733958973875133,70.327711599399805,63.473026908711212,56.142958702825695,48.294408890165386,39.896460590618851,30.910655910104062,21.297707420957522,11.008959874601228,0,0,0,{"$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},0,0,109907895.98776251,104450875.73509856,98618677.357420057,92370503.201009661,85684956.853650525,78531422.261976257,70882606.436285689,62691893.046724536,53927829.719894096,44550281.960185535,34519252.677849129,23781981.634317718,12293101.617739107,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":109907895.98776251},{"$f":"-F132","v":0},0,0,109907895.98776251,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-109907895.98776251},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-5457020.2526639579,-5832198.3776784912,-6248174.1564103998,-6685546.347359133,-7153534.591674271,-7648815.8256905703,-8190713.3895611521,-8764063.3268304355,-9377547.7597085629,-10031029.282336403,-10737271.04353141,-11488880.016578611,-12293101.617739117,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,109907895.98776251,104450875.73509856,98618677.357420057,92370503.201009661,85684956.853650525,78531422.261976257,70882606.436285689,62691893.046724536,53927829.719894096,44550281.960185535,34519252.677849129,23781981.634317718,12293101.617739107,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":77.237812449966},{"$f":"F176*F163","v":0},0,0,0,7.7870893569484068,7.5291378064417778,7.209546260737496,6.8898393743281749,6.5477530058702005,6.1992378370676695,5.7904774236976877,5.3713771281712637,4.922939811957991,4.4557024043656774,3.9300071091978022,3.3806086223115801,2.7927522413433219,2.1698773568378309,1.4908395194670279,0.77062719122208667,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":61099922.896781839},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,7693552.7191433823,7332280.1954968087,6903307.4150194097,6465935.2240706822,5997946.9797555422,5512777.0650389595,4961782.4505400024,4388432.5132707218,3774948.0803925903,3127356.7389603173,2416347.6874494413,1664738.7144022419,860517.11324173829,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},5.6154184555076663,29.822498119703443,90.861932642949412,111.24413367069143,107.2551807139167,102.99351801053557,98.426276776116694,93.5393286552885,88.310294166002336,82.721106052824041,76.733958973875133,70.327711599399805,63.473026908711212,56.142958702825695,48.294408890165386,39.896460590618851,30.910655910104062,21.297707420957522,11.008959874601228,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":188.48194612065745},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,11.776042313723128,11.790800509822907,11.776787495156372,11.776787495156373,11.776787495156372,11.788425950245969,11.777624502646589,11.777624502646587,11.777624502646587,11.785770610251191,11.778556921858115,11.778556921858113,11.778556921858112,11.782825845984371,11.779587065823321,11.779587065823323,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-77.237812449966},{"$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,-7.7870893569484068,-7.5291378064417778,-7.209546260737496,-6.8898393743281749,-6.5477530058702005,-6.1992378370676695,-5.7904774236976877,-5.3713771281712637,-4.922939811957991,-4.4557024043656774,-3.9300071091978022,-3.3806086223115801,-2.7927522413433219,-2.1698773568378309,-1.4908395194670279,-0.77062719122208667,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":111.24413367069141},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,3.9889529567747211,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":4.2616627033811287},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":4.5672412344188755},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":4.8869481208281984},5.2290344892861711,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":5.5891881131782997},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":5.987147078948901},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":6.4062473744753232},6.8546846906885959,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":7.3300682058855138},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":7.8485498126603126},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":8.3979482995465329},8.9858046805147893,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":9.6129484891465395},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":10.288747546356294},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":11.008959874601237},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,{"$f":"IF(F78=1,F129,F168)","v":0},5615362.3013231112,29621178.57640874,89481239.020659789,109907895.98776251,104450875.73509856,98618677.357420057,92370503.201009661,85684956.853650525,78531422.261976257,70882606.436285689,62691893.046724536,53927829.719894096,44550281.960185535,34519252.677849129,23781981.634317718,12293101.617739107,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":185087002.39664504},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":595210.54365760204},3252246.1849982948,10231726.783444833,13150572.97180734,13164478.5731753,13151481.57142981,13151481.571429815,13151481.571429813,13161592.89072953,13152495.840101155,13152495.840101156,13152495.840101153,13158386.021296721,13153618.730980853,13153618.730980853,13153618.730980854,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-69831281.353920728},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-394189.22534409503},-2073482.5003486136,-6263686.7314461907,-7693552.7191433823,-7332280.1954968087,-6903307.4150194097,-6465935.2240706822,-5997946.9797555422,-5512777.0650389595,-4961782.4505400024,-4388432.5132707218,-3774948.0803925903,-3127356.7389603173,-2416347.6874494413,-1664738.7144022419,-860517.11324173829,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":115255721.04272434},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":201021.31831350701},1178763.6846496812,3968040.0519986423,5457020.2526639579,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":5832198.3776784912},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":6248174.1564103998},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":6685546.347359133},7153534.591674271,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":7648815.8256905703},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":8190713.3895611521},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":8764063.3268304355},9377547.7597085629,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":10031029.282336403},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":10737271.04353141},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":11488880.016578611},12293101.617739117,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":165000286.37264925},{"$f":"F156","v":0},0,0,0,2948575.2687484114,3799833.6916645495,4000058.3670530086,4047054.1694707316,4241264.730464749,4290159.1633001482,4495431.8327757865,4517225.0377752436,4702710.7021819605,4725384.3526633959,4919400.4402159723,4942990.1061768588,5150455.2076264117,5179529.9709350681,5396865.1222877176,5427114.5060340436,5654778.5910819722,5708481.4919835664,5970982.1053984417,6026854.6034964602,6303505.360246459,6361635.1072676387,6605658.9363667341,6618645.1656012516,6872527.55739595,6886038.4302915419,7150177.6707147472,7164234.3828753205,7439044.8486116221,7453669.4519434823]
[null,null,"OpEx","USD ",-187218296.78088179,{"$f":"-F160","v":0},0,0,0,-3489433.6493760138,-3864615.9241095837,-3667955.0526417415,-3754445.5924109258,-8581249.2635108829,-3933734.6730025862,-4026637.2762531824,-4121783.4832045212,-4219228.6557829175,-9525155.6981958821,-4421244.3521579085,-4525932.7147169104,-4633155.7948184023,-4742976.2925206041,-10575689.81600501,-4970668.2950297529,-5088673.2772134263,-5209542.7163924491,-5333347.6438662987,-11745267.263724331,-5590057.1209969632,-5723112.9055465749,-5859406.7445057584,-5999019.1305208495,-13047797.821644107,-6288531.773346208,-6438603.4340750668,-6592336.5593562629,-6749822.3895147499,-14498871.466441935]
[null,null,"Operational Cashflow","USD ",-22218010.408232566,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-4799771.3455324862,498156.08805806376,417057.39145994838,517299.41280800942,436553.678414464,-5178824.6937172925,456446.21100429073,566105.31386854593,498938.77559111733,637634.46153214294,-5718412.6602278706,713448.23924949579,638522.20172106382,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527]
[null,null,"Revenue Tax","USD ",0,{"$f":"'Global Financial Model'!C90","v":0},{"$f":"'Global Financial Model'!D90","v":0},{"$f":"'Global Financial Model'!E90","v":0},{"$f":"'Global Financial Model'!F90","v":0},{"$f":"'Global Financial Model'!G90","v":0},{"$f":"'Global Financial Model'!H90","v":0},{"$f":"'Global Financial Model'!I90","v":0},{"$f":"'Global Financial Model'!J90","v":0},{"$f":"'Global Financial Model'!K90","v":0},{"$f":"'Global Financial Model'!L90","v":0},{"$f":"'Global Financial Model'!M90","v":0},{"$f":"'Global Financial Model'!N90","v":0},{"$f":"'Global Financial Model'!O90","v":0},{"$f":"'Global Financial Model'!P90","v":0},{"$f":"'Global Financial Model'!Q90","v":0},{"$f":"'Global Financial Model'!R90","v":0},{"$f":"'Global Financial Model'!S90","v":0},{"$f":"'Global Financial Model'!T90","v":0},{"$f":"'Global Financial Model'!U90","v":0},{"$f":"'Global Financial Model'!V90","v":0},{"$f":"'Global Financial Model'!W90","v":0},{"$f":"'Global Financial Model'!X90","v":0},{"$f":"'Global Financial Model'!Y90","v":0},{"$f":"'Global Financial Model'!Z90","v":0},{"$f":"'Global Financial Model'!AA90","v":0},{"$f":"'Global Financial Model'!AB90","v":0},{"$f":"'Global Financial Model'!AC90","v":0},{"$f":"'Global Financial Model'!AD90","v":0},{"$f":"'Global Financial Model'!AE90","v":0},{"$f":"'Global Financial Model'!AF90","v":0},{"$f":"'Global Financial Model'!AG90","v":0},{"$f":"'Global Financial Model'!AH90","v":0},{"$f":"'Global Financial Model'!AI90","v":0},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-139388940.18078136,{"$f":"-F114","v":-5615418.4555076659},-24207079.664195776,-61039434.52324596,{"$f":"-I114+I110","v":-24294940.968511052},0,0,0,0,0,0,0,0,0,-1622325.5979653969,-1967400.8528066755,0,0,0,-2860937.4426897997,-9092783.3309384733,-4234246.6176485606,0,0,0,-2013088.3571152827,-2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$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 ",-161706950.58901393,{"$f":"SUM(F210:F213)","v":-5615418.4555076659},{"$f":"SUM(G210:G213)","v":-24207079.664195776},{"$f":"SUM(H210:H213)","v":-61039434.52324596},-24394940.968511052,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070922,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527]
[null,null,"Municipality: Funding (through debt )","USD ",115255721.04272434,{"$f":"-F116","v":5615362.3013231112},24206837.593399134,61038824.128900729,24394697.01910137,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",18006245.498679101,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,441740.53437499993,452784.04773437488,461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[null,null,"Debt: Funding","USD ",111.24413367069143,{"$f":"F124","v":5.6154184555076663},24.207079664195778,61.039434523245966,20.382201027742013,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",1041.3246024401224,{"$f":"-F119","v":50.538766099195868},217.86371697825669,549.35491070810826,223.56720865456165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",-28443831.478874385,{"$f":"SUM(F214:F218)","v":0},0,0,0,-99117.846252602409,388001.81528934068,793943.04310032958,763685.10032264958,-3859486.4793180334,846532.50510022463,968704.73162131989,905349.93317141267,1003588.592571747,-5891588.2664017249,-928125.9141105304,968998.61911079136,1080279.4650118693,1010793.3316624011,-7454037.6900941962,-8038898.1846950287,-3058753.5898360778,1120514.2438139329,1271641.4391194149,-5071725.5430888534,-640019.2583839891,-1129948.8917642375,1432521.7340658382,1319620.9681293617,-5461275.4325382179,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,-6256894.0272234948]
[null,null,"Treasury: Funding","USD ",50503441.099956542,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,99137.865524535737,0,0,0,3859506.4998567752,0,0,0,0,7513933.9001771593,2895546.7904639728,0,0,0,10314995.158082008,17131701.540931515,4234246.6176485606,0,0,0,2013088.3571152827,2441284.3701567352,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",22059609.621082157,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,20.019271933328127,388001.81528934068,793943.04310032958,763685.10032264958,20.020538741722703,846532.50510022463,968704.73162131989,905349.93317141267,1003588.592571747,1622345.6337754345,1967420.8763534424,968998.61911079136,1080279.4650118693,1010793.3316624011,2860957.4679878121,9092803.3562364876,1175493.0278124828,1120514.2438139329,1271641.4391194149,-5071725.5430888534,1373069.0987312936,1311335.4783924976,1432521.7340658382,1319620.9681293617,-5461275.4325382179,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,-6256894.0272234948]
[null,null,"Interests","USD ",-77.237812449966,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-7.7870893569484068},{"$f":"K197","v":-7.5291378064417778},-7.209546260737496,-6.8898393743281749,-6.5477530058702005,-6.1992378370676695,-5.7904774236976877,-5.3713771281712637,-4.922939811957991,-4.4557024043656774,-3.9300071091978022,-3.3806086223115801,-2.7927522413433219,-2.1698773568378309,-1.4908395194670279,-0.77062719122208667,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-111.24413367069141,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-3.9889529567747211},{"$f":"-K198","v":-4.2616627033811287},-4.5672412344188755,-4.8869481208281984,-5.2290344892861711,-5.5891881131782997,-5.987147078948901,-6.4062473744753232,-6.8546846906885959,-7.3300682058855138,-7.8485498126603126,-8.3979482995465329,-8.9858046805147893,-9.6129484891465395,-10.288747546356294,-11.008959874601237,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",22059421.139136039,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,8.2432296196049997,387990.02448883088,793931.26631283434,763673.32353515446,8.2437512465663314,846520.7166742743,968692.95399681723,905338.15554691001,1003576.8149472444,1622333.8480048242,1967409.0977965207,968986.84055386949,1080267.6864549476,1010781.5488365551,2860945.6884007463,9092791.5766494218,1175493.0278124828,1120514.2438139329,1271641.4391194149,-5071725.5430888534,1373069.0987312936,1311335.4783924976,1432521.7340658382,1319620.9681293617,-5461275.4325382179,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,-6256894.0272234948]
[null,null,"Treasury: Deduction","USD ",-38849316.141986609,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-8.2432296196049997,-387990.02448883088,-793931.26631283434,-763673.32353515446,-8.2437512465663314,-846520.7166742743,-968692.95399681723,-905338.15554691001,-1003576.8149472444,-1622333.8480048242,-1967409.0977965207,-968986.84055386949,-1080267.6864549476,-1010781.5488365551,-2860945.6884007463,-9092791.5766494218,-1175493.0278124828,-1120514.2438139329,-1271641.4391194149,0,-1373069.0987312936,-1311335.4783924976,-1432521.7340658382,-1319620.9681293617,0,-1325781.3852894716,-1454414.4595507006,-1329594.8508882984,-1462073.4270134978,0]
[null,null,"Cashflow available to Equity","USD ",-16789895.002850566,{"$f":"F224+F225","v":0},{"$f":"G224+G225","v":0},{"$f":"H224+H225","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-5071725.5430888534,0,0,0,0,-5461275.4325382179,0,0,0,0,-6256894.0272234948]
[null,null,"Distributions to Equity","USD ",0,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Add back","USD ",-11654124.957969936,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-99129.622294916131},{"$f":"-K225-K220","v":387990.02448883088},793931.26631283434,763673.32353515446,-3859498.2561055287,846520.7166742743,968692.95399681723,905338.15554691001,1003576.8149472444,-5891600.0521723349,-928137.69266745215,968986.84055386949,1080267.6864549476,1010781.5488365551,-7454049.469681262,-8038909.9642820936,-3058753.5898360778,1120514.2438139329,1271641.4391194149,0,-640019.2583839891,-1129948.8917642375,1432521.7340658382,1319620.9681293617,0,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,0]
[null,null,"Net Cashflow","USD ",10505296.181166105,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,100000,{"$f":"J224+J227+J228-J213","v":-99121.379065296525},{"$f":"K224+K227+K228-K213","v":775980.04897766176},{"$f":"L224+L227+L228-L213","v":1587862.5326256687},{"$f":"M224+M227+M228-M213","v":1527346.6470703089},{"$f":"N224+N227+N228-N213","v":-3859490.0123542822},{"$f":"O224+O227+O228-O213","v":1693041.4333485486},{"$f":"P224+P227+P228-P213","v":1937385.9079936345},{"$f":"Q224+Q227+Q228-Q213","v":1810676.31109382},{"$f":"R224+R227+R228-R213","v":2007153.6298944887},{"$f":"S224+S227+S228-S213","v":-4269266.2041675104},{"$f":"T224+T227+T228-T213","v":1039271.4051290685},{"$f":"U224+U227+U228-U213","v":1937973.681107739},{"$f":"V224+V227+V228-V213","v":2160535.3729098951},{"$f":"W224+W227+W228-W213","v":2021563.0976731102},{"$f":"X224+X227+X228-X213","v":-4593103.7812805157},{"$f":"Y224+Y227+Y228-Y213","v":1053881.6123673283},{"$f":"Z224+Z227+Z228-Z213","v":-1883260.562023595},{"$f":"AA224+AA227+AA228-AA213","v":2241028.4876278657},{"$f":"AB224+AB227+AB228-AB213","v":2543282.8782388298},{"$f":"AC224+AC227+AC228-AC213","v":-5071725.5430888534},{"$f":"AD224+AD227+AD228-AD213","v":733049.84034730447},{"$f":"AE224+AE227+AE228-AE213","v":181386.58662826009},{"$f":"AF224+AF227+AF228-AF213","v":2865043.4681316763},{"$f":"AG224+AG227+AG228-AG213","v":2639241.9362587235},{"$f":"AH224+AH227+AH228-AH213","v":-5461275.4325382179},{"$f":"AI224+AI227+AI228-AI213","v":2651562.7705789432},{"$f":"AJ224+AJ227+AJ228-AJ213","v":2908828.9191014012},{"$f":"AK224+AK227+AK228-AK213","v":2659189.7017765967},{"$f":"AL224+AL227+AL228-AL213","v":2924146.8540269956},{"$f":"AM224+AM227+AM228-AM213","v":-6256894.0272234948}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,100000,{"$f":"J232","v":878.62093470347463},{"$f":"K232","v":776858.66991236527},{"$f":"L232","v":2364721.2025380339},{"$f":"M232","v":3892067.8496083431},{"$f":"N232","v":32577.837254060898},{"$f":"O232","v":1725619.2706026095},{"$f":"P232","v":3663005.1785962442},{"$f":"Q232","v":5473681.4896900645},{"$f":"R232","v":7480835.1195845529},{"$f":"S232","v":3211568.9154170426},{"$f":"T232","v":4250840.3205461111},{"$f":"U232","v":6188814.0016538501},{"$f":"V232","v":8349349.3745637452},{"$f":"W232","v":10370912.472236855},{"$f":"X232","v":5777808.6909563392},{"$f":"Y232","v":6831690.3033236675},{"$f":"Z232","v":4948429.7413000725},{"$f":"AA232","v":7189458.2289279383},{"$f":"AB232","v":9732741.1071667671},{"$f":"AC232","v":4661015.5640779138},{"$f":"AD232","v":5394065.4044252187},{"$f":"AE232","v":5575451.9910534788},{"$f":"AF232","v":8440495.4591851551},{"$f":"AG232","v":11079737.395443879},{"$f":"AH232","v":5618461.9629056612},{"$f":"AI232","v":8270024.7334846044},{"$f":"AJ232","v":11178853.652586006},{"$f":"AK232","v":13838043.354362603},{"$f":"AL232","v":16762190.208389599}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,100000,{"$f":"J229+J231","v":878.62093470347463},{"$f":"K229+K231","v":776858.66991236527},2364721.2025380339,3892067.8496083431,32577.837254060898,1725619.2706026095,3663005.1785962442,5473681.4896900645,7480835.1195845529,3211568.9154170426,4250840.3205461111,6188814.0016538501,8349349.3745637452,10370912.472236855,5777808.6909563392,6831690.3033236675,4948429.7413000725,7189458.2289279383,9732741.1071667671,4661015.5640779138,5394065.4044252187,5575451.9910534788,8440495.4591851551,11079737.395443879,5618461.9629056612,8270024.7334846044,11178853.652586006,13838043.354362603,16762190.208389599,10505296.181166105]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-10505296.181166105},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-10505296.181166105}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":18006245.498679101},0,0,0,0,441740.53437499993,452784.04773437488,461839.72868906241,471076.52326284366,480498.05372810055,490108.0148026626,499910.17509871587,509908.37860069022,520106.54617270402,530508.67709615815,541118.85063808132,551941.22765084298,562980.0522038599,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":69831281.353920728},{"$f":"-F203","v":0},{"$f":"-G203","v":394189.22534409503},{"$f":"-H203","v":2073482.5003486136},6263686.7314461907,7693552.7191433823,7332280.1954968087,6903307.4150194097,6465935.2240706822,5997946.9797555422,5512777.0650389595,4961782.4505400024,4388432.5132707218,3774948.0803925903,3127356.7389603173,2416347.6874494413,1664738.7144022419,860517.11324173829,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":115255721.04272434},{"$f":"F204","v":0},{"$f":"G204","v":201021.31831350701},1178763.6846496812,3968040.0519986423,5457020.2526639579,5832198.3776784912,6248174.1564103998,6685546.347359133,7153534.591674271,7648815.8256905703,8190713.3895611521,8764063.3268304355,9377547.7597085629,10031029.282336403,10737271.04353141,11488880.016578611,12293101.617739117,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":595210.54365760204},3252246.1849982948,10231726.783444833,13592313.506182339,13617262.620909676,13613321.300118871,13622558.094692659,13631979.625157915,13651700.905532192,13652406.01519987,13662404.218701847,13672602.386273857,13688894.698392879,13694737.581618933,13705559.958631696,13716598.783184715,574239.65324793709,585724.44631289586,597438.9352391538,609387.71394393686,621575.46822281566,634006.97758727195,646687.11713901744,659620.85948179779,672813.2766714337,686269.54220486234,699994.93304895959,713994.83170993882,728274.72834413766,742840.22291102039,757697.02736924076,772850.96791662555,788307.98727495805]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-161706950.58901393},{"$f":"F214","v":-5615418.4555076659},-24207079.664195776,-61039434.52324596,-24394940.968511052,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070922,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-5615418.4555076659},{"$f":"SUM(G249:G250)","v":-24207079.664195776},-61039434.52324596,-24394940.968511052,-540858.38062760234,-64782.232445034198,332103.31441126717,292608.57705980586,-4339984.5330461338,356424.49029756198,468794.55652260408,395441.55457072239,483482.04639904294,-6422096.9434978832,-1469244.7647486117,417057.39145994838,517299.41280800942,436553.678414464,-8039762.1364070922,-8636337.1199341826,-3668141.3037800146,498938.77559111733,637634.46153214294,-5718412.6602278706,-1299640.1178657869,-1802762.1684356714,746252.1918609757,619626.03508040216,-6175270.2642481569,597506.65694533382,711574.23663968034,571897.82351905759,689222.45909687225,-7045202.0144984527]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-85890570.501258731}]
[]
[null,null,"IRR Project","%",{"$f":"IRR(F251:AM251)","v":{"$error":"#NUM!"}}]
[null,null,"Check: NPV @ IRR","USD ",{"$f":"NPV(E257,F251:AM251)","v":{"$error":"#NUM!"}},{"$f":"IF(ROUND(E258,3)=0,0,1)","v":{"$error":"#NUM!"}}]
[]
[]
[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":-1041.3246024401224},{"$f":"-F218","v":-50.538766099195868},-217.86371697825669,-549.35491070810826,-223.56720865456165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$f":"SUM(F265:AM265)","v":0},{"$f":"-F227","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F266:AM266)","v":10505296.181166105},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10505296.181166105]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$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":-50.538766099195868},{"$f":"SUM(G264:G267)","v":-217.86371697825669},-549.35491070810826,-223.56720865456165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10505296.181166105]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":163984.86927527696}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.34397209093822911}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":2.3494752619051746E-8},{"$f":"IF(ROUND(E275,3)=0,0,1)","v":0}]
[]
[]
[null,null,"Financial viability indicators"]
[]
[null,null,"LLCR"]
[]
[null,null,"Cost of Debt \"r\"","% p.a.",null,{"$f":"F143+F175","v":7.0000000000000007E-2},7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2]
[null,null,"\"1+r\"","Factor",null,{"$f":"(1+F282)","v":1.07},{"$f":"(1+G282)","v":1.07},{"$f":"(1+H282)","v":1.07},{"$f":"(1+I282)","v":1.07},{"$f":"(1+J282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,{"$f":"(1+AC282)","v":1.07},1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07,1.07]
[]
[null,null,null,"Start","End"]
[null,null,"Flag: Debt Repayment",{"$f":"E38","v":"2019-12-31"},{"$f":"E40","v":"2034-12-31"},{"$f":"F98","v":0},0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Numerator"]
[null,null,"CFADS @ Period End","USD ",{"$f":"SUM(F289:AA289)","v":26569451.78275235},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":20.019271933328127},388001.81528934068,793943.04310032958,763685.10032264958,20.020538741722703,846532.50510022463,968704.73162131989,905349.93317141267,1003588.592571747,1622345.6337754345,1967420.8763534424,968998.61911079136,1080279.4650118693,1010793.3316624011,2860957.4679878121,9092803.3562364876,1175493.0278124828,1120514.2438139329,1271641.4391194149,-5071725.5430888534,1373069.0987312936,1311335.4783924976,1432521.7340658382,1319620.9681293617,-5461275.4325382179,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,-6256894.0272234948]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":24273444.511125937},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,20.019271933328127,388001.81528934068,793943.04310032958,763685.10032264958,20.020538741722703,846532.50510022463,968704.73162131989,905349.93317141267,1003588.592571747,1622345.6337754345,1967420.8763534424,968998.61911079136,1080279.4650118693,1010793.3316624011,2860957.4679878121,9092803.3562364876,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,10956726.202704247,11723677.017621612,12156332.593565784,12213332.832015062,12304581.029933468,13165881.681490069,13240960.894094151,13199123.425059423,13217712.131642172,13139363.388285378,12436773.19168992,11339926.438754773,11164722.670356818,10865973.792269927,10615798.62606642,8497947.0619032588,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-5801522.9090327201},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,111.24413367069143,107.2551807139167,102.99351801053557,98.426276776116694,93.5393286552885,88.310294166002336,82.721106052824041,76.733958973875133,70.327711599399805,63.473026908711212,56.142958702825695,48.294408890165386,39.896460590618851,30.910655910104062,21.297707420957522,11.008959874601228,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":98492.620160436607},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":98492.620160436607},109306.39377590855,118030.07440062656,124086.10009495603,131544.46591420769,149086.6020301251,160067.50303409554,172011.50053463553,187944.57875912139,207007.03949699452,221519.73246582696,234808.26661622152,279842.43476931535,351528.41220422182,498447.95105130359,771911.89346678182,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,98492.620160436607,109306.39377590855,118030.07440062656,124086.10009495603,131544.46591420769,149086.6020301251,160067.50303409554,172011.50053463553,187944.57875912139,207007.03949699452,221519.73246582696,234808.26661622152,279842.43476931535,351528.41220422182,498447.95105130359,771911.89346678182,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":22059609.621082157},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,20.019271933328127,388001.81528934068,793943.04310032958,763685.10032264958,20.020538741722703,846532.50510022463,968704.73162131989,905349.93317141267,1003588.592571747,1622345.6337754345,1967420.8763534424,968998.61911079136,1080279.4650118693,1010793.3316624011,2860957.4679878121,9092803.3562364876,1175493.0278124828,1120514.2438139329,1271641.4391194149,{"$f":"AC289","v":-5071725.5430888534},1373069.0987312936,1311335.4783924976,1432521.7340658382,1319620.9681293617,-5461275.4325382179,1325781.3852894716,1454414.4595507006,1329594.8508882984,1462073.4270134978,-6256894.0272234948]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":77.237812449966},{"$f":"-F222","v":0},0,0,0,7.7870893569484068,7.5291378064417778,7.209546260737496,6.8898393743281749,6.5477530058702005,6.1992378370676695,5.7904774236976877,5.3713771281712637,4.922939811957991,4.4557024043656774,3.9300071091978022,3.3806086223115801,2.7927522413433219,2.1698773568378309,1.4908395194670279,0.77062719122208667,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":111.24413367069141},{"$f":"-F223","v":0},0,0,0,3.9889529567747211,4.2616627033811287,4.5672412344188755,4.8869481208281984,5.2290344892861711,5.5891881131782997,5.987147078948901,6.4062473744753232,6.8546846906885959,7.3300682058855138,7.8485498126603126,8.3979482995465329,8.9858046805147893,9.6129484891465395,10.288747546356294,11.008959874601237,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,11.776042313723128,11.790800509822907,11.776787495156372,11.776787495156373,11.776787495156372,11.788425950245969,11.777624502646589,11.777624502646587,11.777624502646587,11.785770610251191,11.778556921858115,11.778556921858113,11.778556921858112,11.78282584598437,11.779587065823321,11.779587065823323,0,0,0,{"$f":"SUM(AC305:AC306)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"DSCR (Debt Service Cover Ratio)",null,"Average",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.6999999999998989,32907.164782077067,67415.926748008933,64846.640107647567,1.6999999999963378,71810.478232894311,82249.585339016296,76870.334333376712,85211.461135157384,137652.91107603334,167034.11881487718,82268.025322573056,91715.774027218533,85785.306926766061,242874.17309291297,771911.89346678124,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":128784.82458783381}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999963378},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.6999999999998989,32907.164782077067,67415.926748008933,64846.640107647567,1.6999999999963378,71810.478232894311,82249.585339016296,76870.334333376712,85211.461135157384,137652.91107603334,167034.11881487718,82268.025322573056,91715.774027218533,85785.306926766061,242874.17309291297,771911.89346678124,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$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$109)","v":115156863.6569158},{"$f":"C6/C$21","v":0.33018294251656954},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":111.24413367069143},{"$f":"F6/F$21","v":3.189641869938995E-7}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":8.8421033206614759},{"$f":"C7/C$21","v":2.5352476610943233E-8},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":1041.3246024401224},{"$f":"F7/F$21","v":2.9857327685906263E-6}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":1.1124413367069144},{"$f":"C8/C$21","v":3.1896418699389954E-9},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":115255721.04272434},{"$f":"F8/F$21","v":0.33046639086258389}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":187218296.78088179},{"$f":"C13/C$21","v":0.53680072694772063},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":24232066.569320925},6.9479271916896054E-2,"Aportacion de capital privado",0,{"$f":"F14/F$21","v":0}]
[null,"Impuesto a la renta",{"$f":"-NPV(0,'Project Finance Model'!$F$211:$AM$211)","v":0},0,"Aportacion municipal",{"$f":"NPV(0,'Project Finance Model'!$F$157:$AM$157)","v":18006245.498679101},{"$f":"F15/F$21","v":5.1628317528188847E-2}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":77.237812449966},2.214597322158064E-7,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":50503441.099956542},{"$f":"F16/F$21","v":0.14480573940669714}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":111.24413367069141},3.189641869938995E-7,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":165000286.37264925},{"$f":"F17/F$21","v":0.47309624750557461}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":22159421.139136039},6.3536489652776376E-2]
[null,"Dividendo a privados (Equity)",{"$f":"-NPV(0,'Project Finance Model'!$F$227:$AM$227)","v":0},0]
[]
[null,"Total",{"$f":"SUM(C6:C19)","v":348766846.58274525},{"$f":"SUM(D6:D19)","v":1.0000000000000004},"Total",{"$f":"SUM(F6:F19)","v":348766846.58274531},{"$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"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant la construction"]
[null,"Calcul des intérêts à rembourser par le maire durant la construction"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Calcul des intérêts à rembourser par le SPV durant l'exploitation"]
[null,"Calcul des intérêts à rembourser par le maire durant l'exploitation"]
[]
[]
[]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année de construction"]
[null,"Hypothèse: le remboursement de la dette du SPV commence à la fin de la première année d'exploitation"]

{"sheet":"Balance_Municipality","index":4,"n_rows":4,"n_cols":6,"rows_kept":4,"cut":false,"hidden":true,"merged":[[1,1,1,5]]}
[]
[null,"Aportacion municipal (flujos de caja)"]
[null,"Total","Pago de la deuda - Intereses","Pago de la deuda - Principal","Subsidios Municipal","Transferencia de activos"]
[null,{"$f":"C4+D4+E4+F4","v":203093247.89532417},{"$f":"'Project Finance Model'!E241","v":69831281.353920728},{"$f":"'Project Finance Model'!E242","v":115255721.04272434},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":18006245.498679101},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]