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

{"sheet":"Mensaje","index":0,"n_rows":10,"n_cols":3,"rows_kept":10,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,"ACTIVAR MACRO PARA ACCEDERAL 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)",39874145.810092479]
[null,"Inversion inicial con inflacion (USD valor nominal)",41359090.338681377]
[null,"Inflacion sobre inversion inicial (USD valor nominal)",1484944.5285888985]
[null,"Locales comerciales (m2)",500]
[null,"Alquiler mensual de locales comerciales ($/m2)",20]
[null,"Depreciation de activos "]
[null,"Duracion de vida infinida",0.21376957901231036,"de los activos"]
[null,"Duracion de vida de 50 años",0.35463331769821127,"de los activos"]
[null,"Duracion de vida de 40 años",0.32430865787433183,"de los activos"]
[null,"Duracion de vida de 15 años",0.10416056794442816,"de los activos"]
[null,"Duracion de vida de 10 años",8.2864192750210452E-2,"de los activos"]
[null,"Duracion de vida de 5 años",7.6713416617465715E-3,"de los activos"]
[null,"Renta concesional",0,"de la Utilitad neta de operacion antes de impuestos"]
[null,"Impuesto a la renta",0.35,"Impuesto a la renta para sociedades en Ecuador"]
[null,"Hipotesis general de Inflacion 2019 - 2050 ",0.02]
[null,"Tasa de actualizacion",0.13]
[]
[]
[null,null,"Tarifa (USD 2019)"]
[null,null,"1,00$"]
[null,"TRI 30 años",{"$f":"AJ104","v":-8.1990313454596842E-2}]
[null,"VAN 30 años",{"$f":"AJ116","v":-33986591.477245718}]
[]
[]
[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",{"$f":"H112","v":0.71872787649062986},{"$f":"M112","v":0.77467257334762385},{"$f":"R112","v":0.81276052580302838},{"$f":"W112","v":0.89790158844868806},{"$f":"AB112","v":0.98373226919250634},{"$f":"AG112","v":0.98187569081981119},{"$f":"AL112","v":0.94391764438062986}]
[null,"Margen neta de la operacion",{"$f":"H113","v":-0.28127212350937014},{"$f":"M113","v":-0.22532742665237615},{"$f":"R113","v":-0.18723947419697162},{"$f":"W113","v":-0.10209841155131194},{"$f":"AB113","v":-1.6267730807493663E-2},{"$f":"AG113","v":-1.8124309180188813E-2},{"$f":"AL113","v":-5.6082355619370139E-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",0,0,0,0,1926698.746692376,1980579.3632919681,2028140.719677157,2076861.631417088,3828664.762976246,2177897.5272806082,2230272.0286861164,2283925.1569214584,2338888.5686306343,4265150.2289833343,2452876.8597235759,2511969.1040900447,2572506.4037966132,2634524.5929118441,4752674.1063268119,2763151.4997996995,2829836.4791418356,2898154.918604977,2968147.3884410961,5297363.0758239375,3113321.8301148945,3188590.1509954371,3265705.2543578921,3344713.0810981416,5906098.8510784302,3508596.4860278256,3593569.8530826354,3680631.5826043328,3769833.7066777111,6586613.6294689225,3954873.8658245951,4050822.6655591386,4149133.4588691094,4249865.1874816325,7347597.9044297198,4458834.7040610202,4567197.9773210976,4678233.2356635621,4792007.2602869971,8198822.2760252357]
[null,"Trafico anual",0,0,0,0,1998000,2664000,2707480.4617960695,2750960.923592139,2794441.3853882086,2837921.8471842785,2881402.3089803476,2937748.4797743899,2994094.6505684326,3050440.8213624749,3106786.9921565172,3163133.1629505605,3235860.8090244122,3308588.4550982639,3381316.1011721166,3454043.7472459683,3526771.3933198201,3631745.4833876789,3736719.5734555386,3841693.6635233979,3946667.7535912576,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164,4051641.8436591164]
[null,"Ingresos de pasajeros (valor actualizado)",0,0,0,0,975823.20000000007,1301097.6000000001,1382499.629859325,1404701.7189186497,1484550.7218202848,1507649.7752776069,1592591.0814158195,1623734.3927121446,1721734.763250411,1754136.2643231079,1858713.8911177949,1892424.4128338285,2014147.3633202878,2059416.3675282602,2189714.6607543775,2236812.5327323517,2376180.3850606233,2446907.2187395236,2619346.4681361294,2692930.6658956576,2878282.064146854,2954839.063495867,3074214.5616611,3074214.5616611,3198412.8299522083,3198412.8299522083,3327628.7082822775,3327628.7082822775,3462064.9080968816,3462064.9080968816,3601932.3303839955,3601932.3303839955,3747450.3965315083,3747450.3965315083,3898847.392551383,3898847.392551383,4056360.827210458,4056360.827210458,4220237.8046297608,4220237.8046297608]
[null,"Alquiler de areas comerciales (valor actualizado)",0,0,0,0,{"$f":"$C$14*$C$15*12","v":120000},{"$f":"$G$54*((1+$C$25)^G48)","v":122400},124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[]
[null,"Activos iniciales - Depreciacion 50 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$18/50","v":-293346.22847573226},-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226,-293346.22847573226]
[null,"Activos iniciales - Depreciacion 40 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$19/40","v":-335327.77696602501},-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501,-335327.77696602501]
[null,"Activos iniciales - Depreciacion 15 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$20/15","v":-287199.08928946423},-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,-287199.08928946423,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 10 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$21/10","v":-342718.76337978605},-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,-342718.76337978605,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Depreciacion 5 años",0,0,0,0,{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},{"$f":"SUM($C$96:$F$96)*$C$22/5","v":-63455.942561413314},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos iniciales - Valor residual",0,0,0,0,{"$f":"-(SUM(C96:F96))+SUM(G56:G60)","v":40037042.538008958},{"$f":"G61+SUM(H56:H60)","v":38714994.737336539},{"$f":"H61+SUM(I56:I60)","v":37392946.936664119},36070899.1359917,34748851.335319281,33490259.477208272,32231667.619097263,30973075.760986254,29714483.902875245,28455892.044764236,27540018.950033013,26624145.85530179,25708272.760570567,24792399.665839344,23876526.571108121,23247852.565666363,22619178.560224604,21990504.554782845,21361830.549341086,20733156.543899328,20104482.538457569,19475808.53301581,18847134.527574051,18218460.522132292,17589786.516690534,16961112.511248775,16332438.505807018,15703764.500365261,15075090.494923504,14446416.489481747,13817742.48403999,13189068.478598233,12560394.473156476,11931720.467714719,11303046.462272963,10674372.456831206,10045698.451389449,9417024.4459476918,8788350.4405059349,8159676.435064178]
[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$97)/10","v":-437869.96230797621},{"$f":"SUM($P$97:$Q$97)/10","v":-437869.96230797621},-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,-437869.96230797621,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Activos nuevos 1 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-SUM(P97:Q97)","v":4378699.6230797619},{"$f":"R63+S62","v":3940829.6607717858},{"$f":"S63+T62","v":3502959.6984638097},3065089.7361558336,2627219.7738478575,2189349.8115398814,1751479.8492319053,1313609.8869239292,875739.924615953,437869.96230797679,5.8207660913467407E-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$97)/15","v":-396740.77705937228},-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,-396740.77705937228,0,0,{"$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$97))+X64","v":5554370.8788312115},{"$f":"X65+Y64","v":5157630.101771839},{"$f":"Y65+Z64","v":4760889.3247124664},4364148.5476530939,3967407.7705937214,3570666.9935343489,3173926.2164749764,2777185.4394156039,2380444.6623562314,1983703.8852968591,1586963.1082374868,1190222.3311781145,793481.55411874224,396740.77705936995,-2.3283064365386963E-9,0,0,{"$f":"AN65+AO64","v":0},0,0,0,0,0]
[null,"Activos nuevos 3 - Depreciacion 10 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AA$97:$AB$97)/10","v":-543344.28717568109},{"$f":"SUM($AA$97:$AB$97)/10","v":-543344.28717568109},-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,-543344.28717568109,0,{"$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":5433442.8717568107},{"$f":"AC67+AD66","v":4890098.5845811293},{"$f":"AD67+AE66","v":4346754.2974054478},3803410.0102297668,3260065.7230540859,2716721.4358784049,2173377.1487027239,1630032.8615270429,1086688.574351362,543344.28717568086,0,0,{"$f":"AN67+AO66","v":0},0,0,0,0,0]
[null,"Activos nuevos 4 - Depreciacion 15 años",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"SUM($AL$97:$AN$97)/14","v":-1049953.732447413},{"$f":"SUM($AL$97:$AN$97)/14","v":-1049953.732447413},-1049953.732447413,-1049953.732447413,-1049953.732447413,-1049953.732447413]
[null,"Activos nuevos 4 - Valor residual",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-(SUM(AL97:AN97))-AO68","v":15749305.986711195},{"$f":"AO69+AP68","v":14699352.254263781},{"$f":"AP69+AQ68","v":13649398.521816367},12599444.789368954,11549491.05692154,10499537.324474126]
[null,"Depreciacion de activos",0,0,0,0,{"$f":"SUM(G56:G60)+G62+G64+G66+G68","v":-1322047.800672421},{"$f":"SUM(H56:H60)+H62+H64+H66+H68","v":-1322047.800672421},-1322047.800672421,-1322047.800672421,-1322047.800672421,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-915873.09473122144,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1066543.9677497335,-1066543.9677497335,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1172018.2926174384,-628674.00544175727,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702]
[null,"Valor residual de activos",{"$f":"C61+C65+C69","v":0},{"$f":"D61+D65+D69","v":0},0,0,{"$f":"G61+G63+G65+G67+G69","v":40037042.538008958},{"$f":"H61+H63+H65+H67+H69","v":38714994.737336539},37392946.936664119,36070899.1359917,34748851.335319281,33490259.477208272,32231667.619097263,30973075.760986254,29714483.902875245,28455892.044764236,27540018.950033013,31002845.478381552,29649102.421342354,28295359.364303153,26941616.307263955,25875072.339514218,24808528.371764485,29296355.282845963,27833070.538036853,26369785.793227747,24906501.048418641,23443216.303609531,27851244.392865211,26282485.323188398,24713726.253511585,23144967.183834773,21576208.114157964,20007449.044481151,18438689.974804342,16869930.905127533,15301171.835450724,13732412.765773913,12560394.473156476,11931720.467714719,27052352.448984157,25373724.711094987,23695096.973205816,22016469.235316645,20337841.497427475,18659213.759538304]
[]
[]
[null,"A. GASTOS "]
[null,"1. Costos anuales de O&M",0,0,0,0,{"$f":"-G51","v":-1926698.746692376},{"$f":"-H51","v":-1980579.3632919681},-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225,-3954873.8658245951,-4050822.6655591386,-4149133.4588691094,-4249865.1874816325,-7347597.9044297198,-4458834.7040610202,-4567197.9773210976,-4678233.2356635621,-4792007.2602869971,-8198822.2760252357]
[null,"Gasto totale",null,null,null,null,{"$f":"G75","v":-1926698.746692376},{"$f":"H75","v":-1980579.3632919681},-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225,-3954873.8658245951,-4050822.6655591386,-4149133.4588691094,-4249865.1874816325,-7347597.9044297198,-4458834.7040610202,-4567197.9773210976,-4678233.2356635621,-4792007.2602869971,-8198822.2760252357]
[]
[null,"B. INGRESOS"]
[null,"1. Ingresos de pasajeros",0,0,0,0,{"$f":"G53","v":975823.20000000007},1301097.6000000001,1382499.629859325,1404701.7189186497,1484550.7218202848,1507649.7752776069,1592591.0814158195,1623734.3927121446,1721734.763250411,1754136.2643231079,1858713.8911177949,1892424.4128338285,2014147.3633202878,2059416.3675282602,2189714.6607543775,2236812.5327323517,2376180.3850606233,2446907.2187395236,2619346.4681361294,2692930.6658956576,2878282.064146854,2954839.063495867,3074214.5616611,3074214.5616611,3198412.8299522083,3198412.8299522083,3327628.7082822775,3327628.7082822775,3462064.9080968816,3462064.9080968816,3601932.3303839955,3601932.3303839955,3747450.3965315083,3747450.3965315083,3898847.392551383,3898847.392551383,4056360.827210458,4056360.827210458,4220237.8046297608,4220237.8046297608]
[null,"2. Ingresos comerciales",0,0,0,0,120000,122400,124848,127344.95999999999,129891.85919999999,132489.69638400001,135139.49031168001,137842.28011791359,140599.12572027187,143411.10823467729,146279.33039937084,149204.91700735825,152189.01534750542,155232.79565445552,158337.45156754466,161504.20059889552,164734.28461087344,168028.97030309093,171389.54970915272,174817.34070333577,178313.68751740252,181879.96126775054,185517.56049310556,189227.91170296766,193012.469937027,196872.71933576756,200810.17372248293,204826.37719693253,208922.90474087122,213101.36283568863,217363.39009240241,221710.65789425041,226144.87105213548,230667.76847317821,235281.12384264174,239986.74631949456,244786.48124588444,249682.21087080217,254675.85508821823,259769.3721899825]
[null,"Ingreso totale",0,0,0,0,{"$f":"G79+G80","v":1095823.2000000002},{"$f":"H79+H80","v":1423497.6},1507347.629859325,1532046.6789186497,1614442.5810202849,1640139.4716616068,1727730.5717274994,1761576.6728300583,1862333.8889706829,1897547.3725577851,2004993.2215171657,2041629.3298411868,2166336.3786677932,2214649.1631827159,2348052.1123219221,2398316.7333312472,2540914.6696714968,2614936.1890426143,2790736.0178452823,2867748.0065989932,3056595.7516642567,3136719.0247636177,3259732.1221542056,3263442.4733640677,3391425.2998892353,3395285.5492879758,3528438.8820047602,3532455.0854792101,3670987.812837753,3675166.2709325701,3819295.7204763978,3823642.988278246,3973595.267583644,3978118.1650046865,4134128.5163940247,4138834.1388708777,4301147.3084563427,4306043.0380812604,4474913.6597179789,4480007.1768197436]
[]
[null,"Flujo de caja neto (Ingreso total - Gasto total)",null,null,null,null,{"$f":"G81+G76","v":-830875.54669237579},{"$f":"H81+H76","v":-557081.76329196803},-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-2367602.8564255489,-447883.63820641022,-470339.77424885798,-406170.02512881998,-419875.42972912826,-2404621.9940048899,-364834.76646845229,-288921.80947033875,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-56726.07845063787,-51871.126231819391,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524,-135578.14534819731,-227179.67728089262,-175538.19128546538,-271747.022476946,-3213469.3880356951,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,-3718815.0992054921]
[]
[null,"C. FLUJO DE CAJA DE OPERACION"]
[null,"1. Utilitad antes de impuestos",0,0,0,0,{"$f":"G83","v":-830875.54669237579},{"$f":"H83","v":-557081.76329196803},-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-2367602.8564255489,-447883.63820641022,-470339.77424885798,-406170.02512881998,-419875.42972912826,-2404621.9940048899,-364834.76646845229,-288921.80947033875,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-56726.07845063787,-51871.126231819391,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524,-135578.14534819731,-227179.67728089262,-175538.19128546538,-271747.022476946,-3213469.3880356951,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,-3718815.0992054921]
[null,"2. Renta concessional",0,0,0,0,{"$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":-1322047.800672421},{"$f":"H70","v":-1322047.800672421},-1322047.800672421,-1322047.800672421,-1322047.800672421,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-1258591.8581110076,-915873.09473122144,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1353743.0570391975,-1066543.9677497335,-1066543.9677497335,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1463284.7448091058,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1568759.0696768106,-1172018.2926174384,-628674.00544175727,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702,-1678627.7378891702]
[null,"4. Base imponible ( 1-2-3)",0,0,0,0,{"$f":"G86+G87+G88","v":-2152923.3473647968},-1879129.563964389,-1842840.890490253,-1866862.7531708593,-3536269.9826283818,-1796349.913730009,-1761133.3150696247,-1780940.3422024078,-1735146.5377709591,-3626194.7145365565,-1363756.7329376317,-1824082.8312880555,-1759913.0821680175,-1773618.4867683258,-3758365.0510440874,-1431378.7342181858,-1355465.7772200722,-1746503.4743714684,-1640696.1154049195,-3892899.8140340503,-1520010.8232597436,-1515155.8710409252,-1574732.2018804972,-1650029.6774108845,-4083432.6208660053,-1682070.0064166605,-1633890.0407546859,-1716935.5668019333,-1667604.9635167688,-4480206.4282131633,-1704337.215025008,-1795938.7469577033,-1347556.4839029037,-900421.02791870327,-4892097.1259248648,-1998628.3030793127,-1944678.4067539251,-2050817.9354714719,-1995721.3384581883,-5397442.8370946627]
[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":-2152923.3473647968},{"$f":"H89+H90","v":-1879129.563964389},-1842840.890490253,-1866862.7531708593,-3536269.9826283818,-1796349.913730009,-1761133.3150696247,-1780940.3422024078,-1735146.5377709591,-3626194.7145365565,-1363756.7329376317,-1824082.8312880555,-1759913.0821680175,-1773618.4867683258,-3758365.0510440874,-1431378.7342181858,-1355465.7772200722,-1746503.4743714684,-1640696.1154049195,-3892899.8140340503,-1520010.8232597436,-1515155.8710409252,-1574732.2018804972,-1650029.6774108845,-4083432.6208660053,-1682070.0064166605,-1633890.0407546859,-1716935.5668019333,-1667604.9635167688,-4480206.4282131633,-1704337.215025008,-1795938.7469577033,-1347556.4839029037,-900421.02791870327,-4892097.1259248648,-1998628.3030793127,-1944678.4067539251,-2050817.9354714719,-1995721.3384581883,-5397442.8370946627]
[null,"7.Depreciacion (agrego)",0,0,0,0,{"$f":"-G88","v":1322047.800672421},{"$f":"-H88","v":1322047.800672421},1322047.800672421,1322047.800672421,1322047.800672421,1258591.8581110076,1258591.8581110076,1258591.8581110076,1258591.8581110076,1258591.8581110076,915873.09473122144,1353743.0570391975,1353743.0570391975,1353743.0570391975,1353743.0570391975,1066543.9677497335,1066543.9677497335,1463284.7448091058,1463284.7448091058,1463284.7448091058,1463284.7448091058,1463284.7448091058,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1568759.0696768106,1172018.2926174384,628674.00544175727,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702,1678627.7378891702]
[null,"Flujo de caja de operacion (6+7)",null,null,null,null,{"$f":"G91+G92","v":-830875.54669237579},{"$f":"H91+H92","v":-557081.76329196803},-520793.08981783199,-544814.9524984383,-2214222.1819559606,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-2367602.8564255489,-447883.63820641022,-470339.77424885798,-406170.02512881998,-419875.42972912826,-2404621.9940048899,-364834.76646845229,-288921.80947033875,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-56726.07845063787,-51871.126231819391,-5973.1322036865167,-81270.607734073885,-2514673.5511891944,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524,-135578.14534819731,-227179.67728089262,-175538.19128546538,-271747.022476946,-3213469.3880356946,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,-3718815.0992054925]
[]
[null,"D. FLUJO DE CAJA DE INVERSION"]
[null," 1. Inversion inicial",-2224537.6380212083,-8782846.8575590942,-20811631.432202198,-9540074.4108988792]
[null," 2. Nuevos equipos",null,null,null,null,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0,0,-4637465.5161683941,-7780574.1960031521,-2281312.5420922334,0,0,0,0,0,0]
[null," 3. Valor residual despues tasas",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"AJ71","v":16869930.905127533},null,null,null,null,null,null,null,null,null,{"$f":"AT71","v":18659213.759538304}]
[null,"Flujo de caja del capital",{"$f":"C96+C97+C98","v":-2224537.6380212083},-8782846.8575590942,-20811631.432202198,-9540074.4108988792,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,16869930.905127533,0,-4637465.5161683941,-7780574.1960031521,-2281312.5420922334,0,0,0,0,0,18659213.759538304]
[]
[null,null,null,null,"Inversion inicial con la inflacion",{"$f":"C99+D99+E99+F99","v":-41359090.338681377}]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C93+C99","v":-2224537.6380212083},-8782846.8575590942,-20811631.432202198,-9540074.4108988792,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.1819559606,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891944,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,13958483.546591181]
[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,{"$f":"IRR(C103:AJ103)","v":-8.1990313454596842E-2}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C93+C99","v":-2224537.6380212083},{"$f":"D93+D99","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.1819559606,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891944,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,{"$f":"AJ93+AJ97","v":-2911447.3585363524},-135578.14534819731,-4864645.1934492867,-7956112.387288617,-2553059.5645691794,-3213469.3880356946,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,14940398.660332812]
[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,{"$f":"IRR(C106:AT106)","v":-9.9311647308328199E-2}]
[]
[null,"EBE (Excedente Bruto de Explotacion)",{"$f":"C83","v":0},{"$f":"D83","v":0},0,0,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-2367602.8564255489,-447883.63820641022,-470339.77424885798,-406170.02512881998,-419875.42972912826,-2404621.9940048899,-364834.76646845229,-288921.80947033875,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-56726.07845063787,-51871.126231819391,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524,-135578.14534819731,-227179.67728089262,-175538.19128546538,-271747.022476946,-3213469.3880356951,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,-3718815.0992054921]
[null,"ENE (Excedente Neto de Explotacion)",{"$f":"C109+C70","v":0},{"$f":"D109+D70","v":0},0,0,-2152923.3473647968,-1879129.563964389,-1842840.890490253,-1866862.7531708593,-3536269.9826283818,-1796349.913730009,-1761133.3150696247,-1780940.3422024078,-1735146.5377709591,-3626194.7145365565,-1363756.7329376317,-1824082.8312880555,-1759913.0821680175,-1773618.4867683258,-3758365.0510440874,-1431378.7342181858,-1355465.7772200722,-1746503.4743714684,-1640696.1154049195,-3892899.8140340503,-1520010.8232597436,-1515155.8710409252,-1574732.2018804972,-1650029.6774108845,-4083432.6208660053,-1682070.0064166605,-1633890.0407546859,-1716935.5668019333,-1667604.9635167688,-4480206.4282131633,-1704337.215025008,-1795938.7469577033,-1347556.4839029037,-900421.02791870327,-4892097.1259248648,-1998628.3030793127,-1944678.4067539251,-2050817.9354714719,-1995721.3384581883,-5397442.8370946627]
[]
[null,"Ratio de coberture (Ingresos/Egresos)",null,null,null,null,{"$f":"ABS(G81)/ABS(G76)","v":0.56875689667688534},{"$f":"ABS(H81)/ABS(H76)","v":0.71872787649062986},0.74321649145689817,0.73767392865421699,0.42167248400334845,0.75308385776512488,0.77467257334762385,0.77129351961975734,0.79624737747170082,0.44489578811625952,0.81740476027937092,0.81276052580302838,0.8421111704408677,0.84062573154230635,0.4940486260558386,0.86796425512864595,0.89790158844868806,0.90227619381413549,0.94022824766495439,0.54135387088847997,0.98177956486800322,0.98373226919250634,0.99817095183476345,0.9757017699983429,0.57422426975972041,0.96770476821968998,0.98187569081981119,0.95974155690413432,0.97377977345131506,0.55797508062255929,0.96571871823276745,0.94391764438062986,0.95769280669672407,0.93605749582894959,0.56265034779620171,0.92823224307940988,0.94174750685521902,0.92044214582013884,0.93382864771577434,0.54642081825825817]
[null,"Margen neta de la operacion",null,null,null,null,{"$f":"G112-1","v":-0.43124310332311466},{"$f":"H112-1","v":-0.28127212350937014},-0.25678350854310183,-0.26232607134578301,-0.57832751599665155,-0.24691614223487512,-0.22532742665237615,-0.22870648038024266,-0.20375262252829918,-0.55510421188374048,-0.18259523972062908,-0.18723947419697162,-0.1578888295591323,-0.15937426845769365,-0.50595137394416145,-0.13203574487135405,-0.10209841155131194,-9.7723806185864515E-2,-5.9771752335045614E-2,-0.45864612911152003,-1.8220435131996782E-2,-1.6267730807493663E-2,-1.8290481652365465E-3,-2.4298230001657095E-2,-0.42577573024027959,-3.2295231780310019E-2,-1.8124309180188813E-2,-4.0258443095865681E-2,-2.6220226548684944E-2,-0.44202491937744071,-3.4281281767232552E-2,-5.6082355619370139E-2,-4.2307193303275925E-2,-6.3942504171050407E-2,-0.43734965220379829,-7.176775692059012E-2,-5.8252493144780981E-2,-7.9557854179861165E-2,-6.617135228422566E-2,-0.45357918174174183]
[]
[null,"TOTAL CASHFLOW (30 años)",{"$f":"C103","v":-2224537.6380212083},{"$f":"D103","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.1819559606,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891944,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,13958483.546591181]
[null,"VAN (30 años]",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"NPV(C26,C115:AJ115)","v":-33986591.477245718}]
[]
[null,"TOTAL CASHFLOW (40 años)",{"$f":"C106","v":-2224537.6380212083},{"$f":"D106","v":-8782846.8575590942},-20811631.432202198,-9540074.4108988792,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.1819559606,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891944,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524,-135578.14534819731,-4864645.1934492867,-7956112.387288617,-2553059.5645691794,-3213469.3880356946,-320000.56519014249,-266050.66886475496,-372190.19758230168,-317093.60056901816,14940398.660332812]
[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,{"$f":"NPV(C26,C118:AT118)","v":-34390099.213065699}]
[]
[]
[]
[null,null,-15374793.702004252,-32471752.923079427,-62793043.621870533,-31184167.865535051,4461627.0876138387,7085887.3224892067,7506676.6422383776,7866933.6835564012,4138496.9480227539,8621725.0100111552,9016880.0393200647,9408111.1130052563,9811291.0381158479,3028760.3722510524,6759476.3316930179,11095752.577078201,11666827.927642517,12256200.784473658,5145482.9160697088,4835774.0456957947,9963796.0466147065,14965506.412886936,15819114.660764625,11262213.876171863,14269356.723393489,13717569.790471114,18902277.061604355,19259777.254964769,13648271.158759808,19994678.368752308,20372314.83298843,20756902.165421762,21148563.030060068,14981724.136930339]
[]
[null,null,{"$f":"C123-C103","v":-13150256.063983044},{"$f":"D123-D103","v":-23688906.065520331},-41981412.189668335,-21644093.454636171,5292502.6343062147,7642969.0857811747,8027469.7320562098,8411748.6360548399,6352719.1299787145,9159483.0656301565,9519421.4962786809,9930459.5970966555,10287845.717775799,7349617.5175388064,9632805.3041169867,11566092.351327058,12072997.952771336,12676076.214202786,8730707.7858603392,8273395.8277949812,11950439.620559154,15248725.142449299,15996526.03136044,13691828.945396807,16749835.761187367,16779130.829116505,18908250.193808042,19341047.862698842,16162944.709949002,20107989.305492159,20437445.804066304,20905078.662546884,21247408.923900027,1023240.5903391577]

{"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",{"$f":"E313","v":1.6999999999778876}]
[null,null,null,{"$f":"E315","v":"2023-12-31"}]
[null,null,"LLCR",{"$f":"E296","v":127606.38018495953}]
[]
[null,null,"NPV project",{"$f":"E255","v":-34803093.222739369}]
[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":39874145.810092479},null," "]
[null,null,"Municipal direct subsidies (yearly)","USD 2015",600000]
[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$59*E26*E58","v":39.874145810092486}]
[null,null,"Private Amortisation Start","Date",{"$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 ",{"$f":"E26*H58","v":39873747.068634383}]
[null,null,"Municipal Amortisation Start","Date",{"$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 ",{"$f":"E52*E37","v":0.39874145810092487}]
[null,null,"Upfront fee on municipal loan","USD ",{"$f":"E52*E43","v":398737.47068634385}]
[]
[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,900000]
[]
[]
[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 ",{"$f":"SUM(F105:AM105)","v":41359090.338681377},{"$f":"-'Global Financial Model'!C96","v":2224537.6380212083},{"$f":"-'Global Financial Model'!D96","v":8782846.8575590942},{"$f":"-'Global Financial Model'!E96","v":20811631.432202198},{"$f":"-'Global Financial Model'!F96","v":9540074.4108988792},{"$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":15763254.150727157},{"$f":"-'Global Financial Model'!C97","v":0},{"$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":1953254.2888622046},{"$f":"-'Global Financial Model'!Q97","v":2425445.3342175577},{"$f":"-'Global Financial Model'!R97","v":0},{"$f":"-'Global Financial Model'!S97","v":0},{"$f":"-'Global Financial Model'!T97","v":0},{"$f":"-'Global Financial Model'!U97","v":1180602.8757857406},{"$f":"-'Global Financial Model'!V97","v":3072787.0156307342},{"$f":"-'Global Financial Model'!W97","v":1697721.7644741083},{"$f":"-'Global Financial Model'!X97","v":0},{"$f":"-'Global Financial Model'!Y97","v":0},{"$f":"-'Global Financial Model'!Z97","v":0},{"$f":"-'Global Financial Model'!AA97","v":2423752.9593432397},{"$f":"-'Global Financial Model'!AB97","v":3009689.9124135715},{"$f":"-'Global Financial Model'!AC97","v":0},{"$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 ",{"$f":"SUM(F109:AM109)","v":41359090.338681377},{"$f":"F105","v":2224537.6380212083},{"$f":"G105","v":8782846.8575590942},20811631.432202198,9540074.4108988792,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",900000,null,null,null,{"$f":"E61","v":900000}]
[null,null,"Renewal Costs","USD ",15763254.150727157,{"$f":"F106","v":0},{"$f":"G106","v":0},0,0,0,0,0,0,0,0,0,0,0,1953254.2888622046,2425445.3342175577,0,0,0,1180602.8757857406,3072787.0156307342,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Interest During Construction","USD ",3.1540070835863614,{"$f":"F151","v":0},{"$f":"G151","v":0.15615892232872203},{"$f":"H151","v":0.77051695353364857},2.2273312077239908,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB151","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private Debt: Upfront Fee","USD ",0.39874145810092487,{"$f":"F138","v":0.39874145810092487},{"$f":"G138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AB138","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Required Funding","USD ",58022348.042157084,{"$f":"SUM(F109:F113)","v":2224538.0367626664},{"$f":"SUM(G109:G113)","v":8782847.0137180164},{"$f":"SUM(H109:H113)","v":20811632.202719152},10440076.638230087,0,0,0,0,0,0,0,0,0,1953254.2888622046,2425445.3342175577,0,0,0,1180602.8757857406,3072787.0156307342,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Release","USD ",-15763254.150727157,{"$f":"IF(F79=1,-F114,0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding through debt","USD ",-42258671.300491005,{"$f":"IF(F78=1,-F114*(1-$E$58),0)","v":-2224515.7913822988},-8782759.1852478795,-20811424.086397126,-10439972.237463705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Debt funding","USD ",-39.874145810092486,{"$f":"IF(F78=1,IF($F$57=1,-MIN(F114*$E$59*$E$58,F135),-MIN(F114*$E$58,F135)),0)","v":-2.2245380367626666},-8.7828470137180172,-20.811632202719153,-8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Sub Total","USD ",382.71679310214643,{"$f":"SUM(F114:F117)","v":20.020842330855388},79.04562312325227,187.30468982293755,96.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Private: Equity Funding","USD ",-382.71679310214643,{"$f":"-F118","v":-20.020842330855388},{"$f":"-G118","v":-79.04562312325227},-187.30468982293755,-96.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AB118","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Funding Shortfall","USD ",0,{"$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},{"$f":"F127","v":2.2245380367626666},{"$f":"G127","v":11.007385050480684},31.819017253199839,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"Z127","v":0},{"$f":"AA127","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Disbursement to Fund Project Costs (SPV)","USD ",{"$f":"SUM(F124:AM124)","v":39.874145810092486},{"$f":"-F117","v":2.2245380367626666},8.7828470137180172,20.811632202719153,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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":-39.874145810092486},{"$f":"-SUM(F123:F125)*F94","v":0},{"$f":"-SUM(G123:G125)*G94","v":0},{"$f":"-SUM(H123:H125)*H94","v":0},-39.874145810092486,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F123:F126)","v":2.2245380367626666},{"$f":"SUM(G123:G126)","v":11.007385050480684},31.819017253199839,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Balance B/f (Municipaly)","USD ",null,{"$f":"E133","v":0},{"$f":"F133","v":2224515.7913822988},10927640.738802368,31304203.46313142,{"$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 ",{"$f":"SUM(F130:AM130)","v":42258671.300491005},{"$f":"-F116","v":2224515.7913822988},{"$f":"-G116","v":8782759.1852478795},20811424.086397126,10439972.237463705,{"$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 ",{"$f":"SUM(F131:AM131)","v":-1902678.5810115144},{"$f":"IF(F78=1,-F204,0)","v":0},{"$f":"IF(G78=1,-G204,0)","v":-79634.237827810139},-434861.36206807022,-1388182.9811156341,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",-40355992.719479494,{"$f":"-SUM(F129:F131)*F94","v":0},{"$f":"-SUM(G129:G131)*G94","v":0},{"$f":"-SUM(H129:H131)*H94","v":0},-40355992.719479494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality)","USD ",null,{"$f":"SUM(F129:F132)","v":2224515.7913822988},{"$f":"SUM(G129:G132)","v":10927640.738802368},31304203.46313142,0,{"$f":"SUM(J129:J132)","v":0},{"$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 ",{"$f":"E37","v":39.874145810092486},{"$f":"MAX(0,$E135-F123)*F78","v":39.874145810092486},37.649607773329819,28.8667607596118,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E43","v":39873747.068634383},{"$f":"MAX(0,$E136-F129)*F78","v":39873747.068634383},37649231.277252086,28946106.329832017,8569543.6055029631,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Upfront Fee (SPV)","USD ",{"$f":"E53","v":0.39874145810092487},{"$f":"$E138*IF(F90=1,1,0)","v":0.39874145810092487},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Undrawn Facility (Municipality)","USD ",{"$f":"E54","v":398737.47068634385},{"$f":"$E139*IF(F90=1,1,0)","v":398737.47068634385},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[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 ",{"$f":"SUM(F151:AM151)","v":3.1540070835863614},{"$f":"F144*F123","v":0},0.15615892232872203,0.77051695353364857,2.2273312077239908,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Interest during construction for Municipality",null,{"$f":"SUM(F152:AM152)","v":3112386.4548748666},{"$f":"F149*F129","v":0},156157.36073949872,764934.85171616648,2191294.2424192014,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Operations"]
[null,null,"Revenue"]
[null,null,"Revenue","USD ",{"$f":"SUM(F156:AM156)","v":73961045.761943966},{"$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":1095823.2000000002},{"$f":"'Global Financial Model'!H81","v":1423497.6},{"$f":"'Global Financial Model'!I81","v":1507347.629859325},{"$f":"'Global Financial Model'!J81","v":1532046.6789186497},{"$f":"'Global Financial Model'!K81","v":1614442.5810202849},{"$f":"'Global Financial Model'!L81","v":1640139.4716616068},{"$f":"'Global Financial Model'!M81","v":1727730.5717274994},{"$f":"'Global Financial Model'!N81","v":1761576.6728300583},{"$f":"'Global Financial Model'!O81","v":1862333.8889706829},{"$f":"'Global Financial Model'!P81","v":1897547.3725577851},{"$f":"'Global Financial Model'!Q81","v":2004993.2215171657},{"$f":"'Global Financial Model'!R81","v":2041629.3298411868},{"$f":"'Global Financial Model'!S81","v":2166336.3786677932},{"$f":"'Global Financial Model'!T81","v":2214649.1631827159},{"$f":"'Global Financial Model'!U81","v":2348052.1123219221},{"$f":"'Global Financial Model'!V81","v":2398316.7333312472},{"$f":"'Global Financial Model'!W81","v":2540914.6696714968},{"$f":"'Global Financial Model'!X81","v":2614936.1890426143},{"$f":"'Global Financial Model'!Y81","v":2790736.0178452823},{"$f":"'Global Financial Model'!Z81","v":2867748.0065989932},{"$f":"'Global Financial Model'!AA81","v":3056595.7516642567},{"$f":"'Global Financial Model'!AB81","v":3136719.0247636177},{"$f":"'Global Financial Model'!AC81","v":3259732.1221542056},{"$f":"'Global Financial Model'!AD81","v":3263442.4733640677},{"$f":"'Global Financial Model'!AE81","v":3391425.2998892353},{"$f":"'Global Financial Model'!AF81","v":3395285.5492879758},{"$f":"'Global Financial Model'!AG81","v":3528438.8820047602},{"$f":"'Global Financial Model'!AH81","v":3532455.0854792101},{"$f":"'Global Financial Model'!AI81","v":3670987.812837753},{"$f":"'Global Financial Model'!AJ81","v":3675166.2709325701}]
[null,null,"Municipal direct subsidies (if any)","USD ",{"$f":"SUM(F157:AM157)","v":27009368.248018645},0,0,0,0,{"$f":"$E27*(1+E32)*(1+F32)*(1+G32)*(1+H32)","v":662610.80156249995},{"$f":"J157*(1+I32)","v":679176.07160156243},692759.59303359373,706614.78489426558,720747.08059215092,735162.02220399398,749865.26264807384,764862.56790103531,780159.81925905601,795763.01564423717,811678.27595712198,827911.84147626441,844470.07830578974,861359.47987190553,878586.66946934361,896158.40285873052,914081.57091590518,932363.20233422332,951010.4663809078,970030.67570852593,989431.28922269645,1009219.9150071504,1029404.3133072935,1049992.3995734393,1070992.2475649081,1092412.0925162062,1114260.3343665304,1136545.5410538611,1159276.4518749383,1182461.9809124372]
[]
[null,null,"OpEx"]
[null,null,"OpEx","USD ",{"$f":"SUM(F160:AM160)","v":96775957.588723645},{"$f":"-'Global Financial Model'!C76","v":0},{"$f":"-'Global Financial Model'!D76","v":0},{"$f":"-'Global Financial Model'!E76","v":0},{"$f":"-'Global Financial Model'!F76","v":0},{"$f":"-'Global Financial Model'!G76","v":1926698.746692376},{"$f":"-'Global Financial Model'!H76","v":1980579.3632919681},{"$f":"-'Global Financial Model'!I76","v":2028140.719677157},{"$f":"-'Global Financial Model'!J76","v":2076861.631417088},{"$f":"-'Global Financial Model'!K76","v":3828664.762976246},{"$f":"-'Global Financial Model'!L76","v":2177897.5272806082},{"$f":"-'Global Financial Model'!M76","v":2230272.0286861164},{"$f":"-'Global Financial Model'!N76","v":2283925.1569214584},{"$f":"-'Global Financial Model'!O76","v":2338888.5686306343},{"$f":"-'Global Financial Model'!P76","v":4265150.2289833343},{"$f":"-'Global Financial Model'!Q76","v":2452876.8597235759},{"$f":"-'Global Financial Model'!R76","v":2511969.1040900447},{"$f":"-'Global Financial Model'!S76","v":2572506.4037966132},{"$f":"-'Global Financial Model'!T76","v":2634524.5929118441},{"$f":"-'Global Financial Model'!U76","v":4752674.1063268119},{"$f":"-'Global Financial Model'!V76","v":2763151.4997996995},{"$f":"-'Global Financial Model'!W76","v":2829836.4791418356},{"$f":"-'Global Financial Model'!X76","v":2898154.918604977},{"$f":"-'Global Financial Model'!Y76","v":2968147.3884410961},{"$f":"-'Global Financial Model'!Z76","v":5297363.0758239375},{"$f":"-'Global Financial Model'!AA76","v":3113321.8301148945},{"$f":"-'Global Financial Model'!AB76","v":3188590.1509954371},{"$f":"-'Global Financial Model'!AC76","v":3265705.2543578921},{"$f":"-'Global Financial Model'!AD76","v":3344713.0810981416},{"$f":"-'Global Financial Model'!AE76","v":5906098.8510784302},{"$f":"-'Global Financial Model'!AF76","v":3508596.4860278256},{"$f":"-'Global Financial Model'!AG76","v":3593569.8530826354},{"$f":"-'Global Financial Model'!AH76","v":3680631.5826043328},{"$f":"-'Global Financial Model'!AI76","v":3769833.7066777111},{"$f":"-'Global Financial Model'!AJ76","v":6586613.6294689225}]
[]
[null,null,"Operation: Debt"]
[null,null,"Balance B/f (SPV)","USD ",null,{"$f":"E166","v":0},{"$f":"F166","v":0},0,0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,{"$f":"Z166","v":-3.5527136788005009E-15},{"$f":"AA166","v":-3.5527136788005009E-15},-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[null,null,"Refinance @ Completion (SPV)","USD ",{"$f":"SUM(F164:AM164)","v":39.874145810092486},{"$f":"-F126","v":0},0,0,39.874145810092486,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (SPV)","USD ",{"$f":"SUM(F165:AM165)","v":-39.874145810092493},{"$f":"IF(F79=1,-F198,0)","v":0},{"$f":"IF(G79=1,-G198,0)","v":0},0,0,-1.4297930738431384,-1.5275426615401133,-1.6370736768033769,-1.7516688341796125,-1.874285652572186,-2.0033784652828253,-2.1460221562710111,-2.2962437072099822,-2.4569807667146799,-2.6273763729835822,-2.8132199811471308,-3.0101453798274291,-3.2208555564153496,-3.4456478474255441,-3.6878800376215128,-3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (SPV)","USD ",null,{"$f":"SUM(F163:F165)","v":0},{"$f":"SUM(G163:G165)","v":0},0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,{"$f":"SUM(AB163:AB165)","v":-3.5527136788005009E-15},-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[]
[null,null,"Balance B/f (Municipality)","USD ",null,{"$f":"E171","v":0},{"$f":"F171","v":0},0,0,40355992.719479494,38352283.453576714,36210816.244575098,33916611.005724803,31461811.400154985,28835175.82219528,26026682.829038747,23019215.83182431,19801226.144804858,16357977.179694045,12674782.800903222,8732270.498528894,4513782.3349883649,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Refinance @ Completion (Municipality)","USD ",{"$f":"SUM(F169:AM169)","v":40355992.719479494},{"$f":"-F132","v":0},0,0,40355992.719479494,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Repayments during operation (Municipality)","USD ",{"$f":"SUM(F170:AM170)","v":-40355992.719479494},{"$f":"IF(F79=1,-F204,0)","v":0},{"$f":"IF(G79=1,-G204,0)","v":0},0,0,-2003709.2659027809,-2141467.2090016119,-2294205.2388502946,-2454799.6055698162,-2626635.5779597037,-2808492.9931565337,-3007466.9972144384,-3217989.6870194511,-3443248.9651108114,-3683194.3787908237,-3942512.3023743271,-4218488.1635405291,-4513782.3349883687,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Balance C/f (Municipality","USD ",null,{"$f":"SUM(F168:F170)","v":0},{"$f":"SUM(G168:G170)","v":0},0,40355992.719479494,38352283.453576714,36210816.244575098,33916611.005724803,31461811.400154985,28835175.82219528,26026682.829038747,23019215.83182431,19801226.144804858,16357977.179694045,12674782.800903222,8732270.498528894,4513782.3349883649,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"BBSY","% p.a.",null,{"$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 ",{"$f":"SUM(F183:AM183)","v":27.68498161709293},{"$f":"F176*F163","v":0},0,0,0,2.7911902067064767,2.6987305200924525,2.5841767052296492,2.4695815478534127,2.34696472946084,2.2220435835153038,2.0755282412109888,1.9253066902720177,1.7645696307673189,1.5970939005556324,1.4086646309884401,1.2117392323081408,1.0010290557202206,0.77776691014283106,0.53437381745135759,0.27622221481785142,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4868995751603529E-16,-2.4939467442479403E-16]
[null,null,"Interest during Operation for Municipality","USD ",{"$f":"SUM(F184:AM184)","v":22434676.066020131},{"$f":"F181*F168","v":0},{"$f":"G181*G168","v":0},0,0,2824919.4903635671,2692267.4074263005,2534757.137120259,2374162.7704007383,2202326.7980108508,2024182.0580897722,1821867.7980327138,1611345.1082277033,1386085.8301363413,1148303.1738024538,887234.7960632263,611258.93489702314,315964.76344918582,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt repayment"]
[]
[null,null,"Flag: Municipal Debt Repayment",{"$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},2.2245380367626666,11.007385050480684,31.819017253199839,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[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":67.55912742718543},{"$f":"IF(F191=0,0,F195*F194/(1-(1+F195)^(-F192)))","v":0},{"$f":"IF(G191=0,0,G195*G194/(1-(1+G195)^(-G192)))","v":0},0,0,4.220983280549615,4.2262731816325658,4.221250382033026,4.2212503820330252,4.221250382033026,4.2254220487981291,4.2215503974819999,4.2215503974819999,4.221550397481999,4.2244702735392146,4.2218846121355709,4.22188461213557,4.22188461213557,4.2234147575683751,4.2222538550728705,4.2222538550728714,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (SPV)"," ",{"$f":"SUM(F197:AM197)","v":-27.68498161709293},{"$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,-2.7911902067064767,-2.6987305200924525,-2.5841767052296492,-2.4695815478534127,-2.34696472946084,-2.2220435835153038,-2.0755282412109888,-1.9253066902720177,-1.7645696307673189,-1.5970939005556324,-1.4086646309884401,-1.2117392323081408,-1.0010290557202206,-0.77776691014283106,-0.53437381745135759,-0.27622221481785142,{"$f":"IF(Z191=0,0,-Z183)","v":0},{"$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":39.874145810092493},{"$f":"IF(F196=0,0,SUM(F196:F197))","v":0},{"$f":"IF(G196=0,0,SUM(G196:G197))","v":0},0,0,1.4297930738431384,{"$f":"IF(K196=0,0,SUM(K196:K197))","v":1.5275426615401133},{"$f":"IF(L196=0,0,SUM(L196:L197))","v":1.6370736768033769},{"$f":"IF(M196=0,0,SUM(M196:M197))","v":1.7516688341796125},1.874285652572186,{"$f":"IF(O196=0,0,SUM(O196:O197))","v":2.0033784652828253},{"$f":"IF(P196=0,0,SUM(P196:P197))","v":2.1460221562710111},{"$f":"IF(Q196=0,0,SUM(Q196:Q197))","v":2.2962437072099822},2.4569807667146799,{"$f":"IF(S196=0,0,SUM(S196:S197))","v":2.6273763729835822},{"$f":"IF(T196=0,0,SUM(T196:T197))","v":2.8132199811471308},{"$f":"IF(U196=0,0,SUM(U196:U197))","v":3.0101453798274291},3.2208555564153496,{"$f":"IF(W196=0,0,SUM(W196:W197))","v":3.4456478474255441},{"$f":"IF(X196=0,0,SUM(X196:X197))","v":3.6878800376215128},{"$f":"IF(Y196=0,0,SUM(Y196:Y197))","v":3.9460316402550202},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,{"$f":"IF(F78=1,F129,F168)","v":0},2224515.7913822988,10927640.738802368,31304203.46313142,40355992.719479494,38352283.453576714,36210816.244575098,33916611.005724803,31461811.400154985,28835175.82219528,26026682.829038747,23019215.83182431,19801226.144804858,16357977.179694045,12674782.800903222,8732270.498528894,4513782.3349883649,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"All-In Rate","% p.p.",null,{"$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)"," ",{"$f":"SUM(F202:AM202)","v":67805733.821386009},{"$f":"IF(F188=0,0,F201*F200/(1-(1+F201)^(-F189)))","v":0},{"$f":"IF(G188=0,0,G201*G200/(1-(1+G201)^(-G189)))","v":235791.59856730886},1199796.2137842367,3579477.2235348355,4828628.7562663481,4833734.6164279124,4828962.3759705536,4828962.3759705545,4828962.3759705545,4832675.0512463059,4829334.7952471524,4829334.7952471543,4829334.7952471524,4831497.5525932778,4829747.0984375533,4829747.0984375523,4829747.0984375542,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"less: Interest (Municipality)"," ",{"$f":"SUM(F203:AM203)","v":-25547062.520894997},{"$f":"IF(F78=1,-F152,-F184)","v":0},{"$f":"IF(G78=1,-G152,-G184)","v":-156157.36073949872},-764934.85171616648,-2191294.2424192014,-2824919.4903635671,-2692267.4074263005,-2534757.137120259,-2374162.7704007383,-2202326.7980108508,-2024182.0580897722,-1821867.7980327138,-1611345.1082277033,-1386085.8301363413,-1148303.1738024538,-887234.7960632263,-611258.93489702314,-315964.76344918582,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment (Municipality)"," ",{"$f":"SUM(F204:AM204)","v":42258671.300491005},{"$f":"IF(F202=0,0,SUM(F202:F203))","v":0},{"$f":"IF(G202=0,0,SUM(G202:G203))","v":79634.237827810139},434861.36206807022,1388182.9811156341,2003709.2659027809,{"$f":"IF(K202=0,0,SUM(K202:K203))","v":2141467.2090016119},{"$f":"IF(L202=0,0,SUM(L202:L203))","v":2294205.2388502946},{"$f":"IF(M202=0,0,SUM(M202:M203))","v":2454799.6055698162},2626635.5779597037,{"$f":"IF(O202=0,0,SUM(O202:O203))","v":2808492.9931565337},{"$f":"IF(P202=0,0,SUM(P202:P203))","v":3007466.9972144384},{"$f":"IF(Q202=0,0,SUM(Q202:Q203))","v":3217989.6870194511},3443248.9651108114,{"$f":"IF(S202=0,0,SUM(S202:S203))","v":3683194.3787908237},{"$f":"IF(T202=0,0,SUM(T202:T203))","v":3942512.3023743271},{"$f":"IF(U202=0,0,SUM(U202:U203))","v":4218488.1635405291},4513782.3349883687,{"$f":"IF(W202=0,0,SUM(W202:W203))","v":0},{"$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":73961045.761943966},{"$f":"F156","v":0},0,0,0,1095823.2000000002,1423497.6,1507347.629859325,1532046.6789186497,1614442.5810202849,1640139.4716616068,1727730.5717274994,1761576.6728300583,1862333.8889706829,1897547.3725577851,2004993.2215171657,2041629.3298411868,2166336.3786677932,2214649.1631827159,2348052.1123219221,2398316.7333312472,2540914.6696714968,2614936.1890426143,2790736.0178452823,2867748.0065989932,3056595.7516642567,3136719.0247636177,3259732.1221542056,3263442.4733640677,3391425.2998892353,3395285.5492879758,3528438.8820047602,3532455.0854792101,3670987.812837753,3675166.2709325701]
[null,null,"OpEx","USD ",-96775957.588723645,{"$f":"-F160","v":0},0,0,0,-1926698.746692376,-1980579.3632919681,-2028140.719677157,-2076861.631417088,-3828664.762976246,-2177897.5272806082,-2230272.0286861164,-2283925.1569214584,-2338888.5686306343,-4265150.2289833343,-2452876.8597235759,-2511969.1040900447,-2572506.4037966132,-2634524.5929118441,-4752674.1063268119,-2763151.4997996995,-2829836.4791418356,-2898154.918604977,-2968147.3884410961,-5297363.0758239375,-3113321.8301148945,-3188590.1509954371,-3265705.2543578921,-3344713.0810981416,-5906098.8510784302,-3508596.4860278256,-3593569.8530826354,-3680631.5826043328,-3769833.7066777111,-6586613.6294689225]
[null,null,"Operational Cashflow","USD ",-22814911.826779682,{"$f":"SUM(F208:F209)","v":0},{"$f":"SUM(G208:G209)","v":0},{"$f":"SUM(H208:H209)","v":0},0,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-2367602.8564255489,-447883.63820641022,-470339.77424885798,-406170.02512881998,-419875.42972912826,-2404621.9940048899,-364834.76646845229,-288921.80947033875,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-56726.07845063787,-51871.126231819391,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524]
[null,null,"Revenue Tax","USD ",0,{"$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},{"$f":"'Global Financial Model'!AJ90","v":0}]
[null,null,"CapEx (including intesrests during construction)","USD ",-57122348.042157084,{"$f":"-F114","v":-2224538.0367626664},-8782847.0137180164,-20811632.202719152,{"$f":"-I114+I110","v":-9540076.6382300872},0,0,0,0,0,0,0,0,0,-1953254.2888622046,-2425445.3342175577,0,0,0,-1180602.8757857406,-3072787.0156307342,-1697721.7644741083,0,0,0,-2423752.9593432397,-3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"Anticipated treasury","USD ",null,{"$f":"-F110","v":0},{"$f":"-G110","v":0},{"$f":"-H110","v":0},-900000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow before Funding","USD ",-80837259.868936732,{"$f":"SUM(F210:F213)","v":-2224538.0367626664},{"$f":"SUM(G210:G213)","v":-8782847.0137180164},{"$f":"SUM(H210:H213)","v":-20811632.202719152},-10440076.638230087,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524]
[null,null,"Municipality: Funding (through debt )","USD ",42258671.300491005,{"$f":"-F116","v":2224515.7913822988},8782759.1852478795,20811424.086397126,10439972.237463705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Municipality: Funding (through subsidies)","USD ",27009368.248018645,{"$f":"+F157","v":0},{"$f":"+G157","v":0},{"$f":"+H157","v":0},0,662610.80156249995,679176.07160156243,692759.59303359373,706614.78489426558,720747.08059215092,735162.02220399398,749865.26264807384,764862.56790103531,780159.81925905601,795763.01564423717,811678.27595712198,827911.84147626441,844470.07830578974,861359.47987190553,878586.66946934361,896158.40285873052,914081.57091590518,932363.20233422332,951010.4663809078,970030.67570852593,989431.28922269645,1009219.9150071504,1029404.3133072935,1049992.3995734393,1070992.2475649081,1092412.0925162062,1114260.3343665304,1136545.5410538611,1159276.4518749383,1182461.9809124372]
[null,null,"Debt: Funding","USD ",39.874145810092486,{"$f":"F124","v":2.2245380367626666},8.7828470137180172,20.811632202719153,8.0551285568926474,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Equity: Funding","USD ",382.71679310214643,{"$f":"-F119","v":20.020842330855388},79.04562312325227,187.30468982293755,96.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"CashFlow after Funding","USD ",-11568797.729488192,{"$f":"SUM(F214:F218)","v":0},0,0,0,-168264.74512987584,122094.3083095944,171966.50321576174,161799.83239582728,-1493475.1013638102,197403.9665849926,247323.80568945676,242514.08380963514,303605.13959910453,-3525094.1296435166,-2061650.6964668459,357572.06722740643,438300.05317696976,441484.05014277727,-2706638.2003212869,-2541463.379240456,-1072562.0030285418,649144.47277186066,773599.09578509408,-1459584.3935164185,-1491047.7485711812,-2052341.1236382406,1023431.1811036069,968721.79183936538,-1443681.3036242868,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,-1728985.3776239152]
[null,null,"Treasury: Funding","USD ",28259883.469156589,{"$f":"IF(F78=1,0,-F115+IF(F191=1,IF(F219/F196>1.7,0,1.7*F196+IF(F219<0,-F219,0)),0))","v":0},0,0,0,168271.92080145277,0,0,0,1493482.2774894596,0,0,0,0,5478355.6001051869,4487103.2078882437,0,0,0,3887248.2539385813,5614257.572702744,1697721.7644741083,0,0,0,2423752.9593432397,3009689.9124135715,0,0,0,0,0,0,0,0]
[null,null,"CashFlow Available for Debt Service (CFADS)","USD ",16691085.739668395,{"$f":"SUM(F219:F220)","v":0},{"$f":"SUM(G219:G220)","v":0},0,0,7.1756715769297443,122094.3083095944,171966.50321576174,161799.83239582728,7.1761256493628025,197403.9665849926,247323.80568945676,242514.08380963514,303605.13959910453,1953261.4704616703,2425452.5114213978,357572.06722740643,438300.05317696976,441484.05014277727,1180610.0536172944,3072794.193462288,625159.76144556655,649144.47277186066,773599.09578509408,-1459584.3935164185,932705.21077205846,957348.78877533088,1023431.1811036069,968721.79183936538,-1443681.3036242868,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,-1728985.3776239152]
[null,null,"Interests","USD ",-27.68498161709293,{"$f":"-F197","v":0},{"$f":"-G197","v":0},0,0,{"$f":"J197","v":-2.7911902067064767},{"$f":"K197","v":-2.6987305200924525},-2.5841767052296492,-2.4695815478534127,-2.34696472946084,-2.2220435835153038,-2.0755282412109888,-1.9253066902720177,-1.7645696307673189,-1.5970939005556324,-1.4086646309884401,-1.2117392323081408,-1.0010290557202206,-0.77776691014283106,-0.53437381745135759,-0.27622221481785142,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal Repayment","USD ",-39.874145810092493,{"$f":"F198","v":0},{"$f":"G198","v":0},{"$f":"H198","v":0},0,{"$f":"-J198","v":-1.4297930738431384},{"$f":"-K198","v":-1.5275426615401133},-1.6370736768033769,-1.7516688341796125,-1.874285652572186,-2.0033784652828253,-2.1460221562710111,-2.2962437072099822,-2.4569807667146799,-2.6273763729835822,-2.8132199811471308,-3.0101453798274291,-3.2208555564153496,-3.4456478474255441,-3.6878800376215128,-3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cashflow available for Debt Service reserve Account (DSRA)","USD ",16691018.180540968,{"$f":"SUM(F221:F223)","v":0},{"$f":"SUM(G221:G223)","v":0},0,0,2.9546882963801298,122090.08203641277,171962.28196537972,161795.61114544523,2.9548752673297765,197399.7411629438,247319.5841390593,242509.86225923765,303600.91804870701,1953257.2459913967,2425448.2895367853,357567.84534279432,438295.83129235759,441479.82672801969,1180605.8313634393,3072789.9712084327,625159.76144556655,649144.47277186066,773599.09578509408,-1459584.3935164185,932705.21077205846,957348.78877533088,1023431.1811036069,968721.79183936538,-1443681.3036242868,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,-1728985.3776239152]
[null,null,"Treasury: Deduction","USD ",-21323269.255305588,{"$f":"IF(F231<$E$220,IF(F224>0,-F224*$E$28,0),0)","v":0},0,0,0,-2.9546882963801298,-122090.08203641277,-171962.28196537972,-161795.61114544523,-2.9548752673297765,-197399.7411629438,-247319.5841390593,-242509.86225923765,-303600.91804870701,-1953257.2459913967,-2425448.2895367853,-357567.84534279432,-438295.83129235759,-441479.82672801969,-1180605.8313634393,-3072789.9712084327,-625159.76144556655,-649144.47277186066,-773599.09578509408,0,-932705.21077205846,-957348.78877533088,-1023431.1811036069,-968721.79183936538,0,-979101.15577635635,-1049129.3632886552,-988369.04392873845,-1060430.5580349802,0]
[null,null,"Cashflow available to Equity","USD ",-4632251.0747646205,{"$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,-1459584.3935164185,0,0,0,0,-1443681.3036242868,0,0,0,0,-1728985.3776239152]
[null,null,"Distributions to Equity","USD ",0,{"$f":"-MAX(F226,0)*F79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Treasury: Add back","USD ",-6936614.2138509993,{"$f":"-F225-F220","v":0},0,0,0,{"$f":"-J225-J220","v":-168268.96611315638},{"$f":"-K225-K220","v":122090.08203641277},171962.28196537972,161795.61114544523,-1493479.3226141923,197399.7411629438,247319.5841390593,242509.86225923765,303600.91804870701,-3525098.3541137902,-2061654.9183514584,357567.84534279432,438295.83129235759,441479.82672801969,-2706642.4225751422,-2541467.6014943114,-1072562.0030285418,649144.47277186066,773599.09578509408,0,-1491047.7485711812,-2052341.1236382406,1023431.1811036069,968721.79183936538,0,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,0]
[null,null,"Net Cashflow","USD ",10654403.966689967,{"$f":"F224+F227+F228-F213","v":0},{"$f":"G224+G227+G228-G213","v":0},0,900000,{"$f":"J224+J227+J228-J213","v":-168266.01142485999},{"$f":"K224+K227+K228-K213","v":244180.16407282554},{"$f":"L224+L227+L228-L213","v":343924.56393075944},{"$f":"M224+M227+M228-M213","v":323591.22229089047},{"$f":"N224+N227+N228-N213","v":-1493476.3677389249},{"$f":"O224+O227+O228-O213","v":394799.4823258876},{"$f":"P224+P227+P228-P213","v":494639.1682781186},{"$f":"Q224+Q227+Q228-Q213","v":485019.7245184753},{"$f":"R224+R227+R228-R213","v":607201.83609741402},{"$f":"S224+S227+S228-S213","v":-1571841.1081223935},{"$f":"T224+T227+T228-T213","v":363793.37118532695},{"$f":"U224+U227+U228-U213","v":715135.69068558863},{"$f":"V224+V227+V228-V213","v":876591.66258471517},{"$f":"W224+W227+W228-W213","v":882959.65345603938},{"$f":"X224+X227+X228-X213","v":-1526036.5912117029},{"$f":"Y224+Y227+Y228-Y213","v":531322.36971412133},{"$f":"Z224+Z227+Z228-Z213","v":-447402.24158297526},{"$f":"AA224+AA227+AA228-AA213","v":1298288.9455437213},{"$f":"AB224+AB227+AB228-AB213","v":1547198.1915701882},{"$f":"AC224+AC227+AC228-AC213","v":-1459584.3935164185},{"$f":"AD224+AD227+AD228-AD213","v":-558342.53779912274},{"$f":"AE224+AE227+AE228-AE213","v":-1094992.3348629097},{"$f":"AF224+AF227+AF228-AF213","v":2046862.3622072139},{"$f":"AG224+AG227+AG228-AG213","v":1937443.5836787308},{"$f":"AH224+AH227+AH228-AH213","v":-1443681.3036242868},{"$f":"AI224+AI227+AI228-AI213","v":1958202.3115527127},{"$f":"AJ224+AJ227+AJ228-AJ213","v":2098258.7265773104},{"$f":"AK224+AK227+AK228-AK213","v":1976738.0878574769},{"$f":"AL224+AL227+AL228-AL213","v":2120861.1160699604},{"$f":"AM224+AM227+AM228-AM213","v":-1728985.3776239152}]
[]
[null,null,"Cash Balance B/f",null,null,{"$f":"E232","v":0},{"$f":"F232","v":0},0,0,900000,{"$f":"J232","v":731733.98857514001},{"$f":"K232","v":975914.15264796559},{"$f":"L232","v":1319838.716578725},{"$f":"M232","v":1643429.9388696156},{"$f":"N232","v":149953.57113069063},{"$f":"O232","v":544753.05345657817},{"$f":"P232","v":1039392.2217346968},{"$f":"Q232","v":1524411.9462531721},{"$f":"R232","v":2131613.7823505863},{"$f":"S232","v":559772.67422819277},{"$f":"T232","v":923566.04541351972},{"$f":"U232","v":1638701.7360991084},{"$f":"V232","v":2515293.3986838236},{"$f":"W232","v":3398253.0521398629},{"$f":"X232","v":1872216.46092816},{"$f":"Y232","v":2403538.8306422811},{"$f":"Z232","v":1956136.5890593058},{"$f":"AA232","v":3254425.5346030272},{"$f":"AB232","v":4801623.7261732155},{"$f":"AC232","v":3342039.332656797},{"$f":"AD232","v":2783696.7948576743},{"$f":"AE232","v":1688704.4599947645},{"$f":"AF232","v":3735566.8222019784},{"$f":"AG232","v":5673010.4058807092},{"$f":"AH232","v":4229329.1022564229},{"$f":"AI232","v":6187531.4138091356},{"$f":"AJ232","v":8285790.1403864454},{"$f":"AK232","v":10262528.228243923},{"$f":"AL232","v":12383389.344313882}]
[null,null,"Cash Balance C/f","USD ",null,{"$f":"F229+F231","v":0},{"$f":"G229+G231","v":0},0,900000,{"$f":"J229+J231","v":731733.98857514001},{"$f":"K229+K231","v":975914.15264796559},1319838.716578725,1643429.9388696156,149953.57113069063,544753.05345657817,1039392.2217346968,1524411.9462531721,2131613.7823505863,559772.67422819277,923566.04541351972,1638701.7360991084,2515293.3986838236,3398253.0521398629,1872216.46092816,2403538.8306422811,1956136.5890593058,3254425.5346030272,4801623.7261732155,3342039.332656797,2783696.7948576743,1688704.4599947645,3735566.8222019784,5673010.4058807092,4229329.1022564229,6187531.4138091356,8285790.1403864454,10262528.228243923,12383389.344313882,10654403.966689967]
[]
[null,null,"Close out: Distribution of remaining treasury to Equity","USD ",{"$f":"SUM(F234:AM234)","v":-10654403.966689967},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"-AM232","v":-10654403.966689967}]
[null,null,"Close out: Asset transfer to municipality","USD ",0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[]
[null,null,"Municipality Cashflow Waterfall"]
[]
[null,null,{"$f":"C157","v":"Municipal direct subsidies (if any)"},"USD ",{"$f":"E157","v":27009368.248018645},0,0,0,0,662610.80156249995,679176.07160156243,692759.59303359373,706614.78489426558,720747.08059215092,735162.02220399398,749865.26264807384,764862.56790103531,780159.81925905601,795763.01564423717,811678.27595712198,827911.84147626441,844470.07830578974,861359.47987190553,878586.66946934361,896158.40285873052,914081.57091590518,932363.20233422332,951010.4663809078,970030.67570852593,989431.28922269645,1009219.9150071504,1029404.3133072935,1049992.3995734393,1070992.2475649081,1092412.0925162062,1114260.3343665304,1136545.5410538611,1159276.4518749383,1182461.9809124372]
[null,null,"Annuity payment - Interest","USD ",{"$f":"-E203","v":25547062.520894997},{"$f":"-F203","v":0},{"$f":"-G203","v":156157.36073949872},{"$f":"-H203","v":764934.85171616648},2191294.2424192014,2824919.4903635671,2692267.4074263005,2534757.137120259,2374162.7704007383,2202326.7980108508,2024182.0580897722,1821867.7980327138,1611345.1082277033,1386085.8301363413,1148303.1738024538,887234.7960632263,611258.93489702314,315964.76344918582,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Annuity payment - Principal","USD ",{"$f":"E204","v":42258671.300491005},{"$f":"F204","v":0},{"$f":"G204","v":79634.237827810139},434861.36206807022,1388182.9811156341,2003709.2659027809,2141467.2090016119,2294205.2388502946,2454799.6055698162,2626635.5779597037,2808492.9931565337,3007466.9972144384,3217989.6870194511,3443248.9651108114,3683194.3787908237,3942512.3023743271,4218488.1635405291,4513782.3349883687,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[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},{"$f":"SUM(G240:G243)","v":235791.59856730886},1199796.2137842367,3579477.2235348355,5491239.5578288483,5512910.6880294746,5521721.9690041468,5535577.1608648207,5549709.4565627053,5567837.0734502999,5579200.0578952264,5594197.3631481901,5609494.6145062093,5627260.5682375152,5641425.3743946757,5657658.9399138168,5674217.1767433444,861359.47987190553,878586.66946934361,896158.40285873052,914081.57091590518,932363.20233422332,951010.4663809078,970030.67570852593,989431.28922269645,1009219.9150071504,1029404.3133072935,1049992.3995734393,1070992.2475649081,1092412.0925162062,1114260.3343665304,1136545.5410538611,1159276.4518749383,1182461.9809124372]
[]
[null,null,"Project Return"]
[]
[null,null,"Date",null,null,{"$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":-80837259.868936732},{"$f":"F214","v":-2224538.0367626664},-8782847.0137180164,-20811632.202719152,-10440076.638230087,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524]
[null,null,"Residual value ","USD ",{"$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,{"$f":"SUM(F249:F250)","v":-2224538.0367626664},{"$f":"SUM(G249:G250)","v":-8782847.0137180164},-20811632.202719152,-10440076.638230087,-830875.54669237579,-557081.76329196803,-520793.08981783199,-544814.9524984383,-2214222.181955961,-537758.05561900139,-502541.45695861708,-522348.48409140017,-476554.67965995148,-4320857.145287754,-2873328.9724239679,-470339.77424885798,-406170.02512881998,-419875.42972912826,-3585224.8697906304,-3437621.7820991864,-1986643.5739444471,-283218.72956236266,-177411.37059581373,-2429615.0692249443,-2480479.0377938775,-3061561.0386453909,-5973.1322036865167,-81270.607734073885,-2514673.5511891949,-113310.93673984986,-65130.971077875234,-148176.4971251227,-98845.893839958124,-2911447.3585363524]
[null,null," "]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV project @ WACC","USD ",{"$f":"NPV(E254,F251:AM251)","v":-34803093.222739369}]
[]
[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":-382.71679310214643},{"$f":"-F218","v":-20.020842330855388},-79.04562312325227,-187.30468982293755,-96.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Distributions to Equity","USD ",{"$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":10654403.966689967},{"$f":"-F234","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10654403.966689967]
[null,null,"Close out: Asset transfer to municipality","USD ",{"$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":-20.020842330855388},{"$f":"SUM(G264:G267)","v":-79.04562312325227},-187.30468982293755,-96.34563782510125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,10654403.966689967]
[]
[]
[null,null,"Discount Factor (WACC)","%",{"$f":"E29","v":0.13}]
[null,null,"NPV Equity @ WACC","USD ",{"$f":"NPV(E271,F268:AM268)","v":166787.47691018271}]
[]
[null,null,"IRR Equity","%",{"$f":"IRR(F268:AM268)","v":0.38861257317711551}]
[null,null,"Check: NPV Equity @ IRR","USD ",{"$f":"NPV(E274,F268:AM268)","v":1.6988193311012496E-11},{"$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 ",{"$f":"SUM(F289:AA289)","v":12590500.62512883},{"$f":"F221","v":0},{"$f":"G221","v":0},0,0,{"$f":"J221","v":7.1756715769297443},122094.3083095944,171966.50321576174,161799.83239582728,7.1761256493628025,197403.9665849926,247323.80568945676,242514.08380963514,303605.13959910453,1953261.4704616703,2425452.5114213978,357572.06722740643,438300.05317696976,441484.05014277727,1180610.0536172944,3072794.193462288,625159.76144556655,649144.47277186066,773599.09578509408,-1459584.3935164185,932705.21077205846,957348.78877533088,1023431.1811036069,968721.79183936538,-1443681.3036242868,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,-1728985.3776239152]
[null,null,"CFADS (Qualifying) @ Period End","USD ",{"$f":"SUM(F290:AA290)","v":11316196.390911402},{"$f":"F289*F286","v":0},{"$f":"G289*G286","v":0},0,0,7.1756715769297443,122094.3083095944,171966.50321576174,161799.83239582728,7.1761256493628025,197403.9665849926,247323.80568945676,242514.08380963514,303605.13959910453,1953261.4704616703,2425452.5114213978,357572.06722740643,438300.05317696976,441484.05014277727,1180610.0536172944,3072794.193462288,0,0,0,{"$f":"AC289*AC286","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,"NPV (CFADS) @ Period Start","USD ",null,{"$f":"(G291+F290)/F283*F286","v":0},0,0,0,5088195.409793173,5444361.9128071191,5703372.938394024,5930642.5408658441,6183987.6863306258,6616859.6482481202,6882635.8570404965,7117096.5613438748,7372779.2368283123,7585268.6438071905,6162975.9784120237,4168931.7854794678,4103184.9432356246,3952107.8360851486,3787271.3344683317,2871770.2742638206,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(AN291+AM290)/AM283*AM286","v":0}]
[null,null,null,null,null,null,null,null,null,{"$f":"NPV(0.08,J219:Y219)","v":-3919122.8165457668},{"$f":"IF(J291=J292,\"OK\")","v":false}]
[null,null,"Denominator"]
[null,null,"Debt Balance B/f","USD ",null,{"$f":"F163","v":0},0,0,0,39.874145810092486,38.44435273624935,36.91681007470924,35.279736397905864,33.528067563726253,31.653781911154066,29.650403445871241,27.504381289600229,25.208137582390247,22.751156815675568,20.123780442691984,17.310560461544853,14.300415081717423,11.079559525302074,7.6339116778765295,3.9460316402550166,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15,-3.5527136788005009E-15]
[]
[null,null,"LLCR (Loan Life Cover Ratio)","x @ Period Start",{"$f":"MIN(F297:AM297)","v":127606.38018495953},{"$f":"IF(F294=0,0,F291/F294)","v":0},0,0,0,{"$f":"IF(J294=0,0,J291/J294)","v":127606.38018495953},141616.68815595916,154492.57199774307,168103.36885674336,184442.114791639,209038.51763496516,232126.21270416101,258762.28541214063,292476.15825370396,333401.4487817575,306253.38991164201,240831.70471231631,286927.6814546035,356702.61322752346,496111.49490293942,727761.5934367493,0,0,0,{"$f":"IF(AC294=0,0,AC291/AC294)","v":0},0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,{"$f":"IF(F296=0,10000000,F296)","v":10000000},{"$f":"IF(G296=0,10000000,G296)","v":10000000},10000000,10000000,127606.38018495953,141616.68815595916,154492.57199774307,168103.36885674336,184442.114791639,209038.51763496516,232126.21270416101,258762.28541214063,292476.15825370396,333401.4487817575,306253.38991164201,240831.70471231631,286927.6814546035,356702.61322752346,496111.49490293942,727761.5934367493,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[]
[null,null,"DSCR"]
[]
[null,null,"Numerator"]
[null,null,{"$f":"C289","v":"CFADS @ Period End"},"USD ",{"$f":"SUM(F302:AM302)","v":16691085.739668395},{"$f":"F289","v":0},{"$f":"G289","v":0},0,0,7.1756715769297443,122094.3083095944,171966.50321576174,161799.83239582728,7.1761256493628025,197403.9665849926,247323.80568945676,242514.08380963514,303605.13959910453,1953261.4704616703,2425452.5114213978,357572.06722740643,438300.05317696976,441484.05014277727,1180610.0536172944,3072794.193462288,625159.76144556655,649144.47277186066,773599.09578509408,{"$f":"AC289","v":-1459584.3935164185},932705.21077205846,957348.78877533088,1023431.1811036069,968721.79183936538,-1443681.3036242868,979101.15577635635,1049129.3632886552,988369.04392873845,1060430.5580349802,-1728985.3776239152]
[]
[null,null,"Denominator"]
[null,null,"Interest","USD ",{"$f":"SUM(F305:AM305)","v":27.68498161709293},{"$f":"-F222","v":0},0,0,0,2.7911902067064767,2.6987305200924525,2.5841767052296492,2.4695815478534127,2.34696472946084,2.2220435835153038,2.0755282412109888,1.9253066902720177,1.7645696307673189,1.5970939005556324,1.4086646309884401,1.2117392323081408,1.0010290557202206,0.77776691014283106,0.53437381745135759,0.27622221481785142,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Principal","USD ",{"$f":"SUM(F306:AM306)","v":39.874145810092493},{"$f":"-F223","v":0},0,0,0,1.4297930738431384,1.5275426615401133,1.6370736768033769,1.7516688341796125,1.874285652572186,2.0033784652828253,2.1460221562710111,2.2962437072099822,2.4569807667146799,2.6273763729835822,2.8132199811471308,3.0101453798274291,3.2208555564153496,3.4456478474255441,3.6878800376215128,3.9460316402550202,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service","USD ",null,{"$f":"SUM(F305:F306)","v":0},0,0,0,4.220983280549615,4.2262731816325658,4.221250382033026,4.2212503820330252,4.221250382033026,4.2254220487981291,4.2215503974819999,4.2215503974819999,4.221550397481999,4.2244702735392146,4.2218846121355709,4.22188461213557,4.22188461213557,4.2234147575683751,4.2222538550728705,4.2222538550728714,0,0,0,{"$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",{"$f":"IF(F307=0,0,F302/F307)","v":0},0,0,0,1.6999999999989099,28889.355482323703,40738.285496568846,38329.835416657224,1.6999999999778876,46718.165500447889,58586.012815807277,57446.686874633997,71917.923751471477,462368.37851512432,574495.21582128759,84694.893413141996,103816.20850487029,104532.48745026431,279616.07571246295,727761.59343674872,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,{"$f":"AVERAGEIF(F286:AM286,1,F310:AM310)","v":167494.65738698817}]
[null,null,null,null,"Min"]
[null,null,null,null,{"$f":"MIN(F313:AM313)","v":1.6999999999778876},{"$f":"IF(F310=0,10000000,F310)","v":10000000},{"$f":"IF(G310=0,10000000,G310)","v":10000000},10000000,10000000,1.6999999999989099,28889.355482323703,40738.285496568846,38329.835416657224,1.6999999999778876,46718.165500447889,58586.012815807277,57446.686874633997,71917.923751471477,462368.37851512432,574495.21582128759,84694.893413141996,103816.20850487029,104532.48745026431,279616.07571246295,727761.59343674872,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000,10000000]
[null,null,null,null,"Min Period",null,null,null,null,null,null,null,null,null,null,null,null,null," "]
[null,null,null,null,{"$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$109)","v":41359090.338681377},{"$f":"C6/C$21","v":0.24117579523805008},"Deuda privada",{"$f":"-NPV(0,'Project Finance Model'!$F$117:$AM$117)","v":39.874145810092486},{"$f":"F6/F$21","v":2.3251669092424284E-7}]
[null,"Interes durante la construccion",{"$f":"NPV(0,'Project Finance Model'!$F$112:$AM$112)","v":3.1540070835863614},{"$f":"C7/C$21","v":1.8391849538793209E-8},"Aportacion de capital privado",{"$f":"-NPV(0,'Project Finance Model'!$F$119:$AM$119)","v":382.71679310214643},{"$f":"F7/F$21","v":2.2317228491130598E-6}]
[null,"Upfront fee",{"$f":"NPV(0,'Project Finance Model'!$F$113:$AM$113)","v":0.39874145810092487},{"$f":"C8/C$21","v":2.3251669092424289E-9},"Aportacion municipal",{"$f":"-NPV(0,'Project Finance Model'!$F$116:$AM$116)","v":42258671.300491005},{"$f":"F8/F$21","v":0.2464214897653916}]
[]
[]
[null,"Durante la operacion",null,null,"Durante la operacion"]
[]
[null,"Operacion y mantenimiento",{"$f":"-NPV(0,'Project Finance Model'!$F$209:$AM$209)","v":96775957.588723645},{"$f":"C13/C$21","v":0.5643262059261327},"Deuda",0,{"$f":"F13/F$21","v":0}]
[null,"Renovaciones",{"$f":"NPV(0,'Project Finance Model'!$F$106:$AM$106)","v":15763254.150727157},9.1919704331251573E-2,"Aportacion de capital privado",0,{"$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$157)","v":27009368.248018645},{"$f":"F15/F$21","v":0.15749877022805228}]
[null,"Intereses",{"$f":"-NPV(0,'Project Finance Model'!$F$222:$AM$222)","v":27.68498161709293},1.6143845048275937E-7,"Autofinanciamento sobre Tesoreria",{"$f":"'Project Finance Model'!E220","v":28259883.469156589},{"$f":"F16/F$21","v":0.1647908552435963}]
[null,"Principal de la deuda",{"$f":"-NPV(0,'Project Finance Model'!$F$223:$AM$223)","v":39.874145810092493},2.3251669092424292E-7,"Ingresos de operacion",{"$f":"NPV(0,'Project Finance Model'!$F$208:$AM$208)","v":73961045.761943966},{"$f":"F17/F$21","v":0.43128642052341981}]
[null,"Constitucion de la Tesoreria",{"$f":"'Project Finance Model'!E229-'Project Finance Model'!E228","v":17591018.180540964},0.10257787983240797]
[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":171489391.37054908},{"$f":"SUM(D6:D19)","v":1.0000000000000002},"Total",{"$f":"SUM(F6:F19)","v":171489391.37054911},{"$f":"SUM(G6:G19)","v":1}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[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,{"$f":"C4+D4+E4+F4","v":94815102.069404662},{"$f":"'Project Finance Model'!E241","v":25547062.520894997},{"$f":"'Project Finance Model'!E242","v":42258671.300491005},{"$f":"SUM('Project Finance Model'!$F$157:$AM$157)","v":27009368.248018645},{"$f":"SUM('Project Finance Model'!$F$243:$AM$243)","v":0}]