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{"sheet":"Model","index":0,"n_rows":109,"n_cols":26,"rows_kept":109,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Simple Project Finance Example (Solar) for Debt Service Reserve Account (DSRA)"]
[null,"($ in Millions USD Except for Per-Unit Figures)"]
[]
[]
[null,"Assumptions:",null,"Units:"]
[]
[null,null,"Project Capacity:","MW",1600]
[null,null,"Net Capacity Factor:","%",0.25]
[null,null,"Annual Degradation Factor:","%",5.0000000000000001E-3]
[]
[null,null,"Initial PPA Rate:","$ / MWh",65]
[null,null,"Escalation Factor:","%",0.03]
[null,null,"Hours in Year:","# Hours",{"$f":"24*365","v":8760}]
[]
[null,null,"Operating & Maintenance Expense:","$ / MW / Yr",20000]
[null,null,"Escalation Factor:","%",2.5000000000000001E-2]
[]
[null,null,"Useful Life of Maintenance CapEx:","# Years",15]
[null,null,"Working Capital % Revenue:","#",0.05]
[]
[null,null,"Units:","#",1000000]
[]
[null,null,"Use Debt Service Reserve Account (DSRA):","#",1]
[null,null,"Loan Life Coverage Ratio (LLCR) Target:","x",1.5]
[null,null,"Fixed Interest Rate on Debt:","%",0.1]
[null,null,"Tax Rate:","%",0.25]
[]
[null,null,"Present Value of CFADS Over Debt Tenor:","$ M",{"$f":"NPV(Interest_Rate,OFFSET(G64,0,0,1,Tenor))","v":1184.4393554569049}]
[null,null,"Initial Debt Balance:","$ M",{"$f":"E29/Min_LLCR","v":789.62623697126992}]
[null,null,"Debt Tenor:","# Years",10]
[]
[null,null,"Asset Useful Life:","# Years",20]
[null,null,"EBITDA Purchase Multiple:","x",8]
[]
[null,null,"Purchase Enterprise Value:","$ M",{"$f":"G58*E34","v":1604.9586880000002}]
[null,null,"(-) Debt Used:","$ M",{"$f":"-E30","v":-789.62623697126992}]
[null,null,"Investor Equity:","$ M",{"$f":"SUM(E36:E37)","v":815.33245102873025}]
[]
[null,null,null,null,null,0,{"$f":"F40+1","v":1},{"$f":"G40+1","v":2},{"$f":"H40+1","v":3},4,5,6,7,8,9,{"$f":"O40+1","v":10},{"$f":"P40+1","v":11},{"$f":"Q40+1","v":12},{"$f":"R40+1","v":13},{"$f":"S40+1","v":14},{"$f":"T40+1","v":15},{"$f":"U40+1","v":16},{"$f":"V40+1","v":17},{"$f":"W40+1","v":18},{"$f":"X40+1","v":19},20]
[null,null,null,null,null,null,"Projected Years:"]
[null,"Cash Flow Projections:",null,{"$f":"$D$6","v":"Units:"},"Total:",{"$f":"\"Year \"&F40","v":"Year 0"},{"$f":"\"Year \"&G40","v":"Year 1"},"Year 2","Year 3","Year 4","Year 5","Year 6","Year 7","Year 8","Year 9","Year 10","Year 11","Year 12","Year 13","Year 14","Year 15","Year 16","Year 17","Year 18","Year 19","Year 20"]
[]
[null,null,"Capacity Post-Availability and Degradation:","MW",null,{"$f":"Capacity*Capacity_Factor*(1-F40*Degradation)","v":400},398,396,394,392,390,388,386,384,382,380,378,376,374,372,370,368,366,364,362,360]
[null,null,"Electricity Generation:","MWh",null,null,{"$f":"G44*Hrs_in_Year","v":3486480},3468960,3451440,3433920,3416400,3398880,3381360,3363840,3346320,3328800,3311280,3293760,3276240,3258720,3241200,3223680,3206160,3188640,3171120,3153600]
[]
[null,null,"PPA Rate:","$ / MWh",null,{"$f":"Initial_PPA*(1+PPA_Escalation)^F40","v":65},66.95,68.958500000000001,71.027254999999997,73.158072649999994,75.352814829499991,77.613399274384989,79.941801252616543,82.340055290195039,84.810256948900886,87.354564657367916,89.975201597088954,92.67445764500161,95.454691374351654,98.318332115582209,101.26788207904968,104.30591854142116,107.43509609766379,110.65814898059371,113.97789345001152,117.39723025351186]
[null,null,"O&M Expense:","$ / MW",null,{"$f":"OM_Expense*(1+OM_Escalation)^F40","v":20000},20500,21012.5,21537.812499999996,22076.257812499996,22628.164257812492,23193.868364257803,23773.715073364248,24368.057950198356,24977.259398953309,25601.690883927142,26241.733156025319,26897.776484925951,27570.220897049097,28259.476419475322,28965.963329962211,29690.112413211264,30432.365223541539,31193.174354130078,31973.003712983333,32772.328805807912]
[]
[null,null,"Revenue:","$ M",{"$f":"SUM(G50:Z50)","v":5941.8601476463946},null,{"$f":"G47*G45/Units","v":233.419836},239.21427815999999,245.14630899719998,251.21896883428798,257.43535658350379,263.79863052572165,270.31200908354748,276.97877158736969,283.80225903324606,290.78587483144634,297.93308554440875,305.24742161280045,312.73247806830585,320.39191523169006,328.22945939461584,336.24890348360861,344.45410770448569,352.84900016548033,361.43757747720053,370.22390532747499]
[null,null,"(-) Cash Operating Expenses:","$ M",{"$f":"SUM(G51:Z51)","v":-837.86476966100065},null,{"$f":"-G48*Capacity/Units","v":-32.799999999999997},-33.619999999999997,-34.460499999999989,-35.322012499999992,-36.205062812499982,-37.110189382812486,-38.037944117382793,-38.988892720317374,-39.963615038325294,-40.962705414283427,-41.986773049640504,-43.036442375881521,-44.112353435278557,-45.215162271160516,-46.345541327939543,-47.50417986113802,-48.691784357666464,-49.909078966608121,-51.156805940773332,-52.435726089292658]
[null,null,"EBITDA:","$ M",{"$f":"SUM(E50:E51)","v":5103.995377985394},null,{"$f":"SUM(G50:G51)","v":200.61983600000002},{"$f":"SUM(H50:H51)","v":205.59427815999999},210.68580899719998,215.89695633428798,221.2302937710038,226.68844114290917,232.2740649661647,237.98987886705231,243.83864399492077,{"$f":"SUM(P50:P51)","v":249.82316941716292},{"$f":"SUM(Q50:Q51)","v":255.94631249476825},262.21097923691894,268.62012463302727,275.17675296052954,281.8839180666763,288.74472362247059,295.76232334681924,302.93992119887218,310.28077153642721,317.78817923818235]
[null,null,"(-) Depreciation of Initial Purchase:","$ M",{"$f":"SUM(G53:Z53)","v":-1604.9586880000004},null,{"$f":"-$E$36/$E$33","v":-80.247934400000005},{"$f":"-$E$36/$E$33","v":-80.247934400000005},-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005,-80.247934400000005]
[null,null,"(-) Depreciation of Maint. CapEx:","$ M",{"$f":"SUM(G54:Z54)","v":-114.98231694171633},null,{"$f":"SUM($F59:F59)/$E$19","v":0},{"$f":"SUM($F59:G59)/$E$19","v":0},{"$f":"SUM($F59:H59)/$E$19","v":0},{"$f":"SUM($F59:I59)/$E$19","v":0},{"$f":"SUM($F59:J59)/$E$19","v":0},{"$f":"SUM($F59:K59)/$E$19","v":-6},{"$f":"SUM($F59:L59)/$E$19","v":-6},{"$f":"SUM($F59:M59)/$E$19","v":-6},{"$f":"SUM($F59:N59)/$E$19","v":-6},{"$f":"SUM($F59:O59)/$E$19","v":-6},{"$f":"SUM($F59:P59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:Q59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:R59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:S59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:T59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:U59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:V59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:W59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:X59)/$E$19","v":-8.4982316941716292},{"$f":"SUM($F59:Y59)/$E$19","v":-8.4982316941716292}]
[null,null,"(-) Interest Expense:","$ M",{"$f":"SUM(G55:Z55)","v":-501.77397277803198},null,{"$f":"-G74","v":-78.962623697127},{"$f":"-H74","v":-74.955644183875208},-69.606866711908523,-63.557715557641359,-56.743722085162929,-50.569764107483586,-42.108450581059301,-32.663305784386061,-22.14583814545847,-10.460041923929593,0,0,0,0,0,0,0,0,0,0]
[null,null,"Pre-Tax Income:","$ M",{"$f":"SUM(E52:E55)","v":2882.2804002656449},null,{"$f":"SUM(G52:G55)","v":41.409277902873015},{"$f":"SUM(H52:H55)","v":50.390699576124774},60.83100788529147,72.091306376646628,84.238637285840852,89.870742635425586,103.91767998510538,119.07863868266622,135.44487144946231,{"$f":"SUM(P52:P55)","v":153.11519309323333},167.20014640059662,173.46481314274729,179.87395853885562,186.43058686635788,193.13775197250465,199.99855752829893,207.01615725264759,214.19375510470053,221.53460544225555,229.0420131440107]
[]
[null,null,"EBITDA:","$ M",{"$f":"E52","v":5103.995377985394},null,{"$f":"G52","v":200.61983600000002},205.59427815999999,210.68580899719998,215.89695633428798,221.2302937710038,226.68844114290917,232.2740649661647,237.98987886705231,243.83864399492077,{"$f":"P52","v":249.82316941716292},255.94631249476825,262.21097923691894,268.62012463302727,275.17675296052954,281.8839180666763,288.74472362247059,295.76232334681924,302.93992119887218,310.28077153642721,317.78817923818235]
[null,null,"(-) Maintenance CapEx & Other:","$ M",{"$f":"SUM(G59:Z59)","v":-175.14170229830177},null,0,0,0,0,-90,0,0,0,0,-37.473475412574437,0,0,0,0,0,0,0,0,0,-47.66822688572735]
[null,null,"(+/-) Change in Working Capital:","$ M",{"$f":"SUM(G60:Z60)","v":-18.511195266373754},null,{"$f":"(F50-G50)*WC_Pct_Rev","v":-11.670991800000001},-0.28972210799999942,-0.29660154185999943,-0.30363299185439985,-0.31081938746079063,-0.31816369711089298,-0.32566892789129159,-0.33333812519111067,-0.34117437229381836,-0.34918078991001383,-0.35736053564812098,-0.36571680341958485,-0.37425282277527006,-0.38297185816921059,-0.39187720814628907,-0.40097220444963855,-0.41026021104385396,-0.41974462304973204,-0.42942886558601007,-0.43931639251372306]
[null,null,"(-) Cash Taxes:","$ M",{"$f":"SUM(G61:Z61)","v":-720.57010006641121},null,{"$f":"-G56*Tax_Rate","v":-10.352319475718254},-12.597674894031194,-15.207751971322867,-18.022826594161657,-21.059659321460213,-22.467685658856396,-25.979419996276345,-29.769659670666556,-33.861217862365578,-38.278798273308333,-41.800036600149156,-43.366203285686822,-44.968489634713904,-46.607646716589471,-48.284437993126161,-49.999639382074733,-51.754039313161897,-53.548438776175132,-55.383651360563888,-57.260503286002674]
[null,null,"Cash Flow Available for Debt Service (CFADS):","$ M",{"$f":"SUM(E58:E61)","v":4189.7723803543076},null,178.59652472428178,192.70688115796878,195.18145548401714,197.57049674827192,109.8598150620828,203.90259178694188,205.96897604199708,207.88688107119464,209.63625176026139,{"$f":"SUM(P58:P61)","v":173.72171494137015},213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[]
[null,null,"Pasted CFADS from Macro:","$ M",{"$f":"SUM(G64:Z64)","v":4240.5282777627244},null,{"$f":"Macros!G9","v":178.54862824446738},{"$f":"Macros!H9","v":192.66512835531313},{"$f":"Macros!I9","v":195.1475673818702},{"$f":"Macros!J9","v":197.54647542363847},{"$f":"Macros!K9","v":177.72495279293452},{"$f":"Macros!L9","v":202.77434905758963},{"$f":"Macros!M9","v":204.83984782168753},{"$f":"Macros!N9","v":206.75697326049303},{"$f":"Macros!O9","v":208.50570054112083},{"$f":"Macros!P9","v":172.59069174483994},{"$f":"Macros!Q9","v":212.65763251525598},{"$f":"Macros!R9","v":217.34777630409758},{"$f":"Macros!S9","v":222.14609933182314},{"$f":"Macros!T9","v":227.0548515420559},{"$f":"Macros!U9","v":232.07632002168884},{"$f":"Macros!V9","v":237.2128291922312},{"$f":"Macros!W9","v":242.46674097889849},{"$f":"Macros!X9","v":247.84045495593233},{"$f":"Macros!Y9","v":253.33640846656229},{"$f":"Macros!Z9","v":211.28884983022363}]
[null,null,"Present Value of CFADS Until Maturity:","$ M",null,{"$f":"IF(F40<Tenor,NPV(Interest_Rate,OFFSET(G64,0,0,1,Tenor-F40)),\"N/A\")","v":1184.4393554569049},1124.3346627581284,1044.1030006786282,953.36573336462084,851.15583127744458,758.54646161225457,631.62675871589045,489.94958676579211,332.18757218187835,156.9006288589454,"N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A"]
[]
[null,null,"Maximum Debt Service Allowed:","$ M",{"$f":"SUM(G67:Z67)","v":2827.0188518418163},null,{"$f":"G64/Min_LLCR","v":119.03241882964493},128.4434189035421,130.09837825458013,131.69765028242566,118.48330186195635,135.18289937172642,136.55989854779168,137.83798217366203,139.00380036074722,{"$f":"P64/Min_LLCR","v":115.06046116322663},141.77175501017066,144.89851753606504,148.09739955454876,151.36990102803728,154.7175466811259,158.14188612815414,161.64449398593231,165.22696997062155,168.8909389777082,140.85923322014909]
[null,null,"Maximum Debt Amortization Allowed:","$ M",{"$f":"SUM(G68:Z68)","v":2325.2448790637841},null,{"$f":"MAX(0,G67-G74)","v":40.069795132517925},{"$f":"MAX(0,H67-H74)","v":53.487774719666888},60.491511542671603,68.139934724784297,61.73957977679342,84.613135264242828,94.451447966732374,105.17467638927596,116.85796221528875,{"$f":"MAX(0,P67-P74)","v":104.60041923929704},141.77175501017066,144.89851753606504,148.09739955454876,151.36990102803728,154.7175466811259,158.14188612815414,161.64449398593231,165.22696997062155,168.8909389777082,140.85923322014909]
[]
[null,null,"Beginning Debt Balance:","$ M",{"$f":"E30","v":789.62623697126992},null,{"$f":"F72","v":789.62623697126992},{"$f":"G72","v":749.55644183875199},696.06866711908515,635.57715557641359,567.43722085162926,505.69764107483581,421.08450581059299,326.63305784386063,221.45838145458467,{"$f":"O72","v":104.60041923929592},{"$f":"P72","v":0},{"$f":"Q72","v":0},{"$f":"R72","v":0},{"$f":"S72","v":0},{"$f":"T72","v":0},{"$f":"U72","v":0},{"$f":"V72","v":0},{"$f":"W72","v":0},{"$f":"X72","v":0},{"$f":"Y72","v":0}]
[null,null,"(-) Debt Amortization (Sculpted):","$ M",{"$f":"SUM(G71:Z71)","v":-789.62623697126992},null,{"$f":"-MIN(G68,G70)","v":-40.069795132517925},{"$f":"-MIN(H68,H70)","v":-53.487774719666888},-60.491511542671603,-68.139934724784297,-61.73957977679342,-84.613135264242828,-94.451447966732374,-105.17467638927596,-116.85796221528875,{"$f":"-MIN(P68,P70)","v":-104.60041923929592},0,0,0,0,0,0,0,0,0,0]
[null,null,"Ending Debt Balance:","$ M",{"$f":"SUM(E70:E71)","v":0},{"$f":"E30","v":789.62623697126992},{"$f":"SUM(G70:G71)","v":749.55644183875199},{"$f":"SUM(H70:H71)","v":696.06866711908515},635.57715557641359,567.43722085162926,505.69764107483581,421.08450581059299,326.63305784386063,221.45838145458467,104.60041923929592,{"$f":"SUM(P70:P71)","v":0},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"(+) Debt Interest Expense:","$ M",{"$f":"SUM(G74:Z74)","v":501.77397277803198},null,{"$f":"G70*Interest_Rate","v":78.962623697127},74.955644183875208,69.606866711908523,63.557715557641359,56.743722085162929,50.569764107483586,42.108450581059301,32.663305784386061,22.14583814545847,{"$f":"P70*Interest_Rate","v":10.460041923929593},0,0,0,0,0,0,0,0,0,0]
[null,null,"(+) Debt Amortization (Sculpted):","$ M",{"$f":"SUM(G75:Z75)","v":789.62623697126992},null,{"$f":"-G71","v":40.069795132517925},{"$f":"-H71","v":53.487774719666888},60.491511542671603,68.139934724784297,61.73957977679342,84.613135264242828,94.451447966732374,105.17467638927596,116.85796221528875,{"$f":"-P71","v":104.60041923929592},0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Debt Service:","$ M",{"$f":"SUM(E74:E75)","v":1291.4002097493019},null,{"$f":"SUM(G74:G75)","v":119.03241882964493},{"$f":"SUM(H74:H75)","v":128.4434189035421},130.09837825458013,131.69765028242566,118.48330186195635,135.18289937172642,136.55989854779168,137.83798217366203,139.00380036074722,{"$f":"SUM(P74:P75)","v":115.06046116322551},0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash Flow Post-Debt Service:","$ M",null,null,{"$f":"G62-G76","v":59.564105894636853},64.263462254426685,65.083077229437009,65.872846465846266,-8.6234867998735467,68.719692415215462,69.409077494205405,70.048898897532609,70.632451399514167,58.661253778144641,213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[null,null,"(-) DSRA Funding:","$ M",null,null,{"$f":"-G86","v":-59.564105894636853},{"$f":"-H86","v":-60.534272359943273},-1.5992720278455295,0,0,-26.700083485708873,-1.2780836258703516,-1.1658181870851934,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow Post-DSRA Funding:","$ M",null,null,{"$f":"SUM(G78:G79)","v":0},{"$f":"SUM(H78:H79)","v":3.7291898944834116},63.48380520159148,65.872846465846266,-8.6234867998735467,42.019608929506589,68.130993868335054,68.883080710447416,70.632451399514167,58.661253778144641,213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[null,null,"(+) DSRA Withdrawals:","$ M",null,null,{"$f":"-G87","v":0},{"$f":"-H87","v":0},0,0,8.6234867998735467,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"(+) Excess DSRA Release to Cash Flow:","$ M",null,null,{"$f":"-G88","v":0},{"$f":"-H88","v":0},0,13.214348420469307,0,0,0,0,23.943339197521709,115.06046116322551,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow Post-Debt Service and Reserves:","$ M",null,null,{"$f":"SUM(G80:G82)","v":0},{"$f":"SUM(H80:H82)","v":3.7291898944834116},63.48380520159148,79.087194886315572,0,42.019608929506589,68.130993868335054,68.883080710447416,94.575790597035876,173.72171494137015,213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[]
[null,null,"Beginning Debt Service Reserve Account (DSRA):","$ M",null,null,10,{"$f":"G89","v":69.564105894636853},130.09837825458013,131.69765028242566,118.48330186195635,109.8598150620828,136.55989854779168,137.83798217366203,139.00380036074722,115.06046116322551,0,0,0,0,0,0,0,0,0,0]
[null,null,"(+) DSRA Funding:","$ M",null,null,{"$f":"MAX(0,MIN(H76-G85,G78))*Use_DSRA","v":59.564105894636853},60.534272359943273,1.5992720278455295,0,0,26.700083485708873,1.2780836258703516,1.1658181870851934,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"(-) Withdrawals for Cash Flow Deficits:","$ M",null,null,{"$f":"-MIN(MAX(-G78,0),G85)*Use_DSRA","v":0},0,0,0,-8.6234867998735467,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"(-) Excess DSRA Release to Cash Flow:","$ M",null,null,{"$f":"MIN(H76-G85,0)*Use_DSRA","v":0},0,0,-13.214348420469307,0,0,0,0,-23.943339197521709,-115.06046116322551,0,0,0,0,0,0,0,0,0,0]
[null,null,"Ending Debt Service Reserve Account (DSRA):","$ M",null,0,{"$f":"SUM(G85:G88)","v":69.564105894636853},{"$f":"SUM(H85:H88)","v":130.09837825458013},131.69765028242566,118.48330186195635,109.8598150620828,136.55989854779168,137.83798217366203,139.00380036074722,115.06046116322551,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Debt Service Coverage Ratio (DSCR):","x",{"$f":"IFERROR(E62/E76,\"N/A\")","v":3.2443640234251343},null,{"$f":"IFERROR(G62/G76,\"N/A\")","v":1.5004023818072867},1.5003250676680211,1.5002604805886253,1.5001823975187252,0.9272177035552176,1.5083460462425045,1.5082683733095656,1.5081973618075606,1.5081332396395388,1.5098298162991666,"N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A"]
[null,null,"Modified Debt Service Coverage Ratio (DSCR):","x",{"$f":"IFERROR((E62+E81)/E76,\"N/A\")","v":3.2443640234251343},null,{"$f":"IFERROR((G62+G81)/G76,\"N/A\")","v":1.5004023818072867},{"$f":"IFERROR((H62+H81)/H76,\"N/A\")","v":1.5003250676680211},1.5002604805886253,1.5001823975187252,1,1.5083460462425045,1.5082683733095656,1.5081973618075606,1.5081332396395388,1.5098298162991666,"N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A"]
[null,null,"Loan Life Coverage Ratio (LLCR):","x",null,{"$f":"IFERROR(F65/F72,\"N/A\")","v":1.5},1.5000000000000004,1.5000000000000007,1.5000000000000007,1.5000000000000011,1.5000000000000018,1.5000000000000022,1.5000000000000036,1.500000000000006,1.5000000000000144,"N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A","N/A"]
[null,null,"EBITDA Margin:","x",{"$f":"IFERROR(E58/E50,\"N/A\")","v":0.85898948328615854},null,{"$f":"IFERROR(G58/G50,\"N/A\")","v":0.85948066555920299},0.8594565497569796,0.85942884418303189,0.85939751021229804,0.85936250834777539,0.85932379819843663,0.85928133845645727,0.85923508687372885,0.85918500023763467,0.85913103434605476,0.85907314398157997,0.85901128288489759,0.85894540372732342,0.85887545808244448,0.85880139639684094,0.85872316795985104,0.85864072087234289,0.85855400201445486,0.85846295701226505,0.85836753020334666]
[null,null,"Cash Flow Yield:","x",null,null,{"$f":"IFERROR(G83/$E$38,\"N/A\")","v":0},{"$f":"IFERROR(H83/$E$38,\"N/A\")","v":4.5738273875621863E-3},7.7862478209339017E-2,9.6999935163292972E-2,0,5.1536779722785649E-2,8.3562225178664323E-2,8.4484654846664689E-2,0.11599659804746722,0.21306856451277031,0.26221072777028176,0.26796315892020584,0.27384827120988758,0.27986882418069015,0.28602762292995765,0.29232751834570059,0.29877140731398377,0.30536223289715986,0.31210298448100221,0.26053192462279839]
[]
[null,null,null,null,null,null,{"$f":"$G$41","v":"Projected Years:"}]
[null,"Returns Calculations:",null,{"$f":"$D$42","v":"Units:"},{"$f":"$E$42","v":"Total:"},{"$f":"$F$42","v":"Year 0"},{"$f":"$G$42","v":"Year 1"},{"$f":"$H$42","v":"Year 2"},{"$f":"$I$42","v":"Year 3"},{"$f":"$J$42","v":"Year 4"},{"$f":"$K$42","v":"Year 5"},{"$f":"$L$42","v":"Year 6"},{"$f":"$M$42","v":"Year 7"},{"$f":"$N$42","v":"Year 8"},{"$f":"$O$42","v":"Year 9"},{"$f":"$P$42","v":"Year 10"},{"$f":"$Q$42","v":"Year 11"},{"$f":"$R$42","v":"Year 12"},{"$f":"$S$42","v":"Year 13"},{"$f":"$T$42","v":"Year 14"},{"$f":"$U$42","v":"Year 15"},{"$f":"$V$42","v":"Year 16"},{"$f":"$W$42","v":"Year 17"},{"$f":"$X$42","v":"Year 18"},{"$f":"$Y$42","v":"Year 19"},{"$f":"$Z$42","v":"Year 20"}]
[]
[null,null,"(-) Upfront Investor Equity:","$ M",{"$f":"SUM(F100:Z100)","v":-815.33245102873025},{"$f":"-E38","v":-815.33245102873025},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"(+) Cash Flow to Equity Investors:","$ M",{"$f":"SUM(F101:Z101)","v":2908.3721706050042},null,{"$f":"G83","v":0},{"$f":"H83","v":3.7291898944834116},63.48380520159148,79.087194886315572,0,42.019608929506589,68.130993868335054,68.883080710447416,94.575790597035876,173.72171494137015,213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[null,null,"(+) Exit Value (Terminal Value):","$ M",0,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,"Total Cash Flows to Equity:","$ M",{"$f":"SUM(E100:E102)","v":2093.0397195762739},{"$f":"SUM(F100:F102)","v":-815.33245102873025},{"$f":"SUM(G100:G102)","v":0},3.7291898944834116,63.48380520159148,79.087194886315572,0,42.019608929506589,68.130993868335054,68.883080710447416,94.575790597035876,173.72171494137015,213.78891535897097,218.47905914781256,223.27738217553812,228.18613438577088,233.20760286540383,238.34411203594618,243.59802382261347,248.97173779964731,254.4676913102773,212.42013267393861]
[]
[null,null,"Equity IRR:","%",{"$f":"IRR(F103:Z103)","v":0.10340296212200473}]
[]
[null,null,"Total Returns to Equity:","$",{"$f":"SUMIF(F103:Z103,\">0\",F103:Z103)","v":2908.3721706050042}]
[null,null,"Invested Equity:","$",{"$f":"-SUMIF(F103:Z103,\"<=0\",F103:Z103)","v":815.33245102873025}]
[null,null,"Cash-on-Cash Multiple:","x",{"$f":"E107/E108","v":3.5670997357402134}]

{"sheet":"Macros","index":1,"n_rows":11,"n_cols":26,"rows_kept":11,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Macro Output for Copy/Paste VBA Code"]
[null,{"$f":"Model!$B$3","v":"($ in Millions USD Except for Per-Unit Figures)"}]
[]
[null,null,null,null,null,null,{"$f":"Model!$G$41","v":"Projected Years:"}]
[null,"Cash Flow Projections:",null,{"$f":"Model!$D$42","v":"Units:"},{"$f":"Model!$E$42","v":"Total:"},{"$f":"Model!F42","v":"Year 0"},{"$f":"Model!G42","v":"Year 1"},{"$f":"Model!H42","v":"Year 2"},{"$f":"Model!I42","v":"Year 3"},{"$f":"Model!J42","v":"Year 4"},{"$f":"Model!K42","v":"Year 5"},{"$f":"Model!L42","v":"Year 6"},{"$f":"Model!M42","v":"Year 7"},{"$f":"Model!N42","v":"Year 8"},{"$f":"Model!O42","v":"Year 9"},{"$f":"Model!P42","v":"Year 10"},{"$f":"Model!Q42","v":"Year 11"},{"$f":"Model!R42","v":"Year 12"},{"$f":"Model!S42","v":"Year 13"},{"$f":"Model!T42","v":"Year 14"},{"$f":"Model!U42","v":"Year 15"},{"$f":"Model!V42","v":"Year 16"},{"$f":"Model!W42","v":"Year 17"},{"$f":"Model!X42","v":"Year 18"},{"$f":"Model!Y42","v":"Year 19"},{"$f":"Model!Z42","v":"Year 20"}]
[]
[null,null,"CFADS Link:","$ M",{"$f":"SUM(CFADS_Links)","v":4189.7723803543067},null,{"$f":"Model!G62","v":178.59652472428178},{"$f":"Model!H62","v":192.70688115796878},{"$f":"Model!I62","v":195.18145548401714},{"$f":"Model!J62","v":197.57049674827192},{"$f":"Model!K62","v":109.8598150620828},{"$f":"Model!L62","v":203.90259178694188},{"$f":"Model!M62","v":205.96897604199708},{"$f":"Model!N62","v":207.88688107119464},{"$f":"Model!O62","v":209.63625176026139},{"$f":"Model!P62","v":173.72171494137015},{"$f":"Model!Q62","v":213.78891535897097},{"$f":"Model!R62","v":218.47905914781256},{"$f":"Model!S62","v":223.27738217553812},{"$f":"Model!T62","v":228.18613438577088},{"$f":"Model!U62","v":233.20760286540383},{"$f":"Model!V62","v":238.34411203594618},{"$f":"Model!W62","v":243.59802382261347},{"$f":"Model!X62","v":248.97173779964731},{"$f":"Model!Y62","v":254.4676913102773},{"$f":"Model!Z62","v":212.42013267393861}]
[null,null,"Pasted CFADS:","$ M",{"$f":"SUM(CFADS_Paste)","v":4240.5282777627244},null,178.54862824446738,192.66512835531313,195.1475673818702,197.54647542363847,177.72495279293452,202.77434905758963,204.83984782168753,206.75697326049303,208.50570054112083,172.59069174483994,212.65763251525598,217.34777630409758,222.14609933182314,227.0548515420559,232.07632002168884,237.2128291922312,242.46674097889849,247.84045495593233,253.33640846656229,211.28884983022363]
[]
[null,null,"Check / Comparison:","$ M",{"$f":"ROUND(E8-E9,0)","v":-51}]