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					                                        Windustry Wind Project Calculator
                                          TERMS OF USE AGREEMENT

Use of the Windustry Wind Project Calculator is for informational purposes. You may not modify any content,
create derivative works from, transfer or sell any information, products or services obtained from Windustry
unless expressly permitted by Windustry. Elements of the Windustry Wind Project Calculator are protected by
trade dress, trademark, unfair competition, and other laws and may not be copied or imitated in whole or in
part. Content other than that belonging to Windustry is licensed or otherwise published by Windustry with the
permission of the owner of the material. All rights in such materials are reserved to the respective owners. The
Windustry Wind Project Calculator is provided "as is," and Windustry makes no warranties or representations
of any kind that the services provided by this software will be uninterrupted, error-free, or free from viruses or
other forms of harmful computer code. You may not remove the Windustry logo from this software nor from
printed pages of or created by this software, and you must attribute this software and it's printed creations in
all forms and formats to Windustry.




  TERMS OF SERVICE: http://windustry.org/windustry-terms-of-use-agreement




                                               2105 1st Ave S, Minneapolis, MN 55404
                               Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                               info@windustry.org www.windustry.org
Explanation Page 2 of 22




Explanation
Windustry's Community Wind Project Calculator
The Windustry Wind Project Calculator is part of the larger Community Wind Toolbox. The function of the Toolbox and the Wind Project Calculator is to help current and future
community wind developers to understand many of the complexities of planning, financing and constructing a commercial scale wind project in the size range of 2 to 50 MW. This Wind
Project Calculator creates wind project cash flows for a time span of up to 20 years. If your project's time line does not fit within this calculator, the calculator can still help you
understand the financial concepts involved and transfer them to another format or calculator, depending upon your needs.

The Community Wind Project Calculator IS :

The Wind Project Calculator is a tool for basic financial analysis that developers can use at the beginning of the project planning process. Use the calculator to begin to understand what
the return from a potential wind project could look like; to understand the effect of local, state and federal taxes and incentives on project economics; and, to do preliminary sensitivity
analysis on how different project variables such as changes in capacity factor, financing terms or ability to utilize various incentives can affect the returns of a project.

The Community Wind Project Calculator IS NOT :
The Wind Project Calculator is not a substitute for consulting with someone with a strong understanding of the formulation of community wind energy business enterprises. It is also not
a substitute for working with a tax professional and a lawyer with experience in wind energy financial arrangements. Consulting with these professionals will help you to understand how
best to structure your project to achieve maximum return on your investment through utilization of tax credits and other incentives, while meeting your project goals in terms of project
control, benefit allocation, while staying within the law.

How to use the Community Wind Project Calculator:
Putting a commercial scale wind project together is like putting together any other multi-million dollar business in that many of the concepts about return on investment and utilization of
incentives can be rather complicated. The sections of the Community Wind Toolbox on Business Models, Taxes and Project Performance, Project Financing, and Costs
Associated with Developing a Community Wind Project will help you to understand the assumptions you are inputting into this calculator. Keep in mind that your assumptions, and
the project's resulting economics, will evolve over time as your project progresses through various stages of planning. The results from this calculator are only as accurate as the
assumptions you make, so you will get better results if you do your homework on what it means to develop a community wind project.

Many input cells on the Assumptions page have help windows (indicated by a small red triangle in the corner of the cell) that pop up when you move your mouse over them. The help
windows give you a brief description of the information required in a particular field.

Tabs:
Assumptions: The Assumptions page is the place where the user enters input about the financials of a wind project, including information about power purchase rates, tax utilization,
government grants and other incentives, yearly expenses and information about project ownership. The cells in the Assumptions page are color coded: yellow cells accept inputs
from the user ; green cells perform calculations and do not require you to make any changes ; gray cells are not used .
The dollar amounts entered on the Assumptions page are "today's dollars" and escalation factors are entered separately. The calculator allows Expenses, Incentives, and Revenues to
start and/or stop in user-specified years. This means that an Expense, with an escalation factor, that doesn't start in Year 1 will be shown at the escalated value for the specified year
and not the original inputted "today's dollar" value.
The Notes column can be used to record information about your assumptions and sources to help you keep track of the project details.

Project Summary: The Project Summary tab shows many important project metrics in an abridged format for easy reference. The use does not input anything on this worksheet as it is
for informational purposes only.


Pro Forma: The Pro Forma page shows the projected cash flows for local and external equity investors over the course of the project life. The user does not input anything into this
page. The page shows the results of the assumptions and can be used to understand the sensitivities of these various assumptions on the project's forecasted returns.


Calculations Appendix: The Calculations Appendix uses information entered into the Assumptions page and calculates tax information such as accelerated depreciation, production
tax credit utilization and other metrics for use in the Pro Forma page. This page also determines annual payments to lending institutions as well as power purchase rates based on
Community-Based Energy Development power purchase structures. The user does not need to input anything into this page; it is for informational purposes only.

Charts: The Wind Project Calculator has charts and graphs that display project metrics in an easy to visualize format. These graphs are formatted to print one per page for easy
reference.




                                                                      2105 1st Ave S, Minneapolis, MN 55404
                                                      Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                      info@windustry.org www.windustry.org
    Project Assumptions Page 3 of 22


Project Assumptions

                Legend
Green cells indicate information and are
updated automatically based on user input
into yellow cells.
Input information about the project into
yellow cells.
Gray cells are not used.
                                                                    Annual      Year         Year
Project Generation                                                 Escalation   Start        End            Notes
Project Name                                        Test Project
Project Owner
Turbine Model                                       GE 1.5MW
Number of Turbines                                            2
Turbine Size (MW)                                           1.5
Project Size (kW)                                         3000
Net Capacity Factor                                       35%
Annual Hours                                             8,760
Availability                                              98%            -1%             5          20

Project Cost                                                                                                Notes
Total Cost                                     $     5,700,000

                                                                Annual          Year         Year
Revenue                                                        Escalation       Start        End            Notes
Power Purchase Agreement Rate ($/kWh)          $         0.060      2.0%                 1          20
Green Tag Revenues ($/kWh)                                          2.8%                 5          10

                                                                                Year         Year
Equity & Flip Structure                                                         Start        End            Notes
Flip Year                                                    10
Flip Buy-Out Payment/Fee                                    $0                          10          10
Local Owner Percentage Pre-Flip                             0%                           1          10
Local Owner Percentage Post-Flip                          100%                          11          20
Equity Owner Percentage Pre-Flip                          100%                           1          10
Equity Owner Percentage Post-Flip                           0%                          11          20
Other Public or State Provided Funding         $           -
USDA Grant                                     $     1,000,000
Local Owner Contribution                       $     2,000,000
Equity Investor Contribution                   $       300,000
Total Debt                                     $     2,400,000

                                                                                Year         Year
Project Debt                                                                    Start        End            Notes
Total Debt                                     $     2,400,000
Debt Term in Years                                           10
Interest Rate                                               6%
Annual Debt Payment                            $       326,083                           5          14


Local Owner Financing                                                                                       Notes
Local Owner Equity                             $     2,000,000
Local Owner Discount Rate                                   8%
Local Owner Tax Rate                                       35%
Is the Local Owner also the Land Owner?        no                                        1          20
Is the Local Owner also the Project Manager?   no                                        1          20


Equity Investor Financing                                                                                   Notes
Equity Investor Equity                         $       300,000
Equity Investor Discount Rate                              12%




                                                          2105 1st Ave S, Minneapolis, MN 55404
                                          Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                          info@windustry.org www.windustry.org
     Project Assumptions Page 4 of 22




                                                                            Annual             Year                   Year
Incentives                                                                 Escalation          Start                  End                     Notes
Federal Production Tax Credit ($/kWh)                $          0.0190             2%                  1                             10
Percent of the PTC project can utilize                         100.00%
Other Production Tax Credit ($/kWh)                  $             -                  2%               1                             20
Other Tax Credit (Installment Payments)              $             -                  0%               1                             10
Are Installment Payments Taxable Income?                            yes
Other Tax Credit (Lump Sum)                          $             -                  0%               1                                  1
Is the Lump Sum Taxable Income?                                     yes
Production Incentive Payment ($/kWh)                 $             -                  1%               1                             10

                                                                            Annual             Year                   Year
Expenses                                                                   Escalation          Start                  End                     Notes
Operations & Maintenance                             $          45,000           3.0%                  1                             20
Operations & Maintenance Contingency Fund            $          25,000           2.0%                  1                             20
Project Management Fee                               $          70,000           2.0%                  1                             20
Insurance                                            $          21,000           2.0%                  1                             20
Property Tax                                         $          10,000          -1.0%                  1                             20
Lease Payments to Landowners                         $          12,000           2.0%                  1                             20
Admin/Financial/Legal Management                     $           5,000           2.0%                  1                             20
Production Tax Expense ($/kWh)                       $          0.0012           2.0%                  1                             20
Warranty Expense                                     $          20,000           2.0%                  1                              5
Decomm. Fund Pre-Warranty Expiration                 $             -             2.0%                  1                              5
Decomm. Fund Post-Warranty Expiration                $           3,000           2.0%                  1                             20
Other Expense                                        $             -             1.0%                  1                             20

Depreciation                                                                                                                                  Notes
What kind of Depreciation can the project utilize?              MACRS

                                                                                                     Notes
Cost Tool
Project Cost per kW                                  $           1,900    This is a tool to help the user determine the total installed
                                                                          cost of the project. Once the installed cost is determined
Project Power, kW                                                 3000
                                                                          the user should manually enter the results from cell J40 or
Total Cost                                           $       5,700,000    J50 into cell C20.
                        -OR-
Break-out Cost Tool
Feasibility Study / Wind Resource Assessment         $              -
Project Design & Development                         $              -
Turbine & Tower                                      $              -
Interconnection                                      $              -
Commissioning                                        $              -
Installation/Construction                            $              -
Other                                                $              -
TOTAL                                                $              -

                                                                                                     Notes
C-BED Tool                                                                C-BED power purchase rates are structured so that the
Discount Rate for NPV Calculations                                   8%   rate for energy sold by the project in the first ten years of
Front Loaded Rate ($/kWh)                            $              -     production is higher than in the last ten years. The
Rear Unloaded Rate ($/kWh)                           $              -     determination of the levelized cost of the energy sold is
                                                                          based on the purchasing utility's discount rate for normal
Annual Escalation                                                    0%
                                                                          business operations. For more information about C-BED
Fixed Price Equivalent ($/kWh)                       $              -     contracts and agreements visit this website:
NPV Rate of Energy ($/kWh)                           $              -     http://www.windustry.org/community/cbed.htm




                                                             2105 1st Ave S, Minneapolis, MN 55404
                                             Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                             info@windustry.org www.windustry.org
Project Summary
Project Name                                       Test Project
Project Size (MW)                                       3
Turbine Model                                       GE 1.5MW
Net Capacity Factor (Years 1-20)                      32%
Total kWh Produced (Years 1-20)                    168,613,754
PPA                                                  $0.0600
C-BED PPA (NPV)                                      $0.0000
Green Tag Rate                                       $0.0000

Total Installed Cost                                $5,700,000

Local Investor Contribution                         $2,000,000
Local Investor IRR                                     -3%
Local Investor Return (NPV)                        ($1,729,163)

Equity Investor Contribution                         $300,000
Equity Investor IRR                                   238%
Equity Investor Return (NPV)                        $2,270,016

O & M Rate (% of revenues)                              9.9%
Capital Cost per kW                                    $1,900

IRR (Years 1-20)                                       17%
Net Present Value (Years 1-20)                       $841,679




                                    2105 1st Ave S, Minneapolis, MN 55404
                   Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                   info@windustry.org www.windustry.org
       Pro Forma Page 6 of 22




                Test Project Pro Forma
                                                    Year         0             1            2             3           4           5           6           7           8           9          10

CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)         (2,300,000)

REVENUES
kWh/yr                                                                     9,014,040    9,014,040     9,014,040   9,014,040   8,923,900   8,834,661   8,746,314   8,658,851   8,572,262   8,486,540
PPA Rate ($/kWh)                                                             0.060        0.061         0.062       0.064       0.065       0.066       0.068       0.069       0.070       0.072
C-BED Rate ($/kWh)                                                           0.000        0.000         0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000
Electricity Sales Revenue per PPA                                           540,842      551,659       562,692     573,946     579,571     585,251     590,986     596,778     602,626     608,532
Electricity Sales Revenue per C-BED                                            0            0             0           0           0           0           0           0           0           0
Green Tag Rate ($/kWh)                                                       0.000        0.000         0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000
Green Tag Sales Revenue                                                        0            0             0           0           0           0           0           0           0           0
Other Tax Credit (Installment Payments)                                        0            0             0           0           0           0           0           0           0           0
Other Tax Credit (Lump Sum)                                                    0            0             0           0           0           0           0           0           0           0
Production Incentive Payments                                                  0            0             0           0           0           0           0           0           0           0
                                Total Annual Revenues                       540,842      551,659       562,692     573,946     579,571     585,251     590,986     596,778     602,626     608,532

EXPENSES
Operations & Maintenance                                                     45,000      46,350        47,741      49,173     50,648       52,167      53,732      55,344      57,005      58,715
Operations & Maintenance Contingency Fund                                    25,000      25,500        26,010      26,530     27,061       27,602      28,154      28,717      29,291      29,877
Project Management Fee                                                       70,000      71,400        72,828      74,285     75,770       77,286      78,831      80,408      82,016      83,656
Insurance                                                                    21,000      21,420        21,848      22,285     22,731       23,186      23,649      24,122      24,605      25,097
Property Tax                                                                 9,900        9,801         9,703       9,606      9,510        9,415      9,321       9,227       9,135        9,044
Leaseholder Payments                                                         12,000      12,240        12,485      12,734     12,989       13,249      13,514      13,784      14,060      14,341
Admin/Financial/Legal Management                                             5,000        5,100         5,202       5,306      5,412        5,520      5,631       5,743       5,858        5,975
Production Tax Expense                                                       10,817      11,033        11,254      11,479     11,591       11,705      11,820      11,936      12,053      12,171
Warranty Expense                                                             20,000      20,400        20,808      21,224     21,649          0          0           0           0            0
Decomm. Fund Pre-Warranty Expiration                                           0            0             0           0          0            0          0           0           0            0
Decomm. Fund Post-Warranty Expiration                                        3,000        3,060         3,121       3,184      3,247        3,312      3,378       3,446       3,515        3,585
Other Expense                                                                  0            0             0           0          0            0          0           0           0            0
                    Total Annual Operating Expenses                         221,717      226,304      231,000     235,806     240,609     223,442     228,031     232,729     237,538     242,462

EBITDA & Taxable Income
EBITDA                                                                      319,126      325,355       331,693    338,140     338,962     361,809     362,955     364,049     365,088     366,070
Depreciation                                                                940,000     1,504,000      902,400    541,440     541,440     270,720        0           0           0           0
Debt Interest Payment                                                          0            0             0          0        144,000     133,075     121,495     109,219      96,207      82,415
                                 Total Annual Expenses                     1,161,717    1,730,304     1,133,400   777,246     926,049     627,237     349,525     341,948     333,745     324,877

                                        Taxable Income      (2,300,000)     (620,874)   (1,178,645)   (570,707)   (203,300)   (346,478)    (41,986)   241,461     254,830     268,881     283,655

TAXES
Local Owner Income Tax Benefit/(Liability)                                     0            0            0           0           0           0           0           0           0           0
Equity Investor Income Tax Benefit (Liability)                              217,306      412,526      199,748      71,155     121,267      14,695     (84,511)    (89,191)    (94,108)    (99,279)
Federal PTC Value                                                           141,220      141,220      148,653     148,653     154,524     152,979     151,449     157,075     155,504     160,946
Other PTC Value                                                                0            0            0           0           0           0           0           0           0           0
Other Tax Credit (Installment Payments)                                        0            0            0           0           0           0           0           0           0           0
Other Tax Credit (Lump Sum)                                                    0            0            0           0           0           0           0           0           0           0
                            Total Tax Benefit/(Liability)                   358,526      553,746      348,400     219,808     275,792     167,674      66,938      67,884      61,396      61,667

AFTER-TAX CASH FLOWS
Add Back Depreciation                                                       940,000     1,504,000     902,400     541,440     541,440     270,720        0           0           0           0
Less Debt Principal Payment                                                    0            0            0           0        182,083     193,008     204,589     216,864     229,876     243,668

                       Net After-Tax Project Cash Flow      (2,300,000)     677,652      879,101      680,093     557,948     288,671     203,400     103,810     105,850     100,401     101,654

                                   Local Owner Return       (2,000,000)        0            0            0           0           0           0           0           0           0           0
                                 Equity Investor Return      (300,000)      677,652      879,101      680,093     557,948     288,671     203,400     103,810     105,850     100,401     101,654


PROJECT RESULTS
O & M Rate (% of revenues)                                     9.9%
Capital Cost per kWh                                          $1,900
IRR (Years 1-20)                                               17%
Net Present Value (Years 1-20)                               $841,679
LOCAL OWNER RESULTS
Running IRR                                                                  #NUM!        #NUM!        #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!
Overall IRR                                                     -3%
NPV                                                         ($1,729,163)
EQUITY INVESTOR RESULTS
Required Rate of Return                                        15%
Running IRR                                                                  126%         218%          234%        237%        238%        238%        238%        238%        238%        238%
Overall IRR                                                    238%
NPV                                                         $2,270,016
DEBT COVERAGE
Debt Service Coverage Ratio                                                   0.00         0.00         0.00        0.00        1.60        1.70        1.74        1.78        1.82        1.87

OTHER DETAILS
Running Total of Decommissioning Fund                                       3,000        6,060          9,181      12,365     15,612       18,924      22,303      25,749      29,264      32,849
Running Total of O&M Contingency Fund                                       25,000       50,500        76,510     103,040     130,101     157,703     185,857     214,574     243,866     273,743




                                                                                           2105 1st Ave S, Minneapolis, MN 55404
                                                                           Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                                           info@windustry.org www.windustry.org
       Pro Forma Page 7 of 22




                Test Project Pro Forma
                                                    Year       11           12          13          14          15          16          17          18          19          20

CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)

REVENUES
kWh/yr                                                      8,401,674   8,317,658    8,234,481   8,152,136   8,070,615   7,989,909   7,910,010   7,830,910   7,752,600   7,675,074
PPA Rate ($/kWh)                                              0.073       0.075        0.076       0.078       0.079       0.081       0.082       0.084       0.086       0.087
C-BED Rate ($/kWh)                                            0.000       0.000        0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000
Electricity Sales Revenue per PPA                            614,496     620,518      626,599     632,739     638,940     645,202     651,525     657,910     664,357     670,868
Electricity Sales Revenue per C-BED                             0           0            0           0           0           0           0           0           0           0
Green Tag Rate ($/kWh)                                        0.000       0.000        0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000
Green Tag Sales Revenue                                         0           0            0           0           0           0           0           0           0           0
Other Tax Credit (Installment Payments)                         0           0            0           0           0           0           0           0           0           0
Other Tax Credit (Lump Sum)                                     0           0            0           0           0           0           0           0           0           0
Production Incentive Payments                                   0           0            0           0           0           0           0           0           0           0
                                Total Annual Revenues        614,496     620,518      626,599     632,739     638,940     645,202     651,525     657,910     664,357     670,868

EXPENSES
Operations & Maintenance                                    60,476        62,291      64,159      66,084      68,067      70,109      72,212      74,378      76,609     78,908
Operations & Maintenance Contingency Fund                   30,475        31,084      31,706      32,340      32,987      33,647      34,320      35,006      35,706     36,420
Project Management Fee                                      85,330        87,036      88,777      90,552      92,364      94,211      96,095      98,017      99,977     101,977
Insurance                                                   25,599        26,111      26,633      27,166      27,709      28,263      28,828      29,405      29,993     30,593
Property Tax                                                 8,953        8,864       8,775        8,687       8,601       8,515       8,429       8,345       8,262      8,179
Leaseholder Payments                                        14,628        14,920      15,219      15,523      15,834      16,150      16,473      16,803      17,139     17,482
Admin/Financial/Legal Management                             6,095        6,217       6,341        6,468       6,597       6,729       6,864       7,001       7,141      7,284
Production Tax Expense                                      12,290        12,410      12,532      12,655      12,779      12,904      13,030      13,158      13,287     13,417
Warranty Expense                                               0            0           0            0           0           0           0           0           0          0
Decomm. Fund Pre-Warranty Expiration                           0            0           0            0           0           0           0           0           0          0
Decomm. Fund Post-Warranty Expiration                        3,657        3,730       3,805        3,881       3,958       4,038       4,118       4,201       4,285      4,370
Other Expense                                                  0            0           0            0           0           0           0           0           0          0
                    Total Annual Operating Expenses         247,503      252,664     257,947     263,357     268,895     274,565     280,371     286,314     292,400     298,631

EBITDA & Taxable Income
EBITDA                                                      366,993      367,854     368,651     369,383     370,045     370,637     371,154     371,596     371,958     372,238
Depreciation                                                   0            0           0           0           0           0           0           0           0           0
Debt Interest Payment                                       67,795        52,297      35,870      18,458        0           0           0           0           0           0
                                 Total Annual Expenses      315,298      304,961     293,818     281,814     268,895     274,565     280,371     286,314     292,400     298,631

                                        Taxable Income      299,198      315,557     332,781     350,925     370,045     370,637     371,154     371,596     371,958     372,238

TAXES
Local Owner Income Tax Benefit/(Liability)                  (104,719)    (110,445)   (116,473)   (122,824)   (129,516)   (129,723)   (129,904)   (130,058)   (130,185)   (130,283)
Equity Investor Income Tax Benefit (Liability)                 0            0           0           0           0           0           0           0           0           0
Federal PTC Value                                              0            0           0           0           0           0           0           0           0           0
Other PTC Value                                                0            0           0           0           0           0           0           0           0           0
Other Tax Credit (Installment Payments)                        0            0           0           0           0           0           0           0           0           0
Other Tax Credit (Lump Sum)                                    0            0           0           0           0           0           0           0           0           0
                            Total Tax Benefit/(Liability)   (104,719)    (110,445)   (116,473)   (122,824)   (129,516)   (129,723)   (129,904)   (130,058)   (130,185)   (130,283)

AFTER-TAX CASH FLOWS
Add Back Depreciation                                          0            0           0           0           0           0           0           0           0           0
Less Debt Principal Payment                                 258,288      273,786     290,213     307,626        0           0           0           0           0           0

                       Net After-Tax Project Cash Flow       (63,810)    (68,674)     (73,905)    (79,524)   240,529     240,914     241,250     241,537     241,772     241,954

                                   Local Owner Return        (63,810)    (68,674)     (73,905)    (79,524)   240,529     240,914     241,250     241,537     241,772     241,954
                                 Equity Investor Return         0           0            0           0          0           0           0           0           0           0


PROJECT RESULTS
O & M Rate (% of revenues)
Capital Cost per kWh
IRR (Years 1-20)
Net Present Value (Years 1-20)
LOCAL OWNER RESULTS
Running IRR                                                  #NUM!        #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!       #NUM!
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR                                                   238%        238%         238%        238%        238%        238%        238%        238%        238%        238%
Overall IRR
NPV
DEBT COVERAGE
Debt Service Coverage Ratio                                   1.92         1.97        2.02        2.08        0.00        0.00        0.00        0.00        0.00        0.00

OTHER DETAILS
Running Total of Decommissioning Fund                       36,506        40,236      44,041      47,922      51,880      55,918      60,036      64,237      68,522     72,892
Running Total of O&M Contingency Fund                       304,218      335,302     367,008     399,348     432,335     465,982     500,302     535,308     571,014     607,434




                                                                                        2105 1st Ave S, Minneapolis, MN 55404
                                                                        Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                                        info@windustry.org www.windustry.org
    Calculations Appendix Page 8 of 22



Depreciation - Modified Accelerated Cost Recovery System
                  Net Book Value    4,700,000

                Mid-Point of Year        1          2           3           4           5           6
                 Beginning Value    4,700,000   3,760,000   2,256,000   1,353,600    812,160     270,720
                MACRS Schedule       20.00%      32.00%      19.20%      11.52%      11.52%       5.76%
                    Depreciation     940,000    1,504,000    902,400     541,440     541,440     270,720
                   Ending Value     3,760,000   2,256,000   1,353,600    812,160     270,720         0

               Total Depreciation   4,700,000




Depreciation - Straight Line
                  Net Book Value    4,700,000


                           Year         1           2           3           4           5           6           7           8           9          10          11          12          13          14          15          16          17          18          19          20
                Beginning Value     4,700,000   4,465,000   4,230,000   3,995,000   3,760,000   3,525,000   3,290,000   3,055,000   2,820,000   2,585,000   2,350,000   2,115,000   1,880,000   1,645,000   1,410,000   1,175,000    940,000     705,000     470,000     235,000
             Annual Depreciation     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000     235,000
                   Ending Value     4,465,000   4,230,000   3,995,000   3,760,000   3,525,000   3,290,000   3,055,000   2,820,000   2,585,000   2,350,000   2,115,000   1,880,000   1,645,000   1,410,000   1,175,000    940,000     705,000     470,000     235,000        0



C-BED Calculator
                             Year        1          2           3           4           5           6           7           8           9          10          11          12          13          14          15          16          17          18          19          20          Total
                         kWh/yr 9,014,040       9,014,040   9,014,040   9,014,040   8,923,900   8,834,661   8,746,314   8,658,851   8,572,262   8,486,540   8,401,674   8,317,658   8,234,481   8,152,136   8,070,615   7,989,909   7,910,010   7,830,910   7,752,600   7,675,074   168,613,754
             C-BED Rate ($/kWh)   0.000           0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000       0.000
                 Sales Revenue      0               0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0
                 PV of Revenue      0               0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0           0




PTC Double Dipping
                             Year       1           2           3           4           5           6           7           8           9          10          11          12          13          14          15          16          17          18          19          20
           $/kWh Defined by IRS       0.019       0.019       0.020       0.020       0.021       0.021       0.021       0.022       0.022       0.023         0           0           0           0           0           0           0           0           0           0
             Total Potential PTC     171,267     171,267     180,281     180,281     187,402     185,528     183,673     190,495     188,590     195,190        0           0           0           0           0           0           0           0           0           0
   Amount Able to be Utilized by
                          Project    171,267     171,267     180,281     180,281     187,402     185,528     183,673     190,495     188,590     195,190        0           0           0           0           0           0           0           0           0           0
    Total Government Incentives     1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000   1,000,000
             Total Available PTC     141,220     141,220     148,653     148,653     154,524     152,979     151,449     157,075     155,504     160,946        0           0           0           0           0           0           0           0           0           0
          PTC Utilized by Project    141,220     141,220     148,653     148,653     154,524     152,979     151,449     157,075     155,504     160,946        0           0           0           0           0           0           0           0           0           0


Debt Service Schedule
                            Year        1           2           3           4           5           6           7           8           9           10          11          12          13          14         15          16          17          18          19          20
              Beginning Balance     2,400,000   2,400,000   2,400,000   2,400,000   2,400,000   2,217,917   2,024,909   1,820,320   1,603,456   1,373,581   1,129,912    871,624     597,838     307,626        0           0           0           0           0           0
                Interest Payment        0           0           0           0        144,000     133,075     121,495     109,219      96,207      82,415      67,795      52,297      35,870      18,458        0           0           0           0           0           0
               Principal Payment        0           0           0           0        182,083     193,008     204,589     216,864     229,876     243,668     258,288     273,786     290,213     307,626        0           0           0           0           0           0
                 Ending Balance     2,400,000   2,400,000   2,400,000   2,400,000   2,217,917   2,024,909   1,820,320   1,603,456   1,373,581   1,129,912    871,624     597,838     307,626         0          0           0           0           0           0           0




                                                                                                                   2105 1st Ave S, Minneapolis, MN 55404
                                                                                                   Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                                                                   info@windustry.org www.windustry.org
Charts Page 9 of 22



Charts
The charts listed below can be found on subsequent tabs in this workbook.

Project Assumptions
          Ownership Division, Pre-Flip
          Ownership Division, Post-Flip
Revenues
          Annual kWh Generation
          Annual Revenues
          Electricity Sales Revenue (including Green Tags)

Expenses
           Annual Payments on Loan (Interest and Principal)
           Annual Expenses

Taxes
           Tax Benefits and Liabilities
           Total Net Tax Benefit or Liability

Cash Flows
         Returns to Investors
         Net After-Tax Project Cash Flow

Project Results
          Running Internal Rate of Return
          Debt Service Coverage Ratio




                                                2105 1st Ave S, Minneapolis, MN 55404
                                Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                info@windustry.org www.windustry.org
Ownership Division, Pre-Flip Page 10 of 22



                                                   Ownership Division, Pre-Flip




                                                                  Local Owner, 0%




                                                                Equity Owner, 100%




                                                              2105 1st Ave S, Minneapolis, MN 55404
                                             Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                             info@windustry.org www.windustry.org
Ownership Division, Post-Flip Page 11 of 22



                                                    Ownership Division, Post-Flip




                                                                   Equity Owner, 0%




                                                                  Local Owner, 100%




                                                              2105 1st Ave S, Minneapolis, MN 55404
                                              Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                              info@windustry.org www.windustry.org
Annual kWh Generation Page 12 of 22



                                                        Annual kWh Generation


             10,000,000



              9,000,000



              8,000,000



              7,000,000



              6,000,000
  kWh/year




              5,000,000



              4,000,000



              3,000,000



              2,000,000



              1,000,000



                     0
                          1   2   3   4   5    6       7        8       9       10       11      12       13    14   15   16   17   18   19   20
                                                                                     Year



                                                              2105 1st Ave S, Minneapolis, MN 55404
                                              Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                              info@windustry.org www.windustry.org
Annual Revenues Page 13 of 22



                                                                    Annual Revenues

                 800,000




                 700,000




                 600,000
                                                                                                                                              Production Incentive
                                                                                                                                              Payments


                                                                                                                                              Other Tax Credit (Lump
                 500,000                                                                                                                      Sum)
   Revenue ($)




                                                                                                                                              Other Tax Credit
                                                                                                                                              (Installment Payments)
                 400,000
                                                                                                                                              Green Tag Sales Revenue



                 300,000                                                                                                                      Electricity Sales Revenue
                                                                                                                                              per C-BED


                                                                                                                                              Electricity Sales Revenue
                 200,000                                                                                                                      per PPA




                 100,000




                      0
                           1   2   3   4   5   6   7     8      9      10     11     12     13     14     15         16   17   18   19   20
                                                                         Year



                                                                   2105 1st Ave S, Minneapolis, MN 55404
                                                   Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                   info@windustry.org www.windustry.org
Electricity Sales Revenue Page 14 of 22



                                                    Electricity Sales Revenue (Including Green Tags)


                      800,000




                      700,000




                      600,000                                                                                                                        Green Tag Sales
                                                                                                                                                     Revenue



                      500,000                                                                                                                        Electricity Sales
  Sales Revenue ($)




                                                                                                                                                     Revenue per C-
                                                                                                                                                     BED


                                                                                                                                                     Electricity Sales
                      400,000                                                                                                                        Revenue per
                                                                                                                                                     PPA



                      300,000




                      200,000




                      100,000




                           0
                                1   2   3   4   5    6    7      8       9      10      11     12      13      14      15   16   17   18   19   20
                                                                                  Year



                                                                         2105 1st Ave S, Minneapolis, MN 55404
                                                         Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                         info@windustry.org www.windustry.org
Loan Payments Page 15 of 22



                                          Annual Payments on Loan (Interest and Principal)


                350,000




                300,000




                250,000




                200,000
  Payment ($)




                150,000




                100,000




                 50,000




                     0
                          1   2   3   4   5    6          7        8       9        10      11       12       13     14   15   16   17   18   19   20
                                                                                         Year

                                                                   Debt Interest Payment    Debt Principal Payment



                                                                   2105 1st Ave S, Minneapolis, MN 55404
                                                   Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                   info@windustry.org www.windustry.org
Annual Expenses Page 16 of 22



                                                                    Annual Expenses

                 2,000,000



                 1,800,000



                 1,600,000
                                                                                                                                                Depreciation

                 1,400,000                                                                                                                      Less Debt Principal
                                                                                                                                                Payment
                                                                                                                                                Debt Interest Payment

                 1,200,000                                                                                                                      Other Expense
   Expense ($)




                                                                                                                                                Decomm. Fund Post-
                                                                                                                                                Warranty Expiration
                 1,000,000                                                                                                                      Decomm. Fund Pre-
                                                                                                                                                Warranty Expiration
                                                                                                                                                Production Tax Expense

                  800,000                                                                                                                       Admin/Financial/Legal
                                                                                                                                                Management
                                                                                                                                                Leaseholder Payments
                  600,000
                                                                                                                                                Property Tax

                                                                                                                                                Insurance
                  400,000
                                                                                                                                                Project Management
                                                                                                                                                Fee
                                                                                                                                                Operations &
                  200,000                                                                                                                       Maintenance




                        0
                             1   2   3   4   5   6    7      8      9      10     11     12     13     14     15       16   17   18   19   20
                                                                             Year



                                                                     2105 1st Ave S, Minneapolis, MN 55404
                                                     Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                     info@windustry.org www.windustry.org
Tax Benefits and Liabilities Page 17 of 22



                                                            Tax Benefits and Liabilities
                                             (Liabilities appear as values below zero.)

              600,000




              500,000




              400,000                                                                                                                         Other Tax Credit (Lump
                                                                                                                                              Sum)


                                                                                                                                              Other Tax Credit
              300,000                                                                                                                         (Installment Payments)


                                                                                                                                              Other PTC Value
    Tax ($)




              200,000
                                                                                                                                              Federal PTC Value



              100,000
                                                                                                                                              Equity Investor Income
                                                                                                                                              Tax Benefit (Liability)



                    0                                                                                                                         Local Owner Income Tax
                                                                                                                                              Benefit/(Liability)




              -100,000




              -200,000
                         1   2   3   4   5   6     7      8       9     10     11         12   13   14     15        16   17   18   19   20
                                                                          Year



                                                                   2105 1st Ave S, Minneapolis, MN 55404
                                                   Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                   info@windustry.org www.windustry.org
Total Net Tax Ben. or Liab. Page 18 of 22



                                                              Total Net Tax Benefit or Liability
                                            (Liabilities appear as values below zero.)

             600,000




             500,000




             400,000




             300,000
   Tax ($)




             200,000




             100,000




                   0




             -100,000




             -200,000
                        1   2   3    4       5        6         7        8       9       10      11       12      13        14   15   16   17   18   19   20
                                                                                              Year



                                                                          2105 1st Ave S, Minneapolis, MN 55404
                                                          Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                          info@windustry.org www.windustry.org
Returns to Investors Page 19 of 22



                                                              Returns to Investors

                1,000,000




                 800,000




                 600,000
   Return ($)




                 400,000




                 200,000




                       0




                (200,000)
                            1   2   3   4   5   6         7         8         9        10        11        12         13       14   15   16   17   18   19   20
                                                                                            Year


                                                                     Local Owner Return               Equity Investor Return



                                                                   2105 1st Ave S, Minneapolis, MN 55404
                                                    Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                    info@windustry.org www.windustry.org
Net After-Tax Cash Flow Page 20 of 22



                                                      Net After-Tax Project Cash Flow


                  1,000,000




                   800,000




                   600,000
  Cash Flow ($)




                   400,000




                   200,000




                         0




                  (200,000)
                              1   2   3   4   5   6       7        8        9       10      11       12       13    14   15   16   17   18   19   20
                                                                                         Year



                                                                  2105 1st Ave S, Minneapolis, MN 55404
                                                  Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                  info@windustry.org www.windustry.org
Running IRR Page 21 of 22



                                                Running Internal Rate of Return


            300%




            250%




            200%
  IRR (%)




            150%




            100%




            50%




             0%
                   1   2    3   4   5   6        7        8        9       10       11        12       13     14   15   16   17   18   19   20
                                                                                Year

                                                                   Local Owner           Equity Investor



                                                            2105 1st Ave S, Minneapolis, MN 55404
                                            Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                            info@windustry.org www.windustry.org
Debt Service Coverage Ratio Page 22 of 22



                                                        Debt Service Coverage Ratio


          2.50




          2.00




          1.50
  Ratio




          1.00




          0.50




          0.00
                 1   2    3      4     5    6       7        8        9        10      11       12       13       14   15   16   17   18   19   20
                                                                                    Year



                                                                2105 1st Ave S, Minneapolis, MN 55404
                                                Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
                                                                info@windustry.org www.windustry.org

				
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