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Loan Servicing Flow Chart document sample
Document Sample
Community Wind Initiative Financial Tool for Scenario Analysis
Instructions:
1. Input Major Assumptions into yellow cells
2. Cost and paste data in "Data for Cash Flow Chart" into Powerpoint Output template
3. Complete Sensitivity analysis by varying selected parameter, holding all others at base case
Inputs Outputs - Project Returns
Major Assumptions (Operating Costs and Tax below)
Number of turbines 2 Initial Equity Investment $ -
Turbine rating 1,500 Initial Debt $ 4,500,000
Plant Capacity 3,000 KW
Capacity Factor 30.0% Equity Net Present Value @ 7% $ 1,439,957
Actual Capital Cost $ 1,500 per KW installed Equity Net Present Value @10% $ 1,221,902
Capital Cost Subsidy $ - per KW installed
Development Fee $ - $ - Project IRR before Debt Servicing 8.36%
Net Capital Cost $ 1,500 per KW installed
Electricity Rate - "Behind the meter" $ 0.070 per KWh
- Escalation Rate 0.5%
"Behind the meter" share 10%
Electricity Rate - Wholesale $ 0.030
- Escalation Rate 0.5%
Weighted Average Electricity Rate $ 0.0340
Renewable Energy Certificate Value $ 0.038 Per KWh
REC Escalation Rate 0%
Operating Cost Scale Adjustment 100%
PTC/REPI Value (10 years) $ 0.015 For REPI - $0.015/PTC - $0.018 per KWh on eligible output for 10 years
PTC/REPI Eligibility 100%
Equity Share of Capital 0%
Tax Exempt Yes Input Yes or No (requires full spelling)
Depreciation Schedule New Input "New" (2003 Tax Cut) or "Old" (Note: new schedule expires Jan. 2005)
Equity Cost of Capital 10.00%
Debt Interest Rate 4.00%
Loan Term 20
Operating Cost Assumptions
Operating Costs Operations & Maintenance (O&M) $ 0.0125 per kWh
Project Management Fee $ 10,000 per year
Insurance $ 0.0035 per kWh
0.0018 Landowner Royalty $ - per kWh
0.005 Prop. Tax or PILOT $ - per kWh
Decomissioning/Rehab Fund $ 0.00030 per kWh
Delivery Costs PTC/REPI (1st 10 yrs) $ 0.0150 $/kWh
Transmission $ - $/kWh
Scheduling Penalties $ - $/kWh
Community Wind A&G Costs Annual Admin/Billing/Cust.Serv. $ - per cust/yr
1-Time Setup & Mktg. Costs $ - per cust, yr 1
Management Fee $ 25,000 $/yr
Legal/accounting $ 10,000 $/yr
$ -
Tax Assumptions
Federal Tax Rate 35% Depreciation Schedules - New 2003 Tax Cut and pre-existing
State Tax Rate 5% New Old
Accelerated Depreciation Schedule 50.00% Year 1 50.00% 20.00%
20.00% Year 2 20.00% 32.00%
12.00% Year 3 12.00% 19.20%
7.20% Year 4 7.20% 11.52%
7.20% Year 5 7.20% 11.52%
3.60% Year 6 3.60% 5.76%
1 2 3 4 5 6 7
Cash Flow before Interest 512,399 511,752 511,086 510,401 509,697 508,973 508,229
Interest Cost 180,000 173,955 167,669 161,131 154,331 147,260 139,906
Debt Service Costs 331,118 331,118 331,118 331,118 331,118 331,118 331,118
181,281 180,634 179,968 179,283 178,579 177,855 177,111
8 9 10 11 12 13 14 15 16 17
507,465 506,680 505,874 386,786 385,936 385,064 384,170 383,252 382,311 381,346
132,257 124,303 116,030 107,427 98,479 89,173 79,496 69,431 58,963 48,077
331,118 331,118 331,118 331,118 331,118 331,118 331,118 331,118 331,118 331,118
176,347 175,562 174,756 55,668 54,818 53,946 53,052 52,134 51,193 50,228
18 19 20
380,357 379,343 378,304
36,755 24,981 12,735
331,118 331,118 331,118
49,239 48,225 47,186 114,853
Cash Flow Chart
Wind Plant Cash Flow Projection
$600,000
Bars - Annual Cash Flow
Black Line - Annual Debt Service
Dotted Blue Line - Interest
$500,000
$400,000
$300,000
$200,000
$100,000
$-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Page 6
Confidential
Community Wind Financial Model
Projection of Offering
Annual Electricity Generation
Capacity Factor (Average) 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Avg. Annual Energy Output (busbar) 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000
Ongoing Community Wind Cash Flow (total $)
Net Operating Income $ 394,139 $ 393,492 $ 392,826 $ 392,141 $ 391,437 $ 390,713 $ 389,969 $ 389,205 $ 388,420 $ 387,614 $ 386,786 $ 385,936
Depreciation (5 yr. MACRS) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Income Taxes (without credit) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
PTC/REPI (1st 10 yrs) $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ 118,260 $ - $ -
Total Tax Liability (savings) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cash Flow Before Interest $ (4,500,000) $ 512,399 $ 511,752 $ 511,086 $ 510,401 $ 509,697 $ 508,973 $ 508,229 $ 507,465 $ 506,680 $ 505,874 $ 386,786 $ 385,936
Interest Payments $ 180,000 $ 173,955 $ 167,669 $ 161,131 $ 154,331 $ 147,260 $ 139,906 $ 132,257 $ 124,303 $ 116,030 $ 107,427 $ 98,479
Net Cash Flow $ (4,500,000) $ 332,399 $ 337,796 $ 343,417 $ 349,270 $ 355,366 $ 361,713 $ 368,324 $ 375,208 $ 382,377 $ 389,843 $ 279,359 $ 287,457
Debt Principal Repayments $ 151,118 $ 157,163 $ 163,449 $ 169,987 $ 176,787 $ 183,858 $ 191,212 $ 198,861 $ 206,815 $ 215,088 $ 223,691 $ 232,639
After Tax Equity Cash Flow $ - $ 181,281 $ 180,634 $ 179,968 $ 179,283 $ 178,579 $ 177,855 $ 177,111 $ 176,347 $ 175,562 $ 174,756 $ 55,668 $ 54,818
Cumulative Equity CF $ - 181,281 361,915 541,883 721,166 899,745 1,077,600 1,254,711 1,431,058 1,606,620 1,781,376 1,837,044 1,891,862
Equity Cash Flow Ex - PTC $ - $ 214,139 $ 219,536 $ 225,157 $ 231,010 $ 237,106 $ 243,453 $ 250,064 $ 256,948 $ 264,117 $ 271,583 $ 279,359 $ 287,457
Cumulative Equity CF w/o PTC $ - 214,139 433,675 658,832 889,843 1,126,948 1,370,401 1,620,465 1,877,413 2,141,530 2,413,113 2,692,473 2,979,930
After Tax Project NPV before debt servicing
Project 4% $ 1,730,982
Project 7% $ 447,825
Project 10% $ (459,105)
IRR before Debt (P+I) 8.36%
Equity NPV 7% $ 1,439,957
10% $ 1,221,902
15% $ 963,341
Debt Service Calculations Total: Pmt $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118
Total: Int $ 180,000 $ 173,955 $ 167,669 $ 161,131 $ 154,331 $ 147,260 $ 139,906 $ 132,257 $ 124,303 $ 116,030 $ 107,427 $ 98,479
Total: Prn Pmt $ 151,118 $ 157,163 $ 163,449 $ 169,987 $ 176,787 $ 183,858 $ 191,212 $ 198,861 $ 206,815 $ 215,088 $ 223,691 $ 232,639
Total: BOY Prn Bal $ 4,500,000 $ 4,348,882 $ 4,191,720 $ 4,028,270 $ 3,858,283 $ 3,681,497 $ 3,497,639 $ 3,306,427 $ 3,107,566 $ 2,900,750 $ 2,685,663 $ 2,461,971
Per kWh: Pmt $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420
Per kWh: Int $ 0.0228 $ 0.0221 $ 0.0213 $ 0.0204 $ 0.0196 $ 0.0187 $ 0.0177 $ 0.0168 $ 0.0158 $ 0.0147 $ 0.0136 $ 0.0125
Per kWh: Prn Pmt $ 0.0192 $ 0.0199 $ 0.0207 $ 0.0216 $ 0.0224 $ 0.0233 $ 0.0243 $ 0.0252 $ 0.0262 $ 0.0273 $ 0.0284 $ 0.0295
Per kWh: BOY Prn Bal $ 0.5708 $ 0.5516 $ 0.5317 $ 0.5109 $ 0.4894 $ 0.4670 $ 0.4436 $ 0.4194 $ 0.3942 $ 0.3679 $ 0.3406 $ 0.3123
Financing Debt Funds $ 4,500,000
Equity Funds $ -
Total Capital Investment $ 4,500,000
Debt Funds (per kWh) $ 0.5708
Equity Funds (per kWh) $ -
Total Capital Investment (per kWh) $ 0.5708
Decommissioning/Rehab Reserve
Beg. Of Year Fund Balance 0 $ 2,401 $ 4,873 $ 7,420 $ 10,044 $ 12,746 $ 15,529 $ 18,395 $ 21,348 $ 24,389 $ 27,521 $ 30,747
additions $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365
interest @ 3% $ 35 $ 107 $ 182 $ 258 $ 337 $ 418 $ 501 $ 587 $ 676 $ 767 $ 861 $ 958
End of Year Fund Balance $ 2,401 $ 4,873 $ 7,420 $ 10,044 $ 12,746 $ 15,529 $ 18,395 $ 21,348 $ 24,389 $ 27,521 $ 30,747 $ 34,070
Annual Admin/Billing/Cust.Serv. $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
578f6e03-b931-4509-bd51-1f1b2060a5d2.xls 6/13/2011 RCG
Confidential
Community Wind Financial Model
Projection of Offering
Annual Electricity Generation
Capacity Factor (Average) 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
Avg. Annual Energy Output (busbar) 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000 7,884,000
Ongoing Community Wind Cash Flow (total $)
Net Operating Income $ 385,064 $ 384,170 $ 383,252 $ 382,311 $ 381,346 $ 380,357 $ 379,343 $ 378,304
Depreciation (5 yr. MACRS) $ - $ - $ - $ - $ - $ - $ - $ -
Income Taxes (without credit) $ - $ - $ - $ - $ - $ - $ - $ -
PTC/REPI (1st 10 yrs) $ - $ - $ - $ - $ - $ - $ - $ -
Total Tax Liability (savings) $ - $ - $ - $ - $ - $ - $ - $ -
Cash Flow Before Interest $ (4,500,000) $ 385,064 $ 384,170 $ 383,252 $ 382,311 $ 381,346 $ 380,357 $ 379,343 $ 378,304
Interest Payments $ 89,173 $ 79,496 $ 69,431 $ 58,963 $ 48,077 $ 36,755 $ 24,981 $ 12,735
Net Cash Flow $ (4,500,000) $ 295,891 $ 304,674 $ 313,822 $ 323,348 $ 333,269 $ 343,602 $ 354,362 $ 365,569
Debt Principal Repayments $ 241,945 $ 251,622 $ 261,687 $ 272,155 $ 283,041 $ 294,363 $ 306,137 $ 318,383
After Tax Equity Cash Flow $ - $ 53,946 $ 53,052 $ 52,134 $ 51,193 $ 50,228 $ 49,239 $ 48,225 $ 47,186
Cumulative Equity CF $ - 1,945,809 1,998,860 2,050,995 2,102,188 2,152,416 2,201,655 2,249,881 2,297,067
Equity Cash Flow Ex - PTC $ - $ 295,891 $ 304,674 $ 313,822 $ 323,348 $ 333,269 $ 343,602 $ 354,362 $ 365,569
Cumulative Equity CF w/o PTC $ - 3,275,821 3,580,495 3,894,317 4,217,665 4,550,934 4,894,536 5,248,898 5,614,467
After Tax Project NPV before debt servicing
Project 4% $ 1,730,982
Project 7% $ 447,825
Project 10% $ (459,105)
IRR before Debt (P+I) 8.36%
Equity NPV 7% $ 1,439,957
10% $ 1,221,902
15% $ 963,341
Debt Service Calculations Total: Pmt $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118 $ 331,118
Total: Int $ 89,173 $ 79,496 $ 69,431 $ 58,963 $ 48,077 $ 36,755 $ 24,981 $ 12,735
Total: Prn Pmt $ 241,945 $ 251,622 $ 261,687 $ 272,155 $ 283,041 $ 294,363 $ 306,137 $ 318,383
Total: BOY Prn Bal $ 2,229,332 $ 1,987,388 $ 1,735,765 $ 1,474,078 $ 1,201,923 $ 918,882 $ 624,520 $ 318,383
Per kWh: Pmt $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420 $ 0.0420
Per kWh: Int $ 0.0113 $ 0.0101 $ 0.0088 $ 0.0075 $ 0.0061 $ 0.0047 $ 0.0032 $ 0.0016
Per kWh: Prn Pmt $ 0.0307 $ 0.0319 $ 0.0332 $ 0.0345 $ 0.0359 $ 0.0373 $ 0.0388 $ 0.0404
Per kWh: BOY Prn Bal $ 0.2828 $ 0.2521 $ 0.2202 $ 0.1870 $ 0.1525 $ 0.1166 $ 0.0792 $ 0.0404
Financing Debt Funds $ 4,500,000
Equity Funds $ -
Total Capital Investment $ 4,500,000
Debt Funds (per kWh) $ 0.5708
Equity Funds (per kWh) $ -
Total Capital Investment (per kWh) $ 0.5708
Decommissioning/Rehab Reserve
Beg. Of Year Fund Balance $ 34,070 $ 37,493 $ 41,019 $ 44,650 $ 48,390 $ 52,243 $ 56,211 $ 60,298
additions $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365 $ 2,365
interest @ 3% $ 1,058 $ 1,160 $ 1,266 $ 1,375 $ 1,487 $ 1,603 $ 1,722 $ 1,844
End of Year Fund Balance $ 37,493 $ 41,019 $ 44,650 $ 48,390 $ 52,243 $ 56,211 $ 60,298 $ 64,507
Annual Admin/Billing/Cust.Serv. $ - $ - $ - $ - $ - $ - $ - $ -
578f6e03-b931-4509-bd51-1f1b2060a5d2.xls 6/13/2011 RCG
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