diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 8245c527f..84026a742 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.19.3 +current_version = 3.20.1 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index 7c84791a1..50efe2e3d 100644 --- a/.cookiecutterrc +++ b/.cookiecutterrc @@ -54,7 +54,7 @@ default_context: sphinx_doctest: "no" sphinx_theme: "sphinx-py3doc-enhanced-theme" test_matrix_separate_coverage: "no" - version: 3.19.3 + version: 3.20.1 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/CHANGELOG.rst b/CHANGELOG.rst index eb931ffc2..4d5025b10 100644 --- a/CHANGELOG.rst +++ b/CHANGELOG.rst @@ -5,10 +5,13 @@ Changelog GEOPHIRES v3 (2023-2026) ------------------------ -3.19 +3.20 ^^^^ -3.19.3: `Fervo_Project_Cape-7 (500 MW EGS) and Fervo_Project_Cape-8 (100 MW) public release; Redrilling Learning Rate `__ | `release `__ +3.20: `Fervo_Project_Cape-7 (500 MW EGS) and Fervo_Project_Cape-8 (100 MW) public release; Redrilling Learning Rate; Salvage Value Rate `__ | `release `__ | **Changed:** SAM Economic Models default salvage value rate has been updated from 0.5 to 0.1. + +3.19 +^^^^ 3.19: `Apply Surface Plant Capital Cost Adjustment Factor to provided Capital Cost for Power Plant for Electricity Generation `__; `500 MW EGS Case Study Update (Fervo_Project_Cape-7); Depreciation Schedule (5-year MACRS) `__ | `release `__ | **Changed:** Surface Plant Capital Cost Adjustment Factor is now applied when Capital Cost for Power Plant for Electricity Generation is provided, consistent with drilling and stimulation cost handling. See `the tracking issue `__ for details. diff --git a/README.rst b/README.rst index b605b16b7..fcf84f83e 100644 --- a/README.rst +++ b/README.rst @@ -58,9 +58,9 @@ Free software: `MIT license `__ :alt: Supported implementations :target: https://pypi.org/project/geophires-x -.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.19.3.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.20.1.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.19.3...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.20.1...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://softwareengineerprogrammer.github.io/GEOPHIRES diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index ccd7d0439..8c9f96b47 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -33,6 +33,7 @@ The following table describes how GEOPHIRES parameters are transformed into SAM | `Inflated Bond Interest Rate` | Financial Parameters → Project Term Debt | `Annual interest rate` | `Singleowner` | `term_int_rate` | .. N/A | | `Debt Tenor` | Financial Parameters → Project Term Debt | `Tenor` | `Singleowner` | `term_tenor` | Defaults to `Plant Lifetime` if not provided. May not exceed `Plant Lifetime`. Counted from the Commercial Operation Date (COD; Year 1); construction years are not counted. Debt drawn during construction is effectively refinanced as term debt at COD; see [Construction Debt at COD](SAM-EM_Multiple-Construction-Years.html#construction-debt-at-cod). | | `Depreciation Schedule` | Financial Parameters → Depreciation | `Allocations`: 100% to `20-yr Straight Line` (default) or `5-yr MACRS` | `Singleowner` | `depr_alloc_sl_20_percent`, `depr_alloc_macrs_5_percent` | The entire depreciable basis is allocated to one class. 5-year MACRS is the statutory class for facilities that claim the technology-neutral clean electricity credits (IRC sections 48E and 45Y). SAM counts the resulting early-year tax losses as tax benefits in the years they occur, which assumes the owner can use them (for example, against other taxable income or through a tax equity partner). | +| `Salvage Value Rate` | Financial Parameters → Salvage Value | `Net pre-tax cash salvage value` | `Singleowner` | `salvage_percentage` | Fraction of total installed cost credited as salvage value in the final year (taxable revenue). Defaults to 10%, the SAM default. Decommissioning costs (such as well plugging and abandonment and site restoration) are not modeled separately, so the rate should be net of them. | | `Starting Electricity Sale Price`, `Ending Electricity Sale Price`, `Electricity Escalation Rate Per Year`, `Electricity Escalation Start Year` | Revenue | `PPA price` | `Singleowner` | `ppa_price_input` | GEOPHIRES's pricing model is used to create a PPA price schedule that is passed to SAM. | | `Total AddOn Profit Gained` | Revenue → Capacity Payments | `Fixed amount`, `Capacity payment amount` | `Singleowner` | `cp_capacity_payment_type = 1`, `cp_capacity_payment_amount` | | | `Starting Carbon Credit Value`, `Ending Carbon Credit Value`, `Carbon Escalation Rate Per Year`, `Carbon Escalation Start Year` | Revenue → Capacity Payments | `Fixed amount`, `Capacity payment amount` | `Singleowner` | `cp_capacity_payment_type = 1`, `cp_capacity_payment_amount` | | diff --git a/docs/_images/fervo_project_cape-7-power-production.png 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b/docs/_images/fervo_project_cape-7-sensitivity-analysis-project_npv.svg index 9bd554cbc..b7e25e42a 100644 --- a/docs/_images/fervo_project_cape-7-sensitivity-analysis-project_npv.svg +++ b/docs/_images/fervo_project_cape-7-sensitivity-analysis-project_npv.svg @@ -6,7 +6,7 @@ - 2026-10-02T09:31:17.801569 + 2026-10-17T11:14:42.196725 image/svg+xml @@ -40,23 +40,23 @@ z +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 7.4,3.2; stroke-dashoffset: 0; stroke: #003c4d; stroke-width: 2"/> +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - - + @@ -133,11 +133,11 @@ z +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -175,11 +175,11 @@ z +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -222,11 +222,11 @@ z +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -240,11 +240,11 @@ L 524.208439 150.20355 +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -260,11 +260,11 @@ L 621.570015 150.20355 +" clip-path="url(#pfb2d916098)" style="fill: none; stroke-dasharray: 0.8,1.32; stroke-dashoffset: 0; stroke: #aaaaaa; stroke-opacity: 0.7; stroke-width: 0.8"/> - + @@ -1891,27 +1891,27 @@ L 777.594375 150.20355 " style="fill: none; stroke: #aaaaaa; stroke-width: 0.8; stroke-linejoin: miter; stroke-linecap: square"/> - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -1939,7 +1939,7 @@ z - + @@ -2135,8 +2135,8 @@ z - - + + - - - + + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - + - + @@ -2291,19 +2291,19 @@ z - - + +" clip-path="url(#pfb2d916098)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2315,123 +2315,123 @@ z - - - + + + - + - - + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - + - + @@ -2497,90 +2497,91 @@ z - - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - - - + + + + + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2591,30 +2592,30 @@ z - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2629,7 +2630,7 @@ z - + @@ -2644,33 +2645,33 @@ z - - + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2679,9 +2680,9 @@ z - + - + @@ -2694,31 +2695,31 @@ z - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + @@ -2735,43 +2736,43 @@ z - - + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2786,33 +2787,33 @@ z - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2826,33 +2827,33 @@ z - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2866,33 +2867,33 @@ z - - - + + + - + - + - + +" clip-path="url(#pfb2d916098)" style="fill: 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clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -3152,33 +3153,33 @@ z - - - + + + - - - + + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -3196,43 +3197,43 @@ z - - - + + + - - - + + + - + - + +" clip-path="url(#pfb2d916098)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + +" clip-path="url(#pfb2d916098)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -3240,15 +3241,16 @@ z - - - + + + - - - - - + + + + + + @@ -3650,7 +3652,7 @@ L 434.490548 44.425275 z " style="fill: #003c4d"/> - + - - + + - + - + diff --git a/docs/_images/fervo_project_cape-7-singh-et-al-base-simulation-production-temperature.png b/docs/_images/fervo_project_cape-7-singh-et-al-base-simulation-production-temperature.png index 1df861be3..c28d19800 100644 Binary files a/docs/_images/fervo_project_cape-7-singh-et-al-base-simulation-production-temperature.png and b/docs/_images/fervo_project_cape-7-singh-et-al-base-simulation-production-temperature.png differ diff --git a/docs/conf.py b/docs/conf.py index 80a9cf306..028e2ec9c 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.19.3' +version = release = '3.20.1' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 1496cf78d..a82a83950 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.19.3', + version='3.20.1', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_docs/data/Fervo_Project_Cape-7_flow_rate_parametric.csv b/src/geophires_docs/data/Fervo_Project_Cape-7_flow_rate_parametric.csv index 415ee2dd9..f9167bb5c 100644 --- a/src/geophires_docs/data/Fervo_Project_Cape-7_flow_rate_parametric.csv +++ b/src/geophires_docs/data/Fervo_Project_Cape-7_flow_rate_parametric.csv @@ -1,52 +1,52 @@ flow_kg_per_s,avg_net_mw,min_net_mw,redrills,lcoe_cents_per_kwh,irr_pct,npv_musd -80,417.13,404.96,1,11,20.65,210.71 -81,421.81,409.39,1,10.95,20.84,220.26 -82,426.47,413.88,1,10.9,21.02,229.59 -83,431.11,418.45,1,10.85,21.2,238.9 -84,435.74,423.09,1,10.81,21.38,248.2 -85,440.35,427.8,1,10.76,21.55,257.47 -86,444.94,432.58,1,10.72,21.71,266.59 -87,449.47,436.18,1,10.67,21.88,275.67 -88,454.01,441.1,1,10.63,22.03,284.69 -89,458.53,446.08,1,10.59,22.19,293.7 -90,462.97,449.84,1,10.55,22.34,302.56 -91,467.39,454.95,1,10.52,22.49,311.43 -92,471.72,458.8,1,10.48,22.63,320.14 -93,476,464.03,2,11.18,20.32,211.3 -94,480.31,467.99,2,11.14,20.48,219.9 -95,484.62,471.98,2,11.1,20.64,228.46 -96,488.93,476.01,2,11.06,20.79,236.92 -97,493.3,481.48,2,11.02,20.95,245.44 -98,497.18,485.2,2,10.99,21.06,252.44 -99,500.3,488.22,2,10.97,21.13,257.05 -100,503.39,491.25,2,10.96,21.2,261.59 -101,506.43,494.3,2,10.94,21.26,265.92 -102,509.43,497.36,2,10.92,21.32,270.1 -103,512.39,500.42,2,10.91,21.37,274.16 -104,515.3,503.5,2,10.9,21.42,278.02 -105,518.09,505.08,2,10.88,21.46,281.63 -106,520.92,508.18,2,10.87,21.51,285.28 -107,523.7,511.28,2,10.86,21.55,288.73 -108,526.43,514.39,2,10.85,21.59,292 -109,529.04,515.94,2,10.84,21.62,295.02 -110,531.68,519.07,2,10.83,21.65,298.06 -111,534.27,522.19,2,10.83,21.68,300.86 -112,536.74,523.72,2,10.82,21.7,303.38 -113,539.24,526.86,2,10.81,21.72,305.9 -114,541.6,528.36,2,10.81,21.73,308.14 -115,544.01,531.5,2,10.8,21.75,310.35 -116,546.28,532.97,2,10.8,21.76,312.3 -117,548.59,536.12,2,10.8,21.76,314.12 -118,550.77,537.57,2,10.79,21.77,315.76 -119,552.98,540.71,2,10.79,21.77,317.41 -120,555.05,542.15,2,10.79,21.77,318.63 -121,557.08,543.54,2,10.79,21.76,319.72 -122,559.14,546.68,2,10.79,21.75,320.85 -123,561.06,548.07,2,10.79,21.74,321.61 -124,562.92,549.42,2,10.8,21.73,322.24 -125,564.8,552.53,2,10.8,21.71,322.87 -126,566.54,553.88,2,10.8,21.7,323.19 -127,568.21,555.19,2,10.81,21.67,323.27 -128,569.79,556.47,2,10.81,21.65,323.24 -129,571.33,559.54,3,11.41,19.58,210.78 -130,572.84,560.81,3,11.41,19.56,210.31 +80,417.13,404.96,1,11.06,20.58,201.96 +81,421.81,409.39,1,11.01,20.77,211.46 +82,426.47,413.88,1,10.96,20.96,220.74 +83,431.11,418.45,1,10.91,21.14,230 +84,435.74,423.09,1,10.87,21.32,239.26 +85,440.35,427.8,1,10.82,21.49,248.49 +86,444.94,432.58,1,10.78,21.66,257.56 +87,449.47,436.18,1,10.73,21.82,266.6 +88,454.01,441.1,1,10.69,21.98,275.57 +89,458.53,446.08,1,10.65,22.14,284.52 +90,462.97,449.84,1,10.61,22.29,293.35 +91,467.39,454.95,1,10.58,22.44,302.16 +92,471.72,458.8,1,10.54,22.59,310.83 +93,476,464.03,2,11.24,20.24,201.94 +94,480.31,467.99,2,11.2,20.41,210.49 +95,484.62,471.98,2,11.16,20.57,219 +96,488.93,476.01,2,11.12,20.73,227.41 +97,493.3,481.48,2,11.08,20.88,235.89 +98,497.18,485.2,2,11.05,21,242.84 +99,500.3,488.22,2,11.03,21.07,247.4 +100,503.39,491.25,2,11.01,21.14,251.89 +101,506.43,494.3,2,11,21.2,256.18 +102,509.43,497.36,2,10.98,21.26,260.31 +103,512.39,500.42,2,10.97,21.31,264.32 +104,515.3,503.5,2,10.95,21.36,268.13 +105,518.09,505.08,2,10.94,21.41,271.7 +106,520.92,508.18,2,10.93,21.45,275.3 +107,523.7,511.28,2,10.92,21.49,278.69 +108,526.43,514.39,2,10.91,21.53,281.92 +109,529.04,515.94,2,10.9,21.56,284.9 +110,531.68,519.07,2,10.89,21.59,287.89 +111,534.27,522.19,2,10.88,21.62,290.63 +112,536.74,523.72,2,10.88,21.64,293.11 +113,539.24,526.86,2,10.87,21.66,295.58 +114,541.6,528.36,2,10.87,21.68,297.77 +115,544.01,531.5,2,10.86,21.69,299.93 +116,546.28,532.97,2,10.86,21.7,301.83 +117,548.59,536.12,2,10.85,21.71,303.6 +118,550.77,537.57,2,10.85,21.71,305.19 +119,552.98,540.71,2,10.85,21.72,306.79 +120,555.05,542.15,2,10.85,21.71,307.97 +121,557.08,543.54,2,10.85,21.71,309.01 +122,559.14,546.68,2,10.85,21.7,310.09 +123,561.06,548.07,2,10.85,21.69,310.8 +124,562.92,549.42,2,10.85,21.68,311.38 +125,564.8,552.53,2,10.86,21.66,311.96 +126,566.54,553.88,2,10.86,21.64,312.24 +127,568.21,555.19,2,10.87,21.62,312.26 +128,569.79,556.47,2,10.87,21.59,312.18 +129,571.33,559.54,3,11.46,19.49,199.67 +130,572.84,560.81,3,11.47,19.46,199.15 diff --git a/src/geophires_docs/fervo_project_cape_7_scenarios.py b/src/geophires_docs/fervo_project_cape_7_scenarios.py index b2e2fb9e6..6d7776c9e 100644 --- a/src/geophires_docs/fervo_project_cape_7_scenarios.py +++ b/src/geophires_docs/fervo_project_cape_7_scenarios.py @@ -14,6 +14,8 @@ import csv import dataclasses +import os +from concurrent.futures import ProcessPoolExecutor from dataclasses import dataclass from pathlib import Path from typing import Any @@ -76,27 +78,54 @@ class FlowRateParametricSummary: max_irr_change_above_base_within_band_pct_pts: float +def _simulate_flow_rate_parametric_row(base_input_file_path: Path, flow_rate: float) -> FlowRateParametricRow: + """ + Top-level (picklable) worker function for running a single flow rate parametric simulation in a worker process. + """ + _log.info(f'Simulating {_FLOW_RATE_PARAM_NAME} = {flow_rate:g} kg/s...') + result = GeophiresXClient().get_geophires_result( + ImmutableGeophiresInputParameters( + from_file_path=base_input_file_path, params={_FLOW_RATE_PARAM_NAME: flow_rate} + ) + ) + return FlowRateParametricRow.from_result(flow_rate, result) + + def generate_fpc7_flow_rate_parametric_csv( input_params: GeophiresInputParameters | None = None, flow_rates_kg_per_s: list[float] | None = None, output_path: Path = FPC7_FLOW_RATE_PARAMETRIC_CSV_PATH, + max_workers: int | None = None, ) -> list[FlowRateParametricRow]: + """ + :param max_workers: Maximum number of worker processes used to run simulations in parallel; defaults to the number + of CPUs (capped at the number of flow rates). + """ if input_params is None: input_params = ImmutableGeophiresInputParameters(from_file_path=_get_fpc7_input_file_path()) if flow_rates_kg_per_s is None: flow_rates_kg_per_s = [float(it) for it in range(80, 131)] - client = GeophiresXClient() - rows = [] - for flow_rate in flow_rates_kg_per_s: - _log.info(f'Simulating {_FLOW_RATE_PARAM_NAME} = {flow_rate:g} kg/s...') - result = client.get_geophires_result( - ImmutableGeophiresInputParameters( - from_file_path=input_params.as_file_path(), params={_FLOW_RATE_PARAM_NAME: flow_rate} + base_input_file_path = Path(input_params.as_file_path()) + if max_workers is None: + max_workers = max(1, min(len(flow_rates_kg_per_s), os.cpu_count() or 1)) + + _log.info( + f'Simulating {len(flow_rates_kg_per_s)} {_FLOW_RATE_PARAM_NAME} values ' + f'with {max_workers} worker process(es)...' + ) + + # GEOPHIRES manipulates process-global state (sys.argv, cwd, module-level state), so simulations must be run in + # separate processes rather than threads. + with ProcessPoolExecutor(max_workers=max_workers) as executor: + rows = list( + executor.map( + _simulate_flow_rate_parametric_row, + [base_input_file_path] * len(flow_rates_kg_per_s), + flow_rates_kg_per_s, ) ) - rows.append(FlowRateParametricRow.from_result(flow_rate, result)) output_path.parent.mkdir(parents=True, exist_ok=True) with open(output_path, 'w', encoding='utf-8', newline='') as f: diff --git a/src/geophires_docs/generate_fervo_project_cape_7_md.py b/src/geophires_docs/generate_fervo_project_cape_7_md.py index eacce8551..35044efc8 100755 --- a/src/geophires_docs/generate_fervo_project_cape_7_md.py +++ b/src/geophires_docs/generate_fervo_project_cape_7_md.py @@ -1154,6 +1154,7 @@ def _get_list_display(items: list[Any]) -> str: ), 'Productivity Index': 'Derated in proportion with the Injectivity Index.', 'Redrilling Learning Rate': '', + 'Salvage Value Rate': 'Updated GEOPHIRES default salvage value rate.', } # Groups of input parameters that are shown consecutively, in the listed order, in the Previous Versions input changes diff --git a/src/geophires_docs/watch_docs.py b/src/geophires_docs/watch_docs.py index 941f4a6e1..8c6a24883 100755 --- a/src/geophires_docs/watch_docs.py +++ b/src/geophires_docs/watch_docs.py @@ -45,6 +45,13 @@ def get_file_states(directory) -> dict[str, Any]: def main(): parser = argparse.ArgumentParser(description='Automatically rebuilds docs locally when changes are detected.') parser.add_argument('--no-say', action='store_true', help='Disable audio notifications via the say command') + parser.add_argument( + '--debounce-seconds', + type=float, + default=15, + help='Seconds without further changes to wait before starting the docs build, so that a series of changes ' + '(e.g. from regeneration scripts) triggers a single build (default: %(default)s)', + ) args = parser.parse_args() # Determine paths relative to this script @@ -68,6 +75,7 @@ def _say(msg) -> None: _log.info(f"Watching '{watch_dirs}' for changes...") _log.info(f"Project root determined as: '{project_root}'") _log.info(f"Command to run: {' '.join(command)}") + _log.info(f'Debounce: {args.debounce_seconds:g}s') _log.info('Press Ctrl+C to stop.') def _get_file_states() -> dict: @@ -86,8 +94,23 @@ def _get_file_states() -> dict: current_states = _get_file_states() if current_states != last_states: - _log.info('[Change Detected] Running docs build...') - time.sleep(1) + _log.info( + f'[Change Detected] Waiting until no further changes are detected for ' + f'{args.debounce_seconds:g}s before running docs build...' + ) + + # Debounce: keep waiting while changes are still being made + last_states = current_states + last_change_time = time.monotonic() + while (remaining := args.debounce_seconds - (time.monotonic() - last_change_time)) > 0: + time.sleep(min(poll_interval, remaining)) + current_states = _get_file_states() + if current_states != last_states: + _log.info('[Change Detected] Still changing, resetting debounce timer...') + last_states = current_states + last_change_time = time.monotonic() + + _log.info('Running docs build...') try: # Run tox from the project root so it finds tox.ini diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index a6762ca58..14e190edb 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -1226,6 +1226,19 @@ def __init__(self, model: Model): "owner can use them (for example, against other taxable income or through a tax equity " "partner). SAM Single Owner PPA economic model only." ) + self.salvage_value_rate = self.ParameterDict[self.salvage_value_rate.Name] = floatParameter( + "Salvage Value Rate", + DefaultValue=0.1, + Min=0.0, + Max=1.0, + UnitType=Units.PERCENT, + PreferredUnits=PercentUnit.TENTH, + CurrentUnits=PercentUnit.TENTH, + ToolTipText="Net pre-tax salvage value at the end of the plant lifetime, as a fraction of total installed " + "cost, credited as revenue in the final year. Decommissioning costs (such as well plugging and " + "abandonment and site restoration) are not modeled separately, so this value should be net of " + "them. SAM Single Owner PPA economic model only." + ) self.EIR = self.ParameterDict[self.EIR.Name] = floatParameter( "Inflated Equity Interest Rate", DefaultValue=0.1, @@ -2907,7 +2920,8 @@ def _warn(_msg: str) -> None: self.construction_capex_schedule, self.bond_financing_start_year, self.ritc_state_amount, - self.debt_tenor + self.debt_tenor, + self.salvage_value_rate, ] for sam_em_only_param in sam_em_only_params: if sam_em_only_param.Provided: diff --git a/src/geophires_x/EconomicsSam.py b/src/geophires_x/EconomicsSam.py index fcf31b3c0..2f38df517 100644 --- a/src/geophires_x/EconomicsSam.py +++ b/src/geophires_x/EconomicsSam.py @@ -732,6 +732,8 @@ def _get_single_owner_parameters(model: Model) -> dict[str, Any]: ret = {**ret, **_get_depreciation_parameters(model)} + ret['salvage_percentage'] = _pct(econ.salvage_value_rate) + ret = {**ret, **_get_capacity_payment_parameters(model)} return ret diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index 5291bb448..ff398e4c6 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.19.3' +__version__ = '3.20.1' diff --git a/src/geophires_x_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 4489c00e1..b2cfad996 100644 --- a/src/geophires_x_schema_generator/geophires-request.json +++ b/src/geophires_x_schema_generator/geophires-request.json @@ -1877,6 +1877,15 @@ } ] }, + "Salvage Value Rate": { + "description": "Net pre-tax salvage value at the end of the plant lifetime, as a fraction of total installed cost, credited as revenue in the final year. Decommissioning costs (such as well plugging and abandonment and site restoration) are not modeled separately, so this value should be net of them. SAM Single Owner PPA economic model only.", + "type": "number", + "units": "", + "category": "Economics", + "default": 0.1, + "minimum": 0.0, + "maximum": 1.0 + }, "Inflated Equity Interest Rate": { "description": "Inflated equity interest rate (see docs)", "type": "number", diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 0fcda0c26..a8c7a9ab4 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.831 sec + GEOPHIRES Version: 3.19.3 + Simulation Date: 2026-10-17 + Simulation Time: 09:38 + Calculation Time: 1.769 sec ***SUMMARY OF RESULTS*** @@ -121,6 +121,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 614.60 MW Average Total Electricity Generation: 610.21 MW diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 100882722..d5bf8fb23 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -35,6 +35,8 @@ Reservoir Stimulation Indirect Capital Cost Percentage, 0, -- Baseline stimulati Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ +Salvage Value Rate, 0.5, -- GEOPHIRES legacy default value + # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1, -- Electricity diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 395131edf..99b8e96ae 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.1 - Simulation Date: 2026-06-18 - Simulation Time: 10:42 - Calculation Time: 1.819 sec + GEOPHIRES Version: 3.19.3 + Simulation Date: 2026-10-17 + Simulation Time: 09:38 + Calculation Time: 1.789 sec ***SUMMARY OF RESULTS*** @@ -134,6 +134,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 599.80 MW Average Total Electricity Generation: 597.81 MW diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index a5d81c463..445ed21ce 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -49,6 +49,7 @@ Royalty Rate Escalation Start Year, 11, -- After the first 10 years of productio Royalty Rate Escalation, 0.0175, -- Escalation at Year 11 from 1.75% to 3.5%. Royalty Rate Maximum, 0.035, -- No further escalation beyond 3.5%. +Salvage Value Rate, 0.5, -- GEOPHIRES legacy default value # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* diff --git a/tests/examples/Fervo_Project_Cape-6.out b/tests/examples/Fervo_Project_Cape-6.out index a486b14e4..c22d0a909 100644 --- a/tests/examples/Fervo_Project_Cape-6.out +++ b/tests/examples/Fervo_Project_Cape-6.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.1 - Simulation Date: 2026-06-18 - Simulation Time: 10:42 - Calculation Time: 1.929 sec + GEOPHIRES Version: 3.19.3 + Simulation Date: 2026-10-17 + Simulation Time: 09:38 + Calculation Time: 1.794 sec ***SUMMARY OF RESULTS*** @@ -134,6 +134,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 119.94 MW Average Total Electricity Generation: 119.51 MW diff --git a/tests/examples/Fervo_Project_Cape-6.txt b/tests/examples/Fervo_Project_Cape-6.txt index 09bb59460..00a72a857 100644 --- a/tests/examples/Fervo_Project_Cape-6.txt +++ b/tests/examples/Fervo_Project_Cape-6.txt @@ -45,6 +45,7 @@ Royalty Rate Escalation Start Year, 11, -- After the first 10 years of productio Royalty Rate Escalation, 0.0175, -- Escalation at Year 11 from 1.75% to 3.5%. Royalty Rate Maximum, 0.035, -- No further escalation beyond 3.5%. +Salvage Value Rate, 0.5, -- GEOPHIRES legacy default value # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* diff --git a/tests/examples/Fervo_Project_Cape-7.out b/tests/examples/Fervo_Project_Cape-7.out index de669eb72..ba487cc0a 100644 --- a/tests/examples/Fervo_Project_Cape-7.out +++ b/tests/examples/Fervo_Project_Cape-7.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.19.2 - Simulation Date: 2026-10-15 - Simulation Time: 09:42 - Calculation Time: 1.862 sec + GEOPHIRES Version: 3.20.0 + Simulation Date: 2026-10-17 + Simulation Time: 11:09 + Calculation Time: 1.848 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 523.70 MW - Electricity breakeven price: 10.86 cents/kWh + Electricity breakeven price: 10.92 cents/kWh Total CAPEX: 3712.73 MUSD Total CAPEX ($/kW): 7059 USD/kW Number of production wells: 50 @@ -36,10 +36,10 @@ Simulation Metadata Investment Tax Credit: 1113.82 MUSD Project lifetime: 30 yr Capacity factor: 91.3 % - Project NPV: 288.73 MUSD - After-tax IRR: 21.55 % - Project VIR=PI=PIR: 1.27 - Project MOIC: 5.01 + Project NPV: 278.69 MUSD + After-tax IRR: 21.49 % + Project VIR=PI=PIR: 1.26 + Project MOIC: 4.22 Project Payback Period: 5.36 yr Estimated Jobs Created: 1347 @@ -262,8 +262,8 @@ PPA price (cents/kWh) PPA revenue ($) 0 477,766,875 488,491,109 497,114,918 505,366,410 513,458,082 521,462,083 529,410,652 537,324,154 545,198,915 552,957,222 560,136,949 564,341,961 565,041,621 579,038,128 588,480,912 589,387,485 589,982,259 590,423,346 590,771,827 591,055,646 591,296,885 591,459,541 591,399,674 590,056,502 583,545,575 582,526,308 587,730,047 589,021,051 589,750,963 590,235,354 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,856,364,359 -Total revenue ($) 0 477,766,875 488,491,109 497,114,918 505,366,410 513,458,082 521,462,083 529,410,652 537,324,154 545,198,915 552,957,222 560,136,949 564,341,961 565,041,621 579,038,128 588,480,912 589,387,485 589,982,259 590,423,346 590,771,827 591,055,646 591,296,885 591,459,541 591,399,674 590,056,502 583,545,575 582,526,308 587,730,047 589,021,051 589,750,963 2,446,599,713 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 371,272,872 +Total revenue ($) 0 477,766,875 488,491,109 497,114,918 505,366,410 513,458,082 521,462,083 529,410,652 537,324,154 545,198,915 552,957,222 560,136,949 564,341,961 565,041,621 579,038,128 588,480,912 589,387,485 589,982,259 590,423,346 590,771,827 591,055,646 591,296,885 591,459,541 591,399,674 590,056,502 583,545,575 582,526,308 587,730,047 589,021,051 589,750,963 961,508,226 Property tax net assessed value ($) 0 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 3,712,728,718 @@ -278,10 +278,10 @@ Property tax expense ($) Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 158,038,272 158,225,946 158,376,863 158,521,264 158,662,868 158,802,938 158,942,038 159,080,525 159,218,333 159,354,103 169,282,145 169,429,321 169,453,809 169,943,686 170,274,184 170,305,914 170,326,731 170,342,169 170,354,366 170,364,300 170,372,743 170,378,436 170,376,340 170,329,329 170,101,447 170,065,773 170,247,904 170,293,089 170,318,636 170,335,589 -EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 OPERATING ACTIVITIES -EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -289,7 +289,7 @@ State PBI income ($) Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 159,582,864 154,889,117 149,866,808 144,492,937 138,742,894 132,590,349 126,007,126 118,963,077 111,425,945 103,361,213 94,731,950 85,498,639 75,618,996 65,047,778 53,736,575 41,633,587 28,683,391 14,826,680 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from operating activities ($) 0 160,145,739 175,376,045 188,871,247 202,352,209 216,052,319 230,068,796 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +Cash flow from operating activities ($) 0 160,145,739 175,376,045 188,871,247 202,352,209 216,052,319 230,068,796 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 INVESTING ACTIVITIES Total installed cost ($) -3,712,728,718 @@ -323,47 +323,47 @@ Cash flow from financing activities ($) PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 160,145,739 175,376,045 188,871,247 202,352,209 216,052,319 230,068,796 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +Cash flow from operating activities ($) 0 160,145,739 175,376,045 188,871,247 202,352,209 216,052,319 230,068,796 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 Cash flow from investing activities ($) -3,712,728,718 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 3,712,728,718 -67,053,532 -71,747,279 -76,769,589 -82,143,460 -87,893,502 -94,046,047 -100,629,270 -107,673,319 -115,210,452 -123,275,183 -131,904,446 -141,137,757 -151,017,400 -161,588,618 -172,899,822 -185,002,809 -197,953,006 -211,809,716 0 0 0 0 0 0 0 0 0 0 0 0 -Total pre-tax cash flow ($) 0 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +Total pre-tax cash flow ($) 0 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 Pre-tax Returns: Issuance of equity ($) 1,432,973,511 -Total pre-tax cash flow ($) 0 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 -Total pre-tax returns ($) -1,432,973,511 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +Total pre-tax cash flow ($) 0 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 +Total pre-tax returns ($) -1,432,973,511 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 After-tax Returns: -Total pre-tax returns ($) -1,432,973,511 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +Total pre-tax returns ($) -1,432,973,511 93,092,207 103,628,766 112,101,659 120,208,750 128,158,817 136,022,749 143,832,218 151,607,233 159,344,185 166,966,722 164,218,408 168,276,244 168,951,416 182,458,045 191,570,332 192,445,175 193,019,131 193,444,780 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 Federal ITC total income ($) 0 1,113,818,615 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 94,413,232 167,268,580 83,594,801 32,311,371 29,565,252 -9,680,210 -49,001,083 -51,971,490 -55,033,104 -58,177,539 -59,356,345 -62,020,489 -64,136,149 -68,962,433 -73,056,220 -75,657,561 -78,368,410 -81,231,238 -84,270,578 -84,325,477 -84,372,140 -84,403,602 -84,392,022 -84,132,213 -82,872,808 -82,675,652 -83,682,208 -83,931,926 -84,073,113 -456,265,762 +Federal tax benefit (liability) ($) 0 94,413,232 167,268,580 83,594,801 32,311,371 29,565,252 -9,680,210 -49,001,083 -51,971,490 -55,033,104 -58,177,539 -59,356,345 -62,020,489 -64,136,149 -68,962,433 -73,056,220 -75,657,561 -78,368,410 -81,231,238 -84,270,578 -84,325,477 -84,372,140 -84,403,602 -84,392,022 -84,132,213 -82,872,808 -82,675,652 -83,682,208 -83,931,926 -84,073,113 -158,586,599 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -103,570,018 -Total after-tax returns ($) -1,432,973,511 1,322,755,380 308,866,466 214,672,057 159,854,638 164,435,232 124,145,180 83,708,137 87,838,477 91,818,845 95,583,177 91,388,473 92,177,417 90,256,686 97,841,489 101,930,720 99,613,730 96,861,489 93,774,463 317,017,888 317,224,414 317,399,954 317,518,313 317,474,749 316,497,373 311,759,612 311,017,929 314,804,498 315,743,914 316,275,044 1,716,428,344 +State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -35,998,355 +Total after-tax returns ($) -1,432,973,511 1,322,755,380 308,866,466 214,672,057 159,854,638 164,435,232 124,145,180 83,708,137 87,838,477 91,818,845 95,583,177 91,388,473 92,177,417 90,256,686 97,841,489 101,930,720 99,613,730 96,861,489 93,774,463 317,017,888 317,224,414 317,399,954 317,518,313 317,474,749 316,497,373 311,759,612 311,017,929 314,804,498 315,743,914 316,275,044 596,587,683 -After-tax net cash flow ($) -136,414,822 -181,014,483 -578,113,378 -537,430,829 1,322,755,380 308,866,466 214,672,057 159,854,638 164,435,232 124,145,180 83,708,137 87,838,477 91,818,845 95,583,177 91,388,473 92,177,417 90,256,686 97,841,489 101,930,720 99,613,730 96,861,489 93,774,463 317,017,888 317,224,414 317,399,954 317,518,313 317,474,749 316,497,373 311,759,612 311,017,929 314,804,498 315,743,914 316,275,044 1,716,428,344 -After-tax cumulative IRR (%) NaN NaN NaN NaN -4.08 6.21 11.31 14.10 16.24 17.46 18.10 18.64 19.08 19.45 19.73 19.95 20.13 20.29 20.42 20.52 20.60 20.67 20.84 20.98 21.09 21.18 21.25 21.30 21.35 21.39 21.42 21.44 21.46 21.55 -After-tax cumulative NPV ($) -136,414,822 -293,327,515 -727,740,227 -1,077,811,789 -330,918,518 -179,738,455 -88,654,048 -29,859,303 22,567,442 56,878,383 76,933,039 95,175,233 111,705,081 126,621,454 138,984,286 149,793,542 158,968,317 167,589,838 175,375,770 181,971,601 187,531,235 192,197,016 205,870,158 217,730,465 228,017,280 236,937,747 244,669,407 251,350,976 257,056,203 261,990,022 266,318,981 270,082,745 273,350,857 288,725,411 +After-tax net cash flow ($) -136,414,822 -181,014,483 -578,113,378 -537,430,829 1,322,755,380 308,866,466 214,672,057 159,854,638 164,435,232 124,145,180 83,708,137 87,838,477 91,818,845 95,583,177 91,388,473 92,177,417 90,256,686 97,841,489 101,930,720 99,613,730 96,861,489 93,774,463 317,017,888 317,224,414 317,399,954 317,518,313 317,474,749 316,497,373 311,759,612 311,017,929 314,804,498 315,743,914 316,275,044 596,587,683 +After-tax cumulative IRR (%) NaN NaN NaN NaN -4.08 6.21 11.31 14.10 16.24 17.46 18.10 18.64 19.08 19.45 19.73 19.95 20.13 20.29 20.42 20.52 20.60 20.67 20.84 20.98 21.09 21.18 21.25 21.30 21.35 21.39 21.42 21.44 21.46 21.49 +After-tax cumulative NPV ($) -136,414,822 -293,327,515 -727,740,227 -1,077,811,789 -330,918,518 -179,738,455 -88,654,048 -29,859,303 22,567,442 56,878,383 76,933,039 95,175,233 111,705,081 126,621,454 138,984,286 149,793,542 158,968,317 167,589,838 175,375,770 181,971,601 187,531,235 192,197,016 205,870,158 217,730,465 228,017,280 236,937,747 244,669,407 251,350,976 257,056,203 261,990,022 266,318,981 270,082,745 273,350,857 278,694,669 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -136,414,822 -181,014,483 -578,113,378 -537,430,829 844,988,504 -179,624,642 -282,442,861 -345,511,772 -349,022,850 -397,316,904 -445,702,515 -449,485,676 -453,380,069 -457,374,045 -468,748,477 -472,164,543 -474,784,936 -481,196,639 -486,550,192 -489,773,755 -493,120,770 -496,648,882 -273,753,938 -273,831,233 -273,896,931 -273,941,228 -273,924,924 -273,559,129 -271,785,963 -271,508,379 -272,925,549 -273,277,137 -273,475,919 1,126,192,990 +Annual costs ($) -136,414,822 -181,014,483 -578,113,378 -537,430,829 844,988,504 -179,624,642 -282,442,861 -345,511,772 -349,022,850 -397,316,904 -445,702,515 -449,485,676 -453,380,069 -457,374,045 -468,748,477 -472,164,543 -474,784,936 -481,196,639 -486,550,192 -489,773,755 -493,120,770 -496,648,882 -273,753,938 -273,831,233 -273,896,931 -273,941,228 -273,924,924 -273,559,129 -271,785,963 -271,508,379 -272,925,549 -273,277,137 -273,475,919 6,352,328 PPA revenue ($) 0 0 0 0 477,766,875 488,491,109 497,114,918 505,366,410 513,458,082 521,462,083 529,410,652 537,324,154 545,198,915 552,957,222 560,136,949 564,341,961 565,041,621 579,038,128 588,480,912 589,387,485 589,982,259 590,423,346 590,771,827 591,055,646 591,296,885 591,459,541 591,399,674 590,056,502 583,545,575 582,526,308 587,730,047 589,021,051 589,750,963 590,235,354 Electricity to grid (kWh) 0 0 0 0 4,154,494,569 4,181,212,950 4,189,406,019 4,194,260,188 4,197,662,540 4,200,258,425 4,202,338,883 4,204,085,390 4,205,483,759 4,205,957,420 4,202,077,639 4,176,289,208 4,125,595,949 4,172,045,018 4,185,497,243 4,191,945,128 4,196,175,382 4,199,312,558 4,201,791,085 4,203,809,718 4,205,525,496 4,206,682,370 4,206,256,569 4,196,703,431 4,150,395,274 4,143,145,859 4,180,156,805 4,189,338,914 4,194,530,322 4,197,975,491 -Present value of annual costs ($) 1,901,891,238 +Present value of annual costs ($) 1,911,921,980 -Present value of annual energy costs ($) 1,901,891,238 +Present value of annual energy costs ($) 1,911,921,980 Present value of annual energy nominal (kWh) 17,511,358,840 -LCOE Levelized cost of energy nominal (cents/kWh) 10.86 +LCOE Levelized cost of energy nominal (cents/kWh) 10.92 Present value of PPA revenue ($) 2,190,616,648 Present value of annual energy nominal (kWh) 17,511,358,840 LPPA Levelized PPA price nominal (cents/kWh) 12.51 PROJECT STATE INCOME TAXES -EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -372,15 +372,15 @@ minus: Debt interest payment ($) 0 159,582,864 154,889,117 149,866,808 144,492,937 138,742,894 132,590,349 126,007,126 118,963,077 111,425,945 103,361,213 94,731,950 85,498,639 75,618,996 65,047,778 53,736,575 41,633,587 28,683,391 14,826,680 0 0 0 0 0 0 0 0 0 0 0 0 Total state tax depreciation ($) 0 631,163,882 1,009,862,211 605,917,327 363,550,396 363,550,396 181,775,198 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 -471,018,143 -834,486,166 -417,046,079 -161,198,187 -147,498,077 48,293,598 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +State taxable income ($) 0 -471,018,143 -834,486,166 -417,046,079 -161,198,187 -147,498,077 48,293,598 244,461,488 259,280,552 274,554,637 290,241,906 296,122,854 309,414,001 319,968,817 344,046,664 364,470,154 377,447,984 390,972,137 405,254,497 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -103,570,018 +State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -35,998,355 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -103,570,018 +State tax benefit (liability) ($) 0 21,431,326 37,969,121 18,975,597 7,334,517 6,711,162 -2,197,359 -11,122,998 -11,797,265 -12,492,236 -13,206,007 -13,473,590 -14,078,337 -14,558,581 -15,654,123 -16,583,392 -17,173,883 -17,789,232 -18,439,080 -19,128,994 -19,141,456 -19,152,048 -19,159,190 -19,156,562 -19,097,586 -18,811,708 -18,766,954 -18,995,438 -19,052,122 -19,084,171 -35,998,355 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -390,10 +390,10 @@ minus: Debt interest payment ($) 0 159,582,864 154,889,117 149,866,808 144,492,937 138,742,894 132,590,349 126,007,126 118,963,077 111,425,945 103,361,213 94,731,950 85,498,639 75,618,996 65,047,778 53,736,575 41,633,587 28,683,391 14,826,680 0 0 0 0 0 0 0 0 0 0 0 0 Total federal tax depreciation ($) 0 631,163,882 1,009,862,211 605,917,327 363,550,396 363,550,396 181,775,198 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 -449,586,818 -796,517,045 -398,070,483 -153,863,669 -140,786,914 46,096,239 233,338,491 247,483,287 262,062,401 277,035,899 282,649,264 295,335,664 305,410,235 328,392,540 347,886,762 360,274,101 373,182,905 386,815,417 401,288,466 401,549,891 401,772,093 401,921,915 401,866,771 400,629,587 394,632,421 393,693,581 398,486,706 399,675,840 400,348,157 2,172,694,106 +Federal taxable income ($) 0 -449,586,818 -796,517,045 -398,070,483 -153,863,669 -140,786,914 46,096,239 233,338,491 247,483,287 262,062,401 277,035,899 282,649,264 295,335,664 305,410,235 328,392,540 347,886,762 360,274,101 373,182,905 386,815,417 401,288,466 401,549,891 401,772,093 401,921,915 401,866,771 400,629,587 394,632,421 393,693,581 398,486,706 399,675,840 400,348,157 755,174,282 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 94,413,232 167,268,580 83,594,801 32,311,371 29,565,252 -9,680,210 -49,001,083 -51,971,490 -55,033,104 -58,177,539 -59,356,345 -62,020,489 -64,136,149 -68,962,433 -73,056,220 -75,657,561 -78,368,410 -81,231,238 -84,270,578 -84,325,477 -84,372,140 -84,403,602 -84,392,022 -84,132,213 -82,872,808 -82,675,652 -83,682,208 -83,931,926 -84,073,113 -456,265,762 +Federal tax benefit (liability) ($) 0 94,413,232 167,268,580 83,594,801 32,311,371 29,565,252 -9,680,210 -49,001,083 -51,971,490 -55,033,104 -58,177,539 -59,356,345 -62,020,489 -64,136,149 -68,962,433 -73,056,220 -75,657,561 -78,368,410 -81,231,238 -84,270,578 -84,325,477 -84,372,140 -84,403,602 -84,392,022 -84,132,213 -82,872,808 -82,675,652 -83,682,208 -83,931,926 -84,073,113 -158,586,599 CASH INCENTIVES Federal IBI income ($) 0 @@ -433,7 +433,7 @@ Debt principal payment ($) Debt total payment ($) 0 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 226,636,396 0 0 0 0 0 0 0 0 0 0 0 0 DSCR (DEBT FRACTION) -EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 2,276,264,124 +EBITDA ($) 0 319,728,603 330,265,163 338,738,055 346,845,146 354,795,214 362,659,145 370,468,614 378,243,629 385,980,582 393,603,119 390,854,804 394,912,640 395,587,813 409,094,442 418,206,728 419,081,571 419,655,528 420,081,177 420,417,461 420,691,347 420,924,142 421,081,105 421,023,333 419,727,173 413,444,128 412,460,535 417,482,143 418,727,963 419,432,328 791,172,637 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-8.out b/tests/examples/Fervo_Project_Cape-8.out index 0adbcf49c..9d85518c6 100644 --- a/tests/examples/Fervo_Project_Cape-8.out +++ b/tests/examples/Fervo_Project_Cape-8.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.19.2 - Simulation Date: 2026-10-15 - Simulation Time: 09:42 - Calculation Time: 1.855 sec + GEOPHIRES Version: 3.20.0 + Simulation Date: 2026-10-17 + Simulation Time: 11:09 + Calculation Time: 1.842 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 105.52 MW - Electricity breakeven price: 11.18 cents/kWh + Electricity breakeven price: 11.23 cents/kWh Total CAPEX: 769.02 MUSD Total CAPEX ($/kW): 7257 USD/kW Number of production wells: 10 @@ -36,10 +36,10 @@ Simulation Metadata Investment Tax Credit: 230.71 MUSD Project lifetime: 30 yr Capacity factor: 91.3 % - Project NPV: 54.29 MUSD - After-tax IRR: 20.48 % - Project VIR=PI=PIR: 1.21 - Project MOIC: 4.52 + Project NPV: 51.90 MUSD + After-tax IRR: 20.40 % + Project VIR=PI=PIR: 1.20 + Project MOIC: 3.77 Project Payback Period: 4.59 yr Estimated Jobs Created: 269 @@ -262,8 +262,8 @@ PPA price (cents/kWh) 0.0 PPA revenue ($) 0 96,263,441 98,419,583 100,155,642 101,817,239 103,446,873 105,058,968 106,660,006 108,253,904 109,841,165 111,408,882 112,892,575 113,907,036 113,878,437 116,536,508 118,522,584 118,721,083 118,847,254 118,939,440 119,011,705 119,070,331 119,119,985 119,157,902 119,167,341 119,034,114 118,218,868 116,958,616 118,260,444 118,605,254 118,776,415 118,884,828 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 384,509,011 -Total revenue ($) 0 96,263,441 98,419,583 100,155,642 101,817,239 103,446,873 105,058,968 106,660,006 108,253,904 109,841,165 111,408,882 112,892,575 113,907,036 113,878,437 116,536,508 118,522,584 118,721,083 118,847,254 118,939,440 119,011,705 119,070,331 119,119,985 119,157,902 119,167,341 119,034,114 118,218,868 116,958,616 118,260,444 118,605,254 118,776,415 503,393,839 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 76,901,802 +Total revenue ($) 0 96,263,441 98,419,583 100,155,642 101,817,239 103,446,873 105,058,968 106,660,006 108,253,904 109,841,165 111,408,882 112,892,575 113,907,036 113,878,437 116,536,508 118,522,584 118,721,083 118,847,254 118,939,440 119,011,705 119,070,331 119,119,985 119,157,902 119,167,341 119,034,114 118,218,868 116,958,616 118,260,444 118,605,254 118,776,415 195,786,630 Property tax net assessed value ($) 0 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 769,018,021 @@ -278,10 +278,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 33,912,469 33,950,202 33,980,583 34,009,661 34,038,179 34,066,391 34,094,409 34,122,302 34,150,079 34,177,514 36,179,099 36,214,605 36,213,604 36,306,637 36,376,149 36,383,097 36,387,513 36,390,739 36,393,269 36,395,320 36,397,058 36,398,385 36,398,716 36,394,053 36,365,519 36,321,410 36,366,974 36,379,043 36,385,033 36,388,828 -EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 OPERATING ACTIVITIES -EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -289,7 +289,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 32,211,774 31,264,342 30,250,590 29,165,875 28,005,230 26,763,339 25,434,517 24,012,677 22,491,308 20,863,443 19,121,628 17,257,886 15,263,681 13,129,883 10,846,718 8,403,732 5,789,737 2,992,763 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from operating activities ($) 0 30,139,198 33,205,039 35,924,470 38,641,704 41,403,464 44,229,237 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +Cash flow from operating activities ($) 0 30,139,198 33,205,039 35,924,470 38,641,704 41,403,464 44,229,237 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 INVESTING ACTIVITIES Total installed cost ($) -769,018,021 @@ -323,47 +323,47 @@ Cash flow from financing activities ($) 769 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 30,139,198 33,205,039 35,924,470 38,641,704 41,403,464 44,229,237 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +Cash flow from operating activities ($) 0 30,139,198 33,205,039 35,924,470 38,641,704 41,403,464 44,229,237 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 Cash flow from investing activities ($) -769,018,021 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 769,018,021 -13,534,744 -14,482,176 -15,495,928 -16,580,643 -17,741,288 -18,983,179 -20,312,001 -21,733,841 -23,255,210 -24,883,075 -26,624,890 -28,488,632 -30,482,837 -32,616,635 -34,899,800 -37,342,785 -39,956,780 -42,753,755 0 0 0 0 0 0 0 0 0 0 0 0 -Total pre-tax cash flow ($) 0 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +Total pre-tax cash flow ($) 0 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 Pre-tax Returns: Issuance of equity ($) 308,849,822 -Total pre-tax cash flow ($) 0 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 -Total pre-tax returns ($) -308,849,822 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +Total pre-tax cash flow ($) 0 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 +Total pre-tax returns ($) -308,849,822 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 After-tax Returns: -Total pre-tax returns ($) -308,849,822 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +Total pre-tax returns ($) -308,849,822 16,604,454 18,722,863 20,428,542 22,061,061 23,662,176 25,246,059 26,819,079 28,385,084 29,944,568 31,484,850 30,966,958 31,945,913 31,918,315 34,483,354 36,399,917 36,591,468 36,713,223 36,802,183 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 Federal ITC total income ($) 0 230,705,406 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 20,163,537 35,271,878 17,955,717 7,348,422 6,794,841 -1,318,550 -9,447,189 -10,046,088 -10,663,629 -11,298,669 -11,543,998 -12,113,802 -12,507,999 -13,449,857 -14,291,672 -14,819,751 -15,368,119 -15,946,590 -16,560,453 -16,571,793 -16,581,397 -16,588,731 -16,590,557 -16,564,787 -16,407,094 -16,163,325 -16,415,137 -16,481,833 -16,514,941 -93,608,819 +Federal tax benefit (liability) ($) 0 20,163,537 35,271,878 17,955,717 7,348,422 6,794,841 -1,318,550 -9,447,189 -10,046,088 -10,663,629 -11,298,669 -11,543,998 -12,113,802 -12,507,999 -13,449,857 -14,291,672 -14,819,751 -15,368,119 -15,946,590 -16,560,453 -16,571,793 -16,581,397 -16,588,731 -16,590,557 -16,564,787 -16,407,094 -16,163,325 -16,415,137 -16,481,833 -16,514,941 -31,950,493 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -21,248,728 -Total after-tax returns ($) -308,849,822 272,050,419 62,001,279 42,460,116 31,077,537 31,999,411 23,628,204 15,227,425 16,058,585 16,860,348 17,621,441 16,802,531 17,082,339 16,571,063 17,980,447 18,864,108 18,407,708 17,856,619 17,235,798 62,298,845 62,341,505 62,377,637 62,405,227 62,412,096 62,315,151 61,721,927 60,804,888 61,752,180 62,003,086 62,127,633 352,147,464 +State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -7,252,600 +Total after-tax returns ($) -308,849,822 272,050,419 62,001,279 42,460,116 31,077,537 31,999,411 23,628,204 15,227,425 16,058,585 16,860,348 17,621,441 16,802,531 17,082,339 16,571,063 17,980,447 18,864,108 18,407,708 17,856,619 17,235,798 62,298,845 62,341,505 62,377,637 62,405,227 62,412,096 62,315,151 61,721,927 60,804,888 61,752,180 62,003,086 62,127,633 120,194,710 -After-tax net cash flow ($) -53,608,505 -143,011,410 -112,229,906 272,050,419 62,001,279 42,460,116 31,077,537 31,999,411 23,628,204 15,227,425 16,058,585 16,860,348 17,621,441 16,802,531 17,082,339 16,571,063 17,980,447 18,864,108 18,407,708 17,856,619 17,235,798 62,298,845 62,341,505 62,377,637 62,405,227 62,412,096 62,315,151 61,721,927 60,804,888 61,752,180 62,003,086 62,127,633 352,147,464 -After-tax cumulative IRR (%) NaN NaN NaN -6.83 3.99 9.41 12.37 14.66 15.96 16.61 17.17 17.64 18.03 18.33 18.58 18.78 18.95 19.09 19.21 19.30 19.38 19.59 19.76 19.89 20.00 20.09 20.16 20.22 20.26 20.30 20.33 20.36 20.48 -After-tax cumulative NPV ($) -53,608,505 -177,578,174 -261,911,282 -84,703,146 -49,694,149 -28,911,307 -15,725,245 -3,955,820 3,577,540 7,786,058 11,633,347 15,134,885 18,307,216 20,929,359 23,240,221 25,183,439 27,011,188 28,673,441 30,079,506 31,261,865 32,251,161 35,350,862 38,039,683 40,371,843 42,394,373 44,147,799 45,665,399 46,968,409 48,081,144 49,060,747 49,913,367 50,653,948 54,292,735 +After-tax net cash flow ($) -53,608,505 -143,011,410 -112,229,906 272,050,419 62,001,279 42,460,116 31,077,537 31,999,411 23,628,204 15,227,425 16,058,585 16,860,348 17,621,441 16,802,531 17,082,339 16,571,063 17,980,447 18,864,108 18,407,708 17,856,619 17,235,798 62,298,845 62,341,505 62,377,637 62,405,227 62,412,096 62,315,151 61,721,927 60,804,888 61,752,180 62,003,086 62,127,633 120,194,710 +After-tax cumulative IRR (%) NaN NaN NaN -6.83 3.99 9.41 12.37 14.66 15.96 16.61 17.17 17.64 18.03 18.33 18.58 18.78 18.95 19.09 19.21 19.30 19.38 19.59 19.76 19.89 20.00 20.09 20.16 20.22 20.26 20.30 20.33 20.36 20.40 +After-tax cumulative NPV ($) -53,608,505 -177,578,174 -261,911,282 -84,703,146 -49,694,149 -28,911,307 -15,725,245 -3,955,820 3,577,540 7,786,058 11,633,347 15,134,885 18,307,216 20,929,359 23,240,221 25,183,439 27,011,188 28,673,441 30,079,506 31,261,865 32,251,161 35,350,862 38,039,683 40,371,843 42,394,373 44,147,799 45,665,399 46,968,409 48,081,144 49,060,747 49,913,367 50,653,948 51,895,936 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -53,608,505 -143,011,410 -112,229,906 175,786,978 -36,418,304 -57,695,527 -70,739,702 -71,447,461 -81,430,763 -91,432,580 -92,195,319 -92,980,817 -93,787,442 -96,090,044 -96,824,697 -97,307,373 -98,556,061 -99,658,476 -100,313,375 -100,990,635 -101,703,642 -56,712,860 -56,728,826 -56,742,349 -56,752,675 -56,755,245 -56,718,963 -56,496,941 -56,153,728 -56,508,264 -56,602,168 -56,648,782 233,262,635 +Annual costs ($) -53,608,505 -143,011,410 -112,229,906 175,786,978 -36,418,304 -57,695,527 -70,739,702 -71,447,461 -81,430,763 -91,432,580 -92,195,319 -92,980,817 -93,787,442 -96,090,044 -96,824,697 -97,307,373 -98,556,061 -99,658,476 -100,313,375 -100,990,635 -101,703,642 -56,712,860 -56,728,826 -56,742,349 -56,752,675 -56,755,245 -56,718,963 -56,496,941 -56,153,728 -56,508,264 -56,602,168 -56,648,782 1,309,882 PPA revenue ($) 0 0 0 96,263,441 98,419,583 100,155,642 101,817,239 103,446,873 105,058,968 106,660,006 108,253,904 109,841,165 111,408,882 112,892,575 113,907,036 113,878,437 116,536,508 118,522,584 118,721,083 118,847,254 118,939,440 119,011,705 119,070,331 119,119,985 119,157,902 119,167,341 119,034,114 118,218,868 116,958,616 118,260,444 118,605,254 118,776,415 118,884,828 Electricity to grid (kWh) 0 0 0 837,073,402 842,417,040 844,055,642 845,026,469 845,706,938 846,226,078 846,642,371 846,990,878 847,278,347 847,409,160 846,906,038 842,944,097 831,472,231 839,660,699 842,977,128 844,388,923 845,286,302 845,941,966 846,455,941 846,872,912 847,226,068 847,495,746 847,562,879 846,615,321 840,816,982 831,853,596 841,112,691 843,565,108 844,782,469 845,553,544 -Present value of annual costs ($) 454,875,378 +Present value of annual costs ($) 457,272,177 -Present value of annual energy costs ($) 454,875,378 +Present value of annual energy costs ($) 457,272,177 Present value of annual energy nominal (kWh) 4,070,182,856 -LCOE Levelized cost of energy nominal (cents/kWh) 11.18 +LCOE Levelized cost of energy nominal (cents/kWh) 11.23 Present value of PPA revenue ($) 509,168,114 Present value of annual energy nominal (kWh) 4,070,182,856 LPPA Levelized PPA price nominal (cents/kWh) 12.51 PROJECT STATE INCOME TAXES -EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -372,15 +372,15 @@ minus: Debt interest payment ($) 0 32,211,774 31,264,342 30,250,590 29,165,875 28,005,230 26,763,339 25,434,517 24,012,677 22,491,308 20,863,443 19,121,628 17,257,886 15,263,681 13,129,883 10,846,718 8,403,732 5,789,737 2,992,763 0 0 0 0 0 0 0 0 0 0 0 0 Total state tax depreciation ($) 0 130,733,064 209,172,902 125,503,741 75,302,245 75,302,245 37,651,122 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 -100,593,865 -175,967,863 -89,579,271 -36,660,541 -33,898,781 6,578,115 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +State taxable income ($) 0 -100,593,865 -175,967,863 -89,579,271 -36,660,541 -33,898,781 6,578,115 47,131,080 50,118,925 53,199,778 56,367,925 57,591,848 60,434,545 62,401,151 67,099,989 71,299,716 73,934,253 76,670,004 79,555,938 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -21,248,728 +State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -7,252,600 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -21,248,728 +State tax benefit (liability) ($) 0 4,577,021 8,006,538 4,075,857 1,668,055 1,542,395 -299,304 -2,144,464 -2,280,411 -2,420,590 -2,564,741 -2,620,429 -2,749,772 -2,839,252 -3,053,049 -3,244,137 -3,364,009 -3,488,485 -3,619,795 -3,759,139 -3,761,713 -3,763,893 -3,765,558 -3,765,972 -3,760,123 -3,724,327 -3,668,993 -3,726,153 -3,741,293 -3,748,808 -7,252,600 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -390,10 +390,10 @@ minus: Debt interest payment ($) 0 32,211,774 31,264,342 30,250,590 29,165,875 28,005,230 26,763,339 25,434,517 24,012,677 22,491,308 20,863,443 19,121,628 17,257,886 15,263,681 13,129,883 10,846,718 8,403,732 5,789,737 2,992,763 0 0 0 0 0 0 0 0 0 0 0 0 Total federal tax depreciation ($) 0 130,733,064 209,172,902 125,503,741 75,302,245 75,302,245 37,651,122 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 -96,016,845 -167,961,325 -85,503,414 -34,992,486 -32,356,386 6,278,811 44,986,616 47,838,514 50,779,188 53,803,184 54,971,419 57,684,773 59,561,899 64,046,939 68,055,579 70,570,245 73,181,519 75,936,143 78,859,298 78,913,298 78,959,034 78,993,958 79,002,653 78,879,938 78,129,021 76,968,212 78,167,317 78,484,919 78,642,574 445,756,283 +Federal taxable income ($) 0 -96,016,845 -167,961,325 -85,503,414 -34,992,486 -32,356,386 6,278,811 44,986,616 47,838,514 50,779,188 53,803,184 54,971,419 57,684,773 59,561,899 64,046,939 68,055,579 70,570,245 73,181,519 75,936,143 78,859,298 78,913,298 78,959,034 78,993,958 79,002,653 78,879,938 78,129,021 76,968,212 78,167,317 78,484,919 78,642,574 152,145,203 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 20,163,537 35,271,878 17,955,717 7,348,422 6,794,841 -1,318,550 -9,447,189 -10,046,088 -10,663,629 -11,298,669 -11,543,998 -12,113,802 -12,507,999 -13,449,857 -14,291,672 -14,819,751 -15,368,119 -15,946,590 -16,560,453 -16,571,793 -16,581,397 -16,588,731 -16,590,557 -16,564,787 -16,407,094 -16,163,325 -16,415,137 -16,481,833 -16,514,941 -93,608,819 +Federal tax benefit (liability) ($) 0 20,163,537 35,271,878 17,955,717 7,348,422 6,794,841 -1,318,550 -9,447,189 -10,046,088 -10,663,629 -11,298,669 -11,543,998 -12,113,802 -12,507,999 -13,449,857 -14,291,672 -14,819,751 -15,368,119 -15,946,590 -16,560,453 -16,571,793 -16,581,397 -16,588,731 -16,590,557 -16,564,787 -16,407,094 -16,163,325 -16,415,137 -16,481,833 -16,514,941 -31,950,493 CASH INCENTIVES Federal IBI income ($) 0 @@ -433,7 +433,7 @@ Debt principal payment ($) 0 Debt total payment ($) 0 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 45,746,518 0 0 0 0 0 0 0 0 0 0 0 0 DSCR (DEBT FRACTION) -EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 467,005,011 +EBITDA ($) 0 62,350,972 64,469,381 66,175,060 67,807,579 69,408,693 70,992,577 72,565,597 74,131,602 75,691,086 77,231,368 76,713,476 77,692,431 77,664,833 80,229,872 82,146,435 82,337,986 82,459,741 82,548,701 82,618,437 82,675,011 82,722,927 82,759,516 82,768,625 82,640,061 81,853,348 80,637,205 81,893,470 82,226,211 82,391,382 159,397,803 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Red-2026.out b/tests/examples/Fervo_Project_Red-2026.out index e27be0f00..a9f2705c0 100644 --- a/tests/examples/Fervo_Project_Red-2026.out +++ b/tests/examples/Fervo_Project_Red-2026.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.17.0 - Simulation Date: 2026-09-12 - Simulation Time: 07:18 - Calculation Time: 1.201 sec + GEOPHIRES Version: 3.19.3 + Simulation Date: 2026-10-17 + Simulation Time: 09:38 + Calculation Time: 1.002 sec ***SUMMARY OF RESULTS*** diff --git a/tests/examples/Fervo_Project_Red-2026.txt b/tests/examples/Fervo_Project_Red-2026.txt index b89cf3bcf..cedf5cecc 100644 --- a/tests/examples/Fervo_Project_Red-2026.txt +++ b/tests/examples/Fervo_Project_Red-2026.txt @@ -87,6 +87,8 @@ Construction CAPEX Schedule, 0.014,0.027,0.139,0.431,0.389 Well Drilling Cost Correlation, 10, -- per the drill cost paper - works out to $400/ft +Salvage Value Rate, 0.5, -- GEOPHIRES legacy default value + # *** SIMULATION PARAMETERS *** # ***************************** Print Output to Console, 1 diff --git a/tests/examples/example14_data-center.out b/tests/examples/example14_data-center.out index fc95c0a4e..77398c3b7 100644 --- a/tests/examples/example14_data-center.out +++ b/tests/examples/example14_data-center.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:31 - Calculation Time: 1.974 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:45 + Calculation Time: 6.460 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Topping Cycle, Heat sales considered as extra income Average Net Electricity Production: 1017.22 MW Average Direct-Use Heat Production: 300.41 MW - Electricity breakeven price: 9.81 cents/kWh - Direct-Use heat breakeven price (LCOH): 3.56 USD/MMBTU + Electricity breakeven price: 9.89 cents/kWh + Direct-Use heat breakeven price (LCOH): 3.59 USD/MMBTU Total CAPEX: 9472.20 MUSD Electricity CAPEX ($/kWe): 8829 USD/kW Heat CAPEX ($/kWth): 1105 USD/kW @@ -35,10 +35,10 @@ Simulation Metadata Investment Tax Credit: 3788.88 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 288.48 MUSD - After-tax IRR: 18.93 % - Project VIR=PI=PIR: 1.12 - Project MOIC: 2.38 + Project NPV: 264.61 MUSD + After-tax IRR: 18.79 % + Project VIR=PI=PIR: 1.11 + Project MOIC: 1.63 Project Payback Period: 5.94 yr CHP: Percent cost allocation for electrical plant: 96.48 % @@ -133,6 +133,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 1133.31 MW Average Total Electricity Generation: 1116.33 MW @@ -270,8 +271,8 @@ Heat revenue ($) equals: Capacity payment revenue ($) 0 106,620,030 106,821,249 106,882,603 106,918,835 106,943,238 106,955,132 106,937,429 106,845,346 106,597,352 106,077,439 105,152,783 105,188,466 106,750,818 106,851,782 106,899,571 106,930,208 106,950,212 106,953,160 106,911,899 106,766,958 106,421,293 105,748,903 104,618,248 106,228,292 106,805,697 106,874,800 106,913,769 106,939,868 106,954,467 106,945,641 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4,736,098,012 -Total revenue ($) 0 869,963,097 877,048,087 883,846,159 889,773,632 895,290,600 900,359,769 904,334,112 905,517,245 900,806,605 885,792,240 855,521,104 861,766,087 925,383,166 933,794,552 940,253,991 946,087,931 951,529,076 956,309,822 959,334,340 958,197,165 948,964,571 926,567,069 885,901,922 955,520,329 983,217,780 990,604,170 996,809,414 1,002,509,201 1,007,745,194 5,748,102,846 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 947,219,602 +Total revenue ($) 0 869,963,097 877,048,087 883,846,159 889,773,632 895,290,600 900,359,769 904,334,112 905,517,245 900,806,605 885,792,240 855,521,104 861,766,087 925,383,166 933,794,552 940,253,991 946,087,931 951,529,076 956,309,822 959,334,340 958,197,165 948,964,571 926,567,069 885,901,922 955,520,329 983,217,780 990,604,170 996,809,414 1,002,509,201 1,007,745,194 1,959,224,436 Property tax net assessed value ($) 0 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 9,472,196,023 @@ -285,10 +286,10 @@ Property tax expense ($) Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 312,367,588 -EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 OPERATING ACTIVITIES -EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -296,7 +297,7 @@ State PBI income ($) Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 323,113,708 318,730,001 314,100,806 309,212,376 304,050,193 298,598,929 292,842,394 286,763,493 280,344,173 273,565,371 266,406,957 258,847,671 250,865,066 242,435,434 233,533,743 224,133,558 214,206,962 203,724,476 192,654,972 180,965,575 168,621,572 155,586,304 141,821,062 127,284,967 111,934,849 95,725,126 78,607,658 60,531,611 41,443,306 21,286,056 -Cash flow from operating activities ($) 0 234,481,801 245,950,498 257,377,765 268,193,669 278,872,819 289,393,252 299,124,130 306,386,165 308,094,845 299,859,281 276,746,559 290,550,828 362,150,512 378,991,530 394,352,660 409,586,786 424,954,527 440,217,758 454,311,780 464,864,003 467,975,411 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 5,414,449,202 +Cash flow from operating activities ($) 0 234,481,801 245,950,498 257,377,765 268,193,669 278,872,819 289,393,252 299,124,130 306,386,165 308,094,845 299,859,281 276,746,559 290,550,828 362,150,512 378,991,530 394,352,660 409,586,786 424,954,527 440,217,758 454,311,780 464,864,003 467,975,411 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 1,625,570,793 INVESTING ACTIVITIES Total installed cost ($) -9,472,196,023 @@ -330,51 +331,51 @@ Cash flow from financing activities ($) PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 234,481,801 245,950,498 257,377,765 268,193,669 278,872,819 289,393,252 299,124,130 306,386,165 308,094,845 299,859,281 276,746,559 290,550,828 362,150,512 378,991,530 394,352,660 409,586,786 424,954,527 440,217,758 454,311,780 464,864,003 467,975,411 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 5,414,449,202 +Cash flow from operating activities ($) 0 234,481,801 245,950,498 257,377,765 268,193,669 278,872,819 289,393,252 299,124,130 306,386,165 308,094,845 299,859,281 276,746,559 290,550,828 362,150,512 378,991,530 394,352,660 409,586,786 424,954,527 440,217,758 454,311,780 464,864,003 467,975,411 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 1,625,570,793 Cash flow from investing activities ($) -9,472,196,023 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 9,472,196,023 -78,280,492 -82,664,200 -87,293,395 -92,181,825 -97,344,007 -102,795,272 -108,551,807 -114,630,708 -121,050,028 -127,828,829 -134,987,244 -142,546,529 -150,529,135 -158,958,767 -167,860,457 -177,260,643 -187,187,239 -197,669,724 -208,739,229 -220,428,626 -232,772,629 -245,807,896 -259,573,138 -274,109,234 -289,459,351 -305,669,075 -322,786,543 -340,862,589 -359,950,894 -380,108,145 -Total pre-tax cash flow ($) 0 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 5,034,341,057 +Total pre-tax cash flow ($) 0 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 1,245,462,648 Pre-tax Returns: Issuance of equity ($) 3,702,308,372 -Total pre-tax cash flow ($) 0 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 5,034,341,057 -Total pre-tax returns ($) -3,702,308,372 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 5,034,341,057 +Total pre-tax cash flow ($) 0 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 1,245,462,648 +Total pre-tax returns ($) -3,702,308,372 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 1,245,462,648 After-tax Returns: -Total pre-tax returns ($) -3,702,308,372 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 5,034,341,057 +Total pre-tax returns ($) -3,702,308,372 156,201,309 163,286,299 170,084,370 176,011,844 181,528,812 186,597,980 190,572,323 191,755,457 187,044,817 172,030,452 141,759,315 148,004,299 211,621,377 220,032,764 226,492,203 232,326,143 237,767,288 242,548,034 245,572,551 244,435,377 235,202,783 212,805,280 172,140,134 241,758,541 269,455,992 276,842,382 283,047,626 288,747,413 293,983,406 1,245,462,648 Federal ITC total income ($) 0 3,788,878,409 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -8,795,898 25,962,663 23,730,918 21,618,572 19,532,934 17,478,293 15,577,853 14,159,577 13,825,872 15,434,278 19,948,192 17,252,219 3,268,800 -20,250 -3,020,279 -5,995,504 -8,996,824 -11,977,733 -14,730,295 -16,791,144 -54,397,200 -89,567,153 -84,313,602 -100,748,976 -109,156,166 -113,764,488 -118,319,413 -122,962,833 -127,713,369 -1,057,441,929 +Federal tax benefit (liability) ($) 0 -8,795,898 25,962,663 23,730,918 21,618,572 19,532,934 17,478,293 15,577,853 14,159,577 13,825,872 15,434,278 19,948,192 17,252,219 3,268,800 -20,250 -3,020,279 -5,995,504 -8,996,824 -11,977,733 -14,730,295 -16,791,144 -54,397,200 -89,567,153 -84,313,602 -100,748,976 -109,156,166 -113,764,488 -118,319,413 -122,962,833 -127,713,369 -317,473,976 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -379,011,444 -Total after-tax returns ($) -3,702,308,372 3,933,131,168 198,554,576 202,320,993 205,379,008 208,062,797 210,340,895 211,733,636 210,990,152 205,826,199 192,996,729 168,857,397 171,440,108 216,061,791 220,005,255 222,389,386 224,181,713 225,545,796 226,277,207 225,562,580 221,625,901 161,308,378 91,135,204 57,606,603 104,898,820 121,175,751 122,302,093 122,319,821 121,711,879 120,494,636 3,597,887,684 +State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -113,789,955 +Total after-tax returns ($) -3,702,308,372 3,933,131,168 198,554,576 202,320,993 205,379,008 208,062,797 210,340,895 211,733,636 210,990,152 205,826,199 192,996,729 168,857,397 171,440,108 216,061,791 220,005,255 222,389,386 224,181,713 225,545,796 226,277,207 225,562,580 221,625,901 161,308,378 91,135,204 57,606,603 104,898,820 121,175,751 122,302,093 122,319,821 121,711,879 120,494,636 814,198,717 -After-tax net cash flow ($) -90,867,904 -93,321,338 -95,841,014 -1,688,346,382 -1,733,931,735 3,933,131,168 198,554,576 202,320,993 205,379,008 208,062,797 210,340,895 211,733,636 210,990,152 205,826,199 192,996,729 168,857,397 171,440,108 216,061,791 220,005,255 222,389,386 224,181,713 225,545,796 226,277,207 225,562,580 221,625,901 161,308,378 91,135,204 57,606,603 104,898,820 121,175,751 122,302,093 122,319,821 121,711,879 120,494,636 3,597,887,684 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 3.63 6.47 8.92 10.94 12.58 13.87 14.90 15.70 16.32 16.78 17.11 17.38 17.65 17.88 18.07 18.22 18.34 18.45 18.53 18.60 18.64 18.66 18.67 18.69 18.71 18.72 18.73 18.74 18.75 18.93 -After-tax cumulative NPV ($) -90,867,904 -171,999,962 -244,439,299 -1,353,859,712 -2,344,413,653 -390,991,544 -305,258,331 -229,309,396 -162,282,622 -103,249,162 -51,364,492 -5,958,128 33,378,813 66,740,699 93,937,099 114,623,889 132,883,729 152,890,364 170,601,265 186,165,694 199,806,212 211,737,214 222,143,472 231,161,930 238,865,594 243,740,265 246,134,606 247,450,387 249,533,408 251,625,352 253,460,960 255,057,039 256,437,748 257,626,109 288,475,013 +After-tax net cash flow ($) -90,867,904 -93,321,338 -95,841,014 -1,688,346,382 -1,733,931,735 3,933,131,168 198,554,576 202,320,993 205,379,008 208,062,797 210,340,895 211,733,636 210,990,152 205,826,199 192,996,729 168,857,397 171,440,108 216,061,791 220,005,255 222,389,386 224,181,713 225,545,796 226,277,207 225,562,580 221,625,901 161,308,378 91,135,204 57,606,603 104,898,820 121,175,751 122,302,093 122,319,821 121,711,879 120,494,636 814,198,717 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN 3.63 6.47 8.92 10.94 12.58 13.87 14.90 15.70 16.32 16.78 17.11 17.38 17.65 17.88 18.07 18.22 18.34 18.45 18.53 18.60 18.64 18.66 18.67 18.69 18.71 18.72 18.73 18.74 18.75 18.79 +After-tax cumulative NPV ($) -90,867,904 -171,999,962 -244,439,299 -1,353,859,712 -2,344,413,653 -390,991,544 -305,258,331 -229,309,396 -162,282,622 -103,249,162 -51,364,492 -5,958,128 33,378,813 66,740,699 93,937,099 114,623,889 132,883,729 152,890,364 170,601,265 186,165,694 199,806,212 211,737,214 222,143,472 231,161,930 238,865,594 243,740,265 246,134,606 247,450,387 249,533,408 251,625,352 253,460,960 255,057,039 256,437,748 257,626,109 264,607,188 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -90,867,904 -93,321,338 -95,841,014 -1,688,346,382 -1,733,931,735 3,063,168,071 -678,493,511 -681,525,165 -684,394,625 -687,227,803 -690,018,874 -692,600,476 -694,527,094 -694,980,406 -692,795,511 -686,663,706 -690,325,979 -709,321,375 -713,789,297 -717,864,605 -721,906,218 -725,983,280 -730,032,615 -733,771,760 -736,571,264 -787,656,193 -835,431,864 -828,295,319 -850,621,509 -862,042,029 -868,302,078 -874,489,593 -880,797,322 -887,250,558 2,585,882,850 +Annual costs ($) -90,867,904 -93,321,338 -95,841,014 -1,688,346,382 -1,733,931,735 3,063,168,071 -678,493,511 -681,525,165 -684,394,625 -687,227,803 -690,018,874 -692,600,476 -694,527,094 -694,980,406 -692,795,511 -686,663,706 -690,325,979 -709,321,375 -713,789,297 -717,864,605 -721,906,218 -725,983,280 -730,032,615 -733,771,760 -736,571,264 -787,656,193 -835,431,864 -828,295,319 -850,621,509 -862,042,029 -868,302,078 -874,489,593 -880,797,322 -887,250,558 -197,806,117 PPA revenue ($) 0 0 0 0 0 763,343,067 770,226,838 776,963,556 782,854,797 788,347,362 793,404,637 797,396,683 798,671,899 794,209,253 779,714,801 750,368,321 756,577,621 818,632,348 826,942,770 833,354,420 839,157,723 844,578,864 849,356,662 852,422,441 851,430,207 842,543,278 820,818,166 781,283,674 849,292,037 876,412,083 883,729,370 889,895,645 895,569,333 900,790,727 905,059,193 Electricity to grid (kWh) 0 0 0 0 0 8,035,190,178 8,107,650,926 8,129,785,032 8,142,862,465 8,151,663,345 8,155,886,478 8,149,174,071 8,114,934,966 8,023,126,108 7,831,607,082 7,493,941,085 7,513,183,922 8,083,660,983 8,120,019,343 8,137,432,090 8,148,744,640 8,156,242,051 8,157,478,508 8,142,348,272 8,088,829,634 7,961,289,596 7,714,456,443 7,303,764,365 7,897,452,458 8,106,669,902 8,131,481,141 8,145,497,899 8,154,883,749 8,160,075,434 8,156,625,748 -Present value of annual costs ($) 3,068,038,804 +Present value of annual costs ($) 3,091,906,630 -Present value of annual energy costs ($) 2,960,105,234 +Present value of annual energy costs ($) 2,983,133,390 Present value of annual energy nominal (kWh) 30,167,357,656 -LCOE Levelized cost of energy nominal (cents/kWh) 9.81 +LCOE Levelized cost of energy nominal (cents/kWh) 9.89 Present value of PPA revenue ($) 2,956,972,031 Present value of annual energy nominal (kWh) 30,167,357,656 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 107,933,570 +Present value of annual heat costs ($) 108,773,240 Present value of annual heat provided (MMBTU) 30,295,399 -LCOH Levelized cost of heating nominal ($/MMBTU) 3.56 +LCOH Levelized cost of heating nominal ($/MMBTU) 3.59 PROJECT STATE INCOME TAXES -EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -383,15 +384,15 @@ minus: Debt interest payment ($) 0 323,113,708 318,730,001 314,100,806 309,212,376 304,050,193 298,598,929 292,842,394 286,763,493 280,344,173 273,565,371 266,406,957 258,847,671 250,865,066 242,435,434 233,533,743 224,133,558 214,206,962 203,724,476 192,654,972 180,965,575 168,621,572 155,586,304 141,821,062 127,284,967 111,934,849 95,725,126 78,607,658 60,531,611 41,443,306 21,286,056 Total state tax depreciation ($) 0 189,443,920 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 189,443,920 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 45,037,880 -132,937,343 -121,510,076 -110,694,172 -100,015,022 -89,494,589 -79,763,711 -72,501,676 -70,792,996 -79,028,560 -102,141,282 -88,337,013 -16,737,329 103,689 15,464,819 30,698,945 46,066,686 61,329,917 75,423,939 85,976,162 278,531,491 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 5,414,449,202 +State taxable income ($) 0 45,037,880 -132,937,343 -121,510,076 -110,694,172 -100,015,022 -89,494,589 -79,763,711 -72,501,676 -70,792,996 -79,028,560 -102,141,282 -88,337,013 -16,737,329 103,689 15,464,819 30,698,945 46,066,686 61,329,917 75,423,939 85,976,162 278,531,491 458,613,176 431,713,272 515,867,775 558,915,343 582,511,457 605,834,169 629,610,002 653,934,300 1,625,570,793 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -379,011,444 +State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -113,789,955 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -379,011,444 +State tax benefit (liability) ($) 0 -3,152,652 9,305,614 8,505,705 7,748,592 7,001,052 6,264,621 5,583,460 5,075,117 4,955,510 5,531,999 7,149,890 6,183,591 1,171,613 -7,258 -1,082,537 -2,148,926 -3,224,668 -4,293,094 -5,279,676 -6,018,331 -19,497,204 -32,102,922 -30,219,929 -36,110,744 -39,124,074 -40,775,802 -42,408,392 -44,072,700 -45,775,401 -113,789,955 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -401,10 +402,10 @@ minus: Debt interest payment ($) 0 323,113,708 318,730,001 314,100,806 309,212,376 304,050,193 298,598,929 292,842,394 286,763,493 280,344,173 273,565,371 266,406,957 258,847,671 250,865,066 242,435,434 233,533,743 224,133,558 214,206,962 203,724,476 192,654,972 180,965,575 168,621,572 155,586,304 141,821,062 127,284,967 111,934,849 95,725,126 78,607,658 60,531,611 41,443,306 21,286,056 Total federal tax depreciation ($) 0 189,443,920 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 378,887,841 189,443,920 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 41,885,229 -123,631,729 -113,004,371 -102,945,580 -93,013,970 -83,229,968 -74,180,251 -67,426,559 -65,837,487 -73,496,561 -94,991,392 -82,153,422 -15,565,716 96,431 14,382,282 28,550,019 42,842,018 57,036,823 70,144,264 79,957,831 259,034,287 426,510,254 401,493,343 479,757,031 519,791,269 541,735,655 563,425,777 585,537,302 608,158,899 5,035,437,758 +Federal taxable income ($) 0 41,885,229 -123,631,729 -113,004,371 -102,945,580 -93,013,970 -83,229,968 -74,180,251 -67,426,559 -65,837,487 -73,496,561 -94,991,392 -82,153,422 -15,565,716 96,431 14,382,282 28,550,019 42,842,018 57,036,823 70,144,264 79,957,831 259,034,287 426,510,254 401,493,343 479,757,031 519,791,269 541,735,655 563,425,777 585,537,302 608,158,899 1,511,780,837 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -8,795,898 25,962,663 23,730,918 21,618,572 19,532,934 17,478,293 15,577,853 14,159,577 13,825,872 15,434,278 19,948,192 17,252,219 3,268,800 -20,250 -3,020,279 -5,995,504 -8,996,824 -11,977,733 -14,730,295 -16,791,144 -54,397,200 -89,567,153 -84,313,602 -100,748,976 -109,156,166 -113,764,488 -118,319,413 -122,962,833 -127,713,369 -1,057,441,929 +Federal tax benefit (liability) ($) 0 -8,795,898 25,962,663 23,730,918 21,618,572 19,532,934 17,478,293 15,577,853 14,159,577 13,825,872 15,434,278 19,948,192 17,252,219 3,268,800 -20,250 -3,020,279 -5,995,504 -8,996,824 -11,977,733 -14,730,295 -16,791,144 -54,397,200 -89,567,153 -84,313,602 -100,748,976 -109,156,166 -113,764,488 -118,319,413 -122,962,833 -127,713,369 -317,473,976 CASH INCENTIVES Federal IBI income ($) 0 @@ -444,16 +445,16 @@ Debt principal payment ($) Debt total payment ($) 0 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 DSCR (DEBT FRACTION) -EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +EBITDA ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 5,435,735,258 +Cash available for debt service (CAFDS) ($) 0 557,595,509 564,680,499 571,478,571 577,406,045 582,923,012 587,992,181 591,966,524 593,149,658 588,439,018 573,424,652 543,153,516 549,398,499 613,015,578 621,426,964 627,886,404 633,720,343 639,161,489 643,942,234 646,966,752 645,829,578 636,596,983 614,199,481 573,534,334 643,152,742 670,850,192 678,236,583 684,441,827 690,141,614 695,377,606 1,646,856,849 Debt total payment ($) 0 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 401,394,201 -DSCR (pre-tax) 0.0 1.39 1.41 1.42 1.44 1.45 1.46 1.47 1.48 1.47 1.43 1.35 1.37 1.53 1.55 1.56 1.58 1.59 1.60 1.61 1.61 1.59 1.53 1.43 1.60 1.67 1.69 1.71 1.72 1.73 13.54 +DSCR (pre-tax) 0.0 1.39 1.41 1.42 1.44 1.45 1.46 1.47 1.48 1.47 1.43 1.35 1.37 1.53 1.55 1.56 1.58 1.59 1.60 1.61 1.61 1.59 1.53 1.43 1.60 1.67 1.69 1.71 1.72 1.73 4.10 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-2.out b/tests/examples/example_SAM-single-owner-PPA-2.out index 40442848d..ee074b813 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.out +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.12.1 - Simulation Date: 2026-04-01 - Simulation Time: 09:30 - Calculation Time: 1.027 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:42 + Calculation Time: 3.505 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 404.31 MW - Electricity breakeven price: 7.37 cents/kWh + Electricity breakeven price: 7.66 cents/kWh Total CAPEX: 1609.42 MUSD Total CAPEX ($/kW): 3972 USD/kW Number of production wells: 39 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 482.83 MUSD Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2877.00 MUSD + Project NPV: 2794.80 MUSD After-tax IRR: 59.73 % - Project VIR=PI=PIR: 4.58 - Project MOIC: 9.59 + Project VIR=PI=PIR: 4.47 + Project MOIC: 9.00 Project Payback Period: 2.13 yr Estimated Jobs Created: 976 @@ -120,6 +120,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 458.92 MW Average Total Electricity Generation: 458.05 MW @@ -223,8 +224,8 @@ PPA price (cents/kWh) 0.0 15.0 1 PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 804,710,910 -Total revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 1,516,959,384 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 160,942,182 +Total revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 873,190,656 Property tax net assessed value ($) 0 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 @@ -238,10 +239,10 @@ Property tax expense ($) 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 OPERATING ACTIVITIES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -249,7 +250,7 @@ State PBI income ($) 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 -Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 +Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 843,153,949 INVESTING ACTIVITIES Total installed cost ($) -1,609,421,820 @@ -283,47 +284,47 @@ Cash flow from financing activities ($) 1,609,421,820 -24,336,540 - PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 +Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 843,153,949 Cash flow from investing activities ($) -1,609,421,820 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 1,609,421,820 -24,336,540 -25,553,367 -26,831,035 -28,172,587 -29,581,216 -31,060,277 -32,613,291 -34,243,956 -35,956,153 -37,753,961 -39,641,659 -41,623,742 -43,704,929 -45,890,176 -48,184,684 -50,593,918 -53,123,614 -55,779,795 -58,568,785 -61,497,224 -Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 781,656,725 Pre-tax Returns: Issuance of equity ($) 804,710,910 -Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 -Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 781,656,725 +Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 781,656,725 After-tax Returns: -Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 781,656,725 Federal ITC total income ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 +Federal tax benefit (liability) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -151,309,363 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 -Total after-tax returns ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 1,049,091,500 +State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -54,232,747 +Total after-tax returns ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 576,114,616 -After-tax net cash flow ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 1,049,091,500 +After-tax net cash flow ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 576,114,616 After-tax cumulative IRR (%) NaN -4.74 24.59 40.43 48.73 53.26 55.83 57.34 58.25 58.80 59.15 59.36 59.50 59.58 59.64 59.67 59.69 59.71 59.72 59.72 59.73 -After-tax cumulative NPV ($) -804,710,910 -102,334,925 144,572,651 378,216,539 598,941,126 807,208,091 1,003,518,949 1,188,390,241 1,362,341,917 1,525,890,624 1,679,545,329 1,823,804,273 1,959,152,768 2,086,061,612 2,204,985,930 2,316,364,386 2,420,618,660 2,518,153,154 2,609,354,882 2,694,593,509 2,877,039,523 +After-tax cumulative NPV ($) -804,710,910 -102,334,925 144,572,651 378,216,539 598,941,126 807,208,091 1,003,518,949 1,188,390,241 1,362,341,917 1,525,890,624 1,679,545,329 1,823,804,273 1,959,152,768 2,086,061,612 2,204,985,930 2,316,364,386 2,420,618,660 2,518,153,154 2,609,354,882 2,694,593,509 2,794,784,785 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -804,710,910 292,393,552 -182,263,092 -186,204,759 -190,094,937 -193,973,792 -197,855,490 -201,747,003 -205,652,538 -209,575,034 -213,516,791 -217,479,763 -221,465,718 -225,476,324 -229,513,207 -233,577,985 -237,672,292 -241,797,796 -245,956,212 -250,149,313 336,843,026 +Annual costs ($) -804,710,910 292,393,552 -182,263,092 -186,204,759 -190,094,937 -193,973,792 -197,855,490 -201,747,003 -205,652,538 -209,575,034 -213,516,791 -217,479,763 -221,465,718 -225,476,324 -229,513,207 -233,577,985 -237,672,292 -241,797,796 -245,956,212 -250,149,313 -136,133,858 PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 Electricity to grid (kWh) 0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 -Present value of annual costs ($) 2,121,805,149 +Present value of annual costs ($) 2,204,059,887 -Present value of annual energy costs ($) 2,121,805,149 +Present value of annual energy costs ($) 2,204,059,887 Present value of annual energy nominal (kWh) 28,780,754,350 -LCOE Levelized cost of energy nominal (cents/kWh) 7.37 +LCOE Levelized cost of energy nominal (cents/kWh) 7.66 Present value of PPA revenue ($) 4,998,844,671 Present value of annual energy nominal (kWh) 28,780,754,350 LPPA Levelized PPA price nominal (cents/kWh) 17.37 PROJECT STATE INCOME TAXES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -332,15 +333,15 @@ minus: Debt interest payment ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 Total state tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 equals: -State taxable income ($) 0 372,781,993 341,987,037 356,844,434 371,507,751 386,128,385 400,759,739 415,428,090 430,149,292 444,934,427 459,792,161 474,729,862 489,754,191 504,871,440 520,087,735 535,409,175 550,841,918 566,392,253 582,066,644 597,871,774 1,418,522,250 +State taxable income ($) 0 372,781,993 341,987,037 356,844,434 371,507,751 386,128,385 400,759,739 415,428,090 430,149,292 444,934,427 459,792,161 474,729,862 489,754,191 504,871,440 520,087,735 535,409,175 550,841,918 566,392,253 582,066,644 597,871,774 774,753,522 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 +State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -54,232,747 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 +State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -54,232,747 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -350,10 +351,10 @@ minus: Debt interest payment ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 Total federal tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 equals: -Federal taxable income ($) 0 346,687,253 318,047,944 331,865,323 345,502,208 359,099,398 372,706,557 386,348,124 400,038,841 413,789,017 427,606,710 441,498,772 455,471,398 469,530,439 483,681,593 497,930,532 512,282,984 526,744,795 541,321,979 556,020,750 1,319,225,692 +Federal taxable income ($) 0 346,687,253 318,047,944 331,865,323 345,502,208 359,099,398 372,706,557 386,348,124 400,038,841 413,789,017 427,606,710 441,498,772 455,471,398 469,530,439 483,681,593 497,930,532 512,282,984 526,744,795 541,321,979 556,020,750 720,520,775 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 +Federal tax benefit (liability) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -151,309,363 CASH INCENTIVES Federal IBI income ($) 0 @@ -393,16 +394,16 @@ Debt principal payment ($) 0 24,336,540 2 Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 DSCR (DEBT FRACTION) -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +Cash available for debt service (CAFDS) ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 846,228,811 Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 -DSCR (pre-tax) 0.0 6.93 6.96 7.17 7.38 7.58 7.78 7.99 8.19 8.39 8.60 8.80 9.0 9.20 9.40 9.60 9.81 10.01 10.21 10.41 23.07 +DSCR (pre-tax) 0.0 6.93 6.96 7.17 7.38 7.58 7.78 7.99 8.19 8.39 8.60 8.80 9.0 9.20 9.40 9.60 9.81 10.01 10.21 10.41 13.11 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-3.out b/tests/examples/example_SAM-single-owner-PPA-3.out index 79998acbc..1c28c45b0 100644 --- a/tests/examples/example_SAM-single-owner-PPA-3.out +++ b/tests/examples/example_SAM-single-owner-PPA-3.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.17.0 - Simulation Date: 2026-09-12 - Simulation Time: 07:17 - Calculation Time: 1.247 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:42 + Calculation Time: 4.223 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 58.87 MW - Electricity breakeven price: 7.64 cents/kWh + Electricity breakeven price: 7.94 cents/kWh Total CAPEX: 275.47 MUSD Total CAPEX ($/kW): 4667 USD/kW Number of production wells: 6 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 82.64 MUSD Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 210.63 MUSD - After-tax IRR: 30.00 % - Project VIR=PI=PIR: 2.27 - Project MOIC: 4.61 + Project NPV: 198.94 MUSD + After-tax IRR: 29.90 % + Project VIR=PI=PIR: 2.20 + Project MOIC: 4.12 Project Payback Period: 3.94 yr Estimated Jobs Created: 125 @@ -230,8 +230,8 @@ Add-On revenue ($) 0 15,000,000 15,0 equals: Capacity payment revenue ($) 0 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 137,736,712 -Total revenue ($) 0 51,751,456 51,964,904 53,519,865 55,051,439 56,573,241 58,089,812 59,603,196 61,114,476 62,624,287 64,133,030 65,640,973 67,148,303 68,655,154 70,161,626 71,667,791 73,173,709 74,679,427 76,184,986 77,690,409 216,932,127 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27,547,342 +Total revenue ($) 0 51,751,456 51,964,904 53,519,865 55,051,439 56,573,241 58,089,812 59,603,196 61,114,476 62,624,287 64,133,030 65,640,973 67,148,303 68,655,154 70,161,626 71,667,791 73,173,709 74,679,427 76,184,986 77,690,409 106,742,757 Property tax net assessed value ($) 0 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 275,473,424 @@ -245,10 +245,10 @@ Property tax expense ($) 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 7,599,142 -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 OPERATING ACTIVITIES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -256,7 +256,7 @@ State PBI income ($) 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 -Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 +Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 98,722,573 INVESTING ACTIVITIES Total installed cost ($) -275,473,424 @@ -290,47 +290,47 @@ Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,4 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 208,911,943 +Cash flow from operating activities ($) 0 38,642,845 39,022,913 40,752,827 42,468,100 44,182,786 45,901,885 47,627,924 49,362,491 51,106,754 52,861,671 54,628,098 56,406,835 58,198,664 60,004,362 61,824,716 63,660,531 65,512,641 67,381,912 69,269,232 98,722,573 Cash flow from investing activities ($) -275,473,424 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 275,473,424 -3,332,412 -3,499,032 -3,673,984 -3,857,683 -4,050,567 -4,253,096 -4,465,750 -4,689,038 -4,923,490 -5,169,664 -5,428,147 -5,699,555 -5,984,532 -6,283,759 -6,597,947 -6,927,844 -7,274,237 -7,637,948 -8,019,846 -8,420,838 -Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 90,301,735 Pre-tax Returns: Issuance of equity ($) 165,284,055 -Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 -Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Total pre-tax cash flow ($) 0 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 90,301,735 +Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 90,301,735 After-tax Returns: -Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 200,491,104 +Total pre-tax returns ($) -165,284,055 35,310,434 35,523,881 37,078,843 38,610,417 40,132,219 41,648,789 43,162,174 44,673,453 46,183,264 47,692,007 49,199,951 50,707,281 52,214,132 53,720,603 55,226,769 56,732,686 58,238,404 59,743,963 61,249,387 90,301,735 Federal ITC total income ($) 0 82,642,027 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 +Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -16,994,020 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 -Total after-tax returns ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -6,091,047 +Total after-tax returns ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 67,216,668 -After-tax net cash flow ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 148,172,798 -After-tax cumulative IRR (%) NaN -33.90 -14.01 0.64 10.10 16.19 20.21 22.94 24.84 26.19 27.16 27.87 28.40 28.80 29.10 29.32 29.50 29.63 29.73 29.81 30.00 -After-tax cumulative NPV ($) -165,284,055 -66,106,922 -42,805,226 -20,832,763 -155,799 19,271,800 37,501,025 54,585,116 70,578,227 85,534,586 99,507,908 112,550,972 124,715,297 136,050,903 146,606,133 156,427,530 165,559,743 174,045,484 181,925,493 189,238,538 210,632,436 +After-tax net cash flow ($) -165,284,055 109,253,530 28,277,134 29,373,150 30,449,662 31,516,557 32,577,051 33,632,517 34,683,616 35,730,674 36,773,837 37,813,148 38,848,579 39,880,058 40,907,478 41,930,703 42,949,579 43,963,932 44,973,574 45,978,291 67,216,668 +After-tax cumulative IRR (%) NaN -33.90 -14.01 0.64 10.10 16.19 20.21 22.94 24.84 26.19 27.16 27.87 28.40 28.80 29.10 29.32 29.50 29.63 29.73 29.81 29.90 +After-tax cumulative NPV ($) -165,284,055 -66,106,922 -42,805,226 -20,832,763 -155,799 19,271,800 37,501,025 54,585,116 70,578,227 85,534,586 99,507,908 112,550,972 124,715,297 136,050,903 146,606,133 156,427,530 165,559,743 174,045,484 181,925,493 189,238,538 198,943,602 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -165,284,055 57,502,074 -23,687,770 -24,146,716 -24,601,778 -25,056,684 -25,512,761 -25,970,679 -26,430,860 -26,893,613 -27,359,192 -27,827,825 -28,299,724 -28,775,096 -29,254,148 -29,737,088 -30,224,130 -30,715,494 -31,211,412 -31,712,118 68,977,383 +Annual costs ($) -165,284,055 57,502,074 -23,687,770 -24,146,716 -24,601,778 -25,056,684 -25,512,761 -25,970,679 -26,430,860 -26,893,613 -27,359,192 -27,827,825 -28,299,724 -28,775,096 -29,254,148 -29,737,088 -30,224,130 -30,715,494 -31,211,412 -31,712,118 -11,978,747 PPA revenue ($) 0 36,751,456 36,964,904 38,519,865 40,051,439 41,573,241 43,089,812 44,603,196 46,114,476 47,624,287 49,133,030 50,640,973 52,148,303 53,655,154 55,161,626 56,667,791 58,173,709 59,679,427 61,184,986 62,690,409 64,195,415 Electricity to grid (kWh) 0 459,393,200 462,061,296 462,867,882 463,343,815 463,676,568 463,929,931 464,133,155 464,302,013 464,445,938 464,571,006 464,681,345 464,779,886 464,868,777 464,949,642 465,023,726 465,092,011 465,155,313 465,214,308 465,269,475 465,319,040 -Present value of annual costs ($) 298,190,011 +Present value of annual costs ($) 309,878,845 -Present value of annual energy costs ($) 298,190,011 +Present value of annual energy costs ($) 309,878,845 Present value of annual energy nominal (kWh) 3,903,105,303 -LCOE Levelized cost of energy nominal (cents/kWh) 7.64 +LCOE Levelized cost of energy nominal (cents/kWh) 7.94 Present value of PPA revenue ($) 382,501,304 Present value of annual energy nominal (kWh) 3,903,105,303 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -339,15 +339,15 @@ minus: Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 Total state tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 equals: -State taxable income ($) 0 32,789,035 27,315,293 29,045,206 30,760,479 32,475,165 34,194,264 35,920,304 37,654,871 39,399,133 41,154,051 42,920,477 44,699,215 46,491,044 48,296,742 50,117,095 51,952,910 53,805,020 55,674,291 57,561,612 197,204,322 +State taxable income ($) 0 32,789,035 27,315,293 29,045,206 30,760,479 32,475,165 34,194,264 35,920,304 37,654,871 39,399,133 41,154,051 42,920,477 44,699,215 46,491,044 48,296,742 50,117,095 51,952,910 53,805,020 55,674,291 57,561,612 87,014,952 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -6,091,047 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -13,804,303 +State tax benefit (liability) ($) 0 -2,295,232 -1,912,071 -2,033,164 -2,153,234 -2,273,262 -2,393,599 -2,514,421 -2,635,841 -2,757,939 -2,880,784 -3,004,433 -3,128,945 -3,254,373 -3,380,772 -3,508,197 -3,636,704 -3,766,351 -3,897,200 -4,029,313 -6,091,047 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -357,10 +357,10 @@ minus: Debt interest payment ($) 0 5,509,468 5,342,848 5,167,896 4,984,197 4,791,313 4,588,785 4,376,130 4,152,842 3,918,390 3,672,216 3,413,733 3,142,325 2,857,348 2,558,121 2,243,933 1,914,036 1,567,643 1,203,932 822,034 421,042 Total federal tax depreciation ($) 0 5,853,810 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 11,707,621 equals: -Federal taxable income ($) 0 30,493,802 25,403,222 27,012,042 28,607,246 30,201,904 31,800,666 33,405,882 35,019,030 36,641,194 38,273,267 39,916,044 41,570,270 43,236,671 44,915,970 46,608,899 48,316,206 50,038,669 51,777,091 53,532,299 183,400,020 +Federal taxable income ($) 0 30,493,802 25,403,222 27,012,042 28,607,246 30,201,904 31,800,666 33,405,882 35,019,030 36,641,194 38,273,267 39,916,044 41,570,270 43,236,671 44,915,970 46,608,899 48,316,206 50,038,669 51,777,091 53,532,299 80,923,906 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -38,514,004 +Federal tax benefit (liability) ($) 0 -6,403,699 -5,334,677 -5,672,529 -6,007,522 -6,342,400 -6,678,140 -7,015,235 -7,353,996 -7,694,651 -8,037,386 -8,382,369 -8,729,757 -9,079,701 -9,432,354 -9,787,869 -10,146,403 -10,508,120 -10,873,189 -11,241,783 -16,994,020 CASH INCENTIVES Federal IBI income ($) 0 @@ -400,16 +400,16 @@ Debt principal payment ($) 0 3,332,412 3,49 Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 DSCR (DEBT FRACTION) -EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +EBITDA ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 209,332,985 +Cash available for debt service (CAFDS) ($) 0 44,152,314 44,365,761 45,920,723 47,452,297 48,974,099 50,490,670 52,004,054 53,515,334 55,025,144 56,533,887 58,041,831 59,549,161 61,056,012 62,562,483 64,068,649 65,574,566 67,080,284 68,585,843 70,091,267 99,143,615 Debt total payment ($) 0 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 8,841,880 -DSCR (pre-tax) 0.0 4.99 5.02 5.19 5.37 5.54 5.71 5.88 6.05 6.22 6.39 6.56 6.73 6.91 7.08 7.25 7.42 7.59 7.76 7.93 23.68 +DSCR (pre-tax) 0.0 4.99 5.02 5.19 5.37 5.54 5.71 5.88 6.05 6.22 6.39 6.56 6.73 6.91 7.08 7.25 7.42 7.59 7.76 7.93 11.21 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-4.out b/tests/examples/example_SAM-single-owner-PPA-4.out index 8848d8c72..122aadd5c 100644 --- a/tests/examples/example_SAM-single-owner-PPA-4.out +++ b/tests/examples/example_SAM-single-owner-PPA-4.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.17.0 - Simulation Date: 2026-09-12 - Simulation Time: 07:17 - Calculation Time: 1.254 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:42 + Calculation Time: 4.259 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 54.96 MW - Electricity breakeven price: 6.97 cents/kWh + Electricity breakeven price: 7.24 cents/kWh Total CAPEX: 225.81 MUSD Total CAPEX ($/kW): 4097 USD/kW Number of production wells: 6 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 67.74 MUSD Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 103.00 MUSD - After-tax IRR: 22.13 % - Project VIR=PI=PIR: 1.76 - Project MOIC: 3.38 + Project NPV: 93.42 MUSD + After-tax IRR: 21.85 % + Project VIR=PI=PIR: 1.69 + Project MOIC: 2.89 Project Payback Period: 5.29 yr Estimated Jobs Created: 125 @@ -227,8 +227,8 @@ PPA price (cents/kWh) 0.0 8.0 8.0 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 112,904,268 -Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 172,850,456 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22,580,854 +Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 82,527,042 Property tax net assessed value ($) 0 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 225,808,536 @@ -243,10 +243,10 @@ Property tax expense ($) 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 8,340,363 8,696,096 9,143,018 9,617,180 10,119,110 10,648,968 10,790,398 10,931,617 11,072,687 11,213,651 11,354,533 11,495,354 11,636,127 11,776,862 11,917,566 12,058,244 12,198,903 12,339,546 12,480,175 12,620,762 -EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 OPERATING ACTIVITIES -EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -254,7 +254,7 @@ State PBI income ($) 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133 -Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 159,884,561 +Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 69,561,147 INVESTING ACTIVITIES Total installed cost ($) -225,808,536 @@ -288,47 +288,47 @@ Cash flow from financing activities ($) 225,808,536 -2,731,614 -2,8 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 159,884,561 +Cash flow from operating activities ($) 0 21,427,863 21,423,521 22,576,154 23,685,181 24,764,135 25,817,801 27,264,989 28,718,987 30,180,806 31,651,266 33,131,093 34,620,957 36,121,512 37,633,402 39,157,280 40,693,810 42,243,681 43,807,604 45,386,312 69,561,147 Cash flow from investing activities ($) -225,808,536 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 225,808,536 -2,731,614 -2,868,194 -3,011,604 -3,162,184 -3,320,294 -3,486,308 -3,660,624 -3,843,655 -4,035,838 -4,237,629 -4,449,511 -4,671,986 -4,905,586 -5,150,865 -5,408,408 -5,678,829 -5,962,770 -6,260,909 -6,573,954 -6,902,652 -Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909 +Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 62,658,495 Pre-tax Returns: Issuance of equity ($) 135,485,121 -Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909 -Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909 +Total pre-tax cash flow ($) 0 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 62,658,495 +Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 62,658,495 After-tax Returns: -Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 152,981,909 +Total pre-tax returns ($) -135,485,121 18,696,249 18,555,327 19,564,550 20,522,997 21,443,842 22,331,493 23,604,366 24,875,332 26,144,968 27,413,637 28,681,582 29,948,971 31,215,926 32,482,537 33,748,872 35,014,981 36,280,910 37,546,696 38,812,358 62,658,495 Federal ITC total income ($) 0 67,742,561 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -29,351,187 +Federal tax benefit (liability) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -11,711,025 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139 -Total after-tax returns ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 113,110,583 +State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -4,197,500 +Total after-tax returns ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 46,749,970 -After-tax net cash flow ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 113,110,583 -After-tax cumulative IRR (%) NaN -39.46 -24.40 -11.44 -2.16 4.24 8.70 11.92 14.28 16.04 17.38 18.40 19.20 19.82 20.31 20.71 21.02 21.27 21.48 21.65 22.13 -After-tax cumulative NPV ($) -135,485,121 -61,023,410 -48,318,484 -36,259,129 -24,860,960 -14,122,856 -4,034,837 5,574,314 14,705,407 23,363,459 31,556,817 39,296,443 46,595,330 53,468,010 59,930,151 65,998,209 71,689,146 77,020,191 82,008,642 86,671,703 103,003,151 +After-tax net cash flow ($) -135,485,121 82,027,021 15,417,714 16,121,144 16,785,366 17,419,964 18,028,078 18,917,012 19,802,233 20,684,048 21,562,604 22,437,950 23,310,079 24,178,937 25,044,443 25,906,493 26,764,961 27,619,710 28,470,586 29,317,417 46,749,970 +After-tax cumulative IRR (%) NaN -39.46 -24.40 -11.44 -2.16 4.24 8.70 11.92 14.28 16.04 17.38 18.40 19.20 19.82 20.31 20.71 21.02 21.27 21.48 21.65 21.85 +After-tax cumulative NPV ($) -135,485,121 -61,023,410 -48,318,484 -36,259,129 -24,860,960 -14,122,856 -4,034,837 5,574,314 14,705,407 23,363,459 31,556,817 39,296,443 46,595,330 53,468,010 59,930,151 65,998,209 71,689,146 77,020,191 82,008,642 86,671,703 93,421,687 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -135,485,121 47,742,625 -19,081,493 -19,834,209 -20,602,596 -21,390,771 -22,200,167 -22,725,537 -23,252,501 -23,781,392 -24,312,468 -24,845,949 -25,382,031 -25,920,901 -26,462,740 -27,007,729 -27,556,049 -28,107,888 -28,663,440 -29,222,900 53,164,395 +Annual costs ($) -135,485,121 47,742,625 -19,081,493 -19,834,209 -20,602,596 -21,390,771 -22,200,167 -22,725,537 -23,252,501 -23,781,392 -24,312,468 -24,845,949 -25,382,031 -25,920,901 -26,462,740 -27,007,729 -27,556,049 -28,107,888 -28,663,440 -29,222,900 -13,196,218 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Electricity to grid (kWh) 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 -Present value of annual costs ($) 254,082,386 +Present value of annual costs ($) 263,663,850 -Present value of annual energy costs ($) 254,082,386 +Present value of annual energy costs ($) 263,663,850 Present value of annual energy nominal (kWh) 3,643,623,190 -LCOE Levelized cost of energy nominal (cents/kWh) 6.97 +LCOE Levelized cost of energy nominal (cents/kWh) 7.24 Present value of PPA revenue ($) 357,085,539 Present value of annual energy nominal (kWh) 3,643,623,190 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -337,15 +337,15 @@ minus: Debt interest payment ($) 0 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133 Total state tax depreciation ($) 0 4,798,431 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 equals: -State taxable income ($) 0 16,629,431 11,826,658 12,979,291 14,088,318 15,167,272 16,220,939 17,668,127 19,122,124 20,583,943 22,054,404 23,534,230 25,024,095 26,524,649 28,036,540 29,560,417 31,096,947 32,646,818 34,210,742 35,789,449 150,287,698 +State taxable income ($) 0 16,629,431 11,826,658 12,979,291 14,088,318 15,167,272 16,220,939 17,668,127 19,122,124 20,583,943 22,054,404 23,534,230 25,024,095 26,524,649 28,036,540 29,560,417 31,096,947 32,646,818 34,210,742 35,789,449 59,964,284 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139 +State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -4,197,500 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -10,520,139 +State tax benefit (liability) ($) 0 -1,164,060 -827,866 -908,550 -986,182 -1,061,709 -1,135,466 -1,236,769 -1,338,549 -1,440,876 -1,543,808 -1,647,396 -1,751,687 -1,856,725 -1,962,558 -2,069,229 -2,176,786 -2,285,277 -2,394,752 -2,505,261 -4,197,500 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -355,10 +355,10 @@ minus: Debt interest payment ($) 0 4,516,171 4,379,590 4,236,180 4,085,600 3,927,491 3,761,476 3,587,161 3,404,130 3,211,947 3,010,155 2,798,274 2,575,798 2,342,199 2,096,919 1,839,376 1,568,956 1,285,014 986,876 673,830 345,133 Total federal tax depreciation ($) 0 4,798,431 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 9,596,863 equals: -Federal taxable income ($) 0 15,465,371 10,998,792 12,070,741 13,102,136 14,105,563 15,085,473 16,431,358 17,783,576 19,143,067 20,510,595 21,886,834 23,272,408 24,667,924 26,073,982 27,491,188 28,920,161 30,361,541 31,815,990 33,284,188 139,767,559 +Federal taxable income ($) 0 15,465,371 10,998,792 12,070,741 13,102,136 14,105,563 15,085,473 16,431,358 17,783,576 19,143,067 20,510,595 21,886,834 23,272,408 24,667,924 26,073,982 27,491,188 28,920,161 30,361,541 31,815,990 33,284,188 55,766,784 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -29,351,187 +Federal tax benefit (liability) ($) 0 -3,247,728 -2,309,746 -2,534,856 -2,751,449 -2,962,168 -3,167,949 -3,450,585 -3,734,551 -4,020,044 -4,307,225 -4,596,235 -4,887,206 -5,180,264 -5,475,536 -5,773,150 -6,073,234 -6,375,924 -6,681,358 -6,989,679 -11,711,025 CASH INCENTIVES Federal IBI income ($) 0 @@ -398,16 +398,16 @@ Debt principal payment ($) 0 2,731,614 2,86 Debt total payment ($) 0 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 DSCR (DEBT FRACTION) -EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +EBITDA ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 160,229,694 +Cash available for debt service (CAFDS) ($) 0 25,944,033 25,803,111 26,812,335 27,770,781 28,691,626 29,579,278 30,852,150 32,123,117 33,392,753 34,661,421 35,929,366 37,196,755 38,463,711 39,730,322 40,996,656 42,262,766 43,528,695 44,794,480 46,060,142 69,906,279 Debt total payment ($) 0 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 7,247,784 -DSCR (pre-tax) 0.0 3.58 3.56 3.70 3.83 3.96 4.08 4.26 4.43 4.61 4.78 4.96 5.13 5.31 5.48 5.66 5.83 6.01 6.18 6.36 22.11 +DSCR (pre-tax) 0.0 3.58 3.56 3.70 3.83 3.96 4.08 4.26 4.43 4.61 4.78 4.96 5.13 5.31 5.48 5.66 5.83 6.01 6.18 6.36 9.65 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-4b.out b/tests/examples/example_SAM-single-owner-PPA-4b.out index 2c8d124b9..ea265195a 100644 --- a/tests/examples/example_SAM-single-owner-PPA-4b.out +++ b/tests/examples/example_SAM-single-owner-PPA-4b.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.17.0 - Simulation Date: 2026-09-12 - Simulation Time: 07:17 - Calculation Time: 1.219 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:42 + Calculation Time: 4.213 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 54.96 MW - Electricity breakeven price: 7.30 cents/kWh + Electricity breakeven price: 7.59 cents/kWh Total CAPEX: 244.26 MUSD Total CAPEX ($/kW): 4432 USD/kW Number of production wells: 6 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 73.28 MUSD Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 74.94 MUSD - After-tax IRR: 17.48 % - Project VIR=PI=PIR: 1.57 - Project MOIC: 3.29 + Project NPV: 66.40 MUSD + After-tax IRR: 17.14 % + Project VIR=PI=PIR: 1.51 + Project MOIC: 2.79 Project Payback Period: 7.34 yr Estimated Jobs Created: 125 @@ -229,8 +229,8 @@ PPA price (cents/kWh) 0.0 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122,132,423 -Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 182,078,611 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,426,485 +Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 84,372,673 Property tax net assessed value ($) 0 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 244,264,846 @@ -245,10 +245,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 7,733,253 7,738,624 7,775,027 7,810,842 7,846,412 8,737,556 8,808,271 8,878,880 8,949,415 9,019,897 10,272,436 10,378,052 10,483,631 10,589,182 10,694,710 10,800,219 10,905,713 11,011,195 11,116,667 11,222,108 -EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 OPERATING ACTIVITIES -EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -256,7 +256,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 5,027,128 4,875,095 4,715,460 4,547,843 4,371,845 4,187,048 3,993,011 3,789,271 3,575,345 3,350,723 3,114,869 2,867,223 2,607,194 2,334,164 2,047,482 1,746,467 1,430,400 1,098,530 750,067 384,181 -Cash flow from operating activities ($) 0 21,524,015 21,885,489 23,464,866 25,029,276 26,592,479 27,303,642 28,841,267 30,386,582 31,940,679 33,504,453 33,896,595 35,446,835 37,009,013 38,583,838 40,172,030 41,774,325 43,391,485 45,024,300 46,673,583 170,472,323 +Cash flow from operating activities ($) 0 21,524,015 21,885,489 23,464,866 25,029,276 26,592,479 27,303,642 28,841,267 30,386,582 31,940,679 33,504,453 33,896,595 35,446,835 37,009,013 38,583,838 40,172,030 41,774,325 43,391,485 45,024,300 46,673,583 72,766,384 INVESTING ACTIVITIES Total installed cost ($) -244,264,846 @@ -290,47 +290,47 @@ Cash flow from financing activities ($) 244, PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 21,524,015 21,885,489 23,464,866 25,029,276 26,592,479 27,303,642 28,841,267 30,386,582 31,940,679 33,504,453 33,896,595 35,446,835 37,009,013 38,583,838 40,172,030 41,774,325 43,391,485 45,024,300 46,673,583 170,472,323 +Cash flow from operating activities ($) 0 21,524,015 21,885,489 23,464,866 25,029,276 26,592,479 27,303,642 28,841,267 30,386,582 31,940,679 33,504,453 33,896,595 35,446,835 37,009,013 38,583,838 40,172,030 41,774,325 43,391,485 45,024,300 46,673,583 72,766,384 Cash flow from investing activities ($) -244,264,846 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 244,264,846 -3,040,667 -3,192,701 -3,352,336 -3,519,952 -3,695,950 -3,880,748 -4,074,785 -4,278,524 -4,492,450 -4,717,073 -4,952,927 -5,200,573 -5,460,602 -5,733,632 -6,020,313 -6,321,329 -6,637,395 -6,969,265 -7,317,728 -7,683,615 -Total pre-tax cash flow ($) 0 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 162,788,708 +Total pre-tax cash flow ($) 0 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 65,082,770 Pre-tax Returns: Issuance of equity ($) 143,722,282 -Total pre-tax cash flow ($) 0 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 162,788,708 -Total pre-tax returns ($) -143,722,282 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 162,788,708 +Total pre-tax cash flow ($) 0 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 65,082,770 +Total pre-tax returns ($) -143,722,282 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 65,082,770 After-tax Returns: -Total pre-tax returns ($) -143,722,282 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 162,788,708 +Total pre-tax returns ($) -143,722,282 18,483,348 18,692,788 20,112,530 21,509,324 22,896,528 23,422,894 24,766,482 26,108,058 27,448,229 28,787,380 28,943,668 30,246,263 31,548,411 32,850,206 34,151,716 35,452,996 36,754,089 38,055,035 39,355,855 65,082,770 Federal ITC total income ($) 0 73,279,454 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,189,910 -2,246,777 -2,555,229 -2,860,758 -3,166,052 -3,304,942 -3,605,240 -3,907,040 -4,210,555 -4,515,960 -4,592,546 -4,895,308 -5,200,401 -5,507,964 -5,818,138 -6,131,066 -6,446,898 -6,765,787 -7,087,891 -31,265,785 +Federal tax benefit (liability) ($) 0 -3,189,910 -2,246,777 -2,555,229 -2,860,758 -3,166,052 -3,304,942 -3,605,240 -3,907,040 -4,210,555 -4,515,960 -4,592,546 -4,895,308 -5,200,401 -5,507,964 -5,818,138 -6,131,066 -6,446,898 -6,765,787 -7,087,891 -12,183,816 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -11,206,375 -Total after-tax returns ($) -143,722,282 87,429,554 15,640,715 16,641,448 17,623,204 18,595,691 18,933,385 19,869,041 20,800,645 21,728,514 22,652,796 22,705,049 23,596,364 24,484,067 25,368,061 26,248,224 27,124,415 27,996,476 28,864,236 29,727,500 120,316,548 +State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -4,366,959 +Total after-tax returns ($) -143,722,282 87,429,554 15,640,715 16,641,448 17,623,204 18,595,691 18,933,385 19,869,041 20,800,645 21,728,514 22,652,796 22,705,049 23,596,364 24,484,067 25,368,061 26,248,224 27,124,415 27,996,476 28,864,236 29,727,500 48,531,995 -After-tax net cash flow ($) -45,761,707 -48,019,793 -49,940,782 87,429,554 15,640,715 16,641,448 17,623,204 18,595,691 18,933,385 19,869,041 20,800,645 21,728,514 22,652,796 22,705,049 23,596,364 24,484,067 25,368,061 26,248,224 27,124,415 27,996,476 28,864,236 29,727,500 120,316,548 -After-tax cumulative IRR (%) NaN NaN NaN -23.19 -14.77 -7.41 -1.66 2.68 5.86 8.29 10.17 11.63 12.79 13.68 14.40 14.99 15.47 15.87 16.19 16.47 16.69 16.88 17.48 -After-tax cumulative NPV ($) -45,761,707 -89,352,659 -130,506,226 -65,104,911 -54,484,022 -44,225,814 -34,364,352 -24,918,420 -16,187,965 -7,871,064 32,765 7,527,682 14,620,759 21,074,498 27,162,995 32,897,879 38,291,799 43,358,125 48,110,708 52,563,667 56,731,224 60,627,556 74,942,806 +After-tax net cash flow ($) -45,761,707 -48,019,793 -49,940,782 87,429,554 15,640,715 16,641,448 17,623,204 18,595,691 18,933,385 19,869,041 20,800,645 21,728,514 22,652,796 22,705,049 23,596,364 24,484,067 25,368,061 26,248,224 27,124,415 27,996,476 28,864,236 29,727,500 48,531,995 +After-tax cumulative IRR (%) NaN NaN NaN -23.19 -14.77 -7.41 -1.66 2.68 5.86 8.29 10.17 11.63 12.79 13.68 14.40 14.99 15.47 15.87 16.19 16.47 16.69 16.88 17.14 +After-tax cumulative NPV ($) -45,761,707 -89,352,659 -130,506,226 -65,104,911 -54,484,022 -44,225,814 -34,364,352 -24,918,420 -16,187,965 -7,871,064 32,765 7,527,682 14,620,759 21,074,498 27,162,995 32,897,879 38,291,799 43,358,125 48,110,708 52,563,667 56,731,224 60,627,556 66,401,888 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -45,761,707 -48,019,793 -49,940,782 53,145,157 -18,858,492 -19,313,904 -19,764,758 -20,215,045 -21,294,860 -21,773,507 -22,254,089 -22,736,926 -23,222,277 -24,578,851 -25,095,745 -25,615,771 -26,139,123 -26,665,998 -27,196,596 -27,731,122 -28,269,791 -28,812,817 60,370,360 +Annual costs ($) -45,761,707 -48,019,793 -49,940,782 53,145,157 -18,858,492 -19,313,904 -19,764,758 -20,215,045 -21,294,860 -21,773,507 -22,254,089 -22,736,926 -23,222,277 -24,578,851 -25,095,745 -25,615,771 -26,139,123 -26,665,998 -27,196,596 -27,731,122 -28,269,791 -28,812,817 -11,414,193 PPA revenue ($) 0 0 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Electricity to grid (kWh) 0 0 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 -Present value of annual costs ($) 219,312,570 +Present value of annual costs ($) 227,853,489 -Present value of annual energy costs ($) 219,312,570 +Present value of annual energy costs ($) 227,853,489 Present value of annual energy nominal (kWh) 3,002,517,885 -LCOE Levelized cost of energy nominal (cents/kWh) 7.30 +LCOE Levelized cost of energy nominal (cents/kWh) 7.59 Present value of PPA revenue ($) 294,255,377 Present value of annual energy nominal (kWh) 3,002,517,885 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -339,15 +339,15 @@ minus: Debt interest payment ($) 0 5,027,128 4,875,095 4,715,460 4,547,843 4,371,845 4,187,048 3,993,011 3,789,271 3,575,345 3,350,723 3,114,869 2,867,223 2,607,194 2,334,164 2,047,482 1,746,467 1,430,400 1,098,530 750,067 384,181 Total state tax depreciation ($) 0 5,190,628 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 equals: -State taxable income ($) 0 16,333,387 11,504,233 13,083,610 14,648,020 16,211,223 16,922,386 18,460,011 20,005,326 21,559,424 23,123,197 23,515,339 25,065,579 26,627,757 28,202,582 29,790,774 31,393,069 33,010,229 34,643,044 36,292,327 160,091,067 +State taxable income ($) 0 16,333,387 11,504,233 13,083,610 14,648,020 16,211,223 16,922,386 18,460,011 20,005,326 21,559,424 23,123,197 23,515,339 25,065,579 26,627,757 28,202,582 29,790,774 31,393,069 33,010,229 34,643,044 36,292,327 62,385,128 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -11,206,375 +State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -4,366,959 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -11,206,375 +State tax benefit (liability) ($) 0 -1,143,337 -805,296 -915,853 -1,025,361 -1,134,786 -1,184,567 -1,292,201 -1,400,373 -1,509,160 -1,618,624 -1,646,074 -1,754,591 -1,863,943 -1,974,181 -2,085,354 -2,197,515 -2,310,716 -2,425,013 -2,540,463 -4,366,959 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -357,10 +357,10 @@ minus: Debt interest payment ($) 0 5,027,128 4,875,095 4,715,460 4,547,843 4,371,845 4,187,048 3,993,011 3,789,271 3,575,345 3,350,723 3,114,869 2,867,223 2,607,194 2,334,164 2,047,482 1,746,467 1,430,400 1,098,530 750,067 384,181 Total federal tax depreciation ($) 0 5,190,628 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 10,381,256 equals: -Federal taxable income ($) 0 15,190,050 10,698,936 12,167,757 13,622,659 15,076,437 15,737,819 17,167,810 18,604,953 20,050,264 21,504,573 21,869,265 23,310,989 24,763,814 26,228,401 27,705,419 29,195,554 30,699,513 32,218,031 33,751,864 148,884,692 +Federal taxable income ($) 0 15,190,050 10,698,936 12,167,757 13,622,659 15,076,437 15,737,819 17,167,810 18,604,953 20,050,264 21,504,573 21,869,265 23,310,989 24,763,814 26,228,401 27,705,419 29,195,554 30,699,513 32,218,031 33,751,864 58,018,169 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,189,910 -2,246,777 -2,555,229 -2,860,758 -3,166,052 -3,304,942 -3,605,240 -3,907,040 -4,210,555 -4,515,960 -4,592,546 -4,895,308 -5,200,401 -5,507,964 -5,818,138 -6,131,066 -6,446,898 -6,765,787 -7,087,891 -31,265,785 +Federal tax benefit (liability) ($) 0 -3,189,910 -2,246,777 -2,555,229 -2,860,758 -3,166,052 -3,304,942 -3,605,240 -3,907,040 -4,210,555 -4,515,960 -4,592,546 -4,895,308 -5,200,401 -5,507,964 -5,818,138 -6,131,066 -6,446,898 -6,765,787 -7,087,891 -12,183,816 CASH INCENTIVES Federal IBI income ($) 0 @@ -400,16 +400,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 DSCR (DEBT FRACTION) -EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +EBITDA ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 170,856,504 +Cash available for debt service (CAFDS) ($) 0 26,551,143 26,760,584 28,180,325 29,577,119 30,964,324 31,490,690 32,834,278 34,175,853 35,516,025 36,855,175 37,011,464 38,314,058 39,616,206 40,918,001 42,219,512 43,520,791 44,821,885 46,122,831 47,423,650 73,150,565 Debt total payment ($) 0 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 8,067,795 -DSCR (pre-tax) 0.0 3.29 3.32 3.49 3.67 3.84 3.90 4.07 4.24 4.40 4.57 4.59 4.75 4.91 5.07 5.23 5.39 5.56 5.72 5.88 21.18 +DSCR (pre-tax) 0.0 3.29 3.32 3.49 3.67 3.84 3.90 4.07 4.24 4.40 4.57 4.59 4.75 4.91 5.07 5.23 5.39 5.56 5.72 5.88 9.07 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-5.out b/tests/examples/example_SAM-single-owner-PPA-5.out index 285c51e95..5b0149349 100644 --- a/tests/examples/example_SAM-single-owner-PPA-5.out +++ b/tests/examples/example_SAM-single-owner-PPA-5.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:36 - Calculation Time: 1.811 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:42 + Calculation Time: 6.284 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 110.58 MW - Electricity breakeven price: 7.82 cents/kWh + Electricity breakeven price: 7.95 cents/kWh Total CAPEX: 712.75 MUSD Total CAPEX ($/kW): 6426 USD/kW Number of production wells: 15 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 213.83 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 106.54 MUSD - After-tax IRR: 16.37 % - Project VIR=PI=PIR: 1.57 - Project MOIC: 5.67 + Project NPV: 100.75 MUSD + After-tax IRR: 16.28 % + Project VIR=PI=PIR: 1.54 + Project MOIC: 4.93 Project Payback Period: 9.97 yr Estimated Jobs Created: 250 @@ -123,6 +123,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 117.52 MW Average Total Electricity Generation: 117.19 MW @@ -246,8 +247,8 @@ PPA price (cents/kWh) PPA revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 356,376,806 -Total revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 505,176,054 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 71,275,361 +Total revenue ($) 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 220,074,610 Property tax net assessed value ($) 0 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 712,753,612 @@ -261,10 +262,10 @@ Property tax expense ($) Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 11,486,596 -EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 OPERATING ACTIVITIES -EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -272,7 +273,7 @@ State PBI income ($) Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 30,158,236 29,838,968 29,497,352 29,131,823 28,740,707 28,322,213 27,874,424 27,395,290 26,882,617 26,334,056 25,747,096 25,119,049 24,447,039 23,727,988 22,958,603 22,135,362 21,254,493 20,311,964 19,303,458 18,224,356 17,069,717 15,834,254 14,512,308 13,097,826 11,584,330 9,964,889 8,232,088 6,377,990 4,394,106 2,271,349 -Cash flow from operating activities ($) 0 27,114,373 27,935,089 31,223,670 34,480,957 37,740,707 41,015,440 44,311,909 47,634,730 50,987,602 54,373,825 57,796,549 61,258,904 64,764,084 68,315,402 71,916,330 75,570,529 79,281,877 83,054,492 86,892,761 90,801,358 94,785,271 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 491,418,109 +Cash flow from operating activities ($) 0 27,114,373 27,935,089 31,223,670 34,480,957 37,740,707 41,015,440 44,311,909 47,634,730 50,987,602 54,373,825 57,796,549 61,258,904 64,764,084 68,315,402 71,916,330 75,570,529 79,281,877 83,054,492 86,892,761 90,801,358 94,785,271 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 206,316,664 INVESTING ACTIVITIES Total installed cost ($) -712,753,612 @@ -306,47 +307,47 @@ Cash flow from financing activities ($) PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 27,114,373 27,935,089 31,223,670 34,480,957 37,740,707 41,015,440 44,311,909 47,634,730 50,987,602 54,373,825 57,796,549 61,258,904 64,764,084 68,315,402 71,916,330 75,570,529 79,281,877 83,054,492 86,892,761 90,801,358 94,785,271 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 491,418,109 +Cash flow from operating activities ($) 0 27,114,373 27,935,089 31,223,670 34,480,957 37,740,707 41,015,440 44,311,909 47,634,730 50,987,602 54,373,825 57,796,549 61,258,904 64,764,084 68,315,402 71,916,330 75,570,529 79,281,877 83,054,492 86,892,761 90,801,358 94,785,271 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 206,316,664 Cash flow from investing activities ($) -712,753,612 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 712,753,612 -4,560,961 -4,880,228 -5,221,844 -5,587,373 -5,978,489 -6,396,983 -6,844,772 -7,323,906 -7,836,580 -8,385,140 -8,972,100 -9,600,147 -10,272,157 -10,991,208 -11,760,593 -12,583,835 -13,464,703 -14,407,232 -15,415,738 -16,494,840 -17,649,479 -18,884,942 -20,206,888 -21,621,371 -23,134,867 -24,754,307 -26,487,109 -28,341,206 -30,325,091 -32,447,847 -Total pre-tax cash flow ($) 0 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 458,970,262 +Total pre-tax cash flow ($) 0 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 173,868,817 Pre-tax Returns: Issuance of equity ($) 281,921,674 -Total pre-tax cash flow ($) 0 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 458,970,262 -Total pre-tax returns ($) -281,921,674 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 458,970,262 +Total pre-tax cash flow ($) 0 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 173,868,817 +Total pre-tax returns ($) -281,921,674 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 173,868,817 After-tax Returns: -Total pre-tax returns ($) -281,921,674 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 458,970,262 +Total pre-tax returns ($) -281,921,674 22,553,413 23,054,861 26,001,826 28,893,584 31,762,218 34,618,456 37,467,137 40,310,823 43,151,022 45,988,685 48,824,449 51,658,757 54,491,926 57,324,194 60,155,737 62,986,695 65,817,174 68,647,260 71,477,023 74,306,518 77,135,792 79,964,883 82,793,823 85,622,638 88,451,352 91,279,983 94,108,548 96,937,062 99,765,535 173,868,817 Federal ITC total income ($) 0 213,826,084 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -2,337,421 460,310 -181,950 -818,098 -1,454,727 -2,094,282 -2,738,083 -3,387,030 -4,041,845 -4,703,175 -5,371,633 -6,047,831 -6,732,392 -7,425,965 -8,129,226 -8,842,891 -9,567,717 -10,304,509 -11,054,123 -11,817,472 -15,553,547 -19,305,371 -20,116,039 -20,944,755 -21,792,788 -22,661,497 -23,552,332 -24,466,846 -25,406,699 -95,973,957 +Federal tax benefit (liability) ($) 0 -2,337,421 460,310 -181,950 -818,098 -1,454,727 -2,094,282 -2,738,083 -3,387,030 -4,041,845 -4,703,175 -5,371,633 -6,047,831 -6,732,392 -7,425,965 -8,129,226 -8,842,891 -9,567,717 -10,304,509 -11,054,123 -11,817,472 -15,553,547 -19,305,371 -20,116,039 -20,944,755 -21,792,788 -22,661,497 -23,552,332 -24,466,846 -25,406,699 -40,293,645 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -34,399,268 -Total after-tax returns ($) -281,921,674 233,204,291 23,680,157 25,754,662 27,782,262 29,786,083 31,773,535 33,747,663 35,709,805 37,660,486 39,599,784 41,527,500 43,443,245 45,346,490 47,236,593 49,112,810 50,974,308 52,820,167 54,649,378 56,460,848 58,253,393 56,007,497 53,740,024 55,467,734 57,170,803 58,847,528 60,496,086 62,114,520 63,700,737 65,252,492 328,597,037 +State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -14,442,166 +Total after-tax returns ($) -281,921,674 233,204,291 23,680,157 25,754,662 27,782,262 29,786,083 31,773,535 33,747,663 35,709,805 37,660,486 39,599,784 41,527,500 43,443,245 45,346,490 47,236,593 49,112,810 50,974,308 52,820,167 54,649,378 56,460,848 58,253,393 56,007,497 53,740,024 55,467,734 57,170,803 58,847,528 60,496,086 62,114,520 63,700,737 65,252,492 119,133,006 -After-tax net cash flow ($) -7,632,082 -12,646,240 -45,021,812 -23,012,507 -47,046,979 -48,128,255 -98,433,799 233,204,291 23,680,157 25,754,662 27,782,262 29,786,083 31,773,535 33,747,663 35,709,805 37,660,486 39,599,784 41,527,500 43,443,245 45,346,490 47,236,593 49,112,810 50,974,308 52,820,167 54,649,378 56,460,848 58,253,393 56,007,497 53,740,024 55,467,734 57,170,803 58,847,528 60,496,086 62,114,520 63,700,737 65,252,492 328,597,037 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN NaN NaN -6.86 -3.25 0.08 2.95 5.32 7.26 8.83 10.11 11.16 12.01 12.72 13.31 13.79 14.20 14.54 14.83 15.08 15.28 15.46 15.61 15.73 15.83 15.91 15.98 16.04 16.10 16.15 16.19 16.22 16.37 -After-tax cumulative NPV ($) -7,632,082 -19,078,300 -55,961,127 -73,024,534 -104,598,867 -133,833,872 -187,952,641 -71,903,799 -61,238,096 -50,738,772 -40,487,596 -30,539,954 -20,935,496 -11,702,309 -2,859,382 5,581,641 13,615,100 21,240,211 28,460,145 35,281,259 41,712,441 47,764,562 53,450,011 58,782,302 63,775,742 68,445,159 72,805,667 76,600,238 79,895,690 82,974,324 85,846,379 88,522,139 91,011,837 93,325,571 95,473,229 97,464,446 106,540,261 +After-tax net cash flow ($) -7,632,082 -12,646,240 -45,021,812 -23,012,507 -47,046,979 -48,128,255 -98,433,799 233,204,291 23,680,157 25,754,662 27,782,262 29,786,083 31,773,535 33,747,663 35,709,805 37,660,486 39,599,784 41,527,500 43,443,245 45,346,490 47,236,593 49,112,810 50,974,308 52,820,167 54,649,378 56,460,848 58,253,393 56,007,497 53,740,024 55,467,734 57,170,803 58,847,528 60,496,086 62,114,520 63,700,737 65,252,492 119,133,006 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN NaN NaN -6.86 -3.25 0.08 2.95 5.32 7.26 8.83 10.11 11.16 12.01 12.72 13.31 13.79 14.20 14.54 14.83 15.08 15.28 15.46 15.61 15.73 15.83 15.91 15.98 16.04 16.10 16.15 16.19 16.22 16.28 +After-tax cumulative NPV ($) -7,632,082 -19,078,300 -55,961,127 -73,024,534 -104,598,867 -133,833,872 -187,952,641 -71,903,799 -61,238,096 -50,738,772 -40,487,596 -30,539,954 -20,935,496 -11,702,309 -2,859,382 5,581,641 13,615,100 21,240,211 28,460,145 35,281,259 41,712,441 47,764,562 53,450,011 58,782,302 63,775,742 68,445,159 72,805,667 76,600,238 79,895,690 82,974,324 85,846,379 88,522,139 91,011,837 93,325,571 95,473,229 97,464,446 100,754,887 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -7,632,082 -12,646,240 -45,021,812 -23,012,507 -47,046,979 -48,128,255 -98,433,799 164,445,085 -45,580,497 -46,452,957 -47,317,116 -48,181,927 -49,050,714 -49,925,267 -50,806,811 -51,696,328 -52,594,693 -53,502,742 -54,421,305 -55,351,229 -56,293,394 -57,248,720 -58,218,179 -59,202,799 -60,203,674 -61,221,967 -62,258,918 -67,334,087 -72,430,651 -73,531,881 -74,657,628 -75,809,616 -76,989,690 -78,199,820 -79,442,117 -80,718,836 179,797,789 +Annual costs ($) -7,632,082 -12,646,240 -45,021,812 -23,012,507 -47,046,979 -48,128,255 -98,433,799 164,445,085 -45,580,497 -46,452,957 -47,317,116 -48,181,927 -49,050,714 -49,925,267 -50,806,811 -51,696,328 -52,594,693 -53,502,742 -54,421,305 -55,351,229 -56,293,394 -57,248,720 -58,218,179 -59,202,799 -60,203,674 -61,221,967 -62,258,918 -67,334,087 -72,430,651 -73,531,881 -74,657,628 -75,809,616 -76,989,690 -78,199,820 -79,442,117 -80,718,836 -29,666,243 PPA revenue ($) 0 0 0 0 0 0 0 68,759,205 69,260,654 72,207,619 75,099,377 77,968,011 80,824,249 83,672,930 86,516,616 89,356,814 92,194,478 95,030,242 97,864,549 100,697,719 103,529,986 106,361,530 109,192,487 112,022,966 114,853,053 117,682,815 120,512,311 123,341,585 126,170,676 128,999,615 131,828,431 134,657,144 137,485,776 140,314,341 143,142,854 145,971,328 148,799,249 Electricity to grid (kWh) 0 0 0 0 0 0 0 859,490,068 865,758,172 867,671,460 868,803,529 869,596,370 870,200,786 870,686,054 871,089,570 871,433,728 871,732,959 871,997,081 872,233,061 872,446,015 872,639,805 872,817,414 872,981,191 873,133,019 873,274,427 873,406,675 873,530,811 873,647,716 873,758,141 873,862,724 873,962,017 874,056,500 874,146,590 874,232,654 874,315,016 874,393,962 874,466,670 -Present value of annual costs ($) 338,609,355 +Present value of annual costs ($) 344,394,729 -Present value of annual energy costs ($) 338,609,355 +Present value of annual energy costs ($) 344,394,729 Present value of annual energy nominal (kWh) 4,330,865,025 -LCOE Levelized cost of energy nominal (cents/kWh) 7.82 +LCOE Levelized cost of energy nominal (cents/kWh) 7.95 Present value of PPA revenue ($) 445,149,615 Present value of annual energy nominal (kWh) 4,330,865,025 LPPA Levelized PPA price nominal (cents/kWh) 10.28 PROJECT STATE INCOME TAXES -EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -355,15 +356,15 @@ minus: Debt interest payment ($) 0 30,158,236 29,838,968 29,497,352 29,131,823 28,740,707 28,322,213 27,874,424 27,395,290 26,882,617 26,334,056 25,747,096 25,119,049 24,447,039 23,727,988 22,958,603 22,135,362 21,254,493 20,311,964 19,303,458 18,224,356 17,069,717 15,834,254 14,512,308 13,097,826 11,584,330 9,964,889 8,232,088 6,377,990 4,394,106 2,271,349 Total state tax depreciation ($) 0 15,146,014 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 15,146,014 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 11,968,359 -2,356,939 931,642 4,188,929 7,448,678 10,723,411 14,019,881 17,342,701 20,695,573 24,081,797 27,504,521 30,966,875 34,472,055 38,023,374 41,624,302 45,278,501 48,989,848 52,762,464 56,600,733 60,509,330 79,639,257 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 491,418,109 +State taxable income ($) 0 11,968,359 -2,356,939 931,642 4,188,929 7,448,678 10,723,411 14,019,881 17,342,701 20,695,573 24,081,797 27,504,521 30,966,875 34,472,055 38,023,374 41,624,302 45,278,501 48,989,848 52,762,464 56,600,733 60,509,330 79,639,257 98,849,825 103,000,711 107,244,009 111,586,218 116,034,290 120,595,657 125,278,268 130,090,626 206,316,664 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -34,399,268 +State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -14,442,166 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -34,399,268 +State tax benefit (liability) ($) 0 -837,785 164,986 -65,215 -293,225 -521,407 -750,639 -981,392 -1,213,989 -1,448,690 -1,685,726 -1,925,316 -2,167,681 -2,413,044 -2,661,636 -2,913,701 -3,169,495 -3,429,289 -3,693,372 -3,962,051 -4,235,653 -5,574,748 -6,919,488 -7,210,050 -7,507,081 -7,811,035 -8,122,400 -8,441,696 -8,769,479 -9,106,344 -14,442,166 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -373,10 +374,10 @@ minus: Debt interest payment ($) 0 30,158,236 29,838,968 29,497,352 29,131,823 28,740,707 28,322,213 27,874,424 27,395,290 26,882,617 26,334,056 25,747,096 25,119,049 24,447,039 23,727,988 22,958,603 22,135,362 21,254,493 20,311,964 19,303,458 18,224,356 17,069,717 15,834,254 14,512,308 13,097,826 11,584,330 9,964,889 8,232,088 6,377,990 4,394,106 2,271,349 Total federal tax depreciation ($) 0 15,146,014 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 30,292,028 15,146,014 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 11,130,574 -2,191,954 866,427 3,895,704 6,927,271 9,972,772 13,038,489 16,128,712 19,246,883 22,396,071 25,579,204 28,799,194 32,059,011 35,361,738 38,710,601 42,109,006 45,560,559 49,069,091 52,638,681 56,273,676 74,064,509 91,930,338 95,790,661 99,736,928 103,775,183 107,911,890 112,153,961 116,508,789 120,984,282 457,018,841 +Federal taxable income ($) 0 11,130,574 -2,191,954 866,427 3,895,704 6,927,271 9,972,772 13,038,489 16,128,712 19,246,883 22,396,071 25,579,204 28,799,194 32,059,011 35,361,738 38,710,601 42,109,006 45,560,559 49,069,091 52,638,681 56,273,676 74,064,509 91,930,338 95,790,661 99,736,928 103,775,183 107,911,890 112,153,961 116,508,789 120,984,282 191,874,498 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -2,337,421 460,310 -181,950 -818,098 -1,454,727 -2,094,282 -2,738,083 -3,387,030 -4,041,845 -4,703,175 -5,371,633 -6,047,831 -6,732,392 -7,425,965 -8,129,226 -8,842,891 -9,567,717 -10,304,509 -11,054,123 -11,817,472 -15,553,547 -19,305,371 -20,116,039 -20,944,755 -21,792,788 -22,661,497 -23,552,332 -24,466,846 -25,406,699 -95,973,957 +Federal tax benefit (liability) ($) 0 -2,337,421 460,310 -181,950 -818,098 -1,454,727 -2,094,282 -2,738,083 -3,387,030 -4,041,845 -4,703,175 -5,371,633 -6,047,831 -6,732,392 -7,425,965 -8,129,226 -8,842,891 -9,567,717 -10,304,509 -11,054,123 -11,817,472 -15,553,547 -19,305,371 -20,116,039 -20,944,755 -21,792,788 -22,661,497 -23,552,332 -24,466,846 -25,406,699 -40,293,645 CASH INCENTIVES Federal IBI income ($) 0 @@ -416,16 +417,16 @@ Debt principal payment ($) Debt total payment ($) 0 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 DSCR (DEBT FRACTION) -EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +EBITDA ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 493,689,458 +Cash available for debt service (CAFDS) ($) 0 57,272,609 57,774,058 60,721,023 63,612,781 66,481,414 69,337,653 72,186,334 75,030,020 77,870,218 80,707,882 83,543,646 86,377,953 89,211,123 92,043,390 94,874,934 97,705,891 100,536,370 103,366,456 106,196,219 109,025,714 111,854,988 114,684,079 117,513,019 120,341,834 123,170,548 125,999,179 128,827,745 131,656,258 134,484,732 208,588,013 Debt total payment ($) 0 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 34,719,196 -DSCR (pre-tax) 0.0 1.65 1.66 1.75 1.83 1.91 2.0 2.08 2.16 2.24 2.32 2.41 2.49 2.57 2.65 2.73 2.81 2.90 2.98 3.06 3.14 3.22 3.30 3.38 3.47 3.55 3.63 3.71 3.79 3.87 14.22 +DSCR (pre-tax) 0.0 1.65 1.66 1.75 1.83 1.91 2.0 2.08 2.16 2.24 2.32 2.41 2.49 2.57 2.65 2.73 2.81 2.90 2.98 3.06 3.14 3.22 3.30 3.38 3.47 3.55 3.63 3.71 3.79 3.87 6.01 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-5_cash-flow.csv b/tests/examples/example_SAM-single-owner-PPA-5_cash-flow.csv index 5bcaa7bb2..68003d2e2 100644 --- a/tests/examples/example_SAM-single-owner-PPA-5_cash-flow.csv +++ b/tests/examples/example_SAM-single-owner-PPA-5_cash-flow.csv @@ -27,8 +27,8 @@ PPA price (cents/kWh),,,,,,,0,8,8,8.32,8.64,8.97,9.29,9.61,9.93,10.25,10.58,10.9 PPA revenue ($),,,,,,,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,148799249 Curtailment payment revenue ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Capacity payment revenue ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 -Salvage value ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,356376806 -Total revenue ($),,,,,,,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,505176054 +Salvage value ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,71275361 +Total revenue ($),,,,,,,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,220074610 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Property tax net assessed value ($),,,,,,,0,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612,712753612 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, @@ -42,10 +42,10 @@ Property tax expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Insurance expense ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Total operating expenses ($),,,,,,,0,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596,11486596 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, OPERATING ACTIVITIES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 plus PBI if not available for debt service:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Federal PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 @@ -53,7 +53,7 @@ State PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Utility PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Other PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Debt interest payment ($),,,,,,,0,30158236,29838968,29497352,29131823,28740707,28322213,27874424,27395290,26882617,26334056,25747096,25119049,24447039,23727988,22958603,22135362,21254493,20311964,19303458,18224356,17069717,15834254,14512308,13097826,11584330,9964889,8232088,6377990,4394106,2271349 -Cash flow from operating activities ($),,,,,,,0,27114373,27935089,31223670,34480957,37740707,41015440,44311909,47634730,50987602,54373825,57796549,61258904,64764084,68315402,71916330,75570529,79281877,83054492,86892761,90801358,94785271,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,491418109 +Cash flow from operating activities ($),,,,,,,0,27114373,27935089,31223670,34480957,37740707,41015440,44311909,47634730,50987602,54373825,57796549,61258904,64764084,68315402,71916330,75570529,79281877,83054492,86892761,90801358,94785271,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,206316664 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, INVESTING ACTIVITIES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Total installed cost ($),,,,,,,-712753612,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, @@ -87,47 +87,47 @@ Cash flow from financing activities ($),,,,,,,712753612,-4560961,-4880228,-52218 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, PROJECT RETURNS,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Pre-tax Cash Flow:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Cash flow from operating activities ($),,,,,,,0,27114373,27935089,31223670,34480957,37740707,41015440,44311909,47634730,50987602,54373825,57796549,61258904,64764084,68315402,71916330,75570529,79281877,83054492,86892761,90801358,94785271,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,491418109 +Cash flow from operating activities ($),,,,,,,0,27114373,27935089,31223670,34480957,37740707,41015440,44311909,47634730,50987602,54373825,57796549,61258904,64764084,68315402,71916330,75570529,79281877,83054492,86892761,90801358,94785271,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,206316664 Cash flow from investing activities ($),,,,,,,-712753612,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Cash flow from financing activities ($),,,,,,,712753612,-4560961,-4880228,-5221844,-5587373,-5978489,-6396983,-6844772,-7323906,-7836580,-8385140,-8972100,-9600147,-10272157,-10991208,-11760593,-12583835,-13464703,-14407232,-15415738,-16494840,-17649479,-18884942,-20206888,-21621371,-23134867,-24754307,-26487109,-28341206,-30325091,-32447847 -Total pre-tax cash flow ($),,,,,,,0,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,458970262 +Total pre-tax cash flow ($),,,,,,,0,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,173868817 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Pre-tax Returns:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Issuance of equity ($),,,,,,,281921674,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Total pre-tax cash flow ($),,,,,,,0,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,458970262 -Total pre-tax returns ($),,,,,,,-281921674,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,458970262 +Total pre-tax cash flow ($),,,,,,,0,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,173868817 +Total pre-tax returns ($),,,,,,,-281921674,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,173868817 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, After-tax Returns:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Total pre-tax returns ($),,,,,,,-281921674,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,458970262 +Total pre-tax returns ($),,,,,,,-281921674,22553413,23054861,26001826,28893584,31762218,34618456,37467137,40310823,43151022,45988685,48824449,51658757,54491926,57324194,60155737,62986695,65817174,68647260,71477023,74306518,77135792,79964883,82793823,85622638,88451352,91279983,94108548,96937062,99765535,173868817 Federal ITC total income ($),,,,,,,0,213826084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Federal PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 -Federal tax benefit (liability) ($),,,,,,,0,-2337421,460310,-181950,-818098,-1454727,-2094282,-2738083,-3387030,-4041845,-4703175,-5371633,-6047831,-6732392,-7425965,-8129226,-8842891,-9567717,-10304509,-11054123,-11817472,-15553547,-19305371,-20116039,-20944755,-21792788,-22661497,-23552332,-24466846,-25406699,-95973957 +Federal tax benefit (liability) ($),,,,,,,0,-2337421,460310,-181950,-818098,-1454727,-2094282,-2738083,-3387030,-4041845,-4703175,-5371633,-6047831,-6732392,-7425965,-8129226,-8842891,-9567717,-10304509,-11054123,-11817472,-15553547,-19305371,-20116039,-20944755,-21792788,-22661497,-23552332,-24466846,-25406699,-40293645 State ITC total income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 State PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 -State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-34399268 -Total after-tax returns ($),,,,,,,-281921674,233204291,23680157,25754662,27782262,29786083,31773535,33747663,35709805,37660486,39599784,41527500,43443245,45346490,47236593,49112810,50974308,52820167,54649378,56460848,58253393,56007497,53740024,55467734,57170803,58847528,60496086,62114520,63700737,65252492,328597037 +State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-14442166 +Total after-tax returns ($),,,,,,,-281921674,233204291,23680157,25754662,27782262,29786083,31773535,33747663,35709805,37660486,39599784,41527500,43443245,45346490,47236593,49112810,50974308,52820167,54649378,56460848,58253393,56007497,53740024,55467734,57170803,58847528,60496086,62114520,63700737,65252492,119133006 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -After-tax net cash flow ($),-7632082,-12646240,-45021812,-23012507,-47046979,-48128255,-98433799,233204291,23680157,25754662,27782262,29786083,31773535,33747663,35709805,37660486,39599784,41527500,43443245,45346490,47236593,49112810,50974308,52820167,54649378,56460848,58253393,56007497,53740024,55467734,57170803,58847528,60496086,62114520,63700737,65252492,328597037 -After-tax cumulative IRR (%),NaN,NaN,NaN,NaN,NaN,NaN,NaN,-6.86,-3.25,0.08,2.95,5.32,7.26,8.83,10.11,11.16,12.01,12.72,13.31,13.79,14.2,14.54,14.83,15.08,15.28,15.46,15.61,15.73,15.83,15.91,15.98,16.04,16.1,16.15,16.19,16.22,16.37 -After-tax cumulative NPV ($),-7632082,-19078300,-55961127,-73024534,-104598867,-133833872,-187952641,-71903799,-61238096,-50738772,-40487596,-30539954,-20935496,-11702309,-2859382,5581641,13615100,21240211,28460145,35281259,41712441,47764562,53450011,58782302,63775742,68445159,72805667,76600238,79895690,82974324,85846379,88522139,91011837,93325571,95473229,97464446,106540261 +After-tax net cash flow ($),-7632082,-12646240,-45021812,-23012507,-47046979,-48128255,-98433799,233204291,23680157,25754662,27782262,29786083,31773535,33747663,35709805,37660486,39599784,41527500,43443245,45346490,47236593,49112810,50974308,52820167,54649378,56460848,58253393,56007497,53740024,55467734,57170803,58847528,60496086,62114520,63700737,65252492,119133006 +After-tax cumulative IRR (%),NaN,NaN,NaN,NaN,NaN,NaN,NaN,-6.86,-3.25,0.08,2.95,5.32,7.26,8.83,10.11,11.16,12.01,12.72,13.31,13.79,14.2,14.54,14.83,15.08,15.28,15.46,15.61,15.73,15.83,15.91,15.98,16.04,16.1,16.15,16.19,16.22,16.28 +After-tax cumulative NPV ($),-7632082,-19078300,-55961127,-73024534,-104598867,-133833872,-187952641,-71903799,-61238096,-50738772,-40487596,-30539954,-20935496,-11702309,-2859382,5581641,13615100,21240211,28460145,35281259,41712441,47764562,53450011,58782302,63775742,68445159,72805667,76600238,79895690,82974324,85846379,88522139,91011837,93325571,95473229,97464446,100754887 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, AFTER-TAX LCOE AND PPA PRICE,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Annual costs ($),-7632082,-12646240,-45021812,-23012507,-47046979,-48128255,-98433799,164445085,-45580497,-46452957,-47317116,-48181927,-49050714,-49925267,-50806811,-51696328,-52594693,-53502742,-54421305,-55351229,-56293394,-57248720,-58218179,-59202799,-60203674,-61221967,-62258918,-67334087,-72430651,-73531881,-74657628,-75809616,-76989690,-78199820,-79442117,-80718836,179797789 +Annual costs ($),-7632082,-12646240,-45021812,-23012507,-47046979,-48128255,-98433799,164445085,-45580497,-46452957,-47317116,-48181927,-49050714,-49925267,-50806811,-51696328,-52594693,-53502742,-54421305,-55351229,-56293394,-57248720,-58218179,-59202799,-60203674,-61221967,-62258918,-67334087,-72430651,-73531881,-74657628,-75809616,-76989690,-78199820,-79442117,-80718836,-29666243 PPA revenue ($),0,0,0,0,0,0,0,68759205,69260654,72207619,75099377,77968011,80824249,83672930,86516616,89356814,92194478,95030242,97864549,100697719,103529986,106361530,109192487,112022966,114853053,117682815,120512311,123341585,126170676,128999615,131828431,134657144,137485776,140314341,143142854,145971328,148799249 Electricity to grid (kWh),0,0,0,0,0,0,0,859490068,865758172,867671460,868803529,869596370,870200786,870686054,871089570,871433728,871732959,871997081,872233061,872446015,872639805,872817414,872981191,873133019,873274427,873406675,873530811,873647716,873758141,873862724,873962017,874056500,874146590,874232654,874315016,874393962,874466670 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Present value of annual costs ($),338609355,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +Present value of annual costs ($),344394729,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Present value of annual energy costs ($),338609355,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +Present value of annual energy costs ($),344394729,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Present value of annual energy nominal (kWh),4330865025,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -LCOE Levelized cost of energy nominal (cents/kWh),7.82,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +LCOE Levelized cost of energy nominal (cents/kWh),7.95,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Present value of PPA revenue ($),445149615,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Present value of annual energy nominal (kWh),4330865025,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, LPPA Levelized PPA price nominal (cents/kWh),10.28,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, PROJECT STATE INCOME TAXES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 State taxable PBI income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 State taxable IBI income ($),,,,,,,0,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, @@ -136,15 +136,15 @@ minus:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Debt interest payment ($),,,,,,,0,30158236,29838968,29497352,29131823,28740707,28322213,27874424,27395290,26882617,26334056,25747096,25119049,24447039,23727988,22958603,22135362,21254493,20311964,19303458,18224356,17069717,15834254,14512308,13097826,11584330,9964889,8232088,6377990,4394106,2271349 Total state tax depreciation ($),,,,,,,0,15146014,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,15146014,0,0,0,0,0,0,0,0,0 equals:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -State taxable income ($),,,,,,,0,11968359,-2356939,931642,4188929,7448678,10723411,14019881,17342701,20695573,24081797,27504521,30966875,34472055,38023374,41624302,45278501,48989848,52762464,56600733,60509330,79639257,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,491418109 +State taxable income ($),,,,,,,0,11968359,-2356939,931642,4188929,7448678,10723411,14019881,17342701,20695573,24081797,27504521,30966875,34472055,38023374,41624302,45278501,48989848,52762464,56600733,60509330,79639257,98849825,103000711,107244009,111586218,116034290,120595657,125278268,130090626,206316664 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, State income tax rate (frac),,,,,,,0,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07,0.07 -State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-34399268 +State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-14442166 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, PROJECT FEDERAL INCOME TAXES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 Interest earned on reserves ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 -State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-34399268 +State tax benefit (liability) ($),,,,,,,0,-837785,164986,-65215,-293225,-521407,-750639,-981392,-1213989,-1448690,-1685726,-1925316,-2167681,-2413044,-2661636,-2913701,-3169495,-3429289,-3693372,-3962051,-4235653,-5574748,-6919488,-7210050,-7507081,-7811035,-8122400,-8441696,-8769479,-9106344,-14442166 State ITC total income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 State PTC income ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Federal taxable IBI income ($),,,,,,,0,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, @@ -154,10 +154,10 @@ minus:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Debt interest payment ($),,,,,,,0,30158236,29838968,29497352,29131823,28740707,28322213,27874424,27395290,26882617,26334056,25747096,25119049,24447039,23727988,22958603,22135362,21254493,20311964,19303458,18224356,17069717,15834254,14512308,13097826,11584330,9964889,8232088,6377990,4394106,2271349 Total federal tax depreciation ($),,,,,,,0,15146014,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,30292028,15146014,0,0,0,0,0,0,0,0,0 equals:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Federal taxable income ($),,,,,,,0,11130574,-2191954,866427,3895704,6927271,9972772,13038489,16128712,19246883,22396071,25579204,28799194,32059011,35361738,38710601,42109006,45560559,49069091,52638681,56273676,74064509,91930338,95790661,99736928,103775183,107911890,112153961,116508789,120984282,457018841 +Federal taxable income ($),,,,,,,0,11130574,-2191954,866427,3895704,6927271,9972772,13038489,16128712,19246883,22396071,25579204,28799194,32059011,35361738,38710601,42109006,45560559,49069091,52638681,56273676,74064509,91930338,95790661,99736928,103775183,107911890,112153961,116508789,120984282,191874498 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Federal income tax rate (frac),,,,,,,0,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21,0.21 -Federal tax benefit (liability) ($),,,,,,,0,-2337421,460310,-181950,-818098,-1454727,-2094282,-2738083,-3387030,-4041845,-4703175,-5371633,-6047831,-6732392,-7425965,-8129226,-8842891,-9567717,-10304509,-11054123,-11817472,-15553547,-19305371,-20116039,-20944755,-21792788,-22661497,-23552332,-24466846,-25406699,-95973957 +Federal tax benefit (liability) ($),,,,,,,0,-2337421,460310,-181950,-818098,-1454727,-2094282,-2738083,-3387030,-4041845,-4703175,-5371633,-6047831,-6732392,-7425965,-8129226,-8842891,-9567717,-10304509,-11054123,-11817472,-15553547,-19305371,-20116039,-20944755,-21792788,-22661497,-23552332,-24466846,-25406699,-40293645 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, CASH INCENTIVES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Federal IBI income ($),,,,,,,0,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, @@ -197,16 +197,16 @@ Debt principal payment ($),,,,,,,0,4560961,4880228,5221844,5587373,5978489,63969 Debt total payment ($),,,,,,,0,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, DSCR (DEBT FRACTION),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +EBITDA ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 minus:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Reserves major equipment 1 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Reserves major equipment 2 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Reserves major equipment 3 funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 Reserves receivables funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 equals:,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, -Cash available for debt service (CAFDS) ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,493689458 +Cash available for debt service (CAFDS) ($),,,,,,,0,57272609,57774058,60721023,63612781,66481414,69337653,72186334,75030020,77870218,80707882,83543646,86377953,89211123,92043390,94874934,97705891,100536370,103366456,106196219,109025714,111854988,114684079,117513019,120341834,123170548,125999179,128827745,131656258,134484732,208588013 Debt total payment ($),,,,,,,0,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196,34719196 -DSCR (pre-tax),,,,,,,0,1.65,1.66,1.75,1.83,1.91,2,2.08,2.16,2.24,2.32,2.41,2.49,2.57,2.65,2.73,2.81,2.9,2.98,3.06,3.14,3.22,3.3,3.38,3.47,3.55,3.63,3.71,3.79,3.87,14.22 +DSCR (pre-tax),,,,,,,0,1.65,1.66,1.75,1.83,1.91,2,2.08,2.16,2.24,2.32,2.41,2.49,2.57,2.65,2.73,2.81,2.9,2.98,3.06,3.14,3.22,3.3,3.38,3.47,3.55,3.63,3.71,3.79,3.87,6.01 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, RESERVES,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Reserves working capital funding ($),,,,,,,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0 diff --git a/tests/examples/example_SAM-single-owner-PPA-6_carbon-revenue.out b/tests/examples/example_SAM-single-owner-PPA-6_carbon-revenue.out index 3282092aa..81e9688b7 100644 --- a/tests/examples/example_SAM-single-owner-PPA-6_carbon-revenue.out +++ b/tests/examples/example_SAM-single-owner-PPA-6_carbon-revenue.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:36 - Calculation Time: 1.820 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:43 + Calculation Time: 6.643 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 51.61 MW - Electricity breakeven price: 9.26 cents/kWh + Electricity breakeven price: 9.31 cents/kWh Total CAPEX: 275.57 MUSD Total CAPEX ($/kW): 5317 USD/kW Number of production wells: 6 @@ -37,10 +37,10 @@ Simulation Metadata Investment Tax Credit: 82.67 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 53.92 MUSD - After-tax IRR: 28.85 % - Project VIR=PI=PIR: 1.68 - Project MOIC: 6.12 + Project NPV: 52.98 MUSD + After-tax IRR: 28.84 % + Project VIR=PI=PIR: 1.66 + Project MOIC: 5.23 Project Payback Period: 3.96 yr Estimated Jobs Created: 127 @@ -133,6 +133,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 59.96 MW Average Total Electricity Generation: 59.75 MW @@ -263,8 +264,8 @@ Carbon credits revenue ($) 0 equals: Capacity payment revenue ($) 0 8,606,704 8,662,109 8,678,999 8,688,990 8,695,970 8,700,715 8,695,788 8,628,826 8,573,849 8,655,819 8,676,228 8,687,622 8,695,494 8,701,203 8,700,926 8,659,978 8,560,450 8,648,624 8,673,953 8,686,492 8,694,696 8,700,621 8,702,759 8,679,156 8,563,531 8,635,347 8,669,519 8,683,891 8,692,885 8,699,091 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 137,782,527 -Total revenue ($) 0 46,996,452 47,298,987 47,623,489 47,910,849 48,182,065 48,441,210 48,646,502 48,502,830 48,423,260 49,117,864 49,465,877 49,763,342 50,041,148 50,306,866 50,538,126 50,532,051 50,180,392 50,928,716 51,310,009 51,616,658 51,898,103 52,166,317 52,412,047 52,502,175 52,031,918 52,699,374 53,139,941 53,460,437 53,748,453 191,802,162 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 27,556,505 +Total revenue ($) 0 46,996,452 47,298,987 47,623,489 47,910,849 48,182,065 48,441,210 48,646,502 48,502,830 48,423,260 49,117,864 49,465,877 49,763,342 50,041,148 50,306,866 50,538,126 50,532,051 50,180,392 50,928,716 51,310,009 51,616,658 51,898,103 52,166,317 52,412,047 52,502,175 52,031,918 52,699,374 53,139,941 53,460,437 53,748,453 81,576,140 Property tax net assessed value ($) 0 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 275,565,055 @@ -278,10 +279,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 15,258,469 -EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 OPERATING ACTIVITIES -EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -289,7 +290,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 12,774,441 12,639,206 12,494,504 12,339,673 12,174,004 11,996,738 11,807,063 11,604,111 11,386,953 11,154,593 10,905,969 10,639,940 10,355,290 10,050,714 9,724,817 9,376,108 9,002,989 8,603,752 8,176,569 7,719,482 7,230,400 6,707,082 6,147,131 5,547,984 4,906,897 4,220,933 3,486,952 2,701,592 1,861,258 962,099 -Cash flow from operating activities ($) 0 18,963,542 19,401,312 19,870,516 20,312,707 20,749,592 21,186,004 21,580,971 21,640,250 21,777,839 22,704,802 23,301,440 23,864,933 24,427,390 24,997,684 25,554,840 25,897,474 25,918,934 27,066,496 27,874,972 28,638,707 29,409,235 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 175,581,594 +Cash flow from operating activities ($) 0 18,963,542 19,401,312 19,870,516 20,312,707 20,749,592 21,186,004 21,580,971 21,640,250 21,777,839 22,704,802 23,301,440 23,864,933 24,427,390 24,997,684 25,554,840 25,897,474 25,918,934 27,066,496 27,874,972 28,638,707 29,409,235 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 65,355,572 INVESTING ACTIVITIES Total installed cost ($) -275,565,055 @@ -323,47 +324,47 @@ Cash flow from financing activities ($) 275 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 18,963,542 19,401,312 19,870,516 20,312,707 20,749,592 21,186,004 21,580,971 21,640,250 21,777,839 22,704,802 23,301,440 23,864,933 24,427,390 24,997,684 25,554,840 25,897,474 25,918,934 27,066,496 27,874,972 28,638,707 29,409,235 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 175,581,594 +Cash flow from operating activities ($) 0 18,963,542 19,401,312 19,870,516 20,312,707 20,749,592 21,186,004 21,580,971 21,640,250 21,777,839 22,704,802 23,301,440 23,864,933 24,427,390 24,997,684 25,554,840 25,897,474 25,918,934 27,066,496 27,874,972 28,638,707 29,409,235 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 65,355,572 Cash flow from investing activities ($) -275,565,055 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 275,565,055 -1,931,934 -2,067,170 -2,211,871 -2,366,702 -2,532,372 -2,709,638 -2,899,312 -3,102,264 -3,319,423 -3,551,782 -3,800,407 -4,066,435 -4,351,086 -4,655,662 -4,981,558 -5,330,267 -5,703,386 -6,102,623 -6,529,807 -6,986,893 -7,475,976 -7,999,294 -8,559,244 -9,158,391 -9,799,479 -10,485,442 -11,219,423 -12,004,783 -12,845,118 -13,744,276 -Total pre-tax cash flow ($) 0 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 161,837,318 +Total pre-tax cash flow ($) 0 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 51,611,296 Pre-tax Returns: Issuance of equity ($) 93,073,037 -Total pre-tax cash flow ($) 0 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 161,837,318 -Total pre-tax returns ($) -93,073,037 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 161,837,318 +Total pre-tax cash flow ($) 0 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 51,611,296 +Total pre-tax returns ($) -93,073,037 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 51,611,296 After-tax Returns: -Total pre-tax returns ($) -93,073,037 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 161,837,318 +Total pre-tax returns ($) -93,073,037 17,031,608 17,334,143 17,658,645 17,946,005 18,217,221 18,476,366 18,681,659 18,537,986 18,458,416 19,153,020 19,501,033 19,798,498 20,076,304 20,342,022 20,573,282 20,567,207 20,215,548 20,963,873 21,345,165 21,651,814 21,933,259 22,201,473 22,447,203 22,537,331 22,067,074 22,734,530 23,175,097 23,495,593 23,783,609 51,611,296 Federal ITC total income ($) 0 82,669,516 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -2,627,390 -1,541,381 -1,635,431 -1,724,066 -1,811,637 -1,899,114 -1,978,283 -1,990,165 -2,017,744 -2,203,549 -2,323,142 -2,436,092 -2,548,834 -2,663,146 -2,774,825 -2,843,505 -2,847,806 -3,077,829 -3,239,884 -3,392,971 -4,721,177 -6,053,593 -6,215,087 -6,353,249 -6,387,491 -6,658,777 -6,894,210 -7,115,873 -7,342,045 -35,194,453 +Federal tax benefit (liability) ($) 0 -2,627,390 -1,541,381 -1,635,431 -1,724,066 -1,811,637 -1,899,114 -1,978,283 -1,990,165 -2,017,744 -2,203,549 -2,323,142 -2,436,092 -2,548,834 -2,663,146 -2,774,825 -2,843,505 -2,847,806 -3,077,829 -3,239,884 -3,392,971 -4,721,177 -6,053,593 -6,215,087 -6,353,249 -6,387,491 -6,658,777 -6,894,210 -7,115,873 -7,342,045 -13,100,198 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -7,988,963 -Total after-tax returns ($) -93,073,037 96,477,330 15,442,875 15,651,979 15,830,585 15,994,351 16,146,163 16,254,315 16,096,063 15,982,654 16,449,276 16,650,549 16,809,425 16,948,898 17,074,355 17,168,585 17,078,241 16,721,304 17,187,392 17,369,844 17,488,656 16,140,399 14,773,745 14,821,323 14,741,927 14,229,655 14,564,244 14,715,937 14,764,453 14,774,957 118,653,903 +State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -2,973,679 +Total after-tax returns ($) -93,073,037 96,477,330 15,442,875 15,651,979 15,830,585 15,994,351 16,146,163 16,254,315 16,096,063 15,982,654 16,449,276 16,650,549 16,809,425 16,948,898 17,074,355 17,168,585 17,078,241 16,721,304 17,187,392 17,369,844 17,488,656 16,140,399 14,773,745 14,821,323 14,741,927 14,229,655 14,564,244 14,715,937 14,764,453 14,774,957 35,537,420 -After-tax net cash flow ($) -19,213,030 -41,436,742 -32,423,264 96,477,330 15,442,875 15,651,979 15,830,585 15,994,351 16,146,163 16,254,315 16,096,063 15,982,654 16,449,276 16,650,549 16,809,425 16,948,898 17,074,355 17,168,585 17,078,241 16,721,304 17,187,392 17,369,844 17,488,656 16,140,399 14,773,745 14,821,323 14,741,927 14,229,655 14,564,244 14,715,937 14,764,453 14,774,957 118,653,903 -After-tax cumulative IRR (%) NaN NaN NaN 1.95 9.58 15.18 19.10 21.82 23.73 25.08 26.03 26.72 27.24 27.63 27.92 28.14 28.31 28.44 28.54 28.61 28.66 28.71 28.74 28.77 28.78 28.80 28.81 28.82 28.82 28.83 28.83 28.83 28.85 -After-tax cumulative NPV ($) -19,213,030 -55,237,461 -79,743,877 -16,348,166 -7,526,019 247,665 7,083,101 13,087,193 18,356,598 22,968,420 26,938,826 30,366,313 33,433,111 36,131,959 38,500,683 40,577,099 42,395,664 43,985,421 45,360,256 46,530,535 47,576,316 48,495,152 49,299,437 49,944,764 50,458,296 50,906,190 51,293,496 51,618,513 51,907,721 52,161,773 52,383,370 52,576,159 53,922,178 +After-tax net cash flow ($) -19,213,030 -41,436,742 -32,423,264 96,477,330 15,442,875 15,651,979 15,830,585 15,994,351 16,146,163 16,254,315 16,096,063 15,982,654 16,449,276 16,650,549 16,809,425 16,948,898 17,074,355 17,168,585 17,078,241 16,721,304 17,187,392 17,369,844 17,488,656 16,140,399 14,773,745 14,821,323 14,741,927 14,229,655 14,564,244 14,715,937 14,764,453 14,774,957 35,537,420 +After-tax cumulative IRR (%) NaN NaN NaN 1.95 9.58 15.18 19.10 21.82 23.73 25.08 26.03 26.72 27.24 27.63 27.92 28.14 28.31 28.44 28.54 28.61 28.66 28.71 28.74 28.77 28.78 28.80 28.81 28.82 28.82 28.83 28.83 28.83 28.84 +After-tax cumulative NPV ($) -19,213,030 -55,237,461 -79,743,877 -16,348,166 -7,526,019 247,665 7,083,101 13,087,193 18,356,598 22,968,420 26,938,826 30,366,313 33,433,111 36,131,959 38,500,683 40,577,099 42,395,664 43,985,421 45,360,256 46,530,535 47,576,316 48,495,152 49,299,437 49,944,764 50,458,296 50,906,190 51,293,496 51,618,513 51,907,721 52,161,773 52,383,370 52,576,159 52,979,298 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -19,213,030 -41,436,742 -32,423,264 49,480,878 -31,856,111 -31,971,510 -32,080,264 -32,187,714 -32,295,047 -32,392,187 -32,406,767 -32,440,606 -32,668,588 -32,815,328 -32,953,916 -33,092,250 -33,232,511 -33,369,541 -33,453,810 -33,459,088 -33,741,325 -33,940,165 -34,128,002 -35,757,704 -37,392,571 -37,590,725 -37,760,248 -37,802,263 -38,135,130 -38,424,004 -38,695,984 -38,973,496 64,634,268 +Annual costs ($) -19,213,030 -41,436,742 -32,423,264 49,480,878 -31,856,111 -31,971,510 -32,080,264 -32,187,714 -32,295,047 -32,392,187 -32,406,767 -32,440,606 -32,668,588 -32,815,328 -32,953,916 -33,092,250 -33,232,511 -33,369,541 -33,453,810 -33,459,088 -33,741,325 -33,940,165 -34,128,002 -35,757,704 -37,392,571 -37,590,725 -37,760,248 -37,802,263 -38,135,130 -38,424,004 -38,695,984 -38,973,496 -18,482,215 PPA revenue ($) 0 0 0 38,389,748 38,636,878 38,944,490 39,221,859 39,486,095 39,740,495 39,950,714 39,874,004 39,849,411 40,462,045 40,789,649 41,075,720 41,345,654 41,605,663 41,837,200 41,872,073 41,619,942 42,280,092 42,636,056 42,930,166 43,203,407 43,465,696 43,709,288 43,823,019 43,468,387 44,064,027 44,470,422 44,776,546 45,055,568 45,320,544 Electricity to grid (kWh) 0 0 0 404,102,612 406,703,974 407,497,016 407,966,078 408,293,813 408,516,604 408,285,278 405,141,270 402,559,967 406,408,644 407,366,910 407,901,883 408,271,494 408,539,500 408,526,511 406,603,933 401,930,875 406,070,808 407,260,064 407,848,815 408,234,029 408,512,178 408,612,585 407,504,360 402,075,545 405,447,434 407,051,915 407,726,696 408,148,995 408,440,373 -Present value of annual costs ($) 186,610,352 +Present value of annual costs ($) 187,553,232 -Present value of annual energy costs ($) 186,610,352 +Present value of annual energy costs ($) 187,553,232 Present value of annual energy nominal (kWh) 2,015,542,933 -LCOE Levelized cost of energy nominal (cents/kWh) 9.26 +LCOE Levelized cost of energy nominal (cents/kWh) 9.31 Present value of PPA revenue ($) 197,604,865 Present value of annual energy nominal (kWh) 2,015,542,933 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -372,15 +373,15 @@ minus: Debt interest payment ($) 0 12,774,441 12,639,206 12,494,504 12,339,673 12,174,004 11,996,738 11,807,063 11,604,111 11,386,953 11,154,593 10,905,969 10,639,940 10,355,290 10,050,714 9,724,817 9,376,108 9,002,989 8,603,752 8,176,569 7,719,482 7,230,400 6,707,082 6,147,131 5,547,984 4,906,897 4,220,933 3,486,952 2,701,592 1,861,258 962,099 Total state tax depreciation ($) 0 5,855,757 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 5,855,757 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 13,107,785 7,689,797 8,159,001 8,601,192 9,038,077 9,474,489 9,869,456 9,928,735 10,066,324 10,993,287 11,589,925 12,153,418 12,715,875 13,286,169 13,843,325 14,185,960 14,207,419 15,354,981 16,163,457 16,927,193 23,553,478 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 175,581,594 +State taxable income ($) 0 13,107,785 7,689,797 8,159,001 8,601,192 9,038,077 9,474,489 9,869,456 9,928,735 10,066,324 10,993,287 11,589,925 12,153,418 12,715,875 13,286,169 13,843,325 14,185,960 14,207,419 15,354,981 16,163,457 16,927,193 23,553,478 30,200,767 31,006,448 31,695,722 31,866,553 33,219,973 34,394,520 35,500,376 36,628,726 65,355,572 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -7,988,963 +State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -2,973,679 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -7,988,963 +State tax benefit (liability) ($) 0 -596,404 -349,886 -371,235 -391,354 -411,233 -431,089 -449,060 -451,757 -458,018 -500,195 -527,342 -552,981 -578,572 -604,521 -629,871 -645,461 -646,438 -698,652 -735,437 -770,187 -1,071,683 -1,374,135 -1,410,793 -1,442,155 -1,449,928 -1,511,509 -1,564,951 -1,615,267 -1,666,607 -2,973,679 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -390,10 +391,10 @@ minus: Debt interest payment ($) 0 12,774,441 12,639,206 12,494,504 12,339,673 12,174,004 11,996,738 11,807,063 11,604,111 11,386,953 11,154,593 10,905,969 10,639,940 10,355,290 10,050,714 9,724,817 9,376,108 9,002,989 8,603,752 8,176,569 7,719,482 7,230,400 6,707,082 6,147,131 5,547,984 4,906,897 4,220,933 3,486,952 2,701,592 1,861,258 962,099 Total federal tax depreciation ($) 0 5,855,757 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 11,711,515 5,855,757 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 12,511,381 7,339,912 7,787,767 8,209,838 8,626,845 9,043,400 9,420,396 9,476,978 9,608,306 10,493,092 11,062,583 11,600,438 12,137,303 12,681,648 13,213,454 13,540,498 13,560,982 14,656,329 15,428,020 16,157,005 22,481,794 28,826,632 29,595,654 30,253,567 30,416,625 31,708,464 32,829,570 33,885,109 34,962,119 167,592,632 +Federal taxable income ($) 0 12,511,381 7,339,912 7,787,767 8,209,838 8,626,845 9,043,400 9,420,396 9,476,978 9,608,306 10,493,092 11,062,583 11,600,438 12,137,303 12,681,648 13,213,454 13,540,498 13,560,982 14,656,329 15,428,020 16,157,005 22,481,794 28,826,632 29,595,654 30,253,567 30,416,625 31,708,464 32,829,570 33,885,109 34,962,119 62,381,894 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -2,627,390 -1,541,381 -1,635,431 -1,724,066 -1,811,637 -1,899,114 -1,978,283 -1,990,165 -2,017,744 -2,203,549 -2,323,142 -2,436,092 -2,548,834 -2,663,146 -2,774,825 -2,843,505 -2,847,806 -3,077,829 -3,239,884 -3,392,971 -4,721,177 -6,053,593 -6,215,087 -6,353,249 -6,387,491 -6,658,777 -6,894,210 -7,115,873 -7,342,045 -35,194,453 +Federal tax benefit (liability) ($) 0 -2,627,390 -1,541,381 -1,635,431 -1,724,066 -1,811,637 -1,899,114 -1,978,283 -1,990,165 -2,017,744 -2,203,549 -2,323,142 -2,436,092 -2,548,834 -2,663,146 -2,774,825 -2,843,505 -2,847,806 -3,077,829 -3,239,884 -3,392,971 -4,721,177 -6,053,593 -6,215,087 -6,353,249 -6,387,491 -6,658,777 -6,894,210 -7,115,873 -7,342,045 -13,100,198 CASH INCENTIVES Federal IBI income ($) 0 @@ -433,16 +434,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 DSCR (DEBT FRACTION) -EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +EBITDA ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 176,543,694 +Cash available for debt service (CAFDS) ($) 0 31,737,984 32,040,518 32,365,020 32,652,380 32,923,596 33,182,742 33,388,034 33,244,361 33,164,792 33,859,395 34,207,408 34,504,873 34,782,680 35,048,397 35,279,657 35,273,582 34,921,924 35,670,248 36,051,541 36,358,190 36,639,635 36,907,848 37,153,579 37,243,706 36,773,450 37,440,906 37,881,472 38,201,968 38,489,984 66,317,672 Debt total payment ($) 0 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 14,706,375 -DSCR (pre-tax) 0.0 2.16 2.18 2.20 2.22 2.24 2.26 2.27 2.26 2.26 2.30 2.33 2.35 2.37 2.38 2.40 2.40 2.37 2.43 2.45 2.47 2.49 2.51 2.53 2.53 2.50 2.55 2.58 2.60 2.62 12.0 +DSCR (pre-tax) 0.0 2.16 2.18 2.20 2.22 2.24 2.26 2.27 2.26 2.26 2.30 2.33 2.35 2.37 2.38 2.40 2.40 2.37 2.43 2.45 2.47 2.49 2.51 2.53 2.53 2.50 2.55 2.58 2.60 2.62 4.51 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-7_chp.out b/tests/examples/example_SAM-single-owner-PPA-7_chp.out index fbb2fddbd..fe56719ea 100644 --- a/tests/examples/example_SAM-single-owner-PPA-7_chp.out +++ b/tests/examples/example_SAM-single-owner-PPA-7_chp.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.859 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:43 + Calculation Time: 6.834 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Topping Cycle, Heat sales considered as extra income Average Net Electricity Production: 45.52 MW Average Direct-Use Heat Production: 62.20 MW - Electricity breakeven price: 9.07 cents/kWh - Direct-Use heat breakeven price (LCOH): 3.28 USD/MMBTU + Electricity breakeven price: 9.12 cents/kWh + Direct-Use heat breakeven price (LCOH): 3.30 USD/MMBTU Total CAPEX: 283.80 MUSD Electricity CAPEX ($/kWe): 5304 USD/kW Heat CAPEX ($/kWth): 658 USD/kW @@ -39,10 +39,10 @@ Simulation Metadata Investment Tax Credit: 85.14 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 46.59 MUSD - After-tax IRR: 27.05 % - Project VIR=PI=PIR: 1.57 - Project MOIC: 5.49 + Project NPV: 45.62 MUSD + After-tax IRR: 27.03 % + Project VIR=PI=PIR: 1.56 + Project MOIC: 4.60 Project Payback Period: 3.98 yr CHP: Percent cost allocation for electrical plant: 85.55 % @@ -137,6 +137,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 53.91 MW Average Total Electricity Generation: 53.66 MW @@ -272,8 +273,8 @@ Heat revenue ($) 0 equals: Capacity payment revenue ($) 0 12,240,364 12,258,552 12,264,090 12,267,364 12,269,652 12,271,207 12,269,587 12,247,468 12,229,296 12,256,352 12,263,010 12,266,665 12,269,144 12,270,920 12,270,756 12,257,206 12,224,274 12,253,425 12,261,767 12,265,896 12,268,597 12,270,548 12,271,258 12,263,490 12,225,265 12,249,044 12,260,309 12,265,044 12,268,006 12,270,050 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 141,901,510 -Total revenue ($) 0 46,034,890 46,335,051 46,631,778 46,891,676 47,135,566 47,367,433 47,544,797 47,367,319 47,264,511 47,934,643 48,255,289 48,525,406 48,775,863 49,014,254 49,217,743 49,178,711 48,794,562 49,524,773 49,879,597 50,159,532 50,414,164 50,655,503 50,873,995 50,932,745 50,421,441 51,075,305 51,490,626 51,784,914 52,046,428 194,192,451 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,380,302 +Total revenue ($) 0 46,034,890 46,335,051 46,631,778 46,891,676 47,135,566 47,367,433 47,544,797 47,367,319 47,264,511 47,934,643 48,255,289 48,525,406 48,775,863 49,014,254 49,217,743 49,178,711 48,794,562 49,524,773 49,879,597 50,159,532 50,414,164 50,655,503 50,873,995 50,932,745 50,421,441 51,075,305 51,490,626 51,784,914 52,046,428 80,671,243 Property tax net assessed value ($) 0 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 @@ -287,10 +288,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 -EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 OPERATING ACTIVITIES -EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -298,7 +299,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 -Cash flow from operating activities ($) 0 17,331,753 17,771,192 18,216,947 18,636,305 19,050,816 19,465,249 19,837,958 19,869,499 19,990,341 20,899,779 21,476,482 22,020,581 22,564,197 23,116,270 23,655,398 23,975,499 23,975,623 25,117,007 25,911,785 26,662,471 27,420,806 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 177,654,784 +Cash flow from operating activities ($) 0 17,331,753 17,771,192 18,216,947 18,636,305 19,050,816 19,465,249 19,837,958 19,869,499 19,990,341 20,899,779 21,476,482 22,020,581 22,564,197 23,116,270 23,655,398 23,975,499 23,975,623 25,117,007 25,911,785 26,662,471 27,420,806 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 64,133,575 INVESTING ACTIVITIES Total installed cost ($) -283,803,020 @@ -332,51 +333,51 @@ Cash flow from financing activities ($) 283 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 17,331,753 17,771,192 18,216,947 18,636,305 19,050,816 19,465,249 19,837,958 19,869,499 19,990,341 20,899,779 21,476,482 22,020,581 22,564,197 23,116,270 23,655,398 23,975,499 23,975,623 25,117,007 25,911,785 26,662,471 27,420,806 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 177,654,784 +Cash flow from operating activities ($) 0 17,331,753 17,771,192 18,216,947 18,636,305 19,050,816 19,465,249 19,837,958 19,869,499 19,990,341 20,899,779 21,476,482 22,020,581 22,564,197 23,116,270 23,655,398 23,975,499 23,975,623 25,117,007 25,911,785 26,662,471 27,420,806 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 64,133,575 Cash flow from investing activities ($) -283,803,020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 283,803,020 -1,989,689 -2,128,967 -2,277,995 -2,437,455 -2,608,076 -2,790,642 -2,985,987 -3,195,006 -3,418,656 -3,657,962 -3,914,019 -4,188,001 -4,481,161 -4,794,842 -5,130,481 -5,489,615 -5,873,888 -6,285,060 -6,725,014 -7,195,765 -7,699,468 -8,238,431 -8,815,121 -9,432,180 -10,092,432 -10,798,903 -11,554,826 -12,363,664 -13,229,120 -14,155,159 -Total pre-tax cash flow ($) 0 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 163,499,625 +Total pre-tax cash flow ($) 0 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 49,978,417 Pre-tax Returns: Issuance of equity ($) 95,855,438 -Total pre-tax cash flow ($) 0 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 163,499,625 -Total pre-tax returns ($) -95,855,438 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 163,499,625 +Total pre-tax cash flow ($) 0 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 49,978,417 +Total pre-tax returns ($) -95,855,438 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 49,978,417 After-tax Returns: -Total pre-tax returns ($) -95,855,438 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 163,499,625 +Total pre-tax returns ($) -95,855,438 15,342,064 15,642,225 15,938,952 16,198,850 16,442,740 16,674,607 16,851,971 16,674,493 16,571,685 17,241,817 17,562,463 17,832,580 18,083,037 18,321,428 18,524,917 18,485,885 18,101,736 18,831,947 19,186,771 19,466,706 19,721,338 19,962,677 20,181,169 20,239,919 19,728,615 20,382,479 20,797,800 21,092,088 21,353,601 49,978,417 Federal ITC total income ($) 0 85,140,906 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -2,265,217 -1,144,454 -1,233,803 -1,317,861 -1,400,948 -1,484,019 -1,558,726 -1,565,049 -1,589,271 -1,771,563 -1,887,160 -1,996,222 -2,105,187 -2,215,848 -2,323,913 -2,388,076 -2,388,101 -2,616,885 -2,776,195 -2,926,666 -4,287,517 -5,652,771 -5,812,161 -5,947,624 -5,977,480 -6,250,152 -6,484,922 -6,706,038 -6,931,934 -35,610,013 +Federal tax benefit (liability) ($) 0 -2,265,217 -1,144,454 -1,233,803 -1,317,861 -1,400,948 -1,484,019 -1,558,726 -1,565,049 -1,589,271 -1,771,563 -1,887,160 -1,996,222 -2,105,187 -2,215,848 -2,323,913 -2,388,076 -2,388,101 -2,616,885 -2,776,195 -2,926,666 -4,287,517 -5,652,771 -5,812,161 -5,947,624 -5,977,480 -6,250,152 -6,484,922 -6,706,038 -6,931,934 -12,855,255 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -8,083,293 -Total after-tax returns ($) -95,855,438 97,703,561 14,237,986 14,425,082 14,581,842 14,723,784 14,853,724 14,939,422 14,754,186 14,621,657 15,068,118 15,246,927 15,383,226 15,499,982 15,602,594 15,673,487 15,555,728 15,171,548 15,621,042 15,780,394 15,875,702 14,460,576 13,026,755 13,049,676 12,942,214 12,394,278 12,713,574 12,840,834 12,863,813 12,848,154 119,806,319 +State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -2,918,078 +Total after-tax returns ($) -95,855,438 97,703,561 14,237,986 14,425,082 14,581,842 14,723,784 14,853,724 14,939,422 14,754,186 14,621,657 15,068,118 15,246,927 15,383,226 15,499,982 15,602,594 15,673,487 15,555,728 15,171,548 15,621,042 15,780,394 15,875,702 14,460,576 13,026,755 13,049,676 12,942,214 12,394,278 12,713,574 12,840,834 12,863,813 12,848,154 34,205,085 -After-tax net cash flow ($) -19,787,400 -42,675,486 -33,392,552 97,703,561 14,237,986 14,425,082 14,581,842 14,723,784 14,853,724 14,939,422 14,754,186 14,621,657 15,068,118 15,246,927 15,383,226 15,499,982 15,602,594 15,673,487 15,555,728 15,171,548 15,621,042 15,780,394 15,875,702 14,460,576 13,026,755 13,049,676 12,942,214 12,394,278 12,713,574 12,840,834 12,863,813 12,848,154 119,806,319 -After-tax cumulative IRR (%) NaN NaN NaN 1.03 8.06 13.35 17.13 19.80 21.70 23.06 24.04 24.75 25.29 25.70 26.01 26.25 26.44 26.58 26.68 26.76 26.83 26.88 26.92 26.95 26.97 26.98 27.00 27.01 27.01 27.02 27.02 27.03 27.05 -After-tax cumulative NPV ($) -19,787,400 -56,888,775 -82,127,806 -17,926,333 -9,792,511 -2,628,174 3,668,070 9,195,206 14,042,816 18,281,564 21,920,971 25,056,591 27,865,886 30,337,225 32,504,973 34,403,883 36,065,693 37,517,008 38,769,278 39,831,093 40,781,568 41,616,325 42,346,432 42,924,596 43,377,403 43,771,759 44,111,782 44,394,877 44,647,336 44,869,016 45,062,087 45,229,735 46,588,827 +After-tax net cash flow ($) -19,787,400 -42,675,486 -33,392,552 97,703,561 14,237,986 14,425,082 14,581,842 14,723,784 14,853,724 14,939,422 14,754,186 14,621,657 15,068,118 15,246,927 15,383,226 15,499,982 15,602,594 15,673,487 15,555,728 15,171,548 15,621,042 15,780,394 15,875,702 14,460,576 13,026,755 13,049,676 12,942,214 12,394,278 12,713,574 12,840,834 12,863,813 12,848,154 34,205,085 +After-tax cumulative IRR (%) NaN NaN NaN 1.03 8.06 13.35 17.13 19.80 21.70 23.06 24.04 24.75 25.29 25.70 26.01 26.25 26.44 26.58 26.68 26.76 26.83 26.88 26.92 26.95 26.97 26.98 27.00 27.01 27.01 27.02 27.02 27.03 27.03 +After-tax cumulative NPV ($) -19,787,400 -56,888,775 -82,127,806 -17,926,333 -9,792,511 -2,628,174 3,668,070 9,195,206 14,042,816 18,281,564 21,920,971 25,056,591 27,865,886 30,337,225 32,504,973 34,403,883 36,065,693 37,517,008 38,769,278 39,831,093 40,781,568 41,616,325 42,346,432 42,924,596 43,377,403 43,771,759 44,111,782 44,394,877 44,647,336 44,869,016 45,062,087 45,229,735 45,617,760 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -19,787,400 -42,675,486 -33,392,552 51,668,671 -32,097,065 -32,206,696 -32,309,835 -32,411,782 -32,513,709 -32,605,375 -32,613,133 -32,642,853 -32,866,525 -33,008,362 -33,142,181 -33,275,880 -33,411,660 -33,544,256 -33,622,983 -33,623,014 -33,903,731 -34,099,203 -34,283,830 -35,953,588 -37,628,748 -37,824,319 -37,990,530 -38,027,164 -38,361,731 -38,649,793 -38,921,101 -39,198,274 67,515,378 +Annual costs ($) -19,787,400 -42,675,486 -33,392,552 51,668,671 -32,097,065 -32,206,696 -32,309,835 -32,411,782 -32,513,709 -32,605,375 -32,613,133 -32,642,853 -32,866,525 -33,008,362 -33,142,181 -33,275,880 -33,411,660 -33,544,256 -33,622,983 -33,623,014 -33,903,731 -34,099,203 -34,283,830 -35,953,588 -37,628,748 -37,824,319 -37,990,530 -38,027,164 -38,361,731 -38,649,793 -38,921,101 -39,198,274 -18,085,856 PPA revenue ($) 0 0 0 33,794,526 34,076,499 34,367,688 34,624,312 34,865,914 35,096,226 35,275,210 35,119,851 35,035,215 35,678,291 35,992,279 36,258,741 36,506,719 36,743,334 36,946,987 36,921,505 36,570,288 37,271,348 37,617,830 37,893,636 38,145,567 38,384,955 38,602,737 38,669,255 38,196,176 38,826,261 39,230,317 39,519,870 39,778,422 40,020,891 Electricity to grid (kWh) 0 0 0 355,731,851 358,699,992 359,607,495 360,144,710 360,520,252 360,775,349 360,502,913 356,836,528 353,926,807 358,359,695 359,455,496 360,066,943 360,488,977 360,794,715 360,775,190 358,530,827 353,165,503 357,965,313 359,325,916 360,000,341 360,441,906 360,760,853 360,874,419 359,580,200 353,308,448 357,253,043 359,087,573 359,860,409 360,344,429 360,678,540 -Present value of annual costs ($) 188,439,837 +Present value of annual costs ($) 189,410,904 -Present value of annual energy costs ($) 161,218,291 +Present value of annual energy costs ($) 162,049,080 Present value of annual energy nominal (kWh) 1,777,658,214 -LCOE Levelized cost of energy nominal (cents/kWh) 9.07 +LCOE Levelized cost of energy nominal (cents/kWh) 9.12 Present value of PPA revenue ($) 174,283,198 Present value of annual energy nominal (kWh) 1,777,658,214 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 27,221,546 +Present value of annual heat costs ($) 27,361,824 Present value of annual heat provided (MMBTU) 8,290,884 -LCOH Levelized cost of heating nominal ($/MMBTU) 3.28 +LCOH Levelized cost of heating nominal ($/MMBTU) 3.30 PROJECT STATE INCOME TAXES -EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -385,15 +386,15 @@ minus: Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 Total state tax depreciation ($) 0 6,030,814 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 6,030,814 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 11,300,939 5,709,564 6,155,319 6,574,676 6,989,188 7,403,620 7,776,329 7,807,870 7,928,712 8,838,151 9,414,854 9,958,952 10,502,569 11,054,641 11,593,770 11,913,871 11,913,995 13,055,379 13,850,157 14,600,842 21,389,992 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 177,654,784 +State taxable income ($) 0 11,300,939 5,709,564 6,155,319 6,574,676 6,989,188 7,403,620 7,776,329 7,807,870 7,928,712 8,838,151 9,414,854 9,958,952 10,502,569 11,054,641 11,593,770 11,913,871 11,913,995 13,055,379 13,850,157 14,600,842 21,389,992 28,201,108 28,996,290 29,672,099 29,821,048 31,181,381 32,352,626 33,455,752 34,582,722 64,133,575 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -8,083,293 +State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -2,918,078 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -8,083,293 +State tax benefit (liability) ($) 0 -514,193 -259,785 -280,067 -299,148 -318,008 -336,865 -353,823 -355,258 -360,756 -402,136 -428,376 -453,132 -477,867 -502,986 -527,517 -542,081 -542,087 -594,020 -630,182 -664,338 -973,245 -1,283,150 -1,319,331 -1,350,080 -1,356,858 -1,418,753 -1,472,044 -1,522,237 -1,573,514 -2,918,078 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -403,10 +404,10 @@ minus: Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 Total federal tax depreciation ($) 0 6,030,814 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 6,030,814 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 10,786,746 5,449,779 5,875,252 6,275,529 6,671,179 7,066,755 7,422,506 7,452,612 7,567,956 8,436,015 8,986,478 9,505,820 10,024,702 10,551,655 11,066,253 11,371,790 11,371,908 12,461,359 13,219,974 13,936,504 20,416,747 26,917,958 27,676,959 28,322,018 28,464,190 29,762,629 30,880,582 31,933,515 33,009,208 169,571,491 +Federal taxable income ($) 0 10,786,746 5,449,779 5,875,252 6,275,529 6,671,179 7,066,755 7,422,506 7,452,612 7,567,956 8,436,015 8,986,478 9,505,820 10,024,702 10,551,655 11,066,253 11,371,790 11,371,908 12,461,359 13,219,974 13,936,504 20,416,747 26,917,958 27,676,959 28,322,018 28,464,190 29,762,629 30,880,582 31,933,515 33,009,208 61,215,498 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -2,265,217 -1,144,454 -1,233,803 -1,317,861 -1,400,948 -1,484,019 -1,558,726 -1,565,049 -1,589,271 -1,771,563 -1,887,160 -1,996,222 -2,105,187 -2,215,848 -2,323,913 -2,388,076 -2,388,101 -2,616,885 -2,776,195 -2,926,666 -4,287,517 -5,652,771 -5,812,161 -5,947,624 -5,977,480 -6,250,152 -6,484,922 -6,706,038 -6,931,934 -35,610,013 +Federal tax benefit (liability) ($) 0 -2,265,217 -1,144,454 -1,233,803 -1,317,861 -1,400,948 -1,484,019 -1,558,726 -1,565,049 -1,589,271 -1,771,563 -1,887,160 -1,996,222 -2,105,187 -2,215,848 -2,323,913 -2,388,076 -2,388,101 -2,616,885 -2,776,195 -2,926,666 -4,287,517 -5,652,771 -5,812,161 -5,947,624 -5,977,480 -6,250,152 -6,484,922 -6,706,038 -6,931,934 -12,855,255 CASH INCENTIVES Federal IBI income ($) 0 @@ -446,16 +447,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 DSCR (DEBT FRACTION) -EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +EBITDA ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 178,645,645 +Cash available for debt service (CAFDS) ($) 0 30,488,084 30,788,245 31,084,972 31,344,870 31,588,759 31,820,627 31,997,991 31,820,513 31,717,704 32,387,837 32,708,483 32,978,600 33,229,056 33,467,447 33,670,937 33,631,904 33,247,755 33,977,967 34,332,791 34,612,726 34,867,358 35,108,696 35,327,188 35,385,938 34,874,635 35,528,498 35,943,820 36,238,108 36,499,621 65,124,436 Debt total payment ($) 0 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 -DSCR (pre-tax) 0.0 2.01 2.03 2.05 2.07 2.09 2.10 2.11 2.10 2.09 2.14 2.16 2.18 2.19 2.21 2.22 2.22 2.20 2.24 2.27 2.29 2.30 2.32 2.33 2.34 2.30 2.35 2.37 2.39 2.41 11.79 +DSCR (pre-tax) 0.0 2.01 2.03 2.05 2.07 2.09 2.10 2.11 2.10 2.09 2.14 2.16 2.18 2.19 2.21 2.22 2.22 2.20 2.24 2.27 2.29 2.30 2.32 2.33 2.34 2.30 2.35 2.37 2.39 2.41 4.30 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-7b_chp-cc.out b/tests/examples/example_SAM-single-owner-PPA-7b_chp-cc.out index 7950b0912..52532be82 100644 --- a/tests/examples/example_SAM-single-owner-PPA-7b_chp-cc.out +++ b/tests/examples/example_SAM-single-owner-PPA-7b_chp-cc.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.837 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:43 + Calculation Time: 6.476 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Topping Cycle, Heat sales considered as extra income Average Net Electricity Production: 45.52 MW Average Direct-Use Heat Production: 62.20 MW - Electricity breakeven price: 9.56 cents/kWh - Direct-Use heat breakeven price (LCOH): 3.46 USD/MMBTU + Electricity breakeven price: 9.61 cents/kWh + Direct-Use heat breakeven price (LCOH): 3.48 USD/MMBTU Total CAPEX: 283.80 MUSD Electricity CAPEX ($/kWe): 5304 USD/kW Heat CAPEX ($/kWth): 658 USD/kW @@ -40,10 +40,10 @@ Simulation Metadata Investment Tax Credit: 85.14 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 78.06 MUSD + Project NPV: 77.09 MUSD After-tax IRR: 33.24 % - Project VIR=PI=PIR: 1.95 - Project MOIC: 7.48 + Project VIR=PI=PIR: 1.94 + Project MOIC: 6.59 Project Payback Period: 3.92 yr CHP: Percent cost allocation for electrical plant: 85.55 % @@ -138,6 +138,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 53.91 MW Average Total Electricity Generation: 53.66 MW @@ -278,8 +279,8 @@ Heat revenue ($) 0 equals: Capacity payment revenue ($) 0 20,597,577 20,680,140 20,705,360 20,720,284 20,730,716 20,737,803 20,730,278 20,628,662 20,547,360 20,670,552 20,700,973 20,717,884 20,729,510 20,737,910 20,737,320 20,675,106 20,525,803 20,659,039 20,696,891 20,715,647 20,727,925 20,736,794 20,739,967 20,704,140 20,529,902 20,639,209 20,690,264 20,711,761 20,725,220 20,734,511 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 141,901,510 -Total revenue ($) 0 54,392,103 54,756,639 55,073,048 55,344,596 55,596,630 55,834,029 56,005,488 55,748,513 55,582,575 56,348,843 56,693,252 56,976,625 57,236,229 57,481,244 57,684,307 57,596,611 57,096,091 57,930,387 58,314,721 58,609,283 58,873,492 59,121,749 59,342,704 59,373,395 58,726,078 59,465,470 59,920,581 60,231,631 60,503,642 202,656,912 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28,380,302 +Total revenue ($) 0 54,392,103 54,756,639 55,073,048 55,344,596 55,596,630 55,834,029 56,005,488 55,748,513 55,582,575 56,348,843 56,693,252 56,976,625 57,236,229 57,481,244 57,684,307 57,596,611 57,096,091 57,930,387 58,314,721 58,609,283 58,873,492 59,121,749 59,342,704 59,373,395 58,726,078 59,465,470 59,920,581 60,231,631 60,503,642 89,135,704 Property tax net assessed value ($) 0 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 283,803,020 @@ -293,10 +294,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 15,546,806 -EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 OPERATING ACTIVITIES -EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -304,7 +305,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 -Cash flow from operating activities ($) 0 25,688,966 26,192,780 26,658,217 27,089,225 27,511,880 27,931,845 28,298,649 28,250,693 28,308,405 29,313,979 29,914,445 30,471,800 31,024,563 31,583,260 32,121,962 32,393,399 32,277,152 33,522,621 34,346,909 35,112,222 35,880,134 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 186,119,245 +Cash flow from operating activities ($) 0 25,688,966 26,192,780 26,658,217 27,089,225 27,511,880 27,931,845 28,298,649 28,250,693 28,308,405 29,313,979 29,914,445 30,471,800 31,024,563 31,583,260 32,121,962 32,393,399 32,277,152 33,522,621 34,346,909 35,112,222 35,880,134 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 72,598,036 INVESTING ACTIVITIES Total installed cost ($) -283,803,020 @@ -338,51 +339,51 @@ Cash flow from financing activities ($) 283 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 25,688,966 26,192,780 26,658,217 27,089,225 27,511,880 27,931,845 28,298,649 28,250,693 28,308,405 29,313,979 29,914,445 30,471,800 31,024,563 31,583,260 32,121,962 32,393,399 32,277,152 33,522,621 34,346,909 35,112,222 35,880,134 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 186,119,245 +Cash flow from operating activities ($) 0 25,688,966 26,192,780 26,658,217 27,089,225 27,511,880 27,931,845 28,298,649 28,250,693 28,308,405 29,313,979 29,914,445 30,471,800 31,024,563 31,583,260 32,121,962 32,393,399 32,277,152 33,522,621 34,346,909 35,112,222 35,880,134 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 72,598,036 Cash flow from investing activities ($) -283,803,020 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 283,803,020 -1,989,689 -2,128,967 -2,277,995 -2,437,455 -2,608,076 -2,790,642 -2,985,987 -3,195,006 -3,418,656 -3,657,962 -3,914,019 -4,188,001 -4,481,161 -4,794,842 -5,130,481 -5,489,615 -5,873,888 -6,285,060 -6,725,014 -7,195,765 -7,699,468 -8,238,431 -8,815,121 -9,432,180 -10,092,432 -10,798,903 -11,554,826 -12,363,664 -13,229,120 -14,155,159 -Total pre-tax cash flow ($) 0 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 171,964,086 +Total pre-tax cash flow ($) 0 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 58,442,878 Pre-tax Returns: Issuance of equity ($) 95,855,438 -Total pre-tax cash flow ($) 0 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 171,964,086 -Total pre-tax returns ($) -95,855,438 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 171,964,086 +Total pre-tax cash flow ($) 0 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 58,442,878 +Total pre-tax returns ($) -95,855,438 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 58,442,878 After-tax Returns: -Total pre-tax returns ($) -95,855,438 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 171,964,086 +Total pre-tax returns ($) -95,855,438 23,699,277 24,063,813 24,380,222 24,651,770 24,903,804 25,141,203 25,312,662 25,055,687 24,889,749 25,656,017 26,000,426 26,283,799 26,543,403 26,788,418 26,991,481 26,903,785 26,403,265 27,237,561 27,621,895 27,916,457 28,180,666 28,428,923 28,649,878 28,680,569 28,033,252 28,772,644 29,227,755 29,538,805 29,810,815 58,442,878 Federal ITC total income ($) 0 85,140,906 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,940,378 -2,832,519 -2,925,813 -3,012,207 -3,096,926 -3,181,105 -3,254,630 -3,245,017 -3,256,585 -3,458,147 -3,578,508 -3,690,227 -3,801,026 -3,913,013 -4,020,994 -4,075,402 -4,052,101 -4,301,749 -4,466,973 -4,620,376 -5,983,147 -7,349,788 -7,509,672 -7,639,510 -7,642,103 -7,931,919 -8,174,664 -8,399,140 -8,627,140 -37,306,672 +Federal tax benefit (liability) ($) 0 -3,940,378 -2,832,519 -2,925,813 -3,012,207 -3,096,926 -3,181,105 -3,254,630 -3,245,017 -3,256,585 -3,458,147 -3,578,508 -3,690,227 -3,801,026 -3,913,013 -4,020,994 -4,075,402 -4,052,101 -4,301,749 -4,466,973 -4,620,376 -5,983,147 -7,349,788 -7,509,672 -7,639,510 -7,642,103 -7,931,919 -8,174,664 -8,399,140 -8,627,140 -14,551,913 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -8,468,426 -Total after-tax returns ($) -95,855,438 104,005,359 20,588,327 20,790,264 20,955,808 21,103,891 21,238,003 21,319,248 21,074,068 20,893,935 21,412,888 21,609,615 21,755,909 21,879,564 21,987,170 22,057,742 21,903,287 21,431,358 21,959,337 22,140,942 22,247,279 20,839,375 19,410,770 19,435,548 19,306,929 18,656,431 19,040,220 19,197,483 19,233,102 19,225,358 126,188,988 +State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -3,303,211 +Total after-tax returns ($) -95,855,438 104,005,359 20,588,327 20,790,264 20,955,808 21,103,891 21,238,003 21,319,248 21,074,068 20,893,935 21,412,888 21,609,615 21,755,909 21,879,564 21,987,170 22,057,742 21,903,287 21,431,358 21,959,337 22,140,942 22,247,279 20,839,375 19,410,770 19,435,548 19,306,929 18,656,431 19,040,220 19,197,483 19,233,102 19,225,358 40,587,754 -After-tax net cash flow ($) -19,787,400 -42,675,486 -33,392,552 104,005,359 20,588,327 20,790,264 20,955,808 21,103,891 21,238,003 21,319,248 21,074,068 20,893,935 21,412,888 21,609,615 21,755,909 21,879,564 21,987,170 22,057,742 21,903,287 21,431,358 21,959,337 22,140,942 22,247,279 20,839,375 19,410,770 19,435,548 19,306,929 18,656,431 19,040,220 19,197,483 19,233,102 19,225,358 126,188,988 -After-tax cumulative IRR (%) NaN NaN NaN 4.46 13.65 19.96 24.13 26.90 28.77 30.06 30.94 31.56 32.01 32.33 32.57 32.75 32.88 32.97 33.04 33.09 33.13 33.16 33.18 33.20 33.21 33.22 33.22 33.23 33.23 33.23 33.24 33.24 33.25 -After-tax cumulative NPV ($) -19,787,400 -56,888,775 -82,127,806 -13,785,392 -2,023,771 8,301,886 17,350,324 25,272,478 32,203,638 38,252,528 43,450,857 47,931,569 51,923,782 55,426,434 58,492,198 61,172,672 63,514,494 65,556,971 67,320,233 68,820,155 70,156,289 71,327,509 72,350,638 73,183,840 73,858,553 74,445,887 74,953,127 75,379,255 75,757,344 76,088,765 76,377,430 76,628,291 78,059,788 +After-tax net cash flow ($) -19,787,400 -42,675,486 -33,392,552 104,005,359 20,588,327 20,790,264 20,955,808 21,103,891 21,238,003 21,319,248 21,074,068 20,893,935 21,412,888 21,609,615 21,755,909 21,879,564 21,987,170 22,057,742 21,903,287 21,431,358 21,959,337 22,140,942 22,247,279 20,839,375 19,410,770 19,435,548 19,306,929 18,656,431 19,040,220 19,197,483 19,233,102 19,225,358 40,587,754 +After-tax cumulative IRR (%) NaN NaN NaN 4.46 13.65 19.96 24.13 26.90 28.77 30.06 30.94 31.56 32.01 32.33 32.57 32.75 32.88 32.97 33.04 33.09 33.13 33.16 33.18 33.20 33.21 33.22 33.22 33.23 33.23 33.23 33.24 33.24 33.24 +After-tax cumulative NPV ($) -19,787,400 -56,888,775 -82,127,806 -13,785,392 -2,023,771 8,301,886 17,350,324 25,272,478 32,203,638 38,252,528 43,450,857 47,931,569 51,923,782 55,426,434 58,492,198 61,172,672 63,514,494 65,556,971 67,320,233 68,820,155 70,156,289 71,327,509 72,350,638 73,183,840 73,858,553 74,445,887 74,953,127 75,379,255 75,757,344 76,088,765 76,377,430 76,628,291 77,088,721 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -19,787,400 -42,675,486 -33,392,552 49,613,256 -34,168,312 -34,282,784 -34,388,788 -34,492,738 -34,596,026 -34,686,240 -34,674,445 -34,688,639 -34,935,955 -35,083,637 -35,220,716 -35,356,665 -35,494,074 -35,626,565 -35,693,323 -35,664,733 -35,971,050 -36,173,779 -36,362,004 -38,034,117 -39,710,978 -39,907,155 -40,066,466 -40,069,648 -40,425,250 -40,723,098 -40,998,529 -41,278,283 65,433,587 +Annual costs ($) -19,787,400 -42,675,486 -33,392,552 49,613,256 -34,168,312 -34,282,784 -34,388,788 -34,492,738 -34,596,026 -34,686,240 -34,674,445 -34,688,639 -34,935,955 -35,083,637 -35,220,716 -35,356,665 -35,494,074 -35,626,565 -35,693,323 -35,664,733 -35,971,050 -36,173,779 -36,362,004 -38,034,117 -39,710,978 -39,907,155 -40,066,466 -40,069,648 -40,425,250 -40,723,098 -40,998,529 -41,278,283 -20,167,648 PPA revenue ($) 0 0 0 33,794,526 34,076,499 34,367,688 34,624,312 34,865,914 35,096,226 35,275,210 35,119,851 35,035,215 35,678,291 35,992,279 36,258,741 36,506,719 36,743,334 36,946,987 36,921,505 36,570,288 37,271,348 37,617,830 37,893,636 38,145,567 38,384,955 38,602,737 38,669,255 38,196,176 38,826,261 39,230,317 39,519,870 39,778,422 40,020,891 Electricity to grid (kWh) 0 0 0 355,731,851 358,699,992 359,607,495 360,144,710 360,520,252 360,775,349 360,502,913 356,836,528 353,926,807 358,359,695 359,455,496 360,066,943 360,488,977 360,794,715 360,775,190 358,530,827 353,165,503 357,965,313 359,325,916 360,000,341 360,441,906 360,760,853 360,874,419 359,580,200 353,308,448 357,253,043 359,087,573 359,860,409 360,344,429 360,678,540 -Present value of annual costs ($) 198,704,506 +Present value of annual costs ($) 199,675,573 -Present value of annual energy costs ($) 170,000,152 +Present value of annual energy costs ($) 170,830,941 Present value of annual energy nominal (kWh) 1,777,658,214 -LCOE Levelized cost of energy nominal (cents/kWh) 9.56 +LCOE Levelized cost of energy nominal (cents/kWh) 9.61 Present value of PPA revenue ($) 174,283,198 Present value of annual energy nominal (kWh) 1,777,658,214 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 28,704,354 +Present value of annual heat costs ($) 28,844,632 Present value of annual heat provided (MMBTU) 8,290,884 -LCOH Levelized cost of heating nominal ($/MMBTU) 3.46 +LCOH Levelized cost of heating nominal ($/MMBTU) 3.48 PROJECT STATE INCOME TAXES -EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -391,15 +392,15 @@ minus: Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 Total state tax depreciation ($) 0 6,030,814 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 6,030,814 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 19,658,152 14,131,152 14,596,589 15,027,596 15,450,252 15,870,216 16,237,020 16,189,064 16,246,776 17,252,351 17,852,817 18,410,171 18,962,935 19,521,631 20,060,334 20,331,771 20,215,524 21,460,993 22,285,281 23,050,593 29,849,320 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 186,119,245 +State taxable income ($) 0 19,658,152 14,131,152 14,596,589 15,027,596 15,450,252 15,870,216 16,237,020 16,189,064 16,246,776 17,252,351 17,852,817 18,410,171 18,962,935 19,521,631 20,060,334 20,331,771 20,215,524 21,460,993 22,285,281 23,050,593 29,849,320 36,667,354 37,464,999 38,112,749 38,125,685 39,571,546 40,782,581 41,902,469 43,039,936 72,598,036 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -8,468,426 +State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -3,303,211 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -8,468,426 +State tax benefit (liability) ($) 0 -894,446 -642,967 -664,145 -683,756 -702,986 -722,095 -738,784 -736,602 -739,228 -784,982 -812,303 -837,663 -862,814 -888,234 -912,745 -925,096 -919,806 -976,475 -1,013,980 -1,048,802 -1,358,144 -1,668,365 -1,704,657 -1,734,130 -1,734,719 -1,800,505 -1,855,607 -1,906,562 -1,958,317 -3,303,211 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -409,10 +410,10 @@ minus: Debt interest payment ($) 0 13,156,331 13,017,053 12,868,025 12,708,565 12,537,943 12,355,378 12,160,033 11,951,014 11,727,364 11,488,058 11,232,000 10,958,019 10,664,859 10,351,178 10,015,539 9,656,405 9,272,132 8,860,960 8,421,006 7,950,255 7,446,551 6,907,589 6,330,898 5,713,840 5,053,587 4,347,117 3,591,194 2,782,356 1,916,900 990,861 Total federal tax depreciation ($) 0 6,030,814 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 12,061,628 6,030,814 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 18,763,706 13,488,185 13,932,444 14,343,841 14,747,265 15,148,121 15,498,236 15,452,462 15,507,548 16,467,369 17,040,514 17,572,509 18,100,121 18,633,397 19,147,589 19,406,675 19,295,718 20,484,518 21,271,300 22,001,791 28,491,176 34,998,989 35,760,341 36,378,618 36,390,966 37,771,041 38,926,974 39,995,907 41,081,619 177,650,819 +Federal taxable income ($) 0 18,763,706 13,488,185 13,932,444 14,343,841 14,747,265 15,148,121 15,498,236 15,452,462 15,507,548 16,467,369 17,040,514 17,572,509 18,100,121 18,633,397 19,147,589 19,406,675 19,295,718 20,484,518 21,271,300 22,001,791 28,491,176 34,998,989 35,760,341 36,378,618 36,390,966 37,771,041 38,926,974 39,995,907 41,081,619 69,294,826 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,940,378 -2,832,519 -2,925,813 -3,012,207 -3,096,926 -3,181,105 -3,254,630 -3,245,017 -3,256,585 -3,458,147 -3,578,508 -3,690,227 -3,801,026 -3,913,013 -4,020,994 -4,075,402 -4,052,101 -4,301,749 -4,466,973 -4,620,376 -5,983,147 -7,349,788 -7,509,672 -7,639,510 -7,642,103 -7,931,919 -8,174,664 -8,399,140 -8,627,140 -37,306,672 +Federal tax benefit (liability) ($) 0 -3,940,378 -2,832,519 -2,925,813 -3,012,207 -3,096,926 -3,181,105 -3,254,630 -3,245,017 -3,256,585 -3,458,147 -3,578,508 -3,690,227 -3,801,026 -3,913,013 -4,020,994 -4,075,402 -4,052,101 -4,301,749 -4,466,973 -4,620,376 -5,983,147 -7,349,788 -7,509,672 -7,639,510 -7,642,103 -7,931,919 -8,174,664 -8,399,140 -8,627,140 -14,551,913 CASH INCENTIVES Federal IBI income ($) 0 @@ -452,16 +453,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 DSCR (DEBT FRACTION) -EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +EBITDA ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 187,110,106 +Cash available for debt service (CAFDS) ($) 0 38,845,297 39,209,833 39,526,242 39,797,790 40,049,823 40,287,223 40,458,682 40,201,707 40,035,768 40,802,037 41,146,446 41,429,819 41,689,422 41,934,437 42,137,501 42,049,804 41,549,284 42,383,581 42,767,915 43,062,477 43,326,686 43,574,942 43,795,897 43,826,588 43,179,272 43,918,663 44,373,775 44,684,825 44,956,835 73,588,897 Debt total payment ($) 0 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 15,146,020 -DSCR (pre-tax) 0.0 2.56 2.59 2.61 2.63 2.64 2.66 2.67 2.65 2.64 2.69 2.72 2.74 2.75 2.77 2.78 2.78 2.74 2.80 2.82 2.84 2.86 2.88 2.89 2.89 2.85 2.90 2.93 2.95 2.97 12.35 +DSCR (pre-tax) 0.0 2.56 2.59 2.61 2.63 2.64 2.66 2.67 2.65 2.64 2.69 2.72 2.74 2.75 2.77 2.78 2.78 2.74 2.80 2.82 2.84 2.86 2.88 2.89 2.89 2.85 2.90 2.93 2.95 2.97 4.86 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-7c.out b/tests/examples/example_SAM-single-owner-PPA-7c.out index 0c0912e93..3eb180d5d 100644 --- a/tests/examples/example_SAM-single-owner-PPA-7c.out +++ b/tests/examples/example_SAM-single-owner-PPA-7c.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.860 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:43 + Calculation Time: 6.514 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Topping Cycle, Heat sales considered as extra income Average Net Electricity Production: 45.52 MW Average Direct-Use Heat Production: 62.20 MW - Electricity breakeven price: 9.66 cents/kWh - Direct-Use heat breakeven price (LCOH): 5.18 USD/MMBTU + Electricity breakeven price: 9.71 cents/kWh + Direct-Use heat breakeven price (LCOH): 5.20 USD/MMBTU Total CAPEX: 334.40 MUSD Electricity CAPEX ($/kWe): 5844 USD/kW Heat CAPEX ($/kWth): 1074 USD/kW @@ -40,10 +40,10 @@ Simulation Metadata Investment Tax Credit: 100.32 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 62.14 MUSD - After-tax IRR: 28.41 % - Project VIR=PI=PIR: 1.64 - Project MOIC: 5.82 + Project NPV: 61.00 MUSD + After-tax IRR: 28.40 % + Project VIR=PI=PIR: 1.63 + Project MOIC: 4.93 Project Payback Period: 3.97 yr CHP: Percent cost allocation for electrical plant: 80.00 % @@ -138,6 +138,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 53.91 MW Average Total Electricity Generation: 53.66 MW @@ -278,8 +279,8 @@ Heat revenue ($) 0 equals: Capacity payment revenue ($) 0 20,597,577 20,680,140 20,705,360 20,720,284 20,730,716 20,737,803 20,730,278 20,628,662 20,547,360 20,670,552 20,700,973 20,717,884 20,729,510 20,737,910 20,737,320 20,675,106 20,525,803 20,659,039 20,696,891 20,715,647 20,727,925 20,736,794 20,739,967 20,704,140 20,529,902 20,639,209 20,690,264 20,711,761 20,725,220 20,734,511 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 167,199,881 -Total revenue ($) 0 54,392,103 54,756,639 55,073,048 55,344,596 55,596,630 55,834,029 56,005,488 55,748,513 55,582,575 56,348,843 56,693,252 56,976,625 57,236,229 57,481,244 57,684,307 57,596,611 57,096,091 57,930,387 58,314,721 58,609,283 58,873,492 59,121,749 59,342,704 59,373,395 58,726,078 59,465,470 59,920,581 60,231,631 60,503,642 227,955,283 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 33,439,976 +Total revenue ($) 0 54,392,103 54,756,639 55,073,048 55,344,596 55,596,630 55,834,029 56,005,488 55,748,513 55,582,575 56,348,843 56,693,252 56,976,625 57,236,229 57,481,244 57,684,307 57,596,611 57,096,091 57,930,387 58,314,721 58,609,283 58,873,492 59,121,749 59,342,704 59,373,395 58,726,078 59,465,470 59,920,581 60,231,631 60,503,642 94,195,378 Property tax net assessed value ($) 0 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 334,399,762 @@ -293,10 +294,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 16,345,115 -EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 OPERATING ACTIVITIES -EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -304,7 +305,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 15,501,857 15,337,748 15,162,152 14,974,263 14,773,223 14,558,110 14,327,938 14,081,655 13,818,132 13,536,162 13,234,455 12,911,628 12,566,203 12,196,598 11,801,121 11,377,961 10,925,179 10,440,703 9,922,313 9,367,636 8,774,131 8,139,082 7,459,578 6,732,510 5,954,547 5,122,126 4,231,436 3,278,398 2,258,647 1,167,513 -Cash flow from operating activities ($) 0 22,545,131 23,073,776 23,565,782 24,025,218 24,478,292 24,930,805 25,332,435 25,321,743 25,419,328 26,467,566 27,113,682 27,719,883 28,324,911 28,939,531 29,538,072 29,873,535 29,825,797 31,144,570 32,047,294 32,896,533 33,754,246 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 210,442,655 +Cash flow from operating activities ($) 0 22,545,131 23,073,776 23,565,782 24,025,218 24,478,292 24,930,805 25,332,435 25,321,743 25,419,328 26,467,566 27,113,682 27,719,883 28,324,911 28,939,531 29,538,072 29,873,535 29,825,797 31,144,570 32,047,294 32,896,533 33,754,246 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 76,682,750 INVESTING ACTIVITIES Total installed cost ($) -334,399,762 @@ -338,51 +339,51 @@ Cash flow from financing activities ($) 334 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 22,545,131 23,073,776 23,565,782 24,025,218 24,478,292 24,930,805 25,332,435 25,321,743 25,419,328 26,467,566 27,113,682 27,719,883 28,324,911 28,939,531 29,538,072 29,873,535 29,825,797 31,144,570 32,047,294 32,896,533 33,754,246 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 210,442,655 +Cash flow from operating activities ($) 0 22,545,131 23,073,776 23,565,782 24,025,218 24,478,292 24,930,805 25,332,435 25,321,743 25,419,328 26,467,566 27,113,682 27,719,883 28,324,911 28,939,531 29,538,072 29,873,535 29,825,797 31,144,570 32,047,294 32,896,533 33,754,246 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 76,682,750 Cash flow from investing activities ($) -334,399,762 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 334,399,762 -2,344,413 -2,508,522 -2,684,119 -2,872,007 -3,073,047 -3,288,161 -3,518,332 -3,764,615 -4,028,138 -4,310,108 -4,611,815 -4,934,642 -5,280,067 -5,649,672 -6,045,149 -6,468,310 -6,921,091 -7,405,568 -7,923,957 -8,478,634 -9,072,139 -9,707,189 -10,386,692 -11,113,760 -11,891,723 -12,724,144 -13,614,834 -14,567,872 -15,587,624 -16,678,757 -Total pre-tax cash flow ($) 0 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 193,763,898 +Total pre-tax cash flow ($) 0 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 60,003,993 Pre-tax Returns: Issuance of equity ($) 112,944,660 -Total pre-tax cash flow ($) 0 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 193,763,898 -Total pre-tax returns ($) -112,944,660 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 193,763,898 +Total pre-tax cash flow ($) 0 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 60,003,993 +Total pre-tax returns ($) -112,944,660 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 60,003,993 After-tax Returns: -Total pre-tax returns ($) -112,944,660 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 193,763,898 +Total pre-tax returns ($) -112,944,660 20,200,718 20,565,254 20,881,664 21,153,212 21,405,245 21,642,644 21,814,103 21,557,128 21,391,190 22,157,458 22,501,867 22,785,240 23,044,844 23,289,859 23,492,922 23,405,226 22,904,706 23,739,003 24,123,336 24,417,898 24,682,107 24,930,364 25,151,319 25,182,010 24,534,694 25,274,085 25,729,197 26,040,246 26,312,257 60,003,993 Federal ITC total income ($) 0 100,319,929 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,094,698 -1,776,301 -1,874,921 -1,967,013 -2,057,829 -2,148,533 -2,229,038 -2,226,895 -2,246,455 -2,456,569 -2,586,080 -2,707,590 -2,828,865 -2,952,062 -3,072,036 -3,139,278 -3,129,710 -3,394,051 -3,574,997 -3,745,223 -5,341,509 -6,942,924 -7,123,417 -7,275,306 -7,301,493 -7,616,555 -7,886,314 -8,139,694 -8,398,622 -42,182,178 +Federal tax benefit (liability) ($) 0 -3,094,698 -1,776,301 -1,874,921 -1,967,013 -2,057,829 -2,148,533 -2,229,038 -2,226,895 -2,246,455 -2,456,569 -2,586,080 -2,707,590 -2,828,865 -2,952,062 -3,072,036 -3,139,278 -3,129,710 -3,394,051 -3,574,997 -3,745,223 -5,341,509 -6,942,924 -7,123,417 -7,275,306 -7,301,493 -7,616,555 -7,886,314 -8,139,694 -8,398,622 -15,370,674 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -9,575,141 -Total after-tax returns ($) -112,944,660 116,723,468 18,385,742 18,581,145 18,739,697 18,880,299 19,006,405 19,079,085 18,824,740 18,634,801 19,143,261 19,328,760 19,463,042 19,573,842 19,667,694 19,723,549 19,553,347 19,064,568 19,574,519 19,736,833 19,822,528 18,128,103 16,411,431 16,410,923 16,255,247 15,575,798 15,928,611 16,052,729 16,052,883 16,007,191 142,006,579 +State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -3,489,065 +Total after-tax returns ($) -112,944,660 116,723,468 18,385,742 18,581,145 18,739,697 18,880,299 19,006,405 19,079,085 18,824,740 18,634,801 19,143,261 19,328,760 19,463,042 19,573,842 19,667,694 19,723,549 19,553,347 19,064,568 19,574,519 19,736,833 19,822,528 18,128,103 16,411,431 16,410,923 16,255,247 15,575,798 15,928,611 16,052,729 16,052,883 16,007,191 41,144,254 -After-tax net cash flow ($) -23,315,122 -50,283,723 -39,345,816 116,723,468 18,385,742 18,581,145 18,739,697 18,880,299 19,006,405 19,079,085 18,824,740 18,634,801 19,143,261 19,328,760 19,463,042 19,573,842 19,667,694 19,723,549 19,553,347 19,064,568 19,574,519 19,736,833 19,822,528 18,128,103 16,411,431 16,410,923 16,255,247 15,575,798 15,928,611 16,052,729 16,052,883 16,007,191 142,006,579 -After-tax cumulative IRR (%) NaN NaN NaN 1.78 9.31 14.84 18.72 21.42 23.31 24.65 25.60 26.29 26.80 27.19 27.48 27.70 27.87 28.00 28.09 28.17 28.22 28.27 28.30 28.33 28.34 28.36 28.37 28.37 28.38 28.38 28.39 28.39 28.41 -After-tax cumulative NPV ($) -23,315,122 -67,030,975 -96,769,651 -20,070,107 -9,566,770 -338,290 7,753,260 14,840,704 21,043,568 26,456,858 31,100,346 35,096,587 38,665,651 41,798,604 44,541,266 46,939,265 49,034,043 50,860,381 52,434,468 53,768,745 54,959,773 56,003,819 56,915,437 57,640,236 58,210,693 58,706,624 59,133,689 59,489,452 59,805,754 60,082,884 60,323,818 60,532,686 62,143,620 +After-tax net cash flow ($) -23,315,122 -50,283,723 -39,345,816 116,723,468 18,385,742 18,581,145 18,739,697 18,880,299 19,006,405 19,079,085 18,824,740 18,634,801 19,143,261 19,328,760 19,463,042 19,573,842 19,667,694 19,723,549 19,553,347 19,064,568 19,574,519 19,736,833 19,822,528 18,128,103 16,411,431 16,410,923 16,255,247 15,575,798 15,928,611 16,052,729 16,052,883 16,007,191 41,144,254 +After-tax cumulative IRR (%) NaN NaN NaN 1.78 9.31 14.84 18.72 21.42 23.31 24.65 25.60 26.29 26.80 27.19 27.48 27.70 27.87 28.00 28.09 28.17 28.22 28.27 28.30 28.33 28.34 28.36 28.37 28.37 28.38 28.38 28.39 28.39 28.40 +After-tax cumulative NPV ($) -23,315,122 -67,030,975 -96,769,651 -20,070,107 -9,566,770 -338,290 7,753,260 14,840,704 21,043,568 26,456,858 31,100,346 35,096,587 38,665,651 41,798,604 44,541,266 46,939,265 49,034,043 50,860,381 52,434,468 53,768,745 54,959,773 56,003,819 56,915,437 57,640,236 58,210,693 58,706,624 59,133,689 59,489,452 59,805,754 60,082,884 60,323,818 60,532,686 60,999,430 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -23,315,122 -50,283,723 -39,345,816 62,331,365 -36,370,897 -36,491,903 -36,604,899 -36,716,330 -36,827,624 -36,926,403 -36,923,773 -36,947,774 -37,205,582 -37,364,492 -37,513,583 -37,662,387 -37,813,550 -37,960,758 -38,043,264 -38,031,523 -38,355,868 -38,577,889 -38,786,755 -40,745,389 -42,710,318 -42,931,781 -43,118,148 -43,150,280 -43,536,859 -43,867,852 -44,178,749 -44,496,451 81,251,177 +Annual costs ($) -23,315,122 -50,283,723 -39,345,816 62,331,365 -36,370,897 -36,491,903 -36,604,899 -36,716,330 -36,827,624 -36,926,403 -36,923,773 -36,947,774 -37,205,582 -37,364,492 -37,513,583 -37,662,387 -37,813,550 -37,960,758 -38,043,264 -38,031,523 -38,355,868 -38,577,889 -38,786,755 -40,745,389 -42,710,318 -42,931,781 -43,118,148 -43,150,280 -43,536,859 -43,867,852 -44,178,749 -44,496,451 -19,611,148 PPA revenue ($) 0 0 0 33,794,526 34,076,499 34,367,688 34,624,312 34,865,914 35,096,226 35,275,210 35,119,851 35,035,215 35,678,291 35,992,279 36,258,741 36,506,719 36,743,334 36,946,987 36,921,505 36,570,288 37,271,348 37,617,830 37,893,636 38,145,567 38,384,955 38,602,737 38,669,255 38,196,176 38,826,261 39,230,317 39,519,870 39,778,422 40,020,891 Electricity to grid (kWh) 0 0 0 355,731,851 358,699,992 359,607,495 360,144,710 360,520,252 360,775,349 360,502,913 356,836,528 353,926,807 358,359,695 359,455,496 360,066,943 360,488,977 360,794,715 360,775,190 358,530,827 353,165,503 357,965,313 359,325,916 360,000,341 360,441,906 360,760,853 360,874,419 359,580,200 353,308,448 357,253,043 359,087,573 359,860,409 360,344,429 360,678,540 -Present value of annual costs ($) 214,620,675 +Present value of annual costs ($) 215,764,864 -Present value of annual energy costs ($) 171,696,540 +Present value of annual energy costs ($) 172,611,891 Present value of annual energy nominal (kWh) 1,777,658,214 -LCOE Levelized cost of energy nominal (cents/kWh) 9.66 +LCOE Levelized cost of energy nominal (cents/kWh) 9.71 Present value of PPA revenue ($) 174,283,198 Present value of annual energy nominal (kWh) 1,777,658,214 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 42,924,135 +Present value of annual heat costs ($) 43,152,972 Present value of annual heat provided (MMBTU) 8,290,884 -LCOH Levelized cost of heating nominal ($/MMBTU) 5.18 +LCOH Levelized cost of heating nominal ($/MMBTU) 5.20 PROJECT STATE INCOME TAXES -EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -391,15 +392,15 @@ minus: Debt interest payment ($) 0 15,501,857 15,337,748 15,162,152 14,974,263 14,773,223 14,558,110 14,327,938 14,081,655 13,818,132 13,536,162 13,234,455 12,911,628 12,566,203 12,196,598 11,801,121 11,377,961 10,925,179 10,440,703 9,922,313 9,367,636 8,774,131 8,139,082 7,459,578 6,732,510 5,954,547 5,122,126 4,231,436 3,278,398 2,258,647 1,167,513 Total state tax depreciation ($) 0 7,105,995 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 7,105,995 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 15,439,136 8,861,787 9,353,792 9,813,229 10,266,302 10,718,815 11,120,445 11,109,754 11,207,338 12,255,576 12,901,693 13,507,893 14,112,921 14,727,541 15,326,082 15,661,546 15,613,807 16,932,580 17,835,304 18,684,543 26,648,251 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 210,442,655 +State taxable income ($) 0 15,439,136 8,861,787 9,353,792 9,813,229 10,266,302 10,718,815 11,120,445 11,109,754 11,207,338 12,255,576 12,901,693 13,507,893 14,112,921 14,727,541 15,326,082 15,661,546 15,613,807 16,932,580 17,835,304 18,684,543 26,648,251 34,637,553 35,538,011 36,295,770 36,426,417 37,998,229 39,344,031 40,608,119 41,899,880 76,682,750 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -9,575,141 +State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -3,489,065 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -9,575,141 +State tax benefit (liability) ($) 0 -702,481 -403,211 -425,598 -446,502 -467,117 -487,706 -505,980 -505,494 -509,934 -557,629 -587,027 -614,609 -642,138 -670,103 -697,337 -712,600 -710,428 -770,432 -811,506 -850,147 -1,212,495 -1,576,009 -1,616,979 -1,651,458 -1,657,402 -1,728,919 -1,790,153 -1,847,669 -1,906,445 -3,489,065 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -409,10 +410,10 @@ minus: Debt interest payment ($) 0 15,501,857 15,337,748 15,162,152 14,974,263 14,773,223 14,558,110 14,327,938 14,081,655 13,818,132 13,536,162 13,234,455 12,911,628 12,566,203 12,196,598 11,801,121 11,377,961 10,925,179 10,440,703 9,922,313 9,367,636 8,774,131 8,139,082 7,459,578 6,732,510 5,954,547 5,122,126 4,231,436 3,278,398 2,258,647 1,167,513 Total federal tax depreciation ($) 0 7,105,995 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 14,211,990 7,105,995 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 14,736,656 8,458,575 8,928,195 9,366,727 9,799,186 10,231,109 10,614,465 10,604,260 10,697,404 11,697,948 12,314,666 12,893,284 13,470,784 14,057,438 14,628,745 14,948,945 14,903,379 16,162,148 17,023,798 17,834,396 25,435,756 33,061,544 33,921,031 34,644,313 34,769,015 36,269,310 37,553,877 38,760,449 39,993,436 200,867,514 +Federal taxable income ($) 0 14,736,656 8,458,575 8,928,195 9,366,727 9,799,186 10,231,109 10,614,465 10,604,260 10,697,404 11,697,948 12,314,666 12,893,284 13,470,784 14,057,438 14,628,745 14,948,945 14,903,379 16,162,148 17,023,798 17,834,396 25,435,756 33,061,544 33,921,031 34,644,313 34,769,015 36,269,310 37,553,877 38,760,449 39,993,436 73,193,685 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,094,698 -1,776,301 -1,874,921 -1,967,013 -2,057,829 -2,148,533 -2,229,038 -2,226,895 -2,246,455 -2,456,569 -2,586,080 -2,707,590 -2,828,865 -2,952,062 -3,072,036 -3,139,278 -3,129,710 -3,394,051 -3,574,997 -3,745,223 -5,341,509 -6,942,924 -7,123,417 -7,275,306 -7,301,493 -7,616,555 -7,886,314 -8,139,694 -8,398,622 -42,182,178 +Federal tax benefit (liability) ($) 0 -3,094,698 -1,776,301 -1,874,921 -1,967,013 -2,057,829 -2,148,533 -2,229,038 -2,226,895 -2,246,455 -2,456,569 -2,586,080 -2,707,590 -2,828,865 -2,952,062 -3,072,036 -3,139,278 -3,129,710 -3,394,051 -3,574,997 -3,745,223 -5,341,509 -6,942,924 -7,123,417 -7,275,306 -7,301,493 -7,616,555 -7,886,314 -8,139,694 -8,398,622 -15,370,674 CASH INCENTIVES Federal IBI income ($) 0 @@ -452,16 +453,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 DSCR (DEBT FRACTION) -EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +EBITDA ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 211,610,168 +Cash available for debt service (CAFDS) ($) 0 38,046,988 38,411,525 38,727,934 38,999,482 39,251,515 39,488,914 39,660,373 39,403,399 39,237,460 40,003,729 40,348,137 40,631,511 40,891,114 41,136,129 41,339,193 41,251,496 40,750,976 41,585,273 41,969,607 42,264,168 42,528,377 42,776,634 42,997,589 43,028,280 42,380,964 43,120,355 43,575,467 43,886,517 44,158,527 77,850,263 Debt total payment ($) 0 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 17,846,270 -DSCR (pre-tax) 0.0 2.13 2.15 2.17 2.19 2.20 2.21 2.22 2.21 2.20 2.24 2.26 2.28 2.29 2.31 2.32 2.31 2.28 2.33 2.35 2.37 2.38 2.40 2.41 2.41 2.37 2.42 2.44 2.46 2.47 11.86 +DSCR (pre-tax) 0.0 2.13 2.15 2.17 2.19 2.20 2.21 2.22 2.21 2.20 2.24 2.26 2.28 2.29 2.31 2.32 2.31 2.28 2.33 2.35 2.37 2.38 2.40 2.41 2.41 2.37 2.42 2.44 2.46 2.47 4.36 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-7d_chp-bottoming.out b/tests/examples/example_SAM-single-owner-PPA-7d_chp-bottoming.out index ace718dd3..9947100e0 100644 --- a/tests/examples/example_SAM-single-owner-PPA-7d_chp-bottoming.out +++ b/tests/examples/example_SAM-single-owner-PPA-7d_chp-bottoming.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.834 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:43 + Calculation Time: 7.074 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Bottoming Cycle, Heat sales considered as extra income Average Net Electricity Production: 12.60 MW Average Direct-Use Heat Production: 119.26 MW - Electricity breakeven price: 16.53 cents/kWh - Direct-Use heat breakeven price (LCOH): 4.33 USD/MMBTU + Electricity breakeven price: 16.61 cents/kWh + Direct-Use heat breakeven price (LCOH): 4.35 USD/MMBTU Total CAPEX: 216.95 MUSD Electricity CAPEX ($/kWe): 9323 USD/kW Heat CAPEX ($/kWth): 829 USD/kW @@ -39,10 +39,10 @@ Simulation Metadata Investment Tax Credit: 65.08 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 14.59 MUSD - After-tax IRR: 20.73 % - Project VIR=PI=PIR: 1.23 - Project MOIC: 3.50 + Project NPV: 13.84 MUSD + After-tax IRR: 20.65 % + Project VIR=PI=PIR: 1.22 + Project MOIC: 2.61 Project Payback Period: 4.34 yr CHP: Percent cost allocation for electrical plant: 54.19 % @@ -137,6 +137,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.11 MW/(kg/s) Maximum Total Electricity Generation: 20.75 MW Average Total Electricity Generation: 20.75 MW @@ -235,8 +236,8 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -2 Year -1 Year 0 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 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 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 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 7.50 52.50 40.0 Overnight capital expenditure [construction] ($) -14,728,311 -103,098,179 -78,550,993 @@ -256,49 +257,49 @@ Installed cost [construction] ($) -15,125,976 -108,740,639 -93,0 After-tax net cash flow [construction] ($) -15,125,976 -32,622,192 -25,526,088 ENERGY -Electricity to grid (kWh) 0.0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 +Electricity to grid (kWh) 0.0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982.0 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982.0 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 -Heat provided (kWh) 0 931,699,281 939,837,015 942,314,903 943,780,012 944,803,489 945,499,436 944,774,210 934,877,845 926,746,908 938,852,768 941,831,559 943,466,861 944,576,394 945,370,981 945,297,400 939,235,023 924,500,003 937,543,301 941,275,541 943,122,781 944,331,534 945,204,571 945,521,883 942,046,428 924,943,564 935,582,993 940,623,153 942,741,549 944,067,007 944,981,487 +Heat provided (kWh) 0 931,699,281 939,837,015 942,314,903 943,780,012 944,803,489 945,499,436 944,774,210 934,877,845 926,746,908 938,852,768 941,831,559 943,466,861 944,576,394 945,370,981 945,297,400 939,235,023 924,500,003 937,543,301 941,275,541 943,122,781 944,331,534 945,204,571 945,521,883 942,046,428 924,943,564 935,582,993 940,623,153 942,741,549 944,067,007 944,981,487 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 9,434,737 9,435,902 9,492,874 9,549,704 9,606,471 9,663,154 9,719,055 9,769,474 9,829,696 9,890,647 9,948,257 10,006,342 10,064,667 10,122,870 10,180,282 10,233,527 10,288,011 10,352,225 10,408,979 10,465,675 10,522,348 10,579,003 10,635,413 10,689,376 10,739,105 10,805,658 10,862,320 10,918,982 10,975,645 11,032,305 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 9,434,737 9,435,902 9,492,874 9,549,704 9,606,471 9,663,154 9,719,055 9,769,474 9,829,696 9,890,647 9,948,257 10,006,342 10,064,667 10,122,870 10,180,282 10,233,527 10,288,011 10,352,225 10,408,979 10,465,675 10,522,348 10,579,003 10,635,413 10,689,376 10,739,105 10,805,658 10,862,320 10,918,982 10,975,645 11,032,305 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Heat price ($/kWh) 0.0 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 -Heat revenue ($) 0 23,292,482 23,495,925 23,557,873 23,594,500 23,620,087 23,637,486 23,619,355 23,371,946 23,168,673 23,471,319 23,545,789 23,586,672 23,614,410 23,634,275 23,632,435 23,480,876 23,112,500 23,438,583 23,531,889 23,578,070 23,608,288 23,630,114 23,638,047 23,551,161 23,123,589 23,389,575 23,515,579 23,568,539 23,601,675 23,624,537 +Heat price ($/kWh) 0.0 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 +Heat revenue ($) 0 23,292,482 23,495,925 23,557,873 23,594,500 23,620,087 23,637,486 23,619,355 23,371,946 23,168,673 23,471,319 23,545,789 23,586,672 23,614,410 23,634,275 23,632,435 23,480,876 23,112,500 23,438,583 23,531,889 23,578,070 23,608,288 23,630,114 23,638,047 23,551,161 23,123,589 23,389,575 23,515,579 23,568,539 23,601,675 23,624,537 equals: -Capacity payment revenue ($) 0 23,292,482 23,495,925 23,557,873 23,594,500 23,620,087 23,637,486 23,619,355 23,371,946 23,168,673 23,471,319 23,545,789 23,586,672 23,614,410 23,634,275 23,632,435 23,480,876 23,112,500 23,438,583 23,531,889 23,578,070 23,608,288 23,630,114 23,638,047 23,551,161 23,123,589 23,389,575 23,515,579 23,568,539 23,601,675 23,624,537 +Capacity payment revenue ($) 0 23,292,482 23,495,925 23,557,873 23,594,500 23,620,087 23,637,486 23,619,355 23,371,946 23,168,673 23,471,319 23,545,789 23,586,672 23,614,410 23,634,275 23,632,435 23,480,876 23,112,500 23,438,583 23,531,889 23,578,070 23,608,288 23,630,114 23,638,047 23,551,161 23,123,589 23,389,575 23,515,579 23,568,539 23,601,675 23,624,537 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 108,473,006 -Total revenue ($) 0 32,727,219 32,931,827 33,050,747 33,144,204 33,226,558 33,300,640 33,338,410 33,141,420 32,998,369 33,361,966 33,494,046 33,593,014 33,679,077 33,757,145 33,812,717 33,714,403 33,400,511 33,790,808 33,940,868 34,043,745 34,130,636 34,209,117 34,273,460 34,240,537 33,862,694 34,195,233 34,377,899 34,487,521 34,577,320 143,129,849 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 21,694,601 +Total revenue ($) 0 32,727,219 32,931,827 33,050,747 33,144,204 33,226,558 33,300,640 33,338,410 33,141,420 32,998,369 33,361,966 33,494,046 33,593,014 33,679,077 33,757,145 33,812,717 33,714,403 33,400,511 33,790,808 33,940,868 34,043,745 34,130,636 34,209,117 34,273,460 34,240,537 33,862,694 34,195,233 34,377,899 34,487,521 34,577,320 56,351,444 -Property tax net assessed value ($) 0 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 +Property tax net assessed value ($) 0 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 216,946,013 OPERATING EXPENSES -O&M fixed expense ($) 0 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 +O&M fixed expense ($) 0 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 14,014,665 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 477,281 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 14,491,946 -EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 +EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 OPERATING ACTIVITIES -EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 -Cash flow from operating activities ($) 0 8,178,250 8,489,325 8,722,166 8,937,518 9,150,300 9,363,939 9,551,035 9,513,825 9,541,738 10,088,266 10,416,083 10,724,489 11,034,650 11,352,504 11,664,647 11,840,863 11,820,719 12,525,326 13,011,698 13,474,429 13,946,363 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 127,880,464 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 +Cash flow from operating activities ($) 0 8,178,250 8,489,325 8,722,166 8,937,518 9,150,300 9,363,939 9,551,035 9,513,825 9,541,738 10,088,266 10,416,083 10,724,489 11,034,650 11,352,504 11,664,647 11,840,863 11,820,719 12,525,326 13,011,698 13,474,429 13,946,363 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 41,102,059 INVESTING ACTIVITIES Total installed cost ($) -216,946,013 @@ -310,103 +311,103 @@ Total CBI income ($) 0 equals: Purchase of property ($) -216,946,013 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -216,946,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -216,946,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES Issuance of equity ($) 73,274,256 Size of debt ($) 143,671,757 minus: -Debt principal payment ($) 0 1,520,967 1,627,435 1,741,355 1,863,250 1,993,678 2,133,235 2,282,562 2,442,341 2,613,305 2,796,236 2,991,973 3,201,411 3,425,510 3,665,295 3,921,866 4,196,396 4,490,144 4,804,454 5,140,766 5,500,620 5,885,663 6,297,660 6,738,496 7,210,190 7,714,904 8,254,947 8,832,793 9,451,089 10,112,665 10,820,552 +Debt principal payment ($) 0 1,520,967 1,627,435 1,741,355 1,863,250 1,993,678 2,133,235 2,282,562 2,442,341 2,613,305 2,796,236 2,991,973 3,201,411 3,425,510 3,665,295 3,921,866 4,196,396 4,490,144 4,804,454 5,140,766 5,500,620 5,885,663 6,297,660 6,738,496 7,210,190 7,714,904 8,254,947 8,832,793 9,451,089 10,112,665 10,820,552 equals: -Cash flow from financing activities ($) 216,946,013 -1,520,967 -1,627,435 -1,741,355 -1,863,250 -1,993,678 -2,133,235 -2,282,562 -2,442,341 -2,613,305 -2,796,236 -2,991,973 -3,201,411 -3,425,510 -3,665,295 -3,921,866 -4,196,396 -4,490,144 -4,804,454 -5,140,766 -5,500,620 -5,885,663 -6,297,660 -6,738,496 -7,210,190 -7,714,904 -8,254,947 -8,832,793 -9,451,089 -10,112,665 -10,820,552 +Cash flow from financing activities ($) 216,946,013 -1,520,967 -1,627,435 -1,741,355 -1,863,250 -1,993,678 -2,133,235 -2,282,562 -2,442,341 -2,613,305 -2,796,236 -2,991,973 -3,201,411 -3,425,510 -3,665,295 -3,921,866 -4,196,396 -4,490,144 -4,804,454 -5,140,766 -5,500,620 -5,885,663 -6,297,660 -6,738,496 -7,210,190 -7,714,904 -8,254,947 -8,832,793 -9,451,089 -10,112,665 -10,820,552 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 8,178,250 8,489,325 8,722,166 8,937,518 9,150,300 9,363,939 9,551,035 9,513,825 9,541,738 10,088,266 10,416,083 10,724,489 11,034,650 11,352,504 11,664,647 11,840,863 11,820,719 12,525,326 13,011,698 13,474,429 13,946,363 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 127,880,464 -Cash flow from investing activities ($) -216,946,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 216,946,013 -1,520,967 -1,627,435 -1,741,355 -1,863,250 -1,993,678 -2,133,235 -2,282,562 -2,442,341 -2,613,305 -2,796,236 -2,991,973 -3,201,411 -3,425,510 -3,665,295 -3,921,866 -4,196,396 -4,490,144 -4,804,454 -5,140,766 -5,500,620 -5,885,663 -6,297,660 -6,738,496 -7,210,190 -7,714,904 -8,254,947 -8,832,793 -9,451,089 -10,112,665 -10,820,552 -Total pre-tax cash flow ($) 0 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 117,059,913 +Cash flow from operating activities ($) 0 8,178,250 8,489,325 8,722,166 8,937,518 9,150,300 9,363,939 9,551,035 9,513,825 9,541,738 10,088,266 10,416,083 10,724,489 11,034,650 11,352,504 11,664,647 11,840,863 11,820,719 12,525,326 13,011,698 13,474,429 13,946,363 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 41,102,059 +Cash flow from investing activities ($) -216,946,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 216,946,013 -1,520,967 -1,627,435 -1,741,355 -1,863,250 -1,993,678 -2,133,235 -2,282,562 -2,442,341 -2,613,305 -2,796,236 -2,991,973 -3,201,411 -3,425,510 -3,665,295 -3,921,866 -4,196,396 -4,490,144 -4,804,454 -5,140,766 -5,500,620 -5,885,663 -6,297,660 -6,738,496 -7,210,190 -7,714,904 -8,254,947 -8,832,793 -9,451,089 -10,112,665 -10,820,552 +Total pre-tax cash flow ($) 0 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 30,281,508 Pre-tax Returns: Issuance of equity ($) 73,274,256 -Total pre-tax cash flow ($) 0 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 117,059,913 -Total pre-tax returns ($) -73,274,256 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 117,059,913 +Total pre-tax cash flow ($) 0 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 30,281,508 +Total pre-tax returns ($) -73,274,256 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 30,281,508 After-tax Returns: -Total pre-tax returns ($) -73,274,256 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 117,059,913 -Federal ITC total income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -715,217 146,501 99,829 56,663 14,012 -28,811 -66,313 -58,855 -64,450 -173,998 -239,708 -301,526 -363,696 -427,408 -489,976 -525,298 -521,260 -662,495 -759,986 -852,738 -1,871,407 -2,893,793 -2,995,053 -3,083,003 -3,108,433 -3,283,338 -3,435,779 -3,581,686 -3,732,296 -25,633,000 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -5,818,561 -Total after-tax returns ($) -73,274,256 70,863,519 7,041,647 7,103,301 7,143,793 7,173,815 7,195,353 7,187,108 6,999,270 6,849,354 7,078,534 7,129,990 7,153,107 7,162,887 7,162,780 7,141,583 6,999,929 6,690,992 6,907,994 6,938,434 6,927,504 5,764,494 4,588,512 4,528,609 4,387,772 3,978,726 4,096,658 4,092,280 4,022,874 3,927,876 85,608,352 - -After-tax net cash flow ($) -15,125,976 -32,622,192 -25,526,088 70,863,519 7,041,647 7,103,301 7,143,793 7,173,815 7,195,353 7,187,108 6,999,270 6,849,354 7,078,534 7,129,990 7,153,107 7,162,887 7,162,780 7,141,583 6,999,929 6,690,992 6,907,994 6,938,434 6,927,504 5,764,494 4,588,512 4,528,609 4,387,772 3,978,726 4,096,658 4,092,280 4,022,874 3,927,876 85,608,352 -After-tax cumulative IRR (%) NaN NaN NaN -1.79 3.18 7.28 10.45 12.84 14.65 16.00 17.01 17.77 18.38 18.86 19.23 19.53 19.77 19.96 20.11 20.22 20.32 20.40 20.46 20.50 20.53 20.56 20.57 20.59 20.60 20.61 20.62 20.62 20.74 -After-tax cumulative NPV ($) -15,125,976 -43,487,181 -62,780,517 -16,215,762 -12,193,037 -8,665,124 -5,580,529 -2,887,563 -539,313 1,499,878 3,226,384 4,695,231 6,014,951 7,170,634 8,178,624 9,056,152 9,819,050 10,480,338 11,043,847 11,512,132 11,932,454 12,299,486 12,618,075 12,848,551 13,008,047 13,144,899 13,260,177 13,351,054 13,432,403 13,503,051 13,563,430 13,614,682 14,585,830 +Total pre-tax returns ($) -73,274,256 6,657,283 6,861,890 6,980,811 7,074,268 7,156,622 7,230,704 7,268,473 7,071,484 6,928,433 7,292,030 7,424,110 7,523,078 7,609,141 7,687,208 7,742,781 7,644,466 7,330,575 7,720,872 7,870,932 7,973,809 8,060,700 8,139,181 8,203,524 8,170,601 7,792,758 8,125,297 8,307,963 8,417,585 8,507,384 30,281,508 +Federal ITC total income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -715,217 146,501 99,829 56,663 14,012 -28,811 -66,313 -58,855 -64,450 -173,998 -239,708 -301,526 -363,696 -427,408 -489,976 -525,298 -521,260 -662,495 -759,986 -852,738 -1,871,407 -2,893,793 -2,995,053 -3,083,003 -3,108,433 -3,283,338 -3,435,779 -3,581,686 -3,732,296 -8,238,702 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -1,870,144 +Total after-tax returns ($) -73,274,256 70,863,519 7,041,647 7,103,301 7,143,793 7,173,815 7,195,353 7,187,108 6,999,270 6,849,354 7,078,534 7,129,990 7,153,107 7,162,887 7,162,780 7,141,583 6,999,929 6,690,992 6,907,994 6,938,434 6,927,504 5,764,494 4,588,512 4,528,609 4,387,772 3,978,726 4,096,658 4,092,280 4,022,874 3,927,876 20,172,662 + +After-tax net cash flow ($) -15,125,976 -32,622,192 -25,526,088 70,863,519 7,041,647 7,103,301 7,143,793 7,173,815 7,195,353 7,187,108 6,999,270 6,849,354 7,078,534 7,129,990 7,153,107 7,162,887 7,162,780 7,141,583 6,999,929 6,690,992 6,907,994 6,938,434 6,927,504 5,764,494 4,588,512 4,528,609 4,387,772 3,978,726 4,096,658 4,092,280 4,022,874 3,927,876 20,172,662 +After-tax cumulative IRR (%) NaN NaN NaN -1.79 3.18 7.28 10.45 12.84 14.65 16.00 17.01 17.77 18.38 18.86 19.23 19.53 19.77 19.96 20.11 20.22 20.32 20.40 20.46 20.50 20.53 20.56 20.57 20.59 20.60 20.61 20.62 20.62 20.65 +After-tax cumulative NPV ($) -15,125,976 -43,487,181 -62,780,517 -16,215,762 -12,193,037 -8,665,124 -5,580,529 -2,887,563 -539,313 1,499,878 3,226,384 4,695,231 6,014,951 7,170,634 8,178,624 9,056,152 9,819,050 10,480,338 11,043,847 11,512,132 11,932,454 12,299,486 12,618,075 12,848,551 13,008,047 13,144,899 13,260,177 13,351,054 13,432,403 13,503,051 13,563,430 13,614,682 13,843,522 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -15,125,976 -32,622,192 -25,526,088 38,136,300 -25,890,180 -25,947,446 -26,000,411 -26,052,743 -26,105,287 -26,151,302 -26,142,150 -26,149,015 -26,283,431 -26,364,056 -26,439,907 -26,516,190 -26,594,364 -26,671,134 -26,714,474 -26,709,519 -26,882,814 -27,002,435 -27,116,241 -28,366,143 -29,620,605 -29,744,851 -29,852,765 -29,883,968 -30,098,575 -30,285,619 -30,464,647 -30,649,444 50,951,510 -PPA revenue ($) 0 0 0 9,434,737 9,435,902 9,492,874 9,549,704 9,606,471 9,663,154 9,719,055 9,769,474 9,829,696 9,890,647 9,948,257 10,006,342 10,064,667 10,122,870 10,180,282 10,233,527 10,288,011 10,352,225 10,408,979 10,465,675 10,522,348 10,579,003 10,635,413 10,689,376 10,739,105 10,805,658 10,862,320 10,918,982 10,975,645 11,032,305 -Electricity to grid (kWh) 0 0 0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 +Annual costs ($) -15,125,976 -32,622,192 -25,526,088 38,136,300 -25,890,180 -25,947,446 -26,000,411 -26,052,743 -26,105,287 -26,151,302 -26,142,150 -26,149,015 -26,283,431 -26,364,056 -26,439,907 -26,516,190 -26,594,364 -26,671,134 -26,714,474 -26,709,519 -26,882,814 -27,002,435 -27,116,241 -28,366,143 -29,620,605 -29,744,851 -29,852,765 -29,883,968 -30,098,575 -30,285,619 -30,464,647 -30,649,444 -14,484,181 +PPA revenue ($) 0 0 0 9,434,737 9,435,902 9,492,874 9,549,704 9,606,471 9,663,154 9,719,055 9,769,474 9,829,696 9,890,647 9,948,257 10,006,342 10,064,667 10,122,870 10,180,282 10,233,527 10,288,011 10,352,225 10,408,979 10,465,675 10,522,348 10,579,003 10,635,413 10,689,376 10,739,105 10,805,658 10,862,320 10,918,982 10,975,645 11,032,305 +Electricity to grid (kWh) 0 0 0 99,313,020 99,325,280 99,329,015 99,331,224 99,332,758 99,333,410 99,326,056 99,263,098 99,299,889 99,343,578 99,353,413 99,367,844 99,384,484 99,399,741 99,407,107 99,373,923 99,353,075 99,425,902 99,426,682 99,426,900 99,426,896 99,426,722 99,424,262 99,399,069 99,334,982 99,426,375 99,426,270 99,426,172 99,426,080 99,425,968 -Present value of annual costs ($) 150,110,910 +Present value of annual costs ($) 150,853,217 -Present value of annual energy costs ($) 81,348,720 +Present value of annual energy costs ($) 81,750,994 Present value of annual energy nominal (kWh) 492,246,912 -LCOE Levelized cost of energy nominal (cents/kWh) 16.53 +LCOE Levelized cost of energy nominal (cents/kWh) 16.61 Present value of PPA revenue ($) 48,259,824 Present value of annual energy nominal (kWh) 492,246,912 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 68,762,190 +Present value of annual heat costs ($) 69,102,223 Present value of annual heat provided (MMBTU) 15,891,967 -LCOH Levelized cost of heating nominal ($/MMBTU) 4.33 +LCOH Levelized cost of heating nominal ($/MMBTU) 4.35 PROJECT STATE INCOME TAXES -EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 -Total state tax depreciation ($) 0 4,610,103 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 4,610,103 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 +Total state tax depreciation ($) 0 4,610,103 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 4,610,103 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 3,568,147 -730,880 -498,039 -282,688 -69,906 143,734 330,830 293,619 321,532 868,060 1,195,877 1,504,283 1,814,445 2,132,298 2,444,441 2,620,657 2,600,513 3,305,121 3,791,493 4,254,224 9,336,261 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 127,880,464 +State taxable income ($) 0 3,568,147 -730,880 -498,039 -282,688 -69,906 143,734 330,830 293,619 321,532 868,060 1,195,877 1,504,283 1,814,445 2,132,298 2,444,441 2,620,657 2,600,513 3,305,121 3,791,493 4,254,224 9,336,261 14,436,841 14,942,020 15,380,791 15,507,661 16,380,244 17,140,756 17,868,674 18,620,049 41,102,059 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -5,818,561 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -1,870,144 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -5,818,561 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -162,351 33,255 22,661 12,862 3,181 -6,540 -15,053 -13,360 -14,630 -39,497 -54,412 -68,445 -82,557 -97,020 -111,222 -119,240 -118,323 -150,383 -172,513 -193,567 -424,800 -656,876 -679,862 -699,826 -705,599 -745,301 -779,904 -813,025 -847,212 -1,870,144 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 -Total federal tax depreciation ($) 0 4,610,103 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 4,610,103 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 +Total federal tax depreciation ($) 0 4,610,103 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 9,220,206 4,610,103 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 3,405,796 -697,625 -475,379 -269,825 -66,725 137,194 315,777 280,260 306,902 828,563 1,141,465 1,435,838 1,731,887 2,035,279 2,333,219 2,501,417 2,482,190 3,154,738 3,618,980 4,060,656 8,911,461 13,779,964 14,262,158 14,680,965 14,802,063 15,634,943 16,360,852 17,055,649 17,772,837 122,061,903 +Federal taxable income ($) 0 3,405,796 -697,625 -475,379 -269,825 -66,725 137,194 315,777 280,260 306,902 828,563 1,141,465 1,435,838 1,731,887 2,035,279 2,333,219 2,501,417 2,482,190 3,154,738 3,618,980 4,060,656 8,911,461 13,779,964 14,262,158 14,680,965 14,802,063 15,634,943 16,360,852 17,055,649 17,772,837 39,231,915 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -715,217 146,501 99,829 56,663 14,012 -28,811 -66,313 -58,855 -64,450 -173,998 -239,708 -301,526 -363,696 -427,408 -489,976 -525,298 -521,260 -662,495 -759,986 -852,738 -1,871,407 -2,893,793 -2,995,053 -3,083,003 -3,108,433 -3,283,338 -3,435,779 -3,581,686 -3,732,296 -25,633,000 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -715,217 146,501 99,829 56,663 14,012 -28,811 -66,313 -58,855 -64,450 -173,998 -239,708 -301,526 -363,696 -427,408 -489,976 -525,298 -521,260 -662,495 -759,986 -852,738 -1,871,407 -2,893,793 -2,995,053 -3,083,003 -3,108,433 -3,283,338 -3,435,779 -3,581,686 -3,732,296 -8,238,702 CASH INCENTIVES Federal IBI income ($) 0 @@ -421,68 +422,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 65,083,804 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 143,671,757 142,150,790 140,523,355 138,782,000 136,918,750 134,925,072 132,791,837 130,509,275 128,066,934 125,453,629 122,657,393 119,665,420 116,464,010 113,038,500 109,373,205 105,451,339 101,254,943 96,764,798 91,960,344 86,819,578 81,318,958 75,433,295 69,135,636 62,397,140 55,186,949 47,472,046 39,217,099 30,384,305 20,933,217 10,820,552 0 -Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 -Debt principal payment ($) 0 1,520,967 1,627,435 1,741,355 1,863,250 1,993,678 2,133,235 2,282,562 2,442,341 2,613,305 2,796,236 2,991,973 3,201,411 3,425,510 3,665,295 3,921,866 4,196,396 4,490,144 4,804,454 5,140,766 5,500,620 5,885,663 6,297,660 6,738,496 7,210,190 7,714,904 8,254,947 8,832,793 9,451,089 10,112,665 10,820,552 -Debt total payment ($) 0 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 +Debt balance ($) 143,671,757 142,150,790 140,523,355 138,782,000 136,918,750 134,925,072 132,791,837 130,509,275 128,066,934 125,453,629 122,657,393 119,665,420 116,464,010 113,038,500 109,373,205 105,451,339 101,254,943 96,764,798 91,960,344 86,819,578 81,318,958 75,433,295 69,135,636 62,397,140 55,186,949 47,472,046 39,217,099 30,384,305 20,933,217 10,820,552 0 +Debt interest payment ($) 0 10,057,023 9,950,555 9,836,635 9,714,740 9,584,312 9,444,755 9,295,429 9,135,649 8,964,685 8,781,754 8,586,018 8,376,579 8,152,481 7,912,695 7,656,124 7,381,594 7,087,846 6,773,536 6,437,224 6,077,370 5,692,327 5,280,331 4,839,494 4,367,800 3,863,086 3,323,043 2,745,197 2,126,901 1,465,325 757,439 +Debt principal payment ($) 0 1,520,967 1,627,435 1,741,355 1,863,250 1,993,678 2,133,235 2,282,562 2,442,341 2,613,305 2,796,236 2,991,973 3,201,411 3,425,510 3,665,295 3,921,866 4,196,396 4,490,144 4,804,454 5,140,766 5,500,620 5,885,663 6,297,660 6,738,496 7,210,190 7,714,904 8,254,947 8,832,793 9,451,089 10,112,665 10,820,552 +Debt total payment ($) 0 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 DSCR (DEBT FRACTION) -EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 +EBITDA ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 128,637,903 -Debt total payment ($) 0 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 -DSCR (pre-tax) 0.0 1.57 1.59 1.60 1.61 1.62 1.62 1.63 1.61 1.60 1.63 1.64 1.65 1.66 1.66 1.67 1.66 1.63 1.67 1.68 1.69 1.70 1.70 1.71 1.71 1.67 1.70 1.72 1.73 1.73 11.11 +Cash available for debt service (CAFDS) ($) 0 18,235,273 18,439,881 18,558,801 18,652,258 18,734,612 18,808,694 18,846,464 18,649,474 18,506,423 18,870,020 19,002,100 19,101,068 19,187,131 19,265,199 19,320,771 19,222,457 18,908,565 19,298,862 19,448,922 19,551,800 19,638,690 19,717,171 19,781,514 19,748,591 19,370,748 19,703,287 19,885,953 19,995,575 20,085,374 41,859,498 +Debt total payment ($) 0 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 11,577,990 +DSCR (pre-tax) 0.0 1.57 1.59 1.60 1.61 1.62 1.62 1.63 1.61 1.60 1.63 1.64 1.65 1.66 1.66 1.67 1.66 1.63 1.67 1.68 1.69 1.70 1.70 1.71 1.71 1.67 1.70 1.72 1.73 1.73 3.62 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/example_SAM-single-owner-PPA-7e_chp-parallel.out b/tests/examples/example_SAM-single-owner-PPA-7e_chp-parallel.out index e496d0597..984bc9592 100644 --- a/tests/examples/example_SAM-single-owner-PPA-7e_chp-parallel.out +++ b/tests/examples/example_SAM-single-owner-PPA-7e_chp-parallel.out @@ -4,18 +4,18 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.872 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:44 + Calculation Time: 6.447 sec ***SUMMARY OF RESULTS*** End-Use Option: Cogeneration Parallel Cycle, Heat sales considered as extra income Average Net Electricity Production: 9.78 MW Average Direct-Use Heat Production: 229.02 MW - Electricity breakeven price: 16.93 cents/kWh - Direct-Use heat breakeven price (LCOH): 3.95 USD/MMBTU + Electricity breakeven price: 17.01 cents/kWh + Direct-Use heat breakeven price (LCOH): 3.96 USD/MMBTU Total CAPEX: 252.83 MUSD Electricity CAPEX ($/kWe): 8946 USD/kW Heat CAPEX ($/kWth): 717 USD/kW @@ -39,10 +39,10 @@ Simulation Metadata Investment Tax Credit: 75.85 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 75.97 MUSD + Project NPV: 75.11 MUSD After-tax IRR: 34.87 % - Project VIR=PI=PIR: 2.04 - Project MOIC: 7.63 + Project VIR=PI=PIR: 2.03 + Project MOIC: 6.74 Project Payback Period: 3.90 yr CHP: Percent cost allocation for electrical plant: 34.93 % @@ -137,6 +137,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.19 MW/(kg/s) Maximum Total Electricity Generation: 18.01 MW Average Total Electricity Generation: 17.92 MW @@ -272,8 +273,8 @@ Heat revenue ($) 0 equals: Capacity payment revenue ($) 0 44,996,497 45,131,990 45,173,247 45,197,641 45,214,682 45,226,269 45,214,194 45,049,420 44,914,040 45,115,602 45,165,199 45,192,427 45,210,901 45,224,130 45,222,905 45,121,967 44,876,629 45,093,800 45,155,941 45,186,698 45,206,824 45,221,360 45,226,643 45,168,777 44,884,014 45,061,160 45,145,079 45,180,350 45,202,419 45,217,645 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 126,414,204 -Total revenue ($) 0 52,218,672 52,449,120 52,563,485 52,649,348 52,722,798 52,786,968 52,809,811 52,564,634 52,379,001 52,773,852 52,904,597 52,997,415 53,075,466 53,144,395 53,187,335 53,051,254 52,662,804 53,094,803 53,248,375 53,346,919 53,426,841 53,496,973 53,550,472 53,488,669 53,016,925 53,386,752 53,581,270 53,688,896 53,772,966 180,259,024 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25,282,841 +Total revenue ($) 0 52,218,672 52,449,120 52,563,485 52,649,348 52,722,798 52,786,968 52,809,811 52,564,634 52,379,001 52,773,852 52,904,597 52,997,415 53,075,466 53,144,395 53,187,335 53,051,254 52,662,804 53,094,803 53,248,375 53,346,919 53,426,841 53,496,973 53,550,472 53,488,669 53,016,925 53,386,752 53,581,270 53,688,896 53,772,966 79,127,661 Property tax net assessed value ($) 0 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 252,828,408 @@ -287,10 +288,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 15,058,093 -EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 OPERATING ACTIVITIES -EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -298,7 +299,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 11,720,433 11,596,355 11,463,593 11,321,537 11,169,537 11,006,897 10,832,872 10,646,666 10,447,425 10,234,237 10,006,126 9,762,047 9,500,883 9,221,437 8,922,431 8,602,493 8,260,160 7,893,864 7,501,927 7,082,554 6,633,825 6,153,686 5,639,936 5,090,224 4,502,032 3,872,667 3,199,246 2,478,686 1,707,687 882,717 -Cash flow from operating activities ($) 0 25,440,146 25,794,671 26,041,799 26,269,718 26,495,168 26,721,978 26,918,846 26,859,875 26,873,483 27,481,521 27,840,378 28,177,275 28,516,490 28,864,865 29,206,811 29,390,667 29,344,550 30,142,846 30,688,355 31,206,271 31,734,923 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 164,318,214 +Cash flow from operating activities ($) 0 25,440,146 25,794,671 26,041,799 26,269,718 26,495,168 26,721,978 26,918,846 26,859,875 26,873,483 27,481,521 27,840,378 28,177,275 28,516,490 28,864,865 29,206,811 29,390,667 29,344,550 30,142,846 30,688,355 31,206,271 31,734,923 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 63,186,851 INVESTING ACTIVITIES Total installed cost ($) -252,828,408 @@ -332,51 +333,51 @@ Cash flow from financing activities ($) 252,8 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 25,440,146 25,794,671 26,041,799 26,269,718 26,495,168 26,721,978 26,918,846 26,859,875 26,873,483 27,481,521 27,840,378 28,177,275 28,516,490 28,864,865 29,206,811 29,390,667 29,344,550 30,142,846 30,688,355 31,206,271 31,734,923 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 164,318,214 +Cash flow from operating activities ($) 0 25,440,146 25,794,671 26,041,799 26,269,718 26,495,168 26,721,978 26,918,846 26,859,875 26,873,483 27,481,521 27,840,378 28,177,275 28,516,490 28,864,865 29,206,811 29,390,667 29,344,550 30,142,846 30,688,355 31,206,271 31,734,923 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 63,186,851 Cash flow from investing activities ($) -252,828,408 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 252,828,408 -1,772,532 -1,896,609 -2,029,372 -2,171,428 -2,323,428 -2,486,068 -2,660,092 -2,846,299 -3,045,540 -3,258,727 -3,486,838 -3,730,917 -3,992,081 -4,271,527 -4,570,534 -4,890,471 -5,232,804 -5,599,101 -5,991,038 -6,410,410 -6,859,139 -7,339,279 -7,853,028 -8,402,740 -8,990,932 -9,620,297 -10,293,718 -11,014,278 -11,785,278 -12,610,247 -Total pre-tax cash flow ($) 0 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 151,707,967 +Total pre-tax cash flow ($) 0 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 50,576,604 Pre-tax Returns: Issuance of equity ($) 85,393,657 -Total pre-tax cash flow ($) 0 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 151,707,967 -Total pre-tax returns ($) -85,393,657 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 151,707,967 +Total pre-tax cash flow ($) 0 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 50,576,604 +Total pre-tax returns ($) -85,393,657 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 50,576,604 After-tax Returns: -Total pre-tax returns ($) -85,393,657 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 151,707,967 +Total pre-tax returns ($) -85,393,657 23,667,614 23,898,062 24,012,428 24,098,290 24,171,741 24,235,911 24,258,754 24,013,576 23,827,943 24,222,794 24,353,539 24,446,358 24,524,408 24,593,338 24,636,277 24,500,196 24,111,746 24,543,746 24,697,318 24,795,861 24,875,784 24,945,915 24,999,414 24,937,611 24,465,867 24,835,694 25,030,212 25,137,838 25,221,909 50,576,604 Federal ITC total income ($) 0 75,848,522 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -4,022,439 -3,016,590 -3,066,125 -3,111,811 -3,157,001 -3,202,464 -3,241,925 -3,230,105 -3,232,832 -3,354,710 -3,426,641 -3,494,171 -3,562,165 -3,631,995 -3,700,536 -3,737,389 -3,728,145 -3,888,160 -3,997,504 -4,101,318 -5,284,195 -6,471,406 -6,585,108 -6,682,907 -6,706,248 -6,906,531 -7,080,505 -7,246,511 -7,417,905 -32,936,764 +Federal tax benefit (liability) ($) 0 -4,022,439 -3,016,590 -3,066,125 -3,111,811 -3,157,001 -3,202,464 -3,241,925 -3,230,105 -3,232,832 -3,354,710 -3,426,641 -3,494,171 -3,562,165 -3,631,995 -3,700,536 -3,737,389 -3,728,145 -3,888,160 -3,997,504 -4,101,318 -5,284,195 -6,471,406 -6,585,108 -6,682,907 -6,706,248 -6,906,531 -7,080,505 -7,246,511 -7,417,905 -12,665,488 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -7,476,479 -Total after-tax returns ($) -85,393,657 94,580,625 20,196,722 20,250,307 20,280,115 20,298,117 20,306,504 20,280,928 20,050,254 19,861,275 20,106,581 20,149,068 20,159,028 20,153,650 20,136,898 20,095,738 19,914,438 19,537,330 19,772,993 19,792,400 19,763,565 18,392,103 17,005,533 16,919,520 16,737,719 16,237,335 16,361,415 16,342,468 16,246,406 16,120,176 111,294,724 +State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -2,875,002 +Total after-tax returns ($) -85,393,657 94,580,625 20,196,722 20,250,307 20,280,115 20,298,117 20,306,504 20,280,928 20,050,254 19,861,275 20,106,581 20,149,068 20,159,028 20,153,650 20,136,898 20,095,738 19,914,438 19,537,330 19,772,993 19,792,400 19,763,565 18,392,103 17,005,533 16,919,520 16,737,719 16,237,335 16,361,415 16,342,468 16,246,406 16,120,176 35,036,114 -After-tax net cash flow ($) -17,627,779 -38,017,831 -29,748,047 94,580,625 20,196,722 20,250,307 20,280,115 20,298,117 20,306,504 20,280,928 20,050,254 19,861,275 20,106,581 20,149,068 20,159,028 20,153,650 20,136,898 20,095,738 19,914,438 19,537,330 19,772,993 19,792,400 19,763,565 18,392,103 17,005,533 16,919,520 16,737,719 16,237,335 16,361,415 16,342,468 16,246,406 16,120,176 111,294,724 +After-tax net cash flow ($) -17,627,779 -38,017,831 -29,748,047 94,580,625 20,196,722 20,250,307 20,280,115 20,298,117 20,306,504 20,280,928 20,050,254 19,861,275 20,106,581 20,149,068 20,159,028 20,153,650 20,136,898 20,095,738 19,914,438 19,537,330 19,772,993 19,792,400 19,763,565 18,392,103 17,005,533 16,919,520 16,737,719 16,237,335 16,361,415 16,342,468 16,246,406 16,120,176 35,036,114 After-tax cumulative IRR (%) NaN NaN NaN 5.61 15.42 21.94 26.15 28.90 30.72 31.96 32.80 33.38 33.79 34.09 34.30 34.46 34.57 34.65 34.71 34.76 34.79 34.81 34.83 34.84 34.85 34.85 34.86 34.86 34.86 34.87 34.87 34.87 34.87 -After-tax cumulative NPV ($) -17,627,779 -50,679,865 -73,164,276 -11,014,899 523,008 10,580,490 19,337,173 26,956,848 33,584,008 39,338,297 44,284,081 48,543,340 52,292,005 55,557,920 58,398,657 60,867,689 63,012,441 64,873,243 66,476,398 67,843,763 69,046,867 70,093,852 71,002,758 71,738,113 72,329,221 72,840,522 73,280,262 73,651,136 73,976,031 74,258,163 74,502,002 74,712,345 75,974,881 +After-tax cumulative NPV ($) -17,627,779 -50,679,865 -73,164,276 -11,014,899 523,008 10,580,490 19,337,173 26,956,848 33,584,008 39,338,297 44,284,081 48,543,340 52,292,005 55,557,920 58,398,657 60,867,689 63,012,441 64,873,243 66,476,398 67,843,763 69,046,867 70,093,852 71,002,758 71,738,113 72,329,221 72,840,522 73,280,262 73,651,136 73,976,031 74,258,163 74,502,002 74,712,345 75,109,797 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -17,627,779 -38,017,831 -29,748,047 42,361,953 -32,252,398 -32,313,178 -32,369,233 -32,424,682 -32,480,465 -32,528,883 -32,514,380 -32,517,726 -32,667,270 -32,755,529 -32,838,388 -32,921,816 -33,007,497 -33,091,597 -33,136,815 -33,125,473 -33,321,810 -33,455,975 -33,583,354 -35,034,738 -36,491,440 -36,630,952 -36,750,950 -36,779,590 -37,025,336 -37,238,802 -37,442,490 -37,652,790 57,449,903 +Annual costs ($) -17,627,779 -38,017,831 -29,748,047 42,361,953 -32,252,398 -32,313,178 -32,369,233 -32,424,682 -32,480,465 -32,528,883 -32,514,380 -32,517,726 -32,667,270 -32,755,529 -32,838,388 -32,921,816 -33,007,497 -33,091,597 -33,136,815 -33,125,473 -33,321,810 -33,455,975 -33,583,354 -35,034,738 -36,491,440 -36,630,952 -36,750,950 -36,779,590 -37,025,336 -37,238,802 -37,442,490 -37,652,790 -18,808,707 PPA revenue ($) 0 0 0 7,222,175 7,317,130 7,390,238 7,451,707 7,508,116 7,560,699 7,595,617 7,515,214 7,464,961 7,658,250 7,739,398 7,804,988 7,864,565 7,920,265 7,964,430 7,929,287 7,786,175 8,001,003 8,092,434 8,160,221 8,220,017 8,275,613 8,323,829 8,319,892 8,132,911 8,325,592 8,436,191 8,508,546 8,570,547 8,627,176 Electricity to grid (kWh) 0 0 0 76,022,895 77,022,420 77,328,014 77,508,915 77,635,368 77,721,005 77,625,113 76,358,606 75,411,265 76,920,949 77,293,497 77,507,333 77,659,375 77,771,654 77,770,039 76,998,319 75,192,414 76,844,058 77,299,019 77,524,423 77,671,903 77,778,315 77,814,608 77,365,558 75,228,107 76,606,475 77,219,138 77,477,201 77,638,802 77,750,321 -Present value of annual costs ($) 185,102,812 +Present value of annual costs ($) 185,967,896 -Present value of annual energy costs ($) 64,648,201 +Present value of annual energy costs ($) 64,950,336 Present value of annual energy nominal (kWh) 381,773,711 -LCOE Levelized cost of energy nominal (cents/kWh) 16.93 +LCOE Levelized cost of energy nominal (cents/kWh) 17.01 Present value of PPA revenue ($) 37,430,146 Present value of annual energy nominal (kWh) 381,773,711 LPPA Levelized PPA price nominal (cents/kWh) 9.80 -Present value of annual heat costs ($) 120,454,611 +Present value of annual heat costs ($) 121,017,559 Present value of annual heat provided (MMBTU) 30,524,679 -LCOH Levelized cost of heating nominal ($/MMBTU) 3.95 +LCOH Levelized cost of heating nominal ($/MMBTU) 3.96 PROJECT STATE INCOME TAXES -EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -385,15 +386,15 @@ minus: Debt interest payment ($) 0 11,720,433 11,596,355 11,463,593 11,321,537 11,169,537 11,006,897 10,832,872 10,646,666 10,447,425 10,234,237 10,006,126 9,762,047 9,500,883 9,221,437 8,922,431 8,602,493 8,260,160 7,893,864 7,501,927 7,082,554 6,633,825 6,153,686 5,639,936 5,090,224 4,502,032 3,872,667 3,199,246 2,478,686 1,707,687 882,717 Total state tax depreciation ($) 0 5,372,604 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 5,372,604 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 20,067,543 15,049,464 15,296,592 15,524,511 15,749,961 15,976,771 16,173,639 16,114,668 16,128,276 16,736,314 17,095,170 17,432,067 17,771,282 18,119,657 18,461,604 18,645,460 18,599,343 19,397,639 19,943,148 20,461,064 26,362,319 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 164,318,214 +State taxable income ($) 0 20,067,543 15,049,464 15,296,592 15,524,511 15,749,961 15,976,771 16,173,639 16,114,668 16,128,276 16,736,314 17,095,170 17,432,067 17,771,282 18,119,657 18,461,604 18,645,460 18,599,343 19,397,639 19,943,148 20,461,064 26,362,319 32,285,194 32,852,442 33,340,352 33,456,799 34,455,991 35,323,930 36,152,117 37,007,186 63,186,851 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -7,476,479 +State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -2,875,002 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -7,476,479 +State tax benefit (liability) ($) 0 -913,073 -684,751 -695,995 -706,365 -716,623 -726,943 -735,901 -733,217 -733,837 -761,502 -777,830 -793,159 -808,593 -824,444 -840,003 -848,368 -846,270 -882,593 -907,413 -930,978 -1,199,486 -1,468,976 -1,494,786 -1,516,986 -1,522,284 -1,567,748 -1,607,239 -1,644,921 -1,683,827 -2,875,002 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -403,10 +404,10 @@ minus: Debt interest payment ($) 0 11,720,433 11,596,355 11,463,593 11,321,537 11,169,537 11,006,897 10,832,872 10,646,666 10,447,425 10,234,237 10,006,126 9,762,047 9,500,883 9,221,437 8,922,431 8,602,493 8,260,160 7,893,864 7,501,927 7,082,554 6,633,825 6,153,686 5,639,936 5,090,224 4,502,032 3,872,667 3,199,246 2,478,686 1,707,687 882,717 Total federal tax depreciation ($) 0 5,372,604 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 10,745,207 5,372,604 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 19,154,469 14,364,713 14,600,597 14,818,146 15,033,338 15,249,828 15,437,738 15,381,450 15,394,439 15,974,812 16,317,340 16,638,908 16,962,689 17,295,213 17,621,601 17,797,092 17,753,073 18,515,046 19,035,735 19,530,086 25,162,834 30,816,217 31,357,656 31,823,366 31,934,514 32,888,244 33,716,691 34,507,195 35,323,359 156,841,735 +Federal taxable income ($) 0 19,154,469 14,364,713 14,600,597 14,818,146 15,033,338 15,249,828 15,437,738 15,381,450 15,394,439 15,974,812 16,317,340 16,638,908 16,962,689 17,295,213 17,621,601 17,797,092 17,753,073 18,515,046 19,035,735 19,530,086 25,162,834 30,816,217 31,357,656 31,823,366 31,934,514 32,888,244 33,716,691 34,507,195 35,323,359 60,311,849 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -4,022,439 -3,016,590 -3,066,125 -3,111,811 -3,157,001 -3,202,464 -3,241,925 -3,230,105 -3,232,832 -3,354,710 -3,426,641 -3,494,171 -3,562,165 -3,631,995 -3,700,536 -3,737,389 -3,728,145 -3,888,160 -3,997,504 -4,101,318 -5,284,195 -6,471,406 -6,585,108 -6,682,907 -6,706,248 -6,906,531 -7,080,505 -7,246,511 -7,417,905 -32,936,764 +Federal tax benefit (liability) ($) 0 -4,022,439 -3,016,590 -3,066,125 -3,111,811 -3,157,001 -3,202,464 -3,241,925 -3,230,105 -3,232,832 -3,354,710 -3,426,641 -3,494,171 -3,562,165 -3,631,995 -3,700,536 -3,737,389 -3,728,145 -3,888,160 -3,997,504 -4,101,318 -5,284,195 -6,471,406 -6,585,108 -6,682,907 -6,706,248 -6,906,531 -7,080,505 -7,246,511 -7,417,905 -12,665,488 CASH INCENTIVES Federal IBI income ($) 0 @@ -446,16 +447,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 DSCR (DEBT FRACTION) -EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +EBITDA ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 165,200,931 +Cash available for debt service (CAFDS) ($) 0 37,160,579 37,391,027 37,505,392 37,591,255 37,664,705 37,728,875 37,751,718 37,506,541 37,320,908 37,715,758 37,846,504 37,939,322 38,017,373 38,086,302 38,129,241 37,993,161 37,604,710 38,036,710 38,190,282 38,288,825 38,368,748 38,438,879 38,492,378 38,430,576 37,958,831 38,328,658 38,523,177 38,630,803 38,714,873 64,069,568 Debt total payment ($) 0 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 13,492,964 -DSCR (pre-tax) 0.0 2.75 2.77 2.78 2.79 2.79 2.80 2.80 2.78 2.77 2.80 2.80 2.81 2.82 2.82 2.83 2.82 2.79 2.82 2.83 2.84 2.84 2.85 2.85 2.85 2.81 2.84 2.86 2.86 2.87 12.24 +DSCR (pre-tax) 0.0 2.75 2.77 2.78 2.79 2.79 2.80 2.80 2.78 2.77 2.80 2.80 2.81 2.82 2.82 2.83 2.82 2.79 2.82 2.83 2.84 2.84 2.85 2.85 2.85 2.81 2.84 2.86 2.86 2.87 4.75 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-8_heat.out b/tests/examples/example_SAM-single-owner-PPA-8_heat.out index 5ed976dd8..7f30806d1 100644 --- a/tests/examples/example_SAM-single-owner-PPA-8_heat.out +++ b/tests/examples/example_SAM-single-owner-PPA-8_heat.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.863 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:44 + Calculation Time: 6.265 sec ***SUMMARY OF RESULTS*** End-Use Option: Direct-Use Heat Average Direct-Use Heat Production: 330.46 MW - Direct-Use heat breakeven price (LCOH): 4.60 USD/MMBTU + Direct-Use heat breakeven price (LCOH): 4.62 USD/MMBTU Total CAPEX: 244.33 MUSD Number of production wells: 6 Number of injection wells: 4 @@ -35,10 +35,10 @@ Simulation Metadata Investment Tax Credit: 73.30 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 72.65 MUSD - After-tax IRR: 25.90 % - Project VIR=PI=PIR: 2.03 - Project MOIC: 14.11 + Project NPV: 71.81 MUSD + After-tax IRR: 25.88 % + Project VIR=PI=PIR: 2.02 + Project MOIC: 13.22 Project Payback Period: 8.94 yr ***ENGINEERING PARAMETERS*** @@ -130,6 +130,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Maximum Net Heat Production: 331.14 MW Average Net Heat Production: 330.46 MW Minimum Net Heat Production: 327.18 MW @@ -250,8 +251,8 @@ Heat revenue ($) 0 equals: Capacity payment revenue ($) 0 31,939,701 32,039,798 32,070,276 32,088,297 32,100,887 32,109,458 58,199,029 83,984,541 93,049,515 93,479,196 93,586,137 93,644,845 93,684,678 93,713,217 93,710,974 93,497,981 92,972,778 93,432,185 93,566,176 93,632,493 93,675,888 93,707,235 93,718,814 93,596,736 92,991,106 93,361,809 93,542,754 93,618,806 93,666,391 93,699,222 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122,166,666 -Total revenue ($) 0 31,939,701 32,039,798 32,070,276 32,088,297 32,100,887 32,109,458 58,199,029 83,984,541 93,049,515 93,479,196 93,586,137 93,644,845 93,684,678 93,713,217 93,710,974 93,497,981 92,972,778 93,432,185 93,566,176 93,632,493 93,675,888 93,707,235 93,718,814 93,596,736 92,991,106 93,361,809 93,542,754 93,618,806 93,666,391 215,865,888 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,433,333 +Total revenue ($) 0 31,939,701 32,039,798 32,070,276 32,088,297 32,100,887 32,109,458 58,199,029 83,984,541 93,049,515 93,479,196 93,586,137 93,644,845 93,684,678 93,713,217 93,710,974 93,497,981 92,972,778 93,432,185 93,566,176 93,632,493 93,675,888 93,707,235 93,718,814 93,596,736 92,991,106 93,361,809 93,542,754 93,618,806 93,666,391 118,132,555 Property tax net assessed value ($) 0 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 244,333,333 @@ -264,10 +265,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 19,395,468 19,394,611 19,394,350 19,394,195 19,394,088 19,394,042 19,394,547 19,398,857 19,396,331 19,393,344 19,392,678 19,391,703 19,390,583 19,389,560 19,389,075 19,391,363 19,392,790 19,387,810 19,387,758 19,387,743 19,387,743 19,387,754 19,387,923 19,389,651 19,394,031 19,387,776 19,387,782 19,387,788 19,387,794 19,387,801 -EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 OPERATING ACTIVITIES -EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -275,7 +276,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 11,326,624 11,206,716 11,078,414 10,941,131 10,794,239 10,637,063 10,468,886 10,288,936 10,096,390 9,890,365 9,669,919 9,434,041 9,181,652 8,911,596 8,622,635 8,313,448 7,982,617 7,628,629 7,249,861 6,844,579 6,410,928 5,946,921 5,450,433 4,919,192 4,350,763 3,742,545 3,091,751 2,395,402 1,650,308 853,058 -Cash flow from operating activities ($) 0 1,217,609 1,438,471 1,597,512 1,752,971 1,912,561 2,078,353 28,335,597 54,296,748 63,556,794 64,195,487 64,523,541 64,819,101 65,112,443 65,412,061 65,699,263 65,793,170 65,597,371 66,415,746 66,928,557 67,400,170 67,877,217 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 195,625,029 +Cash flow from operating activities ($) 0 1,217,609 1,438,471 1,597,512 1,752,971 1,912,561 2,078,353 28,335,597 54,296,748 63,556,794 64,195,487 64,523,541 64,819,101 65,112,443 65,412,061 65,699,263 65,793,170 65,597,371 66,415,746 66,928,557 67,400,170 67,877,217 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 97,891,696 INVESTING ACTIVITIES Total installed cost ($) -244,333,333 @@ -309,36 +310,36 @@ Cash flow from financing activities ($) 244,3 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 1,217,609 1,438,471 1,597,512 1,752,971 1,912,561 2,078,353 28,335,597 54,296,748 63,556,794 64,195,487 64,523,541 64,819,101 65,112,443 65,412,061 65,699,263 65,793,170 65,597,371 66,415,746 66,928,557 67,400,170 67,877,217 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 195,625,029 +Cash flow from operating activities ($) 0 1,217,609 1,438,471 1,597,512 1,752,971 1,912,561 2,078,353 28,335,597 54,296,748 63,556,794 64,195,487 64,523,541 64,819,101 65,112,443 65,412,061 65,699,263 65,793,170 65,597,371 66,415,746 66,928,557 67,400,170 67,877,217 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 97,891,696 Cash flow from investing activities ($) -244,333,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 244,333,333 -1,712,974 -1,832,883 -1,961,184 -2,098,467 -2,245,360 -2,402,535 -2,570,713 -2,750,663 -2,943,209 -3,149,234 -3,369,680 -3,605,558 -3,857,947 -4,128,003 -4,416,963 -4,726,151 -5,056,981 -5,410,970 -5,789,738 -6,195,019 -6,628,671 -7,092,678 -7,589,165 -8,120,407 -8,688,835 -9,297,054 -9,947,847 -10,644,197 -11,389,290 -12,186,541 -Total pre-tax cash flow ($) 0 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 183,438,489 +Total pre-tax cash flow ($) 0 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 85,705,156 Pre-tax Returns: Issuance of equity ($) 82,524,416 -Total pre-tax cash flow ($) 0 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 183,438,489 -Total pre-tax returns ($) -82,524,416 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 183,438,489 +Total pre-tax cash flow ($) 0 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 85,705,156 +Total pre-tax returns ($) -82,524,416 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 85,705,156 After-tax Returns: -Total pre-tax returns ($) -82,524,416 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 183,438,489 +Total pre-tax returns ($) -82,524,416 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 85,705,156 Federal ITC total income ($) 0 73,300,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -39,212,059 +Federal tax benefit (liability) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -19,621,901 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -8,900,939 -Total after-tax returns ($) -82,524,416 73,782,136 1,805,738 1,797,361 1,777,303 1,750,750 1,718,591 21,349,819 40,746,005 47,536,043 47,811,628 47,838,552 47,825,543 47,794,350 47,750,223 47,677,829 47,439,452 46,960,978 47,224,089 47,232,009 47,182,350 45,831,451 44,463,993 44,350,488 44,126,475 43,526,692 43,661,351 43,637,730 43,523,809 43,376,434 135,325,491 +State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -4,454,072 +Total after-tax returns ($) -82,524,416 73,782,136 1,805,738 1,797,361 1,777,303 1,750,750 1,718,591 21,349,819 40,746,005 47,536,043 47,811,628 47,838,552 47,825,543 47,794,350 47,750,223 47,677,829 47,439,452 46,960,978 47,224,089 47,232,009 47,182,350 45,831,451 44,463,993 44,350,488 44,126,475 43,526,692 43,661,351 43,637,730 43,523,809 43,376,434 61,629,182 -After-tax net cash flow ($) -17,035,483 -36,740,426 -28,748,508 73,782,136 1,805,738 1,797,361 1,777,303 1,750,750 1,718,591 21,349,819 40,746,005 47,536,043 47,811,628 47,838,552 47,825,543 47,794,350 47,750,223 47,677,829 47,439,452 46,960,978 47,224,089 47,232,009 47,182,350 45,831,451 44,463,993 44,350,488 44,126,475 43,526,692 43,661,351 43,637,730 43,523,809 43,376,434 135,325,491 -After-tax cumulative IRR (%) NaN NaN NaN -5.90 -4.59 -3.29 -2.07 -0.94 0.06 7.60 14.04 17.90 20.25 21.79 22.86 23.62 24.17 24.59 24.89 25.13 25.30 25.44 25.55 25.63 25.69 25.74 25.77 25.80 25.83 25.84 25.86 25.87 25.90 -After-tax cumulative NPV ($) -17,035,483 -48,977,013 -70,705,945 -22,223,354 -21,191,779 -20,299,105 -19,531,689 -18,874,478 -18,313,604 -12,256,041 -2,205,247 7,988,877 16,902,863 24,656,902 31,396,304 37,251,609 42,337,417 46,752,233 50,571,212 53,857,883 56,731,271 59,229,767 61,399,635 63,232,071 64,777,629 66,117,882 67,277,190 68,271,375 69,138,377 69,891,727 70,544,967 71,110,961 72,646,103 +After-tax net cash flow ($) -17,035,483 -36,740,426 -28,748,508 73,782,136 1,805,738 1,797,361 1,777,303 1,750,750 1,718,591 21,349,819 40,746,005 47,536,043 47,811,628 47,838,552 47,825,543 47,794,350 47,750,223 47,677,829 47,439,452 46,960,978 47,224,089 47,232,009 47,182,350 45,831,451 44,463,993 44,350,488 44,126,475 43,526,692 43,661,351 43,637,730 43,523,809 43,376,434 61,629,182 +After-tax cumulative IRR (%) NaN NaN NaN -5.90 -4.59 -3.29 -2.07 -0.94 0.06 7.60 14.04 17.90 20.25 21.79 22.86 23.62 24.17 24.59 24.89 25.13 25.30 25.44 25.55 25.63 25.69 25.74 25.77 25.80 25.83 25.84 25.86 25.87 25.88 +After-tax cumulative NPV ($) -17,035,483 -48,977,013 -70,705,945 -22,223,354 -21,191,779 -20,299,105 -19,531,689 -18,874,478 -18,313,604 -12,256,041 -2,205,247 7,988,877 16,902,863 24,656,902 31,396,304 37,251,609 42,337,417 46,752,233 50,571,212 53,857,883 56,731,271 59,229,767 61,399,635 63,232,071 64,777,629 66,117,882 67,277,190 68,271,375 69,138,377 69,891,727 70,544,967 71,110,961 71,810,087 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -17,035,483 -36,740,426 -28,748,508 41,842,435 -30,234,060 -30,272,915 -30,310,994 -30,350,137 -30,390,867 -36,849,210 -43,238,536 -45,513,472 -45,667,568 -45,747,585 -45,819,302 -45,890,328 -45,962,994 -46,033,145 -46,058,529 -46,011,800 -46,208,096 -46,334,167 -46,450,143 -47,844,437 -49,243,242 -49,368,326 -49,470,261 -49,464,414 -49,700,458 -49,905,024 -50,094,997 -50,289,957 41,626,269 +Annual costs ($) -17,035,483 -36,740,426 -28,748,508 41,842,435 -30,234,060 -30,272,915 -30,310,994 -30,350,137 -30,390,867 -36,849,210 -43,238,536 -45,513,472 -45,667,568 -45,747,585 -45,819,302 -45,890,328 -45,962,994 -46,033,145 -46,058,529 -46,011,800 -46,208,096 -46,334,167 -46,450,143 -47,844,437 -49,243,242 -49,368,326 -49,470,261 -49,464,414 -49,700,458 -49,905,024 -50,094,997 -50,289,957 -32,070,040 PPA revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity to grid (kWh) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Present value of annual costs ($) 202,622,024 +Present value of annual costs ($) 203,458,040 Present value of annual energy costs ($) 0 Present value of annual energy nominal (kWh) 0 @@ -348,12 +349,12 @@ Present value of PPA revenue ($) 0 Present value of annual energy nominal (kWh) 0 LPPA Levelized PPA price nominal (cents/kWh) NaN -Present value of annual heat costs ($) 202,622,024 +Present value of annual heat costs ($) 203,458,040 Present value of annual heat provided (MMBTU) 44,044,958 -LCOH Levelized cost of heating nominal ($/MMBTU) 4.60 +LCOH Levelized cost of heating nominal ($/MMBTU) 4.62 PROJECT STATE INCOME TAXES -EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -362,15 +363,15 @@ minus: Debt interest payment ($) 0 11,326,624 11,206,716 11,078,414 10,941,131 10,794,239 10,637,063 10,468,886 10,288,936 10,096,390 9,890,365 9,669,919 9,434,041 9,181,652 8,911,596 8,622,635 8,313,448 7,982,617 7,628,629 7,249,861 6,844,579 6,410,928 5,946,921 5,450,433 4,919,192 4,350,763 3,742,545 3,091,751 2,395,402 1,650,308 853,058 Total state tax depreciation ($) 0 5,192,083 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 5,192,083 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 -3,974,475 -8,945,695 -8,786,654 -8,631,196 -8,471,606 -8,305,814 17,951,430 43,912,581 53,172,628 53,811,320 54,139,374 54,434,934 54,728,276 55,027,895 55,315,096 55,409,003 55,213,204 56,031,579 56,544,390 57,016,004 62,685,134 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 195,625,029 +State taxable income ($) 0 -3,974,475 -8,945,695 -8,786,654 -8,631,196 -8,471,606 -8,305,814 17,951,430 43,912,581 53,172,628 53,811,320 54,139,374 54,434,934 54,728,276 55,027,895 55,315,096 55,409,003 55,213,204 56,031,579 56,544,390 57,016,004 62,685,134 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 97,891,696 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -8,900,939 +State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -4,454,072 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -8,900,939 +State tax benefit (liability) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -4,454,072 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -380,10 +381,10 @@ minus: Debt interest payment ($) 0 11,326,624 11,206,716 11,078,414 10,941,131 10,794,239 10,637,063 10,468,886 10,288,936 10,096,390 9,890,365 9,669,919 9,434,041 9,181,652 8,911,596 8,622,635 8,313,448 7,982,617 7,628,629 7,249,861 6,844,579 6,410,928 5,946,921 5,450,433 4,919,192 4,350,763 3,742,545 3,091,751 2,395,402 1,650,308 853,058 Total federal tax depreciation ($) 0 5,192,083 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 10,384,167 5,192,083 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 -3,793,636 -8,538,666 -8,386,862 -8,238,477 -8,086,148 -7,927,899 17,134,640 41,914,559 50,753,273 51,362,905 51,676,033 51,958,145 52,238,139 52,524,126 52,798,260 52,887,893 52,701,004 53,482,142 53,971,620 54,421,776 59,832,960 65,261,608 65,746,396 66,135,294 66,095,605 67,035,956 67,829,844 68,567,095 69,323,702 186,724,090 +Federal taxable income ($) 0 -3,793,636 -8,538,666 -8,386,862 -8,238,477 -8,086,148 -7,927,899 17,134,640 41,914,559 50,753,273 51,362,905 51,676,033 51,958,145 52,238,139 52,524,126 52,798,260 52,887,893 52,701,004 53,482,142 53,971,620 54,421,776 59,832,960 65,261,608 65,746,396 66,135,294 66,095,605 67,035,956 67,829,844 68,567,095 69,323,702 93,437,624 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -39,212,059 +Federal tax benefit (liability) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -19,621,901 CASH INCENTIVES Federal IBI income ($) 0 @@ -423,16 +424,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 DSCR (DEBT FRACTION) -EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087 +Cash available for debt service (CAFDS) ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 98,744,754 Debt total payment ($) 0 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 -DSCR (pre-tax) 0.0 0.96 0.97 0.97 0.97 0.97 0.98 2.98 4.95 5.65 5.68 5.69 5.69 5.70 5.70 5.70 5.68 5.64 5.68 5.69 5.69 5.70 5.70 5.70 5.69 5.64 5.67 5.69 5.69 5.70 15.07 +DSCR (pre-tax) 0.0 0.96 0.97 0.97 0.97 0.97 0.98 2.98 4.95 5.65 5.68 5.69 5.69 5.70 5.70 5.70 5.68 5.64 5.68 5.69 5.69 5.70 5.70 5.70 5.69 5.64 5.67 5.69 5.69 5.70 7.57 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA-9_cooling.out b/tests/examples/example_SAM-single-owner-PPA-9_cooling.out index 1d3c37aad..51ba8943f 100644 --- a/tests/examples/example_SAM-single-owner-PPA-9_cooling.out +++ b/tests/examples/example_SAM-single-owner-PPA-9_cooling.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:31 - Calculation Time: 1.886 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:44 + Calculation Time: 6.188 sec ***SUMMARY OF RESULTS*** @@ -15,7 +15,7 @@ Simulation Metadata Surface Application: Absorption Chiller Average Direct-Use Heat Production: 367.18 MW Average Cooling Production: 237.93 MW - Direct-Use Cooling Breakeven Price (LCOC): 9.02 USD/MMBTU + Direct-Use Cooling Breakeven Price (LCOC): 9.04 USD/MMBTU Total CAPEX: 248.47 MUSD Number of production wells: 6 Number of injection wells: 4 @@ -37,10 +37,10 @@ Simulation Metadata Investment Tax Credit: 74.54 MUSD Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 322.78 MUSD + Project NPV: 321.93 MUSD After-tax IRR: 70.10 % - Project VIR=PI=PIR: 5.49 - Project MOIC: 25.44 + Project VIR=PI=PIR: 5.48 + Project MOIC: 24.55 Project Payback Period: 3.59 yr ***ENGINEERING PARAMETERS*** @@ -134,6 +134,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Maximum Net Heat Production: 367.93 MW Average Net Heat Production: 367.18 MW Minimum Net Heat Production: 363.53 MW @@ -259,8 +260,8 @@ Cooling revenue ($) 0 equals: Capacity payment revenue ($) 0 122,461,489 122,845,273 122,962,132 123,031,228 123,079,497 123,112,362 123,079,202 122,622,629 122,234,405 122,798,855 122,939,338 123,016,460 123,068,786 123,106,276 123,103,330 122,823,532 122,133,599 122,737,099 122,913,115 123,000,233 123,057,238 123,098,417 123,113,629 122,953,261 122,157,675 122,644,649 122,882,348 122,982,253 123,044,763 123,087,892 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 124,232,530 -Total revenue ($) 0 122,461,489 122,845,273 122,962,132 123,031,228 123,079,497 123,112,362 123,079,202 122,622,629 122,234,405 122,798,855 122,939,338 123,016,460 123,068,786 123,106,276 123,103,330 122,823,532 122,133,599 122,737,099 122,913,115 123,000,233 123,057,238 123,098,417 123,113,629 122,953,261 122,157,675 122,644,649 122,882,348 122,982,253 123,044,763 247,320,422 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,846,506 +Total revenue ($) 0 122,461,489 122,845,273 122,962,132 123,031,228 123,079,497 123,112,362 123,079,202 122,622,629 122,234,405 122,798,855 122,939,338 123,016,460 123,068,786 123,106,276 123,103,330 122,823,532 122,133,599 122,737,099 122,913,115 123,000,233 123,057,238 123,098,417 123,113,629 122,953,261 122,157,675 122,644,649 122,882,348 122,982,253 123,044,763 147,934,398 Property tax net assessed value ($) 0 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 248,465,059 @@ -273,10 +274,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 19,469,558 19,468,701 19,468,439 19,468,285 19,468,178 19,468,132 19,468,636 19,472,947 19,470,421 19,467,434 19,466,768 19,465,793 19,464,673 19,463,650 19,463,165 19,465,453 19,466,879 19,461,900 19,461,848 19,461,833 19,461,833 19,461,844 19,462,013 19,463,741 19,468,121 19,461,865 19,461,872 19,461,878 19,461,884 19,461,891 -EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 OPERATING ACTIVITIES -EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -284,7 +285,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 11,518,160 11,396,224 11,265,752 11,126,148 10,976,771 10,816,938 10,645,917 10,462,924 10,267,122 10,057,613 9,833,439 9,593,573 9,336,916 9,062,293 8,768,446 8,454,030 8,117,605 7,757,630 7,372,458 6,960,322 6,519,338 6,047,485 5,542,601 5,002,376 4,424,336 3,805,832 3,144,033 2,435,909 1,678,215 867,483 -Cash flow from operating activities ($) 0 91,473,771 91,980,349 92,227,940 92,436,795 92,634,548 92,827,292 92,964,649 92,686,758 92,496,862 93,273,808 93,639,132 93,957,094 94,267,197 94,580,334 94,871,719 94,904,049 94,549,114 95,517,568 96,078,809 96,578,077 97,076,067 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 226,991,047 +Cash flow from operating activities ($) 0 91,473,771 91,980,349 92,227,940 92,436,795 92,634,548 92,827,292 92,964,649 92,686,758 92,496,862 93,273,808 93,639,132 93,957,094 94,267,197 94,580,334 94,871,719 94,904,049 94,549,114 95,517,568 96,078,809 96,578,077 97,076,067 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 127,605,024 INVESTING ACTIVITIES Total installed cost ($) -248,465,059 @@ -318,36 +319,36 @@ Cash flow from financing activities ($) 248,4 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 91,473,771 91,980,349 92,227,940 92,436,795 92,634,548 92,827,292 92,964,649 92,686,758 92,496,862 93,273,808 93,639,132 93,957,094 94,267,197 94,580,334 94,871,719 94,904,049 94,549,114 95,517,568 96,078,809 96,578,077 97,076,067 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 226,991,047 +Cash flow from operating activities ($) 0 91,473,771 91,980,349 92,227,940 92,436,795 92,634,548 92,827,292 92,964,649 92,686,758 92,496,862 93,273,808 93,639,132 93,957,094 94,267,197 94,580,334 94,871,719 94,904,049 94,549,114 95,517,568 96,078,809 96,578,077 97,076,067 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 127,605,024 Cash flow from investing activities ($) -248,465,059 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 248,465,059 -1,741,941 -1,863,877 -1,994,349 -2,133,953 -2,283,330 -2,443,163 -2,614,184 -2,797,177 -2,992,979 -3,202,488 -3,426,662 -3,666,528 -3,923,185 -4,197,808 -4,491,655 -4,806,071 -5,142,496 -5,502,470 -5,887,643 -6,299,778 -6,740,763 -7,212,616 -7,717,499 -8,257,724 -8,835,765 -9,454,269 -10,116,067 -10,824,192 -11,581,886 -12,392,618 -Total pre-tax cash flow ($) 0 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 214,598,430 +Total pre-tax cash flow ($) 0 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 115,212,406 Pre-tax Returns: Issuance of equity ($) 83,919,921 -Total pre-tax cash flow ($) 0 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 214,598,430 -Total pre-tax returns ($) -83,919,921 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 214,598,430 +Total pre-tax cash flow ($) 0 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 115,212,406 +Total pre-tax returns ($) -83,919,921 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 115,212,406 After-tax Returns: -Total pre-tax returns ($) -83,919,921 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 214,598,430 +Total pre-tax returns ($) -83,919,921 89,731,830 90,116,471 90,233,592 90,302,842 90,351,218 90,384,129 90,350,465 89,889,581 89,503,883 90,071,320 90,212,470 90,290,566 90,344,012 90,382,525 90,380,064 90,097,978 89,406,619 90,015,098 90,191,166 90,278,299 90,335,304 90,376,472 90,391,515 90,229,419 89,429,453 89,922,683 90,160,375 90,260,274 90,322,778 115,212,406 Federal ITC total income ($) 0 74,539,518 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -17,277,134 -16,320,349 -16,369,977 -16,411,841 -16,451,480 -16,490,114 -16,517,647 -16,461,945 -16,423,881 -16,579,616 -16,652,844 -16,716,578 -16,778,736 -16,841,503 -16,899,910 -16,906,390 -16,835,245 -17,029,367 -17,141,865 -17,241,941 -18,400,086 -19,561,245 -19,665,461 -19,741,255 -19,696,772 -19,919,613 -20,099,912 -20,261,876 -20,426,280 -45,499,221 +Federal tax benefit (liability) ($) 0 -17,277,134 -16,320,349 -16,369,977 -16,411,841 -16,451,480 -16,490,114 -16,517,647 -16,461,945 -16,423,881 -16,579,616 -16,652,844 -16,716,578 -16,778,736 -16,841,503 -16,899,910 -16,906,390 -16,835,245 -17,029,367 -17,141,865 -17,241,941 -18,400,086 -19,561,245 -19,665,461 -19,741,255 -19,696,772 -19,919,613 -20,099,912 -20,261,876 -20,426,280 -25,577,789 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -10,328,093 -Total after-tax returns ($) -83,919,921 143,072,392 70,091,486 70,147,712 70,165,596 70,165,336 70,150,842 70,083,396 69,690,858 69,351,864 69,728,215 69,779,515 69,779,410 69,756,587 69,718,087 69,643,960 69,353,923 68,749,858 69,120,151 69,158,185 69,122,525 67,758,492 66,374,924 66,262,093 66,006,999 65,261,614 65,481,418 65,497,886 65,399,055 65,259,836 158,771,117 +State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -5,806,029 +Total after-tax returns ($) -83,919,921 143,072,392 70,091,486 70,147,712 70,165,596 70,165,336 70,150,842 70,083,396 69,690,858 69,351,864 69,728,215 69,779,515 69,779,410 69,756,587 69,718,087 69,643,960 69,353,923 68,749,858 69,120,151 69,158,185 69,122,525 67,758,492 66,374,924 66,262,093 66,006,999 65,261,614 65,481,418 65,497,886 65,399,055 65,259,836 83,828,589 -After-tax net cash flow ($) -17,323,556 -37,361,714 -29,234,651 143,072,392 70,091,486 70,147,712 70,165,596 70,165,336 70,150,842 70,083,396 69,690,858 69,351,864 69,728,215 69,779,515 69,779,410 69,756,587 69,718,087 69,643,960 69,353,923 68,749,858 69,120,151 69,158,185 69,122,525 67,758,492 66,374,924 66,262,093 66,006,999 65,261,614 65,481,418 65,497,886 65,399,055 65,259,836 158,771,117 +After-tax net cash flow ($) -17,323,556 -37,361,714 -29,234,651 143,072,392 70,091,486 70,147,712 70,165,596 70,165,336 70,150,842 70,083,396 69,690,858 69,351,864 69,728,215 69,779,515 69,779,410 69,756,587 69,718,087 69,643,960 69,353,923 68,749,858 69,120,151 69,158,185 69,122,525 67,758,492 66,374,924 66,262,093 66,006,999 65,261,614 65,481,418 65,497,886 65,399,055 65,259,836 83,828,589 After-tax cumulative IRR (%) NaN NaN NaN 31.79 51.18 60.26 64.78 67.14 68.43 69.14 69.55 69.78 69.91 69.99 70.03 70.06 70.08 70.08 70.09 70.09 70.09 70.10 70.10 70.10 70.10 70.10 70.10 70.10 70.10 70.10 70.10 70.10 70.10 -After-tax cumulative NPV ($) -17,323,556 -49,805,224 -71,901,597 22,111,951 62,153,549 96,992,990 127,289,557 153,628,803 176,522,987 196,407,682 213,598,287 228,470,822 241,470,930 252,781,328 262,614,389 271,160,298 278,585,871 285,034,680 290,617,822 295,429,438 299,635,109 303,293,464 306,472,338 309,181,463 311,488,639 313,491,052 315,225,215 316,715,842 318,016,135 319,146,872 320,128,434 320,979,971 322,781,082 +After-tax cumulative NPV ($) -17,323,556 -49,805,224 -71,901,597 22,111,951 62,153,549 96,992,990 127,289,557 153,628,803 176,522,987 196,407,682 213,598,287 228,470,822 241,470,930 252,781,328 262,614,389 271,160,298 278,585,871 285,034,680 290,617,822 295,429,438 299,635,109 303,293,464 306,472,338 309,181,463 311,488,639 313,491,052 315,225,215 316,715,842 318,016,135 319,146,872 320,128,434 320,979,971 321,930,928 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -17,323,556 -37,361,714 -29,234,651 20,610,903 -52,753,787 -52,814,420 -52,865,632 -52,914,161 -52,961,520 -52,995,806 -52,931,771 -52,882,541 -53,070,640 -53,159,823 -53,237,050 -53,312,199 -53,388,189 -53,459,370 -53,469,609 -53,383,741 -53,616,948 -53,754,930 -53,877,708 -55,298,746 -56,723,493 -56,851,536 -56,946,262 -56,896,061 -57,163,231 -57,384,462 -57,583,198 -57,784,927 35,683,225 +Annual costs ($) -17,323,556 -37,361,714 -29,234,651 20,610,903 -52,753,787 -52,814,420 -52,865,632 -52,914,161 -52,961,520 -52,995,806 -52,931,771 -52,882,541 -53,070,640 -53,159,823 -53,237,050 -53,312,199 -53,388,189 -53,459,370 -53,469,609 -53,383,741 -53,616,948 -53,754,930 -53,877,708 -55,298,746 -56,723,493 -56,851,536 -56,946,262 -56,896,061 -57,163,231 -57,384,462 -57,583,198 -57,784,927 -39,259,303 PPA revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity to grid (kWh) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Present value of annual costs ($) 285,974,584 +Present value of annual costs ($) 286,824,738 Present value of annual energy costs ($) 0 Present value of annual energy nominal (kWh) 0 @@ -357,12 +358,12 @@ Present value of PPA revenue ($) 0 Present value of annual energy nominal (kWh) 0 LPPA Levelized PPA price nominal (cents/kWh) NaN -Present value of annual cooling costs ($) 285,974,584 +Present value of annual cooling costs ($) 286,824,738 Present value of annual cooling provided (MMBTU) 31,712,370 -LCOC Levelized cost of cooling nominal ($/MMBTU) 9.02 +LCOC Levelized cost of cooling nominal ($/MMBTU) 9.04 PROJECT STATE INCOME TAXES -EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -371,15 +372,15 @@ minus: Debt interest payment ($) 0 11,518,160 11,396,224 11,265,752 11,126,148 10,976,771 10,816,938 10,645,917 10,462,924 10,267,122 10,057,613 9,833,439 9,593,573 9,336,916 9,062,293 8,768,446 8,454,030 8,117,605 7,757,630 7,372,458 6,960,322 6,519,338 6,047,485 5,542,601 5,002,376 4,424,336 3,805,832 3,144,033 2,435,909 1,678,215 867,483 Total state tax depreciation ($) 0 5,279,883 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 5,279,883 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 86,193,889 81,420,584 81,668,175 81,877,030 82,074,783 82,267,527 82,404,884 82,126,993 81,937,097 82,714,043 83,079,367 83,397,329 83,707,432 84,020,569 84,311,954 84,344,284 83,989,349 84,957,803 85,519,044 86,018,312 91,796,185 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 226,991,047 +State taxable income ($) 0 86,193,889 81,420,584 81,668,175 81,877,030 82,074,783 82,267,527 82,404,884 82,126,993 81,937,097 82,714,043 83,079,367 83,397,329 83,707,432 84,020,569 84,311,954 84,344,284 83,989,349 84,957,803 85,519,044 86,018,312 91,796,185 97,589,088 98,109,014 98,487,143 98,265,219 99,376,951 100,276,443 101,084,466 101,904,664 127,605,024 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -10,328,093 +State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -5,806,029 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -10,328,093 +State tax benefit (liability) ($) 0 -3,921,822 -3,704,637 -3,715,902 -3,725,405 -3,734,403 -3,743,172 -3,749,422 -3,736,778 -3,728,138 -3,763,489 -3,780,111 -3,794,578 -3,808,688 -3,822,936 -3,836,194 -3,837,665 -3,821,515 -3,865,580 -3,891,117 -3,913,833 -4,176,726 -4,440,304 -4,463,960 -4,481,165 -4,471,067 -4,521,651 -4,562,578 -4,599,343 -4,636,662 -5,806,029 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -389,10 +390,10 @@ minus: Debt interest payment ($) 0 11,518,160 11,396,224 11,265,752 11,126,148 10,976,771 10,816,938 10,645,917 10,462,924 10,267,122 10,057,613 9,833,439 9,593,573 9,336,916 9,062,293 8,768,446 8,454,030 8,117,605 7,757,630 7,372,458 6,960,322 6,519,338 6,047,485 5,542,601 5,002,376 4,424,336 3,805,832 3,144,033 2,435,909 1,678,215 867,483 Total federal tax depreciation ($) 0 5,279,883 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 10,559,765 5,279,883 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 82,272,067 77,715,947 77,952,273 78,151,625 78,340,380 78,524,355 78,655,462 78,390,215 78,208,960 78,950,554 79,299,255 79,602,751 79,898,744 80,197,633 80,475,760 80,506,619 80,167,834 81,092,223 81,627,928 82,104,479 87,619,458 93,148,785 93,645,054 94,005,978 93,794,151 94,855,300 95,713,865 96,485,123 97,268,002 216,662,955 +Federal taxable income ($) 0 82,272,067 77,715,947 77,952,273 78,151,625 78,340,380 78,524,355 78,655,462 78,390,215 78,208,960 78,950,554 79,299,255 79,602,751 79,898,744 80,197,633 80,475,760 80,506,619 80,167,834 81,092,223 81,627,928 82,104,479 87,619,458 93,148,785 93,645,054 94,005,978 93,794,151 94,855,300 95,713,865 96,485,123 97,268,002 121,798,995 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -17,277,134 -16,320,349 -16,369,977 -16,411,841 -16,451,480 -16,490,114 -16,517,647 -16,461,945 -16,423,881 -16,579,616 -16,652,844 -16,716,578 -16,778,736 -16,841,503 -16,899,910 -16,906,390 -16,835,245 -17,029,367 -17,141,865 -17,241,941 -18,400,086 -19,561,245 -19,665,461 -19,741,255 -19,696,772 -19,919,613 -20,099,912 -20,261,876 -20,426,280 -45,499,221 +Federal tax benefit (liability) ($) 0 -17,277,134 -16,320,349 -16,369,977 -16,411,841 -16,451,480 -16,490,114 -16,517,647 -16,461,945 -16,423,881 -16,579,616 -16,652,844 -16,716,578 -16,778,736 -16,841,503 -16,899,910 -16,906,390 -16,835,245 -17,029,367 -17,141,865 -17,241,941 -18,400,086 -19,561,245 -19,665,461 -19,741,255 -19,696,772 -19,919,613 -20,099,912 -20,261,876 -20,426,280 -25,577,789 CASH INCENTIVES Federal IBI income ($) 0 @@ -432,16 +433,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 DSCR (DEBT FRACTION) -EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +EBITDA ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 227,858,531 +Cash available for debt service (CAFDS) ($) 0 102,991,931 103,376,572 103,493,693 103,562,943 103,611,319 103,644,230 103,610,566 103,149,682 102,763,984 103,331,421 103,472,570 103,550,667 103,604,113 103,642,626 103,640,165 103,358,079 102,666,720 103,275,199 103,451,267 103,538,400 103,595,405 103,636,573 103,651,616 103,489,520 102,689,554 103,182,784 103,420,476 103,520,375 103,582,879 128,472,507 Debt total payment ($) 0 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 13,260,101 -DSCR (pre-tax) 0.0 7.77 7.80 7.80 7.81 7.81 7.82 7.81 7.78 7.75 7.79 7.80 7.81 7.81 7.82 7.82 7.79 7.74 7.79 7.80 7.81 7.81 7.82 7.82 7.80 7.74 7.78 7.80 7.81 7.81 17.18 +DSCR (pre-tax) 0.0 7.77 7.80 7.80 7.81 7.81 7.82 7.81 7.78 7.75 7.79 7.80 7.81 7.81 7.82 7.82 7.79 7.74 7.79 7.80 7.81 7.81 7.82 7.82 7.80 7.74 7.78 7.80 7.81 7.81 9.69 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 53d041e16..33aafc609 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.17.0 - Simulation Date: 2026-09-12 - Simulation Time: 07:17 - Calculation Time: 1.237 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-16 + Simulation Time: 16:44 + Calculation Time: 4.361 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 54.96 MW - Electricity breakeven price: 6.79 cents/kWh + Electricity breakeven price: 7.08 cents/kWh Total CAPEX: 247.00 MUSD Total CAPEX ($/kW): 4482 USD/kW Number of production wells: 6 @@ -32,10 +32,10 @@ Simulation Metadata Investment Tax Credit: 74.10 MUSD Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 109.74 MUSD - After-tax IRR: 21.61 % - Project VIR=PI=PIR: 1.74 - Project MOIC: 3.36 + Project NPV: 99.26 MUSD + After-tax IRR: 21.31 % + Project VIR=PI=PIR: 1.67 + Project MOIC: 2.87 Project Payback Period: 5.51 yr Estimated Jobs Created: 125 @@ -227,8 +227,8 @@ PPA price (cents/kWh) 0.0 8.0 8.0 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 123,500,042 -Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 183,446,230 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 24,700,008 +Total revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 84,646,196 Property tax net assessed value ($) 0 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 247,000,084 @@ -242,10 +242,10 @@ Property tax expense ($) 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 7,827,968 -EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 OPERATING ACTIVITIES -EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -253,7 +253,7 @@ State PBI income ($) 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 4,940,002 4,790,603 4,633,735 4,469,023 4,296,076 4,114,481 3,923,807 3,723,598 3,513,380 3,292,650 3,060,884 2,817,530 2,562,008 2,293,710 2,011,997 1,716,198 1,405,610 1,079,491 737,068 377,522 -Cash flow from operating activities ($) 0 21,516,427 21,880,636 23,493,650 25,090,971 26,686,692 28,285,797 29,890,774 31,503,167 33,124,092 34,754,454 36,395,048 38,046,612 39,709,862 41,385,506 43,074,257 44,776,845 46,494,021 48,226,567 49,975,282 175,240,740 +Cash flow from operating activities ($) 0 21,516,427 21,880,636 23,493,650 25,090,971 26,686,692 28,285,797 29,890,774 31,503,167 33,124,092 34,754,454 36,395,048 38,046,612 39,709,862 41,385,506 43,074,257 44,776,845 46,494,021 48,226,567 49,975,282 76,440,706 INVESTING ACTIVITIES Total installed cost ($) -247,000,084 @@ -287,47 +287,47 @@ Cash flow from financing activities ($) 247,000,084 -2,987,969 -3,1 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 21,516,427 21,880,636 23,493,650 25,090,971 26,686,692 28,285,797 29,890,774 31,503,167 33,124,092 34,754,454 36,395,048 38,046,612 39,709,862 41,385,506 43,074,257 44,776,845 46,494,021 48,226,567 49,975,282 175,240,740 +Cash flow from operating activities ($) 0 21,516,427 21,880,636 23,493,650 25,090,971 26,686,692 28,285,797 29,890,774 31,503,167 33,124,092 34,754,454 36,395,048 38,046,612 39,709,862 41,385,506 43,074,257 44,776,845 46,494,021 48,226,567 49,975,282 76,440,706 Cash flow from investing activities ($) -247,000,084 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 247,000,084 -2,987,969 -3,137,367 -3,294,235 -3,458,947 -3,631,895 -3,813,489 -4,004,164 -4,204,372 -4,414,591 -4,635,320 -4,867,086 -5,110,440 -5,365,962 -5,634,260 -5,915,974 -6,211,772 -6,522,361 -6,848,479 -7,190,903 -7,550,448 -Total pre-tax cash flow ($) 0 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 167,690,292 +Total pre-tax cash flow ($) 0 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 68,890,258 Pre-tax Returns: Issuance of equity ($) 148,200,050 -Total pre-tax cash flow ($) 0 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 167,690,292 -Total pre-tax returns ($) -148,200,050 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 167,690,292 +Total pre-tax cash flow ($) 0 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 68,890,258 +Total pre-tax returns ($) -148,200,050 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 68,890,258 After-tax Returns: -Total pre-tax returns ($) -148,200,050 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 167,690,292 +Total pre-tax returns ($) -148,200,050 18,528,459 18,743,269 20,199,415 21,632,024 23,054,798 24,472,308 25,886,611 27,298,795 28,709,502 30,119,134 31,527,961 32,936,172 34,343,900 35,751,246 37,158,284 38,565,072 39,971,660 41,378,088 42,784,379 68,890,258 Federal ITC total income ($) 0 74,100,025 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,177,077 -2,223,126 -2,538,147 -2,850,104 -3,161,749 -3,474,054 -3,787,506 -4,102,406 -4,418,973 -4,737,382 -5,057,790 -5,380,341 -5,705,174 -6,032,427 -6,362,240 -6,694,755 -7,030,120 -7,368,486 -7,710,010 -32,174,354 +Federal tax benefit (liability) ($) 0 -3,177,077 -2,223,126 -2,538,147 -2,850,104 -3,161,749 -3,474,054 -3,787,506 -4,102,406 -4,418,973 -4,737,382 -5,057,790 -5,380,341 -5,705,174 -6,032,427 -6,362,240 -6,694,755 -7,030,120 -7,368,486 -7,710,010 -12,878,708 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -11,532,027 -Total after-tax returns ($) -148,200,050 88,312,669 15,723,324 16,751,537 17,760,377 18,759,806 19,753,073 20,741,576 21,725,993 22,706,668 23,683,765 24,657,343 25,627,393 26,593,861 27,556,659 28,515,671 29,470,763 30,421,784 31,368,568 32,310,925 123,983,911 +State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -4,616,024 +Total after-tax returns ($) -148,200,050 88,312,669 15,723,324 16,751,537 17,760,377 18,759,806 19,753,073 20,741,576 21,725,993 22,706,668 23,683,765 24,657,343 25,627,393 26,593,861 27,556,659 28,515,671 29,470,763 30,421,784 31,368,568 32,310,925 51,395,527 -After-tax net cash flow ($) -148,200,050 88,312,669 15,723,324 16,751,537 17,760,377 18,759,806 19,753,073 20,741,576 21,725,993 22,706,668 23,683,765 24,657,343 25,627,393 26,593,861 27,556,659 28,515,671 29,470,763 30,421,784 31,368,568 32,310,925 123,983,911 -After-tax cumulative IRR (%) NaN -40.41 -26.06 -13.19 -3.75 2.88 7.56 10.93 13.39 15.23 16.62 17.69 18.52 19.17 19.69 20.10 20.43 20.70 20.92 21.09 21.61 -After-tax cumulative NPV ($) -148,200,050 -68,032,413 -55,075,650 -42,544,732 -30,484,478 -18,920,461 -7,867,183 2,668,781 12,686,946 22,191,639 31,190,996 39,696,167 47,720,655 55,279,759 62,390,119 69,069,322 75,335,584 81,207,474 86,703,693 91,842,884 109,744,276 +After-tax net cash flow ($) -148,200,050 88,312,669 15,723,324 16,751,537 17,760,377 18,759,806 19,753,073 20,741,576 21,725,993 22,706,668 23,683,765 24,657,343 25,627,393 26,593,861 27,556,659 28,515,671 29,470,763 30,421,784 31,368,568 32,310,925 51,395,527 +After-tax cumulative IRR (%) NaN -40.41 -26.06 -13.19 -3.75 2.88 7.56 10.93 13.39 15.23 16.62 17.69 18.52 19.17 19.69 20.10 20.43 20.70 20.92 21.09 21.31 +After-tax cumulative NPV ($) -148,200,050 -68,032,413 -55,075,650 -42,544,732 -30,484,478 -18,920,461 -7,867,183 2,668,781 12,686,946 22,191,639 31,190,996 39,696,167 47,720,655 55,279,759 62,390,119 69,069,322 75,335,584 81,207,474 86,703,693 91,842,884 99,263,617 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -148,200,050 54,028,273 -18,775,883 -19,203,816 -19,627,585 -20,050,930 -20,475,172 -20,900,973 -21,328,741 -21,758,772 -22,191,307 -22,626,556 -23,064,716 -23,505,977 -23,950,525 -24,398,551 -24,850,247 -25,305,814 -25,765,459 -26,229,393 64,037,723 +Annual costs ($) -148,200,050 54,028,273 -18,775,883 -19,203,816 -19,627,585 -20,050,930 -20,475,172 -20,900,973 -21,328,741 -21,758,772 -22,191,307 -22,626,556 -23,064,716 -23,505,977 -23,950,525 -24,398,551 -24,850,247 -25,305,814 -25,765,459 -26,229,393 -8,550,661 PPA revenue ($) 0 34,284,397 34,499,207 35,955,353 37,387,962 38,810,736 40,228,246 41,642,549 43,054,733 44,465,440 45,875,072 47,283,899 48,692,110 50,099,838 51,507,184 52,914,222 54,321,010 55,727,598 57,134,026 58,540,317 59,946,188 Electricity to grid (kWh) 0 428,554,957 431,240,089 432,051,822 432,530,792 432,865,667 433,120,646 433,325,167 433,495,101 433,639,945 433,765,810 433,876,853 433,976,022 434,065,480 434,146,861 434,221,417 434,290,137 434,353,843 434,413,216 434,468,735 434,518,614 -Present value of annual costs ($) 247,341,262 +Present value of annual costs ($) 257,821,921 -Present value of annual energy costs ($) 247,341,262 +Present value of annual energy costs ($) 257,821,921 Present value of annual energy nominal (kWh) 3,643,623,190 -LCOE Levelized cost of energy nominal (cents/kWh) 6.79 +LCOE Levelized cost of energy nominal (cents/kWh) 7.08 Present value of PPA revenue ($) 357,085,539 Present value of annual energy nominal (kWh) 3,643,623,190 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -336,15 +336,15 @@ minus: Debt interest payment ($) 0 4,940,002 4,790,603 4,633,735 4,469,023 4,296,076 4,114,481 3,923,807 3,723,598 3,513,380 3,292,650 3,060,884 2,817,530 2,562,008 2,293,710 2,011,997 1,716,198 1,405,610 1,079,491 737,068 377,522 Total state tax depreciation ($) 0 5,248,752 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 equals: -State taxable income ($) 0 16,267,675 11,383,133 12,996,147 14,593,467 16,189,189 17,788,293 19,393,271 21,005,664 22,626,589 24,256,951 25,897,544 27,549,108 29,212,359 30,888,003 32,576,754 34,279,341 35,996,517 37,729,063 39,477,779 164,743,236 +State taxable income ($) 0 16,267,675 11,383,133 12,996,147 14,593,467 16,189,189 17,788,293 19,393,271 21,005,664 22,626,589 24,256,951 25,897,544 27,549,108 29,212,359 30,888,003 32,576,754 34,279,341 35,996,517 37,729,063 39,477,779 65,943,203 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -11,532,027 +State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -4,616,024 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -11,532,027 +State tax benefit (liability) ($) 0 -1,138,737 -796,819 -909,730 -1,021,543 -1,133,243 -1,245,181 -1,357,529 -1,470,396 -1,583,861 -1,697,987 -1,812,828 -1,928,438 -2,044,865 -2,162,160 -2,280,373 -2,399,554 -2,519,756 -2,641,034 -2,763,445 -4,616,024 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -354,10 +354,10 @@ minus: Debt interest payment ($) 0 4,940,002 4,790,603 4,633,735 4,469,023 4,296,076 4,114,481 3,923,807 3,723,598 3,513,380 3,292,650 3,060,884 2,817,530 2,562,008 2,293,710 2,011,997 1,716,198 1,405,610 1,079,491 737,068 377,522 Total federal tax depreciation ($) 0 5,248,752 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 10,497,504 equals: -Federal taxable income ($) 0 15,128,938 10,586,313 12,086,416 13,571,925 15,055,946 16,543,113 18,035,742 19,535,267 21,042,728 22,558,964 24,084,716 25,620,671 27,167,493 28,725,842 30,296,381 31,879,787 33,476,761 35,088,029 36,714,334 153,211,210 +Federal taxable income ($) 0 15,128,938 10,586,313 12,086,416 13,571,925 15,055,946 16,543,113 18,035,742 19,535,267 21,042,728 22,558,964 24,084,716 25,620,671 27,167,493 28,725,842 30,296,381 31,879,787 33,476,761 35,088,029 36,714,334 61,327,179 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,177,077 -2,223,126 -2,538,147 -2,850,104 -3,161,749 -3,474,054 -3,787,506 -4,102,406 -4,418,973 -4,737,382 -5,057,790 -5,380,341 -5,705,174 -6,032,427 -6,362,240 -6,694,755 -7,030,120 -7,368,486 -7,710,010 -32,174,354 +Federal tax benefit (liability) ($) 0 -3,177,077 -2,223,126 -2,538,147 -2,850,104 -3,161,749 -3,474,054 -3,787,506 -4,102,406 -4,418,973 -4,737,382 -5,057,790 -5,380,341 -5,705,174 -6,032,427 -6,362,240 -6,694,755 -7,030,120 -7,368,486 -7,710,010 -12,878,708 CASH INCENTIVES Federal IBI income ($) 0 @@ -397,16 +397,16 @@ Debt principal payment ($) 0 2,987,969 3,13 Debt total payment ($) 0 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 DSCR (DEBT FRACTION) -EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +EBITDA ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 175,618,262 +Cash available for debt service (CAFDS) ($) 0 26,456,429 26,671,239 28,127,385 29,559,994 30,982,768 32,400,278 33,814,581 35,226,766 36,637,472 38,047,104 39,455,932 40,864,142 42,271,870 43,679,216 45,086,254 46,493,043 47,899,630 49,306,058 50,712,350 76,818,229 Debt total payment ($) 0 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 7,927,970 -DSCR (pre-tax) 0.0 3.34 3.36 3.55 3.73 3.91 4.09 4.27 4.44 4.62 4.80 4.98 5.15 5.33 5.51 5.69 5.86 6.04 6.22 6.40 22.15 +DSCR (pre-tax) 0.0 3.34 3.36 3.55 3.73 3.91 4.09 4.27 4.44 4.62 4.80 4.98 5.15 5.33 5.51 5.69 5.86 6.04 6.22 6.40 9.69 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SHR-3.out b/tests/examples/example_SHR-3.out index 90f4fdd96..810a4988d 100644 --- a/tests/examples/example_SHR-3.out +++ b/tests/examples/example_SHR-3.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.14.0 - Simulation Date: 2026-06-11 - Simulation Time: 12:32 - Calculation Time: 1.531 sec + GEOPHIRES Version: 3.19.0 + Simulation Date: 2026-10-17 + Simulation Time: 09:24 + Calculation Time: 1.498 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 50.44 MW - Electricity breakeven price: 6.29 cents/kWh + Electricity breakeven price: 6.37 cents/kWh Total CAPEX: 265.42 MUSD Total CAPEX ($/kW): 4165 USD/kW Number of production wells: 2 @@ -33,10 +33,10 @@ Simulation Metadata Investment Tax Credit: 79.63 MUSD Project lifetime: 25 yr Capacity factor: 90.0 % - Project NPV: 91.34 MUSD - After-tax IRR: 49.82 % - Project VIR=PI=PIR: 2.40 - Project MOIC: 4.97 + Project NPV: 89.40 MUSD + After-tax IRR: 49.81 % + Project VIR=PI=PIR: 2.37 + Project MOIC: 4.21 Project Payback Period: 3.81 yr Estimated Jobs Created: 108 @@ -119,6 +119,7 @@ Simulation Metadata ***SURFACE EQUIPMENT SIMULATION RESULTS*** + Initial geofluid availability: 0.95 MW/(kg/s) Maximum Total Electricity Generation: 64.18 MW Average Total Electricity Generation: 50.89 MW @@ -239,8 +240,8 @@ Carbon credits revenue ($) 0 equals: Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 132,709,129 -Total revenue ($) 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 136,218,906 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 53,083,652 +Total revenue ($) 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 56,593,429 Property tax net assessed value ($) 0 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 265,418,258 @@ -254,10 +255,10 @@ Property tax expense ($) 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total operating expenses ($) 0 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 8,649,888 -EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 OPERATING ACTIVITIES -EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -265,7 +266,7 @@ State PBI income ($) 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743 -Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 126,516,275 +Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 46,890,798 INVESTING ACTIVITIES Total installed cost ($) -265,418,258 @@ -299,47 +300,47 @@ Cash flow from financing activities ($) 265, PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 126,516,275 +Cash flow from operating activities ($) 0 24,730,400 25,551,433 26,244,015 26,877,146 27,494,529 28,111,815 28,736,887 29,374,640 30,028,599 30,701,652 31,393,668 32,097,098 32,775,583 33,308,310 33,427,593 32,690,296 30,545,043 26,572,871 20,836,310 14,048,867 7,323,023 1,650,089 -2,465,651 -5,011,954 46,890,798 Cash flow from investing activities ($) -265,418,258 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash flow from financing activities ($) 265,418,258 -2,964,924 -3,172,469 -3,394,542 -3,632,160 -3,886,411 -4,158,460 -4,449,552 -4,761,021 -5,094,292 -5,450,892 -5,832,455 -6,240,727 -6,677,578 -7,145,008 -7,645,159 -8,180,320 -8,752,942 -9,365,648 -10,021,243 -10,722,730 -11,473,321 -12,276,454 -13,135,806 -14,055,312 -15,039,184 -Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091 +Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 31,851,614 Pre-tax Returns: Issuance of equity ($) 77,889,649 -Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091 -Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091 +Total pre-tax cash flow ($) 0 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 31,851,614 +Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 31,851,614 After-tax Returns: -Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 111,477,091 +Total pre-tax returns ($) -77,889,649 21,765,476 22,378,964 22,849,473 23,244,986 23,608,118 23,953,355 24,287,335 24,613,620 24,934,307 25,250,760 25,561,214 25,856,372 26,098,006 26,163,302 25,782,435 24,509,977 21,792,101 17,207,223 10,815,067 3,326,137 -4,150,299 -10,626,365 -15,601,457 -19,067,266 31,851,614 Federal ITC total income ($) 0 79,625,477 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -24,974,313 +Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -9,256,244 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977 -Total after-tax returns ($) -77,889,649 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 78,911,802 +State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -2,813,448 +Total after-tax returns ($) -77,889,649 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 19,781,923 -After-tax net cash flow ($) -1,920,778 -19,573,470 -56,395,402 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 78,911,802 -After-tax cumulative IRR (%) NaN NaN NaN 17.57 30.20 37.90 42.46 45.20 46.87 47.92 48.59 49.02 49.30 49.48 49.61 49.69 49.74 49.77 49.79 49.81 49.81 49.82 49.82 49.82 -32.96 -22.51 -16.61 49.82 -After-tax cumulative NPV ($) -1,920,778 -19,168,633 -62,958,967 3,053,531 14,331,737 24,425,192 33,428,268 41,445,895 48,578,653 54,919,382 60,552,503 65,554,224 69,993,057 73,930,050 77,418,688 80,502,872 83,211,118 85,549,657 87,499,243 89,021,363 90,078,780 90,665,428 90,827,125 90,577,239 90,046,330 89,412,736 88,749,585 91,343,517 +After-tax net cash flow ($) -1,920,778 -19,573,470 -56,395,402 96,477,120 18,705,568 18,997,807 19,230,352 19,434,569 19,620,917 19,794,003 19,956,130 20,108,489 20,251,698 20,384,026 20,498,122 20,565,114 20,493,286 20,081,715 18,999,037 16,833,350 13,270,909 8,355,344 2,613,501 -4,583,473 -11,051,098 -14,966,798 -17,777,189 19,781,923 +After-tax cumulative IRR (%) NaN NaN NaN 17.57 30.20 37.90 42.46 45.20 46.87 47.92 48.59 49.02 49.30 49.48 49.61 49.69 49.74 49.77 49.79 49.81 49.81 49.82 49.82 49.82 -32.96 -22.51 -16.61 49.81 +After-tax cumulative NPV ($) -1,920,778 -19,168,633 -62,958,967 3,053,531 14,331,737 24,425,192 33,428,268 41,445,895 48,578,653 54,919,382 60,552,503 65,554,224 69,993,057 73,930,050 77,418,688 80,502,872 83,211,118 85,549,657 87,499,243 89,021,363 90,078,780 90,665,428 90,827,125 90,577,239 90,046,330 89,412,736 88,749,585 89,399,842 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,920,778 -19,573,470 -56,395,402 49,969,829 -28,415,211 -28,593,481 -28,756,449 -28,915,363 -29,074,253 -29,235,146 -29,399,304 -29,567,633 -29,740,877 -29,919,002 -30,100,065 -30,274,707 -30,411,831 -30,442,534 -30,252,754 -29,700,566 -28,678,129 -27,201,538 -25,454,450 -25,174,989 -25,166,548 -24,107,156 -23,451,738 75,402,025 +Annual costs ($) -1,920,778 -19,573,470 -56,395,402 49,969,829 -28,415,211 -28,593,481 -28,756,449 -28,915,363 -29,074,253 -29,235,146 -29,399,304 -29,567,633 -29,740,877 -29,919,002 -30,100,065 -30,274,707 -30,411,831 -30,442,534 -30,252,754 -29,700,566 -28,678,129 -27,201,538 -25,454,450 -25,174,989 -25,166,548 -24,107,156 -23,451,738 16,272,145 PPA revenue ($) 0 0 0 46,507,291 47,120,779 47,591,288 47,986,801 48,349,933 48,695,170 49,029,150 49,355,435 49,676,122 49,992,575 50,303,028 50,598,186 50,839,821 50,905,117 50,524,249 49,251,791 46,533,916 41,949,038 35,556,882 28,067,952 20,591,516 14,115,450 9,140,358 5,674,549 3,509,777 Electricity to grid (kWh) 0 0 0 489,550,430 496,008,198 497,973,086 499,134,605 499,947,603 500,567,126 501,064,383 501,477,694 501,829,698 502,135,142 502,377,193 502,464,611 502,022,520 499,853,861 493,352,693 478,265,598 449,385,959 402,891,262 339,639,716 266,653,539 194,571,636 132,664,005 85,447,863 52,766,865 32,464,872 -Present value of annual costs ($) 165,154,310 +Present value of annual costs ($) 167,097,984 -Present value of annual energy costs ($) 165,154,310 +Present value of annual energy costs ($) 167,097,984 Present value of annual energy nominal (kWh) 2,624,579,544 -LCOE Levelized cost of energy nominal (cents/kWh) 6.29 +LCOE Levelized cost of energy nominal (cents/kWh) 6.37 Present value of PPA revenue ($) 256,497,827 Present value of annual energy nominal (kWh) 2,624,579,544 LPPA Levelized PPA price nominal (cents/kWh) 9.77 PROJECT STATE INCOME TAXES -EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 @@ -348,15 +349,15 @@ minus: Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743 Total state tax depreciation ($) 0 5,640,138 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 5,640,138 0 0 0 0 equals: -State taxable income ($) 0 19,090,262 14,271,157 14,963,739 15,596,870 16,214,253 16,831,539 17,456,611 18,094,364 18,748,323 19,421,376 20,113,392 20,816,822 21,495,307 22,028,034 22,147,317 21,410,020 19,264,767 15,292,595 9,556,034 2,768,591 1,682,885 1,650,089 -2,465,651 -5,011,954 126,516,275 +State taxable income ($) 0 19,090,262 14,271,157 14,963,739 15,596,870 16,214,253 16,831,539 17,456,611 18,094,364 18,748,323 19,421,376 20,113,392 20,816,822 21,495,307 22,028,034 22,147,317 21,410,020 19,264,767 15,292,595 9,556,034 2,768,591 1,682,885 1,650,089 -2,465,651 -5,011,954 46,890,798 State income tax rate (frac) 0.0 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 -State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977 +State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -2,813,448 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -7,590,977 +State tax benefit (liability) ($) 0 -1,145,416 -856,269 -897,824 -935,812 -972,855 -1,009,892 -1,047,397 -1,085,662 -1,124,899 -1,165,283 -1,206,804 -1,249,009 -1,289,718 -1,321,682 -1,328,839 -1,284,601 -1,155,886 -917,556 -573,362 -166,115 -100,973 -99,005 147,939 300,717 -2,813,448 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 @@ -366,10 +367,10 @@ minus: Debt interest payment ($) 0 13,127,003 12,919,458 12,697,385 12,459,767 12,205,516 11,933,467 11,642,375 11,330,906 10,997,635 10,641,034 10,259,472 9,851,200 9,414,349 8,946,919 8,446,768 7,911,607 7,338,985 6,726,279 6,070,684 5,369,197 4,618,605 3,815,473 2,956,121 2,036,615 1,052,743 Total federal tax depreciation ($) 0 5,640,138 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 11,280,276 5,640,138 0 0 0 0 equals: -Federal taxable income ($) 0 17,944,847 13,414,888 14,065,915 14,661,058 15,241,398 15,821,647 16,409,214 17,008,703 17,623,424 18,256,094 18,906,589 19,567,813 20,205,589 20,706,352 20,818,478 20,125,419 18,108,881 14,375,040 8,982,672 2,602,476 1,581,912 1,551,084 -2,317,712 -4,711,237 118,925,299 +Federal taxable income ($) 0 17,944,847 13,414,888 14,065,915 14,661,058 15,241,398 15,821,647 16,409,214 17,008,703 17,623,424 18,256,094 18,906,589 19,567,813 20,205,589 20,706,352 20,818,478 20,125,419 18,108,881 14,375,040 8,982,672 2,602,476 1,581,912 1,551,084 -2,317,712 -4,711,237 44,077,350 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -24,974,313 +Federal tax benefit (liability) ($) 0 -3,768,418 -2,817,126 -2,953,842 -3,078,822 -3,200,694 -3,322,546 -3,445,935 -3,571,828 -3,700,919 -3,833,780 -3,970,384 -4,109,241 -4,243,174 -4,348,334 -4,371,880 -4,226,338 -3,802,865 -3,018,758 -1,886,361 -546,520 -332,201 -325,728 486,720 989,360 -9,256,244 CASH INCENTIVES Federal IBI income ($) 0 @@ -409,16 +410,16 @@ Debt principal payment ($) 0 Debt total payment ($) 0 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 DSCR (DEBT FRACTION) -EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +EBITDA ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 127,569,018 +Cash available for debt service (CAFDS) ($) 0 37,857,403 38,470,891 38,941,400 39,336,913 39,700,045 40,045,282 40,379,262 40,705,547 41,026,234 41,342,687 41,653,140 41,948,298 42,189,933 42,255,229 41,874,361 40,601,903 37,884,028 33,299,150 26,906,994 19,418,064 11,941,628 5,465,562 490,470 -2,975,339 47,943,541 Debt total payment ($) 0 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 16,091,927 -DSCR (pre-tax) 0.0 2.35 2.39 2.42 2.44 2.47 2.49 2.51 2.53 2.55 2.57 2.59 2.61 2.62 2.63 2.60 2.52 2.35 2.07 1.67 1.21 0.74 0.34 0.03 -0.18 7.93 +DSCR (pre-tax) 0.0 2.35 2.39 2.42 2.44 2.47 2.49 2.51 2.53 2.55 2.57 2.59 2.61 2.62 2.63 2.60 2.52 2.35 2.07 1.67 1.21 0.74 0.34 0.03 -0.18 2.98 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/example_SHR-3.txt b/tests/examples/example_SHR-3.txt index c3f9599c0..304748299 100644 --- a/tests/examples/example_SHR-3.txt +++ b/tests/examples/example_SHR-3.txt @@ -105,6 +105,8 @@ Capital Cost for Power Plant for Electricity Generation, 2280 Total O&M Cost, 6.5 +Salvage Value Rate, 0.2 + # ******************** OTHER ******************** Time steps per year, 12 diff --git a/tests/geophires_x_tests/test_economics_sam.py b/tests/geophires_x_tests/test_economics_sam.py index 7f7107425..14e421360 100644 --- a/tests/geophires_x_tests/test_economics_sam.py +++ b/tests/geophires_x_tests/test_economics_sam.py @@ -568,6 +568,36 @@ def _irr(r: GeophiresXResult) -> float: with self.assertRaises(RuntimeError): self._get_result({'Depreciation Schedule': 3}) + def test_salvage_value_rate(self): + def _final_year_salvage_usd(r: GeophiresXResult) -> float: + return self._get_cash_flow_row(r.result['SAM CASH FLOW PROFILE'], 'Salvage value ($)')[-1] + + def _npv(r: GeophiresXResult) -> float: + return r.result['ECONOMIC PARAMETERS']['Project NPV']['value'] + + default_result = self._get_result({}) + total_capex_usd = default_result.result['SUMMARY OF RESULTS']['Total CAPEX']['value'] * 1e6 + + # Default salvage value is 10% of total installed cost, credited in the final year + self.assertAlmostEqual( + 0.1 * total_capex_usd, _final_year_salvage_usd(default_result), delta=0.001 * total_capex_usd + ) + + rate_50_pct_result = self._get_result({'Salvage Value Rate': 0.5}) + self.assertAlmostEqual( + 0.5 * total_capex_usd, _final_year_salvage_usd(rate_50_pct_result), delta=0.001 * total_capex_usd + ) + + no_salvage_result = self._get_result({'Salvage Value Rate': 0}) + self.assertEqual(0, _final_year_salvage_usd(no_salvage_result)) + + self.assertLess(_npv(no_salvage_result), _npv(default_result)) + self.assertLess(_npv(default_result), _npv(rate_50_pct_result)) + + with self.assertRaises(RuntimeError): + # Salvage Value Rate is only supported for SAM Economic Models + self._get_result({'Economic Model': 3, 'Salvage Value Rate': 0.2}) + def test_ppa_pricing_model(self): self.assertListEqual( [ diff --git a/tests/geophires_x_tests/test_fervo_project_cape_7.py b/tests/geophires_x_tests/test_fervo_project_cape_7.py index e452bcdd7..312da2fcc 100644 --- a/tests/geophires_x_tests/test_fervo_project_cape_7.py +++ b/tests/geophires_x_tests/test_fervo_project_cape_7.py @@ -465,8 +465,8 @@ def test_result_values(self) -> None: self.assertEqual(round(result.result['ECONOMIC PARAMETERS']['Project NPV']['value'], 1), values['npv_musd']) - # The SAM Single Owner PPA template's salvage percentage - self.assertEqual('50', values['salvage_value_pct_of_total_capex']) + # The default Salvage Value Rate + self.assertEqual('10', values['salvage_value_pct_of_total_capex']) self.assertGreaterEqual(values['min_dscr_year'], 1) self.assertGreater(float(values['min_dscr']), 1.0) diff --git a/tests/regenerate-example-result.env.template b/tests/regenerate-example-result.env.template index 9f7a3bd12..28d1b0418 100644 --- a/tests/regenerate-example-result.env.template +++ b/tests/regenerate-example-result.env.template @@ -1,5 +1,5 @@ -# export GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT= -# export GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_GEOPHIRES_LOCAL_REPO_PATH= +# export GEOPHIRES_FPC7_SENSITIVITY_ANALYSIS_PROJECT_ROOT= +# export GEOPHIRES_FPC7_SENSITIVITY_ANALYSIS_GEOPHIRES_LOCAL_REPO_PATH= export SWS_GTP_CLIENT_USERNAME= export SWS_GTP_CLIENT_USER_PASSWORD= diff --git a/tests/regenerate-example-result.sh b/tests/regenerate-example-result.sh index 8a04434cd..688b52961 100755 --- a/tests/regenerate-example-result.sh +++ b/tests/regenerate-example-result.sh @@ -103,12 +103,12 @@ then fi source regenerate-example-result.env - if [ -n "$GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT" ]; then + if [ -n "$GEOPHIRES_FPC7_SENSITIVITY_ANALYSIS_PROJECT_ROOT" ]; then echo "Updating sensitivity analysis..." STASH_PWD_2=$(pwd) - cd $GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT + cd $GEOPHIRES_FPC7_SENSITIVITY_ANALYSIS_PROJECT_ROOT source venv/bin/activate - python -m fpc_sensitivity_analysis.generate_geophires_fpc5_sensitivity_analysis + python -m fpc_sensitivity_analysis.generate_geophires_fpc7_sensitivity_analysis deactivate cd $STASH_PWD_2 fi