FinalPVProForma

8/13/2019 FinalPVProForma

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a Tool


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LTPP Solar Pricing Pro Forma

Single Project Selection Chosen Installation Outputs

Choose size and technology: Chosen installation output:

Levelized Cost ($/kWh) $0.2498Choose Location:

DSCR 1.44

System Cost & Performance Financing AssumptionsInputs Override Inputs Override

System Size (DC) (MW) 1 Percent Financed with Equity 60%

System Cost ($/watt DC) $5.000 After-Tax WACC 8.25% Annual DC Capacity Factor 18.3% Debt Interest Rate 7.50%System lifetime (Years) 25 Cost of Equity 10.79%

Degradation Factor (%/yr) 1.00% Target minimum DSCR 1.40O&M Costs ($/kW) $20.0 Debt Period in Years 20

O&M Cost Escalator (%/yr) 2.0% Federal Tax Rate 35%Inverter replacement cost ($/W) $0.250 State Tax Rate 9%

Inverter replacement time (Years) 10 Tax Credit Rate 30%

Insurance Expense ($/kW) $20.0 MACRS Term 5Insurance Escalator (%/yr) 2.0% Escalator 0%

Solve For All Sizes and Locations All Installation Outputs

Click to solve for all sizes and locations: Solar DG:

Levelized Cost ($/kWh) 0.5 - 2 MWRooftop /Fixed Tilt

0.5 - 2 MWGround /Tracker

2 - 5 MWGround /Fixed-Tilt

5-20 MWGround /Fixed-Tilt

Mojave Desert (Daggett) $0.2483 $0.1852 $0.1748 $0.1678


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South Coast (Riverside) $0.2683 $0.2085 $0.1916 $0.1840Central Valley (Fresno) $0.2788 $0.2127 $0.1979 $0.1900North Coast (Oakland) $0.2904 $0.2294 $0.2132 $0.2048

Mojave Desert (Daggett)

South Coast (Riverside)

Central Valley (Fresno)North Coast (Oakland)

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

0.5 - 2MW

Rooftop /Fixed Tilt

0.5 - 2MW

Ground /Tracker



L C O E ( $ / k W h )

$0.0000

$0.0500

$0.1000

$0.1500

$0.2000

$0.2500

$0.3000

0.5 - 2MW

Rooftop /Fixed Tilt

0.5 - 2MW

Ground /Tracker



UtilityScale /

Crystalline/ Tracker

UtilSca

Thin-/ Fixe


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Central Valley $0.1612 $0.1548

`

lityle /Filmd-Tilt

Mojave Desert (Daggett)

South Coast (Riverside)

Central Valley (Fresno)

North Coast (Oakland)


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Utility Scale - Crystalline Tracker Mojave Desert (Daggett) 60% 8.25%Central Valley (Fresno) 60% 8.25%

Utility Scale - Thin Film Mojave Desert (Daggett) 60% 8.25%Central Valley (Fresno) 60% 8.25%


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Annual DCCapacity

Factor

Systemlifetime(Years)

Degradation Factor

(%/yr)O&M Costs

($/kW)

O&M CostEscalator

(%/yr)

Inverterreplacement cost ($/W)

Inverterreplacemen

t time(Years)

InsuranceExpense($/kW)

18.3% 25 1.00% $20.0 2.0% $0.250 10 $20.016.9% 25 1.00% $20.0 2.0% $0.250 10 $20.016.3% 25 1.00% $20.0 2.0% $0.250 10 $20.015.6% 25 1.00% $20.0 2.0% $0.250 10 $20.023.5% 25 0.75% $25.0 2.0% $0.250 10 $20.020.9% 25 0.75% $25.0 2.0% $0.250 10 $20.020.5% 25 0.75% $25.0 2.0% $0.250 10 $20.019.0% 25 0.75% $25.0 2.0% $0.250 10 $20.021.3% 25 1.00% $20.0 2.0% $0.250 10 $20.019.5% 25 1.00% $20.0 2.0% $0.250 10 $20.018.8% 25 1.00% $20.0 2.0% $0.250 10 $20.017.5% 25 1.00% $20.0 2.0% $0.250 10 $20.021.3% 25 1.00% $20.0 2.0% $0.250 10 $20.019.5% 25 1.00% $20.0 2.0% $0.250 10 $20.018.8% 25 1.00% $20.0 2.0% $0.250 10 $20.017.5% 25 1.00% $20.0 2.0% $0.250 10 $20.023.2% 25 0.75% $44.0 0.0% $0.000 0 $0.021.3% 25 0.75% $44.0 0.0% $0.000 0 $0.021.3% 25 1.00% $32.0 0.0% $0.000 0 $0.018.8% 25 1.00% $32.0 0.0% $0.000 0 $0.0

DebtInterest

RateCost ofEquity

Targetminimum

DSCRDebt Period

in YearsFederal

Tax RateState Tax

RateTax Credit

RateMACRS

Term7.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 5

7.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 57.50% 10.79% 1.40 20 35% 8.84% 30% 5


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InsuranceEscalator

(%/yr)2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%0.0%0.0%0.0%0.0%

Escalator 0%0%0%0%0%0%0%

0%0%0%0%0%0%0%0%0%


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0%0%0%0%


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LCOE ProForma: 0.5 - 2 MW Rooftop / Fixed Tilt Mojave Desert (Daggett)(in actual dollars)

System Design Tax Assumptions OutputSystem Cost ($/watt DC) $5.00 Federal Tax Rate 35.00% Levelized Cost of Generation ($/kWh) $0.2498System Size (DC) (MW) 1.0 State Tax Rate 8.84% NPV $0.0Initial debt service reserve funding $196,184 Effective Tax Rate 40.75%Total System Cost $5,196,184 Investment Tax Credit Rate 30%

Basis Reduction (50% of ITC) 15%MACRS Term 5

Performance InputsDC Capacity Factor 18.3%

Annual Output for Year 1 (MWh) 1,603 FinancingDegradation Factor 1.00% % Financed w/ equity 60%System lifetime (in Years) = PPA Term 25 % Financed w/ debt 40%

Debt Interest rate 7.5%Other Debt period in years 20O&M Costs ($/kW) $20.00 Cost of Equity 10.79%O&M Costs Escalator (%/yr) 2.00% WACC 8.25%Inverter replacement cost ($/W) $0.25 Interest Rate on DSRF 3.8%10yr inverter replacement cost $250,000 Escalator 0%

Annual inverter amount to reserve $25,000Inverter replacement time (in Years) 10 Equity Amount $3,117,711Insurance Expense ($/kW) $20.00 Debt Amount $2,078,474Insurance Escalator (%/yr) 2.00%

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

Energy Production (MWh) 1,603 1,587 1,571 1,556 1,540 1,525 1,509 1,494 1,479 1,465 1,450 1,435 1,421 1,407 1,393 1,379

Cost of Generation ($/MWh) $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615Operating Revenue $400,431 $396,426 $392,462 $388,537 $384,652 $380,806 $376,997 $373,227 $369,495 $365,800 $362,142 $358,521 $354,936 $351,386 $347,872 $344,394Total Revenue $400,431 $396,426 $392,462 $388,537 $384,652 $380,806 $376,997 $373,227 $369,495 $365,800 $362,142 $358,521 $354,936 $351,386 $347,872 $344,394

O&M Costs ($20,400) ($20,808) ($21,224) ($21,649) ($22,082) ($22,523) ($22,974) ($23,433) ($23,902) ($24,380) ($24,867) ($25,365) ($25,872) ($26,390) ($26,917) ($27,456)Inverter Replacement Cost ($25,000) ($24,063) ($23,125) ($22,188) ($21,250) ($20,313) ($19,375) ($18,438) ($17,500) ($16,563) ($25,000) ($24,063) ($23,125) ($22,188) ($21,250) ($20,313)Insurance Costs ($20,400) ($20,808) ($21,224) ($21,649) ($22,082) ($22,523) ($22,974) ($23,433) ($23,902) ($24,380) ($24,867) ($25,365) ($25,872) ($26,390) ($26,917) ($27,456)Total Costs ($65,800) ($65,679) ($65,573) ($65,485) ($65,413) ($65,359) ($65,322) ($65,304) ($65,304) ($65,322) ($74,735) ($74,792) ($74,869) ($74,967) ($75,085) ($75,224)

Operating Profit $334,631 $330,748 $326,889 $323,053 $319,239 $315,447 $311,675 $307,924 $304,191 $300,478 $287,407 $283,729 $280,066 $276,420 $272,788 $269,170

Interest Expense ($155,886) ($152,286) ($148,416) ($144,256) ($139,784) ($134,977) ($129,809) ($124,253) ($118,281) ($111,861) ($104,960) ($97,541) ($89,565) ($80,991) ($71,774) ($61,866)Loan Re a ment Ex ense Princi al $47 997 $51 596 $55 466 $59 626 $64 098 $68 905 $74 073 $79 629 $85 601 $92 021 $98 922 $106 342 $114 317 $122 891 $132 108 $142 016Debt Service Reserve $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Interest earned on DSRF $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357Net Finance Costs ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525) ($196,525)

State tax refund/(paid) $71,949 $125,014 $68,437 $34,462 $34,404 $8,855 ($16,727) ($16,887) ($17,085) ($17,324) ($16,779) ($17,109) ($17,491) ($17,926) ($18,420) ($18,976)Federal tax refund (paid) $1,766,038 $367,209 $196,607 $94,144 $93,934 $16,841 ($60,373) ($60,949) ($61,664) ($62,527) ($60,559) ($61,752) ($63,129) ($64,701) ($66,483) ($68,490)

Taxes Saved/(Paid) $1,837,986 $492,222 $265,043 $128,607 $128,339 $25,697 ($77,101) ($77,836) ($78,749) ($79,851) ($77,338) ($78,862) ($80,619) ($82,627) ($84,903) ($87,466)Equity Investment ($3,117,711)

After-Tax Equity Cash Flow ($3,117,711) $1,976,092 $626,445 $395,407 $255,134 $251,052 $144,618 $38,049 $33,563 $28,918 $24,101 $13,544 $8,342 $2,922 ($2,732) ($8,640) ($14,821

Taxes 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16CaliforniaTaxable operating income $341,987 $338,105 $334,246 $330,410 $326,596 $322,803 $319,032 $315,281 $311,548 $307,835 $294,764 $291,086 $287,423 $283,777 $280,145 $276,527Depreciation schedule (assumes LLP entity) 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Depreciation Basis $5,000,000Depreciation $1,000,000 $1,600,000 $960,000 $576,000 $576,000 $288,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Interest ($155,886) ($152,286) ($148,416) ($144,256) ($139,784) ($134,977) ($129,809) ($124,253) ($118,281) ($111,861) ($104,960) ($97,541) ($89,565) ($80,991) ($71,774) ($61,866)Taxable income ($813,898) ($1,414,181) ($774,170) ($389,847) ($389,188) ($100,173) $189,223 $191,027 $193,267 $195,974 $189,804 $193,545 $197,858 $202,785 $208,370 $214,660Tax refund/(paid) 8.84% $71,949 $125,014 $68,437 $34,462 $34,404 $8,855 ($16,727) ($16,887) ($17,085) ($17,324) ($16,779) ($17,109) ($17,491) ($17,926) ($18,420) ($18,976)

FederalTaxable operating income $341,987 $338,105 $334,246 $330,410 $326,596 $322,803 $319,032 $315,281 $311,548 $307,835 $294,764 $291,086 $287,423 $283,777 $280,145 $276,527Depreciation schedule 20.00% 32.00% 19.20% 11.52% 11.52% 5.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Depreciation basis $4,250,000Depreciation $850,000 $1,360,000 $816,000 $489,600 $489,600 $244,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Interest ($155,886) ($152,286) ($148,416) ($144,256) ($139,784) ($134,977) ($129,809) ($124,253) ($118,281) ($111,861) ($104,960) ($97,541) ($89,565) ($80,991) ($71,774) ($61,866)State taxes rebate/(paid) $71,949 $125,014 $68,437 $34,462 $34,404 $8,855 ($16,727) ($16,887) ($17,085) ($17,324) ($16,779) ($17,109) ($17,491) ($17,926) ($18,420) ($18,976)Taxable income ($591,949) ($1,049,167) ($561,734) ($268,984) ($268,384) ($48,118) $172,496 $174,140 $176,182 $178,650 $173,026 $176,436 $180,368 $184,859 $189,950 $195,684Tax refund/(paid) 35.00% $207,182 $367,209 $196,607 $94,144 $93,934 $16,841 ($60,373) ($60,949) ($61,664) ($62,527) ($60,559) ($61,752) ($63,129) ($64,701) ($66,483) ($68,490)Investment tax credit $1,558,855

Total tax refund/(paid) $1,837,986 $492,222 $265,043 $128,607 $128,339 $25,697 ($77,101) ($77,836) ($78,749) ($79,851) ($77,338) ($78,862) ($80,619) ($82,627) ($84,903) ($87,466)

Levelization of Cost 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Expense and Debt Cost (3,117,711) -$262,325 -$262,204 -$262,098 -$262,010 -$261,938 -$261,884 -$261,848 -$261,829 -$261,829 -$261,847 -$271,260 -$271,317 -$271,394 -$271,492 -$271,610 -$271,749State Tax benefits $107 347 $160 058 $103 130 $68 809 $68 408 $42 519 $16 599 $16 107 $15 579 $15 013 $15 235 $14 584 $13 886 $13 136 $12 332 $11 468Fed Tax benefits $1,893,799 $493,692 $321,826 $218,111 $216,662 $138,341 $59,911 $58,133 $56,227 $54,185 $54,986 $52,637 $50,117 $47,413 $44,510 $41,393State tax benefits $2,001,146 $653,750 $424,956 $286,920 $285,069 $180,860 $76,511 $74,239 $71,806 $69,198 $70,221 $67,221 $64,003 $60,549 $56,842 $52,861Subtotal Cost (3,117,711) 1,738,821 391,546 162,858 24,910 23,131 (81,024) (185,337) (187,590) (190,023) (192,650) (201,039) (204,096) (207,392) (210,943) (214,768) (218,888)

Discount Rate 10.79%NPV of EBIT (1,892,029)

Present value of output (kWh) 12,785 Level subtotal cost ($/kW h) 147.9937

Level Cost Grossed for Taxes 249.7615 Cost in year 1 $ $249.7615

Debt Schedule 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Debt Term Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1Beginning Balance $2,078,474 $2,030,477 $1,978,881 $1,923,415 $1,863,789 $1,799,691 $1,730,786 $1,656,713 $1,577,084 $1,491,484 $1,399,463 $1,300,541 $1,194,199 $1,079,882 $956,991 $824,883Debt Service $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882 $203,882Interest $155,886 $152,286 $148,416 $144,256 $139,784 $134,977 $129,809 $124,253 $118,281 $111,861 $104,960 $97,541 $89,565 $80,991 $71,774 $61,866

Principal $47,997 $51,596 $55,466 $59,626 $64,098 $68,905 $74,073 $79,629 $85,601 $92,021 $98,922 $106,342 $114,317 $122,891 $132,108 $142,016Ending Balance $2,078,474 $2,030,477 $1,978,881 $1,923,415 $1,863,789 $1,799,691 $1,730,786 $1,656,713 $1,577,084 $1,491,484 $1,399,463 $1,300,541 $1,194,199 $1,079,882 $956,991 $824,883 $682,867

Inverter Replacement Fund 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Beginning Balance $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $0 $25,000 $50,000 $75,000 $100,000 $125,000Initial Funding $0 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000Withdrawal $0 - - - - - - - - - (250,000) - - - - - Final O erations Year Withdrawal - - - - - - - - - - - - - - -

Ending Balance $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000Interest Rate 3.75%Net Cash Flow $0 ($25,000) ($24,063) ($23,125) ($22,188) ($21,250) ($20,313) ($19,375) ($18,438) ($17,500) ($16,563) ($25,000) ($24,063) ($23,125) ($22,188) ($21,250) ($20,313)

DSCR 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Cash Flow Available for Debt Service (CFADS) $334,631 $330,748 $326,889 $323,053 $319,239 $315,447 $311,675 $307,924 $304,191 $300,478 $287,407 $283,729 $280,066 $276,420 $272,788 $269,170Debt Service Coverage Ratio (DSCR) 1.64 1.62 1.60 1.58 1.57 1.55 1.53 1.51 1.49 1.47 1.41 1.39 1.37 1.36 1.34 1.32

Avera e of DSCRs 1.44CFADS / DS 1.44Target DSCR 1.40

Debt Service Fund 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16Beginning Balance $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184 $196,184Initial Funding $196,184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Withdrawal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Endin Balance $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184 $196 184Interest Rate 3.75%Earned Interest $0 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357 $7,357

Check: CFADS yields sufficient coverageSum of Debt Service $4,077,641Target DSCR 1.40Total CFADS required $5,708,697CFADS over debt term $5,884,605Net $175 908

MACRS Schedule Term 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 160

($4,000,000)($3,000,000)

($2,000,000)

($1,000,000)

$0

$1,000,000

$2,000,000

$3,000,000

C a s

h F l o w

( $ )

Year

Annual Cash Flow

CONFIDENTIAL


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LCOE ProForma: 0.5(in actual dollars)

System DesignSystem Cost ($/watt DC)System Size (DC) (MW)Initial debt service reserve fundingTotal System Cost

Performance InputsDC Capacity Factor

Annual Output for Year 1 (MWh)Degradation Factor System lifetime (in Years) = PPA Term

Other O&M Costs ($/kW)O&M Costs Escalator (%/yr)Inverter replacement cost ($/W )10yr inverter replacement cost

Annual inverter amount to reserveInverter re lacement time in YearsInsurance Expense ($/kW)Insurance Escalator %/ r

Year

Energy Production (MWh)

Cost of Generation ($/MWh)Operating RevenueTotal Revenue

O&M CostsInverter Replacement CostInsurance CostsTotal Costs

O eratin Profit

Interest ExpenseLoan Re a ment Ex ense Princi alDebt Service ReserveInterest earned on DSRFNet Finance Costs

State tax refund/(paid)Federal tax refund (paid)Taxes Saved/(Paid)

Equity Investment

After-Tax Equity Cash Flow

TaxesCaliforniaTaxable operating incomeDepreciation schedule (assumes LLP eDepreciation BasisDepreciationInterest

Taxable incomeTax refund/(paid)

FederalTaxable operating incomeDepreciation scheduleDepreciation basisDepreciationInterestState taxes rebate/(paid)Taxable incomeTax refund/(paid)Investment tax credit

Total tax refund/(paid)

Levelization of CostExpense and Debt CostState Tax benefitsFed Tax benefitsState tax benefitsSubtotal Cost

Discount RateNPV of EBIT

Present value of output (kWh)Level subtotal cost ($/kWh)

Level Cost Grossed for TaxesCost in year 1 $

Debt ScheduleDebt Term FlagBe innin BalanceDebt ServiceInterest

PrincipalEnding Balance

Inverter Replacement FundBeginning BalanceInitial FundingWithdrawalFinal Operations Year WithdrawalEnding BalanceInterest RateNet Cash Flow

DSCRCash Flow Available for Debt Service (CFADebt Service Coverage Ratio (DSCR)

Average of DSCRsCFADS / DSTarget DSCR

Debt Service FundBeginning BalanceInitial FundingWithdrawalEnding BalanceInterest RateEarned Interest

Check: CFADS yields sufficient coveraSum of Debt ServiceTar et DSCRTotal CFADS requiredCFADS over debt termNet

MACRS Schedule

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

1,365 1,351 1,338 1,325 1,311 1,298 1,285 1,272 1,260 0 0 0 0 0 0 0 0

$249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $249.7615 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000$340,950 $337,540 $334,165 $330,823 $327,515 $324,240 $320,997 $317,787 $314,610 $0 $0 $0 $0 $0 $0 $0 $0$340 950 $337 540 $334 165 $330 823 $327 515 $324 240 $320 997 $317 787 $314 610 $0 $0 $0 $0 $0 $0 $0 $0

($28,005) ($28,565) ($29,136) ($29,719) ($30,313) ($30,920) ($31,538) ($32,169) ($32,812) $0 $0 $0 $0 $0 $0 $0 $0($19,375) ($18,438) ($17,500) ($16,563) ($25,000) ($24,063) ($23,125) ($22,188) $103,750 $0 $0 $0 $0 $0 $0 $0 $0($28,005) ($28,565) ($29,136) ($29,719) ($30,313) ($30,920) ($31,538) ($32,169) ($32,812) $0 $0 $0 $0 $0 $0 $0 $0($75,385) ($75,567) ($75,772) ($76,000) ($85,627) ($85,902) ($86,201) ($86,525) $38,126 $0 $0 $0 $0 $0 $0 $0 $0

$265 565 $261 973 $258 392 $254 823 $241 888 $238 338 $234 796 $231 262 $352 735 $0 $0 $0 $0 $0 $0 $0 $0

($51,215) ($39,765) ($27,456) ($14,224) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$152 667 $164 117 $176 426 $189 658 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $196,184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$7,357 $7,357 $7,357 $7,357 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

($196,525) ($196,525) ($196,525) ($341) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

($19,599) ($20,294) ($21,065) ($21,919) ($21,383) ($21,069) ($20,756) ($20,444) ($31,182) $0 $0 $0 $0 $0 $0 $0 $0($70,738) ($73,245) ($76,030) ($79,113) ($77,177) ($76,044) ($74,914) ($73,787) ($112,544) $0 $0 $0 $0 $0 $0 $0 $0($90,337) ($93,538) ($97,095) ($101,032) ($98,560) ($97,113) ($95,670) ($94,230) ($143,726) $0 $0 $0 $0 $0 $0 $0 $0

($21,297) ($28,091) ($35,228) $153,450 $143,328 $141,225 $139,126 $137,032 $209,010 $0 $0 $0 $0 $0 $0 $0 $0

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

$272,922 $269,330 $265,749 $262,180 $241,888 $238,338 $234,796 $231,262 $352,735 $0 $0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0($51,215) ($39,765) ($27,456) ($14,224) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$221,707 $229,565 $238,293 $247,955 $241,888 $238,338 $234,796 $231,262 $352,735 $0 $0 $0 $0 $0 $0 $0 $0($19,599) ($20,294) ($21,065) ($21,919) ($21,383) ($21,069) ($20,756) ($20,444) ($31,182) $0 $0 $0 $0 $0 $0 $0 $0

$272,922 $269,330 $265,749 $262,180 $241,888 $238,338 $234,796 $231,262 $352,735 $0 $0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0($51,215) ($39,765) ($27,456) ($14,224) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0($19,599) ($20,294) ($21,065) ($21,919) ($21,383) ($21,069) ($20,756) ($20,444) ($31,182) $0 $0 $0 $0 $0 $0 $0 $0

$202,108 $209,271 $217,228 $226,036 $220,505 $217,269 $214,040 $210,819 $321,554 $0 $0 $0 $0 $0 $0 $0 $0($70,738) ($73,245) ($76,030) ($79,113) ($77,177) ($76,044) ($74,914) ($73,787) ($112,544) $0 $0 $0 $0 $0 $0 $0 $0

($90,337) ($93,538) ($97,095) ($101,032) ($98,560) ($97,113) ($95,670) ($94,230) ($143,726) $0 $0 $0 $0 $0 $0 $0 $0

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33-$271,910 -$272,092 -$272,298 -$76,341 -$85,627 -$85,902 -$86,201 -$86,525 $38,126 $0 $0 $0 $0 $0 $0 $0 $0

$10,541 $9,545 $8,475 $7,326 $7,569 $7,594 $7,620 $7,649 -$3,370 $0 $0 $0 $0 $0 $0 $0 $0$38,046 $34,451 $30,589 $26,440 $27,320 $27,408 $27,503 $27,607 -$12,164 $0 $0 $0 $0 $0 $0 $0 $0$48,587 $43,996 $39,064 $33,765 $34,889 $35,002 $35,123 $35,255 -$15,535 $0 $0 $0 $0 $0 $0 $0 $0

223 323 228 097 233 234 42 576 50 737 50 900 51 078 51 270 22 591 0 0 0 0 0 0 0 0

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 331 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0$682 867 $530 201 $366 084 $189 658 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$203,882 $203,882 $203,882 $203,882 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$51,215 $39,765 $27,456 $14,224 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$152,667 $164,117 $176,426 $189,658 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$530,201 $366,084 $189,658 ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0) ($0)

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33$150,000 $175,000 $200,000 $225,000 $0 $25,000 $50,000 $75,000 $100,000 $0 $0 $0 $0 $0 $0 $0 $0

$25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $0 $0 $0 $0 $0 $0 $0 $0- - - (250,000) - - - - - - - - - - - - - - - - - - - - - (125,000) - - - - - - - -

$175,000 $200,000 $225,000 $0 $25,000 $50,000 $75,000 $100,000 $0 $0 $0 $0 $0 $0 $0 $0 $0

($19,375) ($18,438) ($17,500) ($16,563) ($25,000) ($24,063) ($23,125) ($22,188) $103,750 $0 $0 $0 $0 $0 $0 $0 $0

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33$265,565 $261,973 $258,392 $254,823 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

1.30 1.28 1.27 1.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33$196,184 $196,184 $196,184 $196,184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0$0 $0 $0 $196 184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$196,184 $196,184 $196,184 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$7,357 $7,357 $7,357 $7,357 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33

CONFIDENTIAL


15/15

LCOE ProForma: 0.5(in actual dollars)

System DesignSystem Cost ($/watt DC)System Size (DC) (MW)

Initial debt service reserve fundingTotal System Cost

Performance In utsDC Capacity Factor

Annual Out ut for Year 1 MWhDegradation Factor System lifetime (in Years) = PPA Term

Other O&M Costs ($/kW)O&M Costs Escalator (%/yr)Inverter re lacement cost $/W10yr inverter replacement cost

Annual inverter amount to reserveInverter replacement time (in Years)Insurance Expense ($/kW)Insurance Escalator (%/yr)

Year

Ener Production MWh

Cost of Generation $/MWhOperating RevenueTotal Revenue

O&M CostsInverter Replacement CostInsurance CostsTotal Costs

Operating Profit

Interest ExpenseLoan Repayment Expense (Principal)Debt Service ReserveInterest earned on DSRFNet Finance Costs

State tax refund/(paid)Federal tax refund (paid)Taxes Saved/(Paid)

Equity Investment

After-Tax Equity Cash Flow

TaxesCaliforniaTaxable operating incomeDepreciation schedule (assumes LLP eDepreciation BasisDepreciationInterestTaxable incomeTax refund/(paid)

FederalTaxable operating incomeDepreciation scheduleDepreciation basisDepreciationInterestState taxes rebate/(paid)Taxable incomeTax refund/(paid)Investment tax creditTotal tax refund/(paid)

Levelization of CostExpense and Debt CostState Tax benefitsFed Tax benefitsState tax benefitsSubtotal Cost

Discount RateNPV of EBIT

Present value of output (kWh)Level subtotal cost ($/kWh)

Level Cost Grossed for TaxesCost in year 1 $

Debt Schedule

Debt Term FlaBeginning BalanceDebt ServiceInterest

PrincipalEnding Balance

Inverter Replacement FundBeginning BalanceInitial FundingWithdrawalFinal Operations Year WithdrawalEndin BalanceInterest RateNet Cash Flow

DSCRCash Flow Available for Debt Service (CFADebt Service Coverage Ratio (DSCR)

Avera e of DSCRsCFADS / DSTar et DSCR

Debt Service FundBeginning BalanceInitial FundingWithdrawalEnding BalanceInterest Rate

Earned Interest

Check: CFADS yields sufficient coveraSum of Debt ServiceTar et DSCRTotal CFADS requiredCFADS over debt termNet

MACRS Schedule

34 35 36 37 38 39 40 Levelized

0 0 0 0 0 0 0 Ener Production MWh

$0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 Cost of Generation $/kWh$0 $0 $0 $0 $0 $0 $0 Operating Revenue$0 $0 $0 $0 $0 $0 $0 Total Revenue

$0 $0 $0 $0 $0 $0 $0 O&M Costs$0 $0 $0 $0 $0 $0 $0 Inverter Replacement Costs$0 $0 $0 $0 $0 $0 $0 Insurance Costs$0 $0 $0 $0 $0 $0 $0 Total Costs

$0 $0 $0 $0 $0 $0 $0 Operating Profit

$0 $0 $0 $0 $0 $0 $0 Interest Expense$0 $0 $0 $0 $0 $0 $0 Loan Repayment Expense (Principal)$0 $0 $0 $0 $0 $0 $0 Debt Service Reserve$0 $0 $0 $0 $0 $0 $0 Interest earned on DSRF$0 $0 $0 $0 $0 $0 $0 Net Finance Costs

$0 $0 $0 $0 $0 $0 $0 State tax refund/(paid)$0 $0 $0 $0 $0 $0 $0 Federal tax refund (paid)$0 $0 $0 $0 $0 $0 $0 Taxes Saved/(Paid)

Equity Investment

$0 $0 $0 $0 $0 $0 $0 After-Tax Equity Cash Flow

34 35 36 37 38 39 40

$0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $00.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

34 35 36 37 38 39 40$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $00 0 0 0 0 0 0

34 35 36 37 38 39 40

0 0 0 0 0 0 0($0) ($0) ($0) ($0) ($0) ($0) ($0)$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0($0) ($0) ($0) ($0) ($0) ($0) #REF!

34 35 36 37 38 39 40$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0

- - - - - - - - - - - - - - $0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

34 35 36 37 38 39 40$0 $0 $0 $0 $0 $0 $0

0.00 0.00 0.00 0.00 0.00 0.00 0.00

34 35 36 37 38 39 40$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0$0 $0 $0 $0 $0 $0 $0

$0 $0 $0 $0 $0 $0 $0

34 35 36 37 38 39 40

FinalPVProForma

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