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Lieberose Solar Park:

Project Development and Financial


Analysis Report

June 3, 2014

Report by:













Table of Content
1


Introduction .......................................................................................................................... 2
Summary/Scope .................................................................................................................... 2
Background ........................................................................................................................... 3
Developers ............................................................................................................................ 4
Project Details ....................................................................................................................... 6
Technology Applications ........................................................................................................ 8
Project Financing ................................................................................................................... 9
Financing Analysis ................................................................................................................ 11
Cash Flow Analysis ..................................................................................................... 13
Future Worth Analysis ................................................................................................ 14
Breakeven Analysis .................................................................................................... 15
Case Study Comparison ........................................................................................................ 16
Alternative for Financing ..................................................................................................... 17
Additional Charge ...................................................................................................... 17
Payment Plan ............................................................................................................. 17
Bonds vs. Mezzanine Loans ........................................................................................ 18
Recommendation/Conclusion .............................................................................................. 18
References ........................................................................................................................... 19
Appendix (Alternative Analysis)............................................................................................ 20
Appendix (Team Effort) ........................................................................................................ 22














Introduction
2

With fossil fuel prices increasing, their stores decreasing, and the effects of excess CO
2
in the
atmosphere becoming problematic, renewable energies take the stage. Climate change symptoms are
become more harmful to the current way of life causing for a need of action. Many methods for
combating climate change are the increase in efficiency and sustainable of current living styles.
However, even with these increases, fossil fuel energy generation will continue to put out overwhelming
amounts of CO
2
. The best solution is to find a new, renewable and sustainable way of generating energy,
clean energy. Wind farms and solar parks, both solar thermal and photovoltaic technologies, have been
popping up all over the world in the last few decades. While these energy sources are not consistant,
modern methods make these parks highly competitive in todays energy market. These parks have been
making huge impacts on clean energy consumption. Many countries and companies are pushing for
worldwide clean energy and one of the world leaders is Germany. Germany has over 120 solar parks
with the second largest solar park in the world, Lieberose (Love Rose). However, these solar parks do
not just appear over night. These projects take a lot of detailed planning and financing to make them a
reality.

Summary/Scope
Lieberose Solar Park was built in Turnow-Preilack county, Brandenburg Germany, by Germany's Juwi
Group and Arizona's First Solar, on top of a former Soviet army military training site of Lieberose, to
north the German city of Cottbus. The goal of the project was not only to provide clean energy to over
15,000 homes, but to also re-naturalize the land burdened with munitions. The solar park was designed
to output 53 MW or 53 million kWh/year. Being the largest solar park in Germany, Lieberose takes up
162 hectares of land, the equivalent of 400 acres, which is the size of more than 210 football fields. It
was designed to come online in the year 2009 and last for more than 20 years.
[1]
With the total solar
power of the plant is 53 MW, around 35000 tons of CO
2
are saved from entering the atmosphere
annually. This is one of the reasons the Lieberose plant was awarded official partner of the Sustainable
Europe Campaign by the European Commission.
3


Figure 1: Map of the location for Lieberose Solarpark.

Background
IN September 2010, the German Federal Environment Agency announced that by 2050 the country
would be in a position to meet all of its electricity requirements from renewable energy sources as
opposed to the present 16 per cent. This did not come as a surprise since Germany has always
considered renewable energy sources a viable option and not gimmicky alternatives. The country has
been using renewable energy technologies since 1990. And given the current status of the technology,
Germany is probably the first and only major economy in the world to use renewable energy to its full
potential. It has about 13 million square meters of roofs and fields covered with solar panels and more
than 21,300 wind turbines. Figure 2 expresses the installed capacity in Germany.


4


Figure 2: Installed capacity. Legend:
Jaerlich neu installierte leistung in MWp = Yearly, new installed power in MWp
Installierte Leistung, kumuliert in MWp= Installed capacity, cumulative in MWp

Developers
Juwi group is a project developer for renewable energy plants. It was founded in 1996 by Fred Jung and
Matthias Willenbacher in Germany. To date Juwi has implemented over 2,300 plants which produce a
combined total of approximately 3,000 MW of power.
[2]
Some of Juwis major plants can be seen in
Figure 3. First Solar is also a global leader in photovoltaic energy solutions. Worldwide it provides more
than 8 GW of power. First Solar is not just a developer of renewable projects but it is also a financer,
engineer, constructor, and operator of many of the worlds largest plants.
[3]

5


Figure 3: A list of the major projects Juwi has lead in development.
Juwi Group and First Solar, being some of the major project development companies, see projects
through from consulting, planning, development, financing, construction all the way to management.
While they are able to step in at any point in the process, most of their major successful projects have
been seen from start to finish. Lieberose is a great example. For this solar park they took on the project
of cleaning the old military training facility and ended up selling their largest solar park to date (back in
2009) to the investor WealthCap.


Figure 4: The project flow for Juwi Group.

6

Details
While the details in the planning of the project were not recorded, the construction of Lieberose Solar
Park planned to take place between January and December in 2009. The project ended up being
completed and commissioned in October of 2009. Early stages of construction of the project included
clearing and preparing the land from previous military use. As mentioned earlier, dangerous
ammunitions were removed from the park as part of the clearing process, as seen in Figures 5 and 6.


Figure 5: Project Engineer Siegmund Bransch, part of company Gerbera GmbH, in front of ammunition
waste pile.


7


Figure 6: Ammunition removed from Lieberose site prior to construction.

After the land was successfully cleared equipment was installed, starting with the mounting systems for
the PV panels. The mounting systems for the panels were manufactured by Schletter GmbH. Each
mount holds 25 panels and costs around $1000 USD. Therefore a total of 14,000 mounts are needed for
the 700,000 panels, creating a total cost of $14,000,000 USD.
[4]
Next, around 700,000 PV thin film
modules, predominantly supplied by the nearby German subsidiary of market leader First Solar in
Frankfurt/Oder, were installed. The modules supplied by First Solar, FS-272-277 modules, had an
approximate cost of $150 USD per module.
[5]
There were also 37 SMA inverters rated at 1250MV and
one rated at 900MV installed. Though these costs were not specifically listed it is determined that they
are between $100,000 to $200,000 USD per unit.
[6]


The company Leoni, equipped the solar power plant with installed pipes that transport the generated
power of the 700,000 solar modules to the inverters of the plant. More than 1000 km of sophisticated
cable was installed in total. "It meets the high demands that are made from the solar modules
themselves," said Marc Ziegler, purchasing coordinator of juwi Solar GmbH. The management of Leoni
reports that the cables are extremely weather resistant and have an expected service life of at least
150,000 hours of operation, which is a use of more Allowed than 30 years. The BETAflam solar cable is
double insulated and halogen-free, with a highest resistance. They are flame-retardant, UV, ozone,
hydrolysis as well, and can withstand temperatures from -40 to +120 C. It is also the first cable that is
8

universally applicable for the installation of photovoltaic systems in Europe and America, as it is both
approved by TV as well as by the American UL (Underwriters Laboratories).

Figure 7: An aerial view of Lieberose Solar Park.

Technology Applications
Photovoltaic systems are a form of energy generation that converts sunlight into electricity. The
material used in PV cells is crystalline-silicon. When light hits the material it releases electrons that are
collected at the metal conductors along each cell. These electrons then flow through the conductors to
the outputs. The output of the solar panels are not typically connected to directly to a load as the energy
output can be inconsistent and unusable by most electronics. Instead the solar panels are either directly
connected to a DC/AC inverter or to a charge controller and a battery which is then connected to the
inverter. A similar setup can be found in Figure 8. Photovoltaic systems can be used in many different
applications. Some applications may call for small mobile panel, or panels to be mounted on the roof of
a home. They can also be cascaded in large arrays of series and parallel to generate large amount of
power like in the Lieberose Solar Park.
9


Figure 8: The operation of a photovoltaic system.

The orientation of the solar panels is important for getting optimal performance and energy output.
Some applications allow for the panels to vary or track the sun throughout the day while others are fix in
place. For the northern hemisphere it is important to remember, especially in fixed applications, that
panels should be facing south with no obstructions. Shading on even a single panel will cause the power
output of the entire system to dip. By placing panels in parallel instead of series the dip in power might
not be as significant but still noticeable.

Lieberose solar park is located in a meadow on top of the old military facilities. Because of this there are
no obstructions between the panels and the sun, with the exception of weather. While solar tracking
causes for higher efficiency in the photovoltaic panels it costs money and energy. For Lieberose the
benefits do not outweigh the costs when it comes to solar tracking. Therefore the panels at the solar
park are fixed in place facing south at around a 23 degree angle.

Project Financing
A solar park requires many materials, time, and labor to be completed. As a large investment, the
financing to purchase the equipment, land and labor to construct the solar park must be well planned
out. Juwi and First Solar implemented a financing plan that takes outside capital and refinances through
two development banks. The outside capital accounts for 80% of the total investment and was received
from multiple banks such as: KfW IPEX Bank who provided around one third of the volume, Bremer
10

Landesbank, DZ Bank, Landesbank Hessen-Thringen who provides around one fifth the volume, and
NordLB. The long-term financing also includes funds from the promotional programs of the European
Investment Bank and KfW Bankengruppe. The remaining investments were equity capital financed by
Juwi Group and First Solar at first through mezzanine loans. Mezzanine loans allow the lender to take
hold of stock or ownership in a project or company if the loan is not paid back in time. This means that
for the remaining 20% of the capital was invested by the two companies developing the project of the
solar park. It was planned that the park be sold upon completion, to an investor. The total investment
volume, or cost paid for the park acquisition, was more than 160 million Euros or approximately $215
million USD. The transaction implies a deal value of $4.06 million per MW of installed capacity.

The park ended up being acquired by WealthCap which launched a photovoltaic fund in July 2010 for
investors. They were allowed to participate with a minimum subscription of 10,000 euros plus 5 %
premium. After the lease has run out, the manufacturer First Solar will take the modules back and they
will be brought in to one of the companys recycling plants. With this concept the solar park Lieberose
will stay sustainable even after its deconstruction, as the used resources can be recycled for new solar
modules or in another way. Up to 95% of the semiconductor material can be reused in new modules and
90% of the glass can be reused in new glass products.
11


Figure 9: The waste load is reduced considerably, and thus the recycling procedure relieves the
environment.


Analysis of Financing
As mentioned earlier the financing plan for Lieberose was to take the 80% capital investment and
refinance it through two development banks while the remaining 20% equity gave share holders
ownership of the company. The grand sum of investments came out to be around $215 million USD.
Knowing that the panels produce an output of approximately 53 million kWh/year at a revenue of
$0.42/kWh (USD), the feasibility of this project can be determined through financial analysis. Given the
annual costs of the park, with a few assumptions a cash flow, breakeven, and net future worth analysis
can be done.

12

WealthCap, the investor who purchased the Lieberose Solar Park, has provided an article VP_Solar1.pdf
[which can be downloaded from: web URL: http://www.wealthcap.com/de/aktuelle-
fonds/Solar_1/download.html ]. In this article a list of cash outflow and inflow is listed in a table found
on page 62. Part of the table can be seen in Figure 10. A translation for each row can be found below.

Figure 10: Part of a list of costs and revenue from WealthCap for Lieberose Solar Park.

1. Liquidity of 1.1. of the year
Proceeds
2. Insert mezzanine interest accrued
3. Open deposit in the debt service reserve
account
4. Liquidity reserve to repay the financing
through First Solar
5. Liquidity reserve
6. Interest on investment of the liquidity reserve
7. Revenue from electricity sales
8. Income from the sale
9. To transfer liquidity for the dismantling
Inflows





Payments
10. Interest on borrowed capital
11. Repayments
12. Maintenance and technical management
13. Maintenance / Repairs / own electricity and
other costs
14. Insurance
15. Leases
16. Avalgebhr dismantling guarantee
17. Care costs , "Agency Fee" and other cost
assumptions
18. administrative costs of the investment
19. trade tax
20. distributions to the limited partners in % of
the limited
Outflows
Liquidity at 31.12. of the year

13


As this list is fairly detailed only major forms of costs and revenues were consider during calculation.
Also note that in Figure 10 all values are in EUR, though calculations are done in USD through a simple
conversion factor of 1.36[USD/EUR].

Cash Flow Analysis


Figure 11: Cash Flow analysis timeline.
In this cash flow analysis the annual benefits (revenue) were ignored to determine what the Solar Park
owners would have to pay in order to breakeven at the end of the term given the annual costs, the
initial investment, and salvage benefit. Given the information from WealthCap (Figure 10) the total
annual costs of the Maintenance & Technology, Lease, Insurance, Repair and Other costs came out to be
approximately $3,046,400 (USD). With a investment benefit received in year 2 for $2,448,000 (USD) and
a end of life sale (salvage) for $23,800,000 the present worth was calculated. These calculations were
done with a 7% interest rate.
Table 2: Present worth of annual costs and one time benefits.
Cost/Benefit $ (USD) Present Worth
Initial investment 215,000,000 -215,000,000.00
Annual Costs (over 20 years) 3,046,400 -32,273,605.00
Year 2 investment benefit 2,448,000 +2,138,178.01
Sale/Salvage benefit 23,800,000 +6,150,372.27
Total: Net Present Costs -238,985,054.72
14


From the information given in Table 2, it can be seen that the Solar Park needs to have an annual
revenue with a present value of at least $238,985,054.72. This comes out to be about $22.6 million per
year to cover all of these costs. Based on the recorded and predicted revenue from WealthCaps report
the annual benefits from Lieberose is about $22.9 million. Using more precise numbers it was found that
the annual profit (Present Value) is about $357,501.48. Meaning that the costs are not only covered but
the solar park is making a sizeable annual profit. While the profit may not seem like a lot compared to
the costs annual the park has a future value of $14,655,949.00 at the end of 20 years. Thats $14.6
million in profits! Aside from this the project was not meant for profit but for the betterment of the
community by improving the health of the land and providing clean energy.

Future Worth Analysis
A net future worth analysis determines the value of the project in the future after all benefits and costs
have been paid off and accumulated at their growth rate of 7%. This analysis helps to determine if the
project is profitable and feasibility in the future. If the number comes out to be negative then the costs
outweigh the benefits and the project will only lose money. Below in Table 3 are the numbers and
outcome of the analysis. These calculations use a 7% interest rate for 20 years.
Table 3: Future Worth Analysis
Costs Benefits Future Worth
Debt (Investments) $215,000,000 -$831,982,159.43
Annual Costs $3,046,400 -$124,888,667.81
Annual Revenue $23,120,000 +$947,815,782.47
Profit on investment (yr 2) $2,448,000 +$8,274,074.21
Sale/Salvage $23,800,000 +$23,800,000
Net Future Worth +$23,019,029.44

As can be seen the net future worth of the solar park is both positive and a value of approximately $23
million (USD). Clearly the benefits, even just the monetary benefits, outweigh the costs of this project
with a decent size profit. To better determine at what point the project becomes profitable a breakeven
analysis can be used.


15

Breakeven Analysis
A breakeven analysis determines at what point in time the project will stop seeing only debt at the end
of each year and being seeing profit. This analysis assumes that all benefits end of being paid toward the
debt and not saved for future use or growth. This means that a straight forward calculation was done
comparing the growth of benefits and costs over the time period of the project. The graph and table
below show the calculation.
Table 4: Numbers for the equations used in the graph in Figure 12.
Y = Mx+B Costs Benefits
M $3,046,400 $23,120,000
B $215,000,000 $2,448,000
B $23,800,000


Figure 12: Breakeven analysis graph

As seen in the graph the breakeven point occurs between years 10 and 11. This is the point in time when
the company will begin to make a profit as the revenue begins to outweigh the costs.
$0
$100,000,000
$200,000,000
$300,000,000
$400,000,000
$500,000,000
$600,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Years
Breakeven Analysis
Costs
Benefits
Debt
Profit
16


These forms of analysis only consider the exchange of cash for benefits and costs. They do NOT consider
additional benefits that the Lieberose Solar Park may have. For example the Solar Park prevents 35,000
tons of CO
2
from entering the atmosphere. This benefit is very large as this amount of CO
2
is the
equivalent of preventing 37,593,985 pounds of coal being burned, or saving 28,689 acres of U.S. forest,
or preventing the consumption of 81,395 barrels of oil. These benefits on top of the monetary profits
found in the analysis make this project very significant and worth pursuing.

Case Study Comparison
As projects can be financed in multiple ways there are multiple ways to perform analysis. Another
analysis was found on Lieberose, done by Noel Barton on a personal blog back in June of 2011. [web
URL: http://sunoba.blogspot.com/2011/06/cost-of-solar-power-15.html] . Noel determined that three
items of information were necessary to analyze the solar park: the peak output power, the annual
power output, and the cost of power. Noel was unable to find the output power of the solar park and
instead estimated the power output based on the CO
2
saved from entering the atmosphere. Noel
determined that the annual output was 52 GWhr and the peak output was 52.8 MW at a price of EUR
3.03 $/Watt. Using a Levelised Electricity Cost (LEC) calculation that assumes no inflation, no tax,
funding is by debt, interest rate is 8% with a 25 year payback period, and a standard operation and
maintenance of 3% cost from total project, Noel found the results listed in Table 1. Noel considered her
results reasonable when compared to the markets of other PV solar parks.
Table 5: Noels results.
LEC EUR 381/MWhr
Capital Cost EUR 289/MWhr
O&M Cost EUR 92/MWhr

Noels analysis, while not unreasonable, is making a lot of assumptions. These assumptions are likely
due to the lack of information found for the analysis. While these assumptions are not extreme they do
not cover every detail that goes into the financing of a project. As Lieberose Solar Park is only in
commission for 20 years, the 25 year payback period is unfeasible. Also the 8% interest rate is slightly
high and the annual costs are only estimated. So while the results of having a solar park cost
17

approximately USD $518.6/MWh may be considered reasonable, they are not accurate. They also do not
inform the reader about the realistic feasibility of the Solar Park.

Alternatives for financing
While First Solar and Juwi Group decided to refinance their debt through two development banks, and it
is assumed that they pay constant annuity (principal plus interests) over the 20 year life span, there
might be more profitable ways for financing the project. A few different methods are looked at for
maximizing profit, as the input appears to be fixed. The first method explored is charging up to EUR
$0.03 (USD $0.04) additional charge for each kWh of energy sold. The next method was to have a
different payment plan for the debt. Instead of a constant principal payments plus interests might it be
cheaper to pay only interest until the end of the project in 20 year, or to have constant annual payments
ever year. The last method was looking at filling the investment of the equity through use of bonds
instead of mezzanine loans.

Additional Charge
From the cash flow analysis it was found that the annual profit that the solar park makes is $357,501.48.
This has a future value at the end of 20 years of $14,655,949.00 with a 7% interest rate. While the
project has many other benefits maximizing the monetary value could prove beneficial. By increasing
the price of energy from USD $0.43/kWh to $0.48/kWh (only a EUR $0.03 increase) the profit margins
increase greatly. The annual profits increase to approximately USD $2,669,501.48 which is 8 times the
original profit. This has a future worth of USD $109,437,527.25.

Payment Plan
When paying off loans, debt, or investments there are multiple ways to tackle the large sums. Typically
these sums of money gain interest over time making large numbers larger and sometimes daunting. One
ways to pay off the debt can be paying a constant principal price plus the interest accumulated over the
year. Another method is to pay only the interest accumulated each year and pay off the entire capital at
the end of the projects life. This method is not recommended as $215 million is a very large sum of
money and can be difficult to tackle. The last method looked at is paying a constant payment each year.
The total costs of these plans at the end of the 20 years can be seen in the table below.


18

Table 6: Payment plans
Plan 1: Capital plus interest $417,251,230.92 (USD)
Plan 2: Interest only until end of period $577,177,495.22 (USD)
Plan 3: Constant payment $454,012,270.40 (USD)

More detailed tables can be found in the Appendix (Alternative Analysis). As clearly shown in the table
the owner would be paying almost $40 million less with plan 1, paying capital plus interest each year,
than any other proposed plan. This type of technique minimizes the input into the project.

Bonds vs. Mezzanine Loans
As mentioned earlier First Solar and Juwi Group had 20% of their total investment through equity,
mezzanine loans. These loans or investments have a set monetary value and only increase by the
interest of the development bank in which they are placed. Bonds on the other hand often have a higher
interest rate associated with them and could prove to provide more monetary value in the future,
maximizing output from a similar input. For the mezzanine loans, which are approximately (USD) $43
million there future worth is approximately $84.6 million at the end of the 20 years. If bonds were
purchased, assuming $3000.00 face value per bond and a total of 60,000 bonds for 10 years, with
semiannual payments and an 8% interest rate their future worth is approximately $94.5 million at the
end of 20 year. Comparing the future values it is clear that the bonds value turns out to be greater.

Recommendation/ Conclusion
Based on the analysis of the original and alternative plans the team has determined that the project
would best benefit from the following: Constant principal payments plus interest annually, Bonds
instead of mezzanine loans, and a slight increase in charge for energy.

Ultimately this project was likely not for profit but for the betterment of the community through land
cleaning and the providing of clean energy. According to all forms of analysis this project is very feasible
and makes a decent profit even before alternative recommendations for financing. After
recommendation for financing the project becomes highly profitable making almost 10 times the profit
as is currently predicted. Projects like Lieberose Solar Park help to drive renewable energies into modern
markets while cleaning up the land and air, and are recommended everywhere.

19

References
[1] Juwi Group (May 2009) [web] Available at URL: http://www.solaripedia.com/files/242.pdf
[2] Juwi Group, main website [web] Available at URL: http://www.juwi.com/project_development.html
[3] First Solar, main website [web] Available at URL: http://www.firstsolar.com/en/about-us
[4] Schletter Manufacturing [web] Available at URL:
http://secure.schletter.us/mm5/merchant.mvc?Store_Code=S&Screen=PROD&Category_Code=14&Pro
duct_Code=140002-001
[5] Free Clean Solar .com [web] Available at URL: http://www.freecleansolar.com/First-Solar-Panel-Thin-
Film-FS-272-p/fs-
272.htm?gclid=CjgKEAjwzIucBRDzjIz9qMOB3TASJABBIwL17xgO7FZVneXehhZG2Y9tM46eYLnifgcvvfaCCLJ
d3vD_BwE
[6] Free Clean Solar .com [web] Available at URL: http://www.freecleansolar.com/SMA-Solar-Inverter-
Sunny-Central-500kW-p/sma-sc500u.htm
[7] Solar Server, Lieberose solar Power Plant: an ecological and economic lighthouse project for the
protection of climate and nature. *web+ Available at URL: http://www.solarserver.com/solar-
magazine/solar-energy-system-of-the-month/lieberose-solar-power-plant.html
[8]Munich, WealthCap Press Release (2010). [web] Available at URL:
http://www.wealthcap.de/de/presse/pressetexte_html/2010_06_21_Solar1.html
[9] World Construction Network, Cottbus Solar Power Plant Secures Financing (2009). *web+ Available
at URL:
http://www.worldconstructionnetwork.com/news/cottbus_solar_power_plant_secures_financing_0904
29/
[10] Michael Ziegler, photovoltaic-guide.de, Leoni equips the second largest solar power plant in the
word with special cables (2009). *web+ Available at URL: http://www.photovoltaik-guide.de/leoni-
stattet-zweitgroesstes-solarkraftwerk-der-welt-mit-spezialleitungen-aus-5888
[11]Clean Energy, Greenhouse Gas Equivalencies Calculator. *web+ Available at URL:
http://www.epa.gov/cleanenergy/energy-resources/calculator.html#results
[12] Munich, WealthCap photovoltaic 1 Gmbh & Co. KG, (2010) [PDF] Downloadable at URL:
http://www.wealthcap.com/de/aktuelle-fonds/Solar_1/download.html (Title: Verkaufsprospekt
WealthCap Solar 1 und Nachtrag von 20.07.2010 sowi vom 31.12.2010).

20

Appendix (Alternative Analysis)
Plan
2
Interest only, at end of period pay
principal


Amount owed @
beginning of year
Interest owed
for that year
Total owed at
end of year
Principal
payment
Total end of
year payment

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 0 $16,834,343.61

$240,490,623.01 $16,834,343.61 $257,324,966.62 $240,490,623.01 $257,324,966.62

$336,686,872.21

$240,490,623.01 $577,177,495.22
Plan
1
Constant principal payment plus
interest due

1 $240,490,623.01 $16,834,343.61 $257,324,966.62 $12,024,531.15 $28,858,874.76
2 $228,466,091.86 $15,992,626.43 $244,458,718.29 $12,024,531.15 $28,017,157.58
3 $216,441,560.71 $15,150,909.25 $231,592,469.96 $12,024,531.15 $27,175,440.40
4 $204,417,029.56 $14,309,192.07 $218,726,221.63 $12,024,531.15 $26,333,723.22
5 $192,392,498.41 $13,467,474.89 $205,859,973.30 $12,024,531.15 $25,492,006.04
6 $180,367,967.26 $12,625,757.71 $192,993,724.97 $12,024,531.15 $24,650,288.86
7 $168,343,436.11 $11,784,040.53 $180,127,476.64 $12,024,531.15 $23,808,571.68
8 $156,318,904.96 $10,942,323.35 $167,261,228.31 $12,024,531.15 $22,966,854.50
9 $144,294,373.81 $10,100,606.17 $154,394,979.98 $12,024,531.15 $22,125,137.32
10 $132,269,842.66 $9,258,888.99 $141,528,731.65 $12,024,531.15 $21,283,420.14
11 $120,245,311.51 $8,417,171.81 $128,662,483.32 $12,024,531.15 $20,441,702.96
12 $108,220,780.36 $7,575,454.63 $115,796,234.99 $12,024,531.15 $19,599,985.78
13 $96,196,249.21 $6,733,737.44 $102,929,986.65 $12,024,531.15 $18,758,268.59
14 $84,171,718.06 $5,892,020.26 $90,063,738.32 $12,024,531.15 $17,916,551.41
15 $72,147,186.91 $5,050,303.08 $77,197,489.99 $12,024,531.15 $17,074,834.23
21

16 $60,122,655.76 $4,208,585.90 $64,331,241.66 $12,024,531.15 $16,233,117.05
17 $48,098,124.61 $3,366,868.72 $51,464,993.33 $12,024,531.15 $15,391,399.87
18 $36,073,593.46 $2,525,151.54 $38,598,745.00 $12,024,531.15 $14,549,682.69
19 $24,049,062.31 $1,683,434.36 $25,732,496.67 $12,024,531.15 $13,707,965.51
20 $12,024,531.16 $841,717.18 $12,866,248.34 $12,024,531.15 $12,866,248.33

$176,760,607.92

$240,490,623.00 $417,251,230.92
Plan
3 Constant annual payments

1 $240,490,623.01 $16,834,343.61 $257,324,966.62 $5,866,269.91 $22,700,613.52
2 $234,624,353.10 $16,423,704.72 $251,048,057.82 $6,276,908.80 $22,700,613.52
3 $228,347,444.30 $15,984,321.10 $244,331,765.40 $6,716,292.42 $22,700,613.52
4 $221,631,151.88 $15,514,180.63 $237,145,332.51 $7,186,432.89 $22,700,613.52
5 $214,444,718.99 $15,011,130.33 $229,455,849.32 $7,689,483.19 $22,700,613.52
6 $206,755,235.80 $14,472,866.51 $221,228,102.31 $8,227,747.01 $22,700,613.52
7 $198,527,488.79 $13,896,924.21 $212,424,413.00 $8,803,689.31 $22,700,613.52
8 $189,723,799.48 $13,280,665.96 $203,004,465.44 $9,419,947.56 $22,700,613.52
9 $180,303,851.92 $12,621,269.63 $192,925,121.56 $10,079,343.89 $22,700,613.52
10 $170,224,508.04 $11,915,715.56 $182,140,223.60 $10,784,897.96 $22,700,613.52
11 $159,439,610.08 $11,160,772.71 $170,600,382.79 $11,539,840.81 $22,700,613.52
12 $147,899,769.27 $10,352,983.85 $158,252,753.12 $12,347,629.67 $22,700,613.52
13 $135,552,139.60 $9,488,649.77 $145,040,789.37 $13,211,963.75 $22,700,613.52
14 $122,340,175.85 $8,563,812.31 $130,903,988.16 $14,136,801.21 $22,700,613.52
15 $108,203,374.64 $7,574,236.22 $115,777,610.86 $15,126,377.30 $22,700,613.52
16 $93,076,997.34 $6,515,389.81 $99,592,387.16 $16,185,223.71 $22,700,613.52
17 $76,891,773.64 $5,382,424.15 $82,274,197.79 $17,318,189.37 $22,700,613.52
18 $59,573,584.27 $4,170,150.90 $63,743,735.17 $18,530,462.62 $22,700,613.52
19 $41,043,121.65 $2,873,018.52 $43,916,140.16 $19,827,595.00 $22,700,613.52
20 $21,215,526.64 $1,485,086.87 $22,700,613.51 $21,215,526.65 $22,700,613.52

$213,521,647.38

$240,490,623.02 $454,012,270.40










22

Appendix (Team effort)