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Levelized PPA and LCOE Calculations for SAM PPA Models These calculations are based on the Single
Prepared by Paul Gilman, June 2019 based on SAM 2018.11.11 all equity partnership flip, and sale leaseb
The sample cash flow is from a PVWatts / Single Owner case, but these calculations are the same for SAM's different peformance
models.
2 3 4 5 6 7 8
34,537,112 34,364,424 34,192,604 34,021,640 33,851,532 33,682,276 33,513,864
29,037,220 26,491,868 24,169,641 22,050,974 20,118,026 18,354,518 16,745,594
30,507,229 28,528,845 26,678,762 24,948,653 23,330,742 21,817,754 20,402,880
2,495,462.00 2,507,814.00 2,520,228.00 2,532,703.00 2,545,240.00 2,557,839.00 2,570,500.00
2,098,070.00 1,933,298.18 1,781,467.32 1,641,560.14 1,512,640.69 1,393,845.87 1,284,380.38
-955,460.00 -1,559,021.00 -1,927,322.00 -1,942,505.00 -2,223,688.00 -2,505,334.00 -2,522,229.00
-803,306.95 -1,201,864.44 -1,362,361.32 -1,259,025.94 -1,321,541.76 -1,365,234.26 -1,260,261.21
erent peformance
9 10 11 12 13 14 15
33,346,294 33,179,562 33,013,664 32,848,596 32,684,354 32,520,932 32,358,326
15,277,706 13,938,490 12,716,667 11,601,947 10,584,942 9,657,085 8,810,563
19,079,761 17,842,445 16,685,369 15,603,329 14,591,460 13,645,209 12,760,322
2,583,224.00 2,596,011.00 2,608,861.00 2,621,775.00 2,634,753.00 2,647,795.00 2,660,901.00
1,183,511.89 1,090,565.10 1,004,917.74 925,996.83 853,273.96 786,262.30 724,513.22
-2,539,984.00 -2,558,745.00 -2,578,476.00 -2,178,721.00 -2,193,142.00 -2,434,047.00 -2,586,909.00
-1,163,701.36 -1,074,909.93 -993,213.62 -769,512.54 -710,256.70 -722,789.86 -704,366.60
16 17 18 19 20 21 22
32,196,536 32,035,552 31,875,374 31,715,998 31,557,418 31,399,630 31,242,632
8,038,245 7,333,627 6,690,775 6,104,274 5,569,184 5,081,000 4,635,609
11,932,820 11,158,981 10,435,325 9,758,599 9,125,757 8,533,955 7,980,531
2,674,073.00 2,687,310.00 2,700,612.00 2,713,980.00 2,727,414.00 2,740,915.00 2,754,482.00
667,613.89 615,183.08 566,869.79 522,350.81 481,328.08 443,527.15 408,694.77
-2,615,017.00 -2,744,619.00 -2,276,919.00 -1,717,087.00 -1,719,386.00 -1,726,424.00 -1,733,690.00
-652,869.86 -628,302.34 -477,934.85 -330,482.09 -303,433.49 -279,365.07 -257,235.31
23 24 25 26 27 28 29
31,086,420 30,930,988 30,776,332
4,229,260 3,858,531 3,520,299 - - - -
7,462,997 6,979,024 6,526,437 - - - -
2,768,117.00 2,781,819.00 2,795,589.00
376,598.07 347,022.02 319,768.73 0.00 0.00 0.00 0.00
-1,736,673.00 -1,271,743.00 -109,688.00
-236,271.70 -158,645.41 -12,546.48 0.00 0.00 0.00 0.00
30 31 32 33 34 35 36 37 38
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - - - - - - - -
- - -
- - -
REVENUES
PPA price (cents/kWh) 0 7.15391 7.22545 7.2977
PPA revenue ($) 0.00 2,483,170 2,495,462 2,507,814.00
plus PBI if available for debt service:
Salvage value ($) 0 0.00 0.00 0.00
Total revenue ($) 0.00 2,483,170 2,495,462 2,507,814
OPERATING EXPENSES
O&M fixed expense ($) 0 0.00 0.00 0.00
O&M production-based expense ($) 0 0 0 0.00
O&M capacity-based expense ($) 0 180000 184500 189113
Property tax expense ($) 0 0 0.00 0.00
Insurance expense ($) 0 103,520.00 106,108.00 108,761.00
Total operating expenses ($) 0 283,520.00 290,608.00 297,873.00
RETURN ON EQUITY
Return on equity input (%) 0 0 0 0
Return on equity dollars ($) 0 0 0 0
Return on equity ($/kWh) 0 0 0 0
INCENTIVES
Federal IBI income ($) 0
State IBI income ($) 0
Utility IBI income ($) 0
Other IBI income ($) 0
Total IBI income ($) 0
DEBT REPAYMENT
Debt total payment ($) 0 1271498 1275501 1279414
Debt interest payment ($) 0 890501 863831 835014
Debt principal payment ($) 0 380997 411669 444400
Debt balance ($) 12721440 12340444 11928774 11484374
DEBT SIZING (SCULPTED DEBT PAYMENTS)
EBITDA ($) 0 2199650 2204854 2209941
minus:
Reserves major equipment 1 funding ($) 0 546703 546703 546703
Reserves major equipment 2 funding ($) 0 0 0 0
Reserves major equipment 3 funding ($) 0 0 0 0
Reserves receivables funding ($) 0 0 0 0
equals:
Cash available for debt service (CAFDS) ($) 0 1652947 1658151 1663238
Present value interest factor for CAFDS 0.93 0.93 0.87 0.82
Present value of CAFDS ($) 0 1544810 1448293 1357698
DSCR (pre-tax) 0 1.3 1.3 1.3
Size of debt ($) 0 1188316 1114072 1044383
RESERVES
DEBT REPAYMENT
Debt total payment ($) 0 1271553 1275556 1279470
Debt interest payment ($) 0 890540 863869 835051
Debt principal payment ($) 0 381014 411687 444419
Debt balance ($) 12721995 12340981 11929294 11484875
RESERVES
0 0 0 0 0 0 0 0
125890 115992 -89654 -295573 -306527 -318044 -330230 -343057
0 0 0 0 0 0 0 0
45122 41574 -32134 -105940 -109866 -113994 -118362 -122959
592906 590198 321552 52505 48271 43240 37266 30386
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
803906 770353 734191 695243 653323 608229 559747 507647
2098204 2095582 1093148 91973 91916 92007 91916 92007
0 0 0 0 0 0 0 0
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 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Depreciable Basis PrITC Qualifying Co% of ITC Qualifyi ITC Amount ITC Basis Disallo ITC Amount ITC Basis Disallo State ITC Reducti
20425886 20425886 100 0 0 0 0 0
340431.44 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567385.69 0 0 0 0 0 0 0
680862.88 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22014566 20425886 100 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Depreciable Basis PrITC Qualifying Co% of ITC Qualifyi ITC Amount ITC Basis Disallo ITC Amount ITC Basis Disallo State ITC Reducti
20426774 20426774 100 0 0 0 0 0
340446.25 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
567410.38 0 0 0 0 0 0 0
680892.5 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
22015524 20426774 100 0 0 0 0 0
0 0 0 0 0 0 0 0
-100392 61703 -116146 -229106 -250150 -345829 -436769 -452864
0 0 0 0 0 0 0 0
-35983 22116 -41629 -82117 -89659 -123953 -156548 -162317
443054 441611 213748 73992 59056 -57309 423693 996893
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
451686 391600 337263 278933 216341 149197 77194 0
1404003 2191346 1351520 847769 818742 411924 34043 34043
0 0 0 0 0 0 0 0
0 0.00 0 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 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
-5,666 -5807 -5952 -6101 -6254 256405
0 0 0 0 0 0
-735,254.00 -735,254.00 -735,254.00 -735,254.00 8,087,799.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
0 0 0 0 0 0
0 0 0 0 -8823053 0
0 0 0 0 0 0
0 0 0 0 0 0
-740,920.00 -741,062.00 -741,207.00 -741,356.00 -741,508.00 256,405.00
0 0 0 0 0 0
-455861 -462141 -468379 -471251 -129449 104702
0 0 0 0 0 0
-163391 -165642 -167878 -168907 -46397 37528
1008028 1014490 1020792 1031444 1510076 2685901
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
34043 17022 0 0 1764611 2823377
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
34043 17022 0 0 1764611 2823377
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
2274165 2276334 2278287 2280017 2281517 2282779
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0