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464 lines (394 loc) · 79.4 KB
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*****************
***CASE REPORT***
*****************
Simulation Metadata
----------------------
GEOPHIRES Version: 3.13.0
Simulation Date: 2026-04-14
Simulation Time: 10:07
Calculation Time: 1.867 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
Total CAPEX: 244.33 MUSD
Number of production wells: 6
Number of injection wells: 4
Flowrate per production well: 100.0 kg/sec
Well depth: 2.7 kilometer
Segment 1 Geothermal gradient: 74 degC/km
Segment 1 Thickness: 2.5 kilometer
Segment 2 Geothermal gradient: 41 degC/km
Segment 2 Thickness: 0.5 kilometer
Segment 3 Geothermal gradient: 39.1 degC/km
***ECONOMIC PARAMETERS***
Economic Model = SAM Single Owner PPA
Real Discount Rate: 12.00 %
Nominal Discount Rate: 15.02 %
WACC: 8.57 %
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 Payback Period: 8.94 yr
***ENGINEERING PARAMETERS***
Number of Production Wells: 6
Number of Injection Wells: 4
Well depth: 2.7 kilometer
Water loss rate: 1.0 %
Pump efficiency: 80.0 %
Injection temperature: 56.6 degC
Production Wellbore heat transmission calculated with Ramey's model
Average production well temperature drop: 0.3 degC
Flowrate per production well: 100.0 kg/sec
Injection well casing ID: 8.535 in
Production well casing ID: 8.535 in
Number of times redrilling: 3
***RESOURCE CHARACTERISTICS***
Maximum reservoir temperature: 500.0 degC
Number of segments: 3
Segment 1 Geothermal gradient: 74 degC/km
Segment 1 Thickness: 2.5 kilometer
Segment 2 Geothermal gradient: 41 degC/km
Segment 2 Thickness: 0.5 kilometer
Segment 3 Geothermal gradient: 39.1 degC/km
***RESERVOIR PARAMETERS***
Reservoir Model = Multiple Parallel Fractures Model (Gringarten)
Bottom-hole temperature: 205.38 degC
Fracture model = Rectangular
Well separation: fracture height: 100.00 meter
Fracture width: 305.00 meter
Fracture area: 30500.00 m**2
Reservoir volume calculated with fracture separation and number of fractures as input
Number of fractures: 1500
Fracture separation: 9.83 meter
Reservoir volume: 449216947 m**3
Reservoir hydrostatic pressure: 25324.54 kPa
Plant outlet pressure: 13789.51 kPa
Production wellhead pressure: 2089.11 kPa
Productivity Index: 1.13 kg/sec/bar
Injectivity Index: 1.38 kg/sec/bar
Reservoir density: 2800.00 kg/m**3
Reservoir thermal conductivity: 3.05 W/m/K
Reservoir heat capacity: 790.00 J/kg/K
***RESERVOIR SIMULATION RESULTS***
Maximum Production Temperature: 203.1 degC
Average Production Temperature: 202.8 degC
Minimum Production Temperature: 201.4 degC
Initial Production Temperature: 201.6 degC
Average Reservoir Heat Extraction: 367.18 MW
Production Wellbore Heat Transmission Model = Ramey Model
Average Production Well Temperature Drop: 0.3 degC
Average Injection Well Pump Pressure Drop: -1925.9 kPa
Average Production Well Pump Pressure Drop: 9514.6 kPa
***CAPITAL COSTS (M$)***
Exploration costs: 4.71 MUSD
Drilling and completion costs: 46.49 MUSD
Drilling and completion costs per well: 4.65 MUSD
Stimulation costs: 48.30 MUSD
Surface power plant costs: 118.47 MUSD
Field gathering system costs: 3.20 MUSD
Total surface equipment costs: 121.67 MUSD
Overnight Capital Cost: 221.17 MUSD
Inflation costs during construction: 14.16 MUSD
Interest during construction: 9.00 MUSD
Total CAPEX: 244.33 MUSD
***OPERATING AND MAINTENANCE COSTS (M$/yr)***
Wellfield maintenance costs: 1.11 MUSD/yr
Power plant maintenance costs: 3.62 MUSD/yr
Water costs: 0.16 MUSD/yr
Average Reservoir Pumping Cost: 4.49 MUSD/yr
Redrilling costs: 9.48 MUSD/yr
Total operating and maintenance costs: 18.85 MUSD/yr
***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
Initial Net Heat Production: 327.77 MW
Average Annual Heat Production: 2605.38 GWh
Average Pumping Power: 8.14 MW
************************************************************
* HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE *
************************************************************
YEAR THERMAL GEOFLUID PUMP NET
DRAWDOWN TEMPERATURE POWER HEAT
(deg C) (MW) (MW)
0 1.0000 201.65 8.1512 327.7689
1 1.0052 202.70 8.1476 330.1471
2 1.0062 202.90 8.1469 330.5887
3 1.0067 203.00 8.1466 330.8183
4 1.0070 203.06 8.1463 330.9702
5 1.0073 203.11 8.1462 331.0811
6 1.0074 203.14 8.1463 331.1337
7 1.0066 202.98 8.1488 330.7744
8 1.0008 201.81 8.1651 328.1420
9 1.0048 202.61 8.1453 329.9427
10 1.0060 202.86 8.1444 330.5087
11 1.0066 202.98 8.1429 330.7707
12 1.0070 203.05 8.1409 330.9369
13 1.0072 203.10 8.1389 331.0565
14 1.0074 203.14 8.1373 331.1331
15 1.0070 203.06 8.1377 330.9604
16 1.0032 202.29 8.1481 329.2273
17 1.0041 202.47 8.1350 329.6301
18 1.0058 202.82 8.1348 330.4135
19 1.0065 202.95 8.1348 330.7174
20 1.0069 203.03 8.1348 330.9008
21 1.0072 203.09 8.1348 331.0298
22 1.0074 203.13 8.1348 331.1214
23 1.0072 203.11 8.1357 331.0640
24 1.0048 202.62 8.1429 329.9719
25 1.0027 202.20 8.1348 329.0166
26 1.0055 202.77 8.1348 330.2966
27 1.0063 202.93 8.1348 330.6574
28 1.0068 203.02 8.1349 330.8615
29 1.0071 203.08 8.1349 331.0011
*******************************************************************
* ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE *
*******************************************************************
YEAR HEAT HEAT RESERVOIR PERCENTAGE OF
PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED
(GWh/year) (GWh/year) (10^15 J) (%)
1 2596.7 2885.2 137.45 7.03
2 2604.9 2894.3 127.03 14.07
3 2607.3 2897.0 116.60 21.13
4 2608.8 2898.7 106.17 28.19
5 2609.8 2899.8 95.73 35.25
6 2610.5 2900.6 85.29 42.31
7 2609.8 2899.8 74.85 49.37
8 2600.1 2889.0 64.45 56.41
9 2591.9 2879.9 54.08 63.42
10 2603.9 2893.2 43.66 70.47
11 2606.9 2896.5 33.24 77.52
12 2608.5 2898.3 22.80 84.58
13 2609.6 2899.6 12.36 91.64
14 2610.4 2900.4 1.92 98.70
15 2610.3 2900.4 -8.52 105.76
16 2604.4 2893.8 -18.94 112.81
17 2589.8 2877.5 -29.30 119.82
18 2602.6 2891.7 -39.71 126.86
19 2606.3 2895.9 -50.13 133.91
20 2608.1 2897.9 -60.56 140.97
21 2609.4 2899.3 -71.00 148.03
22 2610.2 2900.3 -81.44 155.09
23 2610.6 2900.6 -91.89 162.15
24 2607.2 2896.8 -102.31 169.21
25 2590.3 2878.1 -112.68 176.22
26 2600.6 2889.6 -123.08 183.25
27 2605.6 2895.2 -133.50 190.30
28 2607.8 2897.5 -143.93 197.36
29 2609.1 2899.0 -154.37 204.42
30 2610.0 2900.0 -164.81 211.48
***************************
* 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
CONSTRUCTION
Capital expenditure schedule [construction] (%) 7.50 52.50 40.0
Overnight capital expenditure [construction] ($) -16,587,617 -116,113,319 -88,467,291
plus:
Inflation cost [construction] ($) -447,866 -6,354,766 -7,361,070
plus:
Royalty supplemental payments [construction] ($) 0 0 0
equals:
Nominal capital expenditure [construction] ($) -17,035,483 -122,468,085 -95,828,361
Issuance of equity [construction] ($) 17,035,483 36,740,426 28,748,508
Issuance of debt [construction] ($) 0 85,727,660 67,079,852
Debt balance [construction] ($) 0 85,727,660 161,808,916
Debt interest payment [construction] ($) 0 0 9,001,404
Installed cost [construction] ($) -17,035,483 -122,468,085 -104,829,765
After-tax net cash flow [construction] ($) -17,035,483 -36,740,426 -28,748,508
ENERGY
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 0.0 0.0 0.0 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 provided (kWh) 0 2,596,723,692 2,604,861,601 2,607,339,534 2,608,804,668 2,609,828,178 2,610,525,059 2,609,821,916 2,600,140,574 2,591,908,499 2,603,877,334 2,606,856,182 2,608,491,513 2,609,601,068 2,610,396,012 2,610,333,538 2,604,400,594 2,589,770,971 2,602,567,841 2,606,300,154 2,608,147,427 2,609,356,200 2,610,229,374 2,610,551,931 2,607,151,425 2,590,281,491 2,600,607,493 2,605,647,753 2,607,766,188 2,609,091,668 2,610,006,197
REVENUE
PPA price (cents/kWh) 0.0 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50 5.50
PPA revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Curtailment payment revenue ($) 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 ($/kWh) 0.0 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.03 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Heat revenue ($) 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
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 ($) 0 31,939,701 32,039,798 32,070,276 32,088,297 32,100,887 32,109,458 58,199,029 83,984,541 93,049,515 93,479,196 93,586,137 93,644,845 93,684,678 93,713,217 93,710,974 93,497,981 92,972,778 93,432,185 93,566,176 93,632,493 93,675,888 93,707,235 93,718,814 93,596,736 92,991,106 93,361,809 93,542,754 93,618,806 93,666,391 215,865,888
Property tax net assessed value ($) 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
OPERATING EXPENSES
O&M fixed expense ($) 0 18,857,935 18,857,078 18,856,816 18,856,662 18,856,555 18,856,509 18,857,013 18,861,324 18,858,798 18,855,811 18,855,144 18,854,170 18,853,050 18,852,027 18,851,542 18,853,830 18,855,256 18,850,277 18,850,225 18,850,210 18,850,210 18,850,221 18,850,390 18,852,118 18,856,498 18,850,242 18,850,249 18,850,255 18,850,261 18,850,268
O&M production-based expense ($) 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
Property tax expense ($) 0 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533 537,533
Insurance expense ($) 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
OPERATING ACTIVITIES
EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087
Interest earned on reserves ($) 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 ($) 0 11,326,624 11,206,716 11,078,414 10,941,131 10,794,239 10,637,063 10,468,886 10,288,936 10,096,390 9,890,365 9,669,919 9,434,041 9,181,652 8,911,596 8,622,635 8,313,448 7,982,617 7,628,629 7,249,861 6,844,579 6,410,928 5,946,921 5,450,433 4,919,192 4,350,763 3,742,545 3,091,751 2,395,402 1,650,308 853,058
Cash flow from operating activities ($) 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
INVESTING ACTIVITIES
Total installed cost ($) -244,333,333
Debt closing costs ($) 0
Debt up-front fee ($) 0
minus:
Total IBI income ($) 0
Total CBI income ($) 0
equals:
Purchase of property ($) -244,333,333
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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
equals:
Cash flow from investing activities ($) -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
FINANCING ACTIVITIES
Issuance of equity ($) 82,524,416
Size of debt ($) 161,808,916
minus:
Debt principal payment ($) 0 1,712,974 1,832,883 1,961,184 2,098,467 2,245,360 2,402,535 2,570,713 2,750,663 2,943,209 3,149,234 3,369,680 3,605,558 3,857,947 4,128,003 4,416,963 4,726,151 5,056,981 5,410,970 5,789,738 6,195,019 6,628,671 7,092,678 7,589,165 8,120,407 8,688,835 9,297,054 9,947,847 10,644,197 11,389,290 12,186,541
equals:
Cash flow from financing activities ($) 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
PROJECT RETURNS
Pre-tax Cash Flow:
Cash flow from operating activities ($) 0 1,217,609 1,438,471 1,597,512 1,752,971 1,912,561 2,078,353 28,335,597 54,296,748 63,556,794 64,195,487 64,523,541 64,819,101 65,112,443 65,412,061 65,699,263 65,793,170 65,597,371 66,415,746 66,928,557 67,400,170 67,877,217 68,372,560 68,880,457 69,287,893 69,246,312 70,231,488 71,063,221 71,835,616 72,628,289 195,625,029
Cash flow from investing activities ($) -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
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 ($) -82,524,416 -495,366 -394,411 -363,672 -345,497 -332,800 -324,182 25,764,884 51,546,085 60,613,585 61,046,253 61,153,861 61,213,543 61,254,496 61,284,058 61,282,300 61,067,019 60,540,390 61,004,776 61,138,819 61,205,151 61,248,546 61,279,882 61,291,292 61,167,486 60,557,477 60,934,435 61,115,373 61,191,419 61,238,998 183,438,489
After-tax Returns:
Total pre-tax returns ($) -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
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) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -39,212,059
State ITC total income ($) 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 ($) -82,524,416 73,782,136 1,805,738 1,797,361 1,777,303 1,750,750 1,718,591 21,349,819 40,746,005 47,536,043 47,811,628 47,838,552 47,825,543 47,794,350 47,750,223 47,677,829 47,439,452 46,960,978 47,224,089 47,232,009 47,182,350 45,831,451 44,463,993 44,350,488 44,126,475 43,526,692 43,661,351 43,637,730 43,523,809 43,376,434 135,325,491
After-tax net cash flow ($) -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 ($) -17,035,483 -48,977,013 -70,705,945 -22,223,354 -21,191,779 -20,299,105 -19,531,689 -18,874,478 -18,313,604 -12,256,041 -2,205,247 7,988,877 16,902,863 24,656,902 31,396,304 37,251,609 42,337,417 46,752,233 50,571,212 53,857,883 56,731,271 59,229,767 61,399,635 63,232,071 64,777,629 66,117,882 67,277,190 68,271,375 69,138,377 69,891,727 70,544,967 71,110,961 72,646,103
AFTER-TAX LCOE AND PPA PRICE
Annual costs ($) -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
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 energy costs ($) 0
Present value of annual energy nominal (kWh) 0
LCOE Levelized cost of energy nominal (cents/kWh) NaN
Present value of PPA revenue ($) 0
Present value of annual energy nominal (kWh) 0
LPPA Levelized PPA price nominal (cents/kWh) NaN
Present value of annual heat costs ($) 202,622,024
Present value of annual heat provided (MMBTU) 44,044,958
LCOH Levelized cost of heating nominal ($/MMBTU) 4.60
PROJECT STATE INCOME TAXES
EBITDA ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087
State taxable PBI income ($) 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 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 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) ($) 0 180,839 407,029 399,793 392,719 385,458 377,915 -816,790 -1,998,022 -2,419,355 -2,448,415 -2,463,342 -2,476,790 -2,490,137 -2,503,769 -2,516,837 -2,521,110 -2,512,201 -2,549,437 -2,572,770 -2,594,228 -2,852,174 -3,110,951 -3,134,061 -3,152,599 -3,150,707 -3,195,533 -3,233,377 -3,268,521 -3,304,587 -8,900,939
PROJECT FEDERAL INCOME TAXES
EBITDA ($) 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
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 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
minus:
Debt interest payment ($) 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 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) ($) 0 796,664 1,793,120 1,761,241 1,730,080 1,698,091 1,664,859 -3,598,274 -8,802,057 -10,658,187 -10,786,210 -10,851,967 -10,911,210 -10,970,009 -11,030,066 -11,087,635 -11,106,458 -11,067,211 -11,231,250 -11,334,040 -11,428,573 -12,564,922 -13,704,938 -13,806,743 -13,888,412 -13,880,077 -14,077,551 -14,244,267 -14,399,090 -14,557,977 -39,212,059
CASH INCENTIVES
Federal IBI income ($) 0
State IBI income ($) 0
Utility IBI income ($) 0
Other IBI income ($) 0
Total IBI income ($) 0
Federal CBI income ($) 0
State CBI income ($) 0
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
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 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 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 ITC total income ($) 0 73,300,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
State ITC amount income ($) 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 ($) 161,808,916 160,095,942 158,263,059 156,301,875 154,203,407 151,958,047 149,555,512 146,984,799 144,234,136 141,290,927 138,141,693 134,772,013 131,166,456 127,308,509 123,180,506 118,763,543 114,037,392 108,980,411 103,569,441 97,779,703 91,584,684 84,956,013 77,863,336 70,274,171 62,153,764 53,464,929 44,167,875 34,220,028 23,575,831 12,186,541 0
Debt interest payment ($) 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
Debt principal payment ($) 0 1,712,974 1,832,883 1,961,184 2,098,467 2,245,360 2,402,535 2,570,713 2,750,663 2,943,209 3,149,234 3,369,680 3,605,558 3,857,947 4,128,003 4,416,963 4,726,151 5,056,981 5,410,970 5,789,738 6,195,019 6,628,671 7,092,678 7,589,165 8,120,407 8,688,835 9,297,054 9,947,847 10,644,197 11,389,290 12,186,541
Debt total payment ($) 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 ($) 0 12,544,233 12,645,187 12,675,926 12,694,102 12,706,799 12,715,416 38,804,482 64,585,684 73,653,184 74,085,852 74,193,459 74,253,142 74,294,095 74,323,657 74,321,899 74,106,618 73,579,988 74,044,375 74,178,418 74,244,750 74,288,145 74,319,481 74,330,891 74,207,085 73,597,075 73,974,033 74,154,972 74,231,018 74,278,597 196,478,087
minus:
Reserves major equipment 1 funding ($) 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
Debt total payment ($) 0 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599 13,039,599
DSCR (pre-tax) 0.0 0.96 0.97 0.97 0.97 0.97 0.98 2.98 4.95 5.65 5.68 5.69 5.69 5.70 5.70 5.70 5.68 5.64 5.68 5.69 5.69 5.70 5.70 5.70 5.69 5.64 5.67 5.69 5.69 5.70 15.07
RESERVES
Reserves working capital funding ($) 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 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 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 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
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
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