8310 IRR Sheet 21 Nov 12

Cells that do not contain any formula, but the correct value itself (since the formula dra
Cells that contain the actual formula, but equal zero as confidential input data were elim
No content, due to confidentiality
but the correct value itself (since the formula draws on confidential input data)
but equal zero as confidential input data were eliminated.
Item
Value
Technical details
Number of WTG of type Vestas V112
Rated capacity per turbine of type Vestas V112

Total capacity of wind farm
Plant load factor (PLF)
Hours per year
82
3.08
252.15
33.91%
8760
Estimated gross electricity generation
904,237.00
Estimated electricity generation (P70_10-year correlated

value)
749,079.00
Planned construction start

Planned operation start
1/1/2014
1/1/2015
Percentage of operational time in first year
100%
Percentage of operational time in last year
100%
Operational life time
20
CAPEX (Capital Expenditures)

Wind Turbine Generators (WTGs)
WTG Type Vestas V112 (3 MW)
Sum
Civil works
Surveys and tests
Construction facilities
Foundations
Crane pads
Roads
VAT amount
Sum Civil Works (excluding taxes)
Sum Civil Works
Electrical works
Grid connection cost (Transmission Line 115 kV)
Main substation
Collector substations
CFE substation (Zacatecas II)
Internal electrical distribution and communication
system
VAT amount
Sum Electrical Works (excluding taxes)
Sum Electrical Works
Total Investment Costs

Total Investment Costs excluding taxes
Total Investment Costs including taxes
460,815,358.59
475,505,815.97
OPEX (Operational Expenditures)

Service Contract (excluding taxes)
Operational Management (excluding taxes)
Insurance: Property damage,production loss and liability
(excluding taxes)
0.50%
Landscaping (excluding taxes)

LLA Rent fixed (excluding taxes)
Time LLA rent has to be paid per year
Number of land owner
LLA Rent variable
CFE transmission Fee
Average annual OPEX
143.95
31,611,511.01
Financing parameters
Up-Front Fee
Equity rate
Equity amount
Debt rate
Debt amount
Total financing period
16
Interest rates:
TIIE 28 (variable) (Interbank offered lending rate)
11.54%
Cost of funding (IPAB)
Financing margin during construction
Financing margin year 1 to 3
Financing margin last year 10 onwards
Comittment fee
Depreciation
Depreciation rate for movable goods
100%
Depreciation base for movable goods
Depreciation rate for Civil Works
Depreciation base for Civil Works
5%
Depreciation rate for Electrical Works
Depreciation base for Electrical Works
5%
Depreciation period
20
Fair value
Book value in the final year
Costs for deconstruction
Income from realization of assets
Costs for realization of assets
Fair value in the final year
Taxes
VAT rate
16.00%
Income tax rate from 2014 onwards
28.00%
IETU (Corporate tax standard rate)
17.50%
Exchange rates
Exchange rate:
1 Euro in US$
1.30
Exchange rate:
1 Mexican Peso in US$
0.08
Inflation
Inflation rate - Euro
2.07%
Inflation rate - MXN Pesos
3.55%
Inflation rate - MXN Pesos (for CFE transmission fee

only)
4.04%
Inflation rate - US-Dollar
2.38%
PPA Price Calculation
PPA price (2011)
PPA price (2011) in US$
1213.35
92.38
Benchmark
Benchmark in Mexico (real terms)
11.20%
Expected Inflation Rate - Mexico
3.00%
Benchmark in Mexico (nominal terms)
14.20%
Equity IRR Calculation - Mezquite
Key assumptions & input data

Unit
units
MW per WTG
MW
%
hours
MWh / year
MWh / year
%
%
years
US$ per unit

US$ for all units
MXN
MXN
MXN
MXN
MXN
MXN
US$
US$
USD
US$
US$
US$
US$
US$
US$
US$
US$
US$
Euro / year
% of gross energy revenues / year
% of net annual revenues
Euro / year
MXN / MW / year
times
% of semestral gross energy revenues
MXN / MWh
US$ / year
%
US$
%
US$
years
% per year
% per year
% per year
% per year
% per year
% per year
% per year
% per year of remaining debt
% / year
US$
% / year
US$
% / year
US$
years
US$
US$
US$
US$
US$
% on net incomes
% on EBITDA
US$
US$
% p.a.
% p.a.
MXN/MWh
US$/MWh
Equity IRR Calculation - Mezquite
Key assumptions & input data

Reference
Please see annual energy production calculation:

20120213_Mezquite_AEP_P75_82xV112_3MW_HH84.pdf , p. 1), stored under:
download\20120604_ME083_Mezquite_Validation documents\5. Technology
Please see: 20110428_Type Certificate_V112 3.0MW_0016-9941.pdf , p.2 , stored under:
calculated.
Calculated.
Please see third party expertise: 20120706_ME083_Windfarm Expertise_Mezquite.pdf , p. 4), stored

under: download\20120604_ME083_Mezquite_Validation documents\Validation 2\5. Technology
Please see third party expertise: 20120706_ME083_Windfarm Expertise_Mezquite.pdf , p. 4), stored
under: download\20120604_ME083_Mezquite_Validation documents\Validation 2\5. Technology
Please see "Planned operation start" (above) and "Operational life time" (below).
Please see "Planned operation start" (above) and "Operational life time" (below).
Please see: 20110428_Type Certificate_V112 3.0MW_0016-9941.pdf , stored under:
calculated.
Please see calculation: 20120522_ME083_BOQ_Civil_Works_Rev01.xls

Please see reference: 20111104_ConsultantEmail_CivilWorks_prices.msg;
20111025_Consultant_Engineering_UnitPrices.xls ; stored
under:download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\CAPEX
calculated.
calculated.
calculated.
Please see calculation: 20120503_ME083_BOQ_82x3.0MW.xls

Please see reference: 20111201_ConsultantEmail_ElectricalWorks_prices.msg;
20111025_Consultant_Engineering_UnitPrices.xls ; stored under:
download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\CAPEX
calculated.
calculated.
calculated.
calculated.
calculated.
Please see indication provided by consultant: 20120604_Insurance cost indication_consultant.msg;

stored under: download\20120604_ME083_Mezquite_Validation documents\4. Investment
Analysis\OPEX
Please see: 20070919_Contract_Landscaping.pdf, stored
under:download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\OPEX
Please see: 20120518_Cargos por Servicios Transmission 2011_CRE.pdf, available under:

http://www.cre.gob.mx/articulo.aspx?id=171, stored under:
download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\OPEX
Please see also: 20100416_RES_CRE_CARGOS SERVICIOS DE TRANSMISION.pdf, p.5 (available
under: http://www.sener.gob.mx/res/Acerca_de/RES_-0662010_CARGOS%20SERVICIOS%20DE%20TRANSMISION_16-04-2010.pdf) ; stored under:
download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\OPEX
Please see calculation in sheet "Equity IRR calculation".
Pleas see: 20120503_WIND FARM IN MEXICO-LETTER OF INTEREST.pdf, stored under:

download\20120604_ME083_Mezquite_Validation documents\4. Investment
Analysis\Financing_Inflation_Prices
calculated.
calculated.
P:\SoWiTec Trading\CDM\SoWiTec trading - CDM Projects\Mexico\ME083_Mezquite\PDD\PDD
sources\4. Investment Analysis\Financing_Inflation_Prices
calculated.
Please see also: 20120427_Banxico_TIIE28dys_1997-2011.xls (available under:
http://www.banxico.org.mx/SieInternet/consultarDirectorioInternetAction.do?accion=consultarCuadro
&idCuadro=CF101&sector=18&locale=es ; 1997-2011, > Niveles) ; stored under:
Please see: 20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 40 XII (p.52)
,available under: http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf, stored under:
download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses
calculated.
Please see: 20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 40 I.b) (p.51),
available under: http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf, stored under:
calculated.
Please see: 20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 40 I.b) (p.51),
available under: http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf, stored under:
calculated.
Please see: 20110428_Type Certificate_V112 3.0MW_0016-9941.pdf, stored under:
calculated.
Costs not taken into consideration due to conservative approach of analysis.
Please see: 20100428_Contrato de Interconexin ER y Cogeneracin_CRE.pdf, SEPTIMA, stored

under: download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses
Costs not taken into consideration due to conservative approach of analysis.
calculated.
Please see:20091207_Ley del IVA.pdf, available under:

http://www.diputados.gob.mx/LeyesBiblio/pdf/77.pdf, stored under:
20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, TTULO II Artculo 10, p.10, available
under: http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf, stored under:
Please see: 20071001_Ley del Impuesto Empresarial a Tasa Unica IETU.pdf , CAPITULO III,
available under: http://www.diputados.gob.mx/LeyesBiblio/pdf/LIETU.pdf, stored under:
Please see: European Central Bank:

http://sdw.ecb.europa.eu/browseTable.do?type=&node=2018794&CURRENCY=USD&sfl1=4&SERI
ES_KEY=120.EXR.D.USD.EUR.SP00.A&DATASET=0&sfl3=4&start=01-01-2012&end=01-042012&submitOptions.x=41&submitOptions.y=4&trans=N&vf=&q=&type= ; Please select daily rates,
Data table, Data range, to download data
Please see: http://www.banxico.org.mx/portal-mercado-cambiario/index.html ; Please select USD
exchange rate and the interval and calculate the average value of the column "Para Pagos"/"Para
solventar obligaciones").
Please see:
http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&language=de&pcode=tsieb060&tableSelection
=1&footnotes=yes&labeling=labels&plugin=1
National Consumper Price Index, (INPC - Indice Nacional de Precios al Consumidor):
20120418_INPC_1997-2011_Banxico.xls. Please see:
&idCuadro=CP154&sector=8&locale=es
(Select INPC, period and "inflacion accumulada anual")
National Producer Price Index (INPP = Indice Nacional de Precios Productor): 20120418_INPP_19972011_Banxico.xls. Please see:
&idCuadro=CP154&sector=8&locale=es
(Select INPP, period and "inflacion accumulada anual")
Please see: ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt
Please see: 20120301_Precios_Medios_de_Energia_Electrica_SENER.pdf (Average price in 2011), ;

available under: http://www.sener.gob.mx/portal/Default.aspx?id=1430 , stored under:
download\20120604_ME083_Mezquite_Validation documents\7. Energy market MEX
Please see: 20100428_Contrato de Interconexin ER y Cogeneracin_CRE.pdf, XV.3, p.10, available
under: http://www.cre.gob.mx/documento/1328.pdf , stored under:
see above
Please see: UNFCCC (2011): Annex 5 Guidelines on the Assessment of Investment Analysis (Version
05): UNFCCC Guidelines Investment Analysis.pdf, p.10 (available under:
http://cdm.unfccc.int/Reference/Guidclarif/reg/reg_guid03.pdf).
05), source: http://cdm.unfccc.int/Reference/Guidclarif/reg/reg_guid03.pdf, p. 8.
OPTION II: Inflation target rate published by the central bank (See: 201201_Banxico_Programa
Monetario 2012.pdf, p.5, available under: http://www.banxico.org.mx/publicaciones-ydiscursos/publicaciones/informes-periodicos/politica-monetaria-prog-anual/%7B10D4DF99-4E2B102E-77FF-E6616A760E90%7D.pdf), stored under:
05), source: http://cdm.unfccc.int/Reference/Guidclarif/reg/reg_guid03.pdf, p. 8, 10.
Remarks
The wind farm design of the project activity considers 82 WTGs. The turbine type most likely to be installed is the Vestas V112
3MW, representing the economically most attractive option at the time of PDD submission.
The nominal capacity of the Vestas V112 is 3.00 MW. However, at wind speeds over 12 m/s, its rated power exceeds the nominal
capacity and achieves up to 3.075 MW. For the calculation of the energy production of the turbines and of the whole wind farm,
the internal calculations took the actual power curve with values up to 3.075 MW and applied appropriate losses.
Please see explanation above concerning the nominal capacity of the GE100 1.6MW.
According to Annex 11, GUIDELINES FOR THE REPORTING AND VALIDATION OF PLANT LOAD FACTORS (Version
01), the Plant Load Factor was calculated following option II.3.(b): "The plant load factor determined by a third party contracted
by the project participants." The PLF can be calculated based on the net electricity generation (gross energy production minus
appropriate estimated losses) and uncertainty reductions (for P70 value) and the installed capacity of the wind farm of 160.4 MW.
Since investors and financiers regularly require an acceptable level of uncertainty for the estimated value for electricity
generation, the P70 long-term correlated value was considered within the calculation. Please note that several losses were
considered (e.g. electrical losses) which is a confirmation for a realistic NET electricity generation. In order to reach an even
The operation start of the wind farm is planned for January 2015 and the operational life time of the project is twenty years.
The operation start of the wind farm is planned for January 2015 and the operational life time of the project is twenty years.
The assessed design life time of a WTG published by the manufacturer and defined for the V112 is 20 years.
Please note that according to the indicative offer, and in juxtaposition to the costs for civil and electrical works, WTG prices are
valid if delivery occurs within 2013 and no inflation adjustment has been made.
Civil works prices are based on prices per unit in MXN pesos, obtained by a contracted independent consultant (see:
20111104_ConsultantEmail_CivilWorks_prices.msg; 20111025_Consultant_Engineering_UnitPrices.xls) and are calculated
according to the expected amounts required for the realization of the project activity (see calculation:
20120522_ME083_BOQ_Civil_Works_Rev01.xls; The categorization used for the equity IRR calculation is indicated in light
blue in column "G").
According to the unit prices received by the engineering consultant (20111025_Consultant_Engineering_UnitPrices.xls), the unit
prices do not include VAT.
Please note that the costs of civil works are based on unit prices provided by a consultant end of 2011. To reflect appropriately
any currency and price developments over time and especially to be comparable to other cost and revenue items included in this
calculation, the total cost for civil works will be adated to inflation until the expected contract signature for such works. This is
assumed to be on 31/08/2013 (equal WTG supply contract signature) and thus an inflation adjustment is to be made in the
following spreadsheets (adjustment for 1 year to maintain a conservative approach). Since no payment conditions are defined at
the time being, the most conservative approach (payment at the time of contract signature) has been considered to determine the
Electrical works prices are based on prices per unit in US$ obtained by a contracted independent consultant (see:
20111201_ConsultantEmail_ElectricalWorks_prices.msg; 20111025_Consultant_Engineering_UnitPrices.xls) and are calculated
according to the expected amounts required for the realization of the project activity (see calculation:
20120503_ME083_BOQ_82x3.0MW.xls; The categorization used for the equity IRR calculation is indicated in light blue in
column "G").
According to the unit prices received by the engineering consultant (20111025_Consultant_Engineering_UnitPrices.xls), the unit
prices do not include VAT.
Please note that the costs of electrical works are based on unit prices provided by a consultant end of 2011. To reflect
appropriately any currency and price developments over time and especially to be comparable to other cost and revenue items
included in this calculation, the total cost for electrical works will be adated to inflation until the expected contract signature for
such works. This is assumed to be on 31/08/2013 (equal WTG supply contract signature) and thus an inflation adjustment is to be
made in the following spreadsheets (adjustment for 1 year to maintain a conservative approach). Since no payment conditions are
defined at the time being, the most conservative approach (payment at the time of contract signature) has been considered to
According to an independent consultant, the typical range for insurance costs to be considered is 0.5-1.5% of annual forecasted
revenue based on net electricity generation. Following a conservative approach, the least cost for the project activity (0.5% of
annual revenues) is assumed for insurance costs. Since the forecasted revenues do not include VAT, the costs for insurance are
The transmission fees are defined by the grid operator CFE for each project. Since the exact value is unknown at the time of PDD
submission, the general legal basis has been selected as a reference value. Since electricity generation is regularly transmitted at
high voltage levels in order to reduce transmission losses and as end-customers typically receive low-voltage electricity, a realistic
scenario is to consider all voltage levels: High voltage + medium voltage + low voltage. The fees were initially defined in the
resolution of the Energy Secretary SENER published in the "Diario Oficial" (see reference on the left) and adapted to inflation
annually. The latest available annual average transmission fees (2011) are published by the Energy Regulation Comission CRE
(please see spreadsheet: CFE fees). Therefore, all values defined for 2011 are inflation adjusted for 2 years until the investment
Please note that the upfront fee is payable on the actual total debt amount (see reference on the left), i.e. on debt portion of total
investment costs accrueing in the construction year (2014). To reflect appropriately currency and price developments over time
and especially to be comparable to other cost and revenue items included in this calculations, the total fee on the left, will be
based on investment cost (partially) adapted to inflation until 31/08/2013 (please see remarks on the items: "Sum WTGs", "Sum
Civil works" and "Sum Electrical works"). Please note that the Mexican inflation rate is to be considered since the loan conditions
According to the Ley de Impuesto Sobre la Renta (Article 40, XII.), machinery and equipment (working assets) for renewable
energy projects may be depreciated 100% within a year, whenever the project's operation continues at least five years afterwards.
Alternatively, machinery and equipment may be depreciated 5% annually (Article 41, I.). From a tax perpective, the most
attractive depreciation option is to write off 100% within the first year (construction year), which is when mayor investment costs
The depreciation base is the original investment cost (WTG price in this case), including taxes actually paid except VAT. Source:
20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 37 (p.49), available under:
http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf, stored under: download\20120604_ME083_Mezquite_Validation
5% is the maximum depreciation rate applicable for construction works (fixed assets).
The depreciation base is the original investment cost (civil works in this case), including taxes actually paid except VAT. Source:
20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 37 (p.49), available under:
5% is the maximum depreciation rate applicable for construction works (fixed assets).
The depreciation base is the original investment cost (electrical works in this case), including taxes actually paid except VAT.
Source: 20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, Artclo 37 (p.49), available under:
The depreciation period is 20 years as the project activity has a lifetime of 20 years based on the design lifetime of the turbines,
defined in the V112_3MW type certificate.
The book value in the final year corresponds to the sum of the depreciation base for movable and immovable goods that are not
depreciated at the end of the operational life time of the wind farm. As movable goods are depreciated with a rate of 5% per year
during 20 years of operational life time, summing up to 100% during 20 years, the book value of the movable goods equals zero.
According to the Environmental Impact Assessment (Manifestacin de Impacto Ambiental_Parque Elico Dominica, Cap.II,
p.47, available under: http://sinat.semarnat.gob.mx/dgiraDocs/documentos/slp/estudios/2011/24SL2011E0005.pdf) , the project
owner is obliged to completely dismantle all project assets at the end of the project life time. The life time of the project activity is
20 years as the technical life time of the turbines is limited to 20 years (see remark and reference under "Depreciation period").
This dismantling will enhance high costs such as for the machinery and work force for the deconstruction of the wind turbines
and the infrastructure, its transportation and proper waste disposal. However, these costs are difficult to estimate. Therefore and
The possible income from a realization of the assets is very limited and impossible to predict: Firstly, according to the
Interconnection Contract draft to be signed with CFE, the project owner is obliged to donate the the entire transmission line and
electrical infrastructure for the grid connection to CFE (see reference on the left). Secondly, any roads constructed or improved as
part of the civil works related to the project are designed as a property for the landowners, which is only in possession of the
project developer during the validity of the land lease agreement (see reference under "LLA Rent", Clause: NOVENA, b)). Thus,
no income can be derived out of any possibly remaining value of the assets through a deconstruction and extraction of raw
materials. As for the fair value of any remaining infrastructure works, the price for the materials (mainly copper and steel) that
The possible income from the realization of the material (see above) is reduced by the expenses for their sale, such as the costs
for proper isolation of copper from the cable coatings and the costs for transportation to possible place of sale (as the project is
located at a long distance from other industry installation or big cities with potential purchasers.) However, these costs are
difficult to estimate. Therefore and due to the conservative approach of this analysis, the costs for the realization of the assets
will not be taken into consideration in the present analysis.
The fair value in the final year is assumed to equal zero. This assumption can still be considered as a conservative because of the
following reasons: 1. The high costs for deconstruction accruing to the project owner are not taken into consideration. 2. The
costs of the potential realization of the assets are not taken into consideration. 3. As explained above, no income from the
realization of assets is to be considered. Furthermore, it is not considered that large part of the assets cannot be sold after 20
years, but will have to be deposited or recycled without producing income. 4. The fair value in the final year is considered as net
cash inflow after taxes, without taken into account that taxes would have to be paid on this income, which would reduce the
income and thus the IRR.
According to the Value Added Tax law (Ley del Impuesto al Valor Agregado), the VAT in Mexico is 16%.
According to the Mexican tax law (Ley del Impuesto Sobre la Renta), the applicable Mexican income tax rate for 2010-2012 is
30% (p.333), for 2013 29% (p.334) and from 2014 onwards is defined to be 28% (p.10).
According to the law of the single rate business tax (Impuesto Empresarial a Tasa Unica - IETU), every business located in
Mexico is obliged to pay taxes as per the IETU tax rate, if this tax burden exceeds the conventional income tax burden which is
calculated based on net profits. The IETU is calculated based on earnings deducted by expenses, but before interests, depreciation
and loan repayments (EBITDA), whereas the conventional income tax is calculated based on net profits. If in a fiscal year, the
IETU is to paid by the company, the total tax burden is calculated as follows: (Tax burden with income tax - Tax burden with
As exchange rate, the average of the daily exchange rates between January 1st, 2012 and June 3th, 2012 were taken. This data
vintage was chosen in order to have a middle-term average to balance the influence of the exchange rate fluctuation on the
analysis. January 1st, 2012 was chosen in order to have an average for the year 2012, obtaining thus an average exchange rate
valid and realistic at the time of validation. June 3th, 2012 was chosen as the PDD was handed in on June 4th, 2012 and on the
day of handing in the PDD, the investment decision had not been taken yet. (Please also refer to the timetable provided in Section
As exchange rate, the average of the daily exchange rates between January 1st, 2012 and June 3th, 2012 were taken. This data
vintage was chosen in order to have a middle-term average to balance the influence of the exchange rate fluctuation on the
analysis. January 1st, 2012 was chosen in order to have an average for the year 2012, obtaining thus an average exchange rate
valid and realistic at the time of validation. June 3th, 2012 was chosen as the PDD was handed in on June 4th, 2012 and on the
day of handing in the PDD, the investment decision had not been taken yet. (Please also refer to the timetable provided in Section
B.5. of the PDD.)
Average of the last 14 years (1997 - 2011) of inflation rates of the Consumer Price Index of the European Union, published by
Eurostat, the statistical office of the EU. The only contract that is subject to inflation that will be concluded in Euro as currency is
the Service Contract. Euro inflation data is only available since 1997 (see link on the left). Therefore, the data vintage for the
following parameters was chosen to be 14 years in order to always use the same data vintage in the present calculation:
Interbanking lending rates (TIIE28-days), Euro inflation rate, MXN inflation rate (INPC) and US$ inflation rate (CPI).
The data vintage chosen to estimate the inflation rate development is 14 years, in order to represent a comparable time series to
the one applied for Euro inflation rates (1997- 2011).
The CFE transmission fees will be inflation adapted with the Produce Price Index published by the Mexican Central Bank, as
defined in the document: 20100428_Anexo TB-RC_Inflation Adaptation Factor.pdf (available under:
http://www.cre.gob.mx/documento/1757.pdf). The data vintage chosen to estimate the inflation rate development is 14 years, in
order to represent a comparable time series to the one applied for Euro inflation rates (1997- 2011).
The data vintage chosen to estimate the inflation rate development is 14 years, in order to represent a comparable time series to
the one applied for Euro inflation rates (1997- 2011). Values considered are the yearly average inflation rates of the Consumer
Price Index of the USA, published by the U.S. Department Of Labor, Bureau of Labor Statistics. Even though the price
indications of the different items of the OPEX are partly indicated in Euro (due to the fact that the contracts used as references are
in Euro), the contracts for the Mezquite Wind Farm that are subject to inflation will be - except the Service Contract - concluded
Since at the time of PDD submission no self-supply customer had been selected yet, nor had any Power Purchase Agreement
(PPA) for self-supply purposes been signed and market data for realistic electricity prices under this scheme and in the region of
the project activity are not publicly available, the average electricity price published by the Energy Secretary (SENER) has been
analyzed. However, the project will operate under the self supply scheme ("autoabastecimiento") and electricity customers will
only opt for this scheme if a lower price is offered, i.e. electricity costs for them are reduced. Therefore a discount rate on these
average electricity prices needs to be considered. According to the interconnection contract for the self-supply scheme, in case of
any electricity generation surplus from the project activity, the grid operator (CFE) is obliged to purchase such electricity excess
at 85% of the short term marginal cost ("Costo Total de Corto Plazp - CTCP") incurred in the respective region and period of
time (see: 20100428_Contrato de Interconexin ER y Cogeneracin_CRE.pdf, DECIMA QUINTA XV.3, p.10). As the CTCP
varies considerably between regions, seasons and day-times and a final PPA customer is no yet defined, the average electricity
price published by SENER has been considered instead of a very specific and potentially unrealistic CTCP. This assumption
(average electricity prices x 85% instead of 85% x CTCP) reflects the upper limit for achievable PPA prices, since the average
electricity prices are (end-)customer prices and the CTCP reflects the purchasing price for generated electricity at a certain time
see above
According to the tool (see link on the left, p. 7), the applicable value for energy industries - such as wind power - is the value for
Group 1 . For Mexico, this value is 11.20%.
According to the Guidelines on the Assessment of Investment Analysis (Version 05, p. 8), "in situations where an investment
analysis is carried out in nominal terms, project participants can convert the real term values provided [] to nominal values
by adding the inflation rate.The inflation rate shall be obtained from the inflation forecast of the central bank of the host country
for the duration of the crediting period. If this information is not available, the target inflation rate of the central bank shall be
used. If this is also not available, then the average forecasted inflation rate for the host country published by the IMF [...] of the
World Bank for the next five years after the start of the project activity shall be used." The Mexican central bank has conducted
an inquiry amongst economy specialists on their expectations on the inflation rate development amongst others. Since the start
date of the crediting period is 01/01/2015 (or the date of CDM registration, whichever latest), the applicable vintage to estimate
the Mexican Inflation Rate (first crediting period) is 2015 - 2022. This data vintage is slightly longer than the inquiry, which only
Real term benchmark of Mexico adapted by inflation rate = Nominal term benchmark.
Item
Value
Benchmark in Mexico (nominal terms)
14.20%
Equity IRR
3.65%
Sensitivity analysis:
Energy output +10%
6.61%
PPA price +10%
6.61%
CAPEX -10%
6.10%
OPEX -10%
4.54%
17%
16%
15%
14%
13%
Equity IRR (in %)
12%
11%
10%
9%
8%
Energy output +10%
7%
6%
5%
4%
3%
2%
1%
0%
Equity IRR
3.65%
Results
Reference
Please see calculation under "Benchmark" on the excel sheet "Key assumptions" of this document.
Please see excel sheet "Equity IRR Calculation" of this document.
Please see the calculation in the excel sheet "Energy output +10%" of this document.
Please see the calculation in the excel sheet "PPA price +10%" of this document.
Please see the calculation in the excel sheet "CAPEX -10%" of this document.
Please see the calculation in the excel sheet "OPEX -10%" of this document.
Benchmark =
Equity IRR
Energy output +10%
Energy output +10% PPA price +10%

6.61%
6.61% CAPEX -10%
6.10%
OPEX -10%
4.54%
Equity IRR
3.65%
PPA price +10%

CAPEX -10%
OPEX -10%
Remarks
Calculated based on the following tool: UNFCCC (2011): Annex 5 Guidelines on the Assessment of Investment
Analysis (Version 05), source: http://cdm.unfccc.int/Reference/Guidclarif/reg/reg_guid03.pdf.
Calculated based on the profit after taxes of the Mezquite Wind Farm.
For this calculation, the energy output has been increased by 10%. The adapted values are marked in yellow in the
excel sheet "Energy output +10%".
For this calculation, the PPA price has been increased by 10%. The adapted values are marked in yellow in the excel
sheet "PPA price +10%".
For this calculation, the capital expenditures (CAPEX) have been reduced by 10%.
For this calculation, the operational expenditures (OPEX) have been reduced by 10%.
Energy output +10%

PPA price +10%
Unit
Project life (including construction)
PPA price calculation

PPA price
US$ / MWh
Cash flow in
Energy Output
MWh
Revenues from PPA
US$
US$
Cash flow out

US$
Civil works
US$
VAT on civil works
US$
Electrical works
US$
VAT on electrical works
US$
Effective upfront fee (2.5%)
US$
Total CAPEX, inflation adapt., excl. VAT
US$

US$

(excluding taxes)
US$
US$
LLA Rent variable
US$
US$
Total, adapted to inflation
US$
VAT
US$
Total OPEX,inflation adapt., excl. VAT
US$
US$
US$
Financing
EBITDA
Principal repayment
US$
Financing costs (interes + comittment fee)
US$
EBTDA (earnings before taxes, depreciation and
US$
amortization), after debt service
2013
Tax
Depreciation
US$
Taxes as per IETU
US$
Taxes as per Income tax
US$
Applicable tax rate
Total TAX burden
US$
Profit after taxes
US$
2014
2015
2016
2017
102.59
106.23
110.01
113.92
749,079.00
749,079.00
749,079.00
79,578,199.57
82,406,459.20
85,335,236.98
(397,891.00)
(426,676.18)
(141,642,841.02)
(412,032.30)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(23,403,007.77)
(24,104,838.16)
(24,829,775.38)
(2,170,212.20)
(2,183,399.87)
(2,197,056.24)
(23,403,007.77)
(24,104,838.16)
(24,829,775.38)
56,175,191.79
58,301,621.04
60,505,461.60
(199,069,094.22)
(1,920,892.32)
(373,590,767.93)
17.50%
-
17.50%
17.50%
(10,202,783.68)
(10,588,455.78)
28.00%
-
(199,069,094.22)
(4,590,767.93)
17.50%
(4,590,767.93)
2,409,377.49
(9,830,658.56)
28.00%
28.00%
205,536.93
28.00%
28.00%
(703,805.60)
(1,638,425.78)
17.50%
17.50%
17.50%
(9,830,658.56)
(10,202,783.68)
(10,588,455.78)
(11,751,550.88)
(9,997,246.76)
(8,179,078.29)
2018
2019
2020
2021
117.97
122.16
126.50
131.00
749,079.00
749,079.00
749,079.00
749,079.00
88,368,105.38
91,508,763.84
94,761,043.29
98,128,910.82
(441,840.53)
(457,543.82)
(473,805.22)
(490,644.55)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(25,578,636.96)
(26,352,270.80)
(27,151,556.34)
(27,977,405.72)
(2,211,197.97)
(2,225,842.30)
(2,241,007.09)
(2,256,710.86)
(25,578,636.96)
(26,352,270.80)
(27,151,556.34)
(27,977,405.72)
62,789,468.42
65,156,493.04
67,609,486.96
70,151,505.10
4,096,042.64
6,463,067.26
8,916,061.18
10,953,899.55
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(10,988,156.97)
(11,402,386.28)
(11,831,660.22)
(12,276,513.39)
28.00%
28.00%
28.00%
28.00%
(2,440,137.36)
(3,533,253.61)
(4,722,261.72)
(5,835,194.28)
17.50%
17.50%
17.50%
17.50%
(10,988,156.97)
(11,402,386.28)
(11,831,660.22)
(12,276,513.39)
(6,892,114.33)
(4,939,319.02)
(2,915,599.04)
(1,322,613.84)
2022
2023
2024
2025
10
11
12
135.66
140.48
145.47
150.64
749,079.00
749,079.00
749,079.00
749,079.00
101,616,474.49
105,227,988.39
108,967,857.77
112,840,644.49
(508,082.37)
(526,139.94)
(544,839.29)
(564,203.22)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(28,830,765.10)
(29,712,615.92)
(30,623,976.24)
(31,565,902.21)
(2,272,972.75)
(2,289,812.59)
(2,307,250.93)
(2,325,309.05)
(28,830,765.10)
(29,712,615.92)
(30,623,976.24)
(31,565,902.21)
72,785,709.39
75,515,372.47
78,343,881.53
81,274,742.27
13,588,103.85
16,317,766.93
18,759,766.18
21,690,626.92
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(12,737,499.14)
(13,215,190.18)
(13,710,179.27)
(14,223,079.90)
28.00%
28.00%
28.00%
28.00%
(7,259,391.64)
(8,826,623.18)
(10,408,571.16)
(12,336,390.72)
17.50%
17.50%
17.50%
17.50%
(12,737,499.14)
(13,215,190.18)
(13,710,179.27)
(14,223,079.90)
3,102,576.74
5,049,586.91
7,467,547.02
850,604.70
2026
2027
2028
2029
13
14
15
16
155.99
161.54
167.28
173.22
749,079.00
749,079.00
749,079.00
749,079.00
116,851,072.50
121,004,033.66
125,304,593.69
129,757,998.35
(584,255.36)
(605,020.17)
(626,522.97)
(648,789.99)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(32,539,489.47)
(33,545,874.70)
(34,586,237.18)
(35,661,800.44)
(2,344,008.95)
(2,363,373.47)
(2,383,426.21)
(2,404,191.65)
(32,539,489.47)
(33,545,874.70)
(34,586,237.18)
(35,661,800.44)
84,311,583.02
87,458,158.96
90,718,356.51
94,096,197.91
24,727,467.67
27,874,043.61
31,134,241.16
34,512,082.56
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(14,754,527.03)
(15,305,177.82)
(15,875,712.39)
(16,466,834.63)
28.00%
28.00%
28.00%
28.00%
(14,484,196.19)
(16,885,751.43)
(19,580,479.93)
(22,614,432.62)
17.50%
28.00%
28.00%
28.00%
(14,754,527.03)
(16,885,751.43)
(19,580,479.93)
(22,614,432.62)
9,972,940.64
10,988,292.18
11,553,761.23
11,897,649.93
2030
2031
2032
2033
17
18
19
20
179.38
185.76
192.36
199.19
749,079.00
749,079.00
749,079.00
749,079.00
134,369,679.84
139,145,263.41
144,090,574.24
149,211,644.55
(671,848.40)
(695,726.32)
(720,452.87)
(746,058.22)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(36,773,833.99)
(37,923,655.03)
(39,112,630.34)
(40,342,178.18)
(2,425,695.09)
(2,447,962.79)
(2,471,021.89)
(2,494,900.52)
(36,773,833.99)
(37,923,655.03)
(39,112,630.34)
(40,342,178.18)
97,595,845.85
101,221,608.38
104,977,943.90
108,869,466.37
97,595,845.85
(4,590,767.93)
101,221,608.38
(4,590,767.93)
104,977,943.90
(4,590,767.93)
108,869,466.37
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(17,079,273.02)
(17,713,781.47)
(18,371,140.18)
(19,052,156.62)
28.00%
28.00%
28.00%
28.00%
(26,041,421.82)
(27,056,635.33)
(28,108,409.27)
(29,198,035.56)
28.00%
28.00%
28.00%
28.00%
(26,041,421.82)
(27,056,635.33)
(28,108,409.27)
(29,198,035.56)
71,554,424.03
74,164,973.05
76,869,534.63
79,671,430.81
2034
21
206.27
749,079.00
154,514,720.95
(772,573.60)
(8,210,269.14)
(41,613,770.27)
(2,519,627.82)
(41,613,770.27)
112,900,950.68
112,900,950.68
(4,590,767.93)
17.50%
(19,757,666.37)
28.00%
(30,326,851.17)
28.00%
(30,326,851.17)
82,574,099.51
Financing
Construction Year
Unit
Period Start
1/1/2014
Period End
1/1/2015
Days per period

Remaining repayment periods
365
16
Debt Account
Balance at start of period
US$
Principal Repayments
US$
Balance at end of period
US$
Debt Fully Repaid?
yes
Interests
TIIE 28 days p.a.
Cost of funding
Financing margin
Total interest rate
Interests
Comittment fee
Comittment payment
Total financing costs
% per year
% per year
% per year
% per year
US$
% per year
US$
US$
11.54%
0.00%
0.00%
11.54%
0.00%
-
Repayment Method
Annuity (P+I)
US$
Principle Repayment
US$
Operational Year
Operational Year
Operational Year
Operational Year
1/2/2015
1/3/2016
1/3/2017
1/4/2018
1/2/2016
1/2/2017
1/3/2018
1/4/2019
365
15
365
14
365
13
365
12
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
Operational Year
Operational Year
Operational Year
Operational Year
1/5/2019
1/6/2020
1/6/2021
1/7/2022
1/5/2020
1/5/2021
1/6/2022
1/7/2023
365
11
365
10
365
9
365
8
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
Operational Year
Operational Year
Operational Year
Operational Year
10
11
12
1/8/2023
1/9/2024
1/9/2025
1/10/2026
1/8/2024
1/8/2025
1/9/2026
1/10/2027
365
7
365
6
365
5
365
4
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
Operational Year
Operational Year
Operational Year
Operational Year
13
14
15
16
1/11/2027
1/12/2028
1/12/2029
1/13/2030
1/11/2028
1/11/2029
1/12/2030
1/13/2031
365
3
365
2
365
1
365
0
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
11.54%
0.00%
0.00%
11.54%
0.00%
-
Financing
Unit
Construction Year
Operational Year
Period Start
1/1/2014
1/2/2015
Period End
1/1/2015
1/2/2016
365
365
16
15
Days per period

Remaining repayment periods
Debt Account
Balance at start of period
US$
Principal Repayments
US$
Balance at end of period
US$
Debt Fully Repaid?
yes
Interests
TIIE 28 days p.a.
% per year
11.54%
11.54%
Cost of funding
% per year
0.00%
0.00%
Financing margin
% per year
0.00%
0.00%
Total interest rate
% per year
11.54%
11.54%
Interests
US$
Comittment fee
% per year
0.00%
0.00%
Comittment payment
US$
Total financing costs
US$
Annuity (P+I)
US$
Principle Repayment
US$
Repayment Method
Modification parameter:
Note: This sheet has been included merely to calculate the
Operational Year
Operational Year
Operational Year
Operational Year
Operational Year
1/3/2016
1/3/2017
1/4/2018
1/5/2019
1/6/2020
1/2/2017
1/3/2018
1/4/2019
1/5/2020
1/5/2021
365
365
365
365
365
14
13
12
11
10
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
90%
ded merely to calculate the financing costs if CAPEX is reduced by 10%
Operational Year
Operational Year
Operational Year
Operational Year
Operational Year
10
11
1/6/2021
1/7/2022
1/8/2023
1/9/2024
1/9/2025
1/6/2022
1/7/2023
1/8/2024
1/8/2025
1/9/2026
365
365
365
365
365
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
Operational Year
Operational Year
Operational Year
Operational Year
Operational Year
12
13
14
15
16
1/10/2026
1/11/2027
1/12/2028
1/12/2029
1/13/2030
1/10/2027
1/11/2028
1/11/2029
1/12/2030
1/13/2031
365
365
365
365
365
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.54%
11.54%
11.54%
11.54%
11.54%
0.00%
0.00%
0.00%
0.00%
0.00%
PPA
Average consumer electricity prices in Mexico, applying a 15% discount to estimate the achievable self-suppl
PPA price (inflation adjusted):
Expected PPA price in US$/MWh (inflation adjusted)

250
200
150
100
50
Base value (2011):
2035
2034
2033
2032
2031
2030
2029
2028
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
1213.35 MXN/MWh
Base value in US$
92.38
MXN annual inflation rate:
3.55%
US$/MWh
1997-2011
(Sources: See "Key Assumptions" sheet)
YEAR
PPA price in US$/MWh
(inflation adjusted)
2012
2013
2014
2015
2016
2017
2018
95.67
99.07
102.59
106.23
110.01
113.92
117.97
PPA price
nt to estimate the achievable self-supply

:
Reference scenario: Trayectory of total average electricity prices: Plann

case scenario 2010-2025.
ation adjusted)
PPA price in US$/MWh

(inflation adjusted)
The reference scenario clearly shows that the assumed PPA price even exceeds the highest
the national grid operator CFE and is thus extremely conservative.
Reference scenario published by CFE (POISE 2011-2025.pdf, p.1-7, figure 1.4, stored under: P:\SoW
Trading\CDM\SoWiTec trading - CDM Projects\Mexico\ME094_Tepetate\PDD\PDD sources\7. Energ
farms Mex): Anticipated scenario (blue), high cost scenario (red) and low cost scenario (green).
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
122.16
126.50
131.00
135.66
140.48
145.47
150.64
155.99
161.54
167.28
173.22
179.38
otal average electricity prices: Planned, worst and best

e scenario 2010-2025.
med PPA price even exceeds the highest price exectations of

ely conservative.
025.pdf, p.1-7, figure 1.4, stored under: P:\SoWiTec

\ME094_Tepetate\PDD\PDD sources\7. Energy market MEX\Wind
nario (red) and low cost scenario (green).
2031
2032
2033
2034
2035
185.76
192.36
199.19
206.27
213.60
CFE transmission fees for renewable energies of efficient cogeneration 2011:

available under: http://www.cre.gob.mx/articulo.aspx?id=171
2011
January
Febuary
March
April
May
June
July
August
September
October
November
December
Annual average 2011:
High voltage
0.03161
0.03179
0.03230
0.03311
0.03331
0.03343
0.03332
0.03342
0.03349
0.03388
0.03442
0.03490
unit
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
Medium voltage
0.03161
0.03179
0.03230
0.03311
0.03331
0.03343
0.03332
0.03342
0.03349
0.03388
0.03442
0.03490
unit
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
0.03325
MXN/kWh
0.03325
MXN/kWh
eration 2011:
Low voltage
0.06321
0.06358
0.06459
0.06622
0.06662
0.06687
0.06665
0.06684
0.06699
0.06775
0.06885
0.06979
unit
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
MXN/kWh
0.06650
MXN/kWh
110%
Unit
2013
0

PPA price + 10 %
US$
Cash flow in
Energy Output
MWh
Revenues from PPA
US$
US$
Cash flow out

US$
Civil works
US$
VAT on civil works
US$
Electrical works
US$
US$
US$
US$

US$

(excluding taxes)
US$
US$
LLA Rent variable
US$
US$
US$
VAT
US$
US$
US$
US$
Financing
EBITDA
Principal repayment
US$
US$
US$
Tax
Depreciation
US$
Taxes as per IETU
US$
US$
Applicable tax rate
Total TAX burden
US$
Profit after taxes
US$
2014
2015
2016
2017
2018
112.85
0
-
116.86
121.01
125.31
129.77
749,079.00
749,079.00
749,079.00
749,079.00
87,536,019.52
90,647,105.12
93,868,760.68
97,204,915.92
(437,680.10)
(469,343.80)
(486,024.58)
(141,642,841.02)
(453,235.53)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(23,552,503.77)
(24,259,647.34)
(24,990,086.58)
(25,744,645.72)
(2,207,318.10)
(2,221,824.53)
(2,236,846.54)
(2,252,402.44)
(23,552,503.77)
(24,259,647.34)
(24,990,086.58)
(25,744,645.72)
63,983,515.75
66,387,457.78
68,878,674.11
71,460,270.20
(199,069,094.22)
5,887,431.64
(373,590,767.93)
17.50%
-
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
(11,617,805.11)
(12,053,767.97)
(12,505,547.29)
28.00%
-
(199,069,094.22)
12,766,844.42
17.50%
10,782,589.99
(11,197,115.26)
28.00%
28.00%
8,291,373.67
28.00%
28.00%
28.00%
(2,967,839.89)
(3,982,925.28)
(4,867,961.86)
17.50%
17.50%
17.50%
17.50%
(11,197,115.26)
(11,617,805.11)
(12,053,767.97)
(12,505,547.29)
(5,309,683.62)
(3,326,431.45)
(1,271,177.98)
261,297.14
2019
2020
2021
2022
134.38
139.15
144.10
149.22
749,079.00
749,079.00
749,079.00
749,079.00
100,659,640.22
104,237,147.62
107,941,801.90
111,778,121.94
(503,298.20)
(521,185.74)
(539,709.01)
(558,890.61)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(26,524,179.62)
(27,329,574.90)
(28,161,751.18)
(29,021,662.31)
(2,268,511.20)
(2,285,192.48)
(2,302,466.62)
(2,320,354.69)
(26,524,179.62)
(27,329,574.90)
(28,161,751.18)
(29,021,662.31)
74,135,460.61
76,907,572.72
79,780,050.72
82,756,459.63
15,442,034.83
18,214,146.95
20,582,445.18
23,558,854.08
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(12,973,705.61)
(13,458,825.23)
(13,961,508.88)
(14,482,380.43)
28.00%
28.00%
28.00%
28.00%
(6,047,364.53)
(7,325,725.74)
(8,531,187.06)
(10,051,201.71)
17.50%
17.50%
17.50%
17.50%
(12,973,705.61)
(13,458,825.23)
(13,961,508.88)
(14,482,380.43)
2,468,329.23
4,755,321.72
6,620,936.30
9,076,473.65
2023
2024
2025
2026
2027
10
11
12
13
14
154.52
160.02
165.70
171.59
177.69
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
115,750,787.22
119,864,643.55
124,124,708.94
128,536,179.75
133,104,437.02
(578,753.94)
(599,323.22)
(620,623.54)
(642,680.90)
(665,522.19)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(29,910,297.73)
(30,828,683.80)
(31,777,885.20)
(32,759,006.47)
(33,773,193.47)
(2,338,878.52)
(2,358,060.70)
(2,377,924.62)
(2,398,494.52)
(2,419,795.49)
(29,910,297.73)
(30,828,683.80)
(31,777,885.20)
(32,759,006.47)
(33,773,193.47)
85,840,489.49
89,035,959.75
92,346,823.73
95,777,173.27
99,331,243.55
26,642,883.95
29,451,844.40
32,762,708.38
36,193,057.92
39,747,128.20
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(15,022,085.66)
(15,581,292.96)
(16,160,694.15)
(16,761,005.32)
(17,382,967.62)
28.00%
28.00%
28.00%
28.00%
28.00%
(11,717,655.94)
(13,402,353.06)
(15,436,573.52)
(17,694,561.46)
(20,210,215.11)
17.50%
17.50%
17.50%
28.00%
28.00%
(15,022,085.66)
(15,581,292.96)
(16,160,694.15)
(17,694,561.46)
(20,210,215.11)
11,620,798.29
13,870,551.44
16,602,014.23
18,498,496.46
19,536,913.09
2028
2029
2030
2031
2032
15
16
17
18
19
184.01
190.55
197.32
204.33
211.59
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
137,835,053.06
142,733,798.19
147,806,647.82
153,059,789.75
158,499,631.66
(689,175.27)
(713,668.99)
(739,033.24)
(765,298.95)
(792,498.16)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(34,821,635.00)
(35,905,564.46)
(37,026,261.53)
(38,185,054.00)
(39,383,319.60)
(2,441,853.51)
(2,464,695.48)
(2,488,349.27)
(2,512,843.74)
(2,538,208.75)
(34,821,635.00)
(35,905,564.46)
(37,026,261.53)
(38,185,054.00)
(39,383,319.60)
103,013,418.06
106,828,233.73
110,780,386.29
114,874,735.74
119,116,312.06
43,429,302.70
47,244,118.38
(4,590,767.93)
(4,590,767.93)
110,780,386.29
(4,590,767.93)
114,874,735.74
(4,590,767.93)
119,116,312.06
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(18,027,348.16)
(18,694,940.90)
(19,386,567.60)
(20,103,078.75)
(20,845,354.61)
28.00%
28.00%
28.00%
28.00%
28.00%
(23,023,097.16)
(26,179,402.65)
(29,733,093.14)
(30,879,510.99)
(32,067,152.36)
28.00%
28.00%
28.00%
28.00%
28.00%
(23,023,097.16)
(26,179,402.65)
(29,733,093.14)
(30,879,510.99)
(32,067,152.36)
20,406,205.54
21,064,715.72
81,047,293.15
83,995,224.75
87,049,159.70
2033
2034
20
21
219.11
226.90
749,079.00
749,079.00
164,132,809.01
169,966,193.05
(820,664.05)
(849,830.97)
(8,210,269.14)
(8,210,269.14)
(40,622,487.91)
(41,904,042.39)
(2,564,475.25)
(2,591,675.28)
(40,622,487.91)
(41,904,042.39)
123,510,321.10
128,062,150.66
123,510,321.10
(4,590,767.93)
128,062,150.66
(4,590,767.93)
17.50%
17.50%
(21,614,306.19)
(22,410,876.37)
28.00%
28.00%
(33,297,474.89)
(34,571,987.16)
28.00%
28.00%
(33,297,474.89)
(34,571,987.16)
90,212,846.21
93,490,163.49
110%
Unit
2013
0

PPA price
US$ / MWh
Cash flow in
Energy Output
MWh
Revenues from PPA
US$
US$
Cash flow out

US$
Civil works
US$
VAT on civil works
US$
Electrical works
US$
US$
US$
US$

US$

Insurance: Property damage,production loss and liability (excluding
taxes)
US$
US$
LLA Rent variable
US$
US$
US$
VAT
US$
US$
US$
US$
Financing
EBITDA
Principal repayment
US$
US$
EBTDA (earnings before taxes, depreciation and amortization), after
US$
debt service
Tax
Depreciation
US$
Taxes as per IETU
US$
US$
Applicable tax rate
Total TAX burden
US$
Profit after taxes
US$
2014
2015
2016
2017
2018
102.59
0
-
106.23
110.01
113.92
117.97
823,986.90
823,986.90
823,986.90
823,986.90
87,536,019.52
90,647,105.12
93,868,760.68
97,204,915.92
(437,680.10)
(469,343.80)
(486,024.58)
(141,642,841.02)
(453,235.53)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(23,552,503.77)
(24,259,647.34)
(24,990,086.58)
(25,744,645.72)
(2,207,318.10)
(2,221,824.53)
(2,236,846.54)
(2,252,402.44)
(23,552,503.77)
(24,259,647.34)
(24,990,086.58)
(25,744,645.72)
63,983,515.75
66,387,457.78
68,878,674.11
71,460,270.20
(199,069,094.22)
17.50%
-
5,887,431.64
8,291,373.67
10,782,589.99
12,766,844.42
(373,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
(11,197,115.26)
(11,617,805.11)
(12,053,767.97)
(12,505,547.29)
28.00%
28.00%
28.00%
28.00%
28.00%
(2,967,839.89)
(3,982,925.28)
(4,867,961.86)
28.00%
(199,069,094.22)
17.50%
17.50%
17.50%
17.50%
(11,197,115.26)
(11,617,805.11)
(12,053,767.97)
(12,505,547.29)
(5,309,683.62)
(3,326,431.45)
(1,271,177.98)
261,297.14
2019
2020
2021
2022
2023
10
122.16
126.50
131.00
135.66
140.48
823,986.90
823,986.90
823,986.90
823,986.90
823,986.90
100,659,640.22
104,237,147.62
107,941,801.90
111,778,121.94
115,750,787.22
(503,298.20)
(521,185.74)
(539,709.01)
(558,890.61)
(578,753.94)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(26,524,179.62)
(27,329,574.90)
(28,161,751.18)
(29,021,662.31)
(29,910,297.73)
(2,268,511.20)
(2,285,192.48)
(2,302,466.62)
(2,320,354.69)
(2,338,878.52)
(26,524,179.62)
(27,329,574.90)
(28,161,751.18)
(29,021,662.31)
(29,910,297.73)
74,135,460.61
76,907,572.72
79,780,050.72
82,756,459.63
85,840,489.49
15,442,034.83
18,214,146.95
20,582,445.18
23,558,854.08
26,642,883.95
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(12,973,705.61)
(13,458,825.23)
(13,961,508.88)
(14,482,380.43)
(15,022,085.66)
28.00%
28.00%
28.00%
28.00%
28.00%
(6,047,364.53)
(7,325,725.74)
(8,531,187.06)
(10,051,201.71)
(11,717,655.94)
17.50%
17.50%
17.50%
17.50%
17.50%
(12,973,705.61)
(13,458,825.23)
(13,961,508.88)
(14,482,380.43)
(15,022,085.66)
2,468,329.23
4,755,321.72
6,620,936.30
9,076,473.65
11,620,798.29
2024
2025
2026
2027
2028
11
12
13
14
15
145.47
150.64
155.99
161.54
167.28
823,986.90
823,986.90
823,986.90
823,986.90
823,986.90
119,864,643.55
124,124,708.94
128,536,179.75
133,104,437.02
137,835,053.06
(599,323.22)
(620,623.54)
(642,680.90)
(665,522.19)
(689,175.27)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(30,828,683.80)
(31,777,885.20)
(32,759,006.47)
(33,773,193.47)
(34,821,635.00)
(2,358,060.70)
(2,377,924.62)
(2,398,494.52)
(2,419,795.49)
(2,441,853.51)
(30,828,683.80)
(31,777,885.20)
(32,759,006.47)
(33,773,193.47)
(34,821,635.00)
89,035,959.75
92,346,823.73
95,777,173.27
99,331,243.55
103,013,418.06
29,451,844.40
32,762,708.38
36,193,057.92
39,747,128.20
43,429,302.70
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(15,581,292.96)
(16,160,694.15)
(16,761,005.32)
(17,382,967.62)
(18,027,348.16)
28.00%
28.00%
28.00%
28.00%
28.00%
(13,402,353.06)
(15,436,573.52)
(17,694,561.46)
(20,210,215.11)
(23,023,097.16)
17.50%
17.50%
28.00%
28.00%
28.00%
(15,581,292.96)
(16,160,694.15)
(17,694,561.46)
(20,210,215.11)
(23,023,097.16)
13,870,551.44
16,602,014.23
18,498,496.46
19,536,913.09
20,406,205.54
2029
2030
2031
2032
2033
16
17
18
19
20
173.22
179.38
185.76
192.36
199.19
823,986.90
823,986.90
823,986.90
823,986.90
823,986.90
142,733,798.19
147,806,647.82
153,059,789.75
158,499,631.66
164,132,809.01
(713,668.99)
(739,033.24)
(765,298.95)
(792,498.16)
(820,664.05)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(35,905,564.46)
(37,026,261.53)
(38,185,054.00)
(39,383,319.60)
(40,622,487.91)
(2,464,695.48)
(2,488,349.27)
(2,512,843.74)
(2,538,208.75)
(2,564,475.25)
(35,905,564.46)
(37,026,261.53)
(38,185,054.00)
(39,383,319.60)
(40,622,487.91)
106,828,233.73
110,780,386.29
114,874,735.74
119,116,312.06
123,510,321.10
47,244,118.38
110,780,386.29
114,874,735.74
119,116,312.06
123,510,321.10
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(18,694,940.90)
(19,386,567.60)
(20,103,078.75)
(20,845,354.61)
(21,614,306.19)
28.00%
28.00%
28.00%
28.00%
28.00%
(26,179,402.65)
(29,733,093.14)
(30,879,510.99)
(32,067,152.36)
(33,297,474.89)
28.00%
28.00%
28.00%
28.00%
28.00%
(26,179,402.65)
(29,733,093.14)
(30,879,510.99)
(32,067,152.36)
(33,297,474.89)
21,064,715.72
81,047,293.15
83,995,224.75
87,049,159.70
90,212,846.21
2034
21
206.27
823,986.90
169,966,193.05
(849,830.97)
(8,210,269.14)
(41,904,042.39)
(2,591,675.28)
(41,904,042.39)
128,062,150.66
128,062,150.66
(4,590,767.93)
17.50%
(22,410,876.37)
28.00%
(34,571,987.16)
28.00%
(34,571,987.16)
93,490,163.49
90%
Unit

PPA price
US$ / MWh
Cash flow in
Energy Output
MWh
Revenues from PPA
US$
US$
Cash flow out

US$
Civil works
US$
VAT on civil works
US$
Electrical works
US$
US$
US$
US$

US$

Insurance: Property damage,production loss and liability (excluding
taxes)
US$
US$
LLA Rent variable
US$
US$
US$
VAT
US$
US$
US$
US$
Financing
EBITDA
Principal repayment
US$
US$
EBTDA (earnings before taxes, depreciation and amortization),
US$
after debt service
2013
0
Tax
Depreciation
US$
Taxes as per IETU
US$
US$
Applicable tax rate
Total TAX burden
US$
Profit after taxes
US$
2014
2015
2016
2017
2018
102.59
106.23
110.01
113.92
117.97
749,079.00
749,079.00
749,079.00
749,079.00
79,578,199.57
82,406,459.20
85,335,236.98
88,368,105.38
(397,891.00)
(127,478,556.92)
(412,032.30)
(426,676.18)
(441,840.53)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(23,320,591.94)
(24,019,493.22)
(24,741,397.22)
(25,487,117.78)
(2,170,212.20)
(2,183,399.87)
(2,197,056.24)
(2,211,197.97)
(23,320,591.94)
(24,019,493.22)
(24,741,397.22)
(25,487,117.78)
56,257,607.63
58,386,965.99
60,593,839.76
62,880,987.60
(179,162,184.80)
17.50%
-
3,971,131.93
6,100,490.28
8,307,364.06
10,056,904.40
(336,231,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
17.50%
17.50%
17.50%
17.50%
(9,845,081.34)
(10,217,719.05)
(10,603,921.96)
(11,004,172.83)
28.00%
28.00%
28.00%
28.00%
28.00%
(2,289,767.02)
(3,193,482.01)
(3,979,854.11)
28.00%
17.50%
17.50%
17.50%
17.50%
(179,162,184.80)
(9,845,081.34)
(10,217,719.05)
(10,603,921.96)
(11,004,172.83)
(5,873,949.41)
(4,117,228.76)
(2,296,557.90)
(947,268.43)
2019
2020
2021
2022
2023
10
122.16
126.50
131.00
135.66
140.48
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
91,508,763.84
94,761,043.29
98,128,910.82
101,616,474.49
105,227,988.39
(457,543.82)
(473,805.22)
(490,644.55)
(508,082.37)
(526,139.94)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(26,257,498.98)
(27,053,416.26)
(27,875,777.69)
(28,725,525.14)
(29,603,635.66)
(2,225,842.30)
(2,241,007.09)
(2,256,710.86)
(2,272,972.75)
(2,289,812.59)
(26,257,498.98)
(27,053,416.26)
(27,875,777.69)
(28,725,525.14)
(29,603,635.66)
65,251,264.86
67,707,627.03
70,253,133.13
72,890,949.35
75,624,352.73
12,427,181.66
14,883,543.83
16,975,288.15
19,613,104.36
22,346,507.74
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
17.50%
17.50%
17.50%
17.50%
17.50%
(11,418,971.35)
(11,848,834.73)
(12,294,298.30)
(12,755,916.14)
(13,234,261.73)
28.00%
28.00%
28.00%
28.00%
28.00%
(5,030,846.16)
(6,170,580.41)
(7,244,372.85)
(8,600,919.53)
(10,088,905.76)
17.50%
17.50%
17.50%
17.50%
17.50%
(11,418,971.35)
(11,848,834.73)
(12,294,298.30)
(12,755,916.14)
(13,234,261.73)
1,008,210.31
3,034,709.10
4,680,989.85
6,857,188.22
9,112,246.01
2024
2025
2026
2027
2028
11
12
13
14
15
145.47
150.64
155.99
161.54
167.28
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
108,967,857.77
112,840,644.49
116,851,072.50
121,004,033.66
125,304,593.69
(544,839.29)
(564,203.22)
(584,255.36)
(605,020.17)
(626,522.97)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(30,511,122.76)
(31,449,037.85)
(32,418,471.67)
(33,420,555.85)
(34,456,464.41)
(2,307,250.93)
(2,325,309.05)
(2,344,008.95)
(2,363,373.47)
(2,383,426.21)
(30,511,122.76)
(31,449,037.85)
(32,418,471.67)
(33,420,555.85)
(34,456,464.41)
78,456,735.01
81,391,606.64
84,432,600.82
87,583,477.81
90,848,129.28
24,831,031.20
27,765,902.82
30,806,897.01
33,957,773.99
37,222,425.46
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
17.50%
17.50%
17.50%
17.50%
17.50%
(13,729,928.63)
(14,243,531.16)
(14,775,705.14)
(15,327,108.62)
(15,898,422.62)
28.00%
28.00%
28.00%
28.00%
28.00%
(11,592,941.70)
(13,411,166.45)
(15,430,385.88)
(17,681,094.01)
(20,198,882.29)
17.50%
17.50%
28.00%
28.00%
28.00%
(13,729,928.63)
(14,243,531.16)
(15,430,385.88)
(17,681,094.01)
(20,198,882.29)
11,101,102.57
13,522,371.66
15,376,511.13
16,276,679.98
17,023,543.17
2029
2030
2031
2032
2033
16
17
18
19
20
173.22
179.38
185.76
192.36
199.19
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
129,757,998.35
134,369,679.84
139,145,263.41
144,090,574.24
149,211,644.55
(648,789.99)
(671,848.40)
(695,726.32)
(720,452.87)
(746,058.22)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(8,210,269.14)
(35,527,415.47)
(36,634,672.89)
(37,779,548.06)
(38,963,401.72)
(40,187,645.88)
(2,404,191.65)
(2,425,695.09)
(2,447,962.79)
(2,471,021.89)
(2,494,900.52)
(35,527,415.47)
(36,634,672.89)
(37,779,548.06)
(38,963,401.72)
(40,187,645.88)
94,230,582.88
97,735,006.95
101,365,715.35
105,127,172.52
109,023,998.67
40,604,879.06
97,735,006.95
101,365,715.35
105,127,172.52
109,023,998.67
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
(4,131,691.14)
17.50%
17.50%
17.50%
17.50%
17.50%
(16,490,352.00)
(17,103,626.22)
(17,739,000.19)
(18,397,255.19)
(19,079,199.77)
28.00%
28.00%
28.00%
28.00%
28.00%
(23,025,310.69)
(26,208,928.43)
(27,225,526.78)
(28,278,734.79)
(29,369,846.11)
28.00%
28.00%
28.00%
28.00%
28.00%
(23,025,310.69)
(26,208,928.43)
(27,225,526.78)
(28,278,734.79)
(29,369,846.11)
17,579,568.37
71,526,078.52
74,140,188.57
76,848,437.73
79,654,152.56
2034
21
206.27
749,079.00
154,514,720.95
(772,573.60)
(8,210,269.14)
(41,453,745.80)
(2,519,627.82)
(41,453,745.80)
113,060,975.16
113,060,975.16
(4,131,691.14)
17.50%
(19,785,670.65)
28.00%
(30,500,199.53)
28.00%
(30,500,199.53)
82,560,775.63
90%
Unit
2013
2014

PPA price
US$ / MWh
102.59
Cash flow in
Energy Output
MWh
Revenues from PPA
US$
US$
Cash flow out

US$
Civil works
US$
VAT on civil works
US$
Electrical works
US$
US$
US$
US$

US$

(excluding taxes)
US$
US$
LLA Rent variable
US$
US$
US$
VAT
US$
US$
US$
US$
Financing
EBITDA
(141,642,841.02)
Principal repayment
US$
US$
US$
(199,069,094.22)
Tax
Depreciation
US$
Taxes as per IETU
US$
US$
Applicable tax rate
17.50%
28.00%
28.00%
Total TAX burden
US$
Profit after taxes
US$
(199,069,094.22)
2015
2016
2017
2018
2019
106.23
110.01
113.92
117.97
122.16
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
79,578,199.57
82,406,459.20
85,335,236.98
88,368,105.38
91,508,763.84
(358,101.90)
(370,829.07)
(384,008.57)
(397,656.47)
(411,789.44)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(20,988,532.74)
(21,617,543.89)
(22,267,257.50)
(22,938,406.00)
(23,631,749.08)
(1,953,190.98)
(1,965,059.89)
(1,977,350.62)
(1,990,078.17)
(2,003,258.07)
(20,988,532.74)
(21,617,543.89)
(22,267,257.50)
(22,938,406.00)
(23,631,749.08)
58,589,666.82
60,788,915.31
63,067,979.49
65,429,699.38
67,877,014.76
493,582.71
2,692,831.19
4,971,895.37
6,736,273.60
9,183,588.98
(373,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(10,253,191.69)
(10,638,060.18)
(11,036,896.41)
(11,450,197.39)
(11,878,477.58)
28.00%
28.00%
28.00%
28.00%
28.00%
(1,400,248.00)
(2,355,930.79)
(3,179,402.02)
(4,294,999.69)
17.50%
17.50%
17.50%
17.50%
17.50%
(10,253,191.69)
(10,638,060.18)
(11,036,896.41)
(11,450,197.39)
(11,878,477.58)
(9,759,608.99)
(7,945,228.98)
(6,065,001.04)
(4,713,923.79)
(2,694,888.60)
2020
2021
2022
2023
2024
10
11
126.50
131.00
135.66
140.48
145.47
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
94,761,043.29
98,128,910.82
101,616,474.49
105,227,988.39
108,967,857.77
(426,424.69)
(441,580.10)
(457,274.14)
(473,525.95)
(490,355.36)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(24,348,074.63)
(25,088,199.92)
(25,852,972.63)
(26,643,272.09)
(27,460,010.48)
(2,016,906.38)
(2,031,039.77)
(2,045,675.47)
(2,060,831.33)
(2,076,525.84)
(24,348,074.63)
(25,088,199.92)
(25,852,972.63)
(26,643,272.09)
(27,460,010.48)
70,412,968.66
73,040,710.90
75,763,501.86
78,584,716.29
81,507,847.29
11,719,542.88
13,843,105.36
16,565,896.32
19,387,110.75
21,923,731.94
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(12,322,269.52)
(12,782,124.41)
(13,258,612.83)
(13,752,325.35)
(14,263,873.28)
28.00%
28.00%
28.00%
28.00%
28.00%
(5,507,236.60)
(6,644,171.91)
(8,093,173.53)
(9,686,039.45)
(11,294,481.57)
17.50%
17.50%
17.50%
17.50%
17.50%
(12,322,269.52)
(602,726.63)
(12,782,124.41)
(13,258,612.83)
(13,752,325.35)
(14,263,873.28)
1,060,980.95
3,307,283.49
5,634,785.40
7,659,858.66
2025
2026
2027
2028
2029
12
13
14
15
16
150.64
155.99
161.54
167.28
173.22
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
112,840,644.49
116,851,072.50
121,004,033.66
125,304,593.69
129,757,998.35
(507,782.90)
(525,829.83)
(544,518.15)
(563,870.67)
(583,910.99)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(28,304,134.06)
(29,176,624.51)
(30,078,500.26)
(31,010,817.97)
(31,974,673.93)
(2,092,778.14)
(2,109,608.06)
(2,127,036.12)
(2,145,083.59)
(2,163,772.48)
(28,304,134.06)
(29,176,624.51)
(30,078,500.26)
(31,010,817.97)
(31,974,673.93)
84,536,510.43
87,674,447.99
90,925,533.39
94,293,775.72
97,783,324.43
24,952,395.07
28,090,332.64
31,341,418.04
34,709,660.36
38,199,209.07
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(14,793,889.32)
(15,343,028.40)
(15,911,968.34)
(16,501,410.75)
(17,112,081.77)
28.00%
28.00%
28.00%
28.00%
28.00%
(13,249,685.80)
(15,425,798.38)
(17,856,616.27)
(20,581,597.31)
(23,646,828.05)
17.50%
28.00%
28.00%
28.00%
28.00%
(14,793,889.32)
(15,425,798.38)
(17,856,616.27)
(20,581,597.31)
(23,646,828.05)
10,158,505.75
12,664,534.26
13,484,801.77
14,128,063.06
14,552,381.02
2030
2031
2032
2033
2034
17
18
19
20
21
179.38
185.76
192.36
199.19
206.27
749,079.00
749,079.00
749,079.00
749,079.00
749,079.00
134,369,679.84
139,145,263.41
144,090,574.24
149,211,644.55
154,514,720.95
(604,663.56)
(626,153.69)
(648,407.58)
(671,452.40)
(695,316.24)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(7,389,242.22)
(32,971,205.60)
(34,001,593.25)
(35,067,061.55)
(36,168,881.29)
(37,308,371.22)
(2,183,125.58)
(2,203,166.51)
(2,223,919.70)
(2,245,410.47)
(2,267,665.04)
(32,971,205.60)
(34,001,593.25)
(35,067,061.55)
(36,168,881.29)
(37,308,371.22)
101,398,474.23
105,143,670.15
109,023,512.69
113,042,763.26
117,206,349.74
101,398,474.23
105,143,670.15
109,023,512.69
113,042,763.26
117,206,349.74
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
(4,590,767.93)
17.50%
17.50%
17.50%
17.50%
17.50%
(17,744,732.99)
(18,400,142.28)
(19,079,114.72)
(19,782,483.57)
(20,511,111.20)
28.00%
28.00%
28.00%
28.00%
28.00%
(27,106,157.77)
(28,154,812.62)
(29,241,168.53)
(30,366,558.69)
(31,532,362.91)
28.00%
28.00%
28.00%
28.00%
28.00%
(27,106,157.77)
(28,154,812.62)
(29,241,168.53)
(30,366,558.69)
(31,532,362.91)
74,292,316.47
76,988,857.53
79,782,344.16
82,676,204.57
85,673,986.83
Most important items of the financial plan.

Unit
2014
2015
PPA price
US$ / MWh
Energy Output
MWh
749,079.00
749,079.00
Revenues from PPA
US$
79,578,199.57
82,406,459.20
Profit after tax
US$
(11,751,550.88)
(9,997,246.76)
PPA price
US$ / MWh
Energy Output
MWh
Revenues from PPA

Profit after tax
Unit
102.59
(199,069,094.22)
2019
106.23
2016
2020
110.01
2021
122.16
126.50
131.00
749,079.00
749,079.00
749,079.00
US$
91,508,763.84
94,761,043.29
98,128,910.82
US$
(4,939,319.02)
(2,915,599.04)
(1,322,613.84)
Unit
PPA price
US$ / MWh
Energy Output
MWh
Revenues from PPA

Profit after tax
2024
2025
2026
145.47
150.64
155.99
749,079.00
749,079.00
749,079.00
US$
108,967,857.77
112,840,644.49
116,851,072.50
US$
5,049,586.91
7,467,547.02
9,972,940.64
Unit
2029
US$ / MWh
Energy Output
MWh
749,079.00
749,079.00
749,079.00
Revenues from PPA
US$
129,757,998.35
134,369,679.84
139,145,263.41
Profit after tax
US$
11,897,649.93
71,554,424.03
74,164,973.05
PPA price
US$ / MWh
Energy Output
MWh
Revenues from PPA
US$
154,514,720.95
Profit after tax
US$
82,574,099.51
2034
206.27
749,079.00
179.38
2031
PPA price
Unit
173.22
2030
185.76
2017
113.92
2018
117.97
749,079.00
749,079.00
85,335,236.98
88,368,105.38
(8,179,078.29)
(6,892,114.33)
2022
2023
135.66
140.48
749,079.00
749,079.00
101,616,474.49
105,227,988.39
850,604.70
3,102,576.74
2027
2028
161.54
167.28
749,079.00
749,079.00
121,004,033.66
125,304,593.69
10,988,292.18
11,553,761.23
2032
192.36
2033
199.19
749,079.00
749,079.00
144,090,574.24
149,211,644.55
76,869,534.63
79,671,430.81

8310 IRR Sheet 21 Nov 12

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8310 IRR Sheet 21 Nov 12

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Cells that do not contain any formula, but the correct value itself (since the formula dra

Rated capacity per turbine of type Vestas V112

Estimated gross electricity generation

Estimated electricity generation (P70_10-year correlated

Planned construction start

Percentage of operational time in first year

Percentage of operational time in last year

Operational life time

CAPEX (Capital Expenditures)

Sum Civil Works

Sum Electrical Works

Total Investment Costs

OPEX (Operational Expenditures)

Landscaping (excluding taxes)

CFE transmission Fee

Average annual OPEX

TIIE 28 (variable) (Interbank offered lending rate)

Cost of funding (IPAB)

Financing margin during construction

Financing margin year 1 to 3

Financing margin year 3 to 6

Financing margin year 7 to 9

Financing margin last year 10 onwards

Depreciation base for movable goods

Depreciation rate for Civil Works

Depreciation base for Civil Works

Depreciation rate for Electrical Works

Depreciation base for Electrical Works

Costs for deconstruction

Income from realization of assets

Costs for realization of assets

Fair value in the final year

Income tax rate from 2014 onwards

IETU (Corporate tax standard rate)

1 Mexican Peso in US$

Inflation rate - MXN Pesos

Inflation rate - MXN Pesos (for CFE transmission fee

Inflation rate - US-Dollar

PPA Price Calculation

PPA price (2011)

PPA price (2011) in US$

Expected Inflation Rate - Mexico

Benchmark in Mexico (nominal terms)

Equity IRR Calculation - Mezquite

Key assumptions & input data

US$ per unit

% per year of remaining debt

Equity IRR Calculation - Mezquite

Key assumptions & input data

Please see annual energy production calculation:

Please see third party expertise: 20120706_ME083_Windfarm Expertise_Mezquite.pdf , p. 4), stored

Please see calculation: 20120522_ME083_BOQ_Civil_Works_Rev01.xls

Please see calculation: 20120503_ME083_BOQ_82x3.0MW.xls

Please see indication provided by consultant: 20120604_Insurance cost indication_consultant.msg;

Please see: 20120518_Cargos por Servicios Transmission 2011_CRE.pdf, available under:

Pleas see: 20120503_WIND FARM IN MEXICO-LETTER OF INTEREST.pdf, stored under:

Costs not taken into consideration due to conservative approach of analysis.

Please see: 20100428_Contrato de Interconexin ER y Cogeneracin_CRE.pdf, SEPTIMA, stored

Costs not taken into consideration due to conservative approach of analysis.

Please see:20091207_Ley del IVA.pdf, available under:

Please see: European Central Bank:

Please see: ftp://ftp.bls.gov/pub/special.requests/cpi/cpiai.txt

Please see: 20120301_Precios_Medios_de_Energia_Electrica_SENER.pdf (Average price in 2011), ;

Benchmark in Mexico (nominal terms)