2105 1st Ave S, Minneapolis, MN 55404 Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612

Windustry Wind Project Calculator
TERMS OF USE AGREEMENT

Use of the Windustry Wind Project Calculator is for informational purposes. You may not modify any content,
create derivative works from, transfer or sell any information, products or services obtained from Windustry
unless expressly permitted by Windustry. Elements of the Windustry Wind Project Calculator are protected by
trade dress, trademark, unfair competition, and other laws and may not be copied or imitated in whole or in
part. Content other than that belonging to Windustry is licensed or otherwise published by Windustry with the
permission of the owner of the material. All rights in such materials are reserved to the respective owners. The
Windustry Wind Project Calculator is provided "as is," and Windustry makes no warranties or representations
of any kind that the services provided by this software will be uninterrupted, error-free, or free from viruses or
other forms of harmful computer code. You may not remove the Windustry logo from this software nor from
printed pages of or created by this software, and you must attribute this software and it's printed creations in
all forms and formats to Windustry.
TERMS OF SERVICE: http://windustry.org/windustry-terms-of-use-agreement
2105 1st Ave S, Minneapolis, MN 55404

Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
info@windustry.org www.windustry.org
Explanation Page 2 of 22
Explanation
Windustry's Community Wind Project Calculator
The Windustry Wind Project Calculator is part of the larger Community Wind Toolbox. The function of the Toolbox and the Wind Project Calculator is to help current and future
community wind developers to understand many of the complexities of planning, financing and constructing a commercial scale wind project in the size range of 2 to 50 MW. This Wind
Project Calculator creates wind project cash flows for a time span of up to 20 years. If your project's time line does not fit within this calculator, the calculator can still help you understand
the financial concepts involved and transfer them to another format or calculator, depending upon your needs.
The Community Wind Project Calculator IS :

The Wind Project Calculator is a tool for basic financial analysis that developers can use at the beginning of the project planning process. Use the calculator to begin to understand what
the return from a potential wind project could look like; to understand the effect of local, state and federal taxes and incentives on project economics; and, to do preliminary sensitivity
analysis on how different project variables such as changes in capacity factor, financing terms or ability to utilize various incentives can affect the returns of a project.
The Community Wind Project Calculator IS NOT :

The Wind Project Calculator is not a substitute for consulting with someone with a strong understanding of the formulation of community wind energy business enterprises. It is also not a
substitute for working with a tax professional and a lawyer with experience in wind energy financial arrangements. Consulting with these professionals will help you to understand how
best to structure your project to achieve maximum return on your investment through utilization of tax credits and other incentives, while meeting your project goals in terms of project
control, benefit allocation, while staying within the law.
How to use the Community Wind Project Calculator:

Putting a commercial scale wind project together is like putting together any other multi-million dollar business in that many of the concepts about return on investment and utilization of
incentives can be rather complicated. The sections of the Community Wind Toolbox on Business Models, Taxes and Project Performance, Project Financing, and Costs
Associated with Developing a Community Wind Project will help you to understand the assumptions you are inputting into this calculator. Keep in mind that your assumptions, and
the project's resulting economics, will evolve over time as your project progresses through various stages of planning. The results from this calculator are only as accurate as the
assumptions you make, so you will get better results if you do your homework on what it means to develop a community wind project.
Many input cells on the Assumptions page have help windows (indicated by a small red triangle in the corner of the cell) that pop up when you move your mouse over them. The help
windows give you a brief description of the information required in a particular field.
Tabs:
Assumptions: The Assumptions page is the place where the user enters input about the financials of a wind project, including information about power purchase rates, tax utilization,
government grants and other incentives, yearly expenses and information about project ownership. The cells in the Assumptions page are color coded: yellow cells accept inputs from
the user ; green cells perform calculations and do not require you to make any changes ; gray cells are not used .
The dollar amounts entered on the Assumptions page are "today's dollars" and escalation factors are entered separately. The calculator allows Expenses, Incentives, and Revenues to
start and/or stop in user-specified years. This means that an Expense, with an escalation factor, that doesn't start in Year 1 will be shown at the escalated value for the specified year
and not the original inputted "today's dollar" value.
The Notes column can be used to record information about your assumptions and sources to help you keep track of the project details.
Project Summary: The Project Summary tab shows many important project metrics in an abridged format for easy reference. The use does not input anything on this worksheet as it is
for informational purposes only.
Pro Forma: The Pro Forma page shows the projected cash flows for local and external equity investors over the course of the project life. The user does not input anything into this
page. The page shows the results of the assumptions and can be used to understand the sensitivities of these various assumptions on the project's forecasted returns.
Calculations Appendix: The Calculations Appendix uses information entered into the Assumptions page and calculates tax information such as accelerated depreciation, production tax
credit utilization and other metrics for use in the Pro Forma page. This page also determines annual payments to lending institutions as well as power purchase rates based on
Community-Based Energy Development power purchase structures. The user does not need to input anything into this page; it is for informational purposes only.
Charts: The Wind Project Calculator has charts and graphs that display project metrics in an easy to visualize format. These graphs are formatted to print one per page for easy
reference.

Project Assumptions Page 3 of 22
Project Assumptions
Legend
Green cells indicate information and are
updated automatically based on user input
into yellow cells.
Input information about the project into
yellow cells.
Gray cells are not used.
Annual
Escalation
Project Generation
Project Name
Project Owner
Turbine Model
Number of Turbines
Turbine Size (MW)
Project Size (kW)
Net Capacity Factor
Annual Hours
Availability
Year
End
Notes
Champaign County
GE 1.5MW
2
1.5
3000
35%
8,760
98%
Project Cost
Total Cost
ONLY two turnbines. 200 possilble?

?
?
In line with Jim Rusk's xls
-1%
20
Notes
Revenue
Power Purchase Agreement Rate ($/kWh)
Green Tag Revenues ($/kWh)
5,700,000
Annual
Escalation
0.065
2.0%
2.8%
Year
Start
Year
End
1
5
Year
Start
Equity & Flip Structure

Flip Year
Flip Buy-Out Payment/Fee
Local Owner Percentage Pre-Flip
Local Owner Percentage Post-Flip
Equity Owner Percentage Pre-Flip
Equity Owner Percentage Post-Flip
Other Public or State Provided Funding
USDA Grant
Local Owner Contribution
Equity Investor Contribution
Total Debt
$
$
$
$
$
0
$0
0%
100%
100%
0%
1,000,000
1
4,699,999
Local Owner Financing

Local Owner Equity
Local Owner Discount Rate
Local Owner Tax Rate
Is the Local Owner also the Land Owner?
Is the Local Owner also the Project Manager?
4,699,999
10
5%
608,671
Notes
20 Jim Rusk's xls showed $.07, default was $.06. I split the differenc
10
Year
End
0
1
1
1
1
Notes
0
0
20
0
20
100% leveraged.
Taxpayer is local owner.
Year
Start
Project Debt
Total Debt
Debt Term in Years
Interest Rate
Annual Debt Payment
Equity Investor Financing

Equity Investor Equity
Equity Investor Discount Rate
Year
Start
Year
End
Notes
Changed from 6% to 5%
5
14
Notes
Taxpayer is local owner.
1
8%
0%
no
no
1
1
20
20
Notes
$
12%

Project Assumptions Page 4 of 22
Incentives
Federal Production Tax Credit ($/kWh)
Percent of the PTC project can utilize
Other Production Tax Credit ($/kWh)
Other Tax Credit (Installment Payments)
Are Installment Payments Taxable Income?
Other Tax Credit (Lump Sum)
Is the Lump Sum Taxable Income?
Production Incentive Payment ($/kWh)
$
$
$
$
$
Expenses
Operations & Maintenance
Operations & Maintenance Contingency Fund
Project Management Fee
Insurance
Property Tax
Lease Payments to Landowners
Admin/Financial/Legal Management
Production Tax Expense ($/kWh)
Warranty Expense
Decomm. Fund Pre-Warranty Expiration
Decomm. Fund Post-Warranty Expiration
Other Expense
$
$
$
$
$
$
$
$
$
$
$
$
Depreciation
What kind of Depreciation can the project utilize?
0.0190
0.00%
yes
yes
-
45,000
25,000
70,000
21,000
12,000
5,000
0.0012
20,000
3,000
-
Annual
Escalation
2%
Year
Start
Year
End
Notes
10
2%
0%
1
1
20
10
0%
1%
10
Changed from 100% to 0%.
Annual
Escalation
3.0%
2.0%
2.0%
2.0%
-1.0%
2.0%
2.0%
2.0%
2.0%
2.0%
2.0%
1.0%
Year
Start
Year
End
1
1
1
1
1
1
1
1
1
1
1
1
Notes
20
20
20
20
20 No property taxes paid to ourselves.
20
20
20
5
5
20
20
Notes
MACRS
Notes
Cost Tool
Project Cost per kW
Project Power, kW
Total Cost
$
$
1,900
3000
5,700,000
This is a tool to help the user determine the total installed

cost of the project. Once the installed cost is determined
the user should manually enter the results from cell J40 or
J50 into cell C20.
-ORBreak-out Cost Tool

Feasibility Study / Wind Resource Assessment
Project Design & Development
Turbine & Tower
Interconnection
Commissioning
Installation/Construction
Other
TOTAL
$
$
$
$
$
$
$
$
Notes
C-BED Tool
Discount Rate for NPV Calculations
Front Loaded Rate ($/kWh)
Rear Unloaded Rate ($/kWh)
Annual Escalation
Fixed Price Equivalent ($/kWh)
NPV Rate of Energy ($/kWh)
$
$
$
$
7%
0%
-
C-BED power purchase rates are structured so that the

rate for energy sold by the project in the first ten years of
production is higher than in the last ten years. The
determination of the levelized cost of the energy sold is
based on the purchasing utility's discount rate for normal
business operations. For more information about C-BED
contracts and agreements visit this website:
http://www.windustry.org/community/cbed.htm

Changed from 8% to 7% to reflect what fire p
Project Summary
Project Name
Project Size (MW)
Turbine Model
Net Capacity Factor (Years 1-20)
Total kWh Produced (Years 1-20)
PPA
C-BED PPA (NPV)
Green Tag Rate
Champaign County
3
GE 1.5MW
32%
168,613,754
$0.0650
$0.0000
$0.0000
Total Installed Cost
$5,700,000
Local Investor Contribution

Local Investor IRR
Local Investor Return (NPV)
$1
37409577%
$1,029,965
Equity Investor Contribution

Equity Investor IRR
Equity Investor Return (NPV)
$0
#NUM!
$0
O & M Rate (% of revenues)

Capital Cost per kW
9.1%
$1,900
IRR (Years 1-20)

Net Present Value (Years 1-20)
37409577%
$1,029,965

Pro Forma Page 6 of 22
Champaign County Pro Forma

Year
10
REVENUES
kWh/yr
PPA Rate ($/kWh)
C-BED Rate ($/kWh)
Electricity Sales Revenue per PPA
Electricity Sales Revenue per C-BED
Green Tag Rate ($/kWh)
Green Tag Sales Revenue
Production Incentive Payments
Total Annual Revenues
9,014,040
0.065
0.000
585,913
0
0.000
0
0
0
0
585,913
9,014,040
0.066
0.000
597,631
0
0.000
0
0
0
0
597,631
9,014,040
0.068
0.000
609,583
0
0.000
0
0
0
0
609,583
9,014,040
0.069
0.000
621,775
0
0.000
0
0
0
0
621,775
8,923,900
0.070
0.000
627,869
0
0.000
0
0
0
0
627,869
8,834,661
0.072
0.000
634,022
0
0.000
0
0
0
0
634,022
8,746,314
0.073
0.000
640,235
0
0.000
0
0
0
0
640,235
8,658,851
0.075
0.000
646,509
0
0.000
0
0
0
0
646,509
8,572,262
0.076
0.000
652,845
0
0.000
0
0
0
0
652,845
8,486,540
0.078
0.000
659,243
0
0.000
0
0
0
0
659,243
EXPENSES
Insurance
Property Tax
Leaseholder Payments
Production Tax Expense
Warranty Expense
Other Expense
Total Annual Operating Expenses
45,000
25,000
70,000
21,000
0
12,000
5,000
10,817
20,000
0
3,000
0
211,817
46,350
25,500
71,400
21,420
0
12,240
5,100
11,033
20,400
0
3,060
0
216,503
47,741
26,010
72,828
21,848
0
12,485
5,202
11,254
20,808
0
3,121
0
221,297
49,173
26,530
74,285
22,285
0
12,734
5,306
11,479
21,224
0
3,184
0
226,200
50,648
27,061
75,770
22,731
0
12,989
5,412
11,591
21,649
0
3,247
0
231,099
52,167
27,602
77,286
23,186
0
13,249
5,520
11,705
0
0
3,312
0
214,027
53,732
28,154
78,831
23,649
0
13,514
5,631
11,820
0
0
3,378
0
218,710
55,344
28,717
80,408
24,122
0
13,784
5,743
11,936
0
0
3,446
0
223,501
57,005
29,291
82,016
24,605
0
14,060
5,858
12,053
0
0
3,515
0
228,403
58,715
29,877
83,656
25,097
0
14,341
5,975
12,171
0
0
3,585
0
233,418
374,096
940,000
0
1,151,817
381,128
1,504,000
0
1,720,503
388,287
902,400
0
1,123,697
395,575
541,440
0
767,640
396,770
541,440
235,000
1,007,539
419,994
270,720
216,316
701,064
421,525
0
196,699
415,409
423,008
0
176,100
399,601
424,442
0
154,471
382,874
425,825
0
131,761
365,179
(565,904)
(1,122,872)
(514,113)
(145,865)
(379,670)
(67,042)
224,826
246,908
269,971
294,064
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
940,000
0
1,504,000
0
902,400
0
541,440
0
541,440
373,671
270,720
392,355
0
411,973
0
432,571
0
454,200
0
476,910
CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)
(1)
EBITDA & Taxable Income

EBITDA
Depreciation
Debt Interest Payment
Total Annual Expenses
Taxable Income
(1)
TAXES
Local Owner Income Tax Benefit/(Liability)
Equity Investor Income Tax Benefit (Liability)
Federal PTC Value
Other PTC Value
Total Tax Benefit/(Liability)
AFTER-TAX CASH FLOWS
Add Back Depreciation
Less Debt Principal Payment
Net After-Tax Project Cash Flow
(1)
374,096
381,128
388,287
395,575
(211,902)
(188,677)
(187,146)
(185,663)
(184,229)
(182,846)
Local Owner Return

Equity Investor Return
(1)
0
374,096
0
381,128
0
388,287
0
395,575
0
(211,902)
0
(188,677)
0
(187,146)
0
(185,663)
0
(184,229)
0
(182,846)
0
37409475%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
0.00
0.00
0.00
0.00
1.27
1.33
1.37
1.41
1.44
1.48
3,000
25,000
6,060
50,500
9,181
76,510
12,365
103,040
15,612
130,101
18,924
157,703
22,303
185,857
25,749
214,574
29,264
243,866
32,849
273,743
PROJECT RESULTS
Capital Cost per kWh
IRR (Years 1-20)
LOCAL OWNER RESULTS
Running IRR
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR
Overall IRR
NPV
DEBT COVERAGE
Debt Service Coverage Ratio
OTHER DETAILS
Running Total of Decommissioning Fund
Running Total of O&M Contingency Fund
9.1%
$1,900
37409577%
$1,029,965
37409577%
$1,029,965
15%
#NUM!
$0

Pro Forma Page 7 of 22
Champaign County Pro Forma

Year
11
12
13
14
15
16
17
18
19
20
REVENUES
kWh/yr
PPA Rate ($/kWh)
C-BED Rate ($/kWh)
Electricity Sales Revenue per PPA
Electricity Sales Revenue per C-BED
Green Tag Rate ($/kWh)
Production Incentive Payments
Total Annual Revenues
8,401,674
0.079
0.000
665,704
0
0.000
0
0
0
0
665,704
8,317,658
0.081
0.000
672,228
0
0.000
0
0
0
0
672,228
8,234,481
0.082
0.000
678,815
0
0.000
0
0
0
0
678,815
8,152,136
0.084
0.000
685,468
0
0.000
0
0
0
0
685,468
8,070,615
0.086
0.000
692,185
0
0.000
0
0
0
0
692,185
7,989,909
0.087
0.000
698,969
0
0.000
0
0
0
0
698,969
7,910,010
0.089
0.000
705,819
0
0.000
0
0
0
0
705,819
7,830,910
0.091
0.000
712,736
0
0.000
0
0
0
0
712,736
7,752,600
0.093
0.000
719,720
0
0.000
0
0
0
0
719,720
7,675,074
0.095
0.000
726,774
0
0.000
0
0
0
0
726,774
EXPENSES
Insurance
Property Tax
Warranty Expense
Other Expense
Total Annual Operating Expenses
60,476
30,475
85,330
25,599
0
14,628
6,095
12,290
0
0
3,657
0
238,549
62,291
31,084
87,036
26,111
0
14,920
6,217
12,410
0
0
3,730
0
243,800
64,159
31,706
88,777
26,633
0
15,219
6,341
12,532
0
0
3,805
0
249,172
66,084
32,340
90,552
27,166
0
15,523
6,468
12,655
0
0
3,881
0
254,669
68,067
32,987
92,364
27,709
0
15,834
6,597
12,779
0
0
3,958
0
260,294
70,109
33,647
94,211
28,263
0
16,150
6,729
12,904
0
0
4,038
0
266,051
72,212
34,320
96,095
28,828
0
16,473
6,864
13,030
0
0
4,118
0
271,941
74,378
35,006
98,017
29,405
0
16,803
7,001
13,158
0
0
4,201
0
277,969
76,609
35,706
99,977
29,993
0
17,139
7,141
13,287
0
0
4,285
0
284,138
78,908
36,420
101,977
30,593
0
17,482
7,284
13,417
0
0
4,370
0
290,451
Total Annual Expenses
427,154
0
107,916
346,465
428,428
0
82,878
326,678
429,643
0
56,588
305,761
430,798
0
28,984
283,654
431,891
0
0
260,294
432,918
0
0
266,051
433,877
0
0
271,941
434,766
0
0
277,969
435,582
0
0
284,138
436,322
0
0
290,451
Taxable Income
319,238
345,550
373,055
401,814
431,891
432,918
433,877
434,766
435,582
436,322
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
500,755
0
525,793
0
552,083
0
579,687
0
0
0
0
0
0
0
0
0
0
0
0
(181,517)
(180,244)
(179,028)
(177,873)
431,891
432,918
433,877
434,766
435,582
436,322
Local Owner Return

(181,517)
0
(180,244)
0
(179,028)
0
(177,873)
0
431,891
0
432,918
0
433,877
0
434,766
0
435,582
0
436,322
0
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
37409577%
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
1.52
1.57
1.61
1.66
0.00
0.00
0.00
0.00
0.00
0.00
36,506
304,218
40,236
335,302
44,041
367,008
47,922
399,348
51,880
432,335
55,918
465,982
60,036
500,302
64,237
535,308
68,522
571,014
72,892
607,434
CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)
EBITDA & Taxable Income

EBITDA
Depreciation
TAXES
Local Owner Income Tax Benefit/(Liability)
Equity Investor Income Tax Benefit (Liability)
Federal PTC Value
Other PTC Value
Total Tax Benefit/(Liability)
AFTER-TAX CASH FLOWS
Add Back Depreciation
Less Debt Principal Payment
PROJECT RESULTS
Capital Cost per kWh
IRR (Years 1-20)
LOCAL OWNER RESULTS
Running IRR
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR
Overall IRR
NPV
DEBT COVERAGE
OTHER DETAILS
Running Total of Decommissioning Fund
Running Total of O&M Contingency Fund

Calculations Appendix Page 8 of 22
Depreciation - Modified Accelerated Cost Recovery System

Net Book Value
4,700,000
Mid-Point of Year
Beginning Value
MACRS Schedule
Depreciation
Ending Value
4,700,000
20.00%
940,000
3,760,000
3,760,000
32.00%
1,504,000
2,256,000
2,256,000
19.20%
902,400
1,353,600
1,353,600
11.52%
541,440
812,160
812,160
11.52%
541,440
270,720
270,720
5.76%
270,720
0
Total Depreciation
4,700,000
2
4,465,000
235,000
4,230,000
3
4,230,000
235,000
3,995,000
4
3,995,000
235,000
3,760,000
5
3,760,000
235,000
3,525,000
6
3,525,000
235,000
3,290,000
Depreciation - Straight Line

Net Book Value
4,700,000
Year
Beginning Value
Annual Depreciation
Ending Value
1
4,700,000
235,000
4,465,000
7
3,290,000
235,000
3,055,000
8
3,055,000
235,000
2,820,000
9
2,820,000
235,000
2,585,000
10
2,585,000
235,000
2,350,000
11
2,350,000
235,000
2,115,000
12
2,115,000
235,000
1,880,000
13
1,880,000
235,000
1,645,000
14
1,645,000
235,000
1,410,000
15
1,410,000
235,000
1,175,000
16
1,175,000
235,000
940,000
17
940,000
235,000
705,000
18
705,000
235,000
470,000
19
470,000
235,000
235,000
20
235,000
235,000
0
C-BED Calculator
Year
10
11
12
13
14
15
16
17
18
19
20
Total
9,014,040
0.000
0
0
9,014,040
0.000
0
0
9,014,040
0.000
0
0
8,923,900
0.000
0
0
8,834,661
0.000
0
0
8,746,314
0.000
0
0
8,658,851
0.000
0
0
8,572,262
0.000
0
0
8,486,540
0.000
0
0
8,401,674
0.000
0
0
8,317,658
0.000
0
0
8,234,481
0.000
0
0
8,152,136
0.000
0
0
8,070,615
0.000
0
0
7,989,909
0.000
0
0
7,910,010
0.000
0
0
7,830,910
0.000
0
0
7,752,600
0.000
0
0
7,675,074
0.000
0
0
168,613,754
1
0.019
171,267
2
0.019
171,267
3
0.020
180,281
4
0.020
180,281
5
0.021
187,402
6
0.021
185,528
7
0.021
183,673
8
0.022
190,495
9
0.022
188,590
10
0.023
195,190
11
0
0
12
0
0
13
0
0
14
0
0
15
0
0
16
0
0
17
0
0
18
0
0
19
0
0
20
0
0
0
1,000,000
141,220
0
0
1,000,000
141,220
0
0
1,000,000
148,653
0
0
1,000,000
148,653
0
0
1,000,000
154,524
0
0
1,000,000
152,979
0
0
1,000,000
151,449
0
0
1,000,000
157,075
0
0
1,000,000
155,504
0
0
1,000,000
160,946
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
0
1,000,000
0
0
1
4,699,999
0
0
4,699,999
2
4,699,999
0
0
4,699,999
3
4,699,999
0
0
4,699,999
4
4,699,999
0
0
4,699,999
5
4,699,999
235,000
373,671
4,326,328
6
4,326,328
216,316
392,355
3,933,973
7
3,933,973
196,699
411,973
3,522,000
8
3,522,000
176,100
432,571
3,089,428
9
3,089,428
154,471
454,200
2,635,229
10
2,635,229
131,761
476,910
2,158,319
11
2,158,319
107,916
500,755
1,657,563
12
1,657,563
82,878
525,793
1,131,770
13
1,131,770
56,588
552,083
579,687
14
579,687
28,984
579,687
0
15
0
0
0
0
16
0
0
0
0
17
0
0
0
0
18
0
0
0
0
19
0
0
0
0
20
0
0
0
0
kWh/yr 9,014,040
C-BED Rate ($/kWh)
0.000
Sales Revenue
0
PV of Revenue
0
PTC Double Dipping

Year
$/kWh Defined by IRS
Total Potential PTC
Amount Able to be Utilized by
Project
Total Government Incentives
Total Available PTC
PTC Utilized by Project
Debt Service Schedule

Year
Beginning Balance
Interest Payment
Principal Payment
Ending Balance

0
0
Charts Page 9 of 22
Charts
The charts listed below can be found on subsequent tabs in this workbook.
Project Assumptions
Ownership Division, Pre-Flip
Ownership Division, Post-Flip
Revenues
Annual kWh Generation
Annual Revenues
Electricity Sales Revenue (including Green Tags)
Expenses
Annual Payments on Loan (Interest and Principal)
Annual Expenses
Taxes
Tax Benefits and Liabilities
Total Net Tax Benefit or Liability
Cash Flows
Returns to Investors
Project Results
Running Internal Rate of Return

Ownership Division, Pre-Flip Page 10 of 22
Ownership Division, Pre-Flip
Local Owner, 0%
Equity Owner, 100%

Ownership Division, Post-Flip Page 11 of 22
Ownership Division, Post-Flip
Equity Owner, 0%
Local Owner, 100%

Annual kWh Generation Page 12 of 22
Annual kWh Generation

10,000,000
9,000,000
8,000,000
7,000,000
kWh/year
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
1
10
11
12
13
Year

14
15
16
17
18
19
20
Annual Revenues Page 13 of 22
Annual Revenues
800,000
700,000
600,000
Production Incentive
Payments
Revenue ($)
500,000
Other Tax Credit (Lump

Sum)
Other Tax Credit (Installment

Payments)
400,000
300,000
Electricity Sales Revenue
per C-BED
Electricity Sales Revenue

per PPA
200,000
100,000
0
1
10
11
12
13
14
15
16
Year

17
18
19
20
Electricity Sales Revenue Page 14 of 22
Electricity Sales Revenue (Including Green Tags)

800,000
700,000
600,000
Sales Revenue ($)
Green Tag Sales

Revenue
500,000
Electricity Sales
Revenue per CBED
400,000
Electricity Sales
Revenue per PPA
300,000
200,000
100,000
0
1
10
11
12
13
14
15
Year

16
17
18
19
20
Loan Payments Page 15 of 22
Annual Payments on Loan (Interest and Principal)

700,000
600,000
Payment ($)
500,000
400,000
300,000
200,000
100,000
0
1
10
11
12
13
Year
Debt Principal Payment

14
15
16
17
18
19
20
Annual Expenses Page 16 of 22
Annual Expenses
2,000,000
1,800,000
1,600,000
Depreciation
1,400,000
Less Debt Principal
Payment
Expense ($)
1,200,000
Other Expense
Decomm. Fund PostWarranty Expiration
1,000,000
Decomm. Fund PreWarranty Expiration

800,000
Admin/Financial/Legal
Management
600,000
Property Tax
Insurance
400,000

200,000
0
1
10
11
12
13
14
15
Year

16
17
18
19
20
Tax Benefits and Liabilities Page 17 of 22
Tax Benefits and Liabilities

(Liabilities appear as values below zero.)
1
Tax ($)
Other Tax Credit (Lump

Sum)
Other Tax Credit (Installment

Payments)
Other PTC Value
1
Federal PTC Value
0
Equity Investor Income Tax
Benefit (Liability)
Local Owner Income Tax

Benefit/(Liability)
0
1
10
11
12
13
14
15
Year

16
17
18
19
20
Total Net Tax Ben. or Liab. Page 18 of 22
Total Net Tax Benefit or Liability

(Liabilities appear as values below zero.)
1
Tax ($)
10
11
12
13
Year

14
15
16
17
18
19
20
Returns to Investors Page 19 of 22
Returns to Investors
500,000
400,000
300,000
Return ($)
200,000
100,000
(100,000)
(200,000)
(300,000)
1
10
11
12
13
Year
Local Owner Return

14
15
16
17
18
19
20
Net After-Tax Cash Flow Page 20 of 22

500,000
400,000
300,000
Cash Flow ($)
200,000
100,000
(100,000)
(200,000)
(300,000)
1
10
11
12
13
Year

14
15
16
17
18
19
20
Running IRR Page 21 of 22
Running Internal Rate of Return

40000000%
35000000%
30000000%
IRR (%)
25000000%
20000000%
15000000%
10000000%
5000000%
0%
1
10
11
12
13
Year
Local Owner
Equity Investor

14
15
16
17
18
19
20
Debt Service Coverage Ratio Page 22 of 22

1.80
1.60
1.40
1.20
Ratio
1.00
0.80
0.60
0.40
0.20
0.00
1
10
11
12
13
Year

14
15
16
17
18
19
20

2105 1st Ave S, Minneapolis, MN 55404 Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612

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2105 1st Ave S, Minneapolis, MN 55404 Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612

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TERMS OF SERVICE: http://windustry.org/windustry-terms-of-use-agreement

2105 1st Ave S, Minneapolis, MN 55404

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2105 1st Ave S, Minneapolis, MN 55404

Project Assumptions Page 3 of 22

ONLY two turnbines. 200 possilble?

Equity & Flip Structure

Local Owner Financing

Equity Investor Financing

2105 1st Ave S, Minneapolis, MN 55404

Project Assumptions Page 4 of 22

Changed from 100% to 0%.

This is a tool to help the user determine the total installed

-ORBreak-out Cost Tool

C-BED power purchase rates are structured so that the

2105 1st Ave S, Minneapolis, MN 55404

Changed from 8% to 7% to reflect what fire p

Total Installed Cost

Local Investor Contribution

Equity Investor Contribution

O & M Rate (% of revenues)

IRR (Years 1-20)

2105 1st Ave S, Minneapolis, MN 55404

Pro Forma Page 6 of 22

Champaign County Pro Forma

EBITDA & Taxable Income

Local Owner Return

2105 1st Ave S, Minneapolis, MN 55404

Pro Forma Page 7 of 22

Champaign County Pro Forma

Total Annual Expenses

Net After-Tax Project Cash Flow

Local Owner Return

EBITDA & Taxable Income

2105 1st Ave S, Minneapolis, MN 55404

Calculations Appendix Page 8 of 22

Depreciation - Modified Accelerated Cost Recovery System

Depreciation - Straight Line

PTC Double Dipping

Debt Service Schedule

2105 1st Ave S, Minneapolis, MN 55404

2105 1st Ave S, Minneapolis, MN 55404

Ownership Division, Pre-Flip Page 10 of 22

Ownership Division, Pre-Flip

Equity Owner, 100%

2105 1st Ave S, Minneapolis, MN 55404

Ownership Division, Post-Flip Page 11 of 22

Ownership Division, Post-Flip

Local Owner, 100%

2105 1st Ave S, Minneapolis, MN 55404

Annual kWh Generation Page 12 of 22

Annual kWh Generation

2105 1st Ave S, Minneapolis, MN 55404

Annual Revenues Page 13 of 22

Other Tax Credit (Lump

Other Tax Credit (Installment

Green Tag Sales Revenue

Electricity Sales Revenue

2105 1st Ave S, Minneapolis, MN 55404