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{"sheet":"COVER","index":0,"n_rows":15,"n_cols":3,"rows_kept":15,"cut":false,"hidden":false,"merged":[[5,2,5,15]]}
[]
[null,null,"Mini-grid Feed-in Tariff Tool"]
[null,null,"Supportive framework conditions for mini-grids employing renewable and hybrid generation in the SADC Region"]
[]
[]
[null,null,"This tool was prepared for the SADC Regional Electricity Regulators’ Association (RERA) by Economic Consulting Associates and Practical Action (Southern Africa). The support of the Africa-EU Renewable Energy Cooperation Programme (RECP), managed by the European Union Energy Initiative Partnership Dialogue Facility (EUEI PDF), is gratefully acknowledged."]
[]
[]
[]
[]
[]
[]
[null," "]
[]
[null,"Note: Model is populated with dummy data for illustrative purposes"]

{"sheet":"FiT calculation","index":1,"n_rows":76,"n_cols":24,"rows_kept":76,"cut":false,"hidden":false,"merged":[]}
[{"$f":"[1]TITLE!B2","v":"FiT Tool"}]
["Year",null,-1,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
["Inputs"]
[]
["Characteristics"]
["Technology","type","Wind"]
["Capacity","MW",10]
["Capacity factor","%",0.4]
["Full load operating hours","hours",{"$f":"365*24*C9","v":3504}]
[]
["Investment costs"]
["Outlay of capex in first year","%",0.5]
["Outlay of capex in second year","%",{"$f":"1-C13","v":0.5}]
["Feasibility, development and construction costs","$m",23]
["Transmission connection costs","$m",0]
["Total (before interest)","$m",{"$f":"SUM(C15:C16)","v":23}]
["Interest during construction","$m",{"$f":"C17*C$13*((1+C$30)^2-1)+C17*(1-C$13)*C$30","v":0}]
["Total","$m",{"$f":"C17+C18","v":23}]
[]
["Operating costs"]
["Fixed O&M","$000",{"$f":"380+20+0.3%*C19*1000","v":469}]
["Fuel costs","$/MWh",0]
["Variable O&M","$/MWh",0]
[]
["Financing terms"]
["Initial gearing","%",0.7]
["Loan period","years",10]
["Cost of debt (interest)","%",0.1]
["Interest during construction","%",0]
["Pre tax ROE","%",0.18]
[]
["Inflation"]
[]
["Inflation rate","%",0.02]
["Inflation factor (costs)","%",1,{"$f":"C36*(1+$C$35)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221]
["Inflation factor (revenues)","%",null,null,1,1.02,1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988]
[]
["Feed-in tariff","(Goal seek FiT so that target ROE is reached)"]
[]
["FiT","c/kWh",null,null,10]
["Indexed FiT","c/kWh",{"$f":"$E$41*C37","v":0},0,10,10.199999999999999,10.404,10.612079999999999,10.824321599999999,11.040808032000001,11.261624192640001,11.486856676492801,11.716593810022658,11.95092568622311,12.189944199947574,12.433743083946524,12.682417945625454,12.936066304537963,13.194787630628724,13.458683383241299,13.727857050906124,14.002414191924249,14.282462475762735,14.568111725277987]
[]
["Project cash flows"]
[]
["Year",null,-1,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[]
["Operating cash flows"]
["Revenue from FiT","$m",null,null,{"$f":"E$42/100*$C$8*$C10*1000/10^6","v":3.504},3.5740799999999999,3.6455616000000002,3.7184728319999998,3.7928422886399997,3.8686991344127999,3.946073117101057,4.0249945794430779,4.1054944710319399,4.1876043604525774,4.2713564476616286,4.3567835766148626,4.443919248147159,4.5327976331101025,4.6234535857723049,4.7159226574877513,4.8102411106375058,4.9064459328502563,5.0045748515072637,5.1046663485374069]
["Fixed costs","$m",null,null,{"$f":"-$C22*1000/10^6*E36","v":-0.48794759999999998},-0.49770655199999991,-0.50766068304,-0.51781389670080002,-0.52817017463481597,-0.53873357812751232,-0.54950824969006262,-0.56049841468386385,-0.57170838297754112,-0.58314255063709197,-0.59480540164983375,-0.60670150968283043,-0.6188355398764871,-0.63121225067401687,-0.64383649568749723,-0.65671322560124723,-0.66984749011327216,-0.68324443991553763,-0.69690932871384836,-0.7108475152881254]
["Variable costs","$m",null,null,{"$f":"-$C$24*$C$8*$C$10/10^6*E36","v":0},{"$f":"-$C$24*$C$8*$C$10/10^6*F36","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
["Interest on loan","$m",null,null,{"$f":"-(SUM($C60:$D60)+SUM($C61:D61))*$C29","v":-1.6261000000000001},{"$f":"-(SUM($C60:$D60)+SUM($C61:E61))*$C29","v":-1.4634900000000002},{"$f":"-(SUM($C60:$D60)+SUM($C61:F61))*$C29","v":-1.30088},{"$f":"-(SUM($C60:$D60)+SUM($C61:G61))*$C29","v":-1.1382700000000001},{"$f":"-(SUM($C60:$D60)+SUM($C61:H61))*$C29","v":-0.97565999999999997},{"$f":"-(SUM($C60:$D60)+SUM($C61:I61))*$C29","v":-0.81305000000000005},{"$f":"-(SUM($C60:$D60)+SUM($C61:J61))*$C29","v":-0.65044000000000013},{"$f":"-(SUM($C60:$D60)+SUM($C61:K61))*$C29","v":-0.48783000000000015},{"$f":"-(SUM($C60:$D60)+SUM($C61:L61))*$C29","v":-0.32522000000000023},{"$f":"-(SUM($C60:$D60)+SUM($C61:M61))*$C29","v":-0.16261000000000028},{"$f":"-(SUM($C60:$D60)+SUM($C61:N61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:O61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:P61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:Q61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:R61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:S61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:T61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:U61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:V61))*$C29","v":-3.5527136788005011E-16},{"$f":"-(SUM($C60:$D60)+SUM($C61:W61))*$C29","v":-3.5527136788005011E-16}]
["Net operating cash flow","$m",{"$f":"SUM(C49:C52)","v":0},0,1.3899523999999999,1.6128834479999998,1.83702091696,2.0623889352991993,2.289012114005184,2.5169155562852876,2.7461248674109942,2.9766661647592136,3.2085660880543982,3.4418518098154851,3.6765510460117943,3.7500820669320318,3.8250837082706712,3.9015853824360853,3.9796170900848074,4.0592094318865044,4.1403936205242333,4.2232014929347184,4.3076655227934157,4.3938188332492816]
[]
["Investing cash flows"]
["Investment costs","$m",{"$f":"-C19*C13*C36","v":-11.5},{"$f":"-C19*(1-C13)*D36","v":-11.73}]
["Net investing cash flow","$m",{"$f":"SUM(C56)","v":-11.5},-11.73,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["Financing cash flows"]
["Proceeds on loan","$m",{"$f":"-C57*($C27)","v":8.0499999999999989},{"$f":"-D57*($C27)","v":8.2110000000000003}]
["Principal paid on Loan","$m",null,null,{"$f":"-IF(-SUM($C61:D61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:E61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:F61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:G61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:H61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:I61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:J61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:K61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:L61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:M61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":-1.6260999999999999},{"$f":"-IF(-SUM($C61:N61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:O61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:P61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:Q61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:R61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:S61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:T61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:U61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:V61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0},{"$f":"-IF(-SUM($C61:W61)=SUM($C60:$D60),0,SUM($C60:$D60)/$C28)","v":0}]
["Equity contributions","$m",{"$f":"-C57*(1-$C27)","v":3.4500000000000006},{"$f":"-D57*(1-$C27)","v":3.5190000000000006}]
["Net financing cash flow","$m",{"$f":"SUM(C60:C62)","v":11.5},11.73,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,-1.6260999999999999,0,0,0,0,0,0,0,0,0,0]
[]
["Net cash flows"]
["Cash at Beginning of Year","$m",0,{"$f":"C68","v":0},0,-0.23614760000000001,-0.24936415200000006,-3.8443235039999912E-2,0.39784570025919952,1.0607578142643836,1.9515733705496714,3.0715982379606657,4.4221644027198792,6.0046304907742778,7.8203823005897632,11.496933346601558,15.247015413533591,19.072099121804261,22.973684504240346,26.953301594325154,31.012511026211659,35.152904646735891,39.376106139670611,43.683771662464025]
["Net Change in Cash","$m",{"$f":"C53+C57+C63","v":0},0,-0.23614760000000001,-1.3216552000000048E-2,0.21092091696000015,0.43628893529919943,0.66291211400518413,0.89081555628528775,1.1200248674109943,1.3505661647592138,1.5824660880543984,1.8157518098154852,3.6765510460117943,3.7500820669320318,3.8250837082706712,3.9015853824360853,3.9796170900848074,4.0592094318865044,4.1403936205242333,4.2232014929347184,4.3076655227934157,4.3938188332492816]
["Cash at End of Year","$m",{"$f":"C66+C67","v":0},0,-0.23614760000000001,-0.24936415200000006,-3.8443235039999912E-2,0.39784570025919952,1.0607578142643836,1.9515733705496714,3.0715982379606657,4.4221644027198792,6.0046304907742778,7.8203823005897632,11.496933346601558,15.247015413533591,19.072099121804261,22.973684504240346,26.953301594325154,31.012511026211659,35.152904646735891,39.376106139670611,43.683771662464025,48.077590495713309]
[]
["Investor returns"]
["Annual return on equity","$m",{"$f":"-C62+C67","v":-3.4500000000000006},-3.5190000000000006,-0.23614760000000001,-1.3216552000000048E-2,0.21092091696000015,0.43628893529919943,0.66291211400518413,0.89081555628528775,1.1200248674109943,1.3505661647592138,1.5824660880543984,1.8157518098154852,3.6765510460117943,3.7500820669320318,3.8250837082706712,3.9015853824360853,3.9796170900848074,4.0592094318865044,4.1403936205242333,4.2232014929347184,4.3076655227934157,4.3938188332492816]
["IRR (nominal)","%",{"$f":"ROUND(IRR($C$71:$X$71,$C$31),4)","v":0.15060000000000001}]
["Target ROE","%",{"$f":"$C$31","v":0.18}]
["Difference","%",{"$f":"C72-C73","v":-2.9399999999999982E-2}]
[]
["IRR (real)","%",{"$f":"(1+C72)/(1+C35)-1","v":0.12803921568627463}]