8310 irr sheet 21 nov 12

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Cells that do not contain any formula, but the correct valu

Cells that contain the actual formula, but equal zero as co

No content, due to confidentiality

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e itself (since the formula draws on confidential input data)

nfidential input data were eliminated.

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Item Value

Number of WTG of type Vestas V112 82

Ratedcapacity per turbine of type Vestas V112 3.08

Total capacity of wind farm 252.15

Plant load factor (PLF) 33.91%

Hours per year 8760

Estimated gross electricity generation 904,237.00

Estimated electricity generation (P70_10-year correlatedvalue)

749,079.00

Planned construction start 1/1/2014

Planned operation start 1/1/2015

Percentage of operational time in first year 100%

Percentage of operational time in last year 100%

Operational life time 20

WTG Type Vestas V112 (3 MW)

Sum -

Surveys and tests

Construction facilities

Foundations

Crane pads

Roads

CAPEX (Capital Expenditures)

Wind Turbine Generators (WTGs)

Civil works

Technical details

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VAT amount -Sum Civil Works (excluding taxes) -

Sum Civil Works -

Grid connection cost (Transmission Line 115 kV)

Main substation

Collector substations

CFE substation (Zacatecas II)Internal electrical distribution and communicationsystemVAT amount -

Sum Electrical Works (excluding taxes) -

Sum Electrical Works -

Total Investment Costs excluding taxes 460,815,358.59

Total Investment Costs including taxes 475,505,815.97

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 yearNumber of land owner

LLA Rent variable

CFE transmission Fee 143.95

Average annual OPEX 31,611,511.01

Electrical works

Total Investment Costs

OPEX (Operational Expenditures)

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Up-Front Fee

Equity rate

Equity amount

Debt rate

Debt amount

Total financing period 16

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 rate for movable goods 100%

Interest rates:

Financing parameters

Depreciation

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Depreciation base for movable goods -

Depreciation rate for Civil Works 5%

Depreciation base for Civil Works -

Depreciation rate for Electrical Works 5%

Depreciation base for Electrical Works -

Depreciation period 20

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 -

VAT rate 16.00%

Taxes

Fair value

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Income tax rate from 2014 onwards 28.00%

IETU (Corporate tax standard rate) 17.50%

Exchange rate: 1 Euro in US$ 1.30

Exchange rate: 1 Mexican Peso in US$ 0.08

Inflation rate - Euro 2.07%

Inflation rate - MXN Pesos 3.55%

Inflation rate - MXN Pesos (for CFE transmission feeonly)

4.04%

Inflation rate - US-Dollar 2.38%

Exchange rates

PPA Price Calculation

Inflation

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PPA price (2011) 1213.35

PPA price (2011) in US$ 92.38

Benchmark in Mexico (real terms) 11.20%

Expected Inflation Rate - Mexico 3.00%

Benchmark in Mexico (nominal terms) 14.20%

Benchmark

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Unit

units

MW per WTG

MW

%

hours

MWh / year

MWh / year

%

%

years

US$ per unit

US$ for all units

MXN

MXN

MXN

MXN

MXN

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MXNUS$

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 / yeartimes

% of semestral gross energy revenues

MXN / MWh

US$ / year

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%

%

US$

%

US$

years

% per year

% per year

% per year

% per year

% per year

% per year

% per year

% per year of remaining debt

% / year

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US$

% / year

US$

% / year

US$

years

US$

US$

US$

US$

US$

%

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% on net incomes

% on EBITDA

US$

US$

%

% p.a.

% p.a.

%

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MXN/MWh

US$/MWh

%

%

%

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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:download\20120604_ME083_Mezquite_Validation documents\5. Technology

calculated.

Calculated.

Please see third party expertise: 20120706_ME083_Windfarm Expertise_Mezquite.pdf , p. 4),storedunder: download\20120604_ME083_Mezquite_Validation documents\Validation 2\5. Technology

Please see third party expertise: 20120706_ME083_Windfarm Expertise_Mezquite.pdf , p. 4),storedunder: 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:download\20120604_ME083_Mezquite_Validation documents\5. Technology

calculated.

Key assumptions & input data

Equity IRR Calculation - Mezquite

Please see calculation: 20120522_ME083_BOQ_Civil_Works_Rev01.xlsPlease see reference: 20111104_ConsultantEmail_CivilWorks_prices.msg;20111025_Consultant_Engineering_UnitPrices.xls ; storedunder:download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\CAPEX

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calculated.calculated.

calculated.

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. InvestmentAnalysis\OPEX

Please see: 20070919_Contract_Landscaping.pdf, storedunder: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\OPEXPlease see also: 20100416_RES_CRE_CARGOS SERVICIOS DE TRANSMISION.pdf, p.5 (availableunder: http://www.sener.gob.mx/res/Acerca_de/RES_-066-2010_CARGOS%20SERVICIOS%20DE%20TRANSMISION_16-04-2010.pdf) ; stored under:download\20120604 ME083 Mez uite Validation documents\4. Investment Anal sis\OPEXPlease see calculation in sheet "Equity IRR calculation".

Please see calculation: 20120503_ME083_BOQ_82x3.0MW.xlsPlease see reference: 20111201_ConsultantEmail_ElectricalWorks_prices.msg;20111025_Consultant_Engineering_UnitPrices.xls ; stored under:download\20120604_ME083_Mezquite_Validation documents\4. Investment Analysis\CAPEX

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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: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:download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses

calculated.

Please see:20110428_Type Certificate_V112 3.0MW_0016-9941.pdf, stored under:download\20120604_ME083_Mezquite_Validation documents\5. Technology

calculated.

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

Please see: 20100428_Contrato de Interconexin ER y Cogeneracin_CRE.pdf, SEPTIMA, storedunder: 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:download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses

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20101231_LEY DEL IMPUESTO SOBRE LA RENTA.pdf, T TULO II Artculo 10, p.10, availableunder: http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf,stored under:download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses

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:download\20120604_ME083_Mezquite_Validation documents\1. Laws & Licenses

Please see: European Central Bank:http://sdw.ecb.europa.eu/browseTable.do?type=&node=2018794&CURRENCY=USD&sfl1=4&SERIES_KEY=120.EXR.D.USD.EUR.SP00.A&DATASET=0&sfl3=4&start=01-01-2012&end=01-04-2012&submitOptions.x=41&submitOptions.y=4&trans=N&vf=&q=&type= ; Please select daily rates,Data table, Data ran e, to download data

Please see: http://www.banxico.org.mx/portal-mercado-cambiario/index.html ; Please select USDexchange 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:http://www.banxico.org.mx/SieInternet/consultarDirectorioInternetAction.do?accion=consultarCuadro&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_1997-2011_Banxico.xls. Please see:http://www.banxico.org.mx/SieInternet/consultarDirectorioInternetAction.do?accion=consultarCuadro&idCuadro=CP154&sector=8&locale=esSelect INPP, eriod and "inflacion accumulada anual"

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

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Remarks

The wind farm design of the project activity considers 82 WTGs. The turbine type most likely to be installed is the Vestas V1123MW, 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 nominalcapacity 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 contractedby the project participants." The PLF can be calculated based on the net electricity generation (gross energy production minusappropriate 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 electricitygeneration, the P70 long-term correlated value was considered within the calculation. Please note that several losses wereconsidered (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 arevalid 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 calculatedaccording 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 lightblue in column "G").

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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 appropriatelyany currency and price developments over time and especially to be comparable to other cost and revenue items included in thiscalculation, the total cost for civil works will be adated to inflation until the expected contract signature for such works. This isassumed to be on 31/08/2013 (equal WTG supply contract signature) and thus an inflation adjustment is to be made in thefollowing spreadsheets (adjustment for 1 year to maintain a conservative approach). Since no payment conditions are defined atthe time being, the most conservative approach (payment at the time of contract signature) has been considered to determine the

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 itemsincluded in this calculation, the total cost for electrical works will be adated to inflation until the expected contract signature forsuch works. This is assumed to be on 31/08/2013 (equal WTG supply contract signature) and thus an inflation adjustment is to bemade in the following spreadsheets (adjustment for 1 year to maintain a conservative approach). Since no payment conditions aredefined 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 forecastedrevenue based on net electricity generation. Following a conservative approach, the least cost for the project activity (0.5% ofannual 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 PDDsubmission, the general legal basis has been selected as a reference value. Since electricity generation is regularly transmitted athigh voltage levels in order to reduce transmission losses and as end-customers typically receive low-voltage electricity, a realisticscenario is to consider all voltage levels: High voltage + medium voltage + low voltage. The fees were initially defined in theresolution of the Energy Secretary SENER published in the "Diario Oficial" (see reference on the left) and adapted to inflationannually. The latest available annual average transmission fees (2011) are published by the Energy Regulation Comission CRE

lease see s readsheet: CFE fees . Therefore, all values defined for 2011 are inflation ad usted for 2 ears until the investment

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 calculatedaccording 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 incolumn "G").

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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 totalinvestment costs accrueing in the construction year (2014). To reflect appropriately currency and price developments over timeand especially to be comparable to other cost and revenue items included in this calculations, the total fee on the left, will bebased on investment cost (partially) adapted to inflation until 31/08/2013 (please see remarks on the items: "Sum WTGs", "SumCivil 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 renewableenergy 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 mostattractive depreciation option is to write off 100% within the first year (construction year), which is when mayor investment costs

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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:

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 (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:http://www.diputados.gob.mx/LeyesBiblio/pdf/82.pdf,stored under: download\20120604_ME083_Mezquite_ValidationThe 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 notdepreciated at the end of the operational life time of the wind farm. As movable goods are depreciated with a rate of 5% per yearduring 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 projectowner is obliged to completely dismantle all project assets at the end of the project life time. The life time of the project activity is20 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 turbinesand the infrastructure, its transportation and proper waste disposal. However, these costs are difficult to estimate. Therefore andThe possible income from a realization of the assets is very limited and impossible to predict: Firstly, according to theInterconnection Contract draft to be signed with CFE, the project owner is obliged to donate the the entire transmission line andelectrical infrastructure for the grid connection to CFE (see reference on the left) .Secondly, any roads constructed or improved aspart 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 rawmaterials. As for the fair value of an remainin infrastructure works, the rice for the materials mainl co er and steel that,for proper isolation of copper from the cable coatings and the costs for transportation to possible place of sale (as the project islocated at a long distance from other industry installation or big cities with potential purchasers.) However, these costs aredifficult to estimate. Therefore and due to the conservative approach of this analysis, the costs for the realization of the assets

The fair value in the final year is assumed to equal zero. This assumption can still be considered as a conservative because of thefollowing reasons: 1. The high costs for deconstruction accruing to the project owner are not taken into consideration. 2. Thecosts of the potential realization of the assets are not taken into consideration. 3. As explained above, no income from therealization of assets is to be considered. Furthermore, it is not considered that large part of the assets cannot be sold after 20years, but will have to be deposited or recycled without producing income. 4. The fair value in the final year is considered as netcash 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%.

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According to the Mexican tax law (Ley del Impuesto Sobre la Renta), the applicable Mexican income tax rate for 2010-2012 is30% (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 inMexico is obliged to pay taxes as per the IETU tax rate, if this tax burden exceeds the conventional income tax burden which iscalculated based on net profits. The IETU is calculated based on earnings deducted by expenses, but before interests, depreciationand loan repayments (EBITDA), whereas the conventional income tax is calculated based on net profits. If in a fiscal year, theIETU 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 datavintage was chosen in order to have a middle-term average to balance the influence of the exchange rate fluctuation on theanalysis. January 1st, 2012 was chosen in order to have an average for the year 2012, obtaining thus an average exchange ratevalid and realistic at the time of validation. June 3th, 2012 was chosen as the PDD was handed in on June 4th, 2012 and on theda of handin in the PDD, the investment decision had not been taken et. Please also refer to the timetable rovided in Section

s exc ange ra e, e average o e a y exc ange ra es e ween anuary s , an une , were a en. s a avintage was chosen in order to have a middle-term average to balance the influence of the exchange rate fluctuation on theanalysis. January 1st, 2012 was chosen in order to have an average for the year 2012, obtaining thus an average exchange ratevalid 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

Eurostat, the statistical office of the EU. The only contract that is subject to inflation that will be concluded in Euro as currency isthe Service Contract. Euro inflation data is only available since 1997 (see link on the left). Therefore, the data vintage for thefollowing 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, asdefined 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, inorder 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 tothe one applied for Euro inflation rates (1997- 2011). Values considered are the yearly average inflation rates of the ConsumerPrice Index of the USA, published by the U.S. Department Of Labor, Bureau of Labor Statistics. Even though the priceindications of the different items of the OPEX are partly indicated in Euro (due to the fact that the contracts used as references arein Euro the contracts for the Mez uite Wind Farm that are sub ect to inflation will be - exce t the Service Contract - concluded

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nce at t e t me o su m ss on no se -supp y customer a een se ecte yet, nor a any ower urc ase greement(PPA) for self-supply purposes been signed and market data for realistic electricity prices under this scheme and in the region ofthe project activity are not publicly available, the average electricity price published by the Energy Secretary (SENER) has beenanalyzed. However, the project will operate under the self supply scheme ("autoabastecimiento") and electricity customers willonly opt for this scheme if a lower price is offered, i.e. electricity costs for them are reduced. Therefore a discount rate on theseaverage electricity prices needs to be considered. According to the interconnection contract for the self-supply scheme, in case ofany electricity generation surplus from the project activity, the grid operator (CFE) is obliged to purchase such electricity excessat 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 CTCPvaries considerably between regions, seasons and day-times and a final PPA customer is no yet defined, the average electricityprice 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 averageelectricit rices are end- customer rices and the CTCP reflects the urchasin rice for enerated electricit at a certain timesee 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 forGroup 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 investmentanalysis 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 conductedan inquiry amongst economy specialists on their expectations on the inflation rate development amongst others. Since the startdate of the crediting period is 01/01/2015 (or the date of CDM registration, whichever latest), the applicable vintage to estimatethe Mexican Inflation Rate first creditin eriod is 2015 - 2022. This data vinta e is sli htl lon er than the in uir which onl

Real term benchmark of Mexico adapted by inflation rate = Nominal term benchmark.

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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%

Equi

3.

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%11%

12%

13%

14%

15%

16%

17%

EquityIRR(in%)

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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.

Results

ty IRR

5%

nergy output +10%

6.61%PPA price +10%

6.61% CAPEX -10%

6.10%OPEX -10%

4.54%

Equity IRR

Energy output +1

PPA price +10%

CAPEX -10%

OPEX -10%

Benchmark =

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Remarks

Calculated based on the following tool: UNFCCC (2011): Annex 5 Guidelines on the Assessment of InvestmentAnalysis (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 theexcel sheet "Energy output +10%".

For this calculation, the PPA price has been increased by 10%. The adapted values are marked in yellow in the excelsheet "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%.

0%

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Unit 2013

Project life (including construction) 0

PPA price US$ / MWh

Energy Output MWh

Revenues from PPA US$

Fair value in the final year US$

CAPEX (Capital Expenditures)Wind Turbine Generators (WTGs) 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$

OPEX (Operational Expenditures)Service Contract (excluding taxes) US$

Operational Management (excluding taxes) US$

Insurance: Property damage,production loss and liability

(excluding taxes)US$

Landscaping (excluding taxes) US$

LLA Rent fixed (excluding taxes) US$

LLA Rent variable US$

CFE transmission Fee US$

Total, adapted to inflation US$VAT US$

Total OPEX,inflation adapt., excl. VAT US$

EBITDAPrincipal repayment US$

Financing costs (interes + comittment fee) US$

EBTDA (earnings before taxes, depreciation andamortization), after debt service

US$

Depreciation US$IETU (Corporate tax standard rate) %

Taxes as per IETU US$

Income tax rate from 2014 onwards %

Taxes as per Income tax US$

Applicable tax rate %

Total TAX burden US$

Profit after taxes US$

PPA price calculation

Cash flow in

Cash flow out

Financing

Tax

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2014 2015 2016 2017

1 2 3 4

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) (412,032.30) (426,676.18)

- - -

- - -

- - -

(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)

(141,642,841.02) 56,175,191.79 58,301,621.04 60,505,461.60

- - - -

- - - -

(199,069,094.22) (1,920,892.32) 205,536.93 2,409,377.49

(373,590,767.93) (4,590,767.93) (4,590,767.93)17.50% 17.50% 17.50% 17.50%

- (9,830,658.56) (10,202,783.68) (10,588,455.78)

28.00% 28.00% 28.00% 28.00%

- - (703,805.60) (1,638,425.78)

28.00% 17.50% 17.50% 17.50%

- (9,830,658.56) (10,202,783.68) (10,588,455.78)

(199,069,094.22) (11,751,550.88) (9,997,246.76) (8,179,078.29)

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2018 2019 2020 2021

5 6 7 8

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)

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2022 2023 2024 2025

9 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)

850,604.70 3,102,576.74 5,049,586.91 7,467,547.02

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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

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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

- - - -

- - - -

97,595,845.85 101,221,608.38 104,977,943.90 108,869,466.37

(4,590,767.93) (4,590,767.93) (4,590,767.93) (4,590,767.93)17.50% 17.50% 17.50% 17.50%

(17,079,273.02) (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

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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

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Construction Year

Unit 0

Period Start 1/1/2014

Period End 1/1/2015

Days per period 365

Remaining repayment periods 16

Balance at start of period US$ -

Principal Repayments US$ -

Balance at end of period US$ -

Debt Fully Repaid? yes

TIIE 28 days p.a. % per year 11.54%

Cost of funding % per year 0.00%

Financing margin % per year 0.00%Total interest rate % per year 11.54%

Interests US$ -

Comittment fee % per year 0.00%

Comittment payment US$ -

Total financing costs US$ -

Annuity (P+I) US$ -

Principle Repayment US$ -

Debt Account

Interests

Repayment Method

Financing

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Operational Year Operational Year Operational Year Operational Year

1 2 3 4

1/2/2015 1/3/2016 1/3/2017 1/4/2018

1/2/2016 1/2/2017 1/3/2018 1/4/2019

365 365 365 365

15 14 13 12

- - - -

- - - -

- - - -

11.54% 11.54% 11.54% 11.54%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%11.54% 11.54% 11.54% 11.54%

- - - -

0.00% 0.00% 0.00% 0.00%

- - - -

- - - -

- - - -

- - - -

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5 6 7 8

1/5/2019 1/6/2020 1/6/2021 1/7/2022

1/5/2020 1/5/2021 1/6/2022 1/7/2023

365 365 365 365

11 10 9 8

- - - -

- - - -

- - - -

11.54% 11.54% 11.54% 11.54%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%11.54% 11.54% 11.54% 11.54%

- - - -

0.00% 0.00% 0.00% 0.00%

- - - -

- - - -

- - - -

- - - -

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9 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

365 365 365 365

7 6 5 4

- - - -

- - - -

- - - -

11.54% 11.54% 11.54% 11.54%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%11.54% 11.54% 11.54% 11.54%

- - - -

0.00% 0.00% 0.00% 0.00%

- - - -

- - - -

- - - -

- - - -

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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

365 365 365 365

3 2 1 0

- - - -

- - - -

- - - -

11.54% 11.54% 11.54% 11.54%

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%11.54% 11.54% 11.54% 11.54%

- - - -

0.00% 0.00% 0.00% 0.00%

- - - -

- - - -

- - -

- - - -

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Construction Year Operational Year

Unit 0 1

Period Start 1/1/2014 1/2/2015

Period End 1/1/2015 1/2/2016

Days per period 365 365

Remaining repayment periods 16 15

Balance at start of period US$ - -

Principal Repayments US$ - -

Balance at end of period US$ - -

Debt Fully Repaid? yes

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$ - -

Note: This sheet has been included mer

Financing

Debt Account

Interests

Repayment Method

Modification parameter:

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Operational Year Operational Year Operational Year Operational Year Operational Year

2 3 4 5 6

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%ly to calculate the financing costs if CAPEX is reduced by 10%

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7 8 9 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

9 8 7 6 5

- - - - -

- - - - -

- - - - -

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%

- - - - -

- - - - -

- - - - -

- - - - -

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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

4 3 2 1 0

- - - - -

- - - - -

- - - - -

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%

- - - - -

- - - - -

- - - -

- - - - -

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Base value (2011): 1213.35 MXN/MWh

Base value in US$ 92.38 US$/MWh

MXN annual inflation rate: 3.55% 1997-2011

(Sources: See "Key Assumptions" sheet)

YEAR 2012 2013 2014 2015 2016 2017 2018

PPA price in US$/MWh

(inflation adjusted)95.67 99.07 102.59 106.23 110.01 113.92 117.97

Average consumer electricity prices in Mexico, applying a 15% discount to estimate the

PPA price (inflation adjusted):

0

50

100

150

200

250

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Expected PPA price in US$/MWh (inflation adjusted)

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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

Reference scenario published by CFE (POISE 2011-2025.pdf, p.1-7, figure 1Trading\CDM\SoWiTec trading - CDM Projects\Mexico\ME094_Tepetate\PDfarms Mex): Anticipated scenario (blue), high cost scenario (red) and low c

PPA price

achievable self-supply Reference scenario: Trayectory of total average elect

case scenario 2010-2

The reference scenario clearly shows that the assumed PPA price ev

the national grid operator CFE and is thus extremely conservative.

PPA price in US$/MWh(inflation adjusted)

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2031 2032 2033 2034 2035

185.76 192.36 199.19 206.27 213.60

.4, stored under: P:\SoWiTec\PDD sources\7. Energy market MEX\Wind

ost scenario (green).

icity prices: Planned, worst and best

025.

n exceeds the highest price exectations of

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CFE transmission fees for renewable energies of efficient cogeneration 20available under: http://www.cre.gob.mx/articulo.aspx?id=171

2011 High voltage unit Medium voltage unit

January 0.03161 MXN/kWh 0.03161 MXN/kWhFebuary 0.03179 MXN/kWh 0.03179 MXN/kWhMarch 0.03230 MXN/kWh 0.03230 MXN/kWhApril 0.03311 MXN/kWh 0.03311 MXN/kWhMay 0.03331 MXN/kWh 0.03331 MXN/kWhJune 0.03343 MXN/kWh 0.03343 MXN/kWhJuly 0.03332 MXN/kWh 0.03332 MXN/kWhAugust 0.03342 MXN/kWh 0.03342 MXN/kWhSeptember 0.03349 MXN/kWh 0.03349 MXN/kWhOctober 0.03388 MXN/kWh 0.03388 MXN/kWhNovember 0.03442 MXN/kWh 0.03442 MXN/kWhDecember 0.03490 MXN/kWh 0.03490 MXN/kWh

Annual average 2011: 0.03325 MXN/kWh 0.03325 MXN/kWh

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11:

Low voltage unit

0.06321 MXN/kWh0.06358 MXN/kWh0.06459 MXN/kWh0.06622 MXN/kWh0.06662 MXN/kWh0.06687 MXN/kWh0.06665 MXN/kWh0.06684 MXN/kWh0.06699 MXN/kWh0.06775 MXN/kWh0.06885 MXN/kWh0.06979 MXN/kWh

0.06650 MXN/kWh

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Modification parameter: 110%Unit 2013


PPA price + 10 % US$

Energy Output MWh 0

Revenues from PPA US$ -



Civil works US$



VAT on electrical works US$Effective upfront fee (2.5%) US$



Service Contract (excluding taxes) US$








Total, adapted to inflation US$

VAT US$




EBTDA (earnings before taxes, depreciation andamortization), after debt service

US$

Depreciation US$

IETU (Corporate tax standard rate) %








Cash flow in

Cash flow out

Financing

Tax

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2014 2015 2016 2017 2018

1 2 3 4 5

112.85 116.86 121.01 125.31 129.77

0 749,079.00 749,079.00 749,079.00 749,079.00

- 87,536,019.52 90,647,105.12 93,868,760.68 97,204,915.92

-

-

-

-

-

-

-

- - - -

- - - -

(437,680.10) (453,235.53) (469,343.80) (486,024.58)

- - - -

- - - -

- - - -

(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)

(141,642,841.02) 63,983,515.75 66,387,457.78 68,878,674.11 71,460,270.20

- - - - -

- - - - -

(199,069,094.22) 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% 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% 17.50% 17.50% 17.50% 17.50%

- (11,197,115.26) (11,617,805.11) (12,053,767.97) (12,505,547.29)

(199,069,094.22) (5,309,683.62) (3,326,431.45) (1,271,177.98) 261,297.14

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2019 2020 2021 2022

6 7 8 9

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

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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

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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

- -

- -

123,510,321.10 128,062,150.66

(4,590,767.93) (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

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Modification parameter: 110%Unit 2013


PPA price US$ / MWh

Energy Output MWh 0




Civil works US$



VAT on electrical works US$

Effective upfront fee (2.5%) US$



Service Contract (excluding taxes) US$


Insurance: Property damage,production loss and liability (excluding

taxes)US$






VAT US$




EBTDA (earnings before taxes, depreciation and amortization), afterdebt serviceUS$

Depreciation US$

IETU (Corporate tax standard rate) %





Cash flow in

Cash flow out

Financing

Tax

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2014 2015 2016 2017 2018

1 2 3 4 5

102.59 106.23 110.01 113.92 117.97

0 823,986.90 823,986.90 823,986.90 823,986.90

- 87,536,019.52 90,647,105.12 93,868,760.68 97,204,915.92

-

-

-

-

-

-

-

- - - -

- - - -

(437,680.10) (453,235.53) (469,343.80) (486,024.58)

- - - -

- - - -

- - - -

(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)

(141,642,841.02) 63,983,515.75 66,387,457.78 68,878,674.11 71,460,270.20

- - - - -

- - - - -

(199,069,094.22) 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% 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)

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28.00% 17.50% 17.50% 17.50% 17.50%

- (11,197,115.26) (11,617,805.11) (12,053,767.97) (12,505,547.29)

(199,069,094.22) (5,309,683.62) (3,326,431.45) (1,271,177.98) 261,297.14

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2019 2020 2021 2022 2023

6 7 8 9 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)

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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

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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)

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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

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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)

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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

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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)

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28.00%

(34,571,987.16)

93,490,163.49

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2014 2015 2016 2017 2018

1 2 3 4 5

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) (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)

(127,478,556.92) 56,257,607.63 58,386,965.99 60,593,839.76 62,880,987.60

- - - - -

- - - - -

(179,162,184.80) 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% 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%

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- (9,845,081.34) (10,217,719.05) (10,603,921.96) (11,004,172.83)

(179,162,184.80) (5,873,949.41) (4,117,228.76) (2,296,557.90) (947,268.43)

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2019 2020 2021 2022 2023

6 7 8 9 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%

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(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

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(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

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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%

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(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

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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%

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(30,500,199.53)

82,560,775.63

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Modification parameter: 90%Unit 2013 2014

Project life (including construction) 0 1

PPA price US$ / MWh 102.59

Energy Output MWh -



CAPEX (Capital Expenditures)Wind Turbine Generators (WTGs) 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$ -

OPEX (Operational Expenditures)Service Contract (excluding taxes) US$









VAT US$


EBITDA (141,642,841.02)

Principal repayment US$ -

Financing costs (interes + comittment fee) US$ -

EBTDA(earnings before taxes, depreciation and

amortization), after debt service US$ (199,069,094.22)

Depreciation US$

IETU (Corporate tax standard rate) % 17.50%

Taxes as per IETU US$ -

Income tax rate from 2014 onwards % 28.00%

Taxes as per Income tax US$ -

Applicable tax rate % 28.00%


Cash flow in

Cash flow out

Financing

Tax

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Total TAX burden US$ -

Profit after taxes US$ (199,069,094.22)

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(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)

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2020 2021 2022 2023 2024

7 8 9 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%

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(12,322,269.52) (12,782,124.41) (13,258,612.83) (13,752,325.35) (14,263,873.28)

(602,726.63) 1,060,980.95 3,307,283.49 5,634,785.40 7,659,858.66

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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%

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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%

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(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

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Most important items of the financial plan.

Unit 2014 2015 2016

PPA price US$ / MWh 102.59 106.23 110.01

Energy Output MWh - 749,079.00 749,079.00

Revenues from PPA US$ - 79,578,199.57 82,406,459.20Profit after tax US$ (199,069,094.22) (11,751,550.88) (9,997,246.76)

Unit 2019 2020 2021

PPA price US$ / MWh 122.16 126.50 131.00

Energy Output MWh 749,079.00 749,079.00 749,079.00

Revenues from PPA US$ 91,508,763.84 94,761,043.29 98,128,910.82

Profit after tax US$ (4,939,319.02) (2,915,599.04) (1,322,613.84)

Unit 2024 2025 2026

PPA price US$ / MWh 145.47 150.64 155.99



Profit after tax US$ 5,049,586.91 7,467,547.02 9,972,940.64

Unit 2029 2030 2031

PPA price US$ / MWh 173.22 179.38 185.76



Profit after tax US$ 11,897,649.93 71,554,424.03 74,164,973.05

Unit 2034

PPA price US$ / MWh 206.27

Energy Output MWh 749,079.00

Revenues from PPA US$ 154,514,720.95

Profit after tax US$ 82,574,099.51

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2017 2018

113.92 117.97

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 2033

192.36 199.19

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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