IPP Solar PV Development Roadmap...Title IPP Solar PV Development Roadmap Author Fadi Maalouf...

Dii Desert EnergyIPP Solar PV Project Development RoadmapBankable Approach !

Dii Toolkit for RE Grid Integration, Project Development & Industry LocalizationFadi Maalouf

8th June 2017 Dubai, UAE

2

Document Title / Number Rev. Description Of Change Effective Date

IPP Solar PV Project Development Roadmap

PV-Project-Development-Roadmap-fm1700417-R1R1 Initial Release – Draft For Information 17-Apr-2017


PV-Project-Development-Roadmap-fm170502-R2R2 2nd Release – Minor Edits & Improvements 2-May-2017


PV-Project-Development-Roadmap-fm170513-R3R3 Issued for DII Desert Energy 13-May-2017


PV-Project-Development-Roadmap-fm170608-R4R4 Issued for DII Desert Energy, Minor Edits 8-Jun-2017

F2M2 Name Designation Signature Date

Fadi Maalouf Director – IPP & EPC F2M2 18-Jun-2017

DOCUMENT CHANGE HISTORY RECORD SHEET

Document History

Dii MENAT © Fadi Maalouf Dii Toolkit for RE Grid Integration, Project Development & Industry Localization

Outline

Dii MENAT © Fadi Maalouf 3

Introduction


8-Phase Bankable Approach

Contact

Dii Toolkit for RE Grid Integration, Project Development & Industry Localization

Introduction


The Purpose Of This Presentation Is To Provide A Concise1 Overview IPP Utility Scale Solar PV Project Development Process, Cradle To Grave.

As Much As Possible, The Roadmap Is Described In Generic Nature, Since The Development Process Is Unique To The JurisdictionOf Development.

Nonetheless, Major Elements Of The Process Remain Valid For Most Developments.

The Presentation Does Not Address All The Fine Details. However, Key Critical Components Are Highlighted And Discussed.

In a Cross-Border Multi-Stakeholder Development Process, It Is Important to:

Understand Scope of Work & Compliance Necessities

Meticulously Plan

Execute With Monitoring & Control In Place

A Successful & Bankable Approach Is Achieved When Expertise Are Integrated With Good Communication, Negotiation, Risk Management, & Competitiveness.

1 This PPT is the short version. Layout is dense as slides were compacted !


IPP Solar PV Project Development Roadmap8–Phase Bankable Approach


Phase 1

• Business Development

Phase 2

• Pre-Feasibility Study

Phase 3

• Feasibility Study

Phase 4

• Contracts & Financial Close

Phase 5

• Detailed Design & Permitting

Phase 6

• Procurement & Construction

Phase 7

• Testing & Acceptance

Phase 8

• O&M

Gate 1

• Corp RM Doc 1

Gate 2

• Corp RM Doc 2

Gate 3

• Corp RM Doc 3

Gate 4

• Corp RM Doc 4

Gate 5

• Corp RM Doc 5

Gate 6

• Corp RM Doc 6

Gate 7

• Corp RM Doc 7

Gate 8

• Corp RM Doc 8


Phase 1: Business Development


Project Opportunity Identification & Pre-Screening (Documented Sales Funnel Process, CRM)

Alignment with Corporate Vision, Mission, & Strategic Business Plan

Risk Management Compliance Gateway: Initial Assessment

Geographical Market Risk Clearance

Site Identification, Direct Proposal or PPP or Receipt of RFQ / RFP / ITB

Concept Development, Rough Order of Magnitude

Corporate Risk Thresholds & Approval Matrix Clearance

Go-NoGo Techno-Commercial Review & Assessment Form

e.g site particulars, project structure, regulatory framework & risks, grid access & infrastructure, off-taker due diligence, initial finance plan / benchmark term sheet, competitiveness

Go-NoGo & Bid-Win BD Committee Approval for Next Phase: 2

Required Resources

Required Budget


Phase 2: Pre-Feasibility Study


Site Visit (Initial Survey) to Identify Key Constraints &

Challenges, Land Lease/Access, Including Boundary Areas

Concerns

Conceptual Design & Assessment of Various Technical

Solutions, Including grid Connection

Project Estimated Cost Plan

(Development/Capex/Opex/Finance)

Estimated Energy Yield, PVsyst, P50 Based on Credible Solar

Resource Data

Estimated Energy Tariff based on

Incentives/FIT/N.Meter/PPA/Lease/ESCO

Pre-Feasibility Financial Model Development & Est. IRR, w/

Benchmark Term Sheet

Initial Sensitivity/Scenario Analysis Model (1D & 2D Tables, +/-

up to 30% parameter variances)

Identification of Initial Environmental and Social Impacts

Initial Licensing & Permitting Roadmap & Estimated Cost,

Success Factors including Estimated Timelines

Overall Market Review Including Regulatory Changes/Risks

Identification of Project Stakeholders and Respective

Agreement/Contracts Types

Selection of Project Structure (SPV/etc.) and Shareholders

Options (PPP/PE/etc.)

High Level Project Schedule/Program, with Key Milestones

Risks & Opportunities Register, with Proposed Mitigation &

Realization Measures

Pre-Feasibility Study & Financial Model BD Committee Approval

for Next Phase: 3


Phase 2: Pre-Feasibility Study


Sample Template: Pre-Feasibility Financial Model

(www.slideshare.net/solaruae)

INPUTS

General LCOE Component Component $ ¢/kWh Component Percentage

Analysis Period (years) 25 Capex Component 2.610182143 87.03%

Finance Structure Opex Component 0.388866912 12.97%

Debt Percentage 86.00% Total Percentage Check

Equity Percentage 14.00% 100.00%

Debt Interest Rate 2.75%

Retrurn on Equity Rate 7.00%WACC / Nominal Discount Rate 3.35%

Capital Expenditure LCOE ($ ¢/kWh) 2.999049054

Overnight EPC Cost ($) $835.00

Overnight Development Cost ($) $25.00

Total Overnight CAPEX Cost ($) $860.00

O&M Expenditure

Fixed Annual O&M ($/kWp/year) $9.00

O&M Annual Escalation (%) 1.25%

System

Power Plant Installed Size (kWp) 1.00

Estimated Annual Specifc Yield P50 (kWh/kWp) 2,100.00

Installed Annual Energy Output (kWh) 2,100.00

Annual Energy Degradation Year 1 (%/year) 0.00%

Annual Energy Degradation Year 2 to 25 (%/year) 0.60%

Power Plant Annual Availability (%) 99.50%

Net Annual Energy Output Year 1 (kWh) 2,089.50

Residual Value at End of Service LifeSalvage % of EPC at Year 25 12%

OUTPUTS

PV POWER PLANT PROJECT LCOE

PRE-FEASIBILITY ECONOMIC ANALYSIS - 25 YEARS

2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00

$0.00 1.3839 1.4598 1.5357 1.6116 1.6875 1.7633 1.8392 1.9151 1.9910 2.0668 2.1427 2.2186 2.2945 2.3704 2.4462 2.5221 2.5980 2.6739 2.7497 2.8256 2.9015 2.9774 3.0533 3.1291 3.2050 3.2809 3.3568 3.4326 3.5085 3.5844 3.6603 3.7361 3.8120 3.8879 3.9638 4.0397 4.1155 4.1914

$1.00 1.4420 1.5179 1.5938 1.6696 1.7455 1.8214 1.8973 1.9731 2.0490 2.1249 2.2008 2.2767 2.3525 2.4284 2.5043 2.5802 2.6560 2.7319 2.8078 2.8837 2.9595 3.0354 3.1113 3.1872 3.2631 3.3389 3.4148 3.4907 3.5666 3.6424 3.7183 3.7942 3.8701 3.9460 4.0218 4.0977 4.1736 4.2495

$2.00 1.5001 1.5759 1.6518 1.7277 1.8036 1.8794 1.9553 2.0312 2.1071 2.1829 2.2588 2.3347 2.4106 2.4865 2.5623 2.6382 2.7141 2.7900 2.8658 2.9417 3.0176 3.0935 3.1694 3.2452 3.3211 3.3970 3.4729 3.5487 3.6246 3.7005 3.7764 3.8523 3.9281 4.0040 4.0799 4.1558 4.2316 4.3075

$3.00 1.5581 1.6340 1.7099 1.7857 1.8616 1.9375 2.0134 2.0892 2.1651 2.2410 2.3169 2.3928 2.4686 2.5445 2.6204 2.6963 2.7721 2.8480 2.9239 2.9998 3.0757 3.1515 3.2274 3.3033 3.3792 3.4550 3.5309 3.6068 3.6827 3.7585 3.8344 3.9103 3.9862 4.0621 4.1379 4.2138 4.2897 4.3656

$4.00 1.6162 1.6920 1.7679 1.8438 1.9197 1.9955 2.0714 2.1473 2.2232 2.2991 2.3749 2.4508 2.5267 2.6026 2.6784 2.7543 2.8302 2.9061 2.9819 3.0578 3.1337 3.2096 3.2855 3.3613 3.4372 3.5131 3.5890 3.6648 3.7407 3.8166 3.8925 3.9684 4.0442 4.1201 4.1960 4.2719 4.3477 4.4236

$5.00 1.6742 1.7501 1.8260 1.9018 1.9777 2.0536 2.1295 2.2053 2.2812 2.3571 2.4330 2.5089 2.5847 2.6606 2.7365 2.8124 2.8882 2.9641 3.0400 3.1159 3.1918 3.2676 3.3435 3.4194 3.4953 3.5711 3.6470 3.7229 3.7988 3.8747 3.9505 4.0264 4.1023 4.1782 4.2540 4.3299 4.4058 4.4817

$6.00 1.7323 1.8081 1.8840 1.9599 2.0358 2.1116 2.1875 2.2634 2.3393 2.4152 2.4910 2.5669 2.6428 2.7187 2.7945 2.8704 2.9463 3.0222 3.0981 3.1739 3.2498 3.3257 3.4016 3.4774 3.5533 3.6292 3.7051 3.7809 3.8568 3.9327 4.0086 4.0845 4.1603 4.2362 4.3121 4.3880 4.4638 4.5397

$7.00 1.7903 1.8662 1.9421 2.0179 2.0938 2.1697 2.2456 2.3215 2.3973 2.4732 2.5491 2.6250 2.7008 2.7767 2.8526 2.9285 3.0043 3.0802 3.1561 3.2320 3.3079 3.3837 3.4596 3.5355 3.6114 3.6872 3.7631 3.8390 3.9149 3.9908 4.0666 4.1425 4.2184 4.2943 4.3701 4.4460 4.5219 4.5978

$8.00 1.8484 1.9242 2.0001 2.0760 2.1519 2.2277 2.3036 2.3795 2.4554 2.5313 2.6071 2.6830 2.7589 2.8348 2.9106 2.9865 3.0624 3.1383 3.2142 3.2900 3.3659 3.4418 3.5177 3.5935 3.6694 3.7453 3.8212 3.8971 3.9729 4.0488 4.1247 4.2006 4.2764 4.3523 4.4282 4.5041 4.5799 4.6558

$9.00 1.9064 1.9823 2.0582 2.1340 2.2099 2.2858 2.3617 2.4376 2.5134 2.5893 2.6652 2.7411 2.8169 2.8928 2.9687 3.0446 3.1205 3.1963 3.2722 3.3481 3.4240 3.4998 3.5757 3.6516 3.7275 3.8033 3.8792 3.9551 4.0310 4.1069 4.1827 4.2586 4.3345 4.4104 4.4862 4.5621 4.6380 4.7139

$10.00 1.9645 2.0403 2.1162 2.1921 2.2680 2.3439 2.4197 2.4956 2.5715 2.6474 2.7232 2.7991 2.8750 2.9509 3.0267 3.1026 3.1785 3.2544 3.3303 3.4061 3.4820 3.5579 3.6338 3.7096 3.7855 3.8614 3.9373 4.0132 4.0890 4.1649 4.2408 4.3167 4.3925 4.4684 4.5443 4.6202 4.6961 4.7719

$11.00 2.0225 2.0984 2.1743 2.2502 2.3260 2.4019 2.4778 2.5537 2.6295 2.7054 2.7813 2.8572 2.9330 3.0089 3.0848 3.1607 3.2366 3.3124 3.3883 3.4642 3.5401 3.6159 3.6918 3.7677 3.8436 3.9195 3.9953 4.0712 4.1471 4.2230 4.2988 4.3747 4.4506 4.5265 4.6023 4.6782 4.7541 4.8300

$12.00 2.0806 2.1564 2.2323 2.3082 2.3841 2.4600 2.5358 2.6117 2.6876 2.7635 2.8393 2.9152 2.9911 3.0670 3.1429 3.2187 3.2946 3.3705 3.4464 3.5222 3.5981 3.6740 3.7499 3.8257 3.9016 3.9775 4.0534 4.1293 4.2051 4.2810 4.3569 4.4328 4.5086 4.5845 4.6604 4.7363 4.8122 4.8880

$13.00 2.1386 2.2145 2.2904 2.3663 2.4421 2.5180 2.5939 2.6698 2.7456 2.8215 2.8974 2.9733 3.0492 3.1250 3.2009 3.2768 3.3527 3.4285 3.5044 3.5803 3.6562 3.7320 3.8079 3.8838 3.9597 4.0356 4.1114 4.1873 4.2632 4.3391 4.4149 4.4908 4.5667 4.6426 4.7185 4.7943 4.8702 4.9461

$14.00 2.1967 2.2726 2.3484 2.4243 2.5002 2.5761 2.6519 2.7278 2.8037 2.8796 2.9554 3.0313 3.1072 3.1831 3.2590 3.3348 3.4107 3.4866 3.5625 3.6383 3.7142 3.7901 3.8660 3.9419 4.0177 4.0936 4.1695 4.2454 4.3212 4.3971 4.4730 4.5489 4.6247 4.7006 4.7765 4.8524 4.9283 5.0041

$15.00 2.2547 2.3306 2.4065 2.4824 2.5582 2.6341 2.7100 2.7859 2.8617 2.9376 3.0135 3.0894 3.1653 3.2411 3.3170 3.3929 3.4688 3.5446 3.6205 3.6964 3.7723 3.8482 3.9240 3.9999 4.0758 4.1517 4.2275 4.3034 4.3793 4.4552 4.5310 4.6069 4.6828 4.7587 4.8346 4.9104 4.9863 5.0622

$16.00 2.3128 2.3887 2.4645 2.5404 2.6163 2.6922 2.7680 2.8439 2.9198 2.9957 3.0716 3.1474 3.2233 3.2992 3.3751 3.4509 3.5268 3.6027 3.6786 3.7544 3.8303 3.9062 3.9821 4.0580 4.1338 4.2097 4.2856 4.3615 4.4373 4.5132 4.5891 4.6650 4.7409 4.8167 4.8926 4.9685 5.0444 5.1202

$17.00 2.3708 2.4467 2.5226 2.5985 2.6743 2.7502 2.8261 2.9020 2.9778 3.0537 3.1296 3.2055 3.2814 3.3572 3.4331 3.5090 3.5849 3.6607 3.7366 3.8125 3.8884 3.9643 4.0401 4.1160 4.1919 4.2678 4.3436 4.4195 4.4954 4.5713 4.6472 4.7230 4.7989 4.8748 4.9507 5.0265 5.1024 5.1783

$18.00 2.4289 2.5048 2.5806 2.6565 2.7324 2.8083 2.8841 2.9600 3.0359 3.1118 3.1877 3.2635 3.3394 3.4153 3.4912 3.5670 3.6429 3.7188 3.7947 3.8706 3.9464 4.0223 4.0982 4.1741 4.2499 4.3258 4.4017 4.4776 4.5534 4.6293 4.7052 4.7811 4.8570 4.9328 5.0087 5.0846 5.1605 5.2363

$19.00 2.4869 2.5628 2.6387 2.7146 2.7904 2.8663 2.9422 3.0181 3.0940 3.1698 3.2457 3.3216 3.3975 3.4733 3.5492 3.6251 3.7010 3.7768 3.8527 3.9286 4.0045 4.0804 4.1562 4.2321 4.3080 4.3839 4.4597 4.5356 4.6115 4.6874 4.7633 4.8391 4.9150 4.9909 5.0668 5.1426 5.2185 5.2944

$20.00 2.5450 2.6209 2.6967 2.7726 2.8485 2.9244 3.0002 3.0761 3.1520 3.2279 3.3038 3.3796 3.4555 3.5314 3.6073 3.6831 3.7590 3.8349 3.9108 3.9867 4.0625 4.1384 4.2143 4.2902 4.3660 4.4419 4.5178 4.5937 4.6696 4.7454 4.8213 4.8972 4.9731 5.0489 5.1248 5.2007 5.2766 5.3524

$21.00 2.6030 2.6789 2.7548 2.8307 2.9065 2.9824 3.0583 3.1342 3.2101 3.2859 3.3618 3.4377 3.5136 3.5894 3.6653 3.7412 3.8171 3.8930 3.9688 4.0447 4.1206 4.1965 4.2723 4.3482 4.4241 4.5000 4.5758 4.6517 4.7276 4.8035 4.8794 4.9552 5.0311 5.1070 5.1829 5.2587 5.3346 5.4105

$22.00 2.6611 2.7370 2.8128 2.8887 2.9646 3.0405 3.1164 3.1922 3.2681 3.3440 3.4199 3.4957 3.5716 3.6475 3.7234 3.7992 3.8751 3.9510 4.0269 4.1028 4.1786 4.2545 4.3304 4.4063 4.4821 4.5580 4.6339 4.7098 4.7857 4.8615 4.9374 5.0133 5.0892 5.1650 5.2409 5.3168 5.3927 5.4686

$23.00 2.7191 2.7950 2.8709 2.9468 3.0226 3.0985 3.1744 3.2503 3.3262 3.4020 3.4779 3.5538 3.6297 3.7055 3.7814 3.8573 3.9332 4.0091 4.0849 4.1608 4.2367 4.3126 4.3884 4.4643 4.5402 4.6161 4.6920 4.7678 4.8437 4.9196 4.9955 5.0713 5.1472 5.2231 5.2990 5.3748 5.4507 5.5266

$24.00 2.7772 2.8531 2.9289 3.0048 3.0807 3.1566 3.2325 3.3083 3.3842 3.4601 3.5360 3.6118 3.6877 3.7636 3.8395 3.9154 3.9912 4.0671 4.1430 4.2189 4.2947 4.3706 4.4465 4.5224 4.5982 4.6741 4.7500 4.8259 4.9018 4.9776 5.0535 5.1294 5.2053 5.2811 5.3570 5.4329 5.5088 5.5847

$25.00 2.8352 2.9111 2.9870 3.0629 3.1388 3.2146 3.2905 3.3664 3.4423 3.5181 3.5940 3.6699 3.7458 3.8216 3.8975 3.9734 4.0493 4.1252 4.2010 4.2769 4.3528 4.4287 4.5045 4.5804 4.6563 4.7322 4.8081 4.8839 4.9598 5.0357 5.1116 5.1874 5.2633 5.3392 5.4151 5.4910 5.5668 5.6427

$26.00 2.8933 2.9692 3.0450 3.1209 3.1968 3.2727 3.3486 3.4244 3.5003 3.5762 3.6521 3.7279 3.8038 3.8797 3.9556 4.0315 4.1073 4.1832 4.2591 4.3350 4.4108 4.4867 4.5626 4.6385 4.7144 4.7902 4.8661 4.9420 5.0179 5.0937 5.1696 5.2455 5.3214 5.3972 5.4731 5.5490 5.6249 5.7008

$27.00 2.9513 3.0272 3.1031 3.1790 3.2549 3.3307 3.4066 3.4825 3.5584 3.6342 3.7101 3.7860 3.8619 3.9378 4.0136 4.0895 4.1654 4.2413 4.3171 4.3930 4.4689 4.5448 4.6206 4.6965 4.7724 4.8483 4.9242 5.0000 5.0759 5.1518 5.2277 5.3035 5.3794 5.4553 5.5312 5.6071 5.6829 5.7588

$28.00 3.0094 3.0853 3.1612 3.2370 3.3129 3.3888 3.4647 3.5405 3.6164 3.6923 3.7682 3.8440 3.9199 3.9958 4.0717 4.1476 4.2234 4.2993 4.3752 4.4511 4.5269 4.6028 4.6787 4.7546 4.8305 4.9063 4.9822 5.0581 5.1340 5.2098 5.2857 5.3616 5.4375 5.5134 5.5892 5.6651 5.7410 5.8169

$29.00 3.0675 3.1433 3.2192 3.2951 3.3710 3.4468 3.5227 3.5986 3.6745 3.7503 3.8262 3.9021 3.9780 4.0539 4.1297 4.2056 4.2815 4.3574 4.4332 4.5091 4.5850 4.6609 4.7368 4.8126 4.8885 4.9644 5.0403 5.1161 5.1920 5.2679 5.3438 5.4196 5.4955 5.5714 5.6473 5.7232 5.7990 5.8749

$30.00 3.1255 3.2014 3.2773 3.3531 3.4290 3.5049 3.5808 3.6566 3.7325 3.8084 3.8843 3.9602 4.0360 4.1119 4.1878 4.2637 4.3395 4.4154 4.4913 4.5672 4.6430 4.7189 4.7948 4.8707 4.9466 5.0224 5.0983 5.1742 5.2501 5.3259 5.4018 5.4777 5.5536 5.6295 5.7053 5.7812 5.8571 5.9330

LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & WACC

2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00

1.00% 1.5154 1.5735 1.6317 1.6899 1.7480 1.8062 1.8643 1.9225 1.9807 2.0388 2.0970 2.1551 2.2133 2.2715 2.3296 2.3878 2.4459 2.5041 2.5623 2.6204 2.6786 2.7367 2.7949 2.8531 2.9112 2.9694 3.0275 3.0857 3.1439 3.2020 3.2602 3.3183 3.3765 3.4347 3.4928 3.5510 3.6091 3.6673

1.10% 1.5312 1.5901 1.6490 1.7078 1.7667 1.8256 1.8844 1.9433 2.0021 2.0610 2.1199 2.1787 2.2376 2.2965 2.3553 2.4142 2.4730 2.5319 2.5908 2.6496 2.7085 2.7674 2.8262 2.8851 2.9440 3.0028 3.0617 3.1205 3.1794 3.2383 3.2971 3.3560 3.4149 3.4737 3.5326 3.5914 3.6503 3.7092

1.20% 1.5472 1.6067 1.6663 1.7259 1.7855 1.8450 1.9046 1.9642 2.0237 2.0833 2.1429 2.2025 2.2620 2.3216 2.3812 2.4407 2.5003 2.5599 2.6195 2.6790 2.7386 2.7982 2.8577 2.9173 2.9769 3.0364 3.0960 3.1556 3.2152 3.2747 3.3343 3.3939 3.4534 3.5130 3.5726 3.6322 3.6917 3.7513

1.30% 1.5632 1.6235 1.6837 1.7440 1.8043 1.8646 1.9249 1.9852 2.0454 2.1057 2.1660 2.2263 2.2866 2.3469 2.4072 2.4674 2.5277 2.5880 2.6483 2.7086 2.7689 2.8291 2.8894 2.9497 3.0100 3.0703 3.1306 3.1908 3.2511 3.3114 3.3717 3.4320 3.4923 3.5526 3.6128 3.6731 3.7334 3.7937

1.40% 1.5793 1.6403 1.7013 1.7623 1.8233 1.8843 1.9453 2.0063 2.0673 2.1283 2.1893 2.2503 2.3113 2.3723 2.4333 2.4943 2.5553 2.6163 2.6773 2.7383 2.7993 2.8603 2.9213 2.9823 3.0433 3.1043 3.1653 3.2263 3.2873 3.3483 3.4093 3.4703 3.5313 3.5923 3.6533 3.7143 3.7753 3.8363

1.50% 1.5954 1.6571 1.7189 1.7806 1.8423 1.9040 1.9658 2.0275 2.0892 2.1509 2.2127 2.2744 2.3361 2.3978 2.4596 2.5213 2.5830 2.6447 2.7064 2.7682 2.8299 2.8916 2.9533 3.0151 3.0768 3.1385 3.2002 3.2620 3.3237 3.3854 3.4471 3.5089 3.5706 3.6323 3.6940 3.7558 3.8175 3.8792

1.60% 1.6116 1.6741 1.7365 1.7990 1.8614 1.9239 1.9864 2.0488 2.1113 2.1737 2.2362 2.2986 2.3611 2.4235 2.4860 2.5484 2.6109 2.6733 2.7358 2.7982 2.8607 2.9231 2.9856 3.0480 3.1105 3.1729 3.2354 3.2978 3.3603 3.4227 3.4852 3.5476 3.6101 3.6725 3.7350 3.7974 3.8599 3.9223

1.70% 1.6279 1.6911 1.7543 1.8175 1.8807 1.9439 2.0070 2.0702 2.1334 2.1966 2.2598 2.3230 2.3861 2.4493 2.5125 2.5757 2.6389 2.7021 2.7652 2.8284 2.8916 2.9548 3.0180 3.0812 3.1443 3.2075 3.2707 3.3339 3.3971 3.4603 3.5234 3.5866 3.6498 3.7130 3.7762 3.8394 3.9025 3.9657

1.80% 1.6443 1.7082 1.7722 1.8361 1.9000 1.9639 2.0278 2.0918 2.1557 2.2196 2.2835 2.3474 2.4114 2.4753 2.5392 2.6031 2.6670 2.7310 2.7949 2.8588 2.9227 2.9866 3.0506 3.1145 3.1784 3.2423 3.3062 3.3702 3.4341 3.4980 3.5619 3.6258 3.6897 3.7537 3.8176 3.8815 3.9454 4.0093

1.90% 1.6608 1.7254 1.7901 1.8548 1.9194 1.9841 2.0487 2.1134 2.1781 2.2427 2.3074 2.3720 2.4367 2.5014 2.5660 2.6307 2.6953 2.7600 2.8247 2.8893 2.9540 3.0186 3.0833 3.1480 3.2126 3.2773 3.3420 3.4066 3.4713 3.5359 3.6006 3.6653 3.7299 3.7946 3.8592 3.9239 3.9886 4.0532

2.00% 1.6773 1.7427 1.8081 1.8735 1.9389 2.0043 2.0697 2.1351 2.2005 2.2660 2.3314 2.3968 2.4622 2.5276 2.5930 2.6584 2.7238 2.7892 2.8546 2.9200 2.9854 3.0508 3.1162 3.1816 3.2471 3.3125 3.3779 3.4433 3.5087 3.5741 3.6395 3.7049 3.7703 3.8357 3.9011 3.9665 4.0319 4.0973

2.10% 1.6939 1.7600 1.8262 1.8924 1.9585 2.0247 2.0908 2.1570 2.2231 2.2893 2.3555 2.4216 2.4878 2.5539 2.6201 2.6862 2.7524 2.8186 2.8847 2.9509 3.0170 3.0832 3.1493 3.2155 3.2817 3.3478 3.4140 3.4801 3.5463 3.6124 3.6786 3.7448 3.8109 3.8771 3.9432 4.0094 4.0755 4.1417

2.20% 1.7106 1.7775 1.8444 1.9113 1.9782 2.0451 2.1120 2.1789 2.2459 2.3128 2.3797 2.4466 2.5135 2.5804 2.6473 2.7142 2.7811 2.8481 2.9150 2.9819 3.0488 3.1157 3.1826 3.2495 3.3164 3.3834 3.4503 3.5172 3.5841 3.6510 3.7179 3.7848 3.8517 3.9186 3.9856 4.0525 4.1194 4.1863

2.50% 1.7610 1.8302 1.8994 1.9686 2.0378 2.1070 2.1762 2.2454 2.3146 2.3838 2.4530 2.5222 2.5914 2.6606 2.7298 2.7990 2.8683 2.9375 3.0067 3.0759 3.1451 3.2143 3.2835 3.3527 3.4219 3.4911 3.5603 3.6295 3.6987 3.7679 3.8371 3.9063 3.9755 4.0447 4.1139 4.1831 4.2523 4.3215

2.70% 1.7950 1.8657 1.9365 2.0072 2.0780 2.1487 2.2195 2.2902 2.3610 2.4318 2.5025 2.5733 2.6440 2.7148 2.7855 2.8563 2.9270 2.9978 3.0686 3.1393 3.2101 3.2808 3.3516 3.4223 3.4931 3.5638 3.6346 3.7053 3.7761 3.8469 3.9176 3.9884 4.0591 4.1299 4.2006 4.2714 4.3421 4.4129

2.80% 1.8120 1.8836 1.9551 2.0267 2.0982 2.1697 2.2413 2.3128 2.3843 2.4559 2.5274 2.5990 2.6705 2.7420 2.8136 2.8851 2.9566 3.0282 3.0997 3.1713 3.2428 3.3143 3.3859 3.4574 3.5289 3.6005 3.6720 3.7436 3.8151 3.8866 3.9582 4.0297 4.1012 4.1728 4.2443 4.3159 4.3874 4.4589

2.90% 1.8292 1.9015 1.9739 2.0462 2.1185 2.1908 2.2632 2.3355 2.4078 2.4801 2.5524 2.6248 2.6971 2.7694 2.8417 2.9141 2.9864 3.0587 3.1310 3.2034 3.2757 3.3480 3.4203 3.4927 3.5650 3.6373 3.7096 3.7820 3.8543 3.9266 3.9989 4.0713 4.1436 4.2159 4.2882 4.3605 4.4329 4.5052

3.00% 1.8464 1.9196 1.9927 2.0658 2.1389 2.2120 2.2851 2.3582 2.4314 2.5045 2.5776 2.6507 2.7238 2.7969 2.8701 2.9432 3.0163 3.0894 3.1625 3.2356 3.3087 3.3819 3.4550 3.5281 3.6012 3.6743 3.7474 3.8205 3.8937 3.9668 4.0399 4.1130 4.1861 4.2592 4.3323 4.4055 4.4786 4.5517

3.10% 1.8637 1.9377 2.0116 2.0855 2.1594 2.2333 2.3072 2.3811 2.4550 2.5289 2.6028 2.6768 2.7507 2.8246 2.8985 2.9724 3.0463 3.1202 3.1941 3.2680 3.3419 3.4159 3.4898 3.5637 3.6376 3.7115 3.7854 3.8593 3.9332 4.0071 4.0811 4.1550 4.2289 4.3028 4.3767 4.4506 4.5245 4.5984

3.20% 1.8811 1.9558 2.0305 2.1052 2.1799 2.2547 2.3294 2.4041 2.4788 2.5535 2.6282 2.7029 2.7776 2.8523 2.9271 3.0018 3.0765 3.1512 3.2259 3.3006 3.3753 3.4500 3.5247 3.5994 3.6742 3.7489 3.8236 3.8983 3.9730 4.0477 4.1224 4.1971 4.2718 4.3465 4.4213 4.4960 4.5707 4.6454

3.30% 1.8985 1.9741 2.0496 2.1251 2.2006 2.2761 2.3516 2.4271 2.5027 2.5782 2.6537 2.7292 2.8047 2.8802 2.9557 3.0313 3.1068 3.1823 3.2578 3.3333 3.4088 3.4843 3.5599 3.6354 3.7109 3.7864 3.8619 3.9374 4.0129 4.0885 4.1640 4.2395 4.3150 4.3905 4.4660 4.5415 4.6171 4.6926

3.30% 1.8985 1.9741 2.0496 2.1251 2.2006 2.2761 2.3516 2.4271 2.5027 2.5782 2.6537 2.7292 2.8047 2.8802 2.9557 3.0313 3.1068 3.1823 3.2578 3.3333 3.4088 3.4843 3.5599 3.6354 3.7109 3.7864 3.8619 3.9374 4.0129 4.0885 4.1640 4.2395 4.3150 4.3905 4.4660 4.5415 4.6171 4.6926

3.40% 1.9161 1.9924 2.0687 2.1450 2.2213 2.2977 2.3740 2.4503 2.5266 2.6030 2.6793 2.7556 2.8319 2.9082 2.9846 3.0609 3.1372 3.2135 3.2899 3.3662 3.4425 3.5188 3.5951 3.6715 3.7478 3.8241 3.9004 3.9768 4.0531 4.1294 4.2057 4.2820 4.3584 4.4347 4.5110 4.5873 4.6637 4.7400

3.50% 1.9336 2.0108 2.0879 2.1650 2.2422 2.3193 2.3964 2.4736 2.5507 2.6278 2.7050 2.7821 2.8592 2.9364 3.0135 3.0907 3.1678 3.2449 3.3221 3.3992 3.4763 3.5535 3.6306 3.7077 3.7849 3.8620 3.9391 4.0163 4.0934 4.1705 4.2477 4.3248 4.4019 4.4791 4.5562 4.6334 4.7105 4.7876

3.60% 1.9513 2.0292 2.1072 2.1851 2.2631 2.3410 2.4190 2.4969 2.5749 2.6528 2.7308 2.8087 2.8867 2.9646 3.0426 3.1205 3.1985 3.2764 3.3544 3.4324 3.5103 3.5883 3.6662 3.7442 3.8221 3.9001 3.9780 4.0560 4.1339 4.2119 4.2898 4.3678 4.4457 4.5237 4.6016 4.6796 4.7575 4.8355

3.70% 1.9690 2.0477 2.1265 2.2053 2.2841 2.3628 2.4416 2.5204 2.5992 2.6779 2.7567 2.8355 2.9142 2.9930 3.0718 3.1506 3.2293 3.3081 3.3869 3.4657 3.5444 3.6232 3.7020 3.7808 3.8595 3.9383 4.0171 4.0958 4.1746 4.2534 4.3322 4.4109 4.4897 4.5685 4.6473 4.7260 4.8048 4.8836

3.60% 1.9513 2.0292 2.1072 2.1851 2.2631 2.3410 2.4190 2.4969 2.5749 2.6528 2.7308 2.8087 2.8867 2.9646 3.0426 3.1205 3.1985 3.2764 3.3544 3.4324 3.5103 3.5883 3.6662 3.7442 3.8221 3.9001 3.9780 4.0560 4.1339 4.2119 4.2898 4.3678 4.4457 4.5237 4.6016 4.6796 4.7575 4.8355

3.80% 1.9867 2.0663 2.1459 2.2255 2.3051 2.3847 2.4643 2.5439 2.6235 2.7031 2.7827 2.8623 2.9419 3.0215 3.1011 3.1807 3.2603 3.3399 3.4195 3.4991 3.5787 3.6583 3.7379 3.8175 3.8971 3.9767 4.0563 4.1359 4.2155 4.2951 4.3747 4.4543 4.5339 4.6135 4.6931 4.7727 4.8523 4.9319

3.90% 2.0046 2.0850 2.1654 2.2459 2.3263 2.4067 2.4871 2.5676 2.6480 2.7284 2.8089 2.8893 2.9697 3.0501 3.1306 3.2110 3.2914 3.3719 3.4523 3.5327 3.6131 3.6936 3.7740 3.8544 3.9349 4.0153 4.0957 4.1761 4.2566 4.3370 4.4174 4.4979 4.5783 4.6587 4.7391 4.8196 4.9000 4.9804

4.00% 2.0225 2.1037 2.1850 2.2663 2.3475 2.4288 2.5101 2.5913 2.6726 2.7538 2.8351 2.9164 2.9976 3.0789 3.1601 3.2414 3.3227 3.4039 3.4852 3.5665 3.6477 3.7290 3.8102 3.8915 3.9728 4.0540 4.1353 4.2166 4.2978 4.3791 4.4603 4.5416 4.6229 4.7041 4.7854 4.8666 4.9479 5.0292

4.20% 2.0585 2.1414 2.2244 2.3073 2.3902 2.4732 2.5561 2.6391 2.7220 2.8050 2.8879 2.9708 3.0538 3.1367 3.2197 3.3026 3.3856 3.4685 3.5514 3.6344 3.7173 3.8003 3.8832 3.9661 4.0491 4.1320 4.2150 4.2979 4.3809 4.4638 4.5467 4.6297 4.7126 4.7956 4.8785 4.9614 5.0444 5.1273

4.40% 2.0947 2.1794 2.2640 2.3487 2.4333 2.5179 2.6026 2.6872 2.7718 2.8565 2.9411 3.0258 3.1104 3.1950 3.2797 3.3643 3.4489 3.5336 3.6182 3.7029 3.7875 3.8721 3.9568 4.0414 4.1260 4.2107 4.2953 4.3800 4.4646 4.5492 4.6339 4.7185 4.8031 4.8878 4.9724 5.0571 5.1417 5.2263

4.60% 2.1313 2.2176 2.3040 2.3903 2.4767 2.5630 2.6494 2.7357 2.8221 2.9084 2.9948 3.0811 3.1675 3.2538 3.3402 3.4265 3.5129 3.5992 3.6856 3.7719 3.8583 3.9446 4.0309 4.1173 4.2036 4.2900 4.3763 4.4627 4.5490 4.6354 4.7217 4.8081 4.8944 4.9808 5.0671 5.1535 5.2398 5.3262

4.80% 2.1680 2.2561 2.3442 2.4322 2.5203 2.6084 2.6965 2.7846 2.8726 2.9607 3.0488 3.1369 3.2249 3.3130 3.4011 3.4892 3.5773 3.6653 3.7534 3.8415 3.9296 4.0176 4.1057 4.1938 4.2819 4.3700 4.4580 4.5461 4.6342 4.7223 4.8103 4.8984 4.9865 5.0746 5.1627 5.2507 5.3388 5.4269

5.00% 2.2050 2.2948 2.3847 2.4745 2.5643 2.6541 2.7440 2.8338 2.9236 3.0134 3.1032 3.1931 3.2829 3.3727 3.4625 3.5523 3.6422 3.7320 3.8218 3.9116 4.0014 4.0913 4.1811 4.2709 4.3607 4.4506 4.5404 4.6302 4.7200 4.8098 4.8997 4.9895 5.0793 5.1691 5.2589 5.3488 5.4386 5.5284

5.20% 2.2423 2.3339 2.4254 2.5170 2.6086 2.7002 2.7918 2.8833 2.9749 3.0665 3.1581 3.2497 3.3412 3.4328 3.5244 3.6160 3.7076 3.7991 3.8907 3.9823 4.0739 4.1655 4.2570 4.3486 4.4402 4.5318 4.6234 4.7149 4.8065 4.8981 4.9897 5.0813 5.1728 5.2644 5.3560 5.4476 5.5392 5.6307

5.40% 2.2798 2.3731 2.4665 2.5598 2.6532 2.7465 2.8399 2.9332 3.0266 3.1200 3.2133 3.3067 3.4000 3.4934 3.5867 3.6801 3.7734 3.8668 3.9601 4.0535 4.1468 4.2402 4.3336 4.4269 4.5203 4.6136 4.7070 4.8003 4.8937 4.9870 5.0804 5.1737 5.2671 5.3604 5.4538 5.5472 5.6405 5.7339

5.60% 2.3175 2.4126 2.5078 2.6029 2.6981 2.7932 2.8884 2.9835 3.0786 3.1738 3.2689 3.3641 3.4592 3.5544 3.6495 3.7446 3.8398 3.9349 4.0301 4.1252 4.2204 4.3155 4.4106 4.5058 4.6009 4.6961 4.7912 4.8863 4.9815 5.0766 5.1718 5.2669 5.3621 5.4572 5.5523 5.6475 5.7426 5.8378

5.80% 2.3555 2.4524 2.5494 2.6463 2.7432 2.8402 2.9371 3.0341 3.1310 3.2280 3.3249 3.4219 3.5188 3.6158 3.7127 3.8096 3.9066 4.0035 4.1005 4.1974 4.2944 4.3913 4.4883 4.5852 4.6822 4.7791 4.8761 4.9730 5.0699 5.1669 5.2638 5.3608 5.4577 5.5547 5.6516 5.7486 5.8455 5.9425

6.00% 2.3936 2.4924 2.5912 2.6899 2.7887 2.8875 2.9862 3.0850 3.1838 3.2825 3.3813 3.4800 3.5788 3.6776 3.7763 3.8751 3.9739 4.0726 4.1714 4.2702 4.3689 4.4677 4.5664 4.6652 4.7640 4.8627 4.9615 5.0603 5.1590 5.2578 5.3566 5.4553 5.5541 5.6529 5.7516 5.8504 5.9491 6.0479

6.20% 2.4321 2.5327 2.6333 2.7338 2.8344 2.9350 3.0356 3.1362 3.2368 3.3374 3.4380 3.5386 3.6392 3.7398 3.8404 3.9410 4.0416 4.1422 4.2428 4.3434 4.4440 4.5446 4.6452 4.7458 4.8464 4.9470 5.0475 5.1481 5.2487 5.3493 5.4499 5.5505 5.6511 5.7517 5.8523 5.9529 6.0535 6.1541

6.40% 2.4707 2.5731 2.6756 2.7780 2.8805 2.9829 3.0853 3.1878 3.2902 3.3927 3.4951 3.5976 3.7000 3.8024 3.9049 4.0073 4.1098 4.2122 4.3146 4.4171 4.5195 4.6220 4.7244 4.8268 4.9293 5.0317 5.1342 5.2366 5.3391 5.4415 5.5439 5.6464 5.7488 5.8513 5.9537 6.0561 6.1586 6.2610

6.60% 2.5095 2.6138 2.7182 2.8225 2.9268 3.0311 3.1354 3.2397 3.3440 3.4483 3.5526 3.6569 3.7612 3.8655 3.9698 4.0741 4.1784 4.2827 4.3870 4.4913 4.5956 4.6999 4.8042 4.9085 5.0128 5.1171 5.2214 5.3257 5.4300 5.5343 5.6386 5.7429 5.8472 5.9515 6.0558 6.1601 6.2644 6.3687

6.80% 2.5486 2.6548 2.7610 2.8671 2.9733 3.0795 3.1857 3.2918 3.3980 3.5042 3.6104 3.7165 3.8227 3.9289 4.0350 4.1412 4.2474 4.3536 4.4597 4.5659 4.6721 4.7783 4.8844 4.9906 5.0968 5.2030 5.3091 5.4153 5.5215 5.6277 5.7338 5.8400 5.9462 6.0523 6.1585 6.2647 6.3709 6.4770

7.00% 2.5879 2.6960 2.8040 2.9121 3.0201 3.1282 3.2363 3.3443 3.4524 3.5604 3.6685 3.7765 3.8846 3.9927 4.1007 4.2088 4.3168 4.4249 4.5330 4.6410 4.7491 4.8571 4.9652 5.0733 5.1813 5.2894 5.3974 5.5055 5.6136 5.7216 5.8297 5.9377 6.0458 6.1539 6.2619 6.3700 6.4780 6.5861

7.20% 2.6274 2.7373 2.8473 2.9573 3.0672 3.1772 3.2871 3.3971 3.5070 3.6170 3.7270 3.8369 3.9469 4.0568 4.1668 4.2768 4.3867 4.4967 4.6066 4.7166 4.8265 4.9365 5.0465 5.1564 5.2664 5.3763 5.4863 5.5963 5.7062 5.8162 5.9261 6.0361 6.1461 6.2560 6.3660 6.4759 6.5859 6.6958

7.40% 2.6671 2.7789 2.8908 3.0027 3.1145 3.2264 3.3383 3.4502 3.5620 3.6739 3.7858 3.8976 4.0095 4.1214 4.2332 4.3451 4.4570 4.5689 4.6807 4.7926 4.9045 5.0163 5.1282 5.2401 5.3519 5.4638 5.5757 5.6876 5.7994 5.9113 6.0232 6.1350 6.2469 6.3588 6.4706 6.5825 6.6944 6.8063

7.60% 2.7069 2.8207 2.9345 3.0483 3.1621 3.2759 3.3897 3.5035 3.6173 3.7311 3.8449 3.9587 4.0725 4.1863 4.3001 4.4139 4.5277 4.6414 4.7552 4.8690 4.9828 5.0966 5.2104 5.3242 5.4380 5.5518 5.6656 5.7794 5.8932 6.0070 6.1208 6.2346 6.3484 6.4622 6.5759 6.6897 6.8035 6.9173

7.80% 2.7470 2.8628 2.9785 3.0942 3.2099 3.3257 3.4414 3.5571 3.6729 3.7886 3.9043 4.0201 4.1358 4.2515 4.3673 4.4830 4.5987 4.7144 4.8302 4.9459 5.0616 5.1774 5.2931 5.4088 5.5246 5.6403 5.7560 5.8717 5.9875 6.1032 6.2189 6.3347 6.4504 6.5661 6.6819 6.7976 6.9133 7.0290

8.00% 2.7873 2.9050 3.0227 3.1403 3.2580 3.3757 3.4934 3.6110 3.7287 3.8464 3.9641 4.0818 4.1994 4.3171 4.4348 4.5525 4.6702 4.7878 4.9055 5.0232 5.1409 5.2585 5.3762 5.4939 5.6116 5.7293 5.8469 5.9646 6.0823 6.2000 6.3177 6.4353 6.5530 6.6707 6.7884 6.9060 7.0237 7.1414

8.20% 2.8278 2.9474 3.0670 3.1867 3.3063 3.4259 3.5456 3.6652 3.7849 3.9045 4.0241 4.1438 4.2634 4.3831 4.5027 4.6223 4.7420 4.8616 4.9812 5.1009 5.2205 5.3402 5.4598 5.5794 5.6991 5.8187 5.9384 6.0580 6.1776 6.2973 6.4169 6.5365 6.6562 6.7758 6.8955 7.0151 7.1347 7.2544

8.40% 2.8684 2.9900 3.1116 3.2332 3.3548 3.4764 3.5981 3.7197 3.8413 3.9629 4.0845 4.2061 4.3277 4.4493 4.5709 4.6925 4.8142 4.9358 5.0574 5.1790 5.3006 5.4222 5.5438 5.6654 5.7870 5.9086 6.0302 6.1519 6.2735 6.3951 6.5167 6.6383 6.7599 6.8815 7.0031 7.1247 7.2463 7.3680

8.60% 2.9092 3.0328 3.1564 3.2800 3.4036 3.5272 3.6508 3.7744 3.8980 4.0216 4.1451 4.2687 4.3923 4.5159 4.6395 4.7631 4.8867 5.0103 5.1339 5.2575 5.3811 5.5047 5.6282 5.7518 5.8754 5.9990 6.1226 6.2462 6.3698 6.4934 6.6170 6.7406 6.8642 6.9878 7.1113 7.2349 7.3585 7.4821

8.80% 2.9502 3.0758 3.2014 3.3270 3.4526 3.5782 3.7037 3.8293 3.9549 4.0805 4.2061 4.3317 4.4572 4.5828 4.7084 4.8340 4.9596 5.0852 5.2108 5.3363 5.4619 5.5875 5.7131 5.8387 5.9643 6.0899 6.2154 6.3410 6.4666 6.5922 6.7178 6.8434 6.9690 7.0945 7.2201 7.3457 7.4713 7.5969

9.00% 2.9914 3.1190 3.2466 3.3742 3.5018 3.6293 3.7569 3.8845 4.0121 4.1397 4.2673 4.3949 4.5225 4.6501 4.7777 4.9052 5.0328 5.1604 5.2880 5.4156 5.5432 5.6708 5.7984 5.9260 6.0535 6.1811 6.3087 6.4363 6.5639 6.6915 6.8191 6.9467 7.0743 7.2019 7.3294 7.4570 7.5846 7.7122

9.20% 3.0327 3.1623 3.2920 3.4216 3.5512 3.6808 3.8104 3.9400 4.0696 4.1992 4.3288 4.4584 4.5880 4.7176 4.8472 4.9768 5.1064 5.2360 5.3656 5.4952 5.6248 5.7544 5.8840 6.0136 6.1432 6.2728 6.4025 6.5321 6.6617 6.7913 6.9209 7.0505 7.1801 7.3097 7.4393 7.5689 7.6985 7.8281

9.40% 3.0743 3.2059 3.3375 3.4691 3.6008 3.7324 3.8640 3.9957 4.1273 4.2589 4.3905 4.5222 4.6538 4.7854 4.9171 5.0487 5.1803 5.3119 5.4436 5.5752 5.7068 5.8385 5.9701 6.1017 6.2334 6.3650 6.4966 6.6282 6.7599 6.8915 7.0231 7.1548 7.2864 7.4180 7.5496 7.6813 7.8129 7.9445

9.60% 3.1159 3.2496 3.3833 3.5169 3.6506 3.7842 3.9179 4.0516 4.1852 4.3189 4.4526 4.5862 4.7199 4.8536 4.9872 5.1209 5.2546 5.3882 5.5219 5.6555 5.7892 5.9229 6.0565 6.1902 6.3239 6.4575 6.5912 6.7249 6.8585 6.9922 7.1259 7.2595 7.3932 7.5268 7.6605 7.7942 7.9278 8.0615

9.80% 3.1578 3.2935 3.4292 3.5649 3.7006 3.8363 3.9720 4.1077 4.2434 4.3791 4.5148 4.6506 4.7863 4.9220 5.0577 5.1934 5.3291 5.4648 5.6005 5.7362 5.8719 6.0076 6.1434 6.2791 6.4148 6.5505 6.6862 6.8219 6.9576 7.0933 7.2290 7.3647 7.5004 7.6362 7.7719 7.9076 8.0433 8.1790

10.00% 3.1997 3.3375 3.4753 3.6130 3.7508 3.8886 4.0263 4.1641 4.3019 4.4396 4.5774 4.7151 4.8529 4.9907 5.1284 5.2662 5.4040 5.5417 5.6795 5.8173 5.9550 6.0928 6.2305 6.3683 6.5061 6.6438 6.7816 6.9194 7.0571 7.1949 7.3327 7.4704 7.6082 7.7459 7.8837 8.0215 8.1592 8.2970

LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & Annual Specifc Energy Yield kWh/kWp

2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00

1000 4.0035 4.1628 4.3222 4.4815 4.6408 4.8002 4.9595 5.1189 5.2782 5.4376 5.5969 5.7562 5.9156 6.0749 6.2343 6.3936 6.5530 6.7123 6.8716 7.0310 7.1903 7.3497 7.5090 7.6683 7.8277 7.9870 8.1464 8.3057 8.4651 8.6244 8.7837 8.9431 9.1024 9.2618 9.4211 9.5805 9.7398 9.8991

1025 3.9058 4.0613 4.2167 4.3722 4.5276 4.6831 4.8386 4.9940 5.1495 5.3049 5.4604 5.6158 5.7713 5.9268 6.0822 6.2377 6.3931 6.5486 6.7040 6.8595 7.0149 7.1704 7.3259 7.4813 7.6368 7.7922 7.9477 8.1031 8.2586 8.4141 8.5695 8.7250 8.8804 9.0359 9.1913 9.3468 9.5022 9.6577

1050 3.8128 3.9646 4.1163 4.2681 4.4198 4.5716 4.7234 4.8751 5.0269 5.1786 5.3304 5.4821 5.6339 5.7856 5.9374 6.0892 6.2409 6.3927 6.5444 6.6962 6.8479 6.9997 7.1514 7.3032 7.4549 7.6067 7.7585 7.9102 8.0620 8.2137 8.3655 8.5172 8.6690 8.8207 8.9725 9.1242 9.2760 9.4278

1075 3.7242 3.8724 4.0206 4.1688 4.3171 4.4653 4.6135 4.7617 4.9100 5.0582 5.2064 5.3546 5.5029 5.6511 5.7993 5.9475 6.0958 6.2440 6.3922 6.5404 6.6887 6.8369 6.9851 7.1333 7.2816 7.4298 7.5780 7.7262 7.8745 8.0227 8.1709 8.3192 8.4674 8.6156 8.7638 8.9121 9.0603 9.2085

1100 3.6395 3.7844 3.9292 4.0741 4.2189 4.3638 4.5087 4.6535 4.7984 4.9432 5.0881 5.2329 5.3778 5.5227 5.6675 5.8124 5.9572 6.1021 6.2469 6.3918 6.5367 6.6815 6.8264 6.9712 7.1161 7.2609 7.4058 7.5507 7.6955 7.8404 7.9852 8.1301 8.2749 8.4198 8.5647 8.7095 8.8544 8.9992

1125 3.5586 3.7003 3.8419 3.9836 4.1252 4.2668 4.4085 4.5501 4.6917 4.8334 4.9750 5.1167 5.2583 5.3999 5.5416 5.6832 5.8248 5.9665 6.1081 6.2498 6.3914 6.5330 6.6747 6.8163 6.9579 7.0996 7.2412 7.3829 7.5245 7.6661 7.8078 7.9494 8.0911 8.2327 8.3743 8.5160 8.6576 8.7992

1150 3.4813 3.6198 3.7584 3.8970 4.0355 4.1741 4.3126 4.4512 4.5897 4.7283 4.8669 5.0054 5.1440 5.2825 5.4211 5.5597 5.6982 5.8368 5.9753 6.1139 6.2525 6.3910 6.5296 6.6681 6.8067 6.9452 7.0838 7.2224 7.3609 7.4995 7.6380 7.7766 7.9152 8.0537 8.1923 8.3308 8.4694 8.6080

1175 3.4072 3.5428 3.6784 3.8140 3.9497 4.0853 4.2209 4.3565 4.4921 4.6277 4.7633 4.8989 5.0345 5.1701 5.3058 5.4414 5.5770 5.7126 5.8482 5.9838 6.1194 6.2550 6.3906 6.5263 6.6619 6.7975 6.9331 7.0687 7.2043 7.3399 7.4755 7.6111 7.7468 7.8824 8.0180 8.1536 8.2892 8.4248

1200 3.3362 3.4690 3.6018 3.7346 3.8674 4.0002 4.1329 4.2657 4.3985 4.5313 4.6641 4.7969 4.9297 5.0624 5.1952 5.3280 5.4608 5.5936 5.7264 5.8591 5.9919 6.1247 6.2575 6.3903 6.5231 6.6559 6.7886 6.9214 7.0542 7.1870 7.3198 7.4526 7.5854 7.7181 7.8509 7.9837 8.1165 8.2493

1225 3.2681 3.3982 3.5283 3.6584 3.7884 3.9185 4.0486 4.1787 4.3087 4.4388 4.5689 4.6990 4.8290 4.9591 5.0892 5.2193 5.3493 5.4794 5.6095 5.7396 5.8696 5.9997 6.1298 6.2599 6.3900 6.5200 6.6501 6.7802 6.9103 7.0403 7.1704 7.3005 7.4306 7.5606 7.6907 7.8208 7.9509 8.0809

1250 3.2028 3.3303 3.4577 3.5852 3.7127 3.8401 3.9676 4.0951 4.2226 4.3500 4.4775 4.6050 4.7325 4.8599 4.9874 5.1149 5.2424 5.3698 5.4973 5.6248 5.7523 5.8797 6.0072 6.1347 6.2622 6.3896 6.5171 6.6446 6.7720 6.8995 7.0270 7.1545 7.2819 7.4094 7.5369 7.6644 7.7918 7.9193

1275 3.1400 3.2650 3.3899 3.5149 3.6399 3.7648 3.8898 4.0148 4.1398 4.2647 4.3897 4.5147 4.6397 4.7646 4.8896 5.0146 5.1396 5.2645 5.3895 5.5145 5.6395 5.7644 5.8894 6.0144 6.1394 6.2643 6.3893 6.5143 6.6393 6.7642 6.8892 7.0142 7.1392 7.2641 7.3891 7.5141 7.6391 7.7640

1300 3.0796 3.2022 3.3247 3.4473 3.5699 3.6924 3.8150 3.9376 4.0602 4.1827 4.3053 4.4279 4.5504 4.6730 4.7956 4.9182 5.0407 5.1633 5.2859 5.4084 5.5310 5.6536 5.7762 5.8987 6.0213 6.1439 6.2664 6.3890 6.5116 6.6342 6.7567 6.8793 7.0019 7.1244 7.2470 7.3696 7.4922 7.6147

1325 3.0215 3.1417 3.2620 3.3823 3.5025 3.6228 3.7430 3.8633 3.9836 4.1038 4.2241 4.3443 4.4646 4.5848 4.7051 4.8254 4.9456 5.0659 5.1861 5.3064 5.4267 5.5469 5.6672 5.7874 5.9077 6.0279 6.1482 6.2685 6.3887 6.5090 6.6292 6.7495 6.8698 6.9900 7.1103 7.2305 7.3508 7.4711

1350 2.9655 3.0836 3.2016 3.3196 3.4377 3.5557 3.6737 3.7918 3.9098 4.0278 4.1458 4.2639 4.3819 4.4999 4.6180 4.7360 4.8540 4.9721 5.0901 5.2081 5.3262 5.4442 5.5622 5.6803 5.7983 5.9163 6.0344 6.1524 6.2704 6.3884 6.5065 6.6245 6.7425 6.8606 6.9786 7.0966 7.2147 7.3327

1375 2.9116 3.0275 3.1434 3.2593 3.3752 3.4910 3.6069 3.7228 3.8387 3.9546 4.0705 4.1864 4.3022 4.4181 4.5340 4.6499 4.7658 4.8817 4.9976 5.1134 5.2293 5.3452 5.4611 5.5770 5.6929 5.8088 5.9246 6.0405 6.1564 6.2723 6.3882 6.5041 6.6200 6.7358 6.8517 6.9676 7.0835 7.1994

1400 2.8596 2.9734 3.0873 3.2011 3.3149 3.4287 3.5425 3.6563 3.7702 3.8840 3.9978 4.1116 4.2254 4.3392 4.4530 4.5669 4.6807 4.7945 4.9083 5.0221 5.1359 5.2498 5.3636 5.4774 5.5912 5.7050 5.8188 5.9327 6.0465 6.1603 6.2741 6.3879 6.5017 6.6156 6.7294 6.8432 6.9570 7.0708

1425 2.8095 2.9213 3.0331 3.1449 3.2567 3.3685 3.4804 3.5922 3.7040 3.8158 3.9276 4.0395 4.1513 4.2631 4.3749 4.4867 4.5986 4.7104 4.8222 4.9340 5.0458 5.1577 5.2695 5.3813 5.4931 5.6049 5.7168 5.8286 5.9404 6.0522 6.1640 6.2759 6.3877 6.4995 6.6113 6.7231 6.8349 6.9468

1450 2.7610 2.8709 2.9808 3.0907 3.2006 3.3105 3.4204 3.5303 3.6401 3.7500 3.8599 3.9698 4.0797 4.1896 4.2995 4.4094 4.5193 4.6292 4.7391 4.8490 4.9588 5.0687 5.1786 5.2885 5.3984 5.5083 5.6182 5.7281 5.8380 5.9479 6.0578 6.1676 6.2775 6.3874 6.4973 6.6072 6.7171 6.8270

1475 2.7142 2.8222 2.9303 3.0383 3.1463 3.2544 3.3624 3.4704 3.5784 3.6865 3.7945 3.9025 4.0106 4.1186 4.2266 4.3346 4.4427 4.5507 4.6587 4.7668 4.8748 4.9828 5.0909 5.1989 5.3069 5.4149 5.5230 5.6310 5.7390 5.8471 5.9551 6.0631 6.1711 6.2792 6.3872 6.4952 6.6033 6.7113

1500 2.6690 2.7752 2.8814 2.9877 3.0939 3.2001 3.3064 3.4126 3.5188 3.6250 3.7313 3.8375 3.9437 4.0499 4.1562 4.2624 4.3686 4.4749 4.5811 4.6873 4.7935 4.8998 5.0060 5.1122 5.2185 5.3247 5.4309 5.5371 5.6434 5.7496 5.8558 5.9621 6.0683 6.1745 6.2807 6.3870 6.4932 6.5994

1525 2.6252 2.7297 2.8342 2.9387 3.0432 3.1477 3.2521 3.3566 3.4611 3.5656 3.6701 3.7746 3.8791 3.9836 4.0880 4.1925 4.2970 4.4015 4.5060 4.6105 4.7150 4.8195 4.9239 5.0284 5.1329 5.2374 5.3419 5.4464 5.5509 5.6553 5.7598 5.8643 5.9688 6.0733 6.1778 6.2823 6.3868 6.4912

1550 2.5829 2.6857 2.7885 2.8913 2.9941 3.0969 3.1997 3.3025 3.4053 3.5081 3.6109 3.7137 3.8165 3.9193 4.0221 4.1249 4.2277 4.3305 4.4333 4.5361 4.6389 4.7417 4.8445 4.9473 5.0501 5.1529 5.2557 5.3585 5.4613 5.5641 5.6669 5.7697 5.8725 5.9753 6.0781 6.1809 6.2837 6.3865

1575 2.5419 2.6431 2.7442 2.8454 2.9466 3.0477 3.1489 3.2501 3.3512 3.4524 3.5536 3.6548 3.7559 3.8571 3.9583 4.0594 4.1606 4.2618 4.3629 4.4641 4.5653 4.6665 4.7676 4.8688 4.9700 5.0711 5.1723 5.2735 5.3746 5.4758 5.5770 5.6782 5.7793 5.8805 5.9817 6.0828 6.1840 6.2852

1600 2.5022 2.6018 2.7013 2.8009 2.9005 3.0001 3.0997 3.1993 3.2989 3.3985 3.4981 3.5976 3.6972 3.7968 3.8964 3.9960 4.0956 4.1952 4.2948 4.3944 4.4940 4.5935 4.6931 4.7927 4.8923 4.9919 5.0915 5.1911 5.2907 5.3903 5.4898 5.5894 5.6890 5.7886 5.8882 5.9878 6.0874 6.1870

1625 2.4637 2.5617 2.6598 2.7578 2.8559 2.9540 3.0520 3.1501 3.2481 3.3462 3.4442 3.5423 3.6404 3.7384 3.8365 3.9345 4.0326 4.1306 4.2287 4.3268 4.4248 4.5229 4.6209 4.7190 4.8170 4.9151 5.0132 5.1112 5.2093 5.3073 5.4054 5.5034 5.6015 5.6996 5.7976 5.8957 5.9937 6.0918

1650 2.4263 2.5229 2.6195 2.7161 2.8126 2.9092 3.0058 3.1023 3.1989 3.2955 3.3921 3.4886 3.5852 3.6818 3.7783 3.8749 3.9715 4.0681 4.1646 4.2612 4.3578 4.4543 4.5509 4.6475 4.7441 4.8406 4.9372 5.0338 5.1303 5.2269 5.3235 5.4201 5.5166 5.6132 5.7098 5.8063 5.9029 5.9995

1675 2.3901 2.4853 2.5804 2.6755 2.7707 2.8658 2.9609 3.0560 3.1512 3.2463 3.3414 3.4366 3.5317 3.6268 3.7219 3.8171 3.9122 4.0073 4.1025 4.1976 4.2927 4.3879 4.4830 4.5781 4.6732 4.7684 4.8635 4.9586 5.0538 5.1489 5.2440 5.3392 5.4343 5.5294 5.6245 5.7197 5.8148 5.9099

1700 2.3550 2.4487 2.5424 2.6362 2.7299 2.8236 2.9174 3.0111 3.1048 3.1986 3.2923 3.3860 3.4798 3.5735 3.6672 3.7609 3.8547 3.9484 4.0421 4.1359 4.2296 4.3233 4.4171 4.5108 4.6045 4.6983 4.7920 4.8857 4.9794 5.0732 5.1669 5.2606 5.3544 5.4481 5.5418 5.6356 5.7293 5.8230

1725 2.3209 2.4132 2.5056 2.5980 2.6903 2.7827 2.8751 2.9675 3.0598 3.1522 3.2446 3.3369 3.4293 3.5217 3.6141 3.7064 3.7988 3.8912 3.9836 4.0759 4.1683 4.2607 4.3530 4.4454 4.5378 4.6302 4.7225 4.8149 4.9073 4.9997 5.0920 5.1844 5.2768 5.3691 5.4615 5.5539 5.6463 5.7386

1750 2.2877 2.3788 2.4698 2.5609 2.6519 2.7430 2.8340 2.9251 3.0161 3.1072 3.1982 3.2893 3.3803 3.4714 3.5624 3.6535 3.7445 3.8356 3.9266 4.0177 4.1088 4.1998 4.2909 4.3819 4.4730 4.5640 4.6551 4.7461 4.8372 4.9282 5.0193 5.1103 5.2014 5.2924 5.3835 5.4745 5.5656 5.6567

1775 2.2555 2.3452 2.4350 2.5248 2.6146 2.7043 2.7941 2.8839 2.9736 3.0634 3.1532 3.2430 3.3327 3.4225 3.5123 3.6020 3.6918 3.7816 3.8713 3.9611 4.0509 4.1407 4.2304 4.3202 4.4100 4.4997 4.5895 4.6793 4.7690 4.8588 4.9486 5.0384 5.1281 5.2179 5.3077 5.3974 5.4872 5.5770

1800 2.2242 2.3127 2.4012 2.4897 2.5782 2.6668 2.7553 2.8438 2.9323 3.0209 3.1094 3.1979 3.2864 3.3750 3.4635 3.5520 3.6405 3.7291 3.8176 3.9061 3.9946 4.0831 4.1717 4.2602 4.3487 4.4372 4.5258 4.6143 4.7028 4.7913 4.8799 4.9684 5.0569 5.1454 5.2340 5.3225 5.4110 5.4995

1825 2.1937 2.2810 2.3683 2.4556 2.5429 2.6302 2.7175 2.8049 2.8922 2.9795 3.0668 3.1541 3.2414 3.3287 3.4160 3.5033 3.5907 3.6780 3.7653 3.8526 3.9399 4.0272 4.1145 4.2018 4.2891 4.3765 4.4638 4.5511 4.6384 4.7257 4.8130 4.9003 4.9876 5.0749 5.1623 5.2496 5.3369 5.4242

1850 2.1640 2.2502 2.3363 2.4224 2.5086 2.5947 2.6808 2.7670 2.8531 2.9392 3.0253 3.1115 3.1976 3.2837 3.3699 3.4560 3.5421 3.6283 3.7144 3.8005 3.8867 3.9728 4.0589 4.1451 4.2312 4.3173 4.4034 4.4896 4.5757 4.6618 4.7480 4.8341 4.9202 5.0064 5.0925 5.1786 5.2648 5.3509

1875 2.1352 2.2202 2.3051 2.3901 2.4751 2.5601 2.6451 2.7301 2.8150 2.9000 2.9850 3.0700 3.1550 3.2400 3.3249 3.4099 3.4949 3.5799 3.6649 3.7499 3.8348 3.9198 4.0048 4.0898 4.1748 4.2598 4.3447 4.4297 4.5147 4.5997 4.6847 4.7696 4.8546 4.9396 5.0246 5.1096 5.1946 5.2795

1900 2.1071 2.1910 2.2748 2.3587 2.4425 2.5264 2.6103 2.6941 2.7780 2.8619 2.9457 3.0296 3.1135 3.1973 3.2812 3.3651 3.4489 3.5328 3.6167 3.7005 3.7844 3.8682 3.9521 4.0360 4.1198 4.2037 4.2876 4.3714 4.4553 4.5392 4.6230 4.7069 4.7908 4.8746 4.9585 5.0423 5.1262 5.2101

1925 2.0797 2.1625 2.2453 2.3281 2.4108 2.4936 2.5764 2.6592 2.7419 2.8247 2.9075 2.9903 3.0730 3.1558 3.2386 3.3214 3.4041 3.4869 3.5697 3.6525 3.7352 3.8180 3.9008 3.9836 4.0663 4.1491 4.2319 4.3147 4.3974 4.4802 4.5630 4.6458 4.7285 4.8113 4.8941 4.9769 5.0596 5.1424

1950 2.0531 2.1348 2.2165 2.2982 2.3799 2.4616 2.5433 2.6251 2.7068 2.7885 2.8702 2.9519 3.0336 3.1153 3.1971 3.2788 3.3605 3.4422 3.5239 3.6056 3.6873 3.7691 3.8508 3.9325 4.0142 4.0959 4.1776 4.2593 4.3411 4.4228 4.5045 4.5862 4.6679 4.7496 4.8313 4.9131 4.9948 5.0765

1975 2.0271 2.1078 2.1884 2.2691 2.3498 2.4305 2.5112 2.5918 2.6725 2.7532 2.8339 2.9146 2.9952 3.0759 3.1566 3.2373 3.3179 3.3986 3.4793 3.5600 3.6407 3.7213 3.8020 3.8827 3.9634 4.0441 4.1247 4.2054 4.2861 4.3668 4.4475 4.5281 4.6088 4.6895 4.7702 4.8509 4.9315 5.0122

2000 2.0017 2.0814 2.1611 2.2407 2.3204 2.4001 2.4798 2.5594 2.6391 2.7188 2.7984 2.8781 2.9578 3.0375 3.1171 3.1968 3.2765 3.3561 3.4358 3.5155 3.5952 3.6748 3.7545 3.8342 3.9138 3.9935 4.0732 4.1529 4.2325 4.3122 4.3919 4.4715 4.5512 4.6309 4.7106 4.7902 4.8699 4.9496

2025 1.9770 2.0557 2.1344 2.2131 2.2918 2.3705 2.4491 2.5278 2.6065 2.6852 2.7639 2.8426 2.9213 3.0000 3.0786 3.1573 3.2360 3.3147 3.3934 3.4721 3.5508 3.6295 3.7082 3.7868 3.8655 3.9442 4.0229 4.1016 4.1803 4.2590 4.3377 4.4163 4.4950 4.5737 4.6524 4.7311 4.8098 4.8885

2050 1.9529 2.0306 2.1084 2.1861 2.2638 2.3416 2.4193 2.4970 2.5747 2.6525 2.7302 2.8079 2.8856 2.9634 3.0411 3.1188 3.1966 3.2743 3.3520 3.4297 3.5075 3.5852 3.6629 3.7407 3.8184 3.8961 3.9738 4.0516 4.1293 4.2070 4.2848 4.3625 4.4402 4.5179 4.5957 4.6734 4.7511 4.8289

2075 1.9294 2.0062 2.0830 2.1598 2.2365 2.3133 2.3901 2.4669 2.5437 2.6205 2.6973 2.7741 2.8509 2.9277 3.0045 3.0813 3.1580 3.2348 3.3116 3.3884 3.4652 3.5420 3.6188 3.6956 3.7724 3.8492 3.9260 4.0028 4.0795 4.1563 4.2331 4.3099 4.3867 4.4635 4.5403 4.6171 4.6939 4.7707

2100 1.9064 1.9823 2.0582 2.1340 2.2099 2.2858 2.3617 2.4376 2.5134 2.5893 2.6652 2.7411 2.8169 2.8928 2.9687 3.0446 3.1205 3.1963 3.2722 3.3481 3.4240 3.4998 3.5757 3.6516 3.7275 3.8033 3.8792 3.9551 4.0310 4.1069 4.1827 4.2586 4.3345 4.4104 4.4862 4.5621 4.6380 4.7139

2125 1.8840 1.9590 2.0340 2.1089 2.1839 2.2589 2.3339 2.4089 2.4839 2.5588 2.6338 2.7088 2.7838 2.8588 2.9338 3.0088 3.0837 3.1587 3.2337 3.3087 3.3837 3.4587 3.5336 3.6086 3.6836 3.7586 3.8336 3.9086 3.9836 4.0585 4.1335 4.2085 4.2835 4.3585 4.4335 4.5085 4.5834 4.6584

2150 1.8621 1.9362 2.0103 2.0844 2.1585 2.2326 2.3068 2.3809 2.4550 2.5291 2.6032 2.6773 2.7514 2.8255 2.8997 2.9738 3.0479 3.1220 3.1961 3.2702 3.3443 3.4184 3.4926 3.5667 3.6408 3.7149 3.7890 3.8631 3.9372 4.0114 4.0855 4.1596 4.2337 4.3078 4.3819 4.4560 4.5301 4.6043

2175 1.8407 1.9139 1.9872 2.0605 2.1337 2.2070 2.2802 2.3535 2.4268 2.5000 2.5733 2.6465 2.7198 2.7931 2.8663 2.9396 3.0129 3.0861 3.1594 3.2326 3.3059 3.3792 3.4524 3.5257 3.5989 3.6722 3.7455 3.8187 3.8920 3.9652 4.0385 4.1118 4.1850 4.2583 4.3315 4.4048 4.4781 4.5513

2200 1.8198 1.8922 1.9646 2.0370 2.1095 2.1819 2.2543 2.3268 2.3992 2.4716 2.5440 2.6165 2.6889 2.7613 2.8338 2.9062 2.9786 3.0510 3.1235 3.1959 3.2683 3.3408 3.4132 3.4856 3.5580 3.6305 3.7029 3.7753 3.8478 3.9202 3.9926 4.0650 4.1375 4.2099 4.2823 4.3548 4.4272 4.4996

2225 1.7993 1.8709 1.9425 2.0142 2.0858 2.1574 2.2290 2.3006 2.3722 2.4438 2.5155 2.5871 2.6587 2.7303 2.8019 2.8735 2.9451 3.0168 3.0884 3.1600 3.2316 3.3032 3.3748 3.4464 3.5181 3.5897 3.6613 3.7329 3.8045 3.8761 3.9478 4.0194 4.0910 4.1626 4.2342 4.3058 4.3774 4.4491

2250 1.7793 1.8501 1.9210 1.9918 2.0626 2.1334 2.2042 2.2751 2.3459 2.4167 2.4875 2.5583 2.6291 2.7000 2.7708 2.8416 2.9124 2.9832 3.0541 3.1249 3.1957 3.2665 3.3373 3.4082 3.4790 3.5498 3.6206 3.6914 3.7622 3.8331 3.9039 3.9747 4.0455 4.1163 4.1872 4.2580 4.3288 4.3996

2275 1.7598 1.8298 1.8998 1.9699 2.0399 2.1100 2.1800 2.2501 2.3201 2.3901 2.4602 2.5302 2.6003 2.6703 2.7403 2.8104 2.8804 2.9505 3.0205 3.0905 3.1606 3.2306 3.3007 3.3707 3.4407 3.5108 3.5808 3.6509 3.7209 3.7909 3.8610 3.9310 4.0011 4.0711 4.1412 4.2112 4.2812 4.3513

2300 1.7406 1.8099 1.8792 1.9485 2.0178 2.0870 2.1563 2.2256 2.2949 2.3642 2.4334 2.5027 2.5720 2.6413 2.7106 2.7798 2.8491 2.9184 2.9877 3.0569 3.1262 3.1955 3.2648 3.3341 3.4033 3.4726 3.5419 3.6112 3.6805 3.7497 3.8190 3.8883 3.9576 4.0269 4.0961 4.1654 4.2347 4.3040

2325 1.7219 1.7905 1.8590 1.9275 1.9961 2.0646 2.1331 2.2017 2.2702 2.3387 2.4073 2.4758 2.5443 2.6129 2.6814 2.7499 2.8185 2.8870 2.9555 3.0241 3.0926 3.1611 3.2297 3.2982 3.3667 3.4353 3.5038 3.5724 3.6409 3.7094 3.7780 3.8465 3.9150 3.9836 4.0521 4.1206 4.1892 4.2577

2350 1.7036 1.7714 1.8392 1.9070 1.9748 2.0426 2.1104 2.1782 2.2460 2.3139 2.3817 2.4495 2.5173 2.5851 2.6529 2.7207 2.7885 2.8563 2.9241 2.9919 3.0597 3.1275 3.1953 3.2631 3.3309 3.3987 3.4665 3.5343 3.6022 3.6700 3.7378 3.8056 3.8734 3.9412 4.0090 4.0768 4.1446 4.2124

2375 1.6857 1.7528 1.8199 1.8869 1.9540 2.0211 2.0882 2.1553 2.2224 2.2895 2.3566 2.4237 2.4908 2.5579 2.6250 2.6920 2.7591 2.8262 2.8933 2.9604 3.0275 3.0946 3.1617 3.2288 3.2959 3.3630 3.4301 3.4971 3.5642 3.6313 3.6984 3.7655 3.8326 3.8997 3.9668 4.0339 4.1010 4.1681

2400 1.6681 1.7345 1.8009 1.8673 1.9337 2.0001 2.0665 2.1329 2.1993 2.2656 2.3320 2.3984 2.4648 2.5312 2.5976 2.6640 2.7304 2.7968 2.8632 2.9296 2.9960 3.0624 3.1288 3.1951 3.2615 3.3279 3.3943 3.4607 3.5271 3.5935 3.6599 3.7263 3.7927 3.8591 3.9255 3.9919 4.0583 4.1246

2425 1.6509 1.7166 1.7823 1.8480 1.9137 1.9795 2.0452 2.1109 2.1766 2.2423 2.3080 2.3737 2.4394 2.5051 2.5708 2.6365 2.7022 2.7680 2.8337 2.8994 2.9651 3.0308 3.0965 3.1622 3.2279 3.2936 3.3593 3.4250 3.4907 3.5565 3.6222 3.6879 3.7536 3.8193 3.8850 3.9507 4.0164 4.0821

2450 1.6341 1.6991 1.7641 1.8292 1.8942 1.9593 2.0243 2.0893 2.1544 2.2194 2.2844 2.3495 2.4145 2.4796 2.5446 2.6096 2.6747 2.7397 2.8047 2.8698 2.9348 2.9999 3.0649 3.1299 3.1950 3.2600 3.3251 3.3901 3.4551 3.5202 3.5852 3.6502 3.7153 3.7803 3.8454 3.9104 3.9754 4.0405

2475 1.6176 1.6819 1.7463 1.8107 1.8751 1.9395 2.0038 2.0682 2.1326 2.1970 2.2614 2.3258 2.3901 2.4545 2.5189 2.5833 2.6477 2.7120 2.7764 2.8408 2.9052 2.9696 3.0339 3.0983 3.1627 3.2271 3.2915 3.3558 3.4202 3.4846 3.5490 3.6134 3.6778 3.7421 3.8065 3.8709 3.9353 3.9997

CAPEX

LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & OPEX

OP

EX

CAPEX

WA

CC

CAPEX

An

nu

al S

pe

cif

c E

ne

rgy

Yie

ld k

Wh

/kW

p

Sensitivity Analysis 1D & 2D TablesSensitivity

Analysis

3D ChartsModel Inputs & Outputs Summary

Output

Parameters

Charts


Phase 3: Feasibility Study


Developed the Prefeasibility Study in to Detailed Report. Assign Suitably Qualified & Experienced Study Team, Create Responsibility Matrix for

the Team, to Include the Assigned Feasibility Study Deliverables and Their Associated TimeLine / Program. Hold Weekly Progress Review

Meetings.

Utilize Site Specific Data for all Parameters, including Design, Financing and Execution.

Establish a Detailed Risk Register and Keep Updating with Mitigation Measures Throughout the Development of this Phase.

Develop the Design Including Surveys (Topo, Geotech), Site Plans, SLDs, Schematics, Grid Connection with Grid Impact Study Where

Necessary, Solar Resource Measurement (Preferred 1 Yr On Site, & 10/20 Yr Bankable Satellite Data) & Energy Yield (P90), Initial Equipment

Selections, Cost Plan, and O&M requirements.

Create Detailed Permitting & Licensing Roadmap and Initiate Discussions with Stakeholders and all AHJ (Authorities Having Jurisdiction) to

obtain consents or initials NOCs. Produce Requirements Matrix, Schedule/Program, and Estimate Accurate Costs.

Establish Initial ESIA and Relevant EHS requirements. Include TIS where necessary. Include Applicable Requirements of Financing Institutions

(e.g. Equator Principles, etc.)

Produce Detailed Financial Model and Scenario / Sensitivity Analysis Which Cover All Variables Thresholds and Obtain Commitment from

Respective Stakeholders.

The Detailed Financial Model Shall Cover: IRR, LCOE, CAPEX, OPEX, D/E Gearing Ratio, CFADS, DSRA, MRA, DSCR, LLCR, PLCR, EBL,

WC, SBWC, PPA/Tariffs, ECA, Incentives If Any, Senior Debt Sources/ Model & Rates (Fixed, Libor + Margin, Mini Perm, Int. Swap) etc.


Phase 3: Feasibility Study


Finalize and Obtain Initial Consent for All Access Requirements (land, roads, LUP, ROW, community, etc.)

Finalize Level 2 or 3 Project Program and Obtain Stakeholders Buy In.

Determine the Project Company (SPV) Legal, Tax, Insurance, Accounting/Reporting Requirements, including setup and operation costs. Details must include offshore/onshore setup requirements/plan w/ respective banks accounts, etc.

Finalize the finance plan with equity and shareholders contribution, debt sources and obtains committed pricing levels.

Keep the Financial Model Updated as details gets secured. Procure an External Financial Advisor, if necessary, to lead the discussion with shortlisted funding institutions, term sheets, as well as further optimized financial engineering. Update the Financing Plan with Financing Institutions Offers & Commitments.

Identify all Types of Warranties and Guarantees Which are Necessary for Bankable Project (non-recourse, or limited Recourse). Validate and Obtain Stakeholders Buy and Commitments. These may include EPCs, Major Equipment Vendors, ECA, MLIA, MIGAOfftaker, Local State / Government, etc. Incorporate These in to Contracts.

Procure the Owners Technical Advisor (OE) and Legal Advisors, to support the process of Contracts Drafting, Tendering, Implementation & Acceptance (ITB, MFS, EPC, O&M, PPA, LLA, SHA, SPV, etc.)

Execute Corporate Risk Management Docs & Obtain Corporate Approval For the Feasibility Study to Conclude that Project is Feasible & Economically Viable.


Phase 4: Contracts & Financial Close


SPV

SHA Land Lease

Grid Connect

PPA

Utilities Connect

ECA

MIGA

Gov. Credit

SupportInsuranceEBL

Hedging

Sr Debt Lender(s)

O&M

EPC

OE/IE

Legal Advisor

Fin. Advisor

Contracts Success Factors

Expertise & Know-How

Good Communication

Negotiation

Risk Management

Competitiveness


Phase 4: Contracts & Financial CloseKey Consideration For SPV Contracts (Shortlist)Head of Terms Waterfall, Term Details Matter !


EPC O&M PPA Lender(s) Sr. Debt Fin.

Scope Of Work Scope Of Work Term & Phases MLA & Senior Lenders

Price Basis Price Basis Development Security Approved Banks

Warranties Warranties Conditions Precedent to Closing Term Facilities, Incl. Standby

LNTP & NTP LNTP & NTP Documents Delivered After Closing Equity Contributions & Retention

Soil & Ground Risk Soil & Ground Risk Min. Functional Specifications Equity Bridge Loan

Guaranteed PR, Pdc, Pac Guaranteed PR Testing & Acceptance Facilities Ranking, Facilities Availability

Bonds Bonds Metering Interest, Periods, Repayment Profile

Risk Allocation Risk Allocation Billing & Payment Refinancing, If applicable

Testing, Acceptance & Handover Performance Appraisal Sale & Purchase Obligations Margin, Commitment, Upfront Fees

Contract & Payments Milestones Payment Plan & Milestones Localization Min DSCR @ P50 @ P90

Order Of Precedence Order Of Precedence Interconnection Conditions DSCR for Div. Pay / DSCR For Default

Design Spare Parts, Consumables Interfaces LLCR & PLCR

Licenses & Permits Licenses & Permits Approvals True Up & Max GR

Continued


Phase 4: Contracts & Financial CloseKey Consideration For SPV Contracts (Shortlist)Head of Terms Waterfall, Term Details Matter !


EPC O&M PPA Lender(s) Sr. Debt Fin.

Insurance Insurance Operations & Maintenance DSRA & MRA/MMRA

Variations Variations LDs for Delay (PCOD) Credit Guarantee(s) / Support

LDs Performance & Delay LDs Performance Offtaker Credit Guarantee / Support Development & CAPEX & OPEX

Set Off Set Off Novation Selected EPC

DLP Training Insurance PCOD & Completion

Liabilities Incl. Limit & Decennial Liabilities Incl. Limit & Decennial Liabilities SPV Accounts & Distribution

Indemnification Indemnification Indemnification CTA

Assignment Assignment Assignment Hedging

Termination Termination Termination Securities

Dispute Resolution Dispute Resolution Dispute Resolution Default

Arbitration & Place Arbitration & Place Arbitration & Place Conditions Precedent For Drawdown

Governing Law & Jurisdiction Governing Law & Jurisdiction Governing Law & Jurisdiction Governing Law & Jurisdiction




Finalize Detailed Project Implementation Program.

Continue to Keep Accurate Track of All Development Expenses (direct, indirect, incl. man-hours).

These are Reportable & Chargeable to SPV (subject to Audit & by LTA).

Prepare Detailed Sub-Program for Contracting Approach.

Determine Cross-Contracts Dependencies, Critical Path, & Respective Conditions Precedent for Execution.

Prepare Docs Register & Docs Packages & Submit to AHJ to Obtain Initial Preliminary Permits, such as Planning, LUP, Access, TIS,

LLA, ESIA, Grid Connection, Generation & Operator Licenses, Construction. Allow Ample Time for the Processes.

Final Permits such as Final Construction will be Obtained in the Next Phase upon completion of Detailed Design.

Amend Design Based on AHJ Comments or Conditional Approval, as well as Other Stakeholders Requirements (Development Banks

or Other Financing Institutions).




Prepare & Execute ITB for EPC & O&M. Rank, Negotiate & Select Shortlisted Preferred Bidder(s).

ITB is Preceded by Stringent Prequalification Process.

EPC & O&M shall be fixed Price Turnkey Contracts “Fully Wrapped”.

Finalize Bankable Energy Yield Report (PVsyst P50 & P90).

The Model shall be Audited by Approved 3rd Party Independent Specialist.

Finalize Financial Model, Its Cost Plans (Development, SPV, CAPEX, OPEX), Quarterly Proforma Cashflow, & Scenario Analysis. The

Model Input & Output Parameters Shall Meet Financing Institutions Acceptable Thresholds.

Prepare & Execute OE/IE Contract. Prepare & Coordinate with LTA and LLA.




Prepare & Negotiate Gird Connection Agreement and PPA Agreement.

Finalize Project Risk Register. Risk are Categorized (Technical, Commercial, Financial, Legal, Execution), Qualified, Quantified,

Mitigated, Weighted, & Assigned Owners.

Complete Technical-Commercial Due Diligence Report (OE/IE/LTA), as Required by Stakeholders. Incorporate Agreed Comments in to

Design & Contracts.

Negotiate Markups/Comments/Deviations, & Complete All Contracts Negotiations.

Make Sure All Contracts are Acceptable to and Signed Off by Financing Institution(s).

Head of Term & Other Details like Equipment Selection (3-5 options shortlisted) & Warranties must be Bankable & inline w/ Financing

Institutions Acceptable Thresholds & Guidelines (Reputed Manufacturer, Long Term Financial Stability Forecast, Proven Excellent Track

Record, Certified Products, Local Regulatory Compliant (AVL), Class A & No Vague Warranty Terms incl. Performance, 3rd Part

Insurance Coverage, Eff./Tech Performance Inline w/ Highest Tier, Suitable for Project Environmental Conditions, Serviceability, MTBF,

etc.)

Prepare & Execute Insurance Program Contracts (Limited Notice to Proceed – LNTP)

Execute EPC & O&M Contracts (LNTP subject to Financial Close).




Execute Gird Connection Agreement and PPA (LNTP subject to Financial Close).

Prepare Shareholders’ POAs & RBDs (notarized/legalized) & Execute SHA & Incorporate SPV as a Legal Entity.

All Projects Agreements & Contracts shall be in Name of SPV.

Ensure SPV’s operations are setup as well: Office Lease and Fitout Contracts, HR, IT & Cloud Services, Accounting & Finance,

Banking, Business Insurances PI/D&O/PPL/WC/EAR/CAR, Healthcare Insurance, QMS & PMO Processes & Procedures.

Negotiate & Finalize Lenders’ & Fin. Services Contracts (Senior Debt, Equity Bridge Loan, Hedging, Swaps, Guarantees, Upfront /

Closing Fees, Annual Fees, etc.). Execute Contracts & Term Sheets.

Upon Achieving Financial Close, Update Corporate Risk Management Docs with Finalized and/or Amended Terms of the Feasibility

Study Approval.

Obtain Corporate Approval For the Issuing NTPs (Notice to Proceed) for All Contracts.


Dii MENAT © Fadi Maalouf 18Dii Toolkit for RE Grid Integration, Project Development & Industry Localization

SPV Issues NTPs (Notice to Proceed) for All Contracts.

SPV’s Vital KPI is Maintaining a Solid Contract & Claims Management Team Throughout the Development Phases.

EPC to Produce a Comprehensive Project Execution Plan (PEP) & Sub-Plans.

The First Focus is Org Chart (Back Office & Site), Document Control System, Baseline Program & Cashflow.

EPC to Produce Design Management Plan incl. WBS for DPPS (Design Permitting Procurement Schedule).

DPPS Shall List all DD Docs w/ Respective Production Timeline linked to Packages Submission to AHJ as well as to Procurement

Initiation.

EPC to Incorporate Adequate Review Cycles for Relevant Stakeholders.

Phase 5: Detailed Design & Permitting


Dii MENAT © Fadi Maalouf

19

WORK PACKAGE DETAILS

WBS

WP Code

No.

Work Package Description

************************************

Permit Description

Gro

up

Are

a

Packag

e

Man

ag

er

Le

ad

Desig

ne

r

*******************

EX

T. D

esig

ne

r

QS

*******************

Perm

it

Co

ord

ina

tor

Au

tho

rity H

avin

g

Ju

risd

ictio

n

(AH

J)

Planned

*************************

Actual / Forecast

DESIGN PERMITTING

30% (Stage C-

D) Design

Complete

60% (Stage E)

Design

Complete

90% (Stage

F1) Design

Complete

IFC (Stage F2)

Design

Complete

Package

Design

Available

Scope Review

/ Prepare BoQ

(weeks)

Package Design

available for

Permitting &

OE/IE/LTA

Submission

Prepare Permit

Package

(weeks)

Issue Design

for Permit

Package to

OE/IE/LTA

Cycle 1

(weeks)

OE/IE/LTA

Permit

Package

Incorp.

Comments &

Re-Submit &

Receive

Approval

PERMITTING PROCUREMENT

Submit Design

Permit

Package to

AJJ

Cycle 1

(Weeks)

AHJ

Permit Package

Incorp.

Comments

Re-Submit to

AHJ

AHJ

Permit

Approval &

Issuance

Prepare

Tender

Package

(weeks)

HOLD

For Permit

Approval

YES/NO

***************

DESIGN

STAGE

Issue Tender Tender Period

(weeks)

Procurement

Phase Continues…..




Ensure that EPC’s Design Management Plan (DMP) Its Document Register (Deliverables Schedule) are Updated with Previous

Development Phases Approved Comments / Changes & is Regulatory Compliant. Expert Understanding of Local Code Compliance

incl. Sustainability is an Extremely Critical KPI for Project Success & Bankability. DMP Must be Submitted for Approval by OE/IE/LTA

Another Bankability KPI (initial screening at PQ phase) is a Well Defined Design Management Procedure (SOP). The Procedure Shall

Cover: Roles/Responsibilities, Process Flow Chart w/ Gates, Work Instructions for Sub Processes, Progress % and Stages Definition

(30%/60%/90%/IFC, Concept/Basic/Detailed/IFC) Templates/Forms/Checklist/Logs, Delivery Process Flow Charts, RFI & Change

Control Process, Safety In Design, Risk Register, Approval Process Flow, Interface & Coordination.

Thorough Understanding of Design Deliverables SOW is a vital KPI. EPC Shall Deliver a Complete Design Production Schedule

(Document Register), w/ Proper Monitoring & Tracking Controls. A Typical Design Deliverables Document Register as Follows:DISCIPLINE: XXXXXXXXXXX Planned Issue Date

Current %

of

Completion

DESIGN PHASE: XXXXXXXX

S/N Doc. Number Doc. Title Scale Size

Final

Rev. 30% 60% 90%

OE/

IE/

LTA AHJ IFC

General Sheets:

Details:

Schematics/SLDs:

Layouts/Plans:

Elevations/Sections:

Schedules:

Calculation:

Studies/Reports:

Specifications:

Continues……


Phase 5: Detailed Design & PermittingKey Considerations for Bankable Design (Shortlist)


Competitive LCOE vs. Optimized Design

Balance CAPEX/OPEX vs. Value Eng’g

Quality Assured vs.

Scope/Schedule/Cost

CAD Format is Compliant w/ Local

Codes

Site Solar Resource is Measured 1 Yr

(hourly)

Solar Resource Checked vs Satellite 20

Yr

Satellite Solar Resource is Credible DB,

P50/90

PV Field Layout Optimized

(tilt/orientation)

PV Field Layout Meets O&M & FLS

Reqmnt

PV Field Shading Loss (row/nearby)

<1.5%

PV Soiling Loss Calc’d Based on Site

Cond. & Adopted Cleaning Plan

PV Eff, Deg<0.6% TR., LID, PID, +Tol,

FT, ELT, IECs, ISO 2859-1, BOM, CDF,

All Validated

PVsyst Uses Validated met/pan/ond

Files

All Auxiliary Power Consumption Calc’d

& Accounted For in PVsyst Energy Yield

Est

Comply w/ IEC 62548 PV Design

Requirements

Topo & Geotech Studies Results

Adhered To

Civil/Structural Design & Materials

Suitable for Site Soil & Environmental

Conditions (Corrosion, Seismic, Wind,

etc), PE Stamped

Drainage & Flooding Prevention is

Included, Based on Site Environmental

Conditions

Electrical Studies PSS/E (GIS, LF, VD,

SC, HR, CR, TRNS) & Eqpt Rated

Accordingly

HAZOP Study per IEC 61882, if

Required


Phase 5: Detailed Design & PermittingKey Considerations for Bankable Design (Shortlist)


Electrical Protection Measures Correct &

are In Line w/ Int’l Standards & Local

Code

Grounding/Earthing/Lightning Protection

is Correct for the Site Conditions

PV String Voltage vs. Min/Max Temp vs.

Inverter Thresholds Voc/Vp is Adequate

Total Cables Loss DC, AC Calc < 1.5%

& 1.0 %

Inverter Sizing is Correct (MPPT

Window, Power Ratio, PF Range,

A.Temp, Eff, etc.), IECs Comp.

XFMR & S/G Selection/Sizing/Protection

Correct

Cables Management & Trenches Code

Compl.

MV/HV Net & S/S Comply w/ Trans/Dist

Code

All Eqpt Interfaces I&C/Comm/Alarms

are Incl. & Correct, Detailed Interface

Matrix is Validated

Security Sys. CCTV, Acc Con, Intrusion,

Fence, Lighting , Adequate for Risks &

Insurance

Tariff Grade Metering System is

Compliant

SCADA System is Included per Industry

Stds.

SCADA Grid Interface is Thoroughly

Engineered for Local Code Compliance

Weather Station(s) Instruments Classes

Correct.

Equipment IP Validated for Site

Conditions

All Equipment Selection Meets

Restricted / Approved Vendor List (by

AHJ)

Overall Design and All Equipment Meet

Set Min Func/Perf Specs (MFS/MPS),

Warranties, Long Term Servicing &

Spare Parts Availability.




Ensure that EPC’s Permitting Plan and Its Schedule are Updated with Previous Development Phases Approved Comments/Changes &

is Regulatory Compliant.

Expert Understanding of Permitting Process is an Extremely Critical KPI for Project Success & Bankability.

A Permitting Flow Chart is a Also Mandatory Deliverable to Demonstrate Interfaces & Sequencing.

PERMITTING MASTER SCHEDULE

S.

No.

Type of Permit Authority

(AHJ)

Permit

Owner

Information Required for Application

***************************************************

Design Packages Required

Predecessor Successor Durations

(Weeks)

Start

Planned

**********

Actual

Finish

Planned

***********

Actual

Permit

Status




Execute the Permitting Plan. The Permits are in 3 Groups: NOC/Planning, Pre-Construction, Construction & Commissioning.

The typical permits are (obtained during project phases):

▪ SPV Incorporation Licenses

▪ SPV Generation License

▪ Equipment Import Permit

▪ Land/Plot Affection Plan

▪ Land Lease Agreement

▪ Land Use Permit (UPC)

▪ Various Appointment Letters

▪ Various NOCs from AHJs

▪ Environmental Permit (ESIA)

▪ Traffic Control Permit (TIS)

▪ EHS Permit (SSEHSP)

▪ Mobilization Permit

▪ Grading Permit

▪ Excavation/Shoring Permit

▪ PV Structural Design Permit

▪ Building ARC Design Permit

▪ Building STR Design Permit

▪ Building MEP Design Permit

▪ Building/Construction Permit

▪ LV Design Permit

▪ LV Shop Dwg Permit

▪ MV/HV Design Permit

▪ MV/HV Shop Dwg Permit

▪ Substation ARC Design Permit

▪ Substation STR Design Permit

▪ Substation MEP Design Permit

▪ Grid/SCADA Interface Design

Permit

▪ U/G Cable / OHL Route Permit

▪ Fire/Life/Safety Design Permit

▪ Fire/Life/Safety Shop Dwg Permit

▪ ICT Design Permit

▪ Security Systems Design Permit

▪ Infra/Road Design Permit

▪ Drainage Design Permit

▪ Water Conn. Design Permit

▪ Sewerage Design Permit

▪ Various AHJs Inspections App.

▪ Building Completion Permit

▪ HV/MV Energization Permit

▪ LV Energization Permit

▪ Others, etc.


Phase 6: Procurement & Construction


EPC Shall Produce Project Procurement & Subcontracting Plan (PPSP) Which Must be Submitted for Approval by OE/IE/LTA, It

Includes Responsibilities Matrix, Vendor/Subcon Prequal Process, Vendor/Subcon EHS & QA/QC & Closeout Requirements. Design

Permitting Procurement Schedule (DPPS) is also an Integral Part of PPP.

The PPSP Shall cover Procurement from Cradle to Grave:

PERMITTING PROCUREMENT

Submit Design

Permit

Package to

AJJ

Cycle 1

(Weeks)

AHJ

Permit Package

Incorp.

Comments

Re-Submit to

AHJ

AHJ

Permit

Approval &

Issuance

Prepare

Tender

Package

(weeks)

HOLD

For Permit

Approval

YES/NO

***************

DESIGN

STAGE

Issue Tender

To PQ

Vendors

&

Subcons

Tender Period

(weeks) Procurement

Phase Continues…..

PROCUREMENT

Tender

Return

Technical

Eval

(weeks)

Technical

Eval

Completed

Commercial

Eval

(weeks)

Commercial

Eval

Completed

Final

Negotiation

(weeks)

Submit

Recomm. to

Award

(RTA)

RTA

Approval

(weeks)

RTA

Approved

Finalize

Subcon

(weeks)

Award

Subcon

Material

Submittal

(weeks)

MS

Approval

Lead Period

(weeks)

Commence

on Site




PPP Includes Logistics Tracker Schedule Which Integrates the 5-Level Commissioning Requirements:

Project

No. Log Date: LOGISTICS TRACKER SCHEDULE

WBS ID Package Name Logistics Chain

Package Current

Status Summary

PM/CM

Package

Owner

Name

Proc &

Logistics

Officers

Names

Vendor &

Contacts Origin

Contract

No. &

Date

Delivery

Time

EXW -

Weeks

L1

HOLD for

FAT Y/N

L1

HOLD for

TPI Y/N

FAT / TPI

/ Routine

Test

Participate

Cos. &

Names

FAT / TPI

/ Routine

Test Time

Weeks

FAT / TPI

/ Routine

Test Start

Date

FAT / TPI

/ Routine

Test Pass

Date

Marine

Insurance

Notify

Y/N

Factory

Release

Date

LOGISTICS TRACKER SCHEDULE

Freight Time

Weeks

Freight Mode

Sea / Air /

Courier

Package

Mode Bulk /

Containerized

/ Palletized

Frieght

Service

Provider &

Contacts

B/L or AWB

Received Y/N

Point of Entry

Seaport or

Airport ETD Date ETA Date

Customs

Duties

Exemption

Y/N

Port

Clearance

Date

Oversized

Cargo Police

Escort

Required Y/N

Delivery Alert

Sent to Site

Y/N

Goods

Unloading

Requirement

(loose

cartons,

forklift, crane,

etc.)

Goods

Receipt at

Site Date

LOGISTICS TRACKER SCHEDULE

L2

Site Inspection

Date & Report

No.

L2

Site Inspection

Participants

Cos. & Names

Site Storage

Location -

Laydown Area

Lot No. or

Store No.

TOTAL

Planned

Delivery Time

Weeks

Planned

Delivery Date

TOTAL Current

Estimated

Delivery Time

Weeks

TOTAL Current

Float Time

Weeks

Negative Float

or Variance

Notification to

Package

Owner Date

TOTAL Actual

Delivery Time

Weeks



Dii MENAT © Fadi Maalouf

27

EPC Shall Produce Project Execution Plan (PEP) Which Includes Construction Execution

Management (CEMP) & Shall be Submitted for Approval by OE/IE/LTA.

EPC’s CEMP Shall be Validated to Comply with Finance Contracts, PPA, Insurance, Land

Lease, & Applicable AHJs Standards.

During Construction, EPC to Continuously Report to & Undertake Inspections by OE/IE/LTA.

Various Elements of CEMP will Require AHJs Approvals (Permits & Inspections).

EPC’s CEMP shall Include the Following:

▪ Responsibilities Matrix

▪ Interface Matrix

▪ Updated Program Level 4 or 5

▪ Detailed Lookahead Subprogram 4/8 Weeks

▪ Project Communication & Reporting Plan

▪ Risk Plan w/ Updated Risk Register

▪ Mobilization & Site Logistics Plan

▪ Construction Waste Management Plan

▪ Site Specific EHS Plan, Safety First

▪ Project Quality Plan

▪ Project Commissioning Plan

▪ Project Close Out Plan

IPP

OE/IEProcure

Const.

Permit

AHJDesign

IPD

Construction Success

Based On

Integrated Project Delivery (IPD)

EHS

QC


Phase 7: Testing & Acceptance


Early on Post NTP, EPC Shall Produce Project Testing & Commissioning Plan (PTCP) Which Shall be Submitted for Approval by

OE/IE/LTA/AHJ. Ensure Plan is Compliant w/ Contracts (EPC, PPA, Grid Connection, Sr. Debt Finance, etc.).

The Testing & Acceptance Approach Shall Follow 5-Level Std Approach.

Level 1 (Factory Acceptance Test / 3rd Party Inspection) & 2 are Integrated w/ Procurement. Level 3 & 4 (Site Acceptance Test) are

Integrated w/ Construction. 90 Days Prior IST (Integrated Systems Test), EPC Shall Produce Final Plan.

At OriginFAT

3rd Party Inspection

(TPI)

Level 1

At SiteMaterial Receipt

Inspection

Level 2

Installation Verification

Pre-Commission

ITPPac & Pdc

Level 3SAT

(Packages)Level 4

ISTPRgAg

Level 5


Phase 7: Testing & Acceptance


Prior to IST, Closeout Activities Shall be Completed (Training, As-Built, Snag/Punch List, O&M Manuals, S. Parts, Project Dossier)

The Guaranteed Performance Ratio PRg & Plant Annual Availability Ag shall be Repeated During 2 Yrs EPC Warranty (DLP) at End of

Yr1 & Yr2 (EPC undertakes First 2 Yrs of O&M).

EPC Contract Completion Acceptance Milestones are:

Installation Verification

Pre-Commission

ITPPac & Pdc

Level 3

SAT(Packages)

Level 4

ISTPRgAg

Level 5

Annual

PRg1

DF1

Ag1

Th. Imaging

O&M

Year 1

Annual

PRg2

DF2

Ag2

Th. Imaging

O&M

Year 2

Mechanica

l

Completion

Practical

Completion

Provisional

Completion

PCOD

Final

Completion

Interim

Completion


Phase 7: Testing & AcceptanceKey Considerations for 5-Level Testing & Acceptance (Shortlist)


General

▪ EPC to Produce Detailed Testing, Commissioning, & Acceptance

Program

▪ EPC to Ensure Compliance of Giving Timely Advance Notices to

OE/IE/LTA/AHJ for Witnessing Inspections & Tests (all levels)

Level 1

▪ Witnessed FAT/TPI for PV Modules Flash Test. EL Test, BOM &

CDF, Batch Acceptance Sampling per ISO 2859-1 Level S-4

▪ TPI for PV Mounting Structure Mill Certificates & Protection Coating

Gauge

▪ Witnessed FAT for Inverters, Transformers, Reactors, Switchgears,

Gen-Sets, UPSs, Chillers

▪ Witnessed FAT for MV/HV Cables

▪ Routine Test Report for Type Approved Certified Materials & Check

Validity of Certificates

▪ TPI Calibration Certificates (e.g. Energy Meters & Meteo Sensors)

Level 2

▪ Detailed Material Receipt & Inspection Report (MRIR) for All

Materials, No Exceptions

▪ Regular Inspections for Laydown & Storage Areas, Validate

Compliance w/ Eqpt Manufacturers’ Requirements

Level 3

▪ Implement Inspection & Test Plan (ITP), covering all Systems

Packages

▪ All Site Testing Instruments/Meters w/ Valid Calibration Certificates

▪ ITP to Comply w/ IEC 60364-6, LV Electrical Installations – Part 6:

Verification

▪ ITP to Comply w/ IEC 62446-1:2016, PV Systems - Part 1: Grid

Conn. Sys. - Doc, Commg. Tests and Inspection.

▪ HV/MV Equipment Tests per IEC

▪ Pac & Pdc Installed Capacity Validation

Level 4

▪ Start up Tests per IEC 62446 & 60346

▪ SAT w/ Pre-Approved Protocols for All Systems (Inverter,

Transformer, Reactors, Switchgear, UPS, Gen-Sets, Grid Emulation,

SCADA & Grid Interfaces, FLS, HVAC, Security, Met Stn)

Level 5

▪ 100% Plant Availability (Ag) / Reliability Run, 3 Days

▪ Integrated Systems Test in Line w/ IPP Code (e.g Voltage /

Frequency / PF / Reactive Power Thresholds Compliance Tests,

etc.)

▪ PRg Test IEC 61724, Weather Corrected, 10 Days


Phase 8: O&M


Prior to PCOD, SPV Shall be Fully Staffed & Operational.

At Start of Level 4 Commissioning, Limited NTP is Issued for Turnkey O&M Contract.

It Is Crucial to Integrate O&M Early On Prior to Project Commercial Operation Date (PCOD). This Ensures Training & Familiarization of

Systems During Commissioning & Testing Phase.

Provisional Completion (PCOD) Triggers Full NTP for O&M Contract.

O&M Contractor Prepares Comprehensive O&M Plan for the Approval of OE/IE/LTA. It Covers:

Org Chart

Roles & Responsibilities &

Interfaces

O&M Concept & Operations

Approach

Working Hours & Shifts Approach

Preventive Maintenance

Corrective Maintenance

Maint. Tasks Freq. & Response

Times

Spare Parts & Consumables

Mgmt

Tools & Machinery Approach

Warranties & Claims Mgmt

PV Cleaning Method Statement

Performance Monitoring,

Analysis, & Optimization

Performance Guarantees & Tests

Communications & Reporting

Site Specific EHS Plan

QA/QC Approach

Processes & Procedures

Procurement/Subcons/SLAs

Approach

Regulatory Compliance

Training


Phase 8: O&M


It Is Common Practice that EPC Undertakes O&M During 2 Yrs Defect Liability Period (DLP).

Prior to DLP Expiry & EPC Final Completion, EPC’s O&M Contract can be Negotiated & Extended for Another Term.

Term can be:

Extended for 3-5 Yrs, Renewable.

Or Competitively Tendered.

If New O&M is Awarded,

Extreme Due Diligence Shall be Executed.

Ensure Smooth & Well Planned Technical & Contractual Handover Between Parties.

At Plant End of Life (20/25 yrs), SPV Decommissions the Plant (N.B. recycling).

SPV estores the Site, as per its Obligation Under PPA and Land Lease Agreement.

Then, SPV Liquidates as per its SHA.


33

Contact:Fadi Maalouf

Director IPP & EPC

www.dii-desertenergy.org

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