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

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

Toll Free: 1-800-946-3640 Phone: 612-870-3461 Fax: 612-813-5612
info@windustry.org www.windustry.org
Explanation Page 2 of 22
Explanation
Windustry's Community Wind Project Calculator
The Windustry Wind Project Calculator is part of the larger Community Wind Toolbox. The function of the Toolbox and the Wind Project Calcula
wind developers to understand many of the complexities of planning, financing and constructing a commercial scale wind project in the size ran
Calculator creates wind project cash flows for a time span of up to 20 years. If your project's time line does not fit within this calculator, the calc
financial concepts involved and transfer them to another format or calculator, depending upon your needs.
The Community Wind Project Calculator IS:
The Wind Project Calculator is a tool for basic financial analysis that developers can use at the beginning of the project planning process. Use
the return from a potential wind project could look like; to understand the effect of local, state and federal taxes and incentives on project econo
analysis on how different project variables such as changes in capacity factor, financing terms or ability to utilize various incentives can affect th
The Community Wind Project Calculator IS NOT:

The Wind Project Calculator is not a substitute for consulting with someone with a strong understanding of the formulation of community wind e
substitute for working with a tax professional and a lawyer with experience in wind energy financial arrangements. Consulting with these profes
best to structure your project to achieve maximum return on your investment through utilization of tax credits and other incentives, while meetin
control, benefit allocation, while staying within the law.
How to use the Community Wind Project Calculator:

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

Project Assumptions Page 3 of 22
Project Assumptions
Legend
Green cells indicate information and are
updated automatically based on user input
into yellow cells.
Input information about the project into
yellow cells.
Gray cells are not used.
Annual Year Year
Project Generation Escalation Start End Notes
Project Name Test Project
Project Owner
Turbine Model GE 1.5MW
Number of Turbines 2
Turbine Size (MW) 1.5
Project Size (kW) 3000
Net Capacity Factor 35%
Annual Hours 8,760
Availability 98% -1% 5 20
Project Cost Notes

Total Cost $5,700,000
Annual Year Year

Revenue Escalation Start End Notes
Power Purchase Agreement Rate ($/kWh) $0.060 2.0% 1 20
Green Tag Revenues ($/kWh) 2.8% 5 10
Year Year
Equity & Flip Structure Start End Notes
Flip Year 10
Flip Buy-Out Payment/Fee $0 10 10
Local Owner Percentage Pre-Flip 0% 1 10
Local Owner Percentage Post-Flip 100% 11 20
Equity Owner Percentage Pre-Flip 100% 1 10
Equity Owner Percentage Post-Flip 0% 11 20
Other Public or State Provided Funding $-
USDA Grant $1,000,000
Local Owner Contribution $2,000,000
Equity Investor Contribution $300,000
Total Debt $2,400,000
Year Year
Project Debt Start End Notes
Total Debt $2,400,000
Debt Term in Years 10
Interest Rate 6%
Annual Debt Payment $326,083 5 14
Local Owner Financing Notes

Local Owner Equity $2,000,000
Local Owner Discount Rate 8%
Local Owner Tax Rate 35%
Is the Local Owner also the Land Owner? no 1 20
Is the Local Owner also the Project Manager? no 1 20
Equity Investor Financing Notes

Equity Investor Equity $300,000
Equity Investor Discount Rate 12%

Project Assumptions Page 4 of 22
Annual Year Year

Incentives Escalation Start End Notes
Federal Production Tax Credit ($/kWh) $0.0190 2% 1 10
Percent of the PTC project can utilize 100.00%
Other Production Tax Credit ($/kWh) $- 2% 1 20
Other Tax Credit (Installment Payments) $- 0% 1 10
Are Installment Payments Taxable Income? yes
Other Tax Credit (Lump Sum) $- 0% 1 1
Is the Lump Sum Taxable Income? yes
Production Incentive Payment ($/kWh) $- 1% 1 10
Annual Year Year

Expenses Escalation Start End Notes
Operations & Maintenance $45,000 3.0% 1 20
Operations & Maintenance Contingency Fund $25,000 2.0% 1 20
Project Management Fee $70,000 2.0% 1 20
Insurance $21,000 2.0% 1 20
Property Tax $10,000 -1.0% 1 20
Lease Payments to Landowners $12,000 2.0% 1 20
Admin/Financial/Legal Management $5,000 2.0% 1 20
Production Tax Expense ($/kWh) $0.0012 2.0% 1 20
Warranty Expense $20,000 2.0% 1 5
Decomm. Fund Pre-Warranty Expiration $- 2.0% 1 5
Decomm. Fund Post-Warranty Expiration $3,000 2.0% 1 20
Other Expense $- 1.0% 1 20
Depreciation Notes
What kind of Depreciation can the project utilize? MACRS
Notes
Cost Tool
Project Cost per kW $1,900 This is a tool to help the user determine the total installed
Project Power, kW 3000 cost of the project. Once the installed cost is determined
the user should manually enter the results from cell J40 or
Total Cost $5,700,000 J50 into cell C20.
-OR-
Break-out Cost Tool
Feasibility Study / Wind Resource Assessment $-
Project Design & Development $-
Turbine & Tower $-
Interconnection $-
Commissioning $-
Installation/Construction $-
Other $-
TOTAL $-
Notes
C-BED Tool
Discount Rate for NPV Calculations 8% C-BED power purchase rates are structured so that the
Front Loaded Rate ($/kWh) $- rate for energy sold by the project in the first ten years of
production is higher than in the last ten years. The
Rear Unloaded Rate ($/kWh) $- determination of the levelized cost of the energy sold is
Annual Escalation 0% based on the purchasing utility's discount rate for normal
Fixed Price Equivalent ($/kWh) $- business operations. For more information about C-BED
contracts and agreements visit this website:
NPV Rate of Energy ($/kWh) $- http://www.windustry.org/community/cbed.htm

Project Summary
Project Name Test Project
Project Size (MW) 3
Turbine Model GE 1.5MW
Net Capacity Factor (Years 1-20) 32%
Total kWh Produced (Years 1-20) 168,613,754
PPA $0.0600
C-BED PPA (NPV) $0.0000
Green Tag Rate $0.0000
Total Installed Cost $5,700,000
Local Investor Contribution $2,000,000

Local Investor IRR -3%
Local Investor Return (NPV) ($1,729,163)
Equity Investor Contribution $300,000

Equity Investor IRR 238%
Equity Investor Return (NPV) $2,270,016
O & M Rate (% of revenues) 9.9%

Capital Cost per kW $1,900
IRR (Years 1-20) 17%

Net Present Value (Years 1-20) $841,679

Pro Forma Page 6 of 22
Test Project Pro Forma

Year 0 1 2 3 4 5 6 7 8 9 10
CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants) (2,300,000)
REVENUES
kWh/yr 9,014,040 9,014,040 9,014,040 9,014,040 8,923,900 8,834,661 8,746,314 8,658,851 8,572,262 8,486,540
PPA Rate ($/kWh) 0.060 0.061 0.062 0.064 0.065 0.066 0.068 0.069 0.070 0.072
C-BED Rate ($/kWh) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Electricity Sales Revenue per PPA 540,842 551,659 562,692 573,946 579,571 585,251 590,986 596,778 602,626 608,532
Electricity Sales Revenue per C-BED 0 0 0 0 0 0 0 0 0 0
Green Tag Rate ($/kWh) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Green Tag Sales Revenue 0 0 0 0 0 0 0 0 0 0
Other Tax Credit (Installment Payments) 0 0 0 0 0 0 0 0 0 0
Other Tax Credit (Lump Sum) 0 0 0 0 0 0 0 0 0 0
Production Incentive Payments 0 0 0 0 0 0 0 0 0 0
Total Annual Revenues 540,842 551,659 562,692 573,946 579,571 585,251 590,986 596,778 602,626 608,532
EXPENSES
Operations & Maintenance 45,000 46,350 47,741 49,173 50,648 52,167 53,732 55,344 57,005 58,715
Operations & Maintenance Contingency Fund 25,000 25,500 26,010 26,530 27,061 27,602 28,154 28,717 29,291 29,877
Project Management Fee 70,000 71,400 72,828 74,285 75,770 77,286 78,831 80,408 82,016 83,656
Insurance 21,000 21,420 21,848 22,285 22,731 23,186 23,649 24,122 24,605 25,097
Property Tax 9,900 9,801 9,703 9,606 9,510 9,415 9,321 9,227 9,135 9,044
Leaseholder Payments 12,000 12,240 12,485 12,734 12,989 13,249 13,514 13,784 14,060 14,341
Admin/Financial/Legal Management 5,000 5,100 5,202 5,306 5,412 5,520 5,631 5,743 5,858 5,975
Production Tax Expense 10,817 11,033 11,254 11,479 11,591 11,705 11,820 11,936 12,053 12,171
Warranty Expense 20,000 20,400 20,808 21,224 21,649 0 0 0 0 0
Decomm. Fund Pre-Warranty Expiration 0 0 0 0 0 0 0 0 0 0
Decomm. Fund Post-Warranty Expiration 3,000 3,060 3,121 3,184 3,247 3,312 3,378 3,446 3,515 3,585
Other Expense 0 0 0 0 0 0 0 0 0 0
Total Annual Operating Expenses 221,717 226,304 231,000 235,806 240,609 223,442 228,031 232,729 237,538 242,462
EBITDA & Taxable Income

EBITDA 319,126 325,355 331,693 338,140 338,962 361,809 362,955 364,049 365,088 366,070
Depreciation 940,000 1,504,000 902,400 541,440 541,440 270,720 0 0 0 0
Debt Interest Payment 0 0 0 0 144,000 133,075 121,495 109,219 96,207 82,415
Total Annual Expenses 1,161,717 1,730,304 1,133,400 777,246 926,049 627,237 349,525 341,948 333,745 324,877
Taxable Income (2,300,000) (620,874) (1,178,645) (570,707) (203,300) (346,478) (41,986) 241,461 254,830 268,881 283,655
TAXES
Local Owner Income Tax Benefit/(Liability) 0 0 0 0 0 0 0 0 0 0
Equity Investor Income Tax Benefit (Liability) 217,306 412,526 199,748 71,155 121,267 14,695 (84,511) (89,191) (94,108) (99,279)
Federal PTC Value 141,220 141,220 148,653 148,653 154,524 152,979 151,449 157,075 155,504 160,946
Other PTC Value 0 0 0 0 0 0 0 0 0 0
Total Tax Benefit/(Liability) 358,526 553,746 348,400 219,808 275,792 167,674 66,938 67,884 61,396 61,667
AFTER-TAX CASH FLOWS

Add Back Depreciation 940,000 1,504,000 902,400 541,440 541,440 270,720 0 0 0 0
Less Debt Principal Payment 0 0 0 0 182,083 193,008 204,589 216,864 229,876 243,668
Net After-Tax Project Cash Flow (2,300,000) 677,652 879,101 680,093 557,948 288,671 203,400 103,810 105,850 100,401 101,654
Local Owner Return (2,000,000) 0 0 0 0 0 0 0 0 0 0

Equity Investor Return (300,000) 677,652 879,101 680,093 557,948 288,671 203,400 103,810 105,850 100,401 101,654
PROJECT RESULTS
O & M Rate (% of revenues) 9.9%
Capital Cost per kWh $1,900
IRR (Years 1-20) 17%
Net Present Value (Years 1-20) $841,679
LOCAL OWNER RESULTS
Running IRR Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Overall IRR -3%
NPV ($1,729,163)
EQUITY INVESTOR RESULTS
Required Rate of Return 15%
Running IRR 126% 218% 234% 237% 238% 238% 238% 238% 238% 238%
Overall IRR 238%
NPV $2,270,016
DEBT COVERAGE
Debt Service Coverage Ratio 0.00 0.00 0.00 0.00 1.60 1.70 1.74 1.78 1.82 1.87
OTHER DETAILS
Running Total of Decommissioning Fund 3,000 6,060 9,181 12,365 15,612 18,924 22,303 25,749 29,264 32,849
Running Total of O&M Contingency Fund 25,000 50,500 76,510 103,040 130,101 157,703 185,857 214,574 243,866 273,743

Pro Forma Page 7 of 22
Test Project Pro Forma

Year 11 12 13 14 15 16 17 18 19 20
CAPITAL EXPENDITURES
Equity Investment (Project Cost Less Debt & Grants)
REVENUES
kWh/yr 8,401,674 8,317,658 8,234,481 8,152,136 8,070,615 7,989,909 7,910,010 7,830,910 7,752,600 7,675,074
PPA Rate ($/kWh) 0.073 0.075 0.076 0.078 0.079 0.081 0.082 0.084 0.086 0.087
C-BED Rate ($/kWh) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Electricity Sales Revenue per PPA 614,496 620,518 626,599 632,739 638,940 645,202 651,525 657,910 664,357 670,868
Electricity Sales Revenue per C-BED 0 0 0 0 0 0 0 0 0 0
Green Tag Rate ($/kWh) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Green Tag Sales Revenue 0 0 0 0 0 0 0 0 0 0
Production Incentive Payments 0 0 0 0 0 0 0 0 0 0
Total Annual Revenues 614,496 620,518 626,599 632,739 638,940 645,202 651,525 657,910 664,357 670,868
EXPENSES
Operations & Maintenance 60,476 62,291 64,159 66,084 68,067 70,109 72,212 74,378 76,609 78,908
Operations & Maintenance Contingency Fund 30,475 31,084 31,706 32,340 32,987 33,647 34,320 35,006 35,706 36,420
Project Management Fee 85,330 87,036 88,777 90,552 92,364 94,211 96,095 98,017 99,977 101,977
Insurance 25,599 26,111 26,633 27,166 27,709 28,263 28,828 29,405 29,993 30,593
Property Tax 8,953 8,864 8,775 8,687 8,601 8,515 8,429 8,345 8,262 8,179
Leaseholder Payments 14,628 14,920 15,219 15,523 15,834 16,150 16,473 16,803 17,139 17,482
Admin/Financial/Legal Management 6,095 6,217 6,341 6,468 6,597 6,729 6,864 7,001 7,141 7,284
Production Tax Expense 12,290 12,410 12,532 12,655 12,779 12,904 13,030 13,158 13,287 13,417
Warranty Expense 0 0 0 0 0 0 0 0 0 0
Decomm. Fund Pre-Warranty Expiration 0 0 0 0 0 0 0 0 0 0
Decomm. Fund Post-Warranty Expiration 3,657 3,730 3,805 3,881 3,958 4,038 4,118 4,201 4,285 4,370
Other Expense 0 0 0 0 0 0 0 0 0 0
Total Annual Operating Expenses 247,503 252,664 257,947 263,357 268,895 274,565 280,371 286,314 292,400 298,631
EBITDA & Taxable Income

EBITDA 366,993 367,854 368,651 369,383 370,045 370,637 371,154 371,596 371,958 372,238
Depreciation 0 0 0 0 0 0 0 0 0 0
Debt Interest Payment 67,795 52,297 35,870 18,458 0 0 0 0 0 0
Total Annual Expenses 315,298 304,961 293,818 281,814 268,895 274,565 280,371 286,314 292,400 298,631
Taxable Income 299,198 315,557 332,781 350,925 370,045 370,637 371,154 371,596 371,958 372,238
TAXES
Local Owner Income Tax Benefit/(Liability) (104,719) (110,445) (116,473) (122,824) (129,516) (129,723) (129,904) (130,058) (130,185) (130,283)
Equity Investor Income Tax Benefit (Liability) 0 0 0 0 0 0 0 0 0 0
Federal PTC Value 0 0 0 0 0 0 0 0 0 0
Other PTC Value 0 0 0 0 0 0 0 0 0 0
Total Tax Benefit/(Liability) (104,719) (110,445) (116,473) (122,824) (129,516) (129,723) (129,904) (130,058) (130,185) (130,283)
AFTER-TAX CASH FLOWS

Add Back Depreciation 0 0 0 0 0 0 0 0 0 0
Less Debt Principal Payment 258,288 273,786 290,213 307,626 0 0 0 0 0 0
Net After-Tax Project Cash Flow (63,810) (68,674) (73,905) (79,524) 240,529 240,914 241,250 241,537 241,772 241,954
Local Owner Return (63,810) (68,674) (73,905) (79,524) 240,529 240,914 241,250 241,537 241,772 241,954
Equity Investor Return 0 0 0 0 0 0 0 0 0 0
PROJECT RESULTS
O & M Rate (% of revenues)
Capital Cost per kWh
IRR (Years 1-20)
Net Present Value (Years 1-20)
LOCAL OWNER RESULTS
Running IRR Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523 Err:523
Overall IRR
NPV
EQUITY INVESTOR RESULTS
Required Rate of Return
Running IRR 238% 238% 238% 238% 238% 238% 238% 238% 238% 238%
Overall IRR
NPV
DEBT COVERAGE
Debt Service Coverage Ratio 1.92 1.97 2.02 2.08 0.00 0.00 0.00 0.00 0.00 0.00
OTHER DETAILS
Running Total of Decommissioning Fund 36,506 40,236 44,041 47,922 51,880 55,918 60,036 64,237 68,522 72,892
Running Total of O&M Contingency Fund 304,218 335,302 367,008 399,348 432,335 465,982 500,302 535,308 571,014 607,434

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

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

Net Book Value 4,700,000
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Beginning Value 4,700,000 4,465,000 4,230,000 3,995,000 3,760,000 3,525,000 3,290,000 3,055,000 2,820,000 2,585,000 2,350,000 2,115,000 1,880,000 1,645,000 1,410,000 1,175,000 940,000 705,000 470,000 235,000
Annual Depreciation 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000 235,000
Ending Value 4,465,000 4,230,000 3,995,000 3,760,000 3,525,000 3,290,000 3,055,000 2,820,000 2,585,000 2,350,000 2,115,000 1,880,000 1,645,000 1,410,000 1,175,000 940,000 705,000 470,000 235,000 0
C-BED Calculator
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total
kWh/yr 9,014,040 9,014,040 9,014,040 9,014,040 8,923,900 8,834,661 8,746,314 8,658,851 8,572,262 8,486,540 8,401,674 8,317,658 8,234,481 8,152,136 8,070,615 7,989,909 7,910,010 7,830,910 7,752,600 7,675,074 168,613,754
C-BED Rate ($/kWh) 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Sales Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PV of Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PTC Double Dipping

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
$/kWh Defined by IRS 0.019 0.019 0.020 0.020 0.021 0.021 0.021 0.022 0.022 0.023 0 0 0 0 0 0 0 0 0 0
Total Potential PTC 171,267 171,267 180,281 180,281 187,402 185,528 183,673 190,495 188,590 195,190 0 0 0 0 0 0 0 0 0 0
Amount Able to be Utilized by Project 171,267 171,267 180,281 180,281 187,402 185,528 183,673 190,495 188,590 195,190 0 0 0 0 0 0 0 0 0 0
Total Government Incentives 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Total Available PTC 141,220 141,220 148,653 148,653 154,524 152,979 151,449 157,075 155,504 160,946 0 0 0 0 0 0 0 0 0 0
PTC Utilized by Project 141,220 141,220 148,653 148,653 154,524 152,979 151,449 157,075 155,504 160,946 0 0 0 0 0 0 0 0 0 0
Debt Service Schedule

Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Beginning Balance 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,217,917 2,024,909 1,820,320 1,603,456 1,373,581 1,129,912 871,624 597,838 307,626 0 0 0 0 0 0
Interest Payment 0 0 0 0 144,000 133,075 121,495 109,219 96,207 82,415 67,795 52,297 35,870 18,458 0 0 0 0 0 0
Principal Payment 0 0 0 0 182,083 193,008 204,589 216,864 229,876 243,668 258,288 273,786 290,213 307,626 0 0 0 0 0 0
Ending Balance 2,400,000 2,400,000 2,400,000 2,400,000 2,217,917 2,024,909 1,820,320 1,603,456 1,373,581 1,129,912 871,624 597,838 307,626 0 0 0 0 0 0 0

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

Ownership Division, Pre-Flip Page 10 of 22
Ownership Division, Pre-Flip

Ownership Division, Post-Flip Page 11 of 22
Ownership Division, Post-Flip

Annual kWh Generation Page 12 of 22
Annual kWh Generation

10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
kWh/year
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year

Annual Revenues Page 13 of 22
Annual Revenues
800,000
700,000
600,000
500,000
Revenue ($)
400,000 Electricity Sales Revenue per Electricity Sales Revenue per C- Green Tag Sales Revenue
PPA BED
Other Tax Credit (Installment Other Tax Credit (Lump Sum) Production Incentive Payments
Payments)
300,000
200,000
100,000
0
2 4 6 8 10 12 14 16 18 20
1 3 5 7 9 11 13 15 17 19
Year

Electricity Sales Revenue Page 14 of 22
Electricity Sales Revenue (Including Green Tags)

800,000
700,000
600,000
500,000
Sales Revenue ($)
400,000
Electricity Sales Revenue per Electricity Sales Revenue per C- Green Tag Sales Revenue
PPA BED
300,000
200,000
100,000
0
2 4 6 8 10 12 14 16 18 20
1 3 5 7 9 11 13 15 17 19
Year

Loan Payments Page 15 of 22
Annual Payments on Loan (Interest and Principal)

350,000
300,000
250,000
200,000
Payment ($)
150,000
100,000
50,000
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Row 42 Row 58

Annual Expenses Page 16 of 22
Annual Expenses
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
Expense ($)
Operations & Maintenance Project Management Fee Insurance Leaseholder Payments

Admin/Financial/Legal Decomm. Fund Pre-Warranty Decomm. Fund Post-Warranty Other Expense
800,000 Management Expiration Expiration
Less Debt Principal Payment Depreciation
600,000
400,000
200,000
0
4 10 16
1 7 13 19
Year

Tax Benefits and Liabilities Page 17 of 22
Tax Benefits and Liabilities

600,000
500,000
400,000
300,000
Tax ($)
200,000 Local Owner Income Tax Benefit/ Equity Investor Income Tax Federal PTC Value
(Liability) Benefit (Liability)
Other PTC Value Other Tax Credit (Installment Other Tax Credit (Lump Sum)
Payments)
100,000
-100,000
-200,000
2 4 6 8 10 12 14 16 18 20
1 3 5 7 9 11 13 15 17 19
Year

Total Net Tax Ben. or Liab. Page 18 of 22
Total Net Tax Benefit or Liability

600,000
500,000
400,000
300,000
Tax ($)
200,000
100,000
-100,000
-200,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year

Returns to Investors Page 19 of 22
Returns to Investors
1,000,000
800,000
600,000
Return ($)
400,000
200,000
(200,000)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Local Owner Return Equity Investor Return

Net After-Tax Cash Flow Page 20 of 22
Net After-Tax Project Cash Flow

1,000,000
800,000
600,000
Cash Flow ($)
400,000
200,000
(200,000)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year

Running IRR Page 21 of 22
Running Internal Rate of Return

300%
250%
200%
IRR (%)
150%
100%
50%
0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year
Row 72 Row 77

Debt Service Coverage Ratio Page 22 of 22
Debt Service Coverage Ratio

2.50
2.00
1.50
Ratio
1.00
0.50
0.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year


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

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Windustry Wind Project Calculator

TERMS OF USE AGREEMENT

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

2105 1st Ave S, Minneapolis, MN 55404

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How to use the Community Wind Project Calculator:

2105 1st Ave S, Minneapolis, MN 55404

Project Cost Notes

Annual Year Year

Local Owner Financing Notes

Equity Investor Financing Notes

2105 1st Ave S, Minneapolis, MN 55404

Annual Year Year

Annual Year Year

2105 1st Ave S, Minneapolis, MN 55404

Total Installed Cost $5,700,000

Local Investor Contribution $2,000,000

Equity Investor Contribution $300,000

O & M Rate (% of revenues) 9.9%

IRR (Years 1-20) 17%

2105 1st Ave S, Minneapolis, MN 55404

Test Project Pro Forma

EBITDA & Taxable Income

AFTER-TAX CASH FLOWS

Local Owner Return (2,000,000) 0 0 0 0 0 0 0 0 0 0

2105 1st Ave S, Minneapolis, MN 55404

Test Project Pro Forma

EBITDA & Taxable Income

AFTER-TAX CASH FLOWS

2105 1st Ave S, Minneapolis, MN 55404

Depreciation - Modified Accelerated Cost Recovery System

Total Depreciation 4,700,000

Depreciation - Straight Line

PTC Double Dipping

Debt Service Schedule

2105 1st Ave S, Minneapolis, MN 55404

2105 1st Ave S, Minneapolis, MN 55404

Ownership Division, Pre-Flip

2105 1st Ave S, Minneapolis, MN 55404

Ownership Division, Post-Flip

2105 1st Ave S, Minneapolis, MN 55404

Annual kWh Generation

2105 1st Ave S, Minneapolis, MN 55404

2105 1st Ave S, Minneapolis, MN 55404

Electricity Sales Revenue (Including Green Tags)

2105 1st Ave S, Minneapolis, MN 55404

Annual Payments on Loan (Interest and Principal)

2105 1st Ave S, Minneapolis, MN 55404

Operations & Maintenance Project Management Fee Insurance Leaseholder Payments

2105 1st Ave S, Minneapolis, MN 55404

Tax Benefits and Liabilities

2105 1st Ave S, Minneapolis, MN 55404

Total Net Tax Benefit or Liability

2105 1st Ave S, Minneapolis, MN 55404

Local Owner Return Equity Investor Return

2105 1st Ave S, Minneapolis, MN 55404

Net After-Tax Project Cash Flow

2105 1st Ave S, Minneapolis, MN 55404

Running Internal Rate of Return

2105 1st Ave S, Minneapolis, MN 55404

Debt Service Coverage Ratio

2105 1st Ave S, Minneapolis, MN 55404