1 Assumptions 2 Electricity Sold (MWH) 3 Price per unit 4 5 Number of Employees 6 Average salary p a (const) 7 8 Material 9 Price per unit 10 11 Maintenance 12 A 13 Inspection 14 Price per unit 15 16 Other 17 Price per unit 18 19 Insurance 20 bank fees pa 21 Reserves 22 23 Tax 24 Depreciation Buildings in % 25 Depreciation Turbines in % 26 27 Buildings 28 Turbines 29 30 Capital needed 21 Fruity Capital in % Ready Data B Year 1 0 130 50,000 5,000,000 Accessibility Investigate 2 250,000 100,000 3 50,000 71 500,000 15,000 1,000,000 21.0% 3.0% 20.0% 40,000,000 450,000,000 C Year 2 7,000,000 15.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 500,000,000 15 nnex Financial Statements 3.0% 18.0% 40,000,000 450,000,000 75.000 000. D Year 3 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 3.0% 16.0% 40,000,000 450,000,000 CF Waterfall E Year 4 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 3.0% 14.0% 40,000,000 450,000,000 Covenants F Year 5 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 3.0% 12.0% Graph G Year 6 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 + 40,000,000 40,000,000 450,000,000 450,000,000 3.0% 8.0% H Year 7 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 3.0% 6.0% Year 8 10,000,000 19.0 E 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 40,000,000 40,000,000 450,000,000 450,000,000 3.0% 4.0% J Year 9 10,000,000 19.0 110 40,000 7,000,000 2 150,000 200,000 3 150,000 71 500,000 15,000 1,000,000 3.0% 2.0% 40,000,000 450,000,000 K 100.0% L E M

Your task Your bank is hired by the sponsoring company to plan the financing of the wind power project based on the requirements. The main goal is to realize the project through a viable financial plan. Other goals are to minimize the usage of equity capital to reduce the sponsor's risk as well as to maximize the sponsor's rate of return (ROR). In any case the ROR should be 25%. If this return cannot be achieved, additional equity capital is limited to $30 million (adjustable in CF waterfall tab). If Rate of Return is higher or equal to 25%, additional equity is limited to $100 million Once you have set up the model correctly, you should only adjust green marked cells to fine tune your result. These include your financing inatruments on the data sbeet, the additional equity capital on the CF waterfall sheet and, the discouat rate (Rate of Retum) on the CF waterfall sheet. Remember, the higher the Rate of Return you can achieve the better. After each change of data, you will bave to change the Rate of Return figare op the CF-waterfall sheet to see whether the model is set up correctly Grading Part A (max 80 points): Assuming the model is set up correctly (all inputs are correct, the value of capital is positive and all covenants are "met" ) ROR of 31% and above will receive 80 points; ROR of 30.5% and above will receive 70 points; ROR of 30%6 and above will recetve 60 points; ROR of 29.5% and abore will receive 50 points; ROR below 29.5 will receive 40 points. Models that are not set up correctly cannot receive more than 40 points and will be graded based on how much of the model is set op correctly. Part B (max 10 points): Run a sensitivity analyaio nasuming a 5% decline in MWH sold in each year. Show that you can still achieve a 25% ROR. Part B (max 10 points): Run a sensitivity analysis assuming a 5% decline in MWH sold in each year. Show that you can still achicte a 25% ROR. Part C (max 10 points): Run a scenario analysis assuming a 3% decline in MWH sold each year and a decrease in the price her unit by 5% in years 6 .9. Show that you can still achieve a 25% ROR Data Finanoal statements (CF Waterdel Covengonts Graph Your task Your bank is hired by the sponsoring company to plan the financing of the wind power project based on the requirements. The main goal is to realize the project through a viable financial plan. Other goals are to minimize the usage of equity capital to reduce the sponsor's risk as well as to maximize the sponsor's rate of return (ROR). In any case the ROR should be 25%. If this return cannot be achieved, additional equity capital is limited to $30 million (adjustable in CF waterfall tab). If Rate of Return is higher or equal to 25%, additional equity is limited to $100 million Once you have set up the model correctly, you should only adjust green marked cells to fine tune your result. These include your financing inatruments on the data sbeet, the additional equity capital on the CF waterfall sheet and, the discouat rate (Rate of Retum) on the CF waterfall sheet. Remember, the higher the Rate of Return you can achieve the better. After each change of data, you will bave to change the Rate of Return figare op the CF-waterfall sheet to see whether the model is set up correctly Grading Part A (max 80 points): Assuming the model is set up correctly (all inputs are correct, the value of capital is positive and all covenants are "met" ) ROR of 31% and above will receive 80 points; ROR of 30.5% and above will receive 70 points; ROR of 30%6 and above will recetve 60 points; ROR of 29.5% and abore will receive 50 points; ROR below 29.5 will receive 40 points. Models that are not set up correctly cannot receive more than 40 points and will be graded based on how much of the model is set op correctly. Part B (max 10 points): Run a sensitivity analyaio nasuming a 5% decline in MWH sold in each year. Show that you can still achieve a 25% ROR. Part B (max 10 points): Run a sensitivity analysis assuming a 5% decline in MWH sold in each year. Show that you can still achicte a 25% ROR. Part C (max 10 points): Run a scenario analysis assuming a 3% decline in MWH sold each year and a decrease in the price her unit by 5% in years 6 .9. Show that you can still achieve a 25% ROR Data Finanoal statements (CF Waterdel Covengonts Graph