{"text_format":"1","workbook":"xlsx","n_sheets":11,"sheets":["Cover","Legend","Graphs","Dashboard","Inputs","FS (NGN)","FS (USD)","Start","Operating Model","End","Graph calc"],"not_rendered":{"charts":6,"images":1,"macros":1,"external_links":0,"defined_names":22,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":14,"n_cols":8,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,{"$f":"Legend!E84","v":"[Enter Company Name]"}]
[null,null,null,null,null,null,null,{"$f":"Legend!E83","v":"SPN Mini Grid Financial Model"}]

{"sheet":"Legend","index":1,"n_rows":88,"n_cols":7,"rows_kept":88,"cut":false,"hidden":false,"merged":[[70,2,71,2],[73,2,75,2],[57,2,58,2],[60,2,61,2],[63,2,65,2],[67,2,68,2],[39,2,40,2],[51,2,52,2],[42,2,43,2],[45,2,46,2],[48,2,49,2]]}
["Legend"]
[]
[]
[null,null,"Legend"]
[]
[null,null,"Style",null,"Design",null,"Comment"]
[]
[null,null,"Section_Header",null,"Section Header"]
[]
[null,null,"Header1",null,"Header1"]
[]
[null,null,"Header2",null,"Header2"]
[]
[null,null,"Assumption",null,100,null,"A user driven input"]
[]
[null,null,"Flag",null,{"$f":"(E$5<=Inputs!$E$11)*1","v":1},null,"A flag for timing elements such as construction, operations, or loan period"]
[]
[null,null,"Unique_1st_Col",null,100,null,"First column formula deviates from schedule formula"]
[]
[null,null,"Empty_Cell",null,null,null,"A cell that is left intentionally blank to avoid the risk of error"]
[]
[null,null,"InSheet",null,100,null,"A link within the worksheet or an interim calculation step"]
[]
[null,null,"OffSheet ",null,100,null,"A link to another worksheet to minimize the number of inter-worksheet references"]
[]
[null,null,"Line_SubTotal",null,100,null,"The sum of elements in the table immediately above"]
[]
[null,null,"Line_Total",null,100,null,"The sum of elements above, including sub-totals "]
[]
[null,null,"Unit / Info",null,"NGN",null,"Explanatory text showing helpful information and the units/dimensions of the calculations"]
[]
[null,null,"Table_Header",null,"Qtr.",null,"Header of a table or of an off-sheet reference "]
[]
[]
[null,null,"Additional Guidance & Definitions"]
[]
[null,null,"Dashboard Tab"]
[null,null,"Area",null,"Terms",null,"Comment"]
[]
[null,null,"Financing",null,"Tenor",null,"Tenor must be longer than the construction period set in the input tab"]
[null,null,null,null,"Tenor period",null,"This is an annual model so it can only use whole numbers. i.e. no partial year tenors"]
[]
[null,null,"Tax & Depreciation",null,"Tax depreciation toggle",null,"An on/off switch for tax depreciation. When turned on assets will depreciate at the tax depreciation rate for tax calculation purposes only"]
[null,null,null,null,"NOLs periods",null,"The number of net operating loss carry forward years. Determined by the tax authority. Set to 0 for no NOLs "]
[]
[null,null,"Returns",null,"Returns period",null,"The number of years in which returns will be measured. Any cashflows beyond these will not be included in return outputs"]
[null,null,null,null,"Project IRR & NPV",null,"These are calculated net of grants"]
[]
[null,null,"Consumer outputs",null,"Monthly ARPU",null,"The USD weighted average revenue per user, adjusted for inflation, over the life of the project"]
[null,null,null,null,"Monthly consumption",null,"Weighted average consumption over the life of the project"]
[]
[null,null,"Operational outputs",null,"Levelized cost of  electricity",null,"Time discounted cost per kWh of electricity calculated as operating costs and capital expenditures over consumption"]
[null,null,null,null,"Levelized revenue",null,"Time discounted revenue per kWh"]
[]
[null,null,"Inputs Tab"]
[null,null,"Area",null,"Terms",null,"Comment"]
[]
[null,null,"CAPEX",null,"CAPEX cost assumptions",null,"Detailed breakdown of unit costs and sizing assumptions of project CAPEX"]
[null,null,null,null,"Project development costs",null,"Split up between dependent & non-dependent for illustrative purposes. Note project development costs included as capex "]
[]
[null,null,"Construction",null,"Max years",null,"This assigns all capex within the first x years as financeable. Included to allow financing of customer connections for multi years"]
[null,null,null,null,"Construction schedule",null,"Duration of construction period"]
[]
[null,null,"Revenue",null,"Connection fee",null,"One time charge per new connection to the mini-grid"]
[null,null,null,null,"Tariff",null,"Naira charged to customer per kWh"]
[null,null,null,null,"Fixed charge",null,"Naira charged per customer on a yearly basis regardless of consumption"]
[]
[null,null,"Consumption",null,"Number of customers",null,"The total for each type of customer connections"]
[null,null,null,null,"Consumption by tariff",null,"The total for each type of customer in kWh per month"]
[]
[null,null,"Tax and Depreciation",null,"Tax Depreciation",null,"The rate at which assets are depreciated for calculating income tax due in a given year. Not reflected in the income statement"]
[null,null,null,null,"Reinvest flag",null,"Must enter 1 or 0. Do not enter Yes or No"]
[]
[null,null,"Macro-Economics",null,"General cost inflation (national)",null,"The expected national inflation rate (IMF, etc.)"]
[null,null,null,null,"Depreciation",null,"Percentage that the Naira depreciates with regard to  USD each year"]
[null,null,null,null,"Exchange Rate",null,"Input the date at which starting levels (diesel cost, FX rates) were updated"]
[]
[null,null,"Names and Lists"]
[]
[null,null,"Name",null,"Value"]
[]
[null,null,"Entity Names"]
[null,null,"Model Name",null,"SPN Mini Grid Financial Model"]
[null,null,"Company Name",null,"[Enter Company Name]"]
[null,null,"Contact Details",null,"[Enter Email Address]"]
[]
[null,null,"Tax depreciation toggle",null,1]
[null,null,null,null,0]

{"sheet":"Graphs","index":2,"n_rows":18,"n_cols":9,"rows_kept":18,"cut":false,"hidden":true,"merged":[]}
[]
[null,"Overall project lifetime"]
[null,"Income","Investments & Reinvestment","OPEX","Taxes","Investor_Profit Share","Partner_Profit Share"]
[]
["Revenue",{"$f":"SUM('FS (NGN)'!$D$8:$S$8)","v":1633981926.4800582}]
["Equity Injection",{"$f":"SUM('FS (NGN)'!D45:S45)","v":110868000}]
["Grants",{"$f":"SUM('FS (NGN)'!$D$46:$S$46)","v":130726849.25671875}]
["Investor",null,null,null,null,{"$f":"Inputs!#REF!*SUM('FS (NGN)'!$D$51:$S$51)","v":{"$error":"#REF!"}}]
["Non-Investor",null,{"$f":"-SUM('FS (NGN)'!$D$41:$S$41)","v":153468000},{"$f":"SUM('FS (NGN)'!$D$9:$S$10)","v":996049314.78285956},{"$f":"SUM('FS (NGN)'!$D$34:$S$34)","v":160104196.19013387},null,{"$f":"Inputs!#REF!*SUM('FS (NGN)'!$D$51:$S$51)","v":{"$error":"#REF!"}}]
["TOTAL",{"$f":"SUM(B5:B9)","v":1875576775.7367768},153468000,996049314.78285956,160104196.19013387,{"$error":"#REF!"},{"$error":"#REF!"}]
[null,{"$f":"SUM(C11:G11)","v":{"$error":"#REF!"}},{"$f":"C10/$B10","v":8.1824429682284622E-2},{"$f":"D10/$B10","v":0.5310629389679794},{"$f":"E10/$B10","v":8.536264591314352E-2},{"$f":"F10/$B10","v":{"$error":"#REF!"}},{"$f":"G10/$B10","v":{"$error":"#REF!"}}]
[]
[]
[null,null,null,null,"CAPEX value","# of connections","PV capacity","Lives Impacted","Genset"]
[]
[null,"Minigrids",36,{"$f":"E16/C16","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!*Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"5*F16","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!*Inputs!#REF!","v":{"$error":"#REF!"}}]
[null,"Productive",6,{"$f":"E17/C17","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!*Inputs!#REF!","v":{"$error":"#REF!"}},{"$f":"5*F17","v":{"$error":"#REF!"}},{"$f":"Inputs!#REF!*Inputs!#REF!","v":{"$error":"#REF!"}}]
[null,"Total",null,null,{"$f":"SUM(E16:E17)","v":{"$error":"#REF!"}},{"$f":"SUM(F16:F17)","v":{"$error":"#REF!"}},{"$f":"SUM(G16:G17)","v":{"$error":"#REF!"}},{"$f":"SUM(H16:H17)","v":{"$error":"#REF!"}},{"$f":"SUM(I16:I17)","v":{"$error":"#REF!"}}]

{"sheet":"Dashboard","index":3,"n_rows":88,"n_cols":15,"rows_kept":88,"cut":false,"hidden":false,"merged":[[58,10,58,11],[61,10,61,11],[64,10,64,11]]}
["Dashboard"]
[{"$f":"Name_Model","v":{"$error":"#NAME?"}}]
[]
[null,null,"Company Information"]
[]
[null,null,"Company name",{"$f":"Legend!E83","v":"SPN Mini Grid Financial Model"}]
[null,null,"Project",{"$f":"Legend!E84","v":"[Enter Company Name]"}]
[null,null,"Country","Nigeria"]
[null,null,"Contact details",{"$f":"Legend!E85","v":"[Enter Email Address]"}]
[null,null,null,null," "]
[null,null,"Value Drivers",null,null,null,null,null,null,null,null,null,null,null,"Graphs"]
[]
[null,null,"Exchange Rate",null,null,null,null,null,null,"Revenue"]
[null,null,"USD : NGN Exchange Rate","#",{"$f":"ExRate","v":630},null,null,null,null,"Year 0 Regular Tariff (NGN)","NGN",{"$f":"Inputs!E107","v":280}]
[null,null,null,null,null,null,null,null,null,"Year 0 Regular Tariff (USD)","USD",{"$f":"L14/ExRate","v":0.44444444444444442}]
[null,null,"Customers",null,null,null,null,null,null,"Year 0 Anchor Tariff (NGN)","NGN",{"$f":"Inputs!E108","v":260}]
[null,null,"Number of customers","#",{"$f":"Inputs!E93","v":334},null,null,null,null,"Year 0 Anchor Tariff (USD)","USD",{"$f":"L16/ExRate","v":0.41269841269841268}]
[]
[null,null,"Total Generation Assets (Size)",null,null,null,null,null,null,"Financing"]
[null,null,"Solar PV","kWp",{"$f":"Inputs!F36","v":100},null,null,null,null,"Grant Financing ($ per connection)","USD",{"$f":"Inputs!E197","v":600}]
[null,null,"Battery","kWh",{"$f":"Inputs!F37","v":100},null,null,null,null,"Debt Tenor","years",{"$f":"Inputs!E202","v":5}]
[null,null,"Inverters","kVA",{"$f":"Inputs!F38","v":200},null,null,null,null,"Debt Interest Rate","%",{"$f":"Inputs!E203","v":0.17}]
[null,null,"Diesel Genset","kVA",{"$f":"Inputs!F39","v":100}]
[null,null,"CCMPPT","kWp",{"$f":"Inputs!F40","v":100}]
[null,null,"Distribution Box","#",{"$f":"Inputs!F41","v":1},null,null,null,null,"Tax & Depreciation"]
[null,null,"Balance of Systems","#",{"$f":"Inputs!F42","v":1},null,null,null,null,"Tax Depreciation Toggle","On or Off",{"$f":"Inputs!E182","v":1}]
[]
[null,null,"Outputs"]
[]
[null,null,"Returns",null,null,null,null,null,null,"Consumption"]
[null,null,null,null,null,null,null,null,null,"Avg. Monthly Consumption","kWh/month",{"$f":"SUMPRODUCT('Graph calc'!F61:U61,'Graph calc'!F43:U43)/SUM('Graph calc'!F43:U43)","v":40.638433065376105}]
[null,null,"Equity",null,"IRR",null,"Payback"]
[null,null,"Project IRR (NGN)","%",{"$f":"'FS (NGN)'!D85","v":0.31447320675627588},"years",{"$f":"'FS (NGN)'!D95","v":2},null,null,"Revenue & Cost",null,"NGN","USD"]
[null,null,"Equity IRR (NGN)","%",{"$f":"'FS (NGN)'!D86","v":0.34529270038377669},null,null,null,null,"Avg. Revenue per kWh","Revenue/kWh",{"$f":"SUMPRODUCT('Graph calc'!F64:U64,'Graph calc'!F63:U63)/SUM('Graph calc'!F63:U63)","v":687.11546874415421},{"$f":"SUMPRODUCT('Graph calc'!F65:U65,'Graph calc'!F63:U63)/SUM('Graph calc'!F63:U63)","v":0.85105408264885352}]
[null,null,"Project IRR (USD)","%",{"$f":"'FS (NGN)'!D87","v":0.28241288464016301},null,null,null,null,"Avg. Cost per kWh","Cost/kWh",{"$f":"SUMPRODUCT('Graph calc'!F68:U68,'Graph calc'!F63:U63)/SUM('Graph calc'!F63:U63)","v":418.85462790501117},{"$f":"SUMPRODUCT('Graph calc'!F69:U69,'Graph calc'!F63:U63)/SUM('Graph calc'!F63:U63)","v":0.52245319978040694}]
[null,null,"Equity IRR (USD)","%",{"$f":"'FS (NGN)'!D88","v":0.31248068330124568},null,null,null,null,"Monthly ARPU (inflation adjusted)","Revenue/month",{"$f":"SUMPRODUCT('Graph calc'!F49:U49,'Graph calc'!F43:U43)/SUM('Graph calc'!F43:U43)","v":9735.0117441479524},{"$f":"SUMPRODUCT('Graph calc'!F51:U51,'Graph calc'!F43:U43)/SUM('Graph calc'!F43:U43)","v":12.657998612248186}]
[null,null,null,null,null,null,null,null,null,"Monthly ACPU (inflation adjusted)","Cost/month",{"$f":"SUMPRODUCT('Graph calc'!F54:U54,'Graph calc'!F43:U43)/SUM('Graph calc'!F43:U43)","v":6169.1728724442683},{"$f":"SUMPRODUCT('Graph calc'!F56:U56,'Graph calc'!F43:U43)/SUM('Graph calc'!F43:U43)","v":8.1060367172850114}]
[null,null,"Funding "]
[null,null,"Sources ",null,"NGN","USD",null,"%",null,"Operational"]
[null,null,{"$f":"Inputs!C199","v":"Debt"},null,{"$f":"Inputs!E201","v":30000000},{"$f":"E40/ExRate","v":47619.047619047618},"%",{"$f":"E40/$E$42","v":0.21296532924439901},null,"Average Operating Profit Margin","%",{"$f":"'FS (NGN)'!C97","v":0.24572994511478877}]
[null,null,"Equity",null,{"$f":"Inputs!E207","v":110868000},{"$f":"E41/ExRate","v":175980.95238095237},"%",{"$f":"E41/$E$42","v":0.78703467075560096},null,"Revenue : Cost per kWh","Ratio",{"$f":"L34/L35","v":1.6404628789250955}]
[null,null,"Total",null,{"$f":"SUM(E40+E41)","v":140868000},{"$f":"E42/ExRate","v":223600},"%",{"$f":"SUM(H40:H41)","v":1},null,"Monthly ARPU : ACPU (inflation adjusted)","Ratio",{"$f":"L36/L37","v":1.5780092316153356}]
[]
[null,null,"Uses ",null,"NGN","USD",null,null,null,"Checks"]
[null,null,"CAPEX",null,{"$f":"CapEx","v":140868000},{"$f":"CapEx/ExRate","v":223600},null,null,null,"Model Balances",null,{"$f":"'FS (NGN)'!C70","v":0}]
[null,null,"Total",null,{"$f":"SUM(E45:E45)","v":140868000},{"$f":"SUM(F45:F45)","v":223600},null,null,null,"Sources = Uses",null,{"$f":"E46-E42","v":0}]
[null,null,null,null,null,null,null,null,null,"Min DSCR Threshold Met",null,{"$f":"IF('Operating Model'!D248>=Inputs!E204,0,1)","v":0}]
[]
[null,null,"Sensitivity Analysis"]
[]
[null,null,"IRR Sensitivity to System Size",null,{"$f":"Inputs!E217","v":"System Size"},{"$f":"Inputs!F217","v":"System Size (kWp)"},{"$f":"Inputs!G217","v":"Project IRR"},{"$f":"Inputs!H217","v":"CAPEX (NGN)"},{"$f":"Inputs!I217","v":"CAPEX (USD)"},{"$f":"Inputs!C258","v":"Value Drivers Impact on IRR"}]
[null,null,null,null,{"$f":"Inputs!E218","v":1},{"$f":"Inputs!F218","v":100},{"$f":"Inputs!G218","v":0.31447320675627588},{"$f":"Inputs!H218","v":140868000},{"$f":"Inputs!I218","v":223600}]
[null,null,null,null,{"$f":"Inputs!E219","v":1.1000000000000001},{"$f":"Inputs!F219","v":110.00000000000001},{"$f":"Inputs!G219","v":0.28935397704731303},{"$f":"Inputs!H219","v":149688000},{"$f":"Inputs!I219","v":237600}]
[null,null,null,null,{"$f":"Inputs!E220","v":1.2},{"$f":"Inputs!F220","v":120},{"$f":"Inputs!G220","v":0.26765682072097396},{"$f":"Inputs!H220","v":158508000},{"$f":"Inputs!I220","v":251600},null,{"$f":"Inputs!E258","v":0.2},null,{"$f":"Inputs!F258","v":"Base Case"},{"$f":"Inputs!G258","v":"Upside + 20%"},{"$f":"Inputs!H258","v":"Downside - 20%"}]
[null,null,null,null,{"$f":"Inputs!E221","v":1.3},{"$f":"Inputs!F221","v":130},{"$f":"Inputs!G221","v":0.24870389319565933},{"$f":"Inputs!H221","v":167328000},{"$f":"Inputs!I221","v":265600}]
[null,null,null,null,{"$f":"Inputs!E222","v":1.4},{"$f":"Inputs!F222","v":140},{"$f":"Inputs!G222","v":0.23198132507092728},{"$f":"Inputs!H222","v":176148000},{"$f":"Inputs!I222","v":279600},null,null,{"$f":"Inputs!E260","v":"Exchange Rate"},{"$f":"Inputs!F260","v":630},{"$f":"Inputs!G260","v":504},{"$f":"Inputs!H260","v":756}]
[null,null,null,null,{"$f":"Inputs!E223","v":1.5},{"$f":"Inputs!F223","v":150},{"$f":"Inputs!G223","v":0.21688880255977261},{"$f":"Inputs!H223","v":184968000},{"$f":"Inputs!I223","v":293600},null,{"$f":"Inputs!F261","v":0.31447320675627588},null,{"$f":"Inputs!F261","v":0.31447320675627588},{"$f":"Inputs!G261","v":0.41143309822060536},{"$f":"Inputs!H261","v":0.23315135988773883}]
[]
[null,null,null,null,null,null,null,null,null,null,{"$f":"Inputs!E263","v":"Regular Tariff"},null,{"$f":"Inputs!F263","v":280},{"$f":"Inputs!G263","v":336},{"$f":"Inputs!H263","v":224}]
[null,null,"IRR Sensitivity to Regular Tariff and Exchange Rate",null,null,null,null,null,null,null,{"$f":"Inputs!E264","v":0.31447320675627588},null,{"$f":"Inputs!F264","v":0.31447320675627588},{"$f":"Inputs!G264","v":0.37402135380046797},{"$f":"Inputs!H264","v":0.19941162759616682}]
[null,null,null,null,"Exchange Rate:"]
[null,null,"IRR:",{"$f":"Inputs!D227","v":0.31447320675627588},{"$f":"Inputs!E227","v":550},{"$f":"Inputs!F227","v":600},{"$f":"Inputs!G227","v":650},{"$f":"Inputs!H227","v":700},{"$f":"Inputs!I227","v":750},null,{"$f":"Inputs!E266","v":"Generation Size"},null,{"$f":"Inputs!F266","v":1},{"$f":"Inputs!G266","v":0.8},{"$f":"Inputs!H266","v":1.2}]
[null,null,"Regular Tariff:",{"$f":"Inputs!D228","v":280},{"$f":"Inputs!E228","v":0.3868955889881589},{"$f":"Inputs!F228","v":0.34901673799972954},{"$f":"Inputs!G228","v":0.31400783665090559},{"$f":"Inputs!H228","v":0.28194046760735514},{"$f":"Inputs!I228","v":0.25107370699505527},null,{"$f":"Inputs!E267","v":0.31447320675627588},null,{"$f":"Inputs!F267","v":0.31447320675627588},{"$f":"Inputs!G267","v":0.37892470898376751},{"$f":"Inputs!H267","v":0.26765682072097396}]
[null,null,null,{"$f":"Inputs!D229","v":260},{"$f":"Inputs!E229","v":0.37393592103440776},{"$f":"Inputs!F229","v":0.33575644839361463},{"$f":"Inputs!G229","v":0.30092231379266532},{"$f":"Inputs!H229","v":0.26852561579534684},{"$f":"Inputs!I229","v":0.23691959256354034}]
[null,null,null,{"$f":"Inputs!D230","v":240},{"$f":"Inputs!E230","v":0.36046093900081733},{"$f":"Inputs!F230","v":0.32216393749056671},{"$f":"Inputs!G230","v":0.28744493266624493},{"$f":"Inputs!H230","v":0.25442378776923791},{"$f":"Inputs!I230","v":0.2220255740997672},null,{"$f":"Inputs!E269","v":"NEP Grant"},null,{"$f":"Inputs!F269","v":600},{"$f":"Inputs!G269","v":720},{"$f":"Inputs!H269","v":480}]
[null,null,null,{"$f":"Inputs!D231","v":220},{"$f":"Inputs!E231","v":0.34624454420837414},{"$f":"Inputs!F231","v":0.30819487621266273},{"$f":"Inputs!G231","v":0.27329873155623474},{"$f":"Inputs!H231","v":0.23943808100176223},{"$f":"Inputs!I231","v":0.20638559097028053},null,{"$f":"Inputs!E270","v":0.31447320675627588},null,{"$f":"Inputs!F270","v":0.31447320675627588},{"$f":"Inputs!G270","v":0.37836214228817489},{"$f":"Inputs!H270","v":0.26295945239485596}]
[null,null,null,{"$f":"Inputs!D232","v":200},{"$f":"Inputs!E232","v":0.33166582179399451},{"$f":"Inputs!F232","v":0.29379535588465577},{"$f":"Inputs!G232","v":0.25826146271263295},{"$f":"Inputs!H232","v":0.2235582503717688},{"$f":"Inputs!I232","v":0.18969704365401863}]
[null,null,null,{"$f":"Inputs!D233","v":180},{"$f":"Inputs!E233","v":0.31667413967534075},{"$f":"Inputs!F233","v":0.27881267564495382},{"$f":"Inputs!G233","v":0.24232897172503032},{"$f":"Inputs!H233","v":0.20683343743624372},{"$f":"Inputs!I233","v":0.17104960622364462}]
[]
[null,null,"IRR Sensitivity to Regular Tariff and Anchor Tariff"]
[null,null,null,null,"Regular Tariff:"]
[null,null,"IRR:",{"$f":"Inputs!D238","v":0.31447320675627588},{"$f":"Inputs!E238","v":280},{"$f":"Inputs!F238","v":260},{"$f":"Inputs!G238","v":240},{"$f":"Inputs!H238","v":220},{"$f":"Inputs!I238","v":200}]
[null,null,"Anchor Tariff:",{"$f":"Inputs!D239","v":260},{"$f":"Inputs!E239","v":0.31447320675627588},{"$f":"Inputs!F239","v":0.29621489366679588},{"$f":"Inputs!G239","v":0.27705799846477652},{"$f":"Inputs!H239","v":0.25621726217685947},{"$f":"Inputs!I239","v":0.23354323679958422}]
[null,null,null,{"$f":"Inputs!D240","v":240},{"$f":"Inputs!E240","v":0.30097195769839069},{"$f":"Inputs!F240","v":0.28213746857491784},{"$f":"Inputs!G240","v":0.26167613057120942},{"$f":"Inputs!H240","v":0.23955750267593201},{"$f":"Inputs!I240","v":0.2154720335286251}]
[null,null,null,{"$f":"Inputs!D241","v":220},{"$f":"Inputs!E241","v":0.28705288588173361},{"$f":"Inputs!F241","v":0.26705715127608332},{"$f":"Inputs!G241","v":0.24546756586750718},{"$f":"Inputs!H241","v":0.22183140200600437},{"$f":"Inputs!I241","v":0.19624532311385345}]
[null,null,null,{"$f":"Inputs!D242","v":200},{"$f":"Inputs!E242","v":0.27236462802507222},{"$f":"Inputs!F242","v":0.25125925545246464},{"$f":"Inputs!G242","v":0.2280635171415355},{"$f":"Inputs!H242","v":0.20303305492833212},{"$f":"Inputs!I242","v":0.17455697955913818}]
[null,null,null,{"$f":"Inputs!D243","v":180},{"$f":"Inputs!E243","v":0.25679180840008708},{"$f":"Inputs!F243","v":0.23417715844186726},{"$f":"Inputs!G243","v":0.20966157403201757},{"$f":"Inputs!H243","v":0.18233715454320842},{"$f":"Inputs!I243","v":0.14996483947566874}]
[null,null,null,{"$f":"Inputs!D244","v":160},{"$f":"Inputs!E244","v":0.2401802058171103},{"$f":"Inputs!F244","v":0.21614319241044599},{"$f":"Inputs!G244","v":0.18985054804300172},{"$f":"Inputs!H244","v":0.15881392005866379},{"$f":"Inputs!I244","v":0.12103461842728902}]
[]
[null,null,{"$f":"Inputs!C247","v":"IRR Sensitivity to System Size and Exchange Rate"}]
[null,null,null,null,{"$f":"Inputs!E248","v":"Exchange Rate:"}]
[null,null,{"$f":"Inputs!C249","v":"IRR: "},{"$f":"Inputs!D249","v":0.31447320675627588},{"$f":"Inputs!E249","v":550},{"$f":"Inputs!F249","v":600},{"$f":"Inputs!G249","v":650},{"$f":"Inputs!H249","v":700},{"$f":"Inputs!I249","v":750}]
[null,null,{"$f":"Inputs!C250","v":"System Size:"},{"$f":"Inputs!D250","v":1},{"$f":"Inputs!E250","v":0.37393592103440776},{"$f":"Inputs!F250","v":0.33575644839361463},{"$f":"Inputs!G250","v":0.30092231379266532},{"$f":"Inputs!H250","v":0.26852561579534684},{"$f":"Inputs!I250","v":0.23691959256354034}]
[null,null,null,{"$f":"Inputs!D251","v":1.1000000000000001},{"$f":"Inputs!E251","v":0.34617968599900717},{"$f":"Inputs!F251","v":0.30957868654856036},{"$f":"Inputs!G251","v":0.27645842586387137},{"$f":"Inputs!H251","v":0.24523902869763314},{"$f":"Inputs!I251","v":0.21474753680407299}]
[null,null,null,{"$f":"Inputs!D252","v":1.2},{"$f":"Inputs!E252","v":0.32182188689195423},{"$f":"Inputs!F252","v":0.28696165206076052},{"$f":"Inputs!G252","v":0.25533030632073084},{"$f":"Inputs!H252","v":0.22513632257436833},{"$f":"Inputs!I252","v":0.19561120655307951}]
[null,null,null,{"$f":"Inputs!D253","v":1.3},{"$f":"Inputs!E253","v":0.30054287055523199},{"$f":"Inputs!F253","v":0.2672052086022445},{"$f":"Inputs!G253","v":0.23675980380571793},{"$f":"Inputs!H253","v":0.20741665820888677},{"$f":"Inputs!I253","v":0.17889621629229513}]
[null,null,null,{"$f":"Inputs!D254","v":1.4},{"$f":"Inputs!E254","v":0.28177580908167066},{"$f":"Inputs!F254","v":0.24977676904682156},{"$f":"Inputs!G254","v":0.22021905586531232},{"$f":"Inputs!H254","v":0.19170388827426832},{"$f":"Inputs!I254","v":0.16414135411508179}]
[null,null,null,{"$f":"Inputs!D255","v":1.5},{"$f":"Inputs!E255","v":0.26508169453674224},{"$f":"Inputs!F255","v":0.23426595641106718},{"$f":"Inputs!G255","v":0.20549363305957646},{"$f":"Inputs!H255","v":0.17770803171574334},{"$f":"Inputs!I255","v":0.15099503036801964}]

{"sheet":"Inputs","index":4,"n_rows":270,"n_cols":10,"rows_kept":270,"cut":false,"hidden":false,"merged":[]}
["Inputs"]
[{"$f":"Name_Model","v":{"$error":"#NAME?"}}]
[null,null,null,null," "]
["x",null,"Timing"]
[null,null,"Start"]
[null,null,"Model Start Date","date","2022-01-01"]
[null,null,"Model Start Year","date",{"$f":"YEAR(E6)","v":2022}]
[null,null,"Construction Schedule"]
[null,null,"Start date","date",{"$f":"E6","v":"2022-01-01"}]
[null,null,"Duration ","months ",12]
[null,null,"End date ","date",{"$f":"EOMONTH(E9,E10-1)","v":"2022-12-31"}]
[null,null,"Operations Schedule"]
[null,null,"Start date","date",{"$f":"E11+1","v":"2023-01-01"}]
[null,null,"Duration ","years",15]
[null,null,"Duration ","months",{"$f":"E14*12","v":180}]
[null,null,"End date ","date",{"$f":"EOMONTH(E13,E15-1)","v":"2037-12-31"}]
[]
[null,null,"Months/year",null,12]
[]
[]
["x",null,"CAPEX  "]
[null,null,"CAPEX Cost Assumptions"]
[null,null,"Unit Costs",null,"USD","NGN"]
[null,null,"Solar PV","Cost/kWp",400,{"$f":"E24*ExRate","v":252000}]
[null,null,"Battery","Cost/kWh",200,126000]
[null,null,"Inverters","Cost/kVA",200,126000]
[null,null,"Diesel Genset","Cost/kVA",250,157500]
[null,null,"CCMPPT","Cost/kWp",150,94500]
[null,null,"Distribution Box","Cost",1500,{"$f":"E29*ExRate","v":945000}]
[null,null,"Balance of Systems","Cost",2100,1323000]
[null,null,"Additional Distribution Costs","Cost",25000,15750000]
[null,null,"General Costs","Cost",25000,15750000]
[null,null,"Customer Connection","Cost",30000,{"$f":"E33*ExRate","v":18900000}]
[]
[null,"x","Size Assumptions",null,null,1]
[null,null,"Solar PV","kWp",100,{"$f":"$F$35*E36","v":100}]
[null,null,"Battery","kWh",100,{"$f":"$F$35*E37","v":100}]
[null,null,"Inverters","kVA",200,{"$f":"$F$35*E38","v":200}]
[null,null,"Diesel Genset","kVA",100,{"$f":"$F$35*E39","v":100}]
[null,null,"CCMPPT","kWp",100,100]
[null,null,"Distribution Box","#",1,{"$f":"E41","v":1}]
[null,null,"Balance of Systems","#",1,{"$f":"E42","v":1}]
[null,null,"Additional Distribution Costs","#",1,1]
[null,null,"General Costs","#",1,1]
[null,null,"Customer Connection","#",1,1]
[]
[null,"x","Total Capital Expenditure"]
[null,null,"Solar PV","NGN",{"$f":"F36*F24","v":25200000}]
[null,null,"Battery","NGN",{"$f":"F37*F25","v":12600000}]
[null,null,"Inverters","NGN",25200000]
[null,null,"Diesel Genset","NGN",15750000]
[null,null,"CCMPPT","NGN",9450000]
[null,null,"Distribution Box","NGN",{"$f":"F41*F29","v":945000}]
[null,null,"Balance of Systems","NGN",1323000]
[null,null,"Additional Distribution Costs","NGN",15750000]
[null,null,"General Costs","NGN",15750000]
[null,null,"Customer Connection","NGN",{"$f":"F45*F33","v":18900000}]
[null,null,"Total",null,{"$f":"SUM(E48:E57)","v":140868000}]
[]
[null,null,"Customer Connection Cost / Customer","NGN/connection",{"$f":"E57/E93","v":56586.826347305388}]
[]
[null,null,"Project Development Costs",null,"USD","NGN"]
[null,null,"Feasibility Study","Cost",1050,{"$f":"E63*ExRate","v":661500}]
[null,null,"Environmental Impact Assessment","Cost",1050,661500]
[null,null,"Acquisition of Land Usage Rights","Cost",1890,1190700]
[null,null,"Set up of Village and Customer Relationship","Cost",4200,2646000]
[null,null,"Generation / Distribution License Acquisition ","Cost",3000,1890000]
[null,null,"Acquisition of Capital incl. Due Diligence","Cost",0,0]
[null,null,"Company Foundation and Establishment","Cost",0,0]
[null,null,"Consultancy Cost and Fees","Cost",2100,1323000]
[null,null,"Total",null,{"$f":"SUM(E63:E70)","v":13290},{"$f":"SUM(F63:F70)","v":8372700}]
[]
[null,null,"Ongoing CAPEX",null,"% Cost to Replace","Cost to Replace"]
[null,null,"Solar PV","% initial capex",1,{"$f":"E74*E48","v":25200000}]
[null,null,"Battery","% initial capex",0.5,6300000]
[null,null,"Inverters","% initial capex",1,25200000]
[null,null,"Diesel Genset","% initial capex",1,15750000]
[null,null,"CCMPPT","% initial capex",1,9450000]
[null,null,"Distribution Box","% initial capex",1,945000]
[null,null,"Balance of Systems","% initial capex",1,{"$f":"E80*E54","v":1323000}]
[null,null,"Additional Distribution Costs","% initial capex",1,{"$f":"E81*E55","v":15750000}]
[null,null,"General Costs","% initial capex",1,15750000]
[null,null,"Customer Connection","% initial capex",1,18900000]
[]
["x",null,"Consumption"]
[]
[null,null,"Connections"]
[null,null,"Residential","#",300]
[null,null,"Commercial","#",25]
[null,null,"Public","#",0]
[null,null,"Productive","#",8]
[null,null,"Anchor","#",1]
[null,null,"Total","#",{"$f":"SUM(E88:E92)","v":334}]
[]
[null,null,"Annual Consumption Growth Rate","%",0.01]
[]
[null,null,"Monthly Consumption by Customer Type"]
[null,null,"Residential","kWh/month/customer",20]
[null,null,"Commercial","kWh/month/customer",25]
[null,null,"Public","kWh/month/customer",30]
[null,null,"Productive","kWh/month/customer",80]
[null,null,"Anchor","kWh/month/customer",5400]
[]
["x",null,"Revenue"]
[]
[null,null,"Connection Fee","NGN/Connection",10000]
[null,null,"Regular Tariff","NGN/kWh",280]
[null,null,"Anchor Tariff","NGN/kWh",260]
[null,null,"Fixed Charge","NGN/customer/year",3000]
[]
["x",null,"Operating Costs"]
[]
[null,null,"Technical Performance"]
[null,null,"Technical Uptime","%",0.95]
[null,null,"Collection Rate","%",0.97]
[null,null,"Percentage of Sales from Production","%",{"$f":"E114*E115","v":0.92149999999999999}]
[]
[null,null,"Overhead Costs"]
[null,null,"Annual Costs",null,"USD","NGN"]
[null,null,"Salary Managing Director","Cost",15000,{"$f":"E120*ExRate","v":9450000}]
[null,null,"Management and Technical Staff ","Cost",4000,2520000]
[null,null,"Accounting","Cost",1000,630000]
[null,null,"Travel and Vehicle Costs","Cost",1000,630000]
[null,null,"Office Costs ","Cost",1000,630000]
[null,null,"Company Insurance","Cost",500,315000]
[null,null,"Other",null,500,315000]
[null,null,"Total",null,{"$f":"SUM(E120:E126)","v":23000},{"$f":"SUM(F120:F126)","v":14490000}]
[]
[null,null,"Operational Costs",null,"USD","NGN"]
[null,null,"Generator O&M","Cost",5000,{"$f":"E130*ExRate","v":3150000}]
[null,null,"Other Operating Costs","Cost",4000,{"$f":"E131*ExRate","v":2520000}]
[]
[null,null,"Collection Fees","%",7.4999999999999997E-2]
[]
[null,null,"Diesel Consumption","L/year",800]
[null,null,"Diesel Fuel Cost","NGN/L",700]
[]
["x",null,"Depreciation"]
[null,null,null,null,null,null,null,null,"Assumptions are not validated - seek local tax advice"]
[null,null,"Depreciation of Generation Assets",null,"Accounting Depreciation",null,null,null,"Tax Depreciation"]
[null,null,"Initial CAPEX Depreciation",null,"Asset Life",null,"SL Deprec",null,"Asset Life","SL Deprec"]
[null,null,"Solar PV","years",20,null,{"$f":"1/E142","v":0.05},null,10,{"$f":"1/I142","v":0.1}]
[null,null,"Battery","years",5,null,0.2,null,5,{"$f":"1/I143","v":0.2}]
[null,null,"Inverters","years",20,null,0.05,null,10,0.1]
[null,null,"Diesel Genset","years",20,null,0.05,null,10,0.1]
[null,null,"CCMPPT","years",20,null,0.05,null,10,0.1]
[null,null,"Distribution Box","years",20,null,0.05,null,10,0.1]
[null,null,"Balance of Systems","years",20,null,0.05,null,10,0.1]
[]
[null,null,"Ongoing CAPEX Flag",null,"Reinvest?",null,"Reinvest Year"]
[null,null,"Solar PV","Yes [1] or No [0]",1,null,{"$f":"IF(E151=1,E142,\"\")","v":20}]
[null,null,"Battery","Yes [1] or No [0]",1,null,5]
[null,null,"Inverters","Yes [1] or No [0]",1,null,20]
[null,null,"Diesel Genset","Yes [1] or No [0]",1,null,20]
[null,null,"CCMPPT","Yes [1] or No [0]",1,null,20]
[null,null,"Distribution Box",null,1,null,{"$f":"IF(E156=1,E147,\"\")","v":20}]
[null,null,"Balance of Systems",null,1,null,{"$f":"IF(E157=1,E148,\"\")","v":20}]
[null,null,null,null,null,null,null,null,"Assumptions are not validated - seek local tax advice"]
[null,null,"Depreciation of Distribution, Connection, and General Costs",null,"Accounting Depreciation",null,null,null,"Tax Depreciation"]
[null,null,"Initial CAPEX Depreciation",null,"Asset Life",null,"SL Deprec",null,"Asset Life","SL Deprec"]
[null,null,"Distribution CAPEX","years",15,null,{"$f":"1/E161","v":6.6666666666666666E-2},null,10,{"$f":"1/I161","v":0.1}]
[null,null,"General Cost CAPEX","years",15,null,{"$f":"1/E162","v":6.6666666666666666E-2},null,10,{"$f":"1/I162","v":0.1}]
[null,null,"Connection CAPEX","years",15,null,{"$f":"1/E163","v":6.6666666666666666E-2},null,10,{"$f":"1/I163","v":0.1}]
[]
[null,null,"Ongoing CAPEX Flag (ex connections)",null,"Reinvest?",null,"Reinvest Year"]
[null,null,"Distribution CAPEX","Yes [1] or No [0]",1,null,{"$f":"IF(E166=1,E161,\"\")","v":15}]
[null,null,"General Cost CAPEX","Yes [1] or No [0]",1,null,{"$f":"IF(E167=1,E162,\"\")","v":15}]
[null,null,"Connection CAPEX","Yes [1] or No [0]",1,null,{"$f":"IF(E168=1,E163,\"\")","v":15}]
[]
[null,null,"% of CAPEX to Depreciate","%",1]
[]
["x",null,"Tax"]
[]
[null,null,"Tax",null,null,null,"Notes"]
[null,null,"Income Tax","%",0.3,null,"% of EBT"]
[null,null,"Value Added Tax (VAT)","%",7.4999999999999997E-2,null,"% of Revenues"]
[null,null,"Regulator Tax","%",0,null,"% of EBT"]
[null,null,"Tertiary Education Trust Fund Contribution","%",0.02,null,"% of EBT"]
[null,null,"Communal Tax","%",0,null,"% of EBT"]
[null,"x","Local Tax","NGN/year",0,null,"Fixed fee"]
[]
[null,null,"Tax Depreciation Toggle","On or Off",1]
[]
["x",null,"Macro-economics"]
[]
[null,null,"General Cost Inflation (National Rate)","%/year",0.12]
[null,null,"Depreciation (NGN/USD)","%/year",2.5000000000000001E-2]
[null,null,"Exchange Rate",null,630]
[]
["x",null,"Financing"]
[]
[null,null,"Total CAPEX (USD)","$",{"$f":"E193/ExRate","v":223600}]
[null,null,"Total CAPEX (NGN)","NGN",{"$f":"E58","v":140868000}]
[]
[]
[null,null,"NEP Performance-Based Grant"]
[null,null,"Grant per Connection","$",600]
[]
[null,null,"Debt"]
[null,null,"Debt Facility (USD)","$",{"$f":"E201/ExRate","v":47619.047619047618}]
[null,null,"Debt Facility (NGN)","NGN",30000000]
[null,null,"Tenor","years",5]
[null,null,"Rate","%",0.17]
[null,null,"Target DSCR","x",1.5]
[]
[null,null,"Equity"]
[null,null,"Equity Investment Requirement","NGN",{"$f":"E193-E201","v":110868000}]
[null,null,"Equity (NGN) ","NGN",{"$f":"E207","v":110868000}]
[null,null,"Equity (USD)","$",{"$f":"E208/ExRate","v":175980.95238095237}]
[null,null,"Leverage","%",{"$f":"E201/E193","v":0.21296532924439901}]
[]
[null,null,"Payout ratio","%",1]
[]
["x",null,"Sensitivity Analysis"]
[]
[null,null,"IRR Sensitivity to System Size"]
[null,null,null,null,"System Size","System Size (kWp)","Project IRR","CAPEX (NGN)","CAPEX (USD)"]
[null,null,null,null,1,{"$f":"F36","v":100},{"$f":"'FS (NGN)'!D85","v":0.31447320675627588},{"$f":"CapEx","v":140868000},{"$f":"E192","v":223600}]
[null,null,null,null,1.1000000000000001,110.00000000000001,0.28935397704731303,149688000,237600]
[null,null,null,null,1.2,120,0.26765682072097396,158508000,251600]
[null,null,null,null,1.3,130,0.24870389319565933,167328000,265600]
[null,null,null,null,1.4,140,0.23198132507092728,176148000,279600]
[null,null,null,null,1.5,150,0.21688880255977261,184968000,293600]
[]
[null,null,"IRR Sensitivity to Regular Tariff and Exchange Rate"]
[null,null,null,null,"Exchange Rate:"]
[null,null,"IRR: ",{"$f":"'FS (NGN)'!D85","v":0.31447320675627588},550,600,650,700,750]
[null,null,"Regular Tariff:",280,0.3868955889881589,0.34901673799972954,0.31400783665090559,0.28194046760735514,0.25107370699505527]
[null,null,null,260,0.37393592103440776,0.33575644839361463,0.30092231379266532,0.26852561579534684,0.23691959256354034]
[null,null,null,240,0.36046093900081733,0.32216393749056671,0.28744493266624493,0.25442378776923791,0.2220255740997672]
[null,null,null,220,0.34624454420837414,0.30819487621266273,0.27329873155623474,0.23943808100176223,0.20638559097028053]
[null,null,null,200,0.33166582179399451,0.29379535588465577,0.25826146271263295,0.2235582503717688,0.18969704365401863]
[null,null,null,180,0.31667413967534075,0.27881267564495382,0.24232897172503032,0.20683343743624372,0.17104960622364462]
[null,null,null,160,0.30120734953845751,0.26270260970244053,0.22532249442336649,0.1888953109242959,0.15029475131707959]
[]
[null,null,"IRR Sensitivity to Regular Tariff and Anchor Tariff"]
[null,null,null,null,"Regular Tariff"]
[null,null,"IRR: ",{"$f":"'FS (NGN)'!D85","v":0.31447320675627588},280,260,240,220,200]
[null,null,"Anchor Tariff",260,0.31447320675627588,0.29621489366679588,0.27705799846477652,0.25621726217685947,0.23354323679958422]
[null,null,null,240,0.30097195769839069,0.28213746857491784,0.26167613057120942,0.23955750267593201,0.2154720335286251]
[null,null,null,220,0.28705288588173361,0.26705715127608332,0.24546756586750718,0.22183140200600437,0.19624532311385345]
[null,null,null,200,0.27236462802507222,0.25125925545246464,0.2280635171415355,0.20303305492833212,0.17455697955913818]
[null,null,null,180,0.25679180840008708,0.23417715844186726,0.20966157403201757,0.18233715454320842,0.14996483947566874]
[null,null,null,160,0.2401802058171103,0.21614319241044599,0.18985054804300172,0.15881392005866379,0.12103461842728902]
[null,null,null,140,0.22248881502487006,0.19696288388979877,0.16732104429778794,0.13166370401431116,8.6124232656134003E-2]
[]
[null,null,"IRR Sensitivity to System Size and Exchange Rate"]
[null,null,null,null,"Exchange Rate:"]
[null,null,"IRR: ",{"$f":"'FS (NGN)'!D85","v":0.31447320675627588},550,600,650,700,750]
[null,null,"System Size:",1,0.37393592103440776,0.33575644839361463,0.30092231379266532,0.26852561579534684,0.23691959256354034]
[null,null,null,1.1000000000000001,0.34617968599900717,0.30957868654856036,0.27645842586387137,0.24523902869763314,0.21474753680407299]
[null,null,null,1.2,0.32182188689195423,0.28696165206076052,0.25533030632073084,0.22513632257436833,0.19561120655307951]
[null,null,null,1.3,0.30054287055523199,0.2672052086022445,0.23675980380571793,0.20741665820888677,0.17889621629229513]
[null,null,null,1.4,0.28177580908167066,0.24977676904682156,0.22021905586531232,0.19170388827426832,0.16414135411508179]
[null,null,null,1.5,0.26508169453674224,0.23426595641106718,0.20549363305957646,0.17770803171574334,0.15099503036801964]
[]
[]
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[null,null,null,null,"Generation Size",1,0.8,1.2]
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["Mini-grid Model Financial Statements (NGN)"]
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[null,"Start date",null,{"$f":"Inputs!E6","v":"2022-01-01"},{"$f":"D4+1","v":"2023-01-01"},{"$f":"E4+1","v":"2024-01-01"},"2025-01-01","2026-01-01","2027-01-01","2028-01-01","2029-01-01","2030-01-01","2031-01-01","2032-01-01","2033-01-01","2034-01-01","2035-01-01","2036-01-01","2037-01-01"]
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["x","Income Statement"]
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[null,"Depreciation ",null,{"$f":"SUM(Start:End!F44)","v":0},{"$f":"SUM(Start:End!G44)","v":9773400},{"$f":"SUM(Start:End!H44)","v":9773400},{"$f":"SUM(Start:End!I44)","v":9773400},{"$f":"SUM(Start:End!J44)","v":9773400},{"$f":"SUM(Start:End!K44)","v":9773400},{"$f":"SUM(Start:End!L44)","v":7253400},{"$f":"SUM(Start:End!M44)","v":8513400},{"$f":"SUM(Start:End!N44)","v":8513400},{"$f":"SUM(Start:End!O44)","v":8513400},{"$f":"SUM(Start:End!P44)","v":8513400},{"$f":"SUM(Start:End!Q44)","v":8513400},{"$f":"SUM(Start:End!R44)","v":8513400},{"$f":"SUM(Start:End!S44)","v":8513400},{"$f":"SUM(Start:End!T44)","v":8513400},{"$f":"SUM(Start:End!U44)","v":8513400}]
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[null,"Income Tax Payable",{"$f":"Inputs!E175","v":0.3},{"$f":"SUM(Start:End!F52)","v":0},{"$f":"SUM(Start:End!G52)","v":0},{"$f":"SUM(Start:End!H52)","v":0},{"$f":"SUM(Start:End!I52)","v":0},{"$f":"SUM(Start:End!J52)","v":1256484.2327189986},{"$f":"SUM(Start:End!K52)","v":2476463.4002140658},{"$f":"SUM(Start:End!L52)","v":4733627.832927567},{"$f":"SUM(Start:End!M52)","v":5602392.3348073605},{"$f":"SUM(Start:End!N52)","v":7024804.3003441505},{"$f":"SUM(Start:End!O52)","v":8647065.7119885329},{"$f":"SUM(Start:End!P52)","v":10496657.70450262},{"$f":"SUM(Start:End!Q52)","v":16452819.052967455},{"$f":"SUM(Start:End!R52)","v":18854882.678119007},{"$f":"SUM(Start:End!S52)","v":21591077.778944198},{"$f":"SUM(Start:End!T52)","v":24707006.193402506},{"$f":"SUM(Start:End!U52)","v":28254402.707314041}]
[null,"Regulator Tax",{"$f":"Inputs!E177","v":0},{"$f":"SUM(Start:End!F53)","v":0},{"$f":"SUM(Start:End!G53)","v":0},{"$f":"SUM(Start:End!H53)","v":0},{"$f":"SUM(Start:End!I53)","v":0},{"$f":"SUM(Start:End!J53)","v":0},{"$f":"SUM(Start:End!K53)","v":0},{"$f":"SUM(Start:End!L53)","v":0},{"$f":"SUM(Start:End!M53)","v":0},{"$f":"SUM(Start:End!N53)","v":0},{"$f":"SUM(Start:End!O53)","v":0},{"$f":"SUM(Start:End!P53)","v":0},{"$f":"SUM(Start:End!Q53)","v":0},{"$f":"SUM(Start:End!R53)","v":0},{"$f":"SUM(Start:End!S53)","v":0},{"$f":"SUM(Start:End!T53)","v":0},{"$f":"SUM(Start:End!U53)","v":0}]
[null,"Tertiary Education Trust Fund Contribution",{"$f":"Inputs!E178","v":0.02},{"$f":"SUM(Start:End!F54)","v":0},{"$f":"SUM(Start:End!G54)","v":0},{"$f":"SUM(Start:End!H54)","v":0},{"$f":"SUM(Start:End!I54)","v":0},{"$f":"SUM(Start:End!J54)","v":83765.615514599907},{"$f":"SUM(Start:End!K54)","v":165097.56001427106},{"$f":"SUM(Start:End!L54)","v":315575.18886183784},{"$f":"SUM(Start:End!M54)","v":373492.82232049073},{"$f":"SUM(Start:End!N54)","v":468320.28668961005},{"$f":"SUM(Start:End!O54)","v":576471.04746590229},{"$f":"SUM(Start:End!P54)","v":699777.18030017463},{"$f":"SUM(Start:End!Q54)","v":1096854.6035311639},{"$f":"SUM(Start:End!R54)","v":1256992.1785412673},{"$f":"SUM(Start:End!S54)","v":1439405.1852629464},{"$f":"SUM(Start:End!T54)","v":1647133.7462268339},{"$f":"SUM(Start:End!U54)","v":1883626.8471542695}]
[null,"Communal Tax",{"$f":"Inputs!E179","v":0},{"$f":"SUM(Start:End!F55)","v":0},{"$f":"SUM(Start:End!G55)","v":0},{"$f":"SUM(Start:End!H55)","v":0},{"$f":"SUM(Start:End!I55)","v":0},{"$f":"SUM(Start:End!J55)","v":0},{"$f":"SUM(Start:End!K55)","v":0},{"$f":"SUM(Start:End!L55)","v":0},{"$f":"SUM(Start:End!M55)","v":0},{"$f":"SUM(Start:End!N55)","v":0},{"$f":"SUM(Start:End!O55)","v":0},{"$f":"SUM(Start:End!P55)","v":0},{"$f":"SUM(Start:End!Q55)","v":0},{"$f":"SUM(Start:End!R55)","v":0},{"$f":"SUM(Start:End!S55)","v":0},{"$f":"SUM(Start:End!T55)","v":0},{"$f":"SUM(Start:End!U55)","v":0}]
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[]
[null,"Net Income ",null,{"$f":"D19-SUM(D21:D25)","v":0},{"$f":"E19-SUM(E21:E25)","v":-14068579.06113488},{"$f":"F19-SUM(F21:F25)","v":-1573967.4592360808},877165.47165076155,8421430.927496396,11186717.040485216,16302956.421302486,18272155.958896682,21496289.747446742,25173415.613840677,29365824.130205937,30039656.520059571,35484334.070403084,41686376.298940182,48749147.371712349,56789912.803245164]
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["x","Cash Flow Statement"]
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["x","Operating Cash Flow "]
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[null,"Gross Profit ",null,{"$f":"D32","v":0},{"$f":"E32","v":804820.93886511959},12572356.832604405,14172811.184944615,22062032.552124288,24964135.870935362,28605559.443091892,32761441.116024535,37502814.334480502,42910352.373295113,49075659.015008733,56102730.176558189,64109608.927063361,73230259.263147324,83616687.311341688,95441342.357713476]
[null,"Tax Paid",null,{"$f":"SUM(D21:D25)","v":0},0,0,0,1340249.8482335985,2641560.960228337,5049203.0217894046,5975885.1571278516,7493124.5870337607,9223536.7594544347,11196434.884802794,17549673.656498618,20111874.856660277,23030482.964207143,26354139.939629339,30138029.554468311]
["x","Total Operating Cash Flow ",null,{"$f":"D33-D34","v":0},{"$f":"E33-E34","v":804820.93886511959},{"$f":"F33-F34","v":12572356.832604405},14172811.184944615,20721782.703890689,22322574.910707027,23556356.421302486,{"$f":"K33-K34","v":26785555.958896682},30009689.747446742,33686815.613840677,37879224.130205937,38553056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[]
["x","Investing Cash Flow "]
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[null,"Ongoing CAPEX",null,{"$f":"-SUM(Start:End!F200)-SUM(Start:End!F206)","v":0},{"$f":"-SUM(Start:End!G200)-SUM(Start:End!G206)","v":0},{"$f":"-SUM(Start:End!H200)-SUM(Start:End!H206)","v":0},{"$f":"-SUM(Start:End!I200)-SUM(Start:End!I206)","v":0},{"$f":"-SUM(Start:End!J200)-SUM(Start:End!J206)","v":0},{"$f":"-SUM(Start:End!K200)-SUM(Start:End!K206)","v":0},{"$f":"-SUM(Start:End!L200)-SUM(Start:End!L206)","v":-6300000},{"$f":"-SUM(Start:End!M200)-SUM(Start:End!M206)","v":0},{"$f":"-SUM(Start:End!N200)-SUM(Start:End!N206)","v":0},{"$f":"-SUM(Start:End!O200)-SUM(Start:End!O206)","v":0},{"$f":"-SUM(Start:End!P200)-SUM(Start:End!P206)","v":0},{"$f":"-SUM(Start:End!Q200)-SUM(Start:End!Q206)","v":-6300000},{"$f":"-SUM(Start:End!R200)-SUM(Start:End!R206)","v":0},{"$f":"-SUM(Start:End!S200)-SUM(Start:End!S206)","v":0},{"$f":"-SUM(Start:End!T200)-SUM(Start:End!T206)","v":0},{"$f":"-SUM(Start:End!U200)-SUM(Start:End!U206)","v":0}]
[null,"Total CAPEX",null,{"$f":"SUM(D38:D39)","v":-140868000},{"$f":"SUM(E38:E39)","v":0},0,0,0,0,-6300000,0,0,0,0,-6300000,0,0,0,0]
[null,"Total Investing Cashflows",null,{"$f":"D40","v":-140868000},{"$f":"E40","v":0},0,0,0,0,-6300000,0,0,0,0,-6300000,0,0,0,0]
[]
["x","Financing Cash Flow "]
[null,"Debt",null,{"$f":"'Operating Model'!D236","v":30000000}]
[null,"Equity (NGN) ",null,{"$f":"Inputs!E208","v":110868000}]
[null,"Grant Funding",null,{"$f":"'Operating Model'!F224","v":0},{"$f":"'Operating Model'!G224","v":103526640},{"$f":"'Operating Model'!H224","v":13264350.749999991},{"$f":"'Operating Model'!I224","v":0},{"$f":"'Operating Model'!J224","v":13935858.506718762},{"$f":"'Operating Model'!K224","v":0},{"$f":"'Operating Model'!L224","v":0},{"$f":"'Operating Model'!M224","v":0},{"$f":"'Operating Model'!N224","v":0},{"$f":"'Operating Model'!O224","v":0},{"$f":"'Operating Model'!P224","v":0},{"$f":"'Operating Model'!Q224","v":0},{"$f":"'Operating Model'!R224","v":0},{"$f":"'Operating Model'!S224","v":0},{"$f":"'Operating Model'!T224","v":0},{"$f":"'Operating Model'!U224","v":0}]
[null,"Debt Principal Payments ",null,{"$f":"-'Operating Model'!F242","v":0},{"$f":"-'Operating Model'!G242","v":-4276915.9303500867},{"$f":"-'Operating Model'!H242","v":-5003991.6385096023},{"$f":"-'Operating Model'!I242","v":-5854670.2170562344},{"$f":"-'Operating Model'!J242","v":-6849964.1539557949},{"$f":"-'Operating Model'!K242","v":-8014458.06012828},{"$f":"-'Operating Model'!L242","v":0},{"$f":"-'Operating Model'!M242","v":0},{"$f":"-'Operating Model'!N242","v":0},{"$f":"-'Operating Model'!O242","v":0},{"$f":"-'Operating Model'!P242","v":0},{"$f":"-'Operating Model'!Q242","v":0},{"$f":"-'Operating Model'!R242","v":0},{"$f":"-'Operating Model'!S242","v":0},{"$f":"-'Operating Model'!T242","v":0},{"$f":"-'Operating Model'!U242","v":0}]
[null,"Debt Interest Payments",null,{"$f":"'Operating Model'!F245","v":0},{"$f":"'Operating Model'!G245","v":-5100000},{"$f":"'Operating Model'!H245","v":-4372924.2918404853},{"$f":"'Operating Model'!I245","v":-3522245.7132938532},{"$f":"'Operating Model'!J245","v":-2526951.7763942932},{"$f":"'Operating Model'!K245","v":-1362457.8702218076},{"$f":"'Operating Model'!L245","v":0},{"$f":"'Operating Model'!M245","v":0},{"$f":"'Operating Model'!N245","v":0},{"$f":"'Operating Model'!O245","v":0},{"$f":"'Operating Model'!P245","v":0},{"$f":"'Operating Model'!Q245","v":0},{"$f":"'Operating Model'!R245","v":0},{"$f":"'Operating Model'!S245","v":0},{"$f":"'Operating Model'!T245","v":0},{"$f":"'Operating Model'!U245","v":0}]
[null,"Total Financing Cash Flow ",null,{"$f":"SUM(D44:D48)","v":140868000},{"$f":"SUM(E44:E48)","v":94149724.06964992},{"$f":"SUM(F44:F48)","v":3887434.8196499031},-9376915.9303500876,4558942.5763686746,-9376915.9303500876,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Free Cash Flow / Net Change in Cash",null,{"$f":"D35+D41+D49","v":0},{"$f":"E35+E41+E49","v":94954545.008515045},{"$f":"F35+F41+F49","v":16459791.652254308},4795895.2545945272,25280725.280259363,12945658.980356939,17256356.421302486,26785555.958896682,30009689.747446742,33686815.613840677,37879224.130205937,32253056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[]
[null,"Cash Available for Distribution to Equity Financiers ",null,{"$f":"D51*Inputs!$E$212","v":0},{"$f":"E51*Inputs!$E$212","v":94954545.008515045},{"$f":"F51*Inputs!$E$212","v":16459791.652254308},{"$f":"G51*Inputs!$E$212","v":4795895.2545945272},{"$f":"H51*Inputs!$E$212","v":25280725.280259363},{"$f":"I51*Inputs!$E$212","v":12945658.980356939},{"$f":"J51*Inputs!$E$212","v":17256356.421302486},{"$f":"K51*Inputs!$E$212","v":26785555.958896682},{"$f":"L51*Inputs!$E$212","v":30009689.747446742},{"$f":"M51*Inputs!$E$212","v":33686815.613840677},{"$f":"N51*Inputs!$E$212","v":37879224.130205937},{"$f":"O51*Inputs!$E$212","v":32253056.520059571},{"$f":"P51*Inputs!$E$212","v":43997734.070403084},{"$f":"Q51*Inputs!$E$212","v":50199776.298940182},{"$f":"R51*Inputs!$E$212","v":57262547.371712349},{"$f":"S51*Inputs!$E$212","v":65303312.803245164}]
[null,"Cumulative Cash Flows ",null,{"$f":"SUM($D$53:D53)","v":0},{"$f":"SUM($D$53:E53)","v":94954545.008515045},{"$f":"SUM($D$53:F53)","v":111414336.66076936},{"$f":"SUM($D$53:G53)","v":116210231.91536388},{"$f":"SUM($D$53:H53)","v":141490957.19562325},{"$f":"SUM($D$53:I53)","v":154436616.17598018},{"$f":"SUM($D$53:J53)","v":171692972.59728268},{"$f":"SUM($D$53:K53)","v":198478528.55617934},{"$f":"SUM($D$53:L53)","v":228488218.30362609},{"$f":"SUM($D$53:M53)","v":262175033.91746676},{"$f":"SUM($D$53:N53)","v":300054258.04767269},{"$f":"SUM($D$53:O53)","v":332307314.56773227},{"$f":"SUM($D$53:P53)","v":376305048.63813537},{"$f":"SUM($D$53:Q53)","v":426504824.93707556},{"$f":"SUM($D$53:R53)","v":483767372.30878788},{"$f":"SUM($D$53:S53)","v":549070685.11203301}]
[]
["x","Balance Sheet "]
[]
[null,"Non-current Assets",null,{"$f":"D76","v":140868000},{"$f":"E76","v":131094600},{"$f":"F76","v":121321200},111547800,101774400,92001000,91047600,82534200,74020800,65507400,56994000,54780600,46267200,37753800,29240400,20727000]
[null,"Total asset ",null,{"$f":"D58","v":140868000},{"$f":"E58","v":131094600},121321200,111547800,101774400,92001000,91047600,82534200,74020800,65507400,56994000,54780600,46267200,37753800,29240400,20727000]
[]
[null,"Debt ",null,{"$f":"-'Operating Model'!F243","v":30000000},{"$f":"-'Operating Model'!G243","v":25723084.069649912},{"$f":"-'Operating Model'!H243","v":20719092.431140311},{"$f":"-'Operating Model'!I243","v":14864422.214084078},{"$f":"-'Operating Model'!J243","v":8014458.0601282828},{"$f":"-'Operating Model'!K243","v":0},{"$f":"-'Operating Model'!L243","v":0},{"$f":"-'Operating Model'!M243","v":0},{"$f":"-'Operating Model'!N243","v":0},{"$f":"-'Operating Model'!O243","v":0},{"$f":"-'Operating Model'!P243","v":0},{"$f":"-'Operating Model'!Q243","v":0},{"$f":"-'Operating Model'!R243","v":0},{"$f":"-'Operating Model'!S243","v":0},{"$f":"-'Operating Model'!T243","v":0},{"$f":"-'Operating Model'!U243","v":0}]
[null,"Total Liabilities ",null,{"$f":"D61","v":30000000},{"$f":"E61","v":25723084.069649912},20719092.431140311,14864422.214084078,8014458.0601282828,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Net Assets ",null,{"$f":"D59-D62","v":110868000},{"$f":"E59-E62","v":105371515.9303501},100602107.5688597,96683377.785915926,93759941.939871714,92001000,91047600,82534200,74020800,65507400,56994000,54780600,46267200,37753800,29240400,20727000]
[]
[null,"Grants ",null,{"$f":"SUM($D$46:D$46)","v":0},{"$f":"SUM($D$46:E$46)","v":103526640},{"$f":"SUM($D$46:F$46)","v":116790990.74999999},{"$f":"SUM($D$46:G$46)","v":116790990.74999999},{"$f":"SUM($D$46:H$46)","v":130726849.25671875},{"$f":"SUM($D$46:I$46)","v":130726849.25671875},{"$f":"SUM($D$46:J$46)","v":130726849.25671875},{"$f":"SUM($D$46:K$46)","v":130726849.25671875},{"$f":"SUM($D$46:L$46)","v":130726849.25671875},{"$f":"SUM($D$46:M$46)","v":130726849.25671875},{"$f":"SUM($D$46:N$46)","v":130726849.25671875},{"$f":"SUM($D$46:O$46)","v":130726849.25671875},{"$f":"SUM($D$46:P$46)","v":130726849.25671875},{"$f":"SUM($D$46:Q$46)","v":130726849.25671875},{"$f":"SUM($D$46:R$46)","v":130726849.25671875},{"$f":"SUM($D$46:S$46)","v":130726849.25671875}]
[null,"Retained Earnings",null,{"$f":"SUM(D45:D45)","v":110868000},{"$f":"D67+E27","v":96799420.938865125},95225453.47962904,96102618.951279804,104524049.87877619,115710766.91926141,132013723.34056389,150285879.29946059,171782169.04690734,196955584.660748,226321408.79095393,256361065.31101352,291845399.38141662,333531775.6803568,382280923.05206913,439070835.85531431]
[null,"Cumulative Distributions ",null,{"$f":"-D53","v":0},{"$f":"-SUM($D$53:E$53)","v":-94954545.008515045},{"$f":"-SUM($D$53:F$53)","v":-111414336.66076936},{"$f":"-SUM($D$53:G$53)","v":-116210231.91536388},{"$f":"-SUM($D$53:H$53)","v":-141490957.19562325},{"$f":"-SUM($D$53:I$53)","v":-154436616.17598018},{"$f":"-SUM($D$53:J$53)","v":-171692972.59728268},{"$f":"-SUM($D$53:K$53)","v":-198478528.55617934},{"$f":"-SUM($D$53:L$53)","v":-228488218.30362609},{"$f":"-SUM($D$53:M$53)","v":-262175033.91746676},{"$f":"-SUM($D$53:N$53)","v":-300054258.04767269},{"$f":"-SUM($D$53:O$53)","v":-332307314.56773227},{"$f":"-SUM($D$53:P$53)","v":-376305048.63813537},{"$f":"-SUM($D$53:Q$53)","v":-426504824.93707556},{"$f":"-SUM($D$53:R$53)","v":-483767372.30878788},{"$f":"-SUM($D$53:S$53)","v":-549070685.11203301}]
[null,"Equity",null,{"$f":"SUM(D66:D68)","v":110868000},{"$f":"SUM(E66:E68)","v":105371515.93035008},100602107.56885968,96683377.785915911,93759941.939871699,92000999.99999997,91047599.99999997,82534200,74020799.99999997,65507400,56994000,54780600,46267200,37753800,29240400,20727000.000000119]
[null,"Check",{"$f":"IF(SUM(D70:S70)<>0,1,0)","v":0},{"$f":"IF(ROUND(D64-D69,0) =0,\"ok\",D64-D69)","v":"ok"},{"$f":"IF(ROUND(E64-E69,0) =0,\"ok\",E64-E69)","v":"ok"},"ok","ok","ok","ok","ok","ok","ok","ok","ok","ok","ok","ok","ok","ok"]
[]
[null,"Non-current Assets"]
[null,"Beginning Balance",null,null,{"$f":"D76","v":140868000},{"$f":"E76","v":131094600},121321200,111547800,101774400,92001000,91047600,82534200,74020800,65507400,56994000,54780600,46267200,37753800,29240400]
[null,"CAPEX",null,{"$f":"-D40","v":140868000},0,0,0,0,0,6300000,0,0,0,0,6300000,0,0,0,0]
[null,"Depreciation",null,null,{"$f":"-E13","v":-9773400},-9773400,-9773400,-9773400,-9773400,-7253400,-8513400,-8513400,-8513400,-8513400,-8513400,-8513400,-8513400,-8513400,-8513400]
[null,"Closing Balance",null,{"$f":"SUM(D73:D75)","v":140868000},{"$f":"SUM(E73:E75)","v":131094600},{"$f":"SUM(F73:F75)","v":121321200},111547800,101774400,92001000,91047600,82534200,74020800,65507400,56994000,54780600,46267200,37753800,29240400,20727000]
[]
["x","Performance and Returns Analysis"]
[]
[null,"Project IRR Cash Flows (NGN)",null,{"$f":"-CapEx","v":-140868000},{"$f":"E35+E41+E46","v":104331460.93886513},{"$f":"F35+F41+F46","v":25836707.582604393},14172811.184944615,34657641.210609451,22322574.910707027,17256356.421302486,26785555.958896682,30009689.747446742,33686815.613840677,37879224.130205937,32253056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[null,"Equity IRR Cash Flows (NGN)",{"$f":"Inputs!E212","v":1},{"$f":"-D45","v":-110868000},{"$f":"(E53)*$C$81","v":94954545.008515045},{"$f":"(F53)*$C$81","v":16459791.652254308},4795895.2545945272,25280725.280259363,12945658.980356939,17256356.421302486,26785555.958896682,30009689.747446742,33686815.613840677,37879224.130205937,32253056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[null,"Project IRR Cash Flows (USD)",null,{"$f":"D80/'Operating Model'!F7","v":-223600},{"$f":"E80/'Operating Model'!G7","v":161566.33517439431},{"$f":"F80/'Operating Model'!H7","v":39034.52417038897},{"$f":"G80/'Operating Model'!I7","v":20890.26050383555},{"$f":"H80/'Operating Model'!J7","v":49838.273653952689},{"$f":"I80/'Operating Model'!K7","v":31317.307214782602},{"$f":"J80/'Operating Model'!L7","v":23619.209619026289},{"$f":"K80/'Operating Model'!M7","v":35767.868302541741},{"$f":"L80/'Operating Model'!N7","v":39095.79357362177},{"$f":"M80/'Operating Model'!O7","v":42815.855047112134},{"$f":"N80/'Operating Model'!P7","v":46970.141824011866},{"$f":"O80/'Operating Model'!Q7","v":39018.251961657115},{"$f":"P80/'Operating Model'!R7","v":51928.212851915378},{"$f":"Q80/'Operating Model'!S7","v":57803.080286542732},{"$f":"R80/'Operating Model'!T7","v":64327.400116593461},{"$f":"S80/'Operating Model'!U7","v":71570.933711306599}]
[null,"Equity IRR Cash Flows (USD)",null,{"$f":"D81/'Operating Model'!F7","v":-175980.95238095237},{"$f":"E81/'Operating Model'!G7","v":147045.36586684483},{"$f":"F81/'Operating Model'!H7","v":24867.724845950441},{"$f":"G81/'Operating Model'!I7","v":7068.9928702369789},{"$f":"H81/'Operating Model'!J7","v":36354.110108978472},{"$f":"I81/'Operating Model'!K7","v":18162.025707490684},{"$f":"J81/'Operating Model'!L7","v":23619.209619026289},{"$f":"K81/'Operating Model'!M7","v":35767.868302541741},{"$f":"L81/'Operating Model'!N7","v":39095.79357362177},{"$f":"M81/'Operating Model'!O7","v":42815.855047112134},{"$f":"N81/'Operating Model'!P7","v":46970.141824011866},{"$f":"O81/'Operating Model'!Q7","v":39018.251961657115},{"$f":"P81/'Operating Model'!R7","v":51928.212851915378},{"$f":"Q81/'Operating Model'!S7","v":57803.080286542732},{"$f":"R81/'Operating Model'!T7","v":64327.400116593461},{"$f":"S81/'Operating Model'!U7","v":71570.933711306599}]
[]
[null,"Project IRR (NGN)",null,{"$f":"IRR(D80:S80)","v":0.31447320675627588}]
[null,"Equity IRR  (NGN)",null,{"$f":"IRR(D81:S81)","v":0.34529270038377669}]
[null,"Project IRR (USD)",null,{"$f":"IRR(D82:S82)","v":0.28241288464016301}]
[null,"Equity IRR  (USD)",null,{"$f":"IRR(D83:S83)","v":0.31248068330124568}]
[]
[null,"Equity Payback Analysis "]
[null,"Equity Investment (beginning of year)",null,{"$f":"D81","v":-110868000},{"$f":"IF(D93<0,D93,0)","v":-110868000},{"$f":"IF(E93<0,E93,0)","v":-15913454.991484955},0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Cash Distributions to Equity",null,{"$f":"IF(D5>0,D81,0)","v":0},{"$f":"IF(E5>0,E81,0)","v":94954545.008515045},{"$f":"IF(F5>0,F81,0)","v":16459791.652254308},4795895.2545945272,25280725.280259363,12945658.980356939,17256356.421302486,26785555.958896682,30009689.747446742,33686815.613840677,37879224.130205937,32253056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[null,"Equity Investment (end of year)",null,{"$f":"SUM(D91:D92)","v":-110868000},{"$f":"SUM(E91:E92)","v":-15913454.991484955},{"$f":"SUM(F91:F92)","v":546336.66076935269},4795895.2545945272,25280725.280259363,12945658.980356939,17256356.421302486,26785555.958896682,30009689.747446742,33686815.613840677,37879224.130205937,32253056.520059571,43997734.070403084,50199776.298940182,57262547.371712349,65303312.803245164]
[null,"Payback Years",null,{"$f":"IF(D93<=0,1,0)","v":1},{"$f":"IF(E93<=0,1,0)","v":1},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Payback (years)",null,{"$f":"SUM(D94:S94)","v":2}]
[]
[null,"Operating Profit Margin ",{"$f":"AVERAGE(E97:S97)","v":0.24572994511478877},{"$f":"IFERROR(D15/D8,\"\")","v":""},{"$f":"IFERROR(E15/E8,\"\")","v":-0.25617452708123156},{"$f":"IFERROR(F15/F8,\"\")","v":6.7136888585716509E-2},9.4019890701967507E-2,0.20793764867781275,0.2285534107982721,0.28417047408457596,0.28548253825536946,0.30195684142378043,0.31700351131055565,0.33078088085292517,0.34342892055861485,0.35507139940289656,0.36581778893092631,0.37576494137307204,0.38499856884657763]
[null,"Debt Service Coverage Ratio (DSCR)",null,{"$f":"'Operating Model'!F247","v":""},{"$f":"'Operating Model'!G247","v":11.126415306889704},{"$f":"'Operating Model'!H247","v":2.7553523753987395},{"$f":"'Operating Model'!I247","v":1.5114576359879417},{"$f":"'Operating Model'!J247","v":3.6960597138803086},{"$f":"'Operating Model'!K247","v":2.3805881460935323},{"$f":"'Operating Model'!L247","v":""},{"$f":"'Operating Model'!M247","v":""},{"$f":"'Operating Model'!N247","v":""},{"$f":"'Operating Model'!O247","v":""},{"$f":"'Operating Model'!P247","v":""},{"$f":"'Operating Model'!Q247","v":""},{"$f":"'Operating Model'!R247","v":""},{"$f":"'Operating Model'!S247","v":""},{"$f":"'Operating Model'!T247","v":""},{"$f":"'Operating Model'!U247","v":""}]

{"sheet":"FS (USD)","index":6,"n_rows":109,"n_cols":19,"rows_kept":109,"cut":false,"hidden":true,"merged":[]}
["Mini-grid Model Financial Statements (NGN)"]
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[null,"Operations flag ",null,null,null,{"$f":"AND(F$4>=Inputs!$E$13,'Operating Model'!F$5<=Inputs!$E$16)*1","v":0},{"$f":"AND(G$4>=Inputs!$E$13,'Operating Model'!G$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(H$4>=Inputs!$E$13,'Operating Model'!H$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(I$4>=Inputs!$E$13,'Operating Model'!I$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(J$4>=Inputs!$E$13,'Operating Model'!J$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(K$4>=Inputs!$E$13,'Operating Model'!K$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(L$4>=Inputs!$E$13,'Operating Model'!L$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(M$4>=Inputs!$E$13,'Operating Model'!M$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(N$4>=Inputs!$E$13,'Operating Model'!N$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(O$4>=Inputs!$E$13,'Operating Model'!O$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(P$4>=Inputs!$E$13,'Operating Model'!P$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(Q$4>=Inputs!$E$13,'Operating Model'!Q$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(R$4>=Inputs!$E$13,'Operating Model'!R$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(S$4>=Inputs!$E$13,'Operating Model'!S$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(T$4>=Inputs!$E$13,'Operating Model'!T$5<=Inputs!$E$16)*1","v":1},{"$f":"AND(U$4>=Inputs!$E$13,'Operating Model'!U$5<=Inputs!$E$16)*1","v":1}]
[null,"Operations period count ",null,null,null,{"$f":"SUM($F$11:F11)","v":0},{"$f":"SUM($F$11:G11)","v":1},{"$f":"SUM($F$11:H11)","v":2},{"$f":"SUM($F$11:I11)","v":3},{"$f":"SUM($F$11:J11)","v":4},{"$f":"SUM($F$11:K11)","v":5},{"$f":"SUM($F$11:L11)","v":6},{"$f":"SUM($F$11:M11)","v":7},{"$f":"SUM($F$11:N11)","v":8},{"$f":"SUM($F$11:O11)","v":9},{"$f":"SUM($F$11:P11)","v":10},{"$f":"SUM($F$11:Q11)","v":11},{"$f":"SUM($F$11:R11)","v":12},{"$f":"SUM($F$11:S11)","v":13},{"$f":"SUM($F$11:T11)","v":14},{"$f":"SUM($F$11:U11)","v":15}]
[]
["x","Income Statement"]
[]
[null,"Revenue"]
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[null,"Connection Revenue","NGN",null,null,{"$f":"F93","v":0},{"$f":"G93","v":2672000},333999.99999999977,0,334000.00000000035,0,0,0,0,0,0,0,0,0,0,0]
[null,"Fixed Charges","NGN",null,null,{"$f":"F94","v":0},{"$f":"G94","v":897792.00000000012},1131217.9200000002,1266964.0704000003,1576666.3987200006,1765866.366566401,1977770.3305543691,2215102.7702208939,2480915.1026474009,2778624.9149650894,3112059.9047609009,3485507.0933322092,3903767.9445320745,4372220.0978759238,4896886.5096210353,5484512.8907755604]
[null,"Total revenue","NGN",null,null,{"$f":"SUM(F17:F19)","v":0},{"$f":"SUM(G17:G19)","v":37635367.577600002},{"$f":"SUM(H17:H19)","v":44817069.400053769},{"$f":"SUM(I17:I19)","v":50301771.130611315},63530005.641268782,71449561.851732254,80773949.071472675,91307315.533285871,103205545.07930504,116644524.37268946,131822698.84734416,148963954.04494929,168320863.62657788,190178350.56955007,214857813.94261277,242721780.2770091]
[null,"Total revenue net VAT","NGN",null,null,{"$f":"F20/(1+Inputs!$E$176)","v":0},{"$f":"G20/(1+Inputs!$E$176)","v":35009644.258232564},{"$f":"H20/(1+Inputs!$E$176)","v":41690297.116329089},{"$f":"I20/(1+Inputs!$E$176)","v":46792345.237777971},{"$f":"J20/(1+Inputs!$E$176)","v":59097679.666296542},{"$f":"K20/(1+Inputs!$E$176)","v":66464708.69928582},{"$f":"L20/(1+Inputs!$E$176)","v":75138557.275788531},{"$f":"M20/(1+Inputs!$E$176)","v":84937037.705382213},{"$f":"N20/(1+Inputs!$E$176)","v":96005158.213307023},{"$f":"O20/(1+Inputs!$E$176)","v":108506534.30017625},{"$f":"P20/(1+Inputs!$E$176)","v":122625766.36962248},{"$f":"Q20/(1+Inputs!$E$176)","v":138571120.04181331},{"$f":"R20/(1+Inputs!$E$176)","v":156577547.55960733},{"$f":"S20/(1+Inputs!$E$176)","v":176910093.55306983},{"$f":"T20/(1+Inputs!$E$176)","v":199867733.90010491},{"$f":"U20/(1+Inputs!$E$176)","v":225787702.58326429}]
[]
[null,"Operating costs"]
[null,"Site Operational Costs (total)"]
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[null,"Diesel Fuel","NGN",null,null,{"$f":"F99*F100","v":0},627200.00000000012,702464.00000000012,786759.68000000017,881170.84160000028,986911.3425920005,1105340.7037030405,1237981.5881474055,1386539.3787250943,1552924.1041721059,1739274.9966727588,1947987.9962734899,2181746.5558263091,2443556.1425254666,2736782.8796285228,3065196.8251839457]
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[null,"Collection Fees","NGN",null,null,{"$f":"F21*Inputs!$E$133*F11","v":0},{"$f":"G21*Inputs!$E$133*G11","v":2625723.3193674423},{"$f":"H21*Inputs!$E$133*H11","v":3126772.2837246815},{"$f":"I21*Inputs!$E$133*I11","v":3509425.8928333479},{"$f":"J21*Inputs!$E$133*J11","v":4432325.9749722406},{"$f":"K21*Inputs!$E$133*K11","v":4984853.1524464367},{"$f":"L21*Inputs!$E$133*L11","v":5635391.7956841392},{"$f":"M21*Inputs!$E$133*M11","v":6370277.8279036656},{"$f":"N21*Inputs!$E$133*N11","v":7200386.8659980269},{"$f":"O21*Inputs!$E$133*O11","v":8137990.072513218},{"$f":"P21*Inputs!$E$133*P11","v":9196932.4777216855},{"$f":"Q21*Inputs!$E$133*Q11","v":10392834.003135998},{"$f":"R21*Inputs!$E$133*R11","v":11743316.06697055},{"$f":"S21*Inputs!$E$133*S11","v":13268257.016480237},{"$f":"T21*Inputs!$E$133*T11","v":14990080.042507868},{"$f":"U21*Inputs!$E$133*U11","v":16934077.69374482}]
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[null,"Total","NGN",null,null,{"$f":"SUM(F25:F29)","v":0},{"$f":"SUM(G25:G29)","v":17976023.319367442},{"$f":"SUM(H25:H29)","v":10941684.283724682},12262127.33283335,14235351.587772245,15964241.838782441,17932307.124380466,20142822.996043555,22625637.454314701,25414270.7314279,28546366.815706126,32064200.461678572,36015246.500538237,40452819.102076054,45436789.578375183,51034392.373916209]
[]
[null,"Overhead Costs "]
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[null,"Accounting","NGN",null,null,{"$f":"F6*F11*Inputs!$F$122","v":0},{"$f":"G6*G11*Inputs!$F$122","v":705600.00000000012},{"$f":"H6*H11*Inputs!$F$122","v":790272.00000000012},{"$f":"I6*I11*Inputs!$F$122","v":885104.64000000025},{"$f":"J6*J11*Inputs!$F$122","v":991317.19680000038},{"$f":"K6*K11*Inputs!$F$122","v":1110275.2604160004},{"$f":"L6*L11*Inputs!$F$122","v":1243508.2916659208},{"$f":"M6*M11*Inputs!$F$122","v":1392729.2866658312},{"$f":"N6*N11*Inputs!$F$122","v":1559856.8010657311},{"$f":"O6*O11*Inputs!$F$122","v":1747039.6171936193},{"$f":"P6*P11*Inputs!$F$122","v":1956684.3712568537},{"$f":"Q6*Q11*Inputs!$F$122","v":2191486.4958076761},{"$f":"R6*R11*Inputs!$F$122","v":2454464.8753045979},{"$f":"S6*S11*Inputs!$F$122","v":2749000.6603411497},{"$f":"T6*T11*Inputs!$F$122","v":3078880.7395820878},{"$f":"U6*U11*Inputs!$F$122","v":3448346.4283319386}]
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[null,"Technical and performance adjustment","%",{"$f":"Inputs!$E$116","v":0.92149999999999999}]
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[null,"Regular Tariff","NGN",null,null,{"$f":"Inputs!E107","v":280},{"$f":"$F$87*G6","v":313.60000000000002},{"$f":"$F$87*H6","v":351.23200000000003},393.37984000000012,440.58542080000018,493.45567129600022,552.67035185152031,618.99079407370277,693.26968936254718,776.46205208605295,869.63749833637939,973.99399813674506,1090.8732779131547,1221.7780712627332,1368.3914398142613,1532.5984125919726]
[null,"Fixed Charge","NGN",null,null,{"$f":"Inputs!E109","v":3000},{"$f":"$F$88*G6","v":3360.0000000000005},3763.2000000000007,4214.7840000000015,4720.5580800000016,5287.0250496000026,5921.4680555520035,6632.0442222182446,7427.8895288844342,8319.2362723505667,9317.5446250326368,10435.649980036555,11687.927977640942,13090.479334957856,14661.3368551528,16420.697277771138]
[null,"Connection Fee","NGN",null,null,{"$f":"Inputs!E106","v":10000}]
[]
[null,"Anchor Tariff Revenue","NGN",null,null,{"$f":"F80*F86*$D$85","v":0},{"$f":"G80*G86*$D$85","v":13910787.072000001},17702867.627827205,20023520.770326532,25162454.859094437,28455560.60181864,32176672.372825697,36381090.896208256,41131225.783033945,46497505.333792396,52559402.325457186,59406590.518314935,67140248.483971938,75874529.457922891,85738218.287452877,96876599.211875945]
[null,"Regular Tariff Revenue","NGN",null,null,{"$f":"F$87*$D$85*SUM(F76+F77+F78+F79)","v":0},{"$f":"G$87*$D$85*SUM(G76+G77+G78+G79)","v":20154788.505600002},25648983.852226563,29011286.289884787,36456884.383454345,41228134.883347206,46619506.368092611,52711121.866856731,59593404.193623699,67368394.123931974,76151236.617126077,86071856.433302149,97276847.198073879,109931601.01375125,124222709.14553887,140360668.17435759]
[null,"Connection fee","NGN",null,null,{"$f":"F71*$F$89","v":0},{"$f":"G71*$F$89","v":2672000},333999.99999999977,0,334000.00000000035,0,0,0,0,0,0,0,0,0,0,0]
[null,"Fixed charges","NGN",null,null,{"$f":"F88*F69","v":0},{"$f":"G88*G69","v":897792.00000000012},1131217.9200000002,1266964.0704000003,1576666.3987200006,1765866.366566401,1977770.3305543691,2215102.7702208939,2480915.1026474009,2778624.9149650894,3112059.9047609009,3485507.0933322092,3903767.9445320745,4372220.0978759238,4896886.5096210353,5484512.8907755604]
[null,"Total revenue","NGN",null,null,{"$f":"SUM(F91:F94)","v":0},{"$f":"SUM(G91:G94)","v":37635367.577600002},{"$f":"SUM(H91:H94)","v":44817069.400053769},50301771.130611315,63530005.641268782,71449561.851732254,80773949.071472675,91307315.533285871,103205545.07930504,116644524.37268946,131822698.84734416,148963954.04494929,168320863.62657788,190178350.56955007,214857813.94261277,242721780.2770091]
[]
["x","Operating Costs"]
[]
[null,"Diesel consumption","L/year",null,null,{"$f":"Inputs!$E$135*F11","v":0},{"$f":"Inputs!$E$135*G11","v":800},{"$f":"Inputs!$E$135*H11","v":800},{"$f":"Inputs!$E$135*I11","v":800},{"$f":"Inputs!$E$135*J11","v":800},{"$f":"Inputs!$E$135*K11","v":800},{"$f":"Inputs!$E$135*L11","v":800},{"$f":"Inputs!$E$135*M11","v":800},{"$f":"Inputs!$E$135*N11","v":800},{"$f":"Inputs!$E$135*O11","v":800},{"$f":"Inputs!$E$135*P11","v":800},{"$f":"Inputs!$E$135*Q11","v":800},{"$f":"Inputs!$E$135*R11","v":800},{"$f":"Inputs!$E$135*S11","v":800},{"$f":"Inputs!$E$135*T11","v":800},{"$f":"Inputs!$E$135*U11","v":800}]
[null,"Diesel cost / L","NGN/L",null,null,{"$f":"Inputs!$E$136*F6","v":700},{"$f":"Inputs!$E$136*G6","v":784.00000000000011},{"$f":"Inputs!$E$136*H6","v":878.08000000000015},{"$f":"Inputs!$E$136*I6","v":983.44960000000026},{"$f":"Inputs!$E$136*J6","v":1101.4635520000004},{"$f":"Inputs!$E$136*K6","v":1233.6391782400005},{"$f":"Inputs!$E$136*L6","v":1381.6758796288007},{"$f":"Inputs!$E$136*M6","v":1547.476985184257},{"$f":"Inputs!$E$136*N6","v":1733.1742234063679},{"$f":"Inputs!$E$136*O6","v":1941.1551302151324},{"$f":"Inputs!$E$136*P6","v":2174.0937458409485},{"$f":"Inputs!$E$136*Q6","v":2434.9849953418625},{"$f":"Inputs!$E$136*R6","v":2727.1831947828864},{"$f":"Inputs!$E$136*S6","v":3054.4451781568332},{"$f":"Inputs!$E$136*T6","v":3420.9785995356533},{"$f":"Inputs!$E$136*U6","v":3831.4960314799318}]
[]
["x","Book Depreciation"]
[]
[null,"Depreciation of assets"]
[null,"Initial CAPEX to be depreciated",null,"% to Depreciate"]
[null,"Solar PV","NGN",{"$f":"Inputs!E170","v":1},null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$48,0)","v":25200000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$48,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$48,0)","v":0}]
[null,"Battery","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$49,0)","v":12600000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$49,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$49,0)","v":0}]
[null,"Inverters","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$50,0)","v":25200000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$50,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$50,0)","v":0}]
[null,"Diesel Genset","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$51,0)","v":15750000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$51,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$51,0)","v":0}]
[null,"CCMPPT","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$52,0)","v":9450000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$52,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$52,0)","v":0}]
[null,"Distribution box","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$53,0)","v":945000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$53,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$53,0)","v":0}]
[null,"Balance of systems","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$54,0)","v":1323000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$54,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$54,0)","v":0}]
[null,"Distribution CAPEX","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$55,0)","v":15750000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$55,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$55,0)","v":0}]
[null,"General cost CAPEX","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$56,0)","v":15750000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$56,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$56,0)","v":0}]
[null,"Customer connection cost","NGN",null,null,{"$f":"IF(F$9=1,$D$106*Inputs!$E$57,0)","v":18900000},{"$f":"IF(G$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(H$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(I$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(J$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(K$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(L$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(M$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(N$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(O$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(P$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(Q$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(R$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(S$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(T$9=1,$D$106*Inputs!$E$57,0)","v":0},{"$f":"IF(U$9=1,$D$106*Inputs!$E$57,0)","v":0}]
[null,"Total","NGN",null,null,{"$f":"SUM(F106:F115)","v":140868000},{"$f":"SUM(G106:G115)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Depreciation on initial CAPEX",null,"% of SL Deprec"]
[null,"Solar PV","NGN",{"$f":"Inputs!G142","v":0.05},null,{"$f":"IF(SUM($E119:E119)<SUM($E106:E106),SUM($E106:E106)*$D119,0)*F$11","v":0},{"$f":"IF(SUM($E119:F119)<SUM($E106:F106),SUM($E106:F106)*$D119,0)*G$11","v":1260000},{"$f":"IF(SUM($E119:G119)<SUM($E106:G106),SUM($E106:G106)*$D119,0)*H$11","v":1260000},{"$f":"IF(SUM($E119:H119)<SUM($E106:H106),SUM($E106:H106)*$D119,0)*I$11","v":1260000},{"$f":"IF(SUM($E119:I119)<SUM($E106:I106),SUM($E106:I106)*$D119,0)*J$11","v":1260000},{"$f":"IF(SUM($E119:J119)<SUM($E106:J106),SUM($E106:J106)*$D119,0)*K$11","v":1260000},{"$f":"IF(SUM($E119:K119)<SUM($E106:K106),SUM($E106:K106)*$D119,0)*L$11","v":1260000},{"$f":"IF(SUM($E119:L119)<SUM($E106:L106),SUM($E106:L106)*$D119,0)*M$11","v":1260000},{"$f":"IF(SUM($E119:M119)<SUM($E106:M106),SUM($E106:M106)*$D119,0)*N$11","v":1260000},{"$f":"IF(SUM($E119:N119)<SUM($E106:N106),SUM($E106:N106)*$D119,0)*O$11","v":1260000},{"$f":"IF(SUM($E119:O119)<SUM($E106:O106),SUM($E106:O106)*$D119,0)*P$11","v":1260000},{"$f":"IF(SUM($E119:P119)<SUM($E106:P106),SUM($E106:P106)*$D119,0)*Q$11","v":1260000},{"$f":"IF(SUM($E119:Q119)<SUM($E106:Q106),SUM($E106:Q106)*$D119,0)*R$11","v":1260000},{"$f":"IF(SUM($E119:R119)<SUM($E106:R106),SUM($E106:R106)*$D119,0)*S$11","v":1260000},{"$f":"IF(SUM($E119:S119)<SUM($E106:S106),SUM($E106:S106)*$D119,0)*T$11","v":1260000},{"$f":"IF(SUM($E119:T119)<SUM($E106:T106),SUM($E106:T106)*$D119,0)*U$11","v":1260000}]
[null,"Battery","NGN",{"$f":"Inputs!G143","v":0.2},null,{"$f":"IF(SUM($E120:E120)<SUM($E107:E107),SUM($E107:E107)*$D120,0)*F$11","v":0},{"$f":"IF(SUM($E120:F120)<SUM($E107:F107),SUM($E107:F107)*$D120,0)*G$11","v":2520000},{"$f":"IF(SUM($E120:G120)<SUM($E107:G107),SUM($E107:G107)*$D120,0)*H$11","v":2520000},{"$f":"IF(SUM($E120:H120)<SUM($E107:H107),SUM($E107:H107)*$D120,0)*I$11","v":2520000},{"$f":"IF(SUM($E120:I120)<SUM($E107:I107),SUM($E107:I107)*$D120,0)*J$11","v":2520000},{"$f":"IF(SUM($E120:J120)<SUM($E107:J107),SUM($E107:J107)*$D120,0)*K$11","v":2520000},{"$f":"IF(SUM($E120:K120)<SUM($E107:K107),SUM($E107:K107)*$D120,0)*L$11","v":0},{"$f":"IF(SUM($E120:L120)<SUM($E107:L107),SUM($E107:L107)*$D120,0)*M$11","v":0},{"$f":"IF(SUM($E120:M120)<SUM($E107:M107),SUM($E107:M107)*$D120,0)*N$11","v":0},{"$f":"IF(SUM($E120:N120)<SUM($E107:N107),SUM($E107:N107)*$D120,0)*O$11","v":0},{"$f":"IF(SUM($E120:O120)<SUM($E107:O107),SUM($E107:O107)*$D120,0)*P$11","v":0},{"$f":"IF(SUM($E120:P120)<SUM($E107:P107),SUM($E107:P107)*$D120,0)*Q$11","v":0},{"$f":"IF(SUM($E120:Q120)<SUM($E107:Q107),SUM($E107:Q107)*$D120,0)*R$11","v":0},{"$f":"IF(SUM($E120:R120)<SUM($E107:R107),SUM($E107:R107)*$D120,0)*S$11","v":0},{"$f":"IF(SUM($E120:S120)<SUM($E107:S107),SUM($E107:S107)*$D120,0)*T$11","v":0},{"$f":"IF(SUM($E120:T120)<SUM($E107:T107),SUM($E107:T107)*$D120,0)*U$11","v":0}]
[null,"Inverters","NGN",{"$f":"Inputs!G144","v":0.05},null,{"$f":"IF(SUM($E121:E121)<SUM($E108:E108),SUM($E108:E108)*$D121,0)*F$11","v":0},{"$f":"IF(SUM($E121:F121)<SUM($E108:F108),SUM($E108:F108)*$D121,0)*G$11","v":1260000},{"$f":"IF(SUM($E121:G121)<SUM($E108:G108),SUM($E108:G108)*$D121,0)*H$11","v":1260000},{"$f":"IF(SUM($E121:H121)<SUM($E108:H108),SUM($E108:H108)*$D121,0)*I$11","v":1260000},{"$f":"IF(SUM($E121:I121)<SUM($E108:I108),SUM($E108:I108)*$D121,0)*J$11","v":1260000},{"$f":"IF(SUM($E121:J121)<SUM($E108:J108),SUM($E108:J108)*$D121,0)*K$11","v":1260000},{"$f":"IF(SUM($E121:K121)<SUM($E108:K108),SUM($E108:K108)*$D121,0)*L$11","v":1260000},{"$f":"IF(SUM($E121:L121)<SUM($E108:L108),SUM($E108:L108)*$D121,0)*M$11","v":1260000},{"$f":"IF(SUM($E121:M121)<SUM($E108:M108),SUM($E108:M108)*$D121,0)*N$11","v":1260000},{"$f":"IF(SUM($E121:N121)<SUM($E108:N108),SUM($E108:N108)*$D121,0)*O$11","v":1260000},{"$f":"IF(SUM($E121:O121)<SUM($E108:O108),SUM($E108:O108)*$D121,0)*P$11","v":1260000},{"$f":"IF(SUM($E121:P121)<SUM($E108:P108),SUM($E108:P108)*$D121,0)*Q$11","v":1260000},{"$f":"IF(SUM($E121:Q121)<SUM($E108:Q108),SUM($E108:Q108)*$D121,0)*R$11","v":1260000},{"$f":"IF(SUM($E121:R121)<SUM($E108:R108),SUM($E108:R108)*$D121,0)*S$11","v":1260000},{"$f":"IF(SUM($E121:S121)<SUM($E108:S108),SUM($E108:S108)*$D121,0)*T$11","v":1260000},{"$f":"IF(SUM($E121:T121)<SUM($E108:T108),SUM($E108:T108)*$D121,0)*U$11","v":1260000}]
[null,"Diesel Genset","NGN",{"$f":"Inputs!G145","v":0.05},null,{"$f":"IF(SUM($E122:E122)<SUM($E109:E109),SUM($E109:E109)*$D122,0)*F$11","v":0},{"$f":"IF(SUM($E122:F122)<SUM($E109:F109),SUM($E109:F109)*$D122,0)*G$11","v":787500},{"$f":"IF(SUM($E122:G122)<SUM($E109:G109),SUM($E109:G109)*$D122,0)*H$11","v":787500},{"$f":"IF(SUM($E122:H122)<SUM($E109:H109),SUM($E109:H109)*$D122,0)*I$11","v":787500},{"$f":"IF(SUM($E122:I122)<SUM($E109:I109),SUM($E109:I109)*$D122,0)*J$11","v":787500},{"$f":"IF(SUM($E122:J122)<SUM($E109:J109),SUM($E109:J109)*$D122,0)*K$11","v":787500},{"$f":"IF(SUM($E122:K122)<SUM($E109:K109),SUM($E109:K109)*$D122,0)*L$11","v":787500},{"$f":"IF(SUM($E122:L122)<SUM($E109:L109),SUM($E109:L109)*$D122,0)*M$11","v":787500},{"$f":"IF(SUM($E122:M122)<SUM($E109:M109),SUM($E109:M109)*$D122,0)*N$11","v":787500},{"$f":"IF(SUM($E122:N122)<SUM($E109:N109),SUM($E109:N109)*$D122,0)*O$11","v":787500},{"$f":"IF(SUM($E122:O122)<SUM($E109:O109),SUM($E109:O109)*$D122,0)*P$11","v":787500},{"$f":"IF(SUM($E122:P122)<SUM($E109:P109),SUM($E109:P109)*$D122,0)*Q$11","v":787500},{"$f":"IF(SUM($E122:Q122)<SUM($E109:Q109),SUM($E109:Q109)*$D122,0)*R$11","v":787500},{"$f":"IF(SUM($E122:R122)<SUM($E109:R109),SUM($E109:R109)*$D122,0)*S$11","v":787500},{"$f":"IF(SUM($E122:S122)<SUM($E109:S109),SUM($E109:S109)*$D122,0)*T$11","v":787500},{"$f":"IF(SUM($E122:T122)<SUM($E109:T109),SUM($E109:T109)*$D122,0)*U$11","v":787500}]
[null,"CCMPPT","NGN",{"$f":"Inputs!G146","v":0.05},null,{"$f":"IF(SUM($E123:E123)<SUM($E110:E110),SUM($E110:E110)*$D123,0)*F$11","v":0},{"$f":"IF(SUM($E123:F123)<SUM($E110:F110),SUM($E110:F110)*$D123,0)*G$11","v":472500},{"$f":"IF(SUM($E123:G123)<SUM($E110:G110),SUM($E110:G110)*$D123,0)*H$11","v":472500},{"$f":"IF(SUM($E123:H123)<SUM($E110:H110),SUM($E110:H110)*$D123,0)*I$11","v":472500},{"$f":"IF(SUM($E123:I123)<SUM($E110:I110),SUM($E110:I110)*$D123,0)*J$11","v":472500},{"$f":"IF(SUM($E123:J123)<SUM($E110:J110),SUM($E110:J110)*$D123,0)*K$11","v":472500},{"$f":"IF(SUM($E123:K123)<SUM($E110:K110),SUM($E110:K110)*$D123,0)*L$11","v":472500},{"$f":"IF(SUM($E123:L123)<SUM($E110:L110),SUM($E110:L110)*$D123,0)*M$11","v":472500},{"$f":"IF(SUM($E123:M123)<SUM($E110:M110),SUM($E110:M110)*$D123,0)*N$11","v":472500},{"$f":"IF(SUM($E123:N123)<SUM($E110:N110),SUM($E110:N110)*$D123,0)*O$11","v":472500},{"$f":"IF(SUM($E123:O123)<SUM($E110:O110),SUM($E110:O110)*$D123,0)*P$11","v":472500},{"$f":"IF(SUM($E123:P123)<SUM($E110:P110),SUM($E110:P110)*$D123,0)*Q$11","v":472500},{"$f":"IF(SUM($E123:Q123)<SUM($E110:Q110),SUM($E110:Q110)*$D123,0)*R$11","v":472500},{"$f":"IF(SUM($E123:R123)<SUM($E110:R110),SUM($E110:R110)*$D123,0)*S$11","v":472500},{"$f":"IF(SUM($E123:S123)<SUM($E110:S110),SUM($E110:S110)*$D123,0)*T$11","v":472500},{"$f":"IF(SUM($E123:T123)<SUM($E110:T110),SUM($E110:T110)*$D123,0)*U$11","v":472500}]
[null,"Distribution box","NGN",{"$f":"Inputs!G147","v":0.05},null,{"$f":"IF(SUM($E124:E124)<SUM($E111:E111),SUM($E111:E111)*$D124,0)*F$11","v":0},{"$f":"IF(SUM($E124:F124)<SUM($E111:F111),SUM($E111:F111)*$D124,0)*G$11","v":47250},{"$f":"IF(SUM($E124:G124)<SUM($E111:G111),SUM($E111:G111)*$D124,0)*H$11","v":47250},{"$f":"IF(SUM($E124:H124)<SUM($E111:H111),SUM($E111:H111)*$D124,0)*I$11","v":47250},{"$f":"IF(SUM($E124:I124)<SUM($E111:I111),SUM($E111:I111)*$D124,0)*J$11","v":47250},{"$f":"IF(SUM($E124:J124)<SUM($E111:J111),SUM($E111:J111)*$D124,0)*K$11","v":47250},{"$f":"IF(SUM($E124:K124)<SUM($E111:K111),SUM($E111:K111)*$D124,0)*L$11","v":47250},{"$f":"IF(SUM($E124:L124)<SUM($E111:L111),SUM($E111:L111)*$D124,0)*M$11","v":47250},{"$f":"IF(SUM($E124:M124)<SUM($E111:M111),SUM($E111:M111)*$D124,0)*N$11","v":47250},{"$f":"IF(SUM($E124:N124)<SUM($E111:N111),SUM($E111:N111)*$D124,0)*O$11","v":47250},{"$f":"IF(SUM($E124:O124)<SUM($E111:O111),SUM($E111:O111)*$D124,0)*P$11","v":47250},{"$f":"IF(SUM($E124:P124)<SUM($E111:P111),SUM($E111:P111)*$D124,0)*Q$11","v":47250},{"$f":"IF(SUM($E124:Q124)<SUM($E111:Q111),SUM($E111:Q111)*$D124,0)*R$11","v":47250},{"$f":"IF(SUM($E124:R124)<SUM($E111:R111),SUM($E111:R111)*$D124,0)*S$11","v":47250},{"$f":"IF(SUM($E124:S124)<SUM($E111:S111),SUM($E111:S111)*$D124,0)*T$11","v":47250},{"$f":"IF(SUM($E124:T124)<SUM($E111:T111),SUM($E111:T111)*$D124,0)*U$11","v":47250}]
[null,"Balance of Systems","NGN",{"$f":"Inputs!G148","v":0.05},null,{"$f":"IF(SUM($E125:E125)<SUM($E112:E112),SUM($E112:E112)*$D125,0)*F$11","v":0},{"$f":"IF(SUM($E125:F125)<SUM($E112:F112),SUM($E112:F112)*$D125,0)*G$11","v":66150},{"$f":"IF(SUM($E125:G125)<SUM($E112:G112),SUM($E112:G112)*$D125,0)*H$11","v":66150},{"$f":"IF(SUM($E125:H125)<SUM($E112:H112),SUM($E112:H112)*$D125,0)*I$11","v":66150},{"$f":"IF(SUM($E125:I125)<SUM($E112:I112),SUM($E112:I112)*$D125,0)*J$11","v":66150},{"$f":"IF(SUM($E125:J125)<SUM($E112:J112),SUM($E112:J112)*$D125,0)*K$11","v":66150},{"$f":"IF(SUM($E125:K125)<SUM($E112:K112),SUM($E112:K112)*$D125,0)*L$11","v":66150},{"$f":"IF(SUM($E125:L125)<SUM($E112:L112),SUM($E112:L112)*$D125,0)*M$11","v":66150},{"$f":"IF(SUM($E125:M125)<SUM($E112:M112),SUM($E112:M112)*$D125,0)*N$11","v":66150},{"$f":"IF(SUM($E125:N125)<SUM($E112:N112),SUM($E112:N112)*$D125,0)*O$11","v":66150},{"$f":"IF(SUM($E125:O125)<SUM($E112:O112),SUM($E112:O112)*$D125,0)*P$11","v":66150},{"$f":"IF(SUM($E125:P125)<SUM($E112:P112),SUM($E112:P112)*$D125,0)*Q$11","v":66150},{"$f":"IF(SUM($E125:Q125)<SUM($E112:Q112),SUM($E112:Q112)*$D125,0)*R$11","v":66150},{"$f":"IF(SUM($E125:R125)<SUM($E112:R112),SUM($E112:R112)*$D125,0)*S$11","v":66150},{"$f":"IF(SUM($E125:S125)<SUM($E112:S112),SUM($E112:S112)*$D125,0)*T$11","v":66150},{"$f":"IF(SUM($E125:T125)<SUM($E112:T112),SUM($E112:T112)*$D125,0)*U$11","v":66150}]
[null,"Distribution CAPEX","NGN",{"$f":"Inputs!G161","v":6.6666666666666666E-2},null,{"$f":"IF(SUM($E126:E126)<SUM($E113:E113),SUM($E113:E113)*$D126,0)*F$11","v":0},{"$f":"IF(SUM($E126:F126)<SUM($E113:F113),SUM($E113:F113)*$D126,0)*G$11","v":1050000},{"$f":"IF(SUM($E126:G126)<SUM($E113:G113),SUM($E113:G113)*$D126,0)*H$11","v":1050000},{"$f":"IF(SUM($E126:H126)<SUM($E113:H113),SUM($E113:H113)*$D126,0)*I$11","v":1050000},{"$f":"IF(SUM($E126:I126)<SUM($E113:I113),SUM($E113:I113)*$D126,0)*J$11","v":1050000},{"$f":"IF(SUM($E126:J126)<SUM($E113:J113),SUM($E113:J113)*$D126,0)*K$11","v":1050000},{"$f":"IF(SUM($E126:K126)<SUM($E113:K113),SUM($E113:K113)*$D126,0)*L$11","v":1050000},{"$f":"IF(SUM($E126:L126)<SUM($E113:L113),SUM($E113:L113)*$D126,0)*M$11","v":1050000},{"$f":"IF(SUM($E126:M126)<SUM($E113:M113),SUM($E113:M113)*$D126,0)*N$11","v":1050000},{"$f":"IF(SUM($E126:N126)<SUM($E113:N113),SUM($E113:N113)*$D126,0)*O$11","v":1050000},{"$f":"IF(SUM($E126:O126)<SUM($E113:O113),SUM($E113:O113)*$D126,0)*P$11","v":1050000},{"$f":"IF(SUM($E126:P126)<SUM($E113:P113),SUM($E113:P113)*$D126,0)*Q$11","v":1050000},{"$f":"IF(SUM($E126:Q126)<SUM($E113:Q113),SUM($E113:Q113)*$D126,0)*R$11","v":1050000},{"$f":"IF(SUM($E126:R126)<SUM($E113:R113),SUM($E113:R113)*$D126,0)*S$11","v":1050000},{"$f":"IF(SUM($E126:S126)<SUM($E113:S113),SUM($E113:S113)*$D126,0)*T$11","v":1050000},{"$f":"IF(SUM($E126:T126)<SUM($E113:T113),SUM($E113:T113)*$D126,0)*U$11","v":1050000}]
[null,"General cost CAPEX","NGN",{"$f":"Inputs!G162","v":6.6666666666666666E-2},null,{"$f":"IF(SUM($E127:E127)<SUM($E114:E114),SUM($E114:E114)*$D127,0)*F$11","v":0},{"$f":"IF(SUM($E127:F127)<SUM($E114:F114),SUM($E114:F114)*$D127,0)*G$11","v":1050000},{"$f":"IF(SUM($E127:G127)<SUM($E114:G114),SUM($E114:G114)*$D127,0)*H$11","v":1050000},{"$f":"IF(SUM($E127:H127)<SUM($E114:H114),SUM($E114:H114)*$D127,0)*I$11","v":1050000},{"$f":"IF(SUM($E127:I127)<SUM($E114:I114),SUM($E114:I114)*$D127,0)*J$11","v":1050000},{"$f":"IF(SUM($E127:J127)<SUM($E114:J114),SUM($E114:J114)*$D127,0)*K$11","v":1050000},{"$f":"IF(SUM($E127:K127)<SUM($E114:K114),SUM($E114:K114)*$D127,0)*L$11","v":1050000},{"$f":"IF(SUM($E127:L127)<SUM($E114:L114),SUM($E114:L114)*$D127,0)*M$11","v":1050000},{"$f":"IF(SUM($E127:M127)<SUM($E114:M114),SUM($E114:M114)*$D127,0)*N$11","v":1050000},{"$f":"IF(SUM($E127:N127)<SUM($E114:N114),SUM($E114:N114)*$D127,0)*O$11","v":1050000},{"$f":"IF(SUM($E127:O127)<SUM($E114:O114),SUM($E114:O114)*$D127,0)*P$11","v":1050000},{"$f":"IF(SUM($E127:P127)<SUM($E114:P114),SUM($E114:P114)*$D127,0)*Q$11","v":1050000},{"$f":"IF(SUM($E127:Q127)<SUM($E114:Q114),SUM($E114:Q114)*$D127,0)*R$11","v":1050000},{"$f":"IF(SUM($E127:R127)<SUM($E114:R114),SUM($E114:R114)*$D127,0)*S$11","v":1050000},{"$f":"IF(SUM($E127:S127)<SUM($E114:S114),SUM($E114:S114)*$D127,0)*T$11","v":1050000},{"$f":"IF(SUM($E127:T127)<SUM($E114:T114),SUM($E114:T114)*$D127,0)*U$11","v":1050000}]
[null,"Customer connection cost","NGN",{"$f":"Inputs!G163","v":6.6666666666666666E-2},null,{"$f":"IF(SUM($E128:E128)<SUM($E115:E115),SUM($E115:E115)*$D128,0)*F$11","v":0},{"$f":"IF(SUM($E128:F128)<SUM($E115:F115),SUM($E115:F115)*$D128,0)*G$11","v":1260000},{"$f":"IF(SUM($E128:G128)<SUM($E115:G115),SUM($E115:G115)*$D128,0)*H$11","v":1260000},{"$f":"IF(SUM($E128:H128)<SUM($E115:H115),SUM($E115:H115)*$D128,0)*I$11","v":1260000},{"$f":"IF(SUM($E128:I128)<SUM($E115:I115),SUM($E115:I115)*$D128,0)*J$11","v":1260000},{"$f":"IF(SUM($E128:J128)<SUM($E115:J115),SUM($E115:J115)*$D128,0)*K$11","v":1260000},{"$f":"IF(SUM($E128:K128)<SUM($E115:K115),SUM($E115:K115)*$D128,0)*L$11","v":1260000},{"$f":"IF(SUM($E128:L128)<SUM($E115:L115),SUM($E115:L115)*$D128,0)*M$11","v":1260000},{"$f":"IF(SUM($E128:M128)<SUM($E115:M115),SUM($E115:M115)*$D128,0)*N$11","v":1260000},{"$f":"IF(SUM($E128:N128)<SUM($E115:N115),SUM($E115:N115)*$D128,0)*O$11","v":1260000},{"$f":"IF(SUM($E128:O128)<SUM($E115:O115),SUM($E115:O115)*$D128,0)*P$11","v":1260000},{"$f":"IF(SUM($E128:P128)<SUM($E115:P115),SUM($E115:P115)*$D128,0)*Q$11","v":1260000},{"$f":"IF(SUM($E128:Q128)<SUM($E115:Q115),SUM($E115:Q115)*$D128,0)*R$11","v":1260000},{"$f":"IF(SUM($E128:R128)<SUM($E115:R115),SUM($E115:R115)*$D128,0)*S$11","v":1260000},{"$f":"IF(SUM($E128:S128)<SUM($E115:S115),SUM($E115:S115)*$D128,0)*T$11","v":1260000},{"$f":"IF(SUM($E128:T128)<SUM($E115:T115),SUM($E115:T115)*$D128,0)*U$11","v":1260000}]
[null,"Total","NGN",null,null,{"$f":"SUM(F119:F128)","v":0},{"$f":"SUM(G119:G128)","v":9773400},{"$f":"SUM(H119:H128)","v":9773400},9773400,9773400,9773400,7253400,7253400,7253400,7253400,7253400,7253400,7253400,7253400,7253400,7253400]
[]
[null,"Ongoing CAPEX to be depreciated"]
[null,"Solar PV","NGN",null,null,{"$f":"F193","v":0},{"$f":"G193","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Battery","NGN",null,null,{"$f":"F194","v":0},0,0,0,0,0,6300000,0,0,0,0,6300000,0,0,0,0]
[null,"Inverters","NGN",null,null,0,{"$f":"G195","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Diesel Genset","NGN",null,null,0,{"$f":"G196","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"CCMPPT","NGN",null,null,0,{"$f":"G197","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Distribution Box","NGN",null,null,0,{"$f":"G198","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Balance of systems","NGN",null,null,{"$f":"F199","v":0},{"$f":"G199","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Distribution CAPEX","NGN",null,null,{"$f":"F203","v":0},{"$f":"G203","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Customer connection cost","NGN",null,null,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,"Total","NGN",null,null,{"$f":"SUM(F132:F141)","v":0},{"$f":"SUM(G132:G141)","v":0},0,0,0,0,6300000,0,0,0,0,6300000,0,0,0,0]
[]
[null,"Depreciation on ongoing CAPEX"]
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[]
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[]
["x","Tax Depreciation"]
[]
[null,"Tax depreciation"]
[null,"Depreciation on initial CAPEX",null,"Tax Deprec"]
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[null,"Inverters","NGN",{"$f":"Inputs!J144","v":0.1},null,{"$f":"IF(SUM($E165:E165)<SUM($E108:E108),SUM($E108:E108)*$D165,0)*F$11","v":0},{"$f":"IF(SUM($E165:F165)<SUM($E108:F108),SUM($E108:F108)*$D165,0)*G$11","v":2520000},{"$f":"IF(SUM($E165:G165)<SUM($E108:G108),SUM($E108:G108)*$D165,0)*H$11","v":2520000},{"$f":"IF(SUM($E165:H165)<SUM($E108:H108),SUM($E108:H108)*$D165,0)*I$11","v":2520000},{"$f":"IF(SUM($E165:I165)<SUM($E108:I108),SUM($E108:I108)*$D165,0)*J$11","v":2520000},{"$f":"IF(SUM($E165:J165)<SUM($E108:J108),SUM($E108:J108)*$D165,0)*K$11","v":2520000},{"$f":"IF(SUM($E165:K165)<SUM($E108:K108),SUM($E108:K108)*$D165,0)*L$11","v":2520000},{"$f":"IF(SUM($E165:L165)<SUM($E108:L108),SUM($E108:L108)*$D165,0)*M$11","v":2520000},{"$f":"IF(SUM($E165:M165)<SUM($E108:M108),SUM($E108:M108)*$D165,0)*N$11","v":2520000},{"$f":"IF(SUM($E165:N165)<SUM($E108:N108),SUM($E108:N108)*$D165,0)*O$11","v":2520000},{"$f":"IF(SUM($E165:O165)<SUM($E108:O108),SUM($E108:O108)*$D165,0)*P$11","v":2520000},{"$f":"IF(SUM($E165:P165)<SUM($E108:P108),SUM($E108:P108)*$D165,0)*Q$11","v":0},{"$f":"IF(SUM($E165:Q165)<SUM($E108:Q108),SUM($E108:Q108)*$D165,0)*R$11","v":0},{"$f":"IF(SUM($E165:R165)<SUM($E108:R108),SUM($E108:R108)*$D165,0)*S$11","v":0},{"$f":"IF(SUM($E165:S165)<SUM($E108:S108),SUM($E108:S108)*$D165,0)*T$11","v":0},{"$f":"IF(SUM($E165:T165)<SUM($E108:T108),SUM($E108:T108)*$D165,0)*U$11","v":0}]
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[null,"Balance of systems","NGN",{"$f":"Inputs!J148","v":0.1},null,{"$f":"IF(SUM($E169:E169)<SUM($E112:E112),SUM($E112:E112)*$D169,0)*F$11","v":0},{"$f":"IF(SUM($E169:F169)<SUM($E112:F112),SUM($E112:F112)*$D169,0)*G$11","v":132300},{"$f":"IF(SUM($E169:G169)<SUM($E112:G112),SUM($E112:G112)*$D169,0)*H$11","v":132300},{"$f":"IF(SUM($E169:H169)<SUM($E112:H112),SUM($E112:H112)*$D169,0)*I$11","v":132300},{"$f":"IF(SUM($E169:I169)<SUM($E112:I112),SUM($E112:I112)*$D169,0)*J$11","v":132300},{"$f":"IF(SUM($E169:J169)<SUM($E112:J112),SUM($E112:J112)*$D169,0)*K$11","v":132300},{"$f":"IF(SUM($E169:K169)<SUM($E112:K112),SUM($E112:K112)*$D169,0)*L$11","v":132300},{"$f":"IF(SUM($E169:L169)<SUM($E112:L112),SUM($E112:L112)*$D169,0)*M$11","v":132300},{"$f":"IF(SUM($E169:M169)<SUM($E112:M112),SUM($E112:M112)*$D169,0)*N$11","v":132300},{"$f":"IF(SUM($E169:N169)<SUM($E112:N112),SUM($E112:N112)*$D169,0)*O$11","v":132300},{"$f":"IF(SUM($E169:O169)<SUM($E112:O112),SUM($E112:O112)*$D169,0)*P$11","v":132300},{"$f":"IF(SUM($E169:P169)<SUM($E112:P112),SUM($E112:P112)*$D169,0)*Q$11","v":0},{"$f":"IF(SUM($E169:Q169)<SUM($E112:Q112),SUM($E112:Q112)*$D169,0)*R$11","v":0},{"$f":"IF(SUM($E169:R169)<SUM($E112:R112),SUM($E112:R112)*$D169,0)*S$11","v":0},{"$f":"IF(SUM($E169:S169)<SUM($E112:S112),SUM($E112:S112)*$D169,0)*T$11","v":0},{"$f":"IF(SUM($E169:T169)<SUM($E112:T112),SUM($E112:T112)*$D169,0)*U$11","v":0}]
[null,"Distribution CAPEX","NGN",{"$f":"Inputs!J161","v":0.1},null,{"$f":"IF(SUM($E170:E170)<SUM($E113:E113),SUM($E113:E113)*$D170,0)*F$11","v":0},{"$f":"IF(SUM($E170:F170)<SUM($E113:F113),SUM($E113:F113)*$D170,0)*G$11","v":1575000},{"$f":"IF(SUM($E170:G170)<SUM($E113:G113),SUM($E113:G113)*$D170,0)*H$11","v":1575000},{"$f":"IF(SUM($E170:H170)<SUM($E113:H113),SUM($E113:H113)*$D170,0)*I$11","v":1575000},{"$f":"IF(SUM($E170:I170)<SUM($E113:I113),SUM($E113:I113)*$D170,0)*J$11","v":1575000},{"$f":"IF(SUM($E170:J170)<SUM($E113:J113),SUM($E113:J113)*$D170,0)*K$11","v":1575000},{"$f":"IF(SUM($E170:K170)<SUM($E113:K113),SUM($E113:K113)*$D170,0)*L$11","v":1575000},{"$f":"IF(SUM($E170:L170)<SUM($E113:L113),SUM($E113:L113)*$D170,0)*M$11","v":1575000},{"$f":"IF(SUM($E170:M170)<SUM($E113:M113),SUM($E113:M113)*$D170,0)*N$11","v":1575000},{"$f":"IF(SUM($E170:N170)<SUM($E113:N113),SUM($E113:N113)*$D170,0)*O$11","v":1575000},{"$f":"IF(SUM($E170:O170)<SUM($E113:O113),SUM($E113:O113)*$D170,0)*P$11","v":1575000},{"$f":"IF(SUM($E170:P170)<SUM($E113:P113),SUM($E113:P113)*$D170,0)*Q$11","v":0},{"$f":"IF(SUM($E170:Q170)<SUM($E113:Q113),SUM($E113:Q113)*$D170,0)*R$11","v":0},{"$f":"IF(SUM($E170:R170)<SUM($E113:R113),SUM($E113:R113)*$D170,0)*S$11","v":0},{"$f":"IF(SUM($E170:S170)<SUM($E113:S113),SUM($E113:S113)*$D170,0)*T$11","v":0},{"$f":"IF(SUM($E170:T170)<SUM($E113:T113),SUM($E113:T113)*$D170,0)*U$11","v":0}]
[null,"General cost CAPEX","NGN",{"$f":"Inputs!J162","v":0.1},null,{"$f":"IF(SUM($E171:E171)<SUM($E114:E114),SUM($E114:E114)*$D171,0)*F$11","v":0},{"$f":"IF(SUM($E171:F171)<SUM($E114:F114),SUM($E114:F114)*$D171,0)*G$11","v":1575000},{"$f":"IF(SUM($E171:G171)<SUM($E114:G114),SUM($E114:G114)*$D171,0)*H$11","v":1575000},{"$f":"IF(SUM($E171:H171)<SUM($E114:H114),SUM($E114:H114)*$D171,0)*I$11","v":1575000},{"$f":"IF(SUM($E171:I171)<SUM($E114:I114),SUM($E114:I114)*$D171,0)*J$11","v":1575000},{"$f":"IF(SUM($E171:J171)<SUM($E114:J114),SUM($E114:J114)*$D171,0)*K$11","v":1575000},{"$f":"IF(SUM($E171:K171)<SUM($E114:K114),SUM($E114:K114)*$D171,0)*L$11","v":1575000},{"$f":"IF(SUM($E171:L171)<SUM($E114:L114),SUM($E114:L114)*$D171,0)*M$11","v":1575000},{"$f":"IF(SUM($E171:M171)<SUM($E114:M114),SUM($E114:M114)*$D171,0)*N$11","v":1575000},{"$f":"IF(SUM($E171:N171)<SUM($E114:N114),SUM($E114:N114)*$D171,0)*O$11","v":1575000},{"$f":"IF(SUM($E171:O171)<SUM($E114:O114),SUM($E114:O114)*$D171,0)*P$11","v":1575000},{"$f":"IF(SUM($E171:P171)<SUM($E114:P114),SUM($E114:P114)*$D171,0)*Q$11","v":0},{"$f":"IF(SUM($E171:Q171)<SUM($E114:Q114),SUM($E114:Q114)*$D171,0)*R$11","v":0},{"$f":"IF(SUM($E171:R171)<SUM($E114:R114),SUM($E114:R114)*$D171,0)*S$11","v":0},{"$f":"IF(SUM($E171:S171)<SUM($E114:S114),SUM($E114:S114)*$D171,0)*T$11","v":0},{"$f":"IF(SUM($E171:T171)<SUM($E114:T114),SUM($E114:T114)*$D171,0)*U$11","v":0}]
[null,"Customer connection cost","NGN",{"$f":"Inputs!J163","v":0.1},null,{"$f":"IF(SUM($E172:E172)<SUM($E115:E115),SUM($E115:E115)*$D172,0)*F$11","v":0},{"$f":"IF(SUM($E172:F172)<SUM($E115:F115),SUM($E115:F115)*$D172,0)*G$11","v":1890000},{"$f":"IF(SUM($E172:G172)<SUM($E115:G115),SUM($E115:G115)*$D172,0)*H$11","v":1890000},{"$f":"IF(SUM($E172:H172)<SUM($E115:H115),SUM($E115:H115)*$D172,0)*I$11","v":1890000},{"$f":"IF(SUM($E172:I172)<SUM($E115:I115),SUM($E115:I115)*$D172,0)*J$11","v":1890000},{"$f":"IF(SUM($E172:J172)<SUM($E115:J115),SUM($E115:J115)*$D172,0)*K$11","v":1890000},{"$f":"IF(SUM($E172:K172)<SUM($E115:K115),SUM($E115:K115)*$D172,0)*L$11","v":1890000},{"$f":"IF(SUM($E172:L172)<SUM($E115:L115),SUM($E115:L115)*$D172,0)*M$11","v":1890000},{"$f":"IF(SUM($E172:M172)<SUM($E115:M115),SUM($E115:M115)*$D172,0)*N$11","v":1890000},{"$f":"IF(SUM($E172:N172)<SUM($E115:N115),SUM($E115:N115)*$D172,0)*O$11","v":1890000},{"$f":"IF(SUM($E172:O172)<SUM($E115:O115),SUM($E115:O115)*$D172,0)*P$11","v":1890000},{"$f":"IF(SUM($E172:P172)<SUM($E115:P115),SUM($E115:P115)*$D172,0)*Q$11","v":0},{"$f":"IF(SUM($E172:Q172)<SUM($E115:Q115),SUM($E115:Q115)*$D172,0)*R$11","v":0},{"$f":"IF(SUM($E172:R172)<SUM($E115:R115),SUM($E115:R115)*$D172,0)*S$11","v":0},{"$f":"IF(SUM($E172:S172)<SUM($E115:S115),SUM($E115:S115)*$D172,0)*T$11","v":0},{"$f":"IF(SUM($E172:T172)<SUM($E115:T115),SUM($E115:T115)*$D172,0)*U$11","v":0}]
[null,"Total","NGN",null,null,{"$f":"SUM(F163:F169)","v":0},{"$f":"SUM(G163:G172)","v":15346800},15346800,15346800,15346800,15346800,12826800,12826800,12826800,12826800,12826800,0,0,0,0,0]
[]
[null,"Depreciation on ongoing CAPEX"]
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[]
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[]
["x","Ongoing CAPEX"]
[]
[null,"Generation CAPEX",null,"Asset Life"]
[null,"Solar PV","NGN",{"$f":"Inputs!G151","v":20},null,{"$f":"IF(MOD(F$12-1,$D193)=0,Inputs!$F74,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D193)=0,Inputs!$F74,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D193)=0,Inputs!$F74,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D193)=0,Inputs!$F74,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D193)=0,Inputs!$F74,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D193)=0,Inputs!$F74,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D193)=0,Inputs!$F74,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D193)=0,Inputs!$F74,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D193)=0,Inputs!$F74,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D193)=0,Inputs!$F74,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D193)=0,Inputs!$F74,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D193)=0,Inputs!$F74,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D193)=0,Inputs!$F74,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D193)=0,Inputs!$F74,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D193)=0,Inputs!$F74,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D193)=0,Inputs!$F74,0)*U$10","v":0}]
[null,"Battery","NGN",{"$f":"Inputs!G152","v":5},null,{"$f":"IF(MOD(F$12-1,$D194)=0,Inputs!$F75,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D194)=0,Inputs!$F75,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D194)=0,Inputs!$F75,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D194)=0,Inputs!$F75,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D194)=0,Inputs!$F75,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D194)=0,Inputs!$F75,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D194)=0,Inputs!$F75,0)*L$10","v":6300000},{"$f":"IF(MOD(M$12-1,$D194)=0,Inputs!$F75,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D194)=0,Inputs!$F75,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D194)=0,Inputs!$F75,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D194)=0,Inputs!$F75,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D194)=0,Inputs!$F75,0)*Q$10","v":6300000},{"$f":"IF(MOD(R$12-1,$D194)=0,Inputs!$F75,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D194)=0,Inputs!$F75,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D194)=0,Inputs!$F75,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D194)=0,Inputs!$F75,0)*U$10","v":0}]
[null,"Inverters","NGN",{"$f":"Inputs!G153","v":20},null,{"$f":"IF(MOD(F$12-1,$D195)=0,Inputs!$F76,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D195)=0,Inputs!$F76,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D195)=0,Inputs!$F76,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D195)=0,Inputs!$F76,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D195)=0,Inputs!$F76,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D195)=0,Inputs!$F76,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D195)=0,Inputs!$F76,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D195)=0,Inputs!$F76,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D195)=0,Inputs!$F76,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D195)=0,Inputs!$F76,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D195)=0,Inputs!$F76,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D195)=0,Inputs!$F76,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D195)=0,Inputs!$F76,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D195)=0,Inputs!$F76,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D195)=0,Inputs!$F76,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D195)=0,Inputs!$F76,0)*U$10","v":0}]
[null,"Diesel Genset","NGN",{"$f":"Inputs!G154","v":20},null,{"$f":"IF(MOD(F$12-1,$D196)=0,Inputs!$F77,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D196)=0,Inputs!$F77,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D196)=0,Inputs!$F77,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D196)=0,Inputs!$F77,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D196)=0,Inputs!$F77,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D196)=0,Inputs!$F77,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D196)=0,Inputs!$F77,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D196)=0,Inputs!$F77,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D196)=0,Inputs!$F77,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D196)=0,Inputs!$F77,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D196)=0,Inputs!$F77,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D196)=0,Inputs!$F77,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D196)=0,Inputs!$F77,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D196)=0,Inputs!$F77,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D196)=0,Inputs!$F77,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D196)=0,Inputs!$F77,0)*U$10","v":0}]
[null,"CCMPPT","NGN",{"$f":"Inputs!G155","v":20},null,{"$f":"IF(MOD(F$12-1,$D197)=0,Inputs!$F78,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D197)=0,Inputs!$F78,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D197)=0,Inputs!$F78,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D197)=0,Inputs!$F78,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D197)=0,Inputs!$F78,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D197)=0,Inputs!$F78,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D197)=0,Inputs!$F78,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D197)=0,Inputs!$F78,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D197)=0,Inputs!$F78,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D197)=0,Inputs!$F78,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D197)=0,Inputs!$F78,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D197)=0,Inputs!$F78,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D197)=0,Inputs!$F78,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D197)=0,Inputs!$F78,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D197)=0,Inputs!$F78,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D197)=0,Inputs!$F78,0)*U$10","v":0}]
[null,"Distribution Box","NGN",{"$f":"Inputs!G156","v":20},null,{"$f":"IF(MOD(F$12-1,$D198)=0,Inputs!$F79,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D198)=0,Inputs!$F79,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D198)=0,Inputs!$F79,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D198)=0,Inputs!$F79,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D198)=0,Inputs!$F79,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D198)=0,Inputs!$F79,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D198)=0,Inputs!$F79,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D198)=0,Inputs!$F79,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D198)=0,Inputs!$F79,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D198)=0,Inputs!$F79,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D198)=0,Inputs!$F79,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D198)=0,Inputs!$F79,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D198)=0,Inputs!$F79,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D198)=0,Inputs!$F79,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D198)=0,Inputs!$F79,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D198)=0,Inputs!$F79,0)*U$10","v":0}]
[null,"Balance of systems","NGN",{"$f":"Inputs!G157","v":20},null,{"$f":"IF(MOD(F$12-1,$D199)=0,Inputs!$F80,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D199)=0,Inputs!$F80,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D199)=0,Inputs!$F80,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D199)=0,Inputs!$F80,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D199)=0,Inputs!$F80,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D199)=0,Inputs!$F80,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D199)=0,Inputs!$F80,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D199)=0,Inputs!$F80,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D199)=0,Inputs!$F80,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D199)=0,Inputs!$F80,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D199)=0,Inputs!$F80,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D199)=0,Inputs!$F80,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D199)=0,Inputs!$F80,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D199)=0,Inputs!$F80,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D199)=0,Inputs!$F80,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D199)=0,Inputs!$F80,0)*U$10","v":0}]
[null,"Total","NGN",null,null,{"$f":"SUM(F193:F199)","v":0},{"$f":"SUM(G193:G199)","v":0},0,0,0,0,6300000,0,0,0,0,6300000,0,0,0,0]
[]
[null,"Distribution CAPEX",null,"Asset Life"]
[null,"Distribution CAPEX","NGN",{"$f":"Inputs!G166","v":15},null,{"$f":"IF(MOD(F$12-1,$D203)=0,Inputs!$F81,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D203)=0,Inputs!$F81,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D203)=0,Inputs!$F81,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D203)=0,Inputs!$F81,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D203)=0,Inputs!$F81,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D203)=0,Inputs!$F81,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D203)=0,Inputs!$F81,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D203)=0,Inputs!$F81,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D203)=0,Inputs!$F81,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D203)=0,Inputs!$F81,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D203)=0,Inputs!$F81,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D203)=0,Inputs!$F81,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D203)=0,Inputs!$F81,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D203)=0,Inputs!$F81,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D203)=0,Inputs!$F81,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D203)=0,Inputs!$F81,0)*U$10","v":0}]
[null,"General cost CAPEX","NGN",{"$f":"Inputs!G167","v":15},null,{"$f":"IF(MOD(F$12-1,$D204)=0,Inputs!$F82,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D204)=0,Inputs!$F82,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D204)=0,Inputs!$F82,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D204)=0,Inputs!$F82,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D204)=0,Inputs!$F82,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D204)=0,Inputs!$F82,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D204)=0,Inputs!$F82,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D204)=0,Inputs!$F82,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D204)=0,Inputs!$F82,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D204)=0,Inputs!$F82,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D204)=0,Inputs!$F82,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D204)=0,Inputs!$F82,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D204)=0,Inputs!$F82,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D204)=0,Inputs!$F82,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D204)=0,Inputs!$F82,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D204)=0,Inputs!$F82,0)*U$10","v":0}]
[null,"Customer connection CAPEX","NGN",{"$f":"Inputs!G168","v":15},null,{"$f":"IF(MOD(F$12-1,$D205)=0,Inputs!$F83,0)*F$10","v":0},{"$f":"IF(MOD(G$12-1,$D205)=0,Inputs!$F83,0)*G$10","v":0},{"$f":"IF(MOD(H$12-1,$D205)=0,Inputs!$F83,0)*H$10","v":0},{"$f":"IF(MOD(I$12-1,$D205)=0,Inputs!$F83,0)*I$10","v":0},{"$f":"IF(MOD(J$12-1,$D205)=0,Inputs!$F83,0)*J$10","v":0},{"$f":"IF(MOD(K$12-1,$D205)=0,Inputs!$F83,0)*K$10","v":0},{"$f":"IF(MOD(L$12-1,$D205)=0,Inputs!$F83,0)*L$10","v":0},{"$f":"IF(MOD(M$12-1,$D205)=0,Inputs!$F83,0)*M$10","v":0},{"$f":"IF(MOD(N$12-1,$D205)=0,Inputs!$F83,0)*N$10","v":0},{"$f":"IF(MOD(O$12-1,$D205)=0,Inputs!$F83,0)*O$10","v":0},{"$f":"IF(MOD(P$12-1,$D205)=0,Inputs!$F83,0)*P$10","v":0},{"$f":"IF(MOD(Q$12-1,$D205)=0,Inputs!$F83,0)*Q$10","v":0},{"$f":"IF(MOD(R$12-1,$D205)=0,Inputs!$F83,0)*R$10","v":0},{"$f":"IF(MOD(S$12-1,$D205)=0,Inputs!$F83,0)*S$10","v":0},{"$f":"IF(MOD(T$12-1,$D205)=0,Inputs!$F83,0)*T$10","v":0},{"$f":"IF(MOD(U$12-1,$D205)=0,Inputs!$F83,0)*U$10","v":0}]
[null,"Total","NGN",null,null,{"$f":"SUM(F203:F205)","v":0},{"$f":"SUM(G203:G205)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
["x","Tax"]
[]
[null,"Tax calculations"]
[null,"Taxable income"]
[null,"EBT","NGN","Tax Depreciation",null,{"$f":"F50","v":0},-14068579.06113488,-1573967.4592360808,877165.47165076155,9761680.7757299952,13828278.000713553,21352159.443091892,24248041.116024535,28989414.334480502,34396952.373295113,40562259.015008733,47589330.176558189,55596208.927063361,64716859.263147324,75103287.311341688,86927942.357713476]
[null,"Add back: accounting depreciation","NGN",{"$f":"Inputs!E182","v":1},null,{"$f":"IF($D$213=1,F44,0)","v":0},{"$f":"IF($D$213=1,G44,0)","v":9773400},9773400,9773400,9773400,9773400,7253400,8513400,8513400,8513400,8513400,8513400,8513400,8513400,8513400,8513400]
[null,"Deduct: tax depreciation","NGN",null,null,{"$f":"IF($D$213=1,-F188,0)","v":0},{"$f":"IF($D$213=1,-G188,0)","v":-15346800},-15346800,-15346800,-15346800,-15346800,-12826800,-14086800,-14086800,-14086800,-14086800,-1260000,-1260000,-1260000,-1260000,-1260000]
[null,"Taxable income","NGN",null,null,{"$f":"SUM(F212:F214)","v":0},{"$f":"SUM(G212:G214)","v":-19641979.061134882},-7147367.4592360808,-4696234.5283492394,4188280.7757299952,8254878.0007135533,15778759.443091892,18674641.116024535,23416014.334480502,28823552.373295113,34988859.015008733,54842730.176558189,62849608.927063361,71970259.263147324,82356687.311341688,94181342.357713476]
[]
[null,"Net taxable income","NGN","Income Tax Rate",null,{"$f":"F215","v":0},{"$f":"G215","v":-19641979.061134882},-7147367.4592360808,-4696234.5283492394,4188280.7757299952,8254878.0007135533,15778759.443091892,18674641.116024535,23416014.334480502,28823552.373295113,34988859.015008733,{"$f":"Q215","v":54842730.176558189},62849608.927063361,71970259.263147324,82356687.311341688,94181342.357713476]
[null,"Income tax paid","NGN",{"$f":"Inputs!E175","v":0.3},null,{"$f":"MAX(0,F217*$D$218)","v":0},{"$f":"MAX(0,G217*$D$218)","v":0},0,0,1256484.2327189986,2476463.4002140658,4733627.832927567,5602392.3348073605,7024804.3003441505,8647065.7119885329,10496657.70450262,16452819.052967455,18854882.678119007,21591077.778944198,24707006.193402506,28254402.707314041]
[]
["x","Financing"]
[]
[null,"NEP Performance Based Grant",null,"USD/connection"]
[null,"Grant per connection","NGN/connection",{"$f":"Inputs!E197","v":600},null,{"$f":"$D$223*F7","v":378000},{"$f":"$D$223*G7","v":387450},397136.25,407064.65624999994,417241.27265624993,427672.30447265616,438364.11208447249,449323.21488658426,460556.29525874887,472070.20264021755,483871.95770622295,495968.75664887845,508367.97556510044,521077.17495422787,534104.10432808357,547456.7069362856]
[null,"Total NEP Grant","NGN",null,null,{"$f":"F223*F71","v":0},{"$f":"G223*G71","v":103526640},{"$f":"H223*H71","v":13264350.749999991},0,13935858.506718762,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Cash Available for Debt Service"]
[null,"EBITDA","NGN",null,null,{"$f":"F42","v":0},804820.93886511959,12572356.832604405,14172811.184944615,22062032.552124288,24964135.870935362,28605559.443091892,32761441.116024535,37502814.334480502,42910352.373295113,49075659.015008733,56102730.176558189,64109608.927063361,73230259.263147324,83616687.311341688,95441342.357713476]
[null,"Tax Payable","NGN",null,null,{"$f":"-SUM(F52:F56)","v":0},{"$f":"-SUM(G52:G56)","v":0},0,0,-1340249.8482335985,-2641560.960228337,-5049203.0217894046,-5975885.1571278516,-7493124.5870337607,-9223536.7594544347,-11196434.884802794,-17549673.656498618,-20111874.856660277,-23030482.964207143,-26354139.939629339,-30138029.554468311]
[null,"NEP Grant Revenue","NGN",null,null,{"$f":"F224","v":0},103526640,13264350.749999991,0,13935858.506718762,0,0,0,0,0,0,0,0,0,0,0]
[null,"Ongoing CAPEX","NGN",null,null,{"$f":"-SUM(F200+F206)","v":0},{"$f":"-SUM(G200+G206)","v":0},0,0,0,0,-6300000,0,0,0,0,-6300000,0,0,0,0]
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[null,"Graphs"]
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[null,"Cash Flow Graphs"]
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[]
[null,"Inflation adjusted"]
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[null,"Tax","NGN",null,null,{"$f":"-(F20/F$6)","v":0},{"$f":"G20/G$6","v":0},{"$f":"H20/H$6","v":0},0,851753.00813178299,1498892.6298513687,2558083.3879810814,2703186.9617701713,3026347.3458627719,3326099.8212453802,3604952.378136931,5045111.8109761896,5162217.3481393065,5277992.2816205919,5392579.1761002429,5506105.321471299]
[null,"Debt Service","NGN",null,null,{"$f":"F21/F$6","v":0},8372246.3663840061,7475219.9699857188,6674303.5446301056,5959199.5934197363,5320713.9226961927,0,0,0,0,0,0,0,0,0,0]
[null,"Distributions","NGN",null,null,{"$f":"F22/F$6","v":0},84780843.757602707,13121645.130942527,3413623.5128024537,16066357.950790865,7345714.5704291845,8742607.2011599354,12116425.220369361,12120410.365858166,12147803.420056947,12196096.392746793,9271983.0336662736,11293122.481907215,11504493.078007322,11717051.713109056,11930671.097319402]
[]
[null,"Equity Distribution Graph"]
[null,"Cumulative distributions to equity","NGN",null,null,{"$f":"'FS (NGN)'!D54","v":0},{"$f":"'FS (NGN)'!E54","v":94954545.008515045},{"$f":"'FS (NGN)'!F54","v":111414336.66076936},{"$f":"'FS (NGN)'!G54","v":116210231.91536388},{"$f":"'FS (NGN)'!H54","v":141490957.19562325},{"$f":"'FS (NGN)'!I54","v":154436616.17598018},{"$f":"'FS (NGN)'!J54","v":171692972.59728268},{"$f":"'FS (NGN)'!K54","v":198478528.55617934},{"$f":"'FS (NGN)'!L54","v":228488218.30362609},{"$f":"'FS (NGN)'!M54","v":262175033.91746676},{"$f":"'FS (NGN)'!N54","v":300054258.04767269},{"$f":"'FS (NGN)'!O54","v":332307314.56773227},{"$f":"'FS (NGN)'!P54","v":376305048.63813537},{"$f":"'FS (NGN)'!Q54","v":426504824.93707556},{"$f":"'FS (NGN)'!R54","v":483767372.30878788},{"$f":"'FS (NGN)'!S54","v":549070685.11203301}]
[null,"Equity invested","NGN",null,null,{"$f":"'FS (NGN)'!D45","v":110868000},{"$f":"$F$34","v":110868000},110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000,110868000]
[]
[null,"DSCR Graph"]
[null,"DSCR",null,null,null,null,{"$f":"'FS (NGN)'!E98","v":11.126415306889704},{"$f":"'FS (NGN)'!F98","v":2.7553523753987395},{"$f":"'FS (NGN)'!G98","v":1.5114576359879417},{"$f":"'FS (NGN)'!H98","v":3.6960597138803086},{"$f":"'FS (NGN)'!I98","v":2.3805881460935323},{"$f":"'FS (NGN)'!J98","v":""},{"$f":"'FS (NGN)'!K98","v":""},{"$f":"'FS (NGN)'!L98","v":""},{"$f":"'FS (NGN)'!M98","v":""},{"$f":"'FS (NGN)'!N98","v":""},{"$f":"'FS (NGN)'!O98","v":""},{"$f":"'FS (NGN)'!P98","v":""},{"$f":"'FS (NGN)'!Q98","v":""},{"$f":"'FS (NGN)'!R98","v":""},{"$f":"'FS (NGN)'!S98","v":""}]
[null,"Target min DSCR","%",1.5,null,{"$f":"$D$38","v":1.5},1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5,1.5]
[]
[]
[null,"Average Revenue/Cost per User"]
[]
[null,"Connections","#",null,null,{"$f":"'Operating Model'!F69","v":0},{"$f":"'Operating Model'!G69","v":267.2},{"$f":"'Operating Model'!H69","v":300.59999999999997},{"$f":"'Operating Model'!I69","v":300.59999999999997},{"$f":"'Operating Model'!J69","v":334},{"$f":"'Operating Model'!K69","v":334},{"$f":"'Operating Model'!L69","v":334},{"$f":"'Operating Model'!M69","v":334},{"$f":"'Operating Model'!N69","v":334},{"$f":"'Operating Model'!O69","v":334},{"$f":"'Operating Model'!P69","v":334},{"$f":"'Operating Model'!Q69","v":334},{"$f":"'Operating Model'!R69","v":334},{"$f":"'Operating Model'!S69","v":334},{"$f":"'Operating Model'!T69","v":334},{"$f":"'Operating Model'!U69","v":334}]
[]
[null,"Revenue net VAT (NGN)","NGN",null,null,{"$f":"'Operating Model'!F21","v":0},{"$f":"'Operating Model'!G21","v":35009644.258232564},{"$f":"'Operating Model'!H21","v":41690297.116329089},{"$f":"'Operating Model'!I21","v":46792345.237777971},{"$f":"'Operating Model'!J21","v":59097679.666296542},{"$f":"'Operating Model'!K21","v":66464708.69928582},{"$f":"'Operating Model'!L21","v":75138557.275788531},{"$f":"'Operating Model'!M21","v":84937037.705382213},{"$f":"'Operating Model'!N21","v":96005158.213307023},{"$f":"'Operating Model'!O21","v":108506534.30017625},{"$f":"'Operating Model'!P21","v":122625766.36962248},{"$f":"'Operating Model'!Q21","v":138571120.04181331},{"$f":"'Operating Model'!R21","v":156577547.55960733},{"$f":"'Operating Model'!S21","v":176910093.55306983},{"$f":"'Operating Model'!T21","v":199867733.90010491},{"$f":"'Operating Model'!U21","v":225787702.58326429}]
[null,"Revenue net VAT (USD)","USD",null,null,{"$f":"F45/F7","v":0},54215.47697751849,62986.38885218223,68970.387656117673,84983.461904524956,93246.218664414831,102844.03563762907,113419.9634801708,125072.8641014922,137911.52293872676,152055.63920371668,167636.91444368323,184800.24913318685,203705.05797181753,224526.71561272899,247458.1457008713]
[]
[null,"Monthly ARPU - NGN","NGN",null,null,{"$f":"IFERROR(F45/F43/Inputs!$E$18,0)","v":0},{"$f":"IFERROR(G45/G43/Inputs!$E$18,0)","v":10918.676477742192},{"$f":"IFERROR(H45/H43/Inputs!$E$18,0)","v":11557.523041785622},{"$f":"IFERROR(I45/I43/Inputs!$E$18,0)","v":12971.929817525497},{"$f":"IFERROR(J45/J43/Inputs!$E$18,0)","v":14744.930056461213},{"$f":"IFERROR(K45/K43/Inputs!$E$18,0)","v":16583.011152516421},{"$f":"IFERROR(L45/L43/Inputs!$E$18,0)","v":18747.145028889354},{"$f":"IFERROR(M45/M43/Inputs!$E$18,0)","v":21191.875674995561},{"$f":"IFERROR(N45/N43/Inputs!$E$18,0)","v":23953.382787751252},{"$f":"IFERROR(O45/O43/Inputs!$E$18,0)","v":27072.488597848365},{"$f":"IFERROR(P45/P43/Inputs!$E$18,0)","v":30595.251090225171},{"$f":"IFERROR(Q45/Q43/Inputs!$E$18,0)","v":34573.632744963405},{"$f":"IFERROR(R45/R43/Inputs!$E$18,0)","v":39066.254381139552},{"$f":"IFERROR(S45/S43/Inputs!$E$18,0)","v":44139.244898470519},{"$f":"IFERROR(T45/T43/Inputs!$E$18,0)","v":49867.199076872486},{"$f":"IFERROR(U45/U43/Inputs!$E$18,0)","v":56334.257131552964}]
[null,"Monthly ARPU - NGN, inflation adjusted","NGN",null,null,{"$f":"IFERROR(F48/F6,0)","v":0},{"$f":"IFERROR(G48/G6,0)","v":9748.8182836983851},{"$f":"IFERROR(H48/H6,0)","v":9213.586608566342},9233.1634201364723,9370.6696156958678,9409.6458766188553,9497.8871048600467,9586.1283331012401,9674.3695613424334,9762.610789583623,9850.8520178248164,9939.0932460660115,10027.334474307201,10115.575702548394,10203.816930789584,10292.058159030777]
[null,"Monthly ARPU - USD","USD",null,null,{"$f":"F48/F7","v":0},16.908519516441643,17.461296532541095,19.120200614359526,21.20345855901321,23.265024616869965,25.659689530346576,28.298394081878943,31.205804416539969,34.409062609462765,37.938033733462241,41.825577456008794,46.107846590116473,50.824615262429525,56.019639623934381,61.741054316584652]
[null,"Monthly ARPU - USD, inflation adjusted","USD",null,null,{"$f":"F49/F7","v":0},15.096892425394325,13.92003868984462,13.609381131530954,13.475181238960545,13.201199766566331,12.999997275821443,12.800756358232126,12.603501019445014,12.408252927191098,12.215031511049842,12.023854058737497,11.83473580902988,11.647690041426543,11.462728162659873,11.279859790149864]
[]
[null,"Monthly ACPU - NGN","NGN",null,null,{"$f":"IFERROR(F67/F43/Inputs!$E$18,0)","v":0},{"$f":"IFERROR(G67/G43/Inputs!$E$18,0)","v":10667.671943415497},{"$f":"IFERROR(H67/H43/Inputs!$E$18,0)","v":8072.1724006777258},{"$f":"IFERROR(I67/I43/Inputs!$E$18,0)","v":9042.8958895634732},{"$f":"IFERROR(J67/J43/Inputs!$E$18,0)","v":9240.4309167096453},{"$f":"IFERROR(K67/K43/Inputs!$E$18,0)","v":10354.434338410792},{"$f":"IFERROR(L67/L43/Inputs!$E$18,0)","v":11610.029399375408},{"$f":"IFERROR(M67/M43/Inputs!$E$18,0)","v":13017.863420498421},{"$f":"IFERROR(N67/N43/Inputs!$E$18,0)","v":14596.393183339947},{"$f":"IFERROR(O67/O43/Inputs!$E$18,0)","v":16366.31285600827},{"$f":"IFERROR(P67/P43/Inputs!$E$18,0)","v":18350.825188276885},{"$f":"IFERROR(Q67/Q43/Inputs!$E$18,0)","v":20575.945575163456},{"$f":"IFERROR(R67/R43/Inputs!$E$18,0)","v":23070.842972191615},{"$f":"IFERROR(S67/S43/Inputs!$E$18,0)","v":25868.222128224177},{"$f":"IFERROR(T67/T43/Inputs!$E$18,0)","v":29004.752142904992},{"$f":"IFERROR(U67/U43/Inputs!$E$18,0)","v":32521.546962462777}]
[null,"Monthly ACPU - NGN, inflation adjusted","NGN",null,null,{"$f":"F53/F6","v":0},{"$f":"G53/G6","v":9524.707092335264},6435.0864163566048,6436.5546772243633,5872.4608998199055,5875.3841193891294,5882.002211507217,5888.6203036253073,5895.2383957433967,5901.856487861487,5908.4745799795755,5915.0926720976649,5921.7107642157553,5928.3288563338447,5934.9469484519332,5941.5650405700235]
[null,"Monthly ACPU - USD","USD",null,null,{"$f":"F53/F7","v":0},{"$f":"G53/G7","v":16.519817179118075},12.195571269071095,13.328933009614696,13.287895789239197,14.526684421866021,15.890939626651958,17.383295128141981,19.015777224548973,20.801541081568732,22.754976678460505,24.891824695800604,27.229303277665512,29.786246688502303,32.583256980652152,35.642869893177924]
[null,"Monthly ACPU - USD, inflation adjusted","USD",null,null,{"$f":"F54/F7","v":0},{"$f":"G54/G7","v":14.749836767069707},9.722234748940604,9.4872712406719018,8.4446979980209402,8.242830865515792,8.0508445596117948,7.8633199111846652,7.6801534879874067,7.5012442490798525,7.3264934897097325,7.1558047874599406,6.9890839496329775,6.8262389618442949,6.6671799377968606,6.5118190702098939]
[]
[null,"Consumption, Revenue, and Cost Summaries"]
[]
[null,"Average monthly consumption","kWh/month",null,null,{"$f":"'Operating Model'!F81/Inputs!$E$18","v":0},{"$f":"'Operating Model'!G81/Inputs!$E$18","v":10132},{"$f":"'Operating Model'!H81/Inputs!$E$18","v":11512.485000000001},{"$f":"'Operating Model'!I81/Inputs!$E$18","v":11626.470000000001},{"$f":"'Operating Model'!J81/Inputs!$E$18","v":13044.949999999999},{"$f":"'Operating Model'!K81/Inputs!$E$18","v":13171.6},{"$f":"'Operating Model'!L81/Inputs!$E$18","v":13298.25},{"$f":"'Operating Model'!M81/Inputs!$E$18","v":13424.900000000001},{"$f":"'Operating Model'!N81/Inputs!$E$18","v":13551.550000000003},{"$f":"'Operating Model'!O81/Inputs!$E$18","v":13678.199999999999},{"$f":"'Operating Model'!P81/Inputs!$E$18","v":13804.85},{"$f":"'Operating Model'!Q81/Inputs!$E$18","v":13931.5},{"$f":"'Operating Model'!R81/Inputs!$E$18","v":14058.150000000003},{"$f":"'Operating Model'!S81/Inputs!$E$18","v":14184.800000000003},{"$f":"'Operating Model'!T81/Inputs!$E$18","v":14311.450000000003},{"$f":"'Operating Model'!U81/Inputs!$E$18","v":14438.1}]
[null,"Average monthly consumption per user","kWh/month",null,null,{"$f":"IFERROR(F60/F43,0)","v":0},37.919161676646709,38.298353293413179,38.677544910179648,39.056736526946104,39.435928143712573,39.815119760479043,40.194311377245512,40.573502994011982,40.952694610778437,41.331886227544913,41.711077844311376,42.090269461077852,42.469461077844322,42.848652694610784,43.227844311377247]
[]
[null,"Total consumption","kWh/year",null,null,{"$f":"'Operating Model'!F81","v":0},{"$f":"'Operating Model'!G81","v":121584},{"$f":"'Operating Model'!H81","v":138149.82},{"$f":"'Operating Model'!I81","v":139517.64000000001},{"$f":"'Operating Model'!J81","v":156539.4},{"$f":"'Operating Model'!K81","v":158059.20000000001},{"$f":"'Operating Model'!L81","v":159579},{"$f":"'Operating Model'!M81","v":161098.80000000002},{"$f":"'Operating Model'!N81","v":162618.60000000003},{"$f":"'Operating Model'!O81","v":164138.4},{"$f":"'Operating Model'!P81","v":165658.20000000001},{"$f":"'Operating Model'!Q81","v":167178},{"$f":"'Operating Model'!R81","v":168697.80000000005},{"$f":"'Operating Model'!S81","v":170217.60000000003},{"$f":"'Operating Model'!T81","v":171737.40000000002},{"$f":"'Operating Model'!U81","v":173257.2}]
[null,"Average revenue per kWh (NGN)","NGN",null,null,{"$f":"IFERROR('Operating Model'!F21/'Graph calc'!F63,0)","v":0},{"$f":"IFERROR('Operating Model'!G21/'Graph calc'!G63,0)","v":287.94614635340639},{"$f":"IFERROR('Operating Model'!H21/'Graph calc'!H63,0)","v":301.77597854509753},{"$f":"IFERROR('Operating Model'!I21/'Graph calc'!I63,0)","v":335.38658794528038},{"$f":"IFERROR('Operating Model'!J21/'Graph calc'!J63,0)","v":377.52591147210569},{"$f":"IFERROR('Operating Model'!K21/'Graph calc'!K63,0)","v":420.50515692402479},{"$f":"IFERROR('Operating Model'!L21/'Graph calc'!L63,0)","v":470.85491998188064},{"$f":"IFERROR('Operating Model'!M21/'Graph calc'!M63,0)","v":527.23569452647814},{"$f":"IFERROR('Operating Model'!N21/'Graph calc'!N63,0)","v":590.37009427769647},{"$f":"IFERROR('Operating Model'!O21/'Graph calc'!O63,0)","v":661.06733281289598},{"$f":"IFERROR('Operating Model'!P21/'Graph calc'!P63,0)","v":740.2336037070454},{"$f":"IFERROR('Operating Model'!Q21/'Graph calc'!Q63,0)","v":828.88370504380543},{"$f":"IFERROR('Operating Model'!R21/'Graph calc'!R63,0)","v":928.15405748982664},{"$f":"IFERROR('Operating Model'!S21/'Graph calc'!S63,0)","v":1039.3172830134474},{"$f":"IFERROR('Operating Model'!T21/'Graph calc'!T63,0)","v":1163.7985313630279},{"$f":"IFERROR('Operating Model'!U21/'Graph calc'!U63,0)","v":1303.1937638566494}]
[null,"Average revenue per kWh (USD)","USD",null,null,{"$f":"F64/F7","v":0},0.44590963430647523,0.45592812826091433,0.49434886983551091,0.54288863956630062,0.58994489826859065,0.64447098701977756,0.70403977857172606,0.76911782601431933,0.84021486098759801,0.91788779066606219,1.0027450648032827,1.095451447103559,1.1967332283607424,1.307383922271613,1.4282704886196436]
[]
[null,"Total operating costs","NGN",null,null,{"$f":"'Operating Model'!F30+'Operating Model'!F40","v":0},{"$f":"'Operating Model'!G30+'Operating Model'!G40","v":34204823.319367446},{"$f":"'Operating Model'!H30+'Operating Model'!H40","v":29117940.283724688},{"$f":"'Operating Model'!I30+'Operating Model'!I40","v":32619534.052833356},{"$f":"'Operating Model'!J30+'Operating Model'!J40","v":37035647.114172257},{"$f":"'Operating Model'!K30+'Operating Model'!K40","v":41500572.828350455},{"$f":"'Operating Model'!L30+'Operating Model'!L40","v":46532997.832696632},{"$f":"'Operating Model'!M30+'Operating Model'!M40","v":52175596.589357674},{"$f":"'Operating Model'!N30+'Operating Model'!N40","v":58502343.878826514},{"$f":"'Operating Model'!O30+'Operating Model'!O40","v":65596181.926881142},{"$f":"'Operating Model'!P30+'Operating Model'!P40","v":73550107.354613751},{"$f":"'Operating Model'!Q30+'Operating Model'!Q40","v":82468389.865255132},{"$f":"'Operating Model'!R30+'Operating Model'!R40","v":92467938.632543981},{"$f":"'Operating Model'!S30+'Operating Model'!S40","v":103679834.28992251},{"$f":"'Operating Model'!T30+'Operating Model'!T40","v":116251046.58876321},{"$f":"'Operating Model'!U30+'Operating Model'!U40","v":130346360.22555082},{"$f":"'Operating Model'!V30+'Operating Model'!V40","v":0}]
[null,"Average operating costs per kWh (NGN)","NGN",null,null,{"$f":"IFERROR(F67/F63,0)","v":0},{"$f":"G67/G63","v":281.3266821240249},{"$f":"H67/H63","v":210.7707435574269},{"$f":"I67/I63","v":233.80222065706783},236.58993910908217,262.56347513052356,291.59850502068963,323.87327894036247,359.75186035808019,399.63946234934144,443.98712140186086,493.29690428917161,548.12770903084663,609.10172796422046,676.91164876586686,752.32867797442645]
[null,"Average operating costs per kWh (USD)","USD",null,null,{"$f":"F68/F7","v":0},0.43565881862024763,0.31843591748286926,0.34461683233949575,0.34022032998255197,0.36836167184725088,0.39911821745731607,0.43248147642063783,0.46867477100400734,0.50794071743679414,0.55054290416815888,0.59676771692907449,0.64692632350204526,0.70135683224012801,0.76042663961637835,0.82453498343420717]