Eolian Fin Model
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ABCD
1
Constant parameters and values
2
Business plan horizon5 years
3
Time quant1 quarter
4
Turbine planning horizon20 years
5
WACC18%
6
Annual energy production for 7.5MW name plate, MWh18000
7
Pantelimon (the first asset to acquire by the Fund) fair value
€8 449 494Minus 11%€7 520 049
8
Acquisition cost first windpark @7.5MW name plate€7 500 000
9
Remaining future value of the infrastructure after 20 years€2 000 000
10
Growth rate of faster changing costs (due to aging of turbines)
5%
11
Growth rate of slower changing costs1%
12
Administration fee7%
13
Annual depreciation rate4,40%
14
Maximum possible dividend14,21%
15
Cost of due dilligence when buying a farm, one time per quarter (auditor costs, lawyer costs and technical expert costs)€150 000
16
Fund cash level3%
17
Parameters to vary
18
Starting annual investments (additional to 7.5M)€10 000 000
19
Effective electricity price during year 1, Ron270Euro price:€57,82
20
Annual growth of electricity price, in Euro3,0%
21
Initial investments growth rate (accelerating with 2%)5,00%
22
Discount to fair price, with which we can buy additional generators7,87%
23
Scaling (acceleration, i.e. growth of the discount in the previous line) 2,50%
24
Dividend (formally, revenue shares)7,00%
25
Results
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Production capacity in 5 years, MW87,90
27
Fund NAV, after 5 years€100 841 421
28
Average annual margin18,94%
29
Average annual fund administration fees during 5 years€3 096 689
30
IRR11,03%
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