Dii Desert EnergyIPP Solar PV Project Development RoadmapBankable Approach !
Dii Toolkit for RE Grid Integration, Project Development & Industry LocalizationFadi Maalouf
8th June 2017 Dubai, UAE
2
Document Title / Number Rev. Description Of Change Effective Date
IPP Solar PV Project Development Roadmap
PV-Project-Development-Roadmap-fm1700417-R1R1 Initial Release – Draft For Information 17-Apr-2017
IPP Solar PV Project Development Roadmap
PV-Project-Development-Roadmap-fm170502-R2R2 2nd Release – Minor Edits & Improvements 2-May-2017
IPP Solar PV Project Development Roadmap
PV-Project-Development-Roadmap-fm170513-R3R3 Issued for DII Desert Energy 13-May-2017
IPP Solar PV Project Development Roadmap
PV-Project-Development-Roadmap-fm170608-R4R4 Issued for DII Desert Energy, Minor Edits 8-Jun-2017
F2M2 Name Designation Signature Date
Fadi Maalouf Director – IPP & EPC F2M2 18-Jun-2017
DOCUMENT CHANGE HISTORY RECORD SHEET
Document History
Dii MENAT © Fadi Maalouf Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Outline
Dii MENAT © Fadi Maalouf 3
Introduction
IPP Solar PV Project Development Roadmap
8-Phase Bankable Approach
Contact
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Introduction
Dii MENAT © Fadi Maalouf 4
The Purpose Of This Presentation Is To Provide A Concise1 Overview IPP Utility Scale Solar PV Project Development Process, Cradle To Grave.
As Much As Possible, The Roadmap Is Described In Generic Nature, Since The Development Process Is Unique To The JurisdictionOf Development.
Nonetheless, Major Elements Of The Process Remain Valid For Most Developments.
The Presentation Does Not Address All The Fine Details. However, Key Critical Components Are Highlighted And Discussed.
In a Cross-Border Multi-Stakeholder Development Process, It Is Important to:
Understand Scope of Work & Compliance Necessities
Meticulously Plan
Execute With Monitoring & Control In Place
A Successful & Bankable Approach Is Achieved When Expertise Are Integrated With Good Communication, Negotiation, Risk Management, & Competitiveness.
1 This PPT is the short version. Layout is dense as slides were compacted !
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
IPP Solar PV Project Development Roadmap8–Phase Bankable Approach
Dii MENAT © Fadi Maalouf 5
Phase 1
• Business Development
Phase 2
• Pre-Feasibility Study
Phase 3
• Feasibility Study
Phase 4
• Contracts & Financial Close
Phase 5
• Detailed Design & Permitting
Phase 6
• Procurement & Construction
Phase 7
• Testing & Acceptance
Phase 8
• O&M
Gate 1
• Corp RM Doc 1
Gate 2
• Corp RM Doc 2
Gate 3
• Corp RM Doc 3
Gate 4
• Corp RM Doc 4
Gate 5
• Corp RM Doc 5
Gate 6
• Corp RM Doc 6
Gate 7
• Corp RM Doc 7
Gate 8
• Corp RM Doc 8
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 1: Business Development
Dii MENAT © Fadi Maalouf 6
Project Opportunity Identification & Pre-Screening (Documented Sales Funnel Process, CRM)
Alignment with Corporate Vision, Mission, & Strategic Business Plan
Risk Management Compliance Gateway: Initial Assessment
Geographical Market Risk Clearance
Site Identification, Direct Proposal or PPP or Receipt of RFQ / RFP / ITB
Concept Development, Rough Order of Magnitude
Corporate Risk Thresholds & Approval Matrix Clearance
Go-NoGo Techno-Commercial Review & Assessment Form
e.g site particulars, project structure, regulatory framework & risks, grid access & infrastructure, off-taker due diligence, initial finance plan / benchmark term sheet, competitiveness
Go-NoGo & Bid-Win BD Committee Approval for Next Phase: 2
Required Resources
Required Budget
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 2: Pre-Feasibility Study
Dii MENAT © Fadi Maalouf 7
Site Visit (Initial Survey) to Identify Key Constraints &
Challenges, Land Lease/Access, Including Boundary Areas
Concerns
Conceptual Design & Assessment of Various Technical
Solutions, Including grid Connection
Project Estimated Cost Plan
(Development/Capex/Opex/Finance)
Estimated Energy Yield, PVsyst, P50 Based on Credible Solar
Resource Data
Estimated Energy Tariff based on
Incentives/FIT/N.Meter/PPA/Lease/ESCO
Pre-Feasibility Financial Model Development & Est. IRR, w/
Benchmark Term Sheet
Initial Sensitivity/Scenario Analysis Model (1D & 2D Tables, +/-
up to 30% parameter variances)
Identification of Initial Environmental and Social Impacts
Initial Licensing & Permitting Roadmap & Estimated Cost,
Success Factors including Estimated Timelines
Overall Market Review Including Regulatory Changes/Risks
Identification of Project Stakeholders and Respective
Agreement/Contracts Types
Selection of Project Structure (SPV/etc.) and Shareholders
Options (PPP/PE/etc.)
High Level Project Schedule/Program, with Key Milestones
Risks & Opportunities Register, with Proposed Mitigation &
Realization Measures
Pre-Feasibility Study & Financial Model BD Committee Approval
for Next Phase: 3
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 2: Pre-Feasibility Study
Dii MENAT © Fadi Maalouf 8
Sample Template: Pre-Feasibility Financial Model
(www.slideshare.net/solaruae)
INPUTS
General LCOE Component Component $ ¢/kWh Component Percentage
Analysis Period (years) 25 Capex Component 2.610182143 87.03%
Finance Structure Opex Component 0.388866912 12.97%
Debt Percentage 86.00% Total Percentage Check
Equity Percentage 14.00% 100.00%
Debt Interest Rate 2.75%
Retrurn on Equity Rate 7.00%WACC / Nominal Discount Rate 3.35%
Capital Expenditure LCOE ($ ¢/kWh) 2.999049054
Overnight EPC Cost ($) $835.00
Overnight Development Cost ($) $25.00
Total Overnight CAPEX Cost ($) $860.00
O&M Expenditure
Fixed Annual O&M ($/kWp/year) $9.00
O&M Annual Escalation (%) 1.25%
System
Power Plant Installed Size (kWp) 1.00
Estimated Annual Specifc Yield P50 (kWh/kWp) 2,100.00
Installed Annual Energy Output (kWh) 2,100.00
Annual Energy Degradation Year 1 (%/year) 0.00%
Annual Energy Degradation Year 2 to 25 (%/year) 0.60%
Power Plant Annual Availability (%) 99.50%
Net Annual Energy Output Year 1 (kWh) 2,089.50
Residual Value at End of Service LifeSalvage % of EPC at Year 25 12%
OUTPUTS
PV POWER PLANT PROJECT LCOE
PRE-FEASIBILITY ECONOMIC ANALYSIS - 25 YEARS
2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00
$0.00 1.3839 1.4598 1.5357 1.6116 1.6875 1.7633 1.8392 1.9151 1.9910 2.0668 2.1427 2.2186 2.2945 2.3704 2.4462 2.5221 2.5980 2.6739 2.7497 2.8256 2.9015 2.9774 3.0533 3.1291 3.2050 3.2809 3.3568 3.4326 3.5085 3.5844 3.6603 3.7361 3.8120 3.8879 3.9638 4.0397 4.1155 4.1914
$1.00 1.4420 1.5179 1.5938 1.6696 1.7455 1.8214 1.8973 1.9731 2.0490 2.1249 2.2008 2.2767 2.3525 2.4284 2.5043 2.5802 2.6560 2.7319 2.8078 2.8837 2.9595 3.0354 3.1113 3.1872 3.2631 3.3389 3.4148 3.4907 3.5666 3.6424 3.7183 3.7942 3.8701 3.9460 4.0218 4.0977 4.1736 4.2495
$2.00 1.5001 1.5759 1.6518 1.7277 1.8036 1.8794 1.9553 2.0312 2.1071 2.1829 2.2588 2.3347 2.4106 2.4865 2.5623 2.6382 2.7141 2.7900 2.8658 2.9417 3.0176 3.0935 3.1694 3.2452 3.3211 3.3970 3.4729 3.5487 3.6246 3.7005 3.7764 3.8523 3.9281 4.0040 4.0799 4.1558 4.2316 4.3075
$3.00 1.5581 1.6340 1.7099 1.7857 1.8616 1.9375 2.0134 2.0892 2.1651 2.2410 2.3169 2.3928 2.4686 2.5445 2.6204 2.6963 2.7721 2.8480 2.9239 2.9998 3.0757 3.1515 3.2274 3.3033 3.3792 3.4550 3.5309 3.6068 3.6827 3.7585 3.8344 3.9103 3.9862 4.0621 4.1379 4.2138 4.2897 4.3656
$4.00 1.6162 1.6920 1.7679 1.8438 1.9197 1.9955 2.0714 2.1473 2.2232 2.2991 2.3749 2.4508 2.5267 2.6026 2.6784 2.7543 2.8302 2.9061 2.9819 3.0578 3.1337 3.2096 3.2855 3.3613 3.4372 3.5131 3.5890 3.6648 3.7407 3.8166 3.8925 3.9684 4.0442 4.1201 4.1960 4.2719 4.3477 4.4236
$5.00 1.6742 1.7501 1.8260 1.9018 1.9777 2.0536 2.1295 2.2053 2.2812 2.3571 2.4330 2.5089 2.5847 2.6606 2.7365 2.8124 2.8882 2.9641 3.0400 3.1159 3.1918 3.2676 3.3435 3.4194 3.4953 3.5711 3.6470 3.7229 3.7988 3.8747 3.9505 4.0264 4.1023 4.1782 4.2540 4.3299 4.4058 4.4817
$6.00 1.7323 1.8081 1.8840 1.9599 2.0358 2.1116 2.1875 2.2634 2.3393 2.4152 2.4910 2.5669 2.6428 2.7187 2.7945 2.8704 2.9463 3.0222 3.0981 3.1739 3.2498 3.3257 3.4016 3.4774 3.5533 3.6292 3.7051 3.7809 3.8568 3.9327 4.0086 4.0845 4.1603 4.2362 4.3121 4.3880 4.4638 4.5397
$7.00 1.7903 1.8662 1.9421 2.0179 2.0938 2.1697 2.2456 2.3215 2.3973 2.4732 2.5491 2.6250 2.7008 2.7767 2.8526 2.9285 3.0043 3.0802 3.1561 3.2320 3.3079 3.3837 3.4596 3.5355 3.6114 3.6872 3.7631 3.8390 3.9149 3.9908 4.0666 4.1425 4.2184 4.2943 4.3701 4.4460 4.5219 4.5978
$8.00 1.8484 1.9242 2.0001 2.0760 2.1519 2.2277 2.3036 2.3795 2.4554 2.5313 2.6071 2.6830 2.7589 2.8348 2.9106 2.9865 3.0624 3.1383 3.2142 3.2900 3.3659 3.4418 3.5177 3.5935 3.6694 3.7453 3.8212 3.8971 3.9729 4.0488 4.1247 4.2006 4.2764 4.3523 4.4282 4.5041 4.5799 4.6558
$9.00 1.9064 1.9823 2.0582 2.1340 2.2099 2.2858 2.3617 2.4376 2.5134 2.5893 2.6652 2.7411 2.8169 2.8928 2.9687 3.0446 3.1205 3.1963 3.2722 3.3481 3.4240 3.4998 3.5757 3.6516 3.7275 3.8033 3.8792 3.9551 4.0310 4.1069 4.1827 4.2586 4.3345 4.4104 4.4862 4.5621 4.6380 4.7139
$10.00 1.9645 2.0403 2.1162 2.1921 2.2680 2.3439 2.4197 2.4956 2.5715 2.6474 2.7232 2.7991 2.8750 2.9509 3.0267 3.1026 3.1785 3.2544 3.3303 3.4061 3.4820 3.5579 3.6338 3.7096 3.7855 3.8614 3.9373 4.0132 4.0890 4.1649 4.2408 4.3167 4.3925 4.4684 4.5443 4.6202 4.6961 4.7719
$11.00 2.0225 2.0984 2.1743 2.2502 2.3260 2.4019 2.4778 2.5537 2.6295 2.7054 2.7813 2.8572 2.9330 3.0089 3.0848 3.1607 3.2366 3.3124 3.3883 3.4642 3.5401 3.6159 3.6918 3.7677 3.8436 3.9195 3.9953 4.0712 4.1471 4.2230 4.2988 4.3747 4.4506 4.5265 4.6023 4.6782 4.7541 4.8300
$12.00 2.0806 2.1564 2.2323 2.3082 2.3841 2.4600 2.5358 2.6117 2.6876 2.7635 2.8393 2.9152 2.9911 3.0670 3.1429 3.2187 3.2946 3.3705 3.4464 3.5222 3.5981 3.6740 3.7499 3.8257 3.9016 3.9775 4.0534 4.1293 4.2051 4.2810 4.3569 4.4328 4.5086 4.5845 4.6604 4.7363 4.8122 4.8880
$13.00 2.1386 2.2145 2.2904 2.3663 2.4421 2.5180 2.5939 2.6698 2.7456 2.8215 2.8974 2.9733 3.0492 3.1250 3.2009 3.2768 3.3527 3.4285 3.5044 3.5803 3.6562 3.7320 3.8079 3.8838 3.9597 4.0356 4.1114 4.1873 4.2632 4.3391 4.4149 4.4908 4.5667 4.6426 4.7185 4.7943 4.8702 4.9461
$14.00 2.1967 2.2726 2.3484 2.4243 2.5002 2.5761 2.6519 2.7278 2.8037 2.8796 2.9554 3.0313 3.1072 3.1831 3.2590 3.3348 3.4107 3.4866 3.5625 3.6383 3.7142 3.7901 3.8660 3.9419 4.0177 4.0936 4.1695 4.2454 4.3212 4.3971 4.4730 4.5489 4.6247 4.7006 4.7765 4.8524 4.9283 5.0041
$15.00 2.2547 2.3306 2.4065 2.4824 2.5582 2.6341 2.7100 2.7859 2.8617 2.9376 3.0135 3.0894 3.1653 3.2411 3.3170 3.3929 3.4688 3.5446 3.6205 3.6964 3.7723 3.8482 3.9240 3.9999 4.0758 4.1517 4.2275 4.3034 4.3793 4.4552 4.5310 4.6069 4.6828 4.7587 4.8346 4.9104 4.9863 5.0622
$16.00 2.3128 2.3887 2.4645 2.5404 2.6163 2.6922 2.7680 2.8439 2.9198 2.9957 3.0716 3.1474 3.2233 3.2992 3.3751 3.4509 3.5268 3.6027 3.6786 3.7544 3.8303 3.9062 3.9821 4.0580 4.1338 4.2097 4.2856 4.3615 4.4373 4.5132 4.5891 4.6650 4.7409 4.8167 4.8926 4.9685 5.0444 5.1202
$17.00 2.3708 2.4467 2.5226 2.5985 2.6743 2.7502 2.8261 2.9020 2.9778 3.0537 3.1296 3.2055 3.2814 3.3572 3.4331 3.5090 3.5849 3.6607 3.7366 3.8125 3.8884 3.9643 4.0401 4.1160 4.1919 4.2678 4.3436 4.4195 4.4954 4.5713 4.6472 4.7230 4.7989 4.8748 4.9507 5.0265 5.1024 5.1783
$18.00 2.4289 2.5048 2.5806 2.6565 2.7324 2.8083 2.8841 2.9600 3.0359 3.1118 3.1877 3.2635 3.3394 3.4153 3.4912 3.5670 3.6429 3.7188 3.7947 3.8706 3.9464 4.0223 4.0982 4.1741 4.2499 4.3258 4.4017 4.4776 4.5534 4.6293 4.7052 4.7811 4.8570 4.9328 5.0087 5.0846 5.1605 5.2363
$19.00 2.4869 2.5628 2.6387 2.7146 2.7904 2.8663 2.9422 3.0181 3.0940 3.1698 3.2457 3.3216 3.3975 3.4733 3.5492 3.6251 3.7010 3.7768 3.8527 3.9286 4.0045 4.0804 4.1562 4.2321 4.3080 4.3839 4.4597 4.5356 4.6115 4.6874 4.7633 4.8391 4.9150 4.9909 5.0668 5.1426 5.2185 5.2944
$20.00 2.5450 2.6209 2.6967 2.7726 2.8485 2.9244 3.0002 3.0761 3.1520 3.2279 3.3038 3.3796 3.4555 3.5314 3.6073 3.6831 3.7590 3.8349 3.9108 3.9867 4.0625 4.1384 4.2143 4.2902 4.3660 4.4419 4.5178 4.5937 4.6696 4.7454 4.8213 4.8972 4.9731 5.0489 5.1248 5.2007 5.2766 5.3524
$21.00 2.6030 2.6789 2.7548 2.8307 2.9065 2.9824 3.0583 3.1342 3.2101 3.2859 3.3618 3.4377 3.5136 3.5894 3.6653 3.7412 3.8171 3.8930 3.9688 4.0447 4.1206 4.1965 4.2723 4.3482 4.4241 4.5000 4.5758 4.6517 4.7276 4.8035 4.8794 4.9552 5.0311 5.1070 5.1829 5.2587 5.3346 5.4105
$22.00 2.6611 2.7370 2.8128 2.8887 2.9646 3.0405 3.1164 3.1922 3.2681 3.3440 3.4199 3.4957 3.5716 3.6475 3.7234 3.7992 3.8751 3.9510 4.0269 4.1028 4.1786 4.2545 4.3304 4.4063 4.4821 4.5580 4.6339 4.7098 4.7857 4.8615 4.9374 5.0133 5.0892 5.1650 5.2409 5.3168 5.3927 5.4686
$23.00 2.7191 2.7950 2.8709 2.9468 3.0226 3.0985 3.1744 3.2503 3.3262 3.4020 3.4779 3.5538 3.6297 3.7055 3.7814 3.8573 3.9332 4.0091 4.0849 4.1608 4.2367 4.3126 4.3884 4.4643 4.5402 4.6161 4.6920 4.7678 4.8437 4.9196 4.9955 5.0713 5.1472 5.2231 5.2990 5.3748 5.4507 5.5266
$24.00 2.7772 2.8531 2.9289 3.0048 3.0807 3.1566 3.2325 3.3083 3.3842 3.4601 3.5360 3.6118 3.6877 3.7636 3.8395 3.9154 3.9912 4.0671 4.1430 4.2189 4.2947 4.3706 4.4465 4.5224 4.5982 4.6741 4.7500 4.8259 4.9018 4.9776 5.0535 5.1294 5.2053 5.2811 5.3570 5.4329 5.5088 5.5847
$25.00 2.8352 2.9111 2.9870 3.0629 3.1388 3.2146 3.2905 3.3664 3.4423 3.5181 3.5940 3.6699 3.7458 3.8216 3.8975 3.9734 4.0493 4.1252 4.2010 4.2769 4.3528 4.4287 4.5045 4.5804 4.6563 4.7322 4.8081 4.8839 4.9598 5.0357 5.1116 5.1874 5.2633 5.3392 5.4151 5.4910 5.5668 5.6427
$26.00 2.8933 2.9692 3.0450 3.1209 3.1968 3.2727 3.3486 3.4244 3.5003 3.5762 3.6521 3.7279 3.8038 3.8797 3.9556 4.0315 4.1073 4.1832 4.2591 4.3350 4.4108 4.4867 4.5626 4.6385 4.7144 4.7902 4.8661 4.9420 5.0179 5.0937 5.1696 5.2455 5.3214 5.3972 5.4731 5.5490 5.6249 5.7008
$27.00 2.9513 3.0272 3.1031 3.1790 3.2549 3.3307 3.4066 3.4825 3.5584 3.6342 3.7101 3.7860 3.8619 3.9378 4.0136 4.0895 4.1654 4.2413 4.3171 4.3930 4.4689 4.5448 4.6206 4.6965 4.7724 4.8483 4.9242 5.0000 5.0759 5.1518 5.2277 5.3035 5.3794 5.4553 5.5312 5.6071 5.6829 5.7588
$28.00 3.0094 3.0853 3.1612 3.2370 3.3129 3.3888 3.4647 3.5405 3.6164 3.6923 3.7682 3.8440 3.9199 3.9958 4.0717 4.1476 4.2234 4.2993 4.3752 4.4511 4.5269 4.6028 4.6787 4.7546 4.8305 4.9063 4.9822 5.0581 5.1340 5.2098 5.2857 5.3616 5.4375 5.5134 5.5892 5.6651 5.7410 5.8169
$29.00 3.0675 3.1433 3.2192 3.2951 3.3710 3.4468 3.5227 3.5986 3.6745 3.7503 3.8262 3.9021 3.9780 4.0539 4.1297 4.2056 4.2815 4.3574 4.4332 4.5091 4.5850 4.6609 4.7368 4.8126 4.8885 4.9644 5.0403 5.1161 5.1920 5.2679 5.3438 5.4196 5.4955 5.5714 5.6473 5.7232 5.7990 5.8749
$30.00 3.1255 3.2014 3.2773 3.3531 3.4290 3.5049 3.5808 3.6566 3.7325 3.8084 3.8843 3.9602 4.0360 4.1119 4.1878 4.2637 4.3395 4.4154 4.4913 4.5672 4.6430 4.7189 4.7948 4.8707 4.9466 5.0224 5.0983 5.1742 5.2501 5.3259 5.4018 5.4777 5.5536 5.6295 5.7053 5.7812 5.8571 5.9330
LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & WACC
2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00
1.00% 1.5154 1.5735 1.6317 1.6899 1.7480 1.8062 1.8643 1.9225 1.9807 2.0388 2.0970 2.1551 2.2133 2.2715 2.3296 2.3878 2.4459 2.5041 2.5623 2.6204 2.6786 2.7367 2.7949 2.8531 2.9112 2.9694 3.0275 3.0857 3.1439 3.2020 3.2602 3.3183 3.3765 3.4347 3.4928 3.5510 3.6091 3.6673
1.10% 1.5312 1.5901 1.6490 1.7078 1.7667 1.8256 1.8844 1.9433 2.0021 2.0610 2.1199 2.1787 2.2376 2.2965 2.3553 2.4142 2.4730 2.5319 2.5908 2.6496 2.7085 2.7674 2.8262 2.8851 2.9440 3.0028 3.0617 3.1205 3.1794 3.2383 3.2971 3.3560 3.4149 3.4737 3.5326 3.5914 3.6503 3.7092
1.20% 1.5472 1.6067 1.6663 1.7259 1.7855 1.8450 1.9046 1.9642 2.0237 2.0833 2.1429 2.2025 2.2620 2.3216 2.3812 2.4407 2.5003 2.5599 2.6195 2.6790 2.7386 2.7982 2.8577 2.9173 2.9769 3.0364 3.0960 3.1556 3.2152 3.2747 3.3343 3.3939 3.4534 3.5130 3.5726 3.6322 3.6917 3.7513
1.30% 1.5632 1.6235 1.6837 1.7440 1.8043 1.8646 1.9249 1.9852 2.0454 2.1057 2.1660 2.2263 2.2866 2.3469 2.4072 2.4674 2.5277 2.5880 2.6483 2.7086 2.7689 2.8291 2.8894 2.9497 3.0100 3.0703 3.1306 3.1908 3.2511 3.3114 3.3717 3.4320 3.4923 3.5526 3.6128 3.6731 3.7334 3.7937
1.40% 1.5793 1.6403 1.7013 1.7623 1.8233 1.8843 1.9453 2.0063 2.0673 2.1283 2.1893 2.2503 2.3113 2.3723 2.4333 2.4943 2.5553 2.6163 2.6773 2.7383 2.7993 2.8603 2.9213 2.9823 3.0433 3.1043 3.1653 3.2263 3.2873 3.3483 3.4093 3.4703 3.5313 3.5923 3.6533 3.7143 3.7753 3.8363
1.50% 1.5954 1.6571 1.7189 1.7806 1.8423 1.9040 1.9658 2.0275 2.0892 2.1509 2.2127 2.2744 2.3361 2.3978 2.4596 2.5213 2.5830 2.6447 2.7064 2.7682 2.8299 2.8916 2.9533 3.0151 3.0768 3.1385 3.2002 3.2620 3.3237 3.3854 3.4471 3.5089 3.5706 3.6323 3.6940 3.7558 3.8175 3.8792
1.60% 1.6116 1.6741 1.7365 1.7990 1.8614 1.9239 1.9864 2.0488 2.1113 2.1737 2.2362 2.2986 2.3611 2.4235 2.4860 2.5484 2.6109 2.6733 2.7358 2.7982 2.8607 2.9231 2.9856 3.0480 3.1105 3.1729 3.2354 3.2978 3.3603 3.4227 3.4852 3.5476 3.6101 3.6725 3.7350 3.7974 3.8599 3.9223
1.70% 1.6279 1.6911 1.7543 1.8175 1.8807 1.9439 2.0070 2.0702 2.1334 2.1966 2.2598 2.3230 2.3861 2.4493 2.5125 2.5757 2.6389 2.7021 2.7652 2.8284 2.8916 2.9548 3.0180 3.0812 3.1443 3.2075 3.2707 3.3339 3.3971 3.4603 3.5234 3.5866 3.6498 3.7130 3.7762 3.8394 3.9025 3.9657
1.80% 1.6443 1.7082 1.7722 1.8361 1.9000 1.9639 2.0278 2.0918 2.1557 2.2196 2.2835 2.3474 2.4114 2.4753 2.5392 2.6031 2.6670 2.7310 2.7949 2.8588 2.9227 2.9866 3.0506 3.1145 3.1784 3.2423 3.3062 3.3702 3.4341 3.4980 3.5619 3.6258 3.6897 3.7537 3.8176 3.8815 3.9454 4.0093
1.90% 1.6608 1.7254 1.7901 1.8548 1.9194 1.9841 2.0487 2.1134 2.1781 2.2427 2.3074 2.3720 2.4367 2.5014 2.5660 2.6307 2.6953 2.7600 2.8247 2.8893 2.9540 3.0186 3.0833 3.1480 3.2126 3.2773 3.3420 3.4066 3.4713 3.5359 3.6006 3.6653 3.7299 3.7946 3.8592 3.9239 3.9886 4.0532
2.00% 1.6773 1.7427 1.8081 1.8735 1.9389 2.0043 2.0697 2.1351 2.2005 2.2660 2.3314 2.3968 2.4622 2.5276 2.5930 2.6584 2.7238 2.7892 2.8546 2.9200 2.9854 3.0508 3.1162 3.1816 3.2471 3.3125 3.3779 3.4433 3.5087 3.5741 3.6395 3.7049 3.7703 3.8357 3.9011 3.9665 4.0319 4.0973
2.10% 1.6939 1.7600 1.8262 1.8924 1.9585 2.0247 2.0908 2.1570 2.2231 2.2893 2.3555 2.4216 2.4878 2.5539 2.6201 2.6862 2.7524 2.8186 2.8847 2.9509 3.0170 3.0832 3.1493 3.2155 3.2817 3.3478 3.4140 3.4801 3.5463 3.6124 3.6786 3.7448 3.8109 3.8771 3.9432 4.0094 4.0755 4.1417
2.20% 1.7106 1.7775 1.8444 1.9113 1.9782 2.0451 2.1120 2.1789 2.2459 2.3128 2.3797 2.4466 2.5135 2.5804 2.6473 2.7142 2.7811 2.8481 2.9150 2.9819 3.0488 3.1157 3.1826 3.2495 3.3164 3.3834 3.4503 3.5172 3.5841 3.6510 3.7179 3.7848 3.8517 3.9186 3.9856 4.0525 4.1194 4.1863
2.50% 1.7610 1.8302 1.8994 1.9686 2.0378 2.1070 2.1762 2.2454 2.3146 2.3838 2.4530 2.5222 2.5914 2.6606 2.7298 2.7990 2.8683 2.9375 3.0067 3.0759 3.1451 3.2143 3.2835 3.3527 3.4219 3.4911 3.5603 3.6295 3.6987 3.7679 3.8371 3.9063 3.9755 4.0447 4.1139 4.1831 4.2523 4.3215
2.70% 1.7950 1.8657 1.9365 2.0072 2.0780 2.1487 2.2195 2.2902 2.3610 2.4318 2.5025 2.5733 2.6440 2.7148 2.7855 2.8563 2.9270 2.9978 3.0686 3.1393 3.2101 3.2808 3.3516 3.4223 3.4931 3.5638 3.6346 3.7053 3.7761 3.8469 3.9176 3.9884 4.0591 4.1299 4.2006 4.2714 4.3421 4.4129
2.80% 1.8120 1.8836 1.9551 2.0267 2.0982 2.1697 2.2413 2.3128 2.3843 2.4559 2.5274 2.5990 2.6705 2.7420 2.8136 2.8851 2.9566 3.0282 3.0997 3.1713 3.2428 3.3143 3.3859 3.4574 3.5289 3.6005 3.6720 3.7436 3.8151 3.8866 3.9582 4.0297 4.1012 4.1728 4.2443 4.3159 4.3874 4.4589
2.90% 1.8292 1.9015 1.9739 2.0462 2.1185 2.1908 2.2632 2.3355 2.4078 2.4801 2.5524 2.6248 2.6971 2.7694 2.8417 2.9141 2.9864 3.0587 3.1310 3.2034 3.2757 3.3480 3.4203 3.4927 3.5650 3.6373 3.7096 3.7820 3.8543 3.9266 3.9989 4.0713 4.1436 4.2159 4.2882 4.3605 4.4329 4.5052
3.00% 1.8464 1.9196 1.9927 2.0658 2.1389 2.2120 2.2851 2.3582 2.4314 2.5045 2.5776 2.6507 2.7238 2.7969 2.8701 2.9432 3.0163 3.0894 3.1625 3.2356 3.3087 3.3819 3.4550 3.5281 3.6012 3.6743 3.7474 3.8205 3.8937 3.9668 4.0399 4.1130 4.1861 4.2592 4.3323 4.4055 4.4786 4.5517
3.10% 1.8637 1.9377 2.0116 2.0855 2.1594 2.2333 2.3072 2.3811 2.4550 2.5289 2.6028 2.6768 2.7507 2.8246 2.8985 2.9724 3.0463 3.1202 3.1941 3.2680 3.3419 3.4159 3.4898 3.5637 3.6376 3.7115 3.7854 3.8593 3.9332 4.0071 4.0811 4.1550 4.2289 4.3028 4.3767 4.4506 4.5245 4.5984
3.20% 1.8811 1.9558 2.0305 2.1052 2.1799 2.2547 2.3294 2.4041 2.4788 2.5535 2.6282 2.7029 2.7776 2.8523 2.9271 3.0018 3.0765 3.1512 3.2259 3.3006 3.3753 3.4500 3.5247 3.5994 3.6742 3.7489 3.8236 3.8983 3.9730 4.0477 4.1224 4.1971 4.2718 4.3465 4.4213 4.4960 4.5707 4.6454
3.30% 1.8985 1.9741 2.0496 2.1251 2.2006 2.2761 2.3516 2.4271 2.5027 2.5782 2.6537 2.7292 2.8047 2.8802 2.9557 3.0313 3.1068 3.1823 3.2578 3.3333 3.4088 3.4843 3.5599 3.6354 3.7109 3.7864 3.8619 3.9374 4.0129 4.0885 4.1640 4.2395 4.3150 4.3905 4.4660 4.5415 4.6171 4.6926
3.30% 1.8985 1.9741 2.0496 2.1251 2.2006 2.2761 2.3516 2.4271 2.5027 2.5782 2.6537 2.7292 2.8047 2.8802 2.9557 3.0313 3.1068 3.1823 3.2578 3.3333 3.4088 3.4843 3.5599 3.6354 3.7109 3.7864 3.8619 3.9374 4.0129 4.0885 4.1640 4.2395 4.3150 4.3905 4.4660 4.5415 4.6171 4.6926
3.40% 1.9161 1.9924 2.0687 2.1450 2.2213 2.2977 2.3740 2.4503 2.5266 2.6030 2.6793 2.7556 2.8319 2.9082 2.9846 3.0609 3.1372 3.2135 3.2899 3.3662 3.4425 3.5188 3.5951 3.6715 3.7478 3.8241 3.9004 3.9768 4.0531 4.1294 4.2057 4.2820 4.3584 4.4347 4.5110 4.5873 4.6637 4.7400
3.50% 1.9336 2.0108 2.0879 2.1650 2.2422 2.3193 2.3964 2.4736 2.5507 2.6278 2.7050 2.7821 2.8592 2.9364 3.0135 3.0907 3.1678 3.2449 3.3221 3.3992 3.4763 3.5535 3.6306 3.7077 3.7849 3.8620 3.9391 4.0163 4.0934 4.1705 4.2477 4.3248 4.4019 4.4791 4.5562 4.6334 4.7105 4.7876
3.60% 1.9513 2.0292 2.1072 2.1851 2.2631 2.3410 2.4190 2.4969 2.5749 2.6528 2.7308 2.8087 2.8867 2.9646 3.0426 3.1205 3.1985 3.2764 3.3544 3.4324 3.5103 3.5883 3.6662 3.7442 3.8221 3.9001 3.9780 4.0560 4.1339 4.2119 4.2898 4.3678 4.4457 4.5237 4.6016 4.6796 4.7575 4.8355
3.70% 1.9690 2.0477 2.1265 2.2053 2.2841 2.3628 2.4416 2.5204 2.5992 2.6779 2.7567 2.8355 2.9142 2.9930 3.0718 3.1506 3.2293 3.3081 3.3869 3.4657 3.5444 3.6232 3.7020 3.7808 3.8595 3.9383 4.0171 4.0958 4.1746 4.2534 4.3322 4.4109 4.4897 4.5685 4.6473 4.7260 4.8048 4.8836
3.60% 1.9513 2.0292 2.1072 2.1851 2.2631 2.3410 2.4190 2.4969 2.5749 2.6528 2.7308 2.8087 2.8867 2.9646 3.0426 3.1205 3.1985 3.2764 3.3544 3.4324 3.5103 3.5883 3.6662 3.7442 3.8221 3.9001 3.9780 4.0560 4.1339 4.2119 4.2898 4.3678 4.4457 4.5237 4.6016 4.6796 4.7575 4.8355
3.80% 1.9867 2.0663 2.1459 2.2255 2.3051 2.3847 2.4643 2.5439 2.6235 2.7031 2.7827 2.8623 2.9419 3.0215 3.1011 3.1807 3.2603 3.3399 3.4195 3.4991 3.5787 3.6583 3.7379 3.8175 3.8971 3.9767 4.0563 4.1359 4.2155 4.2951 4.3747 4.4543 4.5339 4.6135 4.6931 4.7727 4.8523 4.9319
3.90% 2.0046 2.0850 2.1654 2.2459 2.3263 2.4067 2.4871 2.5676 2.6480 2.7284 2.8089 2.8893 2.9697 3.0501 3.1306 3.2110 3.2914 3.3719 3.4523 3.5327 3.6131 3.6936 3.7740 3.8544 3.9349 4.0153 4.0957 4.1761 4.2566 4.3370 4.4174 4.4979 4.5783 4.6587 4.7391 4.8196 4.9000 4.9804
4.00% 2.0225 2.1037 2.1850 2.2663 2.3475 2.4288 2.5101 2.5913 2.6726 2.7538 2.8351 2.9164 2.9976 3.0789 3.1601 3.2414 3.3227 3.4039 3.4852 3.5665 3.6477 3.7290 3.8102 3.8915 3.9728 4.0540 4.1353 4.2166 4.2978 4.3791 4.4603 4.5416 4.6229 4.7041 4.7854 4.8666 4.9479 5.0292
4.20% 2.0585 2.1414 2.2244 2.3073 2.3902 2.4732 2.5561 2.6391 2.7220 2.8050 2.8879 2.9708 3.0538 3.1367 3.2197 3.3026 3.3856 3.4685 3.5514 3.6344 3.7173 3.8003 3.8832 3.9661 4.0491 4.1320 4.2150 4.2979 4.3809 4.4638 4.5467 4.6297 4.7126 4.7956 4.8785 4.9614 5.0444 5.1273
4.40% 2.0947 2.1794 2.2640 2.3487 2.4333 2.5179 2.6026 2.6872 2.7718 2.8565 2.9411 3.0258 3.1104 3.1950 3.2797 3.3643 3.4489 3.5336 3.6182 3.7029 3.7875 3.8721 3.9568 4.0414 4.1260 4.2107 4.2953 4.3800 4.4646 4.5492 4.6339 4.7185 4.8031 4.8878 4.9724 5.0571 5.1417 5.2263
4.60% 2.1313 2.2176 2.3040 2.3903 2.4767 2.5630 2.6494 2.7357 2.8221 2.9084 2.9948 3.0811 3.1675 3.2538 3.3402 3.4265 3.5129 3.5992 3.6856 3.7719 3.8583 3.9446 4.0309 4.1173 4.2036 4.2900 4.3763 4.4627 4.5490 4.6354 4.7217 4.8081 4.8944 4.9808 5.0671 5.1535 5.2398 5.3262
4.80% 2.1680 2.2561 2.3442 2.4322 2.5203 2.6084 2.6965 2.7846 2.8726 2.9607 3.0488 3.1369 3.2249 3.3130 3.4011 3.4892 3.5773 3.6653 3.7534 3.8415 3.9296 4.0176 4.1057 4.1938 4.2819 4.3700 4.4580 4.5461 4.6342 4.7223 4.8103 4.8984 4.9865 5.0746 5.1627 5.2507 5.3388 5.4269
5.00% 2.2050 2.2948 2.3847 2.4745 2.5643 2.6541 2.7440 2.8338 2.9236 3.0134 3.1032 3.1931 3.2829 3.3727 3.4625 3.5523 3.6422 3.7320 3.8218 3.9116 4.0014 4.0913 4.1811 4.2709 4.3607 4.4506 4.5404 4.6302 4.7200 4.8098 4.8997 4.9895 5.0793 5.1691 5.2589 5.3488 5.4386 5.5284
5.20% 2.2423 2.3339 2.4254 2.5170 2.6086 2.7002 2.7918 2.8833 2.9749 3.0665 3.1581 3.2497 3.3412 3.4328 3.5244 3.6160 3.7076 3.7991 3.8907 3.9823 4.0739 4.1655 4.2570 4.3486 4.4402 4.5318 4.6234 4.7149 4.8065 4.8981 4.9897 5.0813 5.1728 5.2644 5.3560 5.4476 5.5392 5.6307
5.40% 2.2798 2.3731 2.4665 2.5598 2.6532 2.7465 2.8399 2.9332 3.0266 3.1200 3.2133 3.3067 3.4000 3.4934 3.5867 3.6801 3.7734 3.8668 3.9601 4.0535 4.1468 4.2402 4.3336 4.4269 4.5203 4.6136 4.7070 4.8003 4.8937 4.9870 5.0804 5.1737 5.2671 5.3604 5.4538 5.5472 5.6405 5.7339
5.60% 2.3175 2.4126 2.5078 2.6029 2.6981 2.7932 2.8884 2.9835 3.0786 3.1738 3.2689 3.3641 3.4592 3.5544 3.6495 3.7446 3.8398 3.9349 4.0301 4.1252 4.2204 4.3155 4.4106 4.5058 4.6009 4.6961 4.7912 4.8863 4.9815 5.0766 5.1718 5.2669 5.3621 5.4572 5.5523 5.6475 5.7426 5.8378
5.80% 2.3555 2.4524 2.5494 2.6463 2.7432 2.8402 2.9371 3.0341 3.1310 3.2280 3.3249 3.4219 3.5188 3.6158 3.7127 3.8096 3.9066 4.0035 4.1005 4.1974 4.2944 4.3913 4.4883 4.5852 4.6822 4.7791 4.8761 4.9730 5.0699 5.1669 5.2638 5.3608 5.4577 5.5547 5.6516 5.7486 5.8455 5.9425
6.00% 2.3936 2.4924 2.5912 2.6899 2.7887 2.8875 2.9862 3.0850 3.1838 3.2825 3.3813 3.4800 3.5788 3.6776 3.7763 3.8751 3.9739 4.0726 4.1714 4.2702 4.3689 4.4677 4.5664 4.6652 4.7640 4.8627 4.9615 5.0603 5.1590 5.2578 5.3566 5.4553 5.5541 5.6529 5.7516 5.8504 5.9491 6.0479
6.20% 2.4321 2.5327 2.6333 2.7338 2.8344 2.9350 3.0356 3.1362 3.2368 3.3374 3.4380 3.5386 3.6392 3.7398 3.8404 3.9410 4.0416 4.1422 4.2428 4.3434 4.4440 4.5446 4.6452 4.7458 4.8464 4.9470 5.0475 5.1481 5.2487 5.3493 5.4499 5.5505 5.6511 5.7517 5.8523 5.9529 6.0535 6.1541
6.40% 2.4707 2.5731 2.6756 2.7780 2.8805 2.9829 3.0853 3.1878 3.2902 3.3927 3.4951 3.5976 3.7000 3.8024 3.9049 4.0073 4.1098 4.2122 4.3146 4.4171 4.5195 4.6220 4.7244 4.8268 4.9293 5.0317 5.1342 5.2366 5.3391 5.4415 5.5439 5.6464 5.7488 5.8513 5.9537 6.0561 6.1586 6.2610
6.60% 2.5095 2.6138 2.7182 2.8225 2.9268 3.0311 3.1354 3.2397 3.3440 3.4483 3.5526 3.6569 3.7612 3.8655 3.9698 4.0741 4.1784 4.2827 4.3870 4.4913 4.5956 4.6999 4.8042 4.9085 5.0128 5.1171 5.2214 5.3257 5.4300 5.5343 5.6386 5.7429 5.8472 5.9515 6.0558 6.1601 6.2644 6.3687
6.80% 2.5486 2.6548 2.7610 2.8671 2.9733 3.0795 3.1857 3.2918 3.3980 3.5042 3.6104 3.7165 3.8227 3.9289 4.0350 4.1412 4.2474 4.3536 4.4597 4.5659 4.6721 4.7783 4.8844 4.9906 5.0968 5.2030 5.3091 5.4153 5.5215 5.6277 5.7338 5.8400 5.9462 6.0523 6.1585 6.2647 6.3709 6.4770
7.00% 2.5879 2.6960 2.8040 2.9121 3.0201 3.1282 3.2363 3.3443 3.4524 3.5604 3.6685 3.7765 3.8846 3.9927 4.1007 4.2088 4.3168 4.4249 4.5330 4.6410 4.7491 4.8571 4.9652 5.0733 5.1813 5.2894 5.3974 5.5055 5.6136 5.7216 5.8297 5.9377 6.0458 6.1539 6.2619 6.3700 6.4780 6.5861
7.20% 2.6274 2.7373 2.8473 2.9573 3.0672 3.1772 3.2871 3.3971 3.5070 3.6170 3.7270 3.8369 3.9469 4.0568 4.1668 4.2768 4.3867 4.4967 4.6066 4.7166 4.8265 4.9365 5.0465 5.1564 5.2664 5.3763 5.4863 5.5963 5.7062 5.8162 5.9261 6.0361 6.1461 6.2560 6.3660 6.4759 6.5859 6.6958
7.40% 2.6671 2.7789 2.8908 3.0027 3.1145 3.2264 3.3383 3.4502 3.5620 3.6739 3.7858 3.8976 4.0095 4.1214 4.2332 4.3451 4.4570 4.5689 4.6807 4.7926 4.9045 5.0163 5.1282 5.2401 5.3519 5.4638 5.5757 5.6876 5.7994 5.9113 6.0232 6.1350 6.2469 6.3588 6.4706 6.5825 6.6944 6.8063
7.60% 2.7069 2.8207 2.9345 3.0483 3.1621 3.2759 3.3897 3.5035 3.6173 3.7311 3.8449 3.9587 4.0725 4.1863 4.3001 4.4139 4.5277 4.6414 4.7552 4.8690 4.9828 5.0966 5.2104 5.3242 5.4380 5.5518 5.6656 5.7794 5.8932 6.0070 6.1208 6.2346 6.3484 6.4622 6.5759 6.6897 6.8035 6.9173
7.80% 2.7470 2.8628 2.9785 3.0942 3.2099 3.3257 3.4414 3.5571 3.6729 3.7886 3.9043 4.0201 4.1358 4.2515 4.3673 4.4830 4.5987 4.7144 4.8302 4.9459 5.0616 5.1774 5.2931 5.4088 5.5246 5.6403 5.7560 5.8717 5.9875 6.1032 6.2189 6.3347 6.4504 6.5661 6.6819 6.7976 6.9133 7.0290
8.00% 2.7873 2.9050 3.0227 3.1403 3.2580 3.3757 3.4934 3.6110 3.7287 3.8464 3.9641 4.0818 4.1994 4.3171 4.4348 4.5525 4.6702 4.7878 4.9055 5.0232 5.1409 5.2585 5.3762 5.4939 5.6116 5.7293 5.8469 5.9646 6.0823 6.2000 6.3177 6.4353 6.5530 6.6707 6.7884 6.9060 7.0237 7.1414
8.20% 2.8278 2.9474 3.0670 3.1867 3.3063 3.4259 3.5456 3.6652 3.7849 3.9045 4.0241 4.1438 4.2634 4.3831 4.5027 4.6223 4.7420 4.8616 4.9812 5.1009 5.2205 5.3402 5.4598 5.5794 5.6991 5.8187 5.9384 6.0580 6.1776 6.2973 6.4169 6.5365 6.6562 6.7758 6.8955 7.0151 7.1347 7.2544
8.40% 2.8684 2.9900 3.1116 3.2332 3.3548 3.4764 3.5981 3.7197 3.8413 3.9629 4.0845 4.2061 4.3277 4.4493 4.5709 4.6925 4.8142 4.9358 5.0574 5.1790 5.3006 5.4222 5.5438 5.6654 5.7870 5.9086 6.0302 6.1519 6.2735 6.3951 6.5167 6.6383 6.7599 6.8815 7.0031 7.1247 7.2463 7.3680
8.60% 2.9092 3.0328 3.1564 3.2800 3.4036 3.5272 3.6508 3.7744 3.8980 4.0216 4.1451 4.2687 4.3923 4.5159 4.6395 4.7631 4.8867 5.0103 5.1339 5.2575 5.3811 5.5047 5.6282 5.7518 5.8754 5.9990 6.1226 6.2462 6.3698 6.4934 6.6170 6.7406 6.8642 6.9878 7.1113 7.2349 7.3585 7.4821
8.80% 2.9502 3.0758 3.2014 3.3270 3.4526 3.5782 3.7037 3.8293 3.9549 4.0805 4.2061 4.3317 4.4572 4.5828 4.7084 4.8340 4.9596 5.0852 5.2108 5.3363 5.4619 5.5875 5.7131 5.8387 5.9643 6.0899 6.2154 6.3410 6.4666 6.5922 6.7178 6.8434 6.9690 7.0945 7.2201 7.3457 7.4713 7.5969
9.00% 2.9914 3.1190 3.2466 3.3742 3.5018 3.6293 3.7569 3.8845 4.0121 4.1397 4.2673 4.3949 4.5225 4.6501 4.7777 4.9052 5.0328 5.1604 5.2880 5.4156 5.5432 5.6708 5.7984 5.9260 6.0535 6.1811 6.3087 6.4363 6.5639 6.6915 6.8191 6.9467 7.0743 7.2019 7.3294 7.4570 7.5846 7.7122
9.20% 3.0327 3.1623 3.2920 3.4216 3.5512 3.6808 3.8104 3.9400 4.0696 4.1992 4.3288 4.4584 4.5880 4.7176 4.8472 4.9768 5.1064 5.2360 5.3656 5.4952 5.6248 5.7544 5.8840 6.0136 6.1432 6.2728 6.4025 6.5321 6.6617 6.7913 6.9209 7.0505 7.1801 7.3097 7.4393 7.5689 7.6985 7.8281
9.40% 3.0743 3.2059 3.3375 3.4691 3.6008 3.7324 3.8640 3.9957 4.1273 4.2589 4.3905 4.5222 4.6538 4.7854 4.9171 5.0487 5.1803 5.3119 5.4436 5.5752 5.7068 5.8385 5.9701 6.1017 6.2334 6.3650 6.4966 6.6282 6.7599 6.8915 7.0231 7.1548 7.2864 7.4180 7.5496 7.6813 7.8129 7.9445
9.60% 3.1159 3.2496 3.3833 3.5169 3.6506 3.7842 3.9179 4.0516 4.1852 4.3189 4.4526 4.5862 4.7199 4.8536 4.9872 5.1209 5.2546 5.3882 5.5219 5.6555 5.7892 5.9229 6.0565 6.1902 6.3239 6.4575 6.5912 6.7249 6.8585 6.9922 7.1259 7.2595 7.3932 7.5268 7.6605 7.7942 7.9278 8.0615
9.80% 3.1578 3.2935 3.4292 3.5649 3.7006 3.8363 3.9720 4.1077 4.2434 4.3791 4.5148 4.6506 4.7863 4.9220 5.0577 5.1934 5.3291 5.4648 5.6005 5.7362 5.8719 6.0076 6.1434 6.2791 6.4148 6.5505 6.6862 6.8219 6.9576 7.0933 7.2290 7.3647 7.5004 7.6362 7.7719 7.9076 8.0433 8.1790
10.00% 3.1997 3.3375 3.4753 3.6130 3.7508 3.8886 4.0263 4.1641 4.3019 4.4396 4.5774 4.7151 4.8529 4.9907 5.1284 5.2662 5.4040 5.5417 5.6795 5.8173 5.9550 6.0928 6.2305 6.3683 6.5061 6.6438 6.7816 6.9194 7.0571 7.1949 7.3327 7.4704 7.6082 7.7459 7.8837 8.0215 8.1592 8.2970
LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & Annual Specifc Energy Yield kWh/kWp
2.999049054 $500.00 $525.00 $550.00 $575.00 $600.00 $625.00 $650.00 $675.00 $700.00 $725.00 $750.00 $775.00 $800.00 $825.00 $850.00 $875.00 $900.00 $925.00 $950.00 $975.00 $1,000.00 $1,025.00 $1,050.00 $1,075.00 $1,100.00 $1,125.00 $1,150.00 $1,175.00 $1,200.00 $1,225.00 $1,250.00 $1,275.00 $1,300.00 $1,325.00 $1,350.00 $1,375.00 $1,400.00 $1,425.00
1000 4.0035 4.1628 4.3222 4.4815 4.6408 4.8002 4.9595 5.1189 5.2782 5.4376 5.5969 5.7562 5.9156 6.0749 6.2343 6.3936 6.5530 6.7123 6.8716 7.0310 7.1903 7.3497 7.5090 7.6683 7.8277 7.9870 8.1464 8.3057 8.4651 8.6244 8.7837 8.9431 9.1024 9.2618 9.4211 9.5805 9.7398 9.8991
1025 3.9058 4.0613 4.2167 4.3722 4.5276 4.6831 4.8386 4.9940 5.1495 5.3049 5.4604 5.6158 5.7713 5.9268 6.0822 6.2377 6.3931 6.5486 6.7040 6.8595 7.0149 7.1704 7.3259 7.4813 7.6368 7.7922 7.9477 8.1031 8.2586 8.4141 8.5695 8.7250 8.8804 9.0359 9.1913 9.3468 9.5022 9.6577
1050 3.8128 3.9646 4.1163 4.2681 4.4198 4.5716 4.7234 4.8751 5.0269 5.1786 5.3304 5.4821 5.6339 5.7856 5.9374 6.0892 6.2409 6.3927 6.5444 6.6962 6.8479 6.9997 7.1514 7.3032 7.4549 7.6067 7.7585 7.9102 8.0620 8.2137 8.3655 8.5172 8.6690 8.8207 8.9725 9.1242 9.2760 9.4278
1075 3.7242 3.8724 4.0206 4.1688 4.3171 4.4653 4.6135 4.7617 4.9100 5.0582 5.2064 5.3546 5.5029 5.6511 5.7993 5.9475 6.0958 6.2440 6.3922 6.5404 6.6887 6.8369 6.9851 7.1333 7.2816 7.4298 7.5780 7.7262 7.8745 8.0227 8.1709 8.3192 8.4674 8.6156 8.7638 8.9121 9.0603 9.2085
1100 3.6395 3.7844 3.9292 4.0741 4.2189 4.3638 4.5087 4.6535 4.7984 4.9432 5.0881 5.2329 5.3778 5.5227 5.6675 5.8124 5.9572 6.1021 6.2469 6.3918 6.5367 6.6815 6.8264 6.9712 7.1161 7.2609 7.4058 7.5507 7.6955 7.8404 7.9852 8.1301 8.2749 8.4198 8.5647 8.7095 8.8544 8.9992
1125 3.5586 3.7003 3.8419 3.9836 4.1252 4.2668 4.4085 4.5501 4.6917 4.8334 4.9750 5.1167 5.2583 5.3999 5.5416 5.6832 5.8248 5.9665 6.1081 6.2498 6.3914 6.5330 6.6747 6.8163 6.9579 7.0996 7.2412 7.3829 7.5245 7.6661 7.8078 7.9494 8.0911 8.2327 8.3743 8.5160 8.6576 8.7992
1150 3.4813 3.6198 3.7584 3.8970 4.0355 4.1741 4.3126 4.4512 4.5897 4.7283 4.8669 5.0054 5.1440 5.2825 5.4211 5.5597 5.6982 5.8368 5.9753 6.1139 6.2525 6.3910 6.5296 6.6681 6.8067 6.9452 7.0838 7.2224 7.3609 7.4995 7.6380 7.7766 7.9152 8.0537 8.1923 8.3308 8.4694 8.6080
1175 3.4072 3.5428 3.6784 3.8140 3.9497 4.0853 4.2209 4.3565 4.4921 4.6277 4.7633 4.8989 5.0345 5.1701 5.3058 5.4414 5.5770 5.7126 5.8482 5.9838 6.1194 6.2550 6.3906 6.5263 6.6619 6.7975 6.9331 7.0687 7.2043 7.3399 7.4755 7.6111 7.7468 7.8824 8.0180 8.1536 8.2892 8.4248
1200 3.3362 3.4690 3.6018 3.7346 3.8674 4.0002 4.1329 4.2657 4.3985 4.5313 4.6641 4.7969 4.9297 5.0624 5.1952 5.3280 5.4608 5.5936 5.7264 5.8591 5.9919 6.1247 6.2575 6.3903 6.5231 6.6559 6.7886 6.9214 7.0542 7.1870 7.3198 7.4526 7.5854 7.7181 7.8509 7.9837 8.1165 8.2493
1225 3.2681 3.3982 3.5283 3.6584 3.7884 3.9185 4.0486 4.1787 4.3087 4.4388 4.5689 4.6990 4.8290 4.9591 5.0892 5.2193 5.3493 5.4794 5.6095 5.7396 5.8696 5.9997 6.1298 6.2599 6.3900 6.5200 6.6501 6.7802 6.9103 7.0403 7.1704 7.3005 7.4306 7.5606 7.6907 7.8208 7.9509 8.0809
1250 3.2028 3.3303 3.4577 3.5852 3.7127 3.8401 3.9676 4.0951 4.2226 4.3500 4.4775 4.6050 4.7325 4.8599 4.9874 5.1149 5.2424 5.3698 5.4973 5.6248 5.7523 5.8797 6.0072 6.1347 6.2622 6.3896 6.5171 6.6446 6.7720 6.8995 7.0270 7.1545 7.2819 7.4094 7.5369 7.6644 7.7918 7.9193
1275 3.1400 3.2650 3.3899 3.5149 3.6399 3.7648 3.8898 4.0148 4.1398 4.2647 4.3897 4.5147 4.6397 4.7646 4.8896 5.0146 5.1396 5.2645 5.3895 5.5145 5.6395 5.7644 5.8894 6.0144 6.1394 6.2643 6.3893 6.5143 6.6393 6.7642 6.8892 7.0142 7.1392 7.2641 7.3891 7.5141 7.6391 7.7640
1300 3.0796 3.2022 3.3247 3.4473 3.5699 3.6924 3.8150 3.9376 4.0602 4.1827 4.3053 4.4279 4.5504 4.6730 4.7956 4.9182 5.0407 5.1633 5.2859 5.4084 5.5310 5.6536 5.7762 5.8987 6.0213 6.1439 6.2664 6.3890 6.5116 6.6342 6.7567 6.8793 7.0019 7.1244 7.2470 7.3696 7.4922 7.6147
1325 3.0215 3.1417 3.2620 3.3823 3.5025 3.6228 3.7430 3.8633 3.9836 4.1038 4.2241 4.3443 4.4646 4.5848 4.7051 4.8254 4.9456 5.0659 5.1861 5.3064 5.4267 5.5469 5.6672 5.7874 5.9077 6.0279 6.1482 6.2685 6.3887 6.5090 6.6292 6.7495 6.8698 6.9900 7.1103 7.2305 7.3508 7.4711
1350 2.9655 3.0836 3.2016 3.3196 3.4377 3.5557 3.6737 3.7918 3.9098 4.0278 4.1458 4.2639 4.3819 4.4999 4.6180 4.7360 4.8540 4.9721 5.0901 5.2081 5.3262 5.4442 5.5622 5.6803 5.7983 5.9163 6.0344 6.1524 6.2704 6.3884 6.5065 6.6245 6.7425 6.8606 6.9786 7.0966 7.2147 7.3327
1375 2.9116 3.0275 3.1434 3.2593 3.3752 3.4910 3.6069 3.7228 3.8387 3.9546 4.0705 4.1864 4.3022 4.4181 4.5340 4.6499 4.7658 4.8817 4.9976 5.1134 5.2293 5.3452 5.4611 5.5770 5.6929 5.8088 5.9246 6.0405 6.1564 6.2723 6.3882 6.5041 6.6200 6.7358 6.8517 6.9676 7.0835 7.1994
1400 2.8596 2.9734 3.0873 3.2011 3.3149 3.4287 3.5425 3.6563 3.7702 3.8840 3.9978 4.1116 4.2254 4.3392 4.4530 4.5669 4.6807 4.7945 4.9083 5.0221 5.1359 5.2498 5.3636 5.4774 5.5912 5.7050 5.8188 5.9327 6.0465 6.1603 6.2741 6.3879 6.5017 6.6156 6.7294 6.8432 6.9570 7.0708
1425 2.8095 2.9213 3.0331 3.1449 3.2567 3.3685 3.4804 3.5922 3.7040 3.8158 3.9276 4.0395 4.1513 4.2631 4.3749 4.4867 4.5986 4.7104 4.8222 4.9340 5.0458 5.1577 5.2695 5.3813 5.4931 5.6049 5.7168 5.8286 5.9404 6.0522 6.1640 6.2759 6.3877 6.4995 6.6113 6.7231 6.8349 6.9468
1450 2.7610 2.8709 2.9808 3.0907 3.2006 3.3105 3.4204 3.5303 3.6401 3.7500 3.8599 3.9698 4.0797 4.1896 4.2995 4.4094 4.5193 4.6292 4.7391 4.8490 4.9588 5.0687 5.1786 5.2885 5.3984 5.5083 5.6182 5.7281 5.8380 5.9479 6.0578 6.1676 6.2775 6.3874 6.4973 6.6072 6.7171 6.8270
1475 2.7142 2.8222 2.9303 3.0383 3.1463 3.2544 3.3624 3.4704 3.5784 3.6865 3.7945 3.9025 4.0106 4.1186 4.2266 4.3346 4.4427 4.5507 4.6587 4.7668 4.8748 4.9828 5.0909 5.1989 5.3069 5.4149 5.5230 5.6310 5.7390 5.8471 5.9551 6.0631 6.1711 6.2792 6.3872 6.4952 6.6033 6.7113
1500 2.6690 2.7752 2.8814 2.9877 3.0939 3.2001 3.3064 3.4126 3.5188 3.6250 3.7313 3.8375 3.9437 4.0499 4.1562 4.2624 4.3686 4.4749 4.5811 4.6873 4.7935 4.8998 5.0060 5.1122 5.2185 5.3247 5.4309 5.5371 5.6434 5.7496 5.8558 5.9621 6.0683 6.1745 6.2807 6.3870 6.4932 6.5994
1525 2.6252 2.7297 2.8342 2.9387 3.0432 3.1477 3.2521 3.3566 3.4611 3.5656 3.6701 3.7746 3.8791 3.9836 4.0880 4.1925 4.2970 4.4015 4.5060 4.6105 4.7150 4.8195 4.9239 5.0284 5.1329 5.2374 5.3419 5.4464 5.5509 5.6553 5.7598 5.8643 5.9688 6.0733 6.1778 6.2823 6.3868 6.4912
1550 2.5829 2.6857 2.7885 2.8913 2.9941 3.0969 3.1997 3.3025 3.4053 3.5081 3.6109 3.7137 3.8165 3.9193 4.0221 4.1249 4.2277 4.3305 4.4333 4.5361 4.6389 4.7417 4.8445 4.9473 5.0501 5.1529 5.2557 5.3585 5.4613 5.5641 5.6669 5.7697 5.8725 5.9753 6.0781 6.1809 6.2837 6.3865
1575 2.5419 2.6431 2.7442 2.8454 2.9466 3.0477 3.1489 3.2501 3.3512 3.4524 3.5536 3.6548 3.7559 3.8571 3.9583 4.0594 4.1606 4.2618 4.3629 4.4641 4.5653 4.6665 4.7676 4.8688 4.9700 5.0711 5.1723 5.2735 5.3746 5.4758 5.5770 5.6782 5.7793 5.8805 5.9817 6.0828 6.1840 6.2852
1600 2.5022 2.6018 2.7013 2.8009 2.9005 3.0001 3.0997 3.1993 3.2989 3.3985 3.4981 3.5976 3.6972 3.7968 3.8964 3.9960 4.0956 4.1952 4.2948 4.3944 4.4940 4.5935 4.6931 4.7927 4.8923 4.9919 5.0915 5.1911 5.2907 5.3903 5.4898 5.5894 5.6890 5.7886 5.8882 5.9878 6.0874 6.1870
1625 2.4637 2.5617 2.6598 2.7578 2.8559 2.9540 3.0520 3.1501 3.2481 3.3462 3.4442 3.5423 3.6404 3.7384 3.8365 3.9345 4.0326 4.1306 4.2287 4.3268 4.4248 4.5229 4.6209 4.7190 4.8170 4.9151 5.0132 5.1112 5.2093 5.3073 5.4054 5.5034 5.6015 5.6996 5.7976 5.8957 5.9937 6.0918
1650 2.4263 2.5229 2.6195 2.7161 2.8126 2.9092 3.0058 3.1023 3.1989 3.2955 3.3921 3.4886 3.5852 3.6818 3.7783 3.8749 3.9715 4.0681 4.1646 4.2612 4.3578 4.4543 4.5509 4.6475 4.7441 4.8406 4.9372 5.0338 5.1303 5.2269 5.3235 5.4201 5.5166 5.6132 5.7098 5.8063 5.9029 5.9995
1675 2.3901 2.4853 2.5804 2.6755 2.7707 2.8658 2.9609 3.0560 3.1512 3.2463 3.3414 3.4366 3.5317 3.6268 3.7219 3.8171 3.9122 4.0073 4.1025 4.1976 4.2927 4.3879 4.4830 4.5781 4.6732 4.7684 4.8635 4.9586 5.0538 5.1489 5.2440 5.3392 5.4343 5.5294 5.6245 5.7197 5.8148 5.9099
1700 2.3550 2.4487 2.5424 2.6362 2.7299 2.8236 2.9174 3.0111 3.1048 3.1986 3.2923 3.3860 3.4798 3.5735 3.6672 3.7609 3.8547 3.9484 4.0421 4.1359 4.2296 4.3233 4.4171 4.5108 4.6045 4.6983 4.7920 4.8857 4.9794 5.0732 5.1669 5.2606 5.3544 5.4481 5.5418 5.6356 5.7293 5.8230
1725 2.3209 2.4132 2.5056 2.5980 2.6903 2.7827 2.8751 2.9675 3.0598 3.1522 3.2446 3.3369 3.4293 3.5217 3.6141 3.7064 3.7988 3.8912 3.9836 4.0759 4.1683 4.2607 4.3530 4.4454 4.5378 4.6302 4.7225 4.8149 4.9073 4.9997 5.0920 5.1844 5.2768 5.3691 5.4615 5.5539 5.6463 5.7386
1750 2.2877 2.3788 2.4698 2.5609 2.6519 2.7430 2.8340 2.9251 3.0161 3.1072 3.1982 3.2893 3.3803 3.4714 3.5624 3.6535 3.7445 3.8356 3.9266 4.0177 4.1088 4.1998 4.2909 4.3819 4.4730 4.5640 4.6551 4.7461 4.8372 4.9282 5.0193 5.1103 5.2014 5.2924 5.3835 5.4745 5.5656 5.6567
1775 2.2555 2.3452 2.4350 2.5248 2.6146 2.7043 2.7941 2.8839 2.9736 3.0634 3.1532 3.2430 3.3327 3.4225 3.5123 3.6020 3.6918 3.7816 3.8713 3.9611 4.0509 4.1407 4.2304 4.3202 4.4100 4.4997 4.5895 4.6793 4.7690 4.8588 4.9486 5.0384 5.1281 5.2179 5.3077 5.3974 5.4872 5.5770
1800 2.2242 2.3127 2.4012 2.4897 2.5782 2.6668 2.7553 2.8438 2.9323 3.0209 3.1094 3.1979 3.2864 3.3750 3.4635 3.5520 3.6405 3.7291 3.8176 3.9061 3.9946 4.0831 4.1717 4.2602 4.3487 4.4372 4.5258 4.6143 4.7028 4.7913 4.8799 4.9684 5.0569 5.1454 5.2340 5.3225 5.4110 5.4995
1825 2.1937 2.2810 2.3683 2.4556 2.5429 2.6302 2.7175 2.8049 2.8922 2.9795 3.0668 3.1541 3.2414 3.3287 3.4160 3.5033 3.5907 3.6780 3.7653 3.8526 3.9399 4.0272 4.1145 4.2018 4.2891 4.3765 4.4638 4.5511 4.6384 4.7257 4.8130 4.9003 4.9876 5.0749 5.1623 5.2496 5.3369 5.4242
1850 2.1640 2.2502 2.3363 2.4224 2.5086 2.5947 2.6808 2.7670 2.8531 2.9392 3.0253 3.1115 3.1976 3.2837 3.3699 3.4560 3.5421 3.6283 3.7144 3.8005 3.8867 3.9728 4.0589 4.1451 4.2312 4.3173 4.4034 4.4896 4.5757 4.6618 4.7480 4.8341 4.9202 5.0064 5.0925 5.1786 5.2648 5.3509
1875 2.1352 2.2202 2.3051 2.3901 2.4751 2.5601 2.6451 2.7301 2.8150 2.9000 2.9850 3.0700 3.1550 3.2400 3.3249 3.4099 3.4949 3.5799 3.6649 3.7499 3.8348 3.9198 4.0048 4.0898 4.1748 4.2598 4.3447 4.4297 4.5147 4.5997 4.6847 4.7696 4.8546 4.9396 5.0246 5.1096 5.1946 5.2795
1900 2.1071 2.1910 2.2748 2.3587 2.4425 2.5264 2.6103 2.6941 2.7780 2.8619 2.9457 3.0296 3.1135 3.1973 3.2812 3.3651 3.4489 3.5328 3.6167 3.7005 3.7844 3.8682 3.9521 4.0360 4.1198 4.2037 4.2876 4.3714 4.4553 4.5392 4.6230 4.7069 4.7908 4.8746 4.9585 5.0423 5.1262 5.2101
1925 2.0797 2.1625 2.2453 2.3281 2.4108 2.4936 2.5764 2.6592 2.7419 2.8247 2.9075 2.9903 3.0730 3.1558 3.2386 3.3214 3.4041 3.4869 3.5697 3.6525 3.7352 3.8180 3.9008 3.9836 4.0663 4.1491 4.2319 4.3147 4.3974 4.4802 4.5630 4.6458 4.7285 4.8113 4.8941 4.9769 5.0596 5.1424
1950 2.0531 2.1348 2.2165 2.2982 2.3799 2.4616 2.5433 2.6251 2.7068 2.7885 2.8702 2.9519 3.0336 3.1153 3.1971 3.2788 3.3605 3.4422 3.5239 3.6056 3.6873 3.7691 3.8508 3.9325 4.0142 4.0959 4.1776 4.2593 4.3411 4.4228 4.5045 4.5862 4.6679 4.7496 4.8313 4.9131 4.9948 5.0765
1975 2.0271 2.1078 2.1884 2.2691 2.3498 2.4305 2.5112 2.5918 2.6725 2.7532 2.8339 2.9146 2.9952 3.0759 3.1566 3.2373 3.3179 3.3986 3.4793 3.5600 3.6407 3.7213 3.8020 3.8827 3.9634 4.0441 4.1247 4.2054 4.2861 4.3668 4.4475 4.5281 4.6088 4.6895 4.7702 4.8509 4.9315 5.0122
2000 2.0017 2.0814 2.1611 2.2407 2.3204 2.4001 2.4798 2.5594 2.6391 2.7188 2.7984 2.8781 2.9578 3.0375 3.1171 3.1968 3.2765 3.3561 3.4358 3.5155 3.5952 3.6748 3.7545 3.8342 3.9138 3.9935 4.0732 4.1529 4.2325 4.3122 4.3919 4.4715 4.5512 4.6309 4.7106 4.7902 4.8699 4.9496
2025 1.9770 2.0557 2.1344 2.2131 2.2918 2.3705 2.4491 2.5278 2.6065 2.6852 2.7639 2.8426 2.9213 3.0000 3.0786 3.1573 3.2360 3.3147 3.3934 3.4721 3.5508 3.6295 3.7082 3.7868 3.8655 3.9442 4.0229 4.1016 4.1803 4.2590 4.3377 4.4163 4.4950 4.5737 4.6524 4.7311 4.8098 4.8885
2050 1.9529 2.0306 2.1084 2.1861 2.2638 2.3416 2.4193 2.4970 2.5747 2.6525 2.7302 2.8079 2.8856 2.9634 3.0411 3.1188 3.1966 3.2743 3.3520 3.4297 3.5075 3.5852 3.6629 3.7407 3.8184 3.8961 3.9738 4.0516 4.1293 4.2070 4.2848 4.3625 4.4402 4.5179 4.5957 4.6734 4.7511 4.8289
2075 1.9294 2.0062 2.0830 2.1598 2.2365 2.3133 2.3901 2.4669 2.5437 2.6205 2.6973 2.7741 2.8509 2.9277 3.0045 3.0813 3.1580 3.2348 3.3116 3.3884 3.4652 3.5420 3.6188 3.6956 3.7724 3.8492 3.9260 4.0028 4.0795 4.1563 4.2331 4.3099 4.3867 4.4635 4.5403 4.6171 4.6939 4.7707
2100 1.9064 1.9823 2.0582 2.1340 2.2099 2.2858 2.3617 2.4376 2.5134 2.5893 2.6652 2.7411 2.8169 2.8928 2.9687 3.0446 3.1205 3.1963 3.2722 3.3481 3.4240 3.4998 3.5757 3.6516 3.7275 3.8033 3.8792 3.9551 4.0310 4.1069 4.1827 4.2586 4.3345 4.4104 4.4862 4.5621 4.6380 4.7139
2125 1.8840 1.9590 2.0340 2.1089 2.1839 2.2589 2.3339 2.4089 2.4839 2.5588 2.6338 2.7088 2.7838 2.8588 2.9338 3.0088 3.0837 3.1587 3.2337 3.3087 3.3837 3.4587 3.5336 3.6086 3.6836 3.7586 3.8336 3.9086 3.9836 4.0585 4.1335 4.2085 4.2835 4.3585 4.4335 4.5085 4.5834 4.6584
2150 1.8621 1.9362 2.0103 2.0844 2.1585 2.2326 2.3068 2.3809 2.4550 2.5291 2.6032 2.6773 2.7514 2.8255 2.8997 2.9738 3.0479 3.1220 3.1961 3.2702 3.3443 3.4184 3.4926 3.5667 3.6408 3.7149 3.7890 3.8631 3.9372 4.0114 4.0855 4.1596 4.2337 4.3078 4.3819 4.4560 4.5301 4.6043
2175 1.8407 1.9139 1.9872 2.0605 2.1337 2.2070 2.2802 2.3535 2.4268 2.5000 2.5733 2.6465 2.7198 2.7931 2.8663 2.9396 3.0129 3.0861 3.1594 3.2326 3.3059 3.3792 3.4524 3.5257 3.5989 3.6722 3.7455 3.8187 3.8920 3.9652 4.0385 4.1118 4.1850 4.2583 4.3315 4.4048 4.4781 4.5513
2200 1.8198 1.8922 1.9646 2.0370 2.1095 2.1819 2.2543 2.3268 2.3992 2.4716 2.5440 2.6165 2.6889 2.7613 2.8338 2.9062 2.9786 3.0510 3.1235 3.1959 3.2683 3.3408 3.4132 3.4856 3.5580 3.6305 3.7029 3.7753 3.8478 3.9202 3.9926 4.0650 4.1375 4.2099 4.2823 4.3548 4.4272 4.4996
2225 1.7993 1.8709 1.9425 2.0142 2.0858 2.1574 2.2290 2.3006 2.3722 2.4438 2.5155 2.5871 2.6587 2.7303 2.8019 2.8735 2.9451 3.0168 3.0884 3.1600 3.2316 3.3032 3.3748 3.4464 3.5181 3.5897 3.6613 3.7329 3.8045 3.8761 3.9478 4.0194 4.0910 4.1626 4.2342 4.3058 4.3774 4.4491
2250 1.7793 1.8501 1.9210 1.9918 2.0626 2.1334 2.2042 2.2751 2.3459 2.4167 2.4875 2.5583 2.6291 2.7000 2.7708 2.8416 2.9124 2.9832 3.0541 3.1249 3.1957 3.2665 3.3373 3.4082 3.4790 3.5498 3.6206 3.6914 3.7622 3.8331 3.9039 3.9747 4.0455 4.1163 4.1872 4.2580 4.3288 4.3996
2275 1.7598 1.8298 1.8998 1.9699 2.0399 2.1100 2.1800 2.2501 2.3201 2.3901 2.4602 2.5302 2.6003 2.6703 2.7403 2.8104 2.8804 2.9505 3.0205 3.0905 3.1606 3.2306 3.3007 3.3707 3.4407 3.5108 3.5808 3.6509 3.7209 3.7909 3.8610 3.9310 4.0011 4.0711 4.1412 4.2112 4.2812 4.3513
2300 1.7406 1.8099 1.8792 1.9485 2.0178 2.0870 2.1563 2.2256 2.2949 2.3642 2.4334 2.5027 2.5720 2.6413 2.7106 2.7798 2.8491 2.9184 2.9877 3.0569 3.1262 3.1955 3.2648 3.3341 3.4033 3.4726 3.5419 3.6112 3.6805 3.7497 3.8190 3.8883 3.9576 4.0269 4.0961 4.1654 4.2347 4.3040
2325 1.7219 1.7905 1.8590 1.9275 1.9961 2.0646 2.1331 2.2017 2.2702 2.3387 2.4073 2.4758 2.5443 2.6129 2.6814 2.7499 2.8185 2.8870 2.9555 3.0241 3.0926 3.1611 3.2297 3.2982 3.3667 3.4353 3.5038 3.5724 3.6409 3.7094 3.7780 3.8465 3.9150 3.9836 4.0521 4.1206 4.1892 4.2577
2350 1.7036 1.7714 1.8392 1.9070 1.9748 2.0426 2.1104 2.1782 2.2460 2.3139 2.3817 2.4495 2.5173 2.5851 2.6529 2.7207 2.7885 2.8563 2.9241 2.9919 3.0597 3.1275 3.1953 3.2631 3.3309 3.3987 3.4665 3.5343 3.6022 3.6700 3.7378 3.8056 3.8734 3.9412 4.0090 4.0768 4.1446 4.2124
2375 1.6857 1.7528 1.8199 1.8869 1.9540 2.0211 2.0882 2.1553 2.2224 2.2895 2.3566 2.4237 2.4908 2.5579 2.6250 2.6920 2.7591 2.8262 2.8933 2.9604 3.0275 3.0946 3.1617 3.2288 3.2959 3.3630 3.4301 3.4971 3.5642 3.6313 3.6984 3.7655 3.8326 3.8997 3.9668 4.0339 4.1010 4.1681
2400 1.6681 1.7345 1.8009 1.8673 1.9337 2.0001 2.0665 2.1329 2.1993 2.2656 2.3320 2.3984 2.4648 2.5312 2.5976 2.6640 2.7304 2.7968 2.8632 2.9296 2.9960 3.0624 3.1288 3.1951 3.2615 3.3279 3.3943 3.4607 3.5271 3.5935 3.6599 3.7263 3.7927 3.8591 3.9255 3.9919 4.0583 4.1246
2425 1.6509 1.7166 1.7823 1.8480 1.9137 1.9795 2.0452 2.1109 2.1766 2.2423 2.3080 2.3737 2.4394 2.5051 2.5708 2.6365 2.7022 2.7680 2.8337 2.8994 2.9651 3.0308 3.0965 3.1622 3.2279 3.2936 3.3593 3.4250 3.4907 3.5565 3.6222 3.6879 3.7536 3.8193 3.8850 3.9507 4.0164 4.0821
2450 1.6341 1.6991 1.7641 1.8292 1.8942 1.9593 2.0243 2.0893 2.1544 2.2194 2.2844 2.3495 2.4145 2.4796 2.5446 2.6096 2.6747 2.7397 2.8047 2.8698 2.9348 2.9999 3.0649 3.1299 3.1950 3.2600 3.3251 3.3901 3.4551 3.5202 3.5852 3.6502 3.7153 3.7803 3.8454 3.9104 3.9754 4.0405
2475 1.6176 1.6819 1.7463 1.8107 1.8751 1.9395 2.0038 2.0682 2.1326 2.1970 2.2614 2.3258 2.3901 2.4545 2.5189 2.5833 2.6477 2.7120 2.7764 2.8408 2.9052 2.9696 3.0339 3.0983 3.1627 3.2271 3.2915 3.3558 3.4202 3.4846 3.5490 3.6134 3.6778 3.7421 3.8065 3.8709 3.9353 3.9997
CAPEX
LCOE ($ ¢/kWh) Sensitivitiy Analysis - CAPEX & OPEX
OP
EX
CAPEX
WA
CC
CAPEX
An
nu
al S
pe
cif
c E
ne
rgy
Yie
ld k
Wh
/kW
p
Sensitivity Analysis 1D & 2D TablesSensitivity
Analysis
3D ChartsModel Inputs & Outputs Summary
Output
Parameters
Charts
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 3: Feasibility Study
Dii MENAT © Fadi Maalouf 9
Developed the Prefeasibility Study in to Detailed Report. Assign Suitably Qualified & Experienced Study Team, Create Responsibility Matrix for
the Team, to Include the Assigned Feasibility Study Deliverables and Their Associated TimeLine / Program. Hold Weekly Progress Review
Meetings.
Utilize Site Specific Data for all Parameters, including Design, Financing and Execution.
Establish a Detailed Risk Register and Keep Updating with Mitigation Measures Throughout the Development of this Phase.
Develop the Design Including Surveys (Topo, Geotech), Site Plans, SLDs, Schematics, Grid Connection with Grid Impact Study Where
Necessary, Solar Resource Measurement (Preferred 1 Yr On Site, & 10/20 Yr Bankable Satellite Data) & Energy Yield (P90), Initial Equipment
Selections, Cost Plan, and O&M requirements.
Create Detailed Permitting & Licensing Roadmap and Initiate Discussions with Stakeholders and all AHJ (Authorities Having Jurisdiction) to
obtain consents or initials NOCs. Produce Requirements Matrix, Schedule/Program, and Estimate Accurate Costs.
Establish Initial ESIA and Relevant EHS requirements. Include TIS where necessary. Include Applicable Requirements of Financing Institutions
(e.g. Equator Principles, etc.)
Produce Detailed Financial Model and Scenario / Sensitivity Analysis Which Cover All Variables Thresholds and Obtain Commitment from
Respective Stakeholders.
The Detailed Financial Model Shall Cover: IRR, LCOE, CAPEX, OPEX, D/E Gearing Ratio, CFADS, DSRA, MRA, DSCR, LLCR, PLCR, EBL,
WC, SBWC, PPA/Tariffs, ECA, Incentives If Any, Senior Debt Sources/ Model & Rates (Fixed, Libor + Margin, Mini Perm, Int. Swap) etc.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 3: Feasibility Study
Dii MENAT © Fadi Maalouf 10
Finalize and Obtain Initial Consent for All Access Requirements (land, roads, LUP, ROW, community, etc.)
Finalize Level 2 or 3 Project Program and Obtain Stakeholders Buy In.
Determine the Project Company (SPV) Legal, Tax, Insurance, Accounting/Reporting Requirements, including setup and operation costs. Details must include offshore/onshore setup requirements/plan w/ respective banks accounts, etc.
Finalize the finance plan with equity and shareholders contribution, debt sources and obtains committed pricing levels.
Keep the Financial Model Updated as details gets secured. Procure an External Financial Advisor, if necessary, to lead the discussion with shortlisted funding institutions, term sheets, as well as further optimized financial engineering. Update the Financing Plan with Financing Institutions Offers & Commitments.
Identify all Types of Warranties and Guarantees Which are Necessary for Bankable Project (non-recourse, or limited Recourse). Validate and Obtain Stakeholders Buy and Commitments. These may include EPCs, Major Equipment Vendors, ECA, MLIA, MIGAOfftaker, Local State / Government, etc. Incorporate These in to Contracts.
Procure the Owners Technical Advisor (OE) and Legal Advisors, to support the process of Contracts Drafting, Tendering, Implementation & Acceptance (ITB, MFS, EPC, O&M, PPA, LLA, SHA, SPV, etc.)
Execute Corporate Risk Management Docs & Obtain Corporate Approval For the Feasibility Study to Conclude that Project is Feasible & Economically Viable.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial Close
Dii MENAT © Fadi Maalouf 11
SPV
SHA Land Lease
Grid Connect
PPA
Utilities Connect
ECA
MIGA
Gov. Credit
SupportInsuranceEBL
Hedging
Sr Debt Lender(s)
O&M
EPC
OE/IE
Legal Advisor
Fin. Advisor
Contracts Success Factors
Expertise & Know-How
Good Communication
Negotiation
Risk Management
Competitiveness
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial CloseKey Consideration For SPV Contracts (Shortlist)Head of Terms Waterfall, Term Details Matter !
Dii MENAT © Fadi Maalouf 12
EPC O&M PPA Lender(s) Sr. Debt Fin.
Scope Of Work Scope Of Work Term & Phases MLA & Senior Lenders
Price Basis Price Basis Development Security Approved Banks
Warranties Warranties Conditions Precedent to Closing Term Facilities, Incl. Standby
LNTP & NTP LNTP & NTP Documents Delivered After Closing Equity Contributions & Retention
Soil & Ground Risk Soil & Ground Risk Min. Functional Specifications Equity Bridge Loan
Guaranteed PR, Pdc, Pac Guaranteed PR Testing & Acceptance Facilities Ranking, Facilities Availability
Bonds Bonds Metering Interest, Periods, Repayment Profile
Risk Allocation Risk Allocation Billing & Payment Refinancing, If applicable
Testing, Acceptance & Handover Performance Appraisal Sale & Purchase Obligations Margin, Commitment, Upfront Fees
Contract & Payments Milestones Payment Plan & Milestones Localization Min DSCR @ P50 @ P90
Order Of Precedence Order Of Precedence Interconnection Conditions DSCR for Div. Pay / DSCR For Default
Design Spare Parts, Consumables Interfaces LLCR & PLCR
Licenses & Permits Licenses & Permits Approvals True Up & Max GR
Continued
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial CloseKey Consideration For SPV Contracts (Shortlist)Head of Terms Waterfall, Term Details Matter !
Dii MENAT © Fadi Maalouf 13
EPC O&M PPA Lender(s) Sr. Debt Fin.
Insurance Insurance Operations & Maintenance DSRA & MRA/MMRA
Variations Variations LDs for Delay (PCOD) Credit Guarantee(s) / Support
LDs Performance & Delay LDs Performance Offtaker Credit Guarantee / Support Development & CAPEX & OPEX
Set Off Set Off Novation Selected EPC
DLP Training Insurance PCOD & Completion
Liabilities Incl. Limit & Decennial Liabilities Incl. Limit & Decennial Liabilities SPV Accounts & Distribution
Indemnification Indemnification Indemnification CTA
Assignment Assignment Assignment Hedging
Termination Termination Termination Securities
Dispute Resolution Dispute Resolution Dispute Resolution Default
Arbitration & Place Arbitration & Place Arbitration & Place Conditions Precedent For Drawdown
Governing Law & Jurisdiction Governing Law & Jurisdiction Governing Law & Jurisdiction Governing Law & Jurisdiction
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial Close
Dii MENAT © Fadi Maalouf 14
Finalize Detailed Project Implementation Program.
Continue to Keep Accurate Track of All Development Expenses (direct, indirect, incl. man-hours).
These are Reportable & Chargeable to SPV (subject to Audit & by LTA).
Prepare Detailed Sub-Program for Contracting Approach.
Determine Cross-Contracts Dependencies, Critical Path, & Respective Conditions Precedent for Execution.
Prepare Docs Register & Docs Packages & Submit to AHJ to Obtain Initial Preliminary Permits, such as Planning, LUP, Access, TIS,
LLA, ESIA, Grid Connection, Generation & Operator Licenses, Construction. Allow Ample Time for the Processes.
Final Permits such as Final Construction will be Obtained in the Next Phase upon completion of Detailed Design.
Amend Design Based on AHJ Comments or Conditional Approval, as well as Other Stakeholders Requirements (Development Banks
or Other Financing Institutions).
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial Close
Dii MENAT © Fadi Maalouf 15
Prepare & Execute ITB for EPC & O&M. Rank, Negotiate & Select Shortlisted Preferred Bidder(s).
ITB is Preceded by Stringent Prequalification Process.
EPC & O&M shall be fixed Price Turnkey Contracts “Fully Wrapped”.
Finalize Bankable Energy Yield Report (PVsyst P50 & P90).
The Model shall be Audited by Approved 3rd Party Independent Specialist.
Finalize Financial Model, Its Cost Plans (Development, SPV, CAPEX, OPEX), Quarterly Proforma Cashflow, & Scenario Analysis. The
Model Input & Output Parameters Shall Meet Financing Institutions Acceptable Thresholds.
Prepare & Execute OE/IE Contract. Prepare & Coordinate with LTA and LLA.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial Close
Dii MENAT © Fadi Maalouf 16
Prepare & Negotiate Gird Connection Agreement and PPA Agreement.
Finalize Project Risk Register. Risk are Categorized (Technical, Commercial, Financial, Legal, Execution), Qualified, Quantified,
Mitigated, Weighted, & Assigned Owners.
Complete Technical-Commercial Due Diligence Report (OE/IE/LTA), as Required by Stakeholders. Incorporate Agreed Comments in to
Design & Contracts.
Negotiate Markups/Comments/Deviations, & Complete All Contracts Negotiations.
Make Sure All Contracts are Acceptable to and Signed Off by Financing Institution(s).
Head of Term & Other Details like Equipment Selection (3-5 options shortlisted) & Warranties must be Bankable & inline w/ Financing
Institutions Acceptable Thresholds & Guidelines (Reputed Manufacturer, Long Term Financial Stability Forecast, Proven Excellent Track
Record, Certified Products, Local Regulatory Compliant (AVL), Class A & No Vague Warranty Terms incl. Performance, 3rd Part
Insurance Coverage, Eff./Tech Performance Inline w/ Highest Tier, Suitable for Project Environmental Conditions, Serviceability, MTBF,
etc.)
Prepare & Execute Insurance Program Contracts (Limited Notice to Proceed – LNTP)
Execute EPC & O&M Contracts (LNTP subject to Financial Close).
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 4: Contracts & Financial Close
Dii MENAT © Fadi Maalouf 17
Execute Gird Connection Agreement and PPA (LNTP subject to Financial Close).
Prepare Shareholders’ POAs & RBDs (notarized/legalized) & Execute SHA & Incorporate SPV as a Legal Entity.
All Projects Agreements & Contracts shall be in Name of SPV.
Ensure SPV’s operations are setup as well: Office Lease and Fitout Contracts, HR, IT & Cloud Services, Accounting & Finance,
Banking, Business Insurances PI/D&O/PPL/WC/EAR/CAR, Healthcare Insurance, QMS & PMO Processes & Procedures.
Negotiate & Finalize Lenders’ & Fin. Services Contracts (Senior Debt, Equity Bridge Loan, Hedging, Swaps, Guarantees, Upfront /
Closing Fees, Annual Fees, etc.). Execute Contracts & Term Sheets.
Upon Achieving Financial Close, Update Corporate Risk Management Docs with Finalized and/or Amended Terms of the Feasibility
Study Approval.
Obtain Corporate Approval For the Issuing NTPs (Notice to Proceed) for All Contracts.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Dii MENAT © Fadi Maalouf 18Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
SPV Issues NTPs (Notice to Proceed) for All Contracts.
SPV’s Vital KPI is Maintaining a Solid Contract & Claims Management Team Throughout the Development Phases.
EPC to Produce a Comprehensive Project Execution Plan (PEP) & Sub-Plans.
The First Focus is Org Chart (Back Office & Site), Document Control System, Baseline Program & Cashflow.
EPC to Produce Design Management Plan incl. WBS for DPPS (Design Permitting Procurement Schedule).
DPPS Shall List all DD Docs w/ Respective Production Timeline linked to Packages Submission to AHJ as well as to Procurement
Initiation.
EPC to Incorporate Adequate Review Cycles for Relevant Stakeholders.
Phase 5: Detailed Design & Permitting
Phase 5: Detailed Design & Permitting
Dii MENAT © Fadi Maalouf
19
WORK PACKAGE DETAILS
WBS
WP Code
No.
Work Package Description
************************************
Permit Description
Gro
up
Are
a
Packag
e
Man
ag
er
Le
ad
Desig
ne
r
*******************
EX
T. D
esig
ne
r
QS
*******************
Perm
it
Co
ord
ina
tor
Au
tho
rity H
avin
g
Ju
risd
ictio
n
(AH
J)
Planned
*************************
Actual / Forecast
DESIGN PERMITTING
30% (Stage C-
D) Design
Complete
60% (Stage E)
Design
Complete
90% (Stage
F1) Design
Complete
IFC (Stage F2)
Design
Complete
Package
Design
Available
Scope Review
/ Prepare BoQ
(weeks)
Package Design
available for
Permitting &
OE/IE/LTA
Submission
Prepare Permit
Package
(weeks)
Issue Design
for Permit
Package to
OE/IE/LTA
Cycle 1
(weeks)
OE/IE/LTA
Permit
Package
Incorp.
Comments &
Re-Submit &
Receive
Approval
PERMITTING PROCUREMENT
Submit Design
Permit
Package to
AJJ
Cycle 1
(Weeks)
AHJ
Permit Package
Incorp.
Comments
Re-Submit to
AHJ
AHJ
Permit
Approval &
Issuance
Prepare
Tender
Package
(weeks)
HOLD
For Permit
Approval
YES/NO
***************
DESIGN
STAGE
Issue Tender Tender Period
(weeks)
Procurement
Phase Continues…..
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 5: Detailed Design & Permitting
Dii MENAT © Fadi Maalouf 20
Ensure that EPC’s Design Management Plan (DMP) Its Document Register (Deliverables Schedule) are Updated with Previous
Development Phases Approved Comments / Changes & is Regulatory Compliant. Expert Understanding of Local Code Compliance
incl. Sustainability is an Extremely Critical KPI for Project Success & Bankability. DMP Must be Submitted for Approval by OE/IE/LTA
Another Bankability KPI (initial screening at PQ phase) is a Well Defined Design Management Procedure (SOP). The Procedure Shall
Cover: Roles/Responsibilities, Process Flow Chart w/ Gates, Work Instructions for Sub Processes, Progress % and Stages Definition
(30%/60%/90%/IFC, Concept/Basic/Detailed/IFC) Templates/Forms/Checklist/Logs, Delivery Process Flow Charts, RFI & Change
Control Process, Safety In Design, Risk Register, Approval Process Flow, Interface & Coordination.
Thorough Understanding of Design Deliverables SOW is a vital KPI. EPC Shall Deliver a Complete Design Production Schedule
(Document Register), w/ Proper Monitoring & Tracking Controls. A Typical Design Deliverables Document Register as Follows:DISCIPLINE: XXXXXXXXXXX Planned Issue Date
Current %
of
Completion
DESIGN PHASE: XXXXXXXX
S/N Doc. Number Doc. Title Scale Size
Final
Rev. 30% 60% 90%
OE/
IE/
LTA AHJ IFC
General Sheets:
Details:
Schematics/SLDs:
Layouts/Plans:
Elevations/Sections:
Schedules:
Calculation:
Studies/Reports:
Specifications:
Continues……
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 5: Detailed Design & PermittingKey Considerations for Bankable Design (Shortlist)
Dii MENAT © Fadi Maalouf 21
Competitive LCOE vs. Optimized Design
Balance CAPEX/OPEX vs. Value Eng’g
Quality Assured vs.
Scope/Schedule/Cost
CAD Format is Compliant w/ Local
Codes
Site Solar Resource is Measured 1 Yr
(hourly)
Solar Resource Checked vs Satellite 20
Yr
Satellite Solar Resource is Credible DB,
P50/90
PV Field Layout Optimized
(tilt/orientation)
PV Field Layout Meets O&M & FLS
Reqmnt
PV Field Shading Loss (row/nearby)
<1.5%
PV Soiling Loss Calc’d Based on Site
Cond. & Adopted Cleaning Plan
PV Eff, Deg<0.6% TR., LID, PID, +Tol,
FT, ELT, IECs, ISO 2859-1, BOM, CDF,
All Validated
PVsyst Uses Validated met/pan/ond
Files
All Auxiliary Power Consumption Calc’d
& Accounted For in PVsyst Energy Yield
Est
Comply w/ IEC 62548 PV Design
Requirements
Topo & Geotech Studies Results
Adhered To
Civil/Structural Design & Materials
Suitable for Site Soil & Environmental
Conditions (Corrosion, Seismic, Wind,
etc), PE Stamped
Drainage & Flooding Prevention is
Included, Based on Site Environmental
Conditions
Electrical Studies PSS/E (GIS, LF, VD,
SC, HR, CR, TRNS) & Eqpt Rated
Accordingly
HAZOP Study per IEC 61882, if
Required
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 5: Detailed Design & PermittingKey Considerations for Bankable Design (Shortlist)
Dii MENAT © Fadi Maalouf 22
Electrical Protection Measures Correct &
are In Line w/ Int’l Standards & Local
Code
Grounding/Earthing/Lightning Protection
is Correct for the Site Conditions
PV String Voltage vs. Min/Max Temp vs.
Inverter Thresholds Voc/Vp is Adequate
Total Cables Loss DC, AC Calc < 1.5%
& 1.0 %
Inverter Sizing is Correct (MPPT
Window, Power Ratio, PF Range,
A.Temp, Eff, etc.), IECs Comp.
XFMR & S/G Selection/Sizing/Protection
Correct
Cables Management & Trenches Code
Compl.
MV/HV Net & S/S Comply w/ Trans/Dist
Code
All Eqpt Interfaces I&C/Comm/Alarms
are Incl. & Correct, Detailed Interface
Matrix is Validated
Security Sys. CCTV, Acc Con, Intrusion,
Fence, Lighting , Adequate for Risks &
Insurance
Tariff Grade Metering System is
Compliant
SCADA System is Included per Industry
Stds.
SCADA Grid Interface is Thoroughly
Engineered for Local Code Compliance
Weather Station(s) Instruments Classes
Correct.
Equipment IP Validated for Site
Conditions
All Equipment Selection Meets
Restricted / Approved Vendor List (by
AHJ)
Overall Design and All Equipment Meet
Set Min Func/Perf Specs (MFS/MPS),
Warranties, Long Term Servicing &
Spare Parts Availability.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 5: Detailed Design & Permitting
Dii MENAT © Fadi Maalouf 23
Ensure that EPC’s Permitting Plan and Its Schedule are Updated with Previous Development Phases Approved Comments/Changes &
is Regulatory Compliant.
Expert Understanding of Permitting Process is an Extremely Critical KPI for Project Success & Bankability.
A Permitting Flow Chart is a Also Mandatory Deliverable to Demonstrate Interfaces & Sequencing.
PERMITTING MASTER SCHEDULE
S.
No.
Type of Permit Authority
(AHJ)
Permit
Owner
Information Required for Application
***************************************************
Design Packages Required
Predecessor Successor Durations
(Weeks)
Start
Planned
**********
Actual
Finish
Planned
***********
Actual
Permit
Status
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 5: Detailed Design & Permitting
Dii MENAT © Fadi Maalouf 24
Execute the Permitting Plan. The Permits are in 3 Groups: NOC/Planning, Pre-Construction, Construction & Commissioning.
The typical permits are (obtained during project phases):
▪ SPV Incorporation Licenses
▪ SPV Generation License
▪ Equipment Import Permit
▪ Land/Plot Affection Plan
▪ Land Lease Agreement
▪ Land Use Permit (UPC)
▪ Various Appointment Letters
▪ Various NOCs from AHJs
▪ Environmental Permit (ESIA)
▪ Traffic Control Permit (TIS)
▪ EHS Permit (SSEHSP)
▪ Mobilization Permit
▪ Grading Permit
▪ Excavation/Shoring Permit
▪ PV Structural Design Permit
▪ Building ARC Design Permit
▪ Building STR Design Permit
▪ Building MEP Design Permit
▪ Building/Construction Permit
▪ LV Design Permit
▪ LV Shop Dwg Permit
▪ MV/HV Design Permit
▪ MV/HV Shop Dwg Permit
▪ Substation ARC Design Permit
▪ Substation STR Design Permit
▪ Substation MEP Design Permit
▪ Grid/SCADA Interface Design
Permit
▪ U/G Cable / OHL Route Permit
▪ Fire/Life/Safety Design Permit
▪ Fire/Life/Safety Shop Dwg Permit
▪ ICT Design Permit
▪ Security Systems Design Permit
▪ Infra/Road Design Permit
▪ Drainage Design Permit
▪ Water Conn. Design Permit
▪ Sewerage Design Permit
▪ Various AHJs Inspections App.
▪ Building Completion Permit
▪ HV/MV Energization Permit
▪ LV Energization Permit
▪ Others, etc.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 6: Procurement & Construction
Dii MENAT © Fadi Maalouf 25
EPC Shall Produce Project Procurement & Subcontracting Plan (PPSP) Which Must be Submitted for Approval by OE/IE/LTA, It
Includes Responsibilities Matrix, Vendor/Subcon Prequal Process, Vendor/Subcon EHS & QA/QC & Closeout Requirements. Design
Permitting Procurement Schedule (DPPS) is also an Integral Part of PPP.
The PPSP Shall cover Procurement from Cradle to Grave:
PERMITTING PROCUREMENT
Submit Design
Permit
Package to
AJJ
Cycle 1
(Weeks)
AHJ
Permit Package
Incorp.
Comments
Re-Submit to
AHJ
AHJ
Permit
Approval &
Issuance
Prepare
Tender
Package
(weeks)
HOLD
For Permit
Approval
YES/NO
***************
DESIGN
STAGE
Issue Tender
To PQ
Vendors
&
Subcons
Tender Period
(weeks) Procurement
Phase Continues…..
PROCUREMENT
Tender
Return
Technical
Eval
(weeks)
Technical
Eval
Completed
Commercial
Eval
(weeks)
Commercial
Eval
Completed
Final
Negotiation
(weeks)
Submit
Recomm. to
Award
(RTA)
RTA
Approval
(weeks)
RTA
Approved
Finalize
Subcon
(weeks)
Award
Subcon
Material
Submittal
(weeks)
MS
Approval
Lead Period
(weeks)
Commence
on Site
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 6: Procurement & Construction
Dii MENAT © Fadi Maalouf 26
PPP Includes Logistics Tracker Schedule Which Integrates the 5-Level Commissioning Requirements:
Project
No. Log Date: LOGISTICS TRACKER SCHEDULE
WBS ID Package Name Logistics Chain
Package Current
Status Summary
PM/CM
Package
Owner
Name
Proc &
Logistics
Officers
Names
Vendor &
Contacts Origin
Contract
No. &
Date
Delivery
Time
EXW -
Weeks
L1
HOLD for
FAT Y/N
L1
HOLD for
TPI Y/N
FAT / TPI
/ Routine
Test
Participate
Cos. &
Names
FAT / TPI
/ Routine
Test Time
Weeks
FAT / TPI
/ Routine
Test Start
Date
FAT / TPI
/ Routine
Test Pass
Date
Marine
Insurance
Notify
Y/N
Factory
Release
Date
LOGISTICS TRACKER SCHEDULE
Freight Time
Weeks
Freight Mode
Sea / Air /
Courier
Package
Mode Bulk /
Containerized
/ Palletized
Frieght
Service
Provider &
Contacts
B/L or AWB
Received Y/N
Point of Entry
Seaport or
Airport ETD Date ETA Date
Customs
Duties
Exemption
Y/N
Port
Clearance
Date
Oversized
Cargo Police
Escort
Required Y/N
Delivery Alert
Sent to Site
Y/N
Goods
Unloading
Requirement
(loose
cartons,
forklift, crane,
etc.)
Goods
Receipt at
Site Date
LOGISTICS TRACKER SCHEDULE
L2
Site Inspection
Date & Report
No.
L2
Site Inspection
Participants
Cos. & Names
Site Storage
Location -
Laydown Area
Lot No. or
Store No.
TOTAL
Planned
Delivery Time
Weeks
Planned
Delivery Date
TOTAL Current
Estimated
Delivery Time
Weeks
TOTAL Current
Float Time
Weeks
Negative Float
or Variance
Notification to
Package
Owner Date
TOTAL Actual
Delivery Time
Weeks
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 6: Procurement & Construction
Dii MENAT © Fadi Maalouf
27
EPC Shall Produce Project Execution Plan (PEP) Which Includes Construction Execution
Management (CEMP) & Shall be Submitted for Approval by OE/IE/LTA.
EPC’s CEMP Shall be Validated to Comply with Finance Contracts, PPA, Insurance, Land
Lease, & Applicable AHJs Standards.
During Construction, EPC to Continuously Report to & Undertake Inspections by OE/IE/LTA.
Various Elements of CEMP will Require AHJs Approvals (Permits & Inspections).
EPC’s CEMP shall Include the Following:
▪ Responsibilities Matrix
▪ Interface Matrix
▪ Updated Program Level 4 or 5
▪ Detailed Lookahead Subprogram 4/8 Weeks
▪ Project Communication & Reporting Plan
▪ Risk Plan w/ Updated Risk Register
▪ Mobilization & Site Logistics Plan
▪ Construction Waste Management Plan
▪ Site Specific EHS Plan, Safety First
▪ Project Quality Plan
▪ Project Commissioning Plan
▪ Project Close Out Plan
IPP
OE/IEProcure
Const.
Permit
AHJDesign
IPD
Construction Success
Based On
Integrated Project Delivery (IPD)
EHS
QC
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 7: Testing & Acceptance
Dii MENAT © Fadi Maalouf 28
Early on Post NTP, EPC Shall Produce Project Testing & Commissioning Plan (PTCP) Which Shall be Submitted for Approval by
OE/IE/LTA/AHJ. Ensure Plan is Compliant w/ Contracts (EPC, PPA, Grid Connection, Sr. Debt Finance, etc.).
The Testing & Acceptance Approach Shall Follow 5-Level Std Approach.
Level 1 (Factory Acceptance Test / 3rd Party Inspection) & 2 are Integrated w/ Procurement. Level 3 & 4 (Site Acceptance Test) are
Integrated w/ Construction. 90 Days Prior IST (Integrated Systems Test), EPC Shall Produce Final Plan.
At OriginFAT
3rd Party Inspection
(TPI)
Level 1
At SiteMaterial Receipt
Inspection
Level 2
Installation Verification
Pre-Commission
ITPPac & Pdc
Level 3SAT
(Packages)Level 4
ISTPRgAg
Level 5
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 7: Testing & Acceptance
Dii MENAT © Fadi Maalouf 29
Prior to IST, Closeout Activities Shall be Completed (Training, As-Built, Snag/Punch List, O&M Manuals, S. Parts, Project Dossier)
The Guaranteed Performance Ratio PRg & Plant Annual Availability Ag shall be Repeated During 2 Yrs EPC Warranty (DLP) at End of
Yr1 & Yr2 (EPC undertakes First 2 Yrs of O&M).
EPC Contract Completion Acceptance Milestones are:
Installation Verification
Pre-Commission
ITPPac & Pdc
Level 3
SAT(Packages)
Level 4
ISTPRgAg
Level 5
Annual
PRg1
DF1
Ag1
Th. Imaging
O&M
Year 1
Annual
PRg2
DF2
Ag2
Th. Imaging
O&M
Year 2
Mechanica
l
Completion
Practical
Completion
Provisional
Completion
PCOD
Final
Completion
Interim
Completion
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 7: Testing & AcceptanceKey Considerations for 5-Level Testing & Acceptance (Shortlist)
Dii MENAT © Fadi Maalouf 30
General
▪ EPC to Produce Detailed Testing, Commissioning, & Acceptance
Program
▪ EPC to Ensure Compliance of Giving Timely Advance Notices to
OE/IE/LTA/AHJ for Witnessing Inspections & Tests (all levels)
Level 1
▪ Witnessed FAT/TPI for PV Modules Flash Test. EL Test, BOM &
CDF, Batch Acceptance Sampling per ISO 2859-1 Level S-4
▪ TPI for PV Mounting Structure Mill Certificates & Protection Coating
Gauge
▪ Witnessed FAT for Inverters, Transformers, Reactors, Switchgears,
Gen-Sets, UPSs, Chillers
▪ Witnessed FAT for MV/HV Cables
▪ Routine Test Report for Type Approved Certified Materials & Check
Validity of Certificates
▪ TPI Calibration Certificates (e.g. Energy Meters & Meteo Sensors)
Level 2
▪ Detailed Material Receipt & Inspection Report (MRIR) for All
Materials, No Exceptions
▪ Regular Inspections for Laydown & Storage Areas, Validate
Compliance w/ Eqpt Manufacturers’ Requirements
Level 3
▪ Implement Inspection & Test Plan (ITP), covering all Systems
Packages
▪ All Site Testing Instruments/Meters w/ Valid Calibration Certificates
▪ ITP to Comply w/ IEC 60364-6, LV Electrical Installations – Part 6:
Verification
▪ ITP to Comply w/ IEC 62446-1:2016, PV Systems - Part 1: Grid
Conn. Sys. - Doc, Commg. Tests and Inspection.
▪ HV/MV Equipment Tests per IEC
▪ Pac & Pdc Installed Capacity Validation
Level 4
▪ Start up Tests per IEC 62446 & 60346
▪ SAT w/ Pre-Approved Protocols for All Systems (Inverter,
Transformer, Reactors, Switchgear, UPS, Gen-Sets, Grid Emulation,
SCADA & Grid Interfaces, FLS, HVAC, Security, Met Stn)
Level 5
▪ 100% Plant Availability (Ag) / Reliability Run, 3 Days
▪ Integrated Systems Test in Line w/ IPP Code (e.g Voltage /
Frequency / PF / Reactive Power Thresholds Compliance Tests,
etc.)
▪ PRg Test IEC 61724, Weather Corrected, 10 Days
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 8: O&M
Dii MENAT © Fadi Maalouf 31
Prior to PCOD, SPV Shall be Fully Staffed & Operational.
At Start of Level 4 Commissioning, Limited NTP is Issued for Turnkey O&M Contract.
It Is Crucial to Integrate O&M Early On Prior to Project Commercial Operation Date (PCOD). This Ensures Training & Familiarization of
Systems During Commissioning & Testing Phase.
Provisional Completion (PCOD) Triggers Full NTP for O&M Contract.
O&M Contractor Prepares Comprehensive O&M Plan for the Approval of OE/IE/LTA. It Covers:
Org Chart
Roles & Responsibilities &
Interfaces
O&M Concept & Operations
Approach
Working Hours & Shifts Approach
Preventive Maintenance
Corrective Maintenance
Maint. Tasks Freq. & Response
Times
Spare Parts & Consumables
Mgmt
Tools & Machinery Approach
Warranties & Claims Mgmt
PV Cleaning Method Statement
Performance Monitoring,
Analysis, & Optimization
Performance Guarantees & Tests
Communications & Reporting
Site Specific EHS Plan
QA/QC Approach
Processes & Procedures
Procurement/Subcons/SLAs
Approach
Regulatory Compliance
Training
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
Phase 8: O&M
Dii MENAT © Fadi Maalouf 32
It Is Common Practice that EPC Undertakes O&M During 2 Yrs Defect Liability Period (DLP).
Prior to DLP Expiry & EPC Final Completion, EPC’s O&M Contract can be Negotiated & Extended for Another Term.
Term can be:
Extended for 3-5 Yrs, Renewable.
Or Competitively Tendered.
If New O&M is Awarded,
Extreme Due Diligence Shall be Executed.
Ensure Smooth & Well Planned Technical & Contractual Handover Between Parties.
At Plant End of Life (20/25 yrs), SPV Decommissions the Plant (N.B. recycling).
SPV estores the Site, as per its Obligation Under PPA and Land Lease Agreement.
Then, SPV Liquidates as per its SHA.
Dii Toolkit for RE Grid Integration, Project Development & Industry Localization
33
Contact:Fadi Maalouf
Director IPP & EPC
www.dii-desertenergy.org
Dii Toolkit for RE Grid Integration, Project Development & Industry LocalizationDii MENAT © Fadi Maalouf
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