Topic:"Debt Service Coverage Ratio" in M03632

because the ROE calculated 6 in the model takes into account both the period during which debt is being 7 serviced and the period following that in which returns to equity investors will 8 be higher. - 10 Debt Service Coverage Ratio (DSCR)...

AI summary The analysis discusses debt modeling for COMFIT projects, including a 1.5x Debt Service Coverage Ratio (DSCR) constraint, assumptions about lender fees (1% up-front, 5% closing costs), and reserve accounts (maintenance, debt service, working capital). Interest during construction is estimated using a simplified formula assuming 100% financing for half the construction period, with loan terms varying by project type.

Assumptions about Capital Structure and Costs in the Tariff Modeling W in d 0 k W 5 ≤ W in d 0 k W >5 Hy dr o B iom C H P as s T i da l Ca i l S ta tru tu p c re De b t % 5 0 % 5 0 % 6 0 % 6 0 % 0 Eq i ty u 5 0 % 5 0 % 4 0 % 4 0 % 1 0 0 %...

AI summary The text presents a table outlining assumptions about capital structure and costs in the tariff modeling for various energy sources, including wind, hydro, and biomass CHP. It includes details on debt and equity percentages, return on equity, interest rates, amortization periods, and other financial metrics.

The Effect of Steam Demand on the CHP Rate ($2012) S Ca i Fa te ty to am p ac c r 2 0 % 3 0 % 4 0 % 5 0 % 6 0 % Upfront Maintenance (months of Year 1 O&M) 6 Working Capital (months of Year 1 OPEX) 6 Debt Service Reserve (months of P&I) 6 C...

AI summary The document analyzes the financial structure and depreciation allocation for a Combined Heat and Power (CHP) project, including capital sources, debt and equity distribution, tax depreciation methods, and assumptions related to project costs and financial planning.

03-01-2011 Nov a S ia C OM FIT Mo del cot Win d ≤ 50 kW Ca sh Flo w W ork she Top et: Syn e E aps xhi bit I Deb t Se rvice Cov e Ra tio erag EBIT DA Less : Ma jor M aint Res Fun ding ena nce erve Cas h Av ailab le fo r De bt S ervi ce P&I...

AI summary The document presents a table with financial data related to debt service coverage ratios and cash flow for the Nova Scotia FIT Model. The table includes values for EBITDA, major maintenance reserve funding, and cash available for debt service, along with average and minimum debt service coverage ratios over a period of time.

Large Wind (Over 50 kW) Assumptions Notes: General Inflation Factor (revenue and expenses) 1 92% From NSPI 2009 IRP Update Capital Costs (Uses of Funds) 1.0270 Trom Nor 1 2000 INT Opudio Development $500,000 Equipment & Installation $2,565...

AI summary The document outlines the assumptions and financial details for a large wind project over 50 kW, including capital costs, financing structure, debt terms, and tax depreciation allocation. It provides a breakdown of project costs, reserve account sizing, and the capital structure with a 50% debt and 50% equity split.

Total Nov a S ia C OM FIT Mod el cot Lar Win d C ge ash Flo w W ork she et: Top Syn aps e E xhi bit J Deb t Se rvice Cov e Ra tio erag EBIT DA Less : Ma jor M ainte e Re e Fu ndin nanc serv Cas h Av ailab le fo r De bt S ervic e P&I g 502...

AI summary The text presents a table with financial data, including debt service coverage ratio, EBITDA, major maintenance reserves, and cash available for debt service. The data spans multiple time periods and shows fluctuations in these financial metrics.

Scenarios in $2012 Va lue fo r S On ly tea m- Gr s V alu e f CH P os or Ne t V alu e f CH P or $ De bt rvi ( ) se ce re se rve $ 21 3, 49 8 $ 77 7, 90 5 $ 56 4, 40 7 De bt Clo sin Co & Fe sts g es $ 10 9, 64 6 $ 39 9, 50 6 $ 28 9, 86 0 Ca...

AI summary The text presents a table with financial data from 2012, including debt reserves, equity closing values, interest during construction, routine maintenance, labor costs, insurance, and fuel use. It includes values for various categories and some calculations related to fuel costs and efficiency.

Pre-Tax Internal Rate of Return 13.79% Nova Scotia COMFIT Model Biomas s Cash Flo w Worksh eet: Botto m ; Synapse E Exhibit K Debt Service Coverage Ratio EBITDA Less: Major Maintenance Reserve Funding Cash Available for Debt Service P&I 1,...

AI summary The document presents a table related to the Debt Service Coverage Ratio (DCRR) for a project, including figures for EBITDA, maintenance reserve funding, and cash available for debt service. The Pre-Tax Internal Rate of Return is listed as 13.79%, indicating a financial metric for the project's performance.

Synapse Exhibit L Assumptions: Notes: Operating Inputs Net Generator Capacity (MW) 1.00 Energy Production: Net Capacity Factor Net of plant availability and other loss factors Net Output in MWhs 4,818 Annual Operating Expenses Annual Fuel...

AI summary This exhibit outlines financial and operational assumptions for a project, including net generator capacity, annual operating expenses, revenue assumptions, and tax rates. It includes details on fuel costs, maintenance, and tax implications, as well as metrics such as the 20-year equity IRR and debt service coverage ratio.

Synapse Exhibit M Assumptions: Notes: Average Debt Service Coverage Ratio #DIV/0! Minimum Debt Service Coverage Ratio #DIV/0! Minimum Annual After-Tax Equity Net Benefits 675,567 Tax Rates: , Federal Income Tax 15.0% State/Provincial Incom...

AI summary The exhibit outlines assumptions related to debt service coverage ratios, tax rates, and maintenance costs. It includes details on applicable income thresholds, tax rates for different income levels, and costs associated with major maintenance replacements.

100.0% Total annual revenue - amount in A/R at end of year 50 8.3% 4 Capital Costs Non depreciable Depreciable 0 36,818,040 Total 36,818,040 Depreciation Rates - Straight line - years 30.0 Capital Additions Year -Depreciation on capital ad...

AI summary The text presents a detailed breakdown of financial and capital-related data, including total annual revenue, capital costs, depreciation rates, financing structures, debt terms, and corporate tax rates. It outlines the distribution of capital costs between debt and equity, interest rates on loans, and the timeline for debt repayment.

1. The text above is taken from an email of February 9, 2011 from Synapse to Jonathan Barry of Seaforth Energy which included a Word document attachment, the text of which appears exactly as above. Nova Scotia Utility & Review Board FIT Mo...

AI summary The document presents a financial model for a small wind project (50 kW and smaller) under the Nova Scotia Utility & Review Board FIT Model. It includes details on project costs, reserve account sizing, capital structure, revenue assumptions, and return metrics such as the 20-year equity IRR and debt service coverage ratio.

7.0. Debt Service Coverage Ratio - 7.1. This discussion pertains to 1.2 (f). From the beginning the Synapse model for large wind highlights the minimum requirement of a DSCR of 1.5. Given the relative nature of renewable energy and its cor...

AI summary The discussion evaluates the Debt Service Coverage Ratio (DSCR) for large wind projects, noting that the Synapse model requires a minimum DSCR of 1.5. However, when adjusted for Mi'kmaq considerations, the DSCR drops to 1.25. To meet the 1.5 DSCR standard, the UARB would need to apply a Mi'kmaq adder of $24/MWH.

Dear Mr. Christmas: We understand that you are making a submission to the Nova Scotia Utility and Review Board (UARB) on behalf of the Assembly of Nova Scotia Mi'kmaq Chiefs in relation to the hearing to determine Renewable Energy Communit...

AI summary The submission to the UARB by the Assembly of Nova Scotia Mi'kmaq Chiefs seeks comments on the proposed capital structure for wind projects on reserve lands. The consultants suggest a 50% debt to 50% equity ratio, but the Indian Act's regulations on First Nation property may affect the ability to secure financing on these lands.

7.2. After introducing the aforementioned considerations to the worksheet3 we would obtain the following tariff values for "Large Wind": After Tax Return (year 20) Pre-Tax Return (year 20) Feed in Tariff (year 1) Escalation as of General I...

AI summary The text outlines the calculation of tariff values for 'Large Wind' in worksheet3, including financial details such as debt, equity, grants, interest rates, and depreciation allocations. It provides a breakdown of capital structure, debt terms, and tax depreciation allocation methods for a wind project.

Nova Scotia Utility & Review Board FIT Model Op ting Ye era ar 0 1 2 3 4 5 6 7 8 9 10 11 12 P& I 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , 268 708 , De bt S ice Co Ra tio...

AI summary The document presents a table outlining financial metrics for the Nova Scotia Utility & Review Board FIT Model over a 13-year period, including debt-service coverage ratios and capital costs. The data shows consistent figures for capital costs and fluctuations in the debt-service coverage ratio.

- 4. If ESI performed a study to determine the capital cost and O&M costs for an 18,000 pph boiler than one could address all ofthe above issues. Nova Scotia COMFIT Model Biomass CHP (condensing turbi Annual Operating Expenses Annual Fuel...

AI summary The text discusses a study by ESI to determine the capital and O&M costs for an 18,000 pph boiler, including details on fuel costs, operating expenses, property taxes, and financial metrics such as IRR and debt service coverage ratios.

Scenarios in $2012 Scenarios in $2012 Value for Steam-Only Shared Value Steam Gross Value for CHP Net Value for CHP Interconnection ($) $0 $199,000 $199,000 Maintenance reserve ($) $64,049 $32,024 $99,350 $67,326 Working capital reserve ($...

AI summary The text presents a table with various financial and operational scenarios for 2012, including interconnection costs, maintenance reserves, working capital, debt service, interest during construction, and annual fuel costs for different steam and combined heat and power (CHP) configurations. It highlights differences in values between steam-only and CHP scenarios.

Biomass CHP (condensing turbine; new boiler in steam-only scenario in year 10) Assumptions Notes: , Total After-Tax Equity Return After-Tax Internal Rate of Return 12.939 Debt Loan Balance Interest 9.509 Principal Annual payment Debt Servi...

AI summary The document provides financial data related to a biomass CHP project, including equity return, debt loan balance, interest, principal payments, and debt service coverage ratio across multiple years. It outlines cash flow projections and maintenance reserve funding.

Scenarios in $2012 r S On Va lue fo ly tea m- Sh e S d V alu tea are m Gr CH s V alu e f P os or CH Ne t V alu e f P or De bt Clo sin Co & Fe sts g es $ 10 9, 64 6 $ 0 $ 0 C C Eq uity los ing & F ts os ee s $ 48 71 8 , $ 24 35 9 , $ 66 5,...

AI summary The text presents a table of financial scenarios from 2012, including values related to debt closure costs, equity losses, interest during construction, routine maintenance, ash disposal, water, sewer, and labor costs. These figures appear to be part of a financial analysis or planning process.

Large Wind 8-2-11 no tax Page 1 Nova Scotia COMFIT Model Large Wind (Over 50 kW) Assumptions General Inflation Factor (revenue and expenses) 1.92% Notes: From NSPI 2009 IRP Update Capital Costs (Uses of Funds) 1.5270 Trom Nor 1 2003 INT Op...

AI summary This document provides a detailed financial breakdown of the Nova Scotia COMFIT Model for Large Wind (Over 50 kW) projects, including assumptions, capital costs, financing structures, debt terms, and reserve account sizing. It outlines the total project cost, capital structure, and various financial components such as development, equipment, interconnection, and maintenance.

Page 2 Large Wind 8-2-11 no tax Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d n o ta x Deb t Loa n Ba lanc e Inte 8.00 % rest Prin cipa l Ann ual t pay men 1,88 9,80 0 (1,4 21,9 67)...

AI summary The document presents a financial table related to a debt loan balance, interest rates, principal, and annual payments for a large wind project in Nova Scotia. It outlines various financial figures and calculations over time.

Page 2 Large Wind 8-2-11 taxed Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d, Tax abl e O wn er Deb t Loa n Ba lanc 1,88 9,80 0 e Inte 8.00 % (1,4 21,9 67) rest Prin cipa l (1,8 00)...

AI summary The document presents a table showing financial details related to a large wind project in Nova Scotia, including debt loan balances, interest rates, principal payments, and annual tax payments. The data spans multiple years and includes figures for cash flow, working capital, and other financial metrics.

Nova Scotia COMFIT Model Depreciation Worksheet: Bottom Synapse Compliance Large Wind, Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Service Reserve (months of P&I) 6 Capital Structure (Sources o...

AI summary The document presents a COMFIT Model Depreciation Worksheet for a large wind project in Nova Scotia, detailing the Debt Service Reserve, Capital Structure, and Sources of Funds, including Debt, Equity, and Grants.

Page 2 Small Wind 8-2-11 no tax Sc CO No otia MF IT M ode l va Ca sh Flo w W ork she et: Bo tto m Sy nap Co se mp Sm lian ce all Wi nd Tax no Deb t Loa n B alan ce Inte 8.00 % rest Prin cipa l Ann ual t pay men 166 ,000 ( 81,3 89) ( ) 166...

AI summary The document contains a table with financial data related to debt loans, interest rates, principal amounts, and annual payments. The data appears to be part of a cash flow analysis for a small wind project with no tax considerations.

Page 2 Small Wind 8-2-11 taxed a S ia C Nov cot OM FIT Mo del Ca sh Flo w W ork she et: Bot tom Syn e C aps lian om p ce Sm Win all d T ble axa Ow ner Deb t Se rvice Co ge R atio vera EBIT DA Les s: M ajor Ma inte ce R Fun ding nan ese rve...

AI summary The text presents a table with financial data, including debt service coverage ratio, EBITDA, maintenance funding, and cash flow figures. It appears to be related to financial modeling and analysis, possibly for a regulatory proceeding.

Nova Scotia COMFIT Model Depreciation Worksheet: Top Synapse Compliance Small Wind Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Service Reserve 569,646 Net of steam-only scenario

AI summary The document presents a depreciation worksheet for the Nova Scotia COMFIT model, focusing on the Top Synapse Compliance Small Wind Taxable Owner. It includes a table with a row labeled 'Debt Service Reserve' and a value of 569,646, noting 'Net of steam-only scenario.'

Page 2 Biomass 8-2-11 85% availability no fuel Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto om Synapse Complian ice 85% A vailability No Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Loan Balance 4....

AI summary The text presents a financial model related to a biomass project in Nova Scotia, showing details of debt loan balances, interest payments, principal repayments, and the debt service coverage ratio over a 20-year period. The model includes a 85% availability and no fuel scenario.

Biomass CHP Cost Scenarios Synapse Compliance 85% Availability No Fuel Capacity I act 013. Total Project Cost ($/kW) Net of steam-only scenario Initial Reserve Account Sizing 1,011 That or disam only sections Upfront Maintenance (months of...

AI summary The document presents a financial breakdown of a biomass CHP project, including capital structure, grant allocation, depreciation methods, and reserve account sizing. It outlines the project's cost distribution, funding sources, and depreciation allocation across different categories.

Page 2 Biomass 8-2-11 90% availability no fuel Nova Scotia COMFIT Model Cash Flov w workshe et: Botton n Synaps e Complia ance 90% / Availabilit / no Fuel Debt Loan Balance Interest 9.50% Principal Annual payment 4,974,490 (4,557,406) (4,9...

AI summary The document presents a table with financial data related to debt loan balances, interest rates, and annual payments for a biomass project in Nova Scotia, highlighting cash flow and availability details.

4/12/11 Exhibit K with corrected heat content of steam Nova Scotia COMFIT Model Biomass CHP (condensing turbine; new b Assumptions Notes: General Inflation Factor (revenue and expenses) 1.92% From NSPI 2009 IRP Update Capital Costs (Uses o...

AI summary The document outlines the financial details of a biomass combined heat and power (CHP) project, including capital costs, financing structure, and debt terms. It includes assumptions such as a general inflation factor, capital expenditures, and the distribution of funding between debt and equity.

After-Tax Internal Rate of Return 13.03% Nova Scotia COMFIT Model C ash Flow workshee t: Bottom Syr apse U-2 Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Loan Balance 4,870,769 4,711,282 4,536,644 4,345,415 4,13...

AI summary This table presents the after-tax internal rate of return of 13.03% and details the loan balance, interest, and principal payments over 20 years for a project modeled using the Nova Scotia COMFIT tool. It outlines the debt service coverage ratio and annual cash flow distribution.

Table 1. The Impacts of the Changes Analyzed in U-2, U-6 and U-6(a) Change Analyzed Fixed Component ($/MWh) Variable Component ($/MWh) Full 2012 Rate ($/MWh) Working Capital Net of steam-only scenario Fuel Required per Year (mmBtu) 268 056...

AI summary Table 1 outlines the financial and operational impacts of various changes analyzed in U-2, U-6, and U-6(a). It includes fixed and variable components, fuel requirements, initial fuel prices, operating and maintenance costs, and other financial metrics related to a project. The table also highlights inflation-related escalations and assessed value details.

Scenarios in $2012 Val for Ste -On ly ue am Gro ss V alu e fo r C HP Net Va lue for CH P $ Deb rvic ( ) t se e re ser ve $ 213 498 , $ 784 709 , $ 571 211 , Ste am t C Cos Deb los ing ts & Fe es $ 109 646 , $ 403 000 , $ 293 355 , Ca lcu l...

AI summary The document presents financial and operational data for various scenarios in 2012, including values for steam, gross value for CHP, net value for CHP, and other related metrics such as debt service reserves, equity closing costs, maintenance, and fuel usage. These figures provide a snapshot of financial and operational parameters for power generation and infrastructure planning.

Nova Scotia COMFIT Model Synapse U-6 Capital Structure Assumptions Notes: 1 Notes: General Inflation Factor (revenue and expenses) 1.92% From NSPI 2009 IRP Update Operating Inputs Capital Costs (Uses of Funds) Net Generator Capacity (MW) 2...

AI summary The document outlines the Nova Scotia COMFIT Model, detailing capital structure, assumptions, and financial inputs related to a project. It includes inflation factors, capital costs, energy production metrics, and operating expenses, with notes on net of steam-only scenarios and cost escalations.

4/12/11Synapse U-6 Parasitic Loads 14% Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto m Synapse e U-6 Para sitic Load s at 14% Debt Service Coverage Ratio EBITDA Less: Major Maintenance Reserve Funding Cash Available for Debt Servic...

AI summary The text presents a table from the Nova Scotia COMFIT Model, which tracks financial metrics such as Debt Service Coverage Ratio, EBITDA, and Cash Available for Debt Service over time. The table includes values for various years and periods, highlighting changes in financial figures related to debt service and maintenance reserves.

Scenarios in $2012 fo r S On Va lue tea ly m- Gr e f CH s V alu P os or e f CH Ne t V alu P or $ Wo rki ita l re ( ) ng ca p se rve $ 22 3, 00 4 $ 28 6, 49 7 $ 63 49 3 , ( $ ) De bt rvi se ce re se rve $ 21 3, 49 8 $ 77 7, 90 5 $ 56 4, 40...

AI summary The text presents financial scenarios from 2012, including figures related to working capital reserves, debt service reserves, equity losses, and maintenance costs. It includes calculations for fuel costs and turbine efficiency, but lacks detailed discussion or arguments.

Beginning Balance 0 7,702,001 7,296,632 6,891,264 6,485,895 6,080,527 5,675,158 5,269,790 4,864,421 4,459,053 4,053,685 3,864,037 3,350,808 2,891,509 2,459,176 2,040,325 1,628,215 1,219,476 812,422 406,211 Original Book Value 8,107,369 000...

AI summary The document presents a financial overview of a biomass CHP project, including beginning balance, original book value, major maintenance, depreciation, and net book value. It also outlines the capital structure, debt terms, and tax depreciation allocation for the project.

Nova Scotia COMFIT Model Large Wind (Over 50 kW) Synapse U-7 Nova Scotia Comfit Model Large wind (Over 50 kw) 1 Synapse U-7 Upfront Maintenance (months of Year 1 O&M) 6 Project hard costs less interconnection 2,565,000 Working Capital (mon...

AI summary The text presents financial and operational data for a large wind energy project in Nova Scotia, including upfront maintenance, working capital, debt service reserve, capital structure, revenue assumptions, and return metrics. It outlines key financial figures such as the levelized energy price, debt service coverage ratio, and equity returns.

After-Tax Internal Rate of Return 16.50% Nova Scotia COMFIT Model Cash Flow worksheet: Bottom Sy Synapse U-7 Debt Service Coverage Ratio EBITDA Less: Major Maintenance Reserve Funding Cash Available for Debt Service P&I - 574,809 0 574,809...

AI summary The document presents a financial analysis with an after-tax internal rate of return of 16.50% and includes a table from the Nova Scotia COMFIT Model focusing on the Debt Service Coverage Ratio and related financial metrics over time.

t Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Co...

AI summary The text presents a table with a cost value of $140,758, described as half of year-one debt service. The context suggests a financial or regulatory analysis involving debt service calculations.

After-Tax Internal Rate of Return 25.00% Nov a S ia C OM FIT Mo del cot Cas h F low rks hee wo t: B otto m Syn e U -8 aps Deb t Se rvice Cov e Ra tio erag EBIT DA Less : Ma jor M ainte ce R Fun ding nan ese rve Cas h Av ailab le fo r De bt...

AI summary The text presents a table with financial data, including the after-tax internal rate of return at 25.00% and details related to debt service coverage ratio, EBITDA, maintenance funding, and cash available for debt service. The COMFIT model is referenced as a tool for forecasting and impact tracking.

Biomass CHP (condensing turbine; new boiler in steam-only scenario in year 10) Assumptions Notes: , Annual O&M (expensed) Escalates at inflation. Site Maintenance 010,574 Escalates at inflation. General & Administrative 0 Escalates at infl...

AI summary The document outlines financial and operational assumptions for a biomass CHP project, including O&M costs, project hard costs, tax rates, depreciation classifications, and return metrics such as 20-year equity IRR and debt service coverage ratios. It also includes assumptions about inflation, property taxes, and maintenance schedules.

Darren Hartlen P.Eng Direct: 902 421 7241 E-Mail: [email protected] Nova Scotia Utility & Review Board FIT Model Biomass CHP condensing turbine; Biomass CHP condensing turbine Total Project Cost 23,236,796 Net of steam-only scenario Land Lea...

AI summary The text presents financial and technical details of a biomass CHP condensing turbine project, including costs, capital structure, revenue assumptions, and return metrics. It outlines the project's total cost, funding sources, and financial performance indicators such as the debt service coverage ratio and equity IRR.

Page 5 of 6 NS_COMFIT_Biomass_45% Cost Allocation.xls Component Scenario Scenario Scenario Project development $0 $275,000 $275,000 Boiler installed cost ($) $20,298,000 $36,818,000 $16,520,000 Turbine installed cost ($) $0 $0 $0 Emission...

AI summary The document outlines cost allocation for a biomass project under the Community Feed-in Tariff (COMFIT) program, detailing various components such as boiler and turbine installed costs, maintenance reserves, debt service reserves, and annual fuel costs across different scenarios.

Page 5 of 6 NS_COMFIT_Biomass_87% Cost Allocation.xls Value for Steam-Only Gross Value for CHP Net Value for CHP Component Scenario Scenario Scenario Project development $0 $275,000 $275,000 Boiler installed cost ($) $20,298,000 $36,818,00...

AI summary The document presents a cost allocation analysis for a biomass project, comparing steam-only and combined heat and power (CHP) scenarios. It details various costs such as installation, maintenance, debt and equity reserves, and fuel expenses, along with financial metrics like loan values and equity amounts for different project configurations.

The Assumptions Worksheet Assumptions: General Inflation Factor (revenue and expenses) 2.50% % of Base Price Escalating @ Infl. 0% Uses of Funds Debt Reserve 109,500 Maint. Reserve 30,000 Working Capital 14,749 Total Working Capital & Reve...

AI summary The Assumptions Worksheet outlines key financial and operational assumptions for a project, including inflation factors, funding sources, tax rates, capital structure, and operating inputs. It provides details on project costs, revenue assumptions, and return metrics such as the internal rate of return and debt service coverage ratio.

Wind Pricing Model Instructions Solve model by inputting Base Year Price (Assumptions tab, cell H33) on Assumptions tab that yields the target IRR (Assumptions tab, cell H37). Evaluate debt service coverage ratios to ensure reasonable; red...

AI summary The text provides instructions on solving a wind pricing model by adjusting the base year price to achieve a target IRR, evaluating debt service coverage ratios, and aligning property tax values across specific rows in the Cash Flow tab to ensure consistency.

Average Debt Service Coverage Ratio NAME AND ADDRESS OF THE PROPERTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY OF THE PARTY O...

AI summary The text discusses the Average Debt Service Coverage Ratio (ADSCR) but contains repetitive and unclear entries under the 'NAME AND ADDRESS OF THE PROPERTY' field, which may indicate a formatting or data entry error.

6.3.1 Submissions [76] In developing the model to determine the COMFIT rates, Synapse considered financing. Financing has three main costing components, the debt to equity ratio ("DIE ratio"), cost of debt and a return on equity ("ROE"). S...

AI summary Synapse developed a model to determine COMFIT rates, considering financing components such as debt-to-equity ratios, cost of debt, and return on equity. Different ratios and rates were applied based on the type of project, and assumptions were made regarding loan amortization, fees, and reserve accounts.

Large Wind 8-2-11 no tax Page 1 Nova Scotia COMFIT Model Large Wind (Over 50 kW) Project hard costs less interconnection 2,565,000 Assessed Value (%) 20.00% Assessed Value ($) 513,000 Assessed value will decline annually by the decline ass...

AI summary The document presents a COMFIT model for a large wind project in Nova Scotia, detailing financial assumptions including project costs, tax rates, revenue projections, and depreciation classifications. It outlines key metrics such as the 20-year equity IRR, debt service coverage ratio, and tax depreciation classifications.

Page 2 Large Wind 8-2-11 no tax Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d n o ta x Deb t Loa n Ba lanc e Inte 8.00 % rest Prin cipa l Ann ual t pay men 1,88 9,80 0 (1,4 21,9 67)...

AI summary The document presents a financial model related to a large wind project in Nova Scotia, focusing on debt loan balances, interest rates, principal amounts, and annual payments over time. It outlines the cash flow and financial structure of the project, including tax considerations.

Page 2 Large Wind 8-2-11 taxed Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d, Tax abl e O wn er t Se Co Deb rvice ge R atio vera EBIT DA Les s: M ajor Ma inte ce R Fun ding nan ese r...

AI summary The document contains a table with financial data related to debt service coverage ratios and cash flow for various entities, including Nova Scotia Power, under the Large Wind 8-2-11 taxed model. The data spans multiple years and includes figures for EBITDA, maintenance funding, and cash available for debt service.

Nova Scotia COMFIT Model Depreciation Worksheet: Bottom Synapse Compliance Large Wind, Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Service Reserve (months of P&I) 6 Capital Structure (Sources o...

AI summary The document presents a depreciation worksheet for a large wind project in Nova Scotia, detailing the capital structure, including debt and equity, and the Debt Service Reserve. It provides financial data for the taxable owner of the project.

Page 2 Small Wind 8-2-11 no tax Sc CO No otia MF IT M ode l va Ca sh Flo w W ork she et: Bo tto m Sy nap Co se mp Sm lian ce all Wi nd Tax no Deb t Loa n B alan ce Inte 8.00 % rest Prin cipa l Ann ual t pay men 166 ,000 ( 81,3 89) ( ) 166...

AI summary The document presents a cash flow worksheet related to a debt loan balance with interest and principal details, including annual payments and various financial figures. The table includes data spanning multiple years and outlines financial obligations associated with a loan.

Page 2 Small Wind 8-2-11 taxed a S ia C Nov cot OM FIT Mo del Ca sh Flo w W ork she et: Bot tom Syn e C aps lian om p ce Sm Win all d T ble axa Ow ner Deb t Se rvice Co ge R atio vera EBIT DA Les s: M ajor Ma inte ce R Fun ding nan ese rve...

AI summary The text presents a table related to financial metrics, specifically focusing on debt service coverage ratio, EBITDA, and various cash flow and funding figures. The table includes multiple rows with numerical data, but no explicit discussion or argument is presented.

Nova Scotia COMFIT Model Depreciation Worksheet: Top Synapse Compliance Small Wind Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Service Reserve 569,646 Net of steam-only scenario

AI summary The document presents a depreciation worksheet for the COMFIT model related to small wind taxable owners in Nova Scotia. It includes a table with columns for years 0 through 20 and a row labeled 'Debt Service Reserve' with a value of 569,646, noted as net of steam-only scenario.

Page 2 Biomass 8-2-11 85% availability no fuel Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto om Synapse Complian ice 85% A vailability No Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Loan Balance 4....

AI summary The document presents a financial model related to a biomass project in Nova Scotia, including debt loan balances, interest payments, principal repayments, and the debt service coverage ratio over a 20-year period, with a 85% availability and no fuel considerations.

Biomass CHP Cost Scenarios Synapse Compliance 85% Availability No Fuel Capacity I act 013. Net Capacity Factor 60% of time at full extraction, another 30% at full co Net Output in MWhs 13,534 , Annual Operating Expenses Annual Fuel Cost Fu...

AI summary This section presents a cost scenario analysis for a biomass combined heat and power (CHP) project under Synapse Compliance with 85% availability and no fuel. It outlines capacity factors, operating expenses, tax rates, and financial metrics such as the 20-year equity IRR and debt service coverage ratios.

Page 2 Biomass 8-2-11 90% availability no fuel Nova Scotia COMFIT Model Cash Flov w workshe et: Botton n Synaps e Complia ance 90% / Availabilit / no Fuel Debt Service Coverage Ratio EBITDA Less: Major Maintenance Reserve Funding Cash Avai...

AI summary The document presents a table from the Nova Scotia COMFIT Model, focusing on the Debt Service Coverage Ratio (DCRR) and related financial metrics, including EBITDA, maintenance reserves, and cash available for debt service. It outlines financial figures for various periods, with a focus on the 90% availability and no fuel scenario.

Scenarios in $2012 $ Sc ios in 2 0 1 2 en ar $ Inte ion ( ) t rco nne c $ 0 $ 1 9 9, 0 0 0 $ 1 9 9, 0 0 0 Co de ing n ns : 3 0 % $ Ma inte ( ) na nce re ser ve $ 6 5, 2 7 9 $ 8 6, 6 3 2 $ 2 1, 3 5 3 To l: ta 9 0 % $ Wo k ing ita l re ( ) r...

AI summary The document presents financial scenarios from 2012, including various reserves and costs related to maintenance, working capital, and debt service. It also includes calculations for fuel costs and equity closing costs, as well as capacity and generation figures.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS fact to inquire about? When size of the project is a risk 1 NSUARB-BRD-E-R.10 Page 201 factor, would you not inquire about the size of the 11 different parameters of the cost of capital in th...

AI summary The discussion revolves around how lenders assess project risk, particularly fuel cost risk, when evaluating financing for a project. Lenders consider multiple factors such as cost of debt, amortization period, debt/service coverage ratio, and debt/equity ratio as a package to evaluate risk. The conversation also touches on the financing of CHP projects with 60% debt if fuel cost risks are adequately addressed.

Page 334 NSUARB-BRD-E-R.10 1 NSUARB-BRD-E-R.10 Page 329 specifically include those costs in the model, I think 16 circumstances go below, but as a they've recommended it 17 as a guideline. 18 MR. CHRISTMAS: Would you agree, then, 19 that a...

AI summary The discussion revolves around the considerations banks take into account when evaluating small energy projects, with a focus on debt service coverage ratio and other variables. The conversation includes references to the Mi'kmaq and COMFIT projects.

- investors would be interested in all of that. - MR. CHRISTMAS: So again, I guess I'm - getting back to my question that you so in the 15-year - average for the 1.5 debt coverage service ratio that's - a tongue twister that any project fa...

AI summary The discussion highlights concerns about the difficulty of securing financing for projects that do not meet the 1.5 debt coverage service ratio benchmark, particularly for the Mi'kmaq community, due to the challenge of raising 50/50 equity.

Development Corporation? 1 Page 336 NSUARB-BRD-E-R.10 Minas Basin Pulp & Power? 2 we proposed a rate that seemed to reflect a range of 3 different developers and lender-types' opinions. 4 MS. ASHWORTH: M'hm. 5 MR. KEITH: And I'll just add;...

AI summary The discussion revolves around the proposed rate for COMFIT projects and the reluctance of municipalities to participate in them, citing limited access to borrowing and debt. Halifax is noted as having potentially different access to debt compared to other municipalities.

- was the 1.5 percent as well? Page 388 NSUARB-BRD-E-R.10 10 could slide one or two directions and in fact they did 11 slide to allow for increase in rates around debt to equity 12 ratio, we moved from 60/40 down to 50/50. 13 MR. ROSCOE: M...

AI summary The discussion revolves around adjustments to the debt-to-equity ratio and debt terms in the context of feed-in tariff regimes, with considerations about the balance between setting rates too low or too high, and the impact on projects and ratepayers.

- MR. COADY : Oh, Mr. Rickerson. - MR. KEITH : And you can direct these - questions to me. - MR. RICKERSON : Mr. Keith. - MR. COADY : Mr. Keith, if you would. - Why are lenders so concerned about the fuel cost? - MR. KEITH : It's highly un...

AI summary Mr. Coady questions Mr. Keith about lenders' concerns regarding fuel costs, the impact of a 1.5 percent interest rate adder on debt extension, and how recourse guarantees affect Synapse's debt assumptions.

- question if you wish. Page 436 NSUARB-BRD-E-R.10 1 MR. KEITH: Yes. 2 MR. COADY: There are comments about 3 recourse guarantees for debt in Synapse's discussions, 4 particularly I think with Mr. Christmas. How does such 5 support affect S...

AI summary The discussion revolves around debt assumptions and financial guarantees in Synapse's analysis, including the impact of recourse guarantees on debt assumptions and the realistic debt service coverage ratio for biomass projects with a proposed CPI/diesel indexing mechanism. Lenders expressed reluctance to speculate without more detailed project information.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS large reserve requirement, which even if you assume that 1 NSUARB-BRD-E-R.10 Page 831 the reserve requirement is financial reserves have to 2 be as large as he says they do, he assumes an amo...

AI summary The text discusses a reserve requirement and its financial implications, pointing out errors in assumptions regarding amortization and debt-related reserves. It also references project contracts and capital costs associated with a CEDIF and NSPI, highlighting discrepancies in financing assumptions.

- comment on those, no. Page 1062 NSUARB-BRD-E-R.10 10 MR. OUTHOUSE: Okay. As you sit here 11 today you're not aware of any such tariff? Okay. 12 Looking at your chart on the bottom of 13 page 3 I notice that it shows a debt equity ratio o...

AI summary The discussion revolves around a debt equity ratio of 70/30, the basis of recommendations for large wind components, and the status of the ecoENERGY credit. The witness clarifies that the ecoENERGY credit has expired and is not currently active, with no indication of renewal from the federal government.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS inputs, is it appropriate to consider the cost of putting 1 a plant on the ground in practice or in theory? 2 MR. COUTURE: It's necessary to 3 consider the costs that a real project would inc...

AI summary The discussion centers on the challenges of obtaining debt financing for biomass CHP projects, citing factors such as project size, inexperience, fuel volatility, grid connection delays, and reliability concerns. The witness acknowledges these challenges but suggests that while debt may be available, it would likely come with more stringent terms.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS when we got this from our accountants because, if we're 1 only bring in $3,750 a year, somehow on the books we were 2 making enough of a profit, even though it cost that much 3 money to run t...

AI summary The speaker discusses the financial challenges of the CEDIF, including potential taxation of dividends from wind projects and the limited return for investors. They also disagree with a previous example comparing CEDIF investments to building playgrounds, emphasizing the unsophisticated nature of many investors.

- between $6,000 and $12,000 annually for projects and - turbines in the 50 kilowatt range, and suggest that even - though the processes may and standards involved in the - COMFIT program will likely be higher than that metering, - that we...

AI summary The text discusses the COMFIT program, noting that operational and maintenance (O&M) costs are in the lower range despite higher standards. It also highlights the lack of a commercial debt market for community projects and the expectation that debt availability will improve, influencing the suggested interest rate changes for wind classes.

- as to possible - MR. ROSCOE: In general, with the very - traditional, you know, commercial banks, charter banks, if - you will, the discussion did not go far enough to discuss - rates. There simply their interest and knowledge level - is...

AI summary The discussion focuses on the interest rates and debt financing ratios for a project, with traditional banks offering lower rates and less traditional providers offering rates between 8 to 9 percent. The highest debt ratio discussed is 65 percent, with various arrangements for the equity component.