ࡱ>  \pUser Ba=  =8s@"1[SO1[SO1[SO1[SO1[SO1[SO1.Times New Roman1.Times New Roman1Arial1 Arial1Arial1Arial1$[SO1Arial1Arial1Arial1Arial1Arial1 Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1 Arial1Arial+""#,##0;""\-#,##05""#,##0;[Red]""\-#,##07""#,##0.00;""\-#,##0.00A""#,##0.00;[Red]""\-#,##0.00i*2_ ""* #,##0_ ;_ ""* \-#,##0_ ;_ ""* "-"_ ;_ @_ .))_ * #,##0_ ;_ * \-#,##0_ ;_ * "-"_ ;_ @_ y,:_ ""* #,##0.00_ ;_ ""* \-#,##0.00_ ;_ ""* "-"??_ ;_ @_ 6+1_ * #,##0.00_ ;_ * \-#,##0.00_ ;_ * "-"??_ ;_ @_ \$#,##0_);\(\$#,##0\)\$#,##0_);[Red]\(\$#,##0\) \$#,##0.00_);\(\$#,##0.00\)% \$#,##0.00_);[Red]\(\$#,##0.00\)+""#,##0;\-""#,##05""#,##0;[Red]\-""#,##07""#,##0.00;\-""#,##0.00A""#,##0.00;[Red]\-""#,##0.00e0_-""* #,##0_-;\-""* #,##0_-;_-""* "-"_-;_-@_-,'_-* #,##0_-;\-* #,##0_-;_-* "-"_-;_-@_-u8_-""* #,##0.00_-;\-""* #,##0.00_-;_-""* "-"??_-;_-@_-4/_-* #,##0.00_-;\-* #,##0.00_-;_-* "-"??_-;_-@_- 0.00_  0.0_ 0_  0.0% 0.00000_  0.0000_  0.000_ 0.0 0.000 0.0000 0.0000000 0.000000 0.00000 "/f";"/f";"&T" "w";"w";"GP" "_";"_";"sQ" 0.000000_ [$$-409]#,##0.00#,##0;[Red]#,##0 #,##0.000#,##0.0;[Red]\-#,##0.0!#,##0.00_ ;[Red]\-#,##0.00\ #,##0.0_ ;[Red]\-#,##0.0\ #,##0_ ;[Red]\-#,##0\ 0.00_);[Red]\(0.00\)#,##0.000;[Red]#,##0.0000.000_);[Red]\(0.000\)##,##0.000_ ;[Red]\-#,##0.000\  #,##0.00_  #,##0.000_  #,##0.0_ =""#,##0.0;[Red]""\-#,##0.0#,##0.000;[Red]\-#,##0.000 0.0000000_  0.00000000_ 0.0_);[Red]\(0.0\))$0.0000000000_);[Red]\(0.0000000000\)'"0.000000000_);[Red]\(0.000000000\)% 0.00000000_);[Red]\(0.00000000\)#0.0000000_);[Red]\(0.0000000\)!0.000000_);[Red]\(0.000000\)0.00000_);[Red]\(0.00000\)0.0000_);[Red]\(0.0000\) #,##0.0 0.000% 0.000000000.00_ ;[Red]\-0.00\ E ""#,##0.000;[Red]""\-#,##0.000 #,##0_                    , * + )          )x  h  h  (  H+    h)    L+  8"@ @  8"@  8" @  X)    X      x@ @   h@ @   H/ H/ H/  H H H/ H/  x@ @   H  8  x  x)  8  <  x H  X)  x)  x  x@)  |)  | )  x @ )  | )  x )  | )  x  x@+  x  @+  x )  x )  x@@)  x@)  |  @)  x@)  | )  X  x@ )  x )  |  )  x  @)  |  )  x @ )  | )  x)  |)  |!@ @  |!@ @  |!!@ @ x+  x@@+  x@+  x  @+  x@@+  x    )x+  h+    L+  <"@ @  <  @  <"@  <  <" @  <  8@@ H  *8"@ @  *8  @  8  @  8@@  8@  8 @  |@ @ )  |@ @ )  &  X  X)  x  x)  x@@  x@  @  x @  x+  x @    x    x@@  8  @  x@    +  &@  |    @    @        x  @    @        @    X+  x@ @  x@ @  x@ @  x@ @  x!@ @  x!@ @  | X/  X/ X*    x  X x  x@@)  |@)  |  @) X/  |  |  |  |)  |  <  8  <  \  \  x)  |  |  x  @   X)  8  x.  x  <  |  x  8  x)  |)  <        &.  &  &  <  <  (<  <  <  &      (  &)  (|)  <  |)    <  <  |) x  @  |  <  |  |  |  x@@  |@  |  @ X   x    \  |  |  \  \  \  X/    x@ @          \) \)  \)  @ @ )  x@ @ )    (  &  \  \)  \         \)  |  |  \ \  x  | X  |  \  X  \ \  |+  \+  8@  8  <  8  <  8 @  <  8  8  8@@  <@  <@  <  @    X  &<@@  |  @  &@  &@  |)  <  |)    &      @       @    @@    @  |  |)  &    + <  @@    @      x      +  x@  x  | 8@  |  x @  |  x  |  x@@  x@  x  @  x  x  | x@ x @  | x@@  x@  |  x @  |  x@  x  @  x@  `]Summary Stage2"w Table for PDD( IRR with CER9IRR without CER8Sensitive analysisKElectricity generation CERs flowVV&" 7CERs 7$Is the project a retrofit / upgrade? Name of Grid#Additional Tax for city developmentAdditional Tax for educationIRR Financial benchmarkno 7Central China Power Grid 7B. BASELINE DATA 7D. FINANCIAL PARAMETERS 7Electricity generation (MWh/y) 7&Electricity export to the grid (MWh/y)Results 7 Total CERs 7Baseline emission 7Project emission 71 y 77 y 721 y 7(Net electricity export to the grid (MWh) 7- 7Year 7Installed capacity (MW) 7%Annual electricity generation (MWh/y) 76Accumulated net electricity exported to the grid (MWh) 7Emission reduction calculations Project year Calendar yearProject Emissions Power DensityCumulative Project EmissionsEmission reductions&Electricity export to the grid (MWh/y) 7 Calender year 7 Depreciation 7VAT on electricity revenue 7 Cumulative 7IRR Discount rate14 y 7$Electricity export to the grid (MWh) 7Financial results 7Electricity only 7 Cash flow NPV 7IRR 7Elctricity with carbon 7YearItemWithout income from CERsWith income from CERsSensitive analysis 7Reduction in total investment 7 Investment 7Electricity revenue 7Cashflow without carbon 7%Increase in annual electricity output 7Operational costs  7 Other revenue 7Sensitive analysis results 7Operation cost 7 Table for PDD 7 24 Yuan/kW 7 FSR, page 198 7 FSR, page 201 7FSR, annex Table 12-4 7 FSR, page 200 7Wage and welfare 7Sub-total taxs 7 A. Revenue 7A1. Electricity Revenue 7'the additional tax for city development the additional tax for education Price of carbon (US$/tCO2e)  7 FSR, page 199 7 Depreciation  7 Repairment  71% of the fixed asset 7 Material fee 7 5 Yuan/kW 7Others 7Total  7 OM (tCO2e/MWh)  7 CERs (tCO2e/y)   7 BM (tCO2e/MWh)  7 Grid EF (tCO2e/MWh)   7Crediting period (y) 7 Flooded area (m2)  7 Power Desity (W/m2)   70Lixian Yikeyin Small Hydropower Project -Stage 2 7Baseline emissions 7 EF (tCO2e/MWh)  7 Baseline emissions (tCO2e/y)  7+& Cummulative baseline emissions (tCO2e)#$  73- 73 Project Emissions (tCO2e)  73 Leakage (tCO2e)   73Crediting period (y) 73! Net Emission Reductions (tCO2e/y)  73 Cummulative (tCO2e)  73 CERs summary (tCO2e)  73Baseline Emission 73Project Emission 73CERs 731 y 737 ys 7314 ys 7321 ys 73Total revenue without carbon 7Deduction in operational cost 7IRR 7 Benchmark 7Total investment 7Annual electricity output 7HE.6. Summary of the ex-ante estimation of emission reductions (Stage 2): 70 Estimation of project activity emissions (tCO2e)-.  7( Estimation of baseline emissions (tCO2e)%&  7 Estimation of leakage (tCO2e)  72 Estimation of overall emisssion reductions (tCO2e)/0  7 Total (tCO2e)  Electricity generation 70 Annual estimation of emission reductions (tCO2e)-.  7" Total estimated reductions (tCO2e)  7 #Total number of crediting years (y) 7 H Annual average over the crediting period of estimated reductions (tCO2e)EF 7 A. INPUT 7C. ELECTRICITY GENERATION 7iA.4.3. Table 3 The estimated amount of emission reductions over the first crediting period from Stage 2:  7 IB.5. Table 8 Calculation and comparison of financial indicators (Stage 2) 7Electricity tariff 7Increase in electricity tariff 7-Date Project starts Construction (dd/mm/yyyy) 7With C 7 Without C 71B.5. Table 9 Sensitive analysis results (Stage 2) 7Sub-total taxs  7Project operation life time (y) 7QIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later) 7QIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later) 7 Depreciation 7 FSR, page 90[1]  7&Installed Capacity of the Project (MW) 7,Date of power generation starts (dd/mm/yyyy) 7 IRR (-10%) 7 NPV (-10%) 7 IRR (+10%) 7 NPV (+10%) 7 NPV (-10%) 7- IRR (+10%) 7+ 20 person 70A2. Recovery of fixed assets and current capital 7,Recovery of fixed assets and current capital 7 IRR (-18.73%) 7 NPV (-18.73%) 7 IRR (+21.22%) 7 NPV (+21.22%) 7 IRR (-90%) 7 NPV (-90%) 7. the Electricity Export System Design Report[2]+ 7 IRR Calculation without CERs 7Total cashflow out (10000 CNY) Net Present Value (10000 CNY)IRR Calculation with CERs 7! Electricity tariff (CNY/kWh) 7+ Electricity export to the grid (MWh/y) 7$ Electricity revenue (10000 CNY) 7, Recovery of scrap value of fixed assets 7  Recovery of current capital 7A3. Carbon Revenue 7,  Projected emission reductions (tCO2e/y)'(  7  Price of carbon (US$/tCO2e)  7 Exchange rate (CNY/US$) 7 Carbon Revenues (10000 CNY) 7Total Cashflow In (10000 CNY) 7B. Investment & Cost 7B1. Investment 7 Investment 7B2. Operational cost  7B3. Tax 7  VAT on electricity revenue 7- the additional tax for city development 7& the additional tax for education 7 Sub-total additonal taxs 7 C. Cashflow 7%Cashflow after income tax (10000 CNY) 7Net cashfl< ow before income tax 7Water resource fee 7Total investment 7Annual electricity output 7Electricity tariff 7Operational cost 7 Sub-total additional taxs 7 B1. Investment (10000 CNY)  7 B2. Operational cost (10000 CNY) 7 B3. Additional Tax (10000 CNY)  7C. CASHFLOW WITHOUT CARBON 7&Cashflow before income tax (10000 CNY) 7)Net cashflow after income tax (10000 CNY) 7uOTotal investment in fixed assets including electricity transmission (10000 CNY) 7 OTotal investment in fixed assets excluding electricity transmission (10000 CNY) 7 Current capital (10000 CNY) 7 Operating Costs (10000 CNY) 7 Electricity tariff (CNY/kWh) 7 Exchange rate (CNY/US$) 7 Electricity tariff (CNY/kWh) 7 Item 7Data 7A 7!Effective electricity coefficient 7B 7!the auxiliary electricity amount  7C 7 E=A*B*(1-C) 7a[1] FSR refers to the Feasibility Study Report of Lixian Yikeyin Small Hydropower Project-Stage 2[2] Data source: the Electricity Export System Design Report written by Sichuan Xichang Electricity Technical Co. Ltd. in Nov. 2006.Fomular 7+Estimated electricity generation (10 MWh/y) 7/Net electricity delivery to the grid (10 MWh/y) 7&Annual electricity revenue (10000 CNY)!Annual carbon revenue (10000 CNY)&Total revenue (with carbon, 10000 CNY)0.0025 CNY/kWhJan.2010 -Dec. 2010 7Jan.2011 -Dec. 2011 7Jan.2012 -Dec. 2012 7Jan.2013 -Dec. 2013 7Jan.2014 -Dec. 2014 7Jan.2015 -Dec. 2015 7Jan.2016 -Dec. 2016 7 01/01/2010 7 FSR, page 200 7 5 E. Electricity generated and exported to the grid [3]2 7 ([3]: Data source: FSR-Stage II, page 199 7 3 F. Operation cost calculation (unit: 10000 CNY)[4] /2 7 =[4]: Data source: Data source: FSR-Stage II, annex Table 12-4 7 =the cost for the electricity export facilities (10000 CNY) 7 26/05/2007 7*the construction permission issuance date.1 24E,5p6W7^8ab9:; <@ l> @UkABDF1pHQJKL5N:P~Q ESecUVXYO[o cc  @_n]v  dMbP?_*+%MnMicrosoft Office Document Imag/ d,,Letterwidm" d,,??U} "{} {} {} {}  {} ` R} R}  R}  R} {}  {@ v@ @  +@ J@ J@ J@ J@  J@  J@ J@  J@ J@  J@  J@ J@  J@J@ J@J@J@ J@J@ :@ @+@ J@J@J@@J@J@J@ X|  >>>| _|}|???~|   | ` a a b |  @| r@ZNZr@ Z | ~ @@| ABA Z?ZCA Z |  @| A'B!AZ?ZC!A Z | V~ @ R| DEƆ)AZFZGƆ)A Z | W H|>>>>| | c(aIJ|  } |  N@@Z NV|   | A ?@A Z ?K| Q +n\? | D' F"A Z FL| S +XQi? |>>>>| T& +2d3?D D  | c) IIJ| U~ 5@| M NNOp= ף@ Z  | | P ??QOyq@ "Z | }| S TT!Ut*2Ҏ@ | DD |  ~ @ RI|A??K|  ~ m@@ RI| M*NNV| R!r@ DD | P+ ??Q{O% Z# || S, TTW76O? Z$ |  }}|P??K| -!.@1 DD }| M-NNV| /~ A ,I 8| P+ ??QAM@ Z' | g~ A@ , 8| X, FFY<r? Z( | ~ @ d>8|Z??[| > ףp]@D6 dA8|Z??[| /$? 8 0~ @@ d?8 #~ @ dA J~ @ d@ ~ @ d?8D lB.v2*aei6bmam@TQ*cBS8444 J@!J@"J@#J@$J@ %J@&J@'J@(@ )J@*J@+J@,J@-J@ .J@/J@0 @ 1 J@2 J@3 J@4 J@5 J@6 J@ 7 J@8 J@9 J@: J@; J@< ?  ~ @ d? 8 !H~ !"@ !! "~ "`@ "}#"R# %"" #~ #>@ #RA###R %## $~ $$@$ %L%B% &L&B& 'B' (M (CD )E )N )F) * *d~ *G@* + +d~ +GW@+ , ,d~ ,H?, - -I,-JU-@ D*D+D,- . .dK/ 0M 0 1K 1L 1\\(H@3 D 2B 2~ 2]<@2{ 3 3-3]l$@4D{Gzd?'3{ 4M 4N!4]333333@5 %'4{ 5O 5=!5] ףp= 7@6 %'5{ 6P6#6^> ףp]@ %15 7 7}89<?@tD44Q[&""4444V @4W[K? 0  ? { - '> @7  *Ty  dMbP?_*+%MnMicrosoft Office Document Imag/ d,,Letterwidm" d,,??U} } @} `} ` } }  *I@;@I@ f{J{J{J{J{J{ J{ J{ J{ J{ *{ @ J{J{J{ @ J{J{J{J{J{ ,@@@ {J{ <l Z30Lixian Yikeyin Small Hydropower Project -Stage 2  Z~ Z{ `. Yx Q\r@ Z Q\r@D Q\r@D Q\r@D Q\r@ D~ l@#@)@ %6 Q \r@ D  {A D Q \r@D   ]y \AZ   ]z~ @@ d ^{ _r@%Z  [ [[ W/ em fn a076O?Z$b? Z$ c1<r?Z(d?Z$ [ [{ Z8EGrǿZZZ?Z^)?Z o?ZRrU?Z76O?ZJ4?Z p m{?Z76O?Zd 0v&9777bZ7C&9*PP F J{!J{"J{#J{$J{%J{&J{ ) Q!  %LJan.2011 -Dec. 2011~ O Pr@   %L~ O Rr@!  &LLL!Q " Jan.2012 -Dec. 2012~ !O!Pr@! ~ !O!Rr@" "QH# Jan.2013 -Dec. 2013~ "d"Pr@" ~ "O"Rr@# #Qp$ Jan.2014 -Dec. 2014~ #d#Pr@# ~ #O#Rr@$ $Q% Jan.2015 -Dec. 2015~ $d$Pr@$ ~ $O$Rr@ %Q Jan.2016 -Dec. 2016~ %d%Pr@% ~ %O%Rr@   &Sv~ &I&TA&D ~ &U&VAl )h - )>@  7  *  dMbP?_*+%"??U} } (} (} } @} `} }  `} @} "} # *$"@",@"J,"J,"J"J"J"J"J "J} "J} "J "J "J}"J"J$J$J}$J~$J$J$J$J$J$J$J$J$J$J<$J~$J$J ' Z30Lixian Yikeyin Small Hydropower Project -Stage 2 ,~ ,?,@ D,@ D,@!: L,@,@,@  , @  ,"@  ,$@  ,&@  ,(@,*@,,@,.@,0@,1@,2@,3@,4@,5@,6@,7@,8@,9@,:@,;@,<@,=@,>@  ,?@!!,@@ ,!~ ,\@,`@ D,d@ D,h@,l@,p@,t@  ,x@  ,|@  ,@  ,@  ,@,@,@,@,@,@,@,@,@,@,@,@,@,@,@,ğ@,ȟ@,̟@,П@  ,ԟ@!!,؟@ 77 D 77 E 88 8/$? Z</$?/$?D/$?D/$?D/$?!L/$?/$?  /$?  /$?  /$?  /$?  /$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$? /$?  /$? !/$? ! 8~ : Z@@ Z@@ Z@@ Z@@ Z@@ Z @@ Z @@ Z  @@ Z  @@ Z  @@ Z @@ Z @@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z @@  Z!@@ !Z } 8~ <% } )DD  p= ף@(  !LL  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(   }p= ף@(  }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(   }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(!  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(  }p= ף@(   !}p= ף@(  8<  7 : " !43333;o@ ! Z  7 :  !333333#@ Z 8< 7~ : Zr@ Zr@ Zr@ Zr@ Zr@ Z r@  Z r@  Z  r@  Z  r@  Z  r@  Z r@ Z r@ Zr@ Zr@ Zr@ Zr@ Zr@ Zr@ Zr@ Zr@ Zr@ Z Z Z Z Z Z Z Z  Z! !Z "@ Z!"@( L"@("@("@("@("@(!L"@(  "@(  "@(  "@(  "@(  "@("@("@("@("@("@("@("@("@("@("@("@("@("@("@("@("@("@("@( "@( !"@(! 333333@ Z"333333@(333333@(333333@(333333@(333333@(333333@(!L333333@(  333333@(  333333@(  333333@(  333333@(  333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@(333333@( 333333@( !333333@(! }8<(! LLL'<(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@( Oyq@(  Oyq@(  Oyq@(  Oyq@(  Oyq@( Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(Oyq@(((((((( ( !( ! 9(!! LLLL( 1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@( 1t*2Ҏ@(  1t*2Ҏ@(  1t*2Ҏ@(  1t*2Ҏ@(  1t*2Ҏ@( 1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1t*2Ҏ@(1p= ף@(1p= ף@(1p= ף@(1p= ף@(1p= ף@(1p= ף@(1p= ף@(  1p= ף@(!!1 ףp=1@(! 77  77  77 7AA@333333#@ Z! 7:> ףp]@ Z> ףp]@ Z> ףp]@(L> ףp]@(> ףp]@(  > ףp]@(  > ףp]@(  > ףp]@(  > ףp]@(  > ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@ D> ףp]@(! L> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@( > ףp]@( !> ףp]@(! "# L77# Q? Z  D ! L$~3E@($~3E@($~3E@($~3E@($~3E@( $~3E@(  $~3E@(  $~3E@(  $~3E@(  $~3E@( $~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@( $~3E@( !$~3E@(! ? Z! Lf@(f@(f@(f@(f@( f@(  f@(  f@(  f@(  f@( f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@( f@( !f@(! "# Q? Z    D   D 7eZ?  D 7eZ?  D7eZ?(! L7eZ?(7eZ?( 7eZ?(  7eZ?(  7eZ?(  7eZ?(  7eZ?( 7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?( 7eZ?( !7eZ?(! "# ' DDD(!LLL֦F@(֦F@(֦F@(֦F@(֦F@(  ֦F@(  ֦F@(  ֦F@(  ֦F@(  ֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(֦F@(  ֦F@(!!֦F@(" "# 9'Q@ DDD33333@(!LLL^Wme@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@(  ^+$:d@(  ^+$:d@(  ^+$:d@(  ^+$:d@(  ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@(  ^+$:d@( !^+$:d@( ! "# 77  77DQIl%%5"^,5I11 $J!$J"$+#$J~$$J%$J &$'$J($J)$J  7! 2Q # DD 233333(#   LL 2}0w@(#  2InÉ@(#  2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("   2InÉ@("   2InÉ@("   2InÉ@("   2InÉ@("   2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("   LL 2InÉ@("  2InÉ@("  2InÉ@("  2InÉ@("  2!@("  2!@("  ! LL 2!@("  2!@("  2!@("  2!@("  2!@("  2!@("   !22A"@("!  !"!? Z!%!](j@ !ZZ!](j@ !D!!](j@(!!!!L!](j@(!!!](j@(! !! ](j@(! !! ](j@(! !! ](j@(! !! ](j@(! !! ](j@(!!!](j@(!!!](j@(!!!](j@(!!!](j@(!!!](j@(!!!](j@(!!!](j@ !D!!](j@ !D!!](j@ D!H!! !"# "z";Q? !Z"-"%dY@ #D D!0@-"%dY@ #D D!0@-"%dY@ #D D!0@" %di@(# " "" !LL!" %di@( " " %di@( " " %di@( " " %di@(# " "%di@(" "%di@(" "%di@(" "%di@(" "%di@(" "%di@(#" "%di@(" "%di@(" "%di@(" "%vZq@(" "%vZq@(#" "wzf@(#" "wzf@(" "wzf@(" "wzf@(" "wzf@(#" "wzf@(" "wzf@( " " wzf@( !" "!}p@(#" ""# ##9!#Q ! D D"#33333((###  LL#}0w@(##InÉ@(##:Y_@(##:Y_@(##:Y_@( ## 3 hj@(## 3 hj@(# # ## ! LL# 3 hj@(# # # 3 hj@(# # # 3 hj@(# #3 hj@(## #3 hj@(## #3 hj@(## #3 hj@(## #3 hj@(## #3 hj@( # #3 hj@(## #3 hj@(## #3 hj@(## #3t2PC@(## #3t2PC@(# #3h3v@(# #3h3v@(## #3h3v@(## #3h3v@(## #3h3v@(# #3h3v@(## #3h3v@(# # # 3h3v@(#!# #!3ts@׀@(# #"# $77 %77&= &>&4 '8('9AM@ D)%##!B '5 (8%,(:<r? '%##!?B>(6 );&)<? Z$)7uI >"DH$ ) ' !>@&&&7  &6;8  dMbP?_*+%"??!U} !} (}  (} } @}  `} @} "} # &."@",@"J,"J,"J"J"J"J"J "J} "J} "J "J "J~"J"J.J.J.J.J.J.J.J.J<.J~.J.J.J}.J.g.J~.J 'T Z30Lixian Yikeyin Small Hydropower Project -Stage 2 ,~ ,?,@ D,@ D,@ L,@,@,@  , @  ,"@  ,$@  ,&@  ,(@,*@,,@,.@,0@,1@,2@,3@,4@,5@,6@,7@,8@! L,9@,:@,;@,<@,=@,>@  ,?@!!,@@ ,!~ ,\@,`@ D,d@ D,h@ L,l@,p@,t@  ,x@  ,|@  ,@  ,@  ,@,@,@,@,@,@,@,@,@,@,@,@,@! L,@,@,ğ@,ȟ@,̟@,П@  ,ԟ@!!,؟@ 77 D 77 E 88 8/$? Z</$?/$?D/$?D/$?D/$?L/$?/$? /$?  /$?  /$?  /$?  /$? /$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?/$?! L/$?/$?/$?/$?/$?/$? /$? !/$?! 8~ : Z@@ Z@@ Z@@ Z@@ Z@@ Z @@ Z @@ Z  @@ Z  @@ Z  @@ Z @@ Z @@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z@@ Z @@ Z!@@ !Z } 8~ <% } DD  p= ף@(   LL  }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   ! LL  }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   }p= ף@(   !}p= ף@( !  8<  7 : " !43333;o@ ! Z  7 :  !333333#@ !Z  9~ ' ~ D D D  p= ף@(  LLL ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(   ~p= ף@(   ~p= ף@(   ~p= ף@(   ~p= ף@(   ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@( ' ~p= ף@ D D D  ~p= ף@(  ! LLL ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(  ~p= ף@(   !~ ףp=1@(!  77  77  77 7AA@333333#@ Z! 7:> ףp]@ Z> ףp]@ Z> ףp]@(L> ףp]@(> ףp]@( > ףp]@(  > ףp]@(  > ףp]@(  > ףp]@(  > ףp]@( > ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@ D> ףp]@(! L> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@(> ףp]@( > ףp]@( !> ףp]@(! "# L77# Q? Z  D ! L$~3E@($~3E@($~3E@($~3E@($~3E@( $~3E@(  $~3E@(  $~3E@(  $~3E@(  $~3E@( $~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@($~3E@( $~3E@( !$~3E@(! ? Z Lf@(f@(f@(f@(f@( f@(  f@(  f@(  f@(  f@( f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(f@(! Lf@(f@(f@(f@(f@(f@( f@( !f@(! "# Q? Z   D  D 7eZ?  D 7eZ?  D7eZ?(  L7eZ?(7eZ?( 7eZ?(  7eZ?(  7eZ?(  7eZ?(    L 7eZ?(  7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?( 7eZ?(! L7eZ?(7eZ?(7eZ?(7eZ?(7eZ?(7eZ?( 7eZ?( !7eZ?(! "# 'DDD LLL֦F@(֦F@(֦F@(֦F@(֦F@( ֦F@(  ֦F@(  ֦F@(   LLL ֦F@(   ֦F@(  ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@( ֦F@(! LLL֦F@(֦F@(֦F@(֦F@(֦F@(֦F@( ֦F@( !֦F@(! "# 9'Q@DDD33333@(LLL^Wme@(^+$:d@(^+$:d@(^+$:d@(^+$:d@( ^+$:d@(   LLL ^+$:d@(   ^+$:d@(   ^+$:d@(   ^+$:d@(  ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@( ^+$:d@(! LLL^+$:d@(^+$:d@(^+$:d@(^+$:d@(^+$:d@(^+$:d@( ^+$:d@( !^+$:d@(! "# 77  77 8!?Q D D?33333(! LL?%UM@(?!@(?!@(?!@(?!@( ?!@(  ?!@(  ?!@(  ?!@(  ?!@( ?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@(?!@( ?!@( !?2A"@(! "? Z%](j@ ZZ](j@ $D](j@ D](j@(L](j@( ](j@(  ](j@(  ](j@(  ](j@(  ](j@( ](j@(](j@(](j@(](j@(](j@(](j@(](j@(](j@(](j@(H!"- z;Q? Z9dB}K@ #D DDD0@9dB}K@ #D DDD0@9dB}K@ #D DDD0@ dB}[@(  ' !LLLL! dB}[@(   dB}[@(   dB}[@(   dB}[@(  dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@(  wzf@(  !}p@(! "# 9!@Q DD@33333( LL@%UM@(@!@(@%~@(@%~@(@%~@(  @ {@(  @ {@(  @ {@(  @ {@(  @ {@(@ {@(! LL@ {@(@ {@(@ {@(@ {@(@ {@(@ {@(@ {@(@ {@(@h3v@(@h3v@(@h3v@(@h3v@(@h3v@(@h3v@(@h3v@(@h3v@(@h3v@(  @h3v@(!!@ts@׀@(# "# $7QD!  DD!F[Dm  DD9"ߥ(  LL@$*ƪ(G&u(N( (  Niy(  Hǂ䱘(  Bܛ(    LL xiC(   8Pgq( |&qc@( ml@( ux@( AƖ@( 琴~G@( M&+@( y3A?)@( 4+@( (.W@(  !U1@( ]#½@( kr@(! LL{$߳@( UL@(C @((͋'@(0@(FD@(  հcLWn@(!!Z?@(  "#DNl(%+=^,MyooH> J!J "#J$J%J 77 !77"= "> #8,#A{O% ?%!B $8%,$:76O? %!?B> %;&~ %<$@Dd>>  !>@"""7  $=gչڽ  dMbP?_*+%,MHP LaserJet 10204 4XXSummaryInformationSDDMHP LaserJet 1020 -(d" dX??U} } @} `} }  } !!} ""} # &#X@#w@#J#J#J#J#J{#J#J #J #J #J # #J|#J#J"J"J"J{"J{"J{"J{"J{"J{"J{"g{"J{"J{"J{"J{"J"J 2( *Z30Lixian Yikeyin Small Hydropower Project -Stage 228( ,~ ?@ L@@@@  L@  @  "@  $@  &@  (@*@,@.@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@  ?@!!@@ D  !,~ \@`@d@h@l@p@  Lt@  x@  |@  @  @  @@@@@@@@@@@@@@@ğ@ȟ@̟@П@  ԟ@!!؟@ D ( 3(  5){ Z { Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z  {p= ף@  Z !{p= ף@ !Z ! *~  D( L( ((( (  (  (  (  (    L( ( ( ( ( ( ( ( ( L((((((((( ( -!}GNm@ !DDD" 4~ *$(Iz_@ Zd (Hz @ Zd 333333#@ Z~ ( Zd ( Zd ( Zd ( Z d ( Z d ( Z d ( Z d ( Z d ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Zd ( Z d (! !Z!d " 8 (  Z~  > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z  > ףp]@ Z  > ףp]@ Z  > ףp]@ Z  > ףp]@ Z  > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z > ףp]@ Z  !> ףp]@ !Z! " C (  Z~  ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z  ֦F@ Z  ֦F@ Z  ֦F@ Z  ֦F@ Z  ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z ֦F@ Z  !֦F@ !Z! "  *@' Jzl@ DD Jzl@ D  Jzl@(   L Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@(   Jzl@ D  Jzl@(  H ! " z (  Z~   Z  Z? p3PfJ@ )DDD D D 0@? p3PfJ@ )DDD D D 0@? p3PfJ@ )DDD D D 0@9 p3PfZ@ #D D D D D ! p3PfZ@(  - !#LLLLL! p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   p3PfZ@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   wzf@(   !Uyp@( ! |6 ' Iz_( - ! #LLLLLL Hz (  %UM@(  !@(  YX~@(  YX~@(  YX~@(   To|t{@(   To|t{@(   To|t{@(   To|t{@(   To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  To|t{@(  h3v@(  h3v@(  h3v@(  h3v@(  h3v@(  h3v@(  h3v@(  h3v@(  h3v@(   h3v@(!  ! UQ@(  "( ,xRrU? % !?B> ,y#'U~z ?% !B  xJ4? }$$mLElectricity revenue{ Z { Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z  {p= ף@  Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z {p= ף@ Z  {p= ף@  Z !{p= ף@ !Z !L$/,Recovery of fixed assets and current capital{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{ "!{](j@ ! Z$ Investment8EGrǿ-{bE@ Z{G2@-{Y9iτ@ Z{G2@{333333#@ Z{ Z{ Z{ Z{  Z {  Z  {  Z  {  Z  {  Z  { Z { Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z {  Z !{ !Z!$Operational costs { Z{ Z> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z {> ףp]@  Z  {> ףp]@  Z  {> ףp]@  Z  {> ףp]@  Z  {> ףp]@  Z {> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z{> ףp]@ Z {> ףp]@  Z !> ףp]@ !Z!$Sub-total taxs Z Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@  Z ֦F@  Z  ֦F@  Z  ֦F@  Z  ֦F@  Z  ֦F@ Z ֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@ Z֦F@  Z ֦F@ !Z !֦F@ uZ!% Depreciation~ @{ Z{ Z{](j@ Z{](j@ mZ{](j@ Z{](j@ Z{](j@  Z {](j@  Z  {](j@  Z  {](j@  Z  {](j@  Z  {](j@ Z {](j@ Z{](j@ Z{](j@ Z{](j@ Z{](j@ Z{](j@ Z{](j@ Z{](j@ Z{](j@ yZ{ Z{ Z{ Z{ Z{ Z{ Z{ Z{ Z{  Z { !Z !{ Z!$%TQIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later)$@@{{{{?dB}K@ )DDDDD0@?dB}K@ )DDDDD0@?dB}K@ )DDDDD0@9 dB}[@  #D D D D D ! dB}[@(  - !#LLLLL! dB}[@(   dB}[@(   dB}[@(  dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( dB}[@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@( wzf@(  wzf@(  !~Mo@(! %Cashflow without carbon9bE #DDDDDDY9iτ(- #LLLLLL%UM@(!@(%~@(%~@(%~@(   {@(   {@(  - !#LLLLLL  {@(    {@(    {@(  {@(  {@(  {@(  {@(  {@(  {@(  {@(  {@(  {@( h3v@( h3v@( h3v@( h3v@( h3v@( h3v@( h3v@( h3v@( h3v@(   h3v@(! !lmDd@(  ,x? %!?B> ,yHKO [?%!B ( 7)DOl< 8<}//3 >H vFb^`>>  &J!&J"&J#&J$&J%&J&&J'&J(&J)&J*&J+&{,&J|-&J.&J/&J0"J1"J{2"J{3"J{4"J{5"J{6"J{7"J{8"J{9"J{:"J{;"J{<"J{="{>"J{?"J{ ~ *$@(  "Zd (  "Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ ! Z d ( @ ! Z d ( @ ! Z d ( @ ! Z d ( @ ! Z d ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ !Zd ( @ ! Z d ( !@ !!Z!d  !!+/$? !Z!/$? !D!!/$? D!!/$? "D!!/$?("!!!!L!/$?("!!/$?("!!/$?("!! /$?(" !! /$?(" !! /$?(" !! /$?(" !! /$?(" !!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!!/$?("!! /$?(" !!!/$?("!!!" "5"()" #D NbX9? )" #D NbX9? %".$K@ #D D! %".$K@ #D D! ".$K@(#""" LL ".$K@(#"".$K@(#"" .$K@(# "" .$K@(# "" .$K@(# "" .$K@(# "" .$K@(# " "" !LL ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" ".$K@(#" " .$K@(# " "!.$K@($!" "" #9#(%# $Z Z %# $Z Z %# $Z Z %# %Z Z %# $Z Z %# $Z Z %# $Z Z %# $ Z Z %# $ Z Z %# $ Z Z %# $ Z Z %# $ Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $Z Z %# $ Z Z %#!433337p@ G!Z !Z ! $4$($Q@ %Z$33333@ ,Z$333333#@ %Z~ $$ %Z$ %Z$ %Z$  % Z $  % Z $  % Z $  % Z $  % Z $ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$ %Z$  % Z $! %!Z!$"% %8%(% )Z~ %%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z% > ףp]@ & Z % > ףp]@ & Z % > ףp]@ & Z % > ףp]@ & Z % > ףp]@ & Z %> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z%> ףp]@ &Z% > ףp]@ & Z %!> ףp]@ &!Z!%" &#&*Q? &Z& &tYLl>RG@ ' D"!&tYLl>RG@ ' D"D&&tYLl>RG@ 'D&&tYLl>RG@('&&(!BL&tYLl>RG@('&& tYLl>RG@(' && tYLl>RG@(' && tYLl>RG@(' && tYLl>RG@(' && tYLl>RG@(' &&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&&tYLl>RG@('&& tYLl>RG@(' &&!tYLl>RG@('!&&" 'F'*? 'Z' ']=1@ ( D&!']=1@ ( D&D'']=1@((''(L']=1@(('']=1@(('' ]=1@(( '' ]=1@(( '' ]=1@(( '' ]=1@(( '' ]=1@(( '']=1@(('']=1@(('']=1@(('']=1@(('']=1@(('']=1@(('']=1@(('']=1@(('']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&']=1@((&' ]=1@(( &'!]=1@((!&'" (G(*Q? (Z( (KI oc? ) D&!(KI oc? ) D&D((KI oc?()'(KI oc?()&(KI oc?()&( KI oc?() &( KI oc?() &( KI oc?() &( KI oc?() &( KI oc?() &(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&(KI oc?()&( KI oc?() &(!KI oc?()!&(" ))() ,Z~ )#)uR/I@ , %&( #)uR/I@ , %&(# )uR/I@(*))) -# )uR/I@(*))uR/I@(*)) uR/I@(* )) uR/I@(* )) uR/I@(* )) uR/I@(* )) uR/I@(* ))uR/I@(*))uR/I@(*)))! -# )uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*))uR/I@(*)) uR/I@(* ))!uR/I@(*!))" *"**? NZ* `Z~ **](j@ NZ*](j@ NZ*](j@ +Z*](j@ +Z*](j@ +Z* ](j@ + Z * ](j@ + Z * ](j@ + Z * ](j@ + Z * ](j@ + Z *](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z*](j@ +Z* +Z* +Z* +Z* +Z* +Z* +Z* +Z* +Z* +Z*  + Z *! +!Z!*" +z+)+C+!*P@ ,-D"D#D$D%D)D*!C+!*P@ ,-D"D#D$D%D)D*!C+!*P@ ,-D"D#D$D%D)D*!?+ !*`@ , )D" D# D$ D% D) D* !+ !*`@(, + 3++ !)LLLLLL!+ !*`@(, + + !*`@(, + + !*`@(, + +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +!*`@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ +G_3i@(,+ + G_3i@(, + +!4]q@(,!+ +" ,|6,', Q( ,-,,!#LLLLLL9, 33333 #D"D#D$D%D)D+9, T˂@ #D"D#D$D%D)D+, d!@( ,9, aB@ #D"D#D$D%D)D+9, aB@ #D"D#D$D%D)D+9, aB@ #D"D#D$D%D)D+, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, ZB}@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( ,, .%y@( !,,!  9@(.,," -( .,.xd /,/yZy r?%,,"B 00xm{? 1}2}%D )&Electricity export to the grid (MWh/y)2^)?-2{ 3ZQ85@-2{ 3ZQ85@-2p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2 {p= -@ 3 Z Q85@-2 {p= -@ 3 Z Q85@-2 {p= -@ 3 Z Q85@-2 {p= -@ 3 Z Q85@-2 {p= -@ 3 Z Q85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2{p= -@ 3ZQ85@-2 {p= -@ 3 Z Q85@-2!p= -@ 3!Z!Q85@3}H&433> LElectricity tariff (CNY/kWh)3/$?3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3 {/$? 4 Z 3 {/$? 4 Z 3 {/$? 4 Z 3 {/$? 4 Z 3 {/$? 4 Z 3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3{/$? 4Z3 {/$? 4 Z 3!{/$? 4!Z!4}&53Electricity revenue4%4{ 6D2D3 4{(6444LL 4 WŊ@(644{ WŊ@(844{ WŊ@(844{ WŊ@(844{ WŊ@(844 { WŊ@(8 4 44 !LL 4 { WŊ@(8 4 4 { WŊ@(8 4 4 { WŊ@(8 4 4 { WŊ@(8 4 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4{ WŊ@(84 4 { WŊ@(8 4 4! WŊ@(5!4 5}&63 Other revenue55{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{ "5!{](j@ 8! Z6}&73 Investment66{Q@ 7Z6{33333@ 7Z6{333333#@ 8Z6{ 6Z6{ 6Z6{ 6Z6{ 6 Z6 { 6 Z 6 { 6 Z 6 { 6 Z 6 { 6 Z 6 { 6Z 6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ 6Z6{ <Z6{ <Z6{ <Z6{ <Z6{ <Z6{ <Z6{ <Z6{ <Z6{ <Z6 { < Z 6!{ <!Z!7}&83Operational costs 77{ 8Z7{ 8Z7> ףp]@ >Z7{> ףp]@ >Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7 {> ףp]@ = Z 7 {> ףp]@ = Z 7 {> ףp]@ = Z 7 {> ףp]@ = Z 7 {> ףp]@ = Z 7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7{> ףp]@ =Z7 {> ףp]@ = Z 7!{> ףp]@ =!Z!8}'93VAT on electricity revenue~ 8@ 8{ 9 D48{(9888  L8 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988  n5I@(9 88  n5I@(9 8 88  L8  n5I@(9 8 8  n5I@(9 8 8  n5I@(9 8 8 n5I@(98 8 n5I@(98 8 n5I@(98 8 n5I@(9888! L8 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988 n5I@(988  n5I@(9 88! n5I@(9!89}@':3*'the additional tax for city development~ 9@ 9{ : D89{(:999  L9]@(:99]@(:99]@(:99]@(:99]@(:99 ]@(: 99 ]@(: 99 ]@(: 9 99 ! L9 ]@(: 9 9 ]@(: 9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9]@(:9 9 ]@(: 9 9!]@(:!9 :}';3# the additional tax for education~ :@ :{ ; D8:{(;:::  L:V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;:: V>U ?(; :: V>U ?(; : ::  L: V>U ?(; : : V>U ?(; : : V>U ?(; : :V>U ?(;: :V>U ?(;: :V>U ?(;: :V>U ?(;:::! L:V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;::V>U ?(;:: V>U ?(; ::!V>U ?(;!:;}'<3Sub-total taxs ;#;{ > %8: ;{(>;;;  - ;!柋K@(2;;!柋K@(2;;!柋K@(2;;!柋K@(2;;!柋K@(2 ;; !柋K@(2 ;; !柋K@(2 ;; !柋K@(2 ; ;; ! - ; !柋K@(2 ; ; !柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2; ;!柋K@(2 ; ; !柋K@(2!; ;!!柋K@(; <}'=3 Depreciation~ <@<{ \Z<{ <Z<{](j@ <Z<{](j@ `Z<{](j@ <Z<{](j@ <Z<{](j@ < Z< {](j@ < Z < {](j@ < Z < {](j@ < Z < {](j@ < Z < {](j@ <Z <{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ <Z<{](j@ Z<{ 6Z<{ 6Z<{ 6Z<{ 6Z<{ 6Z<{ 6Z<{ 6Z<{ 6Z<{ 6 Z< { 6!Z <!{ <Z!=(>3TQIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later)$=@@{{{{?=";S@ >)D4D5D7D;D<0@?=";S@ >)D4D5D7D;D<0@?=";S@ >)D4D5D7D;D<0@= ";c@(> = -== !#LLLLL!= ";c@(> = = ";c@(> = = ";c@(> = = ";c@(> = =";c@(>= =";c@(>= =";c@(>= =";c@(>= =";c@(>= =";c@(>= =";c@(>= =";c@(>= =";c@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= =5 Cl@(>= = 5 Cl@(> = =!ȗcpr@(>!= >}(23Cashflow without carbon>9>Q 2#D4D5D6D7D;D=>33333(6>->> #LLLLLL>{ D@(A>>{}i@(7>>{"r[i@(7>>{"r[i@(7>>{"r[i@(7 >> {-_@(7 >> {-_@(7 >> {-_@(7 > ->> !#LLLLLL> {-_@(7 > > {-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{-_@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7> >{`Ѡ|@(7 > > {`Ѡ|@(7!> >!q0鷂@(7> ?}Dul,l87/9F{ >> ~g'Zb{p]`@#J{A#J{B#J{C#JD#JE#JF#JG#JH#JI#JJ#JK#JL#JM#JN#JO#{P#J|Q#JR#JS#JT#JU#J{V#J{W#J{X#J{Y#J{Z#J{[#J{\#J{]#J{^#J{_#J{ @,@x*? %>>!?B> A,AyJ IO w?%>>!B B} CC) D D*D FZD FZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD @@ E Z D @@ E Z D @@ E Z D @@ E Z D @@ E Z D@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD@@ EZD @@ E Z D!@@ E!Z! E~ E*$@'E6[? EZ E6[? EDEE6[?(FEEE!LE6[?(FEE6[?(FEE6[?(FEE6[?(FEE 6[?(F EE 6[?(F EE 6[?(F EE 6[?(F EE 6[?(F EE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE6[?(FEE 6[?(F EE!6[?(F!E F5F()F GDDNbX9? )F GDDNbX9? F/$K@(GFFF!LL F/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF /$K@(G FF /$K@(G FF /$K@(G FF /$K@(G FF /$K@(G FF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF/$K@(GFF /$K@(G FF!/$K@(#!FF" G9G(G HZ G HZ G HZ G HZ G HZ G HZ G HZ G H Z G H Z G H Z G H Z G H Z G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G HZ G H Z G!433337p@ H!D#! H4H(HQ@ IZH33333@ IZH333333#@ IZH IZH IZH IZH IZH I Z H I Z H I Z H I Z H I Z H IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH IZH I Z H! I!Z!H" I8I(I MZI MZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI > ףp]@ J Z I > ףp]@ J Z I > ףp]@ J Z I > ףp]@ J Z I > ףp]@ J Z I> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI> ףp]@ JZI > ףp]@ J Z I!> ףp]@ J!Z!I" J#J*Q? JZJ JuYLl>RG@ K DF!JuYLl>RG@ K DFDJJuYLl>RG@ KDJJuYLl>RG@(KJJL!BLJuYLl>RG@(KJJ uYLl>RG@(K JJ uYLl>RG@(K JJ uYLl>RG@(K JJ uYLl>RG@(K JJ uYLl>RG@(K JJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJuYLl>RG@(KJJ uYLl>RG@(K JJ!uYLl>RG@(K!JJ" KFK*? KZK K^=1@ L DJ!K^=1@ L DJDKK^=1@(LKKLLK^=1@(LKK^=1@(LKK ^=1@(L KK ^=1@(L KK ^=1@(L KK ^=1@(L KK ^=1@(L KK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LKK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK^=1@(LJK ^=1@(L JK!^=1@(L!JK" LGL*Q? LZL LKI oc? M DJ!LKI oc? M DJDLLKI oc?(MKLKI oc?(MJLKI oc?(MJL KI oc?(M JL KI oc?(M JL KI oc?(M JL KI oc?(M JL KI oc?(M JLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJLKI oc?(MJL KI oc?(M JL!KI oc?(M!JL" MM(MPMMM! -T MPMMuR/I@(PMMuR/I@(PMMuR/I@(NMMuR/I@(NMMuR/I@(NMM uR/I@(N MM uR/I@(N MM uR/I@(N MM uR/I@(N MM uR/I@(N MMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMMuR/I@(NMM uR/I@(N MM!uR/I@(N!MM" N"N*? *ZN !ZN NZN](j@ SZN](j@ *ZN](j@ OZN](j@ OZN](j@ OZN ](j@ O Z N ](j@ O Z N ](j@ O Z N ](j@ O Z N ](j@ O Z N](j@ OZN](j@ OZN](j@ OZN](j@ OZN](j@ OZN](j@ OZN](j@ OZN](j@ OZN](j@ OZN OZN OZN OZN OZN OZN OZN OZN OZN OZN  O Z N! O!Z!N" OzO)O  CO!*P@ P-DFDGDHDIDMDN!CO!*P@ P-DFDGDHDIDMDN!CO!*P@ P-DFDGDHDIDMDN!?O !*`@ P )DF DG DH DI DM DN !O !*`@(P O 3OO !)LLLLLL!O !*`@(P O O !*`@(P O O !*`@(P O O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO O!*`@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO OG_3i@(PO O G_3i@(P O O!3]q@(P!O O" P|6P'P Q(DP-PP! #LLLLLLP 33333(DPP T˂@(DPP d!@(DPP bB@(DPP bB@(DPP bB@(D PP \B}@(D PP \B}@(D PP \B}@(D PP \B}@(D PP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP \B}@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(DPP /%y@(D PP /%y@(D!PP!  9@(RPP" Q( R,Rxd S,SyZy /?%PP"B S TTxm{? U}V}(3DD)&Electricity export to the grid (MWh/y)VV{ XZV{ XZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV {@@ W Z V {@@ W Z V {@@ W Z V {@@ W Z V {@@ W Z V{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV{@@ WZV {@@ W Z V!{@@ W!Z!W}4)XWWb LElectricity tariff (CNY/kWh)W^)?/WO?W/$?Q85@WO?WWWWLWO?XWWO?XWWO?XWW{O?XWW{O?XWW {O?X W WW !LW {O?X W W {O?X W W {O?X W W {O?X W W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W{O?XW W {O?X W W!{O?X!W X}p)YWElectricity revenueX!X{ u DVDWX{(\XXX LL X WŊ@(ZXX{ WŊ@(\XX{ WŊ@(\XX{ WŊ@(\XX{ WŊ@(\XX { WŊ@(\ XX { WŊ@(\ X XX !LL X { WŊ@(\ X X { WŊ@(\ X X { WŊ@(\ X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X{ WŊ@(\X X { WŊ@(\ X X!{ WŊ@(Y!X Y})ZW Other revenueYY{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{{ *Y!{(\Ok@ \!ZZZ})[W InvestmentZZ{Q@ [ZZ{33333@ [ZZ{333333#@ \ZZ{ ZZZ{ ZZZ{ ZZZ{ Z ZZ { Z Z Z { Z Z Z { Z Z Z { Z Z Z { ZZ Z{ ZZZ{ ZZZ{ ZZZ{ ZZZ{ ZZZ{ ZZZ{ ZZZ{ ZZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ `ZZ{ ` ZZ { `!Z Z!{ `Z![})\WOperational costs [[{ bZ[{ bZ[> ףp]@ bZ[{> ףp]@ bZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[ {> ףp]@ a Z [ {> ףp]@ a Z [ {> ףp]@ a Z [ {> ףp]@ a Z [ {> ףp]@ a Z [{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[{> ףp]@ aZ[ {> ףp]@ a Z [!{> ףp]@ a!Z!\})]WVAT on electricity revenue~ \@ \{ ] DX\{(]\\\ L\ n5I@(]\\ n5I@(]\\ n5I@(]\\ n5I@(]\\ n5I@(]\\  n5I@(] \ \\ ! L\  n5I@(] \ \  n5I@(] \ \  n5I@(] \ \  n5I@(] \ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \ n5I@(]\ \  n5I@(] \ \! n5I@(]!\ ]},*^W*'the additional tax for city development~ ]@ ]{ ^ D\]{(^]]]  L]]@(^]]]@(^]]]@(^]]]@(^]]]@(^]] ]@(^ ]] ]@(^ ] ]] ! L] ]@(^ ] ] ]@(^ ] ] ]@(^ ] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ]]@(^] ] ]@(^ ] ]!]@(^!] ^}|*_W# the additional tax for education~ ^@ ^{ _ D\^{(_^^^ L^V>U ?(_^^V>U ?(_^^V>U ?(_^^V>U ?(_^^V>U ?(_^^ V>U ?(_ ^ ^^ ! L^ V>U ?(_ ^ ^ V>U ?(_ ^ ^ V>U ?(_ ^ ^ V>U ?(_ ^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^V>U ?(_^ ^ V>U ?(_ ^ ^!V>U ?(_!^ _}*`WSub-total taxs _#_{ Z %\^ _{(Z___  - _!柋K@(V__!柋K@(V__!柋K@(V__!柋K@(V__!柋K@(V __ !柋K@(V __ !柋K@(V _ __ ! - _ !柋K@(V _ _ !柋K@(V _ _ !柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V_ _!柋K@(V _ _ !柋K@(V!_ _!!柋K@(2_ DDcl>>8;6BBY{3 >H vc/Zbcpi`#J{a#I{b#J{c#J{d#J{e#J{f#J{g#J{h#Ji#Jj#Jk#Jl#Jm#Jn#:o#J|p"Jq"Jr"Js"Jt"J{u"J{v"J{w"J{x"J{y"J{z"I{{"J{|"J{}"J{~"J{"J{`}*VW Depreciation~ `@`{ aZ`{ `Z`{](j@ `Z`{](j@ Z`{](j@ `Z`{](j@ `Z`{](j@ ` Z` {](j@ ` Z ` {](j@ ` Z ` {](j@ ` Z ` {](j@ ` Z ` {](j@ `Z `{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ `Z`{](j@ <Z`{ ZZ`{ ZZ`{ ZZ`{ ZZ`{ ZZ`{ ZZ`{ ZZ`{ ZZ`{ ZZ` { Z Z `!{ Z!Z!a*bDOTQIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later)$a@@{{{{?a";S@ b)DXDYD[D_D`0@?a";S@ b)DXDYD[D_D`0@?a";S@ b)DXDYD[D_D`0@9a ";c@ b #DX DY D[ D_ D` !a ";c@(b a -aa !#LLLLL!a ";c@(b a a ";c@(b a a ";c@(b a a";c@(ba a";c@(ba a";c@(ba a";c@(ba a";c@(ba a";c@(ba a";c@(ba a";c@(ba a";c@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a6 Cl@(ba a 6 Cl@(b a a!n3fr@(b!a b}+WWCashflow without carbonb9bQ V#DXDYDZD[D_Dab33333(Zb-bb #LLLLLLb{ D@(ebb{~i@([bb{"r[i@([bb{"r[i@([bb{"r[i@([ bb {-_@([ bb {-_@([ b -bb !#LLLLLLb {-_@([ b b {-_@([ b b {-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{-_@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([b b{aѠ|@([ b b {aѠ|@([!b b!l ]@([b c} d,dxxj+? %bb!?B> e,eyPO 7?%bb!B f} g}} hlh  iki*ijZ ijZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ i p= ף@ j Z i p= ף@ j Z i p= ף@ j Z i p= ף@ j Z i p= ף@ j Z ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ ip= ף@ jZ i p= ף@ j Z i! ףp=1@ j!Z ! j4j(jQ@kZj33333@kZj333333#@ kZj333333#@ kZjkZjkZjkZj k Z j k Z j k Z j k Z j k Z jkZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj kZj k Z j! k!Z!j" k8~ k*$(klZd (k lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k 8A`Z@ l Z d (k 8A`Z@ l Z d (k 8A`Z@ l Z d (k 8A`Z@ l Z d (k 8A`Z@ l Z d (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k8A`Z@ lZd (k 8A`Z@ l Z d (k!8A`Z@ l!Z!d k" lCl(loZloZl֦F@ oZl֦F@ oZl֦F@ mZl֦F@ mZl֦F@ mZl ֦F@ m Z l ֦F@ m Z l ֦F@ m Z l ֦F@ m Z l ֦F@ m Z l֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl֦F@ mZl ֦F@ m Z l!֦F@ m!Z!l" mm(mNZmmZm](j@ mZm](j@ *Zm](j@ nZm](j@ nZm](j@ nZm ](j@ n Z m ](j@ n Z m ](j@ n Z m ](j@ n Z m ](j@ n Z m](j@ nZm](j@ nZm](j@ nZm](j@ nZm](j@ nZm](j@ nZm](j@ nZm](j@ nZm](j@ nZm nZm nZm nZm nZm nZm nZm nZm nZm nZm n Z m! n!Z!m" nzn(n9nw`L@ o#DiDkDlDm0@9nw`L@ o#DiDkDlDm0@9nw`L@ o#DiDkDlDm0@3n w`\@ o Di Dk Dl Dm !n w`\@(o n 'nn  LLLL!n w`\@(o n n w`\@(o n n w`\@(o n nw`\@(on nw`\@(on nw`\@(on nw`\@(on nw`\@(on nw`\@(on nw`\@(on nw`\@(on nw`\@(on'nn! LLLL!nQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onnQ†f@(onn Q†f@(o nn!`#*p@(o!n o|6o'3oQiDiDjDkDlDn3o33333iDiDjDkDlDn3oC@ iDiDjDkDlDnoC@(io'ooLLLLLot5'2@(ioot5'2@(ioot5'2@(i oo v'Iv{@(i oo v'Iv{@(i oo v'Iv{@(i oo v'Iv{@(i oo v'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(ioov'Iv{@(iooJ]Mw@(iooJ]Mw@(iooJ]Mw@(io'oo! LLLLLoJ]Mw@(iooJ]Mw@(iooJ]Mw@(iooJ]Mw@(iooJ]Mw@(iooJ]Mw@(i oo J]Mw@(i!oo!#kp@(qoo"p( q,qxLų? %oo"?B> r,ryW* ?%oo"B ssxvOjM?su{+2DiTotal revenue without carbonu{vZ u{vZ up= ף@ vZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u {p= ף@ x Z u {p= ף@ x Z u {p= ף@ x Z u {p= ף@ x Z u {p= ף@ x Z u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u{p= ף@ xZ u {p= ף@ x Z u!{ ףp=1@ z!Z !v{ ,wvv{L Investmentv{Q@wZv{33333@wZv{333333#@ xZv{vZv{vZv{vZv{v Zv {v Z v {v Z v {v Z v {v Z v {vZ v{vZv{ vZv{ vZv{ vZv{ vZv{ vZv{ vZv{ vZv{ vZv{ yZv{ yZv{ yZv{ yZv{ yZv{ yZv{ yZv{ yZv{ yZv { y Z v!{ y!Z!w{$,xvOperational costs ~ wV'w{xZZ'w{xZZ'w0Z4'@ {ZZ'w0Z4'@ {ZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w 0Z4'@ z Z Z'w 0Z4'@ z Z Z'w 0Z4'@ z Z Z'w 0Z4'@ z Z Z'w 0Z4'@ z Z Z'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w0Z4'@ zZZ'w 0Z4'@ z Z Z'w!0Z4'@ u!Z!Zx{L,yvSub-total taxsx{Zx{Zx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ u Zx ֦F@ u Z x ֦F@ u Z x ֦F@ u Z x ֦F@ u Z x ֦F@ uZ x֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ uZx֦F@ u Zx ֦F@ x!Z x!֦F@ Z!y{l,zv Depreciation~ y@y{vZy{yZy{](j@ yZy{](j@ <Zy{](j@ yZy{](j@ yZy{](j@ y Zy {](j@ y Z y {](j@ y Z y {](j@ y Z y {](j@ y Z y {](j@ yZ y{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{](j@ yZy{ vZy{ vZy{ vZy{ vZy{ vZy{ vZy{ vZy{ vZy{ v Zy { v!Z y!{ yZ!z,{vTQIncome tax (0 in the first 2 years, 16.5% in the following 3 years and 33% later)$z@@{{{{9z<(*R@ {#DuDwDxDy0@9z<(*R@ {#DuDwDxDy0@9z<(*R@ {#DuDwDxDy0@z <(*b@({ z 'zz !LLLL!z <(*b@({ z z <(*b@({ z z <(*b@({ z z <(*b@({ z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z z<(*b@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z zwuj@({z z wuj@({ z z!s|_>r@({!z {{,-uvCashflow without carbon3{QuDuDvDwDxDz{33333v{'{{ LLLLL{V]@(~{{#*TwJ@(w{{{"@(w{{{"@(w{{{"@(w {{ o6x@(w {{ o6x@(w {{ o6x@(w {{ o6x@(w { '{{ !LLLLL{ o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {o6x@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w{ {B0{@(w { { B0{@(w!{ {!@(w{ },}x{? %{{!?B> ~,~y$8'Dq }?%{{!B D Rl`>>8BBBf >>*bcT`>>JJ ,,,,; , :'(VDw)8EGrǿD)$))$@*^)?DW  ? @D RrU? VD 76O? Z$ J4?D !   m{?D0 76O? Z$ dx@<deee 7   t  dMbP?_*+%,",??U} (} } `} } } } @} !} "  ""+@""J5"J5"Jd"J"J"J"J =w =2/dZ30Lixian Yikeyin Small Hydropower Project -Stage 23344444444  ,~ 5?5@ D5@ D5@ L5@5@5@5 @  5"@  5$@  5&@  5(@  5*@5,@5.@50@51@52@53@54@55@56@57@58@59@5:@5;@5<@5=@5>@! L5?@  5@@!!5@@ ,!5\@5`@5d@ D5h@ L5l@5p@5t@5x@  5|@  5@  5@  5@  5@5@5@5@5@5@5@5@5@5@5@5@5@5@5ğ@5ȟ@5̟@5П@5ԟ@  5؟@!!5ܟ@8 @333333#@Z333333#@D333333#@L333333#@333333#@  333333#@  333333#@  333333#@  333333#@  333333#@333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(! L333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(333333#@(  333333#@(!!333333#@( @Z@Z@D@L@@  @  @  @  @  @@(@(@(@(@(@(@(@(@(@(@(! L@(@(@(@(@(@(@(  @(!!@( "@@Z@@Z@@D@@L@@@@  @@  @@  @@  @@  @@@@(@@(@@(@@(@@(@@(@@(@@(@@(@@ D@@(! L@@(@@(@@(@@(@@(@@(@@(  @@(!!@@( @@D!@@ DD!`@ DD@A LLA` A  sA  @A  pA  A  mA`A(4 A(s!A("A(@#A(d1%A(p&A('A((A(-*A(m+A(! LL<,A(`-A(*/A(40A(f0A(s1A(2A(  2A(!!R3A(pg2 $  g !>@7    dMbP?_*+%"??!U} } } }  } `}  } ! !!+@!J@!J-!J-!J@!J@!J@!J@!J@ !J !J@ !J@ !J@ !J@!J@!J6J@J@J@J@JJ@J@J@ I@ J@J@J@J@ q 1/ Z30Lixian Yikeyin Small Hydropower Project -Stage 20000.... ,~ -?-@ D-@ L-@-@-@-@- @  -"@  -$@  -&@  -(@  -*@-,@-.@-0@-1@-2@-3@-4@-5@-6@-7@ ,~ -\@-`@ D-d@ L-h@-l@-p@-t@-x@  -|@  -@  -@  -@  -@-@-@-@-@-@-@-@-@-@-@  e"@@ Z@@ Z@@ D@@ D@@ D@@  D @@(   L @@(   @@(   @@(   @@( @@( @@( @@( @@( @@( @@( @@( @@( @@( @@ D !Y Zh2d3? Z 2d3? D2d3?( L2d3?( 2d3?( 2d3?( 2d3?( 2d3?(  2d3?(  2d3?(  2d3?(  2d3?(  2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3?( 2d3? D f[ (   LL i(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   #r@(   ######### \  D ! e  D D  "r@(   LL "r@(  "~j<<,@(  rA(  {OA(  ~j<<, A(   txxA(   rA(   O--%A(  ~ZZ'A(  ~O(A( ! /ݴ)A  D D   !   ] ^ _66666666666666666666666  ! `~ 5@ ga  LL##r@#r@#r@#r@#r@#r@ #r@ #r@  #r@  #r@  #r@ #r@ r@(r@(r@(r@(r@(r@(r@(r@(!r@  D D b LL""r@"r@"~j<<,@rA{OA~j<<, A txxA rA  O--%A(~ZZ'A(!~O(A  D D!/ݴ)A  D D pc rd se tf ugjr@$!kr@ DD vhlA D~ %!mA DD vil!A D~ %!m!A DD wjnƆ)A D~ &!oƆ)A DD>g0      8Idd<      > @7 Oh+'0HP\l ljUserMicrosoft Excel@4@Z\EH@}՜.+,0@ PXd lt| lj Summary Stage2Table for PDD IRR with CERIRR without CERSensitive analysisElectricity generation CERs flow   !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}Root Entry FWorkbookQSummaryInformation(~DocumentSummaryInformation8