Contents

1 Assumptions & Drivers

- Revenue Analysis
- Cost Analysis
- Key Assumptions at the botom of the sheet

2 Financials
Income Statement
Cash Flow Statement
Balance Statement
Various Accounts (Debt | Cash | Equity | Property plant and Equipment | Depreciation | Working Capital)

3 Valuation
NPV, IRR, Payback Period Calculations
5000 MW Solar Farm 1 Accessible Region
Key Assumptions & Drivers
Forecasts
units Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
INCOME STREAMING

Production Capacity
Installed capacity kW 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0
Capacity factor % 0.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Operating days per year days - 365 365 365 365 365 365 365 365
Operating hours per day hrs/day - 24 24 24 24 24 24 24 24
Degradation factor 1.00 0.995 0.99 0.99 0.98 0.98 0.97 0.97
Total electricity generated per yearkWh - 6,570,000 6,537,150 6,504,464 ### ### ### ### ###
Downtime allowance 0.5% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Electricity Income
Electricity generated kWh - 6,570,000 6,537,150 6,504,464 ### ### ### ### ###
Electricity tariff rate (PPA) US$/KWh 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
Total Revenue $ - 1,144,742 1,139,019 1,133,323 ### ### ### ### ###

OPERATIONAL EXPENSE

O&M
O&M cost per KW $/kW/year 44 45 47 48 50 51 53 54
O&M $ 220,000 226,600 233,398 240,400 247,612 255,040 262,692 270,572

Legal Cost
Legal and permit cost per KW $/kW/year - - - - - - -
Legal Cost $ - - - - - - - -

Total Yearly Cost $ - 220,001 226,601 233,399 240,401 247,613 255,041 262,692 270,573

CAPITAL EXPENDITURE

0.0399977842 3.9997784222
A. MODULE
Module cost US$/KWp 450 Length of Transmission 7.5 km
PV module price $ 2,250,000 Widht of Transmission 3m
 Land Cost 7 USD/m2
B. INVERTER Total land cost for transmission 157500 USD
Cost of inverter US$/KWp 200 Transmission Cost (construction) 2.5E+08 Rp / Km
Inverter $ 1,000,000 eqv. US$ 20833.33 USD/km

B. Battery US$/KWp -
Size of Battery 1000 Ah $ -
Total cost for transmission const 156250 USD
Balance of System
Cost per system US$/KWp 450
PV balance of system price $ 2,250,000

B. PERANGKAT PENDUKUNG US$/KWp 0

C. INSTALASI KABEL US$/KWp 0
D. PEKERJAAN INSTALASI, CIVIL US$/KWp 0
E. PACKING + DELIVERY US$/KWp 0
PV balance of system price $

Total solar PV system cost US$/KWp 1,100

Land cost (US$/sqm) US$/sqm 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325
Area needed (sqm/MW) sqm/5MW 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
Land cost US$'000 325 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3
Land lease US$'000 1 1 1 1 1 1 1 1

Contingencies % 0% 0% 0% 0% 0% 0% 0% 0%
Transmission Lines Cost US$'000 - - - - - - - -
Land cost for Transmission US$'001 -

Inverter replacement cost per unit $/kW/year 200 206 212 219 225 232 239 246
Inverter replacement cost $ - - - - - - - -
Include transmission cost
Transmission Lines Cost 1
Total initial costs $ 5,500,325.00 - - - - - - - -

1,100.07
Operational assumptions
Annual product degradatio 0.5%
Maintenance capex 0.0%

General assumptions
Tax rate 25%
Inflation rate 3%
Depreciation period (yrs) 20

Financing terms
Interest rate 8.00%
Debt ratio 70%
Debt term (yrs) 8

Deal structure (JV)

Pertamina stake 100%
Partner stake 0%

Blue Cells = Input Cells

Black Cells = Cells with Formula
Forecasts
Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20

5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0
15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
365 365 365 365 365 365 365 365 365 365 365 365
24 24 24 24 24 24 24 24 24 24 24 24
0.96 0.96 0.95 0.95 0.94 0.94 0.93 0.93 0.92 0.92 0.91 0.91
### 6,280,195 ### ### ### ### ### ### ### ### ### ###
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

### 6,280,195 ### ### ### ### ### ### ### ### ### ###
0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17 0.17
### 1,094,247 ### ### ### ### ### ### ### ### ### ###

56 57 59 61 63 65 67 69 71 73 75 77
278,689 287,050 295,662 304,531 313,667 323,077 332,770 342,753 353,035 363,626 374,535 385,771

- - - - - - - - - - - -
- - - - - - - - - - - -

278,690 287,051 295,662 304,532 313,668 323,078 332,771 342,754 353,036 363,627 374,536 385,772
 0 include/don't include
0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325 0.325
50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000
16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3 16.3
1 1 1 1 1 1 1 1 1 1 1 1

0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
- - - - - - - - - - - -

253 200 206 212 219 225 232 239 246 253 261 269
- 1,000,000 - - - - - - - - - -

- 1,000,000 - - - - - - - - - -
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

INCOME STATEMENT

Sales - ### ### ### ### ### ### ### ### ###
% Growth NM NM -1% 0% -1% -1% -1% 0% -1% 0%
COGS - - - - - - - - - -
Gross Profit - ### ### ### ### ### ### ### ### ###
% Margin 100% 100% 100% 100% 100% 100% 100% 100% 100%
SG&A - (220,001) (226,601) (233,399) (240,401) (247,613) (255,041) (262,692) (270,573) (278,690)
EBITDA - 924,741 912,418 899,925 887,256 874,406 861,367 848,134 834,699 821,056
% Growth NM NM -1% -1% -1% -1% -1% -2% -2% -2%
% Margin 81% 80% 79% 79% 78% 77% 76% 76% 75%
Depreciation & Amortization - (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016)
EBIT - 649,725 637,401 624,908 612,240 599,390 586,351 573,118 559,683 546,039
% Growth NM NM -2% -2% -2% -2% -2% -2% -2% -2%
% Margin 57% 56% 55% 54% 53% 53% 52% 51% 50%
Interest Income - - - - - - - - - -
Interest Expense (308,018) (308,018) (308,018) (308,018) (269,516) (231,014) (192,511) (154,009) (115,507)
EBT - 341,707 329,383 316,890 304,222 329,874 355,337 380,606 405,674 430,533
Taxes - (85,427) (82,346) (79,223) (76,055) (82,468) (88,834) (95,152) (101,418) (107,633)
Tax rate (%) 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Net Income - 256,280 247,037 237,668 228,166 247,405 266,503 285,455 304,255 322,899

Page 7 of 50
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

CASH FLOW STATEMENT

Net Income - 256,280 247,037 237,668 228,166 247,405 266,503 285,455 304,255 322,899

Depreciation (+) - 275,016 275,016 275,016 275,016 275,016 275,016 275,016 275,016 275,016
Change in working capital - (94,088) 470 468 466 463 461 459 457 454
Cash from Operating Activities - 437,208 522,524 513,152 503,648 522,885 541,980 560,930 579,728 598,370

Capex ### - - - - - - - - -
Cash after Investing Activities ### 437,208 522,524 513,152 503,648 522,885 541,980 560,930 579,728 598,370

Increase / (Decrease) in Debt ### - - - (481,278) (481,278) (481,278) (481,278) (481,278) (481,278)
New Equity Injection (+) ### - - - - - - - - -
Net Cash ### 437,208 522,524 513,152 22,370 41,606 60,702 79,651 98,450 117,091

Page 8 of 50
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

BALANCE SHEET

Non-Current Assets
Property, Plant & Equipment ### ### ### ### ### ### ### ### ### ###

Current Assets
Cash ### ### ### ### ### ### ### ### ### ###
Accounts Receivable - 94,088 93,618 93,150 92,684 92,221 91,760 91,301 90,844 90,390
Prepaid Expenses - 18,082 18,625 19,183 19,759 20,352 20,962 21,591 22,239 22,906
Total Assets - 274,362 521,942 760,169 507,632 274,352 60,187 (135,008) (311,383) (469,095)

Liabilities
Accounts Payable - - - - - - - - - -
Other Payables - 18,082 18,625 19,183 19,759 20,352 20,962 21,591 22,239 22,906
Debt ### ### ### ### ### ### ### ### ### 962,557
Total Liabilities ### ### ### ### ### ### ### ### ### 985,463

Shareholders Equity - 256,280 503,318 740,985 969,152 ### ### ### ### ###

Total Liabilities and Shareholders Equity ### ### ### ### ### ### ### ### ### ###

Balance Check ### ### ### ### ### ### ### ### ### ###

Page 9 of 50
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

DEBT ACCOUNT

BOY Balance - ### ### ### ### ### ### ### ### ###
Drawdown / Increase (+) ###
Paydown / Decrease (-) - (481,278) (481,278) (481,278) (481,278) (481,278) (481,278)
End of Year Balance ### ### ### ### ### ### ### ### ### 962,557

Interest Expense (on BOY Debt Balance) 8.0% ### ### ### ### ### ### ### ### ###

CASH ACCOUNT

BOY Balance - ### ### ### ### ### ### ### ### ###
Increase / (Decrease) in Net Cash ### 437,208 522,524 513,152 22,370 41,606 60,702 79,651 98,450 117,091
EOY Balance ### ### ### ### ### ### ### ### ### ###

Interest Income (on BOY Cash Balance) 0.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

SHAREHOLDERS EQUITY ACCOUNT

BOY Balance - - 256,280 503,318 740,985 969,152 ### ### ### ###
New Equity Injection (+) ### - - - - - - - - -
Net Income / (Loss) ### 256,280 247,037 237,668 228,166 247,405 266,503 285,455 304,255 322,899
EOY Balance - 256,280 503,318 740,985 969,152 ### ### ### ### ###

ROE 15.51%
NPV ###

Page 10 of 50
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

PROPERTY PLANT & EQUIPMENT ACCOUNT

Capex ### - - - - - - - - -
Maintenance capex 0.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total capex ### - - - - - - - - -

Beginning of Year Balance - ### ### ### ### ### ### ### ### ###
Capex (+) ### - - - - - - - - -
Depreciation (-) - (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016) (275,016)
End of Year Balance ### ### ### ### ### ### ### ### ### ###

DEPRECIATION ACCOUNT

Previous Year Depreciation 0.0 0.0 ### ### ### ### ### ### ### ###
Depreciation for Current Year Capex (+) ### 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Depreciation (Current Year) 0.0 ### ### ### ### ### ### ### ### ###

Page 11 of 50
5000 MW Solar Farm
Units in $'000 unless otherwise stated

Projection
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
Model Year 0 1 2 3 4 5 6 7 8 9

WORKING CAPITAL ACCOUNT

Non-Cash Current Assets:

Accounts Receivable 0.0 94,088.4 93,618.0 93,149.9 92,684.1 92,220.7 91,759.6 91,300.8 90,844.3 90,390.1
Days of Sales 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Prepaid Expenses 0.0 18,082.3 18,624.7 19,183.5 19,759.0 20,351.7 20,962.3 21,591.1 22,238.9 22,906.0
Days of SG&A 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

Non-Cash Current Liabilities:

Accounts Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Days of COGS 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
Other Payables 0.0 18,082.3 18,624.7 19,183.5 19,759.0 20,351.7 20,962.3 21,591.1 22,238.9 22,906.0
Days of SG&A 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

CHANGES IN WORKING CAPITAL

Non-Cash Current Assets:

(Increase) / Decrease in Accounts Receivable 0.0 (94,088.4) 470.4 468.1 465.7 463.4 461.1 458.8 456.5 454.2
(Increase) / Decrease in Prepaid Expenses 0.0 (18,082.3) (542.5) (558.7) (575.5) (592.8) (610.5) (628.9) (647.7) (667.2)

Non-Cash Current Liabilities:

Increase / (Decrease) in Accounts Payable 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Increase / (Decrease) in Other Payables 0.0 18,082.3 542.5 558.7 575.5 592.8 610.5 628.9 647.7 667.2

Total Change 0.0 (94,088.4) 470.4 468.1 465.7 463.4 461.1 458.8 456.5 454.2

Page 12 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

### ### ### ### ### ### ### ### ### ### ###
0% -1% -1% -1% 0% 0% -1% 0% 0% -1% 0%
- - - - - - - - - -
### ### ### ### ### ### ### ### ### ### ###
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
(287,051) (295,662) (304,532) (313,668) (323,078) (332,771) (342,754) (353,036) (363,627) (374,536) (385,772)
807,196 793,114 778,800 764,247 749,448 734,393 719,074 703,482 687,608 671,443 655,627
-2% -2% -2% -2% -2% -2% -2% -2% -2% -2% -2%
74% 73% 72% 71% 70% 69% 68% 67% 65% 64% 63%
(275,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016)
532,180 468,097 453,784 439,231 424,431 409,376 394,057 378,466 362,592 346,427 330,611
-3% -12% -3% -3% -3% -4% -4% -4% -4% -4% -5%
49% 43% 42% 41% 40% 38% 37% 36% 34% 33% 32%
- - - - - - - - - - -
(77,005) (38,502) - - - - - - - - -
455,175 429,595 453,784 439,231 424,431 409,376 394,057 378,466 362,592 346,427 330,611
(113,794) (107,399) (113,446) (109,808) (106,108) (102,344) (98,514) (94,616) (90,648) (86,607) (82,653)
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
341,382 322,196 340,338 329,423 318,324 307,032 295,543 283,849 271,944 259,820 247,958

Page 13 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

341,382 322,196 340,338 329,423 318,324 307,032 295,543 283,849 271,944 259,820 247,958

275,016 325,016 325,016 325,016 325,016 325,016 325,016 325,016 325,016 325,016 325,016
452 450 447 445 443 441 439 436 434 432 376
616,850 647,662 665,801 654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351

### - - - - - - - - - -
(383,150) 647,662 665,801 654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351

(481,278) (481,278) - - - - - - - - -
- - - - - - - - - - -
(864,429) 166,384 665,801 654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351

Page 14 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

### ### ### ### ### ### ### ### ### 825,016 500,000

### ### ### ### ### ### ### (478,357) 119,038 704,306 ###
89,938 89,488 89,041 88,596 88,153 87,712 87,273 86,837 86,403 85,971 85,594
23,593 24,301 25,030 25,781 26,554 27,351 28,172 29,017 29,887 30,784 31,707
(608,305) (766,679) (425,612) (95,438) 223,659 531,488 827,851 ### ### ### ###

- - - - - - - - - - -
23,593 24,301 25,030 25,781 26,554 27,351 28,172 29,017 29,887 30,784 31,707
481,278 - - - - - - - - - -
504,872 24,301 25,030 25,781 26,554 27,351 28,172 29,017 29,887 30,784 31,707

### ### ### ### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ### ### ###

Page 15 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

962,557 481,278 - - - - - - - - -

(481,278) (481,278)
481,278 - - - - - - - - - -

77,004.6 38,502.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

### ### ### ### ### ### ### ### (478,357) 119,038 704,306
(864,429) 166,384 665,801 654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351
### ### ### ### ### ### ### (478,357) 119,038 704,306 ###

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

### ### ### ### ### ### ### ### ### ### ###
- - - - - - - - - - -
341,382 322,196 340,338 329,423 318,324 307,032 295,543 283,849 271,944 259,820 247,958
### ### ### ### ### ### ### ### ### ### ###

Page 16 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

### - - - - - - - - - -
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
### - - - - - - - - - -

### ### ### ### ### ### ### ### ### ### 825,016
### - - - - - - - - - -
(275,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016) (325,016)
### ### ### ### ### ### ### ### ### 825,016 500,000

### ### ### ### ### ### ### ### ### ### ###
0.0 50,000.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
### ### ### ### ### ### ### ### ### ### ###

Page 17 of 50
Projections
Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
10 11 12 13 14 15 16 17 18 19 20

89,938.1 89,488.4 89,041.0 88,595.8 88,152.8 87,712.0 87,273.5 86,837.1 86,402.9 85,970.9 85,594.5
30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
23,593.2 24,301.0 25,030.0 25,780.9 26,554.4 27,351.0 28,171.5 29,016.7 29,887.2 30,783.8 31,707.3
30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0
23,593.2 24,301.0 25,030.0 25,780.9 26,554.4 27,351.0 28,171.5 29,016.7 29,887.2 30,783.8 31,707.3
30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

452.0 449.7 447.4 445.2 443.0 440.8 438.6 436.4 434.2 432.0 376.4
(687.2) (707.8) (729.0) (750.9) (773.4) (796.6) (820.5) (845.1) (870.5) (896.6) (923.5)

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
687.2 707.8 729.0 750.9 773.4 796.6 820.5 845.1 870.5 896.6 923.5

452.0 449.7 447.4 445.2 443.0 440.8 438.6 436.4 434.2 432.0 376.4

Page 18 of 50
5000 MW Solar Farm 1 Accessible Region
Units in $'000 unless otherwise stated

5000 MW Solar Farm Discounted Cash Flow Analysis

Projected
FYE December 31st Year 0 Year 1 Year 2
1 2 3
Sales - 1,144,742 ###
% Growth -0.5%
EBITDA 0 924,741 912,418
% Margin 81% 80%
EBIT 0 649,725 637,401
Unlevered taxes 25% 0 (162,431) (159,350)
Effective tax rate 25% 25% 25%
Unlevered net income 0 487,294 478,051
Depreciation & amortization 0 275,016 275,016
Capex (5,500,325) 0 0
Change in non-cash working capital 0 (94,088) 470
Unlevered free cash flow (5,500,325) 668,222 753,538

Cumulative FCF (5,500,325) (4,832,103) ###

Payback period 8.7 years
IRR 9.75%

FCFF Calculation
EAT - 256,280.24 ###
Depre - 275,016.25 ###
Change in WC - (94,088.40) 470.44
Total CFO - 437,208 522,524
Total CFI (5,500,325) - -
After Tax Interest - 231,014 231,014
FCFF (5,500,325) 668,222 753,538
IRR FCFF 10.00%

NPV of Capex % Change 1

Year 0 to Capacity Factor 15.0%
Discount Year 20 Electricity Price 0.174

Rate UFCF
6.0% 1,677,055
8.0% 728,176
10.00% 0
12.0% (564,905)
14.0% (1,007,470)

Net Debt 9,350,553

FCFF Calculation
EAT
Depre
Change in WC
Total CFO
Total CFI
After Tax Interest
FCFF
IRR FCFF

FCFE Calculation
BOY Balance - - 256,280
0 New Equity Injection (+) 1,650,098 - -
0 Net Income / (Loss) (1,650,098) 256,280 247,037
EOY Balance - 256,280 503,318
(1,650,098) (1,393,817) ###
IRR Equity 15.51%
Payback Period 6.0

NPV of
to
Discount 0
Rate UFCF
6.0% 1,677,055
8.0% 728,176
10.00% 641,209
12.0% (564,905)
14.0% (1,007,470)
Projected
Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12
4 5 6 7 8 9 10 11 12 13
### ### ### ### ### ### ### ### 1,088,776 ###
-0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5%
899,925 887,256 874,406 861,367 848,134 834,699 821,056 807,196 793,114 778,800
79% 79% 78% 77% 76% 76% 75% 74% 73% 72%
624,908 612,240 599,390 586,351 573,118 559,683 546,039 532,180 468,097 453,784
(156,227) (153,060) (149,847) (146,588) (143,279) (139,921) (136,510) (133,045) (117,024) (113,446)
25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
468,681 459,180 449,542 439,763 429,838 419,762 409,530 399,135 351,073 340,338
275,016 275,016 275,016 275,016 275,016 275,016 275,016 275,016 325,016 325,016
0 0 0 0 0 0 0 ### 0 0
468 466 463 461 459 457 454 452 450 447
744,166 734,662 725,022 715,241 705,313 695,235 685,000 (325,397) 676,539 665,801

### ### ### ### (454,162) 241,073 926,073 600,676 1,277,215 ###

### ### ### ### ### ### ### ### ### ###
### ### ### ### ### ### ### ### ### ###
468.09 465.75 463.42 461.10 458.80 456.50 454.22 451.95 449.69 447.44
513,152 503,648 522,885 541,980 560,930 579,728 598,370 616,850 647,662 665,801
- - - - - - - ### - -
231,014 231,014 202,137 173,260 144,384 115,507 86,630 57,753 28,877 -
744,166 734,662 725,022 715,241 705,313 695,235 685,000 ### 676,539 665,801

IRR change with Capex change

Factor 0.9 0.95 1 1.05 1.1
9.75%
Capex
('000
$/kW) 165010 174177 183344 192511 201679

IRR change with Price change

Price $ 0.2951 0.3115 0.3279 0.3443 0.3607
9.75%
Price Rp 2951.1 3115.05 3279 3442.95 3606.9
Power
Produced
(GWh) 5913.00 6241.50 6570.00 6898.50 7227.00
 503,318 740,985 969,152 ### ### ### ### ### 2,737,051 ###
- - - - - - - - - -
237,668 228,166 247,405 266,503 285,455 304,255 322,899 341,382 322,196 340,338
740,985 969,152 ### ### ### ### ### ### 3,059,247 ###
(909,112) ### ### ### 118,417
Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
14 15 16 17 18 19 20 21
### ### ### ### ### ### ### ###
-0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.5% -0.4%
764,247 749,448 734,393 719,074 703,482 687,608 671,443 655,627
71% 70% 69% 68% 67% 65% 64% 63%
439,231 424,431 409,376 394,057 378,466 362,592 346,427 330,611
(109,808) (106,108) (102,344) (98,514) (94,616) (90,648) (86,607) (82,653)
25% 25% 25% 25% 25% 25% 25% 25%
329,423 318,324 307,032 295,543 283,849 271,944 259,820 247,958
325,016 325,016 325,016 325,016 325,016 325,016 325,016 325,016
0 0 0 0 0 0 0 0
445 443 441 439 436 434 432 376
654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351

### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###
445.20 442.98 440.76 438.56 436.37 434.19 432.01 376.43
654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351
- - - - - - - -
- - - - - - - -
654,885 643,783 632,489 620,998 609,302 597,395 585,269 573,351
 ### ### ### ### ### ### ### ###
- - - - - - - -
329,423 318,324 307,032 295,543 283,849 271,944 259,820 247,958
### ### ### ### ### ### ### ###
Source: US Dept of Energy $1/Watt White Paper 2010
NREL Goodrich Feb 2012
 5.9 4.39 26%
4.74 3.43 28%
3.93 2.79 29%
4.54 3.37 26%
Sunshot US Dept of Energy Nov 2012
Source: USDOE 2010 Solar Technology Report

replacing/rebuilding inverters every 10 years was projected to almost double annual O&M costs by adding an equivalent of 0.1%
In turn, bringing the total annual O&M cost to 0.22% of installed system cost. Similarly, the O&M energy cost was projected to in
Again, this is simply annual O&M cost divided by annual energy output, not LCOE. Inverters are the component of a PV system
 Q4 2010
Initial Costs Residential Commercia
Module
Module cost US$/W 2.20 2.02

Inverter
Cost of inverter US$/W 0.35 0.35

Balance of System
Installation materials US$/W 0.45 0.65
Tracker US$/W
Electrical labor US$/W 0.35 0.35
Hardware labor US$/W 0.30
Permitting & commissioni US$/W 0.20 0.15
Land acquisition US$/W
Site preparation US$/W
Installer OH US$/W 0.30 0.10
Installer profit US$/W 0.30 0.10
Supply chain cost US$/W 0.95 0.57
Sales tax (5%) US$/W 0.31 0.30
Cost per system US$/W 3.16 2.22

Total initial costs $ '000 5.71 4.59

IRENA 2012
Global utility-scale solar PV BoS cost (2011 US$/KW) 1.62
Inverter: 0.25 0.25
Racking/mounting: 0.25 0.25
Electrical/other hardware: 0.09 0.09
Installation/EPC/development: 0.5 0.5
Other soft costs: 0.53 0.53
sts by adding an equivalent of 0.1% of the installed system cost.
&M energy cost was projected to increase by $0.003/kWhAC, resulting in a total O&M energy cost of $0.007/kWhAC.
are the component of a PV system that will need replacement at least once over the lifetime of a PV system.
 Assumption for Q4 2011
Utility (fixed axis)Utility (one axis) ResidentialCommerciaUtility (fixe Utility (one axis)

2.00 2.00 1.10 1.01 1.00 1.00

0.25 0.25 0.35 0.35 0.25 0.25

0.38 0.42 0.45 0.65 0.38 0.42

0.15 0.15
0.35 0.55 0.35 0.35 0.35 0.55
0.09 0.30 0.09
0.20 0.15
0.09 0.09
0.10 0.20 0.10 0.20
0.09 0.08 0.30 0.10 0.09 0.08
0.09 0.08 0.30 0.10 0.09 0.08
0.25 0.29 0.95 0.57 0.25 0.29
0.20 0.29 0.31 0.30 0.20 0.29
1.55 2.15 3.16 2.22 1.55 2.15

3.80 4.40 4.61 3.58 2.80 3.40

 SOLAR POWER PLANT 5MW
IPP PROJECT

NO Item Spek Brand Jumlah

A. PERANGKAT UTAMA
1 PV Module 1
a. Solar Panel 230 Wp 21840
2 Inverter On Grid
a. Inverter On Grid 20kW SMA 260
b. Monitoring Software + Instalasi system Profesional Version SMA 1
c. Data logger SMA 2
e. AC Combiner Box 8
f. Environmental Device Suninfo EM 1

Total A1
B. PERANGKAT PENDUKUNG
1 Swithcgear Low Voltage + Acc 600kW 8
2 Swithcgear High Voltage 5 MW 1
2 Step Up Trafo 20kV AC 8
3 PV Structure 980
4 Pondasi PV Structure 3920
5 Monitoring Room + Acc 1
6 Pembebasan Lahan 75000
7 Grounding 1
8 Solar PJU Site Plant 9
9 Solar PJU Transmisi Line 140

Total B1
C. INSTALASI KABEL
1 PV - String Inverter + Acc 260
2 String Inverter - AC Combiner Box + Acc 260
3 AC Comb. - Switchgear - Trafo - Switchgear + Acc 8
4 Monitoring room - grid + Acc 5000
5 PV Grounding + Acc 980
6 Monitoring room grounding + Acc 1
7 Monitoring Line - Monitorign room + Acc 34
8 Distribusi Kabel 7000
9 Tiang distribusi + Acc + pondasi 140

Total B1
D. PEKERJAAN INSTALASI, CIVIL, MEKANIKAL
a Feasibility Studies 1
b Design System Cost 1
c Services 1
1 Pekerjaan Civil
- Site Clearing + Alat berat 75000
- Pondasi PV Structure 1
- Monitoring Room 1
- Jalur Wiring 1
2 Pekerjaan Mekanikal
- Pasang PV Structure + Alat berat 1
- Mounting String Inverter 1
- Pasang Ducting Kabel 1
- Mounting Trafo + Alat berat 1
 - Mounting Switchgear + Alat berat 1
- Mounting AC Combiner Box 1
- Transmisi ke Grid + Alat berat 1
3 Pekerjaan Instalasi
- Wiring PV - String Inverter 1
- Wiring String Inverter - AC Combiner 1
- Wiring AC Combiner Box - Switchgear - Trafo - Grid 1
4 Pekerjaan Pembuatan Grounding 1
5 Commissioning 1

Total D1
E. PACKING + DELIVERY
1 Packing All 1
2 Delivery PV 1
3 Delivery String Inverter + Acc 1
4 Delivery Mekanikal 1
5 Deivery Kabel 1
6 Delivery Trafo + Switchgear 1
7 1

Total E1

GRAND TOTAL
W

Rp 128,639,631,800
Unit Harga/Unit (Rp) Total Harga (Rp) Harga/Unit (US$) Total Harga (US$)

lot
Modul Rp 3,096,720 Rp 67,632,364,800 $258.06 $5,636,030.40

Units Rp 71,760,000 Rp 18,657,600,000 $5,980.00 $1,554,800.00

lot Rp 240,000,000 Rp 240,000,000 $20,000.00 $20,000.00
ea Rp 9,600,000 Rp 19,200,000 $800.00 $1,600.00
set Rp 222,000,000 Rp 1,776,000,000 $18,500.00 $148,000.00
set Rp 36,000,000 Rp 36,000,000 $3,000.00 $3,000.00

Rp 88,361,164,800 $7,363,430.40

Unit Rp 102,000,000 Rp 816,000,000 $8,500.00 $68,000.00

Unit Rp 1,152,000,000 Rp 1,152,000,000 $96,000.00 $96,000.00
Unit Rp 255,000,000 Rp 2,040,000,000 $21,250.00 $170,000.00
Lot Rp 5,000,000 Rp 4,900,000,000 $416.67 $408,333.33
Lot Rp 750,000 Rp 2,940,000,000 $62.50 $245,000.00
Lot Rp 120,000,000 Rp 120,000,000 $10,000.00 $10,000.00
m2 Rp 70,000 Rp 5,250,000,000 $5.83 $437,500.00
Lot Rp 345,000,000 Rp 345,000,000 $28,750.00 $28,750.00
Lot Rp 23,000,000 Rp 207,000,000 $1,916.67 $17,250.00
Lot Rp 7,500,000 Rp 1,050,000,000 $625.00 $87,500.00

Rp 18,820,000,000 $1,568,333.33

Lot Rp 1,250,000 Rp 325,000,000 $104.17 $27,083.33

Unit Rp 24,600,000 Rp 6,396,000,000 $2,050.00 $533,000.00
Lot Rp 7,300,000 Rp 58,400,000 $608.33 $4,866.67
m Rp 55,000 Rp 275,000,000 $4.58 $22,916.67
Lot Rp 160,000 Rp 156,800,000 $13.33 $13,066.67
Lot Rp 11,200,000 Rp 11,200,000 $933.33 $933.33
Lot Rp 2,940,000 Rp 99,960,000 $245.00 $8,330.00
m Rp 340,000 Rp 2,380,000,000 $28.33 $198,333.33
ea Rp 2,900,000 Rp 406,000,000 $241.67 $33,833.33

Rp 12,130,032,000 $1,010,836.00

Lot Rp 200,000,000 Rp 200,000,000 $16,666.67 $16,666.67

Lot Rp 350,000,000 Rp 350,000,000 $29,166.67 $29,166.67
Lot Rp 500,000,000 Rp 500,000,000 $41,666.67 $41,666.67
$0.00 $0.00
m2 Rp 25,000 Rp 1,875,000,000 $2.08 $156,250.00
lot Rp 720,000,000 Rp 720,000,000 $60,000.00 $60,000.00
lot Rp 28,800,000 Rp 28,800,000 $2,400.00 $2,400.00
lot Rp 453,600,000 Rp 453,600,000 $37,800.00 $37,800.00
$0.00 $0.00
Lot Rp 327,600,000 Rp 327,600,000 $27,300.00 $27,300.00
Lot Rp 65,000,000 Rp 65,000,000 $5,416.67 $5,416.67
Lot Rp 57,600,000 Rp 57,600,000 $4,800.00 $4,800.00
Lot Rp 91,680,000 Rp 91,680,000 $7,640.00 $7,640.00
Lot Rp 91,680,000 Rp 91,680,000 $7,640.00 $7,640.00
Lot Rp 42,000,000 Rp 42,000,000 $3,500.00 $3,500.00
Lot Rp 408,360,000 Rp 408,360,000 $34,030.00 $34,030.00
$0.00 $0.00
Lot Rp 109,200,000 Rp 109,200,000 $9,100.00 $9,100.00
Lot Rp 50,400,000 Rp 50,400,000 $4,200.00 $4,200.00
Lot Rp 28,800,000 Rp 28,800,000 $2,400.00 $2,400.00
Lot Rp 38,400,000 Rp 38,400,000 $3,200.00 $3,200.00
Lot Rp 60,000,000 Rp 60,000,000 $5,000.00 $5,000.00
$0.00 $0.00
Rp 5,498,120,000 $458,176.67

Lot Rp 210,000,000 Rp 210,000,000 $17,500.00 $17,500.00

Lot Rp 2,318,400,000 Rp 2,318,400,000 $193,200.00 $193,200.00
Lot Rp 25,415,000 Rp 25,415,000 $2,117.92 $2,117.92
Lot Rp 845,250,000 Rp 845,250,000 $70,437.50 $70,437.50
Lot Rp 143,750,000 Rp 143,750,000 $11,979.17 $11,979.17
Lot Rp 287,500,000 Rp 287,500,000 $23,958.33 $23,958.33
Lot Rp - $0.00 $0.00

Rp 3,830,315,000 $319,192.92

Rp 128,639,631,800 Rp 10,719,969

eq US$/5MWp 333,070.87
eq US$/1MWp 333.07
eq US$/1KWp 0.33
 1USD 12,000
in USD 10,719,969
Price/1 KWp

$1.13 0.85 11.76

5980

$0.35

$0.31

$0.20
$0.09

$0.06
Operational & Maintenance

Item Qtt Keterangan Budget

No January
Jumlah Budget / Bulan Rp 59,220,000
1 Operator
- Supervisor 1 orang Pengawas Plants Rp 6,000,000 Rp 6,000,000
- Operator 4 orang Operator 2 shift Rp 3,000,000 Rp 12,000,000
- Support 1 orang Utility Rp 1,500,000 Rp 1,500,000
- Pengamanan 8 orang Satpam 2 shift Rp 16,000,000 Rp 16,000,000
- Administrasi 0 orang Rp 1,500,000 Rp 1,500,000
- Asuransi 0 orang Rp 2,220,000 Rp 2,220,000
2 Operasional Kendaraan 2 unit motor Rp 1,000,000 Rp 2,000,000
3 PV Cleaning 1 kali Rp 8,000,000
4 Site Cleaning 1 kali Rp 20,000,000
5 Daily Need 1 lot minum, air, Rp 1,250,000 Rp 5,000,000
6 Telekomunikasi/Jaringan 1 lot Rp 3,000,000 Rp 3,000,000
6 Time Shared 1 lot Rp 150,000,000 Rp 10,000,000
7 Monitoring UKL/UPL 1 lot Rp 60,000,000
7 Expand Warranty 1 lot Rp 300,000,000
 Bulan
February March April May June July August
Rp 59,220,000 Rp 61,220,000 Rp 59,220,000 Rp 59,220,000 Rp 91,220,000 Rp 59,220,000 Rp 59,220,000

Rp 6,000,000 Rp 6,000,000 Rp 6,000,000 Rp 6,000,000 Rp 6,000,000 Rp 6,000,000 Rp 6,000,000

Rp 12,000,000 Rp 12,000,000 Rp 12,000,000 Rp 12,000,000 Rp 12,000,000 Rp 12,000,000 Rp 12,000,000
Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000
Rp 16,000,000 Rp 16,000,000 Rp 16,000,000 Rp 16,000,000 Rp 16,000,000 Rp 16,000,000 Rp 16,000,000
Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 1,500,000
Rp 2,220,000 Rp 2,220,000 Rp 2,220,000 Rp 2,220,000 Rp 2,220,000 Rp 2,220,000 Rp 2,220,000
Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 2,000,000
Rp 2,000,000 Rp 2,000,000

Rp 5,000,000 Rp 5,000,000 Rp 5,000,000 Rp 5,000,000 Rp 5,000,000 Rp 5,000,000 Rp 5,000,000

Rp 3,000,000 Rp 3,000,000 Rp 3,000,000 Rp 3,000,000 Rp 3,000,000 Rp 3,000,000 Rp 3,000,000
Rp 10,000,000 Rp 10,000,000 Rp 10,000,000 Rp 10,000,000 Rp 10,000,000 Rp 10,000,000 Rp 10,000,000
Rp 30,000,000
September October November December Budget / Years
Rp 61,220,000 Rp 59,220,000 Rp 59,220,000 Rp 505,220,000

Rp 6,000,000 Rp 6,000,000 Rp 6,000,000 Rp 18,000,000

Rp 12,000,000 Rp 12,000,000 Rp 12,000,000 Rp 36,000,000
Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 4,500,000
Rp 16,000,000 Rp 16,000,000 Rp 16,000,000 Rp 48,000,000
Rp 1,500,000 Rp 1,500,000 Rp 1,500,000 Rp 4,500,000
Rp 2,220,000 Rp 2,220,000 Rp 2,220,000 Rp 2,220,000
Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 2,000,000 Rp 1,192,640,000
Rp 2,000,000 Rp 2,000,000
Rp 20,000,000
Rp 5,000,000 Rp 5,000,000 Rp 5,000,000 Rp 5,000,000
Rp 3,000,000 Rp 3,000,000 Rp 3,000,000 Rp 3,000,000
Rp 10,000,000 Rp 10,000,000 Rp 10,000,000 Rp 30,000,000
Rp 30,000,000
Rp 300,000,000
eq. US$ / 5 MWp $95,411.20
eq. US$ / 1 MWp $19,082.24
eq. US$ / 1 KWp $19.08

Rp 1,345,640,000

Rp 1,192,640,000
Legal / Perijinan

Item Qtt Keterangan Budget

No January
Jumlah Budget / Bulan Rp -
1 SIUP (Surat Ijin Usaha Perdag 1 Annually
2 SITU (Surat Ijin Tempat Usaha) 1 Annually
3 NPWP (Nomor Pokok Wajib Paj 1 Annually
4 TDP (Tanda Daftar Perusahaan 1 Annually
5 AMDAL - UKL/UPL 1 Annually
 Bulan
February March April May June July August
Rp - Rp - Rp - Rp - ### Rp - Rp -
1,000,000
1,000,000
-
1,000,000
150,000,000
September October November December Budget / Years
Rp - Rp - Rp - Rp -

Rp 153,000,000

eq. US$ / 5 MWp $12,750.00

eq. US$ / 1 MWp $2,550.00
eq. US$ / 1 KWp $2.55

Rp 153,000,000