ISO 9001 ISO14001

Financial Statements
Varias Park 4.669.440 Wp
Av. Catalunya, 65. 25300 Trrega, Lleida. Telf +34 973 31 47 20 - Fax +34 973 31 35 72 www.inversolar65.com inversolar@inversolar65.com

Varias Park SRL 4.669.440 Wp

Contents
1. 2. 3.

Project Framework Romanian Legislation Installation Details 1. Plant location Installationt type 2. Implantation Layout

4.

Meteorological 1. Local Radiation and Energy Production

Varias Park SRL 4.669.440 Wp

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Contents
1. Financials
1. 2. 3. Financials Statements Project Features Resum Results
1. 2. 3. 4. 5. 6. 7. Investment 1. Especific Cost Net Production Incomes Opex Costs DSCR IRR Payback

4. 5.

Financial Study Cash Flow Exclusions from the analysis

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Project framework
This report presents the technical and economic conditions for a several photovoltaic power plant in Romania. Romanian Legislation The Romanian legislation with reference to the remuneration for electricity generation is based on two different concepts:
Law 13/2007 guarantees that the utility must purchase all energy from renewable sources at a price rgulated by the public agency ANRE (REGLAMENTARE AUTOITATEA IN NATIONAL DE DOMENIUL ENERGIE). This price varies according to market change and the CPI, currently this values is of 0,037kWh. Law 220/2008 states for 1MWh of electricity generted by renewable energy sources receive a Green Bond Certificate. These green bonds can be sold to the market. The Law determines a minium price of 27/GB and a maximum price of 55/GB. Companies generating electricity with no renewable systems must buy these bonds in this market to compensate for their contribution.

Varias Park SRL 4.669.440 Wp

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Romanian legislation
Law 139/2010 (Law 220/2008 republished) determines quantity of green bonds for 1MWh generated by photovoltaic technology. This law marks a total of 6 green bonds per MWh produced. Law 220/2008 officially published in October 19, 2011. (Monitorul Oficial al Romanei).

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ISO 9001 ISO14001

Installation Details

Varias Park SRL 4.669.440 Wp

Location
Surface: 12 Ha Location: Iratos Country: Romania

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Location (2)

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Installation type
The plant is ground mounted and of fixed configuration installed and oriented to the south sith a tilt of 35 and azimuth of 0. The aproximate layout of the plant is showed in the following picture.

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Tilt and Azimuth angles

The modules will be disposed horizontally, in a 3 modules stacked configuration, with a 35 tilt and 0 azimuth. The distance between two consecutive rows will be of 4,25 m (begin to begin), the plot is considered flat and without any surrounding obstacles, ensuring the absence of shadows.

Varias Park SRL 4.669.440 Wp

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ISO 9001 ISO14001

Meteorological
Data Bases:

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Meteorological data and Production Estimates

Local Radiation and energy production

Varias Park SRL 4.669.440 Wp

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ISO 9001 ISO14001

Financials

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Financials

Financial statements The study carried on is based on the cash flow analysis method and is used to determine IRR and Pay Back for the project analysed. In the following table are summarized the values and premises used for the financial analysis:

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Financials
Project Features.
Purchase license or purchase of the shares of the company:
Total of Project: 1.177.500

Total Project Cost:

Construction turn-key : 1,2 /Wp

All financial analysis have been made from these cost estimates

Varias Park SRL 4.669.440 Wp

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Financials
The results obtained from the analysis, are detailed in the following table:

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Basic Cash

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Financials

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Financials (2)
.

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Financials
Exclusions from the analysis
The analysis not includes:
VAT tax Any other taxor levy legally enforceable

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ATR Enel Distributie

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp

Varias Park SRL 4.669.440 Wp