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109 FIGURE 15.6 Cash Flows of the Geothermal Project 14 43 1414 15 16 17 17 18 18 18 18 18 18 18 18 18 18 1818 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 2047 2049 2051 2053 2055 -12 -13 -14 -14 -15 -16 -17 -17 -18 Net Cash Flow from investing Net Cash Flow from operations The majority of cash flows from financing from 2015 to 2016 come from concessionary loans and grants from multilateral development banks (Figure 15.7). Concessionary financing is directed towards financing the riskier stages of geothermal development that occur at the beginning of the project—pre-investment and exploration. In 2017 and 2018, commercial debt and equity -12 -12 -12 -12 -12 -12 -11 -11 -11 -11 Net Cash Flow from financing Change in cash for the year are included to finance the production drilling and power plant construction. Once the power plant begins operations in 2019, the cash flows from operations are directed towards repaying the debt and paying out dividends. The net cash flows from contributions and paid-in capital and dividends paid are the cash flows to the equity investor, which we discuss below. 109 43 FIGURE 15.7 Financing Cash Flows of the Geothermal Project 7 7 7 8 8 8 8 8 9 9 10 17 11 11 11 11 11 11 11 11 11 11 788 2015 2018 2021 2024 2027 2030 2033 2036 2039 2042 2045 2048 2051 2054 -12 -14 -14 -15 -15 -16 -17 -18 -12 -12 -12 -12 -12 -12 -12 -11 -11 -11 -11 Dividends paid Grants from multilaterals Proceeds from commercial loans and capitalized interest Net cash flow from financing Principal paid on loans Contributions and paid in capital Proceeds from concessionary loans The cash flows to the equity investors are presented in Figure 15.8. The cash flows to the equity investor are negative during 2016 to 2018, when the equity investors make their paid-in contributions to finance a portion of the capital expenditures. By 2019, the income from operations becomes large enough to pay for operating costs, cover working capital, and service debt. The remaining cash flows are the cash available to equity investors. As payout policy we assumed that dividends are equal to the minimum of the cash available to equity and retained earnings, subject to retained earnings not falling below zero. As further debt payments are made, the principal amount is further reduced and the cash flows to the equity investors increase. 189 US$ MILLIONS US $ MillionsPDF Image | Unlocking Geothermal Power Eastern Caribbean Powerhouse
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