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"horizonCashShortfallCents": 0 }, "cashEvents": null, "costs": null, "operatingCashReleasedCents": null, "finalUnrestrictedCashCents": null, "projectDebtAtHorizonCents": null, "retainedReserveAtHorizonCents": null }, "before_financing_milestone": { "input": { "evidenceClass": "hypothetical", "unit": "USD-cents", "projectCostCents": 12000000000, "openingCashCents": 4000000000, "grossProjectLoanCents": 9600000000, "retainedReserveCents": 1200000000, "accessFeeCents": 0, "horizonDay": 90, "operatingReadyDay": 30, "financingMilestoneDay": 10, "fundingDay": 5, "operatingSurplusBeforeFinancePerDayCents": 4500000, "projectAnnualBp": 600, "projectAfterReadyAnnualBp": 600, "couponTransition": "assumed-effective", "bridgeCommitmentCents": 8000000000, "bridgeAnnualBp": 1200, "bridgeFeeBp": 100, "fundingConditions": "assumed-satisfied", "reimbursementAndPooling": "assumed-permitted", "sameDayOrder": "loan-first", "operatingCashPolicy": "held-until-horizon-before-financing-costs", "interestPayment": "horizon", "projectPrincipalPolicy": "outstanding-through-horizon" }, "status": "infeasible-as-specified", "knownFailures": [ "selected-draw-precedes-financing-milestone" ], "unknowns": [], "conditionalSizing": { "peakBridgeCents": 8000000000, "bridgePrincipalCentDays": "40000000000", "projectPrincipalCentDays": "816000000000", "preReadyLoanDays": 25, "postReadyLoanDays": 60, "conditionalPostReadyRateBp": 600, "netProjectLoanCents": 8400000000, "cashBeforeHorizonReleaseAndCostsCents": 400000000, "operatingDays": 60, "horizonCashShortfallCents": 0 }, "cashEvents": null, "costs": null, "operatingCashReleasedCents": null, "finalUnrestrictedCashCents": null, "projectDebtAtHorizonCents": null, "retainedReserveAtHorizonCents": null }, "unknown_operating_surplus": { "input": { "evidenceClass": "hypothetical", "unit": "USD-cents", "projectCostCents": 12000000000, "openingCashCents": 4000000000, "grossProjectLoanCents": 9600000000, "retainedReserveCents": 1200000000, "accessFeeCents": 0, "horizonDay": 90, "operatingReadyDay": 30, "financingMilestoneDay": 10, "fundingDay": 10, "operatingSurplusBeforeFinancePerDayCents": null, "projectAnnualBp": 600, "projectAfterReadyAnnualBp": 600, "couponTransition": "assumed-effective", "bridgeCommitmentCents": 8000000000, "bridgeAnnualBp": 1200, "bridgeFeeBp": 100, "fundingConditions": "assumed-satisfied", "reimbursementAndPooling": "assumed-permitted", "sameDayOrder": "loan-first", "operatingCashPolicy": "held-until-horizon-before-financing-costs", "interestPayment": "horizon", "projectPrincipalPolicy": "outstanding-through-horizon" }, "status": "undetermined", "knownFailures": [], "unknowns": [ "operatingSurplusBeforeFinancePerDayCents" ], "conditionalSizing": { "peakBridgeCents": 8000000000, "bridgePrincipalCentDays": "80000000000", "projectPrincipalCentDays": "768000000000", "preReadyLoanDays": 20, "postReadyLoanDays": 60, "conditionalPostReadyRateBp": 600, "netProjectLoanCents": 8400000000, "cashBeforeHorizonReleaseAndCostsCents": 400000000, "operatingDays": 60, "horizonCashShortfallCents": null }, "cashEvents": null, "costs": null, "operatingCashReleasedCents": null, "finalUnrestrictedCashCents": null, "projectDebtAtHorizonCents": null, "retainedReserveAtHorizonCents": null }, "unknown_pooling_permission": { "input": { "evidenceClass": "hypothetical", "unit": "USD-cents", "projectCostCents": 12000000000, "openingCashCents": 4000000000, "grossProjectLoanCents": 9600000000, "retainedReserveCents": 1200000000, "accessFeeCents": 0, "horizonDay": 90, "operatingReadyDay": 30, "financingMilestoneDay": 10, "fundingDay": 10, "operatingSurplusBeforeFinancePerDayCents": 4500000, "projectAnnualBp": 600, "projectAfterReadyAnnualBp": 600, "couponTransition": "assumed-effective", "bridgeCommitmentCents": 8000000000, "bridgeAnnualBp": 1200, "bridgeFeeBp": 100, "fundingConditions": "assumed-satisfied", "reimbursementAndPooling": "unknown", "sameDayOrder": "loan-first", "operatingCashPolicy": "held-until-horizon-before-financing-costs", "interestPayment": "horizon", "projectPrincipalPolicy": "outstanding-through-horizon" }, "status": "undetermined", "knownFailures": [], "unknowns": [ "reimbursementAndPooling" ], "conditionalSizing": { "peakBridgeCents": 8000000000, "bridgePrincipalCentDays": "80000000000", "projectPrincipalCentDays": "768000000000", "preReadyLoanDays": 20, "postReadyLoanDays": 60, "conditionalPostReadyRateBp": 600, "netProjectLoanCents": 8400000000, "cashBeforeHorizonReleaseAndCostsCents": 400000000, "operatingDays": 60, "horizonCashShortfallCents": 0 }, "cashEvents": null, "costs": null, "operatingCashReleasedCents": null, "finalUnrestrictedCashCents": null, "projectDebtAtHorizonCents": null, "retainedReserveAtHorizonCents": null } }, "comparisons": { "earlier_same_coupon": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 31561644, "additionalAccessFeeCents": 0, "totalFinancingCostSavingCents": 21041096, "finalCashIncreaseCents": 21041096, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." }, "earlier_240k_fee": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 31561644, "additionalAccessFeeCents": 24000000, "totalFinancingCostSavingCents": -2958904, "finalCashIncreaseCents": -2958904, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." }, "earlier_7pct_coupon": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 52602740, "additionalAccessFeeCents": 0, "totalFinancingCostSavingCents": 0, "finalCashIncreaseCents": 0, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." }, "earlier_8pct_coupon": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 73643836, "additionalAccessFeeCents": 0, "totalFinancingCostSavingCents": -21041096, "finalCashIncreaseCents": -21041096, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." }, "earlier_8_to_6_step": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 42082192, "additionalAccessFeeCents": 0, "totalFinancingCostSavingCents": 10520548, "finalCashIncreaseCents": 10520548, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." }, "step_not_effective": { "status": "conditional-horizon-cash-comparison", "daysFundingAdvanced": 20, "bridgeInterestSavedCents": 52602740, "additionalProjectInterestCents": 73643836, "additionalAccessFeeCents": 0, "totalFinancingCostSavingCents": -21041096, "finalCashIncreaseCents": -21041096, "operatingCashUnchanged": true, "scope": "Same surviving project principal and reserve. Cash comparison, not NPV or an issuer forecast." } }, "feeCeilings": { "sameCoupon": { "status": "conditional-price-ceiling", "maximumFeeCents": 21041096, "equivalentBpOfGrossLoan": 21.917808333333333, "scope": "An upfront fee withheld from the project loan. Includes induced bridge carry where it arises; not a market quote." }, "sevenPercentCoupon": { "status": "conditional-price-ceiling", "maximumFeeCents": 0, "equivalentBpOfGrossLoan": 0, "scope": "An upfront fee withheld from the project loan. Includes induced bridge carry where it arises; not a market quote." }, "eightPercentCoupon": { "status": "earlier-route-already-worse-at-zero-fee", "maximumFeeCents": null }, "steppedCoupon": { "status": "conditional-price-ceiling", "maximumFeeCents": 10520548, "equivalentBpOfGrossLoan": 10.958904166666667, "scope": "An upfront fee withheld from the project loan. Includes induced bridge carry where it arises; not a market quote." } }, "scope": "One hypothetical deployment pool. Operating surplus is before all financing costs, unlike the earlier installation-sequencing surplus definition. No issuer calibration, legal-eligibility engine, amortization, tax, NPV, measured compute output or actual financing offer." }