Green Hydrogen Financial Model Toolkit LCOH V6

Toolkit for Renewable Energy Project Development
© 2021 Fadi Maalouf
Version: 6
Date: 4/12/2021
Green Hydrogen from RE Powered Electrolysis Plant
Pre-Feasibility Study
Levelized Cost of Hydrogen
Financial Model Analysis
Green-Hydrogen-Model-LCOH-rev-6-fm211204-draft-1-30yrs-1GWe-60pcCF-2Cent-R1
Cover
Version: 6
Date: 4/12/2021 Page 1 of 19

Toolkit
CONTENT
S.N. Description Link
1 Cover Cover
2 Content Content
3 Disclaimer Disclaimer
4 Project Info Summary Project-Info-Summary
5 Inputs Form Guide Inputs-Form-Guide
6 Pre-COD Finance Cost Production Pre-COD-Finance-Cost-Prod
7 Pre-COD Finance Cost Infrastructure Pre-COD-Finance-Cost-Infra
8 Summary Inputs Outputs Summary-Inputs-Outputs
9 Cashflow Cashflow
10 Sensitivity 1D 2D Sensitivity-1D-2D
11 Export 2D Hi Res Table for GIS Export-2D-HiRes
12 Export Charts Export-Charts
13 Contact Contact
Content
Version: 6
Date: 4/12/2021 2 of 19

Toolkit
Disclaimer
This document does not constitute legal, financial, technical advice nor any advice of any sort. It is issued for general information and research purposes only. All stakeholders
should seek their own in-house and/or external suitably qualified and experienced professional certified advisors. The author, affiliates, agents, officers, directors, advisors,
consultants, advisory board members and employees do not warrant the correctness, completeness, accuracy of this document nor fitness of information covered in this
document for any purpose, and shall not be held liable for any direct, indirect, special and consequential liability nor any sort of losses, injury and damages or likewise resulting
from the use of information covered in this document.
Disclaimer
Version: 6
Date: 4/12/2021 Page 3 of 19

Toolkit
Green Hydrogen from RE Powered Electrolysis Plant - LCOH
Project Information Summary
Project Communication Details
Project Title Green Hydrogen Plant & Delivery Infrastructure
Project Reference No.
Project Location
Project Sponsor Organization
Contact Person
Mobile
Email
Web
Project Data Room Page Link
Document Title
Document Version
Document Date
Project Techno-Commercial Details
Electrolyzer Plant Effective Capacity (kWe DC) 1,000,000
Electrolyzer Technology (ALK/PEM/SOEC/Other) PEM
Estimated Commercial Operation Date (yr) 2025
Electrolyzer Plant Annual Capacity Factor (%)
Electrolyzer Plant Estimated Annual Production (Kg H2/yr)
Electrolyzer Plant H2 Output Pressure (bar)
Energy Supply (RE PV/Wind/Other)
Grid Connection Capacity (MW)
Grid Connection Voltage (33/132/220/400 kV)
Water Supply (RO Plant/Process Water/Other)
Water Supply Capacity (m3
/day)
Project Land Plot Requirement (m2
)
Project Structure Description Special Purpose Vehicle (SPV)
Project Offtake Agreements Description
Project Supply Agreements Description
Project EPC/EPCM Agreements Description
Project Energy Supply Agreements Description
Project O&M Agreements Description
Project Finance Term Sheet Agreements Description
Project Capital Structure Description Equity Bridge Loan, Equity and Sr. Debt
Pre-COD Finance Cost
H2 Production Construction Period (Months) 18.0
H2 Infrastructure Construction Period (Months) 24.0
CAPEX Credit Period (Months) 0.0
Equity Bridge Loan Interest Rate (p.a.) 3.75%
Debt Interest Rate During Construction (p.a.) 3.75%
EBL Commitment Fee as % of Debt (%) 0.30%
EBL Upfront Fee as % of Debt (%) 1.20%
Sr. Debt Commitment Fee as % of Debt (%) 0.30%
Sr. Debt Upfront Fee as % of Debt (%) 1.20%
Drawdown Selection: Uniform or Custom? Custom
Custom Drawdown Month 1 (%) 10.00%
Equity Percentage 25.00%
Debt Percentage 75.00%
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Project-Info-Summary
Version: 6
Date: 4/12/2021 Page 4 of 19

Toolkit
PRE-FEASIBILITY ECONOMIC ANALYSIS - BASELINE CASE - INPUTS FORM GUIDE & NOTES
INPUTS
FILL IN INPUTS FOR WHITE BACKGROUND CELLS ONLY
General
Analysis Period (years) 30
Reference Year for Technology & Costs (year) 2025
Electrolyzer Technology PEM
H2 Production Plant Economies of Scale (MWe) 1000
H2 Delivery Infrastructure Included ? (Y/N) Yes
Finance Structure
Debt Percentage
Equity Percentage
Debt Interest Rate
Return on Equity Rate
WACC / Nominal Discount Rate
Capital Expenditure
Electrolyzer Stack Package Cost ($/kWe DC)
Electrolyzer Stack Package Cost ($)
Electrical & Mechanical BoP Packages Cost ($/kWe DC)
Electrical & Mechanical BoP Packages Cost ($)
Overall Civil & Infrastructure Package Cost ($/kWe DC)
Overall Civil & Infrastructure Package Cost ($)
HV Substation Package Cost ($/kWe DC)
HV Substation Package Cost ($)
Plant Start-up Package Cost ($/kWe DC)
Plant Start-up Package Cost ($)
EPCM Service Package Cost ($/kWe DC)
EPCM Service Package Cost ($)
EPC Cost ($/kWe DC)
EPC Cost ($)
H2 Production Project Developer Contingencies Allocation as % of EPC Cost (%)
H2 Production Project Developer Contingencies Allocation Cost ($/kWe DC)
H2 Production Project Developer Contingencies Allocation Cost ($)
H2 Delivery Infrastructure Compression EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Conversion EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Storage EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Pipeline EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Transport EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Liquefaction EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Export Terminal EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Shipping EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Import Terminal EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Reconversion EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Dispensing Facilities EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Overall EPC Cost ($/kWe DC)
H2 Delivery Infrastructure Overall EPC Cost ($)
H2 Delivery Infra Project Developer Contingencies Allocation as % of EPC Cost (%)
H2 Delivery Infra Project Developer Contingencies Allocation Cost ($/kWe DC)
H2 Delivery Infra Project Developer Contingencies Allocation Cost ($)
H2 Production Project Development Cost ($/kWe DC)
H2 Production Project Development Cost ($)
H2 Delivery Infra Project Development Cost ($/kWe DC)
H2 Delivery Infra Project Development Cost ($)
Total CAPEX Cost ($/kWe DC)
Total CAPEX Cost ($)
Taxes GST/VAT Rate During Construction (%)
Taxes GST/VAT ($/kWe DC)
Taxes GST/VAT ($)
H2 Production Project Finance Cost During Construction as % of CAPEX w/ Taxes (%)
H2 Production Project Finance Cost During Construction ($/kWe DC)
H2 Production Project Finance Cost During Construction ($)
H2 Delivery Infra Project Finance Cost During Construction as % of CAPEX w/ Taxes (%)
H2 Delivery Infra Project Finance Cost During Construction ($/kWe DC)
H2 Delivery Infra Project Finance Cost During Construction ($)
Total Overnight CAPEX Cost w/ Taxes ($/kWe DC)
Total Overnight CAPEX Cost w/ Taxes ($)
O&M Expenditure
Taxes GST/VAT Rate During Operation (%)
Weighted Avg. (PV &/or Wind &/or Other) Energy Unit Rate Net Cost ($/kWh AC)
Energy Net Cost Annual Escalation Yr2+ (%)
Energy Consumption Yr1 (kWhe AC/yr)
Energy Consumption Net Cost Yr1 ($/yr)
General Fixed O&M Cost as % of EPC Cost (%)
General Fixed O&M Annual Escalation Yr2+ (%)
General Fixed O&M Cost w/ Taxes GST/VAT Yr1 ($/yr)
RE Powered RO Desalinated Water Unit Rate Net Cost ($/m3
)
Water Net Cost Annual Escalation Yr2+ (%)
Specific Water Consumption (m3
/Kg H2)
Water Consumption Yr1 (m3
/yr)
Water Consumption Net Cost Yr1 ($/yr)
MMRA - Electrolyzer Stack Replacement Cost as % of Initial EPC Cost (%)
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr)
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
H2 Electrolyzer Plant Leased Land Area (m2
)
H2 Electrolyzer Plant Leased Land Cost ($/m2
/yr)
H2 Electrolyzer Plant Leased Land Cost ($/yr)
H2 Delivery Infra Fixed O&M Cost as % of Overall EPC Cost (%)
H2 Delivery Infra Fixed O&M Annual Escalation Yr2+ (%)
H2 Delivery Infra Fixed O&M Cost w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Variable O&M Cost per Kg H2 Processed ($/Kg H2)
H2 Delivery Infra Variable O&M Annual Escalation Yr2+ (%)
H2 Delivery Infra Variable O&M Cost w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Pipeline Cost per Kg H2 per km ($/Kg H2/km)
H2 Delivery Infra Pipeline Distance (km)
H2 Delivery Infra Pipeline Cost per Kg H2 ($/Kg H2)
H2 Delivery Infra Pipeline Costs Annual Escalation Yr2+ (%)
H2 Delivery Infra Pipeline Costs w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Liquefaction Cost per Kg H2 Processed ($/Kg H2)
H2 Delivery Infra Liquefaction Annual Escalation Yr2+ (%)
H2 Delivery Infra Liquefaction Cost w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Export Terminal Cost per Kg H2 Processed ($/Kg H2)
H2 Delivery Infra Export Terminal Annual Escalation Yr2+ (%)
H2 Delivery Infra Export Terminal Cost w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Base Shipping Cost per Kg H2 ($/Kg H2)
H2 Delivery Infra Additional Shipping Cost per Kg H2 per km ($/Kg H2/km)
H2 Delivery Infra Shipping Route Distance (km)
H2 Delivery Infra Additional Shipping Cost per Kg H2 for Route ($/Kg H2)
H2 Delivery Infra Total Shipping Cost per Kg H2 ($/Kg H2)
H2 Delivery Infra Additional Shipping Costs Annual Escalation Yr2+ (%)
H2 Delivery Infra Shipping Costs w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Major Feedstock Cost per Kg H2 Processed ($/Kg H2)
H2 Delivery Infra Major Feedstock Annual Escalation Yr2+ (%)
H2 Delivery Infra Major Feedstock Cost w/ Taxes GST/VAT Yr1 ($/yr)
H2 Delivery Infra Energy Net Cost ($/kWhe)
H2 Delivery Infra Energy Consumption per Kg H2 Processed (kWhe/Kg H2)
H2 Delivery Infra Energy Cost Annual Escalation Yr2+ (%)
H2 Delivery Infra Energy Consumption Yr1 (kWhe/yr)
H2 Delivery Infra Energy Consumption Cost Yr1 ($/yr)
System
H2 Electrolyzer Plant Effective Capacity (kWe)
H2 Electrolyzer Plant Total Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Balance of Plant (BoP) Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Electrolyzer Stack AC/DC Rectifier Efficiency (%)
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe DC/Kg H2)
H2 Electrolyzer Plant Specific Production Yr1 (Kg H2/kWhe DC)
H2 Electrolyzer Plant Capacity Factor per Year (%)
H2 Electrolyzer Plant Full Load Equivalent Operating Hours per Year (hr)
H2 Electrolyzer Plant Gross Annual Production Yr1 (Kg H2)
H2 Electrolyzer Plant Annual Production Degradation Yr1 (%/1000 hrs)
H2 Electrolyzer Plant Annual Production Degradation Yr2+ (%/1000 hrs)
Apply Degradation to H2 Electrolyzer Plant Annual Production ? (Yes/No) Yes
H2 Electrolyzer Plant Annual Production Degradation Yr1 (%/year)
H2 Electrolyzer Plant Annual Production Degradation Yr2+ (%/year)
H2 Electrolyzer Plant Annual Availability (%)
H2 Electrolyzer Plant Net Annual Production Yr1 (Kg H2)
H2 Delivery Infra Losses as % of Electrolyzer Plant Net Production (%)
H2 Project Net Annual Production Yr1 (Kg H2)
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
Package includes installation. Package includes plant buildings and associated facilities.
Engineering, Procurement & Construction Management .
For Info. Provide plant concept design schematic diagram with attributes/specs for each process package.
For Info.
NOTES
FILL IN ADDITIONAL NOTES WHERE NECESSARY
Variable period selection function up to 40 years is possible. Override is selectable for 20/30/40 years.
For Info.
For info. If Yes, fill in the relevant CapEx & OpEx & System input cells. Otherwise set relevant input cells to zero.
Default 70%.
Default 5%.
Default 10%
Package includes installation.
Package includes installation.
Set to zero if H2 plant is co-located with RE Solar/Wind/Other plant. Package includes installation & connection to HV line.
H2 Production Project Developer Costs and Advisory Services Costs.
Includes all EPC costs for compression, storage, pipeline, transport, liquefaction, exp/imp terminal, shipping, conversion, reconversion, etc.
Detailed breakdown schedule of H2 delivery infrastructure components shall be provided separately.
1.5% to 3.0% for LSTK type EPC contracts.
H2 Delivery Infrastructure Project Developer Costs and Advisory Services Costs.
Calculated in Pre-COD Finance Cost Sheet.
Country specific (e.g. UAE 5%). Set to 0% if project is exempted. Applies to General Fixed O&M/Stack Replacement/Fixed O&M.
Weighted Average based on energy source combination & estimated plant capacity factor per annum. GST/VAT is included.
Normally set to 0% (quoted cost is levelized).
Calculated in Pre-COD Finance Cost Sheet.
Fixed and set to 0% (deactivated function, Decom Cost = Residual Value)
Default is 99.5% if plant default capacity factor is around 60%. If intended capacity factor is 100%, then set availability to max 97%.
Includes plant degradation losses (if applied) and plant availability losses.
Set to zero if H2 delivery infrastructure is excluded. Otherwise, use the calculated compounded losses across all delivery processes.
Plant gross production (excludes degradation and availability losses).
Selected Capacity Factor shall match the available and used Weighted Average Cost of Energy (from VRE).
Calculated based on plant capacity factor.
Linear Degradation. Verify with electrolyzer stack technology provider.
Linear Degradation. Verify with electrolyzer stack technology provider.
Calculated value: Net value kWh AC for Electrolyzer Stack Only. Verify with selected technology provider.
Calculated value: Net value kWh AC for BoP Only. Verify with selected technology provider.
Enter the efficiency of rectifier that powers electrolyzer stack.
Calculated Net value kWh DC for Electrolyzer Stack Only. Based on selected technology.
Applies to H2 production and CAPEX costing calculations. Degradation is applied to this effective capacity.
Net value kWh AC for complete plant (Electrolyzer + BoP). Verify with selected technology provider.
Calculated specific production value in Kg H2 per kWe DC plant effective capacity.
Select "Yes" if stack degradation is to be accounted for ("Yes" is default setting). Select "No" if stack degradation is to be ignored.
Base cost covers ships/vessels amortization (quoted as levelized base cost for shipping, excludes route & distance operating expenses).
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on plant annual capacity factor.
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on plant annual capacity factor.
Calculated net annual delivered production after deducting delivery infra processes and pathways losses.
Calculated total cost per Kg H2 for complete route (sea).
Calculated additional shipping per Kg H2 for complete route (sea).
Total applicable H2 delivery infrastructure liquefaction costs. Separate schedule shall be provided. Includes energy cost.
Set to zero if quoted costs are levelized.
Set to 0% if quoted cost is levelized. Otherwise, provide schedule and weighted calculations for all applicable energy consumption processes.
Aggregate of all applicable H2 delivery infrastructure components & processes. Separate schedule shall be provided.
Weighted average of all applicable H2 delivery infra components & processes. Separate schedule shall be provided. GST/VAT is included.
Separate allocation for H2 delivery infrastructure major feedstock item. Separate schedule shall be provided. GST/VAT is included.
Estimate to be based on CPI & Other Relevant Industrial Inflation Indexes. Set to zero if feedstock costs are quoted as levelized.
Additional shipping operating costs per km (sea). Separate schedule shall be provided.
Total shipped distance in kilometers (sea, one way). Respective Per Unit costs shall be based on this specific route economies of scale.
Estimate to be based on CPI & Other Relevant Industrial Inflation Indexes. Set to zero if additional shipping costs are quoted as levelized.
Total applicable H2 delivery infrastructure export terminal costs. Separate schedule shall be provided.
Set to zero if quoted costs are levelized.
Total pipeline distance in kilometers (on land). Respective Per Unit costs shall be based on this specific route economies of scale.
Calculated cost per Kg H2 for complete route (on land).
Estimate to be based on CPI & Other Relevant Industrial Inflation Indexes. Set to zero if shipping costs are quoted as levelized.
Country Specific (e.g. default is 1 $/m2
). Could be 0 if project is exempted (free land grant/lease).
Aggregate of all applicable & not accounted for H2 delivery infra components & processes. Separate schedule shall be provided. GST/VAT is included.
Default is 2% (estimate to be based on used technologies and processes).
Weighted average of all applicable H2 delivery infrastructure components & processes. Separate schedule shall be provided.
Estimate to be based on CPI & Other Relevant Industrial Inflation Indexes. Set to zero if all aggregated costs are quoted as levelized.
Package incl. consumables for testing & commissioning energy/water/etc., & min. fill up of delivery infra pipeline/storage, & plant min. mandatory spare parts.
Total applicable H2 delivery infrastructure pipeline costs (on land). Separate schedule shall be provided.
Default estimate is 2 Hectares for 100 MWe plant. To be based on selected technology & project concept design.
Default is 2% (estimate to be based on used technology).
Default is 2% (estimate to be based on CPI & Other Relevant Industrial Inflation Indexes).
Based on economies of scale & "green water" (i.e. powered by renewables, RO desalination environmental impacts mitigated). GST/VAT is included.
Normally set to 0% (if quoted cost is levelized).
Based on selected electrolyzer technology.
Based on selected electrolyzer technology (Est. 20%). Net expenditure, Includes removal and residual value of used equipment (recycling).
Fixed. Assumed Stack Life is 10 years and with one replacement cycle for fixed 20 years plant life. Override with multi-interval is possible.
Major Maintenance Reserve Account (MMRA). Funded annually for N-1 years. Override with multi-interval is possible.
1.5% to 3.0% for LSTK type EPC contracts.
Country specific (e.g. UAE 5%). Could be 0% if project is exempted.
Inputs-Form-Guide
Version: 6
Date: 4/12/2021 Page 5 of 19

Toolkit
Pre-COD Finance Cost - H2 Production
Inputs (Fill in white background cells only)
Construction Period (Months) 18.0
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Construction Period Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0
Operations Period Flag 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Expenditure as % of CAPEX (end of month) Custom 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total Expenditure as % of CAPEX 10.00% 15.29% 20.59% 25.88% 31.18% 36.47% 41.76% 47.06% 52.35% 57.65% 62.94% 68.24% 73.53% 78.82% 84.12% 89.41% 94.71% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBL Drawdown as % of CAPEX 10.00% 5.29% 5.29% 4.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total EBL Drawdown as % of CAPEX 10.00% 15.29% 20.59% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.88% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.88% 6.18% 11.47% 16.76% 22.06% 27.35% 32.65% 37.94% 43.24% 48.53% 53.82% 59.12% 64.41% 69.71% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
EBL Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Debt Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Applicable Interest Periods (Month) 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 0 0 0 0 0 0
Applicable EBL Interest 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBL Interest Amount as % of CAPEX 0.53% 0.26% 0.25% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Applicable Debt Interest 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Interest Amount as % of CAPEX 0.00% 0.00% 0.00% 0.04% 0.22% 0.20% 0.18% 0.17% 0.15% 0.13% 0.12% 0.10% 0.08% 0.07% 0.05% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total EBL Interest Amount as % of CAPEX 1.2371%
Total Debt Interest Amount as % of CAPEX 1.5441%
Total Commitment Fees Amount as % of CAPEX 0.30% 0.1696%
Total Upfront Fees Amount as % of CAPEX 1.20% 1.2675%
Pre-COD Finance Cost as % of CAPEX (baseline) 4.2184%
Construction Delay Scenario Analysis
EBL Interest Rate During Construction Delay (p.a.) 3.75%
Debt Interest Rate During Construction Delay (p.a.) 3.75%
Developer Monthly Direct Cost as % of CAPEX 0.15%
Delay Penalties (N.B. risk transferred to contractor account) 0.00
0 1 2 3 4 5 6
0.0000% 0.0781% 0.1563% 0.2344% 0.3125% 0.3906% 0.4688%
0.0000% 0.2344% 0.4688% 0.7031% 0.9375% 1.1719% 1.4063%
0.0000% 0.0005% 0.0010% 0.0015% 0.0021% 0.0026% 0.0031%
0.0000% 0.0038% 0.0075% 0.0113% 0.0150% 0.0188% 0.0225%
0.0000% 0.1500% 0.3000% 0.4500% 0.6000% 0.7500% 0.9000%
0.0000% 0.4668% 0.9335% 1.4003% 1.8671% 2.3338% 2.8006%
4.2184% 4.6852% 5.1519% 5.6187% 6.0854% 6.5522% 7.0190%
Drawdown Schedule
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
SUM Check
Uniform Drawdown 100.00% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Custom Drawdown 100.00% 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Applied Drawdown Schedule Custom 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Delay Cost as % of CAPEX
Total Pre-COD Finance Cost as % of CAPEX with Delay
Construction Delay (Months)
Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX
Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX
Developer Monthly Direct Cost as % of CAPEX
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Cumulative
Expenditure
Monthly
Expenditure
as
%
of
CAPEX
Month
CAPEX Cashflow
Monthly Expenditure as % of CAPEX (end of month) EBL Drawdown as % of CAPEX Debt Drawdown as % of CAPEX Cumulative Total Expenditure as % of CAPEX Cumulative Total EBL Drawdown as % of CAPEX Cumulative Total Debt Drawdown as % of CAPEX
0.0000%
0.4668%
0.9335%
1.4003%
1.8671%
2.3338%
2.8006%
y = 0.0047x - 0.0047
R² = 1
0.0000%
0.5000%
1.0000%
1.5000%
2.0000%
2.5000%
3.0000%
3.5000%
4.0000%
4.5000%
5.0000%
0 1 2 3 4 5 6
Total Construction Delay Cost as % of CAPEX
Total Delay Cost as % of CAPEX Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX Developer Monthly Direct Cost as % of CAPEX
Linear (Total Delay Cost as % of CAPEX)
4.2184%
4.6852%
5.1519%
5.6187%
6.0854%
6.5522%
7.0190%
0.0000%
1.0000%
2.0000%
3.0000%
4.0000%
5.0000%
6.0000%
7.0000%
8.0000%
0 1 2 3 4 5 6
Total Pre-COD Finance Cost as % of CAPEX w/
Construction Delay
Pre-COD-Finance-Cost-Prod
Version: 6
Date: 4/12/2021 Page 6 of 19

Toolkit
Pre-COD Finance Cost Calculations
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
EBL Drawdown Flag 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sr. Debt Drawdown Flag 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0028% 0.0015% 0.0004% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Cumulative EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0069% 0.0084% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088%
Applicable EBL Interest for Commitment Fee Drawdown (%) 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000219% 0.000140% 0.000069% 0.000016% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0002% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004%
Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.002942% 0.001547% 0.000391% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.007286% 0.008833% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0197% 0.0183% 0.0170% 0.0157% 0.0144% 0.0130% 0.0117% 0.0104% 0.0091% 0.0077% 0.0064% 0.0051% 0.0038% 0.0024% 0.0011% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Cumulative Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0197% 0.0380% 0.0550% 0.0707% 0.0850% 0.0981% 0.1098% 0.1202% 0.1292% 0.1370% 0.1434% 0.1485% 0.1523% 0.1547% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558%
Applicable Sr. Debt Interest for Commitment Fee Drawdown (%) 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.000860% 0.000745% 0.000638% 0.000539% 0.000449% 0.000367% 0.000293% 0.000227% 0.000170% 0.000121% 0.000080% 0.000048% 0.000024% 0.000008% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0009% 0.0016% 0.0022% 0.0028% 0.0032% 0.0036% 0.0039% 0.0041% 0.0043% 0.0044% 0.0045% 0.0045% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046%
Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.020514% 0.019076% 0.017645% 0.016223% 0.014809% 0.013403% 0.012006% 0.010617% 0.009236% 0.007864% 0.006499% 0.005143% 0.003796% 0.002456% 0.001125% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.020514% 0.039590% 0.057235% 0.073458% 0.088267% 0.101670% 0.113676% 0.124293% 0.133530% 0.141393% 0.147893% 0.153036% 0.156832% 0.159288% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413%
Total Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.002942% 0.001547% 0.020906% 0.019076% 0.017645% 0.016223% 0.014809% 0.013403% 0.012006% 0.010617% 0.009236% 0.007864% 0.006499% 0.005143% 0.003796% 0.002456% 0.001125% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.007286% 0.008833% 0.029739% 0.048814% 0.066459% 0.082682% 0.097491% 0.110895% 0.122901% 0.133518% 0.142754% 0.150618% 0.157117% 0.162260% 0.166056% 0.168512% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637%
Pre-COD Finance Cost Breakdown
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.008779%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000445%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.155846%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.004567%
EBL Upront Fee Amount Drawdown as % CAPEX (%) 0.30000%
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.01688%
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%) 0.90000%
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.05063%
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%) 1.23713%
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%) 1.54412%
Total Pre-COD Finance Cost as % of CAPEX (%) 4.218387%
Pre-COD Finance Cost Sensitivity Analysis
Construction Period (Months) 4.22% Baseline
6 2.00%
9 2.54%
12 3.11%
15 3.65%
18 4.22%
21 4.76%
24 5.33%
27 5.88%
30 6.44%
33 6.99%
36 7.56%
0.00% 1.00% 2.00% 3.00% 4.00% 5.00%
EBL Commitment Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX…
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of…
EBL Upront Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%)
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%)
Total Pre-COD Finance Cost as % of CAPEX (%)
Pre-COD Finance Cost Breakdown as % of CAPEX
0.21%
0.01% 3.69%
0.11%
7.11%
0.40%
21.34%
1.20%
29.33%
36.60%
Pre-COD Finance Cost Breakdown by Component Contribution %
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX
(%)
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of
CAPEX (%)
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX
(%)
2.00%
2.54%
3.11%
3.65%
4.22%
4.76%
5.33%
5.88%
6.44%
6.99%
7.56%
y = 0.0056x + 0.0143
R² = 1
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
6 9 12 15 18 21 24 27 30 33 36
Pre-COD
Finance
Cost
(%)
Pre-COD Finance Cost Sensitivity
Construction Period (Months) Linear (Construction Period (Months))
Pre-COD-Finance-Cost-Prod
Version: 6
Date: 4/12/2021 Page 7 of 19

Toolkit
Pre-COD Finance Cost - H2 Infrastructure
Inputs (Fill in white background cells only)
Construction Period (Months) 24.0
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Monthly Expenditure as % of CAPEX (end of month) Custom 10.00% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 0.00%
Cumulative Total Expenditure as % of CAPEX 10.00% 13.91% 17.83% 21.74% 25.65% 29.57% 33.48% 37.39% 41.30% 45.22% 49.13% 53.04% 56.96% 60.87% 64.78% 68.70% 72.61% 76.52% 80.43% 84.35% 88.26% 92.17% 96.09% 100.00% 100.00%
EBL Drawdown as % of CAPEX 10.00% 3.91% 3.91% 3.91% 3.26% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total EBL Drawdown as % of CAPEX 10.00% 13.91% 17.83% 21.74% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.00% 0.65% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 0.00%
Cumulative Total Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.00% 0.65% 4.57% 8.48% 12.39% 16.30% 20.22% 24.13% 28.04% 31.96% 35.87% 39.78% 43.70% 47.61% 51.52% 55.43% 59.35% 63.26% 67.17% 71.09% 75.00% 75.00%
EBL Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Debt Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Applicable EBL Interest 7.19% 6.88% 6.56% 6.25% 5.94% 5.63% 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00%
EBL Interest Amount as % of CAPEX 0.72% 0.27% 0.26% 0.24% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Applicable Debt Interest 7.19% 6.88% 6.56% 6.25% 5.94% 5.63% 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00%
Debt Interest Amount as % of CAPEX 0.00% 0.00% 0.00% 0.00% 0.04% 0.22% 0.21% 0.20% 0.18% 0.17% 0.16% 0.15% 0.13% 0.12% 0.11% 0.10% 0.09% 0.07% 0.06% 0.05% 0.04% 0.02% 0.01% 0.00% 0.00%
Total EBL Interest Amount as % of CAPEX 1.6827%
Total Debt Interest Amount as % of CAPEX 2.1298%
Total Commitment Fees Amount as % of CAPEX 0.30% 0.2283%
Total Upfront Fees Amount as % of CAPEX 1.20% 1.2900%
Pre-COD Finance Cost as % of CAPEX (baseline) 5.3308%
Construction Delay Scenario Analysis
EBL Interest Rate During Construction Delay (p.a.) 3.75%
Debt Interest Rate During Construction Delay (p.a.) 3.75%
Developer Monthly Direct Cost as % of CAPEX 0.15%
Delay Penalties (N.B. risk transferred to contractor account) 0.00
0 1 2 3 4 5 6
0.0000% 0.0781% 0.1563% 0.2344% 0.3125% 0.3906% 0.4688%
0.0000% 0.2344% 0.4688% 0.7031% 0.9375% 1.1719% 1.4063%
0.0000% 0.0007% 0.0014% 0.0021% 0.0027% 0.0034% 0.0041%
0.0000% 0.0038% 0.0075% 0.0113% 0.0150% 0.0188% 0.0225%
0.0000% 0.1500% 0.3000% 0.4500% 0.6000% 0.7500% 0.9000%
0.0000% 0.4669% 0.9339% 1.4008% 1.8677% 2.3347% 2.8016%
5.3308% 5.7978% 6.2647% 6.7317% 7.1986% 7.6655% 8.1325%
Drawdown Schedule
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
SUM Check
Uniform Drawdown 100.00% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 4.17% 0.00%
Custom Drawdown 100.00% 10.00% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 0.00%
Applied Drawdown Schedule Custom 10.00% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 3.91% 0.00%
Total Delay Cost as % of CAPEX
Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX
Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX
Developer Monthly Direct Cost as % of CAPEX
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Cumulative
Expenditure
Monthly
Expenditure
as
%
of
CAPEX
Month
CAPEX Cashflow
Monthly Expenditure as % of CAPEX (end of month) EBL Drawdown as % of CAPEX Debt Drawdown as % of CAPEX Cumulative Total Expenditure as % of CAPEX Cumulative Total EBL Drawdown as % of CAPEX Cumulative Total Debt Drawdown as % of CAPEX
0.0000%
0.4669%
0.9339%
1.4008%
1.8677%
2.3347%
2.8016%
y = 0.0047x - 0.0047
R² = 1
0.0000%
0.5000%
1.0000%
1.5000%
2.0000%
2.5000%
3.0000%
3.5000%
4.0000%
4.5000%
5.0000%
0 1 2 3 4 5 6
Total Construction Delay Cost as % of CAPEX
Total Delay Cost as % of CAPEX Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX Developer Monthly Direct Cost as % of CAPEX
Linear (Total Delay Cost as % of CAPEX)
5.3308%
5.7978%
6.2647%
6.7317%
7.1986%
7.6655%
8.1325%
0.0000%
1.0000%
2.0000%
3.0000%
4.0000%
5.0000%
6.0000%
7.0000%
8.0000%
9.0000%
0 1 2 3 4 5 6
Total Pre-COD Finance Cost as % of CAPEX w/
Construction Delay
Pre-COD-Finance-Cost-Infra
Version: 6
Date: 4/12/2021 Page 8 of 19

Toolkit
Pre-COD Finance Cost Calculations
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
EBL Drawdown Flag 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sr. Debt Drawdown Flag 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0031% 0.0022% 0.0012% 0.0004% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Cumulative EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0073% 0.0094% 0.0106% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110% 0.0110%
Applicable EBL Interest for Commitment Fee Drawdown (%) 7.19% 6.88% 6.56% 6.25% 5.94% 5.63% 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000296% 0.000216% 0.000142% 0.000074% 0.000022% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0003% 0.0005% 0.0007% 0.0007% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008% 0.0008%
Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004421% 0.003363% 0.002311% 0.001265% 0.000397% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004421% 0.007785% 0.010095% 0.011360% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757% 0.011757%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0000% 0.0197% 0.0187% 0.0178% 0.0168% 0.0158% 0.0148% 0.0138% 0.0129% 0.0119% 0.0109% 0.0099% 0.0090% 0.0080% 0.0070% 0.0060% 0.0050% 0.0041% 0.0031% 0.0021% 0.0011% 0.0000%
Cumulative Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0000% 0.0197% 0.0384% 0.0562% 0.0730% 0.0888% 0.1036% 0.1174% 0.1303% 0.1422% 0.1531% 0.1630% 0.1720% 0.1800% 0.1869% 0.1930% 0.1980% 0.2021% 0.2051% 0.2072% 0.2084% 0.2084%
Applicable Sr. Debt Interest for Commitment Fee Drawdown (%) 7.19% 6.88% 6.56% 6.25% 5.94% 5.63% 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.000000% 0.001170% 0.001054% 0.000943% 0.000839% 0.000741% 0.000648% 0.000562% 0.000482% 0.000409% 0.000341% 0.000279% 0.000224% 0.000174% 0.000131% 0.000094% 0.000063% 0.000038% 0.000019% 0.000007% 0.000000% 0.000000%
Cumulative Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0000% 0.0012% 0.0022% 0.0032% 0.0040% 0.0047% 0.0054% 0.0060% 0.0064% 0.0068% 0.0072% 0.0075% 0.0077% 0.0079% 0.0080% 0.0081% 0.0082% 0.0082% 0.0082% 0.0082% 0.0082% 0.0082%
Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.000000% 0.020882% 0.019787% 0.018699% 0.017616% 0.016539% 0.015469% 0.014405% 0.013347% 0.012294% 0.011248% 0.010209% 0.009175% 0.008147% 0.007126% 0.006110% 0.005101% 0.004098% 0.003101% 0.002110% 0.001125% 0.000000%
Cumulative Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.000000% 0.020882% 0.040670% 0.059369% 0.076985% 0.093524% 0.108993% 0.123398% 0.136744% 0.149039% 0.160287% 0.170496% 0.179671% 0.187818% 0.194944% 0.201054% 0.206155% 0.210253% 0.213354% 0.215463% 0.216588% 0.216588%
Total Commitment Fees Amount as % of CAPEX (%) 0.004421% 0.003363% 0.002311% 0.001265% 0.021280% 0.019787% 0.018699% 0.017616% 0.016539% 0.015469% 0.014405% 0.013347% 0.012294% 0.011248% 0.010209% 0.009175% 0.008147% 0.007126% 0.006110% 0.005101% 0.004098% 0.003101% 0.002110% 0.001125% 0.000000%
Cumulative Total Commitment Fees Amount as % of CAPEX (%) 0.004421% 0.007785% 0.010095% 0.011360% 0.032640% 0.052427% 0.071126% 0.088742% 0.105281% 0.120750% 0.135155% 0.148502% 0.160796% 0.172044% 0.182253% 0.191428% 0.199575% 0.206701% 0.212811% 0.217912% 0.222010% 0.225111% 0.227221% 0.228346% 0.228346%
Pre-COD Finance Cost Breakdown
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.011005%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000752%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.208370%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.008219%
EBL Upront Fee Amount Drawdown as % CAPEX (%) 0.30000%
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.02250%
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%) 0.90000%
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.06750%
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%) 1.68274%
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%) 2.12976%
Total Pre-COD Finance Cost as % of CAPEX (%) 5.330846%
Pre-COD Finance Cost Sensitivity Analysis
Construction Period (Months) 5.33% Baseline
6 2.00%
9 2.54%
12 3.11%
15 3.65%
18 4.22%
21 4.76%
24 5.33%
27 5.88%
30 6.44%
33 6.99%
36 7.56%
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX…
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of…
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
Total Pre-COD Finance Cost as % of CAPEX (%)
Pre-COD Finance Cost Breakdown as % of CAPEX
0.21%
0.01% 3.91%
0.15%
5.63%
0.42%
16.88%
1.27%
31.57%
39.95%
Pre-COD Finance Cost Breakdown by Component Contribution %
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX
(%)
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of
CAPEX (%)
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX
(%)
2.00%
2.54%
3.11%
3.65%
4.22%
4.76%
5.33%
5.88%
6.44%
6.99%
7.56%
y = 0.0056x + 0.0143
R² = 1
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
6 9 12 15 18 21 24 27 30 33 36
Pre-COD
Finance
Cost
(%)
Pre-COD Finance Cost Sensitivity
Construction Period (Months) Linear (Construction Period (Months))
Pre-COD-Finance-Cost-Infra
Version: 6
Date: 4/12/2021 Page 9 of 19

Toolkit
PRE-FEASIBILITY ECONOMIC ANALYSIS - BASELINE CASE
INPUTS
Fill In Inputs - White Background Cells Only
General LCOH Component Component $/Kg H2 Component Percentage
Analysis Period (years) 30 Production
Reference Year for Technology & Costs (year) 2025 Capex - H2 Production 0.414350 9.98%
Electrolyzer Technology PEM Opex - H2 Production Energy Cost 1.068400 25.74%
H2 Plant Economies of Scale (MWe) 1000 Opex - H2 Production General Fixed O&M 0.147375 3.55%
H2 Delivery Infrastructure Included ? (Y/N) Yes Opex - H2 Production Water Cost 0.030000 0.72%
Finance Structure Opex - H2 Production Stack Replacement Cost 0.098958 2.38%
Debt Percentage 75.00% Opex - H2 Production Leased Land Cost 0.001931 0.05%
Equity Percentage 25.00% Opex - H2 Production Decom. & Res. Cost 0.000000 0.00%
Debt Interest Rate 3.75% Subtotal LCOH Production Only 1.761014 42.43%
Return on Equity Rate 7.00% Delivery
WACC / Nominal Discount Rate 4.56% Capex - H2 Delivery 0.000000 0.00%
Capital Expenditure Opex - H2 Delivery Fixed O&M Cost 0.000000 0.00%
Electrolyzer Stack Package Cost ($/kWe DC) $375.00 Opex - H2 Delivery Variable O&M Cost 0.000000 0.00%
Electrolyzer Stack Package Cost ($) $375,000,000.00 Opex - H2 Delivery Pipeline Cost 0.153349 3.70%
Electrical & Mechanical BoP Packages Cost ($/kWe DC) $150.00 Opex - H2 Delivery Liquefaction Cost 0.876721 21.13%
Electrical & Mechanical BoP Packages Cost ($) $150,000,000.00 Opex - H2 Delivery Export Terminal Cost 0.361230 8.70%
Overall Civil & Infrastructure Package Cost ($/kWe DC) $40.00 Opex - H2 Delivery Shipping Cost 0.997674 24.04%
Overall Civil & Infrastructure Package Cost ($) $40,000,000.00 Opex - H2 Delivery Major Feedstock Cost 0.000000 0.00%
HV Substation Package Cost ($/kWe DC) $0.00 Opex - H2 Delivery Energy Cost 0.000000 0.00%
HV Substation Package Cost ($) $0.00 Subtotal LCOH Delivery Only 2.388974 57.57%
Plant Start-up Package Cost ($/kWe DC) $10.00 Total Percentage Check
Plant Start-up Package Cost ($) $10,000,000.00 100.00%
EPCM Service Package Cost ($/kWe DC) $35.00 Total LCOH ($/Kg H2) $4.149988
EPCM Service Package Cost ($) $35,000,000.00 LCOH (AED/Kg H2) 15.251207
EPC Cost ($/kWe DC) $610.00
EPC Cost ($) $610,000,000.00 Model Integrity OK? (True/False) TRUE
H2 Production Project Developer Contingencies Allocation as % of EPC Cost (%) 1.50%
H2 Production Project Developer Contingencies Allocation Cost ($/kWe DC) $9.15
H2 Production Project Developer Contingencies Allocation Cost ($) $9,150,000.00
H2 Delivery Infrastructure Compression EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Conversion EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Storage EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Pipeline EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Transport EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Liquefaction EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Export Terminal EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Shipping EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Import Terminal EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Reconversion EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Dispensing Facilities EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Overall EPC Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Overall EPC Cost ($) $0.00
H2 Delivery Infra Project Developer Contingencies Allocation as % of EPC Cost (%) 0.00%
H2 Delivery Infra Project Developer Contingencies Allocation Cost ($/kWe DC) $0.00
H2 Delivery Infra Project Developer Contingencies Allocation Cost ($) $0.00
H2 Production Project Development Cost ($/kWe DC) $15.00
H2 Production Project Development Cost ($) $15,000,000.00
H2 Delivery Infrastructure Project Development Cost ($/kWe DC) $0.00
H2 Delivery Infrastructure Project Development Cost ($) $0.00
Total CAPEX Cost ($/kWe DC) $634.15
Total CAPEX Cost ($) $634,150,000.00
Taxes GST/VAT Rate During Construction (%) 5.00%
Taxes GST/VAT ($/kWe DC) $31.71
Taxes GST/VAT ($) $31,707,500.00
H2 Production Project Finance Cost During Construction as % of CAPEX w/ Taxes (%) 4.22%
H2 Production Project Finance Cost During Construction ($/kWe DC) $28.09
H2 Production Project Finance Cost During Construction ($) $28,088,446.95
H2 Delivery Infra Project Finance Cost During Construction as % of CAPEX w/ Taxes (%) 5.33%
H2 Delivery Infra Project Finance Cost During Construction ($/kWe DC) $0.00
H2 Delivery Infra Project Finance Cost During Construction ($) $0.00
Total Overnight CAPEX Cost w/ Taxes ($/kWe DC) $693.95
Total Overnight CAPEX Cost w/ Taxes ($) $693,945,946.95
O&M Expenditure
Taxes GST/VAT Rate During Operation (%) 5.00%
Weighted Avg. (PV &/or Wind &/or Other) Energy Unit Rate Net Cost ($/kWhe AC) $0.020000
Energy Net Cost Annual Escalation Yr2+ (%) 0.00%
Energy Consumption Yr1 (kWhe AC/yr) 5,656,488,195.55
Energy Consumption Net Cost Yr1 ($/yr) $113,129,763.91
General Fixed O&M Cost as % of EPC Cost (%) 2.00%
General Fixed O&M Annual Escalation Yr2+ (%) 1.50%
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT Yr1 ($/yr) $12,810,000.00
RE Powered RO Desalinated Water Unit Rate Net Cost ($/m3
) $3.000000
Water Net Cost Annual Escalation Yr2+ (%) 0.00%
Specific Water Consumption (m3
/Kg H2) 0.010000
Water Consumption Yr1 (m3
/yr) 1,058,870.87
Water Consumption Net Cost Yr1 ($/yr) $3,176,612.61
MMRA - Electrolyzer Stack Replacement Cost as % of Initial EPC Cost (%) 20.00%
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr) 11
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $12,810,000.00
H2 Electrolyzer Plant Leased Land Area (m2
) 200,000.00
H2 Electrolyzer Plant Leased Land Cost ($/m2
/yr) $1.0000
H2 Electrolyzer Plant Leased Land Cost ($/yr) $200,000.00
H2 Delivery Infra Fixed O&M Cost as % of Overall EPC Cost (%) 0.00%
H2 Delivery Infra Fixed O&M Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Fixed O&M Cost w/ Taxes GST/VAT Yr1 ($/yr) $0.00
H2 Delivery Infra Variable O&M Cost per Kg H2 Processed ($/Kg H2) $0.0000
H2 Delivery Infra Variable O&M Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Variable O&M Cost w/ Taxes GST/VAT Yr1 ($/yr) $0.00
H2 Delivery Infra Pipeline Cost per Kg H2 per km ($/Kg H2/km) $0.000750
H2 Delivery Infra Pipeline Distance (km) 200.00
H2 Delivery Infra Pipeline Cost per Kg H2 ($/Kg H2) $0.150000
H2 Delivery Infra Pipeline Costs Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Pipeline Costs w/ Taxes GST/VAT Yr1 ($/yr) $15,883,063.07
H2 Delivery Infra Liquefaction Cost per Kg H2 Processed ($/Kg H2) $0.857575
H2 Delivery Infra Liquefaction Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Liquefaction Cost w/ Taxes GST/VAT Yr1 ($/yr) $90,806,118.76
H2 Delivery Infra Export Terminal Cost per Kg H2 Processed ($/Kg H2) $0.353341
H2 Delivery Infra Export Terminal Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Export Terminal Cost w/ Taxes GST/VAT Yr1 ($/yr) $37,414,249.26
H2 Delivery Infra Base Shipping Cost per Kg H2 ($/Kg H2) $0.630657
H2 Delivery Infra Additional Shipping Cost per Kg H2 per km ($/Kg H2/km) $0.000025
H2 Delivery Infra Shipping Route Distance (km) 14,000.00
H2 Delivery Infra Additional Shipping Cost per Kg H2 for Route ($/Kg H2) $0.345229
H2 Delivery Infra Total Shipping Cost per Kg H2 ($/Kg H2) $0.975886
H2 Delivery Infra Additional Shipping Costs Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Shipping Costs w/ Taxes GST/VAT Yr1 ($/yr) $103,333,704.75
H2 Delivery Infra Major Feedstock Cost per Kg H2 Processed ($/Kg H2) $0.0000
H2 Delivery Infra Major Feedstock Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Major Feedstock Cost w/ Taxes GST/VAT Yr1 ($/yr) $0.00
H2 Delivery Infra Energy Net Cost ($/kWhe) $0.0000
H2 Delivery Infra Energy Consumption per Kg H2 Processed (kWhe/Kg H2) 0.0000
H2 Delivery Infra Energy Cost Annual Escalation Yr2+ (%) 0.00%
H2 Delivery Infra Energy Consumption Yr1 (kWhe/yr) 0.00
H2 Delivery Infra Energy Consumption Cost Yr1 ($/yr) $0.00
System
H2 Electrolyzer Plant Effective Capacity (kWe DC) 1,000,000.00
H2 Electrolyzer Plant Total Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 53.4200
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 49.9289
H2 Balance of Plant (BoP) Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 3.4911
H2 Electrolyzer Stack AC/DC Rectifier Efficiency (%) 98.40%
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe DC/Kg H2) 49.1300
H2 Electrolyzer Plant Specific Production Yr1 (Kg H2/kWhe DC) 0.0204
H2 Electrolyzer Plant Capacity Factor per Year (%) 60.00%
H2 Electrolyzer Plant Full Load Equivalent Operating Hours per Year (hr) 5,256.00
H2 Electrolyzer Plant Gross Annual Production Yr1 (Kg H2) 106,981,477.71
H2 Electrolyzer Plant Annual Production Degradation Yr1 (%/1000 hrs) 0.10000%
H2 Electrolyzer Plant Annual Production Degradation Yr2+ (%/1000 hrs) 0.10000%
Apply Degradation to H2 Electrolyzer Plant Annual Production ? (Yes/No) Yes
H2 Electrolyzer Plant Annual Production Degradation Yr1 (%/year) 0.52560%
H2 Electrolyzer Plant Annual Production Degradation Yr2+ (%/year) 0.52560%
H2 Electrolyzer Plant Annual Availability (%) 99.50%
H2 Electrolyzer Plant Net Annual Production Yr1 (Kg H2) 105,887,087.15
H2 Delivery Infra Losses as % of Electrolyzer Plant Net Production (%) 0.00%
H2 Project Net Annual Production Yr1 (Kg H2) 105,887,087.15
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
OUTPUTS - 30 Years
0.414350
9.98%
1.068400
25.74%
0.147375
3.55%
0.030000
0.72%
0.098958
2.38%
0.001931
0.05%
0.000000
0.00%
0.000000
0.00%
0.000000
0.00%
0.000000
0.00%
0.153349
3.70%
0.876721
21.13%
0.361230
8.70%
0.997674
24.04%
0.000000
0.00%
0.000000
0.00%
LCOH Breakdown $/Kg H2
Capex - H2 Production Opex - H2 Production Energy Cost
Opex - H2 Production General Fixed O&M Opex - H2 Production Water Cost
Opex - H2 Production Stack Replacement Cost Opex - H2 Production Leased Land Cost
Opex - H2 Production Decom. & Res. Cost Capex - H2 Delivery
Opex - H2 Delivery Fixed O&M Cost Opex - H2 Delivery Variable O&M Cost
Opex - H2 Delivery Pipeline Cost Opex - H2 Delivery Liquefaction Cost
Opex - H2 Delivery Export Terminal Cost Opex - H2 Delivery Shipping Cost
Opex - H2 Delivery Major Feedstock Cost Opex - H2 Delivery Energy Cost
$375.00
54.04%
$150.00
21.62%
$40.00
5.76%
$0.00
0.00%
$10.00
1.44%
$35.00
5.04%
$9.15
1.32%
$0.00
0.00%
$0.00
0.00%
$15.00
2.16%
$0.00
0.00%
$31.71
4.57%
$28.09
4.05%
$0.00
0.00%
CAPEX Breakdown $/kWe DC
Electrolyzer Stack Package Cost ($/kWe DC)
Electrical & Mechanical BoP Packages Cost ($/kWe DC)
Overall Civil & Infrastructure Package Cost ($/kWe DC)
HV Substation Package Cost ($/kWe DC)
Plant Start-up Package Cost ($/kWe DC)
EPCM Service Package Cost ($/kWe DC)
H2 Production Project Developer Contingencies Allocation Cost ($/kWe DC)
H2 Delivery Infrastructure Overall EPC Cost ($/kWe DC)
H2 Delivery Infra Project Developer Contingencies Allocation Cost ($/kWe DC)
H2 Production Project Development Cost ($/kWe DC)
H2 Delivery Infrastructure Project Development Cost ($/kWe DC)
Taxes GST/VAT ($/kWe DC)
H2 Production Project Finance Cost During Construction ($/kWe DC)
H2 Delivery Infra Project Finance Cost During Construction ($/kWe DC)
Summary-Inputs-Outputs
Version: 6
Date: 4/12/2021 Page 10 of 19

Toolkit
PRO-FORMA CASHFLOW 30 Years
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Construction Period Flag 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operations Period Flag 0 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 1 1 1 0 0 0 0 0 0 0 0 0 0
NPV Calc.
H2 Electrolyzer Plant Gross Annual Output - (Kg H2) $1,729,867,692.47 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 106,981,477.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Electrolyzer Plant Net Annual Output - w/ Lin. Deg. & Avail. Losses - (Kg H2) $1,674,780,115.37 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Project Net Annual Output - w/ Lin. Deg. & Avail. & Delivery Losses - (Kg H2) $1,674,780,115.37 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 105,887,087.15 105,327,603.98 104,768,120.80 104,208,637.63 103,649,154.46 103,089,671.28 102,530,188.11 101,970,704.93 101,411,221.76 100,851,738.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Electrolyzer Stack Cycle Number 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0
Electrolyzer Stack Replacement Flag 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses
Energy Consumption Net Cost ($/yr) $1,789,335,075.26 113,129,763.91 112,532,012.09 111,934,260.27 111,336,508.44 110,738,756.62 110,141,004.80 109,543,252.97 108,945,501.15 108,347,749.33 107,749,997.51 113,129,763.91 112,532,012.09 111,934,260.27 111,336,508.44 110,738,756.62 110,141,004.80 109,543,252.97 108,945,501.15 108,347,749.33 107,749,997.51 113,129,763.91 112,532,012.09 111,934,260.27 111,336,508.44 110,738,756.62 110,141,004.80 109,543,252.97 108,945,501.15 108,347,749.33 107,749,997.51 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) $246,820,687.89 12,810,000.00 13,002,150.00 13,197,182.25 13,395,139.98 13,596,067.08 13,800,008.09 14,007,008.21 14,217,113.33 14,430,370.03 14,646,825.58 14,866,527.97 15,089,525.89 15,315,868.78 15,545,606.81 15,778,790.91 16,015,472.77 16,255,704.87 16,499,540.44 16,747,033.55 16,998,239.05 17,253,212.63 17,512,010.82 17,774,690.99 18,041,311.35 18,311,931.02 18,586,609.99 18,865,409.14 19,148,390.27 19,435,616.13 19,727,150.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Water Consumption Net Cost ($/yr) $50,243,403.46 3,176,612.61 3,159,828.12 3,143,043.62 3,126,259.13 3,109,474.63 3,092,690.14 3,075,905.64 3,059,121.15 3,042,336.65 3,025,552.16 3,176,612.61 3,159,828.12 3,143,043.62 3,126,259.13 3,109,474.63 3,092,690.14 3,075,905.64 3,059,121.15 3,042,336.65 3,025,552.16 3,176,612.61 3,159,828.12 3,143,043.62 3,126,259.13 3,109,474.63 3,092,690.14 3,075,905.64 3,059,121.15 3,042,336.65 3,025,552.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $165,732,894.26 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 12,810,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Electrolyzer Plant Leased Land Cost ($/yr) $3,233,957.37 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Fixed O&M Cost w/ Taxes GST/VAT ($/yr) $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Variable O&M Cost w/ Taxes GST/VAT ($/yr) $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Pipeline Cost w/ Taxes GST/VAT ($/yr) $256,825,744.55 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 15,883,063.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Liquefaction Cost w/ Taxes GST/VAT ($/yr) $1,468,315,585.89 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 90,806,118.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Export Terminal Cost w/ Taxes GST/VAT ($/yr) $604,980,436.04 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 37,414,249.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Shipping Cost w/ Taxes GST/VAT ($/yr) $1,670,883,981.21 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 103,333,704.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
H2 Delivery Infra Major Feedstock Cost w/ Taxes GST/VAT ($/yr) $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Delivery Infra Energy Consumption Cost ($/yr) $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total O&M Expenses $6,256,371,765.93 389,563,512.37 389,141,126.06 388,721,621.99 388,305,043.40 387,891,434.19 387,480,838.87 387,073,302.68 386,668,871.48 386,267,591.87 385,869,511.10 391,620,040.34 391,228,501.94 390,840,308.52 390,455,510.23 390,074,158.01 389,696,303.56 389,321,999.33 388,951,298.59 388,584,255.38 388,220,924.56 381,196,725.01 380,840,986.88 380,489,130.72 380,141,214.77 379,797,298.12 379,457,440.77 379,121,703.60 378,790,148.42 378,462,837.96 378,139,835.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residual Value $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses $6,256,371,765.93 389,563,512.37 389,141,126.06 388,721,621.99 388,305,043.40 387,891,434.19 387,480,838.87 387,073,302.68 386,668,871.48 386,267,591.87 385,869,511.10 391,620,040.34 391,228,501.94 390,840,308.52 390,455,510.23 390,074,158.01 389,696,303.56 389,321,999.33 388,951,298.59 388,584,255.38 388,220,924.56 381,196,725.01 380,840,986.88 380,489,130.72 380,141,214.77 379,797,298.12 379,457,440.77 379,121,703.60 378,790,148.42 378,462,837.96 378,139,835.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost Flow ($6,256,371,765.93) -693,945,946.95 -389,563,512.37 -389,141,126.06 -388,721,621.99 -388,305,043.40 -387,891,434.19 -387,480,838.87 -387,073,302.68 -386,668,871.48 -386,267,591.87 -385,869,511.10 -391,620,040.34 -391,228,501.94 -390,840,308.52 -390,455,510.23 -390,074,158.01 -389,696,303.56 -389,321,999.33 -388,951,298.59 -388,584,255.38 -388,220,924.56 -381,196,725.01 -380,840,986.88 -380,489,130.72 -380,141,214.77 -379,797,298.12 -379,457,440.77 -379,121,703.60 -378,790,148.42 -378,462,837.96 -378,139,835.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Revenue (check @ LCOH) 439,430,161.98 437,108,313.42 434,786,464.85 432,464,616.28 430,142,767.71 427,820,919.15 425,499,070.58 423,177,222.01 420,855,373.44 418,533,524.88 439,430,161.98 437,108,313.42 434,786,464.85 432,464,616.28 430,142,767.71 427,820,919.15 425,499,070.58 423,177,222.01 420,855,373.44 418,533,524.88 439,430,161.98 437,108,313.42 434,786,464.85 432,464,616.28 430,142,767.71 427,820,919.15 425,499,070.58 423,177,222.01 420,855,373.44 418,533,524.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operations cashflow -693,945,946.95 49,866,649.61 47,967,187.36 46,064,842.86 44,159,572.88 42,251,333.53 40,340,080.27 38,425,767.90 36,508,350.53 34,587,781.58 32,664,013.78 47,810,121.64 45,879,811.47 43,946,156.33 42,009,106.05 40,068,609.70 38,124,615.59 36,177,071.25 34,225,923.42 32,271,118.07 30,312,600.31 58,233,436.98 56,267,326.54 54,297,334.12 52,323,401.51 50,345,469.59 48,363,478.38 46,377,366.98 44,387,073.59 42,392,535.49 40,393,688.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Calculated IRR (unleveraged) 4.56%
Equity -173,486,486.74
WACC 4.56%
Logic & Calc Check: WACC = IRR (Unleveraged). True/False TRUE
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Annual
Output
(Kg
H
2
)
Year
40 Years - Annual Output (Kg H2)
H2 Project Net Annual Output - w/ Lin. Deg. & Avail. & Delivery Losses - (Kg H2)
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
350,000,000
400,000,000
450,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Operating
Expenses
($)
Year
40 Years - Operating Expenses ($)
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) Energy Consumption Net Cost ($/yr) Water Consumption Net Cost ($/yr) MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
H2 Electrolyzer Plant Leased Land Cost ($/yr) Residual Value H2 Delivery Infra Fixed O&M Cost w/ Taxes GST/VAT ($/yr) H2 Delivery Infra Variable O&M Cost w/ Taxes GST/VAT ($/yr)
H2 Delivery Infra Major Feedstock Cost w/ Taxes GST/VAT ($/yr) H2 Delivery Infra Pipeline Cost w/ Taxes GST/VAT ($/yr) H2 Delivery Infra Liquefaction Cost w/ Taxes GST/VAT ($/yr) H2 Delivery Infra Export Terminal Cost w/ Taxes GST/VAT ($/yr)
H2 Delivery Infra Shipping Cost w/ Taxes GST/VAT ($/yr) H2 Delivery Infra Energy Consumption Cost ($/yr) Total O&M Expenses Total Operating Expenses
Cashflow
Version: 6
Date: 4/12/2021
Page 11 of 19

Toolkit
LCOH 1D Sensitivity Analysis - H2 Production Parameters
Parameter Variance
Stack Pack Cost
($/kWe DC) LCOH LCOH Variance
BoP Pack Cost
($/kWe DC) LCOH LCOH Variance
Civil/Infra Pack
Cost ($/kWe DC) LCOH LCOH Variance WACC (%) LCOH LCOH Variance
Energy Cost
($/kWhe AC) LCOH LCOH Variance
Fixed O&M Cost
(% of EPC Cost) LCOH LCOH Variance
Total Sp. Energy
Consump. (kWhe
AC/Kg H2) LCOH LCOH Variance
Capacity Factor
(%) LCOH LCOH Variance
4.1500 4.1500 4.1500 4.1500 4.1500 4.1500 4.1500 4.1500
-50% $187.50 3.9499 -4.82% $75.00 4.0700 -1.93% $20.00 4.1286 -0.51% 2.28% 4.0453 -2.52% $0.010000 3.6158 -12.87% 1.00% 4.0763 -1.78% 26.71 3.2845 -20.86% 30.00% 4.7680 14.89%
-45% $206.25 3.9699 -4.34% $82.50 4.0780 -1.74% $22.00 4.1308 -0.46% 2.51% 4.0551 -2.29% $0.011000 3.6692 -11.59% 1.10% 4.0837 -1.60% 29.38 3.3710 -18.77% 33.00% 4.6534 12.13%
-40% $225.00 3.9899 -3.86% $90.00 4.0860 -1.54% $24.00 4.1329 -0.41% 2.74% 4.0651 -2.05% $0.012000 3.7226 -10.30% 1.20% 4.0910 -1.42% 32.05 3.4576 -16.68% 36.00% 4.5584 9.84%
-35% $243.75 4.0099 -3.37% $97.50 4.0940 -1.35% $26.00 4.1350 -0.36% 2.97% 4.0752 -1.80% $0.013000 3.7760 -9.01% 1.30% 4.0984 -1.24% 34.72 3.5441 -14.60% 39.00% 4.4784 7.91%
-30% $262.50 4.0299 -2.89% $105.00 4.1020 -1.16% $28.00 4.1372 -0.31% 3.19% 4.0855 -1.55% $0.014000 3.8295 -7.72% 1.40% 4.1058 -1.07% 37.39 3.6307 -12.51% 42.00% 4.4102 6.27%
-25% $281.25 4.0500 -2.41% $112.50 4.1100 -0.96% $30.00 4.1393 -0.26% 3.42% 4.0959 -1.30% $0.015000 3.8829 -6.44% 1.50% 4.1131 -0.89% 40.07 3.7172 -10.43% 45.00% 4.3515 4.85%
-20% $300.00 4.0700 -1.93% $120.00 4.1180 -0.77% $32.00 4.1415 -0.21% 3.65% 4.1065 -1.05% $0.016000 3.9363 -5.15% 1.60% 4.1205 -0.71% 42.74 3.8038 -8.34% 48.00% 4.3004 3.62%
-15% $318.75 4.0900 -1.45% $127.50 4.1260 -0.58% $34.00 4.1436 -0.15% 3.88% 4.1171 -0.79% $0.017000 3.9897 -3.86% 1.70% 4.1279 -0.53% 45.41 3.8903 -6.26% 51.00% 4.2557 2.55%
-10% $337.50 4.1100 -0.96% $135.00 4.1340 -0.39% $36.00 4.1457 -0.10% 4.11% 4.1280 -0.53% $0.018000 4.0431 -2.57% 1.80% 4.1353 -0.36% 48.08 3.9769 -4.17% 54.00% 4.2162 1.60%
-5% $356.25 4.1300 -0.48% $142.50 4.1420 -0.19% $38.00 4.1479 -0.05% 4.33% 4.1389 -0.27% $0.019000 4.0966 -1.29% 1.90% 4.1426 -0.18% 50.75 4.0634 -2.09% 57.00% 4.1812 0.75%
0% $375.00 4.1500 0.00% $150.00 4.1500 0.00% $40.00 4.1500 0.00% 4.56% 4.1500 0.00% $0.020000 4.1500 0.00% 2.00% 4.1500 0.00% 53.42 4.1500 0.00% 60.00% 4.1500 0.00%
5% $393.75 4.1700 0.48% $157.50 4.1580 0.19% $42.00 4.1521 0.05% 4.79% 4.1612 0.27% $0.021000 4.2034 1.29% 2.10% 4.1574 0.18% 56.09 4.2365 2.09% 63.00% 4.1220 -0.67%
10% $412.50 4.1900 0.96% $165.00 4.1660 0.39% $44.00 4.1543 0.10% 5.02% 4.1725 0.54% $0.022000 4.2568 2.57% 2.20% 4.1647 0.36% 58.76 4.3231 4.17% 66.00% 4.0968 -1.28%
15% $431.25 4.2100 1.45% $172.50 4.1740 0.58% $46.00 4.1564 0.15% 5.25% 4.1840 0.82% $0.023000 4.3102 3.86% 2.30% 4.1721 0.53% 61.43 4.4096 6.26% 69.00% 4.0740 -1.83%
20% $450.00 4.2300 1.93% $180.00 4.1820 0.77% $48.00 4.1585 0.21% 5.48% 4.1955 1.10% $0.024000 4.3637 5.15% 2.40% 4.1795 0.71% 64.10 4.4962 8.34% 72.00% 4.0534 -2.33%
25% $468.75 4.2500 2.41% $187.50 4.1900 0.96% $50.00 4.1607 0.26% 5.70% 4.2072 1.38% $0.025000 4.4171 6.44% 2.50% 4.1868 0.89% 66.78 4.5827 10.43% 75.00% 4.0347 -2.78%
30% $487.50 4.2700 2.89% $195.00 4.1980 1.16% $52.00 4.1628 0.31% 5.93% 4.2190 1.66% $0.026000 4.4705 7.72% 2.60% 4.1942 1.07% 69.45 4.6693 12.51% 78.00% 4.0176 -3.19%
35% $506.25 4.2900 3.37% $202.50 4.2060 1.35% $54.00 4.1649 0.36% 6.16% 4.2309 1.95% $0.027000 4.5239 9.01% 2.70% 4.2016 1.24% 72.12 4.7558 14.60% 81.00% 4.0020 -3.57%
40% $525.00 4.3100 3.86% $210.00 4.2140 1.54% $56.00 4.1671 0.41% 6.39% 4.2429 2.24% $0.028000 4.5773 10.30% 2.80% 4.2089 1.42% 74.79 4.8424 16.68% 84.00% 3.9877 -3.91%
45% $543.75 4.3300 4.34% $217.50 4.2220 1.74% $58.00 4.1692 0.46% 6.62% 4.2550 2.53% $0.029000 4.6308 11.59% 2.90% 4.2163 1.60% 77.46 4.9289 18.77% 87.00% 3.9746 -4.23%
50% $562.50 4.3501 4.82% $225.00 4.2300 1.93% $60.00 4.1713 0.51% 6.84% 4.2672 2.82% $0.030000 4.6842 12.87% 3.00% 4.2237 1.78% 80.13 5.0155 20.86% 90.00% 3.9625 -4.52%
LCOH 1D Sensitivity Analysis - H2 Delivery Infrastructure Parameters
Parameter Variance
H2 Delivery Overall
EPC ($/kWe DC) LCOH LCOH Variance
H2 Delivery Add.
Shipping
Cost($/Kg H2/km) LCOH LCOH Variance
H2 Delivery Export
Terminal ($/Kg H2) LCOH LCOH Variance
H2 Delivery
Liquefaction ($/Kg
H2) LCOH LCOH Variance
H2 Delivery Energy
Net Cost ($/kWhe) LCOH LCOH Variance
H2 Delivery Energy
Cons. (kWhe/Kg
H2) LCOH LCOH Variance
H2 Delivery Base
Shipping Cost
($/Kg H2) LCOH LCOH Variance
H2 Delivery
Pipeline Cost
($/Kg H2/km) LCOH LCOH Variance
4.1500 4.1500 4.1500 4.1500 4.1500 4.1500 4.1500 4.1500
-50% $0.00 4.1500 0.00% $0.000012 3.9735 -4.25% $0.18 3.9694 -4.35% $0.43 3.7116 -10.56% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.3153285 3.8276 -7.77% 0.0003750 4.0733 -1.85%
-45% $0.00 4.1500 0.00% $0.000014 3.9912 -3.83% $0.19 3.9874 -3.92% $0.47 3.7555 -9.51% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.3468614 3.8599 -6.99% 0.0004125 4.0810 -1.66%
-40% $0.00 4.1500 0.00% $0.000015 4.0088 -3.40% $0.21 4.0055 -3.48% $0.51 3.7993 -8.45% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.3783942 3.8921 -6.21% 0.0004500 4.0886 -1.48%
-35% $0.00 4.1500 0.00% $0.000016 4.0265 -2.98% $0.23 4.0236 -3.05% $0.56 3.8431 -7.39% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.4099271 3.9243 -5.44% 0.0004875 4.0963 -1.29%
-30% $0.00 4.1500 0.00% $0.000017 4.0441 -2.55% $0.25 4.0416 -2.61% $0.60 3.8870 -6.34% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.4414599 3.9566 -4.66% 0.0005250 4.1040 -1.11%
-25% $0.00 4.1500 0.00% $0.000018 4.0618 -2.13% $0.27 4.0597 -2.18% $0.64 3.9308 -5.28% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.4729928 3.9888 -3.88% 0.0005625 4.1117 -0.92%
-20% $0.00 4.1500 0.00% $0.000020 4.0794 -1.70% $0.28 4.0777 -1.74% $0.69 3.9746 -4.23% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.5045256 4.0210 -3.11% 0.0006000 4.1193 -0.74%
-15% $0.00 4.1500 0.00% $0.000021 4.0970 -1.28% $0.30 4.0958 -1.31% $0.73 4.0185 -3.17% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.5360585 4.0533 -2.33% 0.0006375 4.1270 -0.55%
-10% $0.00 4.1500 0.00% $0.000022 4.1147 -0.85% $0.32 4.1139 -0.87% $0.77 4.0623 -2.11% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.5675913 4.0855 -1.55% 0.0006750 4.1347 -0.37%
-5% $0.00 4.1500 0.00% $0.000023 4.1323 -0.43% $0.34 4.1319 -0.44% $0.81 4.1062 -1.06% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.5991242 4.1178 -0.78% 0.0007125 4.1423 -0.18%
0% $0.00 4.1500 0.00% $0.000025 4.1500 0.00% $0.35 4.1500 0.00% $0.86 4.1500 0.00% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.6306570 4.1500 0.00% 0.0007500 4.1500 0.00%
5% $0.00 4.1500 0.00% $0.000026 4.1676 0.43% $0.37 4.1680 0.44% $0.90 4.1938 1.06% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.6621899 4.1822 0.78% 0.0007875 4.1577 0.18%
10% $0.00 4.1500 0.00% $0.000027 4.1853 0.85% $0.39 4.1861 0.87% $0.94 4.2377 2.11% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.6937227 4.2145 1.55% 0.0008250 4.1653 0.37%
15% $0.00 4.1500 0.00% $0.000028 4.2029 1.28% $0.41 4.2042 1.31% $0.99 4.2815 3.17% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.7252556 4.2467 2.33% 0.0008625 4.1730 0.55%
20% $0.00 4.1500 0.00% $0.000030 4.2206 1.70% $0.42 4.2222 1.74% $1.03 4.3253 4.23% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.7567884 4.2789 3.11% 0.0009000 4.1807 0.74%
25% $0.00 4.1500 0.00% $0.000031 4.2382 2.13% $0.44 4.2403 2.18% $1.07 4.3692 5.28% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.7883213 4.3112 3.88% 0.0009375 4.1883 0.92%
30% $0.00 4.1500 0.00% $0.000032 4.2559 2.55% $0.46 4.2584 2.61% $1.11 4.4130 6.34% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.8198541 4.3434 4.66% 0.0009750 4.1960 1.11%
35% $0.00 4.1500 0.00% $0.000033 4.2735 2.98% $0.48 4.2764 3.05% $1.16 4.4568 7.39% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.8513870 4.3756 5.44% 0.0010125 4.2037 1.29%
40% $0.00 4.1500 0.00% $0.000035 4.2912 3.40% $0.49 4.2945 3.48% $1.20 4.5007 8.45% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.8829198 4.4079 6.21% 0.0010500 4.2113 1.48%
45% $0.00 4.1500 0.00% $0.000036 4.3088 3.83% $0.51 4.3125 3.92% $1.24 4.5445 9.51% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.9144527 4.4401 6.99% 0.0010875 4.2190 1.66%
50% $0.00 4.1500 0.00% $0.000037 4.3265 4.25% $0.53 4.3306 4.35% $1.29 4.5883 10.56% $0.000000 4.1500 0.00% 0.00 4.1500 0.00% 0.9459855 4.4724 7.77% 0.0011250 4.2267 1.85%
3.28
3.62
3.96
3.95
4.05
4.07
4.08
4.13
5.02
4.68
4.77
4.35
4.27
4.23
4.22
4.17
4.15
$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0
LCOH $/Kg H2
Parameter
H2 Production Parameters Tornado Chart - LCOH $/Kg H2
Total Sp. Energy Consump. (kWhe AC/Kg H2)
(-50%, 0%, 50%)
Energy Cost ($/kWhe AC)
(-50%, 0%, 50%)
Capacity Factor (%)
(50%, 0%, -50%)
Stack Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
BoP Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
Fixed O&M Cost (% of EPC Cost)
(-50%, 0%, 50%)
WACC (%)
(-50%, 0%, 50%)
Civil/Infra Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
3.71
3.83
3.97
3.97
4.07
4.15
4.15
4.15
4.59
4.47
4.33
4.33
4.23
4.15
4.15
4.15
4.15
$0.0 $1.0 $2.0 $3.0 $4.0 $5.0
LCOH $/Kg H2
Parameter
H2 Delivery Infrastructure Parameters Tornado Chart - LCOH $/Kg H2
H2 Delivery Liquefaction ($/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Base Shipping Cost ($/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Export Terminal ($/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Add. Shipping Cost($/Kg H2/km)
(-50%, 0%, 50%)
H2 Delivery Energy Cons. (kWhe/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Energy Net Cost ($/kWhe)
(-50%, 0%, 50%)
H2 Delivery Pipeline Cost ($/Kg H2/km)
(-50%, 0%, 50%)
H2 Delivery Overall EPC ($/kWe DC)
(-50%, 0%, 50%)
Sensitivity-1D-2D
Version: 6
Date: 4/12/2021 Page 12 of 19

Toolkit
H2 Production Parameters LCOH 1D Sensitivity Charts
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) 3.9499 3.9699 3.9899 4.0099 4.0299 4.0500 4.0700 4.0900 4.1100 4.1300 4.1500 4.1700 4.1900 4.2100 4.2300 4.2500 4.2700 4.2900 4.3100 4.3300 4.3501
BoP Pack Cost ($/kWe DC) 4.0700 4.0780 4.0860 4.0940 4.1020 4.1100 4.1180 4.1260 4.1340 4.1420 4.1500 4.1580 4.1660 4.1740 4.1820 4.1900 4.1980 4.2060 4.2140 4.2220 4.2300
Civil/Infra Pack Cost ($/kWe DC) 4.1286 4.1308 4.1329 4.1350 4.1372 4.1393 4.1415 4.1436 4.1457 4.1479 4.1500 4.1521 4.1543 4.1564 4.1585 4.1607 4.1628 4.1649 4.1671 4.1692 4.1713
WACC (%) 4.0453 4.0551 4.0651 4.0752 4.0855 4.0959 4.1065 4.1171 4.1280 4.1389 4.1500 4.1612 4.1725 4.1840 4.1955 4.2072 4.2190 4.2309 4.2429 4.2550 4.2672
Fixed O&M Cost (% of EPC Cost) 4.0763 4.0837 4.0910 4.0984 4.1058 4.1131 4.1205 4.1279 4.1353 4.1426 4.1500 4.1574 4.1647 4.1721 4.1795 4.1868 4.1942 4.2016 4.2089 4.2163 4.2237
Total Sp. Energy Consump. (kWhe
AC/Kg H2)
3.2845 3.3710 3.4576 3.5441 3.6307 3.7172 3.8038 3.8903 3.9769 4.0634 4.1500 4.2365 4.3231 4.4096 4.4962 4.5827 4.6693 4.7558 4.8424 4.9289 5.0155
Energy Cost ($/kWhe AC) 3.6158 3.6692 3.7226 3.7760 3.8295 3.8829 3.9363 3.9897 4.0431 4.0966 4.1500 4.2034 4.2568 4.3102 4.3637 4.4171 4.4705 4.5239 4.5773 4.6308 4.6842
Capacity Factor (%) 4.7680 4.6534 4.5584 4.4784 4.4102 4.3515 4.3004 4.2557 4.2162 4.1812 4.1500 4.1220 4.0968 4.0740 4.0534 4.0347 4.0176 4.0020 3.9877 3.9746 3.9625
y = 0.02x + 3.9299
y = 0.008x + 4.062
y = 0.0021x + 4.1265
y = 0.0111x + 4.0301
y = 0.0074x + 4.0689
y = 0.0866x + 3.1979
y = -6E-17x3 + 0.0534x + 3.5624
y = -0.0001x3 + 0.0058x2 - 0.1161x + 4.8652
0.0
1.0
2.0
3.0
4.0
5.0
6.0
LCOH
$/Kg
H
2
Parameter Variance from Baseline Case
H2 Production Parameters - LCOH 1D Sensitivity
Stack Pack Cost ($/kWe DC) BoP Pack Cost ($/kWe DC)
Civil/Infra Pack Cost ($/kWe DC) WACC (%)
Fixed O&M Cost (% of EPC Cost) Total Sp. Energy Consump. (kWhe AC/Kg H2)
Energy Cost ($/kWhe AC) Capacity Factor (%)
Linear (Stack Pack Cost ($/kWe DC)) Linear (BoP Pack Cost ($/kWe DC))
Linear (Civil/Infra Pack Cost ($/kWe DC)) Linear (WACC (%))
Linear (Fixed O&M Cost (% of EPC Cost)) Linear (Total Sp. Energy Consump. (kWhe AC/Kg H2))
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) -4.82% -4.34% -3.86% -3.37% -2.89% -2.41% -1.93% -1.45% -0.96% -0.48% 0.00% 0.48% 0.96% 1.45% 1.93% 2.41% 2.89% 3.37% 3.86% 4.34% 4.82%
BoP Pack Cost ($/kWe DC) -1.93% -1.74% -1.54% -1.35% -1.16% -0.96% -0.77% -0.58% -0.39% -0.19% 0.00% 0.19% 0.39% 0.58% 0.77% 0.96% 1.16% 1.35% 1.54% 1.74% 1.93%
Civil/Infra Pack Cost ($/kWe DC) -0.51% -0.46% -0.41% -0.36% -0.31% -0.26% -0.21% -0.15% -0.10% -0.05% 0.00% 0.05% 0.10% 0.15% 0.21% 0.26% 0.31% 0.36% 0.41% 0.46% 0.51%
WACC (%) -2.52% -2.29% -2.05% -1.80% -1.55% -1.30% -1.05% -0.79% -0.53% -0.27% 0.00% 0.27% 0.54% 0.82% 1.10% 1.38% 1.66% 1.95% 2.24% 2.53% 2.82%
Fixed O&M Cost (% of EPC Cost) -1.78% -1.60% -1.42% -1.24% -1.07% -0.89% -0.71% -0.53% -0.36% -0.18% 0.00% 0.18% 0.36% 0.53% 0.71% 0.89% 1.07% 1.24% 1.42% 1.60% 1.78%
Total Sp. Energy Consump. (kWhe AC/Kg H2)-20.86%
-18.77%
-16.68%
-14.60%
-12.51%
-10.43%-8.34% -6.26% -4.17% -2.09% 0.00% 2.09% 4.17% 6.26% 8.34% 10.43%12.51%14.60%16.68%18.77%20.86%
Energy Cost ($/kWhe AC) -12.87%
-11.59%
-10.30%-9.01% -7.72% -6.44% -5.15% -3.86% -2.57% -1.29% 0.00% 1.29% 2.57% 3.86% 5.15% 6.44% 7.72% 9.01% 10.30%11.59%12.87%
Capacity Factor (%) 14.89%12.13% 9.84% 7.91% 6.27% 4.85% 3.62% 2.55% 1.60% 0.75% 0.00% -0.67% -1.28% -1.83% -2.33% -2.78% -3.19% -3.57% -3.91% -4.23% -4.52%
y = 0.0048x - 0.053
y = 0.0019x - 0.0212
y = 0.0005x - 0.0057
y = 0.0027x - 0.0289
y = 0.0018x - 0.0195
y = 0.0209x - 0.2294
y = -3E-05x3 + 0.0014x2 - 0.028x + 0.1723
-70%
-50%
-30%
-10%
10%
30%
50%
LCOH
Variance
Parameter Variance from Baseline Case
H2 Production Parameters - LCOH 1D Sensitivity
Stack Pack Cost ($/kWe DC) BoP Pack Cost ($/kWe DC) Civil/Infra Pack Cost ($/kWe DC)
WACC (%) Fixed O&M Cost (% of EPC Cost) Total Sp. Energy Consump. (kWhe AC/Kg H2)
Energy Cost ($/kWhe AC) Capacity Factor (%) Linear (Stack Pack Cost ($/kWe DC))
Linear (BoP Pack Cost ($/kWe DC)) Linear (Civil/Infra Pack Cost ($/kWe DC)) Linear (WACC (%))
Linear (Fixed O&M Cost (% of EPC Cost)) Linear (Total Sp. Energy Consump. (kWhe AC/Kg H2)) Poly. (Capacity Factor (%))
Sensitivity-1D-2D
Version: 6
Date: 4/12/2021 Page 13 of 19

Toolkit
H2 Production & Delivery Parameters LCOH 1D Sensitivity Chart
3.28
3.62
3.71
3.96
3.83
3.95
3.97
3.97
4.05
4.07
4.07
4.08
4.13
4.15
4.15
4.15
5.02
4.68
4.59
4.77
4.47
4.35
4.33
4.33
4.27
4.23
4.23
4.22
4.17
4.15
4.15
4.15
4.15
$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0
LCOH $/Kg H2
Parameter
H2 Production & Delivery Parameters Tornado Chart - LCOH $/Kg H2
Total Sp. Energy Consump. (kWhe AC/Kg H2)
(-50%, 0%, 50%)
Energy Cost ($/kWhe AC)
(-50%, 0%, 50%)
H2 Delivery Liquefaction ($/Kg H2)
(-50%, 0%, 50%)
Capacity Factor (%)
(50%, 0%, -50%)
(-50%, 0%, 50%)
H2 Delivery Export Terminal ($/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Base Shipping Cost ($/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Add. Shipping Cost($/Kg H2/km)
(-50%, 0%, 50%)
H2 Delivery Energy Cons. (kWhe/Kg H2)
(-50%, 0%, 50%)
H2 Delivery Energy Net Cost ($/kWhe)
(-50%, 0%, 50%)
H2 Delivery Overall EPC ($/kWe DC)
(-50%, 0%, 50%)
Fixed O&M Cost (% of EPC Cost)
(-50%, 0%, 50%)
H2 Delivery Pipeline Cost ($/Kg H2/km)
(-50%, 0%, 50%)
BoP Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
WACC (%)
(-50%, 0%, 50%)
Civil/Infra Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
Sensitivity-1D-2D
Version: 6
Date: 4/12/2021 Page 14 of 19

Toolkit
H2 Production Parameters LCOH 2D Sensitivity Charts
0
1
2
3
4
5
6
7
8
9
10
LCOH
$/Kg
H
2
Capacity Factor (%)
LCOH Sensitivity 2D
Energy Cost ($/kWhe AC) & Capacity Factor (%)
0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost ($/kWhe AC) Legend
0
1
2
3
4
5
6
7
8
9
10
LCOH
$/Kg
H
2
Capacity Factor (%)
LCOH Sensitivity 2D
Stack Pack Cost ($/kWe DC) & Capacity Factor (%)
100 150 200 250 300 350 400 450 500 550 600 650 700
Stack Pack Cost ($/kWe DC) Legend
0
1
2
3
4
5
6
7
100 150 200 250 300 350 400 450 500 550 600 650 700
LCOH
$/Kg
H
2
LCOH Sensitivity 2D
Energy Cost ($/kWhe AC) & Stack Pack Cost ($/kWe DC)
0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost ($/kWhe AC) Legend
0
1
2
3
4
5
6
7
8
9
20 25 30 35 40 45 50 55 60 65 70 75 80
LCOH
$/Kg
H
2
T. Specific Energy Consumption (kWhe AC/Kg H2)
LCOH Sensitivity 2D
Energy Cost ($/kWhe AC) & T. Specific Energy Consumption (kWhe AC/Kg H2)
0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost (S/kWhe AC) Legend
Sensitivity-1D-2D
Version: 6
Date: 4/12/2021 Page 15 of 19

Toolkit
4.222471
4.149988
4.120306
4.06
4.08
4.10
4.12
4.14
4.16
4.18
4.20
4.22
4.24
20 30 40
LCOH
$/Kg
H
2
Plant Lifecycle Years
LCOH Plant Lifecycle Sensitivity Analysis
Sensitivity-1D-2D
Version: 6
Date: 4/12/2021 Page 16 of 19

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Green Hydrogen Financial Model Toolkit LCOH V6