Green Hydrogen Financial Model Toolkit LCOH V5 Levelized Cost of Green Hydrogen

1. Toolkit for Renewable Energy Project Development
© 2020 Fadi Maalouf
Version: 5
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-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Cover
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 1 of 17

2. 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 Pre-COD-Finance-Cost
7 Summary Inputs Outputs Summary-Inputs-Outputs
8 Cashflow Cashflow
9 Sensitivity 1D 2D Sensitivity-1D-2D
10 Export 2D Hi Res Table for GIS Export-2D-HiRes
11 Export Charts Export-Charts
12 Contact Contact
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Content
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 2 of 17

3. 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.
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Disclaimer
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 3 of 17

4. Toolkit
Green Hydrogen from RE Powered Electrolysis Plant - LCOH
Project Information Summary
Project Communication Details
Project Title Green Hydrogen Plant
Project Reference No.
Project Location
Project Sponsor Organization
Contact Person
Mobile
Email
Web
Project Data Room Page Link
Document Title
Document Version
Document Date 4-Dec-2021
Project Techno-Commercial Details
Electrolyzer Plant Effective Capacity (kWe DC) 1,000,000
Electrolyzer Technology (ALK/PEM/SOEC/Other) ALK
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
Construction Period (Months) 18.0
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
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Project-Info-Summary
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 4 of 17

5. Toolkit
Green Hydrogen from RE Powered Electrolysis Plant - LCOH
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 ALK
H2 Plant Economies of Scale (MWe) 1000
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 ($/kWe DC)
EPC Cost ($)
Project Developer Contingencies Allocation as % of EPC Cost (%)
Project Developer Contingencies Allocation Cost ($/kWe DC)
Project Developer Contingencies Allocation Cost ($)
Project Development Cost ($/kWe DC)
Project Development Cost ($)
Total CAPEX Cost ($/kWe DC)
Total CAPEX Cost ($)
Taxes GST/VAT Rate During Construction (%)
Taxes GST/VAT ($/kWe DC)
Taxes GST/VAT ($)
Finance Cost During Construction as % of Total CAPEX w/ Taxes (%)
Finance Cost During Construction ($/kWe DC)
Finance Cost During Construction ($)
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 ($/kWhe AC)
Energy Net Cost Annual Escalation Yr2+ (%)
Energy Consumption Yr1 (kWhe AC/yr)
Energy Consumption Net Cost Yr1 ($/yr)
General Fixed O&M Cost as % of EPC Cost (%)
General Fixed O&M Annual Escalation Yr2+ (%)
General Fixed O&M Cost Yr1 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 ($/yr)
MMRA - Electrolyzer Stack Replacement Cost as % of Initial EPC Cost (%)
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr) 11
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
H2 Electrolyzer Plant Leased Land Area (m2
)
H2 Electrolyzer Plant Leased Land Cost ($/m2
/yr)
H2 Electrolyzer Plant Leased Land Cost ($/yr)
System
H2 Electrolyzer Plant Effective Capacity (kWe DC)
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)
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
Select "Yes" if stack degradation is to be accounted for ("Yes" is default setting). Select "No" if stack degradation is to be ignored.
1.5% to 3.0% for LSTK type EPC contracts.
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on plant annual capacity factor.
Country Specific (e.g. default is 1 $/m2
). Could be 0 if project is exempted (free land grant/lease).
Applies to H2 production and CAPEX costing calculations. Degradation is applied to this effective capacity.
Calculated Net value kWhe DC for Electrolyzer Stack Only. Based on selected technology.
Calculated specific production value in Kg H2 per kWhe DC plant effective capacity.
Selected Capacity Factor shall match the available and used Weighted Average Cost of Energy (from VRE).
Calculated based on plant capacity factor.
Plant gross production (excludes degradation and availability losses).
Linear Degradation. Verify with electrolyzer stack technology provider.
Linear Degradation. Verify with electrolyzer stack technology provider.
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.
Fixed and set to 0% (deactivated function, Decom Cost = Residual Value).
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on plant annual capacity factor.
Net value kWh AC for complete plant (Electrolyzer + BoP). Verify with selected technology provider.
Calculated value: Net value kWh AC for Electrolyzer Stack Only. Verify with selected technology provider.
Default estimate is 2 Hectares for 100 MWe plant. To be based on selected technology & project concept design.
Calculated value: Net value kWh AC for BoP Only. Verify with selected technology provider.
Enter the efficiency of rectifier that powers electrolyzer stack.
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.
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).
Major Maintenance Reserve Account (MMRA). Funded annually for N-1 years. Override with multi-interval is possible.
Calculated in Pre-COD Finance Cost Sheet.
Country specific (e.g. UAE 5%). Could be 0% if project is exempted.
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).
Based on selected electrolyzer technology.
Package includes installation. includes plant buildings and associated facilities
Engineering, Procurement & Construction Management .
H2 Production Project Developer Costs and Advisory Services Costs.
Country specific (e.g. UAE 5%). Could be 0% if project is exempted.
Set to zero if H2 plant is co-located with RE Solar/Wind/Other plant. Package includes installation & connection to HV line.
Package incl. consumables for testing & commissioning energy/water/etc., & min. fill up of delivery infra pipeline/storage, & plant min. mandatory spare par
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. Provide plant concept design schematic diagram with attributes/specs for each process package.
Default 70%.
Default 5%.
Default 10%
Package includes installation.
Package includes installation.
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Inputs-Form-Guide
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 5 of 17

6. Toolkit
Pre-COD Finance Cost
Inputs (Fill in white background cells only)
Construction Period (Months) 18.0
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%
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%
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%
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
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
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%
Drawdown Selection: Uniform or Custom? Custom
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
Construction Delay (Months)
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
Construction Delay (Months)
Total Pre-COD Finance Cost as % of CAPEX w/
Construction Delay
Total Pre-COD Finance Cost as % of CAPEX with Delay
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Pre-COD-Finance-Cost
© 2020 Fadi Maalouf
Version: 25D
Date: 25/2/2020 Page 6 of 17

7. 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
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
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 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 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 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 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
Pre-COD Finance Cost
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 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
CAPEX (%)
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 (%)
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))
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Pre-COD-Finance-Cost
© 2020 Fadi Maalouf
Version: 25D
Date: 25/2/2020 Page 7 of 17

8. Toolkit
Green Hydrogen from RE Powered Electrolysis Plant - LCOH
PRE-FEASIBILITY ECONOMIC ANALYSIS - BASELINE CASE
INPUTS
Fill In Inputs - White Background Cells Only
General LCOH Component Component $/Kg H2 Component Percentage
Analysis Period (years) 30 Capex Component 0.296328 20.26%
Reference Year for Technology & Costs (year) 2025 Opex Component - Energy Cost 0.961560 65.73%
Electrolyzer Technology ALK Opex Component - General Fixed O&M 0.102475 7.00%
H2 Plant Economies of Scale (MWe) 1000 Opex Component - Water Cost 0.030000 2.05%
Finance Structure Opex Component - Stack Replacement Cost 0.070913 4.85%
Debt Percentage 75.00% Opex Component - Leased Land Cost 0.001663 0.11%
Equity Percentage 25.00% Opex Component - Decom. & Res. Cost 0.000000 0.00%
Debt Interest Rate 3.75% Total Percentage Check
Return on Equity Rate 7.00% 100.00%
WACC / Nominal Discount Rate 4.56% LCOH ($/Kg H2) $1.462938
Capital Expenditure LCOH (AED/Kg H2) 5.376297
Electrolyzer Stack Package Cost ($/kWe DC) $270.00
Electrolyzer Stack Package Cost ($) $270,000,000.00 Model Integrity OK? (True/False) TRUE
Electrical & Mechanical BoP Packages Cost ($/kWe DC) $180.00
Electrical & Mechanical BoP Packages Cost ($) $180,000,000.00
Overall Civil & Infrastructure Package Cost ($/kWe DC) $40.00
Overall Civil & Infrastructure Package Cost ($) $40,000,000.00
HV Substation Package Cost ($/kWe DC) $0.00
HV Substation Package Cost ($) $0.00
Plant Start-up Package Cost ($/kWe DC) $8.00
Plant Start-up Package Cost ($) $8,000,000.00
EPCM Service Package Cost ($/kWe DC) $35.00
EPCM Service Package Cost ($) $35,000,000.00
EPC Cost ($/kWe DC) $533.00
EPC Cost ($) $533,000,000.00
Project Developer Contingencies Allocation as % of EPC Cost (%) 1.50%
Project Developer Contingencies Allocation Cost ($/kWe DC) $8.00
Project Developer Contingencies Allocation Cost ($) $7,995,000.00
Project Development Cost ($/kWe DC) $12.00
Project Development Cost ($) $12,000,000.00
Total CAPEX Cost ($/kWe DC) $553.00
Total CAPEX Cost ($) $552,995,000.00
Taxes GST/VAT Rate During Construction (%) 0.00%
Taxes GST/VAT ($/kWe DC) $0.00
Taxes GST/VAT ($) $0.00
Finance Cost During Construction as % of Total CAPEX w/ Taxes (%) 4.22%
Finance Cost During Construction ($/kWe DC) $23.33
Finance Cost During Construction ($) $23,327,469.80
Total Overnight CAPEX Cost w/ Taxes ($/kWe DC) $576.32
Total Overnight CAPEX Cost w/ Taxes ($) $576,322,469.80
O&M Expenditure
Taxes GST/VAT Rate During Operation (%) 0.00%
Weighted Avg. (PV &/or Wind &/or Other) Energy Unit Rate Net Cost ($/kWhe AC) $0.018000
Energy Net Cost Annual Escalation Yr2+ (%) 0.00%
Energy Consumption Yr1 (kWhe AC/yr) 6,593,424,752.09
Energy Consumption Net Cost Yr1 ($/yr) $118,681,645.54
General Fixed O&M Cost as % of EPC Cost (%) 2.00%
General Fixed O&M Annual Escalation Yr2+ (%) 1.25%
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT Yr1 ($/yr) $10,660,000.00
RE Powered RO Desalinated Water Unit Rate Net Cost ($/m3
) $3.000000
Water Net Cost Annual Escalation Yr2+ (%) 0.00%
Specific Water Consumption (m3
/Kg H2) 0.010000
Water Consumption Yr1 (m3
/yr) 1,234,261.47
Water Consumption Net Cost Yr1 ($/yr) $3,702,784.40
MMRA - Electrolyzer Stack Replacement Cost as % of Initial EPC Cost (%) 20.00%
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr) 11
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $10,660,000.00
H2 Electrolyzer Plant Leased Land Area (m2
) 200,000.00
H2 Electrolyzer Plant Leased Land Cost ($/m2
/yr) $1.0000
H2 Electrolyzer Plant Leased Land Cost ($/yr) $200,000.00
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 (%) 70.00%
H2 Electrolyzer Plant Full Load Equivalent Operating Hours per Year (hr) 6,132.00
H2 Electrolyzer Plant Gross Annual Production Yr1 (Kg H2) 124,811,724.00
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) 0.61320%
H2 Electrolyzer Plant Annual Production Degradation Yr2+ (%/year) 0.61320%
H2 Electrolyzer Plant Annual Availability (%) 99.50%
H2 Electrolyzer Plant Net Annual Production Yr1 (Kg H2) 123,426,146.61
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
OUTPUTS - 30 Years
0.296328
20.26%
0.961560
65.73%
0.102475
7.00%
0.030000
2.05%
0.070913
4.85%
0.001663
0.11%
0.000000
0.00%
LCOH Breakdown $/Kg H2
Capex Component Opex Component - Energy Cost
Opex Component - General Fixed O&M Opex Component - Water Cost
Opex Component - Stack Replacement Cost Opex Component - Leased Land Cost
Opex Component - Decom. & Res. Cost
$270.00
46.85%
$180.00
31.23%
$40.00
6.94%
$0.00
0.00%
$8.00
1.39%
$35.00
6.07%
$8.00
1.39%
$12.00
2.08%
$0.00
0.00%
$23.33
4.05%
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 ($/kWe DC)
Project Developer Contingencies Allocation Cost ($/kWe DC) Project Development Cost ($/kWe DC)
Taxes GST/VAT ($/kWe DC) Finance Cost During Construction ($/kWe DC)
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Summary-Inputs-Outputs
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 8 of 17

9. 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) $1,548,793,823.27 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 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) $1,944,880,477.09 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Electrolyzer Stack Cycle Number 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0
Electrolyzer Stack Replacement Flag 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses
Energy Consumption Net Cost ($/yr) $1,870,119,271.55 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) $199,300,760.72 10,660,000.00 10,793,250.00 10,928,165.63 11,064,767.70 11,203,077.29 11,343,115.76 11,484,904.70 11,628,466.01 11,773,821.84 11,920,994.61 12,070,007.04 12,220,882.13 12,373,643.16 12,528,313.70 12,684,917.62 12,843,479.09 13,004,022.58 13,166,572.86 13,331,155.02 13,497,794.46 13,666,516.89 13,837,348.35 14,010,315.21 14,185,444.15 14,362,762.20 14,542,296.72 14,724,075.43 14,908,126.38 15,094,477.96 15,283,158.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Water Consumption Net Cost ($/yr) $58,346,414.31 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $137,916,678.59 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 10,660,000.00 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
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
H2 Electrolyzer Plant Leased Land Cost ($/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
Total O&M Expenses $2,268,917,082.55 143,904,429.94 143,282,588.39 142,662,412.47 142,043,922.99 141,427,141.04 140,812,087.97 140,198,785.37 139,587,255.13 138,977,519.41 138,369,600.64 145,314,436.98 144,710,220.52 144,107,890.00 143,507,469.00 142,908,981.37 142,312,451.30 141,717,903.24 141,125,361.98 140,534,852.59 139,946,400.48 136,250,946.83 135,666,686.74 135,084,562.05 134,504,599.44 133,926,825.95 133,351,268.93 132,777,956.10 132,206,915.49 131,638,175.53 131,071,764.96 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 $2,268,917,082.55 143,904,429.94 143,282,588.39 142,662,412.47 142,043,922.99 141,427,141.04 140,812,087.97 140,198,785.37 139,587,255.13 138,977,519.41 138,369,600.64 145,314,436.98 144,710,220.52 144,107,890.00 143,507,469.00 142,908,981.37 142,312,451.30 141,717,903.24 141,125,361.98 140,534,852.59 139,946,400.48 136,250,946.83 135,666,686.74 135,084,562.05 134,504,599.44 133,926,825.95 133,351,268.93 132,777,956.10 132,206,915.49 131,638,175.53 131,071,764.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost Flow ($2,268,917,082.55) -576,322,469.80 -143,904,429.94 -143,282,588.39 -142,662,412.47 -142,043,922.99 -141,427,141.04 -140,812,087.97 -140,198,785.37 -139,587,255.13 -138,977,519.41 -138,369,600.64 -145,314,436.98 -144,710,220.52 -144,107,890.00 -143,507,469.00 -142,908,981.37 -142,312,451.30 -141,717,903.24 -141,125,361.98 -140,534,852.59 -139,946,400.48 -136,250,946.83 -135,666,686.74 -135,084,562.05 -134,504,599.44 -133,926,825.95 -133,351,268.93 -132,777,956.10 -132,206,915.49 -131,638,175.53 -131,071,764.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Revenue (check @ LCOH) 180,564,799.88 179,450,745.14 178,336,690.41 177,222,635.67 176,108,580.94 174,994,526.20 173,880,471.46 172,766,416.73 171,652,361.99 170,538,307.25 180,564,799.88 179,450,745.14 178,336,690.41 177,222,635.67 176,108,580.94 174,994,526.20 173,880,471.46 172,766,416.73 171,652,361.99 170,538,307.25 180,564,799.88 179,450,745.14 178,336,690.41 177,222,635.67 176,108,580.94 174,994,526.20 173,880,471.46 172,766,416.73 171,652,361.99 170,538,307.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operations cashflow -576,322,469.80 36,660,369.95 36,168,156.75 35,674,277.94 35,178,712.68 34,681,439.89 34,182,438.23 33,681,686.10 33,179,161.60 32,674,842.58 32,168,706.62 35,250,362.90 34,740,524.62 34,228,800.40 33,715,166.67 33,199,599.56 32,682,074.90 32,162,568.22 31,641,054.75 31,117,509.40 30,591,906.77 44,313,853.06 43,784,058.40 43,252,128.36 42,718,036.23 42,181,754.98 41,643,257.27 41,102,515.37 40,559,501.23 40,014,186.46 39,466,542.30 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 -144,080,617.45
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
140,000,000
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 Electrolyzer Plant Net Annual Output - w/ Lin. Deg. & Avail. Losses - (Kg H2)
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,000,000
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 ($)
Energy Consumption Net Cost ($/yr) General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) Water Consumption Net Cost ($/yr) MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) H2 Electrolyzer Plant Leased Land Cost ($/yr) Residual Value Total O&M Expenses Total Operating Expenses
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Cashflow
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021
Page 9 of 17

10. Toolkit
LCOH 1D Sensitivity Analysis
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
1.4629 1.4629 1.4629 1.4629 1.4629 1.4629 1.4629 1.4629
-50% $135.00 1.3456 -8.02% $90.00 1.3847 -5.35% $20.00 1.4456 -1.19% 2.28% 1.3859 -5.26% $0.009000 0.9822 -32.86% 1.00% 1.4117 -3.50% 26.71 0.7465 -48.97% 35.00% 1.9192 31.19%
-45% $148.50 1.3573 -7.22% $99.00 1.3925 -4.81% $22.00 1.4473 -1.07% 2.51% 1.3932 -4.77% $0.009900 1.0302 -29.58% 1.10% 1.4168 -3.15% 29.38 0.8181 -44.08% 38.50% 1.8363 25.52%
-40% $162.00 1.3691 -6.42% $108.00 1.4004 -4.28% $24.00 1.4490 -0.95% 2.74% 1.4006 -4.26% $0.010800 1.0783 -26.29% 1.20% 1.4219 -2.80% 32.05 0.8898 -39.18% 42.00% 1.7671 20.79%
-35% $175.50 1.3808 -5.61% $117.00 1.4082 -3.74% $26.00 1.4508 -0.83% 2.97% 1.4080 -3.75% $0.011700 1.1264 -23.00% 1.30% 1.4271 -2.45% 34.72 0.9614 -34.28% 45.50% 1.7086 16.79%
-30% $189.00 1.3925 -4.81% $126.00 1.4160 -3.21% $28.00 1.4525 -0.71% 3.19% 1.4156 -3.24% $0.012600 1.1745 -19.72% 1.40% 1.4322 -2.10% 37.39 1.0331 -29.38% 49.00% 1.6585 13.36%
-25% $202.50 1.4043 -4.01% $135.00 1.4238 -2.67% $30.00 1.4542 -0.59% 3.42% 1.4232 -2.71% $0.013500 1.2225 -16.43% 1.50% 1.4373 -1.75% 40.07 1.1047 -24.49% 52.50% 1.6150 10.39%
-20% $216.00 1.4160 -3.21% $144.00 1.4316 -2.14% $32.00 1.4560 -0.48% 3.65% 1.4310 -2.18% $0.014400 1.2706 -13.15% 1.60% 1.4424 -1.40% 42.74 1.1764 -19.59% 56.00% 1.5770 7.80%
-15% $229.50 1.4277 -2.41% $153.00 1.4395 -1.60% $34.00 1.4577 -0.36% 3.88% 1.4388 -1.65% $0.015300 1.3187 -9.86% 1.70% 1.4476 -1.05% 45.41 1.2480 -14.69% 59.50% 1.5434 5.50%
-10% $243.00 1.4395 -1.60% $162.00 1.4473 -1.07% $36.00 1.4595 -0.24% 4.11% 1.4468 -1.10% $0.016200 1.3668 -6.57% 1.80% 1.4527 -0.70% 48.08 1.3196 -9.79% 63.00% 1.5136 3.46%
-5% $256.50 1.4512 -0.80% $171.00 1.4551 -0.53% $38.00 1.4612 -0.12% 4.33% 1.4548 -0.56% $0.017100 1.4149 -3.29% 1.90% 1.4578 -0.35% 50.75 1.3913 -4.90% 66.50% 1.4869 1.64%
0% $270.00 1.4629 0.00% $180.00 1.4629 0.00% $40.00 1.4629 0.00% 4.56% 1.4629 0.00% $0.018000 1.4629 0.00% 2.00% 1.4629 0.00% 53.42 1.4629 0.00% 70.00% 1.4629 0.00%
5% $283.50 1.4747 0.80% $189.00 1.4708 0.53% $42.00 1.4647 0.12% 4.79% 1.4712 0.56% $0.018900 1.5110 3.29% 2.10% 1.4681 0.35% 56.09 1.5346 4.90% 73.50% 1.4412 -1.48%
10% $297.00 1.4864 1.60% $198.00 1.4786 1.07% $44.00 1.4664 0.24% 5.02% 1.4795 1.13% $0.019800 1.5591 6.57% 2.20% 1.4732 0.70% 58.76 1.6062 9.79% 77.00% 1.4215 -2.83%
15% $310.50 1.4981 2.41% $207.00 1.4864 1.60% $46.00 1.4682 0.36% 5.25% 1.4878 1.70% $0.020700 1.6072 9.86% 2.30% 1.4783 1.05% 61.43 1.6779 14.69% 80.50% 1.4035 -4.07%
20% $324.00 1.5099 3.21% $216.00 1.4942 2.14% $48.00 1.4699 0.48% 5.48% 1.4963 2.28% $0.021600 1.6552 13.15% 2.40% 1.4834 1.40% 64.10 1.7495 19.59% 84.00% 1.3869 -5.19%
25% $337.50 1.5216 4.01% $225.00 1.5021 2.67% $50.00 1.4716 0.59% 5.70% 1.5049 2.87% $0.022500 1.7033 16.43% 2.50% 1.4886 1.75% 66.78 1.8212 24.49% 87.50% 1.3718 -6.23%
30% $351.00 1.5333 4.81% $234.00 1.5099 3.21% $52.00 1.4734 0.71% 5.93% 1.5135 3.46% $0.023400 1.7514 19.72% 2.60% 1.4937 2.10% 69.45 1.8928 29.38% 91.00% 1.3577 -7.19%
35% $364.50 1.5451 5.61% $243.00 1.5177 3.74% $54.00 1.4751 0.83% 6.16% 1.5222 4.05% $0.024300 1.7995 23.00% 2.70% 1.4988 2.45% 72.12 1.9645 34.28% 94.50% 1.3447 -8.08%
40% $378.00 1.5568 6.42% $252.00 1.5255 4.28% $56.00 1.4768 0.95% 6.39% 1.5310 4.65% $0.025200 1.8476 26.29% 2.80% 1.5039 2.80% 74.79 2.0361 39.18% 98.00% 1.3327 -8.90%
45% $391.50 1.5685 7.22% $261.00 1.5333 4.81% $58.00 1.4786 1.07% 6.62% 1.5398 5.25% $0.026100 1.8956 29.58% 2.90% 1.5091 3.15% 77.46 2.1078 44.08% 100.00% 1.3262 -9.35%
50% $405.00 1.5803 8.02% $270.00 1.5412 5.35% $60.00 1.4803 1.19% 6.84% 1.5487 5.86% $0.027000 1.9437 32.86% 3.00% 1.5142 3.50% 80.13 2.1794 48.97% 100.00% 1.3262 -9.35%
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) 1.3456 1.3573 1.3691 1.3808 1.3925 1.4043 1.4160 1.4277 1.4395 1.4512 1.4629 1.4747 1.4864 1.4981 1.5099 1.5216 1.5333 1.5451 1.5568 1.5685 1.5803
BoP Pack Cost ($/kWe DC) 1.3847 1.3925 1.4004 1.4082 1.4160 1.4238 1.4316 1.4395 1.4473 1.4551 1.4629 1.4708 1.4786 1.4864 1.4942 1.5021 1.5099 1.5177 1.5255 1.5333 1.5412
Civil/Infra Pack Cost ($/kWe DC) 1.4456 1.4473 1.4490 1.4508 1.4525 1.4542 1.4560 1.4577 1.4595 1.4612 1.4629 1.4647 1.4664 1.4682 1.4699 1.4716 1.4734 1.4751 1.4768 1.4786 1.4803
WACC (%) 1.3859 1.3932 1.4006 1.4080 1.4156 1.4232 1.4310 1.4388 1.4468 1.4548 1.4629 1.4712 1.4795 1.4878 1.4963 1.5049 1.5135 1.5222 1.5310 1.5398 1.5487
Fixed O&M Cost (% of EPC Cost) 1.4117 1.4168 1.4219 1.4271 1.4322 1.4373 1.4424 1.4476 1.4527 1.4578 1.4629 1.4681 1.4732 1.4783 1.4834 1.4886 1.4937 1.4988 1.5039 1.5091 1.5142
Total Sp. Energy Consump. (kWhe
AC/Kg H2)
0.7465 0.8181 0.8898 0.9614 1.0331 1.1047 1.1764 1.2480 1.3196 1.3913 1.4629 1.5346 1.6062 1.6779 1.7495 1.8212 1.8928 1.9645 2.0361 2.1078 2.1794
Energy Cost ($/kWhe AC) 0.9822 1.0302 1.0783 1.1264 1.1745 1.2225 1.2706 1.3187 1.3668 1.4149 1.4629 1.5110 1.5591 1.6072 1.6552 1.7033 1.7514 1.7995 1.8476 1.8956 1.9437
Capacity Factor (%) 1.9192 1.8363 1.7671 1.7086 1.6585 1.6150 1.5770 1.5434 1.5136 1.4869 1.4629 1.4412 1.4215 1.4035 1.3869 1.3718 1.3577 1.3447 1.3327 1.3262 1.3262
y = 0.0117x + 1.3339
y = 0.0078x + 1.3769
y = 0.0017x + 1.4438
y = 0.0082x + 1.3749
y = 0.0051x + 1.4066
y = 0.0716x + 0.6748
y = 0.0481x + 0.9341
y = -7E-05x3 + 0.0039x2 - 0.0821x + 1.9868
0.0
0.5
1.0
1.5
2.0
2.5
3.0
LCOH
$/Kg
H
2
Parameter Variance from Baseline Case
LCOH 1D Sensitivity
Stack Pack Cost ($/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 ($/kWe DC))
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) -8.02% -7.22% -6.42% -5.61% -4.81% -4.01% -3.21% -2.41% -1.60% -0.80% 0.00% 0.80% 1.60% 2.41% 3.21% 4.01% 4.81% 5.61% 6.42% 7.22% 8.02%
BoP Pack Cost ($/kWe DC) -5.35% -4.81% -4.28% -3.74% -3.21% -2.67% -2.14% -1.60% -1.07% -0.53% 0.00% 0.53% 1.07% 1.60% 2.14% 2.67% 3.21% 3.74% 4.28% 4.81% 5.35%
Civil/Infra Pack Cost ($/kWe DC) -1.19% -1.07% -0.95% -0.83% -0.71% -0.59% -0.48% -0.36% -0.24% -0.12% 0.00% 0.12% 0.24% 0.36% 0.48% 0.59% 0.71% 0.83% 0.95% 1.07% 1.19%
WACC (%) -5.26% -4.77% -4.26% -3.75% -3.24% -2.71% -2.18% -1.65% -1.10% -0.56% 0.00% 0.56% 1.13% 1.70% 2.28% 2.87% 3.46% 4.05% 4.65% 5.25% 5.86%
Fixed O&M Cost (% of EPC Cost) -3.50% -3.15% -2.80% -2.45% -2.10% -1.75% -1.40% -1.05% -0.70% -0.35% 0.00% 0.35% 0.70% 1.05% 1.40% 1.75% 2.10% 2.45% 2.80% 3.15% 3.50%
Total Sp. Energy Consump. (kWhe AC/Kg H2)-48.97%
-44.08%
-39.18%
-34.28%
-29.38%
-24.49%
-19.59%
-14.69%-9.79% -4.90% 0.00% 4.90% 9.79% 14.69%19.59%24.49%29.38%34.28%39.18%44.08%48.97%
Energy Cost ($/kWhe AC) -32.86%
-29.58%
-26.29%
-23.00%
-19.72%
-16.43%
-13.15%-9.86% -6.57% -3.29% 0.00% 3.29% 6.57% 9.86% 13.15%16.43%19.72%23.00%26.29%29.58%32.86%
Capacity Factor (%) 31.19%25.52%20.79%16.79%13.36%10.39% 7.80% 5.50% 3.46% 1.64% 0.00% -1.48% -2.83% -4.07% -5.19% -6.23% -7.19% -8.08% -8.90% -9.35% -9.35%
y = 0.008x - 0.0882
y = 0.0053x - 0.0588
y = 0.0012x - 0.0131
y = 0.0056x - 0.0602
y = 0.0035x - 0.0385
y = 0.049x - 0.5387
y = -5E-05x3 + 0.0026x2 - 0.0562x + 0.3581
-70%
-50%
-30%
-10%
10%
30%
50%
70%
90%
LCOH
Variance
Parameter Variance from Baseline Case
LCOH 1D Sensitivity
Stack Pack Cost ($/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))
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 10 of 17

11. Toolkit
0.75
0.98
1.33
1.35
1.39
1.38
1.41
1.45
2.18
1.94
1.92
1.58
1.55
1.54
1.51
1.48
1.46
$0.0 $0.5 $1.0 $1.5 $2.0 $2.5
LCOH $/Kg H2
Parameter
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%)
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 11 of 17

12. Toolkit
0
1
2
3
4
5
6
7
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
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
100 150 200 250 300 350 400 450 500 550 600 650 700
LCOH
$/Kg
H
2
Stack Pack Cost ($/kWe AC)
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
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
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 12 of 17

13. Toolkit
0.0
0.5
1.0
1.5
2.0
2.5
60 59 58 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36
LCOH
$/Kg
H
2
Total Specific Energy Consump (kWhe AC/Kg H2)
LCOH Sensitivity 2D
Stack Pack Cost ($/kWe DC) & T. Specific Energy Consumption (kWhe AC/Kg H2)
700 650 600 550 500 450 400 350 300 250 200 150 100
Stack Pack Cost ($/kWe DC) Legend
Electrolyzer Development Roadmap Analysis
LCOH 2D Sensitivity for Efficiency and Cost
Electrolyzer Total Specific Energy Consumption kWhe AC/Kg H2 & Stack Pack Cost $/kWe DC Impact on LCOH
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 13 of 17

14. Toolkit
1.52
1.46
1.44
1.4
1.42
1.44
1.46
1.48
1.5
1.52
1.54
20 30 40
LCOH
$/Kg
H
2
Plant Lifecycle Years
LCOH Plant Lifecycle Sensitivity Analysis
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 14 of 17

15. Toolkit
DATA TABLES - 2D
LCOH $/Kg H2 Sensitivity Analysis - 2D
Energy Cost ($/kWhe AC)
$1.462938 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
10% 3.240220 3.507320 3.774420 4.041520 4.308620 4.575720 4.842820 5.109920 5.377020 5.644120 5.911220 6.178320 6.445420
15% 2.174991 2.442091 2.709191 2.976291 3.243391 3.510491 3.777591 4.044691 4.311791 4.578891 4.845991 5.113091 5.380191
20% 1.642393 1.909493 2.176593 2.443693 2.710793 2.977893 3.244993 3.512093 3.779193 4.046293 4.313393 4.580493 4.847593
25% 1.322848 1.589948 1.857048 2.124148 2.391248 2.658348 2.925448 3.192548 3.459648 3.726748 3.993848 4.260948 4.528048
30% 1.109828 1.376928 1.644028 1.911128 2.178228 2.445328 2.712428 2.979528 3.246628 3.513728 3.780828 4.047928 4.315028
35% 0.957681 1.224781 1.491881 1.758981 2.026081 2.293181 2.560281 2.827381 3.094481 3.361581 3.628681 3.895781 4.162881
40% 0.843580 1.110680 1.377780 1.644880 1.911980 2.179080 2.446180 2.713280 2.980380 3.247480 3.514580 3.781680 4.048780
45% 0.754841 1.021941 1.289041 1.556141 1.823241 2.090341 2.357441 2.624541 2.891641 3.158741 3.425841 3.692941 3.960041
50% 0.683858 0.950958 1.218058 1.485158 1.752258 2.019358 2.286458 2.553558 2.820658 3.087758 3.354858 3.621958 3.889058
55% 0.625786 0.892886 1.159986 1.427086 1.694186 1.961286 2.228386 2.495486 2.762586 3.029686 3.296786 3.563886 3.830986
60% 0.577400 0.844500 1.111600 1.378700 1.645800 1.912900 2.180000 2.447100 2.714200 2.981300 3.248400 3.515500 3.782600
65% 0.536462 0.803562 1.070662 1.337762 1.604862 1.871962 2.139062 2.406162 2.673262 2.940362 3.207462 3.474562 3.741662
70% 0.501378 0.768478 1.035578 1.302678 1.569778 1.836878 2.103978 2.371078 2.638178 2.905278 3.172378 3.439478 3.706578
75% 0.470976 0.738076 1.005176 1.272276 1.539376 1.806476 2.073576 2.340676 2.607776 2.874876 3.141976 3.409076 3.676176
80% 0.444380 0.711480 0.978580 1.245680 1.512780 1.779880 2.046980 2.314080 2.581180 2.848280 3.115380 3.382480 3.649580
85% 0.420916 0.688016 0.955116 1.222216 1.489316 1.756416 2.023516 2.290616 2.557716 2.824816 3.091916 3.359016 3.626116
90% 0.400064 0.667164 0.934264 1.201364 1.468464 1.735564 2.002664 2.269764 2.536864 2.803964 3.071064 3.338164 3.605264
95% 0.381410 0.648510 0.915610 1.182710 1.449810 1.716910 1.984010 2.251110 2.518210 2.785310 3.052410 3.319510 3.586610
100% 0.364625 0.631725 0.898825 1.165925 1.433025 1.700125 1.967225 2.234325 2.501425 2.768525 3.035625 3.302725 3.569825
Stack Pack Cost ($/kWe DC)
$1.462938 100 150 200 250 300 350 400 450 500 550 600 650 700
10% 3.195462 3.491438 3.787414 4.083389 4.379365 4.675341 4.971317 5.267293 5.563269 5.859245 6.155221 6.451197 6.747173
15% 2.464154 2.661918 2.859681 3.057445 3.255209 3.452973 3.650737 3.848501 4.046265 4.244029 4.441793 4.639557 4.837321
20% 2.098511 2.247170 2.395830 2.544489 2.693149 2.841808 2.990468 3.139127 3.287787 3.436446 3.585105 3.733765 3.882424
25% 1.879134 1.998332 2.117530 2.236728 2.355926 2.475124 2.594322 2.713520 2.832718 2.951916 3.071114 3.190312 3.309510
30% 1.732891 1.832449 1.932007 2.031565 2.131123 2.230681 2.330239 2.429797 2.529355 2.628913 2.728471 2.828029 2.927588
35% 1.628438 1.713968 1.799499 1.885029 1.970560 2.056090 2.141620 2.227151 2.312681 2.398212 2.483742 2.569272 2.654803
40% 1.550104 1.625115 1.700125 1.775136 1.850146 1.925156 2.000167 2.075177 2.150188 2.225198 2.300209 2.375219 2.450229
45% 1.489183 1.556012 1.622841 1.689670 1.756499 1.823328 1.890157 1.956986 2.023815 2.090644 2.157473 2.224301 2.291130
50% 1.440451 1.500735 1.561020 1.621304 1.681588 1.741873 1.802157 1.862442 1.922726 1.983010 2.043295 2.103579 2.163864
55% 1.400583 1.455514 1.510444 1.565374 1.620305 1.675235 1.730165 1.785096 1.840026 1.894956 1.949887 2.004817 2.059747
60% 1.367364 1.417834 1.468303 1.518772 1.569241 1.619710 1.670179 1.720648 1.771118 1.821587 1.872056 1.922525 1.972994
65% 1.339260 1.385955 1.432649 1.479344 1.526039 1.572734 1.619429 1.666123 1.712818 1.759513 1.806208 1.852903 1.899598
70% 1.315174 1.358634 1.402094 1.445554 1.489014 1.532474 1.575934 1.619394 1.662855 1.706315 1.749775 1.793235 1.836695
75% 1.294302 1.334959 1.375616 1.416274 1.456931 1.497588 1.538245 1.578902 1.619559 1.660217 1.700874 1.741531 1.782188
80% 1.276043 1.314248 1.352453 1.390658 1.428863 1.467068 1.505273 1.543478 1.581683 1.619888 1.658093 1.696297 1.734502
85% 1.259934 1.295976 1.332018 1.368059 1.404101 1.440143 1.476184 1.512226 1.548268 1.584310 1.620351 1.656393 1.692435
90% 1.245619 1.279738 1.313857 1.347976 1.382095 1.416214 1.450333 1.484452 1.518572 1.552691 1.586810 1.620929 1.655048
95% 1.232812 1.265212 1.297611 1.330010 1.362410 1.394809 1.427208 1.459607 1.492007 1.524406 1.556805 1.589205 1.621604
100% 1.221289 1.252141 1.282993 1.313845 1.344696 1.375548 1.406400 1.437252 1.468104 1.498955 1.529807 1.560659 1.591511
Energy Cost ($/kWhe AC)
$1.462938 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
100 0.353614 0.620714 0.887814 1.154914 1.422014 1.689114 1.956214 2.223314 2.490414 2.757514 3.024614 3.291714 3.558814
150 0.397074 0.664174 0.931274 1.198374 1.465474 1.732574 1.999674 2.266774 2.533874 2.800974 3.068074 3.335174 3.602274
200 0.440534 0.707634 0.974734 1.241834 1.508934 1.776034 2.043134 2.310234 2.577334 2.844434 3.111534 3.378634 3.645734
250 0.483994 0.751094 1.018194 1.285294 1.552394 1.819494 2.086594 2.353694 2.620794 2.887894 3.154994 3.422094 3.689194
300 0.527454 0.794554 1.061654 1.328754 1.595854 1.862954 2.130054 2.397154 2.664254 2.931354 3.198454 3.465554 3.732654
350 0.570914 0.838014 1.105114 1.372214 1.639314 1.906414 2.173514 2.440614 2.707714 2.974814 3.241914 3.509014 3.776114
400 0.614374 0.881474 1.148574 1.415674 1.682774 1.949874 2.216974 2.484074 2.751174 3.018274 3.285374 3.552474 3.819574
450 0.657834 0.924934 1.192034 1.459134 1.726234 1.993334 2.260434 2.527534 2.794634 3.061734 3.328834 3.595934 3.863034
500 0.701295 0.968395 1.235495 1.502595 1.769695 2.036795 2.303895 2.570995 2.838095 3.105195 3.372295 3.639395 3.906495
550 0.744755 1.011855 1.278955 1.546055 1.813155 2.080255 2.347355 2.614455 2.881555 3.148655 3.415755 3.682855 3.949955
600 0.788215 1.055315 1.322415 1.589515 1.856615 2.123715 2.390815 2.657915 2.925015 3.192115 3.459215 3.726315 3.993415
650 0.831675 1.098775 1.365875 1.632975 1.900075 2.167175 2.434275 2.701375 2.968475 3.235575 3.502675 3.769775 4.036875
700 0.875135 1.142235 1.409335 1.676435 1.943535 2.210635 2.477735 2.744835 3.011935 3.279035 3.546135 3.813235 4.080335
Energy Cost ($/kWhe AC)
$1.462938 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
20 0.206480 0.306480 0.406480 0.506480 0.606480 0.706480 0.806480 0.906480 1.006480 1.106480 1.206480 1.306480 1.406480
25 0.250600 0.375600 0.500600 0.625600 0.750600 0.875600 1.000600 1.125600 1.250600 1.375600 1.500600 1.625600 1.750600
30 0.294720 0.444720 0.594720 0.744720 0.894720 1.044720 1.194720 1.344720 1.494720 1.644720 1.794720 1.944720 2.094720
35 0.338840 0.513840 0.688840 0.863840 1.038840 1.213840 1.388840 1.563840 1.738840 1.913840 2.088840 2.263840 2.438840
40 0.382960 0.582960 0.782960 0.982960 1.182960 1.382960 1.582960 1.782960 1.982960 2.182960 2.382960 2.582960 2.782960
45 0.427080 0.652080 0.877080 1.102080 1.327080 1.552080 1.777080 2.002080 2.227080 2.452080 2.677080 2.902080 3.127080
50 0.471200 0.721200 0.971200 1.221200 1.471200 1.721200 1.971200 2.221200 2.471200 2.721200 2.971200 3.221200 3.471200
55 0.515320 0.790320 1.065320 1.340320 1.615320 1.890320 2.165320 2.440320 2.715320 2.990320 3.265320 3.540320 3.815320
60 0.559440 0.859440 1.159440 1.459440 1.759440 2.059440 2.359440 2.659440 2.959440 3.259440 3.559440 3.859440 4.159440
65 0.603560 0.928560 1.253560 1.578560 1.903560 2.228560 2.553560 2.878560 3.203560 3.528560 3.853560 4.178560 4.503560
70 0.647680 0.997680 1.347680 1.697680 2.047680 2.397680 2.747680 3.097680 3.447680 3.797680 4.147680 4.497680 4.847680
75 0.691800 1.066800 1.441800 1.816800 2.191800 2.566800 2.941800 3.316800 3.691800 4.066800 4.441800 4.816800 5.191800
80 0.735920 1.135920 1.535920 1.935920 2.335920 2.735920 3.135920 3.535920 3.935920 4.335920 4.735920 5.135920 5.535920
Stack Pack Cost ($/kWe DC)
$1.462938 700 650 600 550 500 450 400 350 300 250 200 150 100
60 2.059234 2.010421 1.961608 1.912794 1.863981 1.815168 1.766355 1.717541 1.668728 1.619915 1.571101 1.522288 1.473475
59 2.025414 1.977414 1.929414 1.881415 1.833415 1.785415 1.737415 1.689416 1.641416 1.593416 1.545416 1.497416 1.449417
58 1.991593 1.944407 1.897221 1.850035 1.802848 1.755662 1.708476 1.661290 1.614104 1.566917 1.519731 1.472545 1.425359
57 1.957773 1.911400 1.865027 1.818655 1.772282 1.725909 1.679537 1.633164 1.586792 1.540419 1.494046 1.447674 1.401301
56 1.923952 1.878393 1.832834 1.787275 1.741716 1.696157 1.650598 1.605038 1.559479 1.513920 1.468361 1.422802 1.377243
55 1.890132 1.845386 1.800640 1.755895 1.711149 1.666404 1.621658 1.576913 1.532167 1.487422 1.442676 1.397931 1.353185
54 1.856311 1.812379 1.768447 1.724515 1.680583 1.636651 1.592719 1.548787 1.504855 1.460923 1.416991 1.373059 1.329127
53 1.822490 1.779372 1.736254 1.693135 1.650017 1.606898 1.563780 1.520661 1.477543 1.434425 1.391306 1.348188 1.305069
52 1.788670 1.746365 1.704060 1.661755 1.619450 1.577145 1.534841 1.492536 1.450231 1.407926 1.365621 1.323316 1.281011
51 1.754849 1.713358 1.671867 1.630375 1.588884 1.547393 1.505901 1.464410 1.422919 1.381427 1.339936 1.298445 1.256953
50 1.721029 1.680351 1.639673 1.598995 1.558318 1.517640 1.476962 1.436284 1.395607 1.354929 1.314251 1.273573 1.232896
49 1.687208 1.647344 1.607480 1.567615 1.527751 1.487887 1.448023 1.408159 1.368294 1.328430 1.288566 1.248702 1.208838
48 1.653388 1.614337 1.575286 1.536236 1.497185 1.458134 1.419084 1.380033 1.340982 1.301932 1.262881 1.223830 1.184780
47 1.619567 1.581330 1.543093 1.504856 1.466619 1.428381 1.390144 1.351907 1.313670 1.275433 1.237196 1.198959 1.160722
46 1.585746 1.548323 1.510899 1.473476 1.436052 1.398629 1.361205 1.323782 1.286358 1.248935 1.211511 1.174087 1.136664
45 1.551926 1.515316 1.478706 1.442096 1.405486 1.368876 1.332266 1.295656 1.259046 1.222436 1.185826 1.149216 1.112606
44 1.518105 1.482309 1.446512 1.410716 1.374920 1.339123 1.303327 1.267530 1.231734 1.195937 1.160141 1.124345 1.088548
43 1.484285 1.449302 1.414319 1.379336 1.344353 1.309370 1.274387 1.239405 1.204422 1.169439 1.134456 1.099473 1.064490
42 1.450464 1.416295 1.382125 1.347956 1.313787 1.279617 1.245448 1.211279 1.177110 1.142940 1.108771 1.074602 1.040432
41 1.416644 1.383288 1.349932 1.316576 1.283220 1.249865 1.216509 1.183153 1.149797 1.116442 1.083086 1.049730 1.016374
40 1.382823 1.350281 1.317739 1.285196 1.252654 1.220112 1.187570 1.155027 1.122485 1.089943 1.057401 1.024859 0.992316
39 1.349002 1.317274 1.285545 1.253816 1.222088 1.190359 1.158630 1.126902 1.095173 1.063444 1.031716 0.999987 0.968259
38 1.315182 1.284267 1.253352 1.222436 1.191521 1.160606 1.129691 1.098776 1.067861 1.036946 1.006031 0.975116 0.944201
37 1.281361 1.251260 1.221158 1.191057 1.160955 1.130853 1.100752 1.070650 1.040549 1.010447 0.980346 0.950244 0.920143
36 1.247541 1.218253 1.188965 1.159677 1.130389 1.101101 1.071813 1.042525 1.013237 0.983949 0.954661 0.925373 0.896085
Total Spec Energy Consump
(kWhe AC/Kg H2)
Total Spec Energy Consump
(kWhe AC/Kg H2)
Capacity Factor (%)
Capacity Factor (%)
Stack Pack Cost (S/kWe DC)
Green-Hydrogen-Model-LCOH-rev-5-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Sensitivity-1D-2D
© 2020 Fadi Maalouf
Version: 5
Date: 4/12/2021 Page 15 of 17