Municipality of Sirone (LC)

Transcription

Municipality of Sirone (LC)
[Revenue stamp of €16.00, stamped by the Tribunale Ordinario di Milano]
Subject: Expert appraisal to determine the most
likely market value of an industrial complex with
adjoining land owned by CLARIS LEASING S.P.A.
at via Don Brambilla 26/28, SIRONE (LC).
Arturo Guadagnolo, Via Giovanni da Milano 15, 20133 MILAN (MI)
This report has been translated into the English language solely for the convenience of the
international readers.
[Stamped by the Tribunale Ordinario di Milano]
Milan, 16 October 2013
Subject: Expert appraisal to determine the most likely market value of an industrial
complex with adjoining land owned by CLARIS LEASING S.P.A. at via Don Brambilla
26/28, SIRONE (LC).
PREAMBLE
On 10 June 2013, I, Arturo Guadagnolo, member of the Order of Engineers of the Province of
Milan registered under No. 20958, with a technical office at Via Giovanni da Milano 15,
Milan (MI), was charged by the related parties committee of TESMEC S.P.A. with registered
office at Piazza San Ambrogio 16, MILAN (MI) to prepare an expert appraisal to assess the
most likely market value of an industrial complex and land owned by Claris Leasing S.p.A.
and leased to CBF S.R.L. at via Don Brambilla 26/28, SIRONE (LC).
The industrial complex and its land are registered in the Land Registry under sheet 7, parcel
512, subordinates 702 and 703, as shown in the attached cadastral maps.
From an urban planning point of view, as can be seen in the attached extract of the territorial
planning programme, the industrial complex is located in area “D1 - Areas of confirmation
and expansion of existing production activities,” or, in summary, an industrial expansion
area for almost the entire lot, while a limited section adjacent to Via Don Brambilla (formerly
a provincial road or strada provinciale) is classified as a buffer zone with regard to power
lines, roads and railways, etc.
DESCRIPTION OF THE PROPERTY TO BE ASSESSED
The property being assessed consists of production buildings and offices with an attached
caretaker's residence, outbuildings, and a large industrial area.
This property is composed as follows:
The buildings were constructed in stages starting in 1961-1962 and were extended several
times up to the present structure, which dates from 1985.
It consists of a basement, a ground floor, a mezzanine and a first floor, as well as external
metal outbuildings for storage.
The basement houses storage areas for the canteen and the accounting department; the
production departments, changing rooms and executive and administrative offices are located
on the ground floor; a test room is on the mezzanine; and the canteen with adjoining kitchens
and caretaker’s residence are located on the first floor.
There is also a large external area with roads, green spaces and car parks, covering a total area
of 10,166 square metres, of which 2,604 square metres has construction potential.
The main characteristics of the buildings are as follows:
STRUCTURAL ELEMENTS: the load-bearing structure (pillars and roofing) is of reinforced
concrete, partly cast in situ and partly prestressed; the roofing – both flat and shed-style – is of
normal and prestressed reinforced concrete and partly of steel.
FAÇADE ELEMENTS: the external walls are masonry in the oldest, original sections, while
they are made of prefabricated panels in the more recent sections; the door , entrance and
window frames are made of metal; they are fitted with wired glass in the outbuildings while in
the offices and caretaker's residence, they are of wood.
EXTERNAL ELEMENTS: the enclosure walls are of reinforced concrete with an overlying
barrier in iron; the aprons and manoeuvring areas are adequately asphalted, with the exception
of the green area in front of the offices.
INTERNAL ELEMENTS: the flooring of the production area is of industrial concrete. The
flooring of the offices, the services on the ground floor, and the locker room is ceramic, as is
that of the canteen, kitchens and caretaker's residence.
EQUIPMENT: the building is equipped with central heating, water supply, electrical
installations for lighting, data and power generation located adjacent to each workstation, a
fire protection system and a MV transformer substation; the heating system, which runs on
methane gas, consists of two boilers that also supply the new outbuilding. In addition, a
photovoltaic plant has just been installed with a peak capacity of 196 kW, which supplies the
production areas and is included in the register of the Italian National Grid Operator (GSE).
ROOFING: the roofing has been completely redone in sheet steel insulated with 14 cm of
glass wool to obtain a thermal transmittance of 0.217 W/m2 °K, much lower than the legal
requirement of 0.3 W/m2 °K.
OUTBUILDINGS: the outbuildings have an iron load-bearing frame, which is covered in
prepainted sheet metal.
DETERMINING THE VALUE OF THE PROPERTY
This determination is performed using the synthetic comparative method, obtained by
comparing the market values and the characteristics of similar properties known to the writer
in the area with the specific characteristics of the property subject to appraisal.
To this end, I can observe that:
– The location, availability of the surrounding area, architectural and structural characteristics
of the materials used in construction and their state of maintenance, and the convenience of
parking both within and outside the property give the property an excellent level of
marketability.
– The recent roofing works (shown in the attached photographs together with the photovoltaic
plant), coupled with the installation of thermal insulation that is significantly higher than
regional limits, and the contingent construction of a photovoltaic plant – incentivised by the
Italian National Grid Operator – with an installed capacity of 199 kW to supply the industrial
activities performed, all serve to enhance the value of the entire property.
Indeed, as shown in the attached “Energy savings estimate report” produced by Mr Alberto
Colombi, the thermal insulation installed will lead to a saving of around 29% of energy costs
for heating (approximately €20,000/year). The 199 kW photovoltaic plant will also produce
power (as can be seen in the attached economic report relating to photovoltaics, again
produced by Mr Colombi) of about 215,000 kW/h per year, involving an NPV (net present
value, in addition to the market value of the property) of €803,123.34.
This NPV alone, when considered in relation to the commercial surface area of 8,749 m2,
produces a higher commercial value of € 91.79/m2 compared to identical buildings
– the external areas have been completely levelled, restored using dry quarried materials,
surfaced using rolled fine gravel or asphalt, completely enclosed with concrete walls and iron
barriers, and equipped with facilities and structures, including underground.
These characteristics result in the valuation of the property at a level higher than the current
commercial value of similar properties, the details of which are broken down in the table
below.
On the basis of the description of the property and the above considerations, the value of
the industrial complex owned by CBF S.R.L. and located at Via Don Brambilla 26/28 in
the municipality of Sirone (LC) can be broken down as follows:
- Basement: warehousing/storage area
- Ground floor: production area
335 m2 x € 550 =
€ 184,250.00=
6,457 m2 x € 550 =
€3,551,350.00=
- Ground floor: office space
727 m2 x €1,050 = € 736,350.00=
- Ground floor: outbuildings
415 m2 x € 250 =
€ 103,750.00=
- Mezzanine: laboratory
130 m2 x € 500 =
€
- First floor: canteen and kitchens
295 m2 x € 900 =
€ 266,500.00=
- Terraces
190 m2 x € 400 =
€
- Caretaker’s residence
200 m2 x €1,050 = € 210,000.00=
65,000.00=
76,000.00=
- Land with construction potential
2,604 m2 x €
90 =
€ 234,360.00=
- Land without construction potential
7,562 m2 x €
10 =
€
TOTAL
The above items add up to provide a TOTAL of € 5,503,180.00
€
75,620.00=
5,503,180.00=
CONCLUSION
Based on the reasoning set forth above, the most likely market value of the industrial
property owned by CBF S.R.L. at Via Don Brambilla 26/28, SIRONE, is estimated at
€5,503,180.00 as at 16 October 2013.
In witness whereof
(Arturo Guadagnolo)
Milan, 16/10/2013 [handwritten]
[Signature and stamp of the Order of Engineers of the Province of Milan]
Sole attachment = file containing:
general cadastral map and sheets
extract of the current territorial planning programme
energy savings estimate report
economic report
photographs showing the outside of the building, roofing and photovoltaic plant
Milan 16/10/2013
[Signature and stamp of the Order of Engineers of the Province of Milan]
[Stamp]
TRIBUNALE ORDINARIO DI MILANO
SWORN STATEMENT OF EXTRAJUDICIAL EXPERT APPRAISAL
On the 21st day of October of the year 2013, at the records office of the above Office, Mr
ARTURO GUADAGNOLO, born in FALERNA on 18/08/1963, residing at via G. DA
MILANO 15, identified with Identity Card No. AR4564837 issued by the City of Milan on
22/02/2010, personally appeared before the undersigned registrar, presenting the report
carried out by him/her on 16/10/2013 and asking for it to be certified by sworn statement.
Cautioned by me in accordance with the law(1), the appearing party declared the following
words by way of oath: “I swear that I have performed the operations faithfully and to the best
of my ability with sole purpose of making the truth known.”
Read, confirmed and signed.
[Signature, date and stamp]
N.B.
The Office does not assume any responsibility with regard to the contents of the appraisal
certified by means of the sworn statement above.
[illegible]
SOLE ATTACHMENT TO THE APPRAISAL OF 16 OCTOBER 2013, CARRIED OUT
ON BEHALF OF THE RELATED PARTIES COMMITTEE OF TESMEC S.P.A.
FILE CONTAINING:
general cadastral map and sheets
extract of the current territorial planning programme
energy savings estimate report
economic report
photographs showing the outside of the building, roofing and photovoltaic plant
Milan, 16 October 2013
[Signature, Stamp of the Order of Engineers of the Province of Milan, Revenue stamp of €16.00,
stamped by the Tribunale Ordinario di Milano]
LEGEND
Ufficio Provinciale di LECCO – Direttore: ING GIANLUCA SALAMONE – Provincial office of LECCO –
Director: GIANLUCA SALAMONE
Per visura – Title search
Prot. N. T124266/2011 – Protocol No. T124266/2011
Scala orginale – Original scale
Dimensione cornice – Frame dimensions
metri - meters
Comune: SIRONE – Municipality: SIRONE
Foglio - Sheet
AREA OGGETTO DI PERIZIA – AREA SUBJECT TO APPRASAL
Particella – Parcel
Dati cartografici e censuari non allineati o non registrati - Map and census data not aligned or not
registered
LEGEND
AREA DI PERTINENZA – AREA OF INTEREST
PIANTA PIANO TERRA – GROUND FLOOR PLAN
ARRETRAMENTO STRADALE – ROAD SETBACK
Agenzia del Territorio – Land Registry
CATASTO FABBRICATI – LAND REGISTER
Ufficio Provinicale di LECCO – Provincial office of Lecco
Dichiarazione protocollo n. LC0008339 del 27/01/2005 - Declaration regarding
protocol no. LC0008339 dated 27/01/2005
Subalterno – Subordinate
Planimetria di uiu in Comune di Sirone – Map of urban building units in the municipality of Sirone
Identificativi Catastali – Land register references
Sezione – Section
Foglio – Sheet
Compilata da – Drawn up by
Iscritto all’albo – Recorded in the Register
Geometri - Surveyors
Prov. Lecco – Province of Lecco
Data – Date
Richiedente – Requestor
Catasto dei Fabbricati – Buildings register
Situazione al – Situation as at
Totale schede – Total number of sheets
Formato di acquisizione – Format filed
Formato stampa richiesto – Print format requested
Ultima planimetria in atti – Latest map in existence
Scala – Scale
Metri - meters
LEGEND
PIANTA PIANO INTERRATO – BASEMENT PLAN
TERRAPIENO - EMBANKMENT
CANTINA – CELLAR
DEPOSITO – STORAGE AREA
AL MONTAGGIO – TO ASSEMBLY AREA
METROLOGIA – MEASUREMENT
SPOGLIATOI UOMINI – MENS’ CHANGING ROOMS
PORTICO – PORCH
Ufficio Provinciale di LECCO – Provincial office of Lecco
Sezione – Section
Foglio – Sheet
Data – Date
Scala - Scale
Metri - meters
LEGEND
PIANTA PIANO TERRA - GROUND FLOOR PLAN
TETTOIA DEPOSITO – STORAGE OUTBUILDING
SCOMPARTI RACCOLTA LIMITATURA DI FERRO – IRON FILINGS COLLECTION BINS
TETTOIA - OUTBUILDING
OFFICINA - WORKSHOP
MAGAZZINO - WAREHOUSE
CABINA ENEL – ENEL SUBSTATION
CALDAIA – BOILER ROOM
UFFICI SENZA PERMANENZA DI PERSONE – OFFICE SPACE WITHOUT PERMANENT PRESENCE OF
STAFF
UFFICIO – OFFICE
ATTREZZERIA – TOOLS STORAGE
PORTICATO – PORCH
PORTICO – PORCH
PENSILINA – COVERED AREA
TRATTAMENTI TERMICI
VANO DEPURAZIONE – PURIFICATION COMPARTMENT
CABINA ELETTRICA INTERNA – INTERNAL ELECTRICAL SUBSTATION
DISIMPEGNO – CORRIDOR
INGRESSO – ENTRANCE
ALTRA U.I. – OTHER BUILDING
Sezione – Section
Foglio – Sheet
Data – Date
Scala - Scale
Metri - meters
LEGEND
PIANTA PIANO PRIMO – FIRST FLOOR PLAN
USCITA DI SICUREZZA – EMERGENCY EXIT
TERRAZZO – TERRACE
MENSA OPERAI – WORKERS’ CANTEEN
CUCINA – KITCHEN
MENSA DIRIG. – MANAGERS’ CANTEEN
DISPENSA – BACK KITCHEN
SALA PROVE – TEST ROOM
Scala – Scale
Metri – meters
Subalterno – Subordinated
LEGEND
PIANO TERRA – GROUND FLOOR
CUCINA – KITCHEN
CAMERA – BEDROOM
BAGNO – BATHROOM
SOGGIORNO – LIVING ROOM
TERRAZZO – TERRACE
ALTRA U.I. – OTHER BUILDING
Sezione – Section
Foglio – Sheet
Data - Date
Comune di SIRONE – Municipality of SIRONE
Scheda – Sheet
Scala – Scale
Metri - meters
EXTRACT OF THE TERRITORIAL PLANNING PROGRAMME
LEGEND
PRODUCTION AREAS
D1
Areas of confirmation and expansion of existing production activities
Italforge area (with specific name of intervention)
Short transport area (with specific name of intervention)
D2
Areas of productive use with expert appraisal
D3
Areas complementary to the productive areas
See specific intervention legislation
Environmental buffer zone and filter
Buffer zone with regard to power lines, roads and railways and absolute
respect for reservoirs, springs and wells.
Cemeterial setback area
Sirone well setback area
Ing. Alberto Colombi
24060 Endine Galano (BG) – Via San Remigio, 2 – Tel. 035/827454 Fax 035/8232336 email ing.a.colombi@gmail.com
ENERGY SAVINGS ESTIMATE REPORT
I, the undersigned engineer, ALBERTO COLOMBI, enrolled in the Professional Register of
Engineers of the Province of Bergamo under No. 1889, accredited energy certifier registered
with CENED Italy under No. 689, and with a technical office at via San Remigio 2, Endine
Gaiano, Tel 035-82.74.54, on behalf of CBF SRL, have estimated the energy savings resulting
from the installation of thermal insulation on the roof of the facility leased to TESMEC at via
Don Brambilla 26/28, Sirone (LC), carried out in connection with the disposal of an
ETERNIT roof covering and the installation of a 196 kW photovoltaic plant.
As part of these works, a layer of mineral wool of an average thickness of 14 cm was added,
reducing the thermal transmittance (thermal heat transfer coefficient per Kelvin) from an
average value of 2.03 W/m2 °K to the much lower value of 0.217 W/m2 °K.
By entering these values into the CENED+ software used in Lombardy for buildings
certifications, two energy certificates were simulated, one pre-intervention and another postintervention: the annual energy requirements per cubic metre of the heated facility (EpH)
were reduced from 41.77 to 29.7 KWh/m3 year (see images below), thus achieving a saving of
29% on heating costs at the same temperature.
Considering that last year € 84,200.08 was spent on methane gas, 6-7% of which was to meet
the needs of the canteen, I hereby affirm that the installation of thermal insulation will lead to
average savings (estimated using 2012 cost of gas figures), of no less than €20,000/year.
I remain at your disposal for any clarification.
Yours sincerely,
Endine Gaiano, 23 July 2013
Responsible engineer
[signature and stamp]
Legend
Classe energetica - Energy rating
[illegible]
Indicatori – Indicators
Riscaldamento o climatizzazione invernale – Heating or air-conditioning in winter
Acqua calda sanitaria – Domestic hot water
Totale per usi termici – Total for thermal use
Illuminazione - Lighting
Solare termico (Riscaldamento) – Solar thermal panel (Heating)
Solare termico (ACS) – Solar thermal panel (Domestic hot water)
Solare fotovoltaico – Solar photovoltaic
Indicatori - Indicators
Riscaldamento - Heating
Acqua calda sanitaria – Domestic hot water
Riscaldamento + ACS – Heating + domestic hot water
Rapporto S/V – Surface area/Volume ratio
Indicatori – Indicators
Emissioni di CO2 – CO2 emissions
Fabbisogno energetico post intervento – Energy requirements post intervention
Fabbisogno energetico pre intervento – Energy requirements pre intervention
MUNICIPALITY OF SIRONE (LC)
PHOTOVOLTAIC PLANT CONNECTED TO THE NATIONAL GRID FOR THE
SALE OF ELECTRICITY
Installed capacity = 199.925 kW
Economic Report
Plant: Plant1
Client: CBF SRL – Legal representative: Ambrogio Caccia Dominoni
Location: Via Don Brambilla 26/28, SIRONE (LC)
SIRONE, 19/09/2013
Engineer
(Alberto Colombi)
[Signature and stamp]
1
Plant1 – Economic report
GENERAL DATA
PV plant location
Plant ID
Address
Postcode, Town/City
Plant1
Via Don Brambilla 26/28
23844 SIRONE (LC)
Client
Name and surname
Tax code
VAT No.
Date of birth
Place of birth
Ambrogio Caccia Dominoni
Address
Postcode, Town/City
Telephone
Fax
Email
Via Caccia Dominioni 10
23017 MORBEGNO (SO)
0354232911
035335664
ambrogio.caccia@tesmec.it
Role
Legal representative
Name
Tax code
VAT No.
CBF SRL
03082490164
03082490164
Address
Postcode, Town/City
Telephone
Fax
Email
Via Zanica 17/O
24050 GRASSOBBIO (BG)
0354232911
0354232911
ambrogio.caccia@tesmec.it
27/08/1946
MORBEGNO
Engineer
Name
ING. COLOMBI & C. S.R.L.
Name and surname
Profession
Tax code
VAT No.
Professional register
Alberto Colombi
Engineer
03755920166
03755920166
Engineering (BG)
2
Registration No.
1889
Address
Postcode, Town/City
Telephone
Fax
Email
Via San Remigio 2
24060 ENDINE GAI ANO (BG)
035827454
0358232336
info@ingcolombi.eu
POTENTIAL PLANT PRODUCTIVITY
Description of the PV plant : Plant1
The PV plant, called “Plant1”, is grid-connected with a three-phase medium voltage connection.
It has a total installed capacity of 199.925 kW and an annual energy production of 215,206.70 kWh
(equivalent to 1,076.44 kWh /kW), derived from 727 modules covering an area of 1,209.73 m2. The
plant consists of one generator and is used for the sale of electricity.
The site where the PV plant will be installed is described below.
PV plant positioned on the roof of the outbuildings of the Sirone facility.
Technical data sheet of the PV plant
General data
Address
Post code, Town/City (Province)
CBF SRL – Legal representative: Ambrogio
Caccia Dominioni
Via Don Brambilla 26/28
23844 SIRONE (LC)
Lattitude
Longitude
Altitude
45°.7736 N
9°.3217 E
273 m
Annual solar radiation on a horizontal plane
Shade coefficient
4 574.00 MJ/m2
1.00
Client
Technical data
Total area of modules
Total number of modules
Total number of inverters
1 209.73 m*
727
1
3
Total annual energy production
Total capacity
Phase L1 capacity
Phase L2 capacity
Phase L3 capacity
Energy per kW
BOS
215 206.70 kWh
199.925 kW
66.642 kW
66.642 kW
66.642 kW
1 076.44 kWh/kW
74.97%
Energy produced
The total annual energy production of the PV plant is 215,206.70 kWh
The chart below shows the energy production on a monthly basis:
Legend
Energia mensile – Monthly energy production
Fig. 2: Energia mensile prodotta dall’impianto – Fig. 2: Monthly energy production of the PV plant
4
CONSUMPTION
List of equipment
The following table shows the list of equipment with the relative annual consumption:
Description
Annual consumption (kWh)
Global consumption
985 500.00
Consumption
Total annual consumption is 985 500.00 kWh. The graph below shows the monthly consumption
Legend
Consumo mensile – monthly consumption
Fig. 3: Consumo mensile di energia - Fig. 3: Monthly energy consumption
5
ANALYSIS OF REVENUES
Feed-in tariff revenues – Ministerial Decree of 05/07/2012 Fifth Energy Bill (Conto Energia)
The Decree of 5 July 2012 (Minister of Economic Development in consultation with the Minister of
the Environment and Protection of Land and Sea) – the “Fifth Energy Bill” – establishes the criteria
and procedures for promoting the production of electricity from solar photovoltaic plants. The Italian
Authority for Electricity and Gas (AEEG), with its resolution of 12 July 2012, established 27 August
2012 as the date for the commencement of the new incentive arrangements governed by the decree.
The feed-in tariffs of the Fifth Energy Bill cannot be combined with the recognition or request for tax
deduction.
In addition, the feed-in tariffs are alternatives to the following benefits:
a)
the net metering mechanism for permitted installations, subject to the exception laid down in
Article 355 (7) of Legislative Decree No. 66 of 15 March 2010, and the terms and conditions set
forth in Resolution ARG/elt 186/09. This mechanim is applied, at the request of the producer, as
an alternative to feed-in tariffs, before the end of the period of entitlement to the same tariffs, and
after the end of the period of entitlement to feed-in tariffs;
b) withdrawal under the terms and conditions set by the Authority for Electricity and Gas pursuant to
art. 13(3) of Legislative Decree No. 387 of 29 December 2003, or the sale to the market, but only
for power plants up to 1 MW.
Feed-in tariff
The Decree provides for an incentive system based on an all-inclusive rate for electricity generated
and fed into the grid and a premium rate for the energy consumed on-site.
The feed-in tariff is determined on the basis of Article 5 of the Ministerial Decree of 5 July 2012 and
is valid for a period of 20 years from the date of entry into operation of the plant.
General data
Entry into operation
Total capacity
Type of plant
H2
199.925 kW
Integrated with innovative characteristics
Auto-consumption tariff
All-inclusive tariff
€0.149/kWh
€0.231/kWh
Increase for specific types and applications
As defined in art. 5(2)(a)(b), the feed-in tariff is increased as specified below.
6
For installations with major components made solely in an EU Member State or one that is party to the
European Economic Area Agreement – EEA (art. 2(1)(v)):
- by €0.020/kWh (in operation by 31 -12-2013)
For installations on buildings where the modules are installed instead of roofing, allowing the
complete removal of asbestos or eternit roofing:
- by €0.020 / kWh (capacity greater than 20 kW, in operation by 31-12-2013)
The total increase is, therefore, equal to €0.040/kWh.
Feed-in tariff summary
The production incentive can be summarized as follows:
Description
Final auto-consumption tariff
Final all-inclusive tariff
Revenues for the first year
Amount
€0.189/kWh
€0.271/kWh
€41 464.71
Consumer Data
Committed capacity
Energy purchase rate
Energy purchase rate
1.00 kW
BTA6 – Three-hourly 2011
The rate at which electricity is purchased is made up of several components.
Energy component: this is the only energy component of the PED fee (energy and dispatching price)
of the TIV (Integrated text coverning the sale of electricity).
Dispatching component: this is the fee for the dispatching of electricity.
PCV component: this is the fee to cover marketing costs related to the sale of electricity.
Transport component:
this comprises the transmission, distribution and metering services
(installation and maintenance of meters and the collection, validation and recording of electricity data).
They differ by type of end customers:
a) Residential end customers with tariff D2/D3.
b) Other non-residential end customers
7
Component A: this covers expenses incurred in the general interest of the electrical system such as,
for example, research costs, costs to encourage the use of renewable energy sources, etc.
Component UC: this covers additional cost elements of the electrical service (such as balancing, for
example).
Component MCT: it is the tariff component for the financing of regional compensation measures
pursuant to aricle 4(1-bis) of Law no. 368/03.
General Data
Tariff name
Description
Type of consumers
Regime
Committed capacity
Pricing type
Time bands
Duties
Additional duty to local authorities
VAT
Energy component
Fixed quota (€)
Capacity quota (€/kW)
Energy quota (€/kW)
Tariff F1
Tariff F2
Tariff F3
Tariff applied to high usage low-voltage
contracts with a committed capacity of greater
than 16.5 kW
Other uses – BT
Protected market
Over 16.50 kW
Three-hourly
AEEG 181/06 – Three-hourly
€0.00310/kWh
€0.00930/kWh
20.0%
0.00000
0.00000
0.09348
0.08538
0.06295
Dispatching component
Fixed quota (€)
-12.74000
0.00000
0.00767
PVC component
Fixed quota (€)
49.70000
0.00000
0.00000
Transmission component
Fixed quota (€)
30.15330
28.77960
0.00563
8
Component A
Fixed quota (€)
52.07900
0.00000
0.02286
Component UC
Fixed quota (€)
1.43570
0.00000
0.00132
Component MCT
Fixed quota (€)
0.00000
0.00000
0.00017
Total
Fixed quota (€)
Tariff F1
Tariff F2
Tariff F3
120.62800
28.77960
0.13113
0.12303
0.10060
Table of the time bands (AEEG 181/06 – Three-hourly)
Tariff F1
Tariff F2
Tariff F3
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
9
COST ANALYSIS
PV plant installation cost
Total installation cost
The estimated cost of installation of the PV plant, including technical and other expenses, is detailed
below:
Description
Cost of works (1,000.00 €/kW)
Technical expenses (7,50%)
Other expenses
Amount
€199,925.00
€15,000.00
€0.00
€214,925.00
Spending commitment
The spending commitment required can be summarised as follows:
Description
Total cost of PV plant
Leasing
Fee
Interest
Duration
Initial payment
Final payment
Annual cost
Total cost
Total spending commitment
Amount
€214,925.00
€191,400.00
€4,867.98
5.00%
10 years
€24,186.00
€24,186.00
€19,471.92
€243,091.26
€47,711.00
Operating costs
One-off costs
One-off costs include the following technological costs required to perform an accurate economic
assessment of the plant:
10
Description
Extraordinary maintenance
Replacement of inverter
Year
(€/kW)
(%)
10
20
0.00
0.00
(€)
0.00
0.00
0.00
0.00
Recurring costs
The following recurring costs are required for the proper functioning of the plant:
Description
Maintenance
Insurance
Period
Duration (%)
(€/kW)
(€)
1
20
0.50
5.00 1,000.00
1
20
2.00
20.01 4,000.00
11
Taxes and amortisation
For the parties responsible, 9.3 natural or legal persons who install a photovoltaic plant as part of
their business activities, the following tax incentive rules apply to the photovoltaic plants:
Taxation of Auto-consumption tariff
Taxation of all-inclusive tariff
Taxation of contribution to exchange account
Amortisation
Type of tax
Liable for IRAP
No
Yes
Yes
Rate
Yes
IRPEF Tax rate
No
100.00%
27.00%
12
ECONOMIC ANALYSIS
Parameters
For the purposes of economic analysis, the following reference parameters were considered:
Fixed IRPEF rate
Annual amortisation of the plant
Annual inflation rate of costs
Annual inflation rate of energy tariffs
Discount rate
Annual increase of energy consumption
Annual loss of efficiency of the PV plant
27.00%
9.00%
2.00%
6.00%
4.00%
2.00%
0.90%
Summary and detailed annual budget
Summary annual budget (*)
Year
Initial cash balance
Inflows – Outflows
Inflows
Revenues from auto-consumption tariff
Revenues from all-inclusive tariff
Energy bill savings
Outflows
Cost of operation
Leasing rate
Duty
Final balance
1
2
-47 711.00
863.55
48 574.55 49 592.60
75 356.48 76 555.65
38 851.73 38 591.85
3
50 456.15
50 391.43
77 846.53
38 336.09
4
100 847.58
51 256.93
79 231.10
38 079.46
5
152 104.51
52 192.47
80 713.92
37 822.25
2 612.97
33 891.78
26 781.93
5 000.00
19 471.92
2 310.01
863.55
2 460.73
35 503.07
26 963.05
5 100.00
19 471.92
2 391.13
50 456.15
2 307.28
37 203.16
27 455.10
5 202.00
19 471.92
2 781.18
100 847.58
2 159.76
38 991.88
27 974.17
5 306.04
19 471.92
3 196.21
152 104.51
2 017.73
40 873.94
28 521.45
5 412.16
19 471.92
3 637.37
204 296.98
Year
Inflows
Energy bill savings
Outflows
Cost of operation
Leasing rate
Duty
Final balance
6
204 296.98
53 205.06
82 302.91
37 569.06
1 874.52
42 859.33
29 097.85
5 520.40
19 471.92
4 105.53
257 502.04
7
257 502.04
54 298.85
84 003.82
37 319.90
1 730.10
44 953.82
29 704.97
5 630.81
19 471.92
4 602.24
311 800.89
8
311 800.89
55 478.16
85 822.61
37 074.75
1 584.43
47 163.43
30 344.45
5 743.43
19 471.92
5 129.10
367 279.05
9
367 279.05
56 747.71
87 765.76
36 833.64
1 437.45
49 494.67
31 018.05
5 858.30
19 471.92
5 687.83
424 026.76
10
424 026.76
33 926.38
89 840.09
36 596.53
1 289.16
51 954.40
55 913.71
5 975.46
43 657.98
6 280.27
457 953.14
Year
Inflows
Energy bill savings
Outflows
Cost of operation
Leasing rate
Duty
Final balance
11
457 953.14
73 432.81
92 052.73
36 363.45
1 139.49
54 549.79
18 619.92
6 094.97
0.00
12 524.95
531 385.95
12
531 385.95
75 061.48
94 396.96
36 122.02
1 006.15
57 268.79
19 335.48
6 216.87
0.00
13 118.61
606 447.43
13
606 447.43
76 375.87
96 889.29
35 881.67
875.58
60 132.04
20 513.42
6 341.21
0.00
14 172.21
682 823.30
14
682 823.30
78 142.49
99 527.36
35 635.06
758.27
63 134.03
21 384.87
6 468.04
0.00
14 916.83
760 965.79
15
760 965.79
80 029.36
102 331.30
35 392.19
639.81
66 299.30
22 301.94
6 597.40
0.00
15 704.54
840 995.15
13
Year
Inflows
Energy bill savings
Outflows
Cost of operation
Leasing rate
Duty
Final balance
16
17
18
19
20
840 995.15 923 032.10 1 007 196.62 1 093 590.05 1 182 346.84
82 036.95 84 164.52
86 393.43
88 756.79
91 242.52
105 303.43 108 444.46 111 734.38 115 211.49 118 863.12
35 148.67 34 900.05
34 631.48
34 362.16
34 081.77
526.52
424.68
355.57
291.62
247.61
69 628.24 73 119.73
76 747.33
80 557.71
84 533.74
23 266.48 24 279.94
25 340.95
26 454.70
27 620.60
6 729.34
6 863.93
7 001.21
7 141.23
7 284.05
0.00
0.00
0.00
0.00
0.00
16 537.14 17 416.01
18 339.74
19 313.47
20 336.55
923 032.10 1 007 196.62 1 093 590.05 1 182 346.84 1 273 589.36
(*) the amounts of the annual budgets are expressed in Euros (€)
Detailed annual budget
Year
Energy (*)
Energy produced
Energy delivered
Energy consumed
Energy collected
Energy exchanged
Consumption (*)
Total consumption
Auto-consumption
All-inclusive consumption
Annual budget (**)
Total revenues
Energy bill savings
Cost of operation
One-off costs
Recurring costs
GSE costs
EBITDA
Amortisation
EBIT
Leasing rate
Leasing fee
Share of interest
Share of the principal
Final payment
Outstanding debt
Earnings before tax
Total tax
IRPEF
IRPEF tax base
IRPEF rate
Net profit
Cash flow
Cumulative cash flow
Modified NPV (MNPV)
Cash flow without financing
Tax benefit
Cash flow MNPV
IRR
1
2
3
4
5
215 206.70 213 269.84
9 641.97
9 080.17
205 564.73 204 189.66
779 935.27 801 020.34
9 641.97
9 080.17
211 350.40
8 513.93
202 836.47
822 477.73
8 513.93
209 448.26
7 969.61
201 478.65
844 341.91
7 969.61
207 563.22
7 445.50
200 117.72
866 619.02
7 445.50
1 005
204
210.00
801
189.66
020.34
41 052.58
38 591.85
2 460.73
35 503.07
5 100.00
0.00
5 100.00
0.00
71 455.65
4 535.85
66 919.80
19 471.92
19 471.92
7 573.86
11 898.06
0.00
143 994.65
47 447.88
2 391.13
2 391.13
8 856.03
27.00 %
45 056.75
49 592.60
50 456.15
-87 013.62
63 154.08
5 257.42
68 411.50
-25.77%
1 025
202 836.47
314.20
822 477.73
1 045
1 066
201
200
820.56
736.74
844
866
478.65
117.72
341.91
619.02
40 239.22
39 839.98
38 079.46
37 822.25
2 159.76
2 017.73
38 991.88
40 873.94
5 306.04
5 412.16
0.00
0.00
5 306.04
5 412.16
0.00
0.00
73 925.06
75 301.76
4 535.85
4 535.85
69 389.21
70 765.91
19 471.92
19 471.92
19 471.92
19 471.92
6 330.68
5 661.19
13 141.24
13 810.73
0.00
0.00
118 349.19 104 538.46
49 917.29
51 293.99
3 196.21
3 637.37
3 196.21
3 637.37
11 837.83
13 471.74
27.00 %
27.00 %
46 721.08
47 656.62
51 256.93
52 192.47
152 104.51 204 296.98
34 114.18
92 278.47
64 818.41
65 753.95
5 257.42
5 257.42
70 075.83
71 011.37
10.58%
18.13%
985 500.00
205 564.73
779 935.27
41 464.70
38 851.73
2 612.97
33 891.78
5 000.00
0.00
5 000.00
0.00
70 356.48
3 477.22
66 879.26
19 471.92
19 471.92
8 150.63
11 321.29
0.00
155 892.71
47 407.34
2 310.01
2 310.01
8 555.61
27.00 %
45 097.33
48 574.55
863.55
-150 171.75
62 136.03
5 257.42
67 393.45
-68.64%
40 643.37
38 336.09
2 307.28
37 203.16
5 202.00
0.00
5 202.00
0.00
72 644.53
4 535.85
68 108.68
19 471.92
19 471.92
6 967.70
12 504.22
0.00
131 490.43
48 636.76
2 781.18
2 781.18
10 300.67
27.00 %
45 855.58
50 391.43
100 847.58
-25 618.16
63 952.91
5 257.42
69 210.33
-2.31%
14
Year
Energy (*)
Energy produced
Energy delivered
Energy consumed
Energy collected
Energy exchanged
Consumption (*)
Total consumption
Auto-consumption
Annual budget (**)
Total revenues
Revenues from autoRevenues from all-inclusive
consumption tariff
Energy bill savings
tariff
Cost of operation
One-off costs
Recurring costs
GSE costs
EBITDA
Amortisation
EBIT
Leasing rate
Leasing fee
Share of interest
Final payment
Outstanding debt
Earnings before tax
Total tax
IRPEF
IRPEF tax base
IRPEF rate
Net profit
Cash flow
Modified NPV (MNPV)
Tax benefit
Cash flow MNPV
IRR
Year
Energy (*)
Energy produced
Energy delivered
Energy consumed
Energy collected
Energy exchanged
Consumption (*)
Total consumption
Auto-consumption
Annual budget (**)
Total revenues
6
7
8
9
10
illegible
6 917.06
198 778.10
889 293.32
6 917.06
203 843.90
6 384.13
197 459.77
912 373.10
6 384.13
202 009.31
5 846.59
196 162.72
935 866.82
5 846.59
200 191.22
5 304.26
194 886.96
959 783.42
5 304.26
198 389.49
4 757.05
193 632.45
984 131.23
4 757.05
1 088 071.42
198 778.10
889 293.32
1 109 832.87
197 459.77
912 373.10
1 132 029.54
196 162.72
935 866.82
1 154 670.38
194 886.96
959 783.42
1 177 763.68
193 632.45
984 131.23
39 443.58
37 569.06
1 874.52
42 859.33
5 520.40
0.00
5 520.40
0.00
76 782.51
4 535.85
72 246.66
19 471.92
19 471.92
4 957.60
14 514.32
0.00
90 024.14
52 774.74
4 105.53
4 105.53
15 205.68
27.00 %
48 669.21
53 205.06
257 502.04
148 968.19
66 766.54
5 257.42
72 023.96
22.79%
39 050.00
37 319.90
1 730.10
44 953.82
5 630.81
0.00
5 630.81
0.00
78 373.01
4 535.85
73 837.16
19 471.92
19 471.92
4 218.16
15 253.76
0.00
74 770.38
54 365.24
4 602.24
4 602.24
17 045.34
27.00 %
49 763.00
54 298.85
311 800.89
204 272.83
67 860.33
5 257.42
73 117.75
25.80%
38 659.18
37 074.75
1 584.43
47 163.43
5 743.43
0.00
5 743.43
0.00
80 079.18
4 535.85
75 543.33
19 471.92
19 471.92
3 441.05
16 030.87
0.00
58 739.51
56 071.41
5 129.10
5 129.10
18 996.66
27.00 %
50 942.31
55 478.16
367 279.05
258 277.83
69 039.64
5 257.42
74 297.06
27.81%
38 271.09
36 833.64
1 437.45
49 494.67
5 858.30
0.00
5 858.30
0.00
81 907.46
4 535.85
77 371.61
19 471.92
19 471.92
2 624.34
16 847.58
0.00
41 891.93
57 899.69
5 687.83
5 687.83
21 066.05
27.00 %
52 211.86
56 747.71
424 026.76
311 065.12
70 309.19
5 257.42
75 566.61
29.19%
37 885.69
36 596.53
1 289.16
51 954.40
5 975.46
0.00
5 975.46
0.00
83 864.63'
4 535.85
79 328.78
43 657.98
19 471.98
1 766.05
17 705.93
24 186.00
0.00
59 856.80
6 280.27
6 280.27
23 260.27
27.00 %
53 576.53
33 926.38
457 953.14
362 713.05
71 673.91
5 257.43
76 931.34
30.16%
11
12
13
14
15
196 603.99
4 204.76
192 399.22
1 008 919.91
4 204.76
194 834.56
3 712.74
191 121.82
1 034 223.44
3 712.74
193 081.04
3 230.94
189 850.10
1 060 002.06
3 230.94
191 343.34
2 798.03
188 545.31
1 086 303.95
2 798.03
189 621.23
2 360.94
187 260.29
1 113 086.12
2 360.94
1 201 319.13
192 399.22
1 008 919.91
1 225 345.26
191 121.82
1 034 223.44
1 249 852.16
189 850.10
1 060 002.06
1 274 849.26
188 545.31
1 086 303.95
1 300 346.41
187 260.29
1 113 086.12
37 502.94
37 128.17
36 757.25
36 393.33
36 032.00
15
Revenues from auto-consumption
Revenues
from all-inclusive tariff
tariff
Energy bill savings
Cost of operation
One-off costs
Recurring costs
GSE costs
EBITDA
Amortisation
EBIT
Leasing rate
Leasing fee
Share of interest
Final payment
Outstanding debt
Earnings before tax
Total tax
IRPEF
IRPEF tax base
IRPEF rate
Net profit
Cash flow
Modified NPV (MNPV)
Tax benefit
Cash flow MNPV
IRR
36 363.45
1 139.49
54 549.79
6 094.97
0.00
6 094.97
0.00
85 957.76
3 205.62
82 752.14
0.00
0.00
0.00
0.00
0.00
0.00
82 752.14
12 524.95
12 524.95
46 388.69
27.00 %
70 227.19
73 432.81
531 385.95
410 222.72
73 138.95
0.00
73 138.95
30.80%
Year
Energy (*)
Energy produced
Energy delivered
Energy consumed
Energy collected
Energy exchanged
Consumption (*)
Total consumption
Auto-consumption
Annual budget (**)
Total revenues
Revenues from auto-consumption
16
17
187 914.64
1 942.86
185 971.78
1 140 381.32
1 942.86
36 122.02
1 006.15
57 268.79
6 216.87
0.00
6 216.87
0.00
88 180.09
3 470.62
84 709.47
0.00
0.00
0.00
0.00
0.00
0.00
84 709.47
13 118.61
13 118.61
48 587.45
27.00 %
71 590.86
75 061.48
606 447.43
456 738.81
74 473.76
0.00
74 473.76
31.27%
35 881.67
875.58
60 132.04
6 341.21
0.00
6 341.21
0.00
90 548.08
2 176.74
88 371.34
0.00
0.00
0.00
0.00
0.00
0.00
88 371.34
14 172.21
14 172.21
52 489.67
27.00 %
74 199.13
76 375.87
682 823.30
502 255.21
75 788.15
0.00
75 788.15
31.62%
35 635.06
758.27
63 134.03
6 468.04
0.00
6 468.04
0.00
93 059.32
2 176.74
90 882.58
0.00
0.00
0.00
0.00
0.00
0.00
90 882.58
14 916.83
14 916.83
55 247.52
27.00 %
75 965.75
78 142.49
760 965.79
547 041.16
77 554.77
0.00
77 554.77
31.87%
35 392.19
639.81
66 299.30
6 597.40
0.00
6 597.40
0.00
95 733.90
2 176.74
93 557.16
0.00
0.00
0.00
0.00
0.00
0.00
93 557.16
15 704.54
15 704.54
58 164.97
27.00 %
77 852.62
80 029.36
840 995.15
591 152.28
79 441.64
0.00
79 441.64
32.07%
18
19
20
186 223.41
1 567.08
184 656.33
1 168 224.09
1 567.08
184 547.39
1 312.05
183 235.34
1 196 702.75
1 312.05
182 886.43
1 076.08
181 810.35
1 225 726.49
1 076.08
181 240.50
913.69
180 326.81
1 255 360.72
913.69
1 326 353.10
185 971.78
1 140 381.32
1 352 880.42
184 656.33
1 168 224.09
1 379 938.09
183 235.34
1 196 702.75
1 407 536.84
181 810.35
1 225 726.49
1 435 687.53
180 326.81
1 255 360.72
35 675.19
35 148.67
35 324.73
34 900.05
34 987.05
34 631.48
34 653.78
34 362.16
34 329.38
34 081.77
tariff
Energy bill savings
Cost of operation
One-off costs
Recurring costs
GSE costs
526.52
69 628.24
6 729.34
0.00
6 729.34
0.00
424.68
73 119.73
6 863.93
0.00
6 863.93
0.00
355.57
76 747.33
7 001.21
0.00
7 001.21
0.00
291.62
80 557.71
7 141.23
0.00
7 141.23
0.00
247.61
84 533.74
7 284.05
0.00
7 284.05
0.00
EBITDA
Amortisation
EBIT
Leasing rate
98 574.09
2 176.74
96 397.35
0.00
101 580.53
2 176.74
99 403.79
0.00
104 733.17
2 176.74
102 556.43
0.00
108 070.26
2 176.74
105 893.52
0.00
111 579.07
2 176.74
109 402.33
0.00
16
Leasing fee
Share of interest
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
Final payment
0.00
0.00
0.00
0.00
0.00
Outstanding debt
0.00
0.00
0.00
0.00
0.00
Earnings before tax
96 397.35
99 403.79
102 556.43
105 893.52
109 402.33
Total tax
16 537.14
17 416.01
18 339.74
19 313.47
20 336.55
IRPEF
16 537.14
17 416.01
18 339.74
19 313.47
20 336.55
IRPEF tax base
61 248.68
64 503.74
67 924.95
71 531.36
75 320.56
27.00 %
27.00 %
27.00 %
27.00 %
27.00 %
Net profit
79 860.21
81 987.78
84 216.69
86 580.05
89 065.78
Cash flow
82 036.95
84 164.52
86 393.43
88 756.79
91 242.52
923 032.10
1 007 196.62
1 093 590.05
1 182 346.84
1 273 589.36
Modified NPV (MNPV)
634 638.69
677 544.78
719 900.90
761 749.68
803 123.34
81 449.23
83 576.80
85 805.71
88 169.07
90 654.80
0.00
0.00
0.00
0.00
0.00
81 449.23
83 576.80
85 805.71
88 169.07
90 654.80
32.21%
32.32%
32.40%
32.47%
32.51%
IRPEF rate
Tax benefit
Cash flow MNPV
IRR
(*) Energy and consumption is expressed in kWh (**) The amounts of the annual budget are expressed
in Euros (€)
Summary indicators
Payback period
The time required to recoup the initial investment through positive annual cash flows is one year.
NPV (Net Present Value)
The Net Present Value of discounted future cash flows, estimating a useful life of the plant of 20
years, is €803,123.34.
17
Fig. 4 Net Present Value of future cash flows analysed
Legend
VAN = NPV
Anni = Years
Internal rate of return (IRR)
The IRR, the maximum cost of funds that should be taken on, estimating a useful life of the plant of 20
years, is 32.51%.
Fig. 5: Internal Rate of Return
Legend
TIR = IRR
Anni = Years
Inflows and outflows graph
18
Fig. 6 Inflows and Outflows
Legend
Entrate e uscite = Inflows and outflows
Entrate = Inflows
Uscite = Outflows
Anni= Years
Cumulative cash flow graph
Fig. 7: Cumulative cash flow
Legend
Flusso di cassa cumulato = Cumulative cash flow
Anni = Years
19
20
INDEX
GENERAL DATA
2
PV plant location
2
Client
2
Engineer
2
PLANT PRODUCTIVITY
3
Description of the PV plant: Plant1
3
Technical data sheet of the PV plant
3
Energy produced
3
CONSUMPTION
5
List of equipment
5
Consumption
5
ANALYSIS OF REVENUES
6
Feed-in tariff revenues – Ministerial Decree of 05/07/2012 Fifth Energy Bill (Conto Energia)6
Feed-in tariff
6
Increase for specific types and applications
6
Feed-in tariff summary
6
Consumer data
7
Energy purchase rate BTA6 – Three-hourly 2011
7
COST ANALYSIS
9
PV plant installation cost
9
9
Spending commitment
9
Operating costs
9
One-off costs
9
Recurring costs
9
Taxes and amortisation
11
ECONOMIC ANALYSIS
12
Parameters
12
Summary and detailed annual budget
12
Summary indicators
16
Payback period
16
NPV (Net Present Value)
16
Internal Rate of Return
16
Inflows and outflows graph
17
Cumulative cash flow graph
17
INDEX
18
21
AERIAL VIEW OF THE ENTIRE PROPERTY COMPLEX
VIEWS FROM VIA DON BRAMBILLA
PHOTOVOLTAIC PLANT INVERTERS
PHOTOVOLTAIC PLANT ON THE ROOF OF THE CANTEEN
NEW ROOF AND PHOTOVOLTAIC PLANT OVER THE ENTRANCE (“NEW” BUILDING)
NEW ROOF AND PHOTOVOLTAIC PLANT OVER THE ADMINISTRATIVE AREA
VIEW FROM WITHIN THE
FACILITY

Municipality of Sirone (LC)

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