Finally, we're ready to work on our dividends and our returns to equity holders. So we've already calculated dividends in the finance sheet, and we calculated the maximum amount of dividends that the project could pay out to stockholders while maintaining the debt service reserve account, as well as the debt service coverage ratio requirements. So what's next is to integrate our dividend forecast into our equity calculation in the calculation sheet. So let's go to our calculation sheet, our shareholders' equity based calculation, and let's link up our dividends starting on the first year of the operational phase to our calculation in the finance sheet.

Now we can copy this right across the entire operational period, and now we are ready to go back to our finance sheet and start working on our returns to equity holders.

So the first thing, of course, is to pull down the potential dividends that the project can pay out to shareholders starting on the first operational year. So we can just pull it from row 54 here.

Next, we can take care of any potential ending cash that the project might have during the very last year, although this amount should be minimal, given that all the cash being generated by the project is being used to pay down debt, as well as to pay dividends to shareholders. So let's first copy this to the right all the way through the end of a period, then go to the very last year and link up our ending cash to the balance sheet ending cash for that same period.

And as I mentioned, that is basically 0. Next, we need to input into this model, the equity investment or the investment of the sponsors into this project, of course, in the form of an equity contribution. And we're gonna do that for the first three years of the project or the construction phase. We can get this numbers from our sources and uses tab. So let's go there and get it from our sources section here. We can get the equity sponsor contribution of 139.3 in the very first year of our timeline. Now we want this number to be negative and we wanna copy this to the right over the three construction years. Now we can calculate our inflows during the operational period, and that should be equal to our dividends. Of course, this will be positive as well as any Ending in cash. We can copy this right across the entire operational phase. And now we are ready to compute our IRR for the project. So we're simply gonna take the IRR function, select all of our values, starting in the very first year of the construction phase all the way until the very last year in the timeline, and we get an IRR to the sponsors of 13.6%.