Winter 2014 Newsletter
Warren & Selbert

We are pleased to announce the return of our seasonal Warren & Selbert Newsletter.  Each quarter, we will keep you updated on changes to the ABC model, relevant industry news, and our company in general.  If you would prefer not to receive these newsletters, you may unsubscribe by clicking the link at the bottom of this email.

Our team is expanding!  Dana Iltis and Jacob Pekelis joined us in 2012.  Each graduated from UCLA with a degree in Mathematics and Economics.  Arthur Reading is our most recent addition. He received his Ph.D. in Materials Science from UCSB this past December, and he earned his undergraduate degree in Physics and Materials Science from M.I.T in 2009.

Jon Eidelson recently became a grandparent, making him the third employee at Warren & Selbert to gain that status.

Eric Seale completed his fourth and final leg of the John Muir Trail, located in the Sierra Nevada mountain range of California.

 Erik Hellman has been furthering his education with computer science courses at our local community college.

 Coming up in February, we look forward to attending both the Infocast Wind and Solar Finance & Investment conferences.  We are hoping that 2014 is the year that we finally win an iPad from one of their raffles.

ABC Updates

Inverted Lease Template
ABC has a new Inverted Lease template.  An increasing number of our clients have been working with these structures, which are designed to pass the ITC to the equity investor and return full ownership of the project to the developer.  The new template is accessible under the “US Partnership” section when creating a “New Analysis” in ABC

Custom Sections for Custom Questions
Custom Sections can now be created to group together related Custom Questions outside of reserved ABC sections. These new sections provide users with more intuitive organization capability, and also significantly increase the number of custom questions that are allowed in an ABC file.

Cash and Taxation Override Questions in PSHIP Files
New PSHIP questions are now available to allow the user to override the taxability and cash impact of depreciation, loan, revenue, and fee streams.  These questions allow greater flexibility with scenario sensitivities, and can be especially useful for tiered partnership modelling.

EBITDA Functionality in New Lease Files
EBITDA streams can now be modified by typing "do solar" in solar files, "do wind" in wind files, or "do project" in inverted lease files.  By selecting the option that reads "Modify EBITDA Streams," ABC users can add, remove, or edit the EBITDA streams active in their file.  This is useful for modelling multiple coverage assumptions with different probability production curves.

Fee Scale Mode in PSHIP Files
Custom question 8.603 has been added to the PSHIP macro suite. Using this question, PSHIP can interpret the fee amount in question 8.5 as a percent of a partner's equity (or as a percent of a partner’s equity plus unscaled fees) rather than strictly as a percent of total cost.

Renumbering Custom Questions

The CUST/RENUMBER macro can now be used to renumber custom questions in a given section based on the order in which their streams appear in section 23.

The table of contents (“TOC”) tab in an Excel output run of PSHIP/REPORTSET now includes hyperlinks to each report.  This gives the user quick access to a report tab by clicking on its name in the table of contents.

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