1 36 year Hourly production of hydrogen 45 kg/h Annual hydrogen production 270,000 kg/year Annual photovoltaic functioning hours 1,200 h/year Photovoltaic energy production 3,600 MWh/year Tolls and charges for electricity supply 15 €/MWh Operating expenses (personnel, maintenance, repairs) 250,000 € Electrical consumption of the plant 3 MWh Hydrogen sale price 7 €/kg Power purchasing agreement (PPA) price 55 €/MWh Green hydrogen plant depreciation period 20 years Photovoltaic installation depreciation period 20 years Nominal weighted average cost of capital (WACC) 8% Working Capital proportion over CAPEX 4% Benefit tax rate 20% Table 3 presents the project’s cash flows. A real after-tax WACC of 6% calculated using the Fisher equation will be applied as the discount rate. Consequently, all projected cash flows are expressed in real euros (being 2025 the benchmark), i.e., excluding inflation effects. This ensures internal consistency between the discount rate and the monetary streams being discounted. It also reduces reliance on long-term inflation assumptions for individual cost and revenue items, which are inherently uncertain and can introduce avoidable variability into the results over a multi-decade project horizon. Table 3 – MINE-TO-H2 project cash flows (EUR Item Year 0 (EUR) Years 1-20 (EUR) Capital expenditure (CAPEX) (12,655,070) Working capital (506,203) Revenue forecast 1,890,000 Operating expenses (1,258,000) Depreciation (632,754) EBITDA (754) Taxes 0 Net income (754) CASH FLOW 13,161,273 632,000 The Net Present Value (NPV) will be:
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